Document:

Exhibit 10.1

      

    LOAN AND SECURITY AGREEMENT

    THIS LOAN AND SECURITY AGREEMENT (this “Agreement”) is dated and entered into as of June 19, 2020, by and among, (i) as co-Borrowers,
      WB PROPCO, LLC (“WB Propco”), and WB 141 S. CAROLWOOD, LLC (“WB Carolwood”), each a Delaware limited liability company (each a “Borrower” and collectively the “Borrowers”), jointly and severally, whose mailing address is at 14140
      Ventura Boulevard, Suite 302, Sherman Oaks, California 91423, and (ii) as Guarantor, WOODBRIDGE WIND-DOWN ENTITY LLC, a Delaware limited liability company (“WWDE” or “Guarantor”), whose mailing address is as set forth in the Guaranty, and (iii) as
      Lender, CITY NATIONAL BANK OF FLORIDA, a national banking association (the “Lender”), whose address is 100 S.E. 2nd Avenue, 13th Floor, Miami, Florida 33131.

    Recitals

    The following provisions form the basis for, and are incorporated as a part of, this Agreement:

    
      A.          WWDE is a wholly-owned subsidiary of Woodbridge Liquidation
          Trust (the “Liquidation Trust”). The Liquidation Trust is a Delaware statutory trust, formed on February 15, 2019, the effective date of the First Amended Joint Chapter 11 Plan of Liquidation dated August 22, 2018 of Woodbridge Group of
          Companies, LLC (“Woodbridge Group”) and its affiliated chapter 11 debtors (the “Plan”).  The Liquidation Trust was formed to implement the terms of the Plan.  The Plan was confirmed by the United States Bankruptcy Court for the
          District of Delaware on October 26, 2018 in the jointly administered chapter 11 bankruptcy cases of Woodbridge Group and its affiliated chapter 11 debtors, Case No. 17-12560 (BLS).

      B.          WB Propco is a wholly-owned special purpose subsidiary of
          WWDE, established and operating as a holding company for certain indirect subsidiaries of WWDE, which holds, for liquidation purposes, real estate interests formerly owned by Woodbridge Group entities. WB Carolwood is one such subsidiary, which
          is 100% owned and managed by WB Propco.

      C.          WB Carolwood holds fee simple title to the real property and
          improvements located at 141 S. Carolwood Drive, Los Angeles, California 90024 (as more fully described in the Deed of Trust, the “Carolwood Property”).

      D.          In addition to owning and managing, directly and indirectly,
          the Borrowers, WWDE also owns and manages approximately twenty other single purpose limited liability company subsidiaries, each of which holds title to separate real property interests formerly owned by Woodbridge Group entities. One or more of
          such WWDE subsidiaries may become, pursuant to the terms and conditions set forth herein, Additional Borrowers (as defined herein).

      E.          At the Borrowers’ and the Guarantor’s request, Lender has
          agreed to extend to the Borrowers, jointly and severally, a revolving line of credit in an aggregate principal amount of up to Twenty-Five Million Dollars ($25,000,000) (as more fully described below, the “Loan”); subject to the Loan
          Availability Amount, as defined below, which is at Closing $25,000,000.

      F.          Payment and performance of the Loan are guaranteed by WWDE as
          Guarantor. Guarantor is directly and actively engaged in the liquidation process and administration of its operations in accordance with the Plan, and Guarantor derives material benefit and valuable consideration as a result of the Loan.

      
        

        
          

      

      
      G.          Lender and Borrowers are entering into this Agreement and
          other Loan Documents to evidence and set forth the terms and conditions of the Loan, and the Guarantor has joined in this Agreement for the purposes specified below.

      

      

    

    NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, and for other
      good and valuable consideration, the receipt and adequacy of which are hereby conclusively acknowledged, Borrowers and the Guarantor (as applicable to it), and Lender, each intending legally to be bound, agree as follows:

    ARTICLE I

    INTRODUCTION; DEFINED TERMS

    1.1          Introductory Recitals. The recitals set forth above are
        all true and correct in all material respects and are incorporated within and made a part of this Agreement.

    1.2          Defined Terms. Capitalized terms used in this
        Agreement or in any Loan Document and that are defined in Exhibit “A” attached hereto shall have the meanings set forth therein. Capitalized terms used in this Agreement or other Loan Documents that are defined in the introductory paragraph or the
        introductory recitals, or elsewhere in this Agreement, shall have the meanings assigned to them at the place first defined. As used herein, the term this “Agreement” shall include all exhibits and schedules attached hereto, all of which are deemed
        incorporated herein and made a part hereof. As used herein, the term “Party” or “Parties” shall mean Borrower, the Guarantor and Lender. The definitions include the singular and plural forms of the terms defined. Unless inapplicable in the context,
        any defined term which relates to a document, instrument or agreement shall include within its definition any amendments, modifications, supplements, renewals, restatements, extensions, or substitutions which may have been heretofore or may be
        hereafter executed in accordance with the terms hereof and thereof. Unless otherwise specified, references to particular section numbers shall mean the respective sections of this Agreement.

    ARTICLE II

    SECURED LOAN FACILITY

    

    

    2.1          The Loan. Upon the terms and subject
        to the conditions set forth in this Agreement and the other Loan Documents, Lender shall advance to the Borrowers, on a joint and several basis, and the Borrowers may borrow, repay and reborrow Advances during the Advance Period; provided that each
        Advance and the aggregate of all Advances outstanding shall not exceed the Loan Availability Amount at the time of each Advance or at any time. Notwithstanding the Loan Availability Amount, Lender retains the right, in its discretion, to make
        additional or protective advances as provided in the Loan Documents.

              (a)          Any Advance requested to be funded at Closing shall be funded and disbursed as provided in a closing statement approved by the
      Parties in connection with the Closing (“Closing Statement”).

    (b)          After Closing, if, as and when the Carolwood Property or any
        Additional Property is sold the Mandatory Repayment Amount (defined below) arising in connection with the sale will be due and payable to Lender as provided in Section 2.6(c), and the Loan Availability Amount will be adjusted as provided below,
        taking into account the Mandatory Repayment Amount credited to the Loan balance and the Allocated Par Loan Value of the remaining Trust Property (including any Additional Property, if applicable).

    

    

    
      

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    (c)          Also, from time to time during the Advance Period, WP Propco
        may elect to cause an Additional Borrower (or more than one) to join in and assume the Loan as a new co-Borrower(s), in which case the Additional Property owned by the Additional Borrower will be deemed to be Trust Property upon execution of such
        joinder and a Deed of Trust, and the Loan Availability Amount will be adjusted based on the Allocated Par Loan Value of the Additional Property then constituting a Trust Property. Based on the then-adjusted Loan Availability Amount, Borrowers may
        request and Lender will make subsequent Advances, as requested from time to time, in accordance with the terms and conditions set forth in Section 2.9.  If an Additional Property or more than one Additional Properties become Trust Properties during
        the Advance Period in accordance with the provisions set forth herein, and upon the execution and delivery of such amendment documentation as Lender may reasonably require (which may be substantially similar to the Additional Borrower Joinder form
        attached as Exhibit B and a restated Note as provided therein), the Loan Availability Amount may be increased (if an increase is approved by Lender in its sole and absolute discretion) based on the Allocated Par Loan Values of such
        Additional Properties that become Trust Properties so as to provide for Advances not to exceed $30,000,000 in the aggregate.  Borrowers acknowledge and agree that Lender has not made and is not making any commitment to increase the Loan over
        $25,000,000 and that Lender is under no obligation, contractual or otherwise, to approve such an increase. Accordingly, the Loan Availability Amount will never exceed $25,000,000 unless and until Lender approves a Borrower request for an increase
        of the Loan, which determination can be approved or declined in Lender’s sole and absolute discretion. Lender may decline such a request for an increase for any reason and such denial shall not impact or affect the validity or enforceability of the
        Loan.

    

    

    (d)          All Advances constitute a single indebtedness for which all
        Borrowers are liable, jointly and severally, and all Advances are and will be secured and cross-collateralized by all the Collateral.

    

    

    2.2.          Interest Reserve. At Closing,
        Borrowers will establish with Lender a $1,750,000 reserve fund as a source of available funds to pay Monthly Interest projected to accrue on the Loan for twenty-four months following the Closing (as may be replenished, the “Interest Reserve Fund”);
        provided that if the Loan Availability Amount is increased to $30,000,000 in Lender’s sole and absolute discretion, the Borrowers will be required to supplement the Interest Reserve Fund for the difference between the Interest Reserve Fund then
        held on account and the projected amount to accrue on such increased Loan Availability Amount for the remaining months in such twenty-four month period from and after Closing.  Borrowers will establish the Interest Reserve Fund at Closing by
        depositing such amount in a control account established with Lender (“Interest Reserve Account”). Except for any supplemental funding to the Interest Reserve Account in connection with the increase of the Loan Availability Amount to $30,000,000,
        the Interest Reserve Fund will be reviewed and adjusted semi-annually, taking into account the then-current principal balance of the Loan, the then-adjusted Loan Availability Amount, and the remaining number of months until the Maturity Date
        (including as may be extended); provided that at no time will the Interest Reserve Fund hold more than the lesser of the projected Monthly Interest for (a) 24 months and (b) the remaining number of months until the Maturity Date. Lender is
        irrevocably authorized to offset funds each month from the Interest Reserve Account to pay the Monthly Payment of interest only then becoming due. If an Event of Default occurs and is continuing, Lender may in its discretion, offset and retain any
        or all of the Interest Reserve Fund from the Interest Reserve Account, and apply such amount against principal, interest or costs relating to the Loan as Lender may determine. Lender will provide notice to Borrowers’ Representative of such offset
        (or draw) and application within two Business Days thereof.

    
      

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    2.3          Use of Proceeds. The proceeds of
        the Loan may be used to fund all or any portion of the Interest Reserve Fund, to pay Loan Costs and other transaction expenses in connection with the Loan, to make periodic Distributions as permitted and in accordance with this Agreement, and
        otherwise for working capital support and other general corporate purposes for the Borrowers, as certified by Borrowers’ Representative in connection with Advance Requests.

    2.4          Note; Interest Rate. The Loan shall
        be evidenced by a Secured Promissory Note of even date herewith made by Borrowers, jointly and severally, to the order of Lender in the face principal amount of $25,000,000.00 (the “Note”). The Loan shall accrue interest at a fixed rate equal to
        3.50% per annum. Interest shall be calculated as provided in the Note.

    2.5          Advance Period; Maturity Date.
        Subject to the Loan Availability Amount borrowing limits, and the terms and conditions hereof governing Advances, Borrowers may request Advances from time to time after Closing until the date which is three Business Days prior to the Maturity Date,
        as may be extended, or until the occurrence and continuance of an Event of Default (such period, the “Advance Period”). The full outstanding principal balance of the Loan plus all accrued interest and other monetary Obligations are due and
        payable in full (other than unasserted contingent indemnity obligations) on the Maturity Date, which is June 19, 2022 (as may be extended as provided in the following sentence. Notwithstanding the stated Maturity Date of June 19, 2022, if Borrowers
        elect and inform Lender no later than three months before such scheduled date, so long as (a) no Event of Default has occurred and is continuing hereunder, and (b) the Borrowers are then in compliance with the covenants specified herein in all
        material respects, then Borrowers may extend the Maturity Date for one year until June 19, 2023.  In addition, in connection with such extension, the Lender, at its election, may obtain (or request the Borrowers obtain) Appraisals (to the extent
        that the most recent Appraisal on such Trust Property was completed on date more than 12 months prior to June 19, 2022) on each Trust Property and pursuant to the results of such Appraisals, if any, the Lender and the Borrowers will work together
        in good faith to amend and restate the Allocated Par Loan Value and Release Price on Schedule 2.6, if necessary, and adjust the Available Loan Amount, if necessary, as a result.

    2.6          Payments. Borrowers jointly and
        severally agree punctually to pay or cause to be paid to Lender all principal and interest due in connection with the Loan, and all monetary Obligations when due. Borrowers shall take the following actions and make or cause to be made the following
        payments on the Loan:

    (a)          Monthly Interest. Interest on the
        Loan shall be due and payable monthly in arrears on the first Business Day of each month (each, a “Monthly Payment” or “Monthly Interest”).

    
      

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    (b)          Set-off; Auto-Debit. Borrowers irrevocably
        authorize Lender to, and Lender may in its discretion, offset from and charge the Interest Reserve Account for each Monthly Payment as and when due. Borrowers acknowledge that failure to maintain sufficient funds in the Interest Reserve Account for
        any and all Monthly Payments shall not relieve Borrowers of their joint and several payment obligations under this Agreement or the Note. Therefore, notwithstanding Borrowers’ covenant and agreement to replenish the Interest Reserve Fund as
        provided in Section 2.2, if the Interest Reserve Fund is insufficient to pay in full the Monthly Payment due in a given month, Borrowers will nevertheless be obligated to pay and satisfy the Monthly Payment requirement on a timely basis using
        Borrowers’ own funds.

    (c)          Sale of Trust Properties; Mandatory Repayment Amount. 
        If, as and when any Trust Property is sold, Borrower shall make a mandatory payment in respect of the Loan in an amount equal to the lesser of (the “Mandatory Repayment Amount”): (i) the Release Price attributable to such Trust Property and
        (ii) the then outstanding principal balance of the Loan.  The Allocated Par Loan Value for any Additional Property becoming a Trust Property in connection with an Additional Borrower’s execution and delivery of an Additional Borrower Joinder, will
        be determined by Borrowers and Lender working together in good faith, and will be specified in an amended and restated Schedule 2.6 attached to the Additional Borrower Joinder. Sales proceeds deriving from the closing of a Trust Property
        sale(s) shall be received by the selling Borrower, WB Propco, Guarantor or a closing escrow agent serving Lender in such capacity, in trust, and the Mandatory Repayment Amount will be remitted to Lender as and when received for application against
        the Loan. Borrower will provide reasonable notice of intended sales to Lender and effectuate escrow closing arrangements as may reasonably be required by Lender.

    

    

    (d)          Balance Excess Cure. If the outstanding principal
        balance of the Loan exceeds the Loan Availability Amount borrowing limit at any time, the excess will be deemed a “Balance Excess”. If at any time a Balance Excess occurs, Borrowers shall, within ten (10) Business Days after notice, at the
        election of the Borrowers, either (i) prepay the Loan in an amount necessary to reduce the Balance Excess to $0; or (ii) cause an Additional Borrower to join in and assume the Loan and submit an Additional Property to a Trust Deed in favor of
        Lender, so as to rectify the Balance Excess.

    

    

    (e)          Final Payment at Maturity. The entire outstanding
        principal amount of the Loan together with all accrued and unpaid interest thereon and other monetary Obligations shall be paid in full (other than unasserted contingent indemnity obligations) by not later than the earlier of: (i) the Maturity Date
        (as may be extended pursuant to Section 2.5); or (ii) Lender’s declaration that the Obligations are due and payable after the occurrence and continuance of an Event of Default.

    

    

    (f)          Place and Time of Payments. To the
        extent payments are not made by auto-debit from the Interest Reserve Account as provided above, Borrowers shall make each payment of interest and principal due and payable hereunder and under the Note not later than 4:00 p.m. (Eastern Time) on the
        date when due, without set off, counterclaim or other deduction, in immediately available funds to Lender at 100 S.E. 2nd Street, 13th Floor, Miami, Florida 33131. Whenever any payment of principal of or interest on the Loan or of fees shall be due on a day which is not a Business Day, the date for payment thereof shall be
        extended to the next succeeding Business Day. If the date for any payment of principal is extended by operation of law or otherwise, interest thereon shall be payable for such extended time.

    
      

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    (g)          Overdue Amounts. Any payments not
        paid as and when due shall, at the election of Lender in its discretion, and upon written notice to the Borrowers’ Representative, bear interest from the date due until paid at the Default Rate.

    (h)          Prepayments.  Borrowers may prepay
        all or any portion of the Loan at any time, without premium or penalty.  A prepayment of the entire Loan must include all unpaid interest, Loan Costs and other monetary Obligations then due.

    2.7          Application of Payments. Absent an
        Event of Default, all payments made in respect of the Loan will be applied by Lender in the following order: (a) to the payment of Loan Costs or reasonable and documented out-of-pocket costs and expenses incurred by Lender, as quantified by Lender,
        including costs and expenses incurred in creating, maintaining, perfecting, protecting or enforcing Liens in and to the Collateral and in collecting any amounts due in connection with the Loan; (b) to the payment of interest then due and payable;
        (c) to the reduction of any outstanding principal; and (d) then to any other monetary Obligations remaining due and unpaid. Any surplus payments remaining in Lender’s possession or custody after full and final (other than unasserted contingent
        indemnity obligations) payment of the Loan (including remaining Interest Reserve Funds if any) shall be promptly and in any event with 5 Business Days thereof returned to Borrowers’ Representative. If an Event of Default has occurred and is
        continuing, Lender may apply payments as it determines in its sole discretion.

    2.8          Property Sales; Additional Properties;
          Carolwood Property Partition. Lender acknowledges that the Borrowers (and Additional Borrowers) are actively marketing the Trust Properties (and Additional Properties, as applicable) for sale.

    (a)          Borrowers will provide reasonable advance notice of the
        scheduled closing date of sale of a Trust Property and Borrowers will provide Lender with a copy of the settlement statement between the seller and buyer. Borrowers will ensure that each settlement statement properly sets forth the Mandatory
        Repayment Amount payable to Lender.

    

    

    (b)          In connection with each Trust Property sale, Lender will
        provide the selling Borrower or WB Propco with (i) a release and satisfaction of the Trust Deed encumbering the Trust Property being sold, in escrow, subject to escrow terms reasonably acceptable to Lender and (ii) all other lien releases and
        documents effectuating and evidencing the release of such Borrower from this Agreement, the other Loan Documents and the Obligations. Lender will authorize release of escrow to facilitate closing subject to reasonably acceptable arrangements for
        the prompt remittance of the Mandatory Repayment Amount attributable to the Trust Property being sold, to Lender.  Provided that the net contractual sale price payable to the selling Borrower (net of all closing costs) is at least equal to the
        Release Price, then, the selling Borrower may consummate the closing without Lender’s consent. Lender’s consent to a closing will be required if the net contractual sale price payable to the selling Borrower (net of all closing costs) is less than
        the Release Price, and Lender’s consent may be conditioned on the Borrowers confirming acceptable arrangements to pay or rectify any resulting Balance Excess following the closing.

    

    

    
      

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    (c)          Upon closing on a sale of any Trust Property as contemplated
        herein, the selling Borrower will be released from in personam liability as a co-Borrower upon Lender’s receipt of the Mandatory Repayment Amount attributable to the Trust Property conveyed. Subject to Section 2.8(h), in connection with such sale,
        the Loan Availability Amount at such time will be adjusted to reduce the Loan Availability Amount in an amount equal to the Allocated Par Loan Value attributed to such sold Trust Property and the resulting adjusted Loan Availability Amount will be
        the Loan Availability Amount thereafter in effect until such time as any Additional Property is joined as a Trust Property or sold, in each case, as provided hereunder.  The Lender together with the Borrowers will work in good faith to amend and
        restate Schedule 2.6 to reflect any required changes to the Allocated Par Loan Values for the remaining Trust Properties (if any) and the Lender will provide to the Borrowers written notice of the resulting adjusted Loan Availability Amount
        in connection with the closing of such sale and any such amended Schedule 2.6, within one Business Day after such closing and the corresponding amendment and restatement of Schedule 2.6.

    

    

    (d)          From time to time during the Term, Borrowers may elect for any
        one or more of their Affiliates to join this Agreement and assume the Loan as a co-Borrower (each such entity, an “Additional Borrower”), whereupon the Borrowers (including any intended Additional Borrower) will provide Lender with such due
        diligence as to the Additional Borrower and Additional Property as Lender may require (which shall be substantially similar to the scope of Lender’s pre-closing due diligence and include an Appraisal), and such other information as Lender may
        reasonably require. The Borrowers and Guarantor will reasonably cooperate with Lender’s due diligence, and Borrowers will be responsible for payment upon billing for Lender’s reasonable and documented out-of-pocket expenses in connection therewith,
        including Loan Costs for documentation and consummation.

    

    

    (e)          The inclusion of an Additional Borrower as a co-Borrower
        hereunder is further subject to the Additional Borrower’s execution and delivery of counterparts of an Additional Borrower Joinder, substantially in the form attached hereto as Exhibit “B” (an “Additional Borrower Joinder”), as well
        as authorizing resolutions and closing certificates, and a Trust Deed for the real property owned by such Additional Borrower (the “Additional Property”),  pursuant to which such Additional Borrower will grant a lien to secure the Loan and
        the other Obligations (together with UCC financing statements and additional documentation as may be reasonably required by Lender).  Upon execution and delivery of an Additional Borrower Joinder, the designated Additional Borrower will for all
        purposes be deemed a Borrower hereunder, jointly and severally liable with the other Borrowers for the Loan and all Obligations, and the Additional Property owned by such Additional Borrower will become a Trust Property and part of the Collateral
        when encumbered by a Trust Deed granted by such Additional Borrower. The documentation and procedures for encumbering an Additional Property with a Trust Deed will include (among other things), issuance of a title insurance policy in favor of
        Lender identifying the Additional Borrower as owner of the Trust Property and grantor of the Trust Deed, and Lender as Trust Deed beneficiary, and insuring the first lien status of the Trust Deed, setting forth no exceptions to title or coverage
        exclusions that are not reasonably acceptable to Lender.  All proceedings and documentation relating to the Additional Borrower and Additional Property will be subject to Lender’s reasonable approval and will be effectuated at Borrowers’ expense.

    

    

    
      

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    (f)          In connection with the joinder of the Additional Borrower and
        the Additional Property, concurrently therewith, the Lender together with the Borrowers will work in good faith to amend and restate Schedule 2.6 to reflect the Allocated Par Loan Value and Release Price for the Additional Property and any
        required changes to the Allocated Par Loan Values and the Release Prices for the remaining Trust Properties (if any). The Loan Availability Amount at such time will be adjusted, taking into account the amended and restated Schedule 2.6 and
        the updated Allocated Par Loan Values for the Trust Properties listed thereon and the resulting adjusted Loan Availability Amount will be the Loan Availability Amount thereafter in effect until such time as any Additional Property is joined as a
        Trust Property or any Trust Property is sold, in each case, as provided hereunder. The Lender will provide to the Borrowers written notice of the resulting adjusted Loan Availability Amount in connection with the consummation of the Additional
        Borrower Joinder and any such amended Schedule 2.6, within one Business Day after such consummation. The Loan Availability will not exceed $25,000,000 in any event, unless Lender approves (in its sole and absolute discretion) an increase in
        the maximum Loan Availability Amount to not more than $30,000,000, consistent with the terms and conditions described in Section 2.1 (c) hereof and based on Allocated Par Loan Value(s) associated with one or more Additional Properties becoming
        Trust Properties.

    

    

    (g)          In the event the proposed Carolwood Property Partition obtains
        final approval (it being understood and agreed that notwithstanding anything herein or in any other Loan Document to the contrary, the Lender, in its capacity as Trust Deed beneficiary, will provide any written consents and other documents required
        to be filed with, or delivered to, any Governmental Authority to finalize such partition on a timely basis), the Lender together with the Borrowers will work in good faith to amend and restate Schedule 2.6 to reflect the Allocated Par Loan
        Value and Release Price for each parcel of the legally subdivided Carolwood Property and any required changes to the Allocated Par Loan Values and the Release Prices for the remaining Trust Properties (if any). The Loan Availability Amount at such
        time will be adjusted, if necessary, to take into account the amended and restated Schedule 2.6 and the updated Allocated Par Loan Values for the Trust Properties listed thereon and the resulting adjusted Loan Availability Amount will be
        the Loan Availability Amount thereafter in effect until such time as any Additional Property is joined as a Trust Property or any Trust Property is sold, in each case, as provided hereunder. The Lender will provide to the Borrowers written notice
        of the resulting adjusted Loan Availability Amount in connection with the effectiveness of the Carolwood Property Partition and any such amended Schedule 2.6, within one Business Day after such effectiveness.

    

    

    (h)          Notwithstanding anything herein to the contrary, in the event a
        sale of one or more Trust Properties would otherwise reduce the Loan Availability Amount to zero, Lender agrees that WB Propco shall have 60 days from such time (or such longer period as agreed to by Lender, the “Joinder Option Period”) to
        join an Additional Borrower and Additional Property. During the Joinder Option Period the Loan Availability Amount will be $100,000 until such Additional Borrower and Additional Property are joined, at which time the Loan Availability Amount will
        be increased (limited to $25,000,000) based on the new Allocated Par Loan Value(s) associated with the new Trust Properties. In the event an Additional Borrower and Additional Property are not added during the Joinder Option Period, or WB Propco
        gives notice to Lender, prior to the expiry of the Joinder Option Period, that it will not join an Additional Borrower and Additional Property, the Joinder Option Period will terminate, and this Agreement and the other Loan Documents may be
        terminated upon repayment in full of any remaining outstanding Obligations (other than unasserted contingent indemnity obligations), and the Lender, concurrently therewith, will provide full written releases to WB Propco and the Guarantor of their
        obligations under this Agreement and any other Loan Documents applicable to them (including lien releases and any other actions and documents necessary to effectuate and evidence same, as applicable).

    

    

    
      

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    2.9          Advances.

    

    

    (a)          Borrowers may request an Advance during
        the Advance Period based on the then in effect Loan Availability Amount (taking into account any outstanding Advances) so long as any requested Advance, after giving effect to the funding of such Advance, would not, when added to any outstanding
        Advances, cause the total outstanding Advances to exceed the Loan Availability Amount then in effect. Borrowers’ request for an Advance shall be in writing and completed substantially in the form of Exhibit “C” (an “Advance Request”),

        or otherwise on such form as has been approved by Lender.

    (b)          Each Advance Request will (i) specify the principal amount of
        the Advance requested, and designate the account to which the net proceeds of such Advance are to be disbursed and transferred; (ii) state, if true, that Borrowers’ representations and warranties contained in this Agreement and any closing or
        funding related certifications are true and correct in all material respects as of the date of the request and, after giving effect to the making of such requested Advance, will be true and correct in all material respects as of the date on which
        the requested Advance is to be made; and (iii) state, if true, that no Default or Event of Default has occurred and is continuing as of the date of the request and, after giving effect to the making of such requested Advance, no Default or Event of
        Default will occur as of the date on which the requested Advance is to be made.

    

    

    
      (c)          Advance Requests shall be delivered to
          Lender within the Advance Period at least three (3) Business Days prior to the date of the requested Advance (each an “Advance Date”); provided that Lender will use reasonable efforts to respond to Advance Requests delivered later than
          three (3) Business Days prior to an Advance Date. Any Advance Request delivered to Lender shall be irrevocable by the Borrowers at such time as Lender has designated funds to make the requested Advance, and shall bind the Borrowers to consummate
          the Advance and borrow the proceeds. The net proceeds of any Advance shall, on the date of such Advance, be wire transferred to the account designated in the Advance Request. Borrowers shall have paid all invoiced Loan Costs then due and payable
          pursuant to this Agreement or the Trust Deed in connection with such requested Advance.

      (d)          The recordation of a Trust Deed and
          filing of financing statements, and issuance of a Title Policy, and recording of any releases, may in Lender’s discretion be effectuated by way of a closing escrow agreement or another escrow arrangement with the Title Company or other fiduciary,
          the form and substance of which shall be reasonably satisfactory to Lender.

      

      

    

    
      2.10          Offsets or Additions to Advances.
          Lender may, in its discretion, offset from the net amount of any Advance and retain or disburse as appropriate (a) to the extent that insufficient funds are available in the Interest Reserve Fund, any unpaid interest then due and payable and any
          current invoiced Loan Costs with respect to which Borrowers have received notice, if any, due in respect of the Loan in the month in which such Advance occurs or due in prior months, or (b) other amounts required to be paid at the time of such
          Advance pursuant to the Loan Documents, or other sums reflected on the Borrowers’ Advance Request, a closing statement or disbursements schedule, or as otherwise agreed by Borrowers.

    

    
      

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    2.11          Borrowers’ Representative.

    

    

    (a)          The Borrowers jointly and severally hereby confirm and
        irrevocably designate and appoint WB Propco as their agent and representative (the “Borrowers’ Representative”) for all purposes relating to the Loan. WB Propco hereby accepts such designation and appointment and agrees to serve as
        Borrowers’ Representative in connection with the Loan and actions required under the Loan Documents.

    

    

    
      (b)          In connection with sales of Trust
          Properties, releases of a Trust Deed, Additional Borrower Joinders, Advance Requests, Lender’s due diligence and approvals or otherwise, Lender may, but shall not be required to, communicate with the respective Borrowers through the Borrowers’
          Representative, and receive Borrower deliveries and notices directly from the Borrowers’ Representative, and rely on all actions taken by Borrowers’ Representative for and on behalf of each of the Borrowers. Each Borrower expressly, specifically
          and irrevocably authorizes Lender to communicate and deal exclusively with Borrowers’ Representative, and not with any particular Borrower, for any and all purposes relating to the Loan, and to rely in all respects and for all purposes upon
          representations, warranties, certifications, requests, notices or other communications made by Borrowers’ Representative.  Notices or correspondence provided by Lender to Borrowers’ Representative or to the Borrowers directly will be sent to the
          Guarantor, at the same time they are transmitted to Borrowers’ Representative or to the Borrowers directly.

      (c)          All representations, warranties,
          certifications, deliveries, requests, notices and actions taken by or through the Borrowers’ Representative, shall be deemed taken by and binding upon the Borrowers and are hereby irrevocably ratified, adopted and reaffirmed by the respective
          Borrowers as fully as if they were made, given or taken by the respective Borrowers directly.  Notwithstanding the foregoing, if Lender so requires, at any time and from time to time, each Borrower shall provide Lender with evidence that all
          actions taken by Borrower’s Representative on behalf of a Borrower were and are properly authorized and/or ratified.

      

      

    

    2.12          Disbursements; Reasonably Equivalent Value; Joint and
          Several Liability. In Lender’s discretion, Advances may be made to a Borrower directly or to Borrowers’ Representative, in which case Borrowers’ Representative shall be solely responsible for further remittances of Advance proceeds to pay
        expenses or to fund Distributions or otherwise as the Borrowers intend. Notwithstanding that Advances may be disbursed for administrative convenience to Borrowers’ Representative, and regardless of how remitted after funding, all Advances are
        deemed and acknowledged to be made for the benefit of, and received and used by, each Borrower and all of them. Each Borrower acknowledges and confirms that each of them and all of them, jointly and severally, receive equal and sufficient good and
        valuable consideration, reasonably equivalent value and material benefit as a result of the Loan and all Advances made under the Loan. In addition, Borrowers acknowledge, agree and confirm that all Advances are and shall be cross-collateralized and
        cross-defaulted.

    

    

    
      

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    2.13          Loan Accountings. Lender is authorized to record in its
        manual or data processing records the outstanding balance of the Loan, and the date and amount of payments of interest and principal; provided that the failure to make any such record entry with respect to any payment or source of payment shall not
        limit or otherwise affect Borrowers’ Obligations. In calculating the amount of Monthly Payments, Lender shall provide to Borrower, reasonably promptly each month, a written monthly Loan accounting setting forth Lender’s calculation of principal,
        interest and Loan Costs. Each and every such accounting shall, absent manifest error, be deemed final, binding and conclusive, unless, within thirty (30) Business Days of receipt, Borrowers provide Lender with written notice of any objection which
        Borrowers may have to any item in such accounting, describing the basis for such objection with specificity. In that event, only those items expressly objected to in such notice shall be deemed to be disputed by Borrowers. Borrowers and Lender will
        cooperate diligently, reasonably, and in good faith to resolve any such disputes.

    

    

    2.14          Loan Costs. Borrowers shall pay
        all reasonable and documented out-of-pocket fees and charges incurred in the procuring and making of the Loan, including without limitation, the Title Company’s fees and premiums, public records searches and other due diligence expenses, Florida
        documentary stamp and intangible taxes, if applicable, recording expenses, and the reasonable and documented out-of-pocket fees and costs of Lender’s attorneys. During the Term, Borrower shall also pay (or cause to be paid) the Loan Costs and other
        monetary Obligations as provided in the Loan Documents.

    ARTICLE III

    COLLATERAL SECURITY

    3.1          Grant of Security Interest. To secure Borrowers’ prompt
        and complete payment and performance of all of the Obligations, for value received, each Borrower and the Borrowers jointly and severally unconditionally and irrevocably collaterally assign, pledge and grant to Lender a continuing first priority
        Lien and security interest in and to the respective Borrower’s rights, title and interest in, to, under and with respect to the following (collectively, the “Collateral”): (a) the Carolwood Property and all Improvements thereon and related
        appurtenances, and (b) the Interest Reserve Fund and Interest Reserve Account, and (c) all other assets, properties and interests of a Borrower in or with respect to which Lender is granted or acquires Liens pursuant to the Trust Deeds and/or
        Security Agreement and other Loan Documents, and including, without limitation, all accounts or every type or nature, instruments, goods, inventory, general intangibles, payment intangibles, documents, chattel paper, deposit accounts, investment
        property, equipment, fixtures, software, and all after acquired properties, including the respective Additional Properties if, as and when they become Trust Properties, and all proceeds, accessions, substitutions, issues, income, revenues and
        profits of and from all of the foregoing, and all books, records, reports, computer tapes, disks and software, and all related licenses, franchises, agreements or use rights, relating to the foregoing. Notwithstanding the foregoing, the Collateral
        shall not include any Excluded Property.

    3.2          Security Agreement. This Agreement shall be deemed a
        security agreement as defined in the UCC, and the remedies for any violation of the covenants, terms and conditions of the agreements herein contained shall be cumulative and be as prescribed (a) herein or in any Loan Document, or (b) by law, or
        (c) as to such part of the Collateral which is also reflected in any filed assignment or financing statements, by the specific provisions of the UCC or other applicable law now or hereafter enacted, all as elected by Lender, in its reasonable
        discretion, on one or more occasions.

    
      

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    3.3          Perfection; Financing Statements. In addition to other
        actions specified in any Loan Document, Borrowers agree, at their expense, to file or authorize filing of the Trust Deeds and Financing Statements (including amendments and continuation statements) provided for by the UCC, together with any and all
        other instruments or documents and take such other action as may be reasonably required to perfect and to continue the perfection of Lender’s security interests in the Collateral, and to cause Lender to be in “control”, as defined in Florida
        Statutes, Section 679.1041, of the Interest Reserve Account. Unless prohibited by law, Borrowers hereby authorize Lender to file any such Financing Statements on Borrowers’ behalf, including in connection with any electronic filings permitted by
        the UCC.

    

    

    3.4          Protection of Liens. All actual documented and
        reasonable costs and expenses (including reasonable and documented attorneys’ and paralegals’ fees, legal expenses and court costs) which Lender may incur in enforcing or protecting its Lien on, or rights and interest in, the Collateral or any of
        its rights or remedies under this Agreement or any other Loan Document or in respect of any of the transactions hereunder or thereunder, shall be included among the Obligations and, as such, shall be secured by the Collateral.

    

    

    3.5          Cross-Collateralization. Advances made to any Borrower
        are and shall be secured by all of the Collateral granted, pledged or assigned by each Borrower and all Borrowers.

    

    

    ARTICLE IV

    CONDITIONS PRECEDENT TO CLOSING

    The Closing is subject to the following: (a) Lender shall have received and approved, the due diligence and background materials as
      Lender shall require, including, without limitation, the Appraisal and other information, diligence and materials identified for pre-closing delivery and approval, as specified in the checklist attached hereto as Exhibit “D”, and (b)
      Borrowers and the Guarantor, as applicable to them, shall execute and deliver this Agreement, the Note, the Trust Deeds and other Loan Documents; and (c) all Liens and security interests provided for hereunder shall have attached in favor of Lender,
      and shall be perfected upon recordation of the Trust Deeds and filing of Financing Statements, and execution and delivery of the Control Agreement; and (d) there shall exist no Default or Event of Default; and (e) all Loan Costs incurred in
      connection with Lender’s underwriting and the Closing hereunder shall be paid; and (f) the proceedings relative to Closing shall be reasonably acceptable to Lender.

    ARTICLE V

    WARRANTIES AND REPRESENTATIONS

    To induce Lender to make the Loan, each Borrower represents and warrants, and as applicable to it the Guarantor represents and
      warrants, as follows, which representations and warranties shall be deemed continuing:

    5.1          Formation. Existence. Qualification and Authority.

    (a)          Borrower Organization; Status. Each Borrower is a
        limited liability company, duly organized and in current active status under the laws of the State of Delaware, and each is qualified to do business in the State of California.

    
      

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    (b)          Ownership; Management. The respective Borrowers and
        Guarantor have membership interests which have been duly and validly issued to their respective members. As of the Closing Date, (i) WB Propco is the sole member and managing member of WB Carolwood,  (ii) Guarantor is the sole member and managing
        member of WB Propco, (iii) Liquidation Trust is the sole member of Guarantor, and (iv) Guarantor is managed by a board of managers as set forth in its Governing Documents.

    

    

    (c)          Power and Authority. Each Borrower and Guarantor have
        all requisite authority and power to conduct their operations, and own and lease their respective properties and assets and to enter into and perform under this Agreement and the other Loan Documents.

    

    

    (d)          No Restrictions. Borrowers’ formation, qualification to
        transact business and capitalization have been accomplished in compliance in all material respects with Applicable Laws and with the Borrower’s and its member’s Governing Documents.

    

    

    5.2          Compliance with Laws. Borrowers know of no violation of
        any material provision of applicable local, state or federal laws, ordinances or regulations with respect to the Trust Properties or Borrower’s operations or with respect to any Collateral. Except for any failure that could not reasonably be
        expected to have a Material Adverse Effect, (a) to Borrowers’ knowledge, each Borrower has obtained and maintained in good standing all licenses, permits and approvals required by all local, state and federal agencies material to the business
        operations of the Borrowers; and (b) to Borrowers’ knowledge, each Borrower is in compliance in all material respects with all laws, regulations, ordinances and orders of all Governmental Authorities as applicable to it, the Trust Properties or
        Borrowers’ operations to manage, maintain and dispose of Trust Properties.

    5.3          Accurate Information. All information, other than
        projections now and hereafter furnished to Lender, taken as a whole, is and will be true, correct and complete in all material respects. Any such information relating to Borrowers’ or Guarantor’s financial condition has and will accurately reflect
        such financial condition as of the date(s) thereof, (including all contingent liabilities of every type).

    5.4          Validity of Loan Documents. The Loan Documents have been
        approved by Borrowers and the Guarantor (and the Liquidation Trustee, as applicable), and have been executed and delivered, and constitute the duly authorized, valid and legally binding obligations of the Borrowers (and as applicable to it, the
        Guarantor), enforceable against the Borrowers or the Guarantor, as applicable, in accordance with their respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or
        similar laws relating to or limiting creditors’ rights. Borrower’s execution, delivery and performance of the Loan Documents do not and will not violate in any material respect any provision of law, or any writ, order or decree of any court or
        governmental authority or agency, or any provision of the respective Borrower’s Governing Documents, and do not and will not result in a material breach of, or constitute a material default or require any consent under, or result in the creation of
        any Lien upon any property or assets of a Borrower (except as provided in the Loan Documents) pursuant to, any law, regulation, instrument or agreement to which a Borrower is a party or by which a Borrower or its properties may be subject or bound.

    
      

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    5.5          No Approvals. No approval, authorization, order,
        license, permit, franchise or consent of, or registration, declaration, qualification or filing with, any court or Governmental Authority or other Person, is required in connection with Borrowers’ execution, delivery and performance of any of the
        Loan Documents or Lender’s enforcement of any of the Loan Documents, except for any of the foregoing (a) which has been obtained or (b) the failure to obtain which could not individually or in the aggregate reasonably be expected to cause a
        Material Adverse Effect.

    5.6          The Trust Properties.

    (a)          WB Carolwood owns fee simple title to the
        Carolwood Property. The respective Trust Properties are free and clear of all liens, charges and claims, other than the Liens in favor of Lender and Permitted Liens affecting such Trust Property and the proposed Carolwood Property Partition.  This
        Agreement and the Trust Deeds create valid, enforceable and perfected first priority Liens in favor of Lender in the Trust Properties, subject to no other interests, liens or encumbrances other than Permitted Liens and the proposed Carolwood
        Property Partition. This Agreement, the Control Agreement and the Security Agreement, and the Financing Statements filed in connection therewith, create valid, enforceable Liens in favor of Lender in the Collateral (other than the Trust
        Properties).

    (b)          No lease, chattel mortgage, bill of sale,
        security agreement, financing statement or title retention agreement (except those executed in favor of Lender), or other form of encumbrance or conveyance agreement, has been or will be executed with respect to any Trust Property except Liens in
        favor of Lender, Permitted Liens affecting the Trust Properties and the proposed Carolwood Property Partition.  The Collateral secures and shall secure the full payment and performance of the Loan and all Obligations.

    (c)          As of the Closing Date, WB Carolwood is in
        sole possession of the Carolwood Property. Each Trust Property is and will be maintained in good condition, ordinary wear and tear and casualty excepted. As of the Closing Date, ad valorem taxes are current in respect of each Trust Property and
        each Trust Property is insured and will remain insured against loss or damage on account of casualty and/or liability claims.

    5.7          No Other Loans. Borrowers are not parties and will not
        be parties to financing transactions other than the Loan during the term of the Loan. Guarantor will promptly disclose to Lender any financing transactions entered into during the term of the Loan.

    5.8          Conflicting Transactions. The consummation of the Loan
        and the performance of Borrowers’ Obligations under and by virtue of the Loan Documents, and Guarantor’s Guaranteed Obligations under the Guaranty, and the marketing and sale of Trust Properties, will not result in any breach of, or constitute a
        default under any lease or other agreement to which a Borrower or Guarantor is a party or by which a Borrower, Guarantor or any Collateral may be bound or affected, except where any such beach or default, could not reasonably be expected to result
        in a Material Adverse Effect.

    
      

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    5.9          Contracts. Borrowers have not made and will not make any
        contract or arrangement of any kind the performance of which by the other party thereto would give rise to a Lien in contravention of the Loan Documents. To Borrowers’ knowledge, no Borrower is in default in the performance, observance or
        fulfillment of any material obligations, covenants or conditions contained in any agreement or instrument where such default could reasonably be expected to have a Material Adverse Effect.

    5.10          Pending Litigation; Other Proceedings. As of the
        Closing Date, there are no actions, suits or proceedings pending against a Borrower. Borrowers know of no circumstances which could lead to such action, suits or proceedings against or affecting a Borrower or involving the validity or
        enforceability of the Loan Documents. Borrowers are not in default with respect to any order, writ, injunction, decree or demand of any court or any Governmental Authority, except where any such default, could not reasonably be expected to result
        in a Material Adverse Effect.

    5.11          Business Location. Borrowers’ principal place of
        business and chief executive office, and the office where Borrowers’ business records are located, is 14140 Ventura Boulevard, Suite 302, Sherman Oaks, California 91423.

    5.12          Discharge of Liens and Taxes. Borrowers have duly and
        timely filed, paid and/or discharged all Taxes or other claims that may become a Lien on any of their respective properties or assets, except to the extent that (a) such items are being appropriately contested in good faith and an adequate reserve
        for the payment thereof is being maintained or (b) the aggregate amount of any such unpaid Taxes or other claims do not exceed $100,000 at any time outstanding.

    5.13          Financial Condition; Sufficiency of Capital. All financial
        statements and information relating to Liquidation Trust and its Subsidiaries which have been delivered to Lender have been prepared in accordance with Liquidation GAAP, unless otherwise stated therein, and fairly and reasonably present the
        Liquidation Trust’s financial condition in all material respects. Borrowers have no knowledge of any material liabilities, contingent or otherwise, that are not reflected in such financial statements and information. Borrowers and Guarantor have
        not entered into any special commitments or contracts which are not reflected in such financial statements or information.

    5.14          ERISA. No Borrower or Guarantor is a party to any plan
        defined and regulated under ERISA. None of the assets of a Borrower or Guarantor are “plan assets” as defined in 29 C.F.R. § 2509.75 2 or § 2510.3 101.

    5.16          No Default. As of the Closing Date, no Default or Event
        of Default has occurred and is continuing under this Agreement or any Loan Document.

    5.17          Brokerage. Any brokerage commission due in connection
        with the transaction contemplated hereby has been paid in full and any such commission coming due in the future will be paid promptly by the Borrowers. Borrowers agree to and shall indemnify Lender from any liability, claim or loss arising by
        reason of any such brokerage commission. This provision shall survive the repayment of the Loan.

    5.18          Anti-Terrorism Laws. No Borrower or Guarantor is in
        violation in any material respect of any anti-terrorism law, including the USA Patriot Act. Borrowers do not engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to
        violate, any of the prohibitions set forth in any anti-terrorism law, including the USA Patriot Act; or involves any of the following (each a “Blocked Person”): (a) a Person that is listed in the annex to, or is otherwise subject to the provisions
        of, Executive Order No. 13224; (b) a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224; (c) a Person or entity with which
        any bank or other financial institution is prohibited from dealing or otherwise engaging in any transaction by any anti-terrorism law; (d) a Person or entity that commits, threatens or conspires to commit or supports “terrorism” as defined in
        Executive Order No. 13224; (e) a Person or entity that is named as a “specially designated national” on the most current list published by the U.S. Treasury Department Office of Foreign Asset Control at its official website or any replacement
        website or other replacement official publication of such list; or (f) a Person who is an Affiliate of a Person listed above. No Borrower or Guarantor conduct any business or engage in making or receiving any contribution of funds, goods or
        services to or for the benefit of any Blocked Person or deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224.

    
      

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    5.19          Investment Company Act. No Borrower or Guarantor is
        required to be registered as an “investment company” under the Investment Company Act of 1940 and/or any amendments thereto.

    5.20          No Racketeering Activities. No Borrower or Guarantor
        has engaged in a “pattern of racketeering activity” within the meaning of 18 U.S.C. Section 1961, as amended.

    5.21          Single Purpose Entity. Each Borrower is a Single
        Purpose Entity, existing and operating primarily for the purpose of owning the Trust Properties (as to WB Carolwood) or to manage the other Borrowers (as to WB Propco), to the effect that each Borrower operates and holds itself out only in its own
        legal name or a registered DBA disclosed to Lender, and does not engage in business or have assets or operations other than as described above.

    5.22          Guarantor Representations and Warranties. In addition
        to its representations and warranties made above or in the Guaranty, the Guarantor represents and warrants as follows:

    (a)          It has reviewed the Loan Documents with counsel of its choice,
        and the Guarantor accepts and consents to the terms of this Agreement and the other Loan Documents, including the Guaranty, and the transactions provided for herein or therein;

    (b)          It acknowledges and agrees that it receives material benefit
        and valuable consideration as a result of the transactions provided for herein or contemplated under the Loan Documents;

    (c)          It acknowledges and confirms its continuing obligations under
        the Guaranty and its agreement to be bound by the terms thereof, and that it is liable as a principal debtor with respect to the “Guaranteed Obligations”, as defined in and in accordance with the terms of the Guaranty;

    (d)          It is fully aware of Borrowers’ financial and other condition,
        and is executing and delivering the Guaranty and other Loan Documents to which it is a party based solely upon its own independent investigation and not upon any representation or statement of Lender;

    
      

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    (e)          It acknowledges that its agreements, consents and
        acknowledgments contained herein, and the provisions of the Guaranty, are a material inducement to Lender to close under the Loan Documents, and that, but for the Guaranty, and the Guarantor’s agreements as set forth herein and therein, Lender
        would decline to enter into the Loan Documents.

    5.23          Survival of Representations. All of Borrowers’ and
        Guarantor’s representations and warranties shall survive the Closing Date.

    

    

    ARTICLE VI

    COVENANTS

    Borrowers, jointly and severally, and as applicable to it, the Guarantor, covenant and agree with Lender, so long as any principal or
      interest is payable hereunder, as follows:

    6.1          Taxes. Borrowers will pay and discharge all of their
        respective Taxes prior to the date on which such Taxes become delinquent or any penalties attach thereto, except and to the extent only that such Taxes are (a) being Properly Contested or (b) (i) do not exceed $100,000 in the aggregate at any time
        outstanding, and (ii) to the extent resulting in a Lien attaching to any Collateral, such Lien is removed or satisfied within 60 days of being imposed. If requested by Lender, Borrowers shall provide proof of payment of Taxes or, in the case of
        withholding or other employee taxes, deposit required by applicable law.

    6.2          Notice of Litigation. Borrowers shall promptly give
        Lender written notice of (a) a judgment entered against a Borrower, or (b) the commencement of any action, suit, claim, counterclaim or proceeding against a Borrower or in respect of a Trust Property, or the commencement of a proceeding or
        investigation involving a Borrower or a Trust Property which could reasonably be expected to give rise to a Material Adverse Effect.

    6.3          Notice of Default. Borrowers shall promptly give Lender
        written notice of any Default or Event of Default, and of any circumstance that has caused or is reasonably likely to cause a Material Adverse Effect.

    6.4          Reports. Borrowers shall promptly furnish Lender with
        copies of all governmental agency and other reports pertaining to or affecting a Borrower or any Trust Property, which could reasonably be expected to materially adversely affect Borrowers’ business or prospects of performing the Obligations.

    6.5          Ownership, Control and Management.  WB Propco shall
        continue to own 100% of the membership interests of WB Carolwood and Guarantor shall continue to own 100% of the membership interests of WB Propco; provided that, if required by the Liquidation Trustee for Liquidation Trust purposes, Guarantor may
        transfer not more than 49% of the membership interests of WB Propco, after notice to Lender, provided that (a) Guarantor will retain direct ownership of not less than 51% of WB Propco’s membership interests, and day-to-day control of WB Propco; and
        (b) Lender will complete and approve in its reasonable discretion “know your customer” due diligence consistent with Lender’s customary underwriting practices.

    6.6          Change in Fiscal Year. Each Borrower’s fiscal year ends
        on June 30. No Borrower shall change its fiscal year without the prior written consent of Lender.

    
      

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    6.7          Trust Property. Borrowers will preserve good title to
        each Trust Property and will warrant and use commercially reasonable efforts to defend the same. Borrowers will act in a commercially reasonable manner in maintaining the Trust Properties in an appropriate safe and reasonably protected condition
        (including any Trust Property that is undergoing construction or renovation), reasonable wear and tear excepted, and in compliance with applicable building and safety codes in all material respects. Borrowers will act in a commercially reasonable
        manner in coordinating with the Trust Deed Trustee and Lender in connection with the closing of sales of Trust Properties and remittance to Lender of Mandatory Repayment Amounts. Borrowers agree that the Mandatory Repayment Amount established with
        respect to the sale of any Trust Property is due on sale thereof.

    6.8          No Further Encumbrances. Borrowers shall not sell,
        lease, convey, mortgage or encumber (other than Permitted Liens) a Trust Property without the prior written consent of Lender; provided that, as to sale of any Trust Property, no such consent will be required if the sale price is equal to or
        greater than the Release Price established for such Trust Property, and if closing escrow arrangements reasonably acceptable to Lender are established to ensure payment of the Mandatory Repayment Amount in connection with such sale.

    6.9          Compliance with Laws. Except as otherwise permitted in
        this Agreement, Borrowers shall comply on a reasonably timely basis and in all material respects with all federal, state and local laws, ordinances and regulations relating to their respective businesses and to the Trust Properties, and Borrowers
        will obtain and keep in good standing all necessary licenses, permits and approvals required for their businesses, except, in any instance, where noncompliance could not reasonably be expected to have a Material Adverse Effect and/or materially
        adversely affect Lender’s Liens or rights under the Loan Documents. Each Borrower will maintain its continuing existence and good standing as a Delaware limited liability company, qualified to transact business in California.

    6.9          Perfection of Security Interests. Lender is
        authorized to file Financing Statements from time to time identifying the Collateral, as applicable, including in connection with Additional Borrowers and Additional Properties.

    6.10          Payment of Debts. Borrowers shall pay and discharge the
        Loan and all Obligations when due, before becoming subject to penalty or further charge, and otherwise before maturity or delinquency. Except as otherwise permitted in this Agreement, Borrowers shall pay and discharge when due (allowing for any
        applicable cure period) their respective secured indebtedness and perform the respective obligations as required under any contracts between a Borrower and any other Person, except for such secured indebtedness (other than the Loan and related
        Obligations) which is (a) Properly Contested, (b) with respect to which a Borrower has obtained a valid extension of time within which to pay any amounts due or (c) the non-payment of which is not reasonably expected to have a Material Adverse
        Effect.

    6.11          Insurance. During the Term, Borrowers shall obtain,
        maintain and keep in full force and effect adequate general liability insurance coverage and other insurance coverages consistent with each Borrower’s reasonable and customary past practice, in form and substance reasonably acceptable to Lender.
        During the Term, annually or upon renewal or replacement, or otherwise upon Lender’s request from time to time, Borrowers will deliver to Lender copies of its policies of insurance as in effect, together with receipts or other evidence that the
        premiums therefor have been paid. Without limiting the foregoing, Borrowers will insure the Trust Properties and maintain liability insurance as required under the Trust Deeds. Such insurance will include additional insured and loss payee
        endorsements in favor of Borrowers and Lender, consistent with the Trust Deed requirements.

    
      

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    6.12          Collection and Use of Insurance Proceeds. Borrowers
        will provide Lender with written notice of a casualty event, loss or claim in excess of $250,000 affecting a Trust Property. Upon occurrence of a casualty event, loss or claim affecting a Trust Property in excess of $250,000, resulting in damage
        that Borrower and the insurance company do not consider to have given rise to a total loss, so long as no Event of Default has occurred and is continuing, the Borrower holding such Trust Property will use the insurance proceeds to repair or replace
        such damaged property within a reasonable period of time commensurate with the extent of damage and in any case within 365 days of receipt of such proceeds. In cases where a casualty event causes damage or loss to an extent that it is not
        reasonably practicable to repair and restore the Trust Property consistent with applicable building codes within 365 days, Borrowers will cooperate with Lender in obtaining for Lender the benefits of any insurance proceeds payable to Lender in
        connection with the repayment of the outstanding amount of the Loan in an amount not to exceed the Release Price for such Trust Property.

    6.13          Indebtedness. Borrowers shall not incur, create, assume
        or permit to exist any indebtedness for borrowed money, whether or not evidenced by notes, bonds, debentures or similar obligations, without the prior written approval of Lender, except for (a) the Loan and other Obligations under the Loan
        Documents, (b) unsecured debt in the Ordinary Course of Business and (c) any such indebtedness  as of the date of this Agreement that was previously disclosed in writing to Lender.

    6.14          Guaranties. Borrowers shall not, directly or indirectly
        make, create, incur, assume or permit to exist any guaranty of any kind of any indebtedness or other obligation of any other Person during the term of this Agreement, other than any guaranties (if any) of the indebtedness permitted under Section
        6.13.

    6.15          Subordinated Obligations. All “insider” loans and other
        indebtedness or liabilities, direct or indirect, contingent or non-contingent, of a Borrower to Guarantor, or to a member, partner, director, officer, or other Affiliate or Subsidiary, and all such Indebtedness owing by Guarantor to a Borrower, and
        all liens securing such indebtedness or liabilities, and all other Subordinated Obligations, are hereby and shall be subordinated to the Loan and all Obligations in favor of Lender. Notwithstanding the foregoing, absent an Event of Default,
        Borrowers or the Guarantor may make Distributions to any other Borrower, the Guarantor and/or Liquidation Trust.

    6.16          Further Assurances and Preservation of Security.
        Borrowers will do all commercially reasonable acts and execute all reasonable documents to more effectively carry out the intent and purposes of this Agreement as relate to protecting the Trust Properties and Borrowers’ (and Lender’s) interests
        therein, and otherwise as Lender shall reasonably require from time to time, and Borrowers will do such other acts necessary or desirable to preserve and protect the Trust Property (including any Additional Properties, if applicable).

    
      

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    6.17          No Assignment. Other than as provided under this
        Agreement with respect to an Additional Borrower, Borrowers shall not assign this Agreement or any interest therein and any such assignment is void and of no effect.

    6.18          Maintenance of Books and Records. Borrowers shall
        maintain proper books and records and accountings containing entries of all material financial transactions and matters involving the Trust Properties and the other Collateral that are accurate and complete in all material respects.

    6.19          Visits and Inspections. Borrowers will permit
        representatives of Lender, during normal business hours and (except when an Event of Default exists) upon reasonable prior notice to Borrower’s Representative, at Borrowers’ expense as provided under clause (f)(i) of the definition of Loan Costs,
        to: inspect, audit and make extracts from their books and records, including all records relating to any Collateral; provided that if no Event of Default exists the Lender shall be limited to only one such inspection, audit and examination during
        each non-overlapping twelve-month period during Term.  Lender’s inspections shall be scheduled and conducted in a manner and at times so as to reasonably minimize inconvenience and disruption to Borrowers.

    6.20          Business Continuity. Borrowers will maintain and
        preserve all rights, franchises and other authority adequate for the conduct of their business and maintain and preserve their existence and qualification to do business in California if required under Applicable Laws, except (other than with
        respect to the preservation of the existence of the Borrowers) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

    6.21          Fundamental Changes. Other than as provided under
        Section 6.5, each Borrower will not (a) merge, reorganize as a different type of legal entity, or consolidate with any Person (other than another Borrower), or liquidate, wind up its affairs or dissolve itself, in each case whether in a single
        transaction or in a series of related transactions; (b) without providing at least 30 days prior written notice of same to Lender, (i) change its name or conduct business under any new fictitious name or DBA, not previously disclosed to Lender;
        (ii) change its federal employer identification number, organizational identification number or state of organization; or (iii) relocate its chief executive office or principal place of business; (c) amend, modify or otherwise change any of the
        terms or provisions in any of its Governing Documents in a manner materially adverse to Lender; or (d) take action causing or permitting, or acquiescing in, a change in operational control in violation of Section 6.5 above.

    6.22          ERISA. Borrowers will not permit the occurrence of any
        event with respect to any ERISA plan maintained for the benefit of Borrowers’ employees under circumstances that could result in liability to the Pension Benefit Guaranty Corporation, or any of its successors or assigns, or to any entity which
        provides funds for such plan, where in any such case such resulting liability could reasonably be expected to have a Material Adverse Effect.

    6.23          Banking Relationship; Minimum Deposit Balance. At all
        times during the Term, Borrowers and Affiliates identified by Borrowers (which may include Guarantor and the Liquidation Trust) shall establish and maintain a primary banking relationship with Lender, including treasury management services, and
        Borrowers and their identified Affiliates will maintain at all times during the Term a minimum deposit balance of $20,000,000 in a Lender depository (non-control) account (the “Minimum Deposit Balance”); it being agreed that the Interest
        Reserve Fund on deposit from time to time in the Interest Reserve Account will count toward determining compliance with the Minimum Deposit Balance. Borrowers and Affiliates may also maintain other depository accounts with other banking
        institutions where reasonably required to meet Borrowers’ cash needs in geographic areas where Lender does not maintain branch offices; it being understood that Lender does not maintain branch offices in California. If Borrower (and Affiliates) do
        not maintain the Minimum Deposit Balance with Lender, then, Lender may impose and Borrowers shall promptly pay, after demand therefor, a covenant non-compliance fee equal to 2% per annum of the shortfall, for each day at the open of business for
        which such shortfall has been determined to have occurred. Lender will measure and determine the required compliance with the Minimum Deposit Balance on a quarterly basis, at the time Borrowers are required to provide quarterly financial reporting.
        Notwithstanding anything in Article VII or any other provision of this Agreement or other Loan Documents to the contrary, the failure to comply with the Minimum Deposit Balance requirement shall not constitute a Default or an Event of Default and
        the only remedy of the Lender for such non-compliance shall be the 2% per annum non-compliance fee set forth in this Section 6.23.

    
      

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    6.24          Financial Statements and Other Information. Borrowers
        will provide (or will cause to be provided) to Lender (a) copies of the Liquidation Trust’s publicly filed consolidated quarterly financial reporting, within sixty days after the end of each quarterly reporting period, and (b) a copy of the
        Liquidation Trust’s annual federal income tax return, within sixty days after filing.  Each set of quarterly reporting delivered to Lender will be accompanied by a certificate of WB Propco’s Chief Financial Officer, certifying that to the signer’s
        knowledge, no Event of Default has occurred, or if a Default or Event of Default did arise, specifying the nature and period of existence thereof and what action the Borrowers took or propose to take with respect thereto.

    ARTICLE VII

    EVENTS OF DEFAULT AND REMEDIES

    7.1          The occurrence of any of the following events shall be an “Event

          of Default” hereunder:

    (a)          Borrowers fail to pay any Monthly Payment as and when due
        hereunder and under the Note, or if Borrowers fail to pay any other monetary Obligation under any Loan Document, as and when due, whether on the scheduled due date or upon acceleration, maturity or otherwise, and in each case such failure continues
        for three (3) Business Days after notice from Lender.

    (b)          Borrowers shall fail to keep, observe or perform any of the
        terms, covenants, representations or warranties contained in this Agreement or another Loan Document, (other than compliance with the Minimum Deposit Balance requirement, which, for the avoidance of doubt, non-compliance therewith shall not
        constitute a Default or Event of Default hereunder) within the time and in the manner required, and Borrowers fail to rectify or cure such non-performance within thirty (30) days of written notice by Lender to Borrower’s Representative.

    (c)          If a Borrower defrauds or attempts to defraud Lender, or if any
        warranty or representation made by Borrowers in this Agreement or in any Loan Document shall at any time be false or misleading in any material respect; provided that if a misrepresentation reasonably appears not to have been purposeful and does
        not give rise (or would not reasonably likely give rise) to a Material Adverse Effect, and if Borrower causes the representation or warranty in question to be made correct within thirty (30) days after discovering the misrepresentation or after
        notice, whichever occurs first, and if Lender reasonably accepts the corrected representation or warranty, then, an Event of Default will not arise solely on account of the subject misrepresentation.

    
      

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    (d)          Any Borrower’s or the Liquidation Trust’s dissolution or
        termination of existence.

    (e)          A Borrower or Guarantor becomes the subject of any bankruptcy
        or other voluntary or involuntary proceeding, or a receivership, in or out of court, for the adjustment of debtor-creditor relationships, which, in any such instance, is not dismissed within sixty (60) days.

    (f)          The entry of a non-monetary judgment against a Borrower which
        could reasonably be expected to have a Material Adverse Effect, and which is not Properly Contested and bonded, or satisfied and released, within sixty (60) days after the date on which such judgment is entered.

    (g)          The seizure or forfeiture of, or the issuance of any writ of
        possession, garnishment or attachment, or any turnover order for any Trust Property that is not dismissed within sixty (60) days.

    (h)          A final judgment for the payment of money in excess of $250,000
        or final judgments which in the aggregate exceed $250,000 (in each case, except to the extent fully covered (other than to the extent of customary deductibles) by insurance pursuant to which the insurer has not denied coverage) shall be rendered
        against a Borrower, and the same shall remain undischarged for a period of sixty (60) consecutive days during which execution shall not be effectively stayed (by bond or otherwise).

    (i)          Any default under the Guaranty Agreement or the revocation or
        attempted revocation or repudiation thereof, in whole or part, by a Guarantor.

    (j)          If a Borrower transfers, conveys, assigns or permits to be
        transferred, conveyed or assigned, or interferes with Lender’s rights under any Trust Property or proceeds therefrom, in any such case, in violation of the terms of the Loan Documents, or with the intent to hinder, delay or defraud its creditors or
        any of them, including, without limitation, Lender.

    (k)          If Borrower fails to pay Lender the Mandatory Repayment Amount
        due on sale of a Trust Property.

    7.2          Remedies Generally. If an Event of Default shall occur
        and be continuing, then, and in each such event, and at any time thereafter, Lender may at its option and by written notice to the Borrowers’ Representative, take any or all of the following actions at the same or different times: (a) declare Loan
        and Obligations, or any of them, to be immediately due and payable without presentment, demand, protest or other notice of any kind, all of which, to the extent permitted by applicable law, are hereby expressly waived, anything contained herein or
        in any Loan Document to the contrary notwithstanding, (b) increase the rate of interest under the Note to be equal to the Default Rate (as defined in the Note), (c) take control of any proceeds of Collateral, and (d) take any and all actions and
        pursue any and all remedies as may be permitted by the Loan Documents, the UCC or by any other applicable law (including, without limitation, remedies in respect of the Collateral, including the right to require Borrowers to assemble elements of
        the Collateral and the books and records pertaining thereto and deliver possession of same to the Lender, so as to allow Lender to take control thereof for the purposes of disposition of the Collateral, and (d) exercise the power of sale set forth
        in the Trust Deeds.

    
      

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    7.3          Limitation of Obligations of Lender. Borrowers agree
        that, anything herein to the contrary notwithstanding, Borrowers shall remain liable under all contracts to observe and perform in all material respects all the conditions and obligations to be observed and performed by Borrowers thereunder and
        Borrowers shall perform in all material respects all of their duties and obligations thereunder, all in accordance with and pursuant to the terms and provisions of each such contract. Lender shall not have any obligation or liability under any
        contract by reason of or arising out of this Agreement or the granting to the Lender of a security interest therein or the receipt by Lender of any payment or rights pursuant hereto, nor shall Lender be required or obligated in any manner to
        perform or fulfill any obligations of Borrower under or pursuant to any contract, or to make any payment, or to make any inquiry as to the nature or the sufficiency of any payment received by it or the sufficiency of any performance by any
        third-party, or to present or file any claim, or to take any action to collect or enforce any performance or the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times.

    7.4          Accounts, etc. If an Event of Default shall occur and be
        continuing, Lender may notify the Trust Deed Trustee in connection with the assertion of Trust Deed remedies, and Lender may effectuate control of all of Borrower’s funds in its possession, in Lender’s reasonable discretion.

    7.5          Disposition of Collateral. If an Event of Default shall
        occur and be continuing, Lender and its agents are authorized to enter into or onto the Trust Properties for the purpose of securing and/or taking possession of such Collateral. Any notice of sale, disposition or other intended action by Lender,
        sent to Borrower’s Representative in accordance with this Agreement at least fifteen (15) days prior to such action, shall constitute reasonable notice to Borrowers and the Guarantor. Any proceeds of any disposition of any of the Collateral may be
        applied by Lender toward payment of such of the Loan in such order of application as the Lender may from time to time elect. Borrowers and the Guarantor shall remain liable for any deficiency if the proceeds of any sale or disposition of Collateral
        are insufficient to pay all amounts to which Lender is entitled; Borrowers and Guarantor also being liable for the reasonable fees actually incurred of any attorneys to collect such deficiency.

    7.6          Receiver. If an Event of Default shall occur and be
        continuing, Lender may apply by appropriate judicial proceedings for appointment of a receiver for the Collateral, or any part thereof, and Borrowers hereby acknowledge that, if an Event of Default shall occur and be continuing, Lender shall be
        entitled to appointment of a receiver as a matter of right.

    7.7          Performance of Borrower’s Obligations. If Borrowers
        shall fail to discharge any covenant, duty or obligation hereunder or under any of the other Loan Documents within the time specified (with allowance for cure periods, if applicable), resulting in the occurrence and continuance of an Event of
        Default, Lender may, in its reasonable discretion at any time, for Borrower’s account and at Borrower’s expense, pay any amount or do any act required of Borrowers hereunder or under any of the other Loan Documents or otherwise lawfully requested
        by Lender. All reasonable costs and expenses incurred by Lender in connection with the taking of any such action shall be reimbursed to Lender by Borrower within five Business Days after demand with interest at the Default Rate from such fifth
        Business Day after demand to the date of payment thereof. Any payment made or other action taken by Lender under this Section shall be without prejudice to any right to assert, and without waiver of, an Event of Default hereunder and without
        prejudice to Lender’s right to proceed thereafter as provided herein or in any of the other Loan Documents.

    
      

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    7.8          Exercise of Other Rights. If an Event of Default shall
        occur and be continuing, Lender may exercise any and all other rights or remedies afforded by any applicable laws or by the Loan Documents as Lender shall deem appropriate, at law, in equity or otherwise, including the right to bring suit or other
        proceedings, either for specific performance of any covenant or condition contained in the Loan Documents or in aid of the exercise of any right or remedy granted to Lender in the Loan Documents.

    7.9          Set-Off; Application of Collateral; Termination of
          Agreements. If an Event of Default shall occur and be continuing, Lender may offset and apply against the Loan in such order as determined by Lender in its sole discretion any and all Collateral in its possession, and/or any and all balances,
        credits, deposits, accounts, reserves, indebtedness or other moneys due or owing to a Borrower held by Lender hereunder or otherwise, whether accrued or not.

    7.10          Waivers. No waiver by Lender of any Event of Default
        shall be deemed to be a waiver of any other or subsequent Event of Default. No delay or omission by Lender in exercising any right or remedy under the Loan Documents shall impair such right or remedy or be construed as a waiver thereof or an
        acquiescence therein, nor shall any single or partial exercise of any such right or remedy preclude other or further exercise thereof, or the exercise of any other right or remedy under the Loan Documents or otherwise. Further, Borrowers agree that
        their joint and several liability shall not be affected by any renewal or extension in the time of payment of the Loan, or by any release or change in any security for the payment or performance of the Loan, regardless of the number of such
        renewals, extensions, releases or changes.

    7.11          Cumulative Rights. All rights and remedies available to
        Lender under the Loan Documents shall be cumulative and in addition to all other rights and remedies granted to Lender at law or in equity, whether or not the Loan is due and payable and whether or not Lender shall have instituted any suit for
        collection or other action in connection with the Loan Documents.

    ARTICLE VIII

      GENERAL TERMS

    The following shall be applicable throughout the term of this Agreement or thereafter as provided herein:

    8.1          Accounting Terms. Unless otherwise specified herein, all
        terms of an accounting character used in this Agreement shall be interpreted, all accounting determinations under this Agreement shall be made, and all financial statements required to be delivered under this Agreement shall be prepared in
        accordance with Liquidation GAAP, applied on a basis consistent with the most recent quarterly reporting delivered to Lender prior to the Closing Date.

    
      

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    8.2          Rights of Third Parties. All conditions of the Lender
        hereunder are imposed solely and exclusively for the benefit of Lender and its successors and assigns, and no other Person shall have standing to require satisfaction of such conditions or be entitled to assume that Lender will make advances in the
        absence of strict compliance with any or all thereof, and no other Person shall, under any circumstances, be deemed to be a beneficiary of this Agreement or the Loan Documents, any provisions of which may be freely waived in whole or in part by the
        Lender at any time if, in its sole discretion, it deems it desirable to do so.

    8.3          Borrowers and Guarantor are not Lender’s Agent. Nothing
        in this Agreement or any other Loan Documents shall be construed to make any Borrower or Guarantor the Lender’s agent for any purpose whatsoever, or Borrowers, Guarantor and Lender partners, or joint or co-venturers, and the relationship of the
        parties shall, at all times, be that of debtor and creditor.

    8.4          Loan Expense/Enforcement Expense. Borrowers agree to pay
        to Lender on demand all reasonable and documented out-of-pocket costs and expenses incurred by Lender in seeking to enforce Lender’s rights and remedies under this Agreement or other Loan Documents, including court costs, reasonable costs of
        alternative dispute resolution and reasonable out-of-pocket attorneys’ fees and costs, whether or not suit is filed or other proceedings are initiated hereon.

    8.5          Headings. The headings of the sections, paragraphs and
        subdivisions of this Agreement are for the convenience of reference only and shall not limit or otherwise affect any of the terms hereof.

    8.6          Invalid Provisions to Affect No Others. If performance
        of any provision hereof or any transaction related hereto is limited by law, then the obligation to be performed shall be reduced accordingly; and if any clause or provision herein contained operates or would prospectively operate to invalidate
        this Agreement in part, then the invalid part of said clause or provision only shall be held for naught, as though not contained herein, and the remainder of this Agreement shall remain operative and in full force and effect.

    8.7          Application of Interest to Reduce Principal Sums Due.
        All agreements between or among the Borrowers, the Guarantor and Lender are expressly limited so that in no contingency or event whatsoever, whether by reason of advancement of the proceeds hereof, acceleration of maturity of the unpaid principal
        balance hereof, or otherwise, shall the amount paid or agreed to be paid to Lender for the use, forbearance or detention of the money to be advanced hereunder exceed the highest lawful rate permissible under applicable usury laws (the “Highest
        Lawful Rate”). If from any circumstances whatsoever fulfillment of any provision hereof or of the Note or any Loan Document shall involve transcending the limit of validity prescribed by any law which a court of competent jurisdiction may deem
        applicable hereto, then, ipso facto, the obligation to be fulfilled shall be reduced to the limit of such validity, and, if from any circumstance Lender shall ever receive as interest an amount which would exceed the Highest Lawful Rate, such
        amount which would be excessive interest shall be applied to the reduction of the unpaid principal balance due hereunder and not to the payment of interest. This provision shall control every other provision of all agreements between or among the
        Borrowers, the Guarantors and Lender.

    8.8          Governing Law. The laws of the State of Florida
        (exclusive of its choice of law principles) shall govern the interpretation and enforcement of this Agreement; provided that (a) California law shall govern to the extent it is required to govern under the substantive laws and choice of law
        provisions of California as to attachment, perfection, priority and enforcement of Lender’s Liens and rights with respect to the Trust Properties and the Trust Deeds, and with respect to personal property Collateral governed by the California UCC,
        and Lender’s rights and remedies with respect to such Liens, and (b) Delaware law shall govern to the extent it is required to govern under the substantive laws and choice of law provisions of Delaware as to attachment, perfection, priority and
        enforcement of Lender’s Liens and rights with respect to personal property Collateral governed by the Delaware UCC, and Lender’s rights and remedies with respect to such Liens.

    
      

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    8.9          Number and Gender. Whenever the singular or plural
        number, masculine or feminine or neuter gender is used herein, it shall equally include the others and shall apply jointly and severally.

    8.10          Waiver. If Lender shall waive any provisions of the
        Loan Documents, or shall fail to enforce any of the conditions or provisions of this Agreement, such waiver shall not be deemed to be a continuing waiver and shall never be construed as such; and Lender shall thereafter have the right to insist
        upon the enforcement of such conditions or provisions. Furthermore, no provision of this Agreement shall be amended, waived, modified, discharged or terminated, except by instrument in writing signed by the parties hereto.

    8.11          Notices. All notices from the Borrowers to Lender and
        Lender to the Borrowers or Guarantors required or permitted by any provision of this Agreement shall be in writing and hand-delivered, or sent by registered or certified mail or nationally recognized overnight delivery service and addressed as
        follows:

    

    	
            To Lender:

          	
            City National Bank of Florida

          
	 	
            100 S.E. 2nd Street, 13th
              Floor

          
	 	
            Miami, Florida 33131

          
	 	
            Attention: Legal Department

          
	
            To Borrowers

          	 
	
            or the Guarantor:

          	
            c/o WB Propco, LLC

          
	 	
            14140 Ventura Boulevard, Suite 302

          
	 	
            Sherman Oaks, California 91423

          
	 	
            Attention: Frederick Chin, Chief Executive Officer

          

    

    

    Such addresses may be changed by such notice to the other party. Notice given as hereinabove provided shall be deemed given on the date of its deposit in
      the United States Mail and, unless sooner actually received, shall be deemed received by the party to whom it is addressed on the third calendar day following the date on which said notice is deposited in the mail, or if a courier system is used, on
      the date of delivery of the notice.

    8.12          Successors and Assigns. This
        Agreement shall inure to the benefit of and be binding on the parties hereto and their heirs, legal representatives, successors and assigns; but nothing herein shall authorize the assignment hereof by the Borrowers. Lender may sell, assign,
        transfer, negotiate or grant participations (in each case with Borrowers’ prior consent, which consent shall not be unreasonably withheld) in all or any part of, or any interest in, or any right or remedy under, the Obligations and the Loan
        Documents.

    
      

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    8.13          Stamp Taxes. Borrowers shall pay any and all taxes,
        charges, filing, registration and recording fees, excises and levies imposed upon Borrowers or Lender by reason of its interests in, or measured by amounts payable under, the Loan and/or the Note, this Agreement or any other Loan Document (other
        than income, franchise and doing business taxes). If Borrowers fail to make such payment within five days after notice thereof from Lender, Lender may (but shall not be obligated to) pay the amount due, and Borrowers shall reimburse Lender on
        demand for all such advances.

    8.14          General Indemnity. Borrowers indemnify and defend
        Lender and its owners, directors and officers, and their respective affiliates, heirs, successors and assigns (the “Indemnitees”) against, and hold the Indemnitees harmless from, any and all claims, demands, liabilities, obligations, losses,
        damages, penalties, actions, judgments, suits, awards, remedial response costs, expenses or disbursements of any kind or nature whatsoever (including reasonable out-of-pocket attorneys’, accountants’, auctioneers’, consultants’ or paralegals’ fees
        and expenses), which may at any time be imposed on, incurred by, or asserted against any Indemnitee in any way relating to or arising out of the administration, performance or enforcement by Lender of any of the Loan Documents or consummation of
        any of the transactions described therein; the existence of, perfection of a Lien upon or the sale or collection of or other realization upon any Collateral; or the failure of Borrowers to observe, perform or discharge any of its covenants or
        duties under any of the Loan Documents, in each case including any cost or expense incurred by any Indemnitee in connection with any investigation, litigation, arbitration, or other judicial or non-judicial proceeding whether or not such Indemnitee
        is a party thereto. Without limiting the generality of the foregoing, this indemnity shall extend to any indemnified claims instituted or asserted against or incurred by any of the Indemnitees under any environmental laws. Additionally, if any
        Taxes (excluding Taxes imposed upon or measured solely by the net income of Lender, but including any intangibles tax, stamp tax, recording tax or franchise tax) shall be payable by Lender on account of the execution or delivery of this Agreement,
        or the execution, delivery, issuance or recording of any of the other Loan Documents, or the creation or repayment of any of the Obligations hereunder, by reason of any applicable law now or hereafter in effect, Borrowers shall pay (or shall
        promptly reimburse Lender for the payment of) all such Taxes, including any interest and penalties thereon, and will indemnify and hold Indemnitees harmless from and against all liability in connection therewith. The foregoing indemnities shall not
        apply to indemnified claims incurred by any Indemnitee as a result of its own gross negligence, willful misconduct or actions by one Indemnitee against another Indemnitee. Notwithstanding anything to the contrary in any of the Loan Documents, the
        obligations of Borrowers with respect to each indemnity given by them in this Agreement or any of the other Loan Documents in favor of Lender shall survive payment in full of the Obligations.

    8.15          USA Patriot Act Notice. Lender
        hereby notifies Borrowers that pursuant to the requirements of the USA Patriot Act. Lender is required to obtain, verify and record information that identifies each Borrower, which information includes the name and address of each Borrower and
        other information that will allow Lender to identify Borrowers in accordance with the Patriot Act.

    8.16          Confidentiality. All information regarding the terms
        set forth in this Agreement and the other Loan Documents and all information furnished by Borrowers to Lender shall be kept confidential by the Lender and shall not be disclosed by the Lender, without the prior written consent of the Borrowers’
        Representative, to any Person except (a) to the Affiliates of such Lender or its or their respective directors, officers, employees, agents, advisors, attorneys, accountants and other representatives who are informed of the confidential nature of
        such information and instructed to keep it confidential, (b) to the extent requested by any regulatory authority, stock exchange, government department or agency, or required by Applicable Law, (c) to the extent required to be included in the
        financial statements of Lender or an Affiliate thereof, (d) to the extent required to exercise any rights or remedies under the Loan Documents, and (e) in the event the Lender is legally compelled to make disclosure pursuant to deposition,
        interrogatory, request for documents, subpoena, civil investigative demand or similar process by court order of a court of competent jurisdiction.

    
      

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    8.17          Counterparts, Facsimiles. This Agreement may be
        executed in counterparts and by manuscript or electronic signatures. Each executed counterpart of this Agreement will constitute an original document, and all executed counterparts, together, will constitute the same agreement. Any counterpart
        evidencing signature by one party that is delivered by facsimile or electronic means such as a PDF transmission by such party to the other party hereto shall be binding on the sending party when such facsimile is sent, and such sending party shall
        within ten (10) days thereafter deliver to the other parties a hard copy of such executed counterpart containing the original signature of such party or its authorized representative.

    8.18          WAIVER OF JURY TRIAL. LENDER, THE BORROWERS AND
        GUARANTOR EACH HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE THE RIGHT ANY SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT AND ANY AGREEMENT
        TO BE CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY UNDER OR IN RESPECT OF THIS AGREEMENT. THIS PROVISION IS A MATERIAL INDUCEMENT
        FOR LENDER ENTERING INTO THIS AGREEMENT.

    8.19          Waiver of Certain Rights. To the fullest extent
        permitted by applicable law, Borrowers hereby knowingly, intentionally and intelligently waive (with the benefit of advice of legal counsel of its own choosing): (a) any claim against Lender on any theory of liability, for special, indirect,
        consequential, exemplary or punitive damages arising out of, in connection with, or as a result of any of the Loan Documents, any transaction thereunder, the enforcement of any remedies by Lender or the use of any proceeds of any Loan; and (b)
        notice of acceptance of this Agreement by Lender.

    (Signatures appear on following page)

    
      

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    IN WITNESS WHEREOF, the Borrowers, jointly and severally, the Guarantor, and Lender, have each caused this Agreement to be authorized, executed and
      delivered on the date first above written.

    

    	 	
            BORROWERS:

          
	 	 	 
	 	
            WB PROPCO, LLC, a Delaware limited liability company

          
	 	 	 
	 	
            By:

          	/s/ Frederick Chin 
	 	Name:

          	
            Frederick Chin

          
	 	Title:

          	Chief Executive Officer
	 	 	 
	 	
            WB 141 S. CAROLWOOD, LLC, a Delaware  limited liability company

          
	 	 	 
	 	
            By:

          	/s/ Frederick Chin
	 	Name:	
            Frederick Chin

          
	 	Title:

          	Chief Executive Officer
	 	 	 
	 	
            LENDER:

          
	 	 	 
	 	
            CITY NATIONAL BANK OF FLORIDA

          
	 	 	 
	 	
            By:

          	/s/ [signature not legible]

          
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    
      

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    JOINDER OF GUARANTOR

    

    

    The undersigned as Guarantor hereby joins in and consents to the foregoing Loan and Security Agreement and affirm its representations and warranties made
      herein, and agrees to comply with all of the terms and conditions applicable to Guarantor herein.

    

    

      	 	
              GUARANTOR:

            
	 	 	 
	 	
              WOODBRIDGE WIND-DOWN ENTITY LLC, a Delaware limited liability company

            
	 	 	 
	 	
              By:

            	/s/ Frederick Chin

            
	 	 	
              Frederick Chin, Chief Executive Officer

            

    

    
      

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    EXHIBIT “A”

      CERTAIN DEFINITIONS

    In addition to capitalized terms as defined in the introductory paragraph or recitals, or elsewhere in this Agreement, as used in this
      Agreement the terms listed below shall have the following meanings:

    Advance(s): Disbursements of principal under the Loan at Closing and thereafter from time to time to the extent of the Loan Availability, pursuant to the terms and conditions of this
        Agreement and the other Loan Documents.

    Advance Date:  Defined in Section 2.9(c) hereof.

    Advance Period: Defined in Section 2.5 hereof.

    Affiliate: A Person (i) which directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control
      with, another Person; (ii) which beneficially owns or holds 10% or more of any class of the Equity Interests of a Person; or (iii) 10% or more of the Equity Interests with power to vote of which is beneficially owned or held by another Person or a
      Subsidiary of another Person. For purposes hereof, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of any Equity Interest,
      by contract or otherwise.

    

    

    Allocated Par Loan Value:  The amount set forth next to each listed Trust Property on Schedule 2.6 under the heading Allocated Par Loan Value, as such schedule
        may be amended from to time as provided herein).  The Allocated Par Loan Value with respect to the Carolwood Property (including the Carolwood Property Partition) and any Additional Property shall be the amount determined, in good faith, by the
        Borrowers and the Lender prior to the joinder thereof to this Agreement or in connection with any amendment to such Schedule 2.6 as provided under this Agreement; it being understood and agreed that the Allocated Par Loan Value of any Trust
        Property shall (other than with respect to such allocated amount in respect of the Carolwood Property at Closing) shall be determined as the pro rata amount for each Trust Property of 35% of the combined Appraised Values of such Trust Properties,
        such total Allocated Par Loan Values not to exceed $25,000,000.

    

    

    Appraisal: An appraisal of each Trust Property (i) ordered by Lender or Borrower in connection with (A) the Closing and the joinder of any Additional Borrower and its related Additional
        Property to the Loan Documents or (B) the extension of the Maturity Date as set forth in Section 2.5, (ii) prepared by a certified general appraiser licensed and in good standing in California and selected or approved by Lender, (iii) in compliance
        with all federal and state standards for appraisals, including applicable Governmental Requirements, (iv) reviewed and approved by Lender, and (v) in form and substance satisfactory to Lender based on its standards and practices applied in
        reviewing real estate appraisals and, with respect to Appraisals for any Additional Property, consistent with the standards and practices applied to the Appraisal on the Carolwood Property and any other Additional Property constituting a Trust
        Property.

    
      

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    Appraised Value: At the time of assessment, the then current “market value” of each Trust Property (and any Additional Property), as determined by an Appraisal on an “as is” basis.

    Business Day: Any day of the week, excluding Saturdays, Sundays, or a day on which Lender or Borrower is authorized or required
      to be closed for its regular business.

    "Capital Lease" shall mean, as to any Person, a lease of any interest in any kind of property or asset, whether real, personal
      or mixed, or tangible or intangible, by such Person, as lessee, that is, or should be, in accordance with Financial Accounting Standards Board Statement No. 13, as amended from time to time, or, if such statement is not then in effect, such statement
      of GAAP as may be applicable, recorded as a "capital lease" on the financial statements of such Person prepared in accordance with GAAP.

    "Capitalized Lease Obligations" shall mean, as to any Person, all rental obligations of such Person, as lessee under a Capital
      Lease which are or will be required to be capitalized on the books of such Person.

    Carolwood Property Partition:  With respect to the Carolwood Property, the process of “untying” the lots therein into three separate parcels and performing site preparations, grading, landscaping and
        associated construction in respect of the Carolwood Property and such partition.

    Closing (and Closing Date): The satisfaction of all conditions precedent hereunder and the initial funding of the Loan. The
      Closing Date will mean the date on which Closing occurs.

    Collateral: As defined in Section 3.1.

    Control Agreement: That certain deposit account control agreement relating to the Interest Reserve Fund and Interest Reserve Account, delivered by
      Borrowers to Lender, as the same may be amended, restated or replaced from time to time.

    

    

    Deed of Trust (or Trust Deed): The Deed of Trust, Assignment of Leases and Rents and Security Agreement encumbering each Trust
      Property (including any Additional Property), executed and delivered by the respective Borrowers (or Additional Borrowers) in favor of the Trust Deed Trustee for the benefit of Lender, as amended and/or replaced.

    Default: An event or condition the occurrence of which would, with the lapse of time or the giving of notice, or both, become
      an Event of Default.

    Default Rate: As defined in the Note.

    Distributions: In respect of any entity, (i) any payment of dividends or other distributions on or in respect of equity
      interests of the entity (except distributions in such equity interests) and (ii) any purchase, redemption or other acquisition or retirement for value of any equity interests of the entity or an Affiliate of the entity unless made contemporaneously
      from the net proceeds of the sale of equity interests, and (iii) distributions, directly or indirectly, of net sale proceeds of any assets by a Borrower to the Borrowers’ Representative, the Guarantor and/or Liquidation Trust.

    
      

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    Equity Interest: The interest of (i) a shareholder in a corporation, (ii) a partner (whether general or limited) in a
      partnership (whether general, limited or limited liability), (iii) a member in a limited liability company, or (iv) any other Person having any other form of equity security or ownership interest.

    ERISA: The Employee Retirement Income Security Act of 1974.

    Event of Default: Any event or condition described in Section 7.1 hereof, or any other act, omission, event, circumstance or
      condition described as an Event of Default in any other Loan Document. As used in the Loan Documents, references to an Event of Default that is continuing is intended to refer to an Event of Default that has not been made subject to a forbearance or
      similar agreement between Lender and Borrower and/or an Event of Default in response to which Lender has terminated Borrower’s right to Advances and/or accelerated maturity of the Loan.

    Excluded Property: Any (a) Borrower’s right, title or interest in any personal property assets (including any license, contract or agreement to which such Borrower is a party), the grant or
        perfection of a security interest in which would (i) require any governmental consent, approval, license or authorization that has not been obtained, or (ii) be prohibited by enforceable anti-assignment provisions of applicable law, except, in the
        case of this clause (ii), to the extent such requirement or prohibition would be rendered ineffective under the UCC or other applicable law notwithstanding such requirement or prohibition. (b) Commercial Tort Claims and (c) Deposit Accounts held at
        any other financial institution other than Lender.

    Financing Statements: The UCC financing statements naming Borrower as debtor and Lender as secured party, filed to perfect
      Lender’s Liens in, to, under and with respect to all Collateral in which perfection may be accomplished by filing a financing statement under the UCC.

    Governing Documents: With respect to any Person, its charter, certificate or articles of incorporation, bylaws, articles of
      organization, limited liability agreement, operating agreement, members agreement, shareholders agreement, partnership agreement, certificate of partnership, certificate of formation, trust agreement, voting trust, or similar agreement or instrument
      governing the formation or operation of such Person.

    Governmental Authority: Any governmental or quasi-governmental authority, agency, authority, board, commission, or governing
      body authorized by federal, state or local laws or regulations as having jurisdiction over the Lender, Borrower, the Guarantors, their respective businesses, or any Collateral.

    Governmental Requirements: Any statutes, constitutional provisions, rules, regulations or orders promulgated, adopted or
      entered by any Governmental Authority which apply to Lender, the Borrowers, the Guarantor, the Loan, the Trust Properties, or the other Collateral, including all orders and decrees of all courts and arbitrators in proceedings or actions affecting any
      of the Parties, their businesses, the Loan, the Trust Properties or other Collateral, or a Borrower’s or Lender’s rights and remedies under the Loan Documents.

    Guarantor:  Woodbridge Wind-Down Entity LLC, a Delaware limited liability company.

    Guaranty: That certain Guaranty and Subordination Agreement dated as of the Closing Date, executed and delivered by the
      Guarantor to and in favor of Lender.

    
      

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    Improvements: The buildings and other improvements at the Trust Properties, and all additions thereto and replacements and extensions thereof, now constructed or hereafter to be constructed
        or installed within, at, on, under or above the Trust Properties, and including all Fixtures (as defined in the Trust Deeds), and all landscaping, paths of travel and driveways, and all building and mechanical systems, including heating,
        ventilation and air conditioning systems and plumbing and electrical or wireless systems, utility connections and infrastructure, and other rights and interests upon, at, within or servicing the Trust Properties.

    Lien: Any encumbrance on or interest in property securing an obligation owed to or a claim by a Person, whether such interest
      is based on common law, statute or contract.

    Liquidation Trust: As defined in the Recitals.

    Liquidation Trustee: The appointed trustee for the Liquidation Trust.

    Liquidation GAAP: The liquidation basis of accounting under United States generally accepted accounting principles consistently
      applied.

    Loan: The loan facility made by Lender to and for the benefit of the Borrowers as provided for in this Agreement.

    Loan Availability (or Loan
          Availability Amount): The basis for Advances and the borrowing limit governing the amount of principal that may be borrowed and remain outstanding at any time
        under the Loan, in an amount equal to the lesser of (a) the aggregate Allocated Par Loan Values of the Trust Properties (including any Additional Property if, as and when it becomes a Trust Property), and (b) $25,000,000; provided that such amount
        may be increased to not more than $30,000,000 if approved by Lender in its sole and absolute discretion, as described in Section 2.1  (c), and if at least one Additional Borrower and the related Additional Property are joined hereunder, based on
        the Allocated Par Loan Values as adjusted pursuant to this Agreement. Notwithstanding the foregoing, the Loan Availability (or Loan Availability Amount) will not be lower than $100,000 during the Joinder Option Period as described in Section
        2.8(h).

    Loan Costs: Any or all of the following: (a) Taxes and insurance premiums or other expenses required for Trust Property maintenance or repairs,
      required to be paid by Borrower under the Trust Deed or any Loan Documents, and which are instead paid by Lender in accordance with the terms thereof; (b) documentary stamp and intangibles taxes payable by the Lender in connection with the Loan and
      the Loan Documents; (c) documented out-of-pocket filing, recording, and search fees paid or incurred by Lender, including all recording taxes; (d) late fees imposed under the Loan Documents; (e) fees or expenses advanced by Lender as a protective or
      future advance under the Loan Documents but only to the extent constituting an expense in connection with the Loan and not an Advance of principal under the Loan; and (f) the reasonable and documented out-of-pocket costs, fees (including reasonable
      out-of-pocket attorneys’, paralegals’, auctioneers’ appraisers’ or other consultants fees) and expenses incurred by Lender (i) subject to Section 6.19, to inspect, copy, audit or examine any of Borrowers’ or Guarantor’s books and records, or inspect,
      count or appraise any Trust Property (limited to due diligence costs of $500 and legal costs of $500), (ii) to correct any default or enforce any provision of any of the Loan Documents, whether or not litigation is commenced, (iii) following an Event
      of Default, in gaining possession of, maintaining, handling, preserving, insuring, storing, shipping, preparing for sale, advertising for sale, selling or foreclosing a Lien upon any of the Collateral, whether or not a sale is consummated, (iv) in
      collecting accounts or recovering any of the Obligations, or (v) in structuring, drafting, reviewing or preparing any amendment, modification or waiver of any of the Loan Documents or in defending the validity, priority or enforceability of Liens.

    

    

    
      

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    Loan Documents: Any and all documents evidencing, securing, or executed in connection with the Loan, including, without limitation, this Agreement,
      the Note, the Trust Deeds, the Guaranty, the Control Agreement, the Security Agreement, UCC Financing Statements, and other Loan Documents identified in the closing checklist referenced in Article IV, all as may be supplemented, amended, restated or
      replaced from time to time.

    

    

    Material Adverse Effect: Any event, condition, action, omission or circumstance, which, alone or when taken together with other events, conditions,
      actions, omissions or circumstances occurring or existing concurrently therewith, (a) has a material adverse effect upon a Borrower’s or a Guarantors’ business, operations, properties or financial condition taken together; (b) has or could be
      reasonably expected to have any material adverse effect upon the validity or enforceability of the Loan Agreement or any of the other Loan Documents; (c) materially impairs Borrowers’ or Guarantor’s (as a whole) ability to perform their obligations
      under any of the Loan Documents, including repayment of any of the Obligations when due; or (d) materially impairs or delays Lender’s ability to enforce or collect the Obligations or realize upon any of the Collateral in accordance with the Loan
      Documents or applicable law.

    

    

    Maturity Date:  June 19, 2022 or June 19, 2023 if extended pursuant to Section 2.5, unless an Event of Default results in acceleration of the
      Maturity Date.

    

    

    Monthly Payment(s): As defined in Section 2.6 and in the Note.

      

      

    Note: That certain Secured Promissory Note dated as of the Closing Date made by the Borrower to the order of Lender in the face principal amount of
      the Loan, as the same may be amended, restated, modified or replaced from time to time.

    

    

    Obligations: Repayment of the Loan, and payment of all debts, obligations, covenants and duties now or at any time or times hereafter owing by
      Borrowers or the Guarantor to Lender, of any kind and description with respect to or evidenced by any of the Loan Documents, whether direct or indirect, absolute or contingent, due or to become due, or joint or several, including the principal of and
      interest on all outstanding Advances, and amounts due or becoming due in respect of late charges, if any, and all indemnification obligations of Borrowers or the Guarantor under the Loan Documents, and all obligations of the Borrowers or Guarantor to
      reimburse Lender in connection with any and all costs and expenses in connection with the Loan.

    

    

    Ordinary Course of Business: With respect to Borrowers, the ordinary course of Borrower’s business, as presently conducted in accordance with past
      practices and undertaken by Borrower in good faith and not for the purpose of evading any covenant or restriction in any Loan Document.

    

    

    
      

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    Permitted Liens:  (a) Liens in favor of the Lender, (b) liens for taxes or any claim of lien for labor or materials (i) not yet delinquent, (ii)
      being Properly Contested or (iii) if recorded against the Borrower or any Trust Property, so long as such lien is removed by payment or transferred to substitute security in the manner provided by law within sixty (60) days after it is recorded in
      accordance with applicable law, (c) easements, rights-of-way, limitations, zoning restrictions and other similar charges or encumbrances recorded against the Trust Property as identified in the Title Policy insuring the Deed of Trusts, (d) Liens
      arising in connection with Capitalized Lease Obligations (and attaching only to the property being leased); (e) rights of set-off, bankers’ liens or similar rights and remedies upon deposit accounts other than those established with Lender and liens
      of a collecting bank other than Lender on payment items in the course of collection; (f) deposits and pledges of cash securing (i) obligations incurred in respect of workers’ compensation, social security or similar laws, or in respect of
      unemployment insurance or other forms of governmental insurance or benefits, (ii) the performance of bids, tenders, leases, contracts (other than contracts for borrowed money) and statutory obligations or (iii) obligations on surety or appeal bonds
      and other obligations of like nature; (g) liens that may arise from precautionary Uniform Commercial Code financing statements that do not adversely affect Lender’s first priority Lien rights, and (h) any other Liens that do not encumber the Trust
      Properties or proceeds deriving therefrom so long as they are subordinate in priority to the Lender’s Liens, or bonded, insured, removed or replaced, as permitted pursuant to the terms of the Loan Documents.

    

    

    Person: A natural person, a partnership, a joint venture, an unincorporated association, a limited liability company, a corporation, a trust, any
      other legal entity, or any Governmental Authority.

    

    

    Properly Contested: In the case of any Taxes or other obligation that is not paid as and when due or payable by reason of a bona fide dispute
      concerning liability to pay same or concerning the amount thereof, (i) such obligation is being properly contested in good faith by appropriate proceedings promptly instituted and diligently conducted; (ii) appropriate reserves are established for
      the contested obligation as shall be required in conformity with Liquidation GAAP; (iii) no Lien is imposed upon any Trust Property unless such Lien is at all times subordinate in priority to the Liens of Lender (except only with respect to Taxes
      that have priority as a matter of applicable law) and enforcement of such Lien is stayed during the period prior to the final resolution or disposition of such dispute; and (iv) if the obligation results from, or is determined by the entry, rendition
      or issuance against any Borrower of a judgment, the enforcement of such judgment is stayed pending a timely appeal or other judicial review.

    

    

    Public Records: The recording office for deeds, trust deeds or other instruments affecting title to real property in Los Angeles, California.

    

    

    Release Price:  The amount set forth next to each Trust Property on Schedule 2.6 under the heading Release Price (as such schedule may be amended from to time in connection
        with the joinder of any Additional Borrower and the related Additional Property).  It is understood and agreed that the Release Price shall be calculated as 110% of the Allocated Par Loan Value attributed to the Trust Property.

    

    

    
      

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    Security Agreement: That certain Security Agreement dated as of the Closing Date from Borrowers in favor of Lender, as the same may be amended, restated, modified or replaced from time to time.

    

    

    Subordinated Obligations: The payment obligations or liabilities comprehended within the provisions set forth in Section 6.15, subject to the
      allowance for Distributions pursuant to Section 6.15.

    

    

    Subsidiary and Subsidiaries: With respect to any Person, each and all corporations, partnerships, limited partnerships, limited liability companies,
      limited liability partnerships, joint ventures or other entities of which or in which such Person owns, directly or indirectly, such number of outstanding capital securities as have more than fifty percent (50%) of the ordinary voting power for the
      election of directors or other managers of such entity.

    

    

    Taxes: Any present or future taxes, levies, imposts, duties, fees, assessments, deductions, withholdings or other charges of whatever nature,
      including income, receipts, excise, property, sales, use, transfer, license, payroll, withholding, social security and franchise taxes now or hereafter imposed or levied by the United States or any other governmental authority and all interest,
      penalties, additions to tax and similar liabilities with respect thereto, but excluding, in the case of Lender, taxes imposed on or measured by the net income or overall gross receipts of Lender.

    

    

    Term: The period of time from the Closing Date through the Maturity Date.

    

    

    Title Policy: Borrower’s (as beneficiary under the Trust Deed) ALTA Loan Policy of Title Insurance insuring the Trust Deed, and any endorsement or replacement to be provided to Lender in connection with Additional
        Properties, with such endorsements as may be required by Lender.

    

    

    Trust Deed Trustee:  The trustee appointed by the Deed of Trust, or its successor in such capacity.

    

    

    Trust Property(ies):  The Carolwood Property and with respect to any Additional Properties, the real property and improvements, in each case as encumbered by a Trust Deed.

    

    

    UCC: The Uniform Commercial Code (or any successor statute), as adopted and in force in Delaware, Florida or California, as the context may require
      or when the laws of any other state govern the method or manner of the perfection or enforcement of any security interest in any of the Collateral, the Uniform Commercial Code (or any successor statute) of such state. Any term used in this Agreement
      and in any financing statement filed in connection herewith which is defined in the Code and not otherwise defined in this Agreement or in any other Loan Document has the meaning given to the term in the Code.

    

    

    USA Patriot Act: means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (PATRIOT) Act of 2001 (Title III of Pub. L. 107-56, Oct. 26, 2001)) as amended by
        the USA Patriot Improvement and Reauthorization Act of 2005 (Pub. L. 109-177, March 9, 2006) and as the same may have been or may be further renewed, extended, amended, or replaced.

    

    

    
      

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    All other capitalized terms used in the Loan Agreement and not otherwise defined therein shall have, when the context so indicates, the meanings provided
      for by the UCC. Without limiting the generality of the foregoing, the following terms shall have the meanings given to them in the UCC: Account, Account Debtor, Chattel Paper, Commercial Tort Claim, Deposit Account, Document, Electronic Chattel
      Paper, Equipment, Fixtures, Goods, General Intangible, Instrument, Inventory, Investment Property, Letter-of-Credit Right, Payment Intangible, Security, Securities Account, and Software.

    
      

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    EXHIBIT B

    FORM OF ADDITIONAL BORROWER JOINDER

    

    

    ASSUMPTION AGREEMENT AND JOINDER

    THIS ASSUMPTION AGREEMENT AND JOINDER  (“Agreement” or “Joinder [No. 1”]) is made, entered into and effective as of this
      __ day of _______, 20__ (“Amendment Date”), by and among (a) as co-Borrowers, (i) WB PROPCO, LLC, a Delaware limited liability company (“WB Propco”), [(ii) WB 141 S. CAROLWOOD, LLC, a Delaware limited liability company (“WB Carolwood”)],

      and (iii) ____________________ (“_____”; and collectively, with WB Propco [and WB Carolwood], each a “Borrower” and collectively the “Borrowers”), jointly and severally, and (b) as Guarantor, WOODBRIDGE WIND-DOWN ENTITY, LLC, a Delaware
      limited liability company (“WWDE” or “Guarantor”), and (c) as  Lender, CITY NATIONAL BANK OF FLORIDA, a national banking association (“Lender”).

    

    

    Preliminary Statement

    

    

    A.          WP Propco and its Affiliate, WB 141 S.
        Carolwood, LLC [WB Carolwood], as Borrowers, and the Guarantor, and the Lender, are parties to a Loan and Security Agreement dated as of June 19, 2020 (the “Base Agreement”; and as amended by this Joinder No. 1, the “Loan Agreement”).

    B.          As provided in the Base Agreement, Lender
        made available to the Borrowers, jointly and severally, the Loan in a principal amount initially of up to $25,000,000, and subject to the Loan Availability Amount. The Borrowers’ joint and several liability for the Loan are further evidenced by the
        Note and the other Loan Documents. The Loan was secured initially by the Trust Deed encumbering the Carolwood Property and all of the Collateral.

    C.          [The Carolwood Property Partition has been completed.  As a
        result, the Carolwood Property now consists of three separate subdivided or re-platted parcels, referred to as “Carolwood Parcel 1”, “Carolwood Parcel 2”, and “Carolwood Parcel 3”, respectively, each as legally described in the
        Restated Carolwood Trust Deed (defined below). / The Carolwood Property (or Carolwood Parcel 1, Carolwood Parcel 2 or Carolwood Parcel 3) has been sold and released as a Trust Property, and WB Carolwood has been released as a co-Borrower pursuant
        to Section 2.8 (c) of the Base Agreement].

    

    

    D.          As provided in Sections 2.1 (c) and 2.8 of the Base Agreement,
        from time to time during the Advance Period, WP Propco may elect to cause an Additional Borrower (or more than one) to join in and assume the Loan as a new co-Borrower(s), in which case the Additional Property owned by the Additional Borrower will
        be deemed to be Trust Property upon execution of an Additional Borrower Joinder and a Deed of Trust, whereupon the Loan Availability Amount will be adjusted based on the Allocated Par Loan Value of the Additional Property then constituting a Trust
        Property.

    

    

    
      

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    E.          WB Propco has identified its Affiliate, __________, to join in
        the Loan as an Additional Borrower.  _____ owns fee simple title to the real property and improvements located at _______ (the “____ Property”), which is to be encumbered by a Trust Deed and serve as an Additional Property.  To effectuate
        _____’s inclusion as an Additional Borrower, and its joint and several assumption of the Loan and joinder in and to the Loan Documents as a co-Borrower, the Parties have agreed to enter into this Agreement, which constitutes an Additional Borrower
        Joinder as defined in Section 2.8 (e) of the Base Agreement.

    

    

    F.          Based on the adjusted Loan Availability Amount as reflected in Schedule

          2.6 (as amended and restated), Borrowers may request and Lender will make Advances, in accordance with the terms and conditions set forth in Section 2.9 of the Base Agreement.

    

    

    NOW, THEREFORE, for and in consideration of the foregoing premises and for other good and valuable consideration, the receipt and adequacy of which are
      hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

    

    

    1.          Agreement and Amendment.  This Joinder [No. 1]
        supplements and is cumulative and in addition to the Base Agreement and the Loan Documents entered into prior to the Amendment Date. The provisions of this Joinder [No. 1] nevertheless shall govern and control over conflicting or inconsistent
        provisions in the Base Agreement and in the Loan Documents as in effect prior to the Amendment Date, but except as expressly modified by this Joinder [No. 1], all provisions of the Base Agreement and other Loan Documents remain unmodified and in
        full force and effect.  Borrowers (meaning WP Propco and ______) each acknowledge, ratify, reaffirm, confirm, and agree to all of the terms, covenants and conditions of the Base Agreement and all Loan Documents, as amended by this Joinder [No. 1].

    

    

    2.          Defined Terms. Capitalized terms used in this Joinder No.
        1 and not otherwise defined or redefined herein shall have the meanings given to them in the Base Agreement, and all such defined terms are deemed incorporated herein by this reference.  References to the Loan Agreement and/or any Loan Documents
        shall be deemed to include this Joinder No. 1 in addition to the other Loan Documents as in effect prior to the Amendment Date.

    

    

    3.          Loan Estoppel.  For purposes of clarification and
        avoidance of doubt, as of ______  __, 20__, Borrowers jointly and severally owed outstanding principal in respect of the Loan as reflected in Schedule 3, together with interest; and such amounts and all Obligations are payable to the order
        of Lender without offset, claims, counterclaims or defenses.

    

    

    4.          Assumption and Joinder.

    

    

    (a)          In consideration of the Base Agreement and the Loan, and for
        other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, __________, intending to be legally bound, hereby assumes effective on the Amendment Date the full and timely payment and performance of the Loan and
        primary and continuing full-recourse personal liability as a Borrower, jointly and severally with [WB Propco/the other Borrowers], for all of the Borrowers’ covenants and agreements set forth in the Base Agreement and other Loan Documents and for
        all Obligations.

    

    

    
      

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    (b)          To further evidence and provide for its assumption of and joint
        and several liability for the Loan and Obligations, on or before the Amendment Date, ________ shall have taken and caused to be taken all necessary action under its Governing Documents, as appropriate, to approve and ratify this Agreement, the Base
        Agreement as amended hereby, and the other Loan  Documents, and _____ and [the other Borrowers] shall execute and deliver to the order of Lender an Amended and Restated Secured Promissory Note evidencing the Loan as amended hereby (“Restated
          Note”), and other agreements, certificates and financing statements as required by Lender in connection with this Agreement (collectively, together with this Agreement, the “Assumption Documents”).  Without limiting the foregoing, the
        Assumption Documents include a Trust Deed encumbering the ___ Property, which is or is to be recorded in the Public Records.

    

    

    (c)          ___________ agrees to be bound by all of the terms, conditions,
        provisions, covenants and agreements of or applicable to a Borrower under the Loan Documents. ______  is automatically and for all purposes hereby made and confirmed a co-Borrower, and a Party (as Borrower) to all of the Loan Documents, bound by
        all provisions of the Loan Documents applicable to a Borrower as fully as if it were an original signatory to the Base Agreement, other than representations, warranties or covenants applicable specifically to WB Carolwood or the Carolwood Property
        (collectively, “Excluded Carolwood Provisions”).

    

    

    (e)          _______  (i) represents and confirms that it and its member and
        manager, and their respective partners, officers, directors and shareholders, each have received and reviewed with counsel of their choice, true, correct and complete copies of this Agreement, the Base Agreement, and the other Loan Documents; (ii)
        accepts and consents to the terms of this Agreement, the Base Agreement and the other Loan Documents (including as amended hereby) and the transactions provided for herein and therein; (iii) represents, warrants, acknowledges and agrees that it
        receives and has received material benefit and valuable consideration as a result of the Loan and the transactions provided for under the Loan Documents; and (iv) hereby ratifies, affirms, joins in and adopts the Loan Documents and all of the
        terms, provisions, agreements, conditions, covenants, waivers and undertakings contained in any of the Loan Documents (as applicable to a Borrower, as amended hereby or by any of the Assumption Documents), but excluding the Excluded Carolwood
        Provisions.

    

    

    5.          Additional Property.  To further secure and evidence and
        confirm the securing of the prompt and complete payment and performance by the Borrowers, jointly and severally, of the Loan and all of the Obligations, for value received, ______ assigns, pledges and grants to Lender a continuing first priority
        Lien in and to the ____ Property, and all rights and interests of _____ comprising the Collateral, whether now existing or hereafter acquired.  _____ will coordinate with the Title Company and Trust Deed Trustee, and with Lender, to cause the Trust
        Deed encumbering the ___ Property to be recorded in the Public Records and a Title Policy to be issued in favor of Lender, subject to Permitted Liens approved by Lender prior to the Amendment Date.  Lender is authorized to file Financing Statements
        identifying ___ as a Borrower, and the Collateral pledged and assigned by ______.

    

    

    6.          [Release of WB Carolwood.  Lender acknowledges receipt of
        the Mandatory Repayment Amount required to have been paid in connection with closing of sale of the Carolwood Property, in consideration of which and as provided in the Base Agreement, WB Carolwood has been fully, finally and irrevocably released
        of its in personam liability as a Borrower.  Notwithstanding such release, WB Propco and the other Borrowers are and shall remain jointly and severally liable as Borrowers and subject to all covenants, conditions, agreements, undertakings and other
        Obligations set forth in the Loan Documents, except as relate directly to the Excluded Carolwood Provisions.]

    

    

    
      

      41

      
        

      

    

    7.          Allocated Par Loan Value and Release Prices; Loan
          Availability Amount.  In connection with [the sale of the Carolwood Property] and the payment of the Mandatory Payment Amount associated therewith, and the inclusion of ___ as an Additional Borrower and the ___ Property as an Additional
        Property, Borrowers and Lender, working in good faith, have amended and restated Schedule 2.6 of the Base Agreement to set forth the Allocated Par Loan Values and Release Prices for the Additional Property and the [remaining] [other] Trust
        Properties.  Such amended and restated Schedule 2. 6 is attached hereto as Exhibit A and is incorporated within and made a part of the Loan Agreement as new Schedule 2.6.  Based on new Schedule 2.6, the Loan Availability Amount as
        in effect from and after the Amendment Date is as reflected in Exhibit B hereto.

    

    

    8.          No Novation. The
        Parties acknowledge, confirm and agree that the Assumption Documents and ______’s assumption of the Loan and Obligations, shall in no way adversely affect the Lien, or perfection or priority of Lien, of Lender in and to any Collateral, and are not
        intended to constitute, and do not constitute or give rise to, any novation, cancellation or extinguishment of any of the Borrowers’ Obligations; it being the intention of the Parties that the transactions provided for or contemplated herein shall
        be effectuated without any interruption in the value given to Borrowers pursuant to the Loan Agreement, or the Borrowers’ joint and several Obligations, or in the continuity of the attachment, priority and perfection in favor of Lender in and to
        all of the Collateral.

    

    

    9.          Amendment; Tax.   If any documentary stamp taxes are
        determined to be due and payable in respect of this Agreement or the Restated Note or any Assumption Documents, Borrowers shall be responsible for such payment, together with any penalties or late charges.

    

    

    10.          Conditions Precedent.  Lender’s agreement to enter into
        and accept this Joinder No. 1 is conditioned on the following:

    

    

    (a)          Lender shall have received from Borrowers this Agreement, and
        originals or counterpart originals of the Assumption Documents together with the Title Policy (or marked commitment therefor) relating to the Trust Deed for the ___ Property.

    

    

    (b)          The representations and warranties contained in this Agreement,
        the Base Agreement and in the other Credit Documents, shall be true and correct in all material respects [(except with respect to Excluded Carolwood Provisions affected by the sale of the Carolwood Property and release of WB Carolwood as a
        Borrower)], and all covenants and agreements to have been complied with and performed by Borrowers shall have been fully complied with and performed to Lender’s satisfaction.  No Event of Default shall exist immediately prior to the closing hereof,
        or after giving effect to such closing, immediately after the making of any Advance requested in connection with such closing.

    

    

    
      

      42

      
        

      

    

    (c)          Borrowers shall have delivered to Lender, to the extent not
        previously delivered, ______’s Governing Documents, and the other due diligence materials identified by Lender.

    

    

    11.          Additional Representations and Warranties. 
        _____________ adopts and affirms as its own the representations and warranties of Borrowers as set forth in the Base Agreement and the other Loan Documents, and the Borrowers collectively hereby reaffirm, restate and incorporate by this reference
        all of their respective representations, warranties and covenants made in the Base Agreement (including as amended hereby), as if the same were made as of the Amendment Date and with reference to the Base Agreement and Loan Documents as amended
        hereby.  In addition, each Borrower, severally, represents and warrants as follows:

    

    

    (a)          Borrower is a Delaware limited liability company, duly
        organized and in current good standing as such under Delaware law, and Borrower is qualified to transact business in the State of California.  WWDE is Borrower’s sole member.

    

    

    (b)          This Agreement has been duly authorized by the Borrowers, and
        is the legal, valid and binding Obligation of the Borrowers, jointly and severally, enforceable against each and all of them in accordance with its terms.

    

    

    (c)          The execution, delivery and performance of this Agreement and
        the transactions contemplated hereby does not and will not result in any breach of, or constitute a default under, or result in the creation of any Lien, charge or encumbrance upon the Collateral (except in favor of Lender), or pursuant to any
        provision of law, or any indenture, agreement or instrument to which any Borrower may be bound or affected.

    

    

    (d)          No Event of Default has occurred and is continuing.

    

    

    12.          Further Assurances. Borrowers will execute and deliver,
        or cause to be executed and delivered, such other and further agreements, documents, instruments, certificates and assurances as in Lender’s reasonable judgment, exercised in good faith, may be necessary or appropriate to more effectively evidence
        or secure, and to ensure the performance of, the Obligations.

    

    

    13.          Guarantor Acknowledgment. Guarantor acknowledges and
        consents to this Agreement and to _____’s joinder as an additional Borrower. By executing and delivering this Agreement, Guarantor reaffirms and incorporates all of its representations, warranties and covenants as set forth in the Base Agreement.

    

    

    14.          Counterparts; Amendments.  This Agreement may be
        executed in counterparts and by manuscript or electronic signatures. Each executed counterpart of this Agreement will constitute an original document, and all executed counterparts, together, will constitute the same agreement. Any counterpart
        evidencing signature by one party that is delivered by facsimile or electronic means such as a PDF transmission by such party to the other party hereto shall be binding on the sending party when such facsimile is sent, and such sending party shall
        within ten (10) days thereafter deliver to the other parties a hard copy of such executed counterpart containing the original signature of such party or its authorized representative. This Agreement may not be amended except by written instrument
        signed by the Parties.

    

    

    
      

      43

      
        

      

    

    15.          Governing Law.  The laws of the State of Florida
        (exclusive of its choice of law principles) shall govern the interpretation and enforcement of this Agreement; provided that (a) California law shall govern to the extent it is required to govern under the substantive laws and choice of law
        provisions of California as to attachment, perfection, priority and enforcement of Lender’s Liens and rights with respect to the Trust Properties and the Trust Deeds, and with respect to personal property Collateral governed by the California UCC,
        and Lender’s rights and remedies with respect to such Liens, and (b) Delaware law shall govern to the extent it is required to govern under the substantive laws and choice of law provisions of Delaware as to attachment, perfection, priority and
        enforcement of Lender’s Liens and rights with respect to personal property Collateral governed by the Delaware UCC, and Lender’s rights and remedies with respect to such Liens.

    

    

    16.          Severability.  If any provision or portion of this
        Agreement is found by a court of competent jurisdiction to be unenforceable, invalid or illegal, the validity of all other terms of this Agreement shall in no way be affected thereby.

    

    

    17.          Section Headings; Interpretation.  Section headings have
        been inserted in this Agreement as a matter of convenience of reference only; such headings are not part of the Agreement and shall not be used in the interpretation of this Agreement. The words “herein”, “hereunder”, “hereof” and words of similar
        import shall refer to this Agreement as a whole and not to any particular paragraphs or sections herein.

    

    

    18.          Notices.  The provisions of Section 8.11 of the Base
        Agreement are unchanged. Notices to _______ will be provided in care of WB Propco at the address and by the means set forth in such Section 8.11.

    

    

    19.          WAIVER OF JURY TRIAL. BORROWERS, GUARANTOR AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION OR DISPUTE BASED HEREON OR
          ARISING OUT OF OR UNDER OR IN CONNECTION WITH ANY OF THE LOAN DOCUMENTS, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, ORAL OR WRITTEN STATEMENT OR ACTIONS OF ANY OF THE PARTIES. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER TO ENTER INTO
          THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.

    

    

    [remainder of page intentionally left blank]

    
      

      44

      
        

      

    

    [counterpart signature page]

    

    

    IN WITNESS WHEREOF, the Parties have duly executed and delivered this Agreement as of the Amendment Date first above written.

    

    

    	 	
            BORROWERS:

          
	 	 	 
	 	
            WB PROPCO, LLC, a Delaware limited liability company

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 
	 	 	 
	 	
            WB 141 S. CAROLWOOD, LLC, a Delaware limited liability company

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 
	 	 	 
	 	
            WB  ____________, LLC, a Delaware  limited liability company

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 
	 	 	 
	 	 	 
	 	
            GUARANTOR:

          
	 	
            WOODBRIDGE WIND-DOWN ENTITY LLC, a Delaware limited liability company

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 
	 	 	 
	 	
            LENDER:

          
	 	 	 
	 	
            CITY NATIONAL BANK OF FLORIDA

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    

    
      

      45

      
        

      

    

    EXHIBIT C

    
      ADVANCE REQUEST FORM

    

    

    

    	
            DATE:

          	
            June __, 2020

          
	 	 
	
            TO:

          	
            Loan Administration

          
	 	
            Fax: __________________

          
	 	 
	
            FROM:

          	
            WB Propco, LLC & WB 141 S. Carolwood, LLC

          
	 	
            Loan Number:  [____________________]

          
	 	
            Fax Number:   __________________

          

    
      
        

    

    

    

    In accordance with the Loan and Security Agreement dated as of June 19, 2020 (“Loan Agreement”) by and among City National Bank of Florida as Lender, and WB Propco, LLC and WB 141 S. Carolwood, LLC as Borrowers, jointly and severally, Borrowers hereby request an Advance under the Loan as follows:

    

    

    Amount:          $_____________, for deposit into Borrowers’ Representative’s operating account
        number:  _____________________

    Expected Advance Date:_________________

    

    

    The undersigned manager for and on behalf of Borrower’s Representative hereby confirms that the requested Advance is in compliance with all covenants and conditions of the
      Loan Agreement.  Borrowers understand that the requested Advance is subject to Lender’s final approval and determination that the Loan and this Advance are in compliance with all conditions and covenants.

    

    

    WB Propco, LLC, a Delaware limited liability company,

    As a Borrower and Borrowers’ Representative

    

    

    __________________________________

    Authorized Signature

    

    

    
      CONFIRMATION

    

    

    

    ☐          Your advance request has been approved.  Account credited as of 

    _____________________________.

    ☐          We are unable to process your advance request.  Please contact your account officer, __________________________ at ______________________________________.

     

    

    	
            BANK USE ONLY

          	
            PROCESSED BY:

          	
            OVRD:

          	
            COMMENTS:

          

    

    

    

    

    

    

    
      

      46

      
        

      

    

    Schedule 4.1

    

    

    CITY NATIONAL BANK OF FLORIDA

      CLOSING CHECKLIST

    (Woodbridge Wind Down)

    Updated June 17, 2020

    

    

    	
            Lender:

          	
            City National Bank of Florida

          
	 	 
	
            Borrowers:

          	
            WB Propco, LLC

          
	 	
            WB 141 S. Carolwood, LLC

          
	 	 
	
            Guarantor:

          	
            Woodbridge Wind-Down Entity LLC

          
	 	 
	
            Loan:

          	
            $25,000,000 Line of Credit

          

    

    

     “X” = Completed/Approved          “B” = Borrower               “L”= Lender           “LC” =
        Lender’s Counsel

    “NA” = Not Applicable/Not Required          “*” = Received, but not approved          “BC” =
        Borrower’s Counsel

    

    

    I.          DUE DILIGENCE

    

    

    

    

    	
            Item

          	
             

            

            Responsible Party

             

            

          	
            Status

          
	 	
            WB Propco, LLC

          	
            B/BC

          	 
	 	
            Certificate of Formation (and amendments)

          	 	
            Rec’d 9814751

          
	 	
            LLC Operating Agreement

          	 	
            Rec’d 9818405

          
	 	
            Tax I.D. Number

          	 	 
	 	
            DE Good Standing Certificate

          	 	
            Rec’d 9814753

          
	 	
            CA Certificate of Status

          	 	
            Rec’d 9814764

          
	 	 	 	 
	 	
            WB 141 S. Carolwood, LLC

          	 	 
	 	
            Certificate of Formation (and amendments)

          	 	
            Rec’d 9814754

          
	 	
            LLC Operating Agreement

          	 	
            Rec’d 9818404

          
	 	
            Tax I.D. Number

          	 	 
	 	
            DE Good Standing Certificate

          	 	
            Rec’d 9814756

          
	 	
            CA Certificate of Status

          	 	
            Rec’d 9814761

          
	 	 	 	 
	 	
            Woodbridge Wind-Down Entity LLC

          	
            B/BC

          	 
	 	
            Certificate of Formation

          	 	
            Rec’d 9814748

          
	 	
            LLC Operating Agreement

          	 	
            Rec’d 9818403

          
	 	
            Tax I.D. Number

          	 	 
	 	
            DE Good Standing Certificate

          	 	
            Rec’d 9814749

          
	 	
            CA Certificate of Status

          	 	
            Rec’d 9814760

          
	 	 	 	 
	
            Public record searches: UCC, taxes, judgments, litigation

          	
                 BC/LC

          	 
	
            Evidence of Insurance (as required by Lender)

          	
            B

          	 
	
            Pre-Closing – Liquidation Trust – copies of publicly filed consolidated quarterly financial reporting from February 19, 2019 through and including most recent quarterly report

          	
            L/B

          	 
	
            Appraisal – Carolwood Properties

          	
            B/L

          	 
	
            Evidence of Satisfaction/Release FRB Mortgage

          	
            BC

          	
            Reportedly, send for recording (6/16)

          
	
            Trust Property Title Policy

          	
            BC

          	
            Commitment Rec’d 6/10

          
	
            Trust Property Survey if required

          	
            BC

          	
            Copy Rec’d

          
	
            Closing Protection Letter

          	
            BC

          	 
	
            Open CNB Interest Reserve and Depository Accounts

          	
            L/B

          	 

    

    

    
      

      47

      
        

      

    

    II.          LOAN DOCUMENTS

    

    

    	
            Item

          	
            Doc. #

          	
             

              

            Status

             

          
	
            Loan and Security Agreement

          	
            9788488

          	
            X

          
	
            Secured Promissory Note

          	
            9742015

          	
            X

          
	
            Carolwood Deed of Trust

          	
            9742967

          	
            X

          
	
            Security Agreement

          	
            9756400

          	
            X

          
	
            Deposit Account Control Agreement

          	
            9756612

          	
            X

          
	
            Guaranty and Subordination Agreement

          	
            9756393

          	
            X

          
	
            Business Purpose Affidavit

          	
            9819822

          	
            X

          
	
            UCC Financing Statement for each Borrower

          	 	 
	
            Closing Certificate

          	
            9817577

          	
            X

          
	
            Written Consent

          	
            Rec’d

          	
            X

          
	
            Cooperation and Assurances Agreement

          	
            9756619

          	
            X

          
	
            Closing Statement

          	
            9819935

          	
            Draft

          
	
            Statement Regarding Legal Services

          	
            9757945

          	
            X

          
	
            Opinion of Counsel

          	 	
            X

          
	
            Fidelity National Closing Instructions

          	 	
            Draft with Fidelity National 6/11

          

    

    

    Note: This Checklist in no way supersedes or limits the requirements of any commitment, Loan Documents or credit requirements of the Lender and is not an exhaustive list of
      all loan requirements, or of terms and conditions as may be contained in the Loan Documents, but is prepared merely for the convenience of the parties. Nothing herein shall bind the Lender or constitute any commitment, approval or waiver by the
      Lender; it being understood that Lender reserves all of its rights under the terms of any credit approvals or commitments, and under draft Loan Documents.

    

    

    

    

    
      

      48

      
        

      
        

        

      

    

    SCHEDULE 2.6

    

    

    	
            TRUST PROPERTY

          	
            ALLOCATED PAR LOAN VALUE

          	
            RELEASE PRICE

          
	
            Carolwood Property

          	
            $25,0000,000

          	
            $27,500,000

          
	 	 	 

    

    

  

   
  49EX-4.1

 Exhibit 4.1 

WMG ACQUISITION CORP., as Issuer 

and 
 the Guarantors, if any, from
time to time parties hereto, 
 WELLS FARGO BANK, NATIONAL ASSOCIATION 

as Trustee 
 and 

CREDIT SUISSE AG 
 as Notes
Authorized Representative and as Collateral Agent 
  

 
 INDENTURE 

DATED AS OF JUNE 29, 2020 
  

 
 PROVIDING FOR
THE ISSUANCE OF NOTES IN SERIES 

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
		
	 ARTICLE ONE DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
		
	 SECTION 1.01. Definitions
	  	 	1	 
		
	 SECTION 1.02. Other Definitions
	  	 	37	 
		
	 SECTION 1.03. Incorporation by Reference of TIA
	  	 	38	 
		
	 SECTION 1.04. Rules of Construction
	  	 	39	 
		
	 SECTION 1.05. Limited Condition Transaction
	  	 	40	 
		
	 ARTICLE TWO THE NOTES
	  	 	43	 
		
	 SECTION 2.01. Amount of Notes; Issuable in Series
	  	 	43	 
		
	 SECTION 2.02. Form and Dating.
	  	 	44	 
		
	 SECTION 2.03. Execution and Authentication
	  	 	45	 
		
	 SECTION 2.04. Registrar and Paying Agent
	  	 	46	 
		
	 SECTION 2.05. Paying Agent To Hold Assets in Trust
	  	 	47	 
		
	 SECTION 2.06. Holder Lists
	  	 	47	 
		
	 SECTION 2.07. Transfer and Exchange
	  	 	48	 
		
	 SECTION 2.08. Replacement Notes
	  	 	48	 
		
	 SECTION 2.09. Outstanding Notes
	  	 	49	 
		
	 SECTION 2.10. Treasury Notes
	  	 	49	 
		
	 SECTION 2.11. Temporary Notes
	  	 	49	 
		
	 SECTION 2.12. Cancellation
	  	 	50	 
		
	 SECTION 2.13. Defaulted Interest
	  	 	50	 
		
	 SECTION 2.14. CUSIP Numbers, ISINs, Etc.
	  	 	50	 
		
	 SECTION 2.15. Deposit of Moneys
	  	 	51	 
		
	 SECTION 2.16. Book-Entry Provisions for Global Notes
	  	 	51	 

  
 i 

					
		
	 SECTION 2.17. Special Transfer Provisions
	  	 	53	 
		
	 SECTION 2.18. Computation of Interest
	  	 	55	 
		
	 SECTION 2.19. Calculation of Principal Amount of Notes
	  	 	56	 
		
	 ARTICLE THREE REDEMPTION
	  	 	56	 
		
	 SECTION 3.01. Notices to Trustee
	  	 	56	 
		
	 SECTION 3.02. Selection of Notes To Be Redeemed
	  	 	57	 
		
	 SECTION 3.03. Notice of Redemption
	  	 	57	 
		
	 SECTION 3.04. Effect of Notice of Redemption
	  	 	59	 
		
	 SECTION 3.05. Deposit of Redemption Price
	  	 	59	 
		
	 SECTION 3.06. Notes Redeemed in Part
	  	 	59	 
		
	 SECTION 3.07. Applicability of Article
	  	 	60	 
		
	 SECTION 3.08. Mandatory Redemption
	  	 	60	 
		
	 ARTICLE FOUR COVENANTS
	  	 	60	 
		
	 SECTION 4.01. Payment of Principal, Premium and Interest
	  	 	60	 
		
	 SECTION 4.02. Maintenance of Office or Agency
	  	 	60	 
		
	 SECTION 4.03. [RESERVED]
	  	 	61	 
		
	 SECTION 4.04. [RESERVED]
	  	 	61	 
		
	 SECTION 4.05. [RESERVED]
	  	 	61	 
		
	 SECTION 4.06. Compliance Certificate; Notice of Default
	  	 	61	 
		
	 SECTION 4.07. [RESERVED]
	  	 	62	 
		
	 SECTION 4.08. Waiver of Stay, Extension or Usury Laws
	  	 	62	 
		
	 SECTION 4.09. Change of Control
	  	 	62	 
		
	 SECTION 4.10. [RESERVED]
	  	 	64	 
		
	 SECTION 4.11. [RESERVED]
	  	 	64	 
		
	 SECTION 4.12. Liens
	  	 	64	 

  
 ii 

					
		
	 SECTION 4.13. [RESERVED]
	  	 	65	 
		
	 SECTION 4.14. [RESERVED]
	  	 	65	 
		
	 SECTION 4.15. [RESERVED]
	  	 	65	 
		
	 SECTION 4.16. Additional Subsidiary Guarantees
	  	 	65	 
		
	 SECTION 4.17. Reports to Holders
	  	 	65	 
		
	 SECTION 4.18. [RESERVED]
	  	 	68	 
		
	 SECTION 4.19. [RESERVED]
	  	 	68	 
		
	 SECTION 4.20. [RESERVED]
	  	 	68	 
		
	 SECTION 4.21. Changes in Covenants When Notes Rated Investment Grade
	  	 	68	 
		
	 ARTICLE FIVE SUCCESSOR CORPORATION
	  	 	69	 
		
	 SECTION 5.01. Merger, Consolidation, or Sale of Assets
	  	 	69	 
		
	 ARTICLE SIX DEFAULT AND REMEDIES
	  	 	70	 
		
	 SECTION 6.01. Events of Default
	  	 	70	 
		
	 SECTION 6.02. Acceleration
	  	 	73	 
		
	 SECTION 6.03. Other Remedies
	  	 	73	 
		
	 SECTION 6.04. Waiver of Past Defaults
	  	 	74	 
		
	 SECTION 6.05. Control by Majority
	  	 	75	 
		
	 SECTION 6.06. Limitation on Suits
	  	 	75	 
		
	 SECTION 6.07. Rights of Holders to Receive Payment
	  	 	76	 
		
	 SECTION 6.08. Collection Suit by Trustee
	  	 	76	 
		
	 SECTION 6.09. Trustee May File Proofs of Claim
	  	 	76	 
		
	 SECTION 6.10. Priorities
	  	 	76	 
		
	 SECTION 6.11. Undertaking for Costs
	  	 	77	 
		
	 ARTICLE SEVEN THE TRUSTEE
	  	 	77	 
		
	 SECTION 7.01. Duties of Trustee
	  	 	77	 

  
 iii 

					
		
	 SECTION 7.02. Certain Rights of Trustee
	  	 	78	 
		
	 SECTION 7.03. Individual Rights of Trustee
	  	 	80	 
		
	 SECTION 7.04. Trustee’s Disclaimer
	  	 	80	 
		
	 SECTION 7.05. Notice of Default
	  	 	80	 
		
	 SECTION 7.06. Reports by Trustee to Holders
	  	 	81	 
		
	 SECTION 7.07. Compensation and Indemnity
	  	 	81	 
		
	 SECTION 7.08. Replacement of Trustee
	  	 	82	 
		
	 SECTION 7.09. Successor Trustee by Merger, Etc.
	  	 	83	 
		
	 SECTION 7.10. Eligibility; Disqualification
	  	 	83	 
		
	 SECTION 7.11. Preferential Collection of Claims Against the Issuer
	  	 	84	 
		
	 ARTICLE EIGHT DISCHARGE OF INDENTURE; DEFEASANCE
	  	 	84	 
		
	 SECTION 8.01. Satisfaction and Discharge
	  	 	84	 
		
	 SECTION 8.02. Legal Defeasance and Covenant Defeasance
	  	 	86	 
		
	 SECTION 8.03. Conditions to Legal Defeasance or Covenant Defeasance
	  	 	87	 
		
	 SECTION 8.04. Application of Trust Money
	  	 	89	 
		
	 SECTION 8.05. Repayment to the Issuer
	  	 	89	 
		
	 SECTION 8.06. Reinstatement
	  	 	90	 
		
	ARTICLE NINE AMENDMENTS, SUPPLEMENTS AND WAIVERS	  	 	90	 
		
	 SECTION 9.01. Without Consent of Holders
	  	 	90	 
		
	 SECTION 9.02. With Consent of Holders
	  	 	92	 
		
	 SECTION 9.03. Reserved
	  	 	94	 
		
	 SECTION 9.04. Compliance with TIA
	  	 	94	 
		
	 SECTION 9.05. Revocation and Effect of Consents
	  	 	94	 
		
	 SECTION 9.06. Notation on or Exchange of Notes
	  	 	94	 
		
	 SECTION 9.07. Trustee To Sign Amendments, Etc.
	  	 	95	 

  
 iv 

					
		
	 ARTICLE TEN GUARANTEES
	  	 	95	 
		
	 SECTION 10.01. Unconditional Guarantee
	  	 	95	 
		
	 SECTION 10.02. Reserved
	  	 	96	 
		
	 SECTION 10.03. Limitation on Guarantor Liability
	  	 	96	 
		
	 SECTION 10.04. Reserved
	  	 	97	 
		
	 SECTION 10.05. Release of a Guarantor
	  	 	97	 
		
	 SECTION 10.06. Waiver of Subrogation
	  	 	98	 
		
	 SECTION 10.07. Immediate Payment
	  	 	98	 
		
	 SECTION 10.08. No Setoff
	  	 	98	 
		
	 SECTION 10.09. Guarantee Obligations Absolute
	  	 	98	 
		
	 SECTION 10.10. Guarantee Obligations Continuing
	  	 	99	 
		
	 SECTION 10.11. Guarantee Obligations Not Reduced
	  	 	99	 
		
	 SECTION 10.12. Guarantee Obligations Reinstated
	  	 	99	 
		
	 SECTION 10.13. Guarantee Obligations Not Affected
	  	 	99	 
		
	 SECTION 10.14. Waiver
	  	 	100	 
		
	 SECTION 10.15. No Obligation To Take Action Against the Issuer
	  	 	101	 
		
	 SECTION 10.16. Dealing with the Issuer and Others
	  	 	101	 
		
	 SECTION 10.17. Default and Enforcement
	  	 	101	 
		
	 SECTION 10.18. Amendment, Etc.
	  	 	102	 
		
	 SECTION 10.19. Acknowledgment
	  	 	102	 
		
	 SECTION 10.20. Costs and Expenses
	  	 	102	 
		
	 SECTION 10.21. No Merger or Waiver; Cumulative Remedies
	  	 	102	 
		
	 SECTION 10.22. Survival of Guarantee Obligations
	  	 	102	 
		
	 SECTION 10.23. Guarantee in Addition to Other Guarantee Obligations
	  	 	102	 
		
	 SECTION 10.24. Severability
	  	 	103	 
		
	 SECTION 10.25. Successors and Assigns
	  	 	103	 

  
 v 

					
		
	 ARTICLE ELEVEN MISCELLANEOUS
	  	 	103	 
		
	 SECTION 11.01. TIA Controls
	  	 	103	 
		
	 SECTION 11.02. Notices
	  	 	103	 
		
	 SECTION 11.03. Communications by Holders with Other Holders
	  	 	105	 
		
	 SECTION 11.04. Certificate and Opinion as to Conditions Precedent
	  	 	106	 
		
	 SECTION 11.05. Statements Required in Certificate or Opinion
	  	 	106	 
		
	 SECTION 11.06. Rules by Trustee, Paying Agent, Registrar
	  	 	106	 
		
	 SECTION 11.07. Legal Holidays
	  	 	106	 
		
	 SECTION 11.08. Governing Law
	  	 	107	 
		
	 SECTION 11.09. No Adverse Interpretation of Other Agreements
	  	 	107	 
		
	 SECTION 11.10. No Recourse Against Others
	  	 	107	 
		
	 SECTION 11.11. Successors
	  	 	107	 
		
	 SECTION 11.12. Duplicate Originals
	  	 	107	 
		
	 SECTION 11.13. Severability
	  	 	107	 
		
	 SECTION 11.14. Force Majeure
	  	 	107	 
		
	 SECTION 11.15. USA Patriot Act
	  	 	108	 
		
	 SECTION 11.16. Electronic Execution of Documents
	  	 	108	 
		
	 ARTICLE TWELVE SECURITY
	  	 	108	 
		
	 SECTION 12.01. Security Documents
	  	 	108	 
		
	 SECTION 12.02. Notes Authorized Representative; Collateral Agent
	  	 	110	 
		
	 SECTION 12.03. After Acquired Property
	  	 	111	 
		
	 SECTION 12.04. Release of Collateral
	  	 	112	 
		
	 SECTION 12.05. Certificates of the Issuer
	  	 	113	 
		
	 SECTION 12.06. Authorization of Actions to be Taken by the Trustee Under the Security
Documents
	  	 	114	 

  
 vi 

					
		
	 SECTION 12.07. Authorization of Receipt of Funds by the Notes Authorized Representative Under
the Security Documents
	  	 	115	 
		
	 SECTION 12.08. Termination of Security Interest
	  	 	115	 
		
	 SECTION 12.09. Purchaser Protected
	  	 	115	 
		
	 SECTION 12.10. Powers Exercisable by Receiver or Trustee
	  	 	115	 

  
 vii 

			
	Exhibit A-1	  	Form of Initial Dollar Note
	Exhibit A-2	  	Form of Initial Euro Note
	Exhibit B	  	Form of Legend for Restricted Notes
	Exhibit C-1	  	Form of Exchange Dollar Note
	Exhibit C-2	  	Form of Exchange Euro Note
	Exhibit D	  	Form of Legend for Global Note
	Exhibit E	  	Form of Transfers to Non-QIB Accredited Investors Certificate
	Exhibit F	  	Form of Regulation S Certificate
	Exhibit G	  	Form of OID Legend
	Exhibit H	  	Form of Supplemental Indenture Establishing a Series of Notes
	Exhibit I	  	Form of Supplemental Indenture to be Delivered by Subsequent Guarantors

 CROSS-REFERENCE TABLE 
  

					
	 Trust Indenture Act Section
	  	 Indenture Section

	§ 310	  	 (a)(1)
	  	7.10
		  	 (a)(2)
	  	7.10
		  	 (a)(3)
	  	Not Applicable
		  	 (a)(4)
	  	Not Applicable
		  	 (b)
	  	7.10
	§ 311	  	 (a)
	  	7.11
		  	 (b)
	  	7.11
		  	 (b)(2)
	  	7.06
	§ 312	  	 (a)
	  	2.06
		  	 (b)
	  	2.06, 11.03
		  	 (c)
	  	2.06, 11.03
	§ 313	  	 (a)
	  	7.06
		  	 (b)
	  	7.06, 12.04
		  	 (c)
	  	7.06
		  	 (d)
	  	7.06
	§ 314	  	 (a)
	  	4.17
		  	 (a)(4)
	  	11.04, 4.06
		  	 (b)
	  	12.05
		  	 (c)(1)
	  	11.04
		  	 (c)(2)
	  	11.04
		  	 (c)(3)
	  	Not Applicable
		  	 (d)
	  	12.04, 12.05
		  	 (e)
	  	11.05
	§ 315	  	 (a)
	  	7.01
		  	 (b)
	  	7.05, 7.06
		  	 (c)
	  	7.01
		  	 (d)
	  	7.01
		  	 (d)(1)
	  	7.01
		  	 (d)(2)
	  	7.01
		  	 (d)(3)
	  	6.05
		  	 (e)
	  	6.11

  
 viii 

					
	§ 316	  	 (a)
	  	6.05, 6.04
		  	 (a)(1)(A)
	  	6.02, 6.05
		  	 (a)(1)(B)
	  	6.04
		  	 (a)(2)
	  	Not Applicable
		  	 (b)
	  	6.07
		  	 (c)
	  	1.03
	§ 317	  	 (a)(1)
	  	6.08
		  	 (a)(2)
	  	6.09
		  	 (b)
	  	2.05
	§ 318	  	 (a)
	  	11.05

  
 This
cross-reference table shall not for any purpose be deemed to be part of this Indenture. 

  
 ix 

 INDENTURE, dated as of June 29, 2020 (as amended, supplemented, waived or otherwise
modified from time to time, this “Indenture”), among WMG ACQUISITION CORP., a Delaware corporation, as issuer, the Guarantors, if any, from time to time party hereto, WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking
association, as trustee (the “Trustee”) and CREDIT SUISSE AG, as Notes Authorized Representative and as Collateral Agent. 

Each party hereto agrees as follows for the benefit of each other party and for the equal and ratable benefit of the Holders of Notes of any
series thereof. 
 ARTICLE ONE 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.01. Definitions. 

Set forth below are certain defined terms used in this Indenture. 

“2011 Transactions” means the “Transactions” as defined under the 2011 Unsecured Indenture. 

“2011 Unsecured Indenture” means the indenture, dated as of July 20, 2011 (as amended, amended and restated,
supplemented, waived or modified from time to time), among WMG Acquisition Corp., the guarantors from time to time parties thereto and Wells Fargo Bank, National Association. 

“2011 Unsecured Notes” means WMG Acquisition Corp.’s 11.5% Senior Notes due 2018, issued pursuant to the 2011 Unsecured
Indenture, outstanding on the Issue Date or subsequently issued in exchange for or in respect of any such notes. 
 “2012 Secured
Indenture” means the Indenture dated as of November 1, 2012, as amended, restated, supplemented or otherwise modified from time to time, among WMG Acquisition Corp., as issuer, the guarantors from time to time party thereto, Wells
Fargo Bank, National Association, as trustee, and Credit Suisse AG, as notes authorized representative and collateral agent thereunder. 

“Access Investors” means, collectively: (i) Access Industries, LLC (“Access”); (ii) Mr. Len
Blavatnik; (iii) the Blavatnik Family Foundation LLC, (iv) any direct or indirect equityholder of Access, (v) any family member of any direct or indirect equityholder of Access, (vi) entities controlled, directly or indirectly,
or managed, directly or indirectly, by Access or an Affiliate of Access, (vii) any partnership, corporation or other entity controlled by any direct or indirect equityholder of Access or such equityholder’s family members for tax or estate
planning purposes; (viii) any trusts created for the benefit of the Persons described in clauses (i) through (viii) and (x) or any trust for the benefit of any such trust; (ix) any foundation or charity affiliated with any Access
Investor, so long as any Access Investor, or a fiduciary who is selected by an Access Investor and whom such Access Investor has the power to remove and replace, retains voting control over the 

  
 1 

 
shares transferred to such foundation or charity, (x) in the event of the incompetence or death of any Person described in clauses (ii), (iv) and (v), such Person’s estate, executor,
administrator, committee or other personal representative or beneficiaries, in each case who at any particular date shall beneficially own or have the right to acquire, directly or indirectly, Capital Stock of the Issuer or any direct or indirect
parent company of the Issuer; (xi) any Affiliate of any of the foregoing described in clauses (i) through (x) (each of the Persons described in clauses (i) through (xi), an “Access Party”); and (xii) any group
(within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision) of which any of the Access Parties is a member; provided that in the case of clause (xii) and without giving effect to
the existence of such group or any other group, Access Parties, collectively, have beneficial ownership, directly or indirectly, of a majority of the total voting power of the Voting Stock of the Issuer or any direct or indirect parent of the Issuer
held by such group. 
 “Additional Notes” means any notes issued under this Indenture in addition to the Original Notes
(other than any Notes issued pursuant to Section 2.07, 2.08, 2.11, 2.16(c), 2.16(d) or 3.06). 
 “Affiliate” of any
specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with
correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. 

“After Acquired Property” means any and all assets or property (other than Excluded Assets and Excluded Subsidiary
Securities) acquired by the Issuer or any Guarantor after the Issue Date that constitutes Collateral. 
 “Agent” means any
Registrar or any Paying Agent. 
 “amend” means amend, modify, supplement, restate or amend and restate, including
successively; and “amending” and “amended” have correlative meanings. 
 “Applicable
Premium” when used with respect to any series of Notes, means the “Applicable Premium” as such term is defined in the Notes Supplemental Indenture establishing such series of Notes. Calculation of the Applicable Premium will be
made by the Issuer or on behalf of the Issuer by such Person as the Issuer shall designate; provided that such calculation or the correctness thereof shall not be a duty or obligation of the Trustee. 

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

“Below Investment Grade Rating Event” means the occurrence of both of the following: (i) at any time during the period
beginning on the date of the first public notice of an arrangement

  
 2 

 
that would result in a Change of Control and ending at the end of the 60-day period following public notice of the occurrence of the Change of Control, the
rating on the Notes by each Rating Agency is reduced below the applicable rating on the Notes by each such Rating Agency in effect immediately preceding the first public notice of the arrangement that would result in the Change of Control and
(ii) the Notes are rated below an Investment Grade Rating by each of the Rating Agencies at any time during the period beginning on the date of the first public notice of an arrangement that would result in a Change of Control and ending at the
end of the 60-day period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of the Notes is
under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have
occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event hereunder) if the Rating Agencies making the reduction in
rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Holders of Notes in writing at their request that the reduction was the result, in whole or in part, of any event or circumstance comprising or
arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 

“Board of Directors” means: 

(1) with respect to a corporation, the board of directors of the corporation; 

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

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

“Business Day” means any day other than (i) a Saturday, Sunday or any other day on which banking institutions in
the City of New York (or any other city in which a Paying Agent maintains its office) are required or authorized by law or other governmental action to be closed, and (ii) in relation to the Euro-denominated Notes or any date for
payment, redemption, purchase or any action relating to euros, other than any day on which Trans-European Automated Real-Time Gross settlement Express Transfer payment system is closed for settlement of payments in euros. 

“Capital Stock” means: 

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

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

  
 3 

 (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 (including, without
limitation, options, warrants or other equivalents) that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Capitalized Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in
respect of a capital lease or finance lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with GAAP. 

“Cash Equivalents” means: 

(1) U.S. dollars, pounds sterling, euros, or, in the case of any Foreign Subsidiary, such local currencies held by it from time
to time in the ordinary course of business; 
 (2) securities issued or directly and fully and unconditionally guaranteed or
insured by the government or any agency or instrumentality of the United States or any member nation of the European Union having maturities of not more than 12 months from the date of acquisition; 

(3) certificates of deposit, time deposits and eurodollar time deposits with maturities of 12 months or less from the date of
acquisition, bankers’ acceptances with maturities not exceeding 12 months and overnight bank deposits, in each case, with any lender party to any Credit Agreement or with any commercial bank having capital and surplus in excess of $500,000,000;

 (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
maturing within 12 months after the date of acquisition and having a rating of at least P-1 from Moody’s or A-1 from S&P; 

(6) marketable short-term money market and similar securities having a rating of at least
P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating
from another Rating Agency) and in each case maturing within 12 months after the date of creation thereof; 
 (7) investment
funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through (6) of this definition; and 

(8) readily marketable direct obligations issued by any state of the United States or any political subdivision thereof having
one of the two highest rating categories obtainable from either Moody’s or S&P with maturities of 12 months or less from the date of acquisition. 

  
 4 

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

(1) the sale, lease, transfer or other conveyance, in one or a series of related transactions, of all or substantially all of
the assets of the Issuer and its Subsidiaries, taken as a whole, to any Person other than a Permitted Holder; 
 (2) (x) the
Permitted Holders shall in the aggregate be the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing
Date) of (A) so long as the Issuer is a Subsidiary of any Parent, shares or units of Voting Stock having less than 35.0% of the total voting power of all outstanding shares of such Parent (other than a Parent that is a Subsidiary of another
Parent) and (B) if the Issuer is not a Subsidiary of any Parent, shares or units of Voting Stock having less than 35.0% of the total voting power of all outstanding shares of the Issuer and (y) any “person” or “group”
(as such terms are used in Sections 13(d) and 14(d) of the Exchange Act as in effect on the Closing Date), other than one or more Permitted Holders, shall be the “beneficial owner” of (A) so long as the Issuer is a Subsidiary of any
Parent, shares or units of Voting Stock having more than 35.0% of the total voting power of all outstanding shares of such Parent (other than a Parent that is a Subsidiary of another Parent) and (B) if the Issuer is not a Subsidiary of any
Parent, shares or units of Voting Stock having more than 35.0% of the total voting power of all outstanding shares of the Issuer; or 

(3) the Issuer ceasing to be a directly or indirectly Wholly Owned Subsidiary of Holdings. 

For the purpose of this definition, with respect to any sale, lease, transfer, conveyance or other disposition of properties or
assets in connection with any acquisition (including any acquisition by means of a merger or consolidation with or into the Issuer or any Restricted Subsidiary), the determination of whether such sale, lease, transfer, conveyance or disposition
constitutes a sale of all or substantially all of the properties or assets of the Issuer and its Subsidiaries taken as a whole shall be made on a pro forma basis giving effect to such acquisition. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating
Event occurring in respect of that Change of Control. 
 “Clearstream” means Clearstream Banking, société
anonyme or any successor securities clearing agency. 
 “Closing Date” means June 29, 2020. 

  
 5 

 “Code” means the United States Internal Revenue Code of 1986, as amended
from time to time. 
 “Collateral” means all the assets and properties subject to the Liens created by the Security
Documents. 
 “Collateral Agent” means Credit Suisse AG, or its successors or assigns, as collateral agent for the Holders,
the Trustee and other secured parties under this Indenture and the Security Documents. 
 “Commission” or
“SEC” means the Securities and Exchange Commission. 
 “Common Depositary” means, with respect to the
Euro-denominated Notes, Société Générale Luxembourg, as common depositary for Euroclear and Clearstream or another Person designated as common depositary by the Issuer, which Person must be a clearing agency registered
under the Exchange Act. 
 “Consolidated Depreciation and Amortization Expense” means, with respect to any Person for any
period, the total amount of depreciation and amortization expense, including the amortization of deferred financing fees and other non-cash charges (excluding any
non-cash item that represents an accrual or reserve for a cash expenditure for a future period) of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined
in accordance with GAAP. 
 “Consolidated Interest Expense” means, with respect to any Person for any period, the sum,
without duplication, of: (a) consolidated interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted (and not added back) in computing Consolidated Net Income for such period
(including (x) amortization of original issue discount, non-cash interest payments (other than imputed interest as a result of purchase accounting and any
non-cash interest expense attributable to the movement in the mark-to-market valuation of Hedging Obligations or other derivative
instruments pursuant to GAAP), the interest component of Capitalized Lease Obligations, and net payments (if any) pursuant to interest rate Hedging Obligations, but excluding (y) amortization of deferred financing fees, debt issuance
costs, commissions, fees and expenses, expensing of any bridge, commitment or other financing fees, penalties and interest relating to taxes and any “special interest” or “additional interest” with respect to other securities,
and any accretion of accrued interest on discounted liabilities) and (b) consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued, less (c) interest income of
such Person for such period; provided, however, that neither Securitization Fees nor Securitization Expenses shall be deemed to constitute Consolidated Interest Expense. 

“Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the Net Income of such Person
and its Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided, however, that 

  
 6 

 (1) any net after-tax extraordinary,
unusual, nonrecurring, exceptional, special or infrequent gains, losses or charges (including, without limitation, severance, relocation, transition and other restructuring costs, charges or expenses (whether or not classified as restructuring
costs, charges or expenses on the consolidated financial statements of the Issuer), Public Company Costs, and any fees, expenses or charges associated with the Transactions or the 2011 Transactions, a Qualifying IPO and any follow-on offering and any acquisition, merger or consolidation after the Issue Date) shall be excluded; 

(2) the Net Income for such period shall not include the cumulative effect of a change in accounting principle(s) during such
period; 
 (3) any net after-tax income (loss) from disposed or discontinued
operations and any net after-tax gains or losses on disposal of disposed or discontinued operations shall be excluded; 

(4) any net after-tax gains or losses attributable to asset dispositions other than in
the ordinary course of business (as determined in good faith by the Board of Directors of such Person) shall be excluded; 

(5) the Net Income for such period of any Person that is not the referent Person or a Subsidiary thereof, or that is an
Unrestricted Subsidiary of the referent Person, or that is accounted for by the equity method of accounting, shall be excluded; provided that, to the extent not already included, Consolidated Net Income of the referent Person shall be
increased by the amount of dividends or distributions or other payments that are actually paid in cash (or to the extent converted into cash) to the referent Person or a Restricted Subsidiary thereof in respect of such period; 

(6) [reserved]; 

(7) [reserved]; 

(8) any non-cash impairment charges resulting from the application of ASC 350 and ASC
360 (formerly Financial Accounting Standards Board Statement Nos. 142 and 144, respectively) and the amortization of intangibles arising from the application of ASC 805 (formerly Financial Accounting Standards Board Statement No. 141), shall be
excluded; 
 (9) non-cash compensation charges, including any such charges arising
from stock options, restricted stock grants or other equity-incentive programs shall be excluded; 
 (10) any net after-tax gains or losses attributable to the early extinguishment of Indebtedness, Hedging Obligations or other derivative instruments shall be excluded; 

(11) any fees, expenses or charges incurred during such period, or any amortization thereof for such period, in connection with
any acquisition, investment, asset sale, incurrence 

  
 7 

 
or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction or amendment or modification of any debt instrument and including, in each case, any such transaction
consummated prior to the Issue Date and any such transaction undertaken but not completed, and any charges or non-recurring merger costs incurred during such period as a result of any such transaction, in each
case whether or not successful, shall be excluded; 
 (12) accruals and reserves that are established within twelve months
after the Issue Date that are so required to be established as a result of the Transactions or the 2011 Transactions (or within twelve months after the closing of any acquisition that are so required to be established as a result of such
acquisition) in accordance with GAAP shall be excluded; 
 (13) to the extent covered by insurance and actually reimbursed,
or, so long as such Person has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (a) not denied by the applicable carrier in
writing within 180 days and (b) in fact reimbursed within 365 days of the date of the insurable event (with a deduction for any amount so added back to the extent not so reimbursed within such
365-day period), expenses with respect to liability or casualty events or business interruption shall be excluded; 

(14) any non-cash gain or loss resulting from mark-to-market accounting relating to Hedging Obligations or other derivative instruments shall be excluded; 

(15) any unrealized currency translation gains or losses including those related to currency remeasurements of Indebtedness
(including any loss or gain resulting from Hedging Obligations for currency exchange risk) shall be excluded; 
 (16) without
duplication, the amount of any restructuring charges or reserves (which, for the avoidance of doubt, shall include retention, severance, systems establishment cost, excess pension charges, contract termination costs, including future lease
commitments, and costs to consolidate facilities and relocate employees) shall be excluded; 
 (17) without duplication, any
net loss resulting from Hedging Obligations shall be excluded; 
 (18) without duplication, pension curtailment expenses,
transaction costs and executive contract expenses incurred by affiliated entities of such Person (other than such Person and its Subsidiaries) on behalf of such Person or any of its Subsidiaries and reflected in the combined financial statements of
such Person as capital contributions shall be excluded; and 
 (19) business optimization expenses (including consolidation
initiatives, severance costs and other costs relating to initiatives aimed at profitability improvement) shall be excluded. 

  
 8 

 “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, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) 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 (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation
against loss in respect thereof. 
 “Corporate Trust Office” means the corporate trust office of the Trustee located at 150
East 42nd Street, 40th Floor, New York, NY 10017, Attention: Corporate Trust Services, and for Agent services such office shall also mean the
office or agency of the Trustee located at Corporate Trust Operations, MAC N9300-070, 600 South Fourth Street, Seventh Floor, Minneapolis, MN 55415, or such other office, designated by the Trustee by written
notice to the Issuer, at which at any particular time its corporate trust business shall be administered. 
 “Credit
Agreement” means (a) the Senior Term Loan Facility, (b) the Senior Revolving Credit Facility and (c) if so designated by the Issuer, and so long as Indebtedness incurred thereunder does not constitute
Subordinated Indebtedness, one or more debt facilities, commercial paper facilities or series of notes documented in one or more agreements or indentures, including any related notes, guarantees, collateral documents, instruments and agreements
executed in connection therewith, as each may be amended, restated, supplemented, modified, renewed, refunded, replaced or refinanced (in whole or in part) from time to time in one or more agreements or indentures (in each case with the same or new
lenders or institutional investors or otherwise, and except for any such agreement or indenture that expressly provides that it is not a Credit Agreement), including any agreement or indenture extending the maturity thereof or otherwise
restructuring all or any portion of the Indebtedness thereunder or increasing the amount loaned or issued thereunder or altering the maturity thereof. 

“Custodian” means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law.

 “Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of
Default. 
 “Depositary” shall mean The Depository Trust Company, New York, New York, or a successor thereto registered
under the Exchange Act or other applicable statute or regulation. 
 “Disqualified Stock” means, with respect to any
Person, any Capital Stock of such Person which, by its terms (or by the terms of any security into which it is convertible or for which it is putable or exchangeable), or upon the happening of any event, matures or is mandatorily redeemable

  
 9 

 
(other than as a result of a change of control or asset sale), pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than as a result of
a change of control or asset sale), in whole or in part, in each case prior to the date 91 days after the earlier of the final maturity date of the Notes or the date the Notes are no longer outstanding; provided, however, that if such
Capital Stock is issued to any plan for the benefit of employees of the Issuer, any of its Subsidiaries or any of its direct or indirect parent companies or by any such plan to such employees, such Capital Stock shall not constitute Disqualified
Stock solely because it may be required to be repurchased by the Issuer, any of its Subsidiaries or any of its direct or indirect parent companies in order to satisfy applicable statutory or regulatory obligations; provided, further,
that any Capital Stock held by any future, current or former employee, director, officer, manager or consultant of the Issuer, any of its Subsidiaries or any of its direct or indirect parent companies, or their respective estates, spouses and former
spouses, in each case pursuant to any stock subscription or shareholders’ agreement, management equity plan or stock option plan or any other management or employee benefit plan or agreement, shall not constitute Disqualified Stock solely
because it may be required to be repurchased by the Issuer or any of its Subsidiaries or any of its direct or indirect parent companies or employee investment vehicles. 

“Dollar Equivalent” means, with respect to any monetary amount in a currency other than Dollars, at any time of determination
thereof, the amount of Dollars obtained by converting such foreign currency involved in such computation into Dollars at the spot rate for the purchase of Dollars with the applicable foreign currency as quoted by Reuters at approximately 10:00 A.M.
(New York City time) on such date of determination (or if no such quote is available on such date, on the immediately preceding Business Day for which such a quote is available, or if no such quote is available, such other source as may be selected
in good faith by the Issuer). 
 “Domestic Subsidiary” means any Subsidiary of the Issuer that is not a Foreign Subsidiary.

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

 (w) increased (without duplication) by the following, in each case to the extent deducted (and not added back) in calculating
Consolidated Net Income for such period: 
 (1) provision for taxes based on income, profits or capital, plus franchise or
similar taxes of such Person, 
 (2) Consolidated Interest Expense of such Person, plus amounts excluded from the calculation
of Consolidated Interest Expense as set forth in subclause (y) of clause (a) in the definition thereof, 
 (3)
Consolidated Depreciation and Amortization Expense of such Person for such period, 
 (4) [reserved], 

  
 10 

 (5) without duplication, any other
non-cash charges (including any impairment charges and the impact of purchase accounting, including, but not limited to, the amortization of inventory step-up) (provided
that, in the case of any such charge that represents an accrual or reserve for a cash expenditure for a future period, the cash payment in respect thereof in such future period shall be subtracted from EBITDA), 

(6) the amount of any minority interest expense consisting of Subsidiary income attributable to minority equity interests of
third parties in any non-Wholly Owned Subsidiary, 
 (7) [reserved], 

(8) the amount of management, monitoring, consulting and advisory fees and related expenses paid to the Sponsor and its
Affiliates (or any accruals relating to such fees and related expenses), and any dividend or distribution made to any direct or indirect parent company of such Person intended to enable any such parent company to pay or cause to be paid such amount,
during such period, 
 (9) Securitization Fees and Securitization Expenses, 

(10) [reserved], 

(11) [reserved], and 

(12) any costs or expenses incurred by such Person or a Restricted Subsidiary thereof pursuant to any management equity plan or
stock option plan or any other management or employee benefit plan, agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of such Person or net
cash proceeds of an issuance of Equity Interest of such Person (other than Disqualified Stock); 
 (x) increased by the amount of net cost
savings, operating expense reductions and synergies (including revenue synergies, those related to new business and customer wins, the modifications or renegotiation of contracts and other arrangements and pricing adjustments and increases (in each
case, net of any costs or expenses to implement or achieve the foregoing)) projected by such Person in good faith to result from actions taken or expected to be taken no later than twenty-four (24) months after the end of such period
(calculated on a pro forma basis as though such cost savings, reductions and synergies had been realized on the first day of the period for which EBITDA is being determined), net of the amount of actual benefits realized during such period from such
actions; provided that such cost savings, reductions and synergies are reasonably identifiable; 
 (y) increased by, without
duplication of any item in the preceding clauses (w) or (x), additions identified in any quality of earnings analysis prepared by independent certified public accountants of nationally recognized standing in connection with any acquisition of
assets (including Capital Stock), business or Person, or any merger or consolidation of any Person with or into the Issuer or any Restricted Subsidiary, or any other similar investment, in each case that is permitted under this Indenture; and 

  
 11 

 (z) decreased (without duplication) by the following, in each case to the extent included in
calculating Consolidated Net Income for such period: 
 (1) non-cash gains increasing
Consolidated Net Income of such Person for such period (excluding any non-cash gains which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges or asset valuation adjustments
made in any prior period), and 
 (2) any net gain resulting from Hedging Obligations. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means any public or
private sale of common stock or Preferred Stock of the Issuer or any of its direct or indirect parent companies (excluding Disqualified Stock of the Issuer), other than (i) public offerings with respect to common stock of the Issuer or
of any direct or indirect parent company of the Issuer registered on Form S-8 or (ii) an issuance to any Subsidiary. 

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

“Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear System as currently in effect or any successor
securities clearing agency. 
 “European Government Securities” means any security that is (a) a direct
obligation of Belgium, the Netherlands, France, Germany, Ireland or any other country that is a member of the European Monetary Union, for the payment of which the full faith and credit of such country is pledged or (b) an obligation of
a person controlled or supervised by and acting as an agency or instrumentality of any such country the payment of which is unconditionally guaranteed as a full faith and credit obligation by such country, which, in either case under the preceding
clause (a) or (b), is not callable or redeemable at the option of the issuer thereof. 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder. 
 “Exchange
Dollar Notes” means Notes, containing terms substantially identical to any Initial Additional Dollar Notes of a particular series (and any Notes issued in respect of any of the foregoing Notes pursuant to Section 2.07, 2.08, 2.11,
2.16(c), 2.16(d) or 3.06)) (except that (i) such Exchange Dollar Notes may omit terms with respect to transfer restrictions and may be registered under the Securities Act, and (ii) certain provisions relating to an increase
in the stated rate of 

  
 12 

 
interest thereon may be eliminated), that are issued and exchanged for such Initial Additional Dollar Notes as may be provided in any registration rights agreement relating to such
Dollar-denominated Additional Notes and this Indenture (including any amendment or supplement hereto). 
 “Exchange Euro
Notes” means Notes, containing terms substantially identical to any Initial Additional Euro Notes of a particular series (and any Notes issued in respect of any of the foregoing Notes pursuant to Section 2.07, 2.08, 2.11, 2.16(c),
2.16(d) or 3.06)) (except that (i) such Exchange Euro Notes may omit terms with respect to transfer restrictions and may be registered under the Securities Act, and (ii) certain provisions relating to an increase in the
stated rate of interest thereon may be eliminated), that are issued and exchanged for such Initial Additional Euro Notes as may be provided in any registration rights agreement relating to such Euro-denominated Additional Notes and this Indenture
(including any amendment or supplement hereto). 
 “Exchange Notes” means the Exchange Dollar Notes and the Exchange Euro
Notes. 
 “Excluded Assets” has the meaning given to such term in the Security Documents. 

“Excluded Subsidiary Securities” means any Capital Stock and other securities of a Subsidiary to the extent that the pledge
of or grant of any other Lien on such Capital Stock and other securities results in the Issuer being required to file separate financial statements of such Subsidiary with the Commission (or any other governmental authority) pursuant to either Rule 3-10 or 3-16 of Regulation S-X under the Securities Act, or any other law, rule or regulation as in effect from time to time, but only
to the extent necessary to not be subject to such requirement. 
 “Existing Secured Notes” means the Issuer’s 5.000%
Senior Secured Notes due 2023 (the “5.000% Notes”), 4.875% Senior Secured Notes Due 2024 (the “4.875% Notes”), 4.125% Senior Secured Notes Due 2024 (the “4.125% Notes” and, together with the 4.875%
Notes, the “October 2016 Notes”), 3.625% Senior Secured Notes due 2026 (the “October 2018 3.625% Notes”) and 3.625% Senior Secured Notes due 2026 (the “April 2019 3.625% Notes” and, together with the
October 2018 3.625% Notes, the “3.625% Notes”), in each case issued pursuant to the 2012 Secured Indenture. 

“First Lien Indebtedness” means, with respect to any Person, the aggregate amount, without duplication, of Total Indebtedness
(excluding Capitalized Lease Obligations and purchase money indebtedness) of such Person as of the end of the most recently ended fiscal quarter for which internal financial statements are available plus the amount of any Total Indebtedness
(excluding Capitalized Lease Obligations and purchase money indebtedness) of such Person incurred subsequent to the end of such fiscal quarter and minus the amount of any Total Indebtedness (excluding Capitalized Lease Obligations and purchase money
indebtedness) of such Person redeemed, repaid, retired or extinguished subsequent to the end of such fiscal quarter, as determined in accordance with GAAP, secured by Liens other than Permitted Liens (excluding Liens incurred pursuant to clause
(26) of the definition thereof, provided that, Revolving Credit Agreement Indebtedness so secured shall be excluded from the calculation of First Lien Indebtedness) and other than Liens that have Junior Lien Priority on the Collateral in
relation to the Notes and the Guarantees. 

  
 13 

 In addition, to the extent that any Indebtedness is secured by any Lien pursuant to clause
(26)(i)(B) or (26)(iv) of the definition of “Permitted Liens,” such Indebtedness may be refinanced from time to time with other Indebtedness (including by Indebtedness refinancing any such refinancing Indebtedness) in an aggregate
principal amount (or if issued with original issue discount, an aggregate issue price) not exceeding the principal amount of, and premium (if any) and accrued interest on, the Indebtedness being refinanced plus any fees, premiums, underwriting
discounts, costs and expenses relating to such refinancing, and such refinancing Indebtedness may be secured by any Lien, without further compliance with the First Lien Indebtedness to EBITDA Ratio thereunder. 

“First Lien Indebtedness to EBITDA Ratio” means, with respect to the Issuer, the ratio of (x) the Issuer’s First
Lien Indebtedness, minus an amount of cash and Cash Equivalents held by the Issuer and its Restricted Subsidiaries as of the date of determination not exceeding $250.0 million, to (y) the Issuer’s EBITDA for the most recently ended
four full fiscal quarters for which internal financial statements are available (or, if earlier, were required to be delivered pursuant to Section 4.17.) immediately preceding the date on which such event for which such calculation is being
made shall occur (the “Measurement Period”). 
 For purposes of making the computation referred to above, if any Specified
Transaction has been made by the Issuer or any of its Restricted Subsidiaries during the Measurement Period or subsequent to the Measurement Period and on or prior to the date of determination of the First Lien Indebtedness to EBITDA Ratio, the
First Lien Indebtedness to EBITDA Ratio shall be calculated on a pro forma basis assuming that all such Specified Transactions (and the change in EBITDA resulting therefrom) had occurred on the first day of the Measurement Period. If, since the
beginning of such Measurement Period, any Person became a Restricted Subsidiary or was merged with or into the Issuer or any of its Restricted Subsidiaries and, since the beginning of such Measurement Period, such Person shall have made any
Specified Transaction that would have required adjustment pursuant to the immediately preceding sentence if made by the Issuer or a Restricted Subsidiary since the beginning of such Measurement Period, then the First Lien Indebtedness to EBITDA
Ratio shall be calculated giving pro forma effect thereto for such period as if such Specified Transaction had occurred at the beginning of such Measurement Period. 

For purposes of this definition, whenever pro forma effect is to be given to any Specified Transaction (including the Transactions and the
2011 Transactions), the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Issuer and may include, for the avoidance of doubt, cost savings, operating expense reductions and synergies
(including revenue synergies, those related to new business and customer wins, the modifications or renegotiation of contracts and other arrangements and pricing adjustments and increases (in each case, net of any costs or expenses to implement or
achieve the foregoing)) resulting from or related to any such Specified Transaction (including the Transactions and the 2011 Transactions) which is being given pro forma effect that have been or are expected to be realized and for which the actions
necessary to realize such cost savings, reductions and synergies are taken or expected to be taken no later than 24 months after the date of any such Specified Transaction (in each case as though such cost savings, reductions and synergies had been
realized on the first day of the applicable Measurement Period). 

  
 14 

 In the event that any calculation of the First Lien Indebtedness to EBITDA Ratio shall be
made as of the date of the initial borrowing of any applicable Indebtedness after giving pro forma effect to the entire committed amount of such Indebtedness (as contemplated by clause (26) of the definition of “Permitted Liens”),
such committed amount may thereafter be borrowed and reborrowed, in whole or in part, from time to time, and secured by Liens without further compliance with such ratio, provided that such committed amount shall be included as outstanding
Indebtedness in any subsequent calculation of the First Lien Indebtedness to EBITDA Ratio, to the extent the commitment therefor then remains outstanding. 

“Fixed GAAP Date” means (x) for all Fixed GAAP Terms, April 3, 2020 and (y) for all Frozen GAAP
Terms, the Issue Date, provided that at any time after April 3, 2020, the Issuer may, by prior written notice to the Trustee, elect to change the Fixed GAAP Date to be the date specified in such notice, and upon the date of such notice,
the Fixed GAAP Date shall be such date for all periods beginning on and after the date specified in such notice. 
 “Fixed GAAP
Terms” means (a) the definitions of the terms “Consolidated Depreciation and Amortization Expense,” “Consolidated Interest Expense,” “Consolidated Net Income,” “EBITDA,” “First Lien
Indebtedness,” “First Lien Indebtedness to EBITDA Ratio,” “Indebtedness,” “Net Income,” “Senior Secured Indebtedness,” “Senior Secured Indebtedness to EBITDA Ratio” and “Total
Indebtedness,” (b) all defined terms in this Indenture to the extent used in or relating to any of the foregoing definitions, and all ratios and computations based on any of the foregoing definitions, and (c) any other term
or provision of this Indenture or the Notes that, at the Issuer’s election, may be specified by the Issuer by written notice to the Trustee from time to time. 

“Foreign Subsidiary” means (i) any Subsidiary of the Issuer not organized under the laws of the United States,
any state thereof or the District of Columbia; (ii) any Subsidiary of the Issuer organized under the laws of the United States, any state thereof or the District of Columbia if all or substantially all of the assets of such Subsidiary
consist of equity or debt of one or more Subsidiaries described in clause (i) or this clause (ii); or (iii) any Subsidiary of a Subsidiary described in clause (i) or (ii). 

“Frozen GAAP Terms” means (a) the definition of the term “Capitalized Lease Obligation,” (b) all
defined terms in this Agreement to the extent used in or relating to the foregoing definition, and all ratios and computations based on the foregoing definition, and (c) any other term or provision of this Indenture that, at the
Issuer’s election, may be specified by the Issuer by written notice to the Trustee from time to time. 
 “GAAP” means
generally accepted accounting principles in the United States of America as in effect on the Fixed GAAP Date (for purposes of the Fixed GAAP Terms and the Frozen GAAP Terms) and as in effect from time to time (for all other purposes of this
Indenture), including those 

  
 15 

 
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 approved by a significant segment of the accounting profession, and subject to the following sentence. If at any time the Commission permits or requires U.S.-domiciled
companies subject to the reporting requirements of the Exchange Act to use IFRS in lieu of GAAP for financial reporting purposes, the Issuer may elect, by written notice to the Trustee, to use IFRS in lieu of GAAP and, upon any such notice,
references herein to GAAP shall thereafter be construed to mean (a) for all periods beginning on and after the date specified in such notice, IFRS as in effect on the date specified in such notice (for purposes of the Fixed GAAP Terms
and the Frozen GAAP Terms) and as in effect from time to time (for all other purposes of this Indenture) and (b) for prior periods, GAAP as defined in the first sentence of this definition. All ratios and computations based on GAAP
contained in this Indenture shall be computed in conformity with GAAP. 
 “Government Securities” means securities that are

 (a) direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged or 

(b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the timely
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, 
 which, in either case, are not
callable or redeemable at the option of the issuers thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such Government Securities or a
specific payment of principal of or interest on any such Government Securities held by such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make
any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Securities or the specific payment of principal of or interest on the Government Securities
evidenced by such depository receipt. 
 “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, through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness or other
obligations. 
 “Guarantee” means any guarantee of the obligations of the Issuer under this Indenture and the Notes by a
Guarantor in accordance with the provisions of this Indenture. When used as a verb, “Guarantee” shall have a corresponding meaning. 

  
 16 

 “Guarantor” means any Subsidiary of the Issuer that incurs a Guarantee of
the Notes; provided that upon the release and discharge of such Subsidiary from its Guarantee in accordance with this Indenture, such Subsidiary shall cease to be a Guarantor. 

“Hedging Agreement” means, in respect of a Person: 

(1) any 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. 
 “Hedging
Obligations” means, with respect to any Person, the obligations of such Person under any Hedging Agreement. 

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

 “Holdings” means WMG Holdings Corp., a Delaware corporation and the direct parent of the Issuer, and any successor in
interest thereto. 
 “Holdings Notes” means Holdings’ 13.75% Senior Notes due 2019 issued on July 20, 2011, or
subsequently issued in exchange for or in respect of any such notes (the “Initial Holdings Notes”), and any Indebtedness that serves to extend, replace, refund, refinance, renew or defease any Initial Holdings Notes, provided
that such Indebtedness extending, replacing, refunding, refinancing, renewing or defeasing such Initial Holdings Notes shall not be in a principal amount (or, if issued with original issue discount, an aggregate issue price) in excess of the
principal amount of, and premium, if any, and accrued interest on, the Initial Holdings Notes plus any fees, premiums, underwriting discounts, costs and expenses relating to such extension, replacement, refunding, refinancing, renewal or defeasance.

 “IFRS” means International Financial Reporting Standards and applicable accounting requirements set by the International
Accounting Standards Board or any successor thereto (or the Financial Accounting Standards Board, the Accounting Principles Board of the American Institute of Certified Public Accountants, or any successor to either such Board, or the Commission, as
the case may be), as in effect from time to time. 
 “Indebtedness” means, with respect to any Person, 

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

(i) in respect of borrowed money, 

  
 17 

 (ii) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or,
without double counting, reimbursement agreements in respect thereof), 
 (iii) representing the balance deferred and unpaid of the purchase
price of any property (including Capitalized Lease Obligations) due more than twelve months after such property is acquired, except (i) any such balance that constitutes a trade payable or similar obligation to a trade creditor, in each case,
accrued in the ordinary course of business, and (ii) any earn-out obligations until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP, and if not paid, after
becoming due and payable; or 
 (iv) representing the net obligations under any Hedging Obligations, 

if and to the extent that any of the foregoing Indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability
upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP, 
 (b) Disqualified Stock of such
Person, 
 (c) to the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or
otherwise, the Indebtedness of another Person (other than by endorsement of negotiable instruments for collection in the ordinary course of business) and 

(d) 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 that the amount of Indebtedness of such Person shall be the lesser of (A) the fair market value of such asset at such date of determination (as determined in good faith by
such Person) and (B) the amount of such Indebtedness of such other Persons; 
 provided, however, that Contingent
Obligations incurred in the ordinary course of business and not in respect of borrowed money shall be deemed not to constitute Indebtedness. 

“Initial Additional Dollar Notes” means Dollar-denominated Additional Notes issued in an offering not registered under the
Securities Act (and any Notes issued in respect of any of the foregoing Notes pursuant to Section 2.07, 2.08, 2.11, 2.16(c), 2.16(d) or 3.06). 

“Initial Additional Euro Notes” means euro-denominated Additional Notes issued in an offering not registered under the
Securities Act (and any Notes issued in respect of any of the foregoing Notes pursuant to Section 2.07, 2.08, 2.11, 2.16(c), 2.16(d) or 3.06). 

“Initial Additional Notes” means the Initial Additional Dollar Notes and the Initial Additional Euro Notes. 

“Initial Dollar Notes” means the Issuer’s 3.875% Senior Secured Notes due 2030 issued on the Closing Date pursuant to
the first Notes Supplemental Indenture in an aggregate principal amount of $535,000,000 (and any Notes issued in respect thereof pursuant to Section 2.07, 2.08, 2.11, 2.16(c), 2.16(d) or 3.06). 

  
 18 

 “Initial Euro Notes” means the Issuer’s 2.750% Senior Secured Notes
due 2028 issued on the Closing Date pursuant to the second Notes Supplemental Indenture in an aggregate principal amount of €325,000,000 (and any Notes issued in respect thereof pursuant to Section 2.07, 2.08, 2.11, 2.16(c), 2.16(d) or
3.06). 
 “Initial Notes” means the Initial Dollar Notes and the Initial Euro Notes. 

“Initial Purchasers” means with respect to the Initial Notes, the Initial Dollar Purchasers and the Initial Euro Purchasers.

 “Initial Dollar Purchasers” means with respect to the Initial Dollar Notes, Credit Suisse Securities (USA) LLC, BofA
Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC. 

“Initial Euro Purchasers” means with respect to the Initial Euro Notes, Credit Suisse Securities (Europe) Limited, Merrill
Lynch International, Citigroup Global Markets Limited, Goldman Sachs & Co. LLC, J.P. Morgan Securities plc and Morgan Stanley & Co. LLC. 

“Intercreditor Agreement” means an intercreditor agreement to be entered into with the representative of Indebtedness secured
by a Lien having Junior Lien Priority substantially in the form attached to the Security Agreement or in such other form reasonably satisfactory to the Applicable Authorized Representative (as such term is defined in the Security Agreement). 

“Interest” with respect to the Notes, means interest on the Notes and, except for purposes of Article 9, special interest
pursuant to the terms of any Note. 
 “Interest Payment Date” means, when used with respect to any Note and any installment
of interest thereon, the stated maturity of such installment of interest as set forth in such Note. 
 “Investment Grade
Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency. 

“Issue Date” means November 1, 2012. 

“Issuer” means WMG Acquisition Corp., a Delaware corporation, and any successor in interest thereto. 

“Junior Lien Priority” means with respect to specified Indebtedness, secured by a Lien on specified Collateral ranking junior
to the Lien on such Collateral securing the Notes or any Guarantee, as applicable, either pursuant to the Intercreditor Agreement or one or more other intercreditor agreements having terms no less favorable to the Holders in relation to the holders
of such specified Indebtedness with respect to such Collateral than the terms of the Intercreditor Agreement, as determined in good faith by the Issuer. 

  
 19 

 “Lien” means, with respect to any asset, any mortgage, lien, pledge,
charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature
thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that in no
event shall an operating lease be deemed to constitute a Lien. 
 “Limited Condition Transaction” means (x) any
acquisition, including by way of merger, amalgamation, consolidation or other business combination or the acquisition of Capital Stock or otherwise, by one or more of the Issuer and its Restricted Subsidiaries of any assets, business or Person or
any other investment permitted by this Indenture whose consummation is not conditioned on the availability of, or on obtaining, third party financing or (y) any redemption, repurchase, defeasance, satisfaction and discharge or repayment of
Indebtedness, Disqualified Stock or Preferred Stock requiring irrevocable notice in advance of such redemption, repurchase, defeasance, satisfaction and discharge or prepayment. 

“Maturity Date” when used with respect to any series of Notes, means the “Maturity Date” as such term is defined in
the Notes Supplemental Indenture establishing such series of Notes. 
 “Moody’s” means Moody’s Investors Service,
Inc. and its successors. 
 “Music Publishing Business” means the subsidiaries and assets constituting the music publishing
segment, as defined in the financial statements of the Issuer. At any point in time in which music publishing is not a reported segment of the Issuer, “Music Publishing Business” shall refer to the business that was previously included in
this segment. 
 “Music Publishing Sale” means the sale of all or substantially all of the Music Publishing Business,
which, for the avoidance of doubt, may include assets constituting a portion of the Recorded Music Business not to exceed 10.0% of the total assets constituting the Recorded Music Business. 

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

“Non-Recourse Acquisition Financing Indebtedness” means any Indebtedness incurred by
the Issuer or any Restricted Subsidiary to finance the acquisition, exploitation or development of assets (including directly or through the acquisition of entities holding such assets) not owned by the Issuer or any of its Restricted Subsidiaries
prior to such acquisition, exploitation or development, which assets are used for the creation or development of Product for the benefit of the Issuer, and in 

  
 20 

 
respect of which the Person to whom such Indebtedness is owed has no recourse whatsoever to the Issuer or any of its Restricted Subsidiaries for the repayment of or payment of such Indebtedness
other than recourse to the acquired assets or assets that are the subject of such exploitation or development for the purpose of enforcing any Lien given by the Issuer or such Restricted Subsidiary over such assets, including the receivables,
inventory, intangibles and other rights associated with such assets and the proceeds thereof. 

“Non-Recourse Product Financing Indebtedness” means any Indebtedness incurred by the
Issuer or any Restricted Subsidiary solely for the purpose of financing (whether directly or through a partially-owned joint venture) the production, acquisition, exploitation, creation or development of items of Product produced, acquired,
exploited, created or developed after the Issue Date (including any Indebtedness assumed in connection with the production, acquisition, creation or development of any such items of Product or secured by a Lien on any such items of Product prior to
the production, acquisition, creation or development thereof) where the recourse of the creditor in respect of that Indebtedness is limited to Product revenues generated by such items of Product or any rights pertaining thereto and where the
Indebtedness is unsecured save for Liens over such items of Product or revenues and such rights and any extension, renewal, replacement or refinancing of such Indebtedness. “Non-Recourse Product Financing
Indebtedness” excludes, for the avoidance of doubt, any Indebtedness raised or secured against Product where the proceeds are used for any other purposes. 

“Non-U.S. Person” means a Person that is not a U.S. person, as defined in Regulation
S. 
 “Notes” means the Initial Notes, the Exchange Notes, any Additional Notes and any notes issued in respect thereof
pursuant to Section 2.07, 2.08, 2.11, 2.16(c), 2.16(d) or 3.06. 
 “Notes Authorized Representative” means the
representative for the Notes Obligations. 
 “Notes Obligations” means Obligations of the Issuer and the Guarantors under
the Notes, this Indenture and the Guarantees. 
 “Notes Supplemental Indenture” means a Supplemental Indenture pursuant to
which the Issuer issues Notes in accordance with Section 2.01, which may be substantially in the form attached hereto as Exhibit H, or in such other form as the Issuer may determine in accordance with Section 2.01. 

“Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements (including, without
limitation, reimbursement obligations with respect to letters of credit), damages and other liabilities, and guarantees of payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable
under the documentation governing any Indebtedness. 
 “Offering Circular” means the offering circular of the Issuer dated
June 17, 2020 relating to the offering of the Initial Notes. 

  
 21 

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

“Officer’s Certificate” means a certificate signed on behalf of the Issuer by an Officer of the Issuer or on behalf of a
Guarantor by an Officer of such Guarantor, who is the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Issuer or such Guarantor, as applicable, that meets the requirements set
forth in this Indenture. 
 “OID Legend” means the legend set forth in Exhibit G to be placed on all Notes issued
under this Indenture that have more than a de minimis amount of original issue discount for U.S. federal income tax purposes. 

“Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may
be an employee of or counsel to the Issuer, a Guarantor or the Trustee. 
 “Original Notes” means the Initial Notes and any
Exchange Notes issued in exchange therefor. 
 “Parent” means any of Holdings, Warner Music Group Corp. (and any successor
in interest thereto), Airplanes Music LLC (and any successor in interest thereto), any Other Parent, and any other Person that is a Subsidiary of Holdings, Warner Music Group Corp. (and any successor in interest thereto), Airplanes Music LLC (and
any successor in interest thereto) or any Other Parent and of which the Issuer is a Subsidiary. As used herein, “Other Parent” means a Person of which the Issuer becomes a Subsidiary after the Closing Date, provided that
either (x) immediately after the Issuer first becomes a Subsidiary of such Person, more than 50.0% of the Voting Stock of such Person shall be held by one or more Persons that held more than 50.0% of the Voting Stock of a Parent of the
Issuer immediately prior to the Issuer first becoming such Subsidiary or (y) such Person shall be deemed not to be an Other Parent for the purpose of determining whether a Change of Control shall have occurred by reason of the Issuer
first becoming a Subsidiary of such Person. 
 “Pari Passu Lien Priority” means, with respect to specified Indebtedness,
secured by a Lien on specified Collateral ranking equal with the Lien on such Collateral securing the Notes or any Guarantee, as applicable, either pursuant to the Security Agreement or one or more other intercreditor agreements having terms no less
favorable to the Holders in relation to the holders of such specified Indebtedness with respect to such Collateral than the terms of the Security Agreement, as determined in good faith by the Issuer. 

“Paying Agent” means any Person authorized by the Issuer to pay the principal of (and premium, if any) or interest on any
Notes on behalf of the Issuer. 

  
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 “Permitted Holders” means (i) the Access Investors; (ii)
[reserved]; (iii) any officer, director, employee or other member of the management of any Parent, the Issuer or any of their respective Subsidiaries; (iv) immediate family members (including spouses and direct descendants) of a
Person described in clause (iii); (v) any trusts created for the benefit of a Person or Persons described in clause (iii) or (iv) or any trust for the benefit of any such trust; (vi) in the event of the incompetence or death
of any Person described in clause (iii) or (iv), such Person’s estate, executor, administrator, committee or other personal representative or beneficiaries, in each case, who, at any particular date, shall beneficially own or have the
right to acquire, directly or indirectly, Capital Stock of the Issuer or any direct or indirect parent company of the Issuer; or (vii) any Person acting in the capacity of an underwriter in connection with a public or private offering of
Capital Stock of any of the Issuer, Holdings or any of their respective direct or indirect parents. In addition, any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) whose status as a “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) constitutes or results in a Change of Control in respect of which a Change of Control Offer is
made in accordance with the requirements of this Indenture, together with its Affiliates, shall thereafter constitute Permitted Holders. 

“Permitted Liens” means the following types of Liens: 

(1) deposits of cash or government bonds made in the ordinary course of business to secure surety or appeal bonds to which such
Person is a party; 
 (2) Liens in favor of issuers of performance, surety, bid, indemnity, warranty, release, appeal or
similar bonds or with respect to other regulatory requirements or letters of credit or bankers’ acceptances issued, and completion guarantees provided for, in each case pursuant to the request of and for the account of such Person in the
ordinary course of its business or consistent with past practice; 
 (3) Liens on 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 Subsidiary; provided, further, however, that such Liens may not
extend to any other property owned by the Issuer or any Restricted Subsidiary; 
 (4) Liens existing on property of a Person
at the time such Person becomes a Subsidiary of the Issuer (or at the time the Issuer or a Restricted Subsidiary acquires such property, including any acquisition by means of a merger or consolidation with or into the Issuer 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 such Liens are limited to all or part of
the same property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured (or, under the written arrangements under which such Liens arose, could secure) the obligations to which such Liens
relate; provided, further, that for purposes of this clause (4), if a Person other than the Issuer is the Successor Company with respect thereto, any 

  
 23 

 
Subsidiary thereof shall be deemed to become a Subsidiary of the Issuer, and any property or assets of such Person or any such Subsidiary shall be deemed acquired by the Issuer or a Restricted
Subsidiary, as the case may be, when such Person becomes such Successor Company; 
 (5) Liens securing Indebtedness or other
obligations of a Restricted Subsidiary owing to the Issuer or another Restricted Subsidiary; 
 (6) Liens on cash deposits or
property constituting Cash Equivalents securing Hedging Obligations not prohibited by this Indenture; 
 (7) Liens on
specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of
such inventory or other goods; 
 (8) Liens in favor of the Issuer or any Restricted Subsidiary; 

(9) Liens existing on the Closing Date (other than Liens securing Indebtedness under the Senior Term Loan Agreement, the Senior
Revolving Credit Agreement, the Existing Secured Notes and the Notes) and Liens to secure any Indebtedness that is incurred to refinance any Indebtedness that has been secured by a Lien (A) existing on the Closing Date (other than the
Senior Term Loan Agreement, the then existing senior revolving credit agreement or the Notes) or (B) referred to in clauses (3), (4) and (19)(B) of this definition; provided, however, that in each case, such Liens
(x) are no less favorable to the Holders and are not more favorable to the lienholders with respect to such Liens than the Liens in respect of the Indebtedness being refinanced; and (y) do not extend to or cover any property
or assets of the Issuer or any of its Restricted Subsidiaries not securing the Indebtedness so refinanced; 
 (10) Liens on
Securitization Assets and related assets of the type specified in the definition of “Securitization Financing” incurred in connection with any Qualified Securitization Financing; 

(11) Liens for taxes, assessments or other governmental charges or levies not yet delinquent for a period of more than 30 days,
or which are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, or for property taxes on property that the Issuer or one of its Subsidiaries has determined to abandon if the sole recourse for such
tax, assessment, charge, levy or claim is to such property; 
 (12) judgment Liens in respect of judgments that do not
constitute an Event of Default so long as such Liens are adequately bonded and any appropriate legal proceedings that may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such
proceedings may be initiated has not expired; 

  
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 (13) pledges, deposits or other Liens under workers’ compensation,
unemployment insurance and other social security laws or regulations, or deposits to secure the performance of tenders, contracts (other than for the payment of Indebtedness) or leases, or deposits or other Liens to secure public or statutory
obligations, or deposits or other Liens as security for contested taxes or import or customs duties or for the payment of rent, or deposits or other Liens securing liabilities to insurance carriers under insurance or self-insurance arrangements, in
each case incurred in the ordinary course of business or consistent with past practice; 
 (14) Liens imposed by law,
including carriers’, warehousemen’s, materialmen’s, repairmen’s and mechanics’ Liens, in each case for sums not overdue by more than 30 days or, if more than 30 days overdue, are unfiled and no other action has been taken to
enforce such Lien, or which are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted; 

(15) survey exceptions, encumbrances, ground leases, easements or reservations of, or rights of others for, licenses, rights of
way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning, building codes or other restrictions (including, without limitation, minor defects or irregularities in title and similar encumbrances) as to the use
of real properties or Liens incidental to the conduct of business or to the ownership of properties that do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the
business; 
 (16) any lease, license, sublease or sublicense granted to or from any Person in the ordinary course of business
that is not granted for the purpose of securing any Indebtedness of the Issuer or any Restricted Subsidiary owing to such lessee, licensee, sublessee or sublicensee; 

(17) banker’s Liens, rights of set-off or similar rights and remedies as to
deposit accounts or other funds maintained with a depositary institution, provided that (a) such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the Issuer in excess
of those set forth by regulations promulgated by the Federal Reserve Board or other applicable law and (b) such deposit account is not intended by the Issuer or any Restricted Subsidiary to provide collateral to the depositary
institution; 
 (18) Liens arising from Uniform Commercial Code financing statement filings regarding operating leases or
consignments entered into by the Issuer and its Restricted Subsidiaries in the ordinary course of business; 
 (19)
(A) other Liens securing Indebtedness for borrowed money with respect to property or assets with an aggregate fair market value (valued at the time of creation thereof) of not more than the greater of $37.5 million and 5.0% of EBITDA for
the then applicable Measurement Period at any time and (B) Liens securing Indebtedness incurred to finance the construction, purchase or lease of, or repairs, improvements or additions to, property of such

  
 25 

 
Person; provided, however, that (x) the Lien may not extend to any other property (except for accessions to such property) owned by such Person or any of its Restricted
Subsidiaries at the time the Lien is incurred, (y) such Liens attach concurrently with or within 270 days after the acquisition, repair, replacement, construction or improvement (as applicable) of the property subject to such Liens and
(z) with respect to Capitalized Lease Obligations, such Liens do not at any time extend to or cover any assets (except for accessions to such assets) other than the assets subject to such Capitalized Lease Obligations; provided
that individual financings of equipment provided by one lender may be cross-collateralized to other financings of equipment provided by such lender; 

(20) Liens to secure Non-Recourse Product Financing Indebtedness, which Liens may not
secure Indebtedness other than Non-Recourse Product Financing Indebtedness and which Liens may not attach to assets other than the items of Product acquired, exploited, created or developed with the proceeds
of such Indebtedness and Liens to secure Non-Recourse Acquisition Financing Indebtedness, which Liens may not secure Indebtedness other than Non-Recourse Acquisition
Financing Indebtedness and which Liens may not attach to assets other than the assets acquired, exploited, created or developed with the proceeds of such Indebtedness; 

(21) Liens (i) of a collection bank arising under Section 4-210 of the
Uniform Commercial Code on items in the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business and (iii) in favor of a banking
institution arising as a matter of law encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry; 

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

(23) Liens that are contractual rights of set-off (i) relating to the
establishment of depository relations with banks not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Issuer or any Restricted Subsidiary that permit satisfaction of
overdraft or similar obligations incurred in the ordinary course of business of the Issuer and its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of the Issuer or any
Restricted Subsidiary in the ordinary course of business; 
 (24) Liens solely on any cash earnest money deposits made by the
Issuer or any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement; 
 (25) Liens
securing (A) Indebtedness (including Capitalized Lease Obligations) incurred by the Issuer or any Restricted Subsidiary and Preferred Stock issued by a Restricted Subsidiary to finance the purchase, lease or improvement of property (real or
personal) or 

  
 26 

 
equipment (whether through the direct purchase of assets or the Capital Stock of any Person owning such assets); provided that the aggregate principal amount of Indebtedness secured
pursuant to this clause and incurred to finance the acquisition of Capital Stock of any Person at any time outstanding shall not exceed the greater of $75.0 million and 10.0% of EBITDA for the then applicable Measurement Period and
(B) Indebtedness of Foreign Subsidiaries of the Issuer; 
 (26) Liens securing (i) First Lien Indebtedness in an
aggregate principal amount (as of the date of incurrence of any such Indebtedness and after giving pro forma effect to the incurrence thereof and the application of the net proceeds therefrom (or as of the date of the initial borrowing of
such Indebtedness after giving pro forma effect to the incurrence of the entire committed amount of such Indebtedness)), not exceeding the greater of (A) $2,800 million and (B) the maximum aggregate principal amount of First Lien
Indebtedness that could be incurred without exceeding a First Lien Indebtedness to EBITDA Ratio for the Issuer of 4.50 to 1.00, (ii) Senior Secured Indebtedness that is not First Lien Indebtedness in an aggregate principal amount (as of the date of
incurrence of any such Indebtedness and after giving pro forma effect to the incurrence thereof and the application of the net proceeds therefrom (or as of the date of the initial borrowing of such Indebtedness after giving pro forma effect to the
incurrence of the entire committed amount of such Indebtedness)) not exceeding the maximum aggregate principal amount of Senior Secured Indebtedness that could be incurred without exceeding a Senior Secured Indebtedness to EBITDA Ratio for the
Issuer of 5.00 to 1.00, (iii) Revolving Credit Agreement Indebtedness not to exceed at any time outstanding the greater of $400 million and 50% of EBITDA (for the Measurement Period applicable at the time such Revolving Credit Agreement
Indebtedness is committed) and (iv) Indebtedness in an amount not to exceed the greater of $450 million and 60.0% of EBITDA (for the Measurement Period applicable at the time of the incurrence of such Indebtedness) pursuant to
Section 2.6 of the Senior Term Loan Agreement as in effect on January 31, 2018; 
 (27) Liens securing
(A) interest rate or currency swaps, caps or collars or other Hedging Obligations entered into to hedge the Issuer’s or any Guarantor’s exposure with respect to activities not prohibited under this Indenture and
(B) obligations in respect of any overdraft and related liabilities arising from treasury, depositary and cash management services or any automated clearing house transfers of funds; 

(28) any encumbrance or restriction (including put and call arrangements) with respect to capital stock of any joint venture or
similar arrangement pursuant to any joint venture or similar agreement; 
 (29) Liens arising out of conditional sale, title
retention, consignment or similar arrangements for the sale or purchase of goods entered into by the Issuer or any Restricted Subsidiary in the ordinary course of business; 

  
 27 

 (30) Liens on insurance policies and the proceeds thereof securing the
financing of the premiums with respect thereto; 
 (31) Liens on the assets of a
non-Guarantor Subsidiary securing Indebtedness or other obligations of a non-Guarantor Subsidiary; 

(32) Liens on cash advances in favor of the seller of any property to be acquired in an investment to be applied against the
purchase price for such investment; and 
 (33) other Liens securing obligations incurred in the ordinary course of business
which obligations (at the time of incurrence thereof) do not exceed the greater of $75.0 million and 10.0% of EBITDA for the then applicable Measurement Period at any one time outstanding. 

For purposes of determining compliance with any U.S. dollar-denominated restriction in this definition, the U.S. dollar-equivalent principal
amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving
credit debt; provided that if such Indebtedness is incurred to extend, replace refund, refinance, renew or defease other Indebtedness denominated in a foreign currency, and such extension, replacement, refunding, refinancing, renewal or defeasance
would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such extension, replacement, refunding, refinancing, renewal or defeasance, such U.S.
dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of, premium, if any, and accrued interest on, the Indebtedness being
extended, replaced, refunded, refinanced, renewed or defeased plus any fees, premiums, underwriting discounts, costs and expenses relating to such extension, replacement, refunding, refinancing, renewal or defeasance. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company or government or other entity. 
 “Preferred Stock” means any Equity
Interest with preferential rights of payment of dividends upon liquidation, dissolution or winding up. 
 “Private Placement
Legend” means the legends initially set forth on the Notes in the form set forth in Exhibit B. 
 “Product”
means any music (including musical and audio visual recordings, musical performance, songs and compositions and also includes mail order music and activities relating or incidental to music such as touring, merchandising and artist management),
music copyright, motion picture, television programming, film, videotape, digital file, video clubs, DVD manufactured or distributed or any other product produced for theatrical, non-theatrical or television
release or for 

  
 28 

 
release in any other medium, in each case whether recorded on film, videotape, cassette, cartridge, disc or on or by any other means, method, process or device, whether known on or developed
after the Closing Date, with respect to which the Issuer or any Restricted Subsidiary: 
 (1) is an initial copyright owner;
or 
 (2) acquires (or will acquire upon delivery) an equity interest, license, sublicense or administration or distribution
right. 
 “Public Company Costs” means costs relating to compliance with the Sarbanes-Oxley Act of 2002, as amended, and
other expenses arising out of or incidental to being a public reporting company, including costs, fees and expenses (including legal, accounting and other professional fees) relating to compliance with provisions of the Securities Act and the
Exchange Act, the rules of national securities exchange companies with listed equity securities, directors’ compensation, fees and expense reimbursement shareholder meetings and reports to shareholders, directors’ and officers’
insurance and other executive costs, legal and other professional fees, and listing fees. 
 “Qualified Institutional
Buyer” or “QIB” shall have the meaning specified in Rule 144A under the Securities Act. 
 “Qualified
Securitization Financing” means any Securitization Financing of a Securitization Subsidiary that meets the following conditions: (i) the Board of Directors of the Issuer 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 Issuer and the Securitization Subsidiary, (ii) all sales of
Securitization Assets and related assets to the Securitization Subsidiary are made at fair market value (as determined in good faith by the Issuer) and (iii) the financing terms, covenants, termination events and other provisions thereof
shall be market terms (as determined in good faith by the Issuer) and may include Standard Securitization Undertakings. The grant of a security interest in any Securitization Assets of the Issuer or any of its Restricted Subsidiaries (other than a
Securitization Subsidiary) to secure Indebtedness under a Credit Agreement or any permitted additional Indebtedness with Pari Passu Lien Priority and any refinancing Indebtedness with respect thereto shall not be deemed a Qualified Securitization
Financing. 
 “Qualifying IPO” means the issuance by the Issuer or any parent company of the Issuer of its common Equity
Interests in an underwritten public offering pursuant to the effective registration statement on Form S-1 (Registration No. 333-236298) filed with the Commission in
accordance with the Securities Act (whether alone or in connection with a secondary public offering). 
 “Rating Agencies”
means Moody’s and S&P, or if Moody’s or S&P or both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Issuer which shall be
substituted for Moody’s or S&P or both, as the case may be. 

  
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 “Record Date” means with respect to any series of Notes, the applicable
Record Date specified in the Notes Supplemental Indenture establishing such series of Notes; provided that if any such date is not a Business Day, the Record Date shall be the first day immediately preceding such specified day that is a
Business Day. 
 “Recorded Music Business” means the subsidiaries and assets constituting the recorded music segment, as
defined in the financial statements of the Issuer. At any point in time in which recorded music is not a reported segment of the Issuer, Recorded Music Business shall refer to the business that was previously included in this segment. 

“Recorded Music Sale” means the sale of all or substantially all of the Recorded Music Business, which, for the avoidance of
doubt, may include assets constituting a portion of the Music Publishing Business not to exceed 10.0% of the total assets constituting the Music Publishing Business. 

“Redemption Date,” when used with respect to any series of Notes to be redeemed, means the date fixed for such redemption
pursuant to this Indenture or the Notes Supplemental Indenture establishing such series of Notes. 
 “Redemption Price,”
when used with respect to any series of Notes to be redeemed, means the price fixed for such redemption, payable in immediately available funds, pursuant to the Notes Supplemental Indenture establishing such series of Notes. 

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

“Regulation S Certificate” means a certificate substantially in the form attached hereto as Exhibit F. 

“Responsible Officer” means, when used with respect to the Trustee, any officer in the Corporate Trust Office of the Trustee
to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity with the particular subject and shall also mean any officer who shall have direct responsibility for the administration of this Indenture.

 “Restricted Note” means a Note that constitutes a “Restricted Note” within the meaning of Rule 144(a)(3) under
the Securities Act; provided, however, that the Trustee shall be entitled to request and conclusively rely on an Opinion of Counsel with respect to whether any Note constitutes a Restricted Note. 

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

  
 30 

 “Revolving Credit Agreement Indebtedness” means Indebtedness in an
aggregate principal amount not exceeding the greater of $400 million and 50% of EBITDA (for the Measurement Period applicable at the time such Revolving Credit Agreement Indebtedness is committed) outstanding under the Senior Revolving Credit
Agreement, including any guarantees, collateral documents and other instruments, agreements and documents executed or delivered pursuant to or in connection therewith, as the same may be refunded, refinanced, restructured, replaced, renewed, repaid
or extended from time to time (whether in whole or in part, whether with the original agent and lenders or other agents and lenders or otherwise, and whether provided under the original Senior Revolving Credit Agreement, any other revolving credit
agreement, or one or more other credit or financing agreements with a revolving financing component (to the extent of such component)), and in each case as the same may be amended, supplemented, waived or otherwise modified from time to time, and
including any agreement changing maturity or increasing the Indebtedness incurred or available to be borrowed (provided that any such increase shall not be deemed to increase the maximum principal amount of Revolving Credit Agreement Indebtedness
provided for in this definition), or otherwise altering the terms and conditions thereof. 
 “Rule 144A” means Rule 144A
under the Securities Act. 
 “S&P” means Standard & Poor’s Ratings Services and its successors. 

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

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated
thereunder. 
 “Securitization Assets” means any accounts receivable or catalog, royalty or other revenue streams from
Product subject to a Qualified Securitization Financing. 
 “Securitization Expenses” means, for any period, the aggregate
interest expense for such period on any Indebtedness of any Securitization Subsidiary that is a Restricted Subsidiary, which Indebtedness is not recourse to the Issuer or any Restricted Subsidiary of the Issuer that is not a Securitization
Subsidiary (except for Standard Securitization Undertakings). 
 “Securitization Fees” means reasonable distributions or
payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees paid to a Person that is not a Securitization Subsidiary in connection with, any Qualified Securitization
Financing. 
 “Securitization Financing” means any transaction or series of transactions that may be entered into by
Holdings or any of its Subsidiaries pursuant to which Holdings or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Securitization Subsidiary (in the case of a transfer by Holdings or any of its Subsidiaries) or
(b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets (whether existing on the Closing Date or arising in the future) of Holdings or any of its
Subsidiaries, and any 

  
 31 

 
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 other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving Securitization Assets
and any Hedging Obligations entered into by Holdings 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 receivable or portion thereof becoming subject to any asserted defense,
dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Securitization Subsidiary” means a Wholly Owned Subsidiary of Holdings (or another Person formed for the purposes of
engaging in a Qualified Securitization Financing in which Holdings or any Subsidiary of Holdings makes an investment and to which Holdings or any Subsidiary of Holdings transfers Securitization Assets and related assets) which engages in no
activities other than in connection with the financing of Securitization Assets of Holdings or its Subsidiaries, all proceeds thereof and all rights (contractual and other), collateral and other assets relating thereto, and any business or
activities incidental or related to such business, and which is designated by the Board of Directors of Holdings or such other Person (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 Holdings or any other Subsidiary of Holdings (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard
Securitization Undertakings), (ii) is recourse to or obligates Holdings or any other Subsidiary of Holdings in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property or asset of Holdings
or any other Subsidiary of Holdings, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings, (b) with which neither Holdings nor any other Subsidiary of
Holdings has any material contract, agreement, arrangement or understanding other than on terms which Holdings reasonably believes to be no less favorable to Holdings or such Subsidiary than those that might be obtained at the time from Persons that
are not Affiliates of Holdings and (c) to which neither Holdings nor any other Subsidiary of Holdings has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of
operating results. Any such designation by the Board of Directors of Holdings or such other Person shall be evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors of Holdings or such other
Person giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing conditions. 

“Security Agreement” means the security agreement, dated as of the Issue Date, among the Collateral Agent, the
representatives of each Series of Secured First Lien Obligations (as defined in the Security Agreement) outstanding on the Issue Date, the Issuer, Holdings and the Guarantors party thereto from time to the time, as amended, amended and restated,
supplemented, waived, modified, renewed or replaced from time to time. 

  
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 “Security Documents” means the Security Agreement and any mortgages,
security agreements, pledge agreements or other instruments evidencing or creating Liens on the assets of the Issuer and the Guarantors to secure the obligations under the Notes and this Indenture, as amended, restated, supplemented, waived or
otherwise modified from time to time. 
 “Senior Credit Facilities” means the Senior Revolving Credit Facility and the
Senior Term Loan Facility. 
 “Senior Revolving Credit Agreement” means that certain credit agreement, dated as of
January 31, 2018, as amended by that certain First Amendment, dated as of October 9, 2019, and that certain Second Amendment, dated as of April 3, 2020, by and among the Issuer, Credit Suisse AG, as the administrative agent, and the
lenders party thereto, as the same may be amended, supplemented, refinanced, replaced, waived or otherwise modified from time to time. 

“Senior Revolving Credit Facility” means the revolving credit facility under the Senior Revolving Credit Agreement, including
any guarantees, collateral documents, instruments and agreements executed in connection therewith. 
 “Senior Secured
Indebtedness” means, with respect to any Person, the aggregate amount, without duplication, of Total Indebtedness of such Person as of the end of the most recently ended fiscal quarter for which internal financial statements are available
plus the amount of any Total Indebtedness of such Person incurred subsequent to the end of such fiscal quarter and minus the amount of any Total Indebtedness of such Person redeemed, repaid, retired or extinguished subsequent to the end of such
fiscal quarter, as determined in accordance with GAAP, secured by Liens other than Permitted Liens (excluding Permitted Liens incurred pursuant to clause (26) of the definition thereof, provided that Revolving Credit Agreement Indebtedness so
secured shall be excluded from the calculation of Senior Secured Indebtedness). 
 In addition, to the extent that any Indebtedness is
secured by any Lien pursuant to clause (26)(ii) or (26)(iv) of the definition of “Permitted Liens,” such Indebtedness may be refinanced from time to time with other Indebtedness (including by Indebtedness refinancing any such refinancing
Indebtedness) in an aggregate principal amount (or if issued with original issue discount, an aggregate issue price) not exceeding the principal amount of, and premium (if any) and accrued interest on, the Indebtedness being refinanced plus any
fees, premiums, underwriting discounts, costs and expenses relating to such refinancing, and such refinancing Indebtedness may be secured by any Lien, without further compliance with the Senior Secured Indebtedness to EBITDA Ratio thereunder. 

“Senior Secured Indebtedness to EBITDA Ratio” means, with respect to the Issuer, the ratio of (x) the
Issuer’s Senior Secured Indebtedness, minus an amount of cash and Cash Equivalents held by the Issuer and its Restricted Subsidiaries as of the date of determination not exceeding 

  
 33 

 
$250.0 million, to (y) the Issuer’s EBITDA for the applicable Measurement Period. For purposes of making the computation referred to above, if any Specified Transaction has
been made by the Issuer or any of its Restricted Subsidiaries during the Measurement Period or subsequent to the Measurement Period and on or prior to the date of determination of the Senior Secured Indebtedness to EBITDA Ratio, the Senior Secured
Indebtedness to EBITDA Ratio shall be calculated on a pro forma basis assuming that all such Specified Transactions (and the change in EBITDA resulting therefrom) had occurred on the first day of the Measurement Period. If, since the
beginning of such Measurement Period, any Person became a Restricted Subsidiary or was merged with or into the Issuer or any of its Restricted Subsidiaries and, since the beginning of such Measurement Period, such Person shall have made any
Specified Transaction that would have required adjustment pursuant to the immediately preceding sentence if made by the Issuer or a Restricted Subsidiary since the beginning of such Measurement Period, then the Senior Secured Indebtedness to EBITDA
Ratio shall be calculated giving pro forma effect thereto for such period as if such Specified Transaction had occurred at the beginning of such Measurement Period. 

For purposes of this definition, whenever pro forma effect is to be given to any Specified Transaction (including the Transactions and
the 2011 Transactions), the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Issuer and may include, for the avoidance of doubt, cost savings, operating expense reductions and
synergies (including revenue synergies, those related to new business and customer wins, the modifications or renegotiation of contracts and other arrangements and pricing adjustments and increases (in each case, net of any costs or expenses to
implement or achieve the foregoing)) resulting from or related to any such Specified Transaction (including the Transactions and the 2011 Transactions) which is being given pro forma effect that have been or are expected to be realized and
for which the actions necessary to realize such cost savings, reductions and synergies are taken or expected to be taken no later than 24 months after the date of any such Specified Transaction (in each case as though such cost savings, reductions
and synergies had been realized on the first day of the applicable Measurement Period). 
 In the event that any calculation of the Senior
Secured Indebtedness to EBITDA Ratio shall be made as of the date of the initial borrowing of any applicable Indebtedness after giving pro forma effect to the entire committed amount of such Indebtedness (as contemplated by clause (26) of the
definition of “Permitted Liens”), such committed amount may thereafter be borrowed and reborrowed, in whole or in part, from time to time, and secured by Liens without further compliance with such ratio, provided that such committed amount
shall be included as outstanding Indebtedness in any subsequent calculation of the Senior Secured Indebtedness to EBITDA Ratio, to the extent the commitment therefor then remains outstanding. 

“Senior Term Loan Agreement” means that certain credit agreement, dated as of the Issue Date, by and among the Issuer, Credit
Suisse AG, as the administrative agent, and the lenders party thereto, as the same may be amended, supplemented, waived or otherwise modified from time to time. 

  
 34 

 “Senior Term Loan Facility” means the term loan facility under the Senior
Term Loan Agreement, including any guarantees, collateral documents, instruments and agreements executed in connection therewith. 

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

“Specified Transaction” means (v) any designation of operations or assets of the Issuer or a Restricted
Subsidiary as discontinued operations (as defined under GAAP), (w) any investment that results in a Person becoming a Restricted Subsidiary, (x) any designation of a Subsidiary as a Restricted Subsidiary or an Unrestricted
Subsidiary in compliance with this Indenture, (y) any purchase or other acquisition of a business of any Person, of assets constituting a business unit, line of business or division of any Person or (z) any asset sale or
other disposition (i) that results in a Restricted Subsidiary ceasing to be a Subsidiary of the Issuer or (ii) of a business, business unit, line of business or division of the Issuer or a Restricted Subsidiary, in each case
whether by merger, consolidation or otherwise. 
 “Sponsor” means Access Industries, Inc. and any successor in interest
thereto. 
 “Standard Securitization Undertakings” means representations, warranties, covenants and indemnities entered
into by Holdings or any Subsidiary of Holdings which Holdings 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 installment of interest or principal on any series of Indebtedness, the date on
which the payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the
date originally scheduled for the payment thereof. 
 “Subordinated Indebtedness” means (a) with respect to the
Issuer, indebtedness of the Issuer that is by its terms subordinated in right of payment to the Notes and (b) with respect to any Guarantor of the Notes, any Indebtedness of such Guarantor that is by its terms subordinated in right of
payment to its Guarantee of the Notes. 
 “Subsidiary” means, with respect to any specified Person: 

(1) any corporation, association or other business entity, of which more than 50% of the total voting power of shares of
Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees 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); and 

  
 35 

 (2) any partnership, joint venture, limited liability company or similar
entity of which (x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person
or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general, special or limited partnership or otherwise and (y) such Person or any Wholly Owned Restricted Subsidiary of
such Person is a controlling general partner or otherwise controls such entity. 
 “TIA” means the Trust Indenture Act of
1939 (15 U.S.C. §§ 77aaa-77bbbb), as amended, as in effect on the date of the execution of this Indenture until such time as this Indenture is qualified under the TIA, and thereafter as in effect on the date on which this Indenture is
qualified under the TIA, except as otherwise provided in Section 9.04. 
 “Total Indebtedness” means with respect to
any Person, the aggregate amount, without duplication, of Indebtedness consisting of Indebtedness for borrowed money, Capitalized Lease Obligations, purchase money indebtedness and debt obligations evidenced by bonds, notes, debentures or similar
instruments, Disqualified Stock and (in the case of any Restricted Subsidiary that is not a Guarantor) Preferred Stock of such Person as of the end of the most recently ended fiscal quarter for which internal financial statements are available plus
the amount of any such Indebtedness of such Person incurred subsequent to the end of such fiscal quarter and minus the amount of any such Indebtedness of such Person redeemed, repaid, retired or extinguished subsequent to the end of such fiscal
quarter, as determined in accordance with GAAP (provided that Revolving Credit Agreement Indebtedness shall be excluded from the calculation of Total Indebtedness). 

“Transactions” means, collectively, any or all of the following: (i) the entry into the 2012 Secured Indenture
and the offer and issuance of the notes thereunder, (ii) the entry into the Senior Term Loan Agreement and the incurrence of Indebtedness thereunder, (iii) the entry into the senior revolving credit agreement dated
January 31, 2018 and the incurrence of Indebtedness thereunder, (iv) the repayment of certain existing Indebtedness of the Issuer, (v) the solicitation of certain consents and related amendments with respect to the 2011
Unsecured Notes and Holdings Notes and (vi) all other transactions relating to any of the foregoing (including payment of fees and expenses related to any of the foregoing). 

“Trustee” means the party named as such in this Indenture until a successor replaces it in accordance with the provisions of
this Indenture and thereafter means such successor. 
 “Unrestricted Subsidiary” means (i) WMG Kensington, Ltd.
and its Subsidiaries, (ii) any Subsidiary of the Issuer that at the time of determination is an Unrestricted Subsidiary (as designated by the Board of Directors of the Issuer, as provided below) and (iii) any Subsidiary of an
Unrestricted Subsidiary. The Board of Directors of the Issuer may designate any Subsidiary of the Issuer (including any existing Subsidiary and any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary or
any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on, any property of, the Issuer or any 

  
 36 

 
Subsidiary of the Issuer (other than any Subsidiary of the Subsidiary to be so designated); provided that (a) any Unrestricted Subsidiary must be an entity of which shares of
the Capital Stock or other equity interests (including partnership interests) entitled to cast at least a majority of the votes that may be cast by all shares or equity interests having ordinary voting power for the election of directors or other
governing body are owned, directly or indirectly, by the Issuer and (b) each of (I) the Subsidiary to be so designated and (II) its Subsidiaries does not at the time of designation, and does not thereafter, 

(1) create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness
pursuant to which the lender has recourse to any of the assets of the Issuer or any Restricted Subsidiary; or 
 (2) own
assets constituting part of the Music Publishing Business in excess of 10.0% of the total assets constituting the Music Publishing Business. 

The Board of Directors of the Issuer may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that,
immediately after giving effect to such designation, no Default or Event of Default shall have occurred and be continuing. Any such designation by such Board of Directors shall be notified by the Issuer to the Trustee by promptly filing with the
Trustee a copy of the board resolution giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions. 

“U.S. Legal Tender” means such coin or currency of the United States of America as at the time of payment shall be legal
tender for the payment of public and private debts. 
 “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. 
 “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 of which securities (except for (a) directors’ qualifying shares, (b) shares held by nominees and (c) shares held by foreign nationals as required by applicable
Law) or other ownership interests representing 100% of the Capital Stock are, at the time any determination is being made, owned, controlled or held by such Person or one or more wholly owned Subsidiaries of such Person or by such Person and one or
more wholly owned Subsidiaries of such Person. 
 SECTION 1.02. Other Definitions. 

 

			
	Term	  	Defined in Section
	“Agent Members”	  	2.16
	“Alternate Offer”	  	4.09
	“Applicable Premium Deficit”	  	8.03

  
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	“Change of Control Offer”	  	4.09
	“Change of Control Payment Date”	  	4.09
	“Change of Control Payment”	  	4.09
	“Covenant Defeasance”	  	8.02
	“Covenant Suspension Event”	  	4.21
	“Division”	  	1.04
	“Dollar Global Notes”	  	2.16
	“Dollar Paying Agent”	  	2.04
	“DTC”	  	2.04
	“Euro Global Notes”	  	2.16
	“Euro Paying Agent”	  	2.04
	“Event of Default”	  	6.01
	“Global Notes”	  	2.16
	“Guarantee Obligations”	  	10.01
	“Initial Lien”	  	4.12
	“LCT Election”	  	1.05
	“LCT Test Date”	  	1.05
	“Legal Defeasance”	  	8.02
	“Measurement Period”	  	1.01 (“First Lien Indebtedness to EBITDA Ratio”)
	“Other Notes”	  	2.02
	“Physical Notes”	  	2.02
	“Registrar”	  	2.04
	“Regulation S Global Notes”	  	2.16
	“Regulation S Notes”	  	2.02
	“Restricted Period”	  	2.16
	“Reversion Date”	  	4.21
	“Rule 144A Global Notes”	  	2.16
	“Rule 144A Notes”	  	2.02
	“Successor Company”	  	5.01
	“Suspended Covenants”	  	4.21
	“Suspension Date”	  	4.21
	“Suspension Period”	  	4.21

 SECTION 1.03. Incorporation by Reference of TIA. 

Whenever this Indenture refers to a provision of the TIA, such provision of the TIA shall be incorporated by reference in and made a part of
this Indenture if, but only if, (a) this Indenture is qualified by the Issuer under the TIA (in which case each such provision shall be incorporated by reference in and made a part of this Indenture, effective immediately upon such
qualification) or (b) this Indenture expressly states that such provision of the TIA shall apply whether or not this Indenture is qualified under the TIA. The following TIA terms used in this Indenture have the following meanings: 

  
 38 

 “indenture securities” means the Notes. 

“indenture security holder” means a Holder or a Noteholder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Issuer, any Guarantor, and any successor or any other obligor on the Notes.

 All other TIA terms used in this Indenture that are defined by the TIA, defined by the TIA by reference to another statute or defined by
Commission rule and not otherwise defined herein have the meanings assigned to them therein. 
 SECTION 1.04. Rules of Construction.

 Unless the context otherwise requires: 

(1) a term has the meaning assigned to it herein, whether defined expressly or by reference; 

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

(3) [Reserved]; 

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

(5) words used herein implying any gender shall apply to both genders; 

(6) provisions apply to successive events and transactions; 

(7) “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; 
 (8) the words “including,”
“includes” and similar words shall be deemed to be followed by “without limitation”; 
 (9) 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; 

  
 39 

 (10) 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; 

(11) 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; 

(12) “$” 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; 
 (13) “€”
and “euros” each refer to the single currency of the participating Member States in the Third Stage of European Economic and Monetary Union of the Treaty Establishing the European Community, as amended from time to time; 

(14) references to sections of, or rules under, the Securities Act shall be deemed to include substitute, replacement or
successor sections or rules adopted by the Commission from time to time; 
 (15) any reference to a Section, Article or
clause refers to such Section, Article or clause of this Indenture; and 
 (16) any reference herein to (i) a
transfer, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (collectively, a
“Division”), as if it were a transfer, assignment, sale or transfer, or similar term, as applicable, to a separate Person, and (ii) a merger, consolidation, amalgamation or consolidation, or similar term, shall be deemed
to apply to the division of or by a limited liability company, or an allocation of assets to a series of a limited liability company, or the unwinding of such a division or allocation, as if it were a merger, consolidation, amalgamation or
consolidation or similar term, as applicable, with a separate Person. 
 SECTION 1.05. Limited Condition Transaction. 

In connection with any action being taken in connection with a Limited Condition Transaction, at the Issuer’s election, (a) for
purposes of determining compliance with any provision of this Indenture which requires that no Default, Event of Default, specified Default or specified Event of Default, as applicable, has occurred, is continuing or would result from any such
action, as applicable, such condition shall, at the option of the Issuer, be deemed satisfied, so long as no Default, Event of Default, specified Default or specified Event of Default, as applicable, exists on the date (x) a definitive
agreement for such Limited Condition Transaction is entered into, (y) in connection with an acquisition to which the United Kingdom City Code on Takeovers and Mergers (or any equivalent thereof under the laws, rules or regulations in any other
applicable jurisdiction) 

  
 40 

 
applies, on which a “Rule 2.7 announcement” of a firm intention to make an offer in respect of a target of a Limited Condition Transaction is made (or the equivalent notice under such
equivalent laws, rules or regulations in such other applicable jurisdiction) or (z) notice of redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness, Disqualified Stock or Preferred Stock is given. For the
avoidance of doubt, if the Issuer has exercised its option under the first sentence of this clause (a), and any Default, Event of Default, specified Default or specified Event of Default, as applicable, occurs following the date (x) a
definitive agreement for the applicable Limited Condition Transaction was entered into, (y) in connection with an acquisition to which the United Kingdom City Code on Takeovers and Mergers (or any equivalent thereof under the laws, rules or
regulations in any other applicable jurisdiction) applies, on which a “Rule 2.7 announcement” of a firm intention to make an offer in respect of a target of a Limited Condition Transaction is made (or the equivalent notice under such
equivalent laws, rules or regulations in such other applicable jurisdiction) or (z) notice of redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness, Disqualified Stock or Preferred Stock is given and prior
to the consummation of such Limited Condition Transaction, any such Default, Event of Default, specified Default or specified Event of Default, as applicable, shall be deemed to not have occurred or be continuing for purposes of determining whether
any action being taken in connection with such Limited Condition Transaction is permitted hereunder. 
 (b) In connection with any action
being taken in connection with a Limited Condition Transaction, for purposes of: 
 (i) determining compliance with any
provision of this Indenture which requires the calculation of the First Lien Indebtedness to EBITDA Ratio or the Senior Secured Indebtedness to EBITDA Ratio or any other financial measure; 

(ii) testing baskets set forth in this Indenture (including baskets measured as a percentage of EBITDA); or 

(iii) any other determination as to whether any such Limited Condition Transaction and any related transactions (including any
financing thereof) complies with the covenants or agreements contained herein; 
 in each case, at the option of the Issuer (the Issuer’s election to
exercise such option in connection with any Limited Condition Transaction, an “LCT Election”), the date of determination of whether any such action is permitted hereunder, shall be deemed to be the date (x) a definitive
agreement for such Limited Condition Transaction is entered into, (y) in connection with an acquisition to which the United Kingdom City Code on Takeovers and Mergers (or any equivalent thereof under the laws, rules or regulations in any other
applicable jurisdiction) applies, the date on which a “Rule 2.7 announcement” of a firm intention to make an offer in respect of a target of a Limited Condition Transaction is made (or the equivalent notice under such equivalent laws,
rules or regulations in such other applicable jurisdiction) or (z) notice of redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness, Disqualified Stock or Preferred Stock is given, as applicable (the
“LCT Test Date”), and if, after giving pro forma effect to the Limited Condition 

  
 41 

 
Transaction and the other transactions to be entered into in connection therewith (including any Incurrence or discharge of Indebtedness and Liens and the use of proceeds thereof) as if they had
occurred at the beginning of the most recent four consecutive fiscal quarters of the Issuer ending prior to the LCT Test Date for which consolidated financial statements of the Issuer are available, the Issuer could have taken such action on the
relevant LCT Test Date in compliance with such ratio, basket or amount, such ratio, basket or amount shall be deemed to have been complied with; provided that (a) if financial statements for one or more subsequent fiscal years or quarters shall
have been delivered pursuant to Section 4.17. hereof prior to the date on which such Limited Condition Transaction is consummated, the Issuer may elect, in its sole discretion, to re-determine all such
ratios, baskets or amounts on the basis of such financial statements, in which case, such date of redetermination shall thereafter be deemed to be the applicable LCT Test Date for purposes of such ratios, baskets or amounts and (b) except as
contemplated in the foregoing clause (a), compliance with such ratios, baskets or amounts (and any related requirements and conditions) shall not be determined or tested at any time after the applicable LCT Test Date for such Limited Condition
Transaction and any actions or transactions related thereto (including any Incurrence or discharge of Indebtedness and Liens and the use of proceeds thereof) . 

For the avoidance of doubt, if the Issuer has made an LCT Election and any of the ratios, baskets or amounts for which compliance was
determined or tested as of the LCT Test Date are exceeded as a result of fluctuations in any such ratio, basket or amount, including due to fluctuations in exchange rates or in EBITDA of the Issuer or the Person subject to such Limited Condition
Transaction or any applicable currency exchange rate, at or prior to the consummation of the relevant transaction or action, such ratios, baskets or amounts will not be deemed to have been exceeded as a result of such fluctuations. If the Issuer has
made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio, basket or amount with respect to the Incurrence or discharge of Indebtedness or Liens, or the making of dividends,
distributions, investments, asset sales, mergers, the conveyance, lease or other transfer of all or substantially all of the assets of the Issuer or the designation of an Unrestricted Subsidiary on or following the relevant LCT Test Date and prior
to the earlier of the date on which (1) such Limited Condition Transaction is consummated, (2) the definitive agreement for, or firm offer in respect of, such Limited Condition Transaction (if an acquisition or investment) is terminated or
expires without consummation of such Limited Condition Transaction or (3) such notice of redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness, Disqualified Stock or Preferred Stock is revoked or expires
without consummation, any such ratio, basket or amount shall be calculated on a pro forma basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any Incurrence or discharge of Indebtedness and
Liens and the use of proceeds thereof) have been consummated. 

  
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 ARTICLE TWO 

THE NOTES 
 SECTION 2.01.
Amount of Notes; Issuable in Series. 
 The aggregate principal amount of Notes that may be authenticated and delivered and
outstanding under this Indenture is not limited. The Notes may be issued from time to time in one or more series. Except as provided in Section 9.02, all Notes (including any Exchange Notes issued in exchange therefor) will vote (or consent) as
a single class with other Notes and otherwise be treated as Notes for all purposes of this Indenture. 
 The following matters shall be
established with respect to each series of Notes issued hereunder in a Notes Supplemental Indenture: 
 (i) the title of the
Notes of the series (which title shall distinguish the Notes of the series from all other series of Notes) and whether such Notes are Euro-denominated Notes or Dollar-denominated Notes; 

(ii) any limit (if any) upon the aggregate principal amount of the Notes of the series that may be authenticated and delivered
under this Indenture (which limit shall not pertain to 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 2.07, 2.08, 2.11, 2.16(c), 2.16(d) or
3.06); 
 (iii) the date or dates on which the principal of and premium, if any, on the Notes of the series is payable or the
method of determination and/or extension of such date or dates, and the amount or amounts of such principal and premium, if any, payments and methods of determination thereof; 

(iv) the rate or rates at which the Notes of the series shall bear interest, if any, or the method of calculating and/or
resetting such rate or rates of interest, the date or dates from which such interest shall accrue or the method by which such date or dates shall be determined, and the Interest Payment Dates on which any such interest shall be payable; 

(v) the period or periods within which, the price or prices at which, and other terms and conditions upon which Notes of the
series (i) may be redeemed, in whole or in part, at the option of the Issuer, if the Issuer is to have the option or (ii) shall be redeemed, in whole or in part, upon the occurrence of specified events, if the Notes shall be
subject to a mandatory redemption provision; 
 (vi) if other than the principal amount thereof, the portion of the principal
amount of Notes of the series that shall be payable upon declaration of acceleration of maturity thereof pursuant to Section 6.02 or the method by which such portion shall be determined; 

  
 43 

 (vii) in the case of any Notes, other than Initial Notes and any Exchange
Notes issued in exchange for Initial Notes, any addition to or change in the Events of Default which apply to any Notes of the series and any change in the right of the Trustee or the requisite Holders of such Notes to declare the principal amount
thereof due and payable pursuant to Section 6.02; and 
 (viii) in the case of any Notes, other than Initial Notes and
any Exchange Notes issued in exchange for Initial Notes, any addition to or change in the covenants set forth in Article Four. 
 The form
of the Notes of such series, as set forth in Exhibit A-1 or Exhibit A-2 or Exhibit C-1 or Exhibit C-2 as the case may be, may be modified to reflect such matters as so established in such Notes Supplemental Indenture. 

Such matters may also be established in a Notes Supplemental Indenture for any Additional Notes issued hereunder that are to be of the same
series as any Notes previously issued hereunder. Notes that have the same terms described in the foregoing clauses (i) though (viii) will be treated as the same series, unless otherwise designated by the Issuer. 

SECTION 2.02. Form and Dating. 

The Initial Notes and Initial Additional Notes that are not Exchange Notes and the Trustee’s certificate of authentication relating
thereto shall be substantially in the form set forth, or referenced, in this Article Two and Exhibit A-1 hereto (in the case of Dollar-denominated Notes) or Exhibit
A-2 (in the case of Euro-denominated Notes), which is incorporated in and form a part of this Indenture (as such forms may be modified in accordance with Section 2.01). The Exchange Notes and any
Additional Notes that are not Initial Additional Notes, or that are issued in a registered offering pursuant to the Securities Act, and the Trustee’s certificate of authentication relating thereto shall be in substantially in the form set
forth, or referenced, in this Article Two and Exhibit C-1 hereto (in the case of Dollar-denominated Notes) or Exhibit C-2 (in the case of
Euro-denominated Notes), which is incorporated in and form a part of this Indenture (as such forms may be modified in accordance with Section 2.01). The Notes may have notations, legends or endorsements required by law, rule or usage to which
the Issuer is subject. Without limiting the generality of the foregoing, Notes offered and sold to Qualified Institutional Buyers in reliance on Rule 144A (“Rule 144A Notes”) shall bear the legend and include the form of assignment
set forth in Exhibit B, Notes offered and sold in offshore transactions in reliance on Regulation S (“Regulation S Notes”) shall bear the legend and include the form of assignment set forth in Exhibit B, and Notes
offered and sold to Institutional Accredited Investors in transactions exempt from registration under the Securities Act not made in reliance on Rule 144A or Regulation S (“Other Notes”) may be represented by a Rule 144A Global Note
or, if such an investor may not hold an interest in the Rule 144A Global Notes, a Physical Note, in each case, bearing the Private Placement Legend. The Issuer shall approve the form of the Notes and any notation, legend or endorsement on them. Each
Note shall be dated the date of its issuance and show the date of its authentication. 

  
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 The terms and provisions contained in the Notes shall constitute, and are hereby expressly
made, a part of this Indenture and, to the extent applicable, the Issuer, the Trustee, the Notes Authorized Representative and the Collateral Agent, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and
agree to be bound thereby. 
 The Notes may be presented for registration of transfer and exchange at the offices of the applicable
Registrar. 
 Notes issued in exchange for interests in a Global Note pursuant to Section 2.16 may be issued in the form of permanent
certificated Notes in registered form in substantially the form set forth in Exhibit A-1, Exhibit A-2, Exhibit
C-1 or Exhibit C-2, as applicable (the “Physical Notes”). 

SECTION 2.03. Execution and Authentication. 

One Officer, who shall have been duly authorized by all requisite corporate actions, shall sign the Notes for the Issuer by manual, facsimile
or electronic image scan signature. 
 If the Officer whose signature is on a Note was an Officer at the time of such execution but no
longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless. 
 (i) The Trustee
shall initially authenticate Initial Dollar Notes for original issue on the Closing Date in an aggregate principal amount of $535,000,000 of Dollar Notes, (ii) the Euro Paying Agent shall initially authenticate Initial Euro Notes for
original issue on the Closing Date in an aggregate principal amount of €325,000,000 of Euro Notes and (iii) the Trustee shall thereafter authenticate (x) Additional Notes in one or more series (which may be of the same
series as any Notes previously issued hereunder, or of a different series) from time to time for original issue in aggregate principal amounts specified by the Issuer and (y) Exchange Notes from time to time for issue in exchange for a
like principal amount of Initial Notes or Initial Additional Notes, in each case specified in clauses (i) through (iii) above, upon a written order of the Issuer in the form of an Officer’s Certificate of the Issuer; provided,
however, that if the Additional Notes are not fungible with the Initial Notes for United States federal income tax purposes, the Additional Notes will have a separate CUSIP, ISIN, Common Code or other similar identification number than the
Initial Notes. Each such written order shall specify the principal amount of such Notes to be authenticated and the date on which such Notes are to be authenticated. 

No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a
certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly
authenticated and delivered hereunder. Notwithstanding the foregoing, if any Note shall have been authenticated and delivered hereunder but never issued and sold by the Issuer, and the Issuer shall deliver such Note to the Trustee for cancellation
as provided in Section 2.12, for all purposes of this Indenture such Note shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 

  
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 The Trustee may appoint one or more authenticating agents with the consent of the Issuer to
authenticate the Notes, and the Trustee may enter into an appropriate agency agreement with any such authentication agent not a party to this Indenture. Unless otherwise provided in the appointment, an authenticating agent may authenticate the Notes
whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Issuer and Affiliates of the Issuer.
Each Paying Agent is designated as an authenticating agent for purposes of this Indenture. 
 The Dollar-denominated Notes shall be issuable
only in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000 in excess of $2,000. The Euro-denominated Notes shall be issuable only in registered form without coupons in denominations of €100,000 and
any integral multiples of €1,000 in excess of €100,000. 
 SECTION 2.04. Registrar and Paying Agent. 

The Issuer will maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”). The Issuer will also maintain (i) an office or agency within the United States where Notes may be presented for payment (“Dollar Paying Agent”) and (ii) if and for so long as
any Euro-denominated Notes are outstanding, an office or agency in (if and for so long as the Euro-denominated Notes are listed on the Official List of the Luxembourg Stock Exchange and are admitted for trading on the Euro MTF Market and the rules
and regulations of the Luxembourg Stock Exchange so require) initially in Luxembourg, or an office or agency in any other city selected by the Issuer within the European Union, where Euro-denominated Notes may be presented for payment (the
“Euro Paying Agent”) provided, that at the option of the Issuer payment of interest on a Note may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the note register or
otherwise. The Registrar will keep a register of the Notes and of their transfer and exchange and will make payments on and facilitate transfer of Euro-denominated Notes on behalf of the Issuer. The Issuer may appoint one or more additional
registrars and one or more additional paying agents. The Issuer shall, so long as any Euro-denominated Notes are outstanding and if and for so long as the Euro-denominated Notes are listed on the Official List of the Luxembourg Stock Exchange and
are admitted for trading on the Euro MTF Market, maintain a registrar located in the European Union or such other location as the rules and regulations of the Luxembourg Stock Exchange require. The Issuer will also maintain a register of
Euro-denominated Notes at its registered office which, in case of any discrepancy with the information contained in the Registrar’s books, shall prevail over the Registrar’s books. The term “Registrar” includes any Registrar and
any additional registrar and the term “Paying Agent” includes the Dollar Paying Agent, the Euro Paying Agent and any additional paying agent. 

The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer will notify the Trustee in writing of the name
and address of any Agent not a party to this 

  
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Indenture. The Issuer may enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. Any such agency agreement shall implement the provisions of
this Indenture that relate to such agent. If the Issuer fails to appoint or maintain another entity as Registrar or Paying Agent with respect to any Dollar-denominated Notes, the Trustee shall act as such and shall be entitled to appropriate
compensation in accordance with Section 7.07. The Issuer or any of its Subsidiaries may act as Paying Agent or Registrar. 
 The Issuer
initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Dollar Global Notes. 

The Issuer initially appoints the Trustee to act as the Registrar and Dollar Paying Agent with respect to the Dollar-denominated Notes and to
act as Custodian with respect to the Dollar Global Notes and Société Générale Luxembourg to act as the Registrar, Transfer Agent and Euro Paying Agent with respect to the Euro-denominated Notes, in each case until such
time as either such entity has resigned or a successor has been appointed. 
 SECTION 2.05. Paying Agent To Hold Assets in Trust.

 Each Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money held by the applicable Paying Agent for the
payment of principal of or premium or interest on the Notes (whether such money has been paid to it by the Issuer, one or more of the Guarantors or any other obligor on the Notes), and the Issuer and each Paying Agent shall notify the Trustee of any
Default by the Issuer (or any other obligor on the Notes) in making any such payment of principal of or premium or interest on the Notes. Money held in trust by a Paying Agent need not be segregated except as required by law and in no event shall a
Paying Agent be liable for any interest on any money received by it hereunder. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed and the Trustee may at any time during
the continuance of any Event of Default specified in Section 6.01(1) or (2), upon written request to a Paying Agent, require such Paying Agent to pay forthwith all money so held by it to the Trustee and to account for any funds disbursed. Upon
making such payment, such Paying Agent shall have no further liability for the money delivered to the Trustee. 
 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 the Holders. If the Trustee is not a Registrar, the Issuer shall furnish to the Trustee at least two (2) Business Days prior to each Interest Payment Date and at such other times as the Trustee may request in writing a list in
such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders, which list may be conclusively relied upon by the Trustee. 

  
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 SECTION 2.07. Transfer and Exchange. 

Subject to Sections 2.16 and 2.17, when Notes are presented to the applicable Registrar with a request to register the transfer of such Notes
or to exchange such Notes for an equal principal amount of Notes of other authorized denominations, the applicable Registrar shall promptly register the transfer or make the exchange as requested if its requirements for such transaction are met;
provided, however, that the Notes surrendered for transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the applicable Registrar, duly executed by the Holder
thereof or his or her attorney duly authorized in writing. To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Notes at the applicable Registrar’s request. No service charge shall be
made for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith. The transferring Holder shall also provide or cause
to be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation, any cost basis reporting obligations under Section 6045 of the Code. The Trustee
may rely on any such information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. 

The Registrar shall not be required to register the transfer of or exchange of any Notes (i) during a period beginning at the
opening of business 15 days before the mailing of a notice of redemption of Notes and ending at the close of business on the day of such mailing, selected for redemption in whole or in part pursuant to Article Three, except the unredeemed portion of
any Notes being redeemed in part, and (ii) during a Change of Control Offer or an Alternate Offer if such Note is tendered pursuant to such Change of Control Offer or Alternate Offer and not withdrawn. 

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 the holder of such Global Note (or its agent) or by Euroclear or Clearstream, as applicable, and that ownership of a beneficial interest in the Notes shall
be required to be reflected in a book-entry system. 
 SECTION 2.08. Replacement Notes. 

If a mutilated Note is surrendered to the Registrar or the Trustee, or if the Holder of a Note claims that the Note has been lost, destroyed
or wrongfully taken, the Issuer shall issue and the Trustee shall authenticate a replacement Note (and the Guarantors, if any, shall execute the guarantee thereon) if the Holder of such Note furnishes to the Issuer and the Trustee evidence
reasonably acceptable to them of the ownership and the destruction, loss or theft of such Note and if the requirements of Section 8-405 of the New York Uniform Commercial Code as in effect on the date of
this Indenture are met. If required by the Trustee or the Issuer, an indemnity bond shall be posted, sufficient in the judgment of all to protect the Issuer, the Guarantors, if any, the Trustee or any Paying Agent from any loss that any of them may
suffer if such Note is replaced. The Issuer may charge such Holder for the Issuer’s reasonable out-of-pocket expenses in replacing such Note

  
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and the Trustee may charge the Issuer for the Trustee’s expenses (including, without limitation, attorneys’ fees and disbursements) in replacing such Note. Every replacement Note shall
constitute a contractual obligation of the Issuer. 
 SECTION 2.09. Outstanding Notes. 

The Notes outstanding at any time are all the Notes that have been authenticated by the Trustee except (a) those canceled by it,
(b) those delivered to it for cancellation, (c) to the extent set forth in Sections 8.01 and 8.02, on or after the date on the conditions set forth in Section 8.01 or 8.02 have been satisfied and (d) those
Notes theretofore authenticated by the Trustee hereunder and those described in this Section as not outstanding, including Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture. A Note
does not cease to be outstanding because the Issuer or any of its Affiliates holds the Note (subject to the provisions of Section 2.10). 

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 receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser in whose hands such Note is a legal, valid and binding obligation of the Issuer. A mutilated Note ceases to be outstanding upon
surrender of such Note and replacement thereof pursuant to Section 2.08. 
 If the principal amount of any Note is considered paid
under Section 4.01, it ceases to be outstanding and interest ceases to accrue. If on a Redemption Date or the Maturity Date the Trustee or the applicable Paying Agent (other than the Issuer or an Affiliate thereof) holds U.S. Legal Tender or
Government Securities, or euros or European Government Securities, as applicable, sufficient to pay all of the principal and interest due on the Notes payable on that date, then on and after that date such Notes cease to be outstanding and interest
on them ceases to accrue. 
 SECTION 2.10. Treasury Notes. 

In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned
by the Issuer or any of its Affiliates shall be disregarded, except that, for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the
Trustee actually knows are so owned shall be disregarded. 
 SECTION 2.11. Temporary Notes. 

Until definitive Notes are ready for delivery, the Issuer may prepare and the Trustee shall authenticate temporary Notes. Temporary Notes
shall be substantially in the form of definitive Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate definitive Notes in
exchange for temporary Notes. Until such exchange, temporary Notes shall be entitled to the same rights, benefits and privileges as definitive Notes. Notwithstanding the foregoing, so long as the Notes are represented by a Global Note, such Global
Note may be in typewritten form. 

  
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 SECTION 2.12. Cancellation. 

The Issuer at any time may deliver Notes to the Trustee for cancellation. The applicable Registrar and the applicable Paying Agent shall
forward to the Trustee any Notes surrendered to them for transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the applicable Registrar or the applicable Paying Agent (other than the Issuer or a Subsidiary), and no one
else, shall cancel and, at the written direction of the Issuer, shall dispose of all Notes surrendered for transfer, exchange, payment or cancellation in accordance with its customary procedures. Subject to Section 2.08, the Issuer may not
issue new Notes to replace Notes that it has paid or delivered to the Trustee for cancellation. If the Issuer or any Guarantor shall acquire any of the Notes, such acquisition shall not operate as a redemption or satisfaction of the Indebtedness
represented by such Notes unless and until the same are surrendered to the Trustee for cancellation pursuant to this Section 2.12. 

SECTION 2.13. Defaulted Interest. 

Unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture, as contemplated by Section 2.01, if
the Issuer defaults in a payment of interest on the Notes, it shall, unless the Trustee fixes another Record Date pursuant to Section 6.10, pay the defaulted interest then borne by the Notes, plus (to the extent lawful) any interest payable on
the defaulted interest, in accordance with the terms hereof. The Issuer may pay the defaulted interest to the persons who are Holders on a subsequent special Record Date, which special Record Date shall, unless otherwise specified for Notes of any
series in the applicable Notes Supplemental Indenture, as contemplated by Section 2.01, be the fifteenth day next preceding the date fixed by the Issuer for the payment of defaulted interest or the next succeeding Business Day if such date is
not a Business Day. Unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture, as contemplated by Section 2.01, at least 15 days before any such subsequent special Record Date, the Issuer shall mail to
each Holder, with a copy to the Trustee and the Paying Agent, a notice that states the subsequent special Record Date, the payment date and the amount of defaulted interest, and interest payable on such defaulted interest, if any, to be paid. The
Issuer may make payment of any defaulted interest in any other lawful manner not inconsistent with the requirements (if applicable) of any securities exchange on which the Notes may be listed and, upon such notice as may be required by such
exchange, if, after written notice given by the Issuer to the Trustee of the proposed payment pursuant to this sentence, such manner of payment shall be deemed practicable by the Trustee. 

SECTION 2.14. CUSIP Numbers, ISINs, Etc. 

The Issuer 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, as applicable, CUSIP numbers, ISINs and Common Code numbers in notices of redemption as a convenience to Holders; provided, however, 

  
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that any such notice may state that no representation is made as to the correctness or accuracy 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 number(s) printed on the Notes. The Issuer shall advise the Trustee of any change in the CUSIP numbers, ISINs and Common Code numbers. 

SECTION 2.15. Deposit of Moneys. 

Unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture, as contemplated by Section 2.01, prior
to 10:00 a.m. New York City time, on each Interest Payment Date, Maturity Date, Redemption Date and Change of Control Payment Date, the Issuer shall have deposited with the applicable Paying Agent in immediately available funds U.S. Legal Tender or
euros, as applicable, sufficient to make cash payments, if any, due on such Interest Payment Date, Maturity Date, Redemption Date and Change of Control Payment Date, as the case may be, in a timely manner which permits the applicable Paying Agent to
remit payment to the Holders on such Interest Payment Date, Maturity Date, Redemption Date and Change of Control Payment Date, as the case may be. The principal and interest on Global Notes shall be payable to the Depositary or its nominee or the
Common Depositary or its nominee, as the case may be, as the sole registered owner and the sole Holder of the Global Notes represented thereby. The principal and interest on Physical Notes shall be payable, either in person or by mail, at the office
of the applicable Paying Agent. 
 SECTION 2.16. Book-Entry Provisions for Global Notes. 

(a) Rule 144A Notes initially shall be represented by one or more Notes in 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 registered, global form without interest coupons (the “Regulation S Global Notes”). The term “Global
Notes” means, collectively, the Rule 144A Global Notes and the Regulation S Global Notes. The Global Notes shall bear legends as set forth in Exhibit D. Dollar-denominated Notes issued in the form of a Global Note are collectively
referred to as “Dollar Global Notes,” and Euro-denominated Notes issued in the form of a Global Note are collectively referred to as “Euro Global Notes.” The Dollar Global Notes initially shall (i) be
registered in the name of the Depositary or the nominee of such Depositary, in each case for credit to an account of an Agent Member, (ii) be delivered to the Trustee as custodian for such Depositary and (iii) bear legends as
set forth in Exhibit B with respect to Rule 144A Global Notes and Regulation S Global Notes. The Euro Global Notes initially shall (i) be registered in the name of the Common Depositary or the nominee of such Common Depositary, in
each case for credit to an account of an Agent Member, (ii) be delivered to the custodian for such Common Depositary and (iii) bear legends as set forth in Exhibit B with respect to Rule 144A Global Notes and
Regulation S Global Notes. 
 Members of, or direct or indirect participants in, the Depositary, Euroclear or Clearstream (“Agent
Members”) shall have no rights under this Indenture with respect to any Global Notes held on their behalf by the Depositary or the Common Depositary or their respective custodians, or under the Global Notes, and the Depositary may be
treated by the Issuer, the Trustee and any agent of the 

  
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Issuer or the Trustee as the absolute owner of the Dollar Global Notes for all purposes whatsoever, and the Common Depositary may be treated by the Issuer, the Trustee and any agent of the Issuer
or the Trustee as the absolute owner of the Euro Global Notes for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any
written certification, proxy or other authorization furnished by the Depositary or the Common Depositary or impair, as between the Depositary, Euroclear or Clearstream, as the case may be, and its respective Agent Members, the operation of customary
practices governing the exercise of the rights of a Holder. 
 (b) Transfers of a Dollar Global Note shall be limited to transfer in whole,
but not in part, to the Depositary, its successors or their respective nominees. Transfers of a Euro Global Note shall be limited to transfer in whole, but not in part, to the Common Depositary, its successors or their respective nominees. Interests
of beneficial owners in the Global Notes may be transferred or exchanged for Physical Notes in accordance with the rules and procedures of the Depositary, Euroclear or Clearstream, as the case may be, and the provisions of Section 2.17. In
addition, a Global Note shall be exchangeable for Physical Note if (i) (A) in the case of a Dollar Global Note, the Depositary (x) notifies the Issuer that it is unwilling or unable to continue as depositary for such
Dollar Global Note and the Issuer thereupon fail to appoint a successor depositary or (y) has ceased to be a clearing agency registered under the Exchange Act and (B) in the case of a Euro Global Note, the Common
Depositary, Euroclear or Clearstream notifies the Issuer that it is unwilling or unable to continue to act as a common depositary or clearing agency, as applicable, for such Euro Global Note and the Issuer thereupon fails to appoint a successor
depositary or clearing agency, as applicable, within 120 days, (ii) pursuant to the procedures of the Depositary, Euroclear or Clearstream, as the case may be, the Issuer, at its option, notifies the Trustee in writing that it elects to
cause the issuance of such Physical Notes or (iii) in the case of any Global Note, there shall have occurred and be continuing an Event of Default with respect to such Global Note. In all cases, Physical 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 Depositary, Euroclear or Clearstream, as the case may be, in accordance with its customary
procedures. 
 (c) In connection with any transfer or exchange of a portion of the beneficial interest in any Global Note to beneficial
owners pursuant to paragraph (b), the applicable Registrar shall (if one or more Physical Notes are to be issued) reflect on its books and records the date and a decrease in the principal amount of the Global Note in an amount equal to the principal
amount of the beneficial interest in the Global Note to be transferred, and the Issuer shall execute, and the Trustee shall upon receipt of a written order from the Issuer authenticate and make available for delivery, one or more Physical Notes of
like tenor and amount. 
 (d) In connection with the transfer of an entire Global Note to beneficial owners pursuant to paragraph (b), the
applicable Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner identified by the Depositary, Euroclear or Clearstream,
as the case may be, in writing in exchange for its beneficial interest in the applicable Global Note, an equal aggregate principal amount at maturity of Physical Notes of authorized denominations. 

  
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 (e) Any Physical Note constituting a Restricted Note delivered in exchange for an interest
in a Global Note pursuant to paragraph (b) shall, except as otherwise provided by paragraphs (a)(i)(x) and (c) of Section 2.17, bear the Private Placement Legend unless the Issuer determines otherwise in compliance with applicable
law. 
 (f) On or prior to the 40th day after the later of the commencement of the offering of the Notes represented by the Regulation S
Global Note and the issue date of such Notes (such period through and including such 40th day, the “Restricted Period”), a beneficial interest in a Regulation S Global Note may be transferred to a Person who takes delivery in the
form of an interest in the corresponding Rule 144A Global Note only upon receipt by the Trustee of a written certification from the transferor to the effect that such transfer is being made (i) (a) to a Person that the transferor
reasonably believes is a Qualified Institutional Buyer in a transaction meeting the requirements of Rule 144A or (b) pursuant to another exemption from the registration requirements under the Securities Act which is accompanied by an
Opinion of Counsel regarding the availability of such exemption and (ii) in accordance with all applicable securities laws of any state of the United States or any other applicable jurisdiction. During the Restricted Period, beneficial
ownership in a Regulation S Global Note may only be sold, pledged or transferred through Euroclear or Clearstream. 
 (g) Beneficial
interests in the Rule 144A Global Notes may be transferred to a Person who takes delivery in the form of an interest in the Regulation S Global Notes, whether before or after the expiration of the Restricted Period, only if the transferor first
delivers to the Trustee a written certificate to the effect that such transfer is being made in accordance with Regulation S or Rule 144 (if available). 

(h) Any beneficial interest in one of the Global Notes that is transferred to a Person who takes delivery in the form of an interest in
another Global Note shall, upon transfer, cease to be an interest in such Global Note and become an interest in such other Global Note and, accordingly, shall thereafter be subject to all transfer restrictions and other procedures applicable to
beneficial interests in such other Global Note for as long as it remains such an interest. 
 (i) 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. 

SECTION 2.17. Special Transfer Provisions. 

(a) Transfers to Non-QIB Institutional Accredited Investors and
Non-U.S. Persons. The following provisions shall apply with respect to the registration of any proposed transfer of a Note constituting a Restricted Note to any Institutional Accredited Investor which is
not a QIB or to any Non-U.S. Person: The applicable Registrar shall register such transfer if it complies with all other applicable requirements of this Indenture (including Section 2.07) and, 

  
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 (i) in the case of a Restricted Note, whether or not such Note bears the
Private Placement Legend, if (x) the requested transfer is after the first anniversary of the date of original issuance thereof or such other date as such Note shall be freely transferable under Rule 144 as certified in an Officer’s
Certificate or (y) (1) in the case of a transfer to an Institutional Accredited Investor which is not a QIB (excluding Non-U.S. Persons), the proposed transferee has delivered to the
applicable Registrar a certificate substantially in the form of Exhibit E hereto or (2) in the case of a transfer to a Non-U.S. Person (including a QIB), the proposed transferor has
delivered to the applicable Registrar a certificate substantially in the form of Exhibit F hereto; provided that in the case of any transfer of a Note bearing the Private Placement Legend for a Note not bearing the Private Placement
Legend, the applicable Registrar has received an Officer’s Certificate authorizing such transfer; and 
 (ii) if the
proposed transferor is an Agent Member holding a beneficial interest in a Global Note, upon receipt by the applicable Registrar of (x) the certificate, if any, required by paragraph (i) above and (y) instructions given
in accordance with the Depositary’s (in the case of a Dollar Global Note) or Euroclear’s or Clearstream’s, as applicable (in the case of a Euro Global Note), and the applicable Registrar’s procedures, whereupon
(a) the applicable Registrar shall reflect on its books and records the date and (if the transfer does not involve a transfer of outstanding Physical Notes) a decrease in the principal amount of a Global Note in an amount equal to the
principal amount of the beneficial interest in a Global Note to be transferred, and (b) the applicable Registrar shall reflect on its books and records the date and an increase in the principal amount of a Global Note in an amount equal
to the principal amount of the beneficial interest in the Global Note transferred or the Issuer shall execute and the Trustee shall authenticate and make available for delivery one or more Physical Notes of like tenor and amount. 

(b) Transfers to QIBs. The following provisions shall apply with respect to the registration or any proposed registration of transfer
of a Note constituting a Restricted Note to a QIB (excluding transfers to Non-U.S. Persons): The applicable Registrar shall register such transfer if it complies with all other applicable requirements of this
Indenture (including Section 2.07) and, 
 (i) if such transfer is being made by a proposed transferor who has checked
the box provided for on such Holder’s Note stating, or to a transferee who has advised the Issuer and the applicable Registrar in writing, that it is purchasing the 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 QIB within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer
as it 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 its foregoing representations in order to claim the exemption from registration provided by
Rule 144A; and 

  
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 (ii) if the proposed transferee is an Agent Member, and the Notes to be
transferred consist of Physical Notes which after transfer are to be evidenced by an interest in the Global Note, upon receipt by the applicable Registrar of instructions given in accordance with the Depositary’s (in the case of a Dollar Global
Note) or Euroclear’s or Clearstream’s, as applicable (in the case of a Euro Global Note), and the applicable Registrar’s procedures, the applicable Registrar shall reflect on its books and records the date and an increase in the
principal amount of the Global Note in an amount equal to the principal amount of the Physical Notes to be transferred, and the Trustee shall cancel the Physical Notes so transferred. 

(c) Private Placement Legend. Upon the registration of transfer, exchange or replacement of Notes not bearing the Private Placement
Legend, the applicable Registrar shall deliver Notes that do not bear the Private Placement Legend. Upon the registration of transfer, exchange or replacement of Notes bearing the Private Placement Legend, the applicable Registrar shall deliver only
Notes that bear the Private Placement Legend unless (i) it has received the Officer’s Certificate required by paragraph (a)(i)(y) of this Section 2.17, (ii) there is delivered to the applicable Registrar an Opinion of
Counsel reasonably satisfactory to the Issuer and the Trustee to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act or
(iii) such Note has been sold pursuant to an effective registration statement under the Securities Act and the applicable Registrar has received an Officer’s Certificate from the Issuer to such effect. 

(d) OID Legend. Each Note issued hereunder that has more than a de minimis amount of original issue discount for U.S. federal income
tax purposes shall bear a legend substantially in the form of Exhibit G hereto. 
 (e) General. By its
acceptance of any Note bearing the Private Placement Legend, each Holder of such Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the Private Placement Legend and agrees that it will transfer such Note
only as provided in this Indenture. 
 The applicable Registrar shall retain for a period of two years copies of all letters, notices and
other written communications received pursuant to Section 2.16 or this Section 2.17. The Issuer shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the
giving of reasonable notice to the applicable Registrar. 
 SECTION 2.18. Computation of Interest. 

Unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture, as contemplated by Section 2.01,
interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 

  
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 SECTION 2.19. 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 outstanding at such date
of determination. 
 For purposes of determining whether Holders of the requisite principal amount of outstanding Notes or outstanding Notes
of any series have voted in favor of or consented to a particular matter, or undertaken any other act under this Indenture, the principal amount of Euro-denominated Notes of any series shall be deemed to be the Dollar Equivalent of such principal
amount of Euro-denominated Notes of such series as of (i) if a record date has been set in accordance with the provisions Section 9.05(b), such date or (ii) if no such record date has been set, the date the taking of
such action by the Holders of such requisite principal amount is certified to the Trustee by the Issuer as provided in such Indenture. Any such calculation made pursuant to this Section 2.19 shall be made by the Issuer and delivered to the
Trustee pursuant to an Officer’s Certificate. 
 Unless otherwise specified for Notes of any series in the applicable Notes
Supplemental Indenture, as contemplated by Section 2.01, 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 or the Notes of any
series, as applicable, 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 or Notes of such series, as applicable, the Holders of
which have so consented, by (b) the aggregate principal amount, as of such date of determination, of the Notes then outstanding or the Notes of such series then outstanding, as applicable, in each case, as determined in accordance with
the preceding sentence, and Section 2.09 of this Indenture. Any such calculation made pursuant to this Section 2.19 shall be made by the Issuer and delivered to the Trustee pursuant to an Officer’s Certificate. 

ARTICLE THREE 
 REDEMPTION 

SECTION 3.01. Notices to Trustee. 

Unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture, as contemplated by Section 2.01, if
the Issuer elects to redeem the Notes of any series pursuant to Section 3.07, it shall notify the Trustee in writing of the Redemption Date, the Redemption Price and the principal amount of Notes to be redeemed. Unless otherwise specified for
Notes of any series in the applicable Notes Supplemental Indenture, as contemplated by Section 2.01, for a redemption pursuant to Section 3.07, the Issuer shall give notice of redemption to the applicable Paying Agent and Trustee at least
11 days but not more than 65 days before the Redemption Date (unless a shorter notice shall be agreed to by the Trustee in writing), together with an Officer’s Certificate stating that such redemption will comply with the conditions contained
herein. 

  
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 SECTION 3.02. Selection of Notes To Be Redeemed. 

Unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture, as contemplated by Section 2.01, if
less than all of the Notes are to be redeemed pursuant to Section 3.07 at any time, the Trustee will select the Notes for redemption as follows: 

(1) if the Notes are listed on a national securities exchange, in compliance with the requirements of the principal national
securities exchange on which the Notes are listed; or 
 (2) if the Notes are not listed on any national securities exchange,
on a pro rata basis, by lot, by such method as the Trustee deems fair and appropriate or by a method in accordance with the procedures of DTC, Euroclear or Clearstream, as applicable. 

Unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture, as contemplated by Section 2.01, no
Dollar-denominated Notes of $2,000 or less shall be redeemed in part and no Euro-denominated Notes of €100,000 or less shall be redeemed in part. 

Unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture, as contemplated by Section 2.01, if a
partial redemption is made with the proceeds of an Equity Offering in accordance with Section 6 of the applicable Notes Supplemental Indenture, the Trustee will select the applicable Notes on a pro rata basis or on as nearly a pro rata
basis as is practicable (subject to Euroclear, Clearstream or DTC procedures, as applicable, unless otherwise required by law or applicable stock exchange or depositary requirements). 

SECTION 3.03. Notice of Redemption. 

Unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture, as contemplated by Section 2.01, at
least 10 days but not more than 60 days before a Redemption Date for a redemption pursuant to Section 6 of the applicable Notes Supplemental Indenture, the Issuer shall mail or electronically transmit a notice of redemption by first class mail,
postage prepaid, to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed or electronically transmitted more than 60 days prior to a Redemption Date if the notice is issued in connection
with a defeasance of the Notes, a satisfaction and discharge of this Indenture or a satisfaction and discharge of any Notes of a series. At the Issuer’s request, the Trustee shall forward the notice of redemption in the Issuer’s name and
at the Issuer’s expense; provided that in such case, the Trustee has, unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture, as contemplated by Section 2.01, received notice from the
Issuer at least 11 days, but not more than 65 days, before a Redemption Date (unless a shorter notice shall be agreed to in writing by the Trustee). Unless the redemption is conditioned on the happening of an event in accordance with Section 6
of the applicable Notes Supplemental Indenture, Notes called for redemption become due on the date fixed for redemption. On and after the Redemption Date, interest ceases to accrue on Notes or portions of them called for redemption. Each notice of
redemption shall identify the Notes (including the CUSIP number) to be redeemed and shall state: 

  
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 (1) the Redemption Date; 

(2) the Redemption Price and the amount of accrued interest, if any, to be paid; 

(3) the name and address of the applicable Paying Agent; 

(4) that Notes called for redemption must be surrendered to the applicable Paying Agent to collect the Redemption Price, plus
accrued interest, if any; 
 (5) that, unless the Issuer defaults in making the redemption payment, interest on Notes called
for redemption ceases to accrue on and after the Redemption Date, unless the redemption is conditioned on the happening of an event in accordance with Section 6 of the applicable Notes Supplemental Indenture, and the only remaining right of the
Holders of such Notes is to receive payment of the Redemption Price upon surrender to the applicable Paying Agent of the Notes redeemed; 

(6) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
Redemption Date, and upon surrender of such Note, a new Note or Notes in aggregate principal amount equal to the unredeemed portion thereof will be issued; 

(7) if fewer than all the Notes are to be redeemed, the identification of the particular Notes (or portion thereof) to be
redeemed, as well as the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption; 

(8) the CUSIP Number and/or ISIN number, if any, printed on the Notes being redeemed; 

(9) that no representation is made as to the correctness or accuracy of the CUSIP number and/or ISIN number, if any, listed in
such notice or printed on the Notes; and 
 (10) the Section of the Notes or the applicable Notes Supplemental Indenture
pursuant to which the Notes are to be redeemed. 
 In addition, the Issuer may provide in any notice of redemption that payment of the
Redemption Price and performance of the Issuer’s obligations with respect to such redemption may be performed by another Person. 

  
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 The notice, if mailed in a manner herein provided or transmitted electronically, shall be
conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or electronically or any defect in the notice to the Holder of any Note designated for redemption in whole or
in part shall not affect the validity of the proceedings for the redemption of any other Note. Notices of redemption may not be conditional, unless the redemption is conditioned on the happening of an event in accordance with Section 6 of the
applicable Notes Supplemental Indenture. 
 SECTION 3.04. Effect of Notice of Redemption. 

Unless the redemption is conditioned on the happening of an event in accordance with Section 6 of the applicable Notes Supplemental
Indenture, once notice of redemption is mailed or transmitted electronically in accordance with Section 3.03 or as provided in the applicable Notes Supplemental Indenture, Notes called for redemption become due and payable on the Redemption
Date and at the Redemption Price plus accrued interest, if any. Upon surrender to the Trustee or the applicable Paying Agent, such Notes called for redemption shall be paid at the Redemption Price (which shall include accrued interest thereon to the
Redemption Date), but installments of interest, the maturity of which is on or prior to the Redemption Date, shall be payable to Holders of record at the close of business on the relevant Record Dates. On and after the Redemption Date interest shall
cease to accrue on Notes or portions thereof called for redemption. 
 SECTION 3.05. Deposit of Redemption Price. 

Unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture, as contemplated by Section 2.01, with
respect to the Notes, prior to 10:00 a.m., New York time, on the Redemption Date, the Issuer shall deposit with the applicable Paying Agent (or, if the Issuer or a Wholly Owned Subsidiary is a Paying Agent, shall segregate and hold in trust) U.S.
Legal Tender and/or Government Securities or euros and/or European Government Securities, as applicable, sufficient to pay the redemption price of and accrued interest 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 Issuer 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 Issuer
has deposited with the applicable Paying Agent funds sufficient to pay the principal of, plus accrued and unpaid interest on, the Notes. 

SECTION 3.06. Notes Redeemed in Part. 

If any Note is to be redeemed in part only, the notice of redemption that relates to such Note shall state the portion of the principal amount
thereof to be redeemed. A new Physical Note in principal amount equal to the unredeemed portion of the original Physical Note shall be issued in the name of the Holder thereof upon cancellation of the original Physical Note. 

  
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 SECTION 3.07. Applicability of Article. 

Notes of or within any series that are redeemable in whole or in part before their Maturity Date shall be redeemable in accordance with their
terms (except as otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture, as contemplated by Section 2.01). 

SECTION 3.08. Mandatory Redemption. 

Unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture, as contemplated by Section 2.01, the
Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 ARTICLE FOUR 

COVENANTS 
 The provisions set
forth in this Article Four will apply after the Closing Date. 
 SECTION 4.01. Payment of Principal, Premium and Interest. 

The Issuer shall duly and punctually pay the principal of (and premium, if any) and interest on the Notes in accordance with the terms of the
Notes and this Indenture. Principal amount (and premium, if any) and interest on the Notes shall be considered paid on the date due if the Issuer shall have deposited with the applicable Paying Agent (if other than the Issuer or a wholly-owned
Domestic Subsidiary of the Issuer) as of 12:00 p.m. New York City time on the due date (in the case of the Dollar-denominated Notes) and on the Business Day before the due date (in the case of the Euro-denominated Notes) money in immediately
available funds and designated for and sufficient to pay all principal amount (and premium, if any) and interest then due. At the option of the Issuer, payment of interest on a Note may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the note register or otherwise. 
 SECTION 4.02. Maintenance of Office or Agency. 

(a) The Issuer shall maintain in the United States and, if and for so long as any Euro-denominated Notes are outstanding, in a European Union
Member State as and to the extent contemplated by the final paragraph of Section 2.04, an office or agency where Notes may be presented or surrendered for payment, where Notes may be surrendered for transfer or exchange and where notices and
demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer shall give prompt written notice to the Trustee of the location, and of any change in the location, of such office or agency. If at any time the
Issuer shall fail to maintain such 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. 

  
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 (b) The Issuer may also from time to time designate one or more other offices or agencies
where the Note may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. 
 The
Issuer hereby designates (i) the Corporate Trust Office of the Trustee as such office or agency of the Issuer where Dollar-denominated Notes may be presented or surrendered for payment or for transfer or exchange for so long as such
Corporate Trust Office remains a place of payment, (ii) the office(s) of the Euro Paying Agent as such office or agency of the Issuer where Euro-denominated Notes may be presented for payment so long as each such office remains a place
of payment and (iii) the office of any Registrar located in the European Union as such office or agency of the Issuer where Euro-denominated Notes may be presented or surrendered for transfer or exchange so long as each such office
remains the office of a Registrar, in each case in accordance with Section 2.04. 
 SECTION 4.03. [RESERVED]. 

SECTION 4.04. [RESERVED]. 

SECTION 4.05. [RESERVED]. 

SECTION 4.06. Compliance Certificate; Notice of Default. 

(a) The Issuer shall deliver to the Trustee, within 120 days after the close of each fiscal year commencing with the fiscal year ending
September 30, 2020, an Officer’s Certificate stating that a review of the activities of the Issuer and its Restricted Subsidiaries has been made under the supervision of the signing Officer with a view to determining whether the Issuer has
kept, observed, performed and fulfilled its obligations under this Indenture and further stating that to the best of such Officer’s knowledge, the Issuer during such preceding fiscal year has kept, observed, performed and fulfilled each and
every such covenant and no Default occurred during such year and at the date of such certificate there is no Default that has occurred and is continuing or, if such signers do know of such Default, the certificate shall describe its status with
particularity. The Officer’s Certificate shall also notify the Trustee should the Issuer elect to change the manner in which it fixes its fiscal year end or of any changes in its fiscal year. 

(b) The Issuer shall deliver to the Trustee as soon as possible, and in any event within 30 days after an Officer becomes aware of the
occurrence of any Default, an Officer’s Certificate specifying the Default and describing its status with particularity and the action proposed to be taken thereto. 

  
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 SECTION 4.07. [RESERVED]. 

SECTION 4.08. Waiver of Stay, Extension or Usury Laws. 

The Issuer covenants (to the extent permitted by applicable law) that it will not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive the Issuer from paying all or any portion of the principal of and/or interest on the Notes as contemplated herein,
wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture, and (to the extent permitted by applicable law) the Issuer hereby expressly waives all benefit or advantage of any such
law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

SECTION 4.09. Change of Control. 

(a) If a Change of Control Triggering Event occurs with respect to the Notes after the Closing Date, unless the Issuer has exercised its right
to redeem all the Notes pursuant to Section 3.07 (and has not rescinded such exercise), each Holder will have the right to require the Issuer to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof in
the case of Dollar-denominated Notes and €100,000 and integral multiples of €1,000 in excess thereof in the case of Euro-denominated Notes) of that Holder’s Notes pursuant to an offer (a “Change of Control Offer”) on
the terms set forth in this Indenture. In the Change of Control Offer, the Issuer will offer a payment (a “Change of Control Payment”) in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and
unpaid interest, if any, on the Notes repurchased, to the date of purchase. 
 (b) On or prior to the date that is 30 days following any
Change of Control Triggering Event, the Issuer will mail or deliver by electronic transmission a notice to each Holder stating that a Change of Control Triggering Event has occurred or may occur and offering to repurchase the Notes on the date (the
“Change of Control Payment Date”) specified in such notice, which date shall be a Business Day no earlier than 10 days and no later than 60 days from the date such notice is mailed or delivered, pursuant to the procedures required
by this Indenture and described in such notice. Such notice shall state: 
 (1) that the Change of Control Offer is being
made pursuant to this Section 4.09 and that Notes tendered and not withdrawn will be accepted for payment; 
 (2) the
purchase price (including the amount of accrued interest) and the Change of Control Payment Date; 
 (3) that any Note not
tendered will continue to accrue interest; 

  
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 (4) that, unless the Issuer defaults in making payment therefor, any Note
accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Payment Date; 

(5) that Holders electing to have a Note purchased pursuant to a Change of Control Offer will be required to surrender the
Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the applicable Paying Agent at the address specified in the notice prior to the close of business on the third Business Day prior to
the Change of Control Payment Date; 
 (6) that Holders will be entitled to withdraw their election if the applicable Paying
Agent receives, not later than the second Business Day prior to the Change of Control Payment Date, a telegram, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Notes the Holder delivered for
purchase and a statement that such Holder is withdrawing his election to have such Note purchased; and 
 (7) that Holders
whose Notes are purchased only in part will be issued new Notes in a principal amount equal to the unpurchased portion of the Notes surrendered. 

(c) On the Change of Control Payment Date, the Issuer will, to the extent lawful: 

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

(2) deposit with the Paying Agents an amount equal to the Change of Control Payment in respect of all Notes or portions of
Notes properly tendered; and 
 (3) deliver or cause to be delivered to the Trustee the Notes properly accepted together with
an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Issuer. 
 (d) The
Paying Agents will promptly mail to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee (or applicable authenticating agent) will promptly authenticate and mail (or cause to be transferred by book
entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each new Dollar-denominated Note will be in a principal amount of $2,000 or an integral multiple of $1,000
in excess thereof and each new Euro-denominated Note will be in a principal amount of €100,000 or an integral multiple of €1,000 in excess thereof. 

The Issuer will publicly announce the results of the Change of Control Offer as soon as practicable after the Change of Control Payment Date.
However, if the Change of Control Payment Date is on or after an interest Record Date and on or before the related interest payment date, any accrued and unpaid interest shall be paid to the Person in whose name a Note is registered at the close of
business on such Record Date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Change of Control Offer. 

  
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 (e) Notwithstanding anything to the contrary contained herein, a Change of Control Offer may
be made in advance of a Change of Control Triggering Event, conditioned upon the consummation of such Change of Control Triggering Event, if a definitive agreement is in place for the Change of Control at the time the Change of Control Offer is
made. 
 (f) Notwithstanding the foregoing, the Issuer shall not be required to make a Change of Control Offer upon a Change of Control
Triggering Event 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 Section 4.09 (an “Alternate Offer”) and purchases all Notes
properly tendered and not withdrawn under the Change of Control Offer. 
 (g) The Issuer will comply, and will cause any third party making
a Change of Control Offer or an Alternate Offer to comply, with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and
regulations are applicable in connection with a Change of Control Offer or an Alternate Offer. To the extent the provisions of any applicable securities laws or regulations conflict with the provisions of this Indenture relating to a Change of
Control Offer, the Issuer will not be deemed to have breached its obligations under this Indenture by virtue of complying with such laws or regulations. 

(h) If Holders of not less than 90% in aggregate principal amount of a series of outstanding Notes validly tender and do not withdraw such
Notes in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of the Issuer as described in this Section 4.09, purchases all Notes of such series validly tendered and not withdrawn by such
Holders, the Issuer or such third party will have the right, upon not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to such Change of Control Offer, to redeem all Notes of such
series that remain outstanding following such purchase at a price in cash equal to 101.0% of the principal amount thereof plus accrued and unpaid interest to but excluding the date of such redemption (subject to the rights of Holders of such
Notes on the relevant record date to receive interest on the relevant interest payment date). 
 SECTION 4.10. [RESERVED]. 

SECTION 4.11. [RESERVED]. 

SECTION 4.12. Liens. 

(a) The Issuer will not, and will not permit any Guarantor to, directly or indirectly, create, incur, assume or suffer to exist any Lien
(except Permitted Liens) that secures obligations under any Indebtedness of the Issuer or of a Guarantor, on any asset or property of the Issuer or any Guarantor, or any income or profits therefrom, or on any right to receive income therefrom (the
“Initial Lien”), unless (a) in the case of an Initial Lien on any Collateral, such Initial Lien has Junior 

  
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Lien Priority on such Collateral in relation to the Notes and the Guarantees, as applicable or (b) in the case of an Initial Lien on any other asset or property, the Notes (or a Guarantee in
the case of Liens of a Guarantor) are equally and ratably secured with (or, in the event the Lien relates to Subordinated Indebtedness, are secured on a senior basis to) the obligations so secured until such time as such obligations are no longer
secured by a Lien. 
 (b) Any Lien created for the benefit of the Holders pursuant to Section 4.12(a) shall be automatically and
unconditionally released and discharged upon the release and discharge of the Initial Lien that gave rise to the obligation to secure the Notes. 

SECTION 4.13. [RESERVED]. 

SECTION 4.14. [RESERVED]. 

SECTION 4.15. [RESERVED]. 

SECTION 4.16. Additional Subsidiary Guarantees. 

(a) The Issuer will cause each Wholly Owned Restricted Subsidiary that is a Domestic Subsidiary (unless such Subsidiary is a Securitization
Subsidiary) that guarantees any Indebtedness of the Issuer or any Guarantor under the Senior Term Loan Agreement or Senior Revolving Credit Agreement to execute and deliver to the Trustee a supplemental indenture pursuant to which such Subsidiary
will guarantee payment of the Notes, substantially in the form of Exhibit I hereto. Each Guarantee will be limited to an amount not to exceed the maximum amount that can be guaranteed by that Restricted Subsidiary without rendering the
Guarantee, as it relates to such Restricted Subsidiary, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 

(b) Each Guarantee shall be released in accordance with Article Ten. 

SECTION 4.17. Reports to Holders. 

(a) The Issuer will furnish to the Trustee and the Holders of Notes, as their names and addresses appear in the note register, or make
available on the Issuer’s website or another relevant internet or intranet website to which the Trustee and each Holder of Notes has access (including any website maintained by the SEC): 

(1) within 90 days after the end of each fiscal year (or such longer period as would be permitted by the Commission if the
Issuer were then subject to Commission reporting requirements as a non-accelerated filer; provided, that such longer period shall not apply if the Commission provided such longer period exclusively to the
Issuer), annual audited consolidated financial statements for such fiscal year prepared in accordance with GAAP, together with a report on the annual financial statements by the Issuer’s certified independent accountants and a
“Management’s Discussion and Analysis of 

  
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Financial Condition and Results of Operations” substantially similar to that which would be included in an Annual Report on Form 10-K (as in effect on
the Closing Date) filed with the Commission by the Issuer (if the Issuer were required to prepare and file such form); 
 (2)
within 45 days after the end of each of the first three fiscal quarters of each fiscal year (or such longer period as would be permitted by the Commission if the Issuer were then subject to Commission reporting requirements as a non-accelerated filer; provided, that such longer period shall not apply if the Commission provided such longer period exclusively to the Issuer), unaudited consolidated financial statements for such fiscal quarter
prepared in accordance with GAAP, together with a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” substantially similar to that which would be included in a Quarterly Report on Form 10-Q (as in effect on the Closing Date) filed with the Commission by the Issuer (if the Issuer were required to prepare and file such form); and 

(3) information substantially similar to the information that would be required to be included in a Current Report on Form 8-K (as in effect on the Closing Date) filed with the Commission by the Issuer (if the Issuer were required to prepare and file such form) pursuant to Item 1.01 (Entry into a Material Definitive Agreement) (with
respect to acquisitions and dispositions only), 1.03 (Bankruptcy or Receivership), 2.01 (Completion of Acquisition or Disposition of Assets), 4.01 (Changes in Registrant’s Certifying Accountants) or 5.01 (Changes in Control of Registrant) of
such form (and in any event excluding, for the avoidance of doubt, the financial statements, pro forma financial information and exhibits, if any, that would be required by Item 9.01 (Financial Statements and Exhibits) of such form), within 15 days
after the date of filing that would have been required for a current report on Form 8-K; provided that no such information shall be required to be furnished if the Issuer determines in its good faith judgment
that such information is not material to the Holders of the Notes or the business, assets, operations or financial position of the Issuer and its Restricted Subsidiaries, taken as a whole. 

(b) In addition, the Issuer will make such information available to securities analysts and prospective investors upon request. In addition,
the Issuer has agreed that, for so long as any Notes remain outstanding, it will furnish to the Holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4)
under the Securities Act. 
 (c) Notwithstanding the foregoing, (i) in the event that the Issuer furnishes to the Trustee and the
Holders an Annual Report for any parent company of the Issuer on Form 10-K for any fiscal year, as filed with the Commission, within 90 days after the end of such fiscal year (or such longer period as would be
permitted by the Commission if such parent company of the Issuer were then subject to Commission reporting requirements as a non-accelerated filer; provided, that such longer period shall not apply if the
Commission provided such longer period exclusively to the Issuer (or such parent company of the Issuer)), such Form 10-K shall satisfy all requirements of clause (1) above with respect to such fiscal
year, (ii) in the event that the Issuer furnishes to the 

  
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Trustee and the Holders a Quarterly Report for any parent company of the Issuer on Form 10-Q for any fiscal quarter, as filed with the Commission, within
45 days after the end of such fiscal quarter (or such longer period as would be permitted by the Commission if such parent company of the Issuer were then subject to Commission reporting requirements as a
non-accelerated filer; provided, that such longer period shall not apply if the Commission provided such longer period exclusively to the Issuer (or such parent company of the Issuer)), such Form 10-Q shall satisfy all requirements of clause (2) above with respect to such fiscal quarter and (iii) in the event that the Issuer furnishes to the Trustee and the Holders a Current Report for any parent
company of the Issuer on Form 8-K that includes information pursuant to Item 1.01 (Entry into a Material Definitive Agreement) (with respect to acquisitions and dispositions only), 1.03 (Bankruptcy or
Receivership), 2.01 (Completion of Acquisition or Disposition of Assets), 4.01 (Changes in Registrant’s Certifying Accountants) or 5.01 (Changes in Control of Registrant) of such form (and in any event excluding, for the avoidance of doubt, the
financial statements, pro forma financial information and exhibits, if any, that would be required by Item 9.01 (Financial Statements and Exhibits) of such form), as filed with the Commission, within 15 days after the date of filing that would have
been required for a current report on Form 8-K, such Form 8-K shall satisfy all requirements of clause (3) above with respect to such information. 

(d) Notwithstanding the foregoing provisions of this Section 4.17, the Issuer will be deemed to have furnished the information and
reports referred to above to the Trustee and the Holders of the Notes if the Issuer (or any parent company of the Issuer) has filed such information or reports with the Commission via the EDGAR filing system and such information and reports are
publicly available (it being understood that the Trustee shall not be responsible for determining whether such filings have been made, that delivery of such reports, information and documents to the Trustee is for informational purposes only and the
Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable therefrom). 

(e) Notwithstanding anything in this covenant to the contrary, in no event shall any information or reports delivered pursuant to this
covenant be required to (x) include any separate consolidating financial information with respect to the Issuer, any Subsidiary Guarantor or any other Affiliate of the Issuer, (y) comply with Section 302, Section 404 and
Section 906 of the Sarbanes Oxley Act of 2002, as amended, or related items 307 and 308 of Regulation S-K under the Securities Act and (z) comply with Rule
3-05, Rule 3-09, Rule 3-10 and Rule 3-16 of Regulation
S-X under the Securities Act, as the same may be amended or any successor law, rule or regulation. 

(f) With respect to all of the foregoing, the Trustee shall have no obligation to determine whether such information, documents or reports
have been so posted or filed. Delivery of such information, documents and reports to the Trustee under this Indenture is for informational purposes only and the information and Trustee’s receipt of the foregoing shall not constitute actual or
constructive notice of any information contained therein, or determinable from information contained therein, including the Issuer’s compliance with any of its covenants thereunder (as to which the Trustee is entitled to rely exclusively on an
Officer’s Certificate). The Trustee shall have no duty to review or analyze reports delivered to it. Additionally, the Trustee shall not be obligated 

  
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to monitor or confirm, on a continuing basis or otherwise, the Issuer’s compliance with the covenants or with respect to any reports or other documents filed with the SEC or any internet or
intranet website or datasite under this Indenture. 
 SECTION 4.18. [RESERVED]. 

SECTION 4.19. [RESERVED]. 

SECTION 4.20. [RESERVED]. 

SECTION 4.21. Changes in Covenants When Notes Rated Investment Grade. 

(a) If on any date following the Closing Date, (i) the Notes have Investment Grade Ratings from both Rating Agencies and (ii) no
Default has occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event” and the date thereof
being referred to as the “Suspension Date”) then the covenants listed under Sections 4.16 and 5.01(a)(5) will not be applicable to the Notes (collectively, the “Suspended Covenants”). 

(b) In the event that the Issuer and its Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any
period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Notes below an
Investment Grade Rating, then the Issuer and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants under this Indenture with respect to future events. The period of time between the Suspension Date and the Reversion
Date is the “Suspension Period.” 
 (c) Notwithstanding that the Suspended Covenants may be reinstated, (1) no
Default, Event of Default or breach of any kind will be deemed to exist or have occurred as a result of any failure by the Issuer or any Subsidiary to comply with the Suspended Covenants during any Suspension Period (or upon termination of the
Suspension Period or after that time arising out of actions taken or events that occurred during the Suspension Period), and (2) following a Reversion Date the Issuer and any Subsidiary will be permitted, without causing a Default, Event of
Default or breach of any kind, to honor, comply with or otherwise perform any contractual commitments or obligations arising prior to such Reversion Date and to consummate the transactions contemplated thereby, and shall have no liability for any
actions taken or events that occurred during the Suspension Period, or for any actions taken or events occurring at any time pursuant to any such commitment or obligation. 

  
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 ARTICLE FIVE 

SUCCESSOR CORPORATION 
 SECTION
5.01. Merger, Consolidation, or Sale of Assets. 
 (a) The Issuer may not (1) consolidate or merge with or into another Person
(whether or not the Issuer is the surviving Person); or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Issuer and its Subsidiaries taken as a whole, in one or more related
transactions to another Person (including pursuant to a Division); unless: 
 (1) either: (a) the Issuer is the
surviving Person; or (b) the Person formed by or surviving any such consolidation or merger (if other than the Issuer) or to which such sale, assignment, transfer, conveyance or other disposition has been made is a Person organized or existing
under the laws of the United States, any state of the United States, the District of Columbia or any territory thereof (the Issuer or such Person, as the case may be, being herein called the “Successor Company”); 

(2) the Successor Company (if other than the Issuer) assumes all the obligations of the Issuer under the Notes and this
Indenture pursuant to agreements in form reasonably satisfactory to the Trustee; 
 (3) immediately after such transaction no
Default or Event of Default exists; 
 (4) [reserved]; and 

(5) 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; 
 provided that, for
the purposes of this Section 5.01 only, neither a Music Publishing Sale nor a Recorded Music Sale will be deemed to be a sale, assignment, transfer, conveyance or other disposition of all or substantially all of the properties or assets of the
Issuer and its Subsidiaries taken as a whole. For the avoidance of doubt, (1) the Issuer may therefore consummate a Music Publishing Sale without complying with this Section 5.01 notwithstanding anything to the contrary in this
Section 5.01, (2) the Issuer may therefore consummate a Recorded Music Sale without complying with this Section 5.01 notwithstanding anything to the contrary in this Section 5.01 and (3) the determination in the preceding proviso
shall not affect the determination of what constitutes all or substantially all the assets of the Issuer under any other contract to which the Issuer is a party. 

For the purpose of this Section 5.01, with respect to any sale, lease, transfer, conveyance or other disposition of properties or assets
in connection with any acquisition (including any acquisition by means of a merger or consolidation with or into the Issuer or any Restricted Subsidiary), the determination of whether such sale, lease, transfer, conveyance or disposition constitutes
a sale of all or substantially all of the properties or assets of the Issuer and its Subsidiaries taken as a whole shall be made on a pro forma basis giving effect to such acquisition. 

  
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 This Section 5.01 will not apply to a sale, assignment, transfer, conveyance or other
disposition of assets between or among the Issuer and its Restricted Subsidiaries. Notwithstanding the foregoing clause (3), (i) any Restricted Subsidiary may consolidate with, merge into or transfer all or part of its properties and assets to the
Issuer or to another Restricted Subsidiary and (ii) the Issuer may merge with an Affiliate incorporated solely for the purpose of reincorporating the Issuer in another state of the United States. 

In the event of any transaction described in and complying with the conditions listed in the preceding paragraph in which the Issuer is not
the continuing corporation, the successor Person formed or remaining shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer and the Issuer will be discharged from all obligations and covenants under this
Indenture and the Notes. 
 (b) The Issuer will deliver to the Trustee prior to the consummation of each proposed transaction an
Officer’s Certificate certifying that the conditions set forth above are satisfied and an Opinion of Counsel, which opinion may contain customary exceptions and qualifications, that the proposed transaction and the supplemental indenture, if
any, comply with this Indenture. 
 ARTICLE SIX 

DEFAULT AND REMEDIES 
 SECTION
6.01. Events of Default. 
 Each of the following is an “Event of Default”: 

(1) the Issuer defaults in payment when due and payable, upon redemption, acceleration or otherwise, of principal of, or
premium, if any, on the Notes; 
 (2) the Issuer defaults in the payment when due of interest on or with respect to the Notes
and such default continues for a period of 30 days; 
 (3) the Issuer defaults in the performance of, or breaches any
covenant, warranty or other agreement contained in, this Indenture (other than a default in the performance or breach of a covenant, warranty or agreement which is specifically dealt with in clauses (1) or (2) above) and such default or breach
continues for a period of (i) 180 days with regard to Section 4.17 or (ii) 60 days with regard to other covenants, warranties or agreements contained in this Indenture, in each case after receipt of written notice given by the Trustee or the
Holders of not less than 25% in principal amount of outstanding Notes; provided that a notice of Default with respect to any action taken, and reported publicly or to Holders more than two years prior to such notice of Default, may not be given and
any such notice shall be invalid and have no effect; provided, further, that such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default”; provided, further, that when a Default or an
Event of Default is cured, it ceases; 

  
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 (4) default under any mortgage, indenture or instrument under which there is
issued or by which there is secured or evidenced any Indebtedness for money borrowed by the Issuer or any Restricted Subsidiary or the payment of which is guaranteed by the Issuer or any Restricted Subsidiary (other than Indebtedness owed to the
Issuer or a Restricted Subsidiary), whether such Indebtedness or guarantee exists on, or is created after, the Closing Date, if (A) such default either (1) results from the failure to pay any principal of such Indebtedness at its stated
final maturity (after giving effect to any applicable grace periods) or (2) relates to an obligation other than the obligation to pay principal of any such Indebtedness at its stated final maturity and results in the holder or holders of such
Indebtedness causing such Indebtedness to become due prior to its Stated Maturity and (B) the principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure to pay principal at
stated final maturity (after giving effect to any applicable grace periods), or the maturity of which has been so accelerated, aggregate $75.0 million (or its foreign currency equivalent) or more at any one time outstanding; 

(5) the Issuer or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law; 

(A) commences a voluntary case, 

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

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

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

(E) takes any comparable action under any foreign laws relating to insolvency, 

(F) generally is not able to pay its debts as they become due, or 

(G) takes any corporate action to authorize or effect any of the foregoing; 

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

  
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 (A) is for relief against the Issuer or any Significant Subsidiary in an
involuntary case, 
 (B) appoints a Custodian of the Issuer or any Significant Subsidiary or for all or substantially all of
the property of the Issuer or any Significant Subsidiary, or 
 (C) orders the liquidation of the Issuer or any Significant
Subsidiary, and the order or decree remains unstayed and in effect for 60 days; 
 (7) the failure by the Issuer or any
Significant Subsidiary to pay final judgments (net of amounts covered by insurance policies issued by reputable and creditworthy insurance companies) aggregating in excess of $75.0 million, which final judgments remain unpaid, undischarged and
unstayed for a period of more than 60 days after such judgment becomes final, and, with respect to any judgments covered by insurance, an enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly
stayed; 
 (8) the Guarantee of a Significant Subsidiary ceases to be in full force and effect (except as contemplated by the
terms thereof) or any Guarantor denies or disaffirms its obligations under this Indenture or any Guarantee, other than by reason of the discharge of this Indenture or the release of any such Guarantee in accordance with this Indenture, and such
Default continues for 10 days; or 
 (9) with respect to any Collateral, individually, having a fair market value in excess
of $75.0 million, any of the Security Documents ceases to be in full force and effect, or any of the Security Documents ceases to give the Holders the Liens purported to be created thereby, or any of the Security Documents is declared null and
void or the Issuer or any Guarantor denies in writing that it has any further liability under any Security Document (in each case other than in accordance with the terms of this Indenture or any of the Security Documents), except to the extent that
any loss of perfection or priority results from the failure of the Collateral Agent (or any other collateral agent for any Secured Indebtedness) to maintain possession of certificates actually delivered to it representing securities, promissory
notes or other instruments pledged under the Security Documents, or otherwise results from the gross negligence or willful misconduct of the Trustee or the Collateral Agent (or any other collateral agent for any Secured Indebtedness) and except, as
to Collateral consisting of real property, to the extent that such failure is covered by a lender’s title insurance policy and the Collateral Agent is reasonably satisfied with the credit of such insurer; provided, that if a failure of the sort
described in this clause (9) is susceptible of cure (including with respect to any loss of Lien priority on material portions of the Collateral), no Event of Default shall arise under this clause (9) with respect thereto until 30 days
after an Officer becomes aware of such failure. 

  
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 SECTION 6.02. Acceleration. 

If an Event of Default specified in Section 6.01(5) or (6) occurs with respect to the Issuer and is continuing, unless otherwise
specified for Notes of any series in the applicable Notes Supplemental Indenture as contemplated by Section 2.01, then all unpaid principal of, and premium, if any, and accrued and unpaid interest on all of the outstanding Notes shall ipso
facto become and be immediately due and payable without any declaration or other act on the part of each Trustee or any Holder. 
 If
any other Event of Default shall occur and be continuing, unless otherwise specified for Notes of any series in the applicable Notes Supplemental Indenture as contemplated by Section 2.01, the Trustee or the Holders of at least 25% in principal
amount of outstanding Notes under this Indenture may declare the principal of and accrued interest on such Notes to be due and payable by notice in writing to the Issuer and the Trustee specifying the respective Event of Default and that it is a
“notice of acceleration”, and the same shall become immediately due and payable. 
 Unless otherwise specified for Notes of any
series in the applicable Notes Supplemental Indenture as contemplated by Section 2.01, at any time after a declaration of acceleration with respect to the Notes as described in the two preceding paragraphs, the Holders of a majority in
principal amount of the Notes may rescind and cancel such declaration and its consequences: 
 (1) if the rescission would
not conflict with any judgment or decree; 
 (2) if all existing Events of Default have been cured or waived except
nonpayment of principal or interest that has become due solely because of the acceleration; and 
 (3) to the extent the
payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid. 

No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

SECTION 6.03. Other Remedies. 

(a) If a Default occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the
payment of principal of or interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
 (b) 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 Noteholder in exercising any right or remedy accruing upon a Default shall
not impair the right or remedy or constitute a waiver of or acquiescence in the Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law.

  
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 (c) In the event of any Event of Default specified in Section 6.01(4), such Event of
Default and all consequences thereof (excluding, however, any resulting payment default) will be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within 20 days after such Event of Default arose
the Issuer 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. 

(d) Holders may not enforce this Indenture or the Notes except as provided in this Indenture and under the TIA, if provisions from the TIA are
incorporated into this Indenture. Subject to the provisions of this Indenture relating to the duties of the Trustee, the Trustee is under no obligation to exercise any of its rights or powers under this Indenture at the request, order or direction
of any of the Holders, unless such Holders have offered to the Trustee reasonable indemnity. Subject to all provisions of this Indenture and applicable law, the Holders of a majority in aggregate principal amount of the then outstanding Notes issued
under this Indenture 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. 

(e) 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 to the extent such actual or alleged Default or Event of Default is the subject of litigation. 
 SECTION 6.04.
Waiver of Past Defaults. 
 The Holders of not less than a majority in aggregate principal amount of the outstanding Notes may on
behalf of the Holders of all the Notes waive any past Default hereunder and its consequences, except a Default; 
 (a) in the payment of
interest on or the principal of any Note (which may only be waived with the consent of each Holder affected), or 
 (b) in respect of a
covenant or provision hereof that pursuant to Section 9.02(b) cannot be modified or amended without the consent of the Holder of each outstanding Note affected. 

In the case of any such waiver, the Issuer, the Trustee and the Holders will be restored to their former positions and rights under this
Indenture, respectively; provided that no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto; provided, however, that if any amendment, waiver or other modification will only affect one
series of Notes (or less than all series of Notes) then outstanding, only the consent of the Holders of at least a majority in principal amount of the Notes of such series then outstanding (and not the consent of at least a

  
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majority of all Notes), as the case may be, shall be required. This paragraph of this Section 6.04 shall be in lieu of § 316(a)(1)(B) of the TIA and such § 316(a)(1)(B) of the TIA
is hereby expressly excluded from this Indenture and the Notes, as permitted by the TIA. 
 SECTION 6.05. Control by Majority. 

The Holders of not less than 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 exercising any trust or power conferred on it. Subject to Section 7.01, however, the Trustee may refuse to follow any direction that conflicts with any law or this Indenture, that the
Trustee determines may be unduly prejudicial to the rights of another Noteholder, or that may involve the Trustee in personal liability; provided that the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction. 
 In the event the Trustee takes any action or follows any direction pursuant to this Indenture, the
Trustee shall be entitled to indemnification against any loss or expense caused by taking such action or following such direction. 

SECTION 6.06. Limitation on Suits. 

Subject to Section 6.07, no Holder may pursue any remedy with respect to this Indenture or the Notes unless: 

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

(2) Holders of at least 25% in principal amount of the outstanding Notes have requested the Trustee in writing to pursue the
remedy; 
 (3) such Holder or Holders have offered to the Trustee indemnity or security reasonably satisfactory to the
Trustee against any loss, liability or expense; 
 (4) the Trustee has not complied with the request within 60 days
after receipt of the request and the offer of security or indemnity reasonably satisfactory to it; and 
 (5) during such 60-day period the Holders of a majority in principal amount of the outstanding Notes have not given the Trustee a direction which, in the opinion of the Trustee, is inconsistent with the request. 

A Holder may not use this Indenture to affect, disturb or prejudice the rights of another Holder, to obtain a preference or priority over
another Holder or to enforce any right under this Indenture except in the manner herein provided and for the equal and ratable benefit of all Holders (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not
such actions or forbearances are unduly prejudicial to such Holders). 

  
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 SECTION 6.07. Rights of Holders to Receive Payment. 

Notwithstanding any other provision in this Indenture, the Holder of any Note shall have the absolute and unconditional right to receive
payment of the principal of and all interest on such Note on or after the respective Maturity Date or Interest Payment Dates expressed in such Note and to bring suit for the enforcement of any such payment on or after such respective Maturity Date
or Interest Payment Dates, and such right shall not be impaired without the consent of such Holder. 
 SECTION 6.08. Collection Suit by
Trustee. 
 If an Event of Default in payment of principal or interest specified in Section 6.01(1) or (2) occurs and is
continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer or any other obligor on the Notes for the whole amount of principal and accrued interest and fees remaining unpaid, together with
interest on overdue principal and, to the extent that payment of such interest is lawful, interest on overdue installments of interest, in each case at the rate per annum borne by the Notes and such further amounts provided for in
Section 7.07. 
 SECTION 6.09. Trustee May File Proofs of Claim. 

The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relating to the Issuer, its creditors or its property and shall be
entitled and empowered to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same, and any Custodian in any such judicial proceedings is hereby authorized by each Holder to make such
payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the compensation, expenses, disbursements and advances of the Trustee,
its agent and 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 thereof or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding. The Trustee shall be entitled to participate as a member of any officer committee of creditors in the matters as it deems necessary or advisable. 

SECTION 6.10. Priorities. 

Subject to the provisions of Article Ten, if the Trustee collects any money or property pursuant to this Article Six, it shall pay out the
money or property in the following order: 
 FIRST: to the Trustee for amounts due under Section 7.07; 

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

SECTION 6.11. Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or the Notes, or in any suit against the Trustee for any action
taken, suffered 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 a Holder or Holders of more than 10% in principal amount of the outstanding Notes. 

ARTICLE SEVEN 
 THE TRUSTEE 

SECTION 7.01. Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this
Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 

(b) 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 or in
the TIA, and no duties, covenants, responsibilities or obligations shall be implied in 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 (including Officer’s Certificates) or opinions (including Opinions of Counsel) furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case
of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this
Indenture. 

  
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 (c) Notwithstanding anything to the contrary herein, 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: 
 (1)
This paragraph does not limit the effect of Section 7.01(b). 
 (2) 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. 

(3) The Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 6.05. 
 (d) 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 to take or omit to take any action under this Indenture or take any action at the request or direction of Holders if it shall have
reasonable grounds for believing that repayment of such funds is not assured to it. 
 (e) Whether or not therein expressly so provided,
every provision of this Indenture that in any way relates to the Trustee is subject to this Section 7.01. 
 (f) The Trustee shall not
be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

(g) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section 7.01 and Section 7.02. In the absence of bad faith, negligence or willful misconduct on the part of the Trustee, the Trustee shall not be responsible
for the application of any money by any Paying Agent other than the Trustee. 
 SECTION 7.02. Certain Rights of Trustee. 

Subject to Section 7.01: 

(a) the Trustee may rely conclusively 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 and an Opinion of Counsel, which shall conform to the provisions of Section 12.06. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate or
opinion; 

  
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 (c) the Trustee may act through its attorneys and agents and shall not be responsible for
the misconduct or negligence of any agent (other than an agent who is an employee of the Trustee) appointed with due care; 
 (d) the
Trustee shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized or within its rights or powers; 

(e) the Trustee may consult with counsel of its selection and the advice or opinion of such counsel or any Opinion of Counsel 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 reliance thereon; 

(f) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or
direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction; 
 (g) the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, (including any Officer’s Certificate), statement, instrument, opinion (including any Opinion of Counsel), notice, request, direction, consent, order, bond, debenture, 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, upon reasonable notice to the
Issuer, to examine the books, records, and premises of the Issuer, personally or by agent or attorney at the sole cost of the Issuer; 
 (h)
the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder; 
 (i) the
permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as duties; 
 (j) 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; 
 (k) 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; 

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

(m) the Trustee may request that the Issuer and any Guarantor deliver an Officer’s Certificate setting forth the names of individuals
and/or titles of officers (with specimen signatures) authorized at such times to take specific actions pursuant to this Indenture, which Officer’s Certificate may be signed by any person specified as so authorized in any such certificate
previously delivered and not superseded; and 
 (n) For certain payments made pursuant to this Indenture, the Trustee may be required to
make a “reportable payment” or “withholdable payment” and in such cases (i) the Trustee shall have the duty to act as a payor or withholding agent, respectively, that is responsible for any tax withholding and reporting
required under Chapters 3, 4, and 61 of the Code and (ii) the Trustee shall have the sole right to make the determination as to which payments are “reportable payments” or “withholdable payments.” The Trustee shall be
entitled to withhold on any such payments hereunder to the extent withholding is required under Chapters 3, 4, or 61 of the Code, and shall have no obligation to pay any additional amounts with respect to any such withholding on or in respect of the
Notes. 
 SECTION 7.03. Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer, its
Subsidiaries or their respective Affiliates with the same rights it would have if it were not Trustee. Any Agent 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 or the Notes, it shall
not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer in this Indenture or any document issued in connection with the sale of the Notes or any statement in the
Notes other than the Trustee’s certificate of authentication. The Trustee makes no representations with respect to the effectiveness or adequacy of this Indenture. 

SECTION 7.05. Notice of Default. 

If a Default occurs and is continuing and the Trustee receives actual notice of such Default, the Trustee shall mail to each Holder notice of
the uncured Default within 60 days after such Default occurs. Except in the case of a Default in payment of principal of, or interest on, any Note, including an accelerated payment and the failure to make payment on the Change of Control Payment
Date pursuant to a Change of Control Offer, the Trustee may withhold the notice if and so long as the 

  
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Board of Directors, the executive committee, or a trust committee of directors and/or Responsible Officers, of the Trustee in good faith determines that withholding the notice is in the interest
of the Holders. 
 SECTION 7.06. Reports by Trustee to Holders. 

Within 60 days after each April 1, beginning with April 1, 2021, (but only after this Indenture is qualified under the TIA) the
Trustee shall, to the extent that any of the events described in TIA § 313(a) occurred within the previous twelve months, but not otherwise, mail to each Holder a brief report dated as of such date that complies with TIA § 313(a). From the
date on which this Indenture is qualified under the TIA, to the extent applicable, the Trustee also shall comply with TIA §§ 313(b), 313(c) and 313(d). 

A copy of each report at the time of its mailing to Holders shall be mailed to the Issuer and filed with the Commission and each securities
exchange, if any, on which the Notes are listed. 
 The Issuer shall notify the Trustee if the Notes become listed on any securities
exchange or of any delisting thereof and the Trustee shall comply with TIA § 313(d). 
 SECTION 7.07. Compensation and
Indemnity. 
 (1) The Issuer shall pay to the Trustee from time to time such compensation as the Issuer and the Trustee
shall from time to time agree in writing for its services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the Trustee upon request for all
reasonable disbursements, expenses and advances (including reasonable fees and expenses of counsel) incurred or made by it in accordance with any provision of this Indenture, except any such disbursements, expenses and advances as may be
attributable to the Trustee’s negligence, bad faith or willful misconduct. Such expenses shall include the reasonable fees and expenses of the Trustee’s agents and counsel. 

(2) The Issuer shall indemnify the Trustee for, and hold it harmless against, any and all loss, damage, claims, liability or
expense incurred by them except for such actions to the extent caused by any negligence, bad faith or willful misconduct on the Trustee’s part, arising out of or in connection with the acceptance or administration of this trust (including the
costs and expenses of enforcing this Indenture or a Guarantee against the Issuer or a Guarantor (including this Section 7.07) and the reasonable costs and expenses of defending itself against or investigating any claim or liability in
connection with the exercise or performance of any of its rights, powers or duties hereunder (whether asserted by the Issuer, any Guarantor or any other Person)). The Trustee shall notify the Issuer promptly of any claim asserted against the Trustee
for which it may seek indemnity. The Issuer may, subject to the approval of the Trustee (which approval shall not be unreasonably withheld), defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel with
respect to such claim and the Issuer shall pay the reasonable fees and 

  
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expenses of such counsel; provided, however, that the Issuer will not be required to pay such fees and expenses if, subject to the approval of the Trustee (which approval shall not be
unreasonably withheld), it assumes the Trustee’s defense and there is no conflict of interest between the Issuer and the Trustee subject to the claim in connection with such defense as reasonably determined by the Trustee. The Issuer need not
pay for any settlement made without its written consent. The Issuer need not reimburse any expense or indemnify against any loss or liability to the extent incurred by the Trustee through its negligence, bad faith or willful misconduct. 

Notwithstanding Section 4.12, to secure the Issuer’s and the Guarantors’ payment obligations in this Section 7.07, the
Trustee shall have a Lien prior to the Notes against all money or property held or collected by the Trustee, in its capacity as Trustee, except with respect to funds held in trust for the benefit of the holders of particular Notes. 

When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 6.01 (5) or (6), such
expenses and the compensation for such services shall be paid to the extent allowed under any Bankruptcy Law and are intended to constitute expenses of administration under any Bankruptcy Law. 

Notwithstanding any other provision in this Indenture, the foregoing provisions of this Section 7.07 shall survive the satisfaction and
discharge of this Indenture or the appointment of a successor Trustee. 
 SECTION 7.08. Replacement of Trustee. 

The Trustee may resign at any time by so notifying the Issuer in writing. The Holders of a majority in principal amount of the outstanding
Notes may remove the Trustee by so notifying the Issuer and the Trustee and may appoint a successor Trustee. The Issuer may remove the Trustee if: 

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

(2) the Trustee is adjudged a bankrupt or an insolvent; 

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

(4) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or become incapable of acting, or if a vacancy exists in the office of Trustee for any reason, the Issuer
shall notify each Holder of such event and shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the outstanding Notes may appoint a successor Trustee
to replace the successor Trustee appointed by the Issuer. 

  
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 A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Issuer. Immediately after that, the retiring Trustee shall transfer, after payment of all sums then owing to the Trustee pursuant to Section 7.07, all property held by it as Trustee to the successor Trustee, subject to the
Lien provided in Section 7.07, 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. A successor Trustee shall mail
notice of its succession to each Holder. 
 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or
is removed, the retiring Trustee, the Issuer or the Holders of at least 10% in principal amount of the outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee at the expense of the Issuer. 

If the Trustee fails to comply with Section 7.10, any Holder may petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee. 
 Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the
Issuer’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.09. Successor
Trustee by Merger, Etc. 
 If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its
corporate trust business to, another corporation, the resulting, surviving or transferee corporation without any further act shall, if such resulting, surviving or transferee corporation is otherwise eligible hereunder, be the successor Trustee;
provided that such corporation shall be otherwise qualified and eligible under this Article Seven. 
 SECTION 7.10. Eligibility;
Disqualification. 
 This Indenture shall always have a Trustee who satisfies the requirement of TIA §§ 310(a)(1), 310(a)(2)
and 310(a)(5). The Trustee shall have a combined capital and surplus of at least $150,000,000 as set forth in its most recent published annual report of condition. In addition, if the Trustee is a corporation included in a bank holding company
system, the Trustee, independently of the bank holding company, shall meet the capital requirements of TIA § 310(a)(2). The Trustee shall comply with TIA § 310(b); provided, however, that there shall be excluded from the operation of TIA
§ 310(b)(1) any indenture or indentures under which other securities, or certificates of interest or participation in other securities, of the Issuer are outstanding, if the requirements for such exclusion set forth in TIA § 310(b)(1) are
met. The provisions of TIA § 310 shall apply to the Issuer and any other obligor of the Notes. 

  
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 SECTION 7.11. Preferential Collection of Claims Against the Issuer. 

The Trustee, in its capacity as Trustee hereunder, shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA
§ 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated. 
 ARTICLE EIGHT

 DISCHARGE OF INDENTURE; DEFEASANCE 

SECTION 8.01. Satisfaction and Discharge. 

This Indenture shall be discharged and shall cease to be of further effect as to all Notes, when: 

(a) either: 
 (i)
all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has been deposited in trust, have been delivered to the Trustee for cancellation; or 

(ii) all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the
mailing or delivery of a notice of redemption or otherwise or will become due and payable by reason of the mailing or delivery of a notice of redemption or otherwise within one year and the Issuer has irrevocably deposited or caused to be deposited
with the Trustee as trust funds in trust solely for the benefit of the Holders, (x) in the case of the Dollar-denominated Notes, cash in U.S. dollars, non-callable Government Securities, or a
combination of cash in U.S. dollars and non-callable Government Securities and (y) in the case of the Euro-denominated Notes, cash in euros, non-callable European
Government Securities, or a combination of cash in euros and non-callable European Government Securities, in amounts for purposes of clauses (x) and (y) above as will be sufficient without consideration
of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation of principal, premium, if any, and accrued interest to the date of maturity or redemption; provided that
upon any redemption that requires the payment of the Applicable Premium (as defined in the applicable supplemental indenture with respect to each series of Notes), 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 (as defined in the applicable supplemental indenture with respect to each series of Notes) calculated as of the date of the notice of redemption, with any Applicable
Premium Deficit only required to be deposited with the Trustee on or prior to the date of redemption. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such
Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption; 

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

 (c) the Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment
of the Notes at maturity or the redemption date, as the case may be. 
 The Notes of any series will be discharged and will cease to be of
further effect, when: 
 (a) either: 

(i) all Notes of such series that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or
paid and Notes of such series for whose payment money has been deposited in trust, have been delivered to the Trustee for cancellation; or 

(ii) all Notes of such series that have not been delivered to the Trustee for cancellation have become due and payable by
reason of the mailing or delivery of a notice of redemption or otherwise or will become due and payable by reason of the mailing or delivery of a notice of redemption or otherwise within one year and the Issuer has irrevocably deposited or caused to
be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, (i) in the case of Notes denominated in U.S. Dollars, cash in U.S. dollars, non-callable Government Securities,
or a combination of cash in U.S. dollars and non-callable Government Securities and (ii) in the case of Notes denominated in Euro, cash in euros, non-callable
European Government Securities, or a combination of cash in euros and non-callable European Government Securities), in amounts for purposes of clauses (i) and (ii) above as will be sufficient without
consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes of such series not delivered to the Trustee for cancellation of principal, premium, if any, and accrued interest to the date of maturity or
redemption; provided that upon any redemption that requires the payment of the Applicable Premium (as defined in the applicable supplemental indenture with respect to such series of Notes), the amount deposited shall be sufficient for purposes of
the Notes of such series to the extent that an amount is deposited with the Trustee equal to the Applicable Premium (as defined in the applicable supplemental indenture with respect to such series of Notes) calculated as of the date of the notice of
redemption, with any Applicable Premium Deficit only required to be deposited with the Trustee on or prior to the date of redemption. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee
simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption; 

(b) the Issuer has paid or caused to be paid all sums payable by it under the Notes of such series; and 

  
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 (c) the Issuer has delivered irrevocable instructions to the Trustee under the Notes of such
series to apply the deposited money toward the payment of the Notes at maturity or the redemption date, as the case may be. 
 In addition,
the Issuer must deliver an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions) to the Trustee stating that all conditions precedent to satisfaction and discharge have
been satisfied. 
 Subject to the next sentence and notwithstanding the foregoing paragraph, the Issuer’s obligations in Sections 2.06,
2.07, 2.08, 2.09, 7.07, 8.05 and 8.06 shall survive until the Notes are no longer outstanding pursuant to the last paragraph of Section 2.09. After the Notes are no longer outstanding, the Issuer’s obligations in Sections 7.07, 8.05 and
8.06 shall survive. 
 After such delivery or irrevocable deposit, the Trustee upon request shall acknowledge in writing the discharge of
the Issuer’s obligations under the Notes and this Indenture except for those surviving obligations specified above. 
 SECTION 8.02.
Legal Defeasance and Covenant Defeasance. 
 (a) The Issuer may, at its option and at any time, elect to have either paragraph
(b) or (c) below applied to all outstanding Notes upon compliance with the conditions set forth in Section 8.03. 
 (b) Upon the
Issuer’s exercise under paragraph (a) above of the option applicable to this paragraph (b), the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.03, be deemed to have been
discharged from their obligations with respect to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer shall be
deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.04 and the other Sections of this Indenture (with
respect to such Notes) referred to in (i) and (ii) below, and to have cured all then existing Events of Default and satisfied all its other obligations under such Notes and this Indenture (with respect to such Notes) and the Guarantors shall be
deemed to have satisfied all of their obligations under the Subsidiary Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following
provisions which shall survive until otherwise terminated or discharged hereunder: 
 (1) the rights of Holders of
outstanding Notes to receive payments in respect of the principal of, or interest or premium, if any, on such Notes when such payments are due from the trust referred to below; 

(2) the Issuer’s obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes,
mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust; 

  
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 (3) the rights, powers, trusts, duties and immunities of the Trustee, and
the Issuer’s obligations in connection therewith; and 
 (4) this Article Eight. 

Subject to compliance with this Article Eight, the Issuer may exercise its option under this Section 8.02(b) notwithstanding the prior
exercise of its option under Section 8.02(c). 
 (c) Upon the Issuer’s exercise under paragraph (a) above of the option
applicable to this paragraph (c), the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.03, be released from their obligations under the covenants contained in Sections 4.06 and 4.09 through
4.17 and clause (3) of Section 5.01(a) with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.03 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall
thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed
“outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the
Issuer may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason
of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute an Event of Default under Section 6.01, but, except as specified above, the remainder of this
Indenture and such Notes shall be unaffected thereby. In addition, upon the Issuer’s exercise under paragraph (a) above of the option applicable to this paragraph (c), subject to the satisfaction of the conditions set forth in
Section 8.03, clauses (3), (4), (5), (6) and (7) of Section 6.01 shall not constitute Events of Default. 
 SECTION 8.03.
Conditions to Legal Defeasance or Covenant Defeasance. 
 The following shall be the conditions to the application of either Legal
Defeasance or Covenant Defeasance described in Section 8.02 to the outstanding Notes: 
 (1) the Issuer must irrevocably
deposit with the Trustee, in trust, for the benefit of the Holders, (i) in the case of Dollar-denominated Notes, cash in U.S. Legal Tender, non-callable Government Securities, or a combination of
cash in U.S. Legal Tender and non-callable Government Securities and (ii) in the case of Euro-denominated Notes, cash in euros, non-callable European
Government Securities, or a combination of cash in euros and non-callable European Government Securities, in amounts for purposes of clauses (i) and (ii) above as will be sufficient, in the
opinion of a nationally recognized firm of independent public accountants, to pay the principal of, or interest and premium, if any, on the 

  
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outstanding Notes on the stated maturity or on the applicable redemption date, as the case may be, and the Issuer must specify whether the Notes are being defeased to maturity or to a particular
redemption date; provided that upon any redemption 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 redemption (any such amount, the “Applicable Premium Deficit”) only required to be deposited with the Trustee on or
prior to the date of redemption. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable
Premium Deficit shall be applied toward such redemption; 
 (2) in the case of Legal Defeasance, the Issuer has delivered to
the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, (a) the Issuer has received from, or there has been published by, the Internal Revenue Service a
ruling or (b) 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 will confirm that, the holders of the
respective outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such Legal Defeasance had not occurred; 
 (3) in the case of Covenant Defeasance, the
Issuer has delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, the holders of the respective outstanding Notes will not recognize income, gain or loss
for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not
occurred; 
 (4) no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a
Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and any simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith); 

(5) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under any
material agreement or instrument (other than this Indenture) to which the Issuer or any of its Restricted Subsidiaries is a party or by which the Issuer or any of its Restricted Subsidiaries is bound (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit and any simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith); 

  
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 (6) the Issuer must deliver to the Trustee an Officer’s Certificate
stating that the deposit was not made by the Issuer with the intent of preferring the Holders over the other creditors of the Issuer with the intent of defeating, hindering, delaying or defrauding creditors of the Issuer or others; and 

(7) the Issuer must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel
may be subject to customary assumptions and exclusions), each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

If the Issuer exercises its Legal Defeasance option or its Covenant Defeasance option, all Liens on the Collateral securing the Indebtedness
evidenced by the Notes will be released and the Security Documents to the extent they secure Notes Obligations shall cease to be of further effect. 

SECTION 8.04. Application of Trust Money. 

All U.S. Legal Tender, Government Securities, euros and European Government Securities (including the proceeds thereof) deposited with the
Trustee pursuant to this Article Eight 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 premium, if any) and interest on the Notes; but such money need not be segregated from other funds except to the extent required by law. 

The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Legal Tender,
Government Securities euros and European Government Securities, deposited pursuant to Section 8.03 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the
holders of the outstanding Notes. 
 Anything in this Article Eight to the contrary notwithstanding, the Trustee shall deliver or pay to the
Issuer from time to time upon the Issuer’s request any U.S. Legal Tender, Government Securities, euros and European Government Securities, held by it as provided in Section 8.03 which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 SECTION 8.05. Repayment to the Issuer. 

The Trustee shall pay to the Issuer upon an Issuer request any excess U.S. Legal Tender, Government Securities, euros and European Government
Securities held by it for the payment of principal or interest that remains unclaimed for two years after the Maturity Date or the Redemption Date, as the case may be. After payment to the Issuer, Holders entitled to money must look to the Issuer
for payment as general creditors unless an applicable abandoned property law designates another Person and all liability of the Trustee or any Paying Agent with respect to such money shall thereupon cease.

  
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 SECTION 8.06. Reinstatement. 

If the Trustee or any Paying Agent is unable to apply any U.S. Legal Tender, Government Securities, euros and/or European Government
Securities in accordance with this Article Eight, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations of the Issuer and each of the
Guarantors, if any, under this Indenture, the Notes and the Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to this Article Eight, until such time as the Trustee or such Paying Agent is permitted to apply all
such U.S. Legal Tender, Government Securities, euros and European Government Securities in accordance with this Article Eight; provided, however, that if the Issuer or any Guarantor make any payment of principal, premium, if any, or interest
on any Note following the reinstatement of its obligations, the Issuer or Guarantors, if any, as the case may be, shall be subrogated to the rights of the Holders of such Notes to receive such payment from the U.S. Legal Tender, Government
Securities, euros and European Government Securities held by the Trustee or the applicable Paying Agent. 
 ARTICLE NINE 

AMENDMENTS, SUPPLEMENTS AND WAIVERS 

SECTION 9.01. Without Consent of Holders. 

Notwithstanding Section 9.02, the Issuer, the Guarantors, the Trustee, the Notes Authorized Representative, and the Collateral Agent (if
applicable) may amend or supplement this Indenture, any Note, any Guarantee, any Security Document, the Intercreditor Agreement or any other applicable intercreditor agreement without notice to or consent of any Holder: 

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

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

(3) to provide for the assumption of the Issuer’s obligations to Holders in the case of a merger or consolidation or sale
of all or substantially all of the Issuer’s assets; 
 (4) to make any change that would provide any additional rights
or benefits to the Holders or that does not materially adversely affect the legal rights under this Indenture of any such Holder; 

(5) to comply with requirements of the Commission in order to effect or maintain the qualification of this Indenture under the
TIA; 

  
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 (6) to conform the text of this Indenture (including any supplemental
indenture or other instrument pursuant to which Notes are issued), the Guarantees, the Notes (including any Additional Notes), any Security Document, the Intercreditor Agreement or any other applicable intercreditor agreement to any provision of the
“Description of Senior Secured Notes” section of the Offering Circular or, with respect to any Additional Notes and any supplemental indenture or other instrument pursuant to which such Additional Notes are issued, to the “Description
of Senior Secured Notes” section of the offering circular relating to the issuance of such Additional Notes solely to the extent that such “Description of Senior Secured Notes” provides for terms of such Additional Notes that differ
from the terms of the Initial Notes, as contemplated by Section 2.01; 
 (7) to add a Guarantee of the Notes, including,
without limitation, by any parent company of the Issuer; 
 (8) to provide for the issuance of Initial Notes or Additional
Notes in accordance with the limitations set forth in this Indenture as of the Closing Date, or to provide for the issuance of Exchange Notes; 

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

(10) to evidence and provide for the acceptance of appointment of a successor trustee or collateral agent so long as the
successor trustee or collateral agent is otherwise qualified and eligible to act as such under the terms of this Indenture; 

(11) to secure the Notes or to add to the Collateral (including to mortgage, pledge, hypothecate or grant any other Lien in
favor of the Collateral Agent for the benefit of the Trustee and the Holders, as additional security for the payment and performance of all or any portion of the Obligations with respect to the Notes, in any property or assets, including any that
are required to be mortgaged, pledged or hypothecated, or in which a Lien is required to be granted, to or for the benefit of the Collateral Agent pursuant to this Indenture, any of the Security Documents or otherwise); 

(12) to provide for Additional Obligations pursuant to the Security Agreement, the Intercreditor Agreement or any other
intercreditor agreement; or 
 (13) to confirm and evidence the release, termination or discharge of any Guarantee or Lien
with respect to or securing the Notes when such release, termination or discharge is provided for under this Indenture or any of the Security Documents; 

  
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 provided that the Issuer has delivered to the Trustee an Opinion of Counsel and an
Officer’s Certificate, each stating that such amendment or supplement complies with the provisions of this Section 9.01. 
 The
intercreditor provisions of the Security Agreement, the Intercreditor Agreement and any other applicable intercreditor agreement may be amended from time to time with the consent of the parties thereto. In addition, the Issuer may, without the
consent of any other party thereto, amend the Security Agreement, the Intercreditor Agreement and any other applicable intercreditor agreement to designate indebtedness as “Additional Pari Passu Obligations” (as defined in such agreement),
or as any other indebtedness subject to terms and provisions of such agreement. 
 SECTION 9.02. With Consent of Holders. 

(a) Except as provided for in Section 9.01, 9.02(b) and 9.02(c), this Indenture, the Notes, any Guarantee, any Security Document or the
Intercreditor Agreement or any other applicable intercreditor agreement may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the Notes (and Additional Notes, if any) then outstanding voting as
a single class (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), and any existing default or compliance with any provision of this Indenture, the Notes or any Guarantee
may be waived with the consent of the Holders of a majority in principal amount of the Notes (including Additional Notes, if any) then outstanding voting as a single class (including, without limitation, consents obtained in connection with a
purchase of, or tender offer or exchange offer for, Notes) voting as a single class; provided, that (x) if any such amendment or waiver will only affect one series of Notes (or less than all series of Notes) then outstanding under
this Indenture, then only the consent of the Holders of not less than a majority in principal amount of the Notes of such series then outstanding (including, in each case, consents obtained in connection with a tender offer or exchange offer for
Notes and Additional Notes, if any) shall be required and (y) if any such amendment or waiver by its terms will affect a series of Notes in a manner different and materially adverse relative to the manner such amendment or waiver affects
other series of Notes, then the consent of the Holders of not less than a majority in principal amount of the Notes of such series then Outstanding (including, in each case, consent obtained in connection with a tender offer or exchange offer for
Notes) shall be required. 
 (b) Notwithstanding Section 9.02(a), without the consent of each Holder affected, an amendment or waiver
of this Indenture, including a waiver pursuant to Section 6.04, may not (with respect to any Notes held by a non-consenting Holder): 

(1) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 

(2) reduce the principal of or change the fixed final maturity of any Note or alter the provisions with respect to the
redemption of the Notes (other than provisions of Section 4.09); 

  
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 (3) reduce the rate of or change the time for payment of interest on any
Note; 
 (4) waive a Default or Event of Default in the payment of principal of, or interest, premium, if any, on the Notes
(except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes and a waiver of the payment default that resulted from such acceleration); 

(5) amend or waive the legal right of any Holder of any Note to receive payment of principal of and interest on such Note on or
after the respective Stated Maturity for such principal or interest payment date for such interest expressed in such Note, or to institute suit for the enforcement of any such payment on or after such respective Stated Maturity or interest payment
date; 
 (6) modify the Guarantees of Significant Subsidiaries in any manner adverse to the Holders; or 

(7) make any change in the preceding amendment and waiver provisions; 

(c) In addition, without the consent of the Holders of at least 66-2/3% in principal amount of Notes
then outstanding, no amendment, supplement or waiver may make any change to any Security Document or the Intercreditor Agreement or any other applicable intercreditor agreement or the specified provisions in this Indenture dealing with the
Collateral or the Security Documents, that would release all or substantially all of the Collateral from the Liens of the Security Documents (except as permitted by the terms of this Indenture, the Security Documents and the Intercreditor
Agreement). 
 (d) 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, supplement or waiver but it shall be sufficient if such consent approves the substance thereof. 
 (e) After an
amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer shall mail to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or
any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver. 

  
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 SECTION 9.03. Reserved. 

SECTION 9.04. Compliance with TIA. 

From the date on which this Indenture is qualified under the TIA, if it is so qualified, every amendment, waiver or supplement of this
Indenture, the Notes or the Guarantees shall comply with the TIA as then in effect. This Indenture has not been qualified under the TIA at inception. 

SECTION 9.05. Revocation and Effect of Consents. 

(a) Until an amendment, waiver or supplement becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every
subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder or subsequent holder of a Note may revoke the
consent as to his Note or portion of his Note by notice to the Trustee or the Issuer received before the date on which the Trustee receives an Officer’s Certificate certifying that the Holders of the requisite principal amount of Notes have
consented (and not theretofore revoked such consent) to the amendment, supplement or waiver. 
 (b) The Issuer may, but shall not be
obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver. If a record date is fixed, then notwithstanding the last sentence of the immediately preceding paragraph, those
Persons who were Noteholders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. No such
consent shall be valid or effective for more than 90 days after such record date. The Issuer shall inform the Trustee in writing of the fixed record date if applicable. 

(c) After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it makes a change described in any of
Section 9.02(b)(1) through (7), in which case, the amendment, supplement or waiver shall bind only each Holder who has consented to it and every subsequent Holder or portion of a Note that evidences the same debt as the consenting Holder’s
Note; provided that any such waiver shall not impair or affect the right of any Holder to receive payment of principal of and interest on a Note, on or after the respective due dates expressed in such Note, or to bring suit for the
enforcement of any such payment on or after such respective dates without the consent of such Holder. 
 SECTION 9.06. Notation on or
Exchange of Notes. 
 If an amendment, supplement or waiver changes the terms of a Note, the Trustee shall (if required by the Issuer
and in accordance with the specific direction of the Issuer) request the holder of the Note to deliver it to the Trustee. The Trustee shall (if required by the Issuer and in accordance with the specific direction of the Issuer) place an appropriate
notation on the Note about the changed terms and return it to the Holder. Alternatively, if the Issuer or the Trustee so determines, the Issuer 

  
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 in exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed
terms. Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 

SECTION 9.07. Trustee To Sign Amendments, Etc. 

The Trustee shall execute any amendment, supplement or waiver authorized pursuant to this Article Nine; provided that the Trustee may,
but shall not be obligated to, execute any such amendment, supplement or waiver which affects the Trustee’s own rights, duties or immunities under this Indenture. The Trustee shall be entitled to receive, and shall be fully protected in relying
upon, an Opinion of Counsel and an Officer’s Certificate each stating that the execution of any amendment, supplement or waiver authorized pursuant to this Article Nine is authorized or permitted by this Indenture and constitutes the legal,
valid and binding obligations of the Issuer enforceable in accordance with its terms. Such Opinion of Counsel shall be at the expense of the Issuer. 

ARTICLE TEN 
 GUARANTEES 

SECTION 10.01. Unconditional Guarantee. 

Subject to the provisions of this Article Ten, each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably
guarantees, on a senior basis to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of
the Issuer or any other Guarantors to the Holders or the Trustee hereunder or thereunder: (a) (x) the due and punctual payment of the principal of, premium, if any, and interest on the Notes when and as the same shall become due
and payable, whether at maturity, upon redemption or repurchase, by acceleration or otherwise, (y) the due and punctual payment of interest on the overdue principal and (to the extent permitted by law) interest, if any, on the Notes and
(z) the due and punctual payment and performance of all other obligations of the Issuer and all other obligations of the other Guarantors (including under the Guarantees), in each case, to the Holders or the Trustee hereunder or
thereunder (including amounts due the Trustee under Section 7.07), all in accordance with the terms hereof and thereof (collectively, the “Guarantee Obligations”); and (b) in case of any extension of time of payment
or renewal of any Notes or any of such other obligations, the due and punctual payment and performance of Guarantee Obligations in accordance with the terms of the extension or renewal, whether at maturity, upon redemption or repurchase, by
acceleration or otherwise. Failing payment when due of any amount so guaranteed, or failing performance of any other obligation of the Issuer to the Holders under this Indenture or under the Notes, for whatever reason, each Guarantor shall be
obligated to pay, or to perform or cause the performance of, the same immediately. An Event of Default under this Indenture or the Notes shall constitute an event of default under the Guarantees, and shall entitle the Holders to accelerate the
obligations of the Guarantors thereunder in the same manner and to the same extent as the obligations of the Issuer. 

  
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 Each of the Guarantors hereby agrees that its obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, any release of any other
Guarantor, the recovery of any judgment against the Issuer, any action to enforce the same, whether or not a Guarantee is affixed to any particular Note, or any other circumstance which might otherwise constitute a legal or equitable discharge or
defense of a Guarantor. Each of the Guarantors hereby waives the benefit of diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first
against the Issuer, protest, notice and all demands whatsoever and covenants that its Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes, this Indenture and the Guarantee. The Guarantee is a
guarantee of payment and not of collection. If any Holder or the Trustee is required by any court or otherwise to return to the Issuer or to any Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to the
Issuer or such Guarantor, any amount paid by the Issuer or such Guarantor to the Trustee or such Holder, the Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor further agrees that, as
between it, on the one hand, and the Holders and the Trustee, on the other hand, (a) subject to this Article Ten, the maturity of the obligations guaranteed hereby may be accelerated as provided in Article Six for the purposes of the
Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (b) in the event of any acceleration of such obligations as provided in Article Six,
such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of the Guarantee. 

SECTION 10.02. Reserved. 

SECTION 10.03. Limitation on Guarantor Liability. 

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee
of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any
Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor under its Guarantee and this Article Ten shall be limited to the maximum amount as will,
after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by
or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article Ten, result in the obligations of such Guarantor under its Guarantee not constituting a fraudulent transfer or conveyance. 

  
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 SECTION 10.04. Reserved. 

SECTION 10.05. Release of a Guarantor. 

The Guarantee of a Guarantor will be released in the event that: 

(a) the sale, disposition or other transfer (including through merger or consolidation) of all of the Capital Stock (or any
sale, disposition or other transfer of Capital Stock or other transaction following which the applicable Guarantor is no longer a Restricted Subsidiary), or all or substantially all the assets, of the applicable Guarantor if such sale, disposition
or other transfer is made in compliance with the applicable provisions of this Indenture; 
 (b) the Issuer designates any
Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in accordance with the definition of “Unrestricted Subsidiary”; 

(c) the release or discharge of the guarantee by such Restricted Subsidiary of Indebtedness under the Senior Term Loan
Agreement or Senior Revolving Credit Agreement, or the guarantee that resulted in the obligation of such Restricted Subsidiary to guarantee the Notes; 

(d) the exercise of the Legal Defeasance and Covenant Defeasance by the Issuer pursuant to Section 8.02 or the
Issuer’s obligations under this Indenture being discharged in accordance with Section 8.01; or 
 (e) during the
Suspension Period, upon the merger or consolidation of any Guarantor with and into another Subsidiary that is not a Guarantor with such other Subsidiary being the surviving Person in such merger or consolidation, or upon liquidation of such
Guarantor following the transfer of all of its assets to the Issuer or a Subsidiary that is not a Guarantor. 
 The Trustee shall execute an
appropriate instrument prepared by the Issuer evidencing the release of a Guarantor from its obligations under its Guarantee upon receipt of a request by the Issuer or such Guarantor accompanied by an Officer’s Certificate and an Opinion of
Counsel certifying as to the compliance with this Section 10.05; provided, however, that the legal counsel delivering such Opinion of Counsel may rely as to matters of fact on one or more Officer’s Certificates of the Issuer.

 Except as set forth in Articles Four and Five and this Section 10.05, nothing contained in this Indenture or in any of the Notes
shall prevent any consolidation or merger of a Guarantor with or into the Issuer or another Guarantor or shall prevent any Guarantor from consolidating with or merging into or selling its assets to the Issuer or another Restricted Subsidiary without
limitation, or with other Persons. 

  
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 SECTION 10.06. Waiver of Subrogation. 

Until this Indenture is discharged and all of the Notes are discharged and paid in full, each Guarantor, if any, hereby irrevocably waives any
claim or other rights that it may now or hereafter acquire against the Issuer that arise from the existence, payment, performance or enforcement of the Issuer’s obligations under the Notes and this Indenture or such Guarantor’s obligations
under its Guarantee and this Indenture, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution, indemnification, and any right to participate in any claim or remedy of any Holder against the Issuer, whether
or not such claim, remedy or right arises in equity, or under contract, statute or common law, including, without limitation, the right to take or receive from the Issuer, directly or indirectly, in cash or other assets or by set off or in any other
manner, payment or security on account of such claim or other rights. If any amount shall be paid to any Guarantor in violation of the preceding sentence and the Notes shall not have been paid in full, such amount shall be deemed to have been paid
to such Guarantor for the benefit of, and held in trust for the benefit of, the Holders, and shall forthwith be paid to the Trustee for the benefit of such Holders to be credited and applied to the obligations in favor of the Trustee or the Holders,
as the case may be, whether matured or unmatured, in accordance with the terms of this Indenture. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that
the waiver set forth in this 
 Section 10.06 is knowingly made in contemplation of such benefits. 

SECTION 10.07. Immediate Payment. 

Each Guarantor agrees to make immediate payment to the Trustee on behalf of the Holders of all Guarantee Obligations owing or payable to the
respective Holders upon receipt of a demand for payment therefor by the Trustee to such Guarantor in writing. 
 SECTION 10.08. No
Setoff. 
 Each payment to be made by a Guarantor hereunder in respect of the Guarantee Obligations shall be payable in the currency or
currencies in which such Guarantee Obligations are denominated, and shall be made without set-off, counterclaim, reduction or diminution of any kind or nature. 

SECTION 10.09. Guarantee Obligations Absolute. 

Subject to the provisions of Section 10.02, the obligations of each Guarantor hereunder are and shall be absolute and unconditional and
any monies or amounts expressed to be owing or payable by each Guarantor hereunder which may not be recoverable from such Guarantor on the basis of a Guarantee shall be recoverable from such Guarantor as a primary obligor and principal debtor in
respect thereof. 

  
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 SECTION 10.10. Guarantee Obligations Continuing. 

The obligations of each Guarantor hereunder shall be continuing and shall remain in full force and effect until all such obligations have been
paid and satisfied in full. Each Guarantor agrees with the Trustee that it will from time to time deliver to the Trustee suitable acknowledgments of this continued liability hereunder and under any other instrument or instruments in such form as
counsel to the Trustee may advise and as will prevent any action brought against it in respect of any default hereunder being barred by any statute of limitations now or hereafter in force and, in the event of the failure of a Guarantor so to do, it
hereby irrevocably appoints the Trustee the attorney and agent of such Guarantor to make, execute and deliver such written acknowledgment or acknowledgments or other instruments as may from time to time become necessary or advisable, in the judgment
of the Trustee on the advice of counsel, to fully maintain and keep in force the liability of such Guarantor hereunder. 
 SECTION 10.11.
Guarantee Obligations Not Reduced. 
 The obligations of each Guarantor hereunder shall not be satisfied, reduced or discharged
solely by the payment of such principal, premium, if any, interest, fees and other monies or amounts as may at any time prior to discharge of this Indenture pursuant to Article Eight be or become owing or payable under or by virtue of or otherwise
in connection with the Notes or this Indenture. 
 SECTION 10.12. Guarantee Obligations Reinstated. 

The obligations of each Guarantor hereunder shall continue to be effective or shall be reinstated, as the case may be, if at any time any
payment which would otherwise have reduced the obligations of any Guarantor hereunder (whether such payment shall have been made by or on behalf of the Issuer or by or on behalf of a Guarantor) is rescinded or reclaimed from any of the Holders upon
the insolvency, bankruptcy, liquidation or reorganization of the Issuer or any Guarantor or otherwise, all as though such payment had not been made. If demand for, or acceleration of the time for, payment by the Issuer or any other Guarantor is
stayed upon the insolvency, bankruptcy, liquidation or reorganization of the Issuer or such Guarantor, all such Indebtedness otherwise subject to demand for payment or acceleration shall nonetheless be payable by each Guarantor as provided herein.

 SECTION 10.13. Guarantee Obligations Not Affected. 

The obligations of each Guarantor hereunder shall not be affected, impaired or diminished in any way by any act, omission, matter or thing
whatsoever, occurring before, upon or after any demand for payment hereunder (and whether or not known or consented to by any Guarantor or any of the Holders) which, but for this provision, might constitute a whole or partial defense to a claim
against any Guarantor hereunder or might operate to release or otherwise exonerate any Guarantor from any of its obligations hereunder or otherwise affect such obligations, whether occasioned by default of any of the Holders or otherwise, including,
without limitation: 

  
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 (a) any limitation of status or power, disability, incapacity or other circumstance relating
to the Issuer or any other Person, including any insolvency, bankruptcy, liquidation, reorganization, readjustment, composition, dissolution, winding-up or other proceeding involving or affecting the Issuer or
any other Person; 
 (b) any irregularity, defect, unenforceability or invalidity in respect of any indebtedness or other obligation of the
Issuer or any other Person under this Indenture, the Notes or any other document or instrument; 
 (c) any failure of the Issuer or any
other Guarantor, whether or not without fault on its part, to perform or comply with any of the provisions of this Indenture, the Notes or any Guarantee, or to give notice thereof to a Guarantor; 

(d) the taking or enforcing or exercising or the refusal or neglect to take or enforce or exercise any right or remedy from or against the
Issuer or any other Person or their respective assets or the release or discharge of any such right or remedy; 
 (e) the granting of time,
renewals, extensions, compromises, concessions, waivers, releases, discharges and other indulgences to the Issuer or any other Person; 

(f) any change in the time, manner or place of payment of, or in any other term of, any of the Notes, or any other amendment, variation,
supplement, replacement or waiver of, or any consent to departure from, any of the Notes or this Indenture, including, without limitation, any increase or decrease in the principal amount of or premium, if any, or interest on any of the Notes; 

(g) any change in the ownership, control, name, objects, businesses, assets, capital structure or constitution of the Issuer or a Guarantor;

 (h) any merger or amalgamation of the Issuer or a Guarantor with any Person or Persons; 

(i) the occurrence of any change in the laws, rules, regulations or ordinances of any jurisdiction by any present or future action of any
governmental authority or court amending, varying, reducing or otherwise affecting, or purporting to amend, vary, reduce or otherwise affect, any of the Guarantee Obligations or the obligations of a Guarantor under its Guarantee; and 

(j) any other circumstance, including release of the Guarantor pursuant to Section 10.05 (other than by complete, irrevocable payment)
that might otherwise constitute a legal or equitable discharge or defense of the Issuer under this Indenture or the Notes or of a Guarantor in respect of its Guarantee hereunder. 

SECTION 10.14. Waiver. 

Without in any way limiting the provisions of Section 10.01, each Guarantor hereby waives notice of acceptance hereof, notice of any
liability of any Guarantor hereunder, notice or proof of 

  
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 reliance by the Holders upon the obligations of any Guarantor hereunder, and diligence, presentment, demand
for payment on the Issuer, protest, notice of dishonor or non-payment of any of the Guarantee Obligations, or other notice or formalities to the Issuer or any Guarantor of any kind whatsoever. 

SECTION 10.15. No Obligation To Take Action Against the Issuer. 

Neither the Trustee nor any other Person shall have any obligation to enforce or exhaust any rights or remedies against the Issuer or any
other Person or any property of the Issuer or any other Person before the Trustee is entitled to demand payment and performance by any or all Guarantors of their liabilities and obligations under their Guarantees or under this Indenture. 

SECTION 10.16. Dealing with the Issuer and Others. 

The Holders, without releasing, discharging, limiting or otherwise affecting in whole or in part the obligations and liabilities of any
Guarantor hereunder and without the consent of or notice to any Guarantor, may 
 (a) grant time, renewals, extensions, compromises,
concessions, waivers, releases, discharges and other indulgences to the Issuer or any other Person; 
 (b) release, discharge, compromise,
realize, enforce or otherwise deal with or do any act or thing in respect of (with or without consideration) any and all collateral, mortgages or other security given by the Issuer or any third party with respect to the obligations or matters
contemplated by this Indenture or the Notes; 
 (c) accept compromises or arrangements from the Issuer; 

(d) apply all monies at any time received from the Issuer or from any security upon such part of the Guarantee Obligations as the Holders may
see fit or change any such application in whole or in part from time to time as the Holders may see fit; and 
 (e) otherwise deal with, or
waive or modify their right to deal with, the Issuer and all other Persons and any security as the Holders or the Trustee may see fit. 

SECTION 10.17. Default and Enforcement. 

If any Guarantor fails to pay in accordance with Section 10.07, the Trustee may proceed in its name as trustee hereunder in the
enforcement of the Guarantee of any such Guarantor and such Guarantor’s obligations thereunder and hereunder by any remedy provided by law, whether by legal proceedings or otherwise, and to recover from such Guarantor the obligations. 

  
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 SECTION 10.18. Amendment, Etc. 

No amendment, modification or waiver of any provision of this Indenture relating to any Guarantor or consent to any departure by any Guarantor
or any other Person from any such provision will in any event be effective unless it is signed by such Guarantor and the Trustee. 
 SECTION
10.19. Acknowledgment. 
 Each Guarantor, if any, hereby acknowledges communication of the terms of this Indenture and the Notes and
consents to and approves of the same. 
 SECTION 10.20. Costs and Expenses. 

Each Guarantor shall pay on demand by the Trustee any and all costs, fees and expenses (including, without limitation, the reasonable fees and
disbursements of counsel) incurred by the Trustee, its agents, advisors and counsel or any of the Holders in enforcing any of their rights under any Guarantee. 

SECTION 10.21. No Merger or Waiver; Cumulative Remedies. 

No Guarantee shall operate by way of merger of any of the obligations of a Guarantor under any other agreement, including, without limitation,
this Indenture. No failure to exercise and no delay in exercising, on the part of the Trustee or the Holders, any right, remedy, power or privilege hereunder or under this Indenture or the Notes, shall operate as a waiver thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder or under this Indenture or the Notes preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies,
powers and privileges in the Guarantee and under this Indenture, the Notes and any other document or instrument between a Guarantor and/or the Issuer and the Trustee are cumulative and not exclusive of any rights, remedies, powers and privilege
provided by law. 
 SECTION 10.22. Survival of Guarantee Obligations. 

Without prejudice to the survival of any of the other obligations of each Guarantor hereunder, the obligations of each Guarantor under
Section 10.01 shall survive the payment in full of the Guarantee Obligations and shall be enforceable against such Guarantor without regard to and without giving effect to any defense, right of offset or counterclaim available to or which may
be asserted by the Issuer or any Guarantor. 
 SECTION 10.23. Guarantee in Addition to Other Guarantee Obligations. 

The obligations of each Guarantor under its Guarantee and this Indenture are in addition to and not in substitution for any other obligations
to the Trustee or to any of the Holders in relation to this Indenture or the Notes and any guarantees or security at any time held by or for the benefit of any of them. 

  
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 SECTION 10.24. Severability. 

Any provision of this Article Ten which is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions and
any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction unless its removal would substantially defeat the basic intent, spirit and purpose of this Indenture
and this Article Ten. 
 SECTION 10.25. Successors and Assigns. 

Each Guarantee shall be binding upon and inure to the benefit of each Guarantor and the Trustee and the other Holders and their respective
successors and permitted assigns, except that no Guarantor may assign any of its obligations hereunder or thereunder. 
 ARTICLE ELEVEN 

MISCELLANEOUS 
 SECTION 11.01.
TIA Controls. 
 If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or
deemed to be included in this Indenture by the TIA, if this Indenture is qualified under the TIA, such required or deemed provision shall control. 

SECTION 11.02. Notices. 

Any notices or other communications required or permitted hereunder shall be in writing, and shall be sufficiently given if made by hand
delivery, by telex, by nationally recognized overnight courier service, by telecopier or registered or certified mail, postage prepaid, return receipt requested, addressed as follows: 

if to the Issuer: 
 WMG
Acquisition Corp. 
 c/o Warner Music Group Corp. 

1633 Broadway, 7th Floor, 

New York, NY 10019 
 Attention:
General Counsel 
 Telephone: (212) 275-2000 

Facsimile: (212) 275-3601 

with a copy (which shall not constitute notice) to: 

Debevoise & Plimpton LLP 

919 Third Avenue 
 New York, NY
10022 

  
 103 

 Attention: Pierre Maugue 

Telephone: (212) 909-6139 

Facsimile: (212) 909-6836 

Email: pmaugue@debevoise.com 
 if
to the Trustee: 
 Wells Fargo Bank, National Association 

150 East 42nd Street, 40th Floor 

New York, NY 10017 
 MAC J0161-403 
 Attention: Corporate Trust Services 

Telephone: (917) 260-1534 

Facsimile: (917) 260-1593 

Email: Raymond.dellicolli@wellsfargo.com 

if to the Notes Authorized Representative: 

Credit Suisse AG, Cayman Islands Branch 

Eleven Madison Avenue, 23rd Floor 

New York, NY 10010 
 Attention:
Loan Operations – Boutique Management 
 Primary Contact: Nirmala Durgana 

Fax.: (212) 538-3525 

Email: Ops-collateral@credit-suisse.com 

if to the Collateral Agent: 

Credit Suisse AG, Cayman Islands Branch 

Eleven Madison Avenue, 23rd Floor 

New York, NY 10010 
 Attention:
Loan Operations – Boutique Management 
 Primary Contact: Nirmala Durgana 

Fax.: (212) 538-3525 

Email: Ops-collateral@credit-suisse.com 

if to the Paying Agent and Registrar in respect of Euro-denominated Notes: 

Société Générale Luxembourg 

28-32 Place de la gare 

l-1616 Luxembourg 

Phone: 352 47 93 11 5522 
 Fax:
352 24 15 75 
 Attention: SGSS/SBO/CIS/ISS 

Email: lux.standalone@sgss.socgen.com 

  
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 Each of the Issuer, the Trustee, the Notes Authorized Representative and the Collateral
Agent by written notice to each other such Person may designate additional or different addresses for notices to such Person. Any notice or communication to the Issuer, the Trustee, the Notes Authorized Representative and the Collateral Agent, shall
be deemed to have been given or made as of the date so delivered if personally delivered; when answered back; when receipt is acknowledged, if telecopied; five calendar days after mailing if sent by registered or certified mail, postage prepaid
(except that a notice of change of address shall not be deemed to have been given until actually received by the addressee); and next Business Day if by nationally recognized overnight courier service. 

Any notice or communication mailed to a Noteholder shall be mailed to him by first class mail or other equivalent means at his address as it
appears on the registration books of the applicable Registrar and shall be sufficiently given to him if so mailed within the time prescribed. Failure to mail a notice or communication to a Noteholder or any defect in it shall not affect its
sufficiency with respect to other Noteholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. In addition, if and for so long as any of the Euro-denominated Notes are
listed on the Official List of the Luxembourg Stock Exchange and admitted for trading on the Euro MTF Market, and to the extent that the rules and regulations of the Luxembourg Stock Exchange so require, any such notice to the holders of the
relevant Euro Notes shall also be published in a newspaper having a general circulation in Luxembourg (which is expected to be the Luxemburger Wort) or, to the extent and in the manner permitted by the rules and regulations of the Luxembourg
Stock Exchange, posted on the official website of the Luxembourg Stock Exchange (www.bourse.lu) or otherwise made available. For Euro-denominated Notes which are represented by global certificates held on behalf of Euroclear or Clearstream’s,
notices may be given by delivery of the relevant notices to Euroclear or Clearstream’s for communication to entitled account holders in substitution for the aforesaid mailing. Each such notice shall be deemed to have been given on the date of
such publication or, if published more than once on different dates, on the first date on which publication is made, provided that, if notices are mailed, such notice shall be deemed to have been given on the later of such publication and the
seventh day after being so mailed. 
 SECTION 11.03. Communications by Holders with Other Holders. 

If this Indenture is qualified under the TIA, Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their
rights under this Indenture, the Notes or the Guarantees. The Issuer, the Trustee, the Registrar and any other Person shall have the protection of TIA § 312(c) if this Indenture is qualified under the TIA. 

  
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 SECTION 11.04. Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Issuer to the Trustee to take any action under this Indenture, the Issuer shall furnish to the Trustee
at the request of the Trustee: 
 (1) an Officer’s Certificate, in form and substance satisfactory to the Trustee,
stating that, in the opinion of the signers, all conditions precedent to be performed or effected by the Issuer, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(2) an Opinion of Counsel stating that, in the opinion of such counsel, any and all such conditions precedent have been
complied with. 
 SECTION 11.05. Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture, other than the
Officer’s Certificate required by Section 4.06, shall include: 
 (1) a statement that the Person making such
certificate or opinion has read such covenant or condition; 
 (2) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3)
a statement that, in the opinion of such Person, he 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 or satisfied; and 

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

SECTION 11.06. Rules by Trustee, Paying Agent, Registrar. 

The Trustee, any Paying Agent or any Registrar may make reasonable rules for its functions. 

SECTION 11.07. Legal Holidays. 

If a payment date is not a Business Day, payment may be made on the next succeeding day that is a Business Day. 

  
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 SECTION 11.08. Governing Law. 

This Indenture, the Notes and the Guarantees, if any, will be governed by and construed in accordance with the laws of the State of New
York. 
 SECTION 11.09. No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret another indenture, loan or debt agreement of the Issuer or any of its Subsidiaries. Any such
indenture, loan or debt agreement may not be used to interpret this Indenture. 
 SECTION 11.10. No Recourse Against Others. 

No director, officer, employee, incorporator or stockholder of the Issuer or any direct or indirect parent corporation or of any Guarantor, as
such, shall have any liability for any obligations of the Issuer or the Guarantors under the Notes, this Indenture, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives
and releases all such liability. Such waiver and release are part of the consideration for issuance of the Notes. 
 SECTION 11.11.
Successors. 
 All agreements of the Issuer in this Indenture and the Notes shall bind its successors. All agreements of the Trustee
in this Indenture shall bind its successor. 
 SECTION 11.12. Duplicate Originals. 

All parties may sign any number of copies of this Indenture. Each signed copy or counterpart shall be an original, but all of them together
shall represent the same agreement. 
 SECTION 11.13. Severability. 

In case any one or more of the provisions in this Indenture or in the Notes shall be held invalid, illegal or unenforceable, in any respect
for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions shall not in any way be affected or impaired thereby, it being intended that all of the provisions hereof shall be
enforceable to the full extent permitted by law. 
 SECTION 11.14. Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services. 

  
 107 

 SECTION 11.15. USA Patriot Act. 

In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001)), the Initial Purchasers are required to obtain, verify and record information that identifies their respective clients, including the Issuer, which information may include the name and address of their respective clients,
as well as other information that will allow the Initial Purchasers to properly identify their respective clients. 
 SECTION 11.16.
Electronic Execution of Documents. 
 The words “execution,” “signed,” “signature,” and words of like
import in any amendment, supplement or other modification hereof (including waivers and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Without limitation to the foregoing, and anything in this Indenture to the contrary
notwithstanding, (a) any Officers’ Certificate, company order, Opinion of Counsel, Note, amendment, notice, direction, certificate of authentication appearing on or attached to any Note, supplemental indenture or other certificate, opinion
of counsel, instrument, agreement or other document delivered pursuant to this Indenture may be executed, attested and transmitted by any of the foregoing electronic means and formats and (b) all references in Section 2.03 or elsewhere in
this Indenture to the execution, attestation or authentication of any Note or any certificate of authentication appearing on or attached to any Note by means of a manual or facsimile signature shall be deemed to include signatures that are made or
transmitted by any of the foregoing electronic means or formats. The Trustee shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such
electronic signature without any liability with respect thereto. 
 ARTICLE TWELVE 

SECURITY 
 SECTION 12.01.
Security Documents. 
 (a) The due and punctual payment of the Notes Obligations, including payment of the principal of, premium on,
if any, and interest on, the Notes when and as the same shall be due and payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of, premium on, if any,
and interest on the Notes, according to the terms hereunder or thereunder, are secured as provided in the Security Documents which the Issuer, Holdings and the Guarantors have entered into simultaneously with the execution

  
 108 

 of this Indenture. The Trustee and the Issuer hereby acknowledge and agree that the Collateral Agent holds
the Collateral in trust for the benefit of the secured parties, in each case pursuant and subject to the terms of the Security Documents. 

(b) Each Holder, by its acceptance thereof, consents and agrees to the terms of the Security Documents (including, without limitation, the
provisions providing for possession, use, release and foreclosure of Collateral) as the same may be in effect or may be amended from time to time in accordance with its terms and agrees that it will not 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 other holder of Secured First Lien Obligations (as defined in the Security
Agreement) in all or any part of the Collateral, or any of the intercreditor arrangements in the Security Agreement. Each Holder, by its acceptance thereof, (1) authorizes the Trustee to appoint the Notes Authorized Representative to act
on its behalf as the Notes Authorized Representative under this Indenture and the Security Agreement, (2) authorizes the Trustee and the Notes Authorized Representative to appoint the Collateral Agent to act on its behalf as the
Collateral Agent under this Indenture, the Security Agreement and under each of the other Security Documents, (3) authorizes and directs the Collateral Agent to enter into the Security Documents and to perform its obligations and
exercise its rights thereunder in accordance therewith and (4) authorizes the Trustee and the Notes Authorized Representative to authorize the Collateral Agent to take such actions on its behalf and to exercise such powers as are
delegated to the Collateral Agent by the terms of the Security Agreement and the other Security Documents, including for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any grantor thereunder to secure any of
the Secured First Lien Obligations, together with such powers and discretion as are reasonably incidental thereto. 
 (c) Each Holder, by
its acceptance thereof, authorizes the Collateral Agent, the Notes Authorized Representative and the Trustee, as applicable, to enter into any intercreditor agreement on behalf of, and binding with respect to, the Holders and their interest in
designated assets, in connection with the incurrence of any indebtedness under the Senior Term Credit Agreement, the Senior Revolving Credit Agreement and, in addition, any Additional Obligations, including to clarify the respective rights of all
parties in and to designated assets. The Collateral Agent or the Notes Authorized Representative, as applicable, will enter into any such intercreditor agreement at the request of the Issuer, provided that the Issuer will have delivered to
the Collateral Agent or the Notes Authorized Representative, as the case may be, an Officer’s Certificate to the effect that such other intercreditor agreement complies with the provisions of this Indenture and the Security Documents. The Notes
Authorized Representative and the Trustee, as applicable, each agrees at the Issuer’s expense to (or to instruct the Collateral Agent to) execute and deliver any amendment to, waiver of, or supplement to any Security Document authorized
pursuant to Article Nine. 
 (d) The Issuer and the Guarantors will deliver to the Collateral Agent copies of all documents, and will do or
cause to be done all such acts and things as may be necessary or proper, or as may be required by the provisions of the Security Documents, to assure and confirm to the Collateral Agent the security interest in the Collateral contemplated hereby, by
the Security 

  
 109 

 Documents or any part thereof, as from time to time constituted, so as to render the same available for the
security and benefit of this Indenture and of the Notes secured hereby, according to the intent and purposes herein expressed. The Issuer will take, and will cause its Subsidiaries to take, upon request of the Trustee, any and all actions reasonably
required to cause the Security Documents to create and maintain, as security for the Obligations of the Issuer and the Guarantors hereunder, a valid and enforceable perfected Lien in and on all the Collateral, in favor of the Collateral Agent for
the benefit of the Holders, as and to the extent contemplated by the Security Documents and subject to no other Liens other than Liens permitted under this Indenture, including Permitted Liens. Notwithstanding the foregoing, if the Issuer and the
Guarantors are unable to complete on or prior to the Closing Date all filings and other similar actions required in connection with the perfection of such security interests, the Issuer and the Guarantors shall use their commercially reasonable
efforts to complete such actions as soon as reasonably practicable (but no later than 180 days) after such date. 
 SECTION 12.02.
Notes Authorized Representative; Collateral Agent. 
 (a) The Trustee hereby appoints Credit Suisse AG to act on its behalf as the
Notes Authorized Representative under this Indenture and the Security Agreement, and Credit Suisse AG agrees to act as such; provided that, it is understood and agreed that all communications between the Notes Authorized Representative and
the Holders and all instructions or directions by Holders to the Notes Authorized Representative shall be made or given through the Trustee. 

(b) The Trustee and the Notes Authorized Representative hereby appoint Credit Suisse AG to act on its behalf as the Collateral Agent under
this Indenture, the Security Agreement and under each of the other Security Documents, and Credit Suisse AG agrees to act as such. 
 (c)
Except as set forth below, a resignation or removal of the Notes Authorized Representative and appointment of a successor Notes Authorized Representative shall become effective only upon the successor Notes Authorized Representative’s
acceptance of appointment as provided in this Section 12.02(c). The Notes Authorized Representative may resign in writing at any time, and the Holders of a majority in principal amount of the outstanding Notes may remove the Notes Authorized
Representative, by so notifying the Issuer and the Trustee at least 30 days prior to the proposed date of resignation. The Issuer may remove the Notes Authorized Representative if: (i) the Notes Authorized Representative is adjudged a
bankrupt or an insolvent; (ii) a receiver or other public officer takes charge of the Notes Authorized Representative or its property; or (iii) the Notes Authorized Representative shall become incapable of acting. If the
Notes Authorized Representative resigns or is removed or if a vacancy exists in the office of Notes Authorized Representative for any reason, the Trustee shall promptly appoint a successor Notes Authorized Representative. If a successor Notes
Authorized Representative does not take office within 10 days after the retiring Notes Authorized Representative resigns or is removed, the Issuer may appoint a successor Notes Authorized Representative and if no successor Notes Authorized
Representative shall have been so appointed 55 days after the retiring Notes Authorized Representative resigns or is removed, the retiring Notes Authorized Representative or the Holders of at least 10% in principal amount of the then outstanding
principal amount of the Notes may petition any court of competent 

  
 110 

 
jurisdiction for the appointment of a successor Notes Authorized Representative. A successor Notes Authorized Representative shall deliver a written acceptance of its appointment to the retiring
Notes Authorized Representative and to the Issuer. Thereupon, the resignation or removal of the retiring Notes Authorized Representative shall become effective, and the successor Notes Authorized Representative shall have all the rights, powers and
the duties of the Notes Authorized Representative under this Indenture and the Security Documents. The successor Notes Authorized Representative shall mail a notice of its succession to the Trustee; provided that if the Notes Authorized
Representative shall notify the Trustee that no qualifying Person has accepted such appointment 55 days after the retiring Notes Authorized Representative resigns or is removed, then such resignation shall nonetheless become effective and
(a) the retiring Notes Authorized Representative shall be discharged from its duties and obligations hereunder and under the other Security Documents and (b) all communications and determinations provided to be made by, to or
through the Notes Authorized Representative shall instead be made by or to Trustee directly, until such time as the Trustee or the Holders appoint a successor Notes Authorized Representative as provided for above in this Section 12.02(c). The
retiring Notes Authorized Representative shall promptly transfer all property and assets held by it as Notes Authorized Representative to the successor Notes Authorized Representative, provided that all sums owing to the Notes Authorized
Representative hereunder have been paid. Notwithstanding replacement of the Notes Authorized Representative pursuant to this Section 12.02(c), the Issuer’s obligations under this Section 12.02 shall continue for the benefit of the
retiring Notes Authorized Representative and the retiring Notes Authorized Representative shall not by reason of such resignation be deemed to be released from liability as to any actions taken or omitted to be taken by it while it was the Notes
Authorized Representative under this Indenture. The provision of this Section 12(c) shall in all respects be subject to the provisions of the Security Agreement. 

(d) A resignation or removal of the Collateral Agent and appointment of a successor Collateral Agent shall become effective as set forth in
the Security Agreement. 
 SECTION 12.03. After Acquired Property. 

Promptly, but in no event later than 180 days, following the acquisition by the Issuer or any Guarantor of any After Acquired Property, the
Issuer or such Guarantor shall execute and deliver such mortgages, Security Document supplements, security instruments and financing statements as shall be reasonably necessary to cause such After Acquired Property to be made subject to a perfected
Lien (subject to Permitted Liens) in favor of the Collateral Agent for the benefit of the Trustee and the Holders (as well as for the benefit of the holders of Existing Secured Notes, Senior Term Loan Obligations, Senior Revolving Credit Obligations
and certain Additional Obligations (each such term as defined in the Security Agreement)), and thereupon all provisions of this Indenture and the Security Documents 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, provided that (a) the Collateral in any event will exclude Excluded Assets and Excluded Subsidiary Securities and (b) in any event the Issuer or such Guarantor will not
be required to (x) take any action in any jurisdiction other than the United States of America, or required by the laws of any such jurisdiction, in order to 

  
 111 

 
create any security interests (or other Liens) in assets located or titled outside of the United States of America or to perfect any security interests (or other Liens) in any Collateral,
(y) deliver control agreements with respect to, or confer perfection by “control” over, any deposit accounts, bank or securities account or other Collateral, except, in the case of Collateral that constitutes Capital Stock or
intercompany notes in certificated form, delivering such Capital Stock or intercompany notes (in the case of intercompany notes, limited to any such note with a principal amount in excess of $5.0 million) to the Collateral Agent (or another Person
as required under the Security Agreement) or (z) deliver landlord lien waivers, estoppels or collateral access letters. 

SECTION 12.04. Release of Collateral. 

(a) The Collateral shall be released from the Lien and security interest created by the Security Documents to secure the Notes Obligations,
all without delivery of any instrument or performance of any act by any party, at any time or from time to time in accordance with the provisions of the Security Documents or as provided by this Section 12.04. Upon such release, subject to the
terms of the Security Documents all rights in the Collateral securing Notes Obligations shall revert to the Issuer, Holdings and the Guarantors. The Collateral shall be released from the Lien and security interest created by the Security Documents
to secure the Notes Obligations under one or more of the following circumstances: 
 (1) to enable the disposition of such
property or assets to any Person (other than the Issuer or a Guarantor); 
 (2) in the case of a Guarantor that is released
from its Guarantee of the Notes (including upon (A) a satisfaction and discharge of this Indenture, (B) a Legal Defeasance or (C) a Covenant Defeasance), the release of the property and assets of such Guarantor

 (3) with respect to Collateral that is Equity Interests, upon the dissolution or liquidation of the issuer of that Equity
Interest that is not prohibited by this Indenture; 
 (4) if the Notes have Investment Grade Ratings from both Rating
Agencies and the Issuer has delivered a notice of such Investment Grade Ratings to the Trustee and the Collateral Agent and no Default has occurred and is continuing under this Indenture; 

(5) the release of Collateral by the Collateral Agent, acting on the instructions of the Applicable Authorized Representative
in accordance with the terms of the Security Agreement (other than releases of all or substantially all of the Collateral); 

(6) in accordance with the applicable provisions of the Security Documents; 

(7) pursuant to an amendment or waiver in accordance with Article Nine of this Indenture; 

  
 112 

 (8) payment in full of the principal of, together with accrued and unpaid
interest on, the Notes and all other Notes Obligations that are due and payable at or prior to the time such principal, together with accrued and unpaid interest, is paid; or 

(9) upon a discharge of this Indenture or a Legal Defeasance or a Covenant Defeasance pursuant to Article Eight of this
Indenture. 
 (b) The Collateral Agent and, if necessary, the Trustee shall, at the Issuer’s expense, execute, deliver or acknowledge
any necessary or proper instruments of termination, satisfaction or release to evidence and shall do or cause to be done all other acts reasonably necessary to effect, in each case as soon as is reasonably practicable, the release of any Collateral
permitted to be released pursuant to this Indenture and the Security Documents. Neither the Trustee nor the Collateral Agent shall be liable for any such release undertaken in good faith and in the absence of gross negligence or willful misconduct.

 (c) The release of any Collateral from the terms of this Indenture and the Security Documents will not be deemed to impair the security
under this Indenture in contravention of the provisions hereof if and to the extent the Collateral is released pursuant to the terms of the Security Documents. From the date on which this Indenture is qualified under the TIA, to the extent
applicable, the Issuer will cause TIA §313(b), relating to reports, and TIA §314(d), relating to the release of property or securities from the Lien and security interest of the Security Documents and relating to the substitution therefor
of any property or securities to be subjected to the Lien and security interest of the Security Documents, to be complied with. From the date on which this Indenture is qualified under the TIA, any certificate or opinion required by TIA §314(d)
may be made by an Officer of the Issuer except in cases where TIA §314(d) requires that such certificate or opinion be made by an independent Person, which Person will be an independent engineer, appraiser or other expert selected or approved
by the Trustee and the Collateral Agent in the exercise of reasonable care. 
 SECTION 12.05. Certificates of the Issuer. 

From the date on which this Indenture is qualified under the TIA, the Issuer will furnish to the Trustee and the Collateral Agent, prior to
each proposed release of Collateral pursuant to the Security Documents: 
 (1) all documents required by TIA §314(d);
and 
 (2) an Opinion of Counsel, which may be rendered by internal counsel to the Issuer, to the effect that such
accompanying documents constitute all documents required by TIA §314(d). 
 The Trustee may, to the extent permitted by Sections 7.01
and 7.02 hereof, accept as conclusive evidence of compliance with the foregoing provisions the appropriate statements contained in such documents and such Opinion of Counsel. 

  
 113 

 From the date on which this Indenture is qualified under the TIA, notwithstanding anything
to the contrary in Sections 12.04 or 12.05, the Issuer and the Guarantors shall not be required to comply with all or any portion of TIA § 314(d) if they reasonably determine that under the terms of TIA § 314(d) or any interpretation or
guidance as to the meaning thereof of the SEC and its staff, including “no action” letters or exemptive orders, all or any portion of TIA §314(d) is inapplicable to any release or series of releases of Collateral. From the date on
which this Indenture is qualified under the TIA, to the extent applicable, the Issuer will comply with the provisions of TIA §314(b), relating to opinions of counsel, except to the extent the Issuer reasonably determines such compliance is not
required as set forth in the TIA or any other SEC regulation or any interpretation or guidance as to the meaning thereof of the SEC and its staff, including “no action” letters or exemptive orders. 

SECTION 12.06. Authorization of Actions to be Taken by the Trustee Under the Security Documents. 

Subject to the provisions of the Security Agreement, the Trustee may direct, on behalf of Holders of the Notes, the Notes Authorized
Representative to take action permitted to be taken by it under the Security Agreement 
 Upon the occurrence and during the continuation of
an Event of Default and subject to the provisions of the Security Agreement, and subject to the provisions of Section 7.01 and 7.02 hereof, the Trustee may, in its sole discretion and without the consent of the Holders, direct, on behalf of the
Holders, the Notes Authorized Representative to direct the Collateral Agent to, take all actions it deems necessary or appropriate in order to: 

(1) enforce any of the terms of the Security Documents; and 

(2) collect and receive any and all amounts payable in respect of the Obligations of the Issuer hereunder. 

Subject to the provisions of the Security Agreement and the other Security Documents, the Trustee will have power to institute and maintain
such suits and proceedings, at the expense of the Issuer, as it may deem expedient to prevent any impairment of the Collateral by any acts that may be unlawful or in violation of the Security Documents or this Indenture, and such suits and
proceedings as the Trustee may deem expedient to preserve or protect its interests and the interests of the Holders in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with
any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial
to the interests of the Holders or of the Trustee). Nothing in this Section 12.06 shall be considered to impose any such duty or obligation to act on the part of the Trustee. 

  
 114 

 SECTION 12.07. Authorization of Receipt of Funds by the Notes Authorized Representative
Under the Security Documents. 
 Subject to the provisions of the Security Agreement, the Notes Authorized Representative is authorized
to receive any funds for the benefit of the Holders distributed under the Security Documents, and to make further distributions of such funds to the Trustee for further distribution to the Holders according to the provisions of this Indenture. 

SECTION 12.08. Termination of Security Interest. 

Upon the full and final payment and performance of all Obligations of the Issuer under this Indenture and the Notes or upon Legal Defeasance,
Covenant Defeasance or satisfaction and discharge of this Indenture in accordance with Article Eight hereof, the Trustee (or the Notes Authorized Representative on its behalf) will, at the request of the Issuer, deliver a certificate to the
Collateral Agent stating that such Obligations have been paid in full, and instruct the Collateral Agent to, as applicable, either (a) release the Liens securing the Notes Obligations pursuant to this Indenture and the Security Documents
or (b) cease to be a party to the Security Documents on behalf of the Trustee and the Holders. 
 SECTION 12.09. Purchaser
Protected. 
 In no event shall any purchaser or other transferee in good faith of any property or assets purported to be released
hereunder be bound to ascertain the authority of the Collateral Agent or the Trustee to execute the release or to inquire as to the satisfaction of any conditions required by the provisions hereof for the exercise of such authority or to see to the
application of any consideration given by such purchaser or other transferee; nor shall any purchaser or other transferee of any property or assets be under any obligation to ascertain or inquire into the authority of the Issuer or the applicable
Guarantor to make any such sale or other transfer. 
 SECTION 12.10. Powers Exercisable by Receiver or Trustee. 

In case the Collateral shall be in the possession of a receiver or trustee, lawfully appointed, the powers conferred in this Article Twelve
upon the Issuer or a Guarantor with respect to the release, sale or other disposition of such property or assets 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 Issuer or a Guarantor or of any officer or officers thereof required by the provisions of this Article Twelve; and if the Trustee shall be in the possession of the Collateral under any provision of this Indenture, then such
powers may be exercised by the Trustee. 

  
 115 

 SIGNATURES 

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

 

			
	WMG ACQUISITION CORP.
		
	By:	 	 /s/ Paul M. Robinson

	Name:	 	Paul M. Robinson
	Title:	 	Executive Vice President, General Counsel and Secretary

  

[SIGNATURE PAGE TO INDENTURE] 

 Guarantors: 

A.P. SCHMIDT CO. 

ARTS MUSIC INC. 

ATLANTIC RECORDING CORPORATION 

ATLANTIC/MR VENTURES INC. 

AUDIO PROPERTIES/BURBANK, INC. 

BIG BEAT RECORDS INC. 

CAFÉ AMERICANA INC. 

CHAPPELL MUSIC COMPANY, INC. 

COTA MUSIC, INC. 

COTILLION MUSIC, INC. 

CRK MUSIC INC. 

E/A MUSIC, INC. 

ELEKSYLUM MUSIC, INC. 

ELEKTRA ENTERTAINMENT GROUP INC. 

ELEKTRA GROUP VENTURES INC. 

ELEKTRA MUSIC GROUP INC. 

ELEKTRA/CHAMELEON VENTURES INC. 

FHK, INC. 

FIDDLEBACK MUSIC PUBLISHING COMPANY, INC. 

FOSTER FREES MUSIC, INC. 

GENE AUTRY’S WESTERN MUSIC PUBLISHING CO. 

GOLDEN WEST MELODIES, INC. 

INSOUND ACQUISITION INC. 

INTERSONG U.S.A., INC. 

J. RUBY PRODUCTIONS, INC. 

JADAR MUSIC CORP. 

LEM AMERICA, INC. 

LONDON-SIRE RECORDS INC. 

MAVERICK PARTNER INC. 

MCGUFFIN MUSIC INC. 

MELODY RANCH MUSIC CO., INC. 

MIXED BAG MUSIC, INC. 

NONESUCH RECORDS INC. 

NON-STOP MUSIC HOLDINGS, INC. 

OCTA MUSIC, INC. 

PEPAMAR MUSIC CORP. 

REP SALES, INC. 

  

[SIGNATURE PAGE TO INDENTURE] 

 (cont-d): 

REVELATION MUSIC PUBLISHING CORPORATION 

RHINO ENTERTAINMENT COMPANY 

RICK’S MUSIC INC. 

RIDGEWAY MUSIC CO., INC. 

RIGHTSONG MUSIC INC. 

ROADRUNNER RECORDS, INC. 

RYKO CORPORATION 

RYKODISC, INC. 

RYKOMUSIC, INC. 

SEA CHIME MUSIC, INC. 

SIX-FIFTEEN MUSIC PRODUCTIONS, INC. 

SR/MDM VENTURE INC. 

SUMMY-BIRCHARD, INC. 

SUPER HYPE PUBLISHING, INC. 

THE ALL BLACKS U.S.A., INC. 

TOMMY VALANDO PUBLISHING GROUP, INC. 

UNICHAPPELL MUSIC INC. 

W.C.M. MUSIC CORP. 

WALDEN MUSIC INC. 

WARNER ALLIANCE MUSIC INC. 

WARNER BRETHREN INC. 

WARNER MUSIC PUBLISHING INTERNATIONAL INC. 

WARNER RECORDS INC. 

WARNER CUSTOM MUSIC CORP. 

WARNER DOMAIN MUSIC INC. 

WARNER MUSIC DISCOVERY INC. 

WARNER MUSIC LATINA INC. 

WARNER MUSIC SP INC. 

WARNER SOJOURNER MUSIC INC. 

WARNER SPECIAL PRODUCTS INC. 

WARNER STRATEGIC MARKETING INC. 

WARNER CHAPPELL MUSIC SERVICES, INC. 

WARNER CHAPPELL MUSIC, INC. 

WARNER CHAPPELL PRODUCTION MUSIC, INC. 

WARNER-ELEKTRA-ATLANTIC CORPORATION 

  

[SIGNATURE PAGE TO INDENTURE] 

 (cont-d): 

WARNERSONGS, INC. 

WARNER-TAMERLANE PUBLISHING CORP. 

WARPRISE MUSIC INC. 

WC GOLD MUSIC CORP. 

W CHAPPELL MUSIC CORP. 

WCM/HOUSE OF GOLD MUSIC, INC. 

WARNER RECORDS/QRI VENTURE, INC. 

WARNER RECORDS/RUFFNATION VENTURES, INC. 

WEA EUROPE INC. 

WEA INC. 

WEA INTERNATIONAL INC. 

WIDE MUSIC, INC. 

WMG RHINO HOLDINGS INC. 

ARTIST ARENA LLC 

ASYLUM LLC 

ASYLUM RECORDS LLC 

ASYLUM WORLDWIDE LLC 

ATLANTIC MOBILE LLC 

ATLANTIC PIX LLC 

ATLANTIC PRODUCTIONS LLC 

ATLANTIC RECORDING LLC 

ATLANTIC SCREAM LLC 

ATLANTIC/143 L.L.C. 

BB INVESTMENTS LLC 

BULLDOG ISLAND EVENTS LLC 

BUTE SOUND LLC 

CORDLESS RECORDINGS LLC 

EAST WEST RECORDS LLC 

ELEKTRA MUSIC LLC 

ELEKTRA RECORDS LLC 

FERRET MUSIC HOLDINGS LLC 

FERRET MUSIC LLC 

FERRET MUSIC MANAGEMENT LLC 

FERRET MUSIC TOURING LLC 

FOZ MAN MUSIC LLC 

FUELED BY RAMEN LLC 

LAVA RECORDS LLC 

MM INVESTMENT LLC 

P & C PUBLISHING LLC 

  

[SIGNATURE PAGE TO INDENTURE] 

 (cont-d): 

RHINO NAME & LIKENESS HOLDINGS, LLC 

RHINO ENTERTAINMENT LLC 

RHINO FOCUS HOLDINGS LLC 

RHINO/FSE HOLDINGS, LLC 

SODATONE USA LLC 

T-BOY MUSIC, L.L.C. 

T-GIRL MUSIC, L.L.C. 

THE BIZ LLC 

UPPED.COM LLC 

UPROXX LLC 

WARNER MUSIC DISTRIBUTION LLC 

WARNER MUSIC NASHVILLE LLC 

WARNER RECORDS/SIRE VENTURES LLC 

WARNER RECORDS LLC 

WMG COE, LLC 

WMG PRODUCTIONS LLC 

WRONG MAN DEVELOPMENT LIMITED LIABILITY COMPANY 

 

					
	By:	 	 /s/ Paul M. Robinson

		 	Name:	 	Paul M. Robinson
		 	Title:	 	Vice President & Secretary of each of the above named entities listed under the heading Guarantors and signing this agreement in such capacity on behalf of each such entity

  

					
	WARNER MUSIC INC.
		
	By:	 	 /s/ Paul M. Robinson

		 	Name:	 	Paul M. Robinson
		 	Title:	 	 Executive Vice President,
 General
Counsel & Secretary

  

[SIGNATURE PAGE TO INDENTURE] 

 
					
	615 MUSIC LIBRARY, LLC
	
	By: Six-Fifteen Music Productions, Inc., its Sole Member
		
	By:	 	 /s/ Paul M. Robinson

		 	Name:	 	Paul M. Robinson
		 	Title:	 	Vice President & Secretary

  

					
	ARTIST ARENA INTERNATIONAL, LLC
		
	By:	 	Artist Arena LLC, its Sole Member
		
	By:	 	Warner Music Inc., its Sole Member
		
	By:	 	 /s/ Paul M. Robinson

		 	Name:	 	Paul M. Robinson
		 	Title:	 	 Executive Vice President,
 General
Counsel & Secretary

  

					
	ALTERNATIVE DISTRIBUTION ALLIANCE
	
	By: Warner Music Distribution LLC, its Managing Partner
	
	By: Rep Sales, Inc., its Sole Member and Manager
		
	By:	 	 /s/ Paul M. Robinson

		 	Name:	 	Paul M. Robinson
		 	Title:	 	Vice President & Secretary

  

[SIGNATURE PAGE TO INDENTURE] 

 
					
	MAVERICK RECORDING COMPANY
	
	By: SR/MDM Venture Inc., its Managing Partner
		
	By:	 	 /s/ Paul M. Robinson

		 	Name:	 	Paul M. Robinson
		 	Title:	 	Vice President & Secretary

  

					
	NON-STOP CATACLYSMIC MUSIC, LLC
	NON-STOP INTERNATIONAL PUBLISHING, LLC
	NON-STOP OUTRAGEOUS PUBLISHING, LLC
	
	By: Non-Stop Music Publishing, LLC, their Sole Member
	
	By: Non-Stop Music Holdings, Inc., its Sole Member
		
	By:	 	 /s/ Paul M. Robinson

		 	Name:	 	Paul M. Robinson
		 	Title:	 	Vice President & Secretary

  

[SIGNATURE PAGE TO INDENTURE] 

 
					
	NON-STOP MUSIC LIBRARY, L.C.
	NON-STOP MUSIC PUBLISHING, LLC
	NON-STOP PRODUCTIONS, LLC
	
	By: Non-Stop Music Holdings, Inc., their Sole Member
		
	By:	 	 /s/ Paul M. Robinson

		 	Name:	 	Paul M. Robinson
		 	Title:	 	Vice President & Secretary

  

[SIGNATURE PAGE TO INDENTURE] 

  

					
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Stefan Victory

		 	Name:	 	Stefan Victory
		 	Title:	 	Vice President

  

					
	CREDIT SUISSE AG, as Notes Authorized Representative and as Collateral Agent
		
	By:	 	 /s/ Judith E. Smith

		 	Name:	 	Judith E. Smith
		 	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Jessica Gavarkovs

		 	Name:	 	Jessica Gavarkovs
		 	Title:	 	Authorized Signatory

  

[SIGNATURE PAGE TO INDENTURE] 

 EXHIBIT A-1 

[FORM OF INITIAL DOLLAR NOTE] 

WMG ACQUISITION CORP. 

[    ]% Senior Secured Notes due [            ] 

CUSIP No. 
 ISIN No. 

 

							
	      	 	No.	  		  	$[            ]

 WMG ACQUISITION CORP., a Delaware corporation (the “Company,” which term includes any
successor corporation), for value received promises to pay to [    ] or its registered assigns, the principal sum of [            ] dollars
($[            ]) [(or such lesser or greater amount as shall be outstanding hereunder from time to time in accordance with Sections 2.16 and 2.17 of the within-mentioned Indenture)]1 on [            ], [            ]. 

Interest Payment Dates: [            ] and
[            ], commencing [            ]. Record Dates:
[            ] and [            ]. 

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at
this place. 
  

	1 	 Include only if the Note is issued in global form. 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile
by one of its duly authorized officers. 
  

									
	        	 	Dated:	 		 	WMG ACQUISITION CORP.
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	

  
 3 

 CERTIFICATE OF AUTHENTICATION 

This is one of the [    ]% Senior Secured Notes due
[            ] described in the within-mentioned Indenture. 
  

									
	         	 	Dated:	 		 	WELLS FARGO BANK, 
NATIONAL ASSOCIATION, as Trustee
					
		 		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 4 

 [Insert the Global Note Legend, if applicable pursuant to the provisions of the
Indenture] [Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture] [Insert the OID Legend, if applicable pursuant to the provisions of the Indenture] 

(Reverse of Note) 
 WMG Acquisition
Corp. 
 [    ]% Senior Secured Notes due [            ] 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

SECTION 1. Interest. WMG Acquisition Corp., a Delaware corporation (the “Company,” which term includes any successor
corporation), promises to pay interest on the principal amount of this Note at [    ]% per annum from [            ] until maturity. The Company will pay interest
semi-annually on [            ] and [            ] of each year, or if any such day is not a Business Day, on the next succeeding
Business Day (each an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of original issuance; provided that
if there is no existing Default in the payment of interest, and if this Note is authenticated between a Record Date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding
Interest Payment Date; provided, further, that the first Interest Payment Date shall be [            ]. The Company shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand to the extent lawful at the interest rate applicable to the Notes; it shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30 day months. 
 SECTION 2. Method of Payment. The Company will pay
interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the [            ] or
[            ] next preceding the Interest Payment Date, even if such Notes are canceled after such Record Date and on or before such Interest Payment Date, except as provided in
Section 2.13 of the Indenture with respect to defaulted interest. The Notes will be issued in denominations of $2,000 and integral multiples of $1,000. The Company shall pay principal, premium, if any and interest on the Notes in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts (“U.S. Legal Tender”). Principal, premium, if any, and interest [and special interest], if any, on the Notes
will be payable at the office or agency of the Company maintained for such purpose or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their respective addresses set forth in the register of Holders or
otherwise; provided that all payments of principal, premium and interest with respect to Notes the Holders of which have 

  
 5 

 
given wire transfer instructions to the Company prior to the Record Date will be required to be made by wire transfer of immediately available funds to the accounts specified by the Holders
thereof. Until otherwise designated by the Company, the Company’s office or agency in New York will be the office of the Trustee maintained for such purpose. 

SECTION 3. Paying Agent and Registrar. Initially, Wells Fargo Bank, National Association, the Trustee under the Indenture, will act as
Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any Affiliate may act in any such capacity. 

SECTION 4. Indenture[; Registration Rights Agreement]. The Company issued this [_]% Senior Secured Note due [ ] of the Company
(hereinafter called the “Notes”) under an Indenture dated as of June 29, 2020 (the “Base Indenture”) among the Company, the Guarantors, if any, from time to time parties thereto, the Trustee, the Notes
Authorized Representative and the Collateral Agent as supplemented by a First Supplemental Indenture and the Second Supplemental Indenture, each dated as of June 29, 2020 (the “Supplemental Indentures” and, together with the
Base Indenture, the “Indenture”), among the Company, the Subsidiary Guarantors party thereto and the Trustee. The terms of the Notes include those stated in the Indenture and, subject to Section 1.03 of the Indenture and the
Indenture being qualified under the TIA, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb) (the “TIA”). The Notes are subject to all such terms
(except as aforementioned), and Holders are referred to the Indenture and the TIA, if applicable, for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the
Indenture shall govern and be controlling. Additional Notes may be issued from time to time in one or more series under the Indenture and (except as provided in Section 9.02 of the Indenture) will vote (or consent) as a single class with the
Notes and otherwise be treated as Notes for purposes of the Indenture. [            ].2 

SECTION 5. Optional Redemption. The Notes will be redeemable, at the Company’s option, in whole or in part, as provided in the
Indenture. 
 SECTION 6. [Mandatory Redemption. The Company shall not be required to make mandatory redemption or sinking fund
payments with respect to the Notes.]3 
 SECTION 7. Offers To Purchase. The
Indenture provides that upon the occurrence of a Change of Control Triggering Event and subject to further limitations contained therein, the Company shall make an offer to purchase outstanding Notes in accordance with the procedures set forth in
the Indenture. 
  

	2 	 For an Initial Additional Note, add a registration rights provision if any, as may be agreed by the Company
with respect to additional interest on such Initial Additional Note. 

	3 	 Include unless otherwise provided in the Notes Supplemental Indenture establishing the applicable series of
Notes. 

  
 6 

 SECTION 8. Denominations, Transfer, Exchange. The Notes are in registered form
without coupons in denominations of $2,000 and integral multiples of $1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to
furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. 

SECTION 9. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 

SECTION 10. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture and the Notes may be amended or supplemented
with the written consent of the Holders of at least a majority in aggregate principal amount of the Notes (as defined in the Indenture) then outstanding, and any existing Default or compliance with any provision may be waived with the consent of the
Holders of a majority in aggregate principal amount of the Notes (as defined in the Indenture) then outstanding. Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture and the Notes to, among other
things, cure any ambiguity, omission, mistake, defect or inconsistency in the Indenture, provide for uncertificated Notes in addition to certificated Notes, comply with any requirements of the Commission in connection with the qualification of the
Indenture under the TIA, or make any change that does not materially adversely affect the rights of any Holder. 
 SECTION 11. Defaults
and Remedies. If a Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes (as defined in the Indenture) generally may declare all the Notes to be due and payable
immediately by notice in writing. Notwithstanding the foregoing, in the case of a Default arising from certain events of bankruptcy or insolvency as set forth in the Indenture, with respect to the Company, all outstanding Notes will become due and
payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes (as
defined in the Indenture) may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default (except a Default relating to the payment of principal or interest) if it determines that
withholding notice is in their interest. The Holders of a majority in principal amount of the Notes (as defined in the Indenture) then outstanding by notice in writing to the Trustee may on behalf of the Holders of all of the Notes waive any Default
and its consequences under the Indenture except a continuing Default in the payment of interest on, or the principal of, the Notes or in respect of certain covenants set forth in the Indenture. 

SECTION 12. Restrictive Covenants. The Indenture contains certain covenants that, among other things, limit the ability of the Company
and its Restricted Subsidiaries to make restricted payments, to incur indebtedness, to create liens, to sell assets, to permit restrictions on 

  
 7 

 
dividends and other payments by Restricted Subsidiaries of the Company, to consolidate, merge or sell all or substantially all of its assets or to engage in transactions with affiliates. The
limitations are subject to a number of important qualifications and exceptions. The Company must annually report to the Trustee on compliance with such limitations. 

SECTION 13. No Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Company or any direct or
indirect parent company or any Subsidiary of the Company, as such, shall have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Guarantees[, the Registration Rights Agreement] or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

SECTION 14. Trustee Dealings with the Company. The Trustee under the Indenture, in its individual or any other capacity, may become the
owner or pledgee of Notes and may otherwise deal with the Company, its Subsidiaries or their respective Affiliates as if it were not the Trustee. 

SECTION 15. Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent. 
 SECTION 16. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such
as: TEN COM (= tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

SECTION 17. Guarantees; Collateral. The Notes will be entitled to the benefits of certain Guarantees made for the benefit of the
Holders. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Guarantors, the Trustee and the Holders. The Notes are secured by a security interest in the
Collateral, subject to the terms of the Security Documents, the Intercreditor Agreement and any other applicable intercreditor agreement, subject to release or termination as provided in the Indenture and the Security Documents. 

SECTION 18. CUSIP Numbers and ISINs. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused CUSIP numbers and ISINs to be printed on the Notes and the Trustee may include CUSIP numbers and ISINs in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such
numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

SECTION 19. Governing Law. This Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

  
 8 

 The Company will furnish to any Holder upon written request and without charge a copy of the
Indenture. 

  
 9 

 ASSIGNMENT FORM 

I or we assign and transfer this Note to: 
  

			
	     
	 	
	(Insert assignee’s social security or tax I.D. number)	 	
		
	     
	 	
	(Print or type name, address and zip code of assignee)	 	

 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: 

SIGNATURE GUARANTEE 
 Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 10 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.09 of the Indenture, check the appropriate box:

 Section 4.09 [    ] 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.09 of the Indenture, state the amount:
$ 
  

									
	Dated:	 	  
	 		 	Signed:	 	  

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

Signature Guarantee: 

Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

  
 11 

 [FORM OF ASSIGNMENT FOR REGULATION S NOTE] 

I or we assign and transfer this Note to: 

(Insert assignee’s social security or tax I.D. number) 

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

and irrevocably appoint: 
 Agent
to transfer this Note on the books of the Issuer. The Agent may substitute another to act for him. 
 [Check One] 

[    ] (a) this Note is being transferred in compliance with the exemption from registration under the Securities Act
provided by Regulation S thereunder. 
 or 

[    ] (b) this Note is being transferred other than in accordance with (a) above and documents are being furnished
which comply with the conditions of transfer set forth in this Note and the Indenture. 
 If none of the foregoing boxes is checked, the
Trustee or Registrar shall not be obligated to register this Note in the name of any person other than the holder of the Note hereof unless and until the conditions to any such transfer of registration set forth herein and in Sections 2.16 and 2.17
of the Indenture shall have been satisfied. 
 Date:
                     Your Signature:
                     
 (Sign exactly as
your name appears on the face of this Note) 
 Signature Guarantee:      

SIGNATURE GUARANTEE 
 Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 12 

 EXHIBIT A-2 

[FORM OF INITIAL EURO NOTE] 
 WMG
ACQUISITION CORP. 
 [    ]% Senior Secured Notes due
[                    ] 
 Common Code No. 

ISIN No. 
  

			
	No.	  	€[                ]

 WMG ACQUISITION CORP., a Delaware corporation (the “Company,” which term includes any
successor corporation), for value received promises to pay to [                    ] or its registered assigns, the principal sum of
[                ] euros (€[                ]) [(or such lesser or greater amount as
shall be outstanding hereunder from time to time in accordance with Sections 2.16 and 2.17 of the within-mentioned Indenture)]4 on
[                ], [                ]. 

Interest Payment Dates:
[                    ] and
[                    ], commencing
[                    ]. Record Dates:
[                    ] and
[                    ]. 
 Reference is
made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at this place. 

 

	4 	 Include only if the Note is issued in global form. 

  
 13 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile
by one of its duly authorized officers. 
  

							
	Dated:	 		 	WMG ACQUISITION CORP.
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  
 14 

 CERTIFICATE OF AUTHENTICATION 

This is one of the [    ]% Senior Secured Notes due
[                    ] described in the within-mentioned Indenture. 

 

							
	[Dated:	 		 	WELLS FARGO BANK, 
NATIONAL ASSOCIATION, as Trustee
				
		 		 	By:	 	  

		 		 	Authorized Signatory]
			
	[Dated:	 		 	WELLS FARGO BANK, 
NATIONAL ASSOCIATION, as Trustee
				
		 		 	By:	 	[                    ], as Authenticating Agent
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:]	 	

  
 15 

 [Insert the Global Note Legend, if applicable pursuant to the provisions of the
Indenture] [Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture] [Insert the OID Legend, if applicable pursuant to the provisions of the Indenture] 

(Reverse of Note) 
 WMG Acquisition
Corp. 
 [    ]% Senior Secured Notes due
[                    ] 
 Capitalized
terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 SECTION 1.
Interest. WMG Acquisition Corp., a Delaware corporation (the “Company,” which term includes any successor corporation), promises to pay interest on the principal amount of this Note at [    ]% per annum
from [                    ] until maturity. The Company will pay interest semi-annually on
[                    ] and [                    ]
of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from the date of original issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a Record Date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be
[                ]. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if
any, from time to time on demand to the extent lawful at the interest rate applicable to the Notes; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without
regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30 day months. 

SECTION 2. Method of Payment. The Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered
Holders of Notes at the close of business on the [                    ] or
[                    ] next preceding the Interest Payment Date, even if such Notes are canceled after such Record Date and on or before such
Interest Payment Date, except as provided in Section 2.13 of the Indenture with respect to defaulted interest. The Notes will be issued in denominations of €100,000 and integral multiples of €1,000. The Company shall pay principal,
premium, if any and interest on the Notes in euros. Principal, premium, if any, and interest [and special interest], if any, on the Notes will be payable at the office or agency of the Company maintained for such purpose or, at the option of the
Company, payment of interest may be made by check mailed to the Holders at their respective addresses set forth in the register of Holders or otherwise; provided that all payments of principal, premium and interest with respect to Notes the
Holders of which have given wire transfer instructions to the Company prior to the Record Date will be required to be made by wire transfer of immediately available funds to the accounts 

  
 16 

 
specified by the Holders thereof. Until otherwise designated by the Company, the Company’s office or agency within the European Union will be the office of the Euro Paying Agent maintained
for such purpose. 
 SECTION 3. Paying Agent and Registrar. Initially, Société Générale Luxembourg will
act as Euro Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any Affiliate may act in any such capacity. If and for so long as the Euro-denominated Notes are listed on the
Official List of the Luxembourg Stock Exchange and admitted for trading on the Euro MTF Market and to the extent that the rules and regulations of the Luxembourg Stock Exchange so require, the Company shall publish a notice of any change of Euro
Paying Agent or Registrar in a newspaper having a general circulation in Luxembourg (which is expected to be the Luxemburger Wort) or, to the extent and in the manner permitted by the Luxembourg Stock Exchange, post such notice on the
official website of the Luxembourg Stock Exchange (as at the Issuer Date, www.bourse.lu). 
 SECTION 4. Indenture[; Registration
Rights Agreement]. The Company issued this [    ]% Senior Secured Note due [                    ] of the Company (hereinafter
called the “Notes”) under an Indenture dated as of June 29, 2020 (the “Base Indenture”) among the Company, the Guarantors, if any, from time to time parties thereto, the Trustee, the Notes Authorized
Representative and the Collateral Agent as supplemented by a First Supplemental Indenture and a Second Supplemental Indenture, each dated as of June 29, 2020 (the “Supplemental Indentures” and, together with the Base Indenture,
the “Indenture”), among the Company, the Subsidiary Guarantors party thereto and the Trustee. The terms of the Notes include those stated in the Indenture and, subject to Section 1.03 of the Indenture and the Indenture being
qualified under the TIA, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb) (the “TIA”). The Notes are subject to all such terms (except as
aforementioned), and Holders are referred to the Indenture and the TIA, if applicable, for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture
shall govern and be controlling. Additional Notes may be issued from time to time in one or more series under the Indenture and (except as provided in Section 9.02 of the Indenture) will vote (or consent) as a single class with the Notes and
otherwise be treated as Notes for purposes of the Indenture. [                ].5 

SECTION 5. Optional Redemption. The Notes will be redeemable, at the Company’s option, in whole or in part, as provided in the
Indenture. 
  

	5 	 For an Initial Additional Note, add a registration rights provision if any, as may be agreed by the Company
with respect to additional interest on such Initial Additional Note. 

  
 17 

 SECTION 6. [Mandatory Redemption. The Company shall not be required to make mandatory
redemption or sinking fund payments with respect to the Notes.]6 
 SECTION 7.
Offers To Purchase. The Indenture provides that upon the occurrence of a Change of Control Triggering Event and subject to further limitations contained therein, the Company shall make an offer to purchase outstanding Notes in accordance with
the procedures set forth in the Indenture. 
 SECTION 8. Denominations, Transfer, Exchange. The Notes are in registered form without
coupons in denominations of €100,000 and integral multiples of €1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things,
to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. 

SECTION 9. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 

SECTION 10. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture and the Notes may be amended or supplemented
with the written consent of the Holders of at least a majority in aggregate principal amount of the Notes (as defined in the Indenture) then outstanding, and any existing Default or compliance with any provision may be waived with the consent of the
Holders of a majority in aggregate principal amount of the Notes (as defined in the Indenture) then outstanding. Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture and the Notes to, among other
things, cure any ambiguity, omission, mistake, defect or inconsistency in the Indenture, provide for uncertificated Notes in addition to certificated Notes, comply with any requirements of the Commission in connection with the qualification of the
Indenture under the TIA, or make any change that does not materially adversely affect the rights of any Holder. 
 SECTION 11. Defaults
and Remedies. If a Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes (as defined in the Indenture) generally may declare all the Notes to be due and payable
immediately by notice in writing. Notwithstanding the foregoing, in the case of a Default arising from certain events of bankruptcy or insolvency as set forth in the Indenture, with respect to the Company, all outstanding Notes will become due and
payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes (as
defined in the Indenture) may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default (except a Default relating to the payment of principal or interest) if it determines that
withholding notice is in their interest. 
  

	6 	 Include unless otherwise provided in the Notes Supplemental Indenture establishing the applicable series of
Notes. 

  
 18 

 
The Holders of a majority in principal amount of the Notes (as defined in the Indenture) then outstanding by notice in writing to the Trustee may on behalf of the Holders of all of the Notes
waive any Default and its consequences under the Indenture except a continuing Default in the payment of interest on, or the principal of, the Notes or in respect of certain covenants set forth in the Indenture. 

SECTION 12. Restrictive Covenants. The Indenture contains certain covenants that, among other things, limit the ability of the Company
and its Restricted Subsidiaries to make restricted payments, to incur indebtedness, to create liens, to sell assets, to permit restrictions on dividends and other payments by Restricted Subsidiaries of the Company, to consolidate, merge or sell all
or substantially all of its assets or to engage in transactions with affiliates. The limitations are subject to a number of important qualifications and exceptions. The Company must annually report to the Trustee on compliance with such limitations.

 SECTION 13. No Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Company or any direct
or indirect parent company or any Subsidiary of the Company, as such, shall have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Guarantees[, the Registration Rights Agreement] or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

SECTION 14. Trustee Dealings with the Company. The Trustee under the Indenture, in its individual or any other capacity, may become the
owner or pledgee of Notes and may otherwise deal with the Company, its Subsidiaries or their respective Affiliates as if it were not the Trustee. 

SECTION 15. Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent. 
 SECTION 16. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such
as: TEN COM (= tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

SECTION 17. Guarantees; Collateral. The Notes will be entitled to the benefits of certain Guarantees made for the benefit of the
Holders. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Guarantors, the Trustee and the Holders. The Notes are secured by a security interest in the
Collateral, subject to the terms of the Security Documents, the Intercreditor Agreement and any other applicable intercreditor agreement, subject to release or termination as provided in the Indenture and the Security Documents. 

SECTION 18. ISINs and Common Codes. The Company will cause ISINs and/or Common Codes to be printed on the Notes and the Trustee may
include ISINs and/or Common 

  
 19 

 
Codes in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption
and reliance may be placed only on the other identification numbers placed thereon. 
 SECTION 19. Governing Law. This Note shall
be governed by, and construed in accordance with, the laws of the State of New York.  
 The Company will furnish to any Holder upon
written request and without charge a copy of the Indenture. 

  
 20 

 ASSIGNMENT FORM 

I or we assign and transfer this Note to: 
  

			
	  
	  	
	(Insert assignee’s social security or tax I.D. number)	  	
		
	     
	  	
	(Print or type name, address and zip code of assignee)	  	

 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: 
 SIGNATURE
GUARANTEE 
 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 21 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.09 of the Indenture, check the appropriate box:

 Section 4.09 [    ] 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.09 of the Indenture, state the amount:
€             
  

									
	Dated:	 	  
	 		  	Signed:	 	  

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

Signature Guarantee: 

Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

  
 22 

 [FORM OF ASSIGNMENT FOR REGULATION S NOTE] 

I or we assign and transfer this Note to: 

(Insert assignee’s social security or tax I.D. number) 

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

and irrevocably appoint: 
 Agent
to transfer this Note on the books of the Issuer. The Agent may substitute another to act for him. 
 [Check One] 

[    ] (a) this Note is being transferred in compliance with the exemption from registration under the Securities Act
provided by Regulation S thereunder. 
 or 

[    ] (b) this Note is being transferred other than in accordance with (a) above and documents are being furnished
which comply with the conditions of transfer set forth in this Note and the Indenture. 
 If none of the foregoing boxes is checked, the
Trustee or Registrar shall not be obligated to register this Note in the name of any person other than the holder of the Note hereof unless and until the conditions to any such transfer of registration set forth herein and in Sections 2.16 and 2.17
of the Indenture shall have been satisfied. 
 Date:
                    Your Signature: 

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

Signature Guarantee:      

SIGNATURE GUARANTEE 
 Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 23 

 EXHIBIT B 

[FORM OF LEGEND FOR RESTRICTED NOTES] 

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 WITHIN [ONE YEAR FOR NOTES ISSUED PURSUANT TO RULE 144A] [40 DAYS – FOR NOTES
ISSUED IN OFFSHORE TRANSACTIONS PURSUANT TO REGULATION S] AFTER THE LATER OF THE DATE OF THE ORIGINAL ISSUANCE OF THIS NOTE AND THE DATE ON WHICH THE COMPANY OR ANY OF ITS AFFILIATES OWNED THIS NOTE (OR ANY PREDECESSOR NOTE) 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 WARNER MUSIC GROUP CORP. OR ANY SUBSIDIARY OF WARNER MUSIC GROUP CORP., 

(B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, 

(C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, 

(D) IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, 

(E) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), 

  
 24 

 (F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. 
 (3) REPRESENTS THAT EITHER (A) IT IS NOT, AND IS NOT ACTING ON BEHALF OF, A PLAN (WHICH TERM INCLUDES
(I) EMPLOYEE BENEFIT PLANS THAT ARE SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), (II) PLANS, INDIVIDUAL RETIREMENT ACCOUNTS AND OTHER ARRANGEMENTS THAT ARE SUBJECT TO SECTION 4975 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR TO 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”) AND (III) ENTITIES THE UNDERLYING ASSETS OF WHICH ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF SUCH PLANS, ACCOUNTS AND ARRANGEMENTS) AND IT IS NOT PURCHASING THE NOTES ON BEHALF OF, OR WITH
“PLAN ASSETS” OF, ANY PLAN; OR (B) ITS PURCHASE AND HOLDING OF SUCH SECURITIES SHALL NOT CONSTITUTE OR RESULT IN A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA, SECTION 4975 OF THE CODE OR ANY PROVISION OF SIMILAR LAW.

 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) OR (2)(F) 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. 
 [FOR TEMPORARY NOTES ISSUED IN OFFSHORE
TRANSACTIONS PURSUANT TO REGULATION S – BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON, AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. 
 EXCEPT AS SPECIFIED IN THE INDENTURE, BENEFICIAL OWNERSHIP INTERESTS IN THIS
TEMPORARY REGULATION S GLOBAL NOTE WILL NOT BE EXCHANGEABLE FOR INTERESTS IN THE PERMANENT REGULATION S GLOBAL NOTE OR ANY OTHER NOTE REPRESENTING AN INTEREST IN THE NOTES REPRESENTED HEREBY WHICH DO NOT CONTAIN A LEGEND CONTAINING RESTRICTIONS ON
TRANSFER, UNTIL THE EXPIRATION OF THE “40 DAY DISTRIBUTION COMPLIANCE PERIOD” (WITHIN THE MEANING OF RULE 903(b)(2) 

  
 25 

 
OF REGULATION S UNDER THE SECURITIES ACT). DURING SUCH 40 DAY DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY NOT BE SOLD, PLEDGED OR
TRANSFERRED TO A U.S. PERSON OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON.] 

  
 26 

 EXHIBIT C-1 

[FORM OF EXCHANGE DOLLAR NOTE] 

WMG ACQUISITION CORP. 

[    ]% Senior Secured Notes due
[                    ] 
 CUSIP No. 

ISIN No. 
  

			
	No.    	  	$[                ]

 WMG ACQUISITION CORP., a Delaware corporation (the “Company,” which term includes any
successor corporation), for value received promises to pay to [ ] or its registered assigns, the principal sum of [                ] dollars
($[            ]) [(or such lesser or greater amount as shall be outstanding hereunder from time to time in accordance with Sections 2.16 and 2.17 of the within-mentioned Indenture)]7 on [                    ],
[                    ]. 
 Interest
Payment Dates: [                    ] and
[                    ], commencing
[                    ]. Record Dates:
[                    ] and
[                    ]. 
 Reference is
made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at this place. 

 

	7 	 Include only if the Note is issued in global form. 

  
 27 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile
by one of its duly authorized officers. 
  

							
	Dated:	 		 	WMG ACQUISITION CORP.
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  
 28 

 CERTIFICATE OF AUTHENTICATION 

This is one of the [    ]% Senior Secured Notes due
[                ] described in the within-mentioned Indenture. 
  

									
	         	 	Dated:	 		 	 WELLS FARGO BANK,
 NATIONAL
ASSOCIATION, as Trustee

					
		 		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 29 

 [Insert the Global Note Legend, if applicable pursuant to the provisions of the
Indenture] [Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture] [Insert the OID Legend, if applicable pursuant to the provisions of the Indenture] 

(Reverse of Note) 
 WMG Acquisition
Corp. 
 [    ]% Senior Secured Notes due
[                ] 
 Capitalized terms used herein shall
have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 SECTION 1. Interest. WMG
Acquisition Corp., a Delaware corporation (the “Company,” which term includes any successor corporation), promises to pay interest on the principal amount of this Note at [    ]% per annum from
[                ] until maturity, except that interest accrued on this Note for periods prior to the date on which the Initial Dollar Note was surrendered in exchange
for this Note will accrue at the rate or rates borne by such Initial Dollar Note from time to time during such periods. The Company will pay interest semi-annually on
[                ] and [                ] of each year, or if any such day is not a
Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). [Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of
original issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a Record Date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall
accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be [                ]]8. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand to the extent
lawful at the interest rate applicable to the Notes; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time
to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30 day months. 

SECTION 2. Method of Payment. The Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered
Holders of Notes at the close of business on the [                ] or [                ]
next preceding the Interest Payment Date, even if such Notes are canceled after such Record Date and on or before such Interest Payment Date, except as provided in Section 2.13 of the Indenture with respect to defaulted interest. The Notes will
be issued in denominations of $2,000 and integral multiples of $1,000. The Company shall pay principal, premium, if any and interest on the Notes in such coin or currency of the United States of 

 

	8 	 Include only for Exchange Notes issued in exchange for Exchange Notes.

  
 30 

 
America as at the time of payment is legal tender for payment of public and private debts (“U.S. Legal Tender”). Principal, premium, if any, and interest [and special interest],
if any, on the Notes will be payable at the office or agency of the Company maintained for such purpose or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their respective addresses set forth in the
register of Holders or otherwise; provided that all payments of principal, premium and interest with respect to Notes the Holders of which have given wire transfer instructions to the Company prior to the Record Date will be required to be
made by wire transfer of immediately available funds to the accounts specified by the Holders thereof. Until otherwise designated by the Company, the Company’s office or agency in New York will be the office of the Trustee maintained for such
purpose. 
 SECTION 3. Paying Agent and Registrar. Initially, Wells Fargo Bank, National Association, the Trustee under the
Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any Affiliate may act in any such capacity. 

SECTION 4. Indenture. The Company issued this [    ]% Senior Secured Note due
[                 ] of the Company (hereinafter called the “Notes”) under an Indenture dated as of June 29, 2020 (the “Base
Indenture”) among the Company, the Guarantors, if any, from time to time parties thereto, the Trustee, the Notes Authorized Representative and the Collateral Agent as supplemented by a First Supplemental Indenture and Second Supplemental
Indenture, each dated as of June 29, 2020 (the “Supplemental Indentures” and, together with the Base Indenture, the “Indenture”), among the Company, the Subsidiary Guarantors party thereto and the Trustee. The
terms of the Notes include those stated in the Indenture and, subject to Section 1.03 of the Indenture and the Indenture being qualified under the TIA, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended
(15 U.S. Code §§ 77aaa-77bbbb) (the “TIA”). The Notes are subject to all such terms (except as aforementioned), and Holders are referred to the Indenture and the TIA, if applicable, for a statement of such terms. To the
extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. Additional Notes may be issued from time to time in one or more series under the Indenture and
(except as provided in Section 9.02 of the Indenture) will vote (or consent) as a single class with the Notes and otherwise be treated as Notes for purposes of the Indenture. 

SECTION 5. Optional Redemption. The Notes will be redeemable, at the Company’s option, in whole or in part, as provided in the
Indenture. 
 SECTION 6. [Mandatory Redemption. The Company shall not be required to make mandatory redemption or sinking fund
payments with respect to the Notes.]9 
  

 

	9 	 Include unless otherwise provided in the Notes Supplemental Indenture establishing the applicable series of
Notes. 

  
 31 

 SECTION 7. Offers To Purchase. The Indenture provides that upon the occurrence of a
Change of Control Triggering Event and subject to further limitations contained therein, the Company shall make an offer to purchase outstanding Notes in accordance with the procedures set forth in the Indenture. 

SECTION 8. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000 and integral
multiples of $1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents
and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. 
 SECTION 9. Persons
Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 
 SECTION 10. Amendment, Supplement and
Waiver. Subject to certain exceptions, the Indenture and the Notes may be amended or supplemented with the written consent of the Holders of at least a majority in aggregate principal amount of the Notes (as defined in the Indenture) then
outstanding, and any existing Default or compliance with any provision may be waived with the consent of the Holders of a majority in aggregate principal amount of the Notes (as defined in the Indenture) then outstanding. Without notice to or
consent of any Holder, the parties thereto may amend or supplement the Indenture and the Notes to, among other things, cure any ambiguity, omission, mistake, defect or inconsistency in the Indenture, provide for uncertificated Notes in addition to
certificated Notes, comply with any requirements of the Commission in connection with the qualification of the Indenture under the TIA, or make any change that does not materially adversely affect the rights of any Holder. 

SECTION 11. Defaults and Remedies. If a Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate
principal amount of the then outstanding Notes (as defined in the Indenture) generally may declare all the Notes to be due and payable immediately by notice in writing. Notwithstanding the foregoing, in the case of a Default arising from certain
events of bankruptcy or insolvency as set forth in the Indenture, with respect to the Company, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided
in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes (as defined in the Indenture) may direct the Trustee in its exercise of any trust or power. The Trustee may withhold
from Holders notice of any continuing Default (except a Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in principal amount of the Notes (as defined
in the Indenture) then outstanding by notice in writing to the Trustee may on behalf of the Holders of all of the Notes waive any Default and its consequences under the Indenture except a continuing Default in the payment of interest on, or the
principal of, the Notes or in respect of certain covenants set forth in the Indenture. 

  
 32 

 SECTION 12. Restrictive Covenants. The Indenture contains certain covenants that,
among other things, limit the ability of the Company and its Restricted Subsidiaries to make restricted payments, to incur indebtedness, to create liens, to sell assets, to permit restrictions on dividends and other payments by Restricted
Subsidiaries of the Company, to consolidate, merge or sell all or substantially all of its assets or to engage in transactions with affiliates. The limitations are subject to a number of important qualifications and exceptions. The Company must
annually report to the Trustee on compliance with such limitations. 
 SECTION 13. No Recourse Against Others. No director, officer,
employee, incorporator or stockholder of the Company or any direct or indirect parent company or any Subsidiary of the Company, as such, shall have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture,
the Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance
of the Notes. 
 SECTION 14. Trustee Dealings with the Company. The Trustee under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Notes and may otherwise deal with the Company, its Subsidiaries or their respective Affiliates as if it were not the Trustee. 

SECTION 15. Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent. 
 SECTION 16. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such
as: TEN COM (= tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

SECTION 17. Guarantees; Collateral. The Notes will be entitled to the benefits of certain Guarantees made for the benefit of the
Holders. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Guarantors, the Trustee and the Holders. The Notes are secured by a security interest in the
Collateral, subject to the terms of the Security Documents, the Intercreditor Agreement and any other applicable intercreditor agreement, subject to release or termination as provided in the Indenture and the Security Documents. 

SECTION 18. CUSIP Numbers and ISINs. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused CUSIP numbers and ISINs to be printed on the Notes and the Trustee may include CUSIP numbers and ISINs in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such
numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

  
 33 

 SECTION 19. Governing Law. This Note shall be governed by, and construed in
accordance with, the laws of the State of New York.  
 The Company will furnish to any Holder upon written request and without charge a
copy of the Indenture. 

  
 34 

 ASSIGNMENT FORM 

I or we assign and transfer this Note to: 
  

			
	  
	  	
	(Insert assignee’s social security or tax I.D. number)	  	
	  
	  	
	(Print or type name, address and zip code of assignee)	  	

 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:
	  	
			
		 	 SIGNATURE GUARANTEE
	  	

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 35 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.09 of the Indenture, check the appropriate box:

 Section 4.09 [    ] 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.09 of the Indenture, state the amount:
$ 
  

									
		 	Dated:	 	  
	 	Signed:	 	  

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

Signature Guarantee: 

Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

  
 36 

 [FORM OF ASSIGNMENT FOR REGULATION S NOTE] 

I or we assign and transfer this Note to: 

(Insert assignee’s social security or tax I.D. number) 

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

and irrevocably appoint: 
 Agent
to transfer this Note on the books of the Issuer. The Agent may substitute another to act for him. 
 [Check One] 

[    ] (a) this Note is being transferred in compliance with the exemption from registration under the Securities Act
provided by Regulation S thereunder. 
 or 

[    ] (b) this Note is being transferred other than in accordance with (a) above and documents are being furnished
which comply with the conditions of transfer set forth in this Note and the Indenture. 
 If none of the foregoing boxes is checked, the
Trustee or Registrar shall not be obligated to register this Note in the name of any person other than the holder of the Note hereof unless and until the conditions to any such transfer of registration set forth herein and in Sections 2.16 and 2.17
of the Indenture shall have been satisfied. 
  

							
	      	 	Date:	 		 	Your Signature:

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

Signature Guarantee:      

SIGNATURE GUARANTEE 
 Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 37 

 EXHIBIT C-2 

[FORM OF EXCHANGE EURO NOTE] 
 WMG
ACQUISITION CORP. 
 [    ]% Senior Secured Notes due
[                ] 
 Common Code No. 

ISIN No. 
  

							
		 	No.	  	€[                ]	  	

 WMG ACQUISITION CORP., a Delaware corporation (the “Company,” which term includes any
successor corporation), for value received promises to pay to [                ] or its registered assigns, the principal sum of
[                ] euros (€[                ]) [(or such lesser or greater amount as
shall be outstanding hereunder from time to time in accordance with Sections 2.16 and 2.17 of the within-mentioned Indenture)]10 on
[                ], [                ]. 

Interest Payment Dates: [                ] and
[                ], commencing [                ]. Record Dates:
[                ] and [                ]. 

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at
this place. 
  

	10 	 Include only if the Note is issued in global form. 

  
 38 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile
by one of its duly authorized officers. 
  

									
		 	Dated:	 		 	WMG ACQUISITION CORP.
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	

  
 39 

 CERTIFICATE OF AUTHENTICATION 

This is one of the [    ]% Senior Secured Notes due
[                ] described in the within-mentioned Indenture. 
  

									
	        	 	[Dated:	 		 	WELLS FARGO BANK, 
NATIONAL ASSOCIATION, as Trustee
					
		 		 		 	By:	 	  

		 		 		 	Authorized Signatory]
				
		 	[Dated:	 		 	WELLS FARGO BANK, 
NATIONAL ASSOCIATION, as Trustee
				
		 		 		 	By: [                     ], as Authenticating Agent
					
		 		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:]

  
 40 

 [Insert the Global Note Legend, if applicable pursuant to the provisions of the
Indenture] [Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture] [Insert the OID Legend, if applicable pursuant to the provisions of the Indenture] 

(Reverse of Note) 
 WMG Acquisition
Corp. 
 [    ]% Senior Secured Notes due
[                ] 
 Capitalized terms used herein shall
have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 SECTION 1. Interest. WMG
Acquisition Corp., a Delaware corporation (the “Company,” which term includes any successor corporation), promises to pay interest on the principal amount of this Note at [    ]% per annum from
[                ] until maturity, except that interest accrued on this Note for periods prior to the date on which the Initial Euro Note was surrendered in exchange for
this Note will accrue at the rate or rates borne by such Initial Euro Note from time to time during such periods. The Company will pay interest semi-annually on
[                ] and [                ] of each year, or if any such day is not a
Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). [Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of
original issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a Record Date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall
accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be [                ].]11 The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand to the extent
lawful at the interest rate applicable to the Notes; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time
to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30 day months. 

SECTION 2. Method of Payment. The Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered
Holders of Notes at the close of business on the [                ] or [                ]
next preceding the Interest Payment Date, even if such Notes are canceled after such Record Date and on or before such Interest Payment Date, except as provided in Section 2.13 of the Indenture with respect to defaulted interest. The Notes will
be issued in denominations of €100,000 and integral multiples of €1,000. The Company shall pay principal, premium, if any and interest on the Notes in euros. Principal, premium, if any, and interest [and special interest], if any, on the
Notes will be payable at the office or agency of the Company 
  

	11 	 Include only for Exchange Notes issued in exchange for Exchange Notes.

  
 41 

 
maintained for such purpose or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their respective addresses set forth in the register of Holders or
otherwise; provided that all payments of principal, premium and interest with respect to Notes the Holders of which have given wire transfer instructions to the Company prior to the Record Date will be required to be made by wire transfer of
immediately available funds to the accounts specified by the Holders thereof. Until otherwise designated by the Company, the Company’s office or agency within the European Union will be the office of the Euro Paying Agent maintained for such
purpose. 
 SECTION 3. Paying Agent and Registrar. Initially, Société Générale Luxembourg will act as
Euro Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any Affiliate may act in any such capacity. If and for so long as the Euro-denominated Notes are listed on the
Official List of the Luxembourg Stock Exchange and admitted for trading on the Euro MTF Market and to the extent that the rules and regulations of the Luxembourg Stock Exchange so require, the Company shall publish a notice of any change of Euro
Paying Agent or Registrar in a newspaper having a general circulation in Luxembourg (which is expected to be the Luxemburger Wort) or, to the extent and in the manner permitted by the Luxembourg Stock Exchange, post such notice on the
official website of the Luxembourg Stock Exchange (as at the Issuer Date, www.bourse.lu). 
 SECTION 4. Indenture. The Company
issued this [    ]% Senior Secured Note due [                ] of the Company (hereinafter called the “Notes”) under an Indenture
dated as of June 29, 2020 (the “Base Indenture”) among the Company, the Guarantors, if any, from time to time parties thereto, the Trustee, the Notes Authorized Representative and the Collateral Agent as supplemented by a First
Supplemental Indenture and Second Supplemental Indenture, each dated as of June 29, 2020 (the “Supplemental Indentures” and, together with the Base Indenture, the “Indenture”), among the Company, the Subsidiary
Guarantors party thereto and the Trustee. The terms of the Notes include those stated in the Indenture and, subject to Section 1.03 of the Indenture and the Indenture being qualified under the TIA, those made part of the Indenture by reference
to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb) (the “TIA”). The Notes are subject to all such terms (except as aforementioned), and Holders are referred to the Indenture and the TIA, if
applicable, for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. Additional Notes may be issued from time to
time in one or more series under the Indenture and (except as provided in Section 9.02 of the Indenture) will vote (or consent) as a single class with the Notes and otherwise be treated as Notes for purposes of the Indenture. 

SECTION 5. Optional Redemption. The Notes will be redeemable, at the Company’s option, in whole or in part, as provided in the
Indenture. 

  
 42 

 SECTION 6. [Mandatory Redemption. The Company shall not be required to make mandatory
redemption or sinking fund payments with respect to the Notes.]12 
 SECTION 7.
Offers To Purchase. The Indenture provides that upon the occurrence of a Change of Control Triggering Event and subject to further limitations contained therein, the Company shall make an offer to purchase outstanding Notes in accordance with
the procedures set forth in the Indenture. 
 SECTION 8. Denominations, Transfer, Exchange. The Notes are in registered form without
coupons in denominations of €100,000 and integral multiples of €1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things,
to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. 

SECTION 9. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 

SECTION 10. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture and the Notes may be amended or supplemented
with the written consent of the Holders of at least a majority in aggregate principal amount of the Notes (as defined in the Indenture) then outstanding, and any existing Default or compliance with any provision may be waived with the consent of the
Holders of a majority in aggregate principal amount of the Notes (as defined in the Indenture) then outstanding. Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture and the Notes to, among other
things, cure any ambiguity, omission, mistake, defect or inconsistency in the Indenture, provide for uncertificated Notes in addition to certificated Notes, comply with any requirements of the Commission in connection with the qualification of the
Indenture under the TIA, or make any change that does not materially adversely affect the rights of any Holder. 
 SECTION 11. Defaults
and Remedies. If a Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes (as defined in the Indenture) generally may declare all the Notes to be due and payable
immediately by notice in writing. Notwithstanding the foregoing, in the case of a Default arising from certain events of bankruptcy or insolvency as set forth in the Indenture, with respect to the Company, all outstanding Notes will become due and
payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes (as
defined in the Indenture) may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default (except a Default relating to the payment of principal or interest) if it determines that
withholding notice is in their interest. 
  

	12 	 Include unless otherwise provided in the Notes Supplemental Indenture establishing the applicable series of
Notes. 

  
 43 

 
The Holders of a majority in principal amount of the Notes (as defined in the Indenture) then outstanding by notice in writing to the Trustee may on behalf of the Holders of all of the Notes
waive any Default and its consequences under the Indenture except a continuing Default in the payment of interest on, or the principal of, the Notes or in respect of certain covenants set forth in the Indenture. 

SECTION 12. Restrictive Covenants. The Indenture contains certain covenants that, among other things, limit the ability of the Company
and its Restricted Subsidiaries to make restricted payments, to incur indebtedness, to create liens, to sell assets, to permit restrictions on dividends and other payments by Restricted Subsidiaries of the Company, to consolidate, merge or sell all
or substantially all of its assets or to engage in transactions with affiliates. The limitations are subject to a number of important qualifications and exceptions. The Company must annually report to the Trustee on compliance with such limitations.

 SECTION 13. No Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Company or any direct
or indirect parent company or any Subsidiary of the Company, as such, shall have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Guarantees or for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder by accepting a Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

SECTION 14. Trustee Dealings with the Company. The Trustee under the Indenture, in its individual or any other capacity, may become the
owner or pledgee of Notes and may otherwise deal with the Company, its Subsidiaries or their respective Affiliates as if it were not the Trustee. 

SECTION 15. Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent. 
 SECTION 16. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such
as: TEN COM (= tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

SECTION 17. Guarantees; Collateral. The Notes will be entitled to the benefits of certain Guarantees made for the benefit of the
Holders. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Guarantors, the Trustee and the Holders. The Notes are secured by a security interest in the
Collateral, subject to the terms of the Security Documents, the Intercreditor Agreement and any other applicable intercreditor agreement, subject to release or termination as provided in the Indenture and the Security Documents. 

SECTION 18. ISINs and Common Codes. The Company will cause ISINs and/or Common Codes to be printed on the Notes and the Trustee may
include ISINs and/or Common 

  
 44 

 
Codes in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption
and reliance may be placed only on the other identification numbers placed thereon. 
 SECTION 19. Governing Law. This Note shall
be governed by, and construed in accordance with, the laws of the State of New York.  
 The Company will furnish to any Holder upon
written request and without charge a copy of the Indenture. 

  
 45 

 ASSIGNMENT FORM 

I or we assign and transfer this Note to: 
  

			
	  
	  	
	(Insert assignee’s social security or tax I.D. number)	  	
		
	  
	  	
	(Print or type name, address and zip code of assignee)	  	

 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:
	  		  	
			
	 SIGNATURE GUARANTEE
	  		  	

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 46 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.09 of the Indenture, check the appropriate box:

 Section 4.09 [    ] 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.09 of the Indenture, state the amount:
€ 
  

									
	Dated:	 	  
	 		  	Signed:	  	  

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

Signature Guarantee: 

Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

  
 47 

 [FORM OF ASSIGNMENT FOR REGULATION S NOTE] 

I or we assign and transfer this Note to: 

(Insert assignee’s social security or tax I.D. number) 

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

and irrevocably appoint: 
 Agent
to transfer this Note on the books of the Issuer. The Agent may substitute another to act for him. 
 [Check One] 

[    ] (a) this Note is being transferred in compliance with the exemption from registration under the Securities Act
provided by Regulation S thereunder. 
 or 

[    ] (b) this Note is being transferred other than in accordance with (a) above and documents are being furnished
which comply with the conditions of transfer set forth in this Note and the Indenture. 
 If none of the foregoing boxes is checked, the
Trustee or Registrar shall not be obligated to register this Note in the name of any person other than the holder of the Note hereof unless and until the conditions to any such transfer of registration set forth herein and in Sections 2.16 and 2.17
of the Indenture shall have been satisfied. 
  

							
	      	 	Date:	  		  	Your Signature:

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

Signature Guarantee:      

SIGNATURE GUARANTEE 
 Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 48 

 EXHIBIT D 

[FORM OF LEGEND FOR DOLLAR GLOBAL NOTE] 

Any Dollar Global Note authenticated and delivered hereunder shall bear a legend (which would be in addition to any other legends required in
the case of a Restricted Security) in substantially the following form: 
 THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (A NEW YORK CORPORATION) (“DTC”) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR 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. 

[FORM OF LEGEND FOR EURO GLOBAL NOTE] 

Any Euro Global Note authenticated and delivered hereunder shall bear a legend (which would be in addition to any other legends required in
the case of a Restricted Security) in substantially the following form: 
 THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A COMMON DEPOSITARY OR A NOMINEE OF A COMMON DEPOSITARY. THIS SECURITY IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE COMMON DEPOSITARY OR ITS

  
 49 

 
NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE COMMON DEPOSITARY TO A NOMINEE
OF THE COMMON DEPOSITARY OR BY A NOMINEE OF THE COMMON DEPOSITARY TO THE COMMON DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF [●]13 (“[●]”) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF [●]
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF [●] (AND ANY PAYMENT IS MADE TO [●] OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF [●]),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [●] HAS AN INTEREST HEREIN. 

 

	13 	 Insert name of Common Depositary. 

  
 50 

 EXHIBIT E 

Form of Certificate To Be Delivered in Connection with 

Transfers to Non-QIB Accredited Investors 

[                    ],
[         ] 
 Wells Fargo Bank, National Association, as Trustee and Registrar 

Attn: DAPS – Reorg 
 600 South 4th Street – 7th Floor

 Minneapolis, MN 55415 
 Facsimile: (866) 969-1290 
 Phone: (800) 344-5128 

Email: DAPSReorg@wellsfargo.com 
 Or, if to the Paying
Agent and Registrar in respect of Euro-denominated Notes: 
 Société Générale Luxembourg 

28-32 Place de la gare 
 l-1616 Luxembourg 
 Phone: 352 47 93 11 5522 

Fax: 352 24 15 75 
 Attention: SGSS/SBO/CIS/ISS 

Email: lux.standalone@sgss.socgen.com 
 Ladies and
Gentlemen: 
 In connection with our proposed purchase of [    ]% Senior Secured Notes due 20[    ]
of WMG ACQUISITION CORP., a Delaware corporation (the “Issuer”), we confirm that: 
 1.    We have
received a copy of the Offering Circular (the “Offering Circular”), dated [                    ],
[        ], relating to the Notes and such other information as we deem necessary in order to make our investment decision. We acknowledge that we have read and agreed to the matters stated in the section
entitled “Notice to Investors” of such Offering Circular, including the restrictions on duplication and circulation of the Offering Circular. 

2.    We understand that any subsequent transfer of the Notes is subject to certain restrictions and conditions set forth
in the Indenture relating to the Notes (the “Indenture”) as described in the Offering Circular and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes except in compliance with, such
restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”), and all applicable State securities laws. 

3.    We understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the
Notes may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we 

  
 51 

 
are acting as hereinafter stated, that if we should sell any Notes, we will do so only (i) to Warner Music Group Corp. or any of its subsidiaries, (ii) inside the United
States in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act), (iii) inside the United States to an institutional “accredited investor”
(as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to the Trustee (as defined in the Indenture) a signed letter containing certain representations and agreements relating to the
restrictions on transfer of the Notes (the form of which letter can be obtained from the Trustee), (iv) outside the United States in accordance with Regulation S promulgated under the Securities Act to
non-U.S. persons, (v) pursuant to the exemption from registration provided by Rule 144 under the Securities Act (if available), (vi) in accordance with another exemption from the
registration requirements of the Securities Act (and based upon an Opinion of Counsel if the Issuer so requests) or (vii) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any
person purchasing any of the Notes from us a notice advising such purchaser that resales of the Notes are restricted as stated herein. 

4.    We are not acquiring the Notes for or on behalf of, and will not transfer the Notes to, any pension or welfare plan
(as defined in Section 3 of the Employee Retirement Income Security Act of 1974, as amended) or plan (as defined in Section 4975 of the Internal Revenue Code of 1986, as amended), except as permitted in the section entitled “Notice to
Investors” of the Offering Circular. 
 5.    We understand that, on any proposed resale of any Notes, we will be
required to furnish to the Trustee and the Issuer such certification, legal opinions and other information as the Trustee and the Issuer may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further
understand that the Notes purchased by us will bear a legend to the foregoing effect. 
 6.    We are an institutional
“accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and
risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or their investment, as the case may be. 

7.    We are acquiring the Notes purchased by us for our account or for one or more accounts (each of which is an
institutional “accredited investor”) as to each of which we exercise sole investment discretion. 
 You, the Issuer, the Trustee
and others are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 Very truly yours, [Name of Transferee] 
  

			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 52 

 EXHIBIT F 

Form of Certificate To Be Delivered in Connection with Transfers 

Pursuant to Regulation S 
 Wells Fargo
Bank, National Association, as Trustee and Registrar 
 Attn: DAPS – Reorg 

600 South 4th Street – 7th Floor 
 Minneapolis, MN 55415 

Facsimile: (866) 969-1290 

Phone: (800) 344-5128 

Email: DAPSReorg@wellsfargo.com 
 Or, if to the Paying
Agent and Registrar in respect of Euro-denominated Notes: 
 Société Générale Luxembourg 

28-32 Place de la gare 
 l-1616 Luxembourg 
 Phone: 352 47 93 11 5522 

Fax: 352 24 15 75 
 Attention: SGSS/SBO/CIS/ISS 

Email: lux.standalone@sgss.socgen.com 
  

	 	Re:	 WMG Acquisition Corp. (the “Issuer”) [    ]% Senior Secured Notes due
[    ] (the “Notes”) 

 Ladies and Gentlemen: 

In connection with our proposed sale of
[$][€][                    ] aggregate principal amount of the Notes, we confirm that such sale has been effected pursuant to and in accordance
with Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that: 

(1)    the offer of the Notes was not made to a person in the United States; 

(2)    either (a) at the time the buy offer was originated, the transferee was outside the United States or we
and any person acting on our behalf reasonably believed that the transferee was outside the United States, or (b) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither we nor
any person acting on our behalf knows that the transaction has been prearranged with a buyer in the United States; 

(3)    no directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b)
or Rule 904(b) of Regulation S, as applicable; 
 (4)    the transaction is not part of a plan or scheme to evade the
registration requirements of the Securities Act; and 
 (5) we have advised the transferee of the transfer restrictions applicable to the
Notes. 

  
 53 

 In addition, if the sale is made during a Restricted Period and the provisions of Rule
903(b)(2), Rule 903(b)(3) or Rule 904(b)(1) of Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b)(2), Rule 903(b)(3) or Rule 904(b)(1), as the case may
be. 
 You, the Issuer and counsel for the Issuer are entitled to rely upon this letter and are irrevocably authorized to produce this
letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S. 

Very truly yours, 
 [Name of Transferor] 

 

			
		
	 By:
	 	  

		 	 Authorized Signature

  
 54 

 EXHIBIT G 

FORM OF OID LEGEND 
 THIS
SECURITY WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT UNDER SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. YOU MAY CONTACT ERIC LEVIN, THE CHIEF FINANCIAL OFFICER OF THE ISSUER, AT 1633 BROADWAY, 7TH FLOOR, NEW YORK, NY 10019 OR BY PHONE AT (212) 275-2000, WHO WILL PROVIDE YOU WITH ANY REQUIRED INFORMATION REGARDING THE ORIGINAL ISSUE DISCOUNT. 

  
 56 

 EXHIBIT H 

FORM OF SUPPLEMENTAL INDENTURE ESTABLISHING A SERIES OF 

[DOLLAR-DENOMINATED][EURO-DENOMINATED] NOTES 

WMG ACQUISITION CORP. 
 as Issuer

 and 
 the Subsidiary
Guarantors from time to time party to the Indenture 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

as Trustee 
  

 

[                    ] SUPPLEMENTAL
INDENTURE 
 DATED AS OF [        ], 20[    ] 

to the 
 INDENTURE 

DATED AS OF JUNE 29, 2020 

Providing for the Issuance of 

[    ]% Senior Secured Notes Due
[                    ] 

  
 57 

[                    ]14 SUPPLEMENTAL INDENTURE, dated as of [                        ],
20[    ] (this “Supplemental Indenture”), among WMG Acquisition Corp. (together with its successors and assigns, the “Company”), as issuer, the Subsidiary Guarantors under the Indenture referred
to below (the “Subsidiary Guarantors”), and Wells Fargo Bank, National Association, as Trustee. 
 W I T N E S S E T H: 

WHEREAS, the Company, the Subsidiary Guarantors, the Trustee, the Notes Authorized Representative and the Collateral Agent are party to the
Indenture, dated as of June 29, 2020 (as amended, supplemented, waived or otherwise modified from time to time, the “Indenture”), which provides for the issuance from time to time of Notes by the Company; 

WHEREAS, Section 9.01(8) of the Indenture provides that the Company may [provide for the issuance of [Initial Notes] [Additional Notes]
in accordance with the limitations set forth in the Indenture as of the Closing Date] [provide for the issuance of Exchange Notes]; 

WHEREAS, in connection with the issuance of the
[                    ] Notes (as defined herein), the Company has duly authorized the execution and delivery of this Supplemental Indenture to
establish the forms and terms of the [                    ] Notes as hereinafter described; and 

WHEREAS, pursuant to Section 9.01 of the Indenture, the parties hereto are authorized to execute and deliver this Supplemental Indenture
to amend the Indenture, without the consent of any Holder; 
 NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the Company, the Subsidiary Guarantors and the Trustee mutually covenant and agree for the benefit of the Holders as follows: 

 
  

	14 	 Insert supplement number. 

 1.    Capitalized Terms. Capitalized terms used herein without
definition shall have the meanings assigned to them in the Indenture. 
 2.    Title of Notes. There shall be a
series of Notes of the Company designated the “[    ]%15 Senior Secured Notes due 20[    ]”16
(the “[                    ]17 Notes”), which Notes shall be
[Dollar][Euro]-denominated. 
 3.    Maturity Date. The Maturity Date of the
[                    ] Notes shall be
[                    ], 20[    ].18 

4.    Interest and Interest Rates. Interest on the outstanding principal amount of
[                ] Notes will accrue at the rate of [ ]%19 per annum and will be payable semi-annually in arrears on
[                    ] and [                    ]20 in each year, commencing on [                    ], 20[    ],21 to holders of record on the immediately preceding [                    ] and
[                ],22 respectively (each such
[                    ] and
[                    ], a “Record Date”). Interest on the
[                    ] Notes will accrue from the most recent date to which interest has been paid or provided for or, if no interest has been paid,
from [                    ], 20[    ], except that interest on any Additional
[                ] Notes (as defined below) issued on or after the first Interest Payment Date (and Exchange Notes issued in exchange therefor) will accrue (or 

 

	15 	 Insert interest rate. 

 

	16 	 Insert year during which the maturity date falls. 

 

	17 	 Insert title of notes. 

 

	18 	 Insert Maturity Date. 

 

	19 	 Insert interest rate. 

 

	20 	 Insert Interest Payment Dates. 

 

	21 	 Insert first Interest Payment Date. 

 

	22 	 Insert Record Dates. 

  
 2 

 
will be deemed to have accrued) from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid on such Additional
[                    ] Notes, from the Interest Payment Date immediately preceding the date of issuance of such Additional
[                    ] Notes (or if the date of issuance of such Additional
[                    ] Notes is an Interest Payment Date, from such date of issuance); provided that if any
[                    ] Note and any Exchange Notes issued in exchange therefor are surrendered for exchange on or after a record date for an Interest
Payment Date that will occur on or after the date of such exchange, interest on such Note received in exchange thereof will accrue from such Interest Payment Date. 

5.    [No] Limitation on Aggregate Principal Amount. The aggregate principal amount of
[                    ] Notes that may be authenticated and delivered and outstanding under the Indenture is [not limited] [limited to
[$][€][                    ]].23 [The aggregate principal amount of the
[                    ] Notes shall initially be
[$][€][                    ] million.]24 [The aggregate principal amount of the
[                    ] Notes issued pursuant to this Supplemental Indenture shall be
[$][€][                    ] million.]25 The Company may from time to time, without the
consent of the Holders, create and issue Additional Notes having the same terms and conditions as the [                    ] Notes in all respects or
in all respects except for issue date, issue price and, if applicable, the first date on which interest accrues and the first payment of interest thereon. Additional Notes issued in this manner will be consolidated with, and will form a single
series with, the [                    ] Notes (any such Additional Notes, “Additional
[                    ] Notes”), unless otherwise specified for Additional Notes in an applicable Notes
Supplemental Indenture, or otherwise designated by the Company, as contemplated by Section 2.01 of the Indenture. 

6.    Redemption. (a) The
[                    ] Notes may be redeemed, in whole or in part, at any time prior to
[                    ], 20[    ], at the option of the Company, at a redemption price equal to 100% of the principal amount of
the [                    ] Notes redeemed plus the Applicable Premium as of, 

 

	23 	 Insert whether the applicable series of Notes will be limited or not. 

 

	24 	 Insert for the initial notes of any applicable series. 

 

	25 	 Insert for the Additional Notes of any applicable series.

  
 3 

 
and accrued and unpaid interest [and special interest], if any, to, the applicable Redemption Date (subject to the right of Holders on the relevant Record Date to receive interest due on the
relevant interest payment date). 
 “Applicable Premium” means, with respect to any
[                    ] Note on any applicable Redemption Date, the greater of: 

 

	 	(1)    1.0%	 of the then outstanding principal amount of such
[                    ] Note; and 

  

	 	(2)    the	 excess, if any, of: 

(a)    the present value at such redemption date of (i) the redemption price of the
[                    ] Note at
[                    ], 20[    ]26 (such redemption price being set forth in
the table appearing in Section 6(b)) plus (ii) all required remaining scheduled interest payments due on the [                    ]
Note through [                    ], 20[    ]27 (excluding accrued but
unpaid interest to such redemption date), computed using a discount rate equal to the [Treasury Rate]28 [Bund Rate]29 as of such redemption
date plus [75.0] basis points; over 
 (b) the then outstanding principal amount of the
[                    ] Note. 

[“Treasury Rate” means, as of the applicable redemption date, the yield to maturity as of such redemption date of United
States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two business days prior to such redemption date (or, if such
Statistical 
  

	26 	 Insert date upon which the Notes are callable. 

 

	27 	 Insert date upon which the Notes are callable. 

 

	28 	 Insert for Dollar-denominated Notes. 

 

	29 	 Insert for Euro-denominated Notes. 

  
 4 

 
Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such redemption date to
[                    ], 20[    ]30; provided, that if the Treasury
Rate determined in accordance with the foregoing shall be less than zero, the Treasury Rate shall be deemed to be zero for all purposes of the Indenture.]31 

[“Bund Rate” means, as of the applicable redemption date, the yield to maturity as of such redemption date of direct
obligations of the Federal Republic of Germany (Bunds or Bundesanleihen) with a constant maturity (as officially compiled and published in the most recent financial statistics that have become publicly available at least two business
days (but not more than five business days) prior to such redemption date (or, if such financial statistics are not so published or available, any publicly available source of similar market data selected by the Company in good faith)) most nearly
equal to the period from such redemption date to [                    ],
[                    ]; provided, however, that if the period from such redemption date to
[                    ], 20[    ]32 is not equal to the constant maturity of
the direct obligation of the Federal Republic of Germany for which a weekly average yield is given, the Bund Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year)
from the weekly average yields of direct obligations of the Federal Republic of Germany for which such yields are given; provided that if the Bund Rate determined in accordance with the foregoing shall be less than zero, the Bund Rate shall
be deemed to be zero for all purposes of the Indenture.]33 

(b)    On or after
[                    ], 20[    ]34, the Company may redeem all or a part of
the [                    ] Notes, at its option, at the redemption prices (expressed as percentages of principal amount) set 

 

	30 	 Insert date upon which the Notes are callable. 

 

	31 	 Insert for Dollar-denominated Notes. 

 

	32 	 Insert date upon which the Notes are callable. 

 

	33 	 Insert for Euro-denominated Notes. 

 

	34 	 Insert date upon which the Notes are callable.

  
 5 

 
forth below plus accrued and unpaid interest [and special interest], if any, on the
[                    ] Notes to be redeemed to the applicable Redemption Date, if redeemed during the twelve-month period beginning on
[                    ]35 of the years indicated below: 

 

					
	Year36	  	Percentage37	 
	 20[    ]
	  	 	[    ]%	 
	 20[    ]
	  	 	[    ]%	 
	 20[    ]
	  	 	[    ]%	 
	 20[    ] and thereafter
	  	 	100.000	% 

 (c)    At any time prior to
[                    ], 20[    ]38, the Company may on any one or more
occasions redeem up to [    ]39% of the aggregate principal amount of
[                    ] Notes (including the aggregate principal amount of any Additional
[                    ] Notes) issued under the Indenture, at its option, at a redemption price equal to [    ]40% of the principal amount of the [                    ] Notes redeemed, plus accrued and unpaid
interest [and special interest] thereon, if any, to the date of redemption (subject to the rights of Holders on the relevant Record Date to receive interest on the relevant interest payment date) (each, a “Note Equity Offering
Redemption”), with funds in an aggregate amount not exceeding the net cash proceeds of one or more Equity Offerings by the Company or any contribution to the Company’s common equity capital made with the net cash proceeds of one or
more Equity Offerings by the Company’s direct or indirect parent; provided that: 
  

	35 	 Insert date upon which the Notes are callable. 

 

	36 	 Insert years, adding or deleting lines if applicable. 

 

	37 	 Insert prices. 

  

	38 	 Insert date until which equity clawback is applicable. 

 

	39 	 Insert maximum percentage for equity clawback. 

 

	40 	 Insert premium for equity clawback. 

  
 6 

 (i)    at least [    ]% of the aggregate principal
amount of [                    ] Notes originally issued under the Indenture (including the aggregate principal amount of any Additional
[                    ] Notes) remains outstanding immediately after the occurrence of such redemption (unless all such Notes are otherwise
repurchased or redeemed substantially concurrently with the corresponding Note Equity Offering Redemption); and 

(ii)    notice of such redemption is given no more than [    ] days after the date of, and may be
conditioned upon, the closing of such Equity Offering. 
 [(d)    In addition, during any twelve-month period prior to
[                    ], 20[    ],41
[                ] the Company may redeem up to [    ]42% of the original aggregate principal
amount of the [                    ] Notes (including the principal amount of any Additional
[                    ] Notes) at a redemption price equal to [    ]43% of
the aggregate principal amount thereof, plus accrued and unpaid interest [and special interest] thereon, if any, to the Redemption Date (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant
Interest Payment Date).] 
 [(d)][(e)]    The Company may acquire
[                    ] Notes by means other than a redemption, whether by tender offer, open market purchases, negotiated transactions or otherwise,
in accordance with applicable securities laws, so long as such acquisition does not otherwise violate the terms of the Indenture. 

[(e)][(f)]    Any redemption or notice of any redemption may, at the Company’s discretion, be subject to one or more
conditions precedent, including, but not limited to, completion of an Equity Offering, other offering or other corporate transactions or event. Notice of any redemption in respect of an Equity Offering may be given prior to the completion thereof.

  

	41 	 Insert date upon which the Notes are callable. 

 

	42 	 Insert maximum percentage for additional optional redemption amount. 

 

	43 	 Insert premium for additional optional redemption amount.

  
 7 

 [(f)][(g)]    If the optional redemption date is on or after a Record
Date and on or before the related Interest Payment Date, the accrued and unpaid interest will be paid to the Person in whose name the
[                    ] Note is registered at the close of business on such Record Date, and no additional interest will be payable to Holders whose
[                    ] Notes will be subject to redemption by the Company.44 

[[(g)][(h)]    [ ]]45 

[[(h)][(i)]    [ ]]46 

7.    [ ]47 

8.    Form. The
[                    ] Notes shall be issued substantially in the form set forth, or referenced, in Article Two of the Indenture, and Exhibit [A-1][A-2] or Exhibit [C-1][C-2] attached to the Indenture, in each case as provided for in
Section 2.02 of the Indenture (as such form may be modified in accordance with Section 2.01 of the Indenture). 

9.    Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS
SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

 

	44 	 Insert if applicable for Euro-denominated Notes. 

 

	45 	 Include appropriate provisions in accordance with Section 2.01(v)(ii) of the Indenture, if any.

  

	46 	 Include appropriate provisions in accordance with Section 2.01(vi) of the Indenture, if any.

  

	47 	 Include appropriate provisions in accordance with Section 2.01(vii) and/or Section 2.01(viii) of the
Indenture, if any. 

  
 8 

 10.    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 heretofore or hereafter authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental Indenture or as to the
accuracy of the recitals to this Supplemental Indenture. 
 11.    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. 

12.    Effect of Headings. The Section headings herein are for convenience only and shall not affect the
construction hereof. 

  
 9 

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

			
	WMG ACQUISITION CORP.
		
	 By:
	 	  

		 	 Name:

		 	 Title:

	 [SUBSIDIARY GUARANTORS:

	
[                   
 ]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	 By:
	 	  

		 	 Authorized Signatory

  
 10 

 EXHIBIT I 

[FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
[                    ], among    (the “Guaranteeing Subsidiary”), a subsidiary of WMG Acquisition Corp. (or its
permitted successor), a Delaware corporation (the “Company”), the Company and Wells Fargo Bank, National Association, as trustee under the Indenture referred to below (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
the Company has heretofore executed and delivered to the Trustee, the Notes Authorized Representative and the Collateral Agent an indenture, dated as of June 29, 2020 (as amended, supplemented, waived or otherwise modified, the
“Indenture”), providing for the issuance of Notes in series; 
 WHEREAS, the Indenture provides that under certain
circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes and the
Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and 
 WHEREAS, pursuant to
Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 
 NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as
follows: 
 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the
Indenture. 

  
 11 

 2.    AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees
to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article Ten thereof. 

3.     NO RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator or stockholder of the Company or any
direct or indirect parent company or Subsidiary of the Company, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Guarantees[, the Registration Rights Agreement] or for any
claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver
may not be effective to waive liabilities under the federal securities laws. 
 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 heretofore or hereafter authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency of this
Supplemental Indenture or as to the accuracy of the recitals to this Supplemental Indenture. 
 5.    NEW YORK LAW TO
GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY. 
 6.    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. 

7.    EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction
hereof. 

  
 12 

 8.    THE TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Company. 

  
 13 

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

 

			
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	WMG ACQUISITION CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 14

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