Document:

EX-4.1

 Exhibit 4.1 
  

 
 ABERCROMBIE & FITCH
MANAGEMENT CO., as Company 
 ABERCROMBIE & FITCH CO., as Parent 

and the other Guarantors party hereto from time to time 

$350,000,000 8.75% Senior Secured Notes due 2025 
  

 
 INDENTURE 

Dated as of July 2, 2020 
  

 
 and 

U.S. Bank National Association, 

as Trustee, Registrar, Paying Agent and Notes Collateral Agent 
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	 ARTICLE I.
	  

	
	 DEFINITIONS AND INCORPORATION BY REFERENCE
	  

			
	 Section 1.01
	 	Definitions	  	 	1	 
	 Section 1.02
	 	Other Definitions	  	 	43	 
	 Section 1.03
	 	Rules of Construction	  	 	45	 
	
	 ARTICLE II.
	  

	
	 THE NOTES
	  

			
	 Section 2.01
	 	Amount of Notes	  	 	46	 
	 Section 2.02
	 	Form and Dating	  	 	47	 
	 Section 2.03
	 	Execution and Authentication	  	 	47	 
	 Section 2.04
	 	Registrar and Paying Agent	  	 	48	 
	 Section 2.05
	 	Paying Agent to Hold Money in Trust	  	 	49	 
	 Section 2.06
	 	Holder Lists	  	 	49	 
	 Section 2.07
	 	Transfer and Exchange	  	 	49	 
	 Section 2.08
	 	Replacement Notes	  	 	50	 
	 Section 2.09
	 	Outstanding Notes	  	 	51	 
	 Section 2.10
	 	Cancellation	  	 	51	 
	 Section 2.11
	 	Defaulted Interest	  	 	51	 
	 Section 2.12
	 	CUSIP Numbers, ISINs, Etc.	  	 	51	 
	 Section 2.13
	 	Calculation of Principal Amount of Notes	  	 	52	 
	
	 ARTICLE III.
	  

	
	 REDEMPTION
	  

			
	 Section 3.01
	 	Redemption	  	 	52	 
	 Section 3.02
	 	Applicability of Article	  	 	52	 
	 Section 3.03
	 	Notices to Trustee	  	 	52	 
	 Section 3.04
	 	Selection of Notes to Be Redeemed	  	 	52	 
	 Section 3.05
	 	Notice of Optional Redemption	  	 	53	 
	 Section 3.06
	 	Effect of Notice of Redemption	  	 	54	 
	 Section 3.07
	 	Deposit of Redemption Price	  	 	54	 
	 Section 3.08
	 	Notes Redeemed in Part	  	 	54	 
	
	 ARTICLE IV.
	  

	
	 COVENANTS
	  

			
	 Section 4.01
	 	Payment of Notes	  	 	54	 

  
 i 

							
	 Section 4.02
	 	Reports and Other Information	  	 	55	 
	 Section 4.03
	 	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	 	57	 
	 Section 4.04
	 	Limitation on Restricted Payments	  	 	64	 
	 Section 4.05
	 	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	 	71	 
	 Section 4.06
	 	Asset Sales	  	 	73	 
	 Section 4.07
	 	Transactions with Affiliates	  	 	77	 
	 Section 4.08
	 	Change of Control	  	 	79	 
	 Section 4.09
	 	Compliance Certificate	  	 	81	 
	 Section 4.10
	 	Further Instruments and Acts	  	 	82	 
	 Section 4.11
	 	Future Guarantors	  	 	82	 
	 Section 4.12
	 	Liens	  	 	82	 
	 Section 4.13
	 	Further Assurances	  	 	83	 
	 Section 4.14
	 	Maintenance of Office or Agency	  	 	83	 
	 Section 4.15
	 	Existence	  	 	83	 
	 Section 4.16
	 	Covenant Suspension	  	 	84	 
	 Section 4.17
	 	Financial Calculations for Limited Condition Transactions	  	 	85	 
	 Section 4.18
	 	Post-Closing Obligations	  	 	86	 
	
	 ARTICLE V.
	  

	
	 SUCCESSOR COMPANY
	  

			
	 Section 5.01
	 	When Company and Guarantors May Merge or Transfer Assets	  	 	86	 
	
	 ARTICLE VI.
	  

	
	 DEFAULTS AND REMEDIES
	  

			
	 Section 6.01
	 	Events of Default	  	 	89	 
	 Section 6.02
	 	Acceleration	  	 	91	 
	 Section 6.03
	 	Other Remedies	  	 	92	 
	 Section 6.04
	 	Waiver of Past Defaults	  	 	92	 
	 Section 6.05
	 	Control by Majority	  	 	92	 
	 Section 6.06
	 	Limitation on Suits	  	 	93	 
	 Section 6.07
	 	Rights of the Holders to Receive Payment	  	 	93	 
	 Section 6.08
	 	Collection Suit by Trustee	  	 	93	 
	 Section 6.09
	 	Trustee May File Proofs of Claim	  	 	93	 
	 Section 6.10
	 	Priorities	  	 	94	 
	 Section 6.11
	 	Undertaking for Costs	  	 	94	 
	 Section 6.12
	 	Waiver of Stay or Extension Laws	  	 	95	 
	
	 ARTICLE VII.
	  

	
	 TRUSTEE
	  

			
	 Section 7.01
	 	Duties of Trustee	  	 	95	 

  
 ii 

							
	 Section 7.02
	 	Rights of Trustee	  	 	96	 
	 Section 7.03
	 	Individual Rights of Trustee	  	 	98	 
	 Section 7.04
	 	Trustee’s Disclaimer	  	 	98	 
	 Section 7.05
	 	Notice of Defaults	  	 	99	 
	 Section 7.06
	 	[Reserved]	  	 	100	 
	 Section 7.07
	 	Compensation and Indemnity	  	 	100	 
	 Section 7.08
	 	Replacement of Trustee	  	 	101	 
	 Section 7.09
	 	Successor Trustee by Merger	  	 	102	 
	 Section 7.10
	 	Eligibility; Disqualification	  	 	102	 
	 Section 7.11
	 	Preferential Collection of Claims Against the Company	  	 	102	 
	
	 ARTICLE VIII.
	  

	
	 DISCHARGE OF INDENTURE; DEFEASANCE
	  

			
	 Section 8.01
	 	Discharge of Liability on Notes; Defeasance	  	 	102	 
	 Section 8.02
	 	Conditions to Defeasance	  	 	104	 
	 Section 8.03
	 	Application of Trust Money	  	 	105	 
	 Section 8.04
	 	Repayment to Company	  	 	105	 
	 Section 8.05
	 	Indemnity for Government Obligations	  	 	106	 
	 Section 8.06
	 	Reinstatement	  	 	106	 
	
	 ARTICLE IX.
	  

	
	 AMENDMENTS AND WAIVERS
	  

			
	 Section 9.01
	 	Without Consent of the Holders	  	 	106	 
	 Section 9.02
	 	With Consent of the Holders	  	 	108	 
	 Section 9.03
	 	Revocation and Effect of Consents and Waivers	  	 	109	 
	 Section 9.04
	 	Notation on or Exchange of Notes	  	 	109	 
	 Section 9.05
	 	Trustee to Sign Amendments	  	 	109	 
	 Section 9.06
	 	Additional Voting Terms; Calculation of Principal Amount	  	 	110	 
	 Section 9.07
	 	Compliance with the Trust Indenture Act	  	 	110	 
	
	 ARTICLE X.
	  

	
	 SECURITY
	  

			
	 Section 10.01
	 	Security Documents; Additional Collateral	  	 	110	 
	 Section 10.02
	 	Concerning the Notes Collateral Agent	  	 	113	 
	 Section 10.03
	 	Releases of Collateral	  	 	115	 
	 Section 10.04
	 	Form and Sufficiency of Release	  	 	116	 
	 Section 10.05
	 	Purchaser Protected	  	 	116	 
	 Section 10.06
	 	Authorization of Actions to be Taken by the Notes Collateral Agent under the Security Documents	  	 	116	 
	 Section 10.07
	 	Authorization of Receipt of Funds by the Trustee and the Notes Collateral Agent under the Security Agreement	  	 	117	 

  
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	 Section 10.08
	 	Powers Exercisable by Receiver or Notes Collateral Agent	  	 	117	 
	
	 ARTICLE XI.
	  

	
	 [INTENTIONALLY OMITTED]
	  

	
	 ARTICLE XII.
	  

	
	 GUARANTEE
	  

			
	 Section 12.01
	 	Guarantee	  	 	117	 
	 Section 12.02
	 	Limitation on Liability	  	 	119	 
	 Section 12.03
	 	Non-Impairment	  	 	120	 
	 Section 12.04
	 	Successors and Assigns	  	 	120	 
	 Section 12.05
	 	No Waiver	  	 	121	 
	 Section 12.06
	 	Modification	  	 	121	 
	 Section 12.07
	 	Execution of Supplemental Indenture for Future Guarantors	  	 	121	 
	
	 ARTICLE XIII.
	  

	
	 MISCELLANEOUS
	  

			
	 Section 13.01
	 	[Intentionally Omitted]	  	 	121	 
	 Section 13.02
	 	Notices	  	 	121	 
	 Section 13.03
	 	Communication by the Holders with Other Holders	  	 	122	 
	 Section 13.04
	 	Certificate and Opinion as to Conditions Precedent	  	 	122	 
	 Section 13.05
	 	Statements Required in Certificate or Opinion	  	 	122	 
	 Section 13.06
	 	When Notes Disregarded	  	 	123	 
	 Section 13.07
	 	Rules by Trustee, Paying Agent and Registrar	  	 	123	 
	 Section 13.08
	 	Legal Holidays	  	 	123	 
	 Section 13.09
	 	GOVERNING LAW	  	 	123	 
	 Section 13.10
	 	No Recourse Against Others	  	 	123	 
	 Section 13.11
	 	Successors	  	 	123	 
	 Section 13.12
	 	Multiple Originals	  	 	123	 
	 Section 13.13
	 	Table of Contents; Headings	  	 	124	 
	 Section 13.14
	 	Indenture Controls	  	 	124	 
	 Section 13.15
	 	Severability	  	 	124	 
	 Section 13.16
	 	Waiver of Jury Trial	  	 	124	 
	 Section 13.17
	 	[Reserved]	  	 	124	 
	 Section 13.18
	 	[Reserved]	  	 	124	 
	 Section 13.19
	 	USA Patriot Act	  	 	124	 
	 Section 13.20
	 	Submission to Jurisdiction	  	 	124	 
	 Section 13.21
	 	FATCA	  	 	125	 
			
	 Appendix A
	 	—    Provisions Relating to Initial Notes and Additional Notes	  			

  
 iv 

 EXHIBIT INDEX 
  

							
	 Exhibit A
	 	 	—	 	  	 Form of Note

			
	 Exhibit B
	 	 	—	 	  	 Form of Transferee Letter of Representation

			
	 Exhibit C
	 	 	—	 	  	 Form of Supplemental Indenture

			
	 Exhibit D
	 	 	—	 	  	 Form of Pari Passu Intercreditor Agreement

  
 v 

 INDENTURE, dated as of July 2, 2020, among ABERCROMBIE & FITCH MANAGEMENT CO.,
a Delaware corporation (together with its successors and assigns, the “Company”), Abercrombie & Fitch Co., a Delaware corporation (together with its successors and assigns, the “Parent”), the other
Guarantors party hereto from time to time and U.S. Bank National Association, a national banking association, as Trustee (in such capacity, together with its successor and assigns in such capacity, the “Trustee”), Registrar, Paying
Agent and as collateral agent (in such capacity, together with its successors and assigns in such capacity, the “Notes Collateral Agent”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the holders of (i) $350,000,000
aggregate principal amount of the Company’s 8.75% Senior Secured Notes due 2025 (the “Initial Notes”) issued on the date hereof and (ii) Additional Notes (as defined herein) issued from time to time (together with the
Initial Notes, the “Notes”). 
 ARTICLE I. 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01    Definitions. 

The following terms have the definitions ascribed to them in the New York UCC as in effect from time to time: Accounts; Commercial Tort
Claims; Deposit Accounts; Documents; Equipment; General Intangibles; Instruments; Inventory; Letter-of-Credit Rights; Records; Payment intangibles; Securities Accounts;
Supporting Obligations. 
 “ABL Collateral Agent” means the administrative agent and/or collateral agent under any ABL
Credit Agreement. 
 “ABL Credit Agreement” means that certain credit agreement dated August 7, 2014 among the
Company, the guarantors party thereto, the ABL Collateral Agent and the other parties thereto, and including any related notes, guarantees, collateral documents, instruments and agreements executed in connection therewith, and, in each case, as
amended, restated, supplemented, waived, renewed or otherwise modified or replaced from time to time, and/or any other or additional credit facility or facilities or notes or other Indebtedness designated by the Parent as an ABL Credit Agreement, or
part thereof, from time to time. 
 “ABL Intercreditor Agreement” means the Intercreditor Agreement, dated as of the Issue
Date, entered into by Wells Fargo Bank, National Association, as ABL Agent, the Notes Collateral Agent, as First Lien Notes Collateral Agent, and each other Additional Notes Agent from time to time party thereto. 

“ABL Loan Documents” means collectively, the ABL Credit Agreement, the ABL Intercreditor Agreement, the Loan Documents (as
defined in the ABL Credit Agreement) and the other documents governing other ABL Secured Obligations and the security documents related to the foregoing, in each case as amended, restated, supplemented, waived, renewed or otherwise modified or
replaced from time to time. 

 “ABL Obligations” means Obligations in respect of the ABL Credit Agreement.

 “ABL Priority Collateral” has the meaning assigned to such term in the ABL Intercreditor Agreement. 

“ABL Secured Obligations” means Obligations in respect of the ABL Loan Documents. 

“ABL Secured Parties” means the ABL Collateral Agent and the lenders from time to time under the ABL Credit Agreement. 

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

(1)    Indebtedness of any other Person existing at the time such other Person is merged, consolidated or
amalgamated with or into or became a Restricted Subsidiary of such specified Person, and 

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

Acquired Indebtedness will be deemed to have been Incurred, with respect to clause (1) of the preceding sentence, on the date such Person
becomes a Restricted Subsidiary and, with respect to clause (2) of the preceding sentence, on the date of consummation of such acquisition of such assets. 

“Additional Cash Flow Obligations” means any Indebtedness secured by a Permitted Lien having pari passu lien priority
relative to the Indebtedness under the Notes with respect to the Collateral; provided that an authorized representative of the holders of such Indebtedness shall have executed a joinder to the ABL Intercreditor Agreement and shall have executed the
Pari Passu Intercreditor Agreement (or a joinder thereto if already in effect). 
 “Additional Cash Flow Secured Parties”
means holders of Additional Cash Flow Obligations and any authorized representative of such holders acting as a collateral agent or trustee. 

“Additional Notes” has the meaning set forth in Section 2.01. 

“Additional Refinancing Amount” means, in connection with the Incurrence or issuance of any Refinancing Indebtedness, the
aggregate principal amount of additional Indebtedness, Disqualified Stock or Preferred Stock Incurred or issued to pay accrued and unpaid interest, premiums (including tender premiums), expenses, defeasance costs and fees in respect thereof. 

“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, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by
agreement or otherwise. 

  
 2 

 “Applicable Premium” means, 

with respect to any Note on any applicable redemption date, as determined by the Parent, the greater of: 

(1)    1% of the then outstanding principal amount of the Note; and 

(2)    the excess of: 

(a)    the present value at such redemption date of (i) the redemption price of the Note, at the Make
Whole Calculation Date (such redemption price being set forth in Paragraph 5 of the Note), plus (ii) all required interest payments due on the Note through the Make Whole Calculation Date (excluding accrued but unpaid interest),
discounted to the redemption date and computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over 

(b)    the then outstanding principal amount of the Note. 

The Trustee shall have no duty to calculate or verify the accuracy of the calculations of the Applicable Premium. 

“Asset Sale” means: 

(1)    the sale, conveyance, transfer or other disposition (whether in a single transaction or a series of
related transactions) of property or assets (including by way of Sale/Leaseback Transactions) outside the ordinary course of business of the Parent or any Restricted Subsidiary (each referred to in this definition as a
“disposition”); or 
 (2)    the issuance or sale of Equity Interests (other than
directors’ qualifying shares and shares issued to foreign nationals or other third parties to the extent required by applicable law) of any Restricted Subsidiary (other than to the Company, a Guarantor or, except in the case of Specified Cash
Flow Priority Collateral, another Restricted Subsidiary) (whether in a single transaction or a series of related transactions), 
 in each
case other than: 
 (a)    a disposition of Cash Equivalents or Investment Grade Securities or obsolete,
damaged, surplus, uneconomic, negligible or worn out property or equipment in the ordinary course of business (including the abandonment of any intellectual property); 

(b)    the disposition of all or substantially all of the assets of the Parent or, except in the case of a
Subsidiary Guarantor that owns Specified Cash Flow Priority Collateral, any Subsidiary Guarantor in a manner permitted pursuant to Section 5.01 or any disposition that constitutes a Change of Control; 

  
 3 

 (c)    except in the case of Specified Cash Flow
Priority Collateral, any Restricted Payment or Permitted Investment that is permitted to be made, and is made, under Section 4.04; 

(d)    any disposition of assets of the Parent or any Restricted Subsidiary or issuance or sale of Equity
Interests of the Parent or any Restricted Subsidiary, which assets or Equity Interests so disposed or issued in any single transaction or series of related transactions have an aggregate Fair Market Value (as determined in good faith by the Parent)
of less than $10.0 million; provided that in no event shall any Specified Cash Flow Priority Collateral be disposed pursuant to this clause (d); 

(e)    except in the case of Specified Cash Flow Priority Collateral, any disposition of property or
assets, or the sale or issuance of securities, by the Parent or a Restricted Subsidiary to the Parent or a Restricted Subsidiary (except that any Specified Cash Flow Priority Collateral may be so transferred to the Parent, the Company or a
Subsidiary Guarantor); 
 (f)    any disposition of the Capital Stock of any joint venture to the extent
required by the terms of customary buy-sell type arrangements entered into in connection with the formation of such joint venture; 

(g)    except in the case of Specified Cash Flow Priority Collateral, any exchange of assets (including a
combination of assets and Cash Equivalents) for assets related to a Similar Business of comparable or greater market value or usefulness to the business of the Parent and the Restricted Subsidiaries as a whole, as determined in good faith by the
Parent; 
 (h)    foreclosure or any similar action with respect to any property or other asset of the
Parent or any of its Restricted Subsidiaries; 
 (i)    any disposition of Equity Interests in, or
Indebtedness or other securities of, an Unrestricted Subsidiary; 
 (j)    the lease, assignment or
sublease of any real or personal property in the ordinary course of business; 
 (k)    any sale of
inventory or other assets in the ordinary course of business; 
 (l)    any grant of any non-exclusive license or sublicense of patents, trademarks, know-how or any other intellectual property in the ordinary course of business and consistent with past practice;

 (m)    except in the case of Specified Cash Flow Priority Collateral, any swap of assets, or lease,
assignment or sublease of any real or personal property, in exchange for services (including in connection with any outsourcing arrangements) of comparable or greater value or usefulness to the business of the Parent and the Restricted Subsidiaries
as a whole, as determined in good faith by the Parent; 

  
 4 

 (n)    a transfer of assets of the type specified in the
definition of “Securitization Financing” (or a fractional undivided interest therein), including by a Securitization Subsidiary in a Qualified Securitization Financing; 

(o)    except in the case of Specified Cash Flow Priority Collateral, any financing transaction with
respect to property built or acquired by the Parent or any Restricted Subsidiary after the Issue Date, including any Sale/Leaseback Transaction or asset securitization permitted by this Indenture; 

(p)    dispositions in connection with Permitted Liens; 

(q)    any disposition of Capital Stock of a Restricted Subsidiary pursuant to an agreement or other
obligation with or to a Person (other than the Parent 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), in each case, following the Issue Date, 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; 

(r)    dispositions of receivables in connection with the compromise, settlement or collection thereof in
the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements; 

(s)    any surrender, expiration or waiver of contract rights or the settlement, release, recovery on or
surrender of contract, tort or other claims of any kind; 
 (t)    any transfer of accounts receivable
and related assets in connection with any factoring or similar arrangements entered into by Foreign Subsidiaries on arm’s-length terms; 

(u)    dispositions of inventory in connection with store closings consistent with past practices; 

(v)    licenses for the conduct of licensed departments in the ordinary course of business; and 

(w)    a disposition of any Specified Real Property. 

For the avoidance of doubt, none of (w) the issuance or sale of any Permitted Convertible Indebtedness by the Parent, (x) the sale
of any Permitted Warrant Transaction by the Parent, (y) the purchase of any Permitted Bond Hedge Transaction nor (z) the performance by the Parent and/or any Subsidiary thereof of Parent’s or such Subsidiary’s obligations under
any Permitted Convertible Indebtedness, any Permitted Warrant Transaction or any Permitted Bond Hedge Transaction, shall constitute an “Asset Sale”. 

  
 5 

 “Bankruptcy Code” means Title 11 of the United States Code, as amended.

 “Bankruptcy Law” means the Bankruptcy Code and any similar federal, state or foreign law for the relief of debtors. 

“Board of Directors” means, as to any Person, the board of directors or managers, as applicable, of such Person or any direct
or indirect parent of such Person (or, if such Person is a partnership, the board of directors or other governing body of the general partner of such Person) or any duly authorized committee thereof. 

“Borrowing Base” means (a) 95% of the inventory and (b) 90% of the credit card and other customary eligible receivables of,
in each case, the Parent and its Subsidiaries, calculated in accordance with GAAP. 
 “Business Day” means a day other than
a Saturday, Sunday or other day on which banking institutions are authorized or required by law to close in New York City or the place of payment. 

“Capital Stock” means: 

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

(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. 
 “Capital Markets Indebtedness” means any
Indebtedness consisting of bonds, debentures, notes or other similar debt securities issued in (a) a public offering registered under the Securities Act, (b) a private placement to institutional investors that is resold in accordance with
Rule 144A or Regulation S of the Securities Act, whether or not it includes registration rights entitling the holders of such debt securities to registration thereof with the SEC or (c) a placement to institutional investors. The term
“Capital Markets Indebtedness” shall not include any Indebtedness under commercial bank facilities or similar Indebtedness, Capitalized Lease Obligations or recourse transfers of any financial asset or any other type of Indebtedness
Incurred or issued in a manner not customarily viewed as a “securities offering.” 
 “Capitalized Lease
Obligation” means, at the time any determination thereof is to be made, the amount of the finance lease liability in respect of a finance lease that would at such 

  
 6 

 
time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with GAAP; provided that obligations of the Parent or the
Restricted Subsidiaries, or of a special purpose or other entity not consolidated with the Parent and the Restricted Subsidiaries, either existing on the Issue Date or created thereafter that (a) initially were not included on the consolidated
balance sheet of the Parent as finance lease obligations or were subsequently characterized as finance lease obligations or, in the case of such a special purpose or other entity becoming consolidated with the Parent and the Restricted Subsidiaries
were required to be characterized as finance lease obligations upon such consideration, in either case, due to a change in accounting treatment or otherwise, or (b) did not exist on the Issue Date and were required to be characterized as
finance lease obligations, but would not have been required to be treated as finance lease obligations on the Issue Date had they existed at that time, shall for all purposes not be treated as Capitalized Lease Obligations or Indebtedness.
Capitalized Lease Obligation shall exclude all operating lease and non-finance lease liabilities that are required to be capitalized and reflected as liabilities in the balance sheet in accordance with GAAP.

 “Cash Equivalents” means: 

(1)    U.S. dollars, pounds sterling, euros, Canadian dollars, the national currency of any member state in
the European Union or such other local currencies held by the Parent or a Restricted Subsidiary from time to time in the ordinary course of business; 

(2)    securities issued or directly and fully guaranteed or insured by the U.S. government, Canada,
Switzerland or any country that is a member of the European Union or any agency or instrumentality thereof in each case maturing not more than two years from the date of acquisition; 

(3)    certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or
less from the date of acquisition, bankers’ acceptances, in each case with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $250.0 million and
whose long-term debt is rated “A” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency); 

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

(5)    commercial paper issued by a corporation (other than an Affiliate of the Parent) rated at least “A-l” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) and in each case maturing within one year after the date
of acquisition; 
 (6)    readily marketable direct obligations issued by any state of the United States
of America or any political subdivision thereof or any Canadian province having at least a rating of Aa3 from Moody’s or a rating of AA- from S&P (or reasonably

  
 7 

 
equivalent ratings of another internationally recognized ratings agency) in each case with maturities not exceeding two years from the date of acquisition; 

(7)    Indebtedness issued by Persons with a rating of “A” or higher from S&P or
“A2” or higher from Moody’s (or reasonably equivalent ratings of another internationally recognized ratings agency) in each case with maturities not exceeding two years from the date of acquisition; 

(8)    Indebtedness issued by Persons with an Investment Grade Rating; 

(9)    investment funds investing at least 95% of their assets in securities of the types described in
clauses (1) through (8) above; and 
 (10)    instruments equivalent to those referred to in clauses
(1) through (8) above denominated in any foreign currency comparable in credit quality and tenor to those referred to above and commonly used by corporations for cash management purposes in any jurisdiction outside the United States of America
to the extent reasonably required in connection with any business conducted by any Subsidiary organized in such jurisdiction. 

“Cash Flow Collateral Agent” means the Notes Collateral Agent, or at any time a Pari Passu Intercreditor Agreement is in
effect, either the Notes Collateral Agent or any collateral agent for any Additional Cash Flow Secured Parties as provided pursuant to the Pari Passu Intercreditor Agreement. 

“Cash Flow Documents” means collectively, this Indenture, the Notes, the ABL Intercreditor Agreement, the Pari Passu
Intercreditor Agreement (if any) and the documents governing the Notes and other Additional Cash Flow Obligations and the security documents related to the foregoing. 

“Cash Flow Obligations” means the Notes Obligations and any Additional Cash Flow Obligations. 

“Cash Flow Priority Collateral” means “Notes Priority Collateral” as defined in the ABL Intercreditor Agreement.

 “Cash Flow Secured Parties” means the Notes Secured Parties and any Additional Cash Flow Secured Parties. 

“cash management services” means cash management services for collections, treasury management services (including controlled
disbursement, overdraft, automated clearing house fund transfer services, return items and interstate depository network services), any demand deposit, payroll, trust or operating account relationships, commercial credit cards, merchant card,
purchase or debit cards, non-card e-payables services, and other cash management services, including electronic funds transfer services, lockbox services, stop payment
services and wire transfer services. 
 “CFC” means a Person that is a controlled foreign corporation under
Section 957 of the Code. 

  
 8 

 “CFC Holdco” means any Domestic Subsidiary with no material assets other
than direct or indirect ownership of the Equity Interests in one or more CFCs or CFC Holdcos. 
 “Change of Control” means
the occurrence of any of the following: 
 (1)    the sale, lease or transfer (other than by way of
merger or consolidation), in one or a series of related transactions, of all or substantially all the assets of the Parent and its Subsidiaries, taken as a whole, to 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) other than to the Parent or its Subsidiaries; or 

(2)    the Parent becomes aware (by way of a report or any other filing pursuant to Section 13(d) of
the Exchange Act, proxy, vote, written notice or otherwise) of 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 13 d-5(b)( 1) under the Exchange Act), in a single transaction or in a related series of transactions, by way
of merger, consolidation, amalgamation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), of more than 50%
of the total voting power of the Voting Stock of the Parent, in each case, other than an acquisition where the holders of the Voting Stock of the Parent as of immediately prior to such acquisition hold 50% or more of the Voting Stock of the ultimate
parent of the Parent or successor thereto immediately after such acquisition (provided no holder of the Voting Stock of the Parent as of immediately prior to such acquisition owns, directly or indirectly, more than 50% of the voting power of the
Voting Stock of the Parent immediately after such acquisition). 
 “Code” means the Internal Revenue Code of 1986, as
amended. 
 “Collateral” means any and all “Collateral” or “Mortgaged Property” as defined in any
applicable Security Document and all other property that is or is intended under the terms of the Security Documents to be subject to Liens in favor of the Collateral Agent, other than Excluded Assets. 

“Collateral Agent” means the ABL Collateral Agent and/or any Cash Flow Collateral Agent, as applicable. 

“Consolidated EBITDA” means with respect to any Person as of any date of determination, an amount equal to Consolidated Net
Income of such Person and its Restricted Subsidiaries for the most recently ended for full fiscal quarters for which internal financial statements are available, as determined on a consolidated basis in accordance with GAAP, plus (a) the
following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Charges, (ii) the provision for federal, state, local and foreign income Taxes, (iii) depreciation and amortization expense
(including impairment of long-term store fixed assets), (iv) non-cash stock-based compensation expense, (v) other non-recurring expenses reducing such Consolidated
Net Income which do not represent a cash item in such period or any 

  
 9 

 
future period, (vi) impairment of right-to-use assets, and (vii) other
non-recurring cash expenses reducing such Consolidated Net Income in an aggregate amount not to exceed $10.0 million during the most recently ended four full fiscal quarters for which internal financial
statements are available (in each case of or by the Parent and its Subsidiaries for such period) minus (b) to the extent included in calculating such Consolidated Net Income: (i) federal, state, local and foreign income tax credits (to the
extent not already deducted in calculating (a)(ii) above) and (ii) all non-cash income or gain increasing Consolidated Net Income for such period (but excluding any such items to the extent they represent
(1) the reversal in such period of an accrual of, or reserve for, potential cash expense in a prior period, (2) any non-cash gains with respect to cash actually received in a prior period to the
extent such cash did not increase Consolidated Net Income in a prior period or (3) items representing ordinary course accruals of cash to be received in future periods). 

For purposes of calculating Consolidated EBITDA for any period during which one or more material dispositions or any material acquisitions
(each, a “Specified Transaction”) occurs, that such Specified Transaction (and all other Specified Transactions that have been consummated during the applicable period) shall be deemed to have occurred as of the first day of the
applicable period of measurement and all income statement items (whether positive or negative) attributable to the property or Person disposed of in a material disposition shall be excluded and all income statement items (whether positive or
negative) attributable to the property or Person acquired in a material acquisition shall be included (provided that such income statement items to be included are reflected in financial statements or other financial data calculated in a reasonable
manner by a responsible officer of the Company); and 
 (1)    all income statement items (whether
positive or negative) attributable to the property or Person disposed of in a material disposition shall be excluded and all income statement items (whether positive or negative) attributable to the property or Person acquired in a material
acquisition shall be included (provided that such income statement items to be included are reflected in financial statements or other financial data calculated in a reasonable manner by a responsible officer of the Company); and 

(2)    non-recurring costs, extraordinary expenses, cost savings,
synergies and other pro forma adjustments attributable to such Specified Transaction may be included to the extent that such costs, expenses, cost savings, synergies or adjustments (i) are reasonably expected to be realized within twelve
(12) months of such Specified Transaction as set forth in reasonable detail on a certificate of a Responsible Officer of the Parent delivered to the Agent, (ii) are calculated on a basis consistent with GAAP and are, in each case,
reasonably identifiable, factually supportable, and expected to have a continuing impact on the operations of the Parent and its Restricted Subsidiaries and (iii) such costs, expenses or adjustments are either permitted as an adjustment
pursuant to Article 11 of Regulation S-X under the Securities Act of 1933 or represent less than five percent (5%) of Consolidated EBITDA (determined without giving effect to this clause (b) in the
aggregate); provided that the foregoing costs, expenses and adjustments shall be without duplication of any costs, expenses or adjustments that are already included in the calculation of Consolidated EBITDA or clause (a) above. 

  
 10 

 “Consolidated Fixed Charge Coverage Ratio” means, with respect to any
Person for any period, the ratio of Consolidated EBITDA of such Person for such period to the Consolidated Fixed Charges of such Person for such period. 

In the event that the Parent or any Restricted Subsidiary Incurs, repays, repurchases or redeems any Indebtedness or issues, repurchases or
redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which the Consolidated Fixed Charge Coverage Ratio is being calculated but prior to the event for which the calculation of the Consolidated Fixed Charge
Coverage Ratio is made (the “Fixed Charge Calculation Date”), then the Consolidated Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of
Indebtedness, or such issuance, repurchase or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period. 

For purposes of making the computation referred to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and
discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, that the Parent or any Restricted Subsidiary has made during the four-quarter reference period or subsequent to such
reference period and on or prior to or simultaneously with the Fixed Charge Calculation Date (each, for purposes of this definition, a “pro forma event”) shall be calculated on a pro forma basis assuming that all such
Investments, acquisitions, dispositions, mergers, amalgamations, consolidations, or discontinued operations (and the change of any associated fixed charge obligations and the change in Consolidated EBITDA resulting therefrom) had occurred on the
first day of the four-quarter reference period; provided that, notwithstanding any classification of any Person, business, assets or operations as discontinued operations because a definitive agreement for the sale, transfer or other disposition in
respect thereof has been entered into, the Parent shall not make such computations on a pro forma basis for any period until such sale, transfer or other disposition has been consummated. If since the beginning of such period any Person that
subsequently became a Restricted Subsidiary or was merged with or into the Parent or any Restricted Subsidiary since the beginning of such period shall have consummated any pro forma event, that would have required adjustment pursuant to this
definition, then the Consolidated Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such pro forma event had occurred at the beginning of the applicable four-quarter period. If since
the beginning of such period any Restricted Subsidiary is designated an Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the Consolidated Fixed Charge Coverage Ratio shall be calculated giving pro
forma effect thereto for such period as if such designation had occurred at the beginning of the applicable four-quarter period. 
 For
purposes of this definition, whenever pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Parent. Any such pro
forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Parent as set forth in an Officers’ Certificate, to reflect operating expense reductions and other operating improvements or synergies
reasonably expected to result from the applicable event within 12 months of the date the applicable event is consummated. 

  
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 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 Consolidated Fixed Charge Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to
such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months). 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 Parent 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. 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 Parent may designate. 

For 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 in a manner consistent with that used in calculating Consolidated EBITDA for the applicable period. 

“Consolidated Fixed Charges” means, with respect to any Person for any period, the sum, without duplication, of:
(1) Consolidated Interest Charges (excluding amortization or write-off of deferred financing costs) of such Person for such period, and (2) all cash dividend payments (excluding items eliminated in
consolidation) on any series of Preferred Stock or Disqualified Stock of such Person and its Restricted Subsidiaries. 

“Consolidated Interest Charges” means, with respect to any Person as at any date of determination, the sum of (a) all
interest, premium payments, debt discount, fees, charges and related expenses in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as
interest in accordance with GAAP, but excluding any non-cash or deferred interest financing costs, plus (b) the portion of Capitalized Lease Obligations with respect to such period that is treated as
interest in accordance with GAAP minus (c) interest income during such period (excluding any portion of interest income representing accruals of amounts received in a previous period), in each case of or by such Person and its Restricted
Subsidiaries for the most recently ended four full fiscal quarters for which internal financial statements are available, calculated on a consolidated basis in accordance with GAAP. 

“Consolidated Net Income” means, with respect to any Person as of any date of determination, the net income of such Person
and its Restricted Subsidiaries for such period, all as determined on a consolidated basis in accordance with GAAP, provided, however, that there shall be excluded therefrom (a) extraordinary gains and extraordinary losses for such period,
(b) the income (or loss) of such Person during such period in which any other Person has a joint interest, except to the extent of the amount of cash dividends or other distributions actually paid in cash to such Person during such period,
(c) the income (or loss) of such Person during such period and accrued prior to the date it becomes a Subsidiary of a Person or any of such Person’s Subsidiaries or is merged into or consolidated with a Person or any of its Subsidiaries or
that Person’s assets are acquired by 

  
 12 

 
such Person or any of its Subsidiaries, and (d) the income of any direct or indirect Subsidiary of a Person to the extent that the declaration or payment of dividends or similar
distributions by that Subsidiary of that income is not at the time permitted by operation of the terms of its organizational documents or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that
Subsidiary, except that the Parent’s equity in any net loss of any such Subsidiary for such period shall be included in determining Consolidated Net Income. 

“Consolidated Secured Leverage Ratio” means, with respect to any Person, at any date, the ratio of (i) Secured
Indebtedness of such Person and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with GAAP) to (ii) Consolidated EBITDA for the most recently ended four full fiscal quarters for which
internal financial statements are available. 
 In the event that the Parent or any Restricted Subsidiary Incurs, repays, repurchases or
redeems any Indebtedness or issues, repurchases or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which the Consolidated Secured Leverage Ratio is being calculated but prior to the event for which the
calculation of the Consolidated Secured Leverage Ratio is made (the “Consolidated Secured Leverage Calculation Date”), then the Consolidated Secured Leverage Ratio shall be calculated giving pro forma effect to such Incurrence,
repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase or redemption of Disqualified Stock or Preferred Stock as if the same had occurred at the beginning of the applicable four-quarter period. 

For purposes of making the computation referred to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and
discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, that the Parent or any Restricted Subsidiary has made during the four-quarter reference period or subsequent to such
reference period and on or prior to or simultaneously with the Consolidated Secured Leverage Calculation Date (each, for purposes of this definition, a “pro forma event”) shall be calculated on a pro forma basis assuming that
all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations or discontinued operations (and the change to any associated fixed charge obligations and the change in Consolidated EBITDA resulting therefrom) had occurred on
the first day of the four-quarter reference period; provided that, notwithstanding any classification of any Person, business, assets or operations as discontinued operations because a definitive agreement for the sale, transfer or other disposition
in respect thereof has been entered into, the Parent shall not make such computations on a pro forma basis for any such classification for any period until such sale, transfer or other disposition has been consummated. If since the beginning
of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Parent or any Restricted Subsidiary since the beginning of such period shall have consummated any pro forma event that would have
required adjustment pursuant to this definition, then the Consolidated Secured Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such pro forma event had occurred at the beginning of the
applicable four-quarter period. If since the beginning of such period any Restricted Subsidiary is designated an Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the Consolidated Secured Leverage
Ratio shall be calculated giving pro forma effect thereto for such period as if such designation had occurred at the beginning of the applicable four-quarter period. 

  
 13 

 For purposes of this definition, whenever pro forma effect is to be given to any
pro forma event, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Parent. Any such pro forma calculation may include adjustments appropriate, in the reasonable good
faith determination of the Parent as set forth in an Officers’ Certificate, to reflect operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event within 12 months of the
date the applicable event is consummated. 
 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 Consolidated Secured Leverage Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable
to such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months). 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 Parent 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. 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 Parent may designate. 

For 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 in a manner consistent with that used in calculating Consolidated EBITDA for the applicable period. 

“Consolidated Secured Leverage Calculation Date” has the meaning set forth in the definition of “Consolidated Secured
Leverage Ratio.” 
 “Consolidated Total Indebtedness” means, as of any date of determination, an amount equal to the
sum (without duplication) of (1) the aggregate principal amount of all outstanding Indebtedness of the Parent and the Restricted Subsidiaries (excluding any undrawn letters of credit) consisting of bankers’ acceptances and Indebtedness for
borrowed money, plus (2) the aggregate amount of all outstanding Disqualified Stock of the Parent and the Restricted Subsidiaries and all Preferred Stock of Restricted Subsidiaries, with the amount of such Disqualified Stock and Preferred Stock
equal to the greater of their respective voluntary or involuntary liquidation preferences, in each case determined on a consolidated basis in accordance with GAAP. 

“Consolidated Total Leverage Calculation Date” has the meaning set forth in the definition of “Consolidated Total
Leverage Ratio.” 
 “Consolidated Total Leverage Ratio” means, with respect to any Person, at any date, the ratio of
(i) Consolidated Total Indebtedness of such Person and the Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with GAAP) to (ii) 

  
 14 

 
Consolidated EBITDA for the most recently ended four full fiscal quarters for which internal financial statements are available. 

In the event that the Parent or any Restricted Subsidiary Incurs, repays, repurchases or redeems any Indebtedness or issues, repurchases or
redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which the Consolidated Total Leverage Ratio is being calculated but prior to the event for which the calculation of the Consolidated Total Leverage Ratio
is made (the “Consolidated Total Leverage Calculation Date”), then the Consolidated Total Leverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness, or
such issuance, repurchase or redemption of Disqualified Stock or Preferred Stock as if the same had occurred at the beginning of the applicable four-quarter period. 

For purposes of making the computation referred to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and
discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, that the Parent or any Restricted Subsidiary has made during the four-quarter reference period or subsequent to such
reference period and on or prior to or simultaneously with the Consolidated Total Leverage Calculation Date (each, for purposes of this definition, a “pro forma event”) shall be calculated on a pro forma basis assuming
that all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations, or discontinued operations (and the change of any associated fixed charge obligations and the change in Consolidated EBITDA resulting therefrom) had
occurred on the first day of the four-quarter reference period; provided that, notwithstanding any classification of any Person, business, assets or operations as discontinued operations because a definitive agreement for the sale, transfer or other
disposition in respect thereof has been entered into, the Parent shall not make such computations on a pro forma basis for any period until such sale, transfer or other disposition has been consummated. If since the beginning of such period any
Person that subsequently became a Restricted Subsidiary or was merged with or into the Parent or any Restricted Subsidiary since the beginning of such period shall have consummated any pro forma event that would have required adjustment
pursuant to this definition, then the Consolidated Total Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such pro forma event had occurred at the beginning of the applicable four-quarter period.
If since the beginning of such period any Restricted Subsidiary is designated an Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the Consolidated Total Leverage Ratio shall be calculated giving
pro forma effect thereto for such period as if such designation had occurred at the beginning of the applicable four-quarter period. 

For purposes of this definition, whenever pro forma effect is to be given to any pro forma event, the pro forma
calculations shall be made in good faith by a responsible financial or accounting officer of the Parent. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Parent as set forth
in an Officers’ Certificate, to reflect operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event within 12 months of the date the applicable event is consummated. 

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 Consolidated Total 

  
 15 

 
Leverage Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness if such Hedging Obligation has a
remaining term in excess of 12 months). 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 Parent 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. 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 Parent may designate. 

For 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 in a manner consistent with that used in calculating Consolidated EBITDA for the applicable period. 

“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. 

“Credit Card Receivables” means each “payment intangible” (as defined in the UCC) together with all income,
payments and proceeds thereof, owed by a credit card issuer or credit card processor to the Company or a Guarantor resulting from charges by a customer of the Company or a Guarantor on credit, debit or charge cards issued by such credit card issuer
in connection with the sale of goods by the Company or a Guarantor, or services performed by the Company or a Guarantor, in each case in the ordinary course of its business. 

“Corporate Trust Office” means the designated office of the Trustee in the United States of America at which at any time this
Indenture shall be administered, or such other address as the Trustee may designate from time to time by notice to the holders and the Company, or the designated corporate trust office of any successor Trustee (or such other address as such
successor Trustee may designate from time to time by notice to the holders and the Company). 

  
 16 

 “Credit Facility” means one or more (A) debt facilities or commercial
paper facilities, providing for revolving credit loans, term loans, securitization or receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables)
or letters of credit including, without limitation, the ABL Credit Agreement, (B) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’
acceptances), or (C) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified, waived, extended, restructured, repaid,
renewed, refinanced, restated, replaced (whether or not upon termination, and whether with the original lenders or otherwise) or refunded in whole or in part from time to time. 

“Credit Facility Documents” means the collective reference to any Credit Facility, any notes issued pursuant thereto and the
guarantees thereof, and the collateral documents relating thereto, as amended, supplemented, restated, renewed, refunded, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid,
refinanced or otherwise modified, in whole or in part, from time to time. 
 “Cumulative Credit” means the sum of (without
duplication): 
 (1)    50% of the Consolidated Net Income of the Parent for the period (taken as one
accounting period) from the first day of the first full fiscal quarter of the Parent commencing following the Issue Date to the end of the Parent’s most recently ended fiscal quarter for which internal financial statements are available at the
time of such Restricted Payment, or, in the case that such Consolidated Net Income for such period is a deficit, minus 100% of such deficit, plus 

(2)    100% of the aggregate net proceeds, including cash and the Fair Market Value (as determined in good
faith by the Parent) of property other than cash, received by the Parent after the Issue Date (other than net proceeds to the extent such net proceeds have been used to Incur or issue Indebtedness, Disqualified Stock, or Preferred Stock pursuant to
Section 4.03(b)(xiii) from the issue or sale of Equity Interests of the Parent or any direct or indirect parent entity of the Parent (excluding Refunding Capital Stock (as defined below), Designated Preferred Stock, Excluded Contributions and
Disqualified Stock), including Equity Interests issued upon exercise of warrants or options (other than an issuance or sale to the Parent or a Restricted Subsidiary), plus 

(3)    100% of the aggregate amount of contributions to the capital of the Parent received in cash and the
Fair Market Value (as determined in good faith by the Parent) of property other than cash received by the Parent after the Issue Date (other than Excluded Contributions, Refunding Capital Stock, Designated Preferred Stock, and Disqualified Stock and
other than contributions to the extent such contributions have been used to Incur or issue Indebtedness, Disqualified Stock, or Preferred Stock pursuant to Section 4.03(b)(xiii)), plus  

  
 17 

 (4)    100% of the principal amount of any Indebtedness,
or the liquidation preference or maximum fixed repurchase price, as the case may be, of any Disqualified Stock of the Parent or any Restricted Subsidiary issued after the Issue Date (other than Indebtedness or Disqualified Stock issued to the Parent
or a Restricted Subsidiary) which has been converted into or exchanged for Equity Interests in the Parent (other than Disqualified Stock) or any direct or indirect parent of the Parent (provided, in the case of any such parent, such Indebtedness or
Disqualified Stock is retired or extinguished), plus 
 (5)    100% of the aggregate amount
received by the Parent or any Restricted Subsidiary after the Issue Date in cash and the Fair Market Value (as determined in good faith by the Parent) of property other than cash received by the Parent or any Restricted Subsidiary from: 

(A)    the sale or other disposition (other than to the Parent or a Restricted Subsidiary) of Restricted
Investments made by the Parent and the Restricted Subsidiaries and from repurchases and redemptions of such Restricted Investments from the Parent and the Restricted Subsidiaries by any Person (other than the Parent or any Restricted Subsidiary) and
from repayments of loans or advances, and releases of guarantees, which constituted Restricted Investments (other than in each case to the extent that the Restricted Investment was made pursuant to Section 4.04(b)(vii)), 

(B)    the sale (other than to the Parent or a Restricted Subsidiary) of the Capital Stock of an
Unrestricted Subsidiary, or 
 (C)    a distribution or dividend from an Unrestricted Subsidiary,
plus 
 (6)    in the event any Unrestricted Subsidiary has been redesignated as a Restricted
Subsidiary or has been merged, consolidated or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into the Parent or a Restricted Subsidiary, the Fair Market Value (as determined in good faith by the Parent) of the
Investment of the Parent or the Restricted Subsidiaries in such Unrestricted Subsidiary (which, if the Fair Market Value of such Investment shall exceed $25.0 million, shall be determined by the Board of Directors of the Parent) at the time of
such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable) (other than in each case to the extent that the designation of such Subsidiary as an Unrestricted Subsidiary was made pursuant to
Section 4.04(b)(vii) or constituted a Permitted Investment). 
 “Default” means any event which is, or after notice or
passage of time or both would be, an Event of Default. 
 “Derivative Instrument” with respect to a Person, means any
contract, instrument or other right to receive payment or delivery of cash or other assets to which such Person or any Affiliate of such person that is acting in concert with such Person in connection with such Person’s investment in the Notes
(other than a Screened Affiliate) is a party (whether or not requiring further performance by such Person), the value and/or cash flows of which (or any material 

  
 18 

 
portion thereof) are materially affected by the value and/or performance of the Notes and/or the creditworthiness of the Company and/or any one or more of the Guarantors (the “Performance
References”). 
 “Designated Non-cash Consideration” means the Fair Market
Value (as determined in good faith by the Parent) of non-cash consideration received by the Parent or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate, setting forth such valuation, less the amount of Cash Equivalents received in connection with a subsequent sale of such Designated Non-cash Consideration. 
 “Designated Preferred Stock” means Preferred Stock of the
Parent or any direct or indirect parent of the Parent (other than Disqualified Stock), that is issued for cash (other than to the Parent or any of its Subsidiaries or an employee stock ownership plan or trust established by the Parent or any of its
Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officer’s Certificate, on the issuance date thereof. 

“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 redeemable or exchangeable), or upon the happening of any event: 

(1)    matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than
as a result of a change of control or asset sale), 
 (2)    is convertible or exchangeable for
Indebtedness or Disqualified Stock of such Person or any of its Restricted Subsidiaries, or 
 (3)    is
redeemable at the option of the holder thereof, in whole or in part (other than solely as a result of a change of control or asset sale), in each case prior to 91 days after the earlier of the maturity date of the Notes or the date the Notes are no
longer outstanding; provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date
shall be deemed to be Disqualified Stock; provided, further, however, that if such Capital Stock is issued to any employee or to any plan for the benefit of employees of the Parent or their 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 such Person in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s
termination, death or disability; provided, further, that any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified
Stock shall not be deemed to be Disqualified Stock. 
 “Domestic Subsidiary” means a Restricted Subsidiary that is not a
Foreign Subsidiary. 
 “DTC” means The Depository Trust Company, its nominees and their respective successors. 

  
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 “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); provided, that no Permitted Convertible Indebtedness, other debt securities that are or by their terms may be
convertible or exchangeable into or for Equity Interests (other than Disqualified Stock) (or into or for any combination cash and Equity Interests (other than Disqualified Stock) by reference to the price of such Equity Interests) nor any Permitted
Warrant Transactions, in each case, shall constitute Equity Interests of the Company or any of its Subsidiaries prior to settlement, conversion, exchange or exercise thereof. 

“Equity Offering” means any public or private sale after the Issue Date of common Capital Stock or Preferred Stock of the
Company or of the Parent to the extent the net cash proceeds thereof are contributed to the common equity capital of the Company, as applicable (other than Disqualified Stock), other than: 

(1)    public offerings with respect to the Company’s or the Parent’s common stock registered on
Form S-4 or Form S-8; 

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

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

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Excluded Assets” means “Excluded Property” as defined in the Security Agreement. 

“Excluded Contributions” means the Cash Equivalents or other assets (valued at their Fair Market Value as determined in good
faith by senior management or the Board of Directors of the Parent) received by the Parent after the Issue Date from: 

(1)    contributions to its common equity capital, and 

(2)    the sale (other than to a Subsidiary of the Parent or to any Subsidiary management equity plan or
stock option plan or any other management or employee benefit plan or agreement) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Parent, in each case designated as Excluded Contributions pursuant to an
Officer’s Certificate. 
 “Excluded Subsidiary” means each (i) Unrestricted Subsidiary, (ii) Immaterial
Subsidiary, (iii) Domestic Subsidiary that is a Subsidiary of a CFC, (iv) CFC or CFC Holdco, and (v) Subsidiary that is prohibited by applicable law, rule or regulation or by any contractual obligation, in each case from guaranteeing
the Notes Obligations and the ABL Secured Obligations or that would require governmental (including regulatory) consent, approval, license or authorization to provide a guarantee unless such consent, approval, license or authorization has been
received, or that would result in an adverse tax consequence to the Parent, the Company or one of their Subsidiaries (including as a result of the operation of Section 956 of the Code or any similar law or regulation in any applicable
jurisdiction) because of providing a guarantee as reasonably determined by the Parent; provided that (x) any Domestic Subsidiary of the Parent that is a Guarantor of the ABL Secured Obligations or (y) any other Subsidiary of the Parent
that guarantees the ABL Secured Obligations shall become a Guarantor hereunder. 

  
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 “Exercise any Secured Creditor Remedies” or “Exercise of Secured
Creditor Remedies” have the meaning set forth in the ABL Intercreditor Agreement or Pari Passu Intercreditor Agreement, as applicable. 

“Fair Market Value” means, with respect to any asset or property, the price which could be negotiated in an arm’s-length transaction, for cash, between a willing seller and a willing and able buyer. 

“FATCA Applicable Law” has the meaning set forth in Section 13.21. 

“Foreign Collateral” means Collateral that may be granted to the ABL Collateral Agent by Foreign Subsidiaries of a borrower
or a guarantor under the ABL Credit Agreement organized under the laws of Canada or any European jurisdiction to secure any portion of the ABL Secured Obligations. 

“Foreign Subsidiary” means a Restricted Subsidiary not organized or existing under the laws of the United States of America
or any state thereof or the District of Columbia. For the avoidance of doubt, any Subsidiary incorporated or organized under the laws of a territory of the United States shall constitute a “Foreign Subsidiary”. 

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

“guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of
business), direct or indirect, in any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations. The amount of any guarantee shall be deemed
to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such person
in good faith. 
 “Guarantee” means any guarantee of the obligations of the Company under this Indenture relating to the
Notes and of the Notes by any Guarantor in accordance with the provisions of this Indenture. 
 “Guarantor” means the
Parent and any Subsidiary of the Parent that Guarantees the Notes by executing this Indenture or a supplemental indenture in the form of Exhibit C attached hereto; 

  
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 provided that upon the release or discharge of such Person from its Guarantee of the Notes in
accordance with this Indenture, such Person shall cease to be a Guarantor of the Notes. 
 “Hedging Obligations” means,
with respect to any Person, the obligations of such Person under: 
 (1)    currency exchange, interest
rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements and currency exchange, interest rate or commodity collar agreements; and 

(2)    other agreements or arrangements designed to protect such Person against fluctuations in currency
exchange, interest rates or commodity prices. 
 “holder” or “noteholder” means the Person in whose name a
Note is registered on the Registrar’s books. 
 “Immaterial Subsidiary” means any Subsidiary that does not own
Specified Cash Flow Priority Collateral and that (a) did not, as of the last day of the fiscal quarter of the Parent most recently ended for which financial statements have been (or were required to be) delivered pursuant to this Indenture,
have assets with a value in excess of 5.0% of the Total Assets or revenues representing in excess of 5.0% of total revenues of the Parent and its Subsidiaries on a consolidated basis as of such date, and (b) taken together with all such
Subsidiaries as of such date that are not Guarantors as a result of being Immaterial Subsidiaries, did not have assets with a value in excess of 5.0% of Total Assets or revenues representing in excess of 5.0% of total revenues of the Parent and its
Subsidiaries on a consolidated basis as of such date. 
 “Incur” means issue, assume, guarantee, incur or otherwise become
liable for; provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such person becomes a Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise) shall be deemed to be
Incurred by such Person at the time it becomes a Subsidiary. “Incurred” and “Incurrence” shall have like meanings. 

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

(1)    the principal of any indebtedness of such Person, whether or not contingent, (a) in respect of borrowed money,
(b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof), (c) representing the deferred and unpaid purchase price
of any property (except any such balance that constitutes (i) a trade payable or similar obligation to a trade creditor Incurred in the ordinary course of business, (ii) any earn-out obligations
until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and (iii) liabilities accrued in the ordinary course of business), which purchase price is due more than twelve months after the date of
placing the property in service or taking delivery and title thereto, or (d) in respect of Capitalized Lease Obligations. 

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

  
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 (3)    to the extent not otherwise included, Indebtedness of another
Person secured by a Lien on any asset owned by such Person (whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will be the lesser of: (a) the Fair Market Value (as determined in
good faith by the Parent) of such asset at such date of determination, and (b) the amount of such Indebtedness of such other Person; 

provided, however, that, notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) Contingent Obligations Incurred
with respect to store leases in the ordinary course of business consistent with past practice or not otherwise prohibited by this Indenture and not in respect of borrowed money; (2) deferred or prepaid revenues; (3) purchase price
holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller; (4) obligations under or in respect of Qualified Securitization Financing (including all
obligations of any Securitization Subsidiary); (5) trade and other ordinary course payables, accrued expenses and intercompany liabilities arising in the ordinary course of business; (6) obligations in respect of banking product or cash
management services; (7) in the case of the Parent and the Restricted Subsidiaries (x) all intercompany Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course
of business and (y) intercompany liabilities in connection with cash management, tax and accounting operations of the Parent and the Restricted Subsidiaries; (8) the Indebtedness of any partnership or joint venture (other than a joint
venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, to the extent that such Indebtedness is expressly made non-recourse to such
Person; (9) obligations to reimburse or share the costs of any services or third party expenses in accordance with the terms of any intercompany cost sharing agreement or arrangement; (10) obligations under supply chain finance services
agreements, including, without limitation, trade payable services and supplier accounts receivable purchases, in each case, in the ordinary course of business and consistent with past practice; (11) unsecured Indebtedness owed to landlords and
constituting store lease buyout payments or other related payments related to store closures, in each case, as evidenced by promissory notes or other agreements; and (12) any obligations under Hedging Obligations; provided that such agreements
are entered into for bona fide hedging purposes of the Parent or the Restricted Subsidiaries (as determined in good faith by the board of directors or senior management of the Parent, whether or not accounted for as a hedge in accordance with GAAP)
and, in the case of any foreign exchange contract, currency swap agreement, futures contract, option contract or other similar agreement, such agreements are related to business transactions of the Parent or the Restricted Subsidiaries entered into
in the ordinary course of business and, in the case of any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement,
interest rate hedge agreement or other similar agreement or arrangement, such agreements substantially correspond in terms of notional amount, duration and interest rates, as applicable, to Indebtedness of the Parent or the Restricted Subsidiaries
Incurred without violation of this Indenture. 
 Notwithstanding anything in this Indenture to the contrary, Indebtedness shall not include,
and shall be calculated without giving effect to, the effects of Statement of Financial 

  
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Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture as a
result of accounting for any embedded derivatives created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Indenture but for the application of this sentence shall not be deemed an
Incurrence of Indebtedness under this Indenture. 
 Notwithstanding the foregoing, the obligations of the Company under any Permitted
Warrant Transaction shall not constitute Indebtedness so long as the terms of such Permitted Warrant Transaction provide for “net share settlement” (or substantially equivalent term) as the default “settlement method” (or
substantially equivalent term) thereunder. For purposes hereof, the amount of any Permitted Convertible Indebtedness shall be the aggregate stated principal amount thereof without giving effect to any obligation to pay cash or deliver shares with
value in excess of such principal amount, and without giving effect to any integration thereof with any Permitted Bond Hedge Transaction pursuant to U.S. Treasury Regulation § 1.1275-6. 

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

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

“Interest Payment Date” has the meaning set forth in Exhibit A. 

“Investment Grade Rating” means a corporate credit rating or corporate family rating, as applicable, equal to or higher than
Baa3 (or the equivalent) by Moody’s or BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency in the event that either Moody’s and/or S&P has not then rated the
Notes. 
 “Investment Grade Securities” means: 

(1)    securities issued or directly and fully guaranteed or insured by the U.S. government or any
agency or instrumentality thereof (other than Cash Equivalents), 
 (2)    securities that have a rating
equal to or higher than Baa3 (or equivalent) by Moody’s and BBB- (or equivalent) by S&P, but excluding any debt securities or loans or advances between and among the Parent 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 material amounts of cash pending investment and/or distribution, and 

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

  
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 “Investment Policy” means the investment policies for global cash
management and the rabbi trust of the Parent as approved by the Parent’s board of directors and as in effect on the Issue Date. 

“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 and advances to customers and commission, travel and similar advances to officers, employees and consultants made in the
ordinary course of business and any assets or securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss and any prepayments and
other credits to suppliers 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 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 4.04: 
 (1)    “Investments” shall
include the portion (proportionate to the Parent’s equity interest in such Subsidiary) of the Fair Market Value (as determined in good faith by the Parent) of the net assets of such Subsidiary at the time that such Subsidiary is designated an
Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Parent shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary equal
to an amount (if positive) equal to: 
 (a)    its “Investment” in such Subsidiary at the time
of such redesignation less 
 (b)    the portion (proportionate to its equity interest in such
Subsidiary) of the Fair Market Value (as determined in good faith by the Parent) 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 (as determined in good faith by the Parent) at the time of such transfer, in each case as determined in good faith by the Board of Directors of the Parent. 

“Issue Date” means the date on which the Notes are originally issued. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or similar 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 or any finance lease in the nature thereof); provided that in no event shall
an operating lease, non-finance lease or an agreement to sell be deemed to constitute a Lien. 

“Limited Condition Transaction” means any acquisition, including by way of merger, amalgamation or consolidation, by the
Company or one or more of its Restricted Subsidiaries, or similar Investment permitted by this Indenture, whose consummation is not conditioned on the 

  
 25 

 
availability of, or on obtaining, third-party financing; provided, that the Consolidated Net Income (and any other financial term derived therefrom), other than for purposes of calculating any
ratios in connection with the Limited Condition Transaction, shall not include any Consolidated Net Income of or attributable to the target company or assets associated with any such Limited Condition Transaction unless and until the closing of such
Limited Condition Transaction shall have actually occurred. 
 “Long Derivative Instrument” means a Derivative Instrument
(i) the value of which generally increases, and/or the payment or delivery obligations under which generally decrease, with positive changes to the Performance References and/or (ii) the value of which generally decreases, and/or the
payment or delivery obligations under which generally increase, with negative changes to the Performance References. 
 “Make Whole
Calculation Date” means July 15, 2022. 
 “Market Capitalization” means, as of any date of determination, an
amount equal to (i) the total number of issued and outstanding shares of common stock of the Parent (or any successor of the Parent) or any direct or indirect parent of the Parent on such date of determination multiplied by (ii) the
arithmetic mean of the closing prices per share of such common stock for the 30 consecutive trading days immediately preceding such date of determination. 

“Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 

“Net Income” means, with respect to any Person, the net income (loss) of such Person and its Restricted Subsidiaries,
determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends. 
 “Net Proceeds”
means the aggregate cash proceeds received by the Parent or any Restricted Subsidiary in respect of any Asset Sale (including, without limitation, any cash received in respect of or upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale and any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when received, but
excluding the assumption by the acquiring person of Indebtedness relating to the disposed assets or other consideration received in any other non-cash form), net of the direct costs relating to such Asset Sale
and the sale or disposition of such Designated Non-cash Consideration (including, without limitation, legal, accounting and investment banking fees, and brokerage and sales commissions), and any relocation
expenses Incurred as a result thereof, taxes paid or payable (by the Parent or any Restricted Subsidiary) as a result thereof, amounts required to be applied to the repayment of principal, premium (if any) and interest on Indebtedness required
(other than pursuant to Section 4.06(b)(i)) to be paid as a result of such transaction, and any deduction of appropriate amounts to be provided by the Parent and the 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 Parent and the Restricted Subsidiaries after such sale or other disposition thereof, including, without limitation, pension and other post- employment benefit
liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction. 

  
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 “Net Short” means, with respect to a holder or beneficial owner, as of a
date of determination, either (i) the value of its Short Derivative Instruments exceeds the sum of (x) the value of its notes plus (y) the value of its Long Derivative Instruments as of such date of determination or (ii) it is
reasonably expected that such would have been the case were a Failure to Pay or Bankruptcy Credit Event (each as defined in the 2014 International Swaps and Derivatives Associations, Inc. Credit Derivatives Definitions) to have occurred with respect
to the Company or any Guarantor immediately prior to such date of determination. 
 “Notes” means the Initial Notes and any
Additional Notes. 
 “Notes Collateral Agent” has the meaning set forth in the Preamble to this Indenture. 

“Notes Obligations” means Obligations in respect of the Notes, this Indenture and the Guarantees. 

“Notes Secured Parties” means the Trustee, the Notes Collateral Agent and the holders of the Notes. 

“Obligations” means any principal, interest, fees, expenses (including any interest, fees, expenses and other amounts
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, fees, expenses and other amounts are allowed or
allowable claims under applicable state, federal or foreign law), penalties, indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and
other liabilities payable under the documentation governing any Indebtedness; provided that Obligations with respect to the Notes shall not include fees or indemnifications in favor of third parties other than the Trustee, the Notes
Collateral Agent and the holders of the Notes. For the avoidance of doubt, any obligation under any Permitted Bond Hedge Transaction or any Permitted Warrant Transaction shall not constitute Obligations. 

“Offering Memorandum” means the offering memorandum, dated June 18, 2020, relating to the issuance of the Initial Notes.

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

“Officer’s Certificate” means, with respect to any Person, a certificate signed on behalf of such Person by an Officer
of such Person, which meets the requirements set forth in this Indenture. 
 “Opinion of Counsel” means, with respect to
any Person, a written opinion from legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to such Person. 

  
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 “Pari Passu Intercreditor Agreement” means an intercreditor agreement in
the form of Exhibit D hereto to be entered into between the Notes Collateral Agent and the authorized representative(s) of Additional Cash Flow Secured Parties holding any series of Additional Cash Flow Obligations. 

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

“Permitted Bond Hedge Transaction” means any bond hedge, call or capped call option (or substantively equivalent derivative
transaction) relating to the Parent’s common stock (or other securities or property following a merger event, reclassification or other change of the common stock of the Parent) purchased by the Parent or a Subsidiary thereof in connection with
the issuance of any Permitted Convertible Indebtedness and settled in common stock of the Parent (or such other securities or property), cash or a combination thereof (such amount of cash determined by reference to the price of the Parent’s
common stock or such other securities or property), and cash in lieu of fractional shares of common stock of the Parent; provided that the purchase of any such Permitted Bond Hedge Transaction is made with, and the purchase price thereof less the
proceeds received from the Parent from the sale of any substantially concurrently executed Permitted Warrant Transaction, does not exceed, the net proceeds received by the Parent or a Subsidiary thereof in connection with the issuance of any
Permitted Convertible Indebtedness; provided, further, that the other terms, conditions and covenants of each such transaction shall be such as are customary for transactions of such type (as determined by the Parent in good faith). 

“Permitted Convertible Indebtedness” means (a) unsecured Indebtedness of the Parent or a Subsidiary thereof that
(i) as of the date of issuance thereof contains customary conversion or exchange rights and customary offer to repurchase rights for transactions of such type (in each case, as determined by the Parent in good faith) and (ii) is
convertible into or exchangeable for shares of common stock of the Parent (or other securities or property following a merger event, reclassification or other change of the common stock of the Parent), cash or a combination thereof (such amount of
cash determined by reference to the price of the Parent common stock or such other securities or property), and cash in lieu of fractional shares of common stock of the Parent and (b) any guarantee by the Company or any Guarantor of
Indebtedness of the Parent or a Subsidiary thereof described in clause (a); provided that that such Indebtedness is permitted to be Incurred pursuant to Section 4.03. 

“Permitted Investments” means: 

(1)    any Investment in the Parent or any Restricted Subsidiary; 

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

(3)    any Investment by the Parent or any Restricted Subsidiary in a Person that is engaged in a Similar
Business if as a result of such Investment (a) such Person becomes a Restricted Subsidiary, or (b) such Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or
conveys all or substantially all of its assets to, or is liquidated into, the Parent or a Restricted Subsidiary; 

  
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 (4)    any Investment in securities or other assets not
constituting Cash Equivalents and received in connection with an Asset Sale made pursuant to Section 4.06 or any other disposition of assets not constituting an Asset Sale; 

(5)    any Investment existing on, or made pursuant to binding commitments existing 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, (y) as otherwise permitted under this Indenture or (z) as a result of fluctuations in the exchange rate of currencies; 

(6)    loans and advances to officers, directors, employees or consultants of the Parent or any of its
Restricted Subsidiaries (i) in the ordinary course of business in an aggregate outstanding amount (valued at the time of the making thereof, and without giving effect to any write-downs or write-offs thereof) not to exceed $10.0 million at
the time of Incurrence, (ii) in respect of payroll payments and expenses in the ordinary course of business and (iii) in connection with such person’s purchase of Equity Interests of the Parent or any direct or indirect parent of the
Parent solely to the extent that the amount of such loans and advances shall be contributed to the Parent in cash as common equity; 

(7)    any Investment acquired by the Parent or any Restricted Subsidiary (a) in exchange for any
other Investment or accounts receivable held by the Parent or 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
(b) as a result of a foreclosure by the Parent or any Restricted Subsidiary with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; 

(8)    Hedging Obligations permitted under Section 4.03(b)(x); 

(9)    any Investment by the Parent or any Restricted Subsidiary in a Similar Business having an aggregate
Fair Market Value (as determined in good faith by the Parent), taken together with all other Investments made pursuant to this clause (9) that are at that time outstanding, not to exceed the sum of (x) the greater of $75.0 million and
2.5% of Total Assets at the time such Investment is made, plus (y) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received in
respect of any such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (9) is
made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause
(1) above and shall cease to have been made pursuant to this clause (9) for so long as such Person continues to be a Restricted Subsidiary; 

  
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 (10)    additional Investments by the Parent or any
Restricted Subsidiary having an aggregate Fair Market Value (as determined in good faith by the Parent), taken together with all other Investments made pursuant to this clause (10) that are at that time outstanding, not to exceed the sum of
(x) the greater of $75.0 million and 2.5% of Total Assets as of the date of such Investment, plus (y) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments,
income and similar amounts) actually received in respect of any such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any
Investment pursuant to this clause (10) is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be
deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (10) for so long as such Person continues to be a Restricted Subsidiary; 

(11)    loans and advances to officers, directors or employees for business-related travel expenses, moving
expenses and other similar expenses, in each case Incurred in the ordinary course of business or consistent with past practice or to fund such person’s purchase of Equity Interests of the Parent or any direct or indirect parent of the Parent;

 (12)    Investments the payment for which consists of Equity Interests of the Parent (other than
Disqualified Stock) or any direct or indirect parent of the Parent, as applicable; provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under clause (3) of the definition of
“Cumulative Credit”; 
 (13)    any transaction to the extent it constitutes an Investment that
is permitted by and made in accordance with the provisions of Section 4.07(b) (except transactions described in clauses (ii), (iv), (vi), (viii)(B) and (xv) of Section 4.07(b)); 

(14)    guarantees issued in accordance with Section 4.03 and Section 4.11 including, without
limitation, any guarantee or other obligation issued or Incurred under any Credit Facility in connection with any letter of credit issued for the account of the Parent or any of its Subsidiaries (including with respect to the issuance of, or
payments in respect of drawings under, such letters of credit); 
 (15)    Investments consisting of or
to finance purchases and acquisitions of inventory, supplies, materials, services or equipment or purchases of contract rights or licenses or leases of intellectual property; 

(16)    any Investment in a Securitization Subsidiary or any Investment by a Securitization Subsidiary in
any other Person in connection with a Qualified Securitization Financing, including Investments of funds held in accounts permitted or required by the arrangements governing such Qualified Securitization Financing or any related Indebtedness; 

  
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 (17)    any Investment in an entity which is not a
Restricted Subsidiary to which a Restricted Subsidiary sells Securitization Assets pursuant to a Securitization Financing; 

(18)    Investments of a Restricted Subsidiary acquired after the Issue Date or of an entity merged into,
amalgamated with, or consolidated with the Parent or a Restricted Subsidiary in a transaction that is not prohibited by Section 5.01 after the Issue Date to the extent that such Investments were not made in contemplation of such acquisition,
merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; 

(19)    Investments in the ordinary course of business consisting of UCC Article 3 endorsements for
collection or deposit and UCC Article 4 customary trade arrangements with customers; 
 (20)    advances
in the form of a prepayment of expenses, so long as such expenses are being paid in accordance with customary trade terms of the Parent or the Restricted Subsidiaries; 

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

(22)    any Permitted Bond Hedge Transaction and any Permitted Warrant Transaction; and 

(23)    Investments made pursuant to the Investment Policy. 

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

(1)    pledges or deposits and other Liens granted by such Person under workmen’s compensation laws,
unemployment insurance or social security laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure
public or statutory obligations of such Person or deposits of cash or U.S. government bonds to secure surety or appeal bonds, performance and return of money bonds, or deposits as security for contested taxes or import duties or for the payment of
rent, in each case Incurred in the ordinary course of business; 
 (2)    Liens imposed by law, such as
landlord’s, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, construction or other like Liens securing obligations that are not overdue by more than 30 days or that are 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; 

  
 31 

 (3)    Liens for taxes, assessments or other
governmental charges not yet overdue by more than 30 days or that are being contested in good faith by appropriate proceedings; 

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

(5)    minor survey exceptions, minor encumbrances, trackage rights, special assessments, easements or
reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, servicing
agreements, development agreements, site plan agreements and other similar encumbrances Incurred in the ordinary course of business or zoning or other restrictions 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)     

(A)    Liens on assets of a Subsidiary that is not a Guarantor securing Indebtedness of a Subsidiary that
is not a Guarantor permitted to be Incurred pursuant to the covenant described under Section 4.03. 
 (B) (x) Liens
securing Indebtedness Incurred or issued pursuant to Section 4.03(b)(i) (and any cash management arrangements, Hedging Obligations and supply chain financing arrangements secured under the documentation governing such Indebtedness); provided
that any such Liens on any property of the Company or any Guarantor shall constitute ABL Secured Obligations and be subject to the ABL Intercreditor Agreement, or shall constitute junior Liens and (y) Liens on the Collateral securing
Obligations in respect of any other Indebtedness permitted to be Incurred or issued under this Indenture if, as of the date such Indebtedness was Incurred or issued, and after giving pro forma effect thereto and the application of the net proceeds
therefrom, the Consolidated Secured Leverage Ratio of the Parent does not exceed 2.00 to 1.00; provided that if such Liens are secured by Cash Flow Priority Collateral, such Liens on the Cash Flow Priority Collateral must be secured on a pari passu
basis to the notes and the representative in respect of such obligations must enter into the Pari Passu Intercreditor Agreement (or a joinder thereto); and 

(C)    Liens securing Obligations in respect of Indebtedness permitted to be Incurred or issued pursuant to
clause (iv), (xiv) (to the extent such guarantees are issued in respect of any Indebtedness permitted to be secured by a Lien pursuant to Section 4.03(b) and this definition) or (xix) of Section 4.03(b); provided that Liens securing
Obligations relating to any Indebtedness permitted to be incurred pursuant to clause (xix) thereof shall only be permitted if such Liens extend only to the assets of Restricted Subsidiaries that are not Guarantors; 

  
 32 

 (7)    Liens existing on the Issue Date (other than
Liens in favor of the lenders under the ABL Credit Agreement and Liens securing the Notes Obligations); 

(8)    Liens on assets, property or shares of stock of a Person at the time such Person becomes a
Subsidiary; provided, however, that such Liens are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Restricted Subsidiary; provided, further, however, that such Liens may not extend to any other
property owned by the Parent or any Restricted Subsidiary (other than pursuant to after-acquired property clauses in effect with respect to such Lien at the time of acquisition on property of the type that would have been subject to such Lien
notwithstanding the occurrence of such acquisition); 
 (9)    Liens on assets or property at the time
the Parent or a Restricted Subsidiary acquired the assets or property, including any acquisition by means of a merger, amalgamation or consolidation with or into the Parent or any Restricted Subsidiary; provided, however, that such Liens are not
created or Incurred in connection with, or in contemplation of, such acquisition; provided, further, however, that the Liens may not extend to any other property owned by the Parent or any Restricted Subsidiary (other than pursuant to after-acquired
property clauses in effect with respect to such Lien at the time of acquisition on property of the type that would have been subject to such Lien notwithstanding the occurrence of such acquisition); 

(10)    Liens securing Hedging Obligations not Incurred in violation of this Indenture; 

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

(12)    leases and subleases of real property which do not materially interfere with the ordinary conduct
of the business of the Parent or any of the Restricted Subsidiaries; 
 (13)    Liens arising from UCC
financing statement filings regarding operating leases or other obligations not constituting Indebtedness; 

(14)    Liens in favor of the Company or any Guarantor; 

(15)    Liens on assets of the type specified in the definition of “Securitization Financing”
Incurred in connection with a Qualified Securitization Financing; 
 (16)    pledges and deposits and
other Liens made in the ordinary course of business to secure liability to insurance carriers; 

  
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 (17)    Liens on the Equity Interests of Unrestricted
Subsidiaries; 
 (18)    Liens to secure any refinancing, refunding, extension, renewal or replacement
(or successive refinancings, refundings, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in clauses (6)(B)(y), (6)(C), (7), (8), (9), (10), (14), (23) and (33) of this
definition; provided, however, that (x) such new Lien shall be limited to all or part of the same property (including any after acquired property to the extent it would have been subject to the original Lien) that secured the original Lien
(plus improvements on and accessions to such property, proceeds and products thereof, customary security deposits and any other assets pursuant to the after-acquired property clauses to the extent such assets secured (or would have secured) the
Indebtedness being refinanced, refunded, extended, renewed or replaced), and (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount (or accreted
value, if applicable) described under clauses (6)(B)(y), (6)(C), (7), (8), (9), (10), (14), (23) and (33) at the time the original Lien became a Permitted Lien under this Indenture and, in the case of any Lien on Collateral, shall not have a
greater priority level with respect to the Liens securing the Notes Obligations that the Liens securing the Indebtedness so refinanced, refunded, extended, renewed or replaced, (B) unpaid accrued interest and premiums (including tender
premiums), and (C) an amount necessary to pay any underwriting discounts, defeasance costs, commissions, fees and expenses related to such refinancing, refunding, extension, renewal or replacement; provided, further, however, that in the case
of any Liens to secure any refinancing, refunding, extension or renewal of Indebtedness secured by a Lien referred to in clause (6)(B)(y), the principal amount of any Indebtedness Incurred or issued for such refinancing, refunding, extension or
renewal shall be deemed secured by a Lien under clause (6)(B)(y) and not this clause (18) for purposes of determining the principal amount of Indebtedness outstanding under clause (6)(B)(y); 

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

(20)    judgment and attachment Liens not giving rise to an Event of Default and notices of dependents and
associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; 

(21)    Liens arising out of conditional sale, title retention, consignment or similar arrangements for the
sale or purchase of goods entered into in the ordinary course of business; 
 (22)    Liens Incurred to
secure cash management services or to implement cash pooling arrangements in the ordinary course of business; 

(23)    other Liens securing obligations the outstanding principal amount of which does not, taken together
with the principal amount of all other obligations secured by Liens Incurred under this clause (23) that are at that time outstanding, exceed the 

  
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greater of $75.0 million and 2.5% of Total Assets, minus the principal amount of the Notes issued on the Issue Date; provided that if such Liens are secured by Cash Flow Priority Collateral,
such Liens on the Cash Flow Priority Collateral must be secured on a pari passu basis to the Notes and the representative in respect of such obligations must enter into a joinder to the Pari Passu Intercreditor ; 

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

(25)    any amounts held by a trustee in the funds and accounts under any indenture issued in escrow
pursuant to customary escrow arrangements pending the release thereof, or under any indenture pursuant to customary discharge, redemption or defeasance provisions; 

(26)    Liens (i) arising by virtue of any statutory or common law provisions relating to
banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution, (ii) attaching to commodity trading
accounts or other commodity brokerage accounts Incurred in the ordinary course of business or (iii) encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to brokerage accounts Incurred in the ordinary
course of business and not for speculative purposes; 
 (27)    Liens (i) in favor of credit card
companies pursuant to agreements therewith and (ii) in favor of customers; 
 (28)    Liens
disclosed by the title insurance policies delivered pursuant to this Indenture and any replacement, extension or renewal of any such Lien; provided that such replacement, extension or renewal Lien shall not cover any property other than the property
that was subject to such Lien prior to such replacement, extension or renewal; provided, further, that the Indebtedness and other obligations secured by such replacement, extension or renewal Lien are permitted under this Indenture; 

(29)    Liens that are contractual rights of set-off relating to
purchase orders and other agreements entered into with customers, suppliers or service providers of the Parent or any Restricted Subsidiary in the ordinary course of business; 

(30)    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; 
 (31)    agreements to subordinate any
interest of the Parent or any Restricted Subsidiary in any accounts receivable or other prices arising from inventory consigned by the Parent or any such Restricted Subsidiary pursuant to an agreement entered into in the ordinary course of business;

 (32)    Liens on securities that are the subject of repurchase agreements constituting Cash
Equivalents under clause (4) of the definition thereof; 

  
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 (33)    Liens on the Collateral securing the Notes
issued on the Issue Date and the related Guarantees; 
 (34)    Liens securing insurance premium
financing arrangements; provided that such Liens are limited to the applicable unearned insurance premiums; 

(35)    Liens in favor of customs and revenues authorities imposed by applicable law arising in the
ordinary course of business in connection with the importation of goods; 
 (36)    Liens on assets of
Restricted Subsidiaries that are not Guarantors organized under the laws of foreign jurisdictions arising by operation of law (or created as a matter of mandatory law) or pursuant to customary business practice and that do not materially affect the
value of such assets; 
 (37)    Liens on cash, Cash Equivalents, deposits and similar items customary to
an applicable jurisdiction of a Restricted Subsidiary that is not a Guarantor and incurred in connection with foreign bank guarantees permitted pursuant to Section 4.03(b)(xviii); and 

(38)    posted margin to the extent required by applicable governmental regulations or clearinghouse
requirements to be used to secure Hedging Obligations. 
 “Permitted Warrant Transaction” means any call option, warrant or
right to purchase (or substantively equivalent derivative transaction) relating to the Parent’s common stock (or other securities or property following a merger event, reclassification or other change of the common stock of the Parent) sold by
the Parent substantially concurrently with any purchase by the Parent of a Permitted Bond Hedge Transaction and settled in common stock of the Parent (or such other securities or property), cash or a combination thereof (such amount of cash
determined by reference to the price of the Parent’s common stock or such other securities or property), and cash in lieu of fractional shares of common stock of the Parent; provided that the terms, conditions and covenants of each such
transaction shall be such as are customary for transactions of such type (as determined by the Parent in good faith). 

“Person” means any individual, corporation, partnership, limited liability company, 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 right of payment of dividends or upon liquidation, dissolution,
or winding up. 
 “Qualified Securitization Financing” means any Securitization Financing that meets the following
conditions: 
 (1)    the Parent shall have determined in good faith that such Qualified Securitization
Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Parent, as the case may be; 

  
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 (2)    all sales of Securitization Assets and related
assets by the Parent or the applicable Subsidiary (other than a Securitization Subsidiary) either to the applicable Securitization Subsidiary or directly to the applicable third-party financing providers (as the case may be) are made at Fair Market
Value (as determined in good faith by the Parent); and 
 (3)    the financing terms, covenants,
termination events and other provisions thereof shall be market terms (as determined in good faith by the Parent) and may include Standard Securitization Undertakings. 

“Rating Agency” means (1) each of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate the
Notes for reasons outside of the Parent’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15cs-l(c)(2)(vi)(F) under the Exchange Act selected by the
Parent or any direct or indirect parent of the Parent as a replacement agency for Moody’s or S&P, as the case may be. 

“Record Date” has the meaning specified in Exhibit A. 

“Refinancing Indebtedness” has the meaning set forth in Section 4.03(b)(xv). 

“Responsible Officer” means: 

(1)    any officer within the corporate trust department of the Trustee, including any vice president,
assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively,
or to whom any corporate trust matter relating to this Indenture is referred because of such person’s knowledge of and familiarity with the particular subject, and 

(2)    who shall have direct responsibility for the administration of this Indenture. 

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

“Restricted Subsidiary” means any Subsidiary of Parent, including the Company, other than an Unrestricted Subsidiary. 

“S&P” means Standard & Poor’s Ratings Group or any successor to the rating agency business thereof. 

“Sale/Leaseback Transaction” means an arrangement relating to property now owned or hereafter acquired by the Parent or a
Restricted Subsidiary whereby the Parent or such Restricted Subsidiary transfers such property to a Person, the Parent or such Restricted Subsidiary leases it from such Person, other than leases between any of the Parent and a Restricted Subsidiary
or between Restricted Subsidiaries. 
 “Screened Affiliate” means any Affiliate of a holder (i) that makes investment
decisions independently from such holder and any other Affiliate of such holder that is not a Screened 

  
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Affiliate, (ii) that has in place customary information screens between it and such holder and any other Affiliate of such holder that is not a Screened Affiliate and such screens prohibit
the sharing of information with respect to the Parent or its Subsidiaries, (iii) whose investment policies are not directed by such holder or any other Affiliate of such holder that is acting in concert with such holder in connection with its
investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such holder or any other Affiliate of such holder that is acting in concert with such holders in connection with its investment in
the Notes. 
 “SEC” means the Securities and Exchange Commission. 

“Secured Indebtedness” means any Consolidated Total Indebtedness secured by a Lien. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Securitization Assets” means any of the following assets (or interests therein) from time to time
originated, acquired or otherwise owned by the Parent or any Restricted Subsidiary or in which the Parent or any Restricted Subsidiary has any rights or interests, in each case, without regard to where such assets or interests are located so long as
the foregoing do not constitute Specified Cash Flow Priority Collateral: (1) receivables, payment obligations, installment contracts, and similar rights, whether currently existing or arising or estimated to arise in the future, and whether in
the form of accounts, chattel paper, general intangibles, instruments or otherwise (including any drafts, bills of exchange or similar notes and instruments), (2) royalty and other similar payments made related to the use of trade names and other
intellectual property, business support, training and other services, including, without limitation, licensing fees, lease payments and similar revenue streams, (3) revenues related to distribution and merchandising of the products of the
Parent and its Restricted Subsidiaries, (4) intellectual property rights relating to the generation of any of the foregoing types of assets, (5) parcels of or interests in real property, together with all easements, hereditaments and
appurtenances thereto, all improvements and appurtenant fixtures and equipment, incidental to the ownership, lease or operation thereof and (6) any other assets and property to the extent customarily included in securitization transactions or
factoring transactions of the relevant type in the applicable jurisdictions (as determined by the Parent in good faith). 

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

“Securitization Financing” means any transaction or series of transactions that may be entered into by the Parent or any of
its Subsidiaries pursuant to which the Parent or any of its Subsidiaries may sell, assign, convey or otherwise transfer to any other Person, or may grant a security interest in, any Securitization Assets (whether now existing or arising in the
future) of the Parent or any of its Subsidiaries, and any assets related thereto including, without limitation, all collateral securing such Securitization Assets, all contracts and all guarantees or other obligations in respect of such
Securitization Assets, proceeds of such Securitization Assets and 

  
 38 

 
other assets which are customarily sold, assigned, conveyed, or transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions
or factoring transactions involving Securitization Assets and any Hedging Obligations entered into by the Parent or any such Subsidiary in connection with such Securitization Assets. 

“Securitization Repurchase Obligation” means any obligation of a seller of Securitization Assets in a Qualified
Securitization Financing to repurchase Securitization Assets arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a Securitization Asset or portion thereof becoming subject to any asserted
defense, dispute, dilution, off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Securitization Subsidiary” means a Wholly Owned Restricted Subsidiary (or another Person formed for the purposes of engaging
in a Qualified Securitization Financing with the Parent or any of its Subsidiaries in which the Parent or any of its Subsidiaries makes an Investment and to which the Parent or any of its Subsidiaries transfers Securitization Assets and related
assets) which engages in no activities other than in connection with the financing of Securitization Assets of the Parent and its Subsidiaries, all proceeds thereof and all rights (contractual or other), collateral and other assets relating thereto,
and any business or activities incidental or related to such business, and which is designated by the Parent (as provided below) as a Securitization Subsidiary and: 

(a)    no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed
by the Parent or any other Restricted Subsidiary (excluding guarantees of obligations (other than the principal of and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Parent or
any other Restricted Subsidiary in any way other than pursuant to Standard Securitization Undertakings, or (iii) subjects any property or asset of the Parent or any other Restricted Subsidiary, directly or indirectly, contingently or otherwise,
to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings; 
 (b)    with which neither
the Parent nor any Restricted Subsidiary has any material contract, agreement, arrangement or understanding other than on terms which the Parent reasonably believes to be no less favorable to the Parent or such Restricted Subsidiary than those that
might be obtained at the time from Persons that are not Affiliates of the Parent (other than pursuant to Standard Securitization Undertakings); and 

(c)    to which neither the Parent nor any Restricted Subsidiary has any obligation to maintain or preserve such
entity’s financial condition or cause such entity to achieve certain levels of operating results (other than pursuant to Standard Securitization Undertakings). 

“Security Agreement” means the security agreement to be dated as of the Issue Date among the Notes Collateral Agent, the
Company and the Guarantors. 
 “Security Documents” means the ABL Intercreditor Agreement, the Pari Passu Intercreditor
Agreement (if any), each joinder or amendment thereto, and all security agreements (including the Security Agreement), pledge agreements, control agreements, collateral 

  
 39 

 
assignments, mortgages (including the Mortgages), deeds of trust, security deeds, deeds to secure debt, hypothecs, collateral agency agreements, debentures or other instruments, pledges, grants
or transfers for security or agreements related thereto executed and delivered by the Company or any Guarantor creating or perfecting (or purporting to create or perfect) a Lien upon Collateral (including, without limitation, financing statements
under the UCC) in favor of the Notes Collateral Agent on behalf of the Trustee and the holders of the Notes to secure the Notes and the Guarantees, in each case, as amended, modified, restated, supplemented or replaced, in whole or in part, from
time to time, in accordance with its terms and this Indenture, subject to the terms of the ABL Intercreditor Agreement and the Pari Passu Intercreditor Agreement (if any). 

“Short Derivative Instrument” means a Derivative Instrument (i) the value of which generally decreases, and/or the
payment or delivery obligations under which generally increase, with positive changes to the Performance References and/or (ii) the value of which generally increases, and/or the payment or delivery obligations under which generally decrease,
with negative changes to the Performance References. 
 “Significant Subsidiary” means any Restricted Subsidiary that would
be a “Significant Subsidiary” within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC (or any successor provisions). 

“Similar Business” means any business (x) the majority of whose revenues are derived from business or activities
conducted by the Parent and its Subsidiaries on the Issue Date and (y) that is a natural outgrowth or reasonable extension, development, expansion of any business or activities conducted by the Parent and its Subsidiaries on the Issue Date or
any business similar, reasonably related, incidental, complementary or ancillary to any of the foregoing. 
 “Specified Cash Flow
Priority Collateral” means (x) the real properties owned by the Parent or its Subsidiaries on the Closing Date that are Collateral securing the Notes, (y) any other real property that is purchased with the Net Proceeds of an Asset
Sale of Specified Cash Flow Priority Collateral pursuant to Section 4.06 and (z) material intellectual property owned by the Company or a Guarantor other than foreign intellectual property. Notwithstanding anything else set forth in this
Indenture or the Security Documents, no Specified Cash Flow Priority Collateral shall be deemed to be Excluded Assets at any time. 

“Specified Real Property” means real property owned by the Parent or its Subsidiaries with tax parcel numbers 222-001951, 222-004334, 222-004472, 222-004739,
222-004740 and 222-004966 in Franklin County, Ohio. 

“Standard Securitization Undertakings” means representations, warranties, covenants, indemnities and guarantees of
performance entered into by the Parent or any of their Subsidiaries which the Parent has determined in good faith to be customary in a Securitization Financing including, without limitation, those relating to the servicing of the assets of a
Securitization Subsidiary, it being understood that any Securitization Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking. “Stated Maturity” means, with respect to any security, the date specified in
such security as the fixed date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the
option of the holder thereof upon the happening of any contingency beyond the control of the issuer unless such contingency has occurred). 

  
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 “Subordinated Indebtedness” means (a) with respect to the Company, any
Indebtedness of the Company which is by its terms subordinated in right of payment to the Notes, and (b) with respect to any Guarantor, any Indebtedness of such Guarantor which is by its terms subordinated in right of payment to its Guarantee.

 “Subsidiary” means, with respect to any Person, (1) any corporation, association or other business entity (other
than a partnership, joint venture or limited liability company) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers
or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, and (2) any partnership, joint venture or limited
liability company of which (x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such
Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (y) such Person or any Subsidiary of such Person is
a controlling general partner or otherwise controls such entity. Unless the context otherwise requires, the term “Subsidiary” shall mean a Subsidiary of the Parent. 

“Suspension Period” means the period of time between a Covenant Suspension Event and the related Reversion Date. 

“Total Assets” shall mean the total assets of the Parent and its Restricted Subsidiaries on a consolidated basis in
accordance with GAAP, as shown on the most recent balance sheet of the Parent delivered pursuant to Section 4.02. 

“Transactions” means the issuance and sale of the Notes pursuant to the Offering Memorandum, the entering into of the ABL
Credit Agreement and the transactions related and pursuant thereto. 
 “Treasury Rate” means, the weekly average for each
Business Day during the most recent week that has ended at least two business days prior to the applicable redemption date of the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled
and published in the Federal Reserve Statistical Release H. 15 (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such redemption date to the Make
Whole Calculation Date; provided, however, that if the period from such redemption date to the Make Whole Calculation Date, as applicable, is less than one year, the weekly average yield on actively traded United States Treasury
securities adjusted to a constant maturity of one year will be used. 
 “Trustee” means the party named as such in the
Preamble to this Indenture until a successor replaces it and, thereafter, means the successor. 

  
 41 

 “Uniform Commercial Code” or “UCC” means the Uniform
Commercial Code of any applicable jurisdiction. 
 “Unrestricted Subsidiary” means: 

(1)    any Subsidiary of the Parent that at the time of determination shall be designated an Unrestricted
Subsidiary by the Board of Directors of the Parent in the manner provided below; and 
 (2)    any
Subsidiary of an Unrestricted Subsidiary. 
 The Parent may designate any Subsidiary of the Parent (including any newly acquired or newly
formed Subsidiary of the Parent) to be an Unrestricted Subsidiary unless at the time of such designation such Subsidiary or any of its Subsidiaries (x) owns any Equity Interests or Indebtedness of, or owns or holds any Lien on any property of
the Parent or any other Restricted Subsidiary that is not a Subsidiary of the Subsidiary to be so designated or (y) such Subsidiary owns any Specified Cash Flow Priority Collateral, in each case at the time of such designation; provided,
however, that the Subsidiary to be so designated and its Subsidiaries do not at the time of designation have and do not thereafter Incur any Indebtedness pursuant to which the lender has recourse to any of the assets of the Parent or any of the
Restricted Subsidiaries unless otherwise permitted under Section 4.04; provided, further, however, that either (a) the Subsidiary to be so designated has total consolidated assets of $100,000 or less or (b) if such Subsidiary has
consolidated assets greater than $100,000, then such designation would be permitted under Section 4.04. 
 The Parent may designate any
Unrestricted Subsidiary to be a Restricted Subsidiary; provided, however, that immediately after giving effect to such designation: 

(x)    (1) the Parent could Incur $1.00 of additional Indebtedness pursuant to the Consolidated Fixed Charge Coverage
Ratio test set forth in Section 4.03(a) or (2) the Consolidated Fixed Charge Coverage Ratio of the Parent would be no less than such ratio immediately prior to such designation, in each case on a pro forma basis taking into account such
designation, and 
 (y)    no Event of Default shall have occurred and be continuing. 

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

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

(1)    direct obligations of 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 

  
 42 

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

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

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

Section 1.02    Other Definitions. 
  

					
	 Term
	  	Section	 
	 $
	  	 	1.03	(j) 
	 Affiliate Transaction
	  	 	4.07	(a) 
	 Agent Members
	  	 	Appendix A	 
	 Asset Sale Offer
	  	 	4.06	(b) 
	 Authentication Order
	  	 	2.03	 
	 Change of Control Offer
	  	 	4.08	(b) 
	 Company
	  	 	Preamble	 
	 covenant defeasance option
	  	 	8.01	(b) 
	 Covenant Suspension Event
	  	 	4.16	 
	 Custodian
	  	 	6.01	 
	 Default Direction
	  	 	7.05	 

  
 43 

					
	 Term
	  	Section	 
	 Definitive Note
	  	 	Appendix A	 
	 Depository
	  	 	Appendix A	 
	 Directing Holder
	  	 	7.05	 
	 euro
	  	 	1.03	(j) 
	 Event of Default
	  	 	6.01	 
	 Excess Proceeds
	  	 	4.06	(b) 
	 Global Notes
	  	 	Appendix A	 
	 Global Notes Legend
	  	 	Appendix A	 
	 Guaranteed Obligations
	  	 	12.01	(a) 
	 IAI
	  	 	Appendix A	 
	 Increased Amount
	  	 	4.12	(c) 
	 Initial Notes
	  	 	Preamble	 
	 legal defeasance option
	  	 	8.01	(b) 
	 Noteholder Direction
	  	 	7.05	 
	 Notes
	  	 	Preamble	 
	 Notes Custodian
	  	 	Appendix A	 
	 Notice of Default
	  	 	6.01	 
	 Offer Period
	  	 	4.06	(d) 
	 Paying Agent
	  	 	2.04	(a) 
	 Permitted Jurisdictions
	  	 	5.01	(a) 
	 Position Representation
	  	 	7.05	 
	 protected purchaser
	  	 	2.08	 
	 QIB
	  	 	Appendix A	 
	 Refinancing Indebtedness
	  	 	4.03	(b)(xv) 
	 Refunding Capital Stock
	  	 	4.04	(b)(ii) 
	 Registrar
	  	 	2.04	(a) 
	 Regulation S
	  	 	Appendix A	 
	 Regulation S Global Notes
	  	 	Appendix A	 
	 Regulation S Notes
	  	 	Appendix A	 
	 Regulation S Permanent Global Note
	  	 	Appendix A	 
	 Regulation S Temporary Global Note
	  	 	Appendix A	 
	 Restricted Notes Legend
	  	 	Appendix A	 
	 Restricted Payments
	  	 	4.04	(a) 
	 Restricted Period
	  	 	Appendix A	 
	 Retired Capital Stock
	  	 	4.04	(b)(ii) 
	 Reversion Date
	  	 	4.16	 
	 Rule 144A
	  	 	Appendix A	 

  
 44 

					
	 Term
	  	Section	 
	 Rule 144A Global Notes
	  	 	Appendix A	 
	 Rule 144A Notes
	  	 	Appendix A	 
	 Rule 501
	  	 	Appendix A	 
	 Second Commitment
	  	 	4.06	(b) 
	 Successor Company
	  	 	5.01	(a)(i) 
	 Successor Guarantor
	  	 	5.01	(b)(i) 
	 Suspended Covenants
	  	 	4.16	 
	 Transaction Election
	  	 	4.17	 
	 Transaction Test Date
	  	 	4.17	 
	 Transfer Restricted Definitive Notes
	  	 	Appendix A	 
	 Transfer Restricted Global Notes
	  	 	Appendix A	 
	 Transfer Restricted Notes
	  	 	Appendix A	 
	 U.S. dollars
	  	 	1.03	(3) 
	 U.S.A Patriot Act
	  	 	13.19	 
	 Unrestricted Definitive Notes
	  	 	Appendix A	 
	 Unrestricted Global Notes
	  	 	Appendix A	 
	 Verification Covenant
	  	 	7.05	 

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

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

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

(c)    “or” is not exclusive; 

(d)    “including” means including without limitation; 

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

(f)    unsecured Indebtedness shall not be deemed to be subordinate or junior to Secured Indebtedness merely by virtue of
its nature as unsecured Indebtedness; 
 (g)    the principal amount of any
non-interest bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP; 

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

  
 45 

 (i)    unless otherwise specified herein, all accounting terms used
herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP; 

(j)    “$” and “U.S. dollars” each refer to United States dollars, or such other money
of the United States of America that at the time of payment is legal tender for payment of public and private debts. “€” and “euro” each refer to the single currency of participating member states of the
European Union that at the time of payment is legal tender for payment of public and private debts; and 
 (k)    All
notices, approvals, consents, requests and any communications hereunder must be in writing (provided that any communication sent to Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided
by DocuSign (or such other digital signature provider as specified in writing to Trustee by the authorized representative)), in English. The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods
to submit communications to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

ARTICLE II. 
 THE NOTES

 Section 2.01    Amount of Notes. The aggregate principal amount of Initial Notes which may be
authenticated and delivered under this Indenture on the Issue Date is $350,000,000. 
 The Company may from time to time after the Issue
Date issue additional Notes under this Indenture in an unlimited principal amount (collectively, “Additional Notes”), so long as (i) the Incurrence of the Indebtedness represented by such Additional Notes is at such time
permitted by Section 4.03 and (ii) such Additional Notes are issued in compliance with the provisions set forth below. With respect to any Additional Notes issued after the Issue Date, there shall be (a) established in or pursuant to
a resolution of the Board of Directors of the Company and (b) (i) set forth or determined in the manner provided in an Officer’s Certificate or (ii) established in one or more indentures supplemental hereto, prior to the issuance of
such Additional Notes: 
 (1)    the aggregate principal amount of such Additional Notes which may be
authenticated and delivered under this Indenture; 
 (2)    the issue price and issuance date of such
Additional Notes, including the date from which interest on such Additional Notes shall accrue; and 

(3)    if applicable, that such Additional Notes shall be issuable in whole or in part in the form of one
or more Global Notes and, in such case, the respective depositaries for such Global Notes, the form of any legend or legends which shall be borne by such Global Notes in addition to or in lieu of those set forth in
Exhibit A hereto, as applicable, and any 

  
 46 

 
circumstances in addition to or in lieu of those set forth in Section 2.2 of Appendix A in which any such Global Note may be exchanged in whole or in part for Additional Notes
registered, or any transfer of such Global Note in whole or in part may be registered, in the name or names of Persons other than the depositary for such Global Note or a nominee thereof. 

If any of the terms of any Additional Notes are established by action taken pursuant to a resolution of the Board of Directors, a copy of an
appropriate record of such action shall be certified by the Secretary or any Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate or an indenture supplemental hereto setting
forth the terms of the Additional Notes. 
 The Initial Notes and any Additional Notes may, at the Company’s option, be treated as a
single class of securities for all purposes under this Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase; provided that if the Additional Notes are not fungible with the Initial Notes for U.S.
federal income tax purposes, such Additional Notes will have a separate CUSIP number and/or ISIN, if applicable. 

Section 2.02    Form and Dating. Provisions relating to the Notes are set forth in Appendix A, which is
hereby incorporated in and expressly made a part of this Indenture. The (i) Initial Notes and the related Trustee’s certificate of authentication and (ii) any Additional Notes (if issued as Transfer Restricted Notes) and the related
Trustee’s certificate of authentication shall each be substantially in the form of Exhibit A, which is hereby incorporated in and expressly made a part of this Indenture. The Notes may have notations, legends or
endorsements required by law, stock exchange rule, agreements to which the Company or any Guarantor is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). Each Note shall
be dated the date of its authentication. The Notes shall be issuable only in registered form without interest coupons and in minimum denominations of $2,000 and any integral multiples of $1,000 in excess thereof, provided that the Notes may be
issued in denominations of less than $2,000 solely to accommodate book-entry positions that have been created by the Depository in denominations of less than $2,000. 

Section 2.03    Execution and Authentication. The Trustee shall authenticate and make available for delivery
upon a written order of the Company signed by one Officer of the Company (an “Authentication Order”) (a) Initial Notes for original issue on the date hereof in an aggregate principal amount of $350,000,000 and (b) subject to
the terms of this Indenture, Additional Notes in an aggregate principal amount to be determined at the time of issuance and specified therein. 

Such Authentication Order shall specify the amount of separate Note certificates to be authenticated, the principal amount of each of the
Notes to be authenticated, the date on which the original issue of Notes is to be authenticated, whether the Notes are to be Initial Notes or Additional Notes, the registered holder of each of the Notes and delivery instructions. Notwithstanding
anything to the contrary in this Indenture or Appendix A, any issuance of Additional Notes after the Issue Date shall be in a principal amount of at least $2,000 and integral multiples of $1,000 in excess thereof,. 

  
 47 

 One Officer shall sign the Notes for the Company by manual or PDF signature. 

If an Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid
nevertheless. 
 A Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent as described immediately
below) manually signs the certificate of authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 

The Trustee may appoint one or more authenticating agents reasonably acceptable to the Company to authenticate the Notes. Any such appointment
shall be evidenced by an instrument signed by the Trustee, a copy of which shall be furnished to the Company. Unless limited by the terms of such appointment, 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 any Registrar, Paying Agent or agent for service of notices and demands. 

Section 2.04    Registrar and Paying Agent. 

(a)    The Company shall maintain (i) an office or agency where Notes may be presented for registration of transfer
or for exchange (the “Registrar”) and (ii) an office or agency where Notes may be presented for payment (the “Paying Agent”). The Company may have one or more
co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrars. The term “Paying Agent”
includes the Paying Agent and any additional paying agents. The Company initially appoints the Trustee as Registrar, Paying Agent and the Notes Custodian with respect to the Global Notes representing the Notes. 

(b)    The Company may enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this
Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the Trustee in writing of the name and address of any such agent. If the Company fails to maintain a Registrar or Paying
Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Company or any of its wholly owned domestically organized Subsidiaries may act as Paying Agent or Registrar. 

(c)    The Company may remove any Registrar or Paying Agent upon written notice to such Registrar or Paying Agent and to
the Trustee; provided, however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor Registrar or Paying Agent, as the case may be, as evidenced by an appropriate
agreement entered into by the Company and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the
appointment of a successor in accordance with clause (i) above. The Registrar or Paying Agent may resign at any time upon written notice to the Company and the Trustee; provided, however, that the Trustee may resign as Paying
Agent or Registrar only if the Trustee also resigns as Trustee in accordance with Section 7.08. 

  
 48 

 Section 2.05    Paying Agent to Hold Money in Trust. Prior
to 10:00 a.m., New York City time, on each due date of the principal of and interest on the Notes, the Company shall deposit with each Paying Agent (or if the Company or any of its wholly owned domestically organized Subsidiaries is acting as Paying
Agent, segregate and hold in trust for the benefit of the Persons entitled thereto) a sum sufficient to pay such principal and interest when so becoming due. The Company shall require each Paying Agent (other than the Trustee) to agree in writing
that a Paying Agent shall hold in trust for the benefit of holders or the Trustee all money held by a Paying Agent for the payment of principal of and interest on the Notes, and shall notify the Trustee in writing of any default by the Company in
making any such payment. If the Company or any of its wholly owned domestically organized Subsidiaries acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it in trust for the benefit of the Persons entitled
thereto. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by such Paying Agent. Upon complying with this Section 2.05, a Paying Agent shall have no further
liability for the money delivered to the Trustee. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Notes. 

Section 2.06    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 holders. If the Trustee is not the Registrar, the Company shall furnish, or cause the Registrar to furnish, to the Trustee, in writing 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 holders. 

Section 2.07    Transfer and Exchange. The Notes shall be issued in registered form and shall be transferable
only upon the surrender of a Note for registration of transfer and in compliance with Appendix A. When a Note is presented to the Registrar with a request to register a transfer, the Registrar shall register the transfer as requested if its
requirements (including, among other things, the furnishing of appropriate endorsements and transfer documents) therefor are met. When Notes are presented to the Registrar with a request to exchange them for an equal principal amount of Notes of
other denominations, the Registrar shall make the exchange as requested if the same requirements are met. To permit registration of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Notes at the Registrar’s
request. The Company may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges in connection with any transfer or exchange pursuant to this Section 2.07. The Company shall not be required to make, and
the Registrar need not register, transfers or exchanges of any Notes selected for redemption (except, in the case of Notes to be redeemed in part, the portion thereof not to be redeemed) for a period of 15 days before the sending of a notice of
redemption of Notes to be redeemed. 
 Prior to the due presentation for registration of transfer of any Note, the Company, the Guarantors,
the Trustee, the Paying Agent and the Registrar may deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest, if any, on such Note and for all
other purposes whatsoever, whether or not such Note is overdue, and none of the Company, the Guarantors, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

  
 49 

 Any holder of a beneficial interest in a Global Note shall, by acceptance of such beneficial
interest, agree that transfers of beneficial interests in such Global Note may be effected only through a book-entry system maintained by (a) the holder of such Global Note (or its agent) or (b) any holder of a beneficial interest in such
Global Note, and that ownership of a beneficial interest in such Global Note shall be required to be reflected in a book entry. 
 All Notes
issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depository participants or beneficial owners of interests in any Global Note) other than to require delivery of
such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof. 
 None of the Trustee, Registrar or Paying Agent shall have any responsibility for any actions taken or not taken by
the Depository. 
 Section 2.08    Replacement Notes. If a mutilated Note is surrendered to the Registrar or
if the holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee, upon receipt of an Authentication Order, Officer’s Certificate and Opinion of Counsel, shall authenticate a
replacement Note if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the holder (a) satisfies the Company and the Trustee within a reasonable time after such holder
has notice of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior to receiving such notification, (b) makes such request to the Company and the Trustee prior to the Note being acquired by a protected
purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected purchaser”) and (c) satisfies any other reasonable requirements of the Company and the Trustee.
Such holder shall furnish an indemnity bond sufficient in the judgment of the Trustee, with respect to the Trustee, and the Company, with respect to the Company, to protect the Company, the Trustee, the Paying Agent and the Registrar, as applicable,
from any loss or liability that any of them may suffer if a Note is replaced and subsequently presented or claimed for payment. The Company and the Trustee may charge the holder for their expenses in replacing a Note (including without limitation,
attorneys’ fees and disbursements in replacing such Note). In the event any such mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Company in its discretion may pay such Note instead of
issuing a new Note in replacement thereof. 
 Every replacement Note is an additional obligation of the Company. 

The provisions of this Section 2.08 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes. 

  
 50 

 Section 2.09    Outstanding Notes. Notes outstanding at any
time are all Notes authenticated by the Trustee except for those canceled by it, those paid pursuant to Section 2.08, those delivered to it for cancellation and those described in this Section 2.09 as not outstanding. Subject to
Section 13.06, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note. 
 If a Note
is replaced pursuant to Section 2.08 (other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustee and the Company receive proof satisfactory to them that the replaced Note is held by a protected
purchaser. A mutilated Note ceases to be outstanding upon surrender of such Note and replacement thereof pursuant to Section 2.08. 

If a Paying Agent segregates and holds in trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient to
pay all principal, interest, if any, payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, and no Paying Agent is prohibited from paying such money to the holders on that date pursuant
to the terms of this Indenture, then on and after that date such Notes (or portions thereof) cease to be outstanding and interest on them ceases to accrue. 

Section 2.10    Cancellation. The Company at any time may deliver Notes to the Trustee for cancellation. The
Registrar and each Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange,
payment or cancellation and shall dispose of canceled Notes in accordance with its customary procedures. The Company may not issue new Notes to replace Notes that have been redeemed, paid or delivered to the Trustee for cancellation. The Trustee
shall not authenticate Notes in place of canceled Notes other than pursuant to the terms of this Indenture. 

Section 2.11    Defaulted Interest. If the Company defaults in a payment of interest on the Notes, the Company
shall pay the defaulted interest then borne by the Notes (plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Company may pay the defaulted interest to the Persons who are holders on a subsequent special record
date. The Company shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly deliver or cause to be delivered to each affected holder (with a copy to the Trustee) a
notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 

Section 2.12    CUSIP Numbers, ISINs, Etc. The Company in issuing the Notes may use CUSIP numbers, ISINs and
“Common Code” numbers (if then generally in use), and if so, the Trustee shall use any such CUSIP numbers, ISINs and “Common Code” numbers in notices of redemption as a convenience to holders; provided, however,
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 a redemption, that reliance may be placed only on the other identification numbers
printed on the Notes and that any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly advise the Trustee in writing of any change in any such CUSIP numbers, ISINs and “Common Code”
numbers. 

  
 51 

 Section 2.13    Calculation of Principal Amount of Notes.
The aggregate principal amount of the Notes, at any date of determination, shall be the principal amount of the Notes at such date of determination. With respect to any matter requiring consent, waiver, approval or other action of the holders of a
specified percentage of the principal amount of all the Notes, such percentage shall be calculated, on the relevant date of determination, by dividing (a) the principal amount, as of such date of determination, of Notes, the holders of which
have so consented, by (b) the aggregate principal amount, as of such date of determination, of the Notes then outstanding, in each case, as determined in accordance with the preceding sentence, and Section 13.06 of this Indenture. Any
calculation of the Applicable Premium made pursuant to this Section 2.13 shall be made by the Company and delivered to the Trustee pursuant to an Officer’s Certificate. 

ARTICLE III. 

REDEMPTION 

Section 3.01    Redemption. The Notes may be redeemed, in whole or from time to time in part, subject to the
conditions and at the redemption prices set forth in Paragraph 5 of the form of Note set forth in Exhibit A, hereto, as applicable, which is hereby incorporated by reference and made a part of this Indenture, together
with accrued and unpaid interest to, but excluding, the redemption date (subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date). 

Section 3.02    Applicability of Article. Redemption of Notes at the election of the Company or otherwise, as
permitted or required by any provision of this Indenture, shall be made in accordance with such provision and this Article III. 

Section 3.03    Notices to Trustee. If the Company elects to redeem the Notes pursuant to the optional
redemption provisions of Paragraph 5 of the applicable Note, the Company shall notify the Trustee in an Officer’s Certificate of (i) the Section of this Indenture pursuant to which the redemption shall occur, (ii) the
redemption date, (iii) the principal amount of Notes to be redeemed, and (iv) the redemption price. The Company shall give notice provided for in this paragraph to the Trustee at least 15 days (or such shorter period as is acceptable to
the Trustee) but not more than 60 days before a redemption date if the redemption is a redemption pursuant to Paragraph 5 of the Note. The Company may also include a request in such Officer’s Certificate that the Trustee give the notice of
redemption in the Company’s name and at its expense and setting forth the information to be stated in such notice as provided in Section 3.05. Any such notice may be canceled if written notice from the Company of such cancellation is
actually received by the Trustee on the Business Day immediately prior to notice of such redemption being mailed to any holder or otherwise delivered in accordance with the applicable procedures of the Depository and shall thereby be void and of no
effect. The Company shall deliver to the Trustee such documentation and records as shall enable the Trustee to select the Notes to be redeemed pursuant to Section 3.04. 

Section 3.04    Selection of Notes to Be Redeemed. In the case of any partial redemption of the Notes,
selection of the Notes for redemption will be made by the Trustee on a pro rata basis to the extent practicable or by lot or by such other method as the Trustee shall deem fair 

  
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and appropriate (and, in such manner that complies with the requirements of the Depository); provided that no Notes of $2,000 or less shall be redeemed in part. The Notes to be selected shall be
selected from outstanding Notes not previously called for redemption. Notes and portions of them that are selected for redemption shall be in amounts of $2,000 or integral multiples of $1,000 in excess thereof. Provisions of this Indenture that
apply to Notes called for redemption also apply to portions of Notes called for redemption. The Trustee shall notify the Company promptly of the Notes or portions of Notes to be redeemed. 

Section 3.05    Notice of Optional Redemption. 

(a)    At least 15 but not more than 60 days before a redemption date pursuant to Paragraph 5 of the Note, the
Company shall mail or cause to be mailed by first-class mail, or delivered electronically if held by DTC, a notice of redemption to each holder whose Notes are to be redeemed at its registered address (with a
copy to the Trustee), except that redemption notices may be mailed or otherwise delivered more than 60 days prior to the redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this
Indenture pursuant to Article VIII. 
 Any such notice shall identify the Notes to be redeemed and shall state: 

(i)    the redemption date; 

(ii)    the redemption price and the amount of accrued interest, if any, to, but excluding, the redemption
date; 
 (iii)    the name and address of the applicable Paying Agent; 

(iv)    that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption
price, plus accrued and unpaid interest, if any; 
 (v)    if fewer than all the outstanding Notes are to
be redeemed, the certificate numbers and principal amounts of the particular Notes to be redeemed, the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption;

 (vi)    that, unless the Company defaults in making such redemption payment or the Paying Agent is
prohibited from making such payment pursuant to the terms of this Indenture, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 

(vii)    the CUSIP number, ISIN and/or “Common Code”, if any, printed on the Notes being
redeemed; and 
 (viii)    that no representation is made as to the correctness or accuracy of the CUSIP
number, ISIN and/or “Common Code”, if any, listed in such notice or printed on the Notes. 
 (b)    [reserved]

  
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 (c)    At the Company’s request in an Officer’s Certificate,
the Trustee shall deliver the notice of redemption in the Company’s name and at the Company’s expense. In such event, the Company shall notify the Trustee of such request at least five (5) days (or such shorter period as is acceptable
to the Trustee) prior to the date such notice is to be provided to holders. Such notice may not be canceled once delivered to holders of Notes. 

Section 3.06    Effect of Notice of Redemption. Once notice of redemption is mailed or otherwise delivered in
accordance with Section 3.05(a), Notes called for redemption become due and payable on the redemption date and at the redemption price stated in the notice. Upon surrender to the Paying Agent, such Notes shall be paid at the redemption price
stated in the notice, plus accrued and unpaid interest, if any, to, but excluding, the redemption date; provided, however, that if the redemption date is after a regular Record Date and on or prior to the next Interest Payment
Date, the accrued interest to, but not including, the Interest Payment Date, shall be payable to the holder of the redeemed Notes registered on the relevant Record Date. Failure to give notice or any defect in the notice to any holder shall not
affect the validity of the notice to any other holder. 
 Section 3.07    Deposit of Redemption Price. With
respect to any Notes, prior to 11:00 a.m., New York City time, on the redemption date with respect to the Notes, the Company shall deposit with the Paying Agent (or, if the Company or any of their wholly owned domestically organized
Subsidiaries is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of and accrued and unpaid interest, if any, on all Notes or portions thereof to be redeemed on that date other than Notes or portions
of Notes called for redemption that have been delivered by the Company to the Trustee for cancellation. On and after the redemption date, interest shall cease to accrue on Notes or portions thereof called for redemption so long as the Company has
deposited with the Paying Agent funds sufficient to pay the redemption price of, plus accrued and unpaid interest, if any, on, the Notes or portions thereof to be redeemed, unless the Paying Agent is prohibited from making such payment
pursuant to the terms of this Indenture. 
 Section 3.08    Notes Redeemed in Part. If any Note is to be
redeemed in part only, the notice of redemption relating to such Note shall state the portion of the principal amount thereof to be redeemed. Upon surrender and cancellation of a Note that is redeemed in part, the Company shall execute and the
Trustee shall authenticate for the holder (at the Company’s expense) a new Note equal in principal amount to the unredeemed portion of the Note surrendered and cancelled. 

ARTICLE IV. 
 COVENANTS

 Section 4.01    Payment of Notes. The Company shall promptly pay the principal of and interest, if
any, on the Notes on the dates and in the manner provided in the Notes and in this Indenture. An installment of principal or interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds as of 11:00 a.m.,
New York City time with respect to the Notes, money sufficient to pay all principal and interest, if any, then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the holders on that date pursuant
to the terms of this Indenture. 

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

Section 4.02    Reports and Other Information. 

(a)    Notwithstanding that the Parent 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, the Parent will file with the SEC (and upon written request provide
the Trustee and holders with copies thereof, without cost to each holder, within 5 days after receipt of such request): 

(i)    within the time period specified in the SEC’s rules and regulations for non-accelerated filers, 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), except to the extent permitted to be excluded by the SEC; 

(ii)    within the time period specified in the SEC’s rules and regulations for non-accelerated filers (except for any delay permitted by Rule 13 a-13(a) promulgated under the Exchange Act), reports on Form 10-Q (or
any successor or comparable form) containing the information required to be contained therein (or required in such successor or comparable form), except to the extent permitted to be excluded by the SEC; 

(iii)    promptly from time to time after the occurrence of an event required to be therein reported (and
in any event within the time period specified in the SEC’s rules and regulations), such other reports on Form 8-K (or any successor or comparable form), except to the extent permitted to be excluded by
the SEC; and 
 (iv)    subject to the foregoing, any other information, documents and other reports
which the Parent would be required to file with the SEC if it were subject to Section 13 or 15(d) of the Exchange Act; 
 provided,
however, that the Parent shall not be so obligated to file such reports with the SEC if the SEC does not permit such filing, in which event the Parent will make available such information to prospective purchasers of Notes in addition to
providing such information to the Trustee and the holders, in each case, within the time the Parent would be required to file such information with the SEC if it were subject to Section 13 or 15(d) of the Exchange Act as provided above;
provided, further, that such reports will not be required to contain the separate financial information for the Parent, the Company or Subsidiary Guarantors contemplated by Rule 3-10, Rule 13-01, Rule 13-02 or Rule 3-16 under Regulation S-X promulgated by the SEC (or any
successor provision). In addition to providing such information to the Trustee, the Parent shall make available to the holders, prospective investors, market makers affiliated with any initial purchaser of the Notes and securities analysts the
information required to be provided pursuant to the foregoing clauses (i), (ii) and (iii), by posting such information to its website or 

  
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on IntraLinks or any comparable online data system or website, it being understood that the Trustee shall have no responsibility to determine if such information has been posted on any website.

 If the Parent has designated any Subsidiary as an Unrestricted Subsidiary and if any such Unrestricted Subsidiary or group of
Unrestricted Subsidiaries, if taken together as one Subsidiary, would constitute a Significant Subsidiary of the Parent, then the annual and quarterly information required by clauses (i) and (ii) of this Section 4.02(a) shall include a
reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, of the financial condition and results of operations of the Parent and the Restricted Subsidiaries separate from the financial condition
and results of operations of such Unrestricted Subsidiaries. 
 (b)    In the event that: 

(i)    the rules and regulations of the SEC permit the Parent and any direct or indirect parent of the
Parent to report at such parent entity’s level on a consolidated basis and such parent entity is not engaged in any business in any material respect other than incidental to its ownership, directly or indirectly, of the capital stock of the
Parent, or 
 (ii)    any direct or indirect parent of the Parent is or becomes a Guarantor of the Notes,
consolidating reporting at such parent entity’s level in a manner consistent with that described in this Section 4.02 for the Parent will satisfy this Section 4.02, and the Parent is permitted to satisfy its obligations in this
Section 4.02 with respect to financial information relating to the Parent by furnishing financial information relating to such direct or indirect parent; provided that such financial information is accompanied by consolidating
information that explains in reasonable detail the differences between the information relating to such direct or indirect parent and any of its Subsidiaries other than the Parent and its Subsidiaries, on the one hand, and the information relating
to the Parent and its Subsidiaries on a standalone basis, on the other hand. 
 (c)    In addition, the Parent will make
such information available to prospective investors upon request. In addition, the Parent shall, for so long as any Notes remain outstanding during any period when it is not subject to Section 13 or 15(d) of the Exchange Act, or otherwise
permitted to furnish the SEC with certain information pursuant to Rule 12g3-2(b) of the Exchange Act, furnish to the holders of the Notes and to prospective investors, upon their request, the information
required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 (d)    [Reserved]. 

(e)    Notwithstanding the foregoing, the Parent will be deemed to have furnished the reports referred to in this
Section 4.02 to the Trustee and the holders if the Parent has filed such reports with the SEC via the EDGAR filing system (or any successor thereto) and such reports are publicly available, it being understood that the Trustee shall have no
responsibility to determine if such information has been posted on any website. 
 (f)    Delivery of such reports,
information and documents to the Trustee pursuant to this Section 4.02 is for informational purposes only, and the Trustee’s receipt thereof shall not 

  
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constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the Parent’s compliance with any of its covenants
under this Indenture (as to which the Trustee is entitled to rely exclusively on the Officer’s Certificates). 

Section 4.03    Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred
Stock. 
 (a)    (i) the Parent shall not, and shall not permit any of the Restricted Subsidiaries to, directly or
indirectly, Incur any Indebtedness (including Acquired Indebtedness) or issue any shares of Disqualified Stock; and (ii) the Parent will not permit any of the Restricted Subsidiaries (other than the Company or any Guarantor) to issue any shares
of Preferred Stock; provided, however, that, the Company and any Guarantor may Incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary that is not a Guarantor may Incur
Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock or issue shares of Preferred Stock, in each case if the Consolidated Fixed Charge Coverage Ratio of the Parent for the most recently ended four full fiscal quarters
for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued would have been at least 2.00 to 1.00 determined on a
pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been Incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the
application of proceeds therefrom had occurred at the beginning of such four-quarter period. 
 (b)    The limitations
set forth in Section 4.03(a) shall not apply to: 
 (i)    the Incurrence by the Parent or any
Restricted Subsidiary of Indebtedness under the ABL Credit Agreement and the issuance and creation of letters of credit and bankers’ acceptances thereunder up to an aggregate principal amount outstanding at the time of Incurrence that does not
exceed an amount equal to the greater of $500.0 million and the Borrowing Base; 
 (ii)    the
Incurrence represented by the Notes issued on the Issue Date and the Guarantees; 

(iii)    Indebtedness, Preferred Stock and Disqualified Stock existing on the Issue Date (other than
Indebtedness described in clauses (i) and (ii) of this Section 4.03(b)); 

(iv)    Indebtedness (including Capitalized Lease Obligations) Incurred by the Parent or any Restricted
Subsidiary, Disqualified Stock issued by the Parent or any Restricted Subsidiary and Preferred Stock issued by any Restricted Subsidiary to finance (whether prior to or within 270 days after) the acquisition, lease, construction, repair, replacement
or improvement of property (real or personal) or equipment (whether through the direct purchase of assets or the Capital Stock of any Person owning such assets) that, when aggregated with the principal amount or liquidation preference of all other
Indebtedness, Disqualified Stock or Preferred Stock then outstanding and Incurred or issued pursuant to this clause (iv), together with any Refinancing Indebtedness in 

  
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respect thereof Incurred or issued pursuant to clause (xv) below, does not exceed at any one time outstanding the greater of $65.0 million and 2.0% of Total Assets as of the date such
Indebtedness is Incurred or issued (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount); 

(v)    Indebtedness Incurred by the Parent or any Restricted Subsidiary constituting reimbursement
obligations with respect to letters of credit and bank guarantees issued in the ordinary course of business, including without limitation letters of credit in respect of workers’ compensation claims, health, disability or other benefits to
employees or former employees or their families or property, casualty or liability insurance or self-insurance, and letters of credit in connection with the maintenance of, or pursuant to the requirements of, environmental law or permits or licenses
from governmental authorities, or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims; 

(vi)    Indebtedness arising from agreements of the Parent or any Restricted Subsidiary providing for
indemnification, adjustment of acquisition or purchase price or similar obligations (including earn-outs), in each case, Incurred or assumed in connection with any Investments or any acquisition or disposition of any business, assets or a Subsidiary
not prohibited by this Indenture, other than guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; 

(vii)    Indebtedness of the Parent to a Restricted Subsidiary; provided that (except in respect of
intercompany current liabilities Incurred in the ordinary course of business in connection with the cash management, tax and accounting operations of the Parent and their Subsidiaries) any such Indebtedness owed to a Restricted Subsidiary that is
not a Guarantor is subordinated in right of payment to the obligations of the Company under the Notes; provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted
Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except any pledge of such Indebtedness constituting a Permitted Lien but not the transfer thereof upon foreclosure) shall be deemed, in each
case, to be an Incurrence of such Indebtedness not permitted by this clause (vii); 
 (viii)    shares of
Preferred Stock of a Restricted Subsidiary issued to the Parent or another Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary that holds such
shares of Preferred Stock of another Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Parent or another Restricted Subsidiary) shall be deemed, in each
case, to be an issuance of shares of Preferred Stock not permitted by this clause (viii); 

(ix)    Indebtedness of a Restricted Subsidiary to the Parent or another Restricted Subsidiary; provided
that if a Guarantor Incurs such Indebtedness to a Restricted Subsidiary that is not a Guarantor or the Company (except in respect of intercompany current liabilities Incurred in the ordinary course of business in connection with the cash

  
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management, tax and accounting operations of the Parent and its Subsidiaries), such Indebtedness is subordinated in right of payment to the Guarantee of such Guarantor; provided, further, that
any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary holding such Indebtedness ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except
to the Parent, the Company or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien but not the transfer thereof upon foreclosure) shall be deemed, in each case, to be an Incurrence of such Indebtedness not
permitted by this clause (ix); 
 (x)    Hedging Obligations that are not Incurred for speculative
purposes but (A) for the purpose of fixing or hedging interest rate risk with respect to any Indebtedness that is permitted by the terms of this Indenture to be outstanding; (B) for the purpose of fixing or hedging currency exchange rate
risk with respect to any currency exchanges; or (C) for the purpose of fixing or hedging commodity price risk with respect to any commodity purchases or sales and, in each case, extensions or replacements thereof; 

(xi)    obligations (including reimbursement obligations with respect to letters of credit, bank
guarantees, warehouse receipts and similar instruments) in respect of performance, bid, appeal and surety bonds, completion guarantees and similar obligations provided by the Parent or any Restricted Subsidiary in the ordinary course of business or
consistent with past practice or industry practice; 
 (xii)    Indebtedness or Disqualified Stock of the
Parent or Indebtedness, Disqualified Stock or Preferred Stock of any Restricted Subsidiary in an aggregate principal amount or liquidation preference, which when aggregated with the principal amount and liquidation preference of all other
Indebtedness, Disqualified Stock and Preferred Stock then outstanding and Incurred or issued pursuant to this clause (xii), together with any Refinancing Indebtedness in respect thereof Incurred or issued pursuant to clause (xv) below, does not
exceed at any one time outstanding the greater of $75.0 million and 2.5% of Total Assets as of the date such Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued (plus, in the case of any Refinancing Indebtedness,
the Additional Refinancing Amount); it being understood that any Indebtedness Incurred or Disqualified Stock or Preferred Stock issued pursuant to this clause (xii) shall cease to be deemed Incurred or issued or outstanding for purposes of this
clause (xii) but shall be deemed Incurred or issued for purposes of the first paragraph of this covenant from and after the first date on which the Parent, or the Restricted Subsidiary, as the case may be, could have Incurred or issued such
Indebtedness under the first paragraph of this covenant without reliance upon this clause (xii); 

(xiii)    Indebtedness or Disqualified Stock of the Parent or any Restricted Subsidiary and Preferred Stock
of any Restricted Subsidiary in an aggregate principal amount or liquidation preference at any time outstanding, together with Refinancing Indebtedness in respect thereof Incurred or issued pursuant to clause (xv) hereof, not greater than
100.0% of the net cash proceeds received by the Parent and the Restricted Subsidiaries since immediately after the Issue Date from the issue or sale of Equity Interests of the Parent or any direct or indirect parent entity of the Parent (which
proceeds 

  
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are contributed to the Parent or a Restricted Subsidiary) or cash contributed to the capital of the Parent (in each case other than proceeds of Disqualified Stock or sales of Equity Interests to,
or contributions received from, the Parent or any of its Subsidiaries) to the extent such net cash proceeds or cash have not been applied to make Restricted Payments or to make other Investments, payments or exchanges pursuant to
Section 4.04(b) or to make Permitted Investments (other than Permitted Investments specified in clauses (1) and (3) of the definition thereof) (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount) (it being
understood that any Indebtedness Incurred or issued pursuant to this clause (xiii) shall cease to be deemed Incurred or issued or outstanding for purposes of this clause (xiii) but shall be deemed Incurred or issued for the purposes of
Section 4.03(a) from and after the first date on which the Parent or the Restricted Subsidiary, as the case may be, could have Incurred or issued such Indebtedness under Section 4.03(a) without reliance upon this clause (xiii)); 

(xiv)    any guarantee by the Parent or any Restricted Subsidiary of Indebtedness or other obligations of
the Parent or any Restricted Subsidiary so long as the Incurrence of such Indebtedness Incurred by the Parent or such Restricted Subsidiary is permitted under the terms of this Indenture; provided that (A) if such Indebtedness is by its express
terms subordinated in right of payment to the Notes or the Guarantee of such Restricted Subsidiary, as applicable, any such guarantee with respect to such Indebtedness shall be subordinated in right of payment to the Notes or such Guarantee, as
applicable, substantially to the same extent as such Indebtedness is subordinated to the Notes or the Guarantee, as applicable, and (B) if such guarantee is of Indebtedness of the Parent, such guarantee is Incurred in accordance with, or not in
contravention of Section 4.11 solely to the extent Section 4.11 is applicable; 
 (xv)    the
Incurrence by the Parent or any of the Restricted Subsidiaries of Indebtedness or Disqualified Stock, or by any Restricted Subsidiary of Preferred Stock of a Restricted Subsidiary, that serves to refund, refinance or defease any Indebtedness
Incurred or Disqualified Stock or Preferred Stock issued as permitted under Section 4.03(a) and clauses (ii), (iii), (iv), (xii), (xiii), (xv), (xvi), (xx) and (xxiv) of this Section 4.03(b) up to the outstanding principal amount (or,
if applicable, the liquidation preference, face amount, or the like) or, if greater, committed amount (only to the extent the committed amount could have been Incurred or issued on the date of initial Incurrence or issuance and was deemed Incurred
or issued at such time for the purposes of this Section 4.03) of such Indebtedness or Disqualified Stock or Preferred Stock, in each case at the time such Indebtedness was Incurred or Disqualified Stock or Preferred Stock was issued pursuant to
Section 4.03(a) or clauses (ii), (iii), (iv), (xii), (xiii), (xv), (xvi), (xx) and (xxiv) of this Section 4.03(b), or any Indebtedness, Disqualified Stock or Preferred Stock Incurred or issued to so refund or refinance such
Indebtedness, Disqualified Stock or Preferred Stock, plus any additional Indebtedness, Disqualified Stock or Preferred Stock Incurred or issued to pay premiums (including tender premiums), accrued and unpaid interest, expenses, defeasance costs and
fees in connection therewith (subject to the following proviso, “Refinancing Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing Indebtedness: 

  
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 (1)    has a Weighted Average Life to Maturity at the
time such Refinancing Indebtedness is Incurred or issued which is not less than the shorter of (x) the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refunded, refinanced or defeased
and (y) the Weighted Average Life to Maturity that would result if all payments of principal on the Indebtedness, Disqualified Stock and Preferred Stock being refunded or refinanced that were due on or after the date that is one year following
the last maturity date of any Notes then outstanding were instead due on such date (provided that this subclause (1) will not apply to any refunding or refinancing of any Secured Indebtedness or Indebtedness of
non-Guarantors); 
 (2)    to the extent such Refinancing
Indebtedness refinances (a) Indebtedness junior to the Notes or a Guarantee, as applicable, such Refinancing Indebtedness is junior to the Notes or the Guarantee, as applicable, or (b) Disqualified Stock or Preferred Stock, such
Refinancing Indebtedness is Disqualified Stock or Preferred Stock; 
 (3)    shall not include
(x) Indebtedness of a Restricted Subsidiary that is not a Guarantor that refinances Indebtedness of the Parent, the Company or a Subsidiary Guarantor, or (y) Indebtedness of the Parent, the Company or a Restricted Subsidiary that
refinances Indebtedness of an Unrestricted Subsidiary; 
 (xvi)    Indebtedness, Disqualified Stock or
Preferred Stock of (A) the Parent or any Guarantor Incurred or issued to finance an acquisition or (B) Persons that are acquired by the Parent or any Restricted Subsidiary or are merged, consolidated or amalgamated with or into the Parent
or any Restricted Subsidiary in accordance with the terms of this Indenture (so long as such Indebtedness or issuance of Disqualified Stock or Preferred Stock is not Incurred or issued in contemplation of such acquisition, merger, consolidation or
amalgamation); provided that after giving effect to such acquisition or merger, consolidation or amalgamation, either: 

(1)    the Parent would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the
Consolidated Fixed Charge Coverage Ratio test set forth in Section 4.03(a); or 
 (2)    the
Consolidated Fixed Charge Coverage Ratio of the Parent would be no less than immediately prior to such acquisition or merger, consolidation or amalgamation; 

(xvii)    Indebtedness arising from the honoring by a bank or other financial institution of a check, draft
or similar instrument drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of its Incurrence; 

  
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 (xviii)    Indebtedness of the Parent or any Restricted
Subsidiary supported by a letter of credit or bank guarantee issued pursuant to clause (i) of this Section 4.03(b), in a principal amount not in excess of the stated amount of such letter of credit or, in the case of Restricted
Subsidiaries that are not Guarantors, in connection with foreign bank guarantees in a principal amount not exceeding $50.0 million at any time outstanding; 

(xix)    Indebtedness and issuance of Disqualified Stock and Preferred Stock of Restricted Subsidiaries of
the Parent that are not Guarantors not to exceed at any one time outstanding (together with any Refinancing Indebtedness of Restricted Subsidiaries that are not Guarantors Incurred or issued in respect thereof pursuant to clause (xv) above) the
greater of $100.0 million and 3.0% of Total Assets of the date on which such Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing
Amount); 
 (xx)    Indebtedness of the Parent or any Restricted Subsidiary consisting of (A) the
financing of insurance premiums or (B) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(xxi)    Indebtedness consisting of Indebtedness of the Parent or a Restricted Subsidiary to current or
former officers, directors and employees thereof or any direct or indirect parent thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Parent or any direct or
indirect parent of the Parent to the extent described in Section 4.04(b)(iv); 

(xxii)    Indebtedness in respect of Obligations of the Parent 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; and 

(xxiii)    Indebtedness of the Parent that is equity-linked and not guaranteed by any Subsidiary of the
Parent in an amount not to exceed $150.0 million at any time outstanding. 
 (c)    For purposes of determining
compliance with this Section 4.03: 
 (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 described in clauses (i) through (xxiii) of Section 4.03(b) above or is entitled to be Incurred
or issued pursuant to Section 4.03(a), then the Parent may, in its sole discretion, classify or reclassify, or later divide, classify or reclassify (as if Incurred or issued at such later time), such item of Indebtedness, Disqualified Stock or
Preferred Stock (or any portion thereof) in any manner that complies with this Section 4.03, provided that Indebtedness outstanding under the ABL Credit Agreement shall be Incurred under clause (i) of Section 4.03(b) and may not be
reclassified; and 

  
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 (2)    at the time of Incurrence, division,
classification or reclassification, the Parent will be entitled to divide and classify an item of Indebtedness, Disqualified Stock or Preferred Stock in more than one of the categories of Indebtedness described in Section 4.03(a) or clauses
(i) through (xxiii) of Section 4.03(b) (or any portion thereof) without giving pro forma effect to the Indebtedness, Disqualified Stock or Preferred Stock Incurred or issued, divided, classified or reclassified pursuant to any other clause
or paragraph of Section 4.03 (or any portion thereof) when calculating the amount of Indebtedness, Disqualified Stock or Preferred Stock that may be Incurred or issued, divided, classified or reclassified pursuant to any such clause or
paragraph (or any portion thereof) at such time, other than with respect to any Incurrence, division, classification or reclassification in reliance on the Consolidated Fixed Charge Coverage Ratio, Total Leverage Ratio or Consolidated Secured
Leverage Ratio (or any similar ratio or calculation) (the “Ratio Amount”) under one or more clauses of this Section 4.03, in which case any Ratio Amount shall be determined after giving pro forma effect to the Incurrence or issuance,
division, classification or reclassification of such Indebtedness, Disqualified Stock or Preferred Stock under all applicable clauses of this Section 4.03 in reliance on the same Ratio Amount. 

Accrual of interest or dividends, the accretion of accreted value, the payment of interest, premium, fees, expenses or dividends in the form
of additional Indebtedness, Disqualified Stock or Preferred Stock, as applicable, amortization of original issue discount, the accretion of liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of
fluctuations in the exchange rate of currencies will not be deemed to be an Incurrence or issuance of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this Section 4.03. Guarantees of, or obligations in respect of letters of
credit relating to, Indebtedness which is otherwise included in the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided that the Incurrence of the Indebtedness
represented by such guarantee or letter of credit, as the case may be, was in compliance with this Section 4.03. 
 For purposes of
determining compliance with any U.S. dollar-denominated restriction on the Incurrence or issuance 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 or issued, in the case of term debt, or first committed or first Incurred or issued (whichever yields the lower U.S. dollar equivalent), in the case of revolving
credit debt. However, if the Indebtedness is Incurred or issued to refinance other Indebtedness denominated in a foreign currency, and the 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 the refinancing, the U.S. dollar-denominated restriction will be deemed not to have been exceeded so long as the principal amount of the refinancing Indebtedness does not exceed the principal
amount of the Indebtedness being refinanced plus any Additional Refinancing Amount. 

  
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 Notwithstanding any other provision of this Section 4.03, the maximum amount of
Indebtedness that the Parent and the Restricted Subsidiaries may Incur pursuant to this Section 4.03 shall not be deemed to be exceeded, with respect to any outstanding Indebtedness, solely as a result of fluctuations in the exchange rate of
currencies. The principal amount of any Indebtedness Incurred or issued to refinance other Indebtedness, if Incurred or issued in a different currency from the Indebtedness being refinanced, will be calculated based on the currency exchange rate
applicable to the currencies in which the respective Indebtedness is denominated that is in effect on the date of the refinancing. 

Section 4.04    Limitation on Restricted Payments. 

(a)    The Parent shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly: 

(i)    declare or pay any dividend or make any distribution on account of any of the Parent’s or any
of the Restricted Subsidiaries’ Equity Interests, including any payment made in connection with any merger, amalgamation or consolidation involving the Parent (other than (A) dividends or distributions payable solely in Equity Interests
(other than Disqualified Stock) of the Parent; or (B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any class or series of securities issued by a
Restricted Subsidiary that is not a Wholly Owned Restricted Subsidiary, the Parent or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or series of
securities); 
 (ii)    purchase or otherwise acquire or retire for value any Equity Interests of the
Parent or any direct or indirect parent of the Parent; 
 (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 or scheduled maturity, any Subordinated Indebtedness of the Parent, the Company or any Subsidiary Guarantor (other than the payment,
redemption, repurchase, defeasance, acquisition or retirement of (A) Subordinated Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of
such payment, redemption, repurchase, defeasance, acquisition or retirement and (B) Indebtedness permitted under clauses (vii) and (ix) of Section 4.03(b)); 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, such Restricted Payment is made on or after the Issue Date and 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 Parent could Incur $1.00 of additional Indebtedness under Section 4.03(a); and 

(3)    such Restricted Payment, together with the aggregate amount of all other Restricted Payments made
by the Parent and the Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted by clauses (vi)(C), (viii), (xiii) and, solely to the extent provided therein, (xviii) of Section 4.04(b), but excluding all other
Restricted Payments permitted by Section 4.04(b)), is less than the amount equal to the Cumulative Credit. 

(b)    The provisions of Section 4.04(a) shall not prohibit: 

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

(ii)    (A) the redemption, repurchase, retirement or other acquisition of any Equity Interests
(“Retired Capital Stock”) or Subordinated Indebtedness of the Parent, the Company, any direct or indirect parent of the Parent or any Guarantor in exchange for, or out of the proceeds of, the substantially concurrent sale of, Equity
Interests of the Parent or any direct or indirect parent of the Parent or contributions to the equity capital of the Parent (other than any Disqualified Stock or any Equity Interests sold to a Subsidiary of the Parent) (collectively, including any
such contributions, “Refunding Capital Stock”); 
 (B)    the declaration and payment of
dividends on Retired Capital Stock out of the proceeds of the substantially concurrent sale (other than to a Subsidiary of the Parent) of Refunding Capital Stock; and 

(C)    if immediately prior to the retirement of Retired Capital Stock, the declaration and payment of
dividends thereon was permitted under clause (vi) of this Section 4.04(b) and not made pursuant to clause (ii)(B), the declaration and payment of dividends on Refunding Capital Stock (other than Refunding Capital Stock the proceeds of
which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect parent of the Parent) in an aggregate amount per year no greater than the aggregate amount of dividends per annum that were declarable
and payable on such Retired Capital Stock immediately prior to such retirement; 
 (iii)    the
redemption, repurchase, defeasance, or other acquisition or retirement of Subordinated Indebtedness of the Parent, the Company or any Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, new

  
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Indebtedness of the Parent, the Company or a Subsidiary Guarantor, which is Incurred or issued in accordance with Section 4.03 so long as: 

(A)    the principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the
principal amount (or accreted value, if applicable), plus any accrued and unpaid interest, of the Subordinated Indebtedness being so redeemed, repurchased, defeased, 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 redeemed, repurchased, acquired or retired, any tender premiums, plus any defeasance costs, fees and expenses Incurred in connection
therewith); 
 (B)    such Indebtedness is subordinated to the Notes or the related Guarantee of such
Guarantor, as the case may be, at least to the same extent as such Subordinated Indebtedness so purchased, exchanged, redeemed, repurchased, defeased, acquired or retired for value; 

(C)    such 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 redeemed, repurchased, acquired or retired and (y) 91 days following the last maturity date of any Notes then outstanding; and 

(D)    such Indebtedness has a Weighted Average Life to Maturity at the time Incurred or issued which is
not less than the shorter of (x) the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired or retired and (y) the Weighted Average Life to Maturity that would result
if all payments of principal on the Subordinated Indebtedness being redeemed, repurchased, defeased, acquired or retired that were due on or after the date that is one year following the last maturity date of any Notes then outstanding were instead
due on such date; 
 (iv)    a Restricted Payment to pay for the repurchase, retirement or other
acquisition for value of Equity Interests of the Parent or any direct or indirect parent of the Parent held by any future, present or former employee, director, officer or consultant of the Parent or any Subsidiary of the Parent or any direct or
indirect parent of the Parent pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or other agreement or arrangement; provided, however, that the aggregate Restricted Payments
made under this clause (iv) do not exceed $15.0 million in any calendar year, with unused amounts in any calendar year being permitted to be carried over to succeeding calendar years; provided, further, however, that
such amount in any calendar year may be increased by an amount not to exceed: 
 (A)    the cash proceeds
received by the Parent or any of the Restricted Subsidiaries from the sale of Equity Interests (other than Disqualified Stock) of the Parent or any direct or indirect parent of the Parent (to the extent contributed to the Parent) to employees,
directors, officers or consultants of the Parent and the Restricted Subsidiaries or any direct or indirect parent of the Parent that occurs 

  
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after the Issue Date (provided that the amount of such cash proceeds utilized for any such repurchase, retirement, other acquisition or dividend will not increase the amount available for
Restricted Payments under Section 4.04 (a)(iii)), plus 
 (B)    the cash proceeds of key man
life insurance policies received by the Parent or any direct or indirect parent of the Parent (to the extent contributed to the Parent) or the Restricted Subsidiaries after the Issue Date; 

provided that the Parent may elect to apply all or any portion of the aggregate increase contemplated by clauses (A) and (B) above in any calendar
year; and provided, further, that cancellation of Indebtedness owing to the Parent or any Restricted Subsidiary from any present or former employees, directors, officers or consultants of the Parent, any Restricted Subsidiary or the
direct or indirect parents of the Parent in connection with a repurchase of Equity Interests of the Parent or any of its direct or indirect parents will not be deemed to constitute a Restricted Payment for purposes of this Section 4.04 or any
other provision of this Indenture; 
 (v)    the declaration and payment of dividends or distributions to
holders of any class or series of Disqualified Stock of the Parent or any Restricted Subsidiary issued or Incurred in accordance with Section 4.03; 

(vi)    (A) the declaration and payment of dividends or distributions to holders of any class or series of
Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date; 
 (B)    a
Restricted Payment to any direct or indirect parent of the Parent, the proceeds of which will be used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of any direct or
indirect parent of the Parent issued after the Issue Date; provided that the aggregate amount of dividends declared and paid pursuant to this clause (B) does not exceed the net cash proceeds actually received by the Parent from any such
sale of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date; and 

(C)    the declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock in
excess of the dividends declarable and payable thereon pursuant to Section 4.04(b)(ii); provided, however, in the case of each of clauses (A) and (C) of this clause (vi), that for the most recently ended four full fiscal
quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock, after giving effect to such issuance (and the payment of dividends or distributions and treating such
Designated Preferred Stock as Indebtedness for borrowed money for such purpose) on a pro forma basis (including a pro forma application of the net proceeds therefrom), the Parent would have had a Consolidated Fixed Charge Coverage
Ratio of at least 2.00 to 1.00; 
 (vii)    Investments in joint ventures and Unrestricted Subsidiaries
having an aggregate Fair Market Value (as determined in good faith by the Parent), taken together 

  
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with all other Investments made pursuant to this clause (vii) that are at that time outstanding, not to exceed the sum of (a) the greater of $75.0 million and 2.5% of Total Assets
as of the date of such Investment and (b) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received in respect of any such
Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (vii) is made
in any Person that is not the Parent or a Restricted Subsidiary at the date of the making of such Investment and such Person becomes the Parent or a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made
pursuant to clause (1) of the definition of “Permitted Investments” and shall cease to have been made pursuant to this clause (vii) for so long as such Person continues to be the Parent or a Restricted Subsidiary;
provided, further, that such Investments pursuant to this clause (vii) will not increase the amount available for Restricted Payments under clause (3) of the definition of “Cumulative Credit”; 

(viii)    Restricted Payments that are made with (or in an aggregate amount that does not exceed the
aggregate amount of) Excluded Contributions; 
 (ix)    From and after the one year anniversary of the
Issue Date, other Restricted Payments that, when taken together with all other Restricted Payments made pursuant to this clause (ix) that are at that time outstanding, not to exceed $75.0 million; provided that up to
$25.0 million in aggregate amount of Restricted Payments may be made in reliance on this clause (ix) on or after the Issue Date; 

(x)    the distribution, as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to
the Parent or a Restricted Subsidiary by, Unrestricted Subsidiaries (except to the extent the assets of such Unrestricted Subsidiary are primarily cash or Cash Equivalents); 

(xi)    [Reserved]; 

(xii)    any Restricted Payment, if applicable: 

(A)    [Reserved]; 

(B)    in amounts required for any direct or indirect parent of the Parent, if applicable, to pay interest
and/or principal on Indebtedness the proceeds of which have been contributed to the Parent or any Restricted Subsidiary and that has been guaranteed by, or is otherwise considered Indebtedness of, the Parent Incurred or issued in accordance with
Section 4.03; and 
 (C)    in amounts required for any direct or indirect parent of the Parent to
pay fees and expenses related to any equity or debt offering of such parent (whether or not successful); 

  
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 (xiii)    repurchases of Equity Interests deemed to
occur upon exercise of equity or equity-based awards or warrants if such Equity Interests represent a portion of the exercise price of such equity or equity-based awards; 

(xiv)    purchases of Securitization Assets pursuant to a Securitization Repurchase Obligation in
connection with a Qualified Securitization Financing and the payment or distribution of Securitization Fees; 

(xv)    Restricted Payments by the Parent or any Restricted Subsidiary to allow the payment of cash in lieu
of the issuance of fractional shares upon the exercise of options or warrants or upon the conversion or exchange of Capital Stock of any such Person; 

(xvi)    the repurchase, redemption or other acquisition or retirement for value of any Subordinated
Indebtedness pursuant to provisions similar to those described in Section 4.06 and Section 4.08; provided that all Notes tendered by holders of the Notes in connection with a Change of Control Offer or Asset Sale Offer, as
applicable, have been repurchased, redeemed or acquired for value; 
 (xvii)    payments or distributions
to dissenting stockholders pursuant to applicable law, pursuant to or in connection with a consolidation, amalgamation, merger or transfer of all or substantially all of the assets of the Parent and the Restricted Subsidiaries, taken as a whole,
that complies with Section 5.01; provided that as a result of such consolidation, amalgamation, merger or transfer of assets, the Parent shall have made a Change of Control Offer (if required by this Indenture) and that all Notes
tendered by holders in connection with such Change of Control Offer have been repurchased, redeemed or acquired for value; 

(xviii)    other Restricted Payments; provided that the Consolidated Total Net Leverage Ratio of the
Parent for the most recently ended four full fiscal quarters for which internal financial statements are available, determined on a pro forma basis, is less than 2.75 to 1.00; provided, further, that any Restricted Payments made
in reliance on this clause (xviii) shall reduce the Cumulative Credit in an amount equal to the amount of such Restricted Payment but such reduction shall not reduce the Cumulative Credit below zero; 

(xix)    on and after the date that is one year after the Issue Date, the payment of dividends on the
Parent’s common stock (or the payment of dividends to any direct or indirect parent of the Parent to fund the payment by any direct or indirect parent of the Parent of dividends on such entity’s common stock) of up to 6.0% per annum of the
Market Capitalization; and 
 (xx)    the conversion or exchange of any Permitted Convertible
Indebtedness in accordance with its terms into or for shares of Equity Interests (other than Disqualified Stock) of the Parent and the making of a payment of cash in lieu of fractional shares of the Parent’s Equity Interests (other than
Disqualified Stock) deliverable upon any such conversion or exchange or (ii) the delivery of cash in connection with any conversion or 

  
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exchange of any Permitted Convertible Indebtedness in an aggregate amount since the date of this Indenture governing such Permitted Convertible Indebtedness not to exceed the sum of (x) the
principal amount of such Permitted Convertible Indebtedness, as applicable, and (y) the amount of any payments required to be made to the Parent or any of its Subsidiaries upon the exercise, settlement, termination or unwind of any related
Permitted Bond Hedge Transaction substantially concurrently with, or a commercially reasonable period of time before or after, the settlement date for the exchange or conversion of such relevant Permitted Convertible Indebtedness; 

provided, however, that at the time of, and after giving effect to, any Restricted Payment permitted under clauses (vi)(B), (vii), (ix), (x),
(xii)(B), (xviii), (xix) and (xx) of this Section 4.04(b), no Default shall have occurred and be continuing or would occur as a consequence thereof; provided, further, that any Restricted Payments made with property other
than cash shall be calculated using the Fair Market Value (as determined in good faith by the Parent) of such property. 

(c)    As of the Issue Date, all of the Subsidiaries of the Parent will be Restricted Subsidiaries. For purposes of
designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Parent and the Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be Restricted Payments in
an amount determined as set forth in the last sentence of the definition of “Investments.” Such designation will only be permitted if a Restricted Payment or Permitted Investment in such amount would be permitted at such time and if such
Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. 
 (d)    For purposes of this
Section 4.04, any Restricted Payment made prior to the Issue Date shall be deemed to be a Restricted Payment to the extent such payment would have been and would continue to have been a Restricted Payment on the Issue Date had this Indenture
been in effect at the time of such Restricted Payment (and, to the extent that any such Restricted Payment was permitted by clauses (i) through (xx) of Section 4.04(b), such Restricted Payment may be deemed by the Parent to have been made
pursuant to any such clause in the Parent’s discretion). 
 (e)    For purposes of determining whether the payment
of the premium for any Permitted Bond Hedge Transaction is permitted pursuant to clauses (ix) and (xviii), the amount of the Restricted Payment in respect of the payment of such premium shall be deemed to be the premium for such Permitted Bond
Hedge Transaction, minus, if applicable, the premium paid to the Parent in connection with any related Permitted Warrant Transaction entered into substantially concurrently with the Company entering into such Permitted Bond Hedge Transaction. 

(f)    For the avoidance of doubt, the payment of interest or other amounts on (and including the settlement of any
conversions of) any Permitted Convertible Indebtedness shall not constituted a Restricted Payment. 

(g)    Notwithstanding anything else set forth in this Section 4.04 or in the definition of Permitted Investments, no
Restricted Payment or Investment (other than an Investment in the Parent, the Company or a Subsidiary Guarantor) of Specified Cash Flow Priority Collateral owned by the Parent, the Company or a Guarantor will be permitted under this Indenture. 

  
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 Section 4.05    Dividend and Other Payment Restrictions
Affecting Subsidiaries. The Parent shall not, and shall not permit any Restricted Subsidiary 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 Restricted Subsidiary to: 
 (a)    pay dividends or make any other distributions to the Parent or any
Restricted Subsidiary (1) on its Capital Stock; or (2) with respect to any other interest or participation in, or measured by, its profits; or 

(b)    make loans or advances to the Parent or any Restricted Subsidiary that is a direct or indirect parent of such
Restricted Subsidiary; 
 except in each case for such encumbrances or restrictions existing under or by reason of: 

(1)    (i) contractual encumbrances or restrictions in effect on the Issue Date and (ii) contractual
encumbrances or restrictions pursuant to the ABL Credit Agreement and the other ABL Credit Facility Documents and, in each case, similar contractual encumbrances effected by any amendments, modifications, restatements, renewals, supplements,
refundings, replacements or refinancings of such agreements or instruments; 
 (2)    this Indenture,
the Notes, the Guarantees, the Security Documents, the ABL Intercreditor Agreement or the Pari Passu Intercreditor Agreement (if any); 

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

(4)    any agreement or other instrument of a Person acquired by the Parent or any Restricted Subsidiary
which was in existence at the time of such acquisition (but not created in contemplation thereof or to provide all or any portion of the funds or credit support utilized to consummate such acquisition), 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; 

(5)    contracts or agreements for the sale of assets, including any restriction with respect to a
Restricted Subsidiary imposed pursuant to an agreement entered into for the sale or disposition of the Capital Stock or assets of such Restricted Subsidiary; 

(6)    Secured Indebtedness otherwise permitted to be Incurred or issued pursuant to Section 4.03 and
Section 4.12 that limits the right of the debtor to dispose of the assets securing such Indebtedness; 

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

(8)    customary provisions in joint venture agreements and other similar agreements entered into in the
ordinary course of business; 
 (9)    purchase money obligations for property acquired and Capitalized
Lease Obligations in the ordinary course of business; 
 (10)    customary provisions contained in
leases, licenses and other similar agreements entered into in the ordinary course of business; 

(11)    any encumbrance or restriction that restricts in a customary manner the subletting, assignment or
transfer of any property or asset that is subject to a lease, license or similar contract, or the assignment or transfer of any such lease, license (including without limitation, licenses of intellectual property) or other contracts; 

(12)    any encumbrance or restriction of a Securitization Subsidiary effected in connection with a
Qualified Securitization Financing; provided, however, that such restrictions apply only to such Securitization Subsidiary; 

(13)    other Indebtedness, Disqualified Stock or Preferred Stock (a) of the Parent or any Restricted
Subsidiary that is a Guarantor or a Foreign Subsidiary or (b) of any Restricted Subsidiary that is not a Guarantor or a Foreign Subsidiary so long as such encumbrances and restrictions contained in any agreement or instrument will not
materially affect the Company’s or any Guarantor’s ability to make anticipated principal or interest payments on the Notes (as determined in good faith by the Parent), provided that in the case of each of clauses (a) and (b),
such Indebtedness, Disqualified Stock or Preferred Stock is permitted to be Incurred or issued subsequent to the Issue Date pursuant to Section 4.03; 

(14)    any Restricted Investment not prohibited by Section 4.04 and any Permitted Investment; or

 (15)    any encumbrances or restrictions of the type referred to in Section 4.05(a) or
(b) above imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (14) above;
provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Parent, no more restrictive with respect to such dividend and other
payment restrictions than those contained in the dividend or other payment restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

  
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 For purposes of determining compliance with this Section 4.05, (i) the priority of any
Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (ii) the
subordination of loans or advances made to the Parent or a Restricted Subsidiary to other Indebtedness Incurred or issued by the Parent or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances.

 Section 4.06    Asset Sales. 

(a)    The Parent shall not, and shall not permit any of the Restricted Subsidiaries to, cause or make an Asset Sale,
unless (x) the Parent or any Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value (as determined in good faith by the Parent) of the assets sold or otherwise
disposed of, and (y) at least 75% of the consideration therefor received by the Parent or such Restricted Subsidiary, as the case may be, is in the form of Cash Equivalents; provided that the amount of: 

(i)    any liabilities (as shown on the Parent’s or a Restricted Subsidiary’s most recent balance
sheet or in the notes thereto) of the Parent or a Restricted Subsidiary (other than liabilities that are by their terms subordinated to the Notes or any Guarantee) that are assumed by the transferee of any such assets or that are otherwise cancelled
or terminated in connection with the transaction with such transferee, 
 (ii)    any notes or other
obligations or other securities or assets received by the Parent or such Restricted Subsidiary from such transferee that are converted by the Parent or such Restricted Subsidiary into cash within 180 days of the receipt thereof (to the extent of the
cash received), 
 (iii)    Indebtedness of any Restricted Subsidiary that is no longer a Restricted
Subsidiary as a result of such Asset Sale, to the extent that the Parent and each other Restricted Subsidiary are released from any guarantee of payment of such Indebtedness in connection with the Asset Sale, 

(iv)    consideration consisting of Indebtedness of the Parent (other than Subordinated Indebtedness)
received after the Issue Date from Persons who are not the Parent or any Restricted Subsidiary, and 

(v)    except in the case of an Asset Sale of Specified Cash Flow Priority Collateral, any Designated Non-cash Consideration received by the Parent or any Restricted Subsidiary in such Asset Sale having an aggregate Fair Market Value (as determined in good faith by the Parent), taken together with all other
Designated Non-cash Consideration received pursuant to this Section 4.06(a)(v) that is at that time outstanding, not to exceed the greater of $35.0 million and 1.0% of Total Assets at the time of the
receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received and
without giving effect to subsequent changes in value), shall be deemed to be Cash Equivalents for the purposes of this Section 4.06(a). 

  
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 (b)    Within 365 days after the Parent’s or any Restricted
Subsidiary’s receipt of the Net Proceeds of any Asset Sale, the Parent or such Restricted Subsidiary may apply the Net Proceeds from such Asset Sale, at its option: 

(i)    to repay (i) to the extent such Net Proceeds constitute proceeds from the sale of ABL Priority
Collateral, obligations under the ABL Credit Agreement, (ii) to the extent such Net Proceeds constitute proceeds from the sale of Cash Flow Priority Collateral, Obligations under the Notes or under Additional Cash Flow Obligations (and, if the
Indebtedness repaid is revolving credit Indebtedness, to correspondingly permanently reduce commitments with respect thereto), (iii) to the extent such Net Proceeds are from other assets, either (x) Additional Cash Flow Obligations or
(y) Obligations under the Notes on a pro rata basis; provided that if the Parent, the Company or any Subsidiary Guarantor shall so reduce Obligations under clauses (iii)(x), the Parent or the Company will equally and ratably reduce Cash
Flow Obligations with respect to the Notes as provided under “Optional Redemption,” through open-market purchases (provided that such purchases are at or above 100% of the principal amount thereof or, in the event that the Notes
were issued with significant original issue discount, 100% of the accreted value thereof) or by making an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all holders to purchase at a purchase price equal to 100%
of the principal amount thereof (or, in the event that the Notes were issued with significant original issue discount, 100% of the accreted value thereof), plus accrued and unpaid interest, the pro rata principal amount of the Notes), in each
case other than Indebtedness owed to the Parent or an Affiliate of the Parent or (iv) to the extent such Net Proceeds are not from an Asset Sale of Collateral, Indebtedness of a Restricted Subsidiary that is not a Guarantor; or 

(ii)    to make an investment in any one or more businesses (provided that if such investment is in
the form of the acquisition of Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary), assets, or property or capital expenditures, in each case (a) used or useful in a Similar Business or
(b) that replace the properties and assets that are the subject of such Asset Sale or to reimburse the cost of any of the foregoing Incurred on or after the date on which the Asset Sale giving rise to such Net Proceeds was contractually
committed; provided that assets purchased with the Net Proceeds from an Asset Sale of Specified Cash Flow Priority Collateral must constitute Specified Cash Flow Priority Collateral and the Fair Market Value of such purchased assets shall be
greater than or equal to Net Proceeds from such Asset Sale of Specified Cash Flow Priority Collateral. 
 In the case of
Section 4.06(b)(ii), a binding commitment shall be treated as a permitted application of the Net Proceeds from the date of such commitment until the 18-month anniversary of the date of the receipt of such
Net Proceeds; provided that in the event such binding commitment is later canceled or terminated for any reason before such Net Proceeds are so applied, then such Net Proceeds shall constitute Excess Proceeds unless the Parent or such Restricted
Subsidiary enters into another binding commitment (a “Second Commitment”) within 

  
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six months of such cancellation or termination of the prior binding commitment; provided, further, that the Parent or such Restricted Subsidiary may only enter into a Second
Commitment under the foregoing provision one time with respect to each Asset Sale and to the extent such Second Commitment is later cancelled or terminated for any reason before such Net Proceeds are applied or are not applied within 180 days of
such Second Commitment, then such Net Proceeds shall constitute Excess Proceeds. 
 Subject to the preceding paragraph, pending the final
application of any such Net Proceeds, the Parent or such Restricted Subsidiary may temporarily reduce Indebtedness under a revolving credit facility, if any, or otherwise invest such Net Proceeds in any manner not prohibited by this Indenture. Any
Net Proceeds from any Asset Sale that are not applied as provided and within the time period set forth in the first sentence of this Section 4.06(b) (it being understood that any portion of such Net Proceeds used to make an offer to purchase
the Notes, as described in clause (i) of this Section 4.06(b), shall be deemed to have been invested whether or not such offer is accepted) will be deemed to constitute “Excess Proceeds”. When the aggregate amount of
Excess Proceeds exceeds $50.0 million, the Company shall make an offer to all holders of the Notes (and, at the option of the Company, to holders of any other Additional Cash Flow Obligations) (an “Asset Sale Offer”) to
purchase the maximum principal amount of the Notes (and such other Additional Cash Flow Obligations), that is at least $2,000 and an integral multiple of $1,000 in excess thereof, that may be purchased out of the Excess Proceeds, on a pro rata basis
with respect to the Notes, at an offer price in cash in an amount equal to 100% of the principal amount thereof (or, in the event the Notes or other Additional Cash Flow Obligations were issued with significant original issue discount, 100% of the
accreted value thereof), plus accrued and unpaid interest(or, in respect of such other Additional Cash Flow Obligations, such lesser price, if any, as may be provided for by the terms of such other Additional Cash Flow Obligations), to, but
excluding, the date fixed for the closing of such offer, in accordance with the procedures set forth in this Indenture. The Company will commence an Asset Sale Offer with respect to Excess Proceeds within ten (10) Business Days after the date
that Excess Proceeds exceeds $50.0 million by mailing, or delivering electronically if held by DTC, the notice required pursuant to the terms of this Indenture, with a copy to the Trustee. To the extent that the aggregate amount of Notes (and
such other Additional Cash Flow Obligations) tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company may use any remaining Excess Proceeds for any purpose that is not prohibited by this Indenture. If the aggregate
principal amount of the Notes (and such other Additional Cash Flow Obligations) surrendered by holders thereof exceeds the amount of Excess Proceeds, the amount of Notes in respect of which an Asset Sale Offer as made shall be designated by the
Company to the Trustee, and the Trustee, upon receipt of notice from the Company of the aggregate principal amount to be selected, shall select the Notes to be purchased in the manner described in Section 4.06(e). Upon completion of any such
Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 
 (c)    The Company will comply, to the extent
applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations 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 Company will 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. 

  
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 (d)    Not later than the date upon which written notice of an Asset
Sale Offer is delivered to the Trustee as provided above, the Company shall deliver to the Trustee an Officer’s Certificate as to (i) the amount of the Excess Proceeds, (ii) the allocation of the Net Proceeds from the Asset Sales
pursuant to which such Asset Sale Offer is being made and (iii) the compliance of such allocation with the provisions of Section 4.06(b). On such date, the Company shall also irrevocably deposit with the Trustee or the Paying Agent (or, if
the Company or a Subsidiary is acting as the Paying Agent, segregate and hold in trust) an amount equal to the Excess Proceeds which may be invested in Cash Equivalents, as directed in writing by the Company and available to the Trustee and to be
held for payment in accordance with the provisions of this Section 4.06. The Trustee shall have the right to open an account for purposes of receiving such Excess Proceeds. Upon the expiration of the period for which the Asset Sale Offer
remains open (the “Offer Period”), the Company shall deliver to the Trustee for cancellation the Notes or portions thereof that have been properly tendered to and are to be accepted by the Company. The Trustee (or the Paying Agent,
if not the Trustee) shall, on the date of purchase, mail or deliver payment to each tendering holder in the amount of the purchase price. In the event that the Excess Proceeds delivered by the Company to the Trustee are greater than the purchase
price of the Notes tendered, the Trustee shall deliver the excess to the Company immediately after the expiration of the Offer Period for application in accordance with this Section 4.06. 

(e)    Holders electing to have a Note purchased shall be required to surrender such Note, with an appropriate form duly
completed, to the Company at the address specified in the notice at least three Business Days prior to the purchase date. Holders shall be entitled to withdraw their election if the Trustee, the Paying Agent and the Company receives not later than
one Business Day prior to the purchase date, a facsimile transmission or letter setting forth the name of the holder, the principal amount of the Note which was delivered by the holder for purchase and a statement that such holder is withdrawing his
election to have such Note purchased and otherwise in accordance with the applicable procedures of DTC. If at the end of the Offer Period more Notes (and such other Additional Cash Flow Obligations) are tendered pursuant to an Asset Sale Offer than
the Company is required to purchase, selection of the amount of Notes in respect of which an Asset Sale Offer was made shall be designated by the Company to the Trustee, and the selection of Notes for purchase shall be made by the Trustee on a pro
rata basis to the extent practicable, by lot or by such other method as the Trustee shall deem fair and appropriate (and in such manner as complies with the requirements of DTC); provided that no Notes will be selected and purchased in an
unauthorized denomination. 
 (f)    Notices of an Asset Sale Offer shall be mailed by the Company by first class mail,
postage prepaid, or delivered electronically if held at DTC, at least 15 but not more than 60 days before the purchase date to each holder of Notes at such holder’s registered address (with a copy to the Trustee). If any Note is to be purchased
in part only, any notice of purchase that relates to such Note shall state the portion of the principal amount thereof that has been or is to be purchased. 

  
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 (g)    For the purposes of this covenant, any sale by the Parent or a
Restricted Subsidiary of the Capital Stock of a Restricted Subsidiary that owns assets constituting Collateral shall be deemed to be a sale of such Collateral. 

Section 4.07    Transactions with Affiliates. 

(a)    The Parent shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, 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 or series of transactions, contract, agreement, understanding,
loan, advance or guarantee with, or for the benefit of, any Affiliate of the Parent (each of the foregoing, an “Affiliate Transaction”) involving aggregate consideration in excess of $15.0 million, unless: 

(i)    such Affiliate Transaction is on terms that are not materially less favorable to the Parent or the
relevant Restricted Subsidiary than those that could have been obtained in a comparable transaction by the Parent or such Restricted Subsidiary with an unrelated Person; and 

(ii)    with respect to any Affiliate Transaction or series of related Affiliate Transactions involving
aggregate consideration in excess of $25.0 million, the Parent delivers to the Trustee a resolution adopted in good faith by the majority of the Board of Directors of the Parent, approving such Affiliate Transaction and set forth in an
Officer’s Certificate certifying that such Affiliate Transaction complies with clause (i) above. 
 (b)    The
provisions of Section 4.07(a) shall not apply to the following: 
 (i)    transactions between or
among the Parent and/or any of the Restricted Subsidiaries (or an entity that becomes a Restricted Subsidiary as a result of such transaction) and any merger, consolidation or amalgamation of the Parent and any direct parent of the Parent;
provided that such parent shall have no material liabilities and no material assets other than cash, Cash Equivalents and the Capital Stock of the Parent and such merger, consolidation or amalgamation is otherwise in compliance with the terms
of this Indenture and effected for a bona fide business purpose; 
 (ii)    Restricted Payments permitted
by Section 4.04 and Permitted Investments; 
 (iii)    the payment of reasonable and customary fees
and reimbursement of expenses paid to, and indemnity provided on behalf of, officers, directors, employees or consultants of the Parent, any Restricted Subsidiary, or any direct or indirect parent of the Parent; 

(iv)    transactions in which the Parent or any Restricted Subsidiary, as the case may be, delivers to the
Trustee a letter from an Independent Financial Advisor stating that such transaction is fair to the Parent or such Restricted Subsidiary from a financial point of view or meets the requirements of clause (i) of Section 4.07(a); 

  
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 (v)    payments or loans (or cancellation of loans) to
officers, directors, employees or consultants which are approved by a majority of the Board of Directors of the Parent in good faith; 

(vi)    any agreement as in effect as of the Issue Date or any amendment thereto (so long as any such
agreement together with all amendments thereto, taken as a whole, is not more disadvantageous to the holders of the Notes in any material respect than the original agreement as in effect on the Issue Date) or any transaction contemplated thereby as
determined in good faith by the Parent; 
 (vii)    the existence of, or the performance by the Parent or
any Restricted Subsidiary of its obligations under the terms of any stockholders agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party as of the Issue Date, and any transaction,
agreement or arrangement described in the Offering Memorandum and, in each case, any amendment thereto or similar transactions, agreements or arrangements which it may enter into thereafter, provided, however, that the existence of, or
the performance by the Parent or any Restricted Subsidiary of its obligations under, any future amendment to any such existing transaction, agreement or arrangement or under any similar transaction, agreement or arrangement entered into after the
Issue Date shall only be permitted by this clause (vii) to the extent that the terms of any such existing transaction, agreement or arrangement together with all amendments thereto, taken as a whole, or new transaction, agreement or arrangement
are not otherwise more disadvantageous to the holders of the Notes in any material respect than the original transaction, agreement or arrangement as in effect on the Issue Date; 

(viii)    (A) transactions with customers, clients, wholesale partners, suppliers or purchasers or sellers
of goods or services, or transactions otherwise relating to the purchase or sale 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 Parent and the
Restricted Subsidiaries in the reasonable determination of the Company, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party or (B) transactions with joint ventures, franchisees or
Unrestricted Subsidiaries entered into in the ordinary course of business and consistent with past practice or industry norm; 

(ix)    any transaction effected as part of a Qualified Securitization Financing; 

(x)    the issuance of Equity Interests (other than Disqualified Stock) of the Parent and any issuances of
other securities of the Parent (other than Disqualified Stock) or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment agreements, stock options and stock ownership plans (in each case in
respect of Equity Interests in the Parent) of the Parent or any of its Restricted Subsidiaries, in each case to any Person; 

(xi)    the issuances of securities or other payments, awards or grants in cash, securities or otherwise
pursuant to, or the funding of, employee benefit arrangements, employment and severance arrangements, management equity plans, stock option and 

  
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stock ownership plans or similar employee benefit plans approved by the Board of Directors of the Parent or the Board of Directors of any direct or indirect parent of the Parent, or the Board of
Directors of a Restricted Subsidiary, as applicable, in good faith; 
 (xii)    the making of payments
under, and the entering into of, any tax sharing agreement or arrangement among Persons including only the Parent and its Restricted Subsidiaries; 

(xiii)    any contribution to the capital of the Parent; 

(xiv)    transactions permitted by, and complying with, Section 5.01; 

(xv)    transactions between the Parent or any Restricted Subsidiary and any Person, a director of which is
also a director of the Parent or any direct or indirect parent of the Parent; provided, however, that such director abstains from voting as a director of the Parent or such direct or indirect parent of the Parent, as the case may be,
on any matter involving such other Person; 
 (xvi)    pledges of Equity Interests of Unrestricted
Subsidiaries; 
 (xvii)    the formation and maintenance of any consolidated group or subgroup for tax,
accounting or cash pooling or management purposes in the ordinary course of business; 
 (xviii)    any
employment agreements entered into by the Parent or any Restricted Subsidiary in the ordinary course of business; 

(xix)    transactions undertaken in good faith (as certified by a responsible financial or accounting
officer of the Parent in an Officer’s Certificate) for the purpose of improving the consolidated tax efficiency of the Parent and its Subsidiaries and not for the purpose of circumventing any covenant set forth in this Indenture; and 

(xx)    non-exclusive licenses of intellectual property to or among
the Parent, its Restricted Subsidiaries, their respective bona fide joint ventures, and their respective manufacturing, sales and marketing counterparties. 

(c)    For the avoidance of doubt, arm’s length licensing arrangements of intellectual property with third parties
are permitted by this covenant. 
 Section 4.08    Change of Control. 

(a)    Upon the occurrence of a Change of Control, each holder shall have the right to require the Company to repurchase
all or any part of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase (subject to the right of holders of
record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), except to the extent the Company has previously or concurrently elected to redeem such Notes in accordance with Article III of this Indenture or
the Company has exercised its legal defeasance option or covenant defeasance option or discharged its obligations under the this Indenture in accordance with Article VIII of this Indenture. 

  
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 (b)    Within 30 days following any Change of Control, except to the
extent that the Company has exercised its right to redeem all of the Notes in accordance with Article III of this Indenture, the Company shall mail, or deliver electronically if held by DTC, a notice (a “Change of Control
Offer”) to each holder of Notes with a copy to the Trustee stating: 
 (i)    that a Change of
Control has occurred and that such holder has the right to require the Company to repurchase such holder’s Notes at a repurchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to,
but excluding, the date of repurchase (subject to the right of the holders of record on the relevant Record Date to receive interest on the relevant Interest Payment Date); 

(ii)    the circumstances and relevant facts and financial information regarding such Change of Control;

 (iii)    the repurchase date (which shall be no earlier than 30 days nor later than 60 days from the
date such notice is sent or delivered); and 
 (iv)    the instructions determined by the Company,
consistent with this Section 4.08, that a holder must follow in order to have its Notes purchased. 

(c)    Holders electing to have a Note purchased shall be required to surrender the Note, with an appropriate form duly
completed, to the Company at the address specified in the notice at least three Business Days prior to the purchase date. The holders shall be entitled to withdraw their election if the Trustee, the Paying Agent and the Company receives not later
than one Business Day prior to the purchase date a facsimile transmission or letter setting forth the name of the holder, the principal amount of the Note which was delivered for purchase by the holder and a statement that such holder is withdrawing
its election to have such Note purchased. Holders whose Notes are purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered. 

(d)    On the purchase date, all Notes purchased by the Company under this Section 4.08 shall be delivered to the
Trustee for cancellation, and the Company shall pay the purchase price plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase, to the holders entitled thereto. 

(e)    A Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change of
Control, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer. 

(f)    Notwithstanding the foregoing provisions of this Section 4.08, the Company shall not be required to make a
Change of Control Offer upon (or in advance of, as described in clause (e) above) a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in
this Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer. 

  
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 (g)    Notes repurchased by the Company pursuant to a Change of Control
Offer will have the status of Notes issued but not outstanding or will be retired and canceled at the option of the Company. Notes purchased by a third party pursuant to the preceding clause (f) will have the status of Notes issued and
outstanding. 
 (h)    At the time the Company delivers Notes to the Trustee which are to be accepted for purchase, the
Company shall also deliver an Officer’s Certificate stating that such Notes are to be accepted by the Company pursuant to and in accordance with the terms of this Section 4.08. 

A Note shall be deemed to have been accepted for purchase at the time the Trustee, directly or through an agent, mails or delivers payment
therefor to the surrendering holder upon receipt of funds from the Company. 
 (i)    Prior to any Change of Control
Offer, the Company shall deliver to the Trustee an Officer’s Certificate stating that all conditions precedent contained herein to the right of the Company to make such offer have been complied with. 

(j)    The Company shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act
and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 4.08. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 4.08,
the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.08 by virtue thereof. 

(k)    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 Company, or any third party making a Change of Control Offer in lieu of the Company as described above, purchases all of the Notes validly tendered and not withdrawn by such holders, the
Company or such third party will have the right, upon not less than 15 days nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer, to redeem all Notes that remain
outstanding following such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. Any such redemption shall be effected pursuant to
Article III. 
 Section 4.09    Compliance Certificate. The Parent shall deliver to the Trustee within
120 days after the end of each fiscal year of the Parent, beginning with the fiscal year ending on February 1, 2021, an Officer’s Certificate stating that in the course of the performance by the signer (which shall be the principal
executive officer, the principal financial officer or principal accounting office of the Parent) of such signer’s duties as an Officer of the Parent such signer would normally have knowledge of any Default and whether or not the signers know of
any Default that occurred during such period. If such Officer does, the certificate shall describe the Default, its status and what action the Parent is taking or proposes to take with respect thereto. Except with respect to receipt of payments of
principal, interest, if any, on the Notes and any Default or Event of Default information contained in the Officer’s Certificate delivered to it pursuant to this Section 4.09, the Trustee shall have no duty to review, ascertain or confirm
the Parent’s compliance with or the breach of any representation, warranty or covenant made in this Indenture. 

  
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 Section 4.10    Further Instruments and Acts. Upon request
of the Trustee, the Company shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

Section 4.11    Future Guarantors. The Parent shall cause each of its Wholly Owned Restricted Subsidiaries
that is not an Excluded Subsidiary and that, guarantees or becomes a borrower under any Credit Facility or that, guarantees any Capital Markets Indebtedness of the Parent, the Company or any of the Guarantors to execute and deliver to the Trustee,
within 30 days of such event, a supplemental indenture substantially in the form of Exhibit C hereto pursuant to which such Subsidiary will guarantee the Guaranteed Obligations and such Security Documents, or amendments or
supplements thereto and such other documentation as shall be necessary to provide for valid and perfected liens on such Subsidiary’s assets constituting Collateral to secure such guarantee on the terms described in the Security Documents. 

Each Guarantee shall be released in accordance with the provisions of Section 12.02. 

Section 4.12    Liens. 

(a)    The Parent shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, create,
Incur or suffer to exist any Lien (except Permitted Liens) on any asset or property of the Parent or such Restricted Subsidiary securing Indebtedness of the Parent or a Restricted Subsidiary. 

(b)    For purposes of determining compliance with this Section 4.12, (i) a Lien securing an item of Indebtedness
need not be permitted solely by reference to one category of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens” or pursuant to Section 4.12(a) but may be permitted in part under any combination
thereof and (ii) in the event that a Lien securing an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of one or more of the categories of Permitted Liens (or any portion thereof) described
in the definition of “Permitted Liens”, the Parent may, in its sole discretion, classify or reclassify, or later divide, classify or reclassify (as if Incurred at such later time), such Lien securing such item of Indebtedness (or any
portion thereof) in any manner that complies with this covenant and will be entitled to only include the amount and type of such Lien or such item of Indebtedness secured by such Lien (or any portion thereof) in one of the categories of permitted
Liens (or any portion thereof) described in the definition of “Permitted Liens” and, in such event, such Lien securing such item of Indebtedness (or any portion thereof) will be treated as being Incurred or existing pursuant to only such
clause or clauses (or any portion thereof) without giving pro forma effect to such item (or portion thereof) when calculating the amount of Liens or Indebtedness that may be Incurred or issued pursuant to any other clause. 

(c)    With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the
Incurrence or issuance of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of 

  
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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 or in the form of common stock of the Parent, the payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same
class, accretion of original issue discount or liquidation preference 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 described in clause (3) of the definition of “Indebtedness.” 

Section 4.13    Further Assurances. Subject to the limitations set forth in the Security Documents, the
Company and each of the Guarantors shall execute, deliver and file, if applicable any and all further documents, financing statements, agreements and instruments, and take all further action that may be reasonably required under applicable law
(including the filing of continuation financing statements and amendments to financing statements), or that the Notes Collateral Agent may reasonably request, in order to grant, preserve, protect and perfect the validity and priority of the security
interests and Liens created or intended to be created by the Security Documents in the Collateral. 

Section 4.14    Maintenance of Office or Agency. 

(a)    The Company shall maintain one or more offices or agencies (which may be an office of the Trustee or an affiliate
of the Trustee or Registrar) where Notes may be surrendered for registration of transfer or for exchange. The Company 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 Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders may be made at the Corporate Trust Office of the Trustee as set forth in
Section 13.02. 
 (b)    The Company may also from time to time designate one or more other offices or agencies
where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its
obligation to maintain an office or agency for such purposes. The Company 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. 

(c)    The Company hereby designates the Corporate Trust Office of the Trustee or its agent as such office or agency of
the Company in accordance with Section 2.04. 
 Section 4.15    Existence. The Company shall do or
cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business; provided that the foregoing shall
not prohibit any transaction permitted under Section 5.01, and the Company shall not be required to preserve, renew and keep in full force and effect any such right, license, permit, privilege, franchise or legal existence if the Company shall
determine in good faith the preservation, renewal or keeping in full force and effect thereof is no longer desirable in the conduct of the business of the Company. 

  
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 Section 4.16    Covenant Suspension. If on any date
following the Issue Date, (i) the Notes have Investment Grade Ratings from both Rating Agencies, and (ii) no Default has occurred and is continuing under this Indenture, then, beginning on that day (the occurrence of the events described
in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”), and subject to the provisions of the following paragraph, the Company and the Restricted Subsidiaries shall not be subject
to Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.11, 5.01(a)(iv) and 5.01(b) (collectively the “Suspended Covenants”) with respect to the Notes. 

In the event that the Parent and the Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any period of
time as a result of the foregoing with respect to the Notes, and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Notes
below an Investment Grade Rating, then the Parent and the Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants under this Indenture with respect to future events in respect of the Notes. During the Suspension Period,
the Parent will not be permitted to designate any Restricted Subsidiary as an Unrestricted Subsidiary. 
 The Company shall provide the
Trustee with notice of each Covenant Suspension Event or Reversion Date within 5 Business Days of the occurrence thereof. The Trustee shall have no duty to monitor the ratings of the Notes, independently determine whether a Covenant Suspension Event
or Reversion Date has occurred, or notify holders of any of the foregoing. 
 On each Reversion Date with respect to the Notes, 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 Sections 4.03(a) and (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 Sections 4.03(a) and (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 Section 4.03 (b)(iii). Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under Section 4.04 will be made as
though Section 4.04 had been in effect since the Issue Date and prior, but not during, the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will not reduce the amount available to be made as Restricted
Payments under Section 4.04(a). No Default or Event of Default will be deemed to have occurred on the Reversion Date with respect to the Notes as a result of any actions taken by the Parent or the Restricted Subsidiaries during the Suspension
Period or any actions taken at any time pursuant to any contractual obligation arising prior to the Reversion Date that were permitted under this Indenture 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. Within 30 days of such Reversion Date, the Parent must comply with the terms of Section 4.11. 

For purposes of Section 4.05, on the Reversion Date, any consensual encumbrances or consensual restrictions of the type specified in
clause (a) or (b) thereof entered into during the Suspension Period will be deemed to have been in effect on the Issue Date, so that they are permitted under clause (l)(i) thereof. 

  
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 For purposes of Section 4.07, any Affiliate Transaction entered into after the
Reversion Date with respect to the Notes pursuant to a contract, agreement, loan, advance or guaranty with, or for the benefit of, any Affiliate of the Parent entered into during the Suspension Period with respect to the Notes will be deemed to have
been in effect as of the Issue Date for purposes of clause (b)(vi) thereof. 
 For purposes of Section 4.06, on the Reversion Date with
respect to the Notes, the unutilized Excess Proceeds amount will be reset to zero. 
 Section 4.17    Financial
Calculations for Limited Condition Transactions . Notwithstanding anything in this Indenture to the contrary, when (i) calculating the availability under any basket, ratio or other financial test under this Indenture,
(ii) determining whether any Default or Event of Default has occurred, is continuing or would result from any action, or (iii) determining compliance with any other condition precedent to any action or transaction, in each case of clauses
(i) through (iii) in connection with a Limited Condition Transaction and any actions or transactions related thereto (including acquisitions, Investments, the Incurrence or issuance of Indebtedness, Disqualified Stock or Preferred Stock and the
use of proceeds thereof, the Incurrence of Liens and Restricted Payments), the date of determination of such basket, ratio or other financial test, whether any Default or Event of Default has occurred, is continuing or would result therefrom, or the
satisfaction of any other condition precedent, shall, at the option of the Company (the Company’s election to exercise such option in connection with any Limited Condition Transactions, a “Transaction Election”), be deemed to
be the date that the definitive agreement for such Limited Condition Transaction is entered into (or, if applicable, the date of delivery of an irrevocable notice or similar event) (any such date, the “Transaction Test Date”) and
such baskets, ratios or other financial tests, absence of defaults, satisfaction of conditions precedent and other provisions 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 acquisitions, Investments, the Incurrence or issuance of Indebtedness, Disqualified Stock or Preferred Stock and the use of proceeds thereof, the Incurrence of Liens and Restricted
Payments) as if they occurred at the beginning of the applicable 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, absence of Default or Event of Default, satisfaction of conditions precedent or other provisions are exceeded, breached or otherwise failed as a result of fluctuations in such
basket or ratio (including due to fluctuations in Consolidated EBITDA, Consolidated Total Indebtedness, Consolidated Net Income or Total Assets of the Parent 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, absence of Default or Event of Default, satisfaction of conditions precedent and other provisions will not be deemed to have been exceeded, breached or otherwise
failed as a result of such fluctuations solely for purposes of determining whether the Limited Condition Transaction and related transactions (including acquisitions, Investments, the Incurrence or issuance of Indebtedness, Disqualified Stock or
Preferred Stock and the use of proceeds thereof, the Incurrence of Liens and Restricted Payments) are permitted under this Indenture and (y) such baskets or ratios, absence of Default 

  
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or Event of Default, satisfaction of conditions and other provisions shall not be tested at the time of consummation of the Limited Condition Transaction or related transactions solely for the
purpose of determining whether such Limited Condition Transaction is permitted under this Indenture; provided, further, that if the Parent has made a Transaction Election for any Limited Condition Transaction, then, in connection with any subsequent
calculation of any ratio or basket availability with respect to any other Limited Condition Transaction or otherwise on or following the relevant Transaction Test Date and prior to the consummation of such Limited Condition Transaction, unless and
until such Limited Condition Transaction has been abandoned (or revoked via an officer’s certificate) or such definitive agreement has expired or been terminated prior to consummation thereof, any such ratio or basket shall be calculated on a
pro forma basis assuming such Limited Condition Transaction and other transactions in connection therewith (including acquisitions, Investments, the Incurrence or issuance of Indebtedness, Disqualified Stock or Preferred Stock and the use of
proceeds thereof, the Incurrence of Liens and Restricted Payments) have been consummated. 

Section 4.18    [Reserved] 

ARTICLE V. 
 SUCCESSOR
COMPANY 
 Section 5.01    When Company and Guarantors May Merge or Transfer Assets. 

(a)    Neither the Parent nor the Company may, directly or indirectly, consolidate, amalgamate or merge with or into or
wind up or convert into another Person (whether or not the Parent or the Company is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related
transactions, to any Person unless: 
 (i)    the Parent or the Company, as applicable, is the surviving
Person or the Person formed by or surviving any such consolidation, amalgamation, merger, winding up or conversion (if other than the Parent or the Company, as applicable) or to which such sale, assignment, transfer, lease, conveyance or other
disposition will have been made is a corporation, partnership or limited liability company or similar entity organized or existing under the laws of the United States, any state thereof, or the District of Columbia (the Parent, the Company or such
Person, as the case may be, being herein called the “Successor Company”); provided that in the event that the Successor Company is not a corporation, a co-obligor of the Notes is a
corporation; 
 (ii)    the Successor Company (if other than the Parent or the Company, as applicable)
expressly assumes all the obligations of the Parent or the Company, as applicable, under this Indenture, the Security Documents and the ABL Intercreditor Agreement and Pari Passu Intercreditor Agreement (if any) pursuant to supplemental indentures
or other applicable documents or instruments in form reasonably satisfactory to the Trustee and the Notes Collateral Agent, if applicable; 

  
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 (iii)    immediately after giving effect to such
transaction (and treating any Indebtedness which becomes an obligation of the Successor Company or any of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Company or such Restricted Subsidiary at
the time of such transaction) no Default shall have occurred and be continuing; 
 (iv)    immediately
after giving pro forma effect to such transaction, as if such transaction had occurred at the beginning of the applicable four-quarter period (and treating any Indebtedness which becomes an obligation of the Successor Company or any of its
Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Company or such Restricted Subsidiary at the time of such transaction), either 

(1)    the Successor Company would be permitted to Incur at least $1.00 of additional Indebtedness
pursuant to the Consolidated Fixed Charge Coverage Ratio test set forth in Section 4.03(a); or 

(2)    the Consolidated Fixed Charge Coverage Ratio of the Parent would be no less than such ratio
immediately prior to such transaction; 
 (v)    if the Parent or the Company, as applicable, is not the
Successor Company, each Guarantor, unless it is the other party to the transactions described above, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations under this Indenture and the Notes;

 (vi)    the Successor Company shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that such consolidation, merger, amalgamation or transfer and such supplemental indentures (if any) comply with this Indenture (and any supplement to any Security Document if required in connection with such
transaction); 
 (vii)    the Successor Company promptly causes such amendments, supplements or other
instruments to be executed, delivered, filed and recorded, as applicable, in such jurisdictions as may be reasonably required by applicable law to preserve and protect the lien on the Security Documents on the Collateral owned by or transferred to
the Successor Company; 
 (viii)    the Collateral owned by or transferred to the Successor Company, as
applicable, shall (a) continue to constitute Collateral under this Indenture and the Security Documents, (b) be subject to the lien in favor of the Notes Collateral Agent for the benefit of the Trustee and the holders of the Notes, and
(c) not be subject to any lien other than Permitted Liens; and 
 (ix)    the property and assets of
the Person which is merged or consolidated with or into the Successor Company, as applicable, to the extent that they are property or assets or of the types which would constitute Collateral under the Security Documents, shall be treated as
after-acquired property and the Successor Company shall take such 

  
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action as may be reasonably necessary to cause such property and assets to be made subject to the lien on the Security Documents in the manner and to the extent required in this Indenture. 

The Successor Company (if other than the Parent or the Company, as applicable) will succeed to, and be substituted for, the Parent or the
Company, as applicable, under this Indenture and the Notes, and in such event the Parent or the Company, as applicable, will automatically be released and discharged from its obligations under this Indenture and the Notes. Notwithstanding the
foregoing clauses (iii) and (iv) of this Section 5.01(a), (A) the Parent, the Company or any Guarantor may merge, consolidate or amalgamate with or transfer all or part of its properties and assets to a Guarantor or, if the Parent or the
Company, as applicable, is the Successor Company, the Parent or the Company, as the case may be, and (B) the Parent and the Company, as applicable may merge, consolidate or amalgamate with an Affiliate incorporated solely for the purpose of
reincorporating the Parent or the Company in another state of the United States or the District of Columbia (collectively, “Permitted Jurisdiction”) or may convert into a corporation, partnership or limited liability company, so
long as the amount of Indebtedness of the Company and the Restricted Subsidiaries is not increased thereby. This Section 5.01(a) will not apply to a sale, assignment, transfer, conveyance or other disposition of assets between or among the
Parent and the Restricted Subsidiaries. 
 (b)    Subject to the provisions of Section 12.02(b), no Subsidiary
Guarantor will, and the Parent will not permit any such Subsidiary Guarantor to, consolidate, amalgamate or merge with or into or wind up or convert into (whether or not such Subsidiary Guarantor is the surviving Person), or sell, assign, transfer,
lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, any Person unless: 

(i)    either (A) such Subsidiary Guarantor is the surviving Person or the Person formed by or
surviving any such consolidation, amalgamation or merger (if other than such Subsidiary Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a company, corporation, partnership or
limited liability company or similar entity organized or existing under the laws of the United States, any state thereof or the District of Columbia (such Subsidiary Guarantor or such Person, as the case may be, being herein called the
“Successor Guarantor”) and the Successor Guarantor (if other than such Subsidiary Guarantor) expressly assumes all the obligations of such Subsidiary Guarantor under this Indenture, the Notes, the Guarantee or the Security
Documents, as applicable, pursuant to a supplemental indenture or other applicable documents or instruments in form reasonably satisfactory to the Trustee and Notes Collateral Agent, as applicable, or (B) such sale or disposition or
consolidation, amalgamation or merger is not prohibited by Section 4.06; 
 (ii)    the Successor
Guarantor (if other than such Subsidiary Guarantor) shall have delivered or caused to be delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger or transfer and
such supplemental indenture (if any) comply with this Indenture; 

  
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 (iii)    the Successor Guarantor promptly causes such
amendments, supplements or other instruments to be executed, delivered, filed and recorded, as applicable, in such jurisdictions as may be reasonably required by applicable law to preserve and protect the lien on the Security Documents on the
Collateral owned by or transferred to the Successor Guarantor; 
 (iv)    the Collateral owned by or
transferred to the Successor Guarantor shall (a) continue to constitute Collateral under this Indenture and the Security Documents, (b) be subject to the Lien in favor of the Notes Collateral Agent for the benefit of the trustee and the
holders of the Notes, and (c) not be subject to any Lien other than Permitted Liens; and 

(v)    the property and assets of the Person which is merged or consolidated with or into the Successor
Guarantor to the extent that they are property or assets or of the types which would constitute Collateral under the Security Documents, shall be treated as after-acquired property and the Successor Guarantor shall take such action as may be
reasonably necessary to cause such property and assets to be made subject to the Lien on the Security Documents in the manner and to the extent required in this Indenture. 

Except as otherwise provided in this Indenture, the Successor Guarantor (if other than such Subsidiary Guarantor) will succeed to, and be
substituted for, such Guarantor under this Indenture and the Notes or the Guarantee, as applicable, and such Subsidiary Guarantor will automatically be released and discharged from its obligations under this Indenture and the Notes or its Guarantee.
Notwithstanding the foregoing, a Subsidiary Guarantor may merge, amalgamate or consolidate with an Affiliate incorporated solely for the purpose of reincorporating such Subsidiary Guarantor in a Permitted Jurisdiction or may convert into a limited
liability company, corporation, partnership or similar entity organized or existing under the laws of any Permitted Jurisdiction so long as the amount of Indebtedness of such Subsidiary Guarantor is not increased thereby. 

In addition, notwithstanding the foregoing, a Subsidiary Guarantor may consolidate, amalgamate or merge with or into or wind up or convert
into the Parent, the Company or any Subsidiary Guarantor or liquidate, dissolve, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets to the Parent, the Company or any Subsidiary
Guarantor. 
 ARTICLE VI. 

DEFAULTS AND REMEDIES 

Section 6.01    Events of Default. An “Event of Default” occurs if: 

(a)    there is a default in any payment of interest on any Note when due, and such default continues for a period of 30
days; 
 (b)    there is a default in the payment of principal or premium, if any, of any Note when due at its Stated
Maturity, upon optional redemption, upon required repurchase or special mandatory redemption, upon declaration or otherwise; 

  
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 (c)    there is a failure by the Parent for 120 days after receipt of
written notice given by the Trustee or the holders of not less than 25% in aggregate principal amount of the Notes then outstanding (with a copy to the Trustee) to comply with any of its obligations, covenants or agreements in Section 4.02 as
it relates to the Notes; 
 (d)    there is a failure by the Parent or any Restricted Subsidiary for 60 days after
written notice given by the Trustee or the holders of not less than 25% in aggregate principal amount of the Notes then outstanding (with a copy to the Trustee) to comply with its other obligations, covenants or agreements (other than a default
referred to in clauses (a), (b) or (c) above) contained in the Notes or this Indenture as it relates to the Notes; 

(e)    there is a failure by the Parent or any Significant Subsidiary (or any group of Subsidiaries that together would
constitute a Significant Subsidiary) to pay any Indebtedness (other than Indebtedness owing to the Parent or a Restricted Subsidiary) within any applicable grace period after final maturity or the acceleration of any such Indebtedness by the holders
thereof because of a default, in each case, if the total amount of such Indebtedness unpaid or accelerated exceeds $25.0 million or its foreign currency equivalent; 

(f)    the Parent or any Significant Subsidiary (or any group of Subsidiaries that together would constitute a Significant
Subsidiary) pursuant to or within the meaning of any Bankruptcy Law: 
 (i)    commences a voluntary
case; 
 (ii)    consents to the entry of an order for relief against it in an involuntary case; 

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

 (iv)    makes a general assignment for the benefit of its creditors or takes any comparable action
under any foreign laws relating to insolvency, 
 (g)    a court of competent jurisdiction enters an order or decree
under any Bankruptcy Law that: 
 (i)    is for relief against the Parent or any Significant Subsidiary
in an involuntary case; 
 (ii)    appoints a Custodian of the Parent or any Significant Subsidiary or
for any substantial part of its property; or 
 (iii)    orders the winding up or liquidation of the
Parent or any Significant Subsidiary; 
 or any similar relief is granted under any foreign laws and, in each case, the order or decree remains unstayed and
in effect for 60 days; 

  
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 (h)    there is a failure by the Parent or any Significant Subsidiary
(or any group of Subsidiaries that together would constitute a Significant Subsidiary) to pay final judgments aggregating in excess of $25.0 million or its foreign currency equivalent (net of any amounts which are covered by enforceable
insurance policies issued by solvent carriers), which judgments are not discharged, waived or stayed for a period of 60 days; 

(i)    the Guarantee of a Significant Subsidiary (or any group of Subsidiaries that together would constitute a
Significant Subsidiary) with respect to the Notes ceases to be in full force and effect (except as contemplated by the terms thereof), or the Parent, the Company or any Subsidiary Guarantor that qualifies as a Significant Subsidiary (or any group of
Subsidiaries that together would constitute a Significant Subsidiary) denies or disaffirms its obligations under this Indenture with respect to the Notes or any Guarantee with respect to the Notes and such Default continues for 30 days; or 

(j)    except as permitted by the terms of this Indenture or the Security Documents, (a) any lien or security
interest on a material portion of Collateral created by any Security Documents ceases to be a valid and perfected lien or security interest or any default by the Company or any such Guarantor in the performance of any of their obligations under any
of the Security Documents shall occur which adversely affects the enforceability, validity, perfection or priority of the Lien on a material portion of Collateral securing the Obligations under this Indenture, the Notes and the Guarantees, or
(b) any repudiation or disaffirmation in writing by the Company or any Guarantor of its obligations under the Security Documents or assertion by the Company or any Guarantor that any security interest with respect to the Collateral granted
pursuant to the Security Documents is invalid and unenforceable. 
 The foregoing shall constitute Events of Default whatever the reason for
any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

However, a default under clause (c) or (d) above shall not constitute an Event of Default until the Trustee or the holders of at least
25% in principal amount of outstanding Notes notify the Parent, with a copy to the Trustee, of the default and the Parent fails to cure such default within the time specified in clause (c) or (d) hereof after receipt of such notice. Such notice
must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” 
 The term
“Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

Section 6.02    Acceleration. If an Event of Default (other than an Event of Default specified in
Section 6.01(f) or (g) hereof with respect to the Parent) occurs and is continuing with respect to the Notes, the Trustee by notice to the Parent or the holders of at least 25% in principal amount of outstanding Notes by notice to the
Parent, with a copy to the Trustee, may declare the principal of, premium, if any, and accrued but unpaid interest on all the Notes to be due and payable with respect to the Notes. Upon such a declaration, such principal and interest shall be due
and payable immediately. If an Event of Default specified in Section 6.01(f) or (g) with 

  
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respect to the Parent occurs, the principal of, premium, if any, and interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the
Trustee or any holders. The holders of a majority in principal amount of outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences. 

In the event of any Event of Default specified in Section 6.01(e), such Event of Default and all consequences thereof (excluding,
however, any resulting payment default) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the holders of the Notes, if within 20 days after such Event of Default arose the Parent delivers an
Officer’s Certificate to the Trustee stating that (x) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged or (y) 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 (z) the default that is the basis for such Event of Default has been cured, it being understood that in no event shall an acceleration of the principal amount of the Notes as
described above be annulled, waived or rescinded upon the happening of any such events. 
 Section 6.03    Other
Remedies. If an Event of Default occurs and is continuing with respect to the Notes, the Trustee may pursue any available remedy at law or in equity to collect the payment of principal, interest, if any, on the Notes or to enforce the
performance of any provision of the Notes or this Indenture as it relates to the Notes. 
 The Trustee may maintain a proceeding even if it
does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or
constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. To the extent required by law, all available remedies are cumulative. 

Section 6.04    Waiver of Past Defaults. Provided the Notes are not then due and payable by reason of a
declaration of acceleration, the holders of a majority in principal amount of the Notes then outstanding by written notice to the Trustee may waive an existing Default and its consequences except (a) a Default in the payment of the principal of
or interest on a Note, (b) a Default arising from the failure to redeem or purchase any Note when required pursuant to the terms of this Indenture or (c) a Default in respect of a provision that under Section 9.02 cannot be amended
without the consent of each holder affected. When a Default is waived, it is deemed cured and the Company, the Trustee and the holders will be restored to their former positions and rights under this Indenture, but no such waiver shall extend to any
subsequent or other Default or impair any consequent right. 
 Section 6.05    Control by Majority. The
holders of a majority in principal amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee with respect
to the Notes. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of any other holder (it being understood that the Trustee shall have
no obligation to ascertain whether or not such direction is unduly prejudicial to any other holder) or that would involve the Trustee in personal liability. Prior to taking any action under this Indenture, the Security Documents, the

  
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ABL Intercreditor Agreement and the Pari Passu Intercreditor Agreement, the Trustee and the Notes Collateral Agent shall be entitled to indemnification or security satisfactory to each of them in
their sole discretion against all losses and expenses caused by taking or not taking such action. 

Section 6.06    Limitation on Suits. 

(a)    Except to enforce the right to receive payment of principal of, premium (if any), interest, if any, when due, no
holder may pursue any remedy with respect to this Indenture or the Notes unless: 
 (i)    such holder
has previously given the Trustee written notice that an Event of Default is continuing, 

(ii)    holders of at least 25% in principal amount of the outstanding Notes have requested the Trustee to
pursue the remedy, 
 (iii)    such holders have offered, and if requested, provided the Trustee security
or indemnity satisfactory to it against any loss, liability or expense, 
 (iv)    the Trustee has not
complied with such request within 60 days after the receipt of the request and the offer of security or indemnity, and 

(v)    the holders of a majority in principal amount of the outstanding Notes have not given the Trustee a
direction inconsistent with such request within such 60-day period. 
 (b)    A
holder may not use this Indenture to prejudice the rights of another holder or to obtain a preference or priority over another holder (it being understood that the Trustee shall have no obligation to ascertain whether or not such actions or
forbearances are unduly prejudicial to any other holder). 
 Section 6.07    Rights of the Holders to Receive
Payment. Notwithstanding any other provision of this Indenture, the right of any holder to receive payment of principal of, interest, if any, on the Notes held by such holder, on or after the respective due dates expressed or provided for in the
Notes, 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) or
(b) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or any other obligor on the Notes for the whole amount then due and owing (together with interest on overdue
principal and (to the extent lawful) on any unpaid interest at the rate provided for in the Notes) and the amounts provided for in Section 7.07. 

Section 6.09    Trustee May File Proofs of Claim. The Trustee may file such proofs of claim, statements of
interest and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation, 

  
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expenses disbursements and advances of the Trustee (including counsel, accountants, experts or such other professionals as the Trustee deems necessary, advisable or appropriate)) and the holders
allowed in any judicial proceedings relative to the Company, the Guarantors, their creditors or their property, shall be entitled to participate as a member, voting or otherwise, of any official committee of creditors appointed in such matters and,
unless prohibited by law or applicable regulations, may vote on behalf of the holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by
each holder to make 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 it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any holder, or to authorize the Trustee to vote in respect of the claim of any holder in any such proceeding. 

Section 6.10    Priorities. Subject to the provisions of the Security Documents, any money or property
collected by the Trustee pursuant to this Article VI and any other money or property distributable in respect of the Company’s or any Guarantor’s obligations under this Indenture or the Security Documents after an Event of Default
shall be applied in the following order: 
 FIRST: to the Trustee and Notes Collateral Agent for amounts due hereunder
(including the reasonable compensation and expenses, disbursements and advances of the Trustee’s or the Collateral Agent’s agents, counsel, accountants and experts in accordance with Section 7.07); 

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

THIRD: to the Company or, to the extent the Trustee collects any amount for any Guarantor, to such Guarantor. 

The Trustee may fix a record date and payment date for any payment to the holders pursuant to this Section 6.10. At least 15 days before
such record date, the Trustee shall deliver to each holder and the Company a notice that states the record date, the payment date and the amount to be paid. 

Section 6.11    Undertaking for Costs. In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by it as 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 6.11 does not apply to a suit by the Trustee, a suit by a holder pursuant to Section 6.07 or a suit by holders of more than 10% in principal amount of the Notes. 

  
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 Section 6.12    Waiver of Stay or Extension Laws. Neither
the Company nor any Guarantor (to the extent it may lawfully do so) shall at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company and the Guarantors (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and shall not
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 had been enacted. 

ARTICLE VII. 
 TRUSTEE

 Section 7.01    Duties of Trustee. 

(a)    The Trustee, prior to the occurrence of an Event of Default with respect to the Notes and after the curing or
waiving of all Events of Default which may have occurred for which a Responsible Officer has knowledge, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. If an Event of Default has occurred and
is continuing for which a Responsible Officer has knowledge, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under
the circumstances in the conduct of such person’s own affairs. 
 (b)    Except during the continuance of an Event
of Default: 
 (i)    the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee (it being agreed that the permissive right of the Trustee to do things enumerated in this Indenture shall not be
construed as a duty); and 
 (ii)    in the absence of gross negligence or 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. The
Trustee shall be under no duty to make any investigation as to any statement contained in any such instance, but may accept the same as conclusive evidence of the truth and accuracy of such statement or the correctness of such opinions. However, in
the case of certificates or opinions required by any provision hereof to be provided to it, the Trustee shall examine the form of certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not
confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

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

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

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

(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; and 
 (iv)    no provision
of this Indenture shall require the Trustee to expend or risk its own funds or otherwise Incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 

(d)    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 not be liable for interest on any money received by it
except as the Trustee may agree in writing with the Company. 
 (f)    Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law. 
 (g)    Every provision of this Indenture relating
to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 7.01. 

Section 7.02    Rights of Trustee. 

(a)    The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented
by the proper person. The Trustee need not investigate any fact or matter stated in the document. 
 (b)    Before the
Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate
or Opinion of Counsel. 
 (c)    The Trustee may act through agents or attorneys 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
responsible or liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct
or gross negligence. 

  
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 (e)    The Trustee may consult with counsel of its own selection and the
advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good
faith and in accordance with the advice or opinion of such counsel. 
 (f)    The Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document unless requested in writing to do so
by the holders of not less than a majority in principal amount of the Notes at the time outstanding, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney, at the expense of the Company and shall Incur no liability of any kind
by reason of such inquiry or investigation. 
 (g)    The Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Indenture at the request or direction of any of the holders pursuant to this Indenture, unless such holders shall have offered, and if requested, provided, to the Trustee security or indemnity satisfactory to
the Trustee against the costs, losses, expenses and liabilities which might be Incurred by it in compliance with such request or direction. 

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

(i)    The Trustee shall not be responsible or liable for any action taken or omitted by it in good faith at the direction
of the holders of not less than a majority in principal amount of the Notes as to the time, method and place of conducting any proceedings for any remedy available to the Trustee or the exercising of any power conferred by this Indenture. 

(j)    Any action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request
or authority or consent of any person who, at the time of making such request or giving such authority or consent, is the holder of any Note shall be conclusive and binding upon future holders of Notes and upon Notes executed and delivered in
exchange therefor or in place thereof. 
 (k)    The Trustee shall not be deemed to have notice of any Default or Event
of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice
references the Notes and this Indenture. 
 (l)    The Trustee may request that the Company delivers an Officer’s
Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any Person authorized to sign an
Officer’s Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded. 

  
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 (m)    The Trustee shall not be responsible or liable for punitive,
special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of
actions. 
 (n)    The Trustee shall not be required to give any bond or surety in respect of the execution of the
trusts and powers under this Indenture. 
 (o)    The Trustee shall not be responsible or liable for any failure or
delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars
and other military disturbances; sabotage; epidemics; riots; loss or malfunction of utilities, computer (hardware or software) or communication services; accidents; labor disputes; and acts of civil or military authorities and governmental action.

 (p)    The permissive rights of the Trustee to take or refrain from taking any actions hereunder shall not be
constituted 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 Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent or Registrar may do the same with like rights. However, the
Trustee must comply with Sections 7.10 and 7.11. 
 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, the Guarantees, the Notes or the other Cash Flow Documents, it shall not be accountable for the Company’s use
of the proceeds from the Notes, and it shall not be responsible for any statement of the Company or any Guarantor in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s
certificate of authentication. The Trustee shall not be charged with knowledge of any Default or Event of Default under Sections 6.01(c), (d), (e), (f), (g), (h), or (i), or of the identity of any Significant Subsidiary unless either (a) a
Responsible Officer shall have actual knowledge thereof or (b) the Trustee shall have received written notice thereof in accordance with Section 13.02 hereof from the Company, any Guarantor or any holder. In accepting the trust hereby
created, the Trustee acts solely as Trustee under this Indenture and not in its individual capacity and all persons, including without limitation the holders of Notes and the Company having any claim against the Trustee arising from this Indenture
shall look only to the funds and accounts held by the Trustee hereunder for payment except as otherwise provided herein. Neither the Trustee nor the Notes Collateral Agent shall be responsible for and makes no representation as to the validity or
adequacy of the Collateral or the perfection of the security interest thereof. 

  
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 Section 7.05    Notice of Defaults. If a Default in respect
of the Notes occurs and is continuing and is actually known to a Responsible Officer or the Trustee, the Trustee shall mail, or deliver electronically if held by DTC, to each holder of the Notes notice of the Default within the earlier of 90 days
after it occurs or 30 days after it is actually known to a Responsible Officer or written notice of it is received by the Trustee. Except in the case of a Default in the payment of principal of, premium (if any) or interest, if any, on any Note, the
Trustee may withhold notice if and so long as it in good faith determines that withholding notice is in the interests of the noteholders. The Parent is required to deliver to the Trustee, within 120 days after the end of each fiscal year, a
certificate indicating whether the signers thereof know of any Default that occurred during the previous year. The Parent also is required to deliver to the Trustee, within 30 days after the occurrence thereof, written notice of any event which
would constitute certain Defaults, their status and what action the Parent is taking or proposes to take in respect thereof. 

Notwithstanding the foregoing, a notice of Default may not be given with respect to any action taken, and reported publicly or to holders,
more than two years prior to such notice of Default, and any time period in this Indenture to cure any actual or alleged Default or Event of Default may be extended or stayed by a court of competent jurisdiction. In addition, any notice of Default,
notice of acceleration or instruction to the Trustee to provide a notice of Default, notice of acceleration or take any other action (a “Noteholder Direction”) provided by any one or more holders (each a “Directing
Holder”) must be accompanied by a written representation from each such holder to the Company and the Trustee that such holder is not (or, in the case such holder is DTC or its nominee, that such holder is being instructed solely by
beneficial owners that are not) Net Short (a “Position Representation”), which representation, in the case of a Noteholder Direction relating to a notice of Default (a “Default Direction”) shall be deemed repeated
at all times until the resulting Event of Default is cured or otherwise ceases to exist or the Notes are accelerated. In addition, each Directing Holder must, at the time of providing a Noteholder Direction, covenant to provide the Company with such
other information as the Company may reasonably request from time to time in order to verify the accuracy of such holder’s Position Representation within five Business Days of request therefor (a “Verification Covenant”). In
any case in which the holder is DTC or its nominee, any Position Representation or Verification Covenant required hereunder shall be provided by the beneficial owner of the Notes in lieu of DTC or its nominee. 

If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Company determines in good faith that there
is a reasonable basis to believe a Directing Holder was, at any relevant time, in breach of its Position Representation and provides to the Trustee evidence that the Company has filed papers with a court of competent jurisdiction seeking a
determination that such Directing Holder was, at such time, in breach of its Position Representation, and seeking to invalidate any Event of Default that resulted from the applicable Noteholder Direction, the cure period with respect to such Event
of Default shall be automatically stayed pending a final and non-appealable determination of a court of competent jurisdiction on such matter. If, following the delivery of a Noteholder Direction, but prior to
acceleration of the Notes, the Company provides to the Trustee an Officer’s Certificate stating that a Directing Holder failed to satisfy its Verification Covenant, the cure period with respect to any Event of Default that resulted from the
applicable Noteholder Direction shall be automatically stayed pending satisfaction of such Verification Covenant. Any breach of the Position Representation shall result in such holder’s participation in such Noteholder Direction

  
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being disregarded; and, if, without the participation of such holder, the percentage of Notes held by the remaining holders that provided such Noteholder Direction would have been insufficient to
validly provide such Noteholder Direction, such Noteholder Direction shall be void ab initio, with the effect that such Event of Default shall be deemed never to have occurred and the Trustee shall be deemed to have not received the Noteholder
Direction or any notice of such Event of Default. 
 Section 7.06    [Reserved]. 

Section 7.07    Compensation and Indemnity. The Company shall pay to each of the Trustee and the Notes
Collateral Agent from time to time such compensation for the Trustee’s acceptance of this Indenture and its services hereunder as mutually agreed to in writing between the Company, the Trustee and the Notes Collateral Agent. The Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee and the Notes Collateral Agent, as the case may be, upon request for all reasonable
out-of-pocket expenses Incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the
reasonable compensation and expenses, disbursements and advances of the Trustee’s or the Notes Collateral Agent’s, as applicable, agents, counsel, accountants and experts. The Company and the Guarantors, jointly and severally, shall
indemnify the Trustee and the Notes Collateral Agent, as the case may be, or any predecessor Trustee or Notes Collateral Agent, as applicable and their directors, officers, employees and agents against any and all loss, liability, claim, damage or
expense (including reasonable attorneys’ fees and expenses and including taxes (other than taxes based upon, measured by or determined by the income of the Trustee or the Notes Collateral Agent)) Incurred by or 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 or Guarantee against the Company or any Guarantor (including this Section 7.07) and defending itself
against or investigating any claim (whether asserted by the Company, any Guarantor, any holder or any other Person). The obligation to pay such amounts shall survive the payment in full or defeasance of the Notes or the removal or resignation of the
Trustee or the Notes Collateral Agent. The Trustee shall notify the Company of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any failure so to notify the Company
shall not relieve the Company or any Guarantor of its indemnity obligations hereunder. The Company may defend the claim and the indemnified party shall provide reasonable cooperation at the Company’s expense in the defense. Such indemnified
parties may have separate counsel and the Company and such Guarantor, as applicable, shall pay the fees and expenses of such counsel; provided, however, that the Company shall not be required to pay such fees and expenses if it assumes
such indemnified parties’ defense and, in such indemnified parties’ reasonable judgment, there is no actual or potential conflict of interest between the Company and the Guarantors, as applicable, and such parties in connection with such
defense. The Company need not reimburse any expense or indemnify against any loss, liability or expense Incurred by an indemnified party through such party’s own willful misconduct or gross negligence, as determined by a final, nonappealable
order of a court of competent jurisdiction. 
 To secure the Company’s and the Guarantors’ payment obligations in this
Section 7.07, the Trustee and the Notes Collateral Agent shall have a Lien prior to the Notes on all money or property held or collected by the Trustee or the Notes Collateral Agent other than money or property held in trust to pay principal
of, interest, if any, on particular Notes. 

  
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 The Company’s and the Guarantors’ payment obligations pursuant to this
Section 7.07 shall survive the satisfaction or discharge of this Indenture, any rejection or termination of this Indenture under any bankruptcy law or the resignation or removal of the Trustee or the Notes Collateral Agent. Without prejudice to
any other rights available to the Trustee and the Notes Collateral Agent under applicable law, when the Trustee Incurs expenses after the occurrence of a Default specified in Section 6.01(f) or (g) with respect to the Company, the expenses
are intended to constitute expenses of administration under the Bankruptcy Law. 
 No provision of this Indenture shall require the Trustee
or the Notes Collateral Agent to expend or risk its own funds or otherwise Incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if repayment of such funds or adequate
indemnity against such risk or liability is not assured to its satisfaction. 
 Section 7.08    Replacement of
Trustee. 
 (a)    The Trustee may resign at any time by so notifying the Company. The holders of a majority in
principal amount of the Notes may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Company shall remove the Trustee if: 

(i)    the Trustee fails to comply with Section 7.10; 

(ii)    the Trustee is adjudged bankrupt or insolvent; 

(iii)    a receiver or other public officer takes charge of the Trustee or its property; or 

(iv)    the Trustee otherwise becomes incapable of acting. 

(b)    If the Trustee resigns, is removed by the Company or by the holders of a majority in principal amount of the Notes
and such holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint
a successor Trustee. 
 (c)    A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Company. 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 the holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.07. 

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

  
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 (e)    If the Trustee fails to comply with Section 7.10, any holder
who has been a bona fide holder of a Note for at least six months may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f)    Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations
under Section 7.07 shall continue for the benefit of the retiring Trustee. 
 Section 7.09    Successor
Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee
corporation or banking association without any further act shall be the successor Trustee. 
 In case at the time such successor or
successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of
authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any
predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have.

 Section 7.10    Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of
Section 310(a) of the TIA. The Trustee shall have a combined capital and surplus of at least $50.0 million as set forth in its most recent published annual report of condition. The Trustee shall comply with Section 310(b) of the TIA,
subject to its right to apply for a stay of its duty to resign under the penultimate paragraph of Section 310(b) of the TIA; provided, however, that there shall be excluded from the operation of Section 310(b)(1) of the TIA
any series of securities issued under this Indenture and any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Company are outstanding if the requirements for such exclusion
set forth in Section 310(b)(1) of the TIA are met. 
 Section 7.11    Preferential Collection of Claims
Against the Company. The Trustee shall comply with Section 311 (a) of the TIA, excluding any creditor relationship listed in Section 311(b) of the TIA. A Trustee who has resigned or been removed shall be subject to Section 311(a)
of the TIA to the extent indicated. 
 ARTICLE VIII. 

DISCHARGE OF INDENTURE; DEFEASANCE 

Section 8.01    Discharge of Liability on Notes; Defeasance. 

(a)    This Indenture shall be discharged and shall cease to be of further effect (except as to surviving rights and
immunities of the Trustee and the Notes Collateral Agent and rights of transfer or exchange of Notes, as expressly provided for in this Indenture) as to all outstanding Notes when: 

  
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 (i)    either (A) all the 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 or segregated and held in trust by the Parent and thereafter repaid to the
Parent or discharged from such trust) have been delivered to the Trustee for cancellation or (B) all of the Notes not theretofore delivered to the Trustee for cancellation (1) have become due and payable, (2) will become due and
payable at their Stated Maturity within one year or (3) if redeemable at the option of the Parent, are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Parent, and the Parent has irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire Indebtedness and Obligations on the Notes not
theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the Notes to, but excluding, the date of deposit together with irrevocable instructions from the Parent directing the Trustee to apply such
funds to the payment thereof at maturity or redemption, as the case may be; provided that with respect to any discharge of such Notes that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes
of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice of redemption, with any deficit as of the date of the redemption only required to be deposited with
the Trustee on or prior to the date of redemption; 
 (ii)    the Company and/or the Guarantors have paid
all other sums payable under this Indenture in respect of the Notes; and 
 (iii)    the Parent has
delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 

(b)    Subject to Sections 8.01(c) and 8.02, the Company at any time may terminate (i) all of its obligations
under the Notes and this Indenture with respect to the holders of the Notes (“legal defeasance option”), and (ii) its obligations under Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.11, 4.12, 4.15 and 4.16, and the
operation of Section 5.01 for the benefit of the holders of the Notes, and Sections 6.01(e), 6.01(f), 6.01(g) (in the case of Sections 6.01(f) and 6.01(g) with respect to Significant Subsidiaries only) and 6.01(h) (“covenant
defeasance option”). The Company may exercise its legal defeasance option with respect to the Notes notwithstanding its prior exercise of its covenant defeasance option with respect to the Notes. If the Company exercises its legal
defeasance option or its covenant defeasance option with respect to the Notes, each Guarantor will be released from all of its obligations with respect to its Guarantee of the Notes . 

If the Company exercises its legal defeasance option with respect to the Notes, payment of the Notes may not be accelerated because of an
Event of Default with respect thereto. If the Company exercises its covenant defeasance option with respect to the Notes, payment of the Notes may not be accelerated because of an Event of Default specified in Sections 6.01(c), 6.01(d),
6.01(e), 6.01(f), 6.01(g) (in the case of Sections 6.01(f) and (g), with respect only to Significant Subsidiaries), 6.01(h) or 6.01 (i) or because of the failure of the Parent or the Company to comply with Section 5.01(a)(iv). 

  
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 Upon satisfaction of the conditions set forth herein and upon request of the Company, the
Trustee shall acknowledge in writing the discharge of those obligations that the Company terminates. 

(c)    Notwithstanding clauses (a) and (b) above, the Company’s obligations in Sections 2.04, 2.05, 2.06,
2.07, 2.08 and 2.09 and Article VII, including, without limitation, Sections 7.07 and 7.08 and in this Article VIII and the rights and immunities of the Trustee and the Notes Collateral Agent under this Indenture shall survive until the
Notes have been paid in full. Thereafter, the Company’s obligations in Sections 7.07, 7.08, 8.03, 8.04, 8.05 and 8.06 and the rights and immunities of the Trustee and the Notes Collateral Agent under this Indenture shall survive such
satisfaction and discharge. 
 Section 8.02    Conditions to Defeasance. 

(a)    The Company may exercise its legal defeasance option or its covenant defeasance option only if: 

(i)    the Company irrevocably deposits in trust with the Trustee money or U.S. Government Obligations
sufficient to pay the principal of, premium (if any), interest, if any (without reinvestment), on the Notes when due at maturity or redemption, as the case may be; 

(ii)    with respect to U.S. Government Obligations or a combination of money and U.S. Government
Obligations, the Company delivers to the Trustee a certificate from a nationally recognized firm of independent accountants, a nationally recognized investment bank or a nationally recognized appraisal or valuation firm, expressing their opinion
that the payments of principal, interest, if any, when due and without reinvestment on the deposited U.S. Government Obligations, plus any deposited money without investment will provide cash at such times and in such amounts as will be
sufficient to pay principal, premium, if any, interest, if any, when due on the Notes to maturity or redemption, as the case may be; provided that upon any defeasance that requires the payment of the Applicable Premium, the amount deposited
shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium, calculated as of the date of the notice of redemption, with any deficit as of the date of the redemption
only required to be deposited with the Trustee on the date of the redemption; 
 (iii)    no Default
specified in Section 6.01(f) or (g) with respect to the Company shall have occurred or is continuing on the date of such deposit; 

(iv)    the deposit does not constitute a default under any other material agreement or instrument binding
on the Company; 
 (v)    the Company shall have delivered to the Trustee in the case of the legal
defeasance option, an Opinion of Counsel stating that (1) the Company has received 

  
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from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the date of this Indenture 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, the beneficial owners will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and will be
subject to U.S. federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred. Notwithstanding the foregoing, the Opinion of Counsel required by the
immediately preceding sentence with respect to a legal defeasance need not be delivered if all of the Notes not theretofore delivered to the Trustee for cancellation (x) have become due and payable or (y) will become due and payable at
their Stated Maturity within one year, or if redeemable at the option of the Company, are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption; 

(vi)    such exercise does not impair the right of any holder to receive payment of principal of, premium,
if any, interest, if any, on such holder’s Notes on or after the due dates therefore or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes; 

(vii)    in the case of the covenant defeasance option, the Company shall have delivered to the Trustee an
Opinion of Counsel to the effect that the beneficial owners will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and will be subject to U.S. federal income tax on the same amount and
in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; and 

(viii)    the Company delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that all conditions precedent to the defeasance and discharge of the Notes to be so defeased and discharged as contemplated by this Article VIII have been complied with. 

(b)    Before or after a deposit, the Company may make arrangements satisfactory to the Trustee for the redemption of such
Notes at a future date in accordance with Article III. 
 Section 8.03    Application of Trust Money.
The Trustee shall hold in trust money, U.S. Government Obligations in the case of the Notes (including proceeds thereof) deposited with it pursuant to this Article VIII. The Trustee shall apply the deposited money and the money from U.S.
Government Obligations through each Paying Agent and in accordance with this Indenture to the payment of principal of, premium, if any, interest, if any, on the Notes so discharged or defeased. 

Section 8.04    Repayment to Company. Each of the Trustee and each Paying Agent shall promptly turn over to
the Company upon request any money, U.S. Government Obligations held by it as provided in this Article VIII that, in the written opinion of a nationally recognized firm of independent public accountants, a nationally recognized investment bank
or a nationally recognized appraisal or valuation firm, delivered to the Trustee (which delivery shall only be required if U.S. Government Obligations have been so deposited), are in excess of the amount thereof that would then be required to be
deposited to effect an equivalent discharge or defeasance in accordance with this Article VIII. 

  
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 Subject to any applicable abandoned property law, the Trustee and each Paying Agent shall
pay to the Company upon written request any money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, holders entitled to the money must look to the Company for payment as general creditors,
and the Trustee and each Paying Agent shall have no further liability with respect to such monies. 

Section 8.05    Indemnity for Government Obligations. The Company shall pay and shall indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations. 

Section 8.06    Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or U.S.
Government Obligations, in accordance with this Article VIII by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the
Company’s obligations under this Indenture and the Notes so discharged or defeased shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or any Paying Agent is permitted
to apply all such money, U.S. Government Obligations in accordance with this Article VIII; provided, however, that, if the Company has made any payment of principal of, premium, if any, interest, if any, on, any such Notes because
of the reinstatement of its obligations, the Company shall be subrogated to the rights of the holders of such Notes to receive such payment from the money, U.S. Government Obligations held by the Trustee or any Paying Agent. 

ARTICLE IX. 
 AMENDMENTS
AND WAIVERS 
 Section 9.01    Without Consent of the Holders. 

(a)    The Parent, the Company, the Trustee and the Notes Collateral Agent, as applicable, may amend this Indenture, the
Notes, the Guarantees, any Security Document, the ABL Intercreditor Agreement or the Pari Passu Intercreditor Agreement (if any) without notice to or the consent of any holder of the Notes: 

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

(ii)    to provide for the assumption by a Successor Company (with respect to the Parent or the Company, as
applicable) of the obligations of the Parent or the Company under this Indenture with respect to the Notes; 

(iii)    to provide for the assumption by a Successor Guarantor (with respect to any Guarantor) of the
obligations of a Subsidiary Guarantor under this Indenture and its Guarantee; 

  
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 (iv)    to provide for uncertificated Notes in addition
to or in place of certificated Notes; provided, however, that uncertificated Notes are in registered form for purposes of Section 163(f) of the Code; 

(v)    to add a Guarantee or collateral with respect to the Notes, 

(vi)    to add collateral to secure the Notes; 

(vii)    to release a Guarantor from its Guarantee of the Notes when permitted or required under the terms
of this Indenture with respect to the Notes; 
 (viii)    to add to the covenants of the Parent for the
benefit of the holders or to surrender any right or power herein conferred upon the Parent; 
 (ix)    to
add additional assets as Collateral; 
 (x)    to make, complete or confirm any grant of security
interest in any property or assets as additional collateral securing the Obligations under this Indenture, the Notes and the Guarantees, including when permitted or required by this Indenture or any of the Security Documents or any release,
termination or discharge of Collateral when permitted or required by this Indenture or any of the Security Documents; 

(xi)    to enter into or amend the ABL Intercreditor Agreement or the Pari Passu Intercreditor Agreement
(if any) or any of the Security Documents (or a supplement thereto) under circumstances provided therein; 

(xii)    to make any change that does not adversely affect the rights of any holder of Notes in any
material respect; 
 (xiii)    to conform the text of this Indenture, Guarantees, the Notes, the Security
Documents or the ABL Intercreditor Agreement or the Pari Passu Intercreditor Agreement (if any) to any provision of the “Description of Notes” in the Offering Memorandum, as set forth in an Officer’s Certificate; or 

(xiv)    to make certain changes to this Indenture to provide for the issuance of Additional Notes. 

(b)    After an amendment under this Section 9.01 becomes effective, the Company shall mail, or otherwise deliver in
accordance with the procedures of the Depository, to the holders a notice (with a copy to the Trustee) briefly describing such amendment. The failure to give such notice to all holders, or any defect therein, shall not impair or affect the validity
of an amendment under this Section 9.01. 
 (c)    In addition, without the consent of the holders of at least 662/3% in aggregate principal amount of the Notes then outstanding, an amendment, supplement or waiver may not: 

(i)    (A) modify any Security Document or the provisions of this Indenture with respect to the Notes
dealing with the Security Documents or application of trust 

  
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moneys under the Security Documents, or (B) release a lien of the Security Documents securing the Notes on all or substantially all of the Collateral, or otherwise release any Collateral, in
any manner materially adverse to the holders other than in accordance with this Indenture, the Security Documents and the ABL Intercreditor Agreement and the Pari Passu Intercreditor Agreement (if any); or 

(ii)    modify the ABL Intercreditor Agreement or the Pari Passu Intercreditor Agreement (if any) in any
manner materially adverse to the holders of the Notes other than in accordance with this Indenture, the Security Documents and the ABL Intercreditor Agreement and the Pari Passu Intercreditor Agreement (if any). 

Section 9.02    With Consent of the Holders. The Company, the Trustee and the Notes Collateral Agent, as
applicable, may amend this Indenture, the Notes, the Guarantees thereof, the Security Documents, the ABL Intercreditor Agreement and/or any Pari Passu Intercreditor Agreement, and any past Default or compliance with any provisions of this Indenture
with respect to the Notes or the Guarantees thereof may be waived, with the consent of the Company and the holders of at least a majority in principal amount of the Notes then outstanding voting as a single class. However, without the consent of
each holder of an outstanding Note affected, no amendment or waiver may (with respect to any Notes held by a non-consenting holder): 

(i)    reduce the principal amount of Notes whose holders must consent to an amendment; 

(ii)    reduce the rate of or extend the time for payment of interest, on any Note; 

(iii)    reduce the principal of or change the Stated Maturity of any Note; 

(iv)    reduce the premium payable upon the redemption of any Note or change the time at which any Note may
be redeemed in accordance with Article III; 
 (v)    make any Note payable in money other than that
stated in such Note; 
 (vi)    expressly subordinate the Notes or any Guarantee of the Notes to any
other Indebtedness of the Company or any Guarantor; or 
 (vii)    make any change in the amendment
provisions as to the Notes which require the consent of each holder of Notes or in the waiver provisions applicable to the Notes. 
 It
shall not be necessary for the consent of the holders under this Section 9.02 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 

After an amendment under this Section 9.02 becomes effective, the Company shall mail, or otherwise deliver in accordance with the
procedures of the Depository, to the holders a notice briefly describing such amendment (with a copy to the Trustee). The failure to give such notice to all holders, or any defect therein, shall not impair or affect the validity of an amendment
under this Section 9.02. 

  
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 Section 9.03    Revocation and Effect of Consents and
Waivers. 
 (a)    A consent to an amendment or a waiver by a holder of a Note shall bind the holder and every
subsequent holder of that Note or portion of the Note that evidences the same debt as the consenting holder’s Note, even if notation of the consent or waiver is not made on the Note. However, any such holder or subsequent holder may revoke the
consent or waiver as to such holder’s Note or portion of the Note if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officer’s Certificate from the Company certifying that the requisite
principal amount of Notes have consented. After an amendment or waiver becomes effective, it shall bind every holder. An amendment or waiver becomes effective upon the (i) receipt by the Company or the Trustee of consents by the holders of the
requisite principal amount of securities, (ii) satisfaction of conditions to effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such amendment or waiver and (iii) execution of such amendment or
waiver (or supplemental indenture) by the Company, the Guarantors and the Trustee. 
 (b)    The Company may, but shall
not be obligated to, fix a record date for the purpose of determining the holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed,
then notwithstanding the immediately preceding paragraph, those Persons who were holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given
or to take any such action, 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. 

Section 9.04    Notation on or Exchange of Notes. If an amendment, supplement or waiver changes the terms of a
Note, the Company may require the holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the holder. Alternatively, if the Company or the Trustee so
determine, the Company in exchange for the Note shall issue and, upon written order of the Company signed by an Officer, the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue
a new Note shall not affect the validity of such amendment, supplement or waiver. 
 Section 9.05    Trustee to
Sign Amendments. The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article IX if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the
Trustee may but need not sign it. In signing such amendment, the Trustee shall receive indemnity or security satisfactory to it and shall be provided with, and (subject to Section 7.01) shall be fully protected in conclusively relying upon,
(i) an Officer’s Certificate stating that such amendment, supplement or waiver is authorized or permitted by this Indenture, (ii) an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by
this Indenture and, with respect to any supplement relating to any Additional Notes, that such supplement is the legal, valid and binding obligation of the Company and any Guarantors, enforceable against them in accordance with its terms, subject to
customary exceptions, and complies with the provisions hereof, (iii) with respect to any supplement relating to any Additional Notes, a copy of the resolution of the Board of Directors, certified by the Secretary or Assistant Secretary of

  
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the Company, authorizing the execution of such amendment, supplement or waiver and (iv) if such amendment, supplement or waiver is executed pursuant to Section 9.02, evidence reasonably
satisfactory to the Trustee of the consent of the holders required to consent thereto. 

Section 9.06    Additional Voting Terms; Calculation of Principal Amount. All Notes issued under this
Indenture shall vote and consent together on all matters (as to which any of such Notes may vote) as one class and no Notes will have the right to vote or consent as a separate class on any matter. Determinations as to whether holders of the
requisite aggregate principal amount of Notes have concurred in any direction, waiver or consent shall be made in accordance with this Article IX and Section 2.13. 

Section 9.07    Compliance with the Trust Indenture Act. From the date on which this Indenture is qualified
under the TIA (if such date occurs), every amendment, waiver or supplement to this Indenture or the Notes shall comply with the TIA as then in effect. 

ARTICLE X. 
 SECURITY

 Section 10.01    Security Documents; Additional Collateral. 

(a)    Security Documents. In order to secure the due and punctual payment of the Obligations under this Indenture,
the Notes and the Security Documents, the Company, the Guarantors, the Notes Collateral Agent and any other parties in accordance with the provisions of Section 4.10, Section 4.11 and this Article 10, will enter into the applicable
Security Documents. The Company shall and shall cause each other Guarantor to, and each Guarantor shall, make all filings (including filings of continuation statements and amendments to UCC financing statements that may be necessary to continue the
effectiveness of such UCC financing statements) as are required to maintain (at the sole cost and expense of the Company and the Guarantors) the security interests created by the Security Documents in the Collateral (subject to the terms of the ABL
Intercreditor Agreement, any Pari Passu Intercreditor Agreement (if any) and the Security Documents) as a perfected security interest to the extent perfection is required by the Security Documents and within the time frames set forth therein,
subject only to Permitted Liens, and with the priority required by the ABL Intercreditor Agreement, any Pari Passu Intercreditor Agreement (if any), and the other Security Documents. 

(b)    After-Acquired Collateral. If the Company or any Guarantor acquires any property which is of a type
constituting Collateral under any Security Document (excluding, for the avoidance of doubt, any Excluded Assets), it shall promptly after the acquisition thereof execute and deliver such security instruments, mortgages and financing statements as
are reasonably necessary to vest in the Notes Collateral Agent a perfected security interest (subject only to Permitted Liens) in such after acquired property and to have such after acquired property added to the Collateral, and thereupon all
provisions of this Indenture relating to the Collateral shall be deemed to relate to such after acquired property to the same extent and with the same force and effect. 

  
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 (c)    Real Estate Documents. With respect to (i) any
Specified Cash Flow Priority Collateral described in Sections 10.01(c)(1)-(5) below owned by the Company or a Guarantor on the Issue Date, the Company or the applicable Guarantor shall use commercially reasonable efforts to deliver or cause to be
delivered to the Notes Collateral Agent (x) on the Issue Date, or, to the extent such items cannot be delivered on the Issue Date after the use of commercially reasonable efforts, within 30 days of the Issue Date (or as promptly as reasonably
possible thereafter using commercially reasonable efforts) and (ii) any real property acquired by the Company or a Guarantor after the Issue Date that forms a part of the Collateral (but specifically excluding Excluded Assets), the Company or
the applicable Guarantor shall use commercially reasonable efforts to deliver or cause to be delivered to the Notes Collateral Agent, within 60 days (or as soon as practicable thereafter using commercially reasonable efforts) of the Issue Date or
the date of acquisition, as applicable, the following, in each case, in customary form: 
 (1)    fully
executed counterparts of mortgages, deeds of trust, security deeds or deeds to secure debt (each, a “Mortgage”), duly executed and acknowledged by the record owner of such real property, and otherwise in form for recording in the
recording office of each applicable political subdivision where such real property is situated, together with such certificates, affidavits, questionnaires or returns as shall be reasonably required in connection with the recording or filing thereof
and evidence of the completion (or satisfactory arrangements for the completion) of all recordings and filings of such Mortgage (and payment of any taxes or fees in connection therewith), together with any fixture filings, as may be necessary to
create a valid, perfected Lien, with the priority required by this Indenture and the Security Documents, subject to Permitted Liens, against the real property purported to be covered thereby; provided, however, to the extent any such
Mortgage is to be filed in a jurisdiction that charges mortgage, intangibles or similar taxes in connection with the recording thereof, the amount to be secured by such Mortgage shall not be more than the Company’s reasonable estimate of the
Fair Market Value of such property to the extent that limiting the amount secured to such Fair Market Value results in a savings on such mortgage, intangibles or similar tax; provided, further, if the finalization of the title
insurance policies pursuant to subsection (3) below, the surveys pursuant to subsection (4) below or the opinions pursuant to subsection (5) below occur after delivery of any Mortgage pursuant hereto, then, to the extent required to
correct and/or confirm that the real property encumbered by such Mortgage is consistent with that so insured and surveyed and/or confirm the Notes Collateral Agent’s mortgage lien on and security interests in such real property, the Company or
the applicable Guarantor shall deliver to the Notes Collateral Agent (A) an amendment to any such applicable Mortgage (or to the extent required, a new Mortgage) duly authorized, executed and acknowledged, in recordable form and otherwise in
customary form sufficient to grant a perfected security interest to the Notes Collateral Agent with respect to each such applicable mortgaged property and (B) such other documents, including, but not limited to, any supplemental consents,
agreements and/or confirmations of third parties, and supplemental local counsel opinions, as are customary for transactions of such type in order to effectuate the same; 

  
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 (2)    [Reserved]; 

(3)    with respect to each Mortgage, a mortgagee’s title insurance policy (or a binding pro
forma title insurance policy or marked-up unconditional binder of title insurance) in favor of the Notes Collateral Agent, and its successors and/or assigns, which shall insure that such Mortgage
constitutes a valid Lien on the real property described therein, with the priority required by this Indenture and the Security Documents, free and clear of all Liens, defects and encumbrances, other than Permitted Liens. All such title policies
shall be in amounts equal to the estimated Fair-Market Value of the real property covered thereby as reasonably estimated by the Company or Guarantor, and such policies shall also include, to the extent available, all such endorsements as shall be
reasonably required in transactions of similar size and purpose to the extent available at commercially reasonable rates and shall be accompanied by evidence of the payment in full by the Company or the applicable Guarantor of all premiums thereon
(or that satisfactory arrangements for such payment have been made) and that all charges for mortgage recording taxes, filing and recording fees and all related expenses, if any, have been paid; 

(4)    an ALTA survey in form satisfactory to the title insurance company issuing the mortgagee title
insurance policies or, in lieu thereof, existing surveys, together with any affidavits or certificates required by the title insurance company, in each case, as shall be sufficient to enable the title insurance company to remove any standard survey
exceptions from the applicable title insurance policy and issue customary survey-dependent endorsements to the applicable title insurance policy; and 

(5)    customary local counsel opinions covering the enforceability related to the Mortgages, and opinions
of counsel in the jurisdiction of organization of the owner of the applicable real property covering the due authorization, execution, delivery related to the Mortgages. 

To the extent any such actions are not or cannot be completed within the timeframes set forth above as a result of the occurrence of the COVID-19 pandemic (including without limitation, as a result of any notary services being unavailable or the applicable land records office being closed) after the use of commercially reasonable efforts to do so
without undue burden or expense or risk to human health, then such actions must be completed as soon as is reasonably practicable after the Issue Date. 

  
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 Section 10.02    Concerning the Notes Collateral Agent. 

(a)    The provisions of this Section 10.02 are solely for the benefit of the Notes Collateral Agent and none of the
Company, any of the other Guarantors nor any of the holders shall have any rights as a third party beneficiary of any of the provisions contained herein. Notwithstanding any provision to the contrary contained elsewhere in this Indenture and the
Security Documents, the Notes Collateral Agent shall have only those duties or responsibilities expressly provided hereunder or thereunder and the Notes Collateral Agent shall not have nor be deemed to have any fiduciary relationship with the
Trustee, the Company, any other Guarantor or any holder, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Indenture and the Security Documents or otherwise exist against the Notes
Collateral Agent. 
 (b)    The Notes Collateral Agent shall act pursuant to the instructions of the holders and the
Trustee (or such other persons as set forth in the Security Documents) with respect to the Security Documents and the Collateral. For the avoidance of doubt, the Notes Collateral Agent shall have no discretion under this Indenture, the ABL
Intercreditor Agreement, any Pari Passu Intercreditor Agreement (if any) or the Security Documents and shall not be required to make or give any determination, consent, approval, request or direction without the written direction of the holders of a
majority in aggregate principal amount of the then outstanding Notes or the Trustee, as applicable, or, if applicable, such other persons as set forth in the Security Documents. After the occurrence and during the continuance of an Event of Default,
subject to the provisions of the Security Documents, the Trustee may direct the Notes Collateral Agent in connection with any action required or permitted by this Indenture or the Security Documents. 

(c)    None of the Notes Collateral Agent or any of its respective Affiliates shall be liable for any action taken or
omitted to be taken by any of them under or in connection with this Indenture or the transactions contemplated hereby (except for its own gross negligence or willful misconduct) or under or in connection with any Security Document or the
transactions contemplated thereby (except for its own gross negligence or willful misconduct). 
 (d)    Other than in
connection with a release of Collateral permitted under Section 10.03 (except as may be required by Section 9.02), in each case that the Notes Collateral Agent may or is required hereunder or under any other Security Document to take any
action (an “Action”), including without limitation to make any determination, to give consents, to exercise rights, powers or remedies, to release or sell Collateral or otherwise to act hereunder or under any other Security
Document, the Notes Collateral Agent may seek direction from the holders of a majority in aggregate principal amount of the then outstanding Notes. The Notes Collateral Agent shall not be liable with respect to any Action taken or omitted to be
taken by it in accordance with the direction from the holders of a majority in aggregate principal amount of the then outstanding Notes. Subject to the Security Documents, if the Notes Collateral Agent shall request direction from the holders of a
majority in aggregate principal amount of the then outstanding Notes with respect to any Action, the Notes Collateral Agent shall be entitled to refrain from such Action unless and until the Notes Collateral Agent shall have received direction from
the holders of a majority in aggregate principal amount of the then outstanding Notes, and the Notes Collateral Agent shall not incur liability to any Person by reason of so refraining. 

  
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 (e)    Beyond the exercise of reasonable care in the custody of the
Collateral in its possession, the Notes Collateral Agent will have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior
parties or any other rights pertaining thereto. The Notes Collateral Agent will be deemed to have exercised reasonable care in the custody of the collateral in its possession if the collateral is accorded treatment substantially equal to that which
it accords its own property, and the Notes Collateral Agent will not be liable or responsible for any loss or diminution in the value of any of the collateral by reason of the act or omission of any carrier, forwarding agency or other agent or
bailee selected by the Notes Collateral Agent in good faith. 
 (f)    The Notes Collateral Agent will not be
responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or
omission to act on its part hereunder, except to the extent such action or omission constitutes gross negligence or willful misconduct on the part of the Notes Collateral Agent, as determined by a court of competent jurisdiction in a final,
nonappealable order, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of any grantor to the Collateral, for insuring the collateral or for the payment of taxes,
charges, assessments or liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Notes Collateral Agent hereby disclaims any representation or warranty to the present and future holders of the Notes concerning the
perfection of the liens granted hereunder or in the value of any of the Collateral. Notwithstanding anything to the contrary in this Indenture or any other Cash Flow Document, in no event shall the Collateral Agent or the Trustee be responsible for,
or have any duty or obligation with respect to, the recording, filing, registering, perfection, protection or maintenance of the security interests or Liens intended to be created by this Indenture or the other Cash Flow Documents (including without
limitation the filing or continuation of any UCC. 
 (g)    In the event that the Notes Collateral Agent is required to
acquire title to an asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any fiduciary or trust obligation for the benefit of another, which in the Notes Collateral Agent’s sole discretion may
cause the Notes Collateral Agent, as applicable, to be considered an “owner or operator” under any environmental laws or otherwise cause the Notes Collateral Agent to incur, or be exposed to, any environmental liability or any liability
under any other federal, state or local law, the Notes Collateral Agent reserves the right, instead of taking such action, either to resign as Notes Collateral Agent or to arrange for the transfer of the title or control of the asset to a court
appointed receiver. The Notes Collateral Agent will not be liable to any person for any environmental claims or any environmental liabilities or contribution actions under any federal, state or local law, rule or regulation by reason of the Notes
Collateral Agent’s actions and conduct as authorized, empowered and directed hereunder or relating to any kind of discharge or release or threatened discharge or release of any hazardous materials into the environment. Notwithstanding anything
to the contrary contained in this Indenture, the Security Documents or the other Cash Flow Documents, in the event the Notes Collateral Agent is entitled or required to commence an action to foreclose or otherwise exercise its remedies to acquire
control or possession of the Collateral, the Notes Collateral Agent shall not be required to commence any such action or exercise any remedy or to inspect or conduct any studies of any property under 

  
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any mortgages or take any such other action if the Notes Collateral Agent has determined that the Notes Collateral Agent may incur personal liability as a result of the presence at, or release on
or from, the Collateral or such property, of any hazardous substances unless the Notes Collateral Agent has received security or indemnity from the holders in an amount and in a form all satisfactory to the Notes Collateral Agent in its sole
discretion, protecting the Notes Collateral Agent from all such liability. The Notes Collateral Agent shall at any time be entitled to cease taking any action described above if it no longer reasonably deems any indemnity, security or undertaking
from the Company or the holders to be sufficient. 
 (h)    The Notes Collateral Agent shall be entitled to all of the
protections, immunities, indemnities, rights and privileges of the Trustee set forth in this Indenture and all such protections, immunities, indemnities, rights and privileges shall apply to the Notes Collateral Agent in its roles under any other
Security Document, whether or not expressly stated therein. 
 (i)    The Notes Collateral Agent shall be entitled to
compensation, reimbursement and indemnity as set forth in Section 7.07. 
 Section 10.03 Releases of Collateral. The Liens on
the Collateral will be released with respect to the Notes and the related Guarantees: 
 (a)    upon payment in full of
the principal of, together with any accrued and unpaid interest on and all other obligations owed under the Notes and this Indenture, Guarantees and Security Documents that are payable at or prior to the time such principal together with accrued and
unpaid interest are paid; 
 (b)    in whole, as to all property subject to such Liens, upon: 

(i)    satisfaction and discharge of this Indenture in accordance with Article 8 hereof; or 

(ii)    Legal Defeasance or Covenant Defeasance in accordance with Article 8 hereof; 

(c)    in part, as to any property or asset constituting Collateral (A) that is sold or otherwise disposed of (other
than to another grantor) in a transaction not prohibited by Section 4.06 hereof or (B) that is owned by a Guarantor to the extent such Guarantor has been released from its guarantee in accordance with the terms of this Indenture; 

(d)    as to any property or assets, upon the consent of the requisite holders pursuant to Section 9.02 of this
Indenture; 
 (e)    to the extent such Collateral (other than Specified Cash Flow Priority Collateral) becomes Excluded
Assets as a result of a transaction not prohibited by this Indenture; 
 (f)    to the extent required by the ABL
Intercreditor Agreement; and 
 (g)    upon any sale or disposition of Collateral in compliance with this Indenture with
respect to the Notes and the Security Documents (other than to the Company or another 

  
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Guarantor), the Liens in favor of the Notes Collateral Agent with respect to the Notes on such Collateral and (subject to the provisions described under Section 10.01(b)) all proceeds
thereof (other than any proceeds received by the Company or a Guarantor from such sale or disposition) shall automatically terminate and be released and the Notes Collateral Agent with respect to the Notes, upon receipt of an Officer’s
Certificate and an Opinion of Counsel certifying that all conditions precedent to such release have been met, will execute and deliver such documents and instruments, prepared by the Company, as the Company and the Guarantors may request to evidence
such termination and release (without recourse, representation or warranty) without the consent of the holders of Notes. 
 Section 10.04
Form and Sufficiency of Release. In the event that the Company or any Guarantor has sold, exchanged, or otherwise disposed of or proposes to sell, exchange or otherwise dispose of any portion of the Collateral that, under the terms of this
Indenture may be sold, exchanged or otherwise disposed of by the Company or any Guarantor, and the Company or such Guarantor requests the Notes Collateral Agent to furnish a written disclaimer, release or quitclaim of any interest in such property
under this Indenture, the applicable Note Guarantee and the Security Documents, upon receipt of an Officer’s Certificate from the Company and Opinion of Counsel certifying that all conditions precedent to such release have been met, the Notes
Collateral Agent shall, at the sole cost and expense of the Company, execute, acknowledge and deliver to the Company or such Guarantor such an instrument in the form provided by the Company (to the extent acceptable to the Notes Collateral Agent,
acting reasonably), and providing for release without recourse, representation or warranty, promptly after satisfaction of the conditions set forth herein for delivery of such release and shall, at the sole cost and expense of the Company take such
other action as the Company or such Guarantor may reasonably request to effect such release. 
 Section 10.05 Purchaser Protected. No
purchaser or grantee of any property or rights purporting to be released shall be bound to ascertain the authority of the Trustee or the Notes Collateral Agent to execute the release or to inquire as to the existence of any conditions herein
prescribed for the exercise of such authority. 
 Section 10.06 Authorization of Actions to be Taken by the Notes Collateral Agent under
the Security Documents. 
 The Company, the Guarantors and each holder of Notes, by their acceptance of any Notes and the Note
Guarantees, (a) hereby appoints U.S. Bank National Association, as Notes Collateral Agent, and U.S. Bank National Association accepts such appointment and (b) agrees that the Notes Collateral Agent shall be entitled to the rights,
privileges, protections, immunities, indemnities and benefits provided to the Trustee under Article 7 hereof, including the compensation, reimbursement, and indemnification provisions set forth in Section 7.07 hereof and the resignation
and removal provisions of Section 7.08 hereof (with the references to the Trustee therein being deemed to refer to the Notes Collateral Agent). Furthermore, each holder of a Note, by accepting such Note, consents to and approves the terms of
and authorizes and directs the Notes Collateral Agent to (i) enter into and perform the duties provided for in the ABL Intercreditor Agreement, any Pari Passu Intercreditor Agreement (if any) and each other Security Document in each of its
capacities thereunder and (ii) bind the holders to the terms of the ABL Intercreditor Agreement and any Pari Passu Intercreditor Agreement (if any). 

  
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 If the Company or any Guarantor (i) incurs any obligations secured by liens permitted
by clause (6) of the definition of “Permitted Liens”, and (ii) delivers to the Notes Collateral Agent an Officer’s Certificate so stating and requesting the Notes Collateral Agent to enter into an intercreditor agreement
contemplated by subclause (B) of clause (6) of the definition of “Permitted Liens” and certifying that such intercreditor agreement complies with such subclause (B), the Notes Collateral Agent shall (and is hereby authorized and
directed to) enter into such intercreditor agreement (at the sole expense and cost of the Company, including legal fees and expenses of the Notes Collateral Agent), bind the holders on the terms set forth therein and perform and observe its
obligations thereunder. 
 Section 10.07 Authorization of Receipt of Funds by the Trustee and the Notes Collateral Agent under the
Security Agreement. 
 The Trustee and the Notes Collateral Agent are authorized to receive any funds for the benefit of holders
distributed under the Security Documents to the Trustee or the Notes Collateral Agent, to apply such funds as provided in this Indenture and the Security Documents and to make further distributions of such funds in accordance with the applicable
provisions of Section 6.10 hereof. 
 Section 10.08 Powers Exercisable by Receiver or Notes Collateral Agent. 

In case the Collateral shall be in the possession of a receiver or trustee, lawfully appointed, the powers conferred in this Article 10
upon the Company or any Guarantor, as applicable, with respect to the release, sale or other disposition of such property may be exercised by such receiver or trustee, and an instrument signed by such receiver or trustee shall be deemed the
equivalent of any similar instrument of the Company or any Guarantor, as applicable, or of any officer or officers thereof required by the provisions of this Article 10. 

ARTICLE XI. 

[INTENTIONALLY OMITTED] 

ARTICLE XII. 
 GUARANTEE

 Section 12.01 Guarantee. 

(a)    Each Guarantor, by executing and delivering this Indenture or a supplemental indenture to this Indenture
substantially in the form of Exhibit C hereto, hereby jointly and severally guarantees, on a senior secured basis, as a primary obligor and not merely as a surety, to each holder and to the Notes Collateral Agent, Trustee
and its successors and assigns the performance and punctual payment when due, whether at Stated Maturity, by acceleration or otherwise, of all obligations of the Company under this Indenture and the Notes, whether for payment of principal of,
premium, if any, interest, if any, on the Notes, expenses, indemnification or otherwise (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”). Each Guarantor further agrees that the Guaranteed
Obligations may be extended or renewed, in whole or in part, without notice or further assent from any Guarantor, and that each Guarantor shall remain bound under this Article XII notwithstanding any extension or renewal of any Guaranteed
Obligation. 

  
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 (b)    Each Guarantor waives presentation to, demand of payment from and
protest to the Company of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. Each Guarantor waives notice of any default under the Notes or the Guaranteed Obligations. The Guarantee of each Guarantor hereunder shall
not be affected by (i) the failure of any holder, the Notes Collateral Agent or the Trustee to assert any claim or demand or to enforce any right or remedy against the Company or any other Person under this Indenture, the Notes or any other
agreement or otherwise; (ii) any extension or renewal of this Indenture, the Notes or any other agreement; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other
agreement; (iv) the release of any security held by any holder, the Notes Collateral Agent or the Trustee for the Guaranteed Obligations or each Guarantor; (v) the failure of any holder, the Notes Collateral Agent or Trustee to exercise
any right or remedy against any other guarantor of the Guaranteed Obligations; or (vi) any change in the ownership of each Guarantor, except as provided in Section 12.02(b). Each Guarantor hereby waives any right to which it may be
entitled to have its Guarantee hereunder divided among the Guarantors, such that such Guarantor’s Guarantee would be less than the full amount claimed. 

(c)    Each Guarantor hereby waives any right to which it may be entitled to have the assets of the Company first be used
and depleted as payment of the Company’s obligations under this Indenture and the Notes or such Guarantor’s Guarantee hereunder prior to any amounts being claimed from or paid by such Guarantor hereunder. Each Guarantor hereby waives any
right to which it may be entitled to require that the Company be sued prior to an action being initiated against such Guarantor. 

(d)    Each Guarantor further agrees that its Guarantee herein constitutes a guarantee of payment and performance when due
(and not a guarantee of collection) and waives any right to require that any resort be had by any holder, the Notes Collateral Agent or the Trustee to any security held for payment of the Guaranteed Obligations. 

(e)    The Guarantee of each Guarantor is, to the extent and in the manner set forth in this Article XII, senior in
right of payment to all existing and future Subordinated Indebtedness of such Guarantor. 
 (f)    Except as expressly
set forth in Sections 8.01(b), 12.02 and 12.06, the Guarantee of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration
or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the
generality of the foregoing, the Guarantee of each Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any holder, the Notes Collateral Agent or the Trustee to assert any claim or demand or to enforce any
remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof by any default, failure or delay, willful or otherwise, in the performance of the Guaranteed Obligations, or by any other act or thing or
omission or delay to 

  
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do any other act or thing which may or might in any manner or to any extent vary the risk of any Guarantor or would otherwise operate as a discharge of any Guarantor as a matter of law or equity.

 (g)    Except as expressly set forth in Section 12.02(b), each Guarantor agrees that its Guarantee shall remain
in full force and effect until payment in full of all the Guaranteed Obligations of such Guarantor. Each Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment,
or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any holder, the Notes Collateral Agent or the Trustee upon the bankruptcy or reorganization of the Company or otherwise. 

(h)    In furtherance of the foregoing and not in limitation of any other right which any holder, the Notes Collateral
Agent or the Trustee has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Company to pay the principal of, interest, if any, on any Guaranteed Obligation when and as the same shall become due, whether at maturity,
by acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by the Notes Collateral Agent or Trustee, forthwith pay, or cause
to be paid, in cash, to the holders, the Notes Collateral Agent or the Trustee an amount equal to the sum of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Guaranteed Obligations
(but only to the extent not prohibited by applicable law) and (iii) all other monetary obligations of the Company to the holders, the Notes Collateral Agent and the Trustee. 

(i)    Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the holders in
respect of any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. Each Guarantor further agrees that, as between it, on the one hand, and the holders, the Notes Collateral Agent and the Trustee, on the
other hand, (i) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article VI for the purposes of the Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article VI, such Guaranteed Obligations (whether or not due and
payable) shall forthwith become due and payable by the Guarantors for the purposes of this Section 12.01. 

(j)    Each Guarantor also agrees to pay any and all expenses (including reasonable attorneys’ fees and expenses)
incurred by the Notes Collateral Agent or the Trustee in enforcing any rights under this Section 12.01. 

(k)    Upon request of the Trustee or the Notes Collateral Agent, each Guarantor shall execute and deliver such further
instruments and do such further acts as may be reasonably necessary to carry out more effectively the purpose of this Indenture. 
 Section
12.02 Limitation on Liability. 
 (a)    Any term or provision of this Indenture to the contrary notwithstanding,
the maximum aggregate amount of the Guaranteed Obligations guaranteed hereunder by each 

  
 119 

 
Guarantor shall not exceed the maximum amount that can be hereby guaranteed by the applicable Guarantor without rendering the Guarantee, as it relates to such Guarantor, voidable under applicable
law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally or capital maintenance or corporate benefit rules applicable to guarantees for obligations of affiliates. 

(b)    A Guarantee as to any Guarantor shall automatically terminate and be of no further force or effect and such
Guarantor shall be automatically released from all obligations under this Article XII upon: 

(i)    as to Subsidiary Guarantors, the sale, disposition, exchange or other transfer of (A) the
Capital Stock of the applicable Subsidiary Guarantor (including through merger, consolidation, amalgamation or otherwise) or (B) all or substantially all of the assets of the applicable Subsidiary Guarantor, in each case, following which the
applicable Subsidiary Guarantor is no longer a Restricted Subsidiary; provided that such sale, disposition, exchange or other transfer is made in a manner not in violation of the indenture; 

(ii)    the designation of such Guarantor as an Unrestricted Subsidiary in accordance with the provisions
of Section 4.04 and the definition of “Unrestricted Subsidiary”; 
 (iii)    except in the
case of a Guarantor that owns Specified Cash Flow Priority Collateral, the release or discharge of the guarantee (other than as result of (A) payment thereon by such Guarantor following a default by the direct obligor on the applicable Credit
Facility or Capital Markets Indebtedness, or (B) the indefeasible repayment in full of such indebtedness) by such Guarantor of, or other obligations of such Guarantor with respect to, all Credit Facility and Capital Markets Indebtedness of the
Company or any other Guarantor; or 
 (iv)    the Company’s exercise of its legal defeasance option
or covenant defeasance option under Article VIII with respect to the Notes or if the Company’s obligations under this Indenture with respect to the Notes are discharged in accordance with the terms of this Indenture. 

Section 12.03 Non-Impairment. The failure to endorse a Guarantee on any Note shall not affect
or impair the validity thereof. 
 Section 12.04 Successors and Assigns. This Article XII shall be binding upon each Guarantor
and its successors and assigns and shall inure to the benefit of and be enforceable by the successors and assigns of the Trustee, the Notes Collateral Agent and the holders and, in the event of any transfer or assignment of rights by any holder, the
Notes Collateral Agent or the Trustee, the rights and privileges conferred upon that party in this Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this
Indenture. 

  
 120 

 Section 12.05 No Waiver. Neither a failure nor a delay on the part of any one of the
Trustee, the Notes Collateral Agent or the holders in exercising any right, power or privilege under this Article XII shall operate as a waiver thereof nor shall a single or partial exercise thereof preclude any other or further exercise of any
right, power or privilege. The rights, remedies and benefits of the Trustee, the Notes Collateral Agent and the holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under
this Article XII at law, in equity, by statute or otherwise. 
 Section 12.06 Modification. No modification, amendment or waiver
of any provision of this Article XII, nor the consent to any departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee or the Notes Collateral Agent, and then such waiver
or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on any Guarantor in any case shall entitle any Guarantor to any other or further notice or demand in the same, similar or other
circumstances. 
 Section 12.07 Execution of Supplemental Indenture for Future Guarantors. Each Subsidiary which is required to
become a Guarantor of the Notes pursuant to Section 4.11 shall promptly execute and deliver to the Trustee or the Notes Collateral Agent a supplemental indenture substantially in the form of Exhibit C hereto pursuant
to which such Subsidiary shall become a Guarantor under this Article XII and shall guarantee the Guaranteed Obligations. Concurrently with the execution and delivery of such supplemental indenture, the Company shall deliver to the Trustee or
the Notes Collateral Agent an Opinion of Counsel and an Officer’s Certificate, as provided under Section 9.05. 
 ARTICLE XIII.

 MISCELLANEOUS 

Section 13.01 [Intentionally Omitted.] 

Section 13.02 Notices. 

(a)    Any notice or communication required or permitted hereunder shall be in writing and delivered in person, via
facsimile or mailed by first-class mail addressed as follows: 
 if to the Company or a Guarantor: 

c/o Abercrombie & Fitch Co. 

6301 Fitch Path 
 New Albany, Ohio
43054 
 Attention: General Counsel 

Email: ANF_USTreasury@anfcorp.com 

if to the Trustee, Notes Collateral Agent, Paying Agent and Registrar: 

U.S. Bank National Association 

10 West Broad Street, 12th Floor 

Columbus, Ohio 43215 
 Attention:
Katherine A. Esber 
 Fax: (614) 232 - 8109 

  
 121 

 The Company, any Guarantor or the Trustee by notice to the others may designate additional
or different addresses for subsequent notices or communications. Any notice to the Trustee or the Notes Collateral Agent shall be effective upon actual receipt. 

(b)    Any notice or communication mailed to a holder shall be mailed, first class mail, to the holder at the
holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 

(c)    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, it is duly given, whether or not the addressee receives it, except that notices to the Trustee are effective only if received. 

Notwithstanding anything to the contrary contained herein, as long as the Notes are in the form of a Global Note, notice to the holders may be
made electronically in accordance with procedures of the Depository. 
 Section 13.03 Communication by the Holders with Other
Holders. The holders may communicate pursuant to Section 312(b) of the TIA with other holders with respect to their rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and other Persons shall have the
protection of Section 312(c) of the TIA. 
 Section 13.04 Certificate and Opinion as to Conditions Precedent. Upon any request
or application by the Company to the Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee: 

(a)    an Officer’s Certificate in form reasonably satisfactory to the Trustee stating that, in the opinion of the
signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(b)    except upon the issuance of the Initial Notes, an Opinion of Counsel in form reasonably satisfactory to the Trustee
stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 Section 13.05 Statements Required
in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture (other than pursuant to Section 4.09) shall include: 

(a)    a statement that the individual 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; 

  
 122 

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

(d)    a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied
with; provided, however, that with respect to matters of feet an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials. 

Section 13.06 When Notes Disregarded. In determining whether the holders of the required principal amount of Notes have concurred in
any direction, waiver or consent, Notes owned by the Company, the Guarantors or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or the Guarantors shall be disregarded and
deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which a Responsible Officer of the Trustee actually knows are so owned
shall be so disregarded. Subject to the foregoing, only Notes outstanding at the time shall be considered in any such determination. 

Section 13.07 Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of the
holders. The Registrar and a Paying Agent may make reasonable rules for their functions. 
 Section 13.08 Legal Holidays. If a
payment date is not a Business Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue on any amount that would have been otherwise payable on such payment date if it were a Business Day for the
intervening period. If a regular Record Date is not a Business Day, the Record Date shall not be affected. 
 Section 13.09 GOVERNING
LAW. THIS INDENTURE, THE NOTES AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

Section 13.10 No Recourse Against Others. No director, officer, employee, manager or incorporator of the Company or any Guarantor, and
no holder of any Equity Interests in, the Parent or any direct or indirect parent company of the Parent, as such, shall have any liability for any obligations of the Company or any Guarantor under the Notes, the Guarantees, the Security Documents,
the ABL Intercreditor Agreement, the Pari Passu Intercreditor Agreement (if any) or this Indenture, as applicable, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each holder of Notes by accepting a
Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 
 Section
13.11 Successors. All agreements of the Company and the Guarantors in this Indenture and the Notes shall bind such person’s successors. All agreements of the Trustee in this Indenture shall bind its successors. 

Section 13.12 Multiple 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. One signed copy is enough to prove this Indenture. Notwithstanding the foregoing, 

  
 123 

 
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 13.13 Table of Contents; Headings. The
table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of
the terms or provisions hereof. 
 Section 13.14 Indenture Controls. If and to the extent that any provision of the Notes limits,
qualifies or conflicts with a provision of this Indenture, such provision of this Indenture shall control. 
 Section 13.15
Severability. In case any provision in this Indenture 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 and such provision
shall be ineffective only to the extent of such invalidity, illegality or unenforceability. 
 Section 13.16 Waiver of Jury Trial.
EACH OF THE COMPANY, THE GUARANTORS, THE TRUSTEE , THE NOTES COLLATERAL AGENT AND THE HOLDERS OF THE NOTES 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 TRANSACTION CONTEMPLATED HEREBY. 
 Section 13.17 [Reserved]. 

Section 13.18 [Reserved]. 

Section 13.19 USA Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (“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. 

Section 13.20 Submission to Jurisdiction. The parties irrevocably submit to the non-exclusive
jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, City of New York, over any suit, action or proceeding arising out of or relating to this Indenture. To the fullest extent permitted by applicable law, the
parties irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any
such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

  
 124 

 Section 13.21 FATCA. In order to enable the Trustee to comply with applicable tax
laws, rules and regulations under Sections 1471 through 1474 of the Code (including directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time (“FATCA Applicable Law”), the Company
agrees to provide to the Trustee, upon the reasonable written request of the Trustee, tax information about holders or the transactions contemplated hereby (including any modification to the terms of such transactions), to the extent such
information is directly available to the Company, and to the extent that the provision of information is permitted under applicable law, so that (without imposing any obligation on the Trustee) the Trustee can determine whether it has tax-related obligations under FATCA Applicable Law and the Company acknowledges that the Trustee shall be entitled to make any withholding or deduction from payments under this Indenture to the extent necessary to
comply with FATCA Applicable Law. 
 [Remainder of page intentionally left blank.] 

  
 125 

 IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed as of the
date first written above. 
  

			
	Abercrombie & Fitch Management Co.
	Abercrombie & Fitch Holding Corporation
	A&F Canada Holding Co.
	A & F Trademark, Inc.
	AFH Puerto Rico LLC
	Hollister Co.
	Hollister Co. California, LLC
	J.M.H. Trademark, Inc.
	Abercrombie & Fitch Stores, Inc.
	Abercrombie & Fitch Trading Co.
		
	By:	 	 /s/ Everett E. Gallagher, Jr.

	Name:	 	Everett E. Gallagher, Jr.
	Title:	 	Senior Vice President & Treasurer

  

			
	Abercrombie & Fitch Co.
		
	By:	 	 /s/ Everett E. Gallagher, Jr.

	Name:	 	Everett E. Gallagher, Jr.
	Title:	 	Senior Vice President – Tax, Treasury & Risk Management & Treasurer

  

					
	Abercrombie & Fitch Procurement Services, LLC
		
	By:	 	Abercrombie & Fitch Trading Co., its sole member
			
		 	By:	 	 /s/ Everett E. Gallagher, Jr.

		 	Name:	 	Everett E. Gallagher, Jr.
		 	Title:	 	Senior Vice President & Treasurer

  
 [Signature Page
— Indenture] 

 
			
	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as Trustee, Registrar, Paying Agent and Notes Collateral Agent
		
	By:	 	 /s/ Katherine Esber

	Name:	 	Katherine Esber
	Title:	 	Vice President

  
 [Signature Page
— Indenture] 

 APPENDIX A 

PROVISIONS RELATING TO INITIAL NOTES AND ADDITIONAL NOTES 
  

	1.	 Definitions. 

  

	 	1.1	 Definitions. 

For the purposes of this Appendix A the following terms shall have the meanings indicated below: 

“Definitive Note” means a certificated Initial Note and Additional Note (bearing the Restricted Notes Legend if the transfer
of such Note is restricted by applicable law) that does not include the Global Notes Legend. 
 “Depository” means The
Depository Trust Company, its nominees and their respective successors. 
 “Global Notes Legend” means the legend set forth
under that caption in Exhibit A to this Indenture. 
 “IAI” means an institutional
“accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
 “Notes
Custodian” means the custodian with respect to a Global Note (as appointed by the Depository) or any successor person thereto, who shall initially be the Trustee. 

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

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

“Regulation S Notes” means all Initial Notes offered and sold outside the United States in reliance on Regulation S. 

“Restricted Notes Legend” means the legend set forth in Section 2.2(f)(i) herein. 

“Restricted Period.” with respect to any Notes, means the period of 40 consecutive days beginning on and including the later
of (a) the day on which such Notes are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S, notice of which day shall be promptly given by the Company to the
Trustee, and (b) the Issue Date, and with respect to any Additional Notes that are Transfer Restricted Notes, it means the comparable period of 40 consecutive days. 

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

“Rule 144A Notes” means all Initial Notes offered and sold to QIBs in reliance on Rule 144A. 

“Rule 501” means Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 

  
 Appendix A-1 

 “Transfer Restricted Definitive Notes” means Definitive Notes that bear or
are required to bear or are subject to the Restricted Notes Legend. 
 “Transfer Restricted Global Notes” means Global
Notes that bear or are required to bear or are subject to the Restricted Notes Legend. 
 “Transfer Restricted Notes” means
the Transfer Restricted Definitive Notes and Transfer Restricted Global Notes. 
 “Unrestricted Definitive Notes” means
Definitive Notes that are not required to bear, or are not subject to, the Restricted Notes Legend. 
 “Unrestricted Global
Notes” means Global Notes that are not required to bear, or are not subject to, the Restricted Notes Legend. 
  

	 	1.2	 Other Definitions. 

 

					
	 Term:
	  	 	Defined in Section:	 
	 Agent Members
	  	 	2.1(b)	 
	 Global Notes
	  	 	2.1(b)	 
	 Regulation S Global Notes
	  	 	2.1(b)	 
	 Regulation S Permanent Global Notes
	  	 	2.1(b)	 
	 Regulation S Temporary Global Notes
	  	 	2.1(b)	 
	 Rule 144A Global Notes
	  	 	2.1(b)	 

  

	2.	 The Notes. 

  

	 	2.1	 Form and Dating; Global Notes. 

(a)    The Initial Notes issued on the date hereof will be (i) privately placed by the Company pursuant to the
Offering Memorandum and (ii) sold, initially only to (1) QIBs in reliance on Rule 144A and (2) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. Such Initial Notes may thereafter be transferred
to, among others, QIBs, purchasers in reliance on Regulation S and, except as set forth below, IAIs in accordance with Rule 501. Additional Notes offered after the date hereof may be offered and sold by the Company from time to time pursuant to one
or more agreements in accordance with applicable law. 
 (b)    Global Notes. (i) Except as provided in
clause (d) of Section 2.2 below, Rule 144A Notes initially shall be represented by one or more Notes in definitive, fully registered, global form without interest coupons (collectively, the “Rule 144A Global Notes”). 

Regulation S Notes initially shall be represented by one or more Notes in fully registered, global form without interest coupons
(collectively, the “Regulation S Temporary Global Note” and, together with the Regulation S Permanent Global Note (defined below), the “Regulation S Global Notes”), which, in the case of Initial Notes, shall
be registered in the name of the Depository or the nominee of the Depository. 

  
 Appendix A-2 

 Following the termination of the Restricted Period, beneficial interests in the Regulation S
Temporary Global Note shall be exchanged for beneficial interests in a permanent Global Note (the “Regulation S Permanent Global Note”) pursuant to the applicable procedures of the Depository. Simultaneously with the authentication
of the Regulation S Permanent Global Note, the Trustee in the case of Initial Notes upon request of the Company in a written order signed by an Officer, shall cancel the Regulation S Temporary Global Note. In the case of Initial Notes, the aggregate
principal amount of the Regulation S Temporary Global Note and the Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depository or its nominee, as the case
may be, in connection with transfers of interest as hereinafter provided. 
 The term “Global Notes” means the Rule 144A
Global Notes and the Regulation S Global Notes. In the case of Initial Notes, the Global Notes shall bear the Global Note Legend. The Global Notes initially shall (i) be registered in the name of the Depository or the nominee of such
Depository, in each case for credit to an account of an Agent Member, (ii) be delivered to the Trustee as custodian for such Depository and (iii) bear the Restricted Notes Legend. 

Members of, or direct or indirect participants in, the Depository (“Agent Members”) shall have no rights under this Indenture
with respect to any Global Note held on their behalf by the Depository or under the Global Notes. The Depository may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the Global Notes for all
purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the
Depository, or impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of the rights of the holder of any Note. 

The Depository may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the sole owner of the Global Notes
for all purposes under the Indenture and the Notes. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Depository or impair, as between the Depository and its agent members, the operation of customary practices governing the exercise of the rights of a holder of any Note. 

(i)    Transfers of Global Notes shall be limited to transfers in whole, but not in part, to the Depository
its successors or their respective nominees. Interests of beneficial owners in the Global Notes may be transferred or exchanged for Definitive Notes only in accordance with the applicable rules and procedures of the Depository and the provisions of
Section 2.2. In addition, a Global Note shall be exchangeable for Definitive Notes if (x) in the case of Initial Notes, the Depository (a) notifies the Company at any time that it is unwilling or unable to continue as depository for
such Global Note and a successor depository is not appointed within 90 days or (b) has ceased to be a clearing agency registered under the Exchange Act and in each case a successor depository is not

  
 Appendix A-3 

 
appointed within 90 days or (y) the Company, at its option and subject to the procedures of the Depository, notifies the Trustee in writing that it elects to cause the issuance of Definitive
Notes or (z) there shall have occurred and be continuing an Event of Default with respect to the Notes; provided that in no event shall the Regulation S Temporary Global Note be exchanged by the Company for Definitive Notes prior to
(x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act. In all cases, Definitive Notes delivered in exchange for any Global
Note or beneficial interests therein shall be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depository in accordance with its customary procedures. 

(ii)    In connection with the transfer of a Global Note as an entirety to beneficial owners pursuant to
subsection (ii) of this Section 2.1(b), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and, upon written order of the Company signed by an Officer, the Trustee shall
authenticate and make available for delivery, to each beneficial owner identified by the Depository in writing in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Definitive Notes of authorized
denominations. 
 (iii)    Any Transfer Restricted Note delivered in exchange for an interest in a Global
Note pursuant to Section 2.2 shall, except as otherwise provided in Section 2.2, bear the Restricted Notes Legend. 

(iv)    [Reserved]. 

(v)    The holder of any Global Note may grant proxies and otherwise authorize any Person, including Agent
Members and Persons that may hold interests through Agent Members, to take any action which a holder is entitled to take under this Indenture or the Notes. 
  

	 	2.2	 Transfer and Exchange. 

(a)    Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except as set forth in
Section 2.1(b). Global Notes will not be exchanged by the Company for Definitive Notes except under the circumstances described in Section 2.1(b)(ii). Global Notes also may be exchanged or replaced, in whole or in part, as provided in
Section 2.08 of this Indenture. Beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.2(b). 

(b)    Transfer and Exchange of Beneficial Interests in Global Notes. The transfer and exchange of beneficial
interests in the Global Notes shall be effected through the Depository, in accordance with the provisions of this Indenture and the applicable rules and procedures of the Depository. Beneficial interests in Transfer 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. Transfers
and exchanges 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: 

  
 Appendix A-4 

 (i)    Transfer of Beneficial Interests in the Same
Global Note. Beneficial interests in any Transfer Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Transfer Restricted Global Note in accordance with the transfer
restrictions set forth in the Restricted Notes Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Global Note may not be made to a U.S. Person or for
the account or benefit of a U.S. Person. A beneficial interest in an 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 2.2(b)(i). 

(ii)    All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection
with all transfers and exchanges of beneficial interests in any Global Note that is not subject to Section 2.2(b)(i), the transferor of such beneficial interest must deliver to the Registrar (1) a written order from an Agent Member given
to the Depository in accordance with the applicable rules and procedures of the Depository, as applicable, directing the Depository 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 rules and procedures of the Depository, containing information regarding the Agent Member account to be credited with such increase. 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 pursuant to Section 2.2(g). 
 (iii)    Transfer of Beneficial Interests to
Another Restricted Global Note. A beneficial interest in a Transfer Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Transfer Restricted Global Note if the transfer
complies with the requirements of Section 2.2(b)(ii) above and the Registrar receives the following: 

(A)    if the transferee will take delivery in the form of a beneficial interest in a Rule 144A Global
Note, then the transferor must deliver a certificate in the form attached to the applicable Note; and 

(B)    if the transferee will take delivery in the form of a beneficial interest in a Regulation S Global
Note, then the transferor must deliver a certificate in the form attached to the applicable Note. 

(iv)    A beneficial interest in a Transfer 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 2.2(b)(ii) above and the Registrar receives the following: 

  
 Appendix A-5 

 (A)    if the holder of such beneficial interest in a
Transfer Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note; or 

(B)    if the holder of such beneficial interest in a Transfer Restricted Global Note proposes to transfer
such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note, 

and, in each such case, if the Company or the Registrar so requests or if the applicable rules and procedures of the Depository, so require, an
Opinion of Counsel in form reasonably acceptable to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend are no
longer required in order to maintain compliance with the Securities Act. If any such transfer or exchange is effected pursuant to this subparagraph (iv) at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue
and, upon receipt of a written order of the Company in the form of an Officer’s Certificate in accordance with Section 2.01 of the Indenture, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal
amount equal to the aggregate principal amount of beneficial interests transferred or exchanged pursuant to this subparagraph (iv). 

(v)    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 Transfer Restricted Global Note. 

(c)    Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes. A beneficial interest in
a Global Note may not be exchanged for a Definitive Note except under the circumstances described in Section 2.1(b)(ii). A beneficial interest in a Global Note may not be transferred to a Person who takes delivery thereof in the form of a
Definitive Note except under the circumstances described in Section 2.1(b)(ii). In any case, beneficial interests in Global Notes shall be transferred or exchanged only for Definitive Notes. 

(d)    Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. Transfers and exchanges
of Definitive Notes for beneficial interests in the Global Notes also shall require compliance with either subparagraph (i), (ii) or (iii) below, as applicable: 

(i)    Transfer Restricted Definitive Notes to Beneficial Interests in Transfer Restricted Global
Notes. If any holder of a Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for a beneficial interest in a Transfer Restricted Global Note or to transfer such Transfer 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: 

  
 Appendix A-6 

 (A)    if the holder of such Transfer Restricted
Definitive Note proposes to exchange such Transfer Restricted Note for a beneficial interest in a Transfer Restricted Global Note, a certificate from such holder in the form attached to the applicable Note; 

(B)    if such Transfer Restricted Definitive Note is being transferred to a QIB in accordance with Rule
144A under the Securities Act, a certificate from such holder in the form attached to the applicable Note; 

(C)    if such Transfer Restricted Definitive Note is being transferred to a
non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate from such holder in the form attached to the applicable Note; 

(D)    if such Transfer Restricted Definitive Note is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate from such holder in the form attached to the applicable Note; 

(E)    if such Transfer Restricted Definitive Note is being transferred to an IAI in reliance on an
exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate from such holder in the form attached to the applicable Note, including the certifications,
certificates and Opinion of Counsel, if applicable; or 
 (F)    if such Transfer Restricted Definitive
Note is being transferred to the Company or a Subsidiary thereof, a certificate from such holder in the form attached to the applicable Note; 
 the Trustee
shall cancel the Transfer Restricted Definitive Note, and increase or cause to be increased the aggregate principal amount of the appropriate Transfer Restricted Global Note. 

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

(A)    if the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer
Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note; or 

(B)    if the holder of such Transfer Restricted Definitive Notes proposes to transfer such Transfer
Restricted Definitive Note to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note, 

  
 Appendix A-7 

 and, in each such case, if the Company or the Registrar so requests or if the applicable rules and
procedures of the Depository, so require, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein
and in the Restricted Notes Legend are no longer required in order to maintain compliance with the Securities Act. Upon satisfaction of the conditions of this subparagraph (ii), the Trustee shall cancel the Transfer Restricted Definitive Notes and
increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. If any such transfer or exchange is effected pursuant to this subparagraph (ii) at a time when an Unrestricted Global Note has not yet been
issued, the Company shall issue and, upon receipt of a written order of the Company in the form of an Officer’s Certificate, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the
aggregate principal amount of Transfer Restricted Notes transferred or exchanged pursuant to this subparagraph (ii). 

(iii)    Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A
holder of an Unrestricted Definitive Note may exchange such Unrestricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted Definitive Note 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 transfer or exchange is effected pursuant to this subparagraph (iii) at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon
receipt of a written order of the Company in the form of an Officer’s Certificate, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of Unrestricted
Definitive Notes transferred or exchanged pursuant to this subparagraph (iii). 
 (iv)    Unrestricted
Definitive Notes to Beneficial Interests in Transfer Restricted Global Notes. An Unrestricted Definitive Note cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Transfer
Restricted Global Note. 
 (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 2.2(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the
requesting holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer 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 2.2(e). 

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

  
 Appendix A-8 

 (A)    if the transfer will be made pursuant to Rule
144A under the Securities Act, then the transferor must deliver a certificate in the form attached to the applicable Note; 

(B)    if the transfer will be made pursuant to Rule 903 or Rule 904 under the Securities Act, then the
transferor must deliver a certificate in the form attached to the applicable Note; 
 (C)    if the
transfer will be made pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate in the form attached to the applicable Note; 

(D)    if the transfer will be made to an IAI in reliance on an exemption from the registration
requirements of the Securities Act other than those listed in subparagraphs (A) through (D) above, a certificate in the form attached to the applicable Note; and 

(E)    if such transfer will be made to the Company or a Subsidiary thereof, a certificate in the form
attached to the applicable Note. 
 (ii)    Transfer Restricted Definitive Notes to Unrestricted
Definitive Notes. Any Transfer Restricted Definitive Note may be exchanged by the holder thereof for an Unrestricted Definitive Note or transferred to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note if the
Registrar receives the following: 
 (A)    if the holder of such Transfer Restricted Definitive Note
proposes to exchange such Transfer Restricted Definitive Note for an Unrestricted Definitive Note, a certificate from such holder in the form attached to the applicable Note; or 

(B)    if the holder of such Transfer Restricted Definitive Note proposes to transfer such Notes to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form attached to the applicable Note, 

and, in each such case, if the Company or the Registrar so request, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such
exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes 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 an Unrestricted
Definitive Note may transfer such Unrestricted Definitive Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note at any time. 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. 

  
 Appendix A-9 

 (iv)    Unrestricted Definitive Notes to Transfer
Restricted Definitive Notes. An Unrestricted Definitive Note cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a Transfer Restricted Definitive Note. 

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 2.10 of the Indenture. 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 Depository 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
Depository at the direction of the Trustee to reflect such increase. 
 (f)    Legend. 

(i)    Except as permitted by the following paragraph (iii), (iv) or (v), each Note certificate evidencing
the Global Notes and any Definitive Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in the legend being defined as such for purposes of the
legend only): 
 “THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN 
 ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR
OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER (1) REPRESENTS THAT (A) IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES
SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, OR (B) IT IS NOT A U.S. PERSON (WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT) AND (2) AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE
OR OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT IN ACCORDANCE WITH THE SECURITIES ACT AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ONLY (A) TO ABERCROMBIE & FITCH MANAGEMENT CO. OR
ANY OF ITS SUBSIDIARIES, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, (C) TO A QUALIFIED INSTITUTIONAL BUYER IN 

  
 Appendix A-10 

 
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, OR (E) 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 (2)(C) ABOVE OR (2)(D) ABOVE, 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 (2)(E) ABOVE, THE COMPANY 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. NO
REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY RULE 144 EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. BY ITS PURCHASE OR ACQUISITION OF THIS NOTE, THE HOLDER REPRESENTS AND AGREES THAT (1) IT IS NOT AND WILL NOT BE
(AND IS NOT AND WILL NOT BE DEEMED FOR PURPOSES OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) TO BE) (A) AN
“EMPLOYEE BENEFIT PLAN” (AS DEFINED UNDER SECTION 3(3) OF ERISA), (B) A PLAN SUBJECT TO SECTION 4975 OF THE CODE OR PROVISIONS UNDER APPLICABLE FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR
REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR (C) AN ENTITY, THE UNDERLYING ASSETS OF WHICH ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE
BENEFIT PLAN OR PLAN’S INVESTMENT IN SUCH ENTITY; OR (2) THE PURCHASE AND HOLDING OF THIS NOTE DOES NOT AND WILL NOT CONSTITUTE OR INVOLVE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE OR, IF APPLICABLE, A VIOLATION OF SIMILAR LAWS.” 
 Each Definitive Note shall bear the following
additional Legend: 
 “IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES
AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 

(ii)    Upon any sale or transfer of a Transfer Restricted Definitive Note, the Registrar shall permit the
holder thereof to exchange such Transfer Restricted Note for a Definitive Note that does not bear the legends set forth above and rescind any restriction 

  
 Appendix A-11 

 
on the transfer of such Transfer Restricted Definitive Note if the holder certifies in writing to the Registrar that its request for such exchange was made in reliance on Rule 144 (such
certification to be in the form set forth on the reverse of the Initial Note). 
 (iii)    Upon a sale or
transfer after the expiration of the Restricted Period of any Initial Note acquired pursuant to Regulation S, all requirements that such Initial Note bear the Restricted Notes Legend shall cease to apply and the requirements requiring any such
Initial Note be issued in global form shall continue to apply. 
 (iv)    Any Additional Notes sold in a
registered offering shall not be required to bear the Restricted Notes Legend. 
 (g)    Cancellation or Adjustment
of Global Note. 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 2.10 of this Indenture. 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 Depository at the direction of the Trustee, as applicable, 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, as applicable, or by the Depository at the direction of the Trustee to reflect
such increase. 
 (h)    Obligations with Respect to Transfers and Exchanges of Notes. 

(i)    To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall
authenticate, Definitive Notes and Global Notes at the Registrar’s request. 
 (ii)    No service
charge shall be made for any registration of transfer or exchange of Notes, but the Company may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than
any such transfer taxes, assessments or similar governmental charge payable upon exchanges pursuant to Sections 3.06,4.06,4.08 and 9.05 of this Indenture). 

(iii)    Prior to the due presentation for registration of transfer of any Note, the Company, the Trustee,
a Paying Agent or the Registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever,
whether or not such Note is overdue, and none of the Company, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

  
 Appendix A-12 

 (iv)    All Notes issued upon any transfer or exchange
pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 

(i)    No Obligation of the Trustee. 

(i)    The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a
member of, or a participant in the Depository or any other Person with respect to the accuracy of the records of the Depository or any nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with
respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or repurchase) 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 the holders under the Notes shall be given or made only to the registered holders (which shall be the Depository or any nominee thereof in the case of a Global
Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be fully protected in relying upon information
furnished by the Depository with respect to any members, participants and any beneficial owners thereof. 

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

  
 Appendix A-13 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 

[Global Notes Legend] 

“UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.” 
 [Restricted Notes Legend] 

“THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER (1) REPRESENTS THAT (A) IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A
“QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, OR (B) IT IS NOT A U.S. PERSON (WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT) AND (2) AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT IN ACCORDANCE WITH THE SECURITIES ACT AND ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ONLY (A) TO ABERCROMBIE & FITCH MANAGEMENT CO. OR ANY OF ITS SUBSIDIARIES, (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, OR (E) PURSUANT TO AN EXEMPTION
FROM REGISTRATION 

  
 Exhbit A-1 

 
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 (2)(C) ABOVE OR (2)(D) ABOVE, 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 (2)(E) ABOVE, THE COMPANY
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. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY RULE 144 EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. BY ITS PURCHASE OR ACQUISITION OF THIS NOTE, THE HOLDER REPRESENTS AND AGREES THAT
(1) IT IS NOT AND WILL NOT BE (AND IS NOT AND WILL NOT BE DEEMED FOR PURPOSES OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”) TO BE) (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED UNDER SECTION 3(3) OF ERISA), (B) A PLAN SUBJECT TO SECTION 4975 OF THE CODE OR PROVISIONS UNDER APPLICABLE FEDERAL, STATE, LOCAL,
NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR (C) AN ENTITY, THE UNDERLYING ASSETS OF WHICH ARE CONSIDERED TO INCLUDE
“PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN OR PLAN’S INVESTMENT IN SUCH ENTITY; OR (2) THE PURCHASE AND HOLDING OF THIS NOTE DOES NOT AND WILL NOT CONSTITUTE OR INVOLVE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR, IF APPLICABLE, A VIOLATION OF SIMILAR LAWS.” 

[Definitive Notes Legend] 

“IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS
SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 

  
 Exhibit A-2 

 [FORM OF NOTE] 

ABERCROMBIE & FITCH MANAGEMENT CO., 
 No.
[ 🌑 ] 144A CUSIP No. 003000AA4 
 144A ISIN No. US003000AA44

 REG S CUSIP No. U0029TAA8 

REG S ISIN No. USU0029TAA89 

$[ 🌑 ] 

8.75% Senior Secured Note due 2025 

ABERCROMBIE & FITCH MANAGEMENT CO., a Delaware corporation, promises to pay to Cede & Co., or registered assigns, the
principal sum set forth on the Schedule of Increases or Decreases in Global Note attached hereto on July 15, 2025. 
 Interest
Payment Dates: January 15 and July 15, commencing January 15, 2021. 
 Record Dates: January 1 and July 1. 

Additional provisions of this Note are set forth on the other side of this Note. 

  
 Exhibit A-3 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	ABERCROMBIE & FITCH MANAGEMENT CO.,

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exhibit A-4 

	
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as Trustee,
certifies that this is one of the Notes referred
 to in the Indenture.

  

			
		
	By:	 	 
		 	Authorized Signatory
		
	 Dated:
	 	

  
 Exhibit A-5 

 [FORM OF REVERSE SIDE OF NOTE] 

8.75% Senior Secured Note Due 2025 
  

	1.	 Interest 

ABERCROMBIE & FITCH MANAGEMENT CO., a Delaware corporation (such entity, and its successors and assigns under the Indenture
hereinafter referred to, being herein called, the “Company”), promises to pay interest on the principal amount of 8.75% Senior Secured Notes due 2025 (the “Notes”) at the rate per annum shown above. The Company
shall pay interest semiannually on January 15 and July 15 of each year (each, an “Interest Payment Date”), commencing [January 15, 2021].1 Interest on the Notes
shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from [July 2, 2020]2, until the principal
hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Company shall pay interest on overdue principal at the rate borne
by the Notes, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful. 
  

	2.	 Method of Payment 

The Company shall pay interest on the Notes (except defaulted interest) to the Persons who are registered holders at the close of business on
January 1 or July 1 (each, a “Record Date”) immediately preceding the Interest Payment Date even if Notes are canceled after the Record Date and on or before the Interest Payment Date (whether or not a Business Day).
Holders must surrender Notes to the Paying Agent to collect principal payments. The Company shall pay principal, premium, if any, and interest in money of the United States of America that at the time of payment is legal tender for payment of public
and private debts. Payments in respect of the Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by DTC or any successor
depositary. The Company shall make all payments in respect of a certificated Note (including principal, premium, if any, and interest) at the office of the Paying Agent, except that, at the option of the Company, payment of interest may be made by
mailing a check to the registered address of each holder thereof; provided, however, that payments on the Notes may also be made, in the case of a holder of at least $1,000,000 aggregate principal amount of Notes, by wire transfer to a
U.S. dollar account maintained by the payee with a bank in the United States if such holder elects payment by wire transfer by giving written notice to the Trustee or Paying Agent to such effect designating such account no later than 30 days
immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 
  

	3.	 Paying Agent and Registrar 

Initially, U.S. Bank National Association, as trustee under the Indenture (the “Trustee”), will act as Paying Agent and
Registrar. The Company may remove any Registrar or Paying 
  

1 For Initial Notes. 

2 For Initial Notes. 

  
 Exhibit A-6 

 
Agent upon written notice to such Registrar or Paying Agent and to the Trustee; provided, however, that no such removal shall become effective until (i) if applicable,
acceptance of an appointment by a successor Registrar or Paying Agent, as the case may be, as evidenced by an appropriate agreement entered into by the Company and such successor Registrar or Paying Agent, as the case may be, and delivered to the
Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with clause (i) above. The Company or any their wholly owned domestically organized
Subsidiaries may act as Paying Agent or Registrar. 
  

	4.	 Indenture 

The Company issued the Notes under an Indenture dated as of July 2, 2020 (the “Indenture”), among the Company, the
Guarantors, the Trustee and U.S. Bank National Association, as notes collateral agent (the “Notes Collateral Agent”). Capitalized terms used herein are used as defined in the Indenture, unless otherwise indicated. The Notes are
subject to all terms and provisions of the Indenture, and the holders (as defined in the Indenture) are referred to the Indenture for a statement of such terms and provisions. If and to the extent that any provision of the Notes limits, qualifies or
conflicts with a provision of the Indenture, such provision of the Indenture shall control. 
 The Notes are senior secured Obligations of
the Company. [This Note is one of the Initial Notes referred to in the Indenture and is referred to herein as the “Initial Notes.”]3 The Notes comprise a series of Notes issued
under the Indenture and include the Initial Notes [(the “Initial Notes”)] and any Additional Notes. 
 The Initial Notes
and any Additional Notes may, at the Company’s option, be treated as a single class of securities for all purposes under the Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase; provided that
if the Additional Notes are not fungible with the Initial Notes for U.S. federal income tax purposes, the Additional Notes will have a separate CUSIP number and/or ISIN, if applicable. The Indenture imposes certain limitations on the ability of the
Company and the Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments, Incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Restricted
Subsidiaries, enter into or permit certain transactions with Affiliates, create or Incur Liens and make Asset Sales. The Indenture also imposes limitations on the ability of the Company and each Guarantor to consolidate or merge with or into any
other Person or convey, transfer or lease all or substantially all of its property. 
 The Guarantors (including each Wholly Owned
Restricted Subsidiary of the Company that is not an Excluded Subsidiary and that is required to guarantee the Guaranteed Obligations pursuant to Section 4.11 of the Indenture) shall jointly and severally guarantee the Guaranteed Obligations
pursuant to the terms of the Indenture. 
  
  

3 For Initial Notes. 

  
 Exhibit A-7 

	5.	 Redemption 

On or after July 15, 2022, the Company may redeem the Notes at its option, in whole at any time or in part from time to time, upon not
less than 15 nor more than 60 days’ prior notice mailed (or caused to be mailed) by the Company by first-class mail, or delivered electronically if held by DTC, to each holder’s registered address (with a copy to the Trustee), at the
following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest to, but excluding, the redemption date (subject to the right of holders of record on the relevant Record Date to receive interest
due on the relevant Interest Payment Date), if redeemed during the 12-month period commencing on July 15 of the years set forth below: 

 

					
	 Period
	  	Redemption Price	 
	 2022
	  	 	104.375	% 
	 2023
	  	 	102.188	% 
	 2024 and thereafter
	  	 	100.000	% 

 In addition, prior to July 15, 2022, the Company may redeem the Notes at its option, in whole at any time
or in part from time to time, upon not less than 15 nor more than 60 days’ prior notice mailed (or caused to be mailed) by the Company by first-class mail, or delivered electronically if held by DTC, to each holder’s registered address
(with a copy to the Trustee), at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest to, but excluding, the applicable redemption date (subject to
the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date). 

Notwithstanding the foregoing, at any time and from time to time prior to July 15, 2022, the Company may redeem in the aggregate up to
40% of the original aggregate principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes) with the net cash proceeds of one or more Equity Offerings (1) by the Company or (2) by the Parent to the
extent the net cash proceeds thereof are contributed to the common equity capital of the Company or are used to purchase Capital Stock (other than Disqualified Stock) of the Company, at a redemption price (expressed as a percentage of principal
amount of the notes redeemed) of 108.75%, plus accrued and unpaid interest to, but excluding, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment
date); provided, however, that at least 60% of the original aggregate principal amount of the notes (calculated after giving effect to any issuance of additional notes) must remain outstanding after each such redemption; provided, further, that such
redemption shall occur within 90 days after the date on which any such Equity Offering is consummated upon not less than 15 nor more than 60 days’ notice mailed, or delivered electronically if held by DTC, by the Company to each holder of the
notes being redeemed and otherwise in accordance with the procedures set forth in the indenture. 
 Notice of any redemption of the Notes
may, at the Company’s discretion, be given prior to the completion of a transaction (including an Equity Offering, an Incurrence of Indebtedness, a Change of Control or other transaction) and any redemption notice may, at the Company’s
discretion, be subject to the satisfaction (or waiver by the Company) of one or more conditions precedent, including, but not limited to, completion of a related transaction. If such redemption is so subject to satisfaction of one or more conditions
precedent, such notice shall describe each 

  
 Exhibit A-8 

 
such condition, and if applicable, shall state that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied (or
waived), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived) by the redemption date, or by the redemption date as so delayed. In addition, the
Company may provide in such notice that payment of the redemption price and performance of the Company’s obligations with respect to such redemption may be performed by another Person. If any such condition precedent has not been satisfied (or
waived by the Company), the Company shall provide written notice to the Trustee and the holders no later than the close of business on the Business Day prior to the redemption date (or such other date as may be required pursuant to the applicable
procedures of DTC). Upon receipt of such notice, the notice of redemption shall be rescinded or delayed, and the redemption of the Notes shall be rescinded or delayed, in each case as provided in such notice. 

 

	6.	 Mandatory Redemption 

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

 

	7.	 Notice of Redemption 

Notices of redemption will be mailed (or caused to be mailed) by first-class mail, or delivered electronically if held by DTC, at least 15 but
not more than 60 days before the redemption date, to each holder of Notes to be redeemed at its registered address (with a copy to the Trustee), except that redemption notices may be mailed or otherwise delivered more than 60 days prior to the
redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to Article VIII thereof with respect to the Notes. On and after the redemption date, interest shall cease
to accrue on Notes or portions thereof called for redemption so long as the Company has deposited with the Paying Agent funds sufficient to pay the redemption price of, plus accrued and unpaid interest on, the Notes or portions thereof to be
redeemed, unless the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture. 
  

	8.	 Repurchase of Notes at the Option of the Holders upon Change of Control and Asset Sales

 Upon the occurrence of a Change of Control, each holder shall have the right, subject to certain conditions specified in
the Indenture, to require the Company to repurchase all or any part of such holder’s Notes, including the Notes, at a purchase price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to, but
excluding, the date of repurchase (subject to the right of the holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), as provided in, and subject to the terms of the Indenture. 

In accordance with Section 4.06 of the Indenture, the Company will be required to offer to purchase Notes including the Notes, upon the
occurrence of certain events. 
  

	9.	 [Intentionally Omitted] 

  
 Exhibit A-9 

	10.	 Denominations; Transfer; Exchange 

The Notes are in registered form, without coupons, in minimum denominations of $2,000 principal amount and integral multiples of $1,000 in
excess thereof. A holder shall register the transfer of or exchange of the Notes in accordance with the Indenture. Upon any registration of transfer or exchange, the Registrar and the Trustee may require a holder, among other things, to furnish
appropriate endorsements and transfer documents and the Company may require a holder to pay any taxes required by law or permitted by the Indenture. The Company shall not be required to make, and the Registrar need not register, transfers or
exchanges of any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion thereof not to be redeemed) or of any Notes for a period of 15 days before the mailing of a notice of redemption of Notes to be
redeemed. 
  

	11.	 Persons Deemed Owners 

The registered holder of this Note shall be treated as the owner of it for all purposes. 

 

	12.	 Unclaimed Money 

Subject to any applicable abandoned property law, the Trustee and each Paying Agent shall pay to the Company upon written request any money
held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, holders entitled to the money must look to the Company for payment as general creditors, and the Trustee and each Paying Agent shall have no
further liability with respect to such monies. 
  

	13.	 Discharge and Defeasance 

Subject to certain conditions, the Company at any time may terminate some of or all its obligations under the Notes and the Indenture if the
Company deposits with the Trustee cash in U.S. dollars, U.S. Government Obligations or a combination thereof sufficient to pay the principal of and premium (if any) and interest on the Notes when due at maturity or redemption, as the case may be.

  

	14.	 Amendment; Waiver 

Subject to certain exceptions set forth in the Indenture, (i) the Indenture as it relates to the Notes or the Notes may be amended with
the consent of the holders of at least a majority in aggregate principal amount of the Notes then outstanding and (ii) any past default with respect to the Notes or compliance with any provisions with respect to the Notes may be waived with the
written consent of the holders of at least a majority in principal amount of the Notes then outstanding voting as a single class. 
 The
Company, the Trustee and the Notes Collateral Agent, if applicable, may amend the Indenture, the Notes and the Guarantees without notice to or the consent of any holder (i) to cure any ambiguity, omission, mistake, defect or inconsistency;
(ii) to provide for the assumption by a Successor Company (with respect to the Company) of the obligations of the Parent or the Company under the Indenture with respect to the Notes; (iii) to provide for the assumption by a Successor
Guarantor (with respect to any Guarantor) of the obligations of a Subsidiary Guarantor 

  
 Exhibit A-10 

 
under the Indenture with respect to the Notes and its Guarantee; (iv) to provide for uncertificated Notes in addition to or in place of certificated Notes; provided, however,
that uncertificated Notes are in registered form for purposes of Section 163(f) of the Code; (v) to add a Guarantee or collateral with respect to the Notes; (vi) to add collateral to secure the Notes; (vii) to add to the
covenants of the Parent for the benefit of the holders or to surrender any right or power conferred upon the Parent; (viii) to add additional assets as Collateral; (ix) to make, complete or confirm any grant of security interest in any
property or assets as additional collateral securing the obligations under the Indenture, the Notes and the Guarantees, including when permitted or required by the Indenture or any of the Security Documents or any release, termination or discharge
of Collateral when permitted or required by the Indenture or any of the Security Documents; (x) to enter into or amend the ABL Intercreditor Agreement and/or a Pari Passu Intercreditor Agreement (if any) or Security Document (or a supplement
thereto) under circumstances provided therein; (xi) to make any change that does not adversely affect the rights of any holder of Notes in any material respect; (xii) to conform the text of the Indenture, Guarantees, the Notes, the
Security Documents or the ABL Intercreditor Agreement or the Pari Passu Intercreditor Agreement (if any) to any provision of the “Description of Notes” in the Offering Memorandum; (xiii) to effect any provision of the Indenture
or to make certain changes to the Indenture to provide for the issuance of Additional Notes; or (xiv) to release a Guarantor from its Guarantee of the Notes when permitted or required under the terms of the Indenture with respect to the Notes.

  

	15.	 Defaults and Remedies 

If an Event of Default (other than an Event of Default specified in Section 6.01(f) or (g) of the Indenture with respect to the
Parent) occurs and is continuing with respect to the Notes, the Trustee by notice to the Parent or the holders of at least 25% in principal amount of outstanding Notes by notice to the Parent, with a copy to the Trustee, may declare the principal
of, premium, if any, and accrued but unpaid interest on all the Notes to be due and payable with respect to the Notes. Upon such a declaration, such principal and interest shall be due and payable immediately. If an Event of Default specified in
Section 6.01(f) or (g) with respect to the Parent occurs, the principal of, premium, if any, and interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the Trustee or any
holders. The holders of a majority in principal amount of outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences. 

If an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers vested in it
by the Indenture at the request or direction of any of the holders pursuant to the Indenture, unless such holders have offered and, if requested, provided to the Trustee indemnity or security satisfactory to the Trustee against the costs, expenses
and liabilities which might be Incurred by it in compliance with such request or direction. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no holder may pursue any remedy with respect to the
Indenture or the Notes unless (i) such holder has previously given the Trustee written notice that an Event of Default is continuing, (ii) holders of at least 25% in principal amount of the outstanding Notes have requested the Trustee to
pursue the remedy, (iii) such holders have offered and, if requested, provided the Trustee security or indemnity satisfactory to it against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days
after the receipt of the request 

  
 Exhibit A-11 

 
and the offer of security or indemnity, and (v) the holders of a majority in principal amount of the outstanding Notes have not given the Trustee a direction inconsistent with such request
within such 60-day period. The holders of a majority in principal amount of outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of
exercising any trust or power conferred on the Trustee with respect to the Notes. However, the Trustee may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of
any other holder or that would involve the Trustee in personal liability (it being understood that the Trustee shall have no obligation to ascertain whether or not such direction is unduly prejudicial to any other holder). Prior to taking any action
under the Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 

 

	16.	 Trustee Dealings with the Company 

The Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company or its
Affiliates with the same rights it would have if it were not Trustee. 
  

	17.	 No Recourse Against Others 

No director, officer, employee, manager or incorporator of the Company or any Guarantor, and no holder of any Equity Interests in the Parent or
any direct or indirect parent company of the Parent, as such, shall have any liability for any obligations of the Company or any Guarantor under the Notes, the Guarantees, the Security Documents, the ABL Intercreditor Agreement, the Pari Passu
Intercreditor Agreement (if any) or the Indenture, as applicable, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each holder of Notes by accepting a Note waives and releases all such liability. The
waiver and release are part of the consideration for issuance of the Notes. 
  

	18.	 Authentication 

This Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of
authentication on the other side of this Note. 
  

	19.	 Abbreviations 

Customary abbreviations may be used in the name of a holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/GZM/A (=Uniform Gift to Minors Act). 
  

	20.	 Governing Law 

THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

  
 Exhibit A-12 

	21.	 CUSIP Numbers; ISINs 

The Company has caused CUSIP numbers and ISINs to be printed on the Notes and has directed the Trustee to use CUSIP numbers and ISINs in
notices of redemption as a convenience to the holders. 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 reliance may be placed only on the other
identification numbers printed thereon. 
 The Company will furnish to any holder of Notes upon written request and without charge to the
holder a copy of the Indenture which has in it the text of this Note. 

  
 Exhibit A-13 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to: 
  
  

(Print or type assignee’s name, address and zip code) 
  

 
 (Insert
assignee’s soc. sec. or tax I.D. No.) 
 and irrevocably appoint [ ● ] agent to transfer this Note on the books of the Company. The
agent may substitute another to act for him. 
 Date:
                     Your
Signature:                         

Sign exactly as your name appears on the other side of this Note. 

Signature Guarantee: 

Date:                     

Signature must be guaranteed by a participant in a Signature of Signature Guarantee recognized signature guaranty medallion program or other signature
guarantor program reasonably acceptable to the Trustee 

  
 Exhibit A-14 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 

REGISTRATION OF TRANSFER RESTRICTED NOTE 
 This
certificate relates to $[ 🌑 ] principal amount of Notes held in (check applicable space)                 book-entry
or                 definitive form by the undersigned. 
 The undersigned
(check one box below): 
  

	☐	 has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global
Note held by the Depository a Note or Notes in definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Note (or the portion thereof indicated above);

  

	☐	 has requested the Trustee by written order to exchange or register the transfer of a Note or Notes.

 In connection with any transfer of any of the Notes evidenced by this certificate occurring while this Note is still a Transfer
Restricted Definitive Note or a Transfer Restricted Global Note, the undersigned confirms that such Notes are being transferred in accordance with its terms: 

CHECK ONE BOX BELOW 
  

					
	(1)	 	  ☐	 	to the Company; or
			
	(2)	 	  ☐	 	to the Registrar for registration in the name of the holder, without transfer; or
			
	(3)	 	  ☐	 	pursuant to an effective registration statement under the Securities Act of 1933; or
			
	(4)	 	  ☐	 	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer to whom
notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or
			
	(5)	 	  ☐	 	[Reserved]; or
			
	(6)	 	  ☐	 	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a signed letter containing certain representations and
agreements; or
			
	(7)	 	  ☐	 	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.

  
 Unless one of the boxes is checked, the
Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any Person other than the registered holder thereof; provided, however, that if box (6) or (7) is checked, the Company or the Trustee
may require, prior to registering any such transfer of the Notes, such legal opinions, certifications and other information as the Company or the Trustee have reasonably requested to confirm that such

  
 Exhibit A-15 

 
transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. 

Date:                      Your Signature:
                         

Sign exactly as your name appears on the other side of this Note. 

Signature Guarantee: 
 Date:
                     
 Signature must be
guaranteed by a participant in a Signature of Signature Guarantee recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee 

  
 Exhibit A-16 

 TO BE COMPLETED BY PURCHASER IF (4) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
 Date:
                     
 NOTICE: to
be executed by an executive officer 

  
 Exhibit A-17 

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The initial principal amount of this Global Note is $[ 🌑 ]. The following increases or
decreases in this Global Note have been made: 
  

									
	 Date of Exchange
	  	 Amount of
decrease in
Principal Amount
of this Global
Note
	  	 Amount of
increase in
Principal Amount
of this Global
Note
	  	 Principal amount
of this Global Note
following
such
decrease or
increase
	  	 Signature of
authorized
signatory of

Trustee or Note
Custodian

  
 Exhibit A-18 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the
Indenture, check the box: 
 Asset Sale ☐     Change of Control ☐ 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of
Control) of the Indenture, state the amount ($2,000 or any integral multiple of $1,000 in excess thereof): 
 $ 

Date:                      Your Signature:
                         

(Sign exactly as your name appears on the other side of this Note) 

Signature Guarantee:
                         

Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable
to the Trustee 

  
 Exhibit A-19 

 EXHIBIT B 

[FORM OF TRANSFEREE LETTER OF REPRESENTATION] 

TRANSFEREE LETTER OF REPRESENTATION 

ABERCROMBIE & FITCH MANAGEMENT CO. 
 [[ 🌑 ]] 
 Ladies and Gentlemen: 

This certificate is delivered to request a transfer of [$[ 🌑 ] principal amount of the 8.750%
Senior Secured Notes due 2025 (the “Notes”)] of ABERCROMBIE & FITCH MANAGEMENT CO. (collectively with its successors and assigns, the “Company”). 

Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows: 

Name:                      

Address:                      

Taxpayer ID Number:                      

The undersigned represents and warrants to you that: 

1.    We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or
(7) under the Securities Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $100,000 principal amount of the
Notes, and we are acquiring the Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of our investment in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk
of our or its investment. 
 2.    We understand that the Notes have not been registered under the
Securities Act and, unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such
Notes prior to July 2, 2021 and the last date on which either of the Company or any affiliate of the Company was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) in
the United States to a person whom we reasonably believe is a qualified institutional buyer (as defined in rule 144A under the Securities Act) in a transaction meeting the requirements of Rule 144A, (b) outside the United States in an offshore
transaction in accordance with Rule 904 of Regulation S under the Securities Act, (c) pursuant to an exemption from registration under the Securities Act provided by Rule 144 thereunder (if applicable) or (d) pursuant to an effective
registration statement under the Securities Act, in each of clauses (a) through (d) 

  
 Exhibit B-1 

 
in accordance with any applicable securities laws of any state of the United States. In addition, we will, and each subsequent holder is required to, notify any purchaser of the Note evidenced
hereby of the resale restrictions set forth above. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made to an institutional
“accredited investor” prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Company and the Trustee, which shall provide, among other
things, that the transferee is an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Notes for investment purposes and not for distribution
in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes pursuant to clause 2(b), 2(c)
or 2(d) above to require the delivery of an opinion of counsel, certifications or other information satisfactory to the Company and the Trustee. 
 Dated:

 TRANSFEREE:
                                 

By:
                                 

  
 Exhibit B-2 

 EXHIBIT C 

[FORM OF SUPPLEMENTAL INDENTURE] 

SUPPLEMENTAL INDENTURE 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of [ 🌑 ], among
[NEW GUARANTOR] (the “New Guarantor”), a direct or indirect subsidiary of ABERCROMBIE & FITCH MANAGEMENT CO. (or its successor), a Delaware corporation (“The Company”), and U.S. Bank National Association, a
national banking association, as trustee under the indenture referred to below (the “Trustee”). 
 W I T N E S E T H: 

WHEREAS Abercrombie & Fitch Management Co. and the Trustee have heretofore executed an indenture, dated as of July 2, 2020 (as
amended, supplemented or otherwise modified, the “Indenture”), providing for the issuance of the Company’s 8.75% Senior Secured Notes due 2025 (the “Notes”): 

WHEREAS Sections 4.11 and 12.07 of the Indenture provide that under certain circumstances the Company is required to cause the New
Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor shall guarantee the Guaranteed Obligations; and 

WHEREAS pursuant to Section 9.01 of the Indenture, the Trustee and the Company are 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 New Guarantor, the Company and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of Notes as follows: 

1.    Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in
the preamble or recital hereto are used herein as therein defined, except that the term “holders” in this Supplemental Indenture shall refer to the term “holders” as defined in the Indenture and the Trustee acting on behalf of
and for the benefit of such holders. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any
particular Section hereof. 
 2.    Agreement to Guarantee. The New Guarantor hereby agrees,
jointly and severally with all existing Guarantors (if any), to guarantee the Guaranteed Obligations on the terms and subject to the conditions set forth in Article XII of the Indenture and to be bound by all other applicable provisions of the
Indenture and the Notes and to perform all of the obligations and agreements of a Guarantor under the Indenture. 

3.    Notices. All notices or other communications to the New Guarantor shall be given as provided
in Section 13.02 of the Indenture. 

  
 Exhibit C-1 

 4.    Ratification of Indenture; Supplemental
Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture
shall form a part of the Indenture for all purposes, and every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 

5.    Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 6.    Trustee Makes No Representation.
The Trustee accepts the amendments of the Indenture effected by this Supplemental Indenture on the terms and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the
Trustee. Without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely
by the Company, or for or with respect to (i) the validity or sufficiency of this Supplemental Indenture or any of the terms or provisions hereof, (ii) the proper authorization hereof by the Company and the New Guarantor, in each case, by
action or otherwise, (iii) the due execution hereof by the Company and the New Guarantor or (iv) the consequences of any amendment herein provided for, and the Trustee makes no representation with respect to any such matters. 

7.    Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each
signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Supplemental Indenture. Notwithstanding the foregoing, 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. 
 8.    Effect of Headings. The Section headings of this Supplemental Indenture
have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions here. 

[Remainder of page intentionally left blank.] 

  
 Exhibit C-2 

 IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed as of the date first written
above. 
  

			
	ABERCROMBIE & FITCH MANAGEMENT CO.

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	[NEW GUARANTOR], as a Guarantor

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as Trustee

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exhibit C-3 

 EXHIBIT D 

[FORM OF PARI PASSU INTERCREDITOR AGREEMENT] 

PARI PASSU INTERCREDITOR AGREEMENT 

dated as of 

[                ], 20[    ] 

among 
 U.S. BANK NATIONAL
ASSOCIATION, 
 as Initial First Lien Representative and Initial First Lien Collateral Agent, 

[                ], 

as the Initial Other Representative, 

[                ], 

as the Initial Other Collateral Agent, 

and 
 each additional
Representative and Collateral Agent from time to time party hereto 
 and acknowledged and agreed to by 

ABERCROMBIE & FITCH MANAGEMENT CO., 

as the Company 
 and the other
Grantors referred to herein 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS
	  	 	2	 
		
	 SECTION 1.1 Certain Defined Terms
	  	 	2	 
	 SECTION 1.2 Rules of Interpretation
	  	 	12	 
		
	 Article II. PRIORITIES AND AGREEMENTS WITH RESPECT TO SHARED COLLATERAL
	  	 	12	 
		
	 SECTION 2.1 Priority of Claims
	  	 	12	 
	 SECTION 2.2 Actions with Respect to Shared Collateral; Prohibition on Contesting Liens
	  	 	15	 
	 SECTION 2.3 No Interference; Payment Over; Exculpatory Provisions
	  	 	16	 
	 SECTION 2.4 Automatic Release of Liens
	  	 	17	 
	 SECTION 2.5 Certain Agreements with Respect to Bankruptcy or Insolvency Proceedings
	  	 	18	 
	 SECTION 2.6 Reinstatement
	  	 	19	 
	 SECTION 2.7 Insurance and Condemnation Awards
	  	 	19	 
	 SECTION 2.8 Refinancings
	  	 	19	 
	 SECTION 2.9 Gratuitous Bailee/Agent for Perfection
	  	 	20	 
	 SECTION 2.10 Amendments to First Lien Collateral Documents
	  	 	21	 
	 SECTION 2.11 Similar Liens and Agreements
	  	 	21	 
		
	 ARTICLE III. EXISTENCE AND AMOUNTS OF LIENS AND OBLIGATIONS
	  	 	22	 
		
	 ARTICLE IV. THE APPLICABLE COLLATERAL AGENT
	  	 	22	 
		
	 SECTION 4.1 Authority
	  	 	22	 
	 SECTION 4.2 Power-of-Attorney
	  	 	23	 
		
	 ARTICLE V. MISCELLANEOUS
	  	 	24	 
		
	 SECTION 5.1 Integration/Conflicts
	  	 	24	 
	 SECTION 5.2 Effectiveness; Continuing Nature of this Agreement; Severability
	  	 	24	 
	 SECTION 5.3 Amendments; Waivers
	  	 	24	 
	 SECTION 5.4 Information Concerning Financial Condition of the Grantors and their
Subsidiaries
	  	 	25	 
	 SECTION 5.5 Submission to Jurisdiction; Certain Waivers
	  	 	25	 
	 SECTION 5.6 WAIVER OF JURY TRIAL
	  	 	26	 
	 SECTION 5.7 Notices
	  	 	27	 
	 SECTION 5.8 Further Assurances
	  	 	27	 
	 SECTION 5.9 Agency Capacities
	  	 	27	 
	 SECTION 5.10 GOVERNING LAW.
	  	 	28	 
	 SECTION 5.11 Binding on Successors and Assigns
	  	 	28	 
	 SECTION 5.12 Section Headings
	  	 	28	 
	 SECTION 5.13 Counterparts
	  	 	28	 

  
 i 

			
	 SECTION 5.14 Other First Lien Obligations
	 	28
	 SECTION 5.15 Authorization
	 	30
	 SECTION 5.16 No Third Party Beneficiaries/ Provisions Solely to Define Relative Rights
	 	30
	 SECTION 5.17 No Indirect Actions
	 	30
	 SECTION 5.18 Additional Grantors
	 	31

 EXHIBITS 
  

					
			
	Exhibit A	  	-    	  	Form of Joinder Agreement (Additional First Lien Debt / Replacement Indenture)
			
	Exhibit B	  	-    	  	Form of Additional First Lien Debt / Replacement Indenture Designation
			
	Exhibit C	  	-    	  	Form of Joinder Agreement (Additional Grantors)

  
 ii 

 This PARI PASSU INTERCREDITOR AGREEMENT (as amended, restated, amended and
restated, supplemented or otherwise modified from time to time, this “Agreement”) dated as of [                    ],
20[    ], among U.S. BANK NATIONAL ASSOCIATION, as trustee for the Initial Indenture Claimholders (in such capacity and together with its successors from time to time in such capacity, the “Initial First Lien
Representative”) and as notes collateral agent for the Initial Indenture Claimholders (in such capacity and together with its successors from time to time in such capacity, the “Initial First Lien Collateral
Agent”), [                    ], as Representative for the Initial Other First Lien Claimholders (in such capacity and together with its
successors from time to time in such capacity, the “Initial Other Representative”), [                    ], as collateral
agent for the Initial Other First Lien Claimholders (in such capacity and together with its successors from time to time in such capacity, the “Initial Other Collateral Agent”), and each additional Representative and
Collateral Agent from time to time party hereto for the Other First Lien Claimholders of the Series with respect to which it is acting in such capacity, and acknowledged and agreed to by ABERCROMBIE & FITCH MANAGEMENT
CO., a Delaware corporation (the “Company”) and the other Grantors. Capitalized terms used in this Agreement have the meanings assigned to them in Article 1 below. 

Reference is made to that certain Indenture, dated as of July 2, 2020, by and among the Company as issuer, Abercrombie & Fitch
Co., a Delaware corporation (“Parent”), the other guarantors party hereto from time to time, the Initial First Lien Representative as trustee, the Initial First Lien Collateral Agent as notes collateral agent (as such
agreement may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms hereof and thereof, the “Initial Indenture”) in connection with 8.75% Senior Secured Notes due 2025 or any
additional notes issued thereunder from time to time. 
 The obligations of the Company and other Grantors under the Initial Indenture will
be secured on a first-priority basis by liens on substantially all the assets of the Company, Parent and the other Grantors pursuant to the terms of the Initial Indenture Collateral Documents; 

The Initial Indenture Documents provide, among other things, that the parties thereto shall set forth in this Agreement their respective
rights and remedies with respect to the Collateral; and 
 In consideration of the foregoing, the mutual covenants and obligations herein
set forth and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, each of the Initial First Lien Representative (for itself and on behalf of each other Initial Indenture Claimholder), the Initial
First Lien Collateral Agent (for itself and on behalf of each other Initial Indenture Claimholder), the Initial Other Representative (for itself and on behalf of each other Initial Other First Lien Claimholder), the Initial Other Collateral Agent
(for itself and on behalf of each other Initial Other First Lien Claimholder) and each Additional First Lien Representative and Additional First Lien Collateral Agent (in each case, for itself and on behalf of the Additional First Lien Claimholders
of the applicable Series), intending to be legally bound, hereby agrees as follows: 

  
 1 

 ARTICLE I. 

DEFINITIONS 
 SECTION 1.1
Certain Defined Terms. 
 Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Initial
Indenture (whether or not then in effect), and the following terms which are defined in the UCC are used herein as so defined (and if defined in more than one article of the UCC shall have the meaning specified in Article 9 thereof): Certificated
Security, Commodity Account, Commodity Contract, Deposit Account, Electronic Chattel Paper, Promissory Note, Instrument, Letter of Credit Right, Securities Entitlement, Securities Account and Tangible Chattel Paper. As used in this Agreement, the
following terms have the meanings specified below: 
 “Additional First Lien Claimholders” has the
meaning set forth in Section 5.14. 
 “Additional First Lien Collateral Agent” means with
respect to each Series of Other First Lien Obligations and each Replacement Indenture, in each case, that becomes subject to the terms of this Agreement after the date hereof, the Person serving as collateral agent (or the equivalent) for such
Series of Other First Lien Obligations or Replacement Indenture and named as such in the applicable Joinder Agreement delivered pursuant to Section 5.14 hereof, together with its successors from time to time in such capacity. If an Additional
First Lien Collateral Agent is the Collateral Agent under a Replacement Indenture, it shall also be a Replacement Collateral Agent and the Indenture Collateral Agent, otherwise it shall be an Other First Lien Collateral Agent. 

“Additional First Lien Debt” has the meaning set forth in Section 5.14. 

“Additional First Lien Representative” means with respect to each Series of Other First Lien Obligations
and each Replacement Indenture, in each case, that becomes subject to the terms of this Agreement after the date hereof, the Person serving as administrative agent, trustee or in a similar capacity for such Series of Other First Lien Obligations or
Replacement Indenture and named as such in the applicable Joinder Agreement delivered pursuant to Section 5.14 hereof, together with its successors from time to time in such capacity. If an Additional First Lien Representative is the
Representative under a Replacement Indenture, it shall also be a Replacement Representative and the Indenture Representative, otherwise it shall be an Other First Lien Representative. 

“Agreement” has the meaning set forth in the introductory paragraph hereto. 

“Applicable Collateral Agent” means the Collateral Agent for the First Lien Claimholders whose
Representative is the Applicable Representative. 
 “Applicable Representative” means, with respect to
any Shared Collateral, (A) if no Designated Secured Bank Indebtedness Representative has been designated by the Company, the Representative of the Series of First Lien Obligations that constitutes the largest outstanding principal amount of any
then outstanding series of First Lien Obligations and (B) if a Designated Secured Bank Indebtedness Representative has been designated by the Company, (i) until the earlier of (x) the Discharge of the Secured Bank Indebtedness
represented by the Designated Secured Bank Indebtedness Representative and (y) the Non-Controlling Authorized Representative Enforcement Date, the Designated 

  
 2 

 
Secured Bank Indebtedness Representative and (ii) from and after the earlier of (x) the Discharge of such Secured Bank Indebtedness and (y) the
Non-Controlling Authorized Representative Enforcement Date, the Major Non-Controlling Authorized Representative. 

“Bankruptcy Case” has the meaning set forth in Section 2.5. 

“Bankruptcy Code” means Title 11 of the United States Code, as amended. 

“Bankruptcy Law” means the Bankruptcy Code and any similar Federal, state or foreign law for the relief
of debtors. 
 “Business Day” means a day other than a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to close. 
 “Collateral” means
all assets and properties subject to, or purported to be subject to, Liens created pursuant to any First Lien Collateral Document to secure one or more Series of First Lien Obligations and shall include any property or assets subject to replacement
Liens or adequate protection Liens in favor of any First Lien Claimholder. 
 “Collateral Agent” means
(i) in the case of any Indenture Obligations, the Indenture Collateral Agent (which in the case of the Initial Indenture Obligations shall be the Initial First Lien Collateral Agent and in the case of any Replacement Indenture shall be the
Replacement Collateral Agent) and (ii) in the case of the Other First Lien Obligations, the Other First Lien Collateral Agent (which in the case of the Initial Other First Lien Obligations shall be the Initial Other Collateral Agent and in the
case of any other Series of Other First Lien Obligations shall be the Additional First Lien Collateral Agent for such Series). 

“Company” has the meaning set forth in the introductory paragraph to this Agreement. 

“Control Collateral” means any Shared Collateral in the “control” (within the meaning of Section 9-104, 9-105, 9-106, 9-107 or 8-106 of the
Uniform Commercial Code of any applicable jurisdiction) of any Collateral Agent (or its agents or bailees), to the extent that control thereof perfects a Lien thereon under the Uniform Commercial Code of any applicable jurisdiction. Control
Collateral includes any Deposit Accounts, Securities Accounts, Securities Entitlements, Commodity Accounts, Commodity Contracts, Letter of Credit Rights or Electronic Chattel Paper over which any Collateral Agent has “control” under the
applicable Uniform Commercial Code. 
 “Controlling Claimholders” means, with respect to any Common
Collateral, the First Lien Claimholders whose Representative is the Applicable Representative for such Common Collateral. 

“Controlling Facility” means, the facility established in connection with the Series of First Lien
Obligations held by the Controlling Claimholders. 
 “Declined Liens” has the meaning set forth in
Section 2.11. 

  
 3 

 “Default” means a “Default” (or similarly
defined term) as defined in any First Lien Document. 
 “Designated Secured Bank Indebtedness Representative” means
any Representative with respect to any Series of Secured Bank Indebtedness designated to be the Designated Secured Bank Indebtedness Representative by the Company upon the entry into the Pari Passu Intercreditor Agreement by such Representative,
whether by joinder or otherwise. 
 “Designated Secured Bank Indebtedness Collateral Agent” means the Collateral
Agent with respect to any Secured Bank Indebtedness designated to be the Designated Secured Bank Indebtedness Collateral Agent by the Company upon the entry into the Pari Passu Intercreditor Agreement by such Collateral Agent, whether by joinder or
otherwise. 
 “Designation” means a designation of Additional First Lien Debt and, if applicable, the
designation of a Replacement Indenture, in each case, in substantially the form of Exhibit B attached hereto. 

“DIP Financing” has the meaning set forth in Section 2.5(b). 

“DIP Financing Liens” has the meaning set forth in Section 2.5(b). 

“DIP Lenders” has the meaning set forth in Section 2.5(b). 

“Discharge” means, with respect to any Series of First Lien Obligations, that such Series of First Lien
Obligations is no longer secured by, and no longer required to be secured by, any Shared Collateral pursuant to the terms of the applicable First Lien Documents for such Series of First Lien Obligations. The term
“Discharged” shall have a corresponding meaning. 
 “Discharge of
Indenture” means, except to the extent otherwise provided in Section 2.6, the Discharge of the Indenture Obligations; provided that the Discharge of Indenture shall be deemed not to have occurred if a Replacement
Indenture is entered into until, subject to Section 2.6, the Replacement Indenture Obligations shall have been Discharged. 

“Equity Release Proceeds” has the meaning set forth in Section 2.4(a). 

“Event of Default” means an “Event of Default” (or similarly defined term) as defined in any
First Lien Document. 
 “First Lien Claimholders” means (i) the Indenture Claimholders and
(ii) the Other First Lien Claimholders with respect to each Series of Other First Lien Obligations. 
 “First Lien
Collateral Documents” means, collectively, (i) the Indenture Collateral Documents and (ii) the Other First Lien Collateral Documents. 

“First Lien Documents” means (i) the Indenture Documents, (ii) Initial Other First Lien
Documents and (iii) each other Other First Lien Document. 

  
 4 

 “First Lien Obligations” means, collectively,
(i) the Indenture Obligations and (ii) each Series of Other First Lien Obligations. 

“Grantors” means Parent, the Company and each Subsidiary of the Company which has granted a security
interest pursuant to any First Lien Collateral Document to secure any Series of First Lien Obligations. 

“Impairment” has the meaning set forth in Section 2.1(b)(ii). 

“Indebtedness” means indebtedness in respect of borrowed money. 

“Indenture” means (i) the Initial Indenture and (ii) each Replacement Indenture. 

“Indenture Claimholders” means (i) the Initial Indenture Claimholders and (ii) the Replacement
Indenture Claimholders. 
 “Indenture Collateral Agent” means (i) the Initial First Lien
Collateral Agent and (ii) the Replacement Collateral Agent under any Replacement Indenture. 
 “Indenture Collateral
Documents” means (i) the Initial Indenture Collateral Documents and (ii) the Replacement Indenture Collateral Documents. 

“Indenture Documents” means (i) the Initial Indenture Documents and (ii) the Replacement
Indenture Documents. 
 “Indenture Obligations” means (i) the Initial Indenture Obligations and
(ii) the Replacement Indenture Obligations. 
 “Indenture Representative” means (i) the
Initial First Lien Representative and (ii) the Replacement Representative under any Replacement Indenture. 

“Initial Indenture” has the meaning set forth in the first paragraph of this Agreement. 

“Initial Indenture Claimholders” means the holders of any Initial Indenture Obligations, including the
“Notes Secured Parties” as defined in the Initial Indenture and the Initial First Lien Representative and Initial First Lien Collateral Agent. 

“Initial Indenture Collateral Documents” means the Security Documents (as defined in the
Initial Indenture) and any other agreement, document or instrument entered into for the purpose of granting a Lien to secure any Initial Indenture Obligations or to perfect such Lien (as each may be amended, restated, amended and restated,
supplemented or otherwise modified from time to time). 
 “Initial Indenture Documents” means the
Indenture, each Initial Indenture Collateral Document and Notes (as defined in the Initial Indenture), and each of the other agreements, documents and instruments providing for or evidencing any other Initial Indenture Obligation, as each may be
amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

  
 5 

 “Initial Indenture Obligations” means the
“Obligations” as defined in the Initial Indenture and shall include without limitation all principal, interest, fees, expenses (including any interest, fees, expenses and other amounts 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, fees, expenses and other amounts are allowed or allowable claims under applicable state, federal or
foreign law), penalties, indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the Initial Indenture
Documents. 
 “Initial First Lien Collateral Agent” has the meaning set forth in the introductory
paragraph to this Agreement. 
 “Initial First Lien Representative” has the meaning set forth in the
introductory paragraph to this Agreement. 
 “Initial Other Collateral Agent” has the meaning set
forth in the introductory paragraph to this Agreement. 
 “Initial Other Collateral Documents” means
the [Security][Collateral] Documents (as defined in the Initial Other First Lien Agreement) and any other agreement, document or instrument entered into for the purpose of granting a Lien to secure any Initial Other First Lien Obligations or to
perfect such Lien (as each may be amended, restated, amended and restated, supplemented or otherwise modified from time to time). 

“Initial Other First Lien Agreement” means [describe the credit agreement, indenture or other document
pursuant to which the Initial Other First Lien Obligations are incurred]. 
 “Initial Other First Lien
Claimholders” means the holders of any Initial Other First Lien Obligations, the Initial Other Representative and the Initial Other Collateral Agent. 

“Initial Other First Lien Documents” means the Initial Other First Lien Agreement, each Initial Other
Collateral Document and each of the other agreements, documents and instruments providing for or evidencing any other Initial Other First Lien Obligations, as each may be amended, restated, amended and restated, supplemented or otherwise modified
from time to time. 
 “Initial Other First Lien Obligations” means the Other First Lien Obligations
pursuant to the Initial Other First Lien Documents. 
 “Initial Other Representative” has the meaning
set forth in the introductory paragraph to this Agreement. 

  
 6 

 “Insolvency or Liquidation Proceeding” means: 

(1)    any voluntary or involuntary case or proceeding under the Bankruptcy Code with respect to any Grantor; 

(2)    any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any
receivership, liquidation, reorganization or other similar case or proceeding with respect to any Grantor or with respect to a material portion of its assets; 

(3)    any liquidation, dissolution, reorganization or winding up of any Grantor whether voluntary or involuntary and
whether or not involving insolvency or bankruptcy; or 
 (4)    any assignment for the benefit of creditors or any other
marshaling of assets and liabilities of any Grantor. 
 “Intervening Creditor” has the meaning set
forth in Section 2.1(b)(i). 
 “Joinder Agreement” means a document in the form of Exhibit
A to this Agreement required to be delivered by a Representative to each Collateral Agent and each other Representative pursuant to Section 5.14 of this Agreement in order to create an additional Series of Other First Lien Obligations or
a Refinancing of any Series of First Lien Obligations (including the Indenture) and bind First Lien Claimholders hereunder. 

“Lien” means any lien (including judgment liens and liens arising by operation of law), mortgage,
pledge, assignment, security interest, charge or encumbrance of any kind (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any lease in the nature thereof) and any option, call, trust
(whether contractual, statutory, deemed, equitable, constructive, resulting or otherwise), UCC financing statement or other preferential arrangement having the practical effect of any of the foregoing, including any right of set-off or recoupment. 
 “Major Non-Controlling
Representative” means the Representative of the Series of First Lien Obligations that constitutes the largest outstanding principal amount of any then outstanding Series of First Lien Obligations, other than the obligations under
the then applicable Secured Bank Indebtedness, with respect to the Shared Collateral (provided, however, that if there are two outstanding Series of First Lien Obligations which have an equal outstanding principal amount (other than the
obligations under the then applicable Secured Bank Indebtedness), the Series of First Lien Obligations with the earlier maturity date shall be considered to have the larger outstanding principal amount for purposes of this definition). For purposes
of this definition, “principal amount” shall be deemed to include the face amount of any outstanding letter of credit issued under the particular Series. 

“Non-Controlling Claimholders” means, with respect to any Shared
Collateral, the First Lien Claimholders which are not Controlling Claimholders with respect to such Shared Collateral. 

“Non-Controlling Representative” means, at any time, each
Representative that is not the Applicable Representative at such time. 

  
 7 

 “Non-Controlling Representative
Enforcement Date” means the date that is 180 days (throughout which 180-day period the Applicable Representative was not the Major Non-Controlling
Authorized Representative) after the occurrence of both (a) an Event of Default, as defined in the applicable First Lien Documents governing the First Lien Obligations for which such Major Non-Controlling
Authorized Representative is the Representative, and (b) each Collateral Agent’s and each Representative’s receipt of written notice from that Representative certifying that (i) such Representative is the Major Non-Controlling Authorized Representative and that an Event of Default, as defined in the applicable First Lien Documents governing the First Lien Obligations for which such Major
Non-Controlling Authorized Representative is the Representative, has occurred and is continuing and (ii) the First Lien Obligations are currently due and payable in full (whether as a result of
acceleration thereof or otherwise) in accordance with the applicable First Lien Documents governing the First Lien Obligations for which such Major Non-Controlling Authorized Representative is the
Representative; provided that the Non-Controlling Authorized Representative Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred (1) at any time the
then-current Applicable Representative or the Applicable Collateral Agent has commenced and is diligently pursuing any enforcement action with respect to all or a material portion of the Shared Collateral or (2) at any time the Company or any
Guarantor that has granted a security interest in such Shared Collateral is then a debtor under or with respect to (or otherwise subject to) any insolvency or liquidation proceeding. 

“Other First Lien Agreement” means any indenture, notes, credit agreement or other agreement, document
(including any document governing reimbursement obligations in respect of letters of credit issued pursuant to any Other First Lien Agreement) or instrument, including the Initial Other First Lien Agreement, pursuant to which any Grantor has or will
incur Other First Lien Obligations; provided that, in each case, the Indebtedness thereunder (other than the Initial Other First Lien Obligations) has been designated as Other First Lien Obligations pursuant to and in accordance with
Section 5.14. For avoidance of doubt, neither the Initial Indenture nor any Replacement Indenture shall constitute an Other First Lien Agreement. 

“Other First Lien Claimholder” means the holders of any Other First Lien Obligations and any
Representative and Collateral Agent with respect thereto and shall include the Initial Other First Lien Claimholders. 

“Other First Lien Collateral Agents” means each of the Collateral Agents other than the Indenture
Collateral Agent. 
 “Other First Lien Collateral Documents” means the Security Documents or
Collateral Documents or similar term (in each case as defined in the applicable Other First Lien Agreement) and any other agreement, document or instrument entered into for the purpose of granting a Lien to secure any Other First Lien Obligations or
to perfect such Lien (as each may be amended, restated, amended and restated, supplemented or otherwise modified from time to time). 

“Other First Lien Documents” means, with respect to the Initial Other First Lien Obligations or any
Series of Other First Lien Obligations, the Other First Lien Agreements, including the Initial Other First Lien Documents and the Other First Lien Collateral Documents applicable thereto and each other agreement, document and instrument providing
for or evidencing any other Other First Lien Obligation, as each may be amended, restated, amended and restated, 

  
 8 

 
supplemented or otherwise modified from time to time; provided that, in each case, the Indebtedness thereunder (other than the Initial Other First Lien Obligations) has been designated as
Other First Lien Obligations pursuant to and in accordance with Section 5.14 hereto. 
 “Other First Lien
Obligations” means all amounts owing to any Other First Lien Claimholder (including any Initial Other First Lien Claimholder) pursuant to the terms of any Other First Lien Document (including the Initial Other First Lien
Documents), including all amounts in respect of any principal, interest (including any Post-Petition Interest), premium (if any), penalties, fees, expenses (including fees, expenses and disbursements of agents, professional advisors and legal
counsel), indemnifications, reimbursements, damages and other liabilities, and guarantees of the foregoing amounts, in each case whether or not allowed or allowable in an Insolvency or Liquidation Proceeding. Other First Lien Obligations shall
include any Registered Equivalent Notes and guarantees thereof by the Grantors issued in exchange therefor. For avoidance of doubt, neither the Initial Indenture Obligations nor any Replacement Indenture Obligations shall constitute Other First Lien
Obligations. 
 “Other First Lien Representative” means each of the First Lien Representatives other
than the Initial First Lien Representative. 
 “Possessory Collateral” means any Shared Collateral in
the possession of any Collateral Agent (or its agents or bailees), to the extent that possession thereof perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction or otherwise. Possessory Collateral includes any Certificated
Securities, Promissory Notes, Instruments, and Tangible Chattel Paper, in each case, delivered to or in the possession of any Collateral Agent under the terms of the First Lien Collateral Documents. 

“Post-Petition Interest” means interest, fees, expenses and other charges that pursuant to the Indenture
Documents or Other First Lien Documents, as applicable, continue to accrue after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest, fees, expenses and other charges are allowed or allowable under the
Bankruptcy Law or in any such Insolvency or Liquidation Proceeding. 
 “Proceeds” has the meaning set
forth in Section 2.1(a). 
 “Refinance” means, in respect of any Indebtedness, to refinance,
extend, renew, defease, amend, modify, supplement, restructure, replace, refund or repay, or to issue other Indebtedness in exchange or replacement for, such Indebtedness in whole or in part and regardless of whether the principal amount of such
Refinancing Indebtedness is the same, greater than or less than the principal amount of the Refinanced Indebtedness. “Refinanced” and “Refinancing” shall have correlative meanings. 

“Registered Equivalent Notes” means, with respect to any notes originally issued in a Rule 144A or other
private placement transaction under the Securities Act of 1933, substantially identical notes (having the same guarantees and substantially the same collateral) issued in a
dollar-for-dollar exchange therefor pursuant to an exchange offer registered with the SEC. 

  
 9 

 “Replacement Collateral Agent” means, in respect of
any Replacement Indenture, the collateral agent or person serving in similar capacity under the Replacement Indenture. 

“Replacement Indenture” means any loan agreement, indenture or other agreement that (i) Refinances
the Indenture in accordance with Section 2.8 hereof so long as, after giving effect to such Refinancing, the agreement that was the Indenture immediately prior to such Refinancing is no longer secured, and no longer required to be secured, by
any of the Collateral and (ii) becomes the Indenture hereunder by designation as such pursuant to Section 5.14. 

“Replacement Indenture Claimholders” means the holders of any Replacement Indenture Obligations,
including the “Notes Secured Parties” (or similar term) as defined in the Replacement Indenture or in the Replacement Indenture Collateral Documents and the Replacement Representative and Replacement Collateral Agent. 

“Replacement Indenture Collateral Documents” means the Security Documents or Collateral
Documents or similar term (as defined in the Replacement Indenture) and any other agreement, document or instrument entered into for the purpose of granting a Lien to secure any Replacement Indenture Obligations or to perfect such Lien (as each may
be amended, restated, amended and restated, supplemented or otherwise modified from time to time). 
 “Replacement
Indenture Documents” means the Replacement Indenture, each Replacement Indenture Collateral Document and the other Notes Documents or similar term (as defined in the Replacement Indenture), and each of the other agreements,
documents and instruments providing for or evidencing any other Replacement Indenture Obligation, as each may be amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

“Replacement Indenture Obligations” means the “Obligations” or similar term as defined in the
Replacement Indenture and shall include without limitation all principal, interest, fees, expenses (including any interest, fees, expenses and other amounts 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, fees, expenses and other amounts are allowed or allowable claims under applicable state, federal or foreign law), penalties,
indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the Replacement Indenture Documents. 

“Replacement Representative” means, in respect of any Replacement Indenture, the administrative agent,
trustee or person serving in similar capacity under the Replacement Indenture. 
 “Representative”
means, at any time, (i) in the case of any Initial Indenture Obligations or the Initial Indenture Claimholders, the Initial First Lien Representative, (ii) in the case of any Replacement Indenture Obligations or the Replacement Indenture
Claimholders, the Replacement Representative, (iii) in the case of the Initial Other First Lien Obligations or the Initial Other First Lien Claimholders, the Initial Other Representative, and (iv) in the case of any other Series of Other
First Lien Obligations or Other First Lien Claimholders of such Series that becomes subject to this Agreement after the date hereof, the Additional First Lien Representative for such Series. 

  
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 “Secured Bank Indebtedness” means, if designated by the Company to
be included in this definition and secured by a Permitted Lien incurred pursuant to clause (6)(B)(y) of the definition of Permitted Liens as set forth in the Indenture and otherwise permitted by the First Lien Documents, one or more (A) debt
facilities or commercial paper facilities, providing for revolving credit loans, term loans, reserve-based loans, securitization or receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to
borrow from lenders against such receivables) or letters of credit, (B) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or
(C) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated,
replaced or refunded in whole or in part from time to time. 
 “Series” means (a) with respect to
the First Lien Claimholders, each of (i) the Initial Indenture Claimholders (in their capacities as such), (ii) the Initial Other First Lien Claimholders (in their capacities as such), (iii) the Replacement Indenture Claimholders (in their
capacities as such), and (iv) the Other First Lien Claimholders (in their capacities as such) that become subject to this Agreement after the date hereof that are represented by a common Representative (in its capacity as such for such Other
First Lien Claimholders) and (b) with respect to any First Lien Obligations, each of (i) the Initial Indenture Obligations, (ii) the Initial Other First Lien Obligations, (iii) the Replacement Indenture Obligations and
(iv) the Other First Lien Obligations incurred pursuant to any Other First Lien Document, which pursuant to any Joinder Agreement, are to be represented hereunder by a common Representative (in its capacity as such for such Other First Lien
Obligations). 
 “Shared Collateral” means, at any time, Collateral in which the holders of two or
more Series of First Lien Obligations (or their respective Representatives) hold, or purport to hold, a valid security interest at such time. If more than two Series of First Lien Obligations are outstanding at any time and the holders of less than
all Series of First Lien Obligations hold, or purport to hold, a valid security interest in any Collateral at such time then such Collateral shall constitute Shared Collateral for those Series of First Lien Obligations that hold or purport to hold a
valid security interest in such Collateral at such time and shall not constitute Shared Collateral for any Series which does not hold or purport to hold a valid security interest in such Collateral at such time. 

“Subsidiary” means, with respect to any Person, any other Person of which more than 50% of the total
voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of such other Person or Persons (whether directors, managers, trustees or other Persons performing
similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or Controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a
combination thereof. 

  
 11 

 “UCC” means the Uniform Commercial Code as in effect
from time to time in the State of New York; provided, however, that in the event that, by reason of mandatory provisions of law, any or all of the perfection or priority of, or remedies with respect to, any Collateral is governed by
the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the
provisions hereof relating to such perfection, priority or remedies. 
 “Underlying Assets” has the
meaning set forth in Section 2.4(a). 
 SECTION 1.2    Rules of Interpretation. 

The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require,
any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word
“will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as amended, restated, amended and restated, supplemented or otherwise modified from time to time and any reference herein to any statute or regulations shall include any
amendment, renewal, extension or replacement thereof, (ii) any reference herein to any Person shall be construed to include such Person’s permitted successors and assigns from time to time, (iii) the words “herein,”
“hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (iv) all references herein to Articles, Sections and Annexes
shall be construed to refer to Articles, Sections and Annexes of this Agreement, (v) unless otherwise expressly qualified herein, the words “asset” and “property” shall be construed to have the same meaning and effect and to
refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (vi) the term “or” is not exclusive. 

ARTICLE II. 
 PRIORITIES
AND AGREEMENTS WITH RESPECT TO SHARED COLLATERAL 
 SECTION 2.1 Priority of Claims. 

(a)    Anything contained herein or in any of the First Lien Documents to the contrary notwithstanding (but subject to the
ABL Intercreditor Agreement and Section 2.1(b)), if an Event of Default has occurred and is continuing, and the Applicable Collateral Agent is taking action to enforce rights in respect of any Collateral, or any distribution is
made in respect of any Shared Collateral in any Bankruptcy Case of any Grantor or any First Lien Claimholder receives any payment pursuant to any intercreditor agreement (other than this Agreement) or otherwise with respect to any Shared Collateral,
the proceeds of any sale, collection or other liquidation of any Shared Collateral or Equity Release Proceeds received by any First Lien Claimholder or received by the Applicable Collateral Agent or any First Lien Claimholder pursuant to any such
intercreditor agreement or otherwise with respect to such Collateral and proceeds of any such 

  
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distribution (subject, in the case of any such distribution, to the sentence immediately following clause THIRD below) to which the First Lien Obligations are entitled under any intercreditor
agreement (other than this Agreement) or otherwise (all proceeds of any sale, collection or other liquidation of any Collateral comprising either Shared Collateral or Equity Release Proceeds and all proceeds of any such distribution and any proceeds
of any insurance covering the Shared Collateral received by the Applicable Collateral Agent and not returned to any Grantor under any First Lien Document being collectively referred to as “Proceeds”), shall be applied by the
Applicable Collateral Agent in the following order: 
 (i)    FIRST, to the payment of all amounts owing
to the Applicable Collateral Agent (in its capacity as such) and the Applicable Representative (in its capacity as such) secured by such Shared Collateral or, in the case of Equity Release Proceeds, secured by the Underlying Assets, including all
reasonable costs and expenses incurred by each Collateral Agent (in its capacity as such) and each Representative (in its capacity as such) in connection with such collection or sale or otherwise in connection with this Agreement, any other First
Lien Document or any of the First Lien Obligations, including all court costs and the reasonable fees and expenses of its agents and legal counsel, and any other reasonable costs or expenses incurred in connection with the exercise of any right or
remedy hereunder or under any other First Lien Document and all fees and indemnities owing to such Authorized Collateral Agent and Authorized Representative, ratably to each such Applicable Collateral Agent and Applicable Representative in
accordance with the amounts payable to it pursuant to this clause FIRST; 
 (ii)    SECOND, subject to
Section 2.1(b), to the extent Proceeds remain after the application pursuant to preceding clause (i), to each Representative for the payment in full of the other First Lien Obligations of each Series secured by such Shared Collateral
or, in the case of Equity Release Proceeds, secured by the Underlying Assets, and, if the amount of such Proceeds are insufficient to pay in full the First Lien Obligations of each Series so secured then such Proceeds shall be allocated among the
Representatives of each Series secured by such Shared Collateral or, in the case of Equity Release Proceeds, secured by the Underlying Assets, pro rata according to the amounts of such First Lien Obligations owing to each such
respective Representative and the other First Lien Claimholders represented by it for distribution by such Representative in accordance with its respective First Lien Documents; and 

(iii)    THIRD, any balance of such Proceeds remaining after the application pursuant to preceding
clauses (i) and (ii), to the Grantors, their successors or assigns from time to time, or to whomever may be lawfully entitled to receive the same, including pursuant to the ABL Intercreditor Agreement, if applicable. 

If, despite the provisions of this Section 2.1(a), any First Lien Claimholder shall receive any payment or other recovery in excess of
its portion of payments on account of the First Lien Obligations to which it is then entitled in accordance with this Section 2.1(a), such First Lien Claimholder shall hold such payment or recovery in trust for the benefit of all First Lien
Claimholders for distribution in accordance with this Section 2.1(a). 

  
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 (b)    (i) Notwithstanding the foregoing, with respect to any Shared
Collateral or Equity Release Proceeds for which a third party (other than a First Lien Claimholder) has a Lien that is junior in priority to the Lien of any Series of First Lien Obligations but senior (as determined by appropriate legal proceedings
in the case of any dispute) to the Lien of any other Series of First Lien Obligations (such third party an “Intervening Creditor”), the value of any Shared Collateral, Equity Release Proceeds or Proceeds which are allocated
to such Intervening Creditor shall be deducted on a ratable basis solely from the Shared Collateral, Equity Release Proceeds or Proceeds to be distributed in respect of the Series of First Lien Obligations with respect to which such Impairment
exists. 
 (i)    In furtherance of the foregoing and without limiting the provisions of Section
2.3, it is the intention of the First Lien Claimholders of each Series that the holders of First Lien Obligations of such Series (and not the First Lien Claimholders of any other Series) (1) bear the risk of any determination by a court of
competent jurisdiction that (x) any of the First Lien Obligations of such Series are unenforceable under applicable law or are subordinated to any other obligations (other than another Series of First Lien Obligations), (y) any of the
First Lien Obligations of such Series do not have a valid and perfected security interest in any of the Collateral securing any other Series of First Lien Obligations and/or (z) any intervening security interest exists securing any other
obligations (other than another Series of First Lien Obligations) on a basis ranking prior to the security interest of such Series of First Lien Obligations but junior to the security interest of any other Series of First Lien Obligations and
(2) not take into account for purposes of this Agreement the existence of any Collateral (other than Equity Release Proceeds) for any other Series of First Lien Obligations that is not Shared Collateral (any such condition referred to in the
foregoing clauses (1) or (2) with respect to any Series of First Lien Obligations, an “Impairment” of such Series); provided that the existence of a maximum claim with respect to any real property subject to a
mortgage which applies to all First Lien Obligations shall not be deemed to be an Impairment of any Series of First Lien Obligations. In the event of any Impairment with respect to any Series of First Lien Obligations, the results of such Impairment
shall be borne solely by the holders of such Series of First Lien Obligations, and the rights of the holders of such Series of First Lien Obligations (including the right to receive distributions in respect of such Series of First Lien Obligations
pursuant to Section 2.1) set forth herein shall be modified to the extent necessary so that the effects of such Impairment are borne solely by the holders of the Series of such First Lien Obligations subject to such Impairment. Additionally,
in the event the First Lien Obligations of any Series are modified pursuant to applicable law (including pursuant to Section 1129 of the Bankruptcy Code), any reference to such First Lien Obligations or the First Lien Documents governing such
First Lien Obligations shall refer to such obligations or such documents as so modified. 
 (c)    It is acknowledged
that the First Lien Obligations of any Series may, subject to the limitations set forth in the then existing First Lien Documents and subject to any limitations set forth in this Agreement, be increased, extended, renewed, replaced, restated,
supplemented, restructured, repaid, refunded, Refinanced or otherwise amended or modified from time to time, all without affecting the priorities set forth in Section 2.1(a) or the provisions of this Agreement defining the relative rights of
the First Lien Claimholders of any Series. 

  
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 (d)    Notwithstanding the date, time, method, manner or order of grant,
attachment or perfection of any Liens securing any Series of First Lien Obligations granted on the Shared Collateral and notwithstanding any provision of the Uniform Commercial Code of any jurisdiction, or any other applicable law or the First Lien
Documents or any defect or deficiencies in the Liens securing the First Lien Obligations of any Series or any other circumstance whatsoever (but, in each case, subject to Section 2.1(b)), each First Lien Claimholder hereby agrees that
the Liens securing each Series of First Lien Obligations on any Shared Collateral shall be of equal priority. 
 SECTION 2.2 Actions with
Respect to Shared Collateral; Prohibition on Contesting Liens. 
 (a)    Notwithstanding Section
2.1, (i) only the Applicable Collateral Agent shall have the right to act or refrain from acting with respect to Shared Collateral (including with respect to any other intercreditor agreement with respect to any Shared Collateral), (ii) the
Applicable Collateral Agent shall act only on the instructions of the Applicable Representative and shall not follow any instructions with respect to such Shared Collateral (including with respect to any other intercreditor agreement with respect to
any Shared Collateral) from any Non-Controlling Representative (or any other First Lien Claimholder other than the Applicable Representative) and (iii) no
Non-Controlling Representative or other First Lien Claimholder (other than the Applicable Collateral Agent) shall or shall instruct any Collateral Agent to commence any judicial or non-judicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or
power with respect to, or otherwise take any action to enforce its interests in or realize upon, or take any other action available to it in respect of, Shared Collateral (including with respect to any other intercreditor agreement with respect to
Shared Collateral), whether under any First Lien Collateral Document (other than the First Lien Collateral Documents applicable to the Applicable Collateral Agent), applicable law or otherwise, it being agreed that only the Applicable Collateral
Agent, acting in accordance with the First Lien Collateral Documents applicable to it, shall be entitled to take any such actions or exercise any remedies with respect to such Shared Collateral at such time. 

(b)    Without limiting the provisions of Section 4.2, each Representative and Collateral Agent that is not the
Applicable Collateral Agent hereby appoints the Applicable Collateral Agent as its agent and authorizes the Applicable Collateral Agent to exercise any and all remedies under each First Lien Collateral Document with respect to Shared Collateral and
to execute releases in connection therewith. 
 (c)    Notwithstanding the equal priority of the Liens securing each
Series of First Lien Obligations granted on the Shared Collateral, the Applicable Collateral Agent (acting on the instructions of the Applicable Representative) may deal with the Shared Collateral as if such Applicable Collateral Agent had a senior
and exclusive Lien on such Shared Collateral. No Representative, First Lien Claimholder or Collateral Agent that is not the Applicable Collateral Agent will contest, protest or object to any foreclosure proceeding or action brought by the Applicable
Collateral Agent, the Applicable Representative or the Controlling Claimholders or any other exercise by the Applicable Collateral Agent, the Applicable Representative or the Controlling Claimholders of any rights and remedies relating to the Shared
Collateral. The foregoing shall not be construed to limit the rights and priorities of any First Lien Claimholder, Collateral Agent or Representative with respect to any Collateral not constituting Shared Collateral. 

  
 15 

 (d)    Each of the Collateral Agents (other than the Indenture
Collateral Agent) and the Representatives (other than the Indenture Representative) agrees that it will not accept any Lien on any Collateral for the benefit of any Series of Other First Lien Obligations (other than funds deposited for the
satisfaction, discharge or defeasance of any Other First Lien Agreement) other than pursuant to the First Lien Collateral Documents, and by executing this Agreement (or a Joinder Agreement), each such Collateral Agent and each such Representative
and the Series of First Lien Claimholders for which it is acting hereunder agree to be bound by the provisions of this Agreement and the other First Lien Collateral Documents applicable to it. 

(e)    Each of the First Lien Claimholders agrees that it will not (and hereby waives any right to) contest or support any
other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority, validity or enforceability of a Lien held by or on behalf of any of the First Lien Claimholders in all or any part of the
Collateral or the provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair (i) the rights of any Collateral Agent or any Representative to enforce this Agreement or (ii) the
rights of any First Lien Claimholder to contest or support any other Person in contesting the enforceability of any Lien purporting to secure obligations not constituting First Lien Obligations. 

SECTION 2.3 No Interference; Payment Over; Exculpatory Provisions. 

(a)    Each First Lien Claimholder agrees that (i) it will not challenge or question or support any other Person in
challenging or questioning in any proceeding the validity or enforceability of any First Lien Obligations of any Series or any First Lien Collateral Document or the validity, attachment, perfection or priority of any Lien under any First Lien
Collateral Document or the validity or enforceability of the priorities, rights or duties established by or other provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any
First Lien Claimholder from challenging or questioning the validity or enforceability of any First Lien Obligations constituting unmatured interest or the validity of any Lien relating thereto pursuant to Section 502(b)(2) of the Bankruptcy
Code, (ii) it will not take or cause to be taken any action the purpose or intent of which is, or could be, to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other disposition of
the Collateral by the Applicable Collateral Agent, (iii) except as provided in Section 2.2, it shall have no right to and shall not otherwise (A) direct the Applicable Collateral Agent or any other First Lien Claimholder to exercise
any right, remedy or power with respect to any Shared Collateral (including pursuant to any other intercreditor agreement) or (B) consent to, or object to, the exercise by, or any forbearance from exercising by, the Applicable Collateral Agent
or any other First Lien Claimholder represented by it of any right, remedy or power with respect to any Collateral, (iv) it will not institute any suit or assert in any suit, bankruptcy, insolvency or other proceeding any claim against the
Applicable Collateral Agent or any other First Lien Claimholder represented by it seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to any Collateral and (v) it will not attempt,
directly or indirectly, whether by judicial proceedings or otherwise, to challenge the enforceability of any provision of this Agreement; provided that nothing in this Agreement shall be construed to 

  
 16 

 
prevent or impair the rights of any of the Applicable Collateral Agent or any other First Lien Claimholder to (i) enforce this Agreement or (ii) contest or support any other Person in
contesting the enforceability of any Lien purporting to secure obligations not constituting First Lien Obligations. 

(b)    Each First Lien Claimholder hereby agrees that if it shall obtain possession of any Shared Collateral or shall
realize any proceeds or payment in respect of any Shared Collateral, pursuant to any First Lien Collateral Document or by the exercise of any rights available to it under applicable law or in any Insolvency or Liquidation Proceeding or through any
other exercise of remedies (including pursuant to any intercreditor agreement), at any time prior to the Discharge of each of the First Lien Obligations, then it shall hold such Shared Collateral, proceeds or payment in trust for the other First
Lien Claimholders having a security interest in such Shared Collateral and promptly transfer any such Shared Collateral, proceeds or payment, as the case may be, to the Applicable Collateral Agent, to be distributed by such Applicable Collateral
Agent in accordance with the provisions of Section 2.1(a) hereof, provided, however, that the foregoing shall not apply to any Shared Collateral purchased by any First Lien Claimholder for cash pursuant to any exercise of remedies
permitted hereunder. 
 (c)    None of the Applicable Collateral Agent, any Applicable Representative or any other First
Lien Claimholder shall be liable for any action taken or omitted to be taken by the Applicable Collateral Agent, such Applicable Representative or any other First Lien Claimholder with respect to any Collateral in accordance with the provisions of
this Agreement. 
 SECTION 2.4 Automatic Release of Liens. 

(a)    If, at any time any Shared Collateral is transferred to a third party or otherwise disposed of, in each case, in
connection with any enforcement by the Applicable Collateral Agent in accordance with the provisions of this Agreement, then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the other Collateral
Agents for the benefit of each Series of First Lien Claimholders (or in favor of such other First Lien Claimholders if directly secured by such Liens) upon such Shared Collateral will automatically be released and discharged upon final conclusion of
such disposition as and when, but only to the extent, such Liens of the Applicable Collateral Agent on such Shared Collateral are released and discharged; provided that any proceeds of any Shared Collateral realized therefrom shall be applied
pursuant to Section 2.1 hereof. If in connection with any such foreclosure or other exercise of remedies by the Applicable Collateral Agent, the Applicable Collateral Agent or related Applicable Representative of such Series of First Lien
Obligations releases any guarantor from its obligation under a guarantee of the Series of First Lien Obligations for which it serves as agent prior to a Discharge of such Series of First Lien Obligations, such guarantor also shall be released from
its guarantee of all other First Lien Obligations. If in connection with any such foreclosure or other exercise of remedies by the Applicable Collateral Agent, the equity interests of any Person are foreclosed upon or otherwise disposed of and the
Applicable Collateral Agent releases its Lien on the property or assets of such Person, then the Liens of each other Collateral Agent (or in favor of such other First Lien Claimholders if directly secured by such Liens) with respect to any
Collateral consisting of the property or assets of such Person will be automatically released to the same extent as the Liens of the Applicable Collateral Agent are released; provided that any proceeds of any such equity interests foreclosed
upon where the Applicable Collateral Agent releases its Lien on 

  
 17 

 
the assets of such Person on which another Series of First Lien Obligations holds a Lien on any of the assets of such Person (any such assets, the “Underlying Assets”)
which Lien is released as provided in this sentence (any such Proceeds being referred to herein as “Equity Release Proceeds” regardless of whether or not such other Series of First Lien Obligations holds a Lien on such equity
interests so disposed of) shall be applied pursuant to Section 2.1 hereof. 
 (b)    Without limiting the rights
of the Applicable Collateral Agent under Section 4.2, each Collateral Agent and each Representative agrees to execute and deliver (at the sole cost and expense of the Grantors) all such authorizations and other instruments as shall reasonably
be requested by the Applicable Collateral Agent to evidence and confirm any release of Shared Collateral, Underlying Assets or guarantee provided for in this Section. 

SECTION 2.5 Certain Agreements with Respect to Bankruptcy or Insolvency Proceedings. 

(a)    This Agreement shall continue in full force and effect notwithstanding the commencement of any proceeding under the
Bankruptcy Code or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law by or against any Grantor or any of its subsidiaries. 

(b)    If any Grantor shall become subject to a case (a “Bankruptcy Case”) under the Bankruptcy
Code and shall, as debtor(s)-in-possession, move for approval of financing (“DIP Financing”) to be provided by one or more lenders (the
“DIP Lenders”) under Section 364 of the Bankruptcy Code or the use of cash collateral under Section 363 of the Bankruptcy Code, each First Lien Claimholder (other than any Controlling Claimholder or any
Representative of any Controlling Claimholder) agrees that it will not raise any objection to any such financing or to the Liens on the Shared Collateral securing the same (“DIP Financing Liens”) or to any use of cash
collateral that constitutes Shared Collateral, unless any Controlling Claimholder, or a Representative of the Controlling Claimholders, shall then oppose or object to such DIP Financing or such DIP Financing Liens or use of cash collateral (and
(i) to the extent that such DIP Financing Liens are senior to the Liens on any such Shared Collateral for the benefit of the Controlling Claimholders, each Non-Controlling Claimholder will subordinate its
Liens with respect to such Shared Collateral on the same terms as the Liens of the Controlling Claimholders (other than any Liens of any First Lien Claimholders constituting DIP Financing Liens) are subordinated thereto, and (ii) to the extent
that such DIP Financing Liens rank pari passu with the Liens on any such Shared Collateral granted to secure the First Lien Obligations of the Controlling Claimholders, each Non-Controlling Claimholder
will confirm the priorities with respect to such Shared Collateral as set forth herein), in each case so long as (A) the First Lien Claimholders of each Series retain the benefit of their Liens on all such Shared Collateral pledged to the DIP
Lenders, including proceeds thereof arising after the commencement of such proceeding, with the same priority vis-à -vis all the other First Lien Claimholders
(other than any Liens of the First Lien Claimholders constituting DIP Financing Liens) as existed prior to the commencement of the Bankruptcy Case, (B) the First Lien Claimholders of each Series are granted Liens on any additional collateral
pledged to any First Lien Claimholders as adequate protection or otherwise in connection with such DIP Financing or use of cash collateral, with the same priority
vis-à-vis the First Lien Claimholders as set forth in this Agreement (other than any Liens of any First Lien Claimholders constituting DIP Financing Liens), (C)
if any amount of such DIP Financing or cash collateral is applied to repay any of the First Lien Obligations, such amount is applied pursuant to  

  
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Section 2.1(a) of this Agreement, and (D) if any First Lien Claimholders are granted adequate protection with respect to the First Lien Obligations subject hereto, including in the
form of periodic payments, in connection with such use of cash collateral, the proceeds of such adequate protection are applied pursuant to Section 2.1(a) of this Agreement; provided that the First Lien Claimholders of each Series
shall have a right to object to the grant of a Lien to secure the DIP Financing over any Collateral subject to Liens in favor of the First Lien Claimholders of such Series or its Representative that shall not constitute Shared Collateral (unless
such Collateral fails to constitute Shared Collateral because the Lien in respect thereof constitutes a Declined Lien with respect to such First Lien Claimholders or their Representative or Collateral Agent); provided, further, that
the First Lien Claimholders receiving adequate protection shall not object to any other First Lien Claimholder receiving adequate protection comparable to any adequate protection granted to such First Lien Claimholders in connection with a DIP
Financing or use of cash collateral. 
 (c)    If any First Lien Claimholder is granted adequate protection (A) in
the form of Liens on any additional collateral, then each other First Lien Claimholder shall be entitled to seek, and each First Lien Claimholder will consent and not object to, adequate protection in the form of Liens on such additional collateral
with the same priority vis-à-vis the First Lien Claimholders as set forth in this Agreement, (B) in the form of a superpriority or other administrative
claim, then each other First Lien Claimholder shall be entitled to seek, and each First Lien Claimholder will consent and not object to, adequate protection in the form of a pari passu superpriority or administrative claim or (C) in the form of
periodic or other cash payments, then the proceeds of such adequate protection must be applied to all First Lien Obligations pursuant to Section 2.1. 

SECTION 2.6 Reinstatement. In the event that any of the First Lien Obligations shall be paid in full and such payment or any part
thereof shall subsequently, for whatever reason (including an order or judgment for disgorgement of a preference under Title 11 of the Bankruptcy Code, or any similar law, or the settlement of any claim in respect thereof), be required to be
returned or repaid, the terms and conditions of this Agreement shall be fully applicable thereto until all such First Lien Obligations shall again have been paid in full in cash. This Section 2.6 shall survive termination of this Agreement.

 SECTION 2.7 Insurance and Condemnation Awards. As among the First Lien Claimholders, the Applicable Collateral Agent (acting at
the direction of the Applicable Representative), shall have the right, but not the obligation, to adjust or settle any insurance policy or claim covering or constituting Shared Collateral in the event of any loss thereunder and to approve any award
granted in any condemnation or similar proceeding affecting the Shared Collateral. To the extent any Collateral Agent or any other First Lien Claimholder receives proceeds of such insurance policy and such proceeds are not permitted or required to
be returned to any Grantor under the applicable First Lien Documents, such proceeds shall be turned over to the Applicable Collateral Agent for application as provided in Section 2.1 hereof. 

SECTION 2.8 Refinancings. The First Lien Obligations of any Series may, subject to Section 5.14 and the limitations set forth in
the First Lien Documents, be Refinanced, in whole or in part, in each case, without notice to, or the consent (except to the extent a consent is otherwise required to permit the Refinancing transaction under any First Lien Document) 

  
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 of any First Lien Claimholder of any other Series, all without affecting the priorities provided for herein
or the other provisions hereof; provided that the Representative and Collateral Agent of the holders of any such Refinancing Indebtedness shall have executed a Joinder Agreement on behalf of the holders of such Refinancing Indebtedness. If
such Refinancing Indebtedness is intended to constitute a Replacement Indenture, the Company shall so state in its Designation. 
 SECTION
2.9 Gratuitous Bailee/Agent for Perfection. 
 (a)    The Applicable Collateral Agent shall be entitled to hold
any Possessory Collateral constituting Shared Collateral. 
 (b)    Notwithstanding the foregoing, each Collateral Agent
agrees to hold any Possessory Collateral constituting Shared Collateral and any other Shared Collateral from time to time in its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee for the benefit of
each other First Lien Claimholder (such bailment being intended, among other things, to satisfy the requirements of Sections 8-106(d)(3), 8-301(a)(2) and 9-313(c) of the UCC) and any assignee, solely for the purpose of perfecting the security interest granted in such Shared Collateral, if any, pursuant to the applicable First Lien Collateral Documents, in each case,
subject to the terms and conditions of this Section 2.9. Solely with respect to any Deposit Accounts constituting Shared Collateral under the control (within the meaning of Section 9-104 of the
UCC) of any Collateral Agent, each such Collateral Agent agrees to also hold control over such Deposit Accounts as gratuitous agent for each other First Lien Claimholder and any assignee solely for the purpose of perfecting the security interest in
such Deposit Accounts, subject to the terms and conditions of this Section 2.9. 
 (c)    No Collateral Agent
shall have any obligation whatsoever to any First Lien Claimholder to ensure that the Possessory Collateral and Control Collateral is genuine or owned by any of the Grantors or to preserve rights or benefits of any Person except as expressly set
forth in this Section 2.9. The duties or responsibilities of each Collateral Agent under this Section 2.9 shall be limited solely to holding any Possessory Collateral constituting Shared Collateral or any other Shared Collateral in its
possession or control as gratuitous bailee (and with respect to Deposit Accounts, as gratuitous agent) in accordance with this Section 2.9 and delivering the Possessory Collateral constituting Shared Collateral as provided in Section
2.9(e) below. 
 (d)    None of the Collateral Agents or any of the First Lien Claimholders shall have by reason of
the First Lien Documents, this Agreement or any other document a fiduciary relationship in respect of the other Collateral Agents or any other First Lien Claimholder, and each Collateral Agent and each First Lien Claimholder hereby waives and
releases the other Collateral Agents and First Lien Claimholders from all claims and liabilities arising pursuant to any Collateral Agent’s role under this Section 2.9 as gratuitous bailee with respect to the Possessory Collateral
constituting Shared Collateral or any other Shared Collateral in its possession or control (and with respect to the Deposit Accounts, as gratuitous agent). 

(e)    At any time the Applicable Collateral Agent is no longer the Applicable Collateral Agent, such outgoing Applicable
Collateral Agent shall deliver the remaining Possessory Collateral constituting Shared Collateral in its possession (if any) together with any necessary 

  
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endorsements (which endorsement shall be without recourse and without any representation or warranty), first, to the then Applicable Collateral Agent to the extent First Lien Obligations
remain outstanding and second, to the applicable Grantor to the extent no First Lien Obligations remain outstanding (in each case, so as to allow such Person to obtain possession or control of such Shared Collateral) or to whomever may be
lawfully entitled to receive the same, including pursuant to the ABL Intercreditor Agreement. The outgoing Applicable Collateral Agent further agrees to take all other action reasonably requested by the then Applicable Collateral Agent at the
expense of the Company in connection with the then Applicable Collateral Agent obtaining a first-priority security interest in the Shared Collateral. 

SECTION 2.10 Amendments to First Lien Collateral Documents. 

(a)    Without the prior written consent of each other Collateral Agent, each Collateral Agent agrees that no First Lien
Collateral Document may be amended, restated, amended and restated, supplemented, replaced or Refinanced or otherwise modified from time to time or entered into to the extent such amendment, supplement, Refinancing or modification, or the terms of
any new First Lien Collateral Document, would be prohibited by, or would require any Grantor to act or refrain from acting in a manner that would violate, any of the terms of this Agreement. 

(b)    In determining whether an amendment to any First Lien Collateral Document is permitted by this Section 2.10,
each Collateral Agent may conclusively rely on an officer’s certificate of the Company stating that such amendment is permitted by this Section 2.10. 

SECTION 2.11 Similar Liens and Agreements. 

(a)    The parties hereto agree that it is their intention that the Collateral be identical for all First Lien Claimholders
provided, that this provision will not be violated with respect to any particular Series if the First Lien Document for such Series prohibits the Collateral Agent for that Series from accepting a Lien on such asset or property or such
Collateral Agent otherwise expressly declines to accept a Lien on such asset or property (any such prohibited or declined Liens with respect to a particular Series, a “Declined Lien”). In furtherance of, but subject to, the
foregoing, the parties hereto agree, subject to the other provisions of this Agreement: 
 (i)    upon
request by any Collateral Agent, to cooperate in good faith (and to direct their counsel to cooperate in good faith) from time to time in order to determine the specific items included in the Shared Collateral and the steps taken to perfect their
respective Liens thereon and the identity of the respective parties obligated under the Indenture Documents and the Other First Lien Documents; and 

(ii)    that the documents and agreements creating or evidencing the Liens on Shared Collateral securing
the Indenture Obligations and the Other First Lien Obligations shall, subject to the terms and conditions of Section 5.2, be in all material respects the same forms of documents as one another, except that the documents and agreements
creating or evidencing the Liens securing the Other First Lien Obligations may contain additional provisions as may be necessary or appropriate to establish the intercreditor arrangements among the various separate classes of creditors holding Other
First Lien Obligations and to address any Declined Lien. 

  
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 ARTICLE II. 

EXISTENCE AND AMOUNTS OF LIENS AND OBLIGATIONS 

Whenever any Applicable Collateral Agent or any Applicable Representative shall be required, in connection with the exercise of its rights or
the performance of its obligations hereunder, to determine the existence or amount of any First Lien Obligations of any Series, or the Shared Collateral subject to any Lien securing the First Lien Obligations of any Series, it may request that such
information be furnished to it in writing by each other Representative or each other Collateral Agent and shall be entitled to make such determination or not make any determination on the basis of the information so furnished; provided,
however, that if a Representative or a Collateral Agent shall fail or refuse reasonably promptly to provide the requested information, the requesting Applicable Collateral Agent or Applicable Representative shall be entitled to make any such
determination or not make any determination by such method as it may, in the exercise of its good faith judgment, determine, including by reliance upon a certificate of the Company. Each Applicable Collateral Agent and each Applicable Representative
may rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the provisions of the preceding sentence (or as otherwise directed by a court of competent jurisdiction) and shall have no
liability to any Grantor, any First Lien Claimholder or any other person as a result of such determination. 
 ARTICLE III. 

THE APPLICABLE COLLATERAL AGENT 

SECTION 4.1 Authority. 

(a)    Notwithstanding any other provision of this Agreement, nothing herein shall be construed to impose any fiduciary or
other duty on any Applicable Collateral Agent to any Non-Controlling Claimholder or give any Non-Controlling Claimholder the right to direct any Applicable Collateral
Agent, except that each Applicable Collateral Agent shall be obligated to distribute proceeds of any Shared Collateral in accordance with Section 2.1 hereof. 

(b)    In furtherance of the foregoing, each Non-Controlling Claimholder
acknowledges and agrees that the Applicable Collateral Agent shall be entitled, for the benefit of the First Lien Claimholders, to sell, transfer or otherwise dispose of or deal with any Shared Collateral as provided herein and in the First Lien
Collateral Documents, as applicable, without regard to any rights to which the Non-Controlling Claimholders would otherwise be entitled as a result of the First Lien Obligations held by such Non-Controlling Claimholders. Without limiting the foregoing, each Non-Controlling Claimholder agrees that none of the Applicable Collateral Agent, the Applicable
Representative or any other First Lien Claimholder shall have any duty or obligation first to marshal or realize upon any type of Shared Collateral (or any other Collateral securing any of the First Lien Obligations), or to sell, dispose of or
otherwise liquidate all or any portion of such Shared Collateral (or any other Collateral securing any First Lien Obligations), in any manner that would maximize the return to the Non-Controlling Claimholders,
notwithstanding that the order and timing of any such realization, 

  
 22 

 
sale, disposition or liquidation may affect the amount of proceeds actually received by the Non-Controlling Claimholders from such realization, sale,
disposition or liquidation. Each of the First Lien Claimholders waives any claim it may now or hereafter have against any Collateral Agent or Representative of any other Series of First Lien Obligations or any other First Lien Claimholder of any
other Series arising out of (i) any actions which any such Collateral Agent, Representative or any First Lien Claimholder represented by it take or omit to take (including actions with respect to the creation, perfection or continuation of
Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any of the Collateral and actions with respect to the collection of any claim for all or any part of the First Lien
Obligations from any account debtor, guarantor or any other party) in accordance with the First Lien Collateral Documents or any other agreement related thereto or in connection with the collection of the First Lien Obligations or the valuation,
use, protection or release of any security for the First Lien Obligations; provided that nothing in this clause (i) shall be construed to prevent or impair the rights of any Collateral Agent or Representative to enforce this Agreement,
(ii) any election by any Applicable Representative or any holders of First Lien Obligations, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy Code or (iii) subject to
Section 2.5, any borrowing, or grant of a security interest or administrative expense priority under Section 364 of the Bankruptcy Code or any equivalent provision of any other Bankruptcy Law, by the Company or any of its Subsidiaries,
as debtor-in-possession. Notwithstanding any other provision of this Agreement, the Applicable Collateral Agent shall not (i) accept any Shared Collateral in full
or partial satisfaction of any First Lien Obligations pursuant to Section 9-620 of the Uniform Commercial Code of any jurisdiction, without the consent of each Representative representing holders of First
Lien Obligations for whom such Collateral constitutes Shared Collateral or (ii) “credit bid” for or purchase (other than for cash) Shared Collateral at any public, private or judicial foreclosure upon such Shared Collateral, without the
consent of each Representative representing holders of First Lien Obligations for whom such Collateral constitutes Shared Collateral. 

SECTION 4.2 Power-of-Attorney. 

Each Non-Controlling Representative and Collateral Agent that is not the Applicable Collateral Agent,
for itself and on behalf of each other First Lien Claimholder of the Series for whom it is acting, hereby irrevocably appoints the Applicable Collateral Agent and any officer or agent of the Applicable Collateral Agent, which appointment is coupled
with an interest with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Non-Controlling Representative, Collateral Agent or First Lien Claimholder, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary to accomplish the
purposes of this Agreement, including the exercise of any and all remedies under each First Lien Collateral Document with respect to Shared Collateral and the execution of releases in connection therewith. 

  
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 ARTICLE IV. 

MISCELLANEOUS 
 SECTION
5.1 Integration/Conflicts. 
 This Agreement, together with the other First Lien Documents and the First Lien Collateral Documents,
represents the entire agreement of each of the Grantors and the First Lien Claimholders with respect to the subject matter hereof and thereof and supersedes any and all previous agreements and understandings, oral or written, relating to the subject
matter hereof and thereof. There are no promises, undertakings, representations or warranties by any Representative, Collateral Agent or First Lien Claimholder relative to the subject matter hereof and thereof not expressly set forth or referred to
herein or therein. In the event of any conflict between the provisions of this Agreement and the provisions of the First Lien Documents the provisions of this Agreement shall govern and control. 

SECTION 5.2 Effectiveness; Continuing Nature of this Agreement; Severability. 

This Agreement shall become effective when executed and delivered by the parties hereto. This is a continuing agreement and the First Lien
Claimholders of any Series may continue, at any time and without notice to any First Lien Claimholder of any other Series, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Grantor
constituting First Lien Obligations in reliance hereon. Each Representative and each Collateral Agent, on behalf of itself and each other First Lien Claimholder represented by it, hereby waives any right it may have under applicable law to revoke
this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in good-faith negotiations to replace any invalid, illegal or unenforceable provisions with valid provisions the
economic effect of which comes as close as possible to those of the invalid, illegal or unenforceable provisions. All references to the Company or any other Grantor shall include the Company or such Grantor as debtor and debtor in possession and any
receiver, trustee or similar person for the Company or any other Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. This Agreement shall terminate and be of no further force and effect with respect to any Representative or
Collateral Agent and the First Lien Claimholders represented by such Representative or Collateral Agent and their First Lien Obligations, on the date on which there has been a Discharge of such Series of First Lien Obligations, subject to the rights
of the First Lien Claimholders under Section 2.6; provided, however, that such termination shall not relieve any such party of its obligations incurred hereunder prior to the date of such termination. 

SECTION 5.3 Amendments; Waivers. 

(a)    No amendment, modification or waiver of any of the provisions of this Agreement shall be deemed to be made unless
the same shall be in writing signed on behalf of each party hereto or its authorized agent and each waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making
such waiver or the obligations of the other parties to such party in any other respect or at any other time. Notwithstanding the foregoing, the Company and the other Grantors shall not have any right to consent to or approve any amendment,
modification or waiver of any provision of this Agreement except to the extent their rights are directly and adversely affected. 

  
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 (b)    Notwithstanding the foregoing, without the consent of any First
Lien Claimholder, any Representative and Collateral Agent may become a party hereto by execution and delivery of a Joinder Agreement in accordance with Section 5.14 of this Agreement and upon such execution and delivery, such Representative
and Collateral Agent and the Other First Lien Claimholders and Other First Lien Obligations of the Series for which such Representative and Collateral Agent is acting shall be subject to the terms hereof. 

(c)    Notwithstanding the foregoing, without the consent of any other Representative or First Lien Claimholder, the
Applicable Collateral Agent may effect amendments and modifications to this Agreement to the extent necessary to reflect any incurrence of any Other First Lien Obligations in compliance with the Indenture and the other First Lien Documents. 

SECTION 5.4 Information Concerning Financial Condition of the Grantors and their Subsidiaries. 

The Representative and Collateral Agent and the other First Lien Claimholders of each Series shall each be responsible for keeping themselves
informed of (a) the financial condition of the Grantors and their Subsidiaries and all endorsers and/or guarantors of the First Lien Obligations and (b) all other circumstances bearing upon the risk of nonpayment of the First Lien
Obligations. The Representative and Collateral Agent and the other First Lien Claimholders of each Series shall have no duty to advise the Representative, Collateral Agent or First Lien Claimholders of any other Series of information known to it or
them regarding such condition or any such circumstances or otherwise. In the event the Representative or Collateral Agent or any of the other First Lien Claimholders, in its or their sole discretion, undertakes at any time or from time to time to
provide any such information to the Representative, Collateral Agent or First Lien Claimholders of any other Series, it or they shall be under no obligation: 

(a)    to make, and such Representative and Collateral Agent and such other First Lien Claimholders shall not make, any
express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided; 

(b)    to provide any additional information or to provide any such information on any subsequent occasion; 

(c)    to undertake any investigation; or 

(d)    to disclose any information, which pursuant to accepted or reasonable commercial finance practices, such party
wishes to maintain confidential or is otherwise required to maintain confidential. 
 SECTION 5.5 Submission to Jurisdiction; Certain
Waivers. 
 Each of the Company, each other Grantor, each Collateral Agent and each Representative, on behalf of itself and each other
First Lien Claimholder represented by it, hereby irrevocably and unconditionally: 

  
 25 

 (a)    submits for itself and its property in any legal action or
proceeding relating to this Agreement and the First Lien Collateral Documents (whether arising in contract, tort or otherwise) to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive (subject
to Section 5.5(c) below) general jurisdiction of the courts of the State of New York sitting in the Borough of Manhattan, the courts of the United States for the Southern District of New York sitting in the Borough of Manhattan, and appellate
courts from any thereof; 
 (b)    agrees that all claims in respect of any such action or proceeding shall be heard and
determined in such New York state court or, to the fullest extent permitted by applicable law, in such federal court; 

(c)    agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law and that nothing in this Agreement or any other First Lien Document shall affect any right that any Collateral Agent, Representative or other First Lien Claimholder may
otherwise have to bring any action or proceeding relating to this Agreement or any other First Lien Document against such Grantor or any of its assets in the courts of any jurisdiction; 

(d)    waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the
laying of venue of any action or proceeding arising out of or relating to this Agreement or any other First Lien Collateral Document in any court referred to in Section 5.5(a) (and irrevocably waives to the fullest extent permitted by
applicable law the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court); 

(e)    consents to service of process in any such proceeding in any such court by registered or certified mail, return
receipt requested, to the applicable party at its address provided in accordance with Section 5.7 (and agrees that nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by
applicable law); 
 (f)    agrees that service as provided in Section 5.5(e) above is sufficient to confer
personal jurisdiction over the applicable party in any such proceeding in any such court, and otherwise constitutes effective and binding service in every respect; and 

(g)    waives, to the maximum extent not prohibited by law, any right it may have to claim or recover any special,
exemplary, punitive or consequential damages. 
 SECTION 5.6 WAIVER OF JURY TRIAL. 

EACH PARTY HERETO, THE COMPANY AND THE OTHER GRANTORS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER FIRST LIEN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT,
BREACH OF DUTY, COMMON LAW, STATUTE OR ANY OTHER THEORY). EACH PARTY HERETO AND THE COMPANY AND THE OTHER GRANTORS (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR

  
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OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT EACH SUCH PARTY HERETO AND THE COMPANY AND EACH OTHER
GRANTOR HAVE BEEN INDUCED TO ENTER INTO OR ACKNOWLEDGE THIS AGREEMENT AND THE OTHER FIRST LIEN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. EACH PARTY HERETO AND THE COMPANY AND THE OTHER GRANTORS FURTHER
REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 

SECTION 5.7 Notices. 

Unless otherwise specifically provided herein, any notice hereunder shall be in writing and may be personally served or sent by facsimile,
electronic mail or United States mail or courier service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of facsimile or electronic mail, or three Business
Days after depositing it in the United States mail with postage prepaid and properly addressed. For the purposes hereof, the addresses of the parties hereto shall be as set forth below each party’s name on the signature pages hereto or in the
Joinder Agreement pursuant to which it becomes a party hereto, or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties. 

SECTION 5.8 Further Assurances. 

Each Representative and Collateral Agent, on behalf of itself and each other First Lien Claimholder represented by it, and the Company and each
other Grantor, agree that each of them shall take such further action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as any Representative and Collateral Agent may reasonably request to
effectuate the terms of and the Lien priorities contemplated by this Agreement. 
 SECTION 5.9 Agency Capacities. 

Except as expressly provided herein, (a) U.S. Bank National Association is acting in the capacity of Initial First Lien Representative and
Initial First Lien Collateral Agent solely for the Initial Indenture Claimholders, (b) the Initial Other Representative and the Initial Other Collateral Agent is acting in the capacity of Representative and Collateral Agent, respectively,
solely for the Initial Other First Lien Claimholders, (c) each Replacement Representative and Replacement Collateral Agent is acting in the capacity of Representative and Collateral Agent, respectively, solely for the Replacement Indenture
Claimholders and (d) each other Representative and each other Collateral Agent is acting in the capacity of Representative and Collateral Agent, respectively, solely for the Other First Lien Claimholders under the Other First Lien Documents for
which it is the named Representative or Collateral Agent, as the case may be, in the applicable Joinder Agreement. 

  
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 SECTION 5.10 GOVERNING LAW. 

THIS AGREEMENT, AND ANY DISPUTE, CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AGREEMENT (WHETHER ARISING IN CONTRACT, TORT OR
OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW RULES THAT WOULD RESULT IN THE APPLICATION OF A DIFFERENT GOVERNING LAW (OTHER THAN ANY MANDATORY
PROVISIONS OF THE UCC RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OR PRIORITY OF THE SECURITY INTERESTS). 

SECTION 5.11 Binding on Successors and Assigns. 

This Agreement shall be binding upon each Representative and each Collateral Agent, the First Lien Claimholders, the Company and the other
Grantors, and their respective successors and assigns from time to time. If any of the Representatives and/or Collateral Agents resigns or is replaced pursuant to the applicable First Lien Documents its successor shall be deemed to be a party to
this Agreement and shall have all the rights of, and be subject to all the obligations of, this Agreement. No provision of this Agreement will inure to the benefit of a trustee,
debtor-in-possession, creditor trust or other representative of an estate or creditor of any Grantor, including where any such trustee, debtor-in-possession, creditor trust or other representative of an estate is the beneficiary of a Lien securing Collateral by virtue of the avoidance of such Lien in an Insolvency or Liquidation Proceeding.

 SECTION 5.12 Section Headings. 

Section headings and the Table of Contents used in this Agreement are for convenience of reference only and are not to affect the construction
hereof or be taken into consideration in the interpretation hereof. 
 SECTION 5.13 Counterparts. 

This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by facsimile
or other electronic imaging means), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission (e.g.,
“pdf” or “tif” format) shall be effective as delivery of a manually executed counterpart hereof. 
 SECTION 5.14
Other First Lien Obligations. 
 (a)    To the extent not prohibited by the provisions of the Indenture and the
other First Lien Documents, the Company may incur additional Indebtedness, which for the avoidance of doubt shall include any Indebtedness incurred pursuant to a Refinancing, and Other First Lien Obligations or Replacement Indenture Obligations
after the date hereof that is secured on an equal and ratable basis with the Liens (other than any Declined Liens) securing the then existing First Lien Obligations (such Indebtedness, “Additional First Lien Debt”). Any such
Additional First 

  
 28 

 
Lien Debt and any Series of Other First Lien Obligations or Replacement Indenture Obligations, as applicable, may be secured by a Lien on a ratable basis, in each case under and pursuant to the
applicable First Lien Collateral Documents of such Series, if, and subject to the condition that, the Additional First Lien Collateral Agent and Additional First Lien Representative of any such Additional First Lien Debt, acting on behalf of the
holders of such Additional First Lien Debt and the holders of such Other First Lien Obligations or Replacement Indenture Obligations, as applicable, (such Additional First Lien Collateral Agent, Additional First Lien Representative, the holders in
respect of such Additional First Lien Debt and the holders Other First Lien Obligations or other Replacement Indenture Obligations, as applicable, being referred to as “Additional First Lien Claimholders”), each becomes a party to this
Agreement by satisfying the conditions set forth in Section 5.14(b). 
 (b)    In order for an Additional
First Lien Representative and Additional First Lien Collateral Agent (including, in the case of a Replacement Indenture, the Replacement Representative and the Replacement Collateral Agent in respect thereof) to become a party to this Agreement,

 (i)    such Additional First Lien Representative and such Additional First Lien Collateral Agent shall
have executed and delivered an instrument substantially in the form of Exhibit A (with such changes as may be reasonably approved by each Collateral Agent and such Additional First Lien Representative and such Additional First Lien Collateral Agent,
as the case may be) pursuant to which either (x) such Additional First Lien Representative becomes a Representative hereunder and such Additional First Lien Collateral Agent becomes a Collateral Agent hereunder, and such Additional First Lien
Debt and such Series of Other First Lien Obligations or Replacement Indenture Obligations, as applicable, and the Additional First Lien Claimholders of such Series become subject hereto and bound hereby; 

(ii)    the Company shall have delivered to each Collateral Agent: 

(1)    true and complete copies of each of the Other First Lien Agreement or Replacement Indenture, as
applicable, and the First Lien Collateral Documents for such Series, certified as being true and correct by a Responsible Officer of the Company; 

(2)    a Designation substantially in the form of Exhibit B pursuant to which the Company shall
(A) identify the Indebtedness to be designated as Other First Lien Obligations or Replacement Indenture Obligations, as applicable, and the initial aggregate principal amount or committed amount thereof, (B) specify the name and address of
the Additional First Lien Collateral Agent and Additional First Lien Representative, (C) certify that such (x) Additional First Lien Debt is permitted by each First Lien Document and that the conditions set forth in this Section
5.14 are satisfied with respect to such Additional First Lien Debt and such Series of Other First Lien Obligations or Replacement Indenture Obligations, as applicable, (D) in the case of a Replacement Indenture, expressly state that such
agreement giving rise to the new Indebtedness satisfies the requirements of a Replacement 

  
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Indenture and the Company elects to designate such agreement as a Replacement Indenture and (E) if applicable, that such Additional First Lien Debt is Secured Bank Indebtedness; and 

(iii)    the Other First Lien Documents or Replacement Indenture Documents, as applicable, relating to such
Additional First Lien Debt shall provide, in a manner reasonably satisfactory to each Collateral Agent, that each Additional First Lien Claimholder with respect to such Additional First Lien Debt will be subject to and bound by the provisions of
this Agreement in its capacity as a holder of such Additional First Lien Debt. 
 (c)    Upon the execution and delivery
of a Joinder Agreement by an Additional First Lien Representative and an Additional First Lien Collateral Agent, in each case, in accordance with this Section 5.14, each other Representative and Collateral Agent shall acknowledge such receipt
thereof by countersigning a copy thereof, subject to the terms of this Section 5.14 and returning the same to such Additional First Lien Representative and Additional First Lien Collateral Agent, as applicable; provided that the failure of
any Representative or Collateral Agent to so acknowledge or return shall not affect the status of such debt as Additional First Lien Debt if the other requirements of this Section 5.14 are complied with. 

SECTION 5.15 Authorization. 

By its signature, each Person executing this Agreement, on behalf of such party or Grantor but not in his or her personal capacity as a
signatory, represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement. 
 SECTION 5.16 No
Third Party Beneficiaries/ Provisions Solely to Define Relative Rights. 
 The provisions of this Agreement are and are intended solely
for the purpose of defining the relative rights of the First Lien Claimholders in relation to one another. None of the Company, any other Grantor nor any other creditor thereof shall have any rights or obligations hereunder and no such Person is an
intended beneficiary or third party beneficiary hereof, except, in each case, as expressly provided in this Agreement, and none of the Company or any other Grantor may rely on the terms hereof (other than Sections 2.4 and 2.8 and
Article V). Nothing in this Agreement is intended to or shall impair the obligations of any Grantor, which are absolute and unconditional, to pay the First Lien Obligations as and when the same shall become due and payable in accordance with their
terms. Without limitation of any other provisions of this Agreement, the Company and each Grantor hereby (a) acknowledges that it has read this Agreement and consents hereto, (b) agrees that it will not take any action that would be
contrary to the express provisions of this Agreement and (c) agrees to abide by the requirements expressly applicable to it under this Agreement. 

SECTION 5.17 No Indirect Actions. 

Unless otherwise expressly stated, if a party may not take an action under this Agreement, then it may not take that action indirectly, or
support any other Person in taking that action directly or indirectly. “Taking an action indirectly” means taking an action that is not expressly prohibited for the party but is intended to have substantially the same effects as the
prohibited action. 

  
 30 

 SECTION 5.18 Additional Grantors. 

Each Grantor agrees that it shall ensure that each of its Subsidiaries that is or is to become a party to any First Lien Document and which
grants or purports to grant a lien on any of its assets shall either execute this Agreement on the date hereof or shall confirm that it is a Grantor hereunder pursuant to a joinder agreement substantially in the form attached hereto as Exhibit C
that is executed and delivered by such Subsidiary prior to or concurrently with its execution and delivery of such First Lien Document. 

[Remainder of this page intentionally left blank] 

  
 31 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

					
	U.S. BANK NATIONAL ASSOCIATION,
    as Initial First Lien Representative and Initial
    First Lien Collateral
Agent

 
							
			
	 By:
	 				 	  

		 				 	Name:
		 				 	Title:

 
					
	
	 Notice Details:

	 [U.S. Bank National Association
 One
Columbus
 10 West Broad Street, 12th Floor
 Columbus, OH
43215
 Attention: Katherine A Esber]

 
					
	
	[                                    
    ],
	     as Initial Other Collateral
Agent

 
							
			
	 By:
	 				 	  

		 				 	Name:
		 				 	Title:

 
					
	
	 [NOTICE
ADDRESS]

 
					
	
	[                                    
    ],
	     as Initial Other
Representative

 
							
			
	 By:
	 				 	  

		 				 	Name:
		 				 	Title:

 
					
	
	 [NOTICE ADDRESS]

					
	Acknowledged and Agreed to by:
	
	ABERCROMBIE & FITCH MANAGEMENT CO.,

							
			
	 By:
	 				 	  

		 				 	Name:
		 				 	Title:

					
	
	     [c/o Abercrombie & Fitch Co.

    6301 Fitch Path

    New Albany, Ohio 43054

    Attention: General Counsel

    Email: ANF_USTreasury@anfcorp.com]

					
	
	[OTHER GRANTORS]

							
			
	By:	 				 	  

		 				 	Name:
		 				 	Title:

 Exhibit A 

to Pari Passu Intercreditor Agreement 

FORM OF JOINDER AGREEMENT 

JOINDER NO. [            ] dated as of
[            ], 20[    ] (the “Joinder Agreement”) to the PARI PASSU INTERCREDITOR AGREEMENT dated as of
[            ], [    ], (the “Pari Passu Intercreditor Agreement”), among U.S. BANK NATIONAL ASSOCIATION, as Initial First Lien Representative
and as Initial First Lien Collateral Agent, [            ], as Initial Other Representative, and [            ], as
Initial Other Collateral Agent, and the additional Representatives and Collateral Agents from time to time a party thereto, and acknowledged and agreed to by ABERCROMBIE & FITCH MANAGEMENT CO., a Delaware corporation (the
“Company”) and the other Grantors signatory thereto. 
 A.    Capitalized terms used herein but
not otherwise defined herein shall have the meanings assigned to such terms in the Pari Passu Intercreditor Agreement. 

B.    As a condition to the ability of the Company to incur [Other First Lien Obligations][Replacement Indenture
Obligations under the Replacement Indenture] and to secure such [Other First Lien Obligations][Replacement Indenture Obligations] with the liens and security interests created by the [Other First Lien Collateral Documents][Replacement Indenture
Collateral Documents], the Additional First Lien Representative in respect thereof is required to become a Representative and the Additional First Lien Collateral Agent in respect thereof is required to become a Collateral Agent and the First Lien
Claimholders in respect thereof are required to become subject to and bound by, the Pari Passu Intercreditor Agreement. Section 5.14 of the Pari Passu Intercreditor Agreement provides that such Additional First Lien Representative may become
a Representative, such Additional First Lien Collateral Agent may become a Collateral Agent and such Additional First Lien Claimholders may become subject to and bound by the Pari Passu Intercreditor Agreement, pursuant to the execution and delivery
by the Additional First Lien Representative and the Additional First Lien Collateral Agent of an instrument in the form of this Joinder Agreement and the satisfaction of the other conditions set forth in Section 5.14 of the Pari Passu
Intercreditor Agreement. The undersigned Additional First Lien Representative (the “New Representative”) and Additional First Lien Collateral Agent (the “New Collateral Agent”) are executing this
Joinder Agreement in accordance with the requirements of the Pari Passu Intercreditor Agreement. 
 Accordingly, the New Representative and
the New Collateral Agent agree as follows: 
 SECTION 1.    In accordance with Section 5.14 of the Pari Passu
Intercreditor Agreement, (i) the New Representative and the New Collateral Agent by their signatures below become a Representative and a Collateral Agent respectively, under, and the related Additional First Lien Debt and Additional First Lien
Claimholders become subject to and bound by, the Pari Passu Intercreditor Agreement with the same force and effect as if the New Representative and New Collateral Agent had originally been named therein as a Representative or a Collateral Agent,
respectively, and hereby agree to all the terms and provisions of the Pari Passu Intercreditor Agreement applicable to them as Representative, Collateral Agent and Additional First Lien Claimholders, respectively. 

  
 Exhibit A – Page 1

 SECTION 2.    Each of the New Representative and New Collateral Agent
represent and warrant to each other Collateral Agent, each other Representative and the other First Lien Claimholders, individually, that (i) it has full power and authority to enter into this Joinder Agreement, in its capacity as
[agent][trustee], (ii) this Joinder Agreement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as enforceability may be
limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability, and (iii) the First Lien Documents relating to such Additional
First Lien Debt provide that, upon the New Representative’s and the New Collateral Agent’s entry into this Joinder Agreement, the Additional First Lien Claimholders represented by them will be subject to and bound by the provisions of the
Pari Passu Intercreditor Agreement. 
 SECTION 3.    This Joinder Agreement may be executed in counterparts, each of
which shall constitute an original, but all of which when taken together shall constitute a single contract. This Joinder Agreement shall become effective when each Collateral Agent and Representative shall have received a counterpart of this
Joinder Agreement that bears the signatures of the New Representative and the New Collateral Agent. Delivery of an executed signature page to this Joinder Agreement by facsimile transmission or other electronic means shall be effective as delivery
of a manually signed counterpart of this Joinder Agreement. 
 SECTION 4.    Except as expressly supplemented hereby,
the Pari Passu Intercreditor Agreement shall remain in full force and effect. 
 SECTION 5.    THIS JOINDER
AGREEMENT, AND ANY DISPUTE, CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS JOINDER AGREEMENT (WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW RULES THAT WOULD RESULT IN THE APPLICATION OF A DIFFERENT GOVERNING LAW (OTHER THAN ANY MANDATORY PROVISIONS OF THE UCC RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OR PRIORITY OF
THE SECURITY INTERESTS). 
 SECTION 6.    Any provision of this Joinder Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof and in the Pari Passu Intercreditor Agreement, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in good-faith negotiations to replace any invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to those of the invalid, illegal or unenforceable provisions. 

  
 Exhibit A - Page 2 

 SECTION 7.    All communications and notices hereunder shall be in
writing and given as provided in Section 5.7 of the Pari Passu Intercreditor Agreement. All communications and notices hereunder to the New Representative and the New Collateral Agent shall be given to them at their respective addresses set
forth below their signatures hereto. 
 SECTION 8.    Sections 5.8 and 5.9 of the Pari Passu Intercreditor
Agreement are hereby incorporated herein by reference. 
 [Remainder of this page intentionally left blank] 

  
 Exhibit A - Page 3 

 IN WITNESS WHEREOF, the New Representative and New Collateral Agent have duly executed this
Joinder Agreement to the Pari Passu Intercreditor Agreement as of the day and year first above written. 
  

			
	[NAME OF NEW REPRESENTATIVE], as [        ] for the holders of
[            ],

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Address for notices:	 	
		
	                                      
                        	 	                            
	                                      
                        	 	
	attention of:                                   
        	 	
	Telecopy:                                    
          	 	

  

			
	[NAME OF NEW COLLATERAL AGENT], as [        ] for the holders of
[            ],

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Address for notices:	 	
		
	                                      
                        	 	                            
	                                      
                        	 	
	attention of:                                   
        	 	
	Telecopy:                                    
          	 	

  
 Exhibit A - Page 4 

 
			
	Receipt acknowledged by:
	 U.S. BANK NATIONAL ASSOCIATION,
as Initial First Lien Representative and
Initial
First Lien Collateral Agent

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	[                    ],
	    as Initial Other Representative

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	[                    ],
	    as Initial Other Collateral Agent

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 [OTHERS AS NEEDED] 

  
 Exhibit A - Page 5

 Exhibit B 

to Pari Passu Intercreditor Agreement 

[FORM OF] 
 DEBT
DESIGNATION 
 Reference is made to the Pari Passu Intercreditor Agreement dated as of
            , 20__ (as amended, restated, supplemented or otherwise modified from time to time, the “Pari Passu Intercreditor Agreement”) among U.S. BANK
NATIONAL ASSOCIATION, as Initial First Lien Representative and Initial First Lien Collateral Agent, [_________], as Initial Other Representative, and [__________], as Initial Other Collateral Agent, and the additional Representatives and Collateral
Agents from time to time a party thereto, and acknowledged and agreed to by ABERCROMBIE & FITCH MANAGEMENT CO., a Delaware corporation (the “Company”) and the other Grantors signatory thereto. Capitalized terms used
but not otherwise defined herein have the meanings assigned to them in the Pari Passu Intercreditor Agreement. This Debt Designation is being executed and delivered in order to designate [Additional First Lien Debt][Replacement Indenture
Obligations] entitled to the benefit and subject to the terms of the Pari Passu Intercreditor Agreement. 
 The undersigned, the duly
appointed [specify title] of the Company hereby certifies on behalf of the [Company] that: 

(a)    [insert name of the Company or other Grantor] intends to incur Indebtedness in the initial
aggregate [principal/committed amount] of [            ] pursuant to the following agreement: [describe [credit agreement, indenture, other agreement giving rise to Additional First Lien
Debt][Replacement Indenture (“New Agreement”)]] which will be [Other First Lien Obligations][Replacement Indenture Obligations]; 

(b)    (i) the name and address of the [Additional First Lien Representative for the Additional First Lien
Debt and the related Other First Lien Obligations][Replacement Representative for the Replacement Indenture] is: 
  

									
		 		 	  
	 		 	
					
		 		 	  
	 		 	
					
		 		 	Telephone:	 	  
	 	
					
		 		 	Fax:	 	  
	 	

  
 (ii) the name and address
of the Additional First Lien Collateral Agent for the Additional First Lien Debt and the Other First Lien Obligations or Replacement Indenture Obligations, as applicable, is: 
  

					
		 	  
	 	

  
 Exhibit B – Page 1

									
					
		 		 	  
	 		 	
					
		 		 	Telephone:	 	  
	 	
					
		 		 	Fax:	 	  
	 	
					
		 		 	[and]	 		 	

 (a)    such Additional First Lien Debt is permitted by each First Lien
Document and the conditions set forth in Section 5.14 of the Pari Passu Intercreditor Agreement are satisfied with respect to such Additional First Lien Debt [insert for Replacement Indenture only: ; 

(b)    the New Agreement satisfies the requirements of a Replacement Indenture and is hereby designated as
a Replacement Indenture; [and 
 (c)    such Additional First Lien Debt is designated by the Company as
Secured Bank Indebtedness]. 

  
 Exhibit B – Page 2

 IN WITNESS WHEREOF, the Company has caused this Debt Designation to be duly executed by the
undersigned officer as of             , 20    . 
  

			
	ABERCROMBIE & FITCH MANAGEMENT CO.,
		
	By:	 	  

		 	Name:
		 	Title:

  
  
  

  
 Exhibit B – Page 3

 Exhibit C 

to Pari Passu Intercreditor Agreement 

FORM OF GRANTOR JOINDER AGREEMENT 

GRANTOR JOINDER AGREEMENT NO. [     ] “this “Grantor Joinder Agreement”) dated as of
[        ], 20[     ] to the PARI PASSU INTERCREDITOR AGREEMENT dated as of [        ], 20[    ] (the “Pari Passu
Intercreditor Agreement”), among U.S. BANK NATIONAL ASSOCIATION, as Initial First Lien Representative and Initial First Lien Collateral Agent, and the additional Representatives and Collateral Agents from time to time a party thereto, and
acknowledged and agreed to by ABERCROMBIE & FITCH MANAGEMENT CO., a Delaware corporation (the “Company”) and certain subsidiaries of the Company (each a “Grantor”). 

Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Pari Passu Intercreditor
Agreement. 
 The undersigned,
[                    ], a
[                    ], (the “New Grantor”) wishes to acknowledge and agree to the Pari Passu Intercreditor Agreement and
become a party thereto to the limited extent contemplated by Section 5.16 thereof and to acquire and undertake the rights and obligations of a Grantor thereunder. 

Accordingly, the New Grantor agrees as follows for the benefit of the Representatives, the Collateral Agents and the First Lien Claimholders:

 Section 1.    Accession to the Pari Passu Intercreditor Agreement. The New Grantor (a) acknowledges
and agrees to, and becomes a party to the Pari Passu Intercreditor Agreement as a Grantor to the limited extent contemplated by Section 5.16 thereof, (b) agrees to all the terms and provisions of the Pari Passu Intercreditor
Agreement and (c) shall have all the rights and obligations of a Grantor under the Pari Passu Intercreditor Agreement. This Grantor Joinder Agreement supplements the Pari Passu Intercreditor Agreement and is being executed and delivered by the
New Grantor pursuant to Section 5.18 of the Pari Passu Intercreditor Agreement. 

Section 2.    Representations, Warranties and Acknowledgement of the New Grantor. The New Grantor represents
and warrants to each Representative, each Collateral Agent and to the First Lien Claimholders that (a) it has full power and authority to enter into this Grantor Joinder Agreement, in its capacity as Grantor and (b) this Grantor Joinder
Agreement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with the terms of this Grantor Joinder Agreement. 

Section 3.    Counterparts. This Grantor Joinder Agreement may be executed in counterparts (and by different
parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Grantor Joinder Agreement
or any document or instrument delivered in connection herewith by telecopy or other electronic means shall be effective as delivery of a manually executed counterpart of this Grantor Joinder Agreement or such other document or instrument, as
applicable. 

  
 Exhibit D-1 

 Section 4.    Section Headings. Section heading used in this
Grantor Joinder Agreement are for convenience of reference only and are not to affect the construction hereof or to be taken in consideration in the interpretation hereof. 

Section 5.    Benefit of Agreement. The agreements set forth herein or undertaken pursuant hereto are for the
benefit of, and may be enforced by, any party to the Pari Passu Intercreditor Agreement subject to any limitations set forth in the Pari Passu Intercreditor Agreement with respect to the Grantors. 

Section 6.    Governing Law. THIS GRANTOR JOINDER AGREEMENT, AND ANY DISPUTE, CLAIM OR CONTROVERSY ARISING
OUT OF OR RELATING TO THIS GRANTOR JOINDER AGREEMENT (WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW RULES
THAT WOULD RESULT IN THE APPLICATION OF A DIFFERENT GOVERNING LAW (OTHER THAN ANY MANDATORY PROVISIONS OF THE UCC RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OR PRIORITY OF THE SECURITY INTERESTS). 

Section 7.    Severability. In case any one or more of the provisions contained in this Grantor Joinder
Agreement should be held invalid, illegal or unenforceable in any respect, none of the parties hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the validity,
legality and enforceability of the remaining provisions contained herein and in the Pari Passu Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

Section 8.    Notices. All communications and notices hereunder shall be in writing and given as provided in
Section 5.7 of the Pari Passu Intercreditor Agreement. All communications and notices hereunder to the New Grantor shall be given to it at the address set forth under its signature hereto, which information supplements Section 5.7 of
the Pari Passu Intercreditor Agreement. 

  
 Exhibit D-2 

 IN WITNESS WHEREOF, the New Grantor has duly executed this Grantor Joinder Agreement to the Pari Passu
Intercreditor Agreement as of the day and year first above written. 
  

					
	[                                    
                                    ]	 	
			
	By	 	  
	 	
		 	Name:	 	
		 	Title:	 	
		
	
Address:                        
                                    
	 	
		 	                                     
                               	 	
		 	                                     
                               	 	

  
 Exhibit D-3EX-4.1

 EXHIBIT 4.1 
  

 
  

TAKEDA PHARMACEUTICAL COMPANY LIMITED 

The Company 
 THE BANK OF
NEW YORK MELLON 
 Trustee 

THE BANK OF NEW YORK MELLON, LONDON BRANCH 

London Paying Agent 
 THE
BANK OF NEW YORK MELLON SA/NV, LUXEMBOURG BRANCH 
 Luxembourg Registrar 

 
  

INDENTURE 
 Dated as of
July 9, 2020 
  
  

 
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	1	 
			
	 SECTION 1.1.
	 	Definitions	  	 	1	 
	 SECTION 1.2.
	 	Compliance Certificates and Opinions	  	 	7	 
	 SECTION 1.3.
	 	Form of Documents Delivered to Trustee	  	 	8	 
	 SECTION 1.4.
	 	Acts of Holders; Record Dates	  	 	8	 
	 SECTION 1.5.
	 	Notices, Etc., to Trustee and the Company	  	 	10	 
	 SECTION 1.6.
	 	Notice to Holders; Waiver	  	 	12	 
	 SECTION 1.7.
	 	Effect of Headings and Table of Contents	  	 	12	 
	 SECTION 1.8.
	 	Successors and Assigns	  	 	12	 
	 SECTION 1.9.
	 	Separability Clause	  	 	13	 
	 SECTION 1.10.
	 	Benefits of Indenture	  	 	13	 
	 SECTION 1.11.
	 	Governing Law	  	 	13	 
	 SECTION 1.12.
	 	Consent to Jurisdiction; Waiver of Immunities	  	 	13	 
	 SECTION 1.13.
	 	Waiver of Jury Trial	  	 	14	 
	 SECTION 1.14.
	 	Payments Due on Non-Business Days	  	 	14	 
	 SECTION 1.15.
	 	Communications by Holders with Other Holders	  	 	14	 
	 SECTION 1.16.
	 	English Language	  	 	14	 
	 SECTION 1.17.
	 	Counterparts	  	 	14	 
	 SECTION 1.18.
	 	Conflict with any Provision of Indenture with Trust Indenture Act	  	 	15	 
	 SECTION 1.19.
	 	Force Majeure	  	 	15	 
	 SECTION 1.20.
	 	Foreign Account Tax Compliance Act (FATCA)	  	 	15	 
	 SECTION 1.21.
	 	Patriot Act	  	 	16	 
	 SECTION 1.22.
	 	Contractual Recognition of Bail-In Powers	  	 	17	 
		
	 ARTICLE II THE SECURITIES
	  	 	18	 
			
	 SECTION 2.1.
	 	Forms	  	 	18	 
	 SECTION 2.2.
	 	Certificate of Authentication	  	 	19	 
	 SECTION 2.3.
	 	Amount Unlimited; Issuable in Series	  	 	20	 
	 SECTION 2.4.
	 	Authentication and Delivery of Securities	  	 	22	 
	 SECTION 2.5.
	 	Registrar, Registration of Transfer and Exchange	  	 	23	 
	 SECTION 2.6.
	 	Global Notes	  	 	25	 
	 SECTION 2.7.
	 	[Reserved]	  	 	26	 
	 SECTION 2.8.
	 	Mutilated, Destroyed, Lost and Stolen Notes	  	 	26	 
	 SECTION 2.9.
	 	Persons Deemed Owners	  	 	27	 
	 SECTION 2.10.
	 	Cancellation	  	 	27	 
	 SECTION 2.11.
	 	Japanese Withholding Taxes	  	 	28	 
	 SECTION 2.12.
	 	Japanese Withholding Tax Legend	  	 	29	 
	 SECTION 2.13.
	 	CUSIP and ISIN Numbers	  	 	29	 

  
 - i - 

							
	 	 	 	  	Page	 
	 ARTICLE III SATISFACTION AND DISCHARGE
	  	 	30	 
			
	 SECTION 3.1.
	 	Satisfaction and Discharge of Indenture	  	 	30	 
	 SECTION 3.2.
	 	Application of Trust Money	  	 	31	 
		
	 ARTICLE IV REMEDIES OF THE TRUSTEE AND HOLDERS ON EVENT OF DEFAULT
	  	 	31	 
			
	 SECTION 4.1.
	 	Event of Default	  	 	31	 
	 SECTION 4.2.
	 	Acceleration of Maturity; Rescission and Annulment	  	 	33	 
	 SECTION 4.3.
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	33	 
	 SECTION 4.4.
	 	Trustee May File Proofs of Claim	  	 	34	 
	 SECTION 4.5.
	 	Trustee May Enforce Claims Without Possession of Notes	  	 	35	 
	 SECTION 4.6.
	 	Application of Money Collected	  	 	35	 
	 SECTION 4.7.
	 	Limitation on Suits	  	 	35	 
	 SECTION 4.8.
	 	Right of Holders to Receive Principal and Interest	  	 	36	 
	 SECTION 4.9.
	 	Restoration of Rights and Remedies	  	 	36	 
	 SECTION 4.10.
	 	Rights and Remedies Cumulative	  	 	36	 
	 SECTION 4.11.
	 	Delay or Omission Not Waiver	  	 	36	 
	 SECTION 4.12.
	 	Control by Holders	  	 	36	 
	 SECTION 4.13.
	 	Waiver of Past Defaults	  	 	37	 
	 SECTION 4.14.
	 	Trustee to Give Notice of Default	  	 	37	 
	 SECTION 4.15.
	 	Undertaking for Costs	  	 	38	 
	 SECTION 4.16.
	 	Waiver of Stay or Extension Laws	  	 	38	 
		
	 ARTICLE V THE TRUSTEE
	  	 	38	 
			
	 SECTION 5.1.
	 	Certain Duties and Responsibilities	  	 	38	 
	 SECTION 5.2.
	 	Certain Rights of Trustee	  	 	39	 
	 SECTION 5.3.
	 	Not Responsible for Recitals or Issuance of Notes	  	 	41	 
	 SECTION 5.4.
	 	May Hold Notes	  	 	41	 
	 SECTION 5.5.
	 	Money Held in Trust	  	 	41	 
	 SECTION 5.6.
	 	Compensation and Reimbursement	  	 	41	 
	 SECTION 5.7.
	 	Corporate Trustee Required; Eligibility	  	 	42	 
	 SECTION 5.8.
	 	Resignation and Removal; Appointment of Successor	  	 	42	 
	 SECTION 5.9.
	 	Acceptance of Appointment by Successor	  	 	43	 
	 SECTION 5.10.
	 	Merger, Conversion, Consolidation or Succession to Business	  	 	44	 
	 SECTION 5.11.
	 	Conflicting Interest	  	 	44	 
		
	 ARTICLE VI HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	 	44	 
			
	 SECTION 6.1.
	 	Company to Furnish Trustee Names and Addresses of Holders	  	 	44	 
	 SECTION 6.2.
	 	Preservation of Information; Communications to Holders	  	 	45	 
		
	 ARTICLE VII MERGER, CONSOLIDATION, SALE OR DISPOSITION
	  	 	45	 
			
	 SECTION 7.1.
	 	Company May Consolidate, Etc., Only on Certain Terms	  	 	45	 
	 SECTION 7.2.
	 	Successor Substituted	  	 	46	 

  
 - ii - 

							
	 	 	 	  	Page	 
	 ARTICLE VIII SUPPLEMENTAL INDENTURES
	  	 	46	 
			
	 SECTION 8.1.
	 	 Supplemental Indentures Without Consent of Holders
	  	 	46	 
	 SECTION 8.2.
	 	 Supplemental Indentures With Consent of Holders
	  	 	47	 
	 SECTION 8.3.
	 	 Execution of Supplemental Indentures
	  	 	47	 
	 SECTION 8.4.
	 	 Effect of Supplemental Indentures
	  	 	47	 
	 SECTION 8.5.
	 	 Reference in Notes to Supplemental Indentures
	  	 	48	 
	 SECTION 8.6.
	 	 Conformity with the Trust Indenture Act
	  	 	48	 
		
	 ARTICLE IX COVENANTS
	  	 	48	 
			
	 SECTION 9.1.
	 	 Payment of Principal, Interest and Additional Amounts
	  	 	48	 
	 SECTION 9.2.
	 	 Maintenance of Office or Agency
	  	 	48	 
	 SECTION 9.3.
	 	 Money for Notes Payments to Be Held in Trust
	  	 	49	 
	 SECTION 9.4.
	 	 Statement by Officers as to Default
	  	 	50	 
	 SECTION 9.5.
	 	 Additional Amounts
	  	 	50	 
	 SECTION 9.6.
	 	 Appointment to Fill a Vacancy in Office of Trustee
	  	 	53	 
	 SECTION 9.7.
	 	 Indemnification of Judgment Currency
	  	 	53	 
	 SECTION 9.8.
	 	 [Reserved]
	  	 	53	 
	 SECTION 9.9.
	 	 Reports by the Company
	  	 	53	 
	 SECTION 9.10.
	 	 Reports by the Trustee
	  	 	54	 
	 SECTION 9.11.
	 	 Annual Compliance Certificate
	  	 	54	 
	 SECTION 9.12.
	 	 Negative Pledge
	  	 	54	 
		
	 ARTICLE X. REDEMPTION AND PURCHASE OF SECURITIES
	  	 	54	 
			
	 SECTION 10.1.
	 	 Applicability of Article
	  	 	54	 
	 SECTION 10.2.
	 	 Optional Redemption due to an Additional Amounts Event
	  	 	55	 
	 SECTION 10.3.
	 	 [Reserved]
	  	 	55	 
	 SECTION 10.4.
	 	 Election to Redeem; Notice to Trustee
	  	 	55	 
	 SECTION 10.5.
	 	 Notice of Redemption
	  	 	55	 
	 SECTION 10.6.
	 	 Deposit of Redemption Price
	  	 	56	 
	 SECTION 10.7.
	 	 Notes Payable on Redemption Date
	  	 	56	 
	 SECTION 10.8.
	 	 Repurchase of Notes
	  	 	57	 
		
	 EXHIBIT
	  			
			
	 EXHIBIT A.
	 	 Form of Officer’s Certificate as to Default
	  			

  
 - iii - 

 CROSS REFERENCE SHEET 

Cross-reference sheet of provisions of the Trust Indenture Act of 1939 and this Indenture: 

 

			
	Section of the Act	  	Section of Indenture
	 310(a)(1) and (2)
	  	5.7
	 310(a)(3) and (4)
	  	Inapplicable
	 310(a)(5)
	  	Incorporated by Section 318(c)
	 310(b)
	  	5.8
	 311(a), (b) and (c)
	  	Incorporated by Section 318(c)
	 312(a)
	  	6.1
	 312(b)
	  	Incorporated by Section 318(c)
	 312(c)
	  	Incorporated by Section 318(c)
	 313(a)
	  	9.09
	 313(b)(1)
	  	Inapplicable
	 313(b)(2)
	  	Incorporated by Section 318(c)
	 313(c)
	  	Incorporated by Section 318(c)
	 313(d)
	  	Incorporated by Section 318(c)
	 314(a)
	  	9.9, 9.11
	 314(b)
	  	Inapplicable
	 314(c)(1) and (2)
	  	1.2
	 314(c)(3)
	  	Inapplicable
	 314(d)
	  	Inapplicable
	 314(e)
	  	1.2
	 315(a), (c) and (d)
	  	5.1
	 315(b)
	  	4.14
	 315(e)
	  	4.15
	 316(a)(1)
	  	4.12
	 316(a)(2)
	  	Inapplicable
	 316(b)
	  	4.8
	 316(c)
	  	Incorporated by Section 318(c)
	 317(a)
	  	4.3
	 317(b)
	  	9.3
	 318(a)
	  	1.18

 Notes: This cross-reference sheet shall not, for any purpose, be deemed to be a part of this Indenture. 

Attention should also be directed to Section 318(c) of the Trust Indenture Act (as defined in this Indenture), which provides that the provisions of
Sections 310 to and including 317 of the Trust Indenture Act are a part of and govern every qualified indenture, whether or not physically contained therein. Sections designated in the cross-reference sheet above as “Incorporated by
Section 318(c)” are not physically contained herein but are incorporated automatically by Section 318(c) of the Trust Indenture Act. 

  
 - iv - 

 INDENTURE, dated as of July 9, 2020, between Takeda Pharmaceutical Company Limited, a
joint-stock corporation (kabushiki kaisha) organized under the laws of Japan (the “Company”), and THE BANK OF NEW YORK MELLON a banking corporation organized under the laws of the New York, not in its individual capacity but
solely as trustee(the “Trustee”), THE BANK OF NEW YORK MELLON, LONDON BRANCH, not in its individual capacity but solely as London paying agent (the “London Paying Agent”), and THE BANK OF NEW YORK MELLON SA/NV,
LUXEMBOURG BRANCH, not in its individual capacity but solely as Luxembourg registrar (the “Luxembourg Registrar”) . 
 W I T
N E S S E T H 
 WHEREAS, the Company has duly authorized the execution of this Indenture to provide for the issuance from time to time of
its senior notes to be issued in one or more series (the “Notes”) up to such principal amount or amounts as may from time to time be authorized in accordance with the terms of this Indenture, and to provide, among other things, for
the authentication, delivery and administration thereof; and 
 WHEREAS, all things necessary to make this Indenture a valid indenture and
agreement of the Company according to its terms have been done; 
 NOW, THEREFORE: 

In consideration of the premises and the purchases of the Notes by the holders thereof, the Company covenants and agrees for the equal and
proportionate benefit of the respective holders of the Notes from time to time as follows: 
 ARTICLE I 

DEFINITIONS AND OTHER PROVISIONS 

OF GENERAL APPLICATION 

SECTION 1.1. Definitions. 

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

(1) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the
singular; 
 (2) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with
International Financial Reporting Standards; 
 (3) unless the context otherwise requires, any reference to an
“Article” or a “Section” refers to an Article or a Section, as the case may be, of this Indenture; 
 (4)
the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 

  
 1 

 (5) the following expressions shall have the following meanings: 

“Act”, when used with respect to any Holder, has the meaning specified in Section 1.4. 

“Act on Special Taxation Measures” has the meaning specified in Section 9.5. 

“Additional Amounts” has the meaning specified in Section 9.5. 

“Additional Amounts Event” has the meaning specified in Section 10.2. 

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

“Agent” means any Notes Registrar, Paying Agent, the London Paying Agent and the Luxembourg Registrar. 

“Authorized Officer” means any person (whether designated by name or the person for the time being holding a designated
office) appointed by or pursuant to a Board Resolution or otherwise for the purpose, or a particular purpose, of this Indenture, provided that written notice of such appointment shall have been given to the Trustee. 

“Board of Directors” means the board of directors of the Company or any committee or member thereof duly authorized to act
for it in respect hereof. 
 “Board Resolution” means a copy of a resolution or decision certified by an authorized
Director or any other Authorized Officer of the Company to have been duly adopted or made by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day” means, with respect to a series of Notes, a day that in the city of the Corporate Trust Office of the Trustee,
and in the city (or in any of the cities, if more than one) in which amounts are payable, as specified in the form of such Note, and in any other city specified in an indenture supplemental hereto or in the form of such Note, is not a day on which
banking institutions are authorized by law or regulation to close. 
 “Clearstream” means Clearstream Banking S.A.

 “Commission” means the U.S. Securities and Exchange Commission, as from time to time constituted, created under the
Exchange Act, or if at any time after the execution and delivery of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such date. 

  
 2 

 “Company” means the Person named as the “Company” in the first
paragraph of this Indenture until a Successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such Successor Person. 

“Company Request” or “Company Order” means a written request or order signed in the name of the Company by
any of its Directors and/or Authorized Officers, and delivered to the Trustee. 
 “Corporate Trust Office” means the
principal office of the Trustee at which at any time its corporate trust business shall be administered, which office as of the date hereof is located at 240 Greenwich Street, New York, NY 10286, USA, Attention: Corporate Trust Administration- ,
Facsimile No.: (+1) 212 815 5915, with a mandatory copy to The Bank of New York Mellon, Singapore Branch, One Temasek Avenue, #02-01 Millenia Tower, Singapore 039192, Attention: Global Corporate Trust, E-mail: Ctsingaporegcs@bnymellon.com, Fax: +65 68830338, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office
of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company). 

“Depositary” means, with respect to the Global Notes, (i) for Notes of any series that are denominated in U.S. dollars,
a clearing agency registered under the Exchange Act that is designated to act as depositary for such Notes, (ii) for Notes of any series that are denominated in euros, a common depositary for the accounts of Clearstream and Euroclear and
(iii) for Notes of any series denominated in any other coin or currency, such agency as may be designated in the form of Note for such series of Notes. 

“Designated Financial Institution” has the meaning specified in Section 9.5. 

“Director” means any member of the Board of Directors. 

“DTC” means The Depository Trust Company. 

“DTC Procedures” means the procedures set out in the Operating Manual—Japanese Withholding Tax on Certain International
Issues Held Through DTC (as may be amended or supplemented from time to time by notice from International Capital Market association). 

“Euroclear” means Euroclear Bank SA/NV. 

“Event of Default” has the meaning specified in Section 4.1. 

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

“Expiration Date” has the meaning specified in Section 1.4. 

“Global Notes” has the meaning specified in Section 2.1. 

  
 3 

 “Holder” means a Person in whose name a Note is registered in the Notes
Register. 
 “ICMA Procedures” means the applicable and most recent memorandum prepared by the International Capital Market
Association, or any other organization or organizations that succeed the International Capital Market Association (as may be amended or supplemented from time to time by notice from such association) entitled “Compliance Procedures for
International Securities Offerings by Japanese Issuers”, intended to provide for the administration of the Act on Special Taxation Measures. 

“Incorporated Provision” has the meaning specified in Section 1.18. 

“Indenture” means this instrument as originally executed and as it may from time to time be supplemented or amended by one or
more indentures supplemental hereto entered into pursuant to the applicable provisions hereof. 
 “Interest Payment Date”
shall have the meaning specified in the form of the Note for each series. 
 “Interest Recipient Information” has the
meaning specified in Section 9.5. 
 “Judgment Currency” has the meaning specified in Section 9.7. 

“Lien” means, with respect to any property or asset, any mortgage, lien, pledge, charge, security interest or encumbrance of
any kind in respect of such property or asset, including, without limitation, the right of a vendor, lessor or similar party under any conditional sales agreement, capital lease or other title retention agreement relating to such property or asset,
and any other right of or arrangement with any creditor to have its claims satisfied out of any property or assets, or the proceeds therefrom, prior to any general creditor of the owner thereof. 

“London Paying Agent” means the Person named as the “London Paying Agent” in the first paragraph of this Indenture
and any successors. 
 “Luxembourg Registrar” means the Person named as the “Luxembourg Registrar” in the first
paragraph of this Indenture and any successors. 
 “Note” or “Notes” means any note authenticated and
delivered under this Indenture. 
 “Notes Register” and “Notes Registrar” have the respective meanings
specified in Section 2.5. 
 “Officer’s Certificate” means a certificate signed by any Director or
Authorized Officer of the Company and delivered to the Trustee. Each such certificate shall comply with Section 314 of the Trust Indenture Act, if applicable, and include (except as otherwise expressly provided in this Indenture) the statements
provided in Section 1.2, if applicable. 

  
 4 

 “Opinion of Counsel” means a written opinion of counsel, who may be an
employee of or counsel to the Company, or other counsel acceptable to the Trustee, in a form satisfactory to the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act, if applicable, and include the statements
provided in Section 1.2, if and to the extent required thereby. 
 “Outstanding”, when used with respect to any series
of the Notes, means, as of the date of determination, all Notes of such series theretofore authenticated and delivered under this Indenture, except: 

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

(2) Notes for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any
Paying Agent in trust for the Holders of such Notes; provided that, if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;
and 
 (3) Notes which have been paid pursuant to Section 2.8 or in exchange for or in lieu of which other Notes have
been authenticated and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Notes are held by a bona fide purchaser in whose hands such
Notes are valid obligations of the Company; 
 provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Notes of any series have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, Notes owned by the Company or any other obligor upon the Notes or any
Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee or the Paying Agent shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent, waiver or other action, only Notes which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Notes so owned or beneficially held which have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee or the Paying Agent the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Company or any other obligor upon the Notes or
any Affiliate of the Company or of such other obligor. 
 “Participant” has the meaning specified in Section 9.5. 

“Participants” has the meaning specified in Section 2.6. 

“Paying Agent” means any Person authorized by the Company to pay the principal of or interest on any Notes (or Additional
Amounts, if any) on behalf of the Company, which shall initially be The Bank of New York Mellon, it being understood that, a separate Paying Agent will be appointed in respect of any Series of Notes for which Clearstream and Euroclear (but not DTC)
are acting as clearing organization. 

  
 5 

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

“Principal Subsidiary” means, with respect to any Person, any Subsidiary (i) whose revenue, as shown by the latest
audited financial statements (consolidated in the case of a Subsidiary which itself has Subsidiaries) of such Subsidiary, constitute at least 10% of the consolidated revenue of such Person and its consolidated Subsidiaries as shown by the latest
audited consolidated financial statements of such Person or (ii) whose gross assets, as shown by the latest audited financial statements (consolidated in case of a Subsidiary which itself has Subsidiaries) of such Subsidiary constitute at least
10% of the gross assets of such Person and its consolidated Subsidiaries as shown by the latest audited consolidated financial statements of such Person. 

“Public External Indebtedness” means bonds, debentures, notes or other similar investment securities of the Company or any
other person evidencing indebtedness with a maturity of not less than one year from the issue date thereof, or any guarantees thereof, which are (a) either (i) by their terms payable, or confer a right to receive payment, in any currency other
than Japanese yen or (ii) denominated in Japanese yen and more than 50% of the aggregate principal amount thereof is initially distributed outside of Japan by or with the authorization of the Company thereof; and (b) for the time being, or
are intended to be, quoted, listed, ordinarily dealt in or traded, in each case primarily, on a stock exchange or over-the-counter or other securities market outside
Japan. 
 “Record Date” with respect to any Interest Payment Date shall have the meaning specified in the form of the Notes
for each series. 
 “Redemption Date” has the meaning specified in Section 10.5. 

“Registered Security” means any Note registered on the Notes Register. 

“Required Currency” has the meaning specified in Section 9.7. 

“Responsible Officer” means, when used with respect to the Trustee, any officer within the Trustee’s corporate trust
department, including any vice president, assistant vice president, assistant secretary, senior associate, associate, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who
at the time shall be such officers and also means, with respect to a particular corporate trust matter, any other officer of the Trustee to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this Indenture 
 “Securities Act” means the
U.S. Securities Act of 1933, as amended. 
 “specially-related person of the Company” has the meaning specified in
Section 9.5. 

  
 6 

 “Subsidiary” means, with respect to any Person, any entity which is
controlled or of which more than 50% of its ownership interests are owned directly or indirectly by such Person. 
 “Succession
Event” has the meaning specified in Section 7.1. 
 “Successor Person” has the meaning specified in
Section 7.2. 
 “Tax Documentation” means any of certifications, claims for exemption, notifications or other
documentation required under Japanese tax law for interest payments to be made without withholding or deduction for or on account of Japanese tax. 

“Taxes” has the meaning specified in Section 9.5. 

“Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this Indenture
was originally executed; provided, however, that in the event that the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939, as
so amended. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture until a
successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder. 

“United States” means the United States of America. 

“Written Application for Tax Exemption” has the meaning specified in Section 9.5. 

SECTION 1.2. Compliance Certificates and Opinions. 

Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall
furnish to the Trustee an Officer’s Certificate and an Opinion of Counsel (provided, however, that at the time of issuance of the Notes, the Company shall furnish to the Trustee an Officer’s Certificate) stating that all conditions
precedent provided for in this Indenture relating to the proposed action have been complied with. Each such certificate or opinion shall be given in the form of an Officer’s Certificate, if to be given by an officer of the Company, or an
Opinion of Counsel, if to be given by counsel, and shall comply with the requirements set forth in this Indenture. 
 Every certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture (except for certificates provided for in Section 9.4) shall include: 

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

  
 7 

 (2) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement
that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such condition or covenant has been complied with; and 

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

SECTION 1.3. Form of Documents Delivered to Trustee. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any
certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company unless such counsel knows, or in the exercise of reasonable
care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is
required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

SECTION 1.4. Acts of Holders; Record Dates. 

Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given,
made 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; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 1.4. 

  
 8 

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

The ownership of Notes shall be proved by the Notes Register. 

Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder
of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon,
whether or not notation of such action is made upon such Note. 
 The Company may set any day as a record date for the purpose of
determining the Holders of Outstanding Notes entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders of
Notes, provided that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in the next paragraph. If
any record date is set pursuant to this paragraph, the Holders of Outstanding Notes at the close of business on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after
such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Notes on such record date. Nothing in this
paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no
action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Notes on the date such action is taken based on
such record date previously set. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given
to the Trustee in writing and to each Holder of Notes in the manner set forth in Section 1.6. 

  
 9 

 The Trustee may set any day as a record date for the purpose of determining the Holders of
Outstanding Notes entitled to join in the giving or making of (i) any declaration of acceleration referred to in Section 4.2, (ii) any request to institute proceedings referred to in Section 4.7 or (iii) any direction referred to
in Section 4.12. If any record date is set pursuant to this paragraph, the Holders of Outstanding Notes at the close of business on such record date, and no other Holders, shall be entitled to join in such declaration, request or direction,
whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of
Outstanding Notes on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record
date previously set shall automatically and with no action by any Person be cancelled and of no effect), provided, however, that nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite
principal amount of Outstanding Notes on the date such action is taken based on such record date previously set. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such
record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder of Notes in the manner set forth in Section 1.6. 

With respect to any record date set pursuant to this Section 1.4, the party hereto which sets such record dates may designate any day as
the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other
parties hereto in writing, and to each Holder of Notes in the manner set forth in Section 1.6, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this
Section 1.4, the party hereto which set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as
provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date. 

Without limiting the foregoing, a Holder entitled hereunder 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 of such Note. 

SECTION 1.5. Notices, Etc., to Trustee and the Company. 

Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with, 
 (1) the Trustee by any Holder or by the Company shall be
sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, 

(2) the London Paying Agent by any Holder, the Trustee or by the Company shall be sufficient for every purpose if in writing to

 The Bank of New York Mellon, London Branch 

One Canada Square 
 London E14 5AL

 United Kingdom 
 Facsimile
no.: +44 207 964 2509 
 Attention: Global Corporate Trust 

  
 10 

 with a mandatory copy to 

The Bank of New York Mellon, Singapore Branch 

One Temasek Avenue 
 #02-01 Millenia Tower 
 Singapore 039192 

			
	Attention:	  	Global Corporate Trust
	E-mail:	  	Ctsingaporegcs@bnymellon.com
	Fax:	  	+65 68830338

 (3) the Luxembourg Registrar by any Holder, the Trustee or by the Company shall be
sufficient for every purpose if in writing to 
 The Bank of New York Mellon SA/NV, Luxembourg Branch 

Vertigo Building - Polaris – 2-4 

rue Eugène Ruppert - L-2453 

Luxembourg 
 F +(352) 24 52 4204

 with a mandatory copy to 

The Bank of New York Mellon, Singapore Branch 

One Temasek Avenue 
 #02-01 Millenia Tower 
 Singapore 039192 

Attention: Global Corporate Trust 

Email: Ctsingaporegcs@bnymellon.com 

Facsimile no.: +65 6883 0338 

(4) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder if in writing and mailed,
first-class postage prepaid to the Company at its address at Miesian Plaza, Block 3, 50-58 Lower Baggot Street, Dublin 2, Ireland Attention: Noel Brady, Email: noel.brady@takeda.com, Fascimile no.: +353 (0)1
6096007; with a mandatory copy to 1-1, Nihonbashi-Honcho 2-Chome, Chuo-ku, Tokyo
103-8668, Japan, Attention: Global Treasury, Email: kengo.shimizu@takeda.com, Fascimile no.: +813-3278-2198 or at any other address previously furnished in writing to
the Trustee by the Company. 

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

Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event or any
other communication (including any notice of redemption or repurchase) to a holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing
instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices at the Depositary. 

SECTION 1.6. Notice to Holders; Waiver. 

Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, at his address as it appears in the Notes Register or otherwise sent in accordance with the procedures of DTC, Euroclear or Clearstream not later than the latest date (if any), and not
earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall
affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and
such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by
mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

SECTION 1.7. Effect of Headings and Table of Contents. 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

SECTION 1.8. Successors and Assigns. 

All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 

  
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 SECTION 1.9. Separability Clause. 

In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 1.10. Benefits of Indenture. 

Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors
hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION 1.11.
Governing Law. 
 This Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the State of New
York. 
 SECTION 1.12. Consent to Jurisdiction; Waiver of Immunities. 

(a) The Company hereby irrevocably and unconditionally submits to the non-exclusive jurisdiction of the
courts of New York State or the federal courts of the United States located in the Borough of Manhattan, The City of New York over any suit, action or proceeding arising out of or relating to this Indenture or any Note. The Company irrevocably and
unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in such a court and any claim that any such suit, action or
proceeding brought in such a court has been brought in an inconvenient forum. To the extent that the Company has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process with respect to itself or its property,
it irrevocably waives such immunity in respect of its obligations hereunder or under any Note. The Company agrees that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon the Company
and, to the extent permitted by applicable law, may be enforced in any court to the jurisdiction of which the Company is subject by a suit upon such judgment or in any manner provided by law, provided that service of process is effected upon the
Company in the manner specified in the following paragraph or as otherwise permitted by law. 
 (b) As long as any of the Notes remain
Outstanding, the Company will at all times have an authorized agent in The City of New York upon whom process may be served in any legal action or proceeding arising out of or relating to this Indenture or any Note. Service of process upon such
agent and written notice of such service mailed or delivered to the Company shall to the fullest extent permitted by law be deemed in every respect effective service of process upon the Company in any such legal action or proceeding. The Company has
appointed Takeda Pharmaceuticals U.S.A., Inc. as its agent for such purpose, and covenants and agrees that service of process in any suit, action or proceeding may be made upon it at the offices of such agent. Takeda Pharmaceuticals U.S.A.,
Inc. has accepted such appointment as agent for service of process. Notwithstanding the foregoing, the Company may, with prior written notice to the Trustee, terminate the appointment of such agent and appoint another agent for the above
purposes so that the Company shall at all times have an agent for the above purposes in The City of New York. 

  
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 (c) The Company hereby irrevocably waives, to the fullest extent permitted by law, any
requirement or other provision of law, rule, regulation or practice which requires or otherwise establishes as a condition to the institution, prosecution or completion of any suit, action or proceeding (including appeals) arising out of or relating
to this Indenture or any Note, the posting of any bond or the furnishing, directly or indirectly, of any other security. 

SECTION 1.13. Waiver of Jury Trial. 

EACH OF THE COMPANY, THE HOLDERS BY ACCEPTANCE OF THE NOTES 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 TRANSACTION CONTEMPLATED HEREBY. 

SECTION 1.14. Payments Due on Non-Business Days. 

In any case in which any Interest Payment Date of a series of Notes falls on a day that is not a Business Day, then (unless otherwise specified
in the Notes of such series) payment of principal or interest (or Additional Amounts, if any) need not be made on such date but may be made on the next succeeding Business Day. Any payment made pursuant to the preceding sentence on such next
succeeding Business Day shall have the same force and effect as if made on the due date, and no additional interest shall accrue with respect to such payment for the period after such date. 

SECTION 1.15. Communications by Holders with Other Holders. 

Within five Business Days of receipt of a written application by a Holder stating that such Holder desires to communicate with other Holders of
Notes, the Trustee, provided it has received a copy of the form of proxy or other communication which such applying Holder proposes to transmit and proof reasonably satisfactory to the Trustee that such Holder has owned Notes for a period of at
least six months prior to such request, shall either (i) afford the applying Holder access to the requested information or (ii) transmit copies of the communication prepared by the applying Holder to the registered Holders at the expense
of such applying Holder. 
 SECTION 1.16. English Language.  

All certificates, opinions, notices, consents, requests or other documents or instruments delivered pursuant hereto shall be in the English
language. 
 SECTION 1.17. Counterparts. 

This Indenture may be executed in two or more counterparts, each of which shall be deemed to be an original and all of which together shall
constitute one and 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. 

  
 14 

 The words “execution,” “signed,” “signature,”
“delivery,” and words of like import in or relating to this Indenture or any document to be signed in connection with this Indenture shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form,
each of which shall be on the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct
the transactions contemplated hereunder by electronic means. 
 SECTION 1.18. Conflict with any Provision of Indenture with Trust
Indenture Act. 
 If and to the extent that any provision of this Indenture limits, qualifies or conflicts with another provision
included in this Indenture by operation of Sections 310 to and including 317 of the Trust Indenture Act (an “Incorporated Provision”), such Incorporated Provision shall control. 

SECTION 1.19. Force Majeure  

In no event shall the Trustee or any Agents be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances. 
 SECTION 1.20. Foreign Account Tax
Compliance Act (FATCA) 
 (a) Mutual Undertaking Regarding Information Reporting and Collection Obligations. Each party hereto
shall, within ten Business Days of a written request by another party, supply to that other party such forms, documentation and other information relating to it, its operations, or the Notes as that other party reasonably requests for the purposes
of that other party’s compliance with Applicable Law and shall notify the relevant other party reasonably promptly in the event that it becomes aware that any of the forms, documentation or other information provided by such party is (or
becomes) inaccurate in any material respect; provided, however, that no party shall be required to provide any forms, documentation or other information pursuant to this Section 1.20 to the extent that: (i) any such form, documentation or
other information (or the information required to be provided on such form or documentation) is not reasonably available to such party and cannot be obtained by such party using reasonable efforts; or (ii) doing so would or might in the
reasonable opinion of such party constitute a breach of any: (a) Applicable Law; (b) fiduciary duty; or (c) duty of confidentiality. For purposes of this Section 1.20, “Applicable Law” shall be deemed to include
(i) any rule or practice of any Authority by which any party is bound or with which it is accustomed to comply; (ii) any agreement between any Authorities; and (iii) any agreement between any Authority and any party that is customarily
entered into by institutions of a similar nature. 

  
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 (b) Notice of Possible Withholding Under FATCA. The Company shall notify the
Trustee and each Agent in the event that it determines that any payment to be made by the Trustee or an Agent under the Notes is a payment which could be subject to FATCA Withholding if such payment were made to a recipient that is generally unable
to receive payments free from FATCA Withholding, and the extent to which the relevant payment is so treated, provided, however, that the Company’s obligation under this Section 1.20(b) shall apply only to the extent that such payments are
so treated by virtue of characteristics of the Company, such Notes, or both. 
 (c) Agent Right to Withhold. Notwithstanding any other
provision of this Indenture, each Agent shall be entitled to make a deduction or withholding from any payment which it makes under the Notes for or on account of any Tax, if and only to the extent so required by Applicable Law, in which event the
Agent shall make such payment after such deduction or withholding has been made and shall account to the relevant Authority within the time allowed for the amount so deducted or withheld or, at its option, shall reasonably promptly after making such
payment return to the Company the amount so deducted or withheld, in which case, the Company shall so account to the relevant Authority for such amount. For the avoidance of doubt, FATCA Withholding is a deduction or withholding which is deemed to
be required by Applicable Law for the purposes of this Section 1.20. 
 Definitions: 

“Applicable Law” means any law or regulation. 

“Authority” means any competent regulatory, prosecuting, Tax or governmental authority in any jurisdiction. 

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

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

“Tax” means any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected,
withheld or assessed by or on behalf of any Authority having power to tax. 
 SECTION 1.21. 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. 

  
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 SECTION 1.22. Contractual Recognition of
Bail-In Powers. 
 Notwithstanding and to the exclusion of any other term of this Indenture or
any other agreements, arrangements, or understanding between The Bank of New York Mellon SA/NV, Luxembourg Branch and the Company, the Company acknowledges and accepts that a BRRD Liability arising under this Indenture may be subject to the exercise
of Bail-in Powers by the Relevant Resolution Authority, and acknowledges, accepts, and agrees to be bound by: 

(a) the effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation to
any BRRD Liability of The Bank of New York Mellon SA/NV, Luxembourg Branch to it under this agreement, that (without limitation) may include and result in any of the following, or some combination thereof: 

(i) the reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon; 

(ii) the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of The Bank of New York
Mellon SA/NV, Luxembourg Branch or another person, and the issue to or conferral on it of such shares, securities or obligations; 
 (iii)
the cancellation of the BRRD Liability; 
 (iv) the amendment or alteration of any interest, if applicable, thereon, the maturity or the
dates on which any payments are due, including by suspending payment for a temporary period; 
 (b) the variation of the terms of this
Indenture, as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of Bail-in Powers by the Relevant Resolution Authority. 

Bail-in Definitions 

“Bail-in Legislation” means in relation to a member state of the European Economic Area
which has implemented, or which at any time implements, the BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time 

“Bail-in Powers” means any Write-down and Conversion Powers as defined in the EU Bail-in Legislation Schedule, in relation to the relevant Bail-in Legislation. 

“BRRD” means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment
firms. 
 “BRRD Liability” means a liability in respect of which the relevant Write Down and Conversion Powers in the applicable Bail-in Legislation may be exercised. 

  
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 “EU Bail-in Legislation Schedule” means
the document described as such, then in effect, and published by the Loan Market Association (or any successor person) from time to time at http://www.lma.eu.com/pages.aspx?p=499. 

“Relevant Resolution Authority” means the resolution authority with the ability to exercise any
Bail-in Powers in relation to The Bank of New York Mellon SA/NV, Luxembourg Branch 
 ARTICLE II 

THE SECURITIES 

SECTION 2.1. Forms. 

The Notes of each series shall be substantially in such form (not inconsistent with this Indenture) as shall be established by or pursuant to a
Board Resolution and set forth in an Officer’s Certificate or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this
Indenture and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with any rules or regulations pursuant thereto, or with any
rules of any securities exchange or to conform to general usage, all as may be determined by the officer or officers executing such Notes, as evidenced by his or their execution of the Notes. 

The Notes of any series shall be issuable only in fully registered form as shall be specified as contemplated by Section 2.3 hereof.
Notes shall initially be issued in the form of one or more global notes (the “Global Notes”). Interests in any Global Note will be exchangeable for definitive Notes in registered form only under the circumstances set forth herein.

 The Notes may have such additional provisions, omissions, variations or substitutions as are not inconsistent with the provisions of this
Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with any law or with any rules made pursuant thereto or with the rules of any securities
exchange, any governmental agency or the Depositary or as may, consistently herewith, be determined by the officers of the Company executing such Notes, as evidenced by their execution thereof. All Notes shall be substantially identical except as to
denomination and as provided herein. 
 The Notes shall be executed on behalf of the Company by any Representative Director of the Company.
The signature of any Representative Director of the Company on the Notes may be manual, electronic or facsimile. 
 Notes bearing the
manual, electronic or facsimile signatures of individuals who were at the time of issuance of such Notes the proper Representative Director of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to
hold such offices thereafter. 

  
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 The definitive Notes shall be printed, lithographed or engraved on steel engraved borders or
may be produced in any other manner, all as determined by the Representative Director of the Company executing such Notes, as evidenced by their execution thereof. Until definitive Notes for any series shall have been prepared, the Company may
execute, and upon the written order of the Company, the Trustee shall authenticate and deliver, in accordance with the provisions of this Indenture (in lieu of definitive Notes), temporary Notes for such series which are printed, lithographed,
typewritten, mimeographed or otherwise produced, substantially of the tenor referred to above. Such temporary Notes shall be subject to the same limitations and conditions and entitled to the same rights and benefits as definitive Notes, except as
provided herein or therein. If temporary Notes of any series are issued, the Company shall promptly cause definitive Notes of such series to be prepared. Temporary Notes shall be exchangeable at the applicable Corporate Trust Office of the Trustee
(or at such other office as shall be specified in the text of such temporary Notes) for definitive Notes when the latter shall be ready for delivery; and upon the surrender for exchange at said office of such temporary Notes, the Company, at its own
expense, shall execute, and the Trustee is authorized to authenticate and deliver, in accordance with the provisions of Section 2.2 of this Indenture, in exchange for such temporary Notes a like aggregate principal amount of definitive Notes of
the appropriate form and denomination. Temporary Notes shall be appropriately legended. 
 SECTION 2.2. Certificate of
Authentication. 
 Only such Notes as shall bear thereon a certificate of authentication substantially as set forth below executed
by the Trustee by manual, electronic or facsimile signature of one of its Responsible Officers, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certification by the Trustee upon any Note executed
by or on behalf of the Company shall be conclusive evidence that the Note so authenticated has been duly authenticated and delivered hereunder and that the Holder thereof is entitled to the benefits of this Indenture. 

Certificate of authentication: 
 This is
one of the Notes referred to 
 in the within-mentioned Indenture: 

Dated: ________ ___, 20__ 
  

			
	 THE BANK OF NEW YORK MELLON,

    as Trustee

		
	By	 	                        
	Authorized Signatory

  
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 SECTION 2.3. Amount Unlimited; Issuable in Series. 

The aggregate principal amount of Notes which may be authenticated and delivered under this Indenture is unlimited. 

The Notes may be issued in one or more series, and unless provided for otherwise in the form of Note or in an indenture supplemental hereto,
each such series shall at all times be the Company’s direct, unsecured and unsubordinated general obligation and will have the same rank in liquidation as all of the Company’s other unsecured and unsubordinated debt. There shall be
established in or pursuant to a Board Resolution (which Board Resolution may provide general authorization for such action and may provide that the specific terms of such action may be determined by an officer or officers of the Company authorized
thereby, to the extent permitted under applicable laws and regulations) and set forth in an Officer’s Certificate to the extent applicable and if requested by the Trustee, or established in one or more indentures supplemental hereto, prior to
the issuance of Notes of any series, 
 (a) the issue date of the Notes; 

(b) the title of the Notes of the series (which shall distinguish the Notes of the series from all other Notes); 

(c) the ranking of the Notes; 

(d) the initial aggregate principal amount of the Notes and any limit upon the aggregate principal amount of the Notes of the series that may
be authenticated and delivered under this Indenture (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of the series pursuant to Section 2.1, 2.4, 2.6, 4.6 or 10.7);

 (e) the issue price at which the Notes are to be originally issued, expressed as a percentage of the principal amount; 

(f) if other than U.S. dollars, the coin or currency in which the Notes of that series are denominated; 

(g) the date or dates on which the principal of the Notes of the series is payable; 

(h) the rate or rates at which the Notes of the series shall bear interest, if any, or the method by which such rate or rates shall be
determined, the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable and the record dates (in the case of Registered Securities) for the determination of Holders to whom interest is
payable and/or the method by which such rate or rates or date or dates shall be determined; 
 (i) the place or places where the principal of
and any interest on Notes of the series shall be payable (subject to the provisions of Section 9.2); 

  
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 (j) the price or prices at which, the period or periods within which and the terms and
conditions upon which Notes of the series may be redeemed, in whole or in part, at the option of the Company; 
 (k) the obligation, if any,
of the Company to redeem, purchase or repay Notes of the series at the option of a Holder thereof and the price or prices at which and the period or periods within which and the terms and conditions upon which Notes of the series shall be redeemed,
purchased or repaid, in whole or in part, pursuant to such obligation; 
 (l) if other than as set forth in Section 9.5 hereof, whether
and under what circumstances the Company will pay Additional Amounts on the Notes for any tax, duty, assessment or governmental charge withheld or deducted; 

(m) the denominations in which Notes of the series shall be issuable; 

(n) if other than the principal amount thereof, the portion of the principal amount of Notes of the series which shall be payable upon
declaration of acceleration of the maturity thereof pursuant to Section 4.1 or provable in bankruptcy, civil rehabilitation, reorganization, insolvency or similar proceedings pursuant to Section 4.2; 

(o) if other than the coin or currency in which the Notes of that series are denominated, the coin or currency in which payment of the
principal of or interest on the Notes of such series shall be payable; 
 (p) if the principal of or interest on the Notes of such series are
to be payable, at the election of the Company or a Holder thereof, in a coin or currency other than that in which the Notes are denominated, the period or periods within which, and the terms and conditions upon which, such election may be made; 

(q) if the amount of payments of principal of and interest on the Notes of the series may be determined with reference to an index based on a
coin or currency other than that in which the Notes of the series are denominated, or with reference to any currencies, securities or baskets of securities, commodities or indices, the manner in which such amounts shall be determined; 

(r) any restrictions applicable to the offer, sale, transfer, exchange or delivery of Registered Securities or the payment of interest thereon
not otherwise specified herein or if different from those specified herein; 
 (s) if the Notes of such series are to be issuable in
definitive form (whether upon original issue or upon exchange of a temporary Note of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, the form and terms of such certificates, documents or
conditions; 
 (t) any trustees, authenticating or paying agents, transfer agents or registrars or any other agents with respect to the Notes
of such series; 

  
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 (u) whether certain payments on the Notes will be guaranteed under a financial insurance
guaranty policy and the terms of that guaranty; 
 (v) any applicable selling restrictions; 

(w) any other events of default, modifications or elimination of any acceleration rights, or covenants with respect to the Notes of such series
and any terms required by or advisable under applicable laws or regulations, including laws and regulations relating to attributes required for the Notes to be afforded certain capital treatment for regulatory or other purposes; 

(x) whether the Notes of a series shall be excluded from participation with the Notes of other series or otherwise differentiated from the
Notes of other series in relation to any matter in respect of which the Notes generally or Notes of more than one series are contemplated by this Indenture to act together or otherwise be treated or affected collectively; and 

(y) any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture). 

The Company, pursuant to a Board Resolution or in any such indenture supplemental hereto, may from time to time, without the consent of
Holders of a particular series of Notes, create and issue further Notes having the same terms and conditions as the original Notes of a series in all respects, except for the issue date, issue price and first Interest Payment Date thereon.
Additional Notes issued in this manner may be consolidated with and form a single series with the previously outstanding Notes of the relevant series; provided that if any additional Notes are not fungible with the outstanding Notes of the
relevant series for U.S. federal income tax purposes, such additional Notes will be issued as a separate series under this Indenture and will have a separate “CUSIP” or similar identifying number from the outstanding Notes of the relevant
series. 
 SECTION 2.4. Authentication and Delivery of Securities. 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes of any series executed by
the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with the Company Order shall thereupon authenticate and deliver such Notes. In
authenticating such Notes and accepting the additional responsibilities under this Indenture in relation to such Notes, the Trustee shall receive, and (subject to Section 5.1) shall be fully protected in relying upon: 

(a) a copy of any Board Resolution relating to such series certified by a Responsible Officer of the Company; 

(b) an executed supplemental indenture, if any; 

(c) an Officer’s Certificate setting forth the form and terms of the Notes as required pursuant to Section 2.1 and Section 2.3,
respectively and prepared in accordance with Section 1.2; 

  
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 (d) an Opinion of Counsel, prepared in accordance with Section 1.3, to the effect that

 (i) the form or forms and terms of such Notes have been established by or pursuant to a Board Resolution or by a
supplemental indenture as permitted by Section 2.1 and Section 2.3 in conformity with the provisions of this Indenture; 

(ii) such Notes, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any
conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Company enforceable against the Company in accordance with their respective terms, subject to applicable bankruptcy, insolvency and similar laws
affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability; 

(iii) all laws and requirements in respect of the execution and delivery of the Notes by the Company have been complied with;
and 
 (iv) covers such other matters as the Trustee may reasonably request. 

The Trustee shall have the right to decline to authenticate and deliver any Notes under this Section 2.4 if the Trustee, being advised by
counsel, determines that such action may not lawfully be taken by the Company or if the Trustee in good faith shall determine that such action will materially and adversely affect the Trustee’s own rights, duties or immunities under the Notes
and this Indenture. 
 SECTION 2.5. Registrar, Registration of Transfer and Exchange. 

The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in any
other office or agency of the Company herein sometimes collectively referred to as the “Notes Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes
and of transfers of Notes. The Trustee is hereby appointed “Notes Registrar” for the purpose of registering Notes and transfers of such Notes as herein provided. The Company may at any time designate additional transfer agents or
rescind the designation of any transfer agent or approve a change in the office through which any transfer agent acts; provided, however, that there shall at all times be a transfer agent in the Borough of Manhattan, The City of New York. There
shall be only one Notes Registrar. The Notes Register will show the amount of the Notes, the date of issue, all subsequent transfers and changes of ownership in respect thereof and the names, tax identifying numbers (if relevant to a specific
holder), addresses of the holders of the Notes and any payment instructions with respect thereto (if different from a holder’s registered address). The Trustee will also maintain a record which will include notations as to whether the Notes
have been paid or cancelled, and, in the case of mutilated, destroyed, stolen or lost Notes, whether such Notes have been replaced. In the case of the replacement of any of the Notes, such records will include notations of each Note so replaced, and
the Note issued in replacement thereof. In the case of the cancellation of any of the Notes, such records will include notations of each Note so cancelled and the date on which such Note was cancelled. The Trustee shall upon written request make the
Notes Register and such records available, during normal office hours and on reasonable written notice, to the Company, or any Person authorized by the Company in writing, for inspection and for the taking of copies thereof or extracts therefrom,
and, at the expense of the Company, the Trustee shall deliver to such Persons all lists of Holders of Notes, their addresses and amounts of such holdings as they may request. 

  
 23 

 Except as otherwise specifically provided herein, (i) all references in this Indenture
to the Trustee shall be deemed to refer to the Trustee in its capacity as Trustee and Notes Registrar and (ii) every provision of this Indenture relating to the conduct, rights or privileges of the Trustee or affecting the liability or offering
protection, immunity or indemnity to the Trustee shall be deemed to apply with the same force and effect to the Trustee acting in its capacities as Notes Registrar and Paying Agent and to each agent of the Trustee employed to act hereunder. 

Subject to this Section 2.5 and Section 2.6, at the option of the Holder, Notes may be presented for exchange for other Notes, of
any authorized denominations and of like tenor and aggregate principal amount or for registration of transfer by the Holder thereof or his attorney duly authorized in writing and with the form of transfer thereon duly endorsed or accompanied by a
written instrument of transfer in form satisfactory to the Trustee duly executed, at the office of the Trustee or at the office of any transfer agent designated by the Company for such purpose. Whenever any Notes are so surrendered for exchange, the
Company shall execute and the Trustee shall authenticate and deliver the Notes which the Holder making the exchange is entitled to receive. 

Upon surrender for registration of transfer of any Note at the office or agency of the Company, the Company shall execute and the Trustee
shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes, of any authorized denominations and of like tenor and aggregate principal amount. 

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

Every Note presented or surrendered for registration of transfer or for exchange shall be duly endorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Company duly executed, by the Holder thereof or his attorney duly authorized in writing. 

No service charge shall be made for any registration of transfer or exchange of Notes, but the Company may require payment by the Holder of a
sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes. 

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 Participants or beneficial owners of interests in any Global Note) other than to require delivery of such
certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof. 

  
 24 

 SECTION 2.6. Global Notes. 

Each Global Note authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global Note or a
nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Note shall constitute a single Note for all purposes of this Indenture. 

Ownership of beneficial interests in a Global Note will be limited to persons who have accounts with the Depositary
(“Participants”) or persons who hold interests through such Participants. Upon the issuance of a Global Note, the Depositary or its custodian shall credit, on its internal system, the respective principal amount of the individual
beneficial interests represented by such Global Note to the accounts of its Participants. Ownership of beneficial interests in a Global Note shall be shown only on, and the transfer of such ownership interests shall be effected only through, records
maintained by the Depositary or its nominee (with respect to interests of Participants) or by any such Participant (with respect to interests of persons held by such Participants on their behalf). Payments, transfers, exchanges and other matters
relating to beneficial interests in a Global Note may be subject to various policies and procedures adopted by the Depositary from time to time. None of the Company, the Trustee or any of their respective agents shall have any responsibility or
liability for any aspect of the Depositary’s or any Participant’s records, policies or procedures relating to, or for payments made on account of, beneficial interests in a Global Note or for any other aspect of the relationship between
the Depositary and its Participants, or for maintaining, supervising or reviewing any records relating to such beneficial interests. 

Notwithstanding any provision of this Indenture or any Note to the contrary, no Global Note may be exchanged in whole or in part for Notes
registered, and no transfer of a Global Note in whole or in part may be registered, in the name of any Person other than the Depositary or its nominee unless (i) the Depositary notifies the Company that the Depositary is unwilling or unable to
continue as depositary for a Global Note or has ceased to be qualified to act as such as required by this Indenture and the Company does not appoint a successor Depositary within 90 days after the Company receives such notice or becomes aware of
such non-qualification or (ii) there shall have occurred and be continuing an Event of Default with respect to the Notes. All definitive Notes issued in exchange for a Global Note or any portion thereof
shall be registered in such names as the Depositary shall direct. In the event and for so long as definitive Notes are not issued to any owner of a beneficial interest in a Global Note after the occurrence of one of the events set forth above, the
Company expressly acknowledges, with respect to the right of a Holder to pursue a remedy pursuant to Section 4.7 or Section 4.8, the right of such owner to pursue such remedy with respect to the portion of the Global Note that represents
such owner’s Notes as if such definitive Notes had been issued. 

  
 25 

 Except in the circumstances referred to in the preceding paragraph, as long as the
Depositary, or its nominee, is the registered Holder of a Global Note, the Depositary or such nominee, as the case may be, shall be considered the sole owner and Holder of such Global Note (and of the Notes represented thereby) for all purposes
under this Indenture and the Notes. Except in the circumstances referred to in the preceding paragraph, owners of beneficial interests in a Global Note shall not be entitled to have such Global Note or any Notes represented thereby registered in
their names, shall not receive or be entitled to receive physical delivery of definitive Notes in exchange therefor and shall not be considered the owners or Holders of such Global Note (or any Notes represented thereby) for any purpose under this
Indenture or the Notes. In addition, no beneficial owner of an interest in a Global Note shall be able to transfer that interest except in accordance with the Depositary’s applicable procedures (in addition to those under this Indenture
referred to herein and, if applicable, those of Euroclear and Clearstream). All payments of interest on, principal of, or Additional Amounts on, a Global Note shall be made to or to the order of the Depositary or its nominee, as the case may be, as
the Holder thereof. 
 Every Note authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global
Note or any portion thereof, whether pursuant to this Section Section 2.6, Section 2.8 or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global Note, unless such Note is registered in the name of a Person
other than the Depositary for such Global Note or a nominee thereof. 
 Neither the Trustee nor any Agent shall have any responsibility or
liability for any actions taken or not taken by the Depositary. 
 SECTION 2.7. [Reserved]. 

SECTION 2.8. Mutilated, Destroyed, Lost and Stolen Notes. 

If any mutilated Note is surrendered to the Trustee, the Company shall execute, and the Trustee shall authenticate and deliver in exchange
therefor, a new Note of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 If there shall be
delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Note and (ii) indemnity satisfactory to them to save each of them and any of their agents harmless, from any losses or
claims incurred in connection with the issuance of a new Note, then, in the absence of notice to the Company or the Trustee that such Note has been acquired by a bona fide purchaser, the Company shall execute and the Trustee shall authenticate and
deliver, in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Company in its discretion
may, instead of issuing a new Note, pay such Note. 
 Upon the issuance of any new Note of any series under this Section 2.8, the
Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

  
 26 

 Every new Note of any series issued pursuant to this Section 2.8 in exchange for any
mutilated Note or in lieu of any destroyed, lost or stolen Note shall constitute an original contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes of such series duly issued hereunder. 

The provisions of this Section 2.8 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION 2.9. Persons Deemed Owners. 

Prior to due presentment of a Note of any series for registration of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name such Note is registered as the owner of such Note for the purpose of receiving payment of principal of and any interest on such Note and for all other purposes whatsoever, whether or not such Note be
overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. In considering the interests of the Holders of Notes of any series while title to the Notes of such series is
registered in the name of a nominee of the Depositary, the Trustee may refer to any information made available to it by the Depositary as to the identity (either individually or by category) of its Participants or persons who hold interests through
such Participants with entitlements to such Notes and may consider such interests as if such accountholders were the Holders of such Notes. For the purposes of enforcement of the provisions of this Indenture against the Trustee, the persons named in
a certificate of the Holder of any Global Note in respect of which a global certificate is issued shall be recognized as the beneficiaries of this Indenture, to the extent of the principal amounts of their interests in the Notes set out in the
certificate of the Holder, as if they were themselves the Holders of such Notes in such principal amounts. 
 SECTION 2.10.
Cancellation. 
 All Notes surrendered for payment, redemption, registration of transfer or exchange shall, if surrendered to
any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Company may
have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Notes previously authenticated hereunder which the Company has not issued and sold, and all Notes so
delivered shall be promptly canceled by the Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.10, except as expressly permitted by this Indenture. All canceled Notes (and all
Notes paid in full at final maturity thereof) held by the Trustee shall be disposed of in accordance with the Trustee’s customary practices. 

  
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 SECTION 2.11. Japanese Withholding Taxes. 

(a) In compliance with Japanese tax laws and the practices of tax authorities in Japan, in respect of any interest payment on a series of Notes
issued in global or book-entry form pursuant to this Indenture or any supplemental indenture hereto, any Paying Agent shall act in accordance with the procedures and forms set out in the DTC Procedures if DTC is acting as clearing organization, or
the ICMA Procedures if Euroclear and/or Clearstream is acting as clearing organization, with respect to such series or with respect to depositary interests representing the Notes of such series, or in accordance with such other similar procedures as
may be established by another clearing organization. Except as otherwise provided in this Indenture, any such Paying Agent shall be responsible only for performing such services as are specifically provided for in the DTC Procedures, the ICMA
Procedures or such other procedures actually known by the Paying Agent, as applicable and as may be amended or modified and communicated to the Paying Agent from time to time. Any such Paying Agent and the Company may rely on the information
provided in the claim for exemption from Japanese withholding taxes and other documentation in the absence of actual knowledge to the contrary. If any interest payment on a series of Notes is due to be made hereunder, and if and so long as payments
of interest (if any) by the Company to any Paying Agent may be made without withholding or deduction for or on account of Japanese tax only upon receipt of Tax Documentation, the relevant Paying Agent at the direction of the Company, shall
(i) accept delivery of the required Tax Documentation from the clearing organization (or Holders of the Notes, if definitive Notes representing such series of Notes have been issued); (ii) provide to the Company any required confirmations of
information available to it; and (iii) deliver such Tax Documentation to, or on the written order of, the Company via facsimile or electronic mail no later than two Business Days after the Paying Agent has received such Tax Documentation and,
where originals have been received by the Paying Agent, followed by first class mail or express courier at the address stipulated in Section 1.5, for filing with the relevant Japanese district tax office. Any such Paying Agent may rely on the
information provided in Tax Documentation (including, where relevant, supporting documentation) in the absence of actual knowledge that such information is incorrect. 

(b) If a Holder of the Notes or the holder of a depositary interest representing the Notes satisfies the requirements for claiming an exemption
from Japanese withholding tax after the date on which an amount in respect of such tax is withheld and before the date on which the tax is actually paid to the Japanese tax authorities, then the Company or the Paying Agent acting at the direction of
the Company may, to the extent reasonably practicable, repay the amount withheld (after deduction of reasonable costs, including amounts in respect of changes in foreign exchange rates) to the Holder, 

(c) The Paying Agent shall furnish forms of certifications to Holders upon request, and shall use reasonable endeavours to assist Holders in
claiming available exemptions, but shall not be liable for a Holder’s failure to qualify for such an exemption. Neither the Company nor the Paying Agent shall have any liability for any withholding of tax arising as a result of a late delivery
of the required Tax Documentation or incorrectly completed Tax Documentation. Based on the Tax Documentation received, the Paying Agent will make the appropriate calculations of interest payable after making the relevant deductions in accordance
with this Section 2.11. Any tax to be deducted will be calculated at a rate of 15.315% unless and until the Company informs the Paying Agent otherwise. The Paying Agent will remit all amounts of tax withheld under this Section 2.11 to or
to the order of the Company as soon as reasonably practicable pursuant to written instructions of the Company to remit such amounts, in order to enable the Company to make the necessary payments to the relevant tax office in accordance with the
applicable laws and regulations. The Paying Agent shall retain copies of Tax Documentation for a period of five years from the date of receipt and shall make such documentation available for inspection by the Company and any relevant tax authorities
in Japan upon written request given in reasonable notice from the Company. 

  
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 SECTION 2.12. Japanese Withholding Tax Legend. 

Each Global Note and each definitive Note issued for exchange for a beneficial interest in the Global Note shall bear the following legend
relating to Japanese withholding tax: 
 “INTEREST PAYMENTS ON THIS NOTE GENERALLY WILL BE SUBJECT TO JAPANESE WITHHOLDING TAX UNLESS
IT IS ESTABLISHED THAT THIS NOTE IS HELD BY OR FOR THE ACCOUNT OF A BENEFICIAL OWNER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE CORPORATION, NOR AN INDIVIDUAL
NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A PERSON HAVING A SPECIAL RELATIONSHIP WITH THE COMPANY AS DESCRIBED IN ARTICLE 6, PARAGRAPH
(4) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN (ACT NO. 26 OF 1957, AS AMENDED) (THE “ACT ON SPECIAL TAXATION MEASURES”) (A “SPECIALLY-RELATED PERSON OF THE COMPANY”), (II) A JAPANESE
FINANCIAL INSTITUTION OR A JAPANESE FINANCIAL INSTRUMENTS BUSINESS OPERATOR DESIGNATED IN ARTICLE 3-2-2, PARAGRAPH (29) OF THE CABINET ORDER (CABINET ORDER NO. 43
OF 1957, AS AMENDED) RELATING TO THE ACT ON SPECIAL TAXATION MEASURES WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER ARTICLE 6, PARAGRAPH (9) OF THE ACT ON SPECIAL TAXATION MEASURES OR (III) A PUBLIC CORPORATION,
A FINANCIAL INSTITUTION OR A FINANCIAL INSTRUMENTS BUSINESS OPERATOR, ETC. DESCRIBED IN ARTICLE 3-3, PARAGRAPH (6) OF THE ACT ON SPECIAL TAXATION MEASURES WHICH HAS RECEIVED SUCH PAYMENTS THROUGH A
PAYMENT HANDLING AGENT IN JAPAN AS DESCRIBED IN PARAGRAPH (1) OF SAID ARTICLE AND COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER PARAGRAPH (6) OF SAID ARTICLE. 

INTEREST PAYMENTS ON THIS NOTE TO AN INDIVIDUAL RESIDENT OF JAPAN, TO A JAPANESE CORPORATION NOT DESCRIBED IN THE PRECEDING PARAGRAPH, OR TO
AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A SPECIALLY-RELATED PERSON OF THE COMPANY WILL BE SUBJECT TO DEDUCTION IN
RESPECT OF JAPANESE INCOME TAX AT THE TIME OF SUCH INTEREST PAYMENTS.” 
 SECTION 2.13. CUSIP and ISIN Numbers.

 The Company in issuing the Notes of any series may use CUSIP and ISIN numbers if then generally in use, and, if so, the Trustee shall use
CUSIP and ISIN numbers in notices of redemption of Notes of such series 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 a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will
promptly notify the Trustee in writing of any change in the CUSIP or ISIN numbers. 

  
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 ARTICLE III 

SATISFACTION AND DISCHARGE 

SECTION 3.1. Satisfaction and Discharge of Indenture. 

The Company may terminate all of its obligations under this Indenture (except as to any surviving rights of registration of transfer or
exchange of Notes herein expressly provided for), and the Trustee, at the expense of the Company, shall execute instruments in form and substance satisfactory to the Trustee and the Company acknowledging satisfaction and discharge of this Indenture,
when 
 (1) either 

(A) all Notes theretofore authenticated and delivered (other than Notes which have been mutilated, destroyed, lost or stolen
and which have been replaced or paid as provided in Section 2.8) have been delivered to the Trustee for cancellation; or 

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

(i) have become due and payable, 

(ii) will become due and payable at their maturity date within one year, or 

(iii) are to be called for redemption pursuant to Section 10.2, Section 10.4 or Section 10.5 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 Company, 

and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust
for such purpose money in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Notes which
have become due and payable) or to the Redemption Date, as the case may be; 
 (2) the Company has paid or caused to be paid
or made provision satisfactory to the Trustee for the payment of all other sums payable hereunder by the Company; and 
 (3)
the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 4.6,
Section 5.6 and Section 9.3, any obligations of the Trustee under Section 3.2 and any rights of registration of transfer, exchange or replacement of Notes provided in Section 2.5, Section 2.6, Section 2.8, or
Section 9.2 and any rights to Additional Amounts pursuant to Section 9.5 shall survive such satisfaction and discharge. 

  
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 SECTION 3.2. Application of Trust Money. 

All money deposited with the Trustee pursuant to Section 3.1 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 as the Trustee may determine, to the Persons entitled thereto, of the principal and any interest (or Additional Amounts, if any) for whose payment such
money has been deposited with the Trustee. 
 ARTICLE IV 

REMEDIES OF THE TRUSTEE AND HOLDERS ON EVENT OF DEFAULT 

SECTION 4.1. Event of Default. 

Unless otherwise established hereunder or by any applicable supplemental indenture, an “Event of Default” with respect to the
Notes of any series shall mean any one of the following events which shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
  

	 	1.	 default shall be made for more than seven days in the payment of principal or for more than 30 days in the
payment of interest in respect of any of the Notes of such series; or 

  

	 	2.	 the Company defaults in the performance or observance of any covenant, condition or provision contained in the
Notes of such series or in this Indenture for a period of 90 days after written notification requesting such default to be remedied by the Company shall first have been given to the Company (and to the Trustee in the case of notice by the Holders
referred to below) by the Trustee or Holders of at least 25% in principal amount of the then Outstanding Notes of such series (such notification must specify the Event of Default, demand that it be remedied and state that the notification is a
“Notice of Default” hereunder); or 

  
 31 

	 	3.	 the Company shall have become bound as a consequence of a default by it in its obligations in respect of any
indebtedness for borrowed moneys having a total principal amount then outstanding of at least $200,000,000 (or its equivalent in any other currency or currencies) contracted or incurred by it prematurely to repay the same, or the Company shall have
defaulted in the repayment of any such indebtedness contracted or incurred by it at the later of the maturity thereof or the expiration of any applicable grace period therefor, or the Company shall have failed to pay when properly called upon to do
so, and after the expiration of any applicable grace period, any guarantee contracted or incurred by it of any such indebtedness in accordance with the terms of any such guarantee; provided, however, that, prior to any judgment, if any such default
under such indebtedness shall be cured by the Company, or be waived by the holders of such indebtedness, in each case as may be permitted under the terms of such indebtedness, then the Event of Default hereunder by reason of such default shall be
deemed likewise to have been thereupon cured or waived; or 

  

	 	4.	 a final and non-appealable order of a court of competent jurisdiction
shall be made or an effective resolution of the Company shall be passed for the winding-up or dissolution of the Company except for the purposes of or pursuant to a consolidation, amalgamation, merger or
reconstruction under which the continuing corporation or the corporation formed as a result thereof effectively assumes the entire obligations of the Company under this Indenture in relation to the Notes of such series; or 

 

	 	5.	 an encumbrancer shall have taken possession, or a trustee or receiver shall have been appointed, in bankruptcy,
civil rehabilitation, reorganization or insolvency of the Company, of all or substantially all of its assets and undertakings and such possession or appointment shall have continued undischarged and unstayed for a period of 60 days; or

  

	 	6.	 the Company shall stop payment (within the meaning of the bankruptcy law of Japan) or (otherwise than for the
purposes of such a consolidation, amalgamation, merger or reconstruction as is referred to in paragraph 4 above) shall cease to carry on business or shall be unable to pay its debts generally as and when they fall due; or 

 

	 	7.	 a decree or order by any court having jurisdiction shall have been issued adjudging the Company bankrupt or
insolvent, or approving a petition seeking with respect to the Company reorganization or liquidation under bankruptcy, civil rehabilitation, reorganization or insolvency law of Japan, and such decree or order shall have continued undischarged and
unstayed for a period of 60 days; or 

  

	 	8.	 the Company shall initiate or consent to proceedings relating to itself under bankruptcy, civil rehabilitation,
reorganization or insolvency law of Japan or shall make a conveyance or assignment for the benefit of, or shall enter into any composition with, its creditors generally. 

  
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 SECTION 4.2. Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default with respect to the Notes of any series occurs and is continuing, then in every such case (other than an Event of
Default specified in Section 4.1(7) or Section 4.1(8)) the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes of each affected series may declare the principal amount of all the Notes of such affected
series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount together with all accrued and unpaid interest shall become immediately due
and payable. 
 Notwithstanding the foregoing, in the case of an Event of Default arising under Section 4.1(7) or Section 4.1(8)
with respect to the Company, the principal of and interest on all outstanding notes will become immediately due and payable without further action or notice. At any time after such a declaration of acceleration with respect to the Notes of any
series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Notes of such series, by
written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if 
 (1) the
Company has paid or deposited with the Trustee a sum sufficient to pay 
 (A) all overdue interest on all Notes of such
series, 
 (B) the principal of (and premium, if any, on) any Notes of such series which have become due otherwise than by
such declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such Notes, 
 (C) to
the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Notes, and 

(D) all sums paid or advanced by the Trustee hereunder and the compensation and the reasonable expenses, disbursements and
advances of the Trustee, its agents and counsel; and 
 (2) all Events of Default with respect to Notes of any series, other
than the non-payment of the principal of Notes of such series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 4.13. 

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

SECTION 4.3. Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Company covenants that if 

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

  
 33 

 (2) default is made in the payment of the principal of (or premium, if any,
on) any Note of any series at the maturity thereof and such default continues for a period of seven days, 
 the Company will, upon demand
of the Trustee, pay to it, for the benefit of the Holders of such Notes, the whole amount then due and payable on such Notes for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor in such Notes, if any, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of
collection, including the compensation and the reasonable expenses, disbursements and advances of the Trustee, its agents and counsel. 
 If
an Event of Default with respect to the Notes of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Notes of such series by such appropriate judicial
proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any
other proper remedy. 
 SECTION 4.4. Trustee May File Proofs of Claim. 

In case of any judicial proceeding relative to the Company (or any other obligor upon the Notes of any series), its property or its creditors,
the Trustee shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums due and unpaid, and may prosecute any such action or proceedings to judgment or final decree, and may enforce any
such judgment or final decree against the Company upon the Notes of any series and collect in the manner provided by law out of the property of the Company, wherever situated, the monies adjudged or decreed to be payable. In particular, the Trustee
shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for
the compensation and the reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 5.6. 

No provision of this Indenture 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 of any series or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided,
however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 

  
 34 

 SECTION 4.5. Trustee May Enforce Claims Without Possession of Notes.

 All rights of action and claims under this Indenture or the Notes of any series may be prosecuted and enforced by the Trustee without the
possession of any of such Notes or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall,
after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of such Notes in respect of which such judgment has been
recovered. 
 SECTION 4.6. Application of Money Collected. 

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

 FIRST: To the payment of all amounts due the Trustee and any predecessor Trustee under Section 5.6; and 

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

 SECTION 4.7. Limitation on Suits. 

Other than the right to institute a suit for the enforcement of the payment of principal of, or interest on (including, in each case, any
Additional Amounts, if applicable), any Notes of any series after the applicable due date specified in the Notes of such series, no Holder of any Note of any series shall have any right to institute any proceeding with respect to this Indenture, or
for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (a) such Holder has previously given written notice to the Trustee of a continuing Event of Default; (b) the Holders of not less than 25% in aggregate
principal amount of the Notes of each affected series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee; (c) such Holder or Holders have offered to the Trustee
indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; (d) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to
institute any such proceeding; and (e) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Notes of each affected series.

  
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 No one or more of such Holders shall have any right in any manner whatsoever by virtue of,
or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. 
 SECTION 4.8. Right
of Holders to Receive Principal and Interest. 
 Notwithstanding any other provision of this Indenture and any provision of any
Note of any series, the right of any Holder to receive payment of the principal of, and interest on, such Note on or after the respective due dates expressed in such Note (or, in the case of redemption, on the Redemption Date), or to institute suit
for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
 SECTION 4.9.
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 proceeding, the
Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been
instituted. 
 SECTION 4.10. Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.8 and
as provided in Section 4.7, 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 4.11. Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Notes of any series to exercise any right or remedy accruing upon any Event of
Default or otherwise 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 4.12.
Control by Holders. 
 The Holders of a majority in principal amount of the Outstanding Notes of each series shall have the
right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, provided that 

  
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 (1) such direction shall not be in conflict with any rule of law or with
this Indenture, 
 (2) the action so directed would not be unjustly prejudicial to the Holders not taking part in such
direction or would involve the Trustee in personal liability, 
 (3) the Trustee may take any other action deemed proper by
the Trustee which is not inconsistent with such direction, and 
 (4) the Trustee shall not be advised by counsel that the
action or proceeding so directed may not lawfully be taken, and 
 provided further that the Trustee shall be under no obligation to
determine whether any such direction shall be in such conflict or so unjustly prejudicial to the Holders not taking part in such direction. 

Nothing in this Indenture shall impair the right of the Trustee in its discretion to take any action deemed proper by the Trustee and which is
not inconsistent with such direction by Holders of Notes of any series. 
 SECTION 4.13. Waiver of Past Defaults. 

The Holders of a majority in aggregate principal amount of the Outstanding Notes of all affected series then outstanding under this Indenture
relating to such Notes (voting together as a single class) may, on behalf of the Holders of all the Notes of such series, waive any past default hereunder, except a default 

(1) in the payment of the principal of or interest on any Note or any Additional Amounts payable in respect thereof, or 

(2) in respect of a covenant or provision hereof which under Article VIII cannot be modified or amended without the consent of
the Holder of each Outstanding Note affected thereby. 
 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 under this Indenture, but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

SECTION 4.14. Trustee to Give Notice of Default. 

The Trustee shall give to the Holders of any series, in the case of Notes registered in the Notes Register as the names and addresses of such
Holders appear on the Notes Register, notice by mail or in accordance with the procedures of the relevant clearing system or Depositary (or by other means provided in a supplemental indenture hereto, pursuant to a Board Resolution and set forth in
an Officer’s Certificate under which such series of Notes are issued or in the form of Note for such series) of all defaults known to the Trustee which have occurred with respect to such series, such notice to be transmitted within 90 days
after the occurrence thereof, unless such defaults shall have been cured before the giving of such notice (the term “default” or “defaults” for the purposes of this Section 4.14 being hereby defined to mean any event or
condition which is, or with notice or lapse of time or both would become, an Event of Default). 

  
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 SECTION 4.15. 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, suffered
or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any such party
litigant; provided that no court shall require such an undertaking or to make such an assessment in any suit instituted by the Company, the Trustee or any Holder or group of Holders holding in aggregate more than 10% in aggregate principal
amount of the Outstanding Notes of a series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Outstanding Note on or after the due date expressed in such Note. 

SECTION 4.16. Waiver of Stay or Extension Laws. 

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

THE TRUSTEE 
 SECTION 5.1.
Certain Duties and Responsibilities. 
 (a) Except during the continuance of an Event of Default, 

(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no
implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad
faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to
the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations stated therein). 

  
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 (b) In case an Event of Default has occurred and is continuing with respect to the Notes of
any series, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his
own affairs. 
 (c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action,
its own negligent failure to act, or its own willful misconduct, except that 
 (1) this paragraph (c) shall not
be construed to limit the effect of paragraph (a) of this Section 5.1; 
 (2) the Trustee shall not be liable for
any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(3) the Trustee shall not be liable with respect to any action taken, or omitted to be taken by it, in good faith in accordance
with the direction of the Holders of a majority in principal amount of the Outstanding Notes of any series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power
conferred upon the Trustee under this Indenture with respect to such Notes; 
 (4) no provision of this Indenture shall
require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing
that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it; and 
 (5)
The provisions of this Section 5.1 are in furtherance of and subject to Sections 315 and 316 of the Trust Indenture Act. 

SECTION 5.2. Certain Rights of Trustee. 

In furtherance of and subject to the Trust Indenture Act and subject to Section 5.1: 

(1) the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, including those received by electronic method, believed by it to be genuine and to
have been signed or presented or sent by the proper party or parties; 
 (2) any request or direction of the Company
mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution; 

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

  
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 (4) 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 in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(5) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by
it in compliance with such request or direction; 
 (6) the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Company, personally or by agent or attorney, it being understood that all reasonable expenses incurred in connection with such inquiry or investigation shall be borne by the Company and the Trustee shall incur no liability or
additional liability of any kind by reason of such inquiry or investigation; 
 (7) the Trustee may execute any of the trusts
or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it
hereunder; 
 (8) the Trustee shall not be deemed to have or charged with knowledge of any default or Event of Default unless
(a) a Responsible officer of the Trustee shall have actual knowledge of such default or Event of Default or (b) written notice of such default or Event of Default shall have been given to a Responsible Officer of the Trustee by the Company
or by any Holder of such Notes, and such notice references this Indenture and the Notes; 
 (9) the Trustee shall not be
liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

(10) the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties
hereunder; 
 (11) 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; and 

  
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 (12) the Trustee may request that the Company 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. 

SECTION 5.3. Not Responsible for Recitals or Issuance of Notes. 

The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of
the Company, and the Trustee does not assume any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes. The Trustee shall not be accountable for the use or
application by the Company of the Notes or the proceeds thereof. 
 SECTION 5.4. May Hold Notes. 

The Trustee, any Paying Agent, the Notes Registrar or any other agent of the Trustee or the Company, in its individual or any other capacity,
may become the owner or pledgee of Notes and may otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent, Notes Registrar or such other agent. 

SECTION 5.5. Money Held in Trust. 

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

SECTION 5.6. Compensation and Reimbursement. 

The Company agrees 

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

(2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement
or advance as may be attributable to its negligence or willful misconduct; and 
 (3) to indemnify the Trustee and its
officers, directors, employees and agents for, and to defend and hold it harmless against, any loss, liability or expense arising out of or in connection with the acceptance or administration of this trust or trusts hereunder, including taxes (other
than taxes based upon or determined by the income of the Trustee) and the costs and expenses of defending itself against any claim (whether asserted by the Company, a Holder or any other Person) or liability in connection with the exercise or
performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence or willful misconduct. 

  
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 Notwithstanding anything to the contrary herein, under no circumstances will the Trustee or
any Agent be liable to the Company or any other party to this Indenture for any special, indirect, punitive or consequential loss or damage of any kind whatsoever (inter alia, being loss of business, goodwill, opportunity or profit); in each
case however caused or arising and whether or not foreseeable, even if the Trustee or the Agent has been advised of the possibility of such loss or damage and regardless of whether the claim for loss or damage is made in negligence, for breach of
contract or otherwise. 
 The obligations of the Company to the Trustee under the provisions of this Section 5.6 shall survive the
resignation or removal of the Trustee, the termination of this Indenture and the payment in full of the Notes issued hereunder. 

SECTION 5.7. Corporate Trustee Required; Eligibility. 

There shall at all times be one (and only one) Trustee hereunder. Each Trustee (including any successor Trustee appointed pursuant to
Section 5.8 below) shall be a Person that has a combined capital and surplus of at least $50,000,000 and which is eligible for appointment as trustee in accordance with the provisions of Section 310(a) of the Trust Indenture Act. If any
such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section 5.7, the combined capital and surplus of such Person shall be
deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 5.7, it shall resign
immediately in the manner and with the effect hereinafter specified in this Article. 
 SECTION 5.8. Resignation and Removal;
Appointment of Successor. 
 No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this
Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 5.9. 

The Trustee may resign at any time by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee
required by Section 5.9 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation (or within 30 days of the Trustee receiving a notice of removal pursuant to the provisions below), the resigning
(or removed) Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to one or more or all series of Notes. 

The Trustee may be removed at any time by Act of the Holders of a majority in principal amount of the Outstanding Notes, delivered to the
Trustee and to the Company. 

  
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 If at any time: 

(1) the Trustee shall fail to comply with the provisions Section 310(b) of the Trust Indenture Act and shall fail to
resign after written request therefor by the Company or any Holder, 
 (2) the Trustee shall cease to be eligible in
accordance with the provisions of Section 310(a) of the Trust Indenture Act and shall fail to resign after written request therefor by the Company or by any Holder, or 

(3) the Trustee shall become incapable of acting or shall be adjudged bankrupt or insolvent or a receiver of the Trustee or of
its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

then, in any such case, (A) the Company may remove the Trustee or (B) subject to Section 315(e) of the Trust Indenture Act, any Holder who has
been a bona fide Holder of a Note of a particular series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to a particular
series and the appointment of a successor Trustee. 
 If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy
shall occur in the office of Trustee for any cause, the Company, by a Board Resolution, shall promptly appoint a successor Trustee with respect to the applicable series and shall comply with the applicable requirements of Section 5.7. If a
successor Trustee with respect to the applicable series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Notes delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall,
forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 5.9, become the successor Trustee with respect to the applicable series and supersede the successor Trustee appointed by the Company. If
no successor Trustee with respect to any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 5.9 within one year after such resignation, removal or incapability, or the
occurrence of such vacancy, any Holder who has been a bona fide Holder of a Note of a particular series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Trustee. 
 The Company shall give notice, or shall cause the Notes Registrar to give notice, of each resignation
and each removal of the Trustee and each appointment of a successor Trustee to all Holders of Notes of a particular series in the manner provided in Section 1.6. Each notice shall include the name of the successor Trustee and the address of its
Corporate Trust Office. 
 SECTION 5.9. Acceptance of Appointment by Successor. 

In case of the appointment hereunder of a successor Trustee, every such successor Trustee so appointed shall execute, acknowledge and deliver
to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee with respect to all or any applicable series shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties with respect to such series of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee
shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property
and money held by such retiring Trustee hereunder. 

  
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 Upon request of any such successor Trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. 

No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible
under this Article. 
 SECTION 5.10. Merger, Conversion, Consolidation or Succession to Business. 

Any bank or trust company into which the Trustee may be merged or converted or with which it may be consolidated, or any bank or trust company
resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any bank or trust company succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder, provided such bank or trust company shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Notes of any series
shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion, consolidation or sale to such authenticating Trustee may adopt such authentication and deliver such Notes so authenticated with the
same effect as if such successor Trustee had itself authenticated such Notes. 
 SECTION 5.11. Conflicting Interest. 

The Trustee for the Notes shall be subject to the provisions of Section 310(b) of the Trust Indenture Act during the period of time
required thereby. Nothing herein shall prevent the Trustee from filing with the Commission the application referred to in the penultimate paragraph of Section 310(b) of the Trust Indenture Act. In determining whether the Trustee has a
conflicting interest as defined in Section 310(b) of the Trust Indenture Act with respect to the Notes of any series, there shall be excluded Notes of any particular series of Notes other than that series. 

ARTICLE VI 
 HOLDERS’ LISTS
AND REPORTS BY TRUSTEE AND COMPANY 
 SECTION 6.1. Company to Furnish Trustee Names and Addresses of Holders. 

The Company will furnish or cause the Notes Registrar to furnish to the Trustee 

  
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 (1) not later than 15 days after each Record Date, a list, in such form as
the Trustee may reasonably require, of the names and addresses of the Holders of Outstanding Notes as of such Record Date, and 

(2) at such other times as the Trustee may reasonably request in writing, within 30 days after the receipt by the Company of
any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 
 provided, however,
that if and so long as the Trustee shall be Notes Registrar, no such list need be furnished. 
 SECTION 6.2. Preservation of
Information; Communications to Holders. 
 The Trustee shall preserve, in as current a form as is reasonably practicable, the
names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 6.1 and the names and addresses of Holders received by the Trustee in its capacity as Notes Registrar. The Trustee may destroy any
list furnished to it as provided in Section 6.1 upon receipt of a new list so furnished. 
 Every Holder of Notes, by receiving and
holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made
pursuant to applicable law. 
 ARTICLE VII 

MERGER, CONSOLIDATION, SALE OR DISPOSITION 

SECTION 7.1. Company May Consolidate, Etc., Only on Certain Terms. 

The Company may not merge or consolidate into any other Person (the Company not being the continuing entity) or sell, lease or dispose of its
properties and assets substantially as an entirety (including by way of a corporate split (kaisha bunkatsu)), whether as a single transaction or a number of transactions, related or not, to any Person unless (a) such Person assumes or
succeeds the obligations of the Company under all series of Notes and this Indenture (and, if such Person is organized in a jurisdiction other than Japan, agrees to pay additional amounts in respect of any taxes, duties, assessments or governmental
charges of whatever nature imposed or levied by or on behalf of the jurisdiction of such Person, or any authority therein or thereof having power to tax, corresponding to the obligation to pay Additional Amounts pursuant to Section 9.5,
substituting such jurisdiction for references to “Japan”) and (b) after giving effect thereto, no Event of Default with respect to any series of Notes under this Indenture shall have occurred and be continuing (such permitted
transaction, a “Succession Event”). 

  
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 In connection with any such Succession Event, the Company shall deliver to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that such Succession Event and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with this Section 7.1 and that
all conditions precedent in this Indenture provided for or relating to such transaction have been complied with, and that this Indenture and the Notes are the legal, valid and binding obligation of such succeeding Person, enforceable against such
Person in accordance with their terms (subject to customary exceptions). 
 SECTION 7.2. Successor Substituted. 

Upon any Succession Event in accordance with Section 7.1, such succeeding entity (the “Successor Person”) formed by such
Succession Event shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such Successor Person had been named as the Company herein, and thereafter, except in
the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Notes. 
 ARTICLE
VIII 
 SUPPLEMENTAL INDENTURES 

SECTION 8.1. Supplemental Indentures Without Consent of Holders. 

Without the consent of any affected Holders, the Company and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 
 (1) to evidence
the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company herein and in the Notes of any series; or 

(2) to add to the covenants of the Company or to surrender any right or power herein conferred upon the Company for the benefit
of the Holders of Notes of any series; or 
 (3) to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee; or 
 (4) to cure any ambiguity, to correct or supplement any provision herein which may be defective or
inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant to this Clause (4) shall not adversely affect the
interests of the Holders of Notes of any series in any material respect; 
 (5) to make any other change that does not
adversely affect the interests of the Holders of the Notes of any series in any material respect; or 
 (6) to comply with
requirements of the Commission in order to effect or maintain the qualification hereof under the Trust Indenture Act. 

  
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 SECTION 8.2. Supplemental Indentures With Consent of Holders. 

Modification and amendment of this Indenture and the Notes of any series may be made by the Company and the Trustee with the written consent of
the Holders of not less than a majority of the aggregate principal amount of the Outstanding Notes of each affected series; provided, however, that no such modification or amendment may, without the consent of the Holder of each Outstanding
Note affected thereby: 
 (i) change the maturity date of the principal or payment date of any interest or change any
obligation of the Company to pay any Additional Amounts, 
 (ii) reduce the principal amount of, or rate of interest on, any
Note, 
 (iii) change the redemption date or price at which Notes are redeemed, 

(iv) affect the rights of Holders of less than all the Outstanding Notes, 

(v) change the place of payment where, or the coin or currency in which, any Note or interest thereon is payable, or 

(vi) impair the right of a Holder to institute suit for the enforcement of any payment on or with respect to any Note on or
after the date when due; 
 provided, further, that no such modification may, without the consent of the Holders of all Notes of the affected series
Outstanding at the time, alter the respective percentages of Outstanding Notes necessary, pursuant to this Indenture, to modify the terms of the Notes of such series, waive past defaults or accelerate the payment of the principal amount of the Notes
of such series. 
 It shall not be necessary for any Act of Holders under this Section 8.2 to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 SECTION 8.3.
Execution of Supplemental Indentures. 
 In executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall receive, and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 SECTION 8.4. Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Notes of each series theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

  
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 SECTION 8.5. Reference in Notes to Supplemental Indentures. 

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

SECTION 8.6. Conformity with the Trust Indenture Act. 

Every supplemental indenture executed pursuant to this Article 8 shall conform to the requirements of the Trust Indenture Act as then in
effect. 
 ARTICLE IX 

COVENANTS 
 SECTION 9.1.
Payment of Principal, Interest and Additional Amounts. 
 The Company covenants and agrees that it will
duly and punctually pay the principal of and interest on the Notes of each series (and Additional Amounts, if any) in accordance with the terms of the Notes of such series and this Indenture. 

SECTION 9.2. Maintenance of Office or Agency. 

So long as any of the Notes of any series remain Outstanding, the Company will maintain in The City of New York an office or agency where Notes
of such series may be presented or surrendered for payment, where Notes of such series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Notes of such series and this
Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company 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. The Company hereby initially designates the office of the Paying
Agent as specified in the Reverse of Note as the office or agency for each such purpose. 
 The Company may also from time to time designate
one or more other offices or agencies where the Notes of a series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in The City of New York for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of
any change in the location of any such other office or agency. 

  
 48 

 With respect to any Global Note, and except as otherwise may be specified for such Global
Note as contemplated by Section 2.6, the Corporate Trust Office of the Trustee shall be the place of payment where such Global Note may be presented or surrendered for payment or for registration of transfer or exchange, or where successor
Notes may be delivered in exchange therefor, provided, however, that any such payment, presentation, surrender or delivery effected pursuant to the Applicable Procedures of the Depositary for such Global Note shall be deemed to have been effected at
the place of payment for such Global Note in accordance with the provisions of this Indenture. 
 SECTION 9.3. Money for Notes
Payments to Be Held in Trust. 
 Whenever the Company shall have one or more Paying Agents, it shall deposit or cause to be
deposited with a Paying Agent, a sum for value each due date sufficient to pay the principal of or interest (or Additional Amounts, if any) on the Notes of any series, such sum to be held in trust for the benefit of the Persons entitled to such
principal or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing of its action or failure so to act. The Company shall deposit all such sums to the Paying Agent by 10:00 A.M. New York City
time (or such other time as agreed in writing between the Company and Paying Agent) on the relevant payment date. Promptly following the transfer of amounts for payment of principal, interest or Additional Amounts, the Company shall confirm such
payment, or procure confirmation by authenticated SWIFT message from the bank making such payment, to the Paying Agent. 
 The Company will
cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 9.3, that such Paying Agent will (1) hold
all sums held by it for the payment of the principal of or interest on Notes of such series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided,
(2) give the Trustee prompt written notice of any default by the Company (or any other obligor upon the Notes) in the making of any payment of principal or interest on the Notes and (3) during the continuance of any default by the Company
(or any other obligor upon the Notes) in the making of any payment in respect of the Notes of such series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of
the Notes of such series. 
 The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or
for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Any money deposited with the Trustee or any Paying Agent in trust for the payment of the principal of or interest or Additional Amounts (if
applicable) on any Note of any series and remaining unclaimed for two years after such principal, interest or Additional Amounts have become due and payable and paid to the Trustee shall, upon receipt of a Company Request, be paid by the Trustee or
such Paying Agent to the Company and, to the extent permitted by law, the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent
with respect to such trust money shall thereupon cease. 

  
 49 

 SECTION 9.4. Statement by Officers as to Default. 

The Company shall deliver to the Trustee, reasonably promptly after the Company becomes aware of the occurrence of (i) any Event of
Default or an event which, with notice or the lapse or time or both, would constitute an Event of Default or (ii) any default in the performance by the Company of any obligation under the Notes or this Indenture, an Officer’s Certificate
setting forth the details of such Event of Default or default and the action which the Company proposes to take with respect thereto. 
 The
Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof or within 10 Business Days of any request by the Trustee, an Officer’s Certificate of the Company, in
substantially the form set forth in Exhibit A hereto, stating whether or not to the knowledge of the signer thereof the Company is in default in the performance and observance of any of the terms, provisions and conditions under this Indenture
(without regard to any period of grace or requirement of notice provided hereunder) and if the Company shall be in default specifying all such defaults and the nature and status thereof of which the signer may have knowledge. As of the date hereof,
the fiscal year of the Company ends on March 31 of each calendar year. 
 SECTION 9.5. Additional Amounts. 

Except as otherwise established for a series of Notes in an Officer’s Certificate or supplemental indenture pursuant to Section 2.3
hereof, all payments of principal and interest in respect of the Notes shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied
by or on behalf of Japan, or any authority thereof or therein having power to tax (“Taxes”), unless such withholding or deduction is required by law or by the authority. In such event, the Company shall pay such additional amounts
(“Additional Amounts”) as will result in the receipt by the Holders of such amounts as would have been received by them had no such withholding or deduction been required, except that no such Additional Amounts shall be payable with
respect to any Notes under any of the following circumstances: 
 (i) the Holder or beneficial owner of the Notes is an
individual non-resident of Japan or a non-Japanese corporation and is liable for such Taxes in respect of such Notes by reason of its (A) having some present or former connection with Japan other than the
mere holding of such Notes or (B) being a person having a special relationship with the Company (a “specially-related person of the Company”) as described in Article 6, paragraph (4) of the Act on Special Measures
Concerning Taxation of Japan (Act No. 26 of 1957, as amended) (together with the cabinet order thereunder (Cabinet Order No. 43 of 1957, as amended), the “Act on Special Taxation Measures”); 

  
 50 

 (ii) the Holder or beneficial owner of the Notes would otherwise be exempt
from any such withholding or deduction but fails to comply with any applicable requirement to provide Interest Recipient Information (as defined below) or to submit a Written Application for Tax Exemption (as defined below) to the relevant Paying
Agent to whom the relevant Notes are presented (where presentation is required), or whose Interest Recipient Information is not duly communicated through the relevant Participant (as defined below) and the relevant international clearing
organization to such Paying Agent; 
 (iii) the Holder or beneficial owner of the Notes is for Japanese tax purposes treated
as an individual resident of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as defined below) that complies with the requirement to provide Interest Recipient Information or to submit a Written Application
for Tax Exemption and (B) an individual resident of Japan or a Japanese corporation that duly notifies (directly, through the Participant or otherwise) the relevant Paying Agent of its status as not being subject to Taxes to be withheld or
deducted by the Company by reason of receipt by such individual resident of Japan or Japanese corporation of interest on such Notes through a payment handling agent in Japan appointed by it); 

(iv) the Note is presented for payment (where presentation is required) more than 30 days after the day on which such payment
on the Notes became due or after the full payment was provided for, whichever occurs later, except to the extent the Holder thereof would have been entitled to Additional Amounts on presenting the same for payment on the last day of such period of
30 days; 
 (v) the Holder is a fiduciary or partnership or is not the sole beneficial owner of the payment of the principal
of, or any interest on, any Note, and Japanese law requires the payment to be included for tax purposes in the income of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner, in each case, who
would not have been entitled to such Additional Amounts had it been the Holder of such Note; or 
 (vi) any combination of
(i) through (v) above. 
 For the avoidance of doubt, none of the Company, the Trustee, any Paying Agent or any other person shall be
required to pay any Additional Amounts with respect to any withholding or deduction imposed on or in respect of any Note pursuant to Sections 1471 to 1474 of the Internal Revenue Code of 1986, as amended, commonly referred to as FATCA, any treaty,
law, regulation or other official guidance implementing FATCA, or any agreement between the Company, the Trustee, a Paying Agent or any other Person and the United States, any other jurisdiction, or any authority of any of the foregoing implementing
FATCA. 

  
 51 

 Where the Notes are held through a participant of an international clearing organization or
a financial intermediary (each, within this Section 9.5, referred to as a “Participant”), in order to receive payments free of withholding or deduction by the Company for or on account of Taxes, if the relevant beneficial owner
of the Notes is (a) an individual non-resident of Japan or a non-Japanese corporation (other than a specially-related person of the Company) or (b) a Japanese
financial institution or a Japanese financial instruments business operator (each, a “Designated Financial Institution”) falling under certain categories prescribed by the Act on Special Taxation Measures, all in accordance with the
Act on Special Taxation Measures, such beneficial owner of the Notes must, at the time of entrusting a Participant with the custody of the relevant Notes, provide certain information prescribed by the Act on Special Taxation Measures
(“Interest Recipient Information”) to enable the Participant to establish that such beneficial owner is exempted from the requirement for Taxes to be withheld or deducted, and advise the Participant if the beneficial owner of the
Notes ceases to be so exempted (including the case where a beneficial owner of the Notes that is an individual non-resident of Japan or a non-Japanese corporation
becomes a specially-related person of the Company). 
 Where Notes are not held by a Participant, in order to receive payments free of
withholding or deduction by the Company for or on account of Taxes, if the relevant beneficial owner of the Notes is (a) an individual non-resident of Japan or a
non-Japanese corporation (other than a specially-related person of the Company) or (b) a Designated Financial Institution, all in accordance with the Act on Special Taxation Measures, such beneficial
owner must, prior to each time at which it receives interest, submit to the relevant Paying Agent a written application for tax exemption (hikazei tekiyo shinkokusho) (“Written Application for Tax Exemption”) in a form
obtainable from the Paying Agent stating, inter alia, the name and address of the beneficial owner, the title of the Notes, the relevant Interest Payment Date, the amount of interest and the fact that the beneficial owner is qualified to
submit the Written Application for Tax Exemption, together with documentary evidence regarding its identity and residence. 
 The Company
shall make any required withholding or deduction and remit the full amount withheld or deducted to the Japanese taxing authority in accordance with applicable law. The Company shall use reasonable efforts to obtain certified copies of tax receipts
evidencing the payment of any tax, duty, assessment, fee or other governmental charge so withheld or deducted from the Japanese taxing authority imposing such tax, duty, assessment, fee or other governmental charge, and if certified copies are not
available, the Company shall use reasonable efforts to obtain other evidence satisfactory to the Trustee, and the Trustee shall make such certified copies or other evidence available to the Holders or beneficial owners of the Notes upon reasonable
request to the Trustee. 
 The obligation to pay Additional Amounts with respect to any taxes, duties, assessments and other governmental
charges shall not apply to (A) any estate, inheritance, gift, sales, transfer, personal property or any similar tax, duty, assessment, fee or other governmental charge or (B) any tax, duty, assessment, fee or other governmental charge
which is payable otherwise than by withholding or deduction from payments of principal or interest on the Notes; provided that, except as otherwise set forth in the Notes and in this Indenture, the Company will pay all stamp, court or documentary
taxes or any excise or property taxes, charges or similar levies and other duties, if any, which may be imposed by Japan, the United States or any political subdivision or any taxing authority thereof or therein, with respect to this Indenture or as
a consequence of the initial issuance, execution, delivery, registration or enforcement of the Notes. 
 References to principal or interest
in respect of the Notes shall be deemed to include any Additional Amounts due which may be payable as set forth in the Notes and this Indenture. 

  
 52 

 SECTION 9.6. Appointment to Fill a Vacancy in Office of Trustee. 

The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 5.8,
a Trustee, so that there shall at all times be a Trustee hereunder. 
 SECTION 9.7. Indemnification of Judgment
Currency. 
 The Company agrees to indemnify each Holder to the full extent permitted by applicable law against any loss incurred
by such Holder as a result of any judgment or order being given or made for any amount due under such Note and such judgment or order being expressed and paid in a currency (the “Judgment Currency”) other than U.S. dollars, euros or
such other currency in which the relevant series of Notes is denominated, as the case may be (the “Required Currency”) and as a result of any variation as between (a) the rate of exchange at which the Required Currency is
converted into the Judgment Currency for the purpose of such judgment or order and (b) the spot rate of exchange in The City of New York, in the case of U.S. dollars, London, in the case of euros, or such other city as designated in the form of
Note for such series, in case of any other currency, at which the Holder on the date that payment is made pursuant to such judgment or order is able to purchase the Required Currency with the amount of the Judgment Currency actually received by the
Holder. The Company’s obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment, in any currency other than the Required
Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an
alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and
(iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. 
 SECTION 9.8.
[Reserved]. 
 SECTION 9.9. Reports by the Company. 

For as long as any Notes of any series are Outstanding, the Company will promptly furnish to the Trustee (A) such other documents, reports
and information as shall be furnished by the Company to its security holders generally; (B) within six months after the end of each fiscal year, an annual report in English including a consolidated balance sheet and consolidated statements of
operations, surplus and cash flows of the Company audited by independent public accountants and prepared in conformity with International Financial Reporting Standards; and (C) as soon as practicable after the end of each interim period (other
than the last interim period of a fiscal year) an interim report in English including financial statements of the Company (or, if consolidated financial statements are prepared, its consolidated financial statements). 

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 actual or constructive notice or knowledge of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers’ Certificates). 

  
 53 

 SECTION 9.10. Reports by the Trustee. 

Any Trustee’s report required under Section 313(a) of the Trust Indenture Act shall be transmitted on or before April 1 in each
year following the date hereof, so long as any Notes of any series are Outstanding, and shall be dated as of a date convenient to the Trustee no more than 60 nor less than 45 days prior thereto. 

SECTION 9.11. Annual Compliance Certificate. 

So long as any Notes of any series are Outstanding under this Indenture, the Company will furnish to the Trustee within 180 days of the end of
the Company’s fiscal year each year (beginning with the year following the first issuance of the Notes pursuant to this Indenture) a brief certificate (which need not comply with Section 1.2) from the principal executive, financial or
accounting officer of the Company as to his or her knowledge of the Company’s compliance with all conditions and covenants under this Indenture (such compliance to be determined without regard to any period of grace or requirement of notice
provided under the Indenture), which certificate shall comply with the requirements of the Trust Indenture Act 
 SECTION 9.12.
Negative Pledge. 
 So long as any Notes remain outstanding under this Indenture, the Company shall not, and shall procure that
none of its Principal Subsidiaries shall, create or permit to subsist any Lien on any of its, or, as the case may be, such Principal Subsidiary’s, property, assets or revenues, present or future, to secure for the benefit of the holders of
Public External Indebtedness payment of any sum owing in respect of any such Public External Indebtedness, any payment under any guarantee of any such Public External Indebtedness or any payment under any indemnity or other like obligation relating
to any such Public External Indebtedness, unless contemporaneously therewith effective provision is made to secure all Notes under this Indenture equally and ratably with such Public External Indebtedness with a similar Lien on the same property,
assets or revenues securing such Public External Indebtedness for so long as such Public External Indebtedness are secured by such Lien. 

ARTICLE X. 
 REDEMPTION AND
PURCHASE OF SECURITIES 
 SECTION 10.1. Applicability of Article. 

The provisions of this Article shall be applicable to the Notes of any series which are redeemable before their maturity except as otherwise
specified as contemplated by Section 2.3 for Notes of such series. 

  
 54 

 SECTION 10.2. Optional Redemption due to an Additional Amounts Event.

 Any series of the Notes may be redeemed at any time at the option and sole discretion of the Company in whole, but not in part, subject to
compliance with applicable regulatory requirements, upon giving not less than 30 nor more than 60 days’ notice of redemption to the Trustee and the Holders (which notice shall be irrevocable and shall conform, as applicable, to the additional
notice requirements set forth in Section 10.5) at the principal amount of such series of Notes together with interest accrued to the date fixed for redemption and any Additional Amounts thereon, if the Company has been or will be obliged to pay
any Additional Amounts with respect to such series as a result of (a) any change in, or amendment to, the laws or regulations of Japan or any political subdivision or any authority thereof or therein having power to tax, or any change in
application or official interpretation of such laws or regulations, which change or amendment becomes effective on or after the date of the issuance of such Notes or (b) after the completion of any Succession Event, any change in, or amendment
to, the laws or regulations of the jurisdiction of the Successor Person or any political subdivision or any authority thereof or therein having power to tax, or any change in application or official interpretation of such laws or regulations, which
change or amendment becomes effective on or after the date of such Succession Event, and in either case such obligation cannot be avoided by the Company or the Successor Person through the taking of reasonable measures available to the Company or
the Successor Person, as the case may be (an “Additional Amounts Event”). No notice of redemption for an Additional Amounts Event pursuant to this Section 10.2 shall be given sooner than 90 days prior to the earliest date on
which the Company would actually be obliged to pay such Additional Amounts on payments with respect to the Notes. 
 Prior to the
publication of any notice of redemption pursuant to this Section 10.2, the Company shall deliver to the Trustee (i) a certificate signed by an Authorized Officer stating that the conditions precedent to its right to so redeem have been
fulfilled and (ii) an opinion of independent legal advisors of recognized standing confirming that an Additional Amounts Event has occurred. The Trustee shall accept such opinion as sufficient evidence of the satisfaction of the conditions
precedent described above, in which event it shall be conclusive and binding on the Holders. 
 SECTION 10.3. [Reserved]. 

SECTION 10.4. Election to Redeem; Notice to Trustee. 

The election of the Company to redeem any Notes of any series shall be evidenced by a Company Order and an Officer’s Certificate, both
given to the Trustee. 
 SECTION 10.5. Notice of Redemption. 

Notice of redemption shall be transmitted not less than 30 nor more than 60 days prior to the date for redemption (“Redemption
Date”), to the Trustee and to each Holder of Notes of any series to be redeemed at his address appearing in the Notes Register. If by reason of any cause, it shall be impracticable to give notice to the Holder in the manner prescribed
herein, then such notification in lieu thereof as shall be made by the Company or by the Trustee on behalf of and at the instruction of the Company (as set forth below) shall constitute sufficient provision of such notice, if such notification
shall, so far as may be practicable, approximate the terms and conditions of the notice in lieu of which it is given. Neither the failure to give notice nor any defect in any notice of redemption given to the Holder of any other Note of any series
shall affect the sufficiency of any notice with respect to such Note. 

  
 55 

 All notices of redemption shall state: 

(1) the Redemption Date, 

(2) the redemption price and the amount of any accrued and unpaid interest payable on the Redemption Date, 

(3) the CUSIP, ISIN and Common Code or other identifying number of the Notes, 

(4) that on the Redemption Date, the redemption price (together with any accrued and unpaid interest payable on the Redemption
Date) will become due and payable upon each such Notes to be redeemed and that interest thereon will cease to accrue on and after said date, and 

(5) the place or places where such Notes are to be surrendered for payment of the redemption price, and accrued interest, if
any. 
 Notice of redemption of Notes of any series to be redeemed at the election of the Company shall be given by the Company or, at the
Company’s request by the Trustee in the name and at the expense of the Company (provided that the Company shall have delivered to the Trustee, at least five Business Days before notice of redemption is required to be given to Holders (unless a
shorter notice shall be agreed to by the Trustee), a Company Request requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph) and shall be irrevocable. 

SECTION 10.6. Deposit of Redemption Price. 

Prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent an amount of money sufficient to pay the
redemption price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Notes which are to be redeemed on that date. 

SECTION 10.7. Notes Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, the Notes of any series so to be redeemed shall, on the Redemption Date, become due and
payable at the redemption price applicable thereto, and from and after such date (unless the Company shall default in the payment of the redemption price and accrued interest) such Notes shall cease to bear interest. Upon surrender of any such Note
for redemption in accordance with said notice, such Note shall be paid by the Company at the redemption price, together with accrued interest to the Redemption Date; provided, however, that installments of interest whose payment date is on or
prior to the Redemption Date will be payable to the Holders of such Notes, registered as such at the close of business on the relevant Record Date according to their terms. 

  
 56 

 If any Note called for redemption shall not be so paid upon surrender thereof for
redemption, the principal shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the terms of the Note. 

SECTION 10.8. Repurchase of Notes. 

The Company or any subsidiary thereof may, at any time, purchase the Notes of any series for cancellation in the open market or otherwise at
any price. 

  
 57 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
the day and year first above written. 
  

			
	TAKEDA PHARMACEUTICAL COMPANY LIMITED
		
	By:	 	 /s/ Constantine Saroukos

		 	Name: Constantine Saroukos
		 	Title:   Director and Chief Financial Officer

  
 58 

 
			
	THE BANK OF NEW YORK MELLON,
	    as Trustee
		
	By:	 	 /s/ Larissa G. Lambino

		 	Name: Larissa G. Lambino
		 	Title:   Vice President
	
	 THE BANK OF NEW YORK MELLON, LONDON BRANCH,

    as London Paying Agent

		
	By:	 	 /s/ Larissa G. Lambino

		 	Name: Larissa G. Lambino
		 	Title:   Vice President
	
	 THE BANK OF NEW YORK MELLON SA/NV, LUXEMBOURG BRANCH,

    as Luxembourg Registrar

		
	By:	 	 /s/ Larissa G. Lambino

		 	Name: Larissa G. Lambino
		 	Title:   Vice President

  
 59 

 EXHIBIT A 

FORM OF OFFICER’S CERTIFICATE AS TO DEFAULT 

(Pursuant to Section 9.4 of the Indenture) 

[Date] 
 THE BANK OF NEW YORK MELLON 

    as Trustee 
 The Bank of New York Mellon

 240 Greenwich Street 
 New York, NY 10286 

USA 
 Attention: Corporate Trust Administration [INSERT ISSUER /
TRANSACTION NAME] 
 Facsimile No.: (+1) 212 815 5915 
 with a
mandatory copy to 
 The Bank of New York Mellon, Singapore Branch 

One Temasek Avenue 

#02-01 Millenia Tower 

Singapore 039192 

			
	Attention:	  	Global Corporate Trust
	E-mail:	  	 Ctsingaporegcs@bnymellon.com

	Fax:	  	+65 68830338

  

	 	Re:	 Takeda Pharmaceutical Company Limited 

[             ] % Senior Notes due
[             ] 

[             ] % Senior Notes due
[             ] 
 (collectively, the “Notes”) 

Reference is hereby made to the Indenture dated as of July 9, 2020 (the “Indenture”) between Takeda Pharmaceutical
Company Limited (the “Company”) and The Bank of New York Mellon, as Trustee relating to the issuance of the Notes. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

I, [name], [title] of the Company, in such capacity, do hereby certify, pursuant to Section 9.4 of the Indenture, that to
my knowledge as at [ ], [the Company is in compliance with all conditions and covenants under the Indenture / the Company has not complied with its following obligation[s] under the Indenture]: 

[insert details] 
 IN
WITNESS WHEREOF, I have hereunto signed my name as of [                ]. 

  
 A-1 

 
			
	Takeda Pharmaceutical Company Limited
		
	By:	 	                                

	Name:
	Title:

  
 A-2

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