Document:

Exhibit 4.1

 

EXECUTION VERSION

 

 

 

THE MCCLATCHY COMPANY,

 

as Issuer,

 

and

 

THE SUBSIDIARY GUARANTORS PARTIES

HERETO

 

6.875% Senior Secured Junior Lien Notes due
2031

 

 

 

INDENTURE

 

Dated as of December 18, 2018

 

 

 

THE BANK OF NEW YORK MELLON,

 

as Trustee

 

and

 

as Collateral Agent

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I
	 
	Definitions and Incorporation by Reference
	 	 	 
	SECTION 1.01	Definitions	1
	SECTION 1.02	Other Definitions	33
	SECTION 1.03	Rules of Construction	33
	 	 	 
	ARTICLE II
	 
	The Notes
	 	 	 
	SECTION 2.01	Form and Dating	34
	SECTION 2.02	Form of Execution and Authentication	36
	SECTION 2.03	Registrar and Paying Agent	37
	SECTION 2.04	Paying Agent to Hold Money in Trust	37
	SECTION 2.05	Lists of Holders of the Notes	37
	SECTION 2.06	Transfer and Exchange	38
	SECTION 2.07	Replacement Notes	43
	SECTION 2.08	Outstanding Notes	44
	SECTION 2.09	Treasury Notes	44
	SECTION 2.10	Temporary Notes	44
	SECTION 2.11	Cancellation	44
	SECTION 2.12	Payment of Interest; Defaulted Interest	44
	SECTION 2.13	CUSIP Numbers	45
	SECTION 2.14	[Reserved]	46
	SECTION 2.15	Record Date	46
	 	 	 
	ARTICLE III
	 
	Covenants
	 	 	 
	SECTION 3.01	Payment of Notes	46
	SECTION 3.02	SEC Reports	46
	SECTION 3.03	Limitation on Indebtedness	47
	SECTION 3.04	Limitation on Restricted Payments	51
	SECTION 3.05	Limitation on Liens	56
	SECTION 3.06	Limitation on Restrictions on Distributions from Restricted Subsidiaries	56
	SECTION 3.07	Limitation on Sales of Assets and Subsidiary Stock	58
	SECTION 3.08	Limitation on Affiliate Transactions	59
	SECTION 3.09	[Reserved]	60
	SECTION 3.10	Future Subsidiary Guarantors and After-Acquired Property	60
	SECTION 3.11	Limitation on Lines of Business	61
	SECTION 3.12	[Reserved]	61
	SECTION 3.13	Compliance Certificate	61

    -i- 

     

    

 

	SECTION 3.14	Statement by Officers as to Default	61
	SECTION 3.15	Payment for Consents	61
	SECTION 3.16	[Reserved]	61
	SECTION 3.17	Maintenance of Properties	62
	 	 	 
	ARTICLE IV
	 
	Successor Company and Successor Guarantor
	 	 	 
	SECTION 4.01	When Company May Merge or Otherwise Dispose of Assets	62
	SECTION 4.02	[Reserved]	63
	 	 	 
	ARTICLE V
	 
	Redemption of Notes
	 	 	 
	SECTION 5.01	Optional Redemption	64
	SECTION 5.02	Election to Redeem; Notice to Trustee of Optional and Mandatory Redemptions	64
	SECTION 5.03	Selection of Notes to Be Redeemed	64
	SECTION 5.04	Notice of Redemption	64
	SECTION 5.05	Deposit of Redemption Price	65
	SECTION 5.06	Notes Payable on Redemption Date	65
	SECTION 5.07	Notes Redeemed in Part	66
	SECTION 5.08	[Reserved]	66
	SECTION 5.09	[Reserved]	66
	 	 	 
	ARTICLE VI
	 
	Defaults and Remedies
	 	 	 
	SECTION 6.01	Events of Default	66
	SECTION 6.02	Acceleration	69
	SECTION 6.03	Other Remedies	69
	SECTION 6.04	Waiver of Past Defaults	70
	SECTION 6.05	Control by Majority	70
	SECTION 6.06	Limitation on Suits	70
	SECTION 6.07	Rights of Holders to Receive Payment	71
	SECTION 6.08	Collection Suit by Trustee	71
	SECTION 6.09	Trustee May File Proofs of Claim	71
	SECTION 6.10	Priorities	71
	SECTION 6.11	Undertaking for Costs	72
	 	 	 
	ARTICLE VII
	 
	Trustee and Collateral Agent
	 	 	 
	SECTION 7.01	Duties of Trustee	72
	SECTION 7.02	Duties of the Collateral Agent	73
	SECTION 7.03	Rights of Trustee and Collateral Agent	75
	SECTION 7.04	Individual Rights of Trustee and Collateral Agent	76

    -ii- 

     

    

 

	SECTION 7.05	Disclaimer	76
	SECTION 7.06	Notice of Defaults	76
	SECTION 7.07	Compensation and Indemnity	77
	SECTION 7.08	Resignation of Collateral Agent	77
	SECTION 7.09	Replacement of Trustee	78
	SECTION 7.10	Successor Trustee by Merger	78
	SECTION 7.11	Eligibility; Disqualification	79
	SECTION 7.12	Limitation on Duty of Trustee and Collateral Agent in Respect of Collateral; Indemnification	79
	 	 	 
	ARTICLE VIII
	 
	Discharge of Indenture; Defeasance
	 	 	 
	SECTION 8.01	Discharge of Liability on Notes; Defeasance	79
	SECTION 8.02	Conditions to Defeasance	81
	SECTION 8.03	Application of Trust Money	82
	SECTION 8.04	Repayment to Company	82
	SECTION 8.05	Indemnity for U.S. Government Obligations	82
	SECTION 8.06	Reinstatement	82
	 	 	 
	ARTICLE IX
	 
	Amendments
	 	 	 
	SECTION 9.01	Without Consent of Holders	83
	SECTION 9.02	With Consent of Holders	84
	SECTION 9.03	Effect of Consents and Waivers	85
	SECTION 9.04	Notation on or Exchange of Notes	86
	SECTION 9.05	Trustee and Collateral Agent to Sign Amendments	86
	 	 	 
	ARTICLE X
	 
	Subsidiary Guarantee
	 	 	 
	SECTION 10.01	Subsidiary Guarantee	86
	SECTION 10.02	Limitation on Liability; Termination, Release and Discharge	88
	SECTION 10.03	Right of Contribution	88
	SECTION 10.04	No Subrogation	89
	 	 	 
	ARTICLE XI
	 
	Collateral and Security
	 	 	 
	SECTION 11.01	The Collateral	89
	SECTION 11.02	Further Assurances	90
	SECTION 11.03	Release of Liens on the Collateral	91
	SECTION 11.04	Authorization of Actions to Be Taken by the Trustee or the Collateral Agent Under the Collateral Documents	92

    -iii- 

     

    

 

	ARTICLE XII
	 
	Subordination
	 	 	 
	SECTION 12.01	Agreement to Subordinate	94
	SECTION 12.02	Liquidation, Dissolution, Bankruptcy	94
	SECTION 12.03	Default on Priority Indebtedness	94
	SECTION 12.04	Acceleration of Payment of Guarantor Obligations	95
	SECTION 12.05	When Distribution Must Be Paid Over	96
	SECTION 12.06	Notice by Company	96
	SECTION 12.07	Subrogation	96
	SECTION 12.08	Relative Rights	96
	SECTION 12.09	Subordination May Not Be Impaired by Subsidiary Guarantor	97
	SECTION 12.10	Rights of Trustee and Paying Agent	97
	SECTION 12.11	Distribution or Notice to Representative	97
	SECTION 12.12	Article XII Not to Prevent Events of Default or Limit Right To Accelerate	97
	SECTION 12.13	Trustee and the Holders Entitled To Rely	97
	SECTION 12.14	Trustee to Effectuate Subordination	97
	SECTION 12.15	Trustee Not Fiduciary for Lenders of Priority Indebtedness	98
	SECTION 12.16	Reliance by Lenders of Priority Indebtedness on Subordination Provisions	98
	SECTION 12.17	Amendments	98
	SECTION 12.18	Lien Priority Confirmation	98
	 	 	 
	ARTICLE XIII
	 
	Miscellaneous
	 	 	 
	SECTION 13.01	Notices	99
	SECTION 13.02	Certificate and Opinion as to Conditions Precedent	100
	SECTION 13.03	Statements Required in Certificate or Opinion	100
	SECTION 13.04	Submission of Jurisdiction	101
	SECTION 13.05	Rules by Trustee, Paying Agent and Registrar	101
	SECTION 13.06	Days Other than Business Days	101
	SECTION 13.07	Governing Law	101
	SECTION 13.08	Waiver of Jury Trial	101
	SECTION 13.09	No Recourse Against Others	101
	SECTION 13.10	Successors	101
	SECTION 13.11	Multiple Originals	101
	SECTION 13.12	Variable Provisions	101
	SECTION 13.13	Table of Contents; Headings	102
	SECTION 13.14	Direction by Holders to Enter into Collateral Documents and the Intercreditor Agreements	102
	SECTION 13.15	Force Majeure	102
	SECTION 13.16	USA Patriot Act	102
	SECTION 13.17	Foreign Account Tax Compliance Act (FATCA)	102

 

EXHIBITS

 

	EXHIBIT A	Form of Note
	EXHIBIT B	Form of Certificate of Transfer
	EXHIBIT C	Form of Certificate of Exchange

 

    -iv- 

     

    

  

INDENTURE, dated as of December 18, 2018 (this
“Indenture”), among THE MCCLATCHY COMPANY, a corporation duly organized and existing under the laws of the State
of Delaware (as defined herein, the “Company”), certain subsidiaries of the Company from time to time parties
hereto (as defined herein, the “Subsidiary Guarantors”) and THE BANK OF NEW YORK MELLON, a New York banking
corporation, as trustee (in such capacity, as defined herein, the “Trustee”) and as notes collateral agent (in
such capacity, as defined herein, the “Collateral Agent”).

 

PRELIMINARY STATEMENTS

 

WHEREAS, the Company has previously entered into
the Junior Lien Term Loan Credit Agreement (as defined below);

 

WHEREAS, pursuant to clause (c) of Section 5.09
of the Junior Lien Term Loan Credit Agreement and the Exchange Agreement (as defined below), the Company and Chatham (as defined
below) have agreed to exchange the Tranche B Loans held by certain Affiliates of Chatham for $193,466,000.00 in aggregate principal
amount of 6.875% Senior Secured Junior Lien Notes due 2031 of the Company on the date hereof;

 

WHEREAS, in order to provide the terms and conditions
upon which the Initial Notes (as defined below) and, if applicable, the Additional Notes (as defined below) are to be authenticated,
issued and delivered, the Company has duly authorized the execution and delivery of this Indenture; and

 

WHEREAS, all acts and things necessary to make
the Initial Notes when executed by the Company and authenticated and delivered by the Trustee or a duly authorized authenticating
agent, as in this Indenture provided, the valid, binding and legal obligations of the Company, and this Indenture a valid agreement
according to its terms, have been done and performed, and the execution of this Indenture and the issue hereunder of the Initial
Notes have in all respects been duly authorized.

 

NOW, THEREFORE, each party agrees as follows for
the benefit of the other parties and for the equal and ratable benefit of the Holders of the Initial Notes and, if applicable,
the Additional Notes:

 

ARTICLE I

 

Definitions and Incorporation by Reference

 

SECTION 1.01 Definitions.

 

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

 

“2027 Debentures” means the
7.15% Debentures due November 1, 2027, issued by the Company.

 

“2029 Debentures” means the
6.875% Debentures due March 15, 2029, issued by the Issuer.

 

“ABL Agent” means Wells Fargo
Bank, National Association and its successors and assigns or any other applicable administrative agent or collateral agent under
the ABL Credit Facility.

 

     

     

    

 

“ABL Credit Documents” means
the ABL Credit Facility, and each of the other agreements, documents, and instruments providing for or evidencing any ABL Obligation
and any other document or instrument executed or delivered at any time in connection with any ABL Obligation (including any security,
collateral or guarantee agreement or any intercreditor or joinder agreement among holders of ABL Obligations but excluding documents
governing Hedging Obligations), to the extent such are effective at the relevant time, as each may be amended, modified, restated,
supplemented, replaced or refinanced from time to time.

 

“ABL Credit Facility” means
that credit agreement dated as of July 16, 2018, by and among the Company, the other borrowers party thereto, the lenders party
thereto in their capacities as lenders thereunder and Wells Fargo Bank, National Association, as administrative agent and collateral
agent, including any guarantees, collateral documents, instruments and agreements executed in connection therewith and, in each
case, any amendments, supplements, modifications, extensions, renewals, restatements, refundings or refinancings thereof and any
indentures or credit facilities or commercial paper facilities that replace, refund or refinance any part of the loans, notes,
other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture
that increases the amount borrowable thereunder or alters the maturity thereof (provided that such increase in borrowings
is permitted under Sections 3.03 and 3.05 of this Indenture).

 

“ABL Intercreditor Agreement”
means the ABL/Notes Intercreditor Agreement, dated as of the Measurement Date, among the Company, the Subsidiary Guarantors, the
collateral agent of the First Lien Debt, on behalf of itself and the holders of the First Lien Debt, and the ABL Agent, on behalf
of itself and the ABL Secured Parties, and acknowledged by the Company and the Subsidiary Guarantors, as amended, restated, amended
and restated, supplemented or otherwise modified from time to time in accordance with the terms thereof.

 

“ABL Obligations” means (i)
all Obligations under the ABL Credit Facility and under any other agreement, document or instrument relating to the ABL Credit
Facility, (ii) all Hedge Obligations (as defined in the ABL Credit Facility) secured pursuant to the ABL Credit Documents and owing
by the Company or any of its Subsidiaries, and (iii) all Bank Product Obligations (as defined in the ABL Credit Facility) secured
pursuant to the ABL Credit Documents and owing the Company or any of its Subsidiaries. ABL Obligations shall in any event include:
all principal, premium, interest, fees, attorney fees, costs, charges, expenses, reimbursement obligations, indemnities, guarantees,
and all other amounts payable under or secured by or pursuant to any ABL Credit Document (including, in each case, all amounts
(including interest, fees and expenses) accruing on or after the commencement of any Insolvency or Liquidation Proceeding relating
to the Company or any Subsidiary Guarantor and all amounts that would have accrued or become due under the terms of the ABL Credit
Documents but for the effect of the Insolvency or Liquidation Proceeding and irrespective of whether a claim for all or any portion
of such amounts is allowable or allowed in such Insolvency or Liquidation Proceeding).

 

“ABL Secured Parties” means
the holders of any ABL Obligations.

 

“Acquired Indebtedness” means,
with respect to any Person, Indebtedness (1) of a Person or any of its Subsidiaries existing at the time such Person is merged
or consolidated with the Company or a Restricted Subsidiary or becomes a Restricted Subsidiary or (2) assumed in connection with
the acquisition of assets from such Person, in each case whether or not Incurred by such Person in connection with, or in anticipation
or contemplation of, such Person becoming a Restricted Subsidiary or such acquisition, and Indebtedness secured by a Lien encumbering
any asset acquired by such specified Person. Acquired Indebtedness shall be deemed to have been Incurred, with respect to clause (1) of
the preceding sentence, on the date such Person is merged or consolidated with the Company or a Restricted Subsidiary or becomes
a Restricted Subsidiary and, with respect to clause (2) of the preceding sentence, on the date of consummation
of such acquisition of assets.

 

    	 	-2-	 

     

    

 

“Additional Notes” means additional
Notes originally issued after the Issue Date (such Notes to be substantially in the form of Exhibit A) in connection with the exchange
of all or any portion of up to $75,000,000 in aggregate principal amount of 2029 Debentures pursuant to clause (b) of Section 5.09
of the Junior Lien Term Loan Credit Agreement.

 

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

 

“Agent” means any Registrar,
Paying Agent or co-registrar.

 

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

 

“Asset Acquisition” means (1)
an Investment by the Company or any Restricted Subsidiary in any other Person pursuant to which such Person shall become a Restricted
Subsidiary or shall be consolidated or merged with the Company or any Restricted Subsidiary or (2) the acquisition by the Company
or any Restricted Subsidiary of assets of any Person.

 

“Asset Disposition” means any
sale, lease, transfer, issuance or other disposition, or a series of related sales, leases, transfers, issuances or dispositions
that are part of a common plan, of shares of Capital Stock of a Restricted Subsidiary (other than directors’ qualifying shares
or local ownership shares) (it being understood that the Capital Stock of the Company is not an asset of the Company), property
or other assets (each referred to for the purposes of this definition as a “disposition”) by the Company or
any of its Restricted Subsidiaries, including any disposition by means of a merger, consolidation or similar transaction.

 

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

 

(1)         a
disposition of assets by a Restricted Subsidiary to the Company or by the Company or a Restricted Subsidiary to a Restricted Subsidiary;

 

(2)         the
disposition of Cash Equivalents in the ordinary course of business or the voluntary termination or unwinding of Hedging Obligations;

 

(3)         a
disposition of inventory in the ordinary course of business;

 

(4)         a
disposition of used, obsolete, worn out, damaged or surplus equipment or equipment or assets that are no longer used or useful
in the conduct of the business of the Company and its Restricted Subsidiaries and that is disposed of in each case in the ordinary
course of business;

 

    	 	-3-	 

     

    

 

(5)         any
disposition of all or substantially all of the assets of the Company in a manner permitted pursuant to Section 4.01
or any disposition that constitutes a Change of Control;

 

(6)         an
issuance of Capital Stock by a Restricted Subsidiary to the Company or to a Restricted Subsidiary;

 

(7)         for
purposes of Section 3.07 only, the making of a Permitted Investment or a disposition subject to Section 3.04;

 

(8)         dispositions
of Capital Stock of a Restricted Subsidiary or property or other assets in a single transaction or a series of related transactions
with an aggregate Fair Market Value of less than $1.12 million;

 

(9)         the
creation of a Permitted Lien and dispositions in connection with Permitted Liens;

 

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

 

(11)       the
licensing or sublicensing of patents, trade secrets, know-how and other intellectual property, know-how or other general intangibles
and licenses, leases or subleases of other property which do not materially interfere with the business of the Company and its
Restricted Subsidiaries as operated immediately prior to the granting of such license, lease or sublease;

 

(12)        to
the extent allowable under Section 1031 of the Code, any exchange of like property (excluding any boot thereon) for use in
a Related Business;

 

(13)        foreclosure
on assets, Default Dispositions (as defined in the Global Intercreditor Agreement) or transfers by reason of eminent domain;

 

(14)       any
sale of Capital Stock, Indebtedness or other securities of an Unrestricted Subsidiary;

 

(15)        a
Sale/Leaseback Transaction that is made for cash consideration in an amount not less than the cost of the underlying fixed or capital
asset and is consummated within 180 days after the Company or any Restricted Subsidiary acquires or completes the acquisition of
such fixed or capital asset;

 

(16)       the
receipt by the Company or any Restricted Subsidiary of any cash insurance proceeds or condemnation award payable by reason of theft,
loss, physical destruction or damage, taking or similar event with respect to any of their respective property or assets;

 

(17)       operating
leases in the ordinary course of business;

 

(18)       the
surrender or waiver of contract rights or litigation rights or the settlement, release or surrender of tort or other litigation
claims of any kind; and

 

    	 	-4-	 

     

    

 

(19)       the
transfer of improvements, additions or alterations in connection with the lease of any property.

 

“Attributable Indebtedness”
in respect of a Sale/Leaseback Transaction means, as at the time of determination, (1) if such Sale/Leaseback Transaction does
not constitute a Capitalized Lease Obligation, the present value (discounted at the interest rate implicit in the transaction)
of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale/Leaseback
Transaction (including any period for which such lease has been extended), determined in accordance with GAAP or (2) if such Sale/Leaseback
Transaction constitutes a Capitalized Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance
with the definition of “Capitalized Lease Obligations.”

 

“Average Life” means, as of
the date of determination, with respect to any Indebtedness or Preferred Stock, the quotient obtained by dividing (1) the
sum of the products of the numbers of years from the date of determination to the dates of each successive scheduled principal
payment of such Indebtedness or redemption or similar payment with respect to such Preferred Stock multiplied by the amount of
such payment by (2) the sum of all such payments.

 

“Board of Directors” means:

 

(1)         with
respect to a corporation, the Board of Directors of the corporation or (other than for purposes of determining Change of Control)
any committee thereof duly authorized to act on behalf of the Board of Directors with respect to the relevant matter;

 

(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.

 

“Borrowing Base” means, at
any time the sum, without duplication, of (i) 90% of net accounts receivable plus (ii) 85% of unbilled accounts to
the extent such accounts would upon invoicing be classified within accounts receivable of the Company in accordance with GAAP plus
(ii) 55% of the book value of inventory, in each case, of the Company and the Subsidiary Guarantors, on a consolidated basis.

 

“Business Day” means each day
that is not a Saturday, Sunday or other day on which commercial banking institutions in New York, New York are authorized or required
by law to close.

 

“Capital Stock” of any Person
means (1) with respect to any Person that is a corporation, any and all shares, interests, rights to purchase, warrants, options,
participations or other equivalents of or interests in (however designated) equity of such Person, including any Common Stock or
Preferred Stock, and (2) with respect to any Person that is not a corporation, any and all partnership, limited liability
company, membership or other equity interests of such Person, but in each case excluding any debt securities convertible into any
of the foregoing or cash or a combination thereof.

 

“Capitalized Lease Obligation”
means an obligation that is required to be classified and accounted for as a capitalized lease for financial reporting purposes
in accordance with GAAP, and the amount of Indebtedness represented by such obligation will be the capitalized amount of such obligation
at the time any determination thereof is to be made as determined in accordance with GAAP, and the Stated Maturity thereof will
be the date of the last payment of rent or any other amount due under such lease prior to the first date such lease may be terminated
without penalty.

 

    	 	-5-	 

     

    

 

“Cash Equivalents” means:

 

(1)         U.S.
dollars, or in the case of any Foreign Subsidiary, such currencies held by it from time to time in the ordinary course of business;

 

(2)         securities
issued or directly and fully guaranteed or insured by the United States Government or any agency or instrumentality of the United
States (provided that the full faith and credit of the United States is pledged in support thereof), having maturities of
not more than one year from the date of acquisition;

 

(3)         marketable
general obligations issued by any state of the United States of America or any political subdivision of any such state or any public
instrumentality thereof maturing within one year from the date of acquisition and, at the time of acquisition, having a credit
rating of “A” or better from either S&P or Moody’s;

 

(4)         certificates
of deposit, demand deposits, time deposits, eurodollar time deposits, overnight bank deposits or bankers’ acceptances having
maturities of not more than one year from the date of acquisition thereof issued by any commercial bank (x) the long-term debt
of which is rated at the time of acquisition thereof at least “A” or the equivalent thereof by S&P, or “A2”
or the equivalent thereof by Moody’s or (y) the short term commercial paper of such commercial bank or its parent company
is rated at the time of acquisition thereof at least “A-1” or the equivalent thereof by S&P or “P-1”
or the equivalent thereof by Moody’s and having combined capital and surplus in excess of $500 million;

 

(5)         repurchase
obligations with a term of not more than seven days for underlying securities of the types described in clauses (2),
(3) and (4) above, entered into with any bank meeting the qualifications specified in clause (4) above;

 

(6)         commercial
paper rated at the time of acquisition thereof at least “A-1” or the equivalent thereof by S&P or “P-1”
or the equivalent thereof by Moody’s or carrying an equivalent rating by a nationally recognized Rating Agency, if both of
the two named Rating Agencies cease publishing ratings of investments, and in any case maturing within one year after the date
of acquisition thereof;

 

(7)         instruments
equivalent to those referred to in clauses (1) through (6) above denominated in euros or any foreign currency
comparable in credit quality and tenor to those referred to in such clauses and customarily used by corporations for cash management
purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted
by any Restricted Subsidiary organized in such jurisdiction;

 

(8)         interests
in any investment company or money market fund that invests 95% or more of its assets in instruments of the type specified in clauses (1)
through (7) above;

 

(9)         money
market funds that (i) comply with the criteria set forth in Rule 2A-7 of the Investment Company Act of 1940, as amended, (ii) are
rated at the time of acquisition thereof “AAA” or the equivalent by S&P or “Aaa” or the equivalent
thereof by Moody’s and (iii) have portfolio assets of at least $5.0 billion; and

 

    	 	-6-	 

     

    

 

(10)        in
the case of any Foreign Subsidiary, high quality short-term investments which are customarily used for cash management purposes
in any country in which such Foreign Subsidiary operates.

 

“Cash Management Obligations”
means obligations of the Company or any Subsidiary in relation to treasury, depository or cash management services agreements (including,
without limitation, purchase cards).

 

“CFC” means a controlled foreign
corporation (as that term is defined in the Code) in which the Company or any Subsidiary Guarantor is a “United States shareholder”
within the meaning of Section 951(b) of the Code.

 

“CFC Debt” means Indebtedness
owed or treated as owed by one or more CFCs.

 

“Change of Control” means:

 

(1)         any
“person” or “group” of related persons (as such terms are used in Sections 13(d) and 14(d) of the
Exchange Act) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly,
of a majority of the total voting power of the Voting Stock of the Company (or its successors by merger, consolidation or purchase
of all or substantially all of its assets);

 

(2)         the
sale, assignment, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole
to any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) other than a Restricted
Subsidiary; or

 

(3)         the
adoption by the stockholders of the Company of a plan or proposal for the liquidation or dissolution of the Company.

 

Notwithstanding the foregoing, neither the ownership
nor acquisitions of shares of the Capital Stock of the Company by, nor the transfers of shares of the Capital Stock of the Company
between, Members of the McClatchy Family or any McClatchy Family Entity shall constitute a Change of Control. For purposes of this
definition, “McClatchy Family Entity” shall mean a Person in which Members of the McClatchy Family beneficially
own (within the meaning of Rule 13d-5 of the Securities Exchange Act of 1934, as in effect on the date hereof) more than 50% of
the aggregate ordinary voting power represented by the issued and outstanding Voting Stock of such Person.

 

“Chatham” means Chatham Asset
Management LLC.

 

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

 

“Collateral” means all property
and assets, whether now owned or hereafter acquired, in which Liens are, from time to time, purported to be granted to secure Tranche
A Loan, the Notes, and the Subsidiary Guarantees pursuant to the Collateral Documents.

 

“Collateral Agent” means the
party named as such in this Indenture until a successor replaces it and, thereafter, means such successor.

 

    	 	-7-	 

     

    

 

“Collateral Documents” means
the Security Agreement, the Intellectual Property Security Agreement, each of the collateral documents, instruments and agreements
delivered pursuant to Section 3.10 of this Indenture, and each other agreement that creates a Lien in favor of the Junior Lien
Collateral Agent for the benefit of the Secured Parties.

 

“Commodity Agreement” means
any commodity futures contract, commodity option, commodity swap agreement, commodity collar agreement, commodity cap agreement
or other similar agreement or arrangement entered into by the Company or any Restricted Subsidiary.

 

“Common Stock” means, with
respect to any Person, any and all shares, interest or other participations in, and other equivalents (however designated and whether
voting or nonvoting) of such Person’s common stock whether or not outstanding on the Issue Date, and includes, without limitation,
all series and classes of such common stock.

 

“Company” means The McClatchy
Company until a successor replaces it pursuant to Section 4.01(c) and, thereafter, means such successor.

 

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

 

(1)         increased
(without duplication) by the following items to the extent deducted in calculating such Consolidated Net Income:

 

(a)          Consolidated
Interest Expense; plus

 

(b)          Consolidated
Income Taxes; plus

 

(c)          consolidated
depreciation expense; plus

 

(d)          consolidated
amortization expense or impairment charges recorded in connection with the application of Financial Accounting Standards Board
issued Accounting Standards Codification (“ASC”) Topic 350, Intangibles – Goodwill and Other and ASC Topic 360-10,
Impairment and Disposal of Long-Lived Assets; plus

 

(e)          other
non-cash charges, losses or expenses (including, without limitation, non-cash pension expense) reducing Consolidated Net Income,
including any write-offs or write-downs (excluding any such non-cash charge to the extent it represents an accrual of or reserve
for cash charges in any future period or amortization of a prepaid cash expense that was paid in a prior period not included in
the calculation); plus

 

(f)          any
non-cash compensation expense realized for grants of restricted stock, performance shares, stock options or other rights to officers,
directors and employees of the Company or any Restricted Subsidiary; provided that such shares, options or other rights
can be redeemed at the option of the holder only for Capital Stock of the Company (other than Disqualified Stock); plus

 

(g)          any
fees, charges or other expenses made or Incurred in connection with any actual or proposed Investment, asset sale, acquisition,
recapitalization or issuance of Capital Stock or Incurrence of Indebtedness or any amendment or modification of Indebtedness (including
as a result of Statement of Financial Accounting Standards 141R); plus

 

    	 	-8-	 

     

    

 

(h)          the
amount of any restructuring charges (including lease termination, severance and relocation expenses), integration costs or other
non-recurring charges or expenses deducted (and not added back) in such period in computing Consolidated Net Income; plus

 

(i)           [reserved];
plus

 

(j)          all
non-cash pension expense included in non-operating expenses;

 

(2)         decreased
(without duplication) by non-cash items increasing Consolidated Net Income of such Person for such period (excluding any items
which represent the reversal of any accrual of, or reserve for, anticipated cash charges that reduced EBITDA in any prior period);
and

 

(3)         increased
or decreased (without duplication) to eliminate the following items reflected in Consolidated Net Income:

 

(a)          any
net gain or loss resulting in such period from Hedging Obligations and the application of ASC Topic 815, Derivatives and Hedging;

 

(b)          all
unrealized gains and losses relating to financial instruments to which fair market value accounting is applied;

 

(c)          any
net gain or loss resulting in such period from currency translation gains or losses related to currency remeasurements of Indebtedness
(including any net loss or gain resulting from Hedging Obligations for currency exchange risk); and

 

(d)          effects
of adjustments (including the effects of such adjustments pushed down to the Company and its Restricted Subsidiaries) in any line
item in such Person’s consolidated financial statements pursuant to GAAP resulting from the application of purchase accounting
in relation to any completed acquisition.

 

Notwithstanding the foregoing, clauses (1)(b) through
(e) relating to amounts of a Restricted Subsidiary of a Person will be added to Consolidated Net Income to compute Consolidated
EBITDA of such Person only to the extent (and in the same proportion) that the net income (loss) of such Restricted Subsidiary
(other than a Subsidiary Guarantor) was included in calculating the Consolidated Net Income of such Person and, to the extent the
amounts set forth in clauses (1)(b) through (e) are in excess of those necessary to offset a net loss of such
Restricted Subsidiary or if such Restricted Subsidiary has net income for such period included in Consolidated Net Income, only
if a corresponding amount would be permitted at the date of determination to be distributed to the Company by such Restricted Subsidiary
without prior approval (that has not been obtained), pursuant to the terms of its charter and all agreements, instruments, judgments,
decrees, orders, statutes, rules and governmental regulations applicable to that Restricted Subsidiary or its stockholders.

 

“Consolidated Income Taxes”
means, with respect to any Person for any period, taxes imposed upon such Person or other payments required to be made by such
Person by any governmental authority, which taxes or other payments are calculated by reference to the income or profits or capital
of such Person or such Person and its Restricted Subsidiaries (to the extent such income or profits were included in computing
Consolidated Net Income for such period), including, without limitation, state, franchise and similar taxes and foreign withholding
taxes regardless of whether such taxes or payments are required to be remitted to any governmental authority.

 

    	 	-9-	 

     

    

 

“Consolidated Interest Expense”
means, for any period, the interest expense of the Company and its Restricted Subsidiaries for such period determined on a consolidated
basis in accordance with GAAP, including but not limited to the portion of any payments or accruals with respect to Capitalized
Lease Obligations that are allocable to interest expense, excluding (w) any write-offs of capitalized fees under the ABL Credit
Facility and all amendments thereto, (x) all non-cash charges for the amortization of original issue discount with respect to the
First Lien Debt, the Tranche A Loan and the Notes, (y) all non-cash charges for the amortization of purchase price adjustments
related to 2027 Debentures and 2029 Debentures in connection with the acquisition of Knight-Ridder, Inc. and (z) any interest on
tax reserves to the extent the Company has elected to treat such interest as an interest expense under FIN 48 since its adoption.

 

“Consolidated Leverage Ratio”
means at any date of determination the ratio of: (1) the sum of the aggregate outstanding amount of Indebtedness of the Company
and the Restricted Subsidiaries as of the date of determination on a consolidated basis in accordance with GAAP to (2) the Company’s
Consolidated EBITDA for the four most recently completed fiscal quarters (the “Four Quarter Period”) ending
on or prior to the date of determination for which financial statements are publicly available.

 

For purposes of this definition, the Company’s
“Consolidated EBITDA” shall be calculated on a pro forma basis after giving effect to any Asset Dispositions
or Asset Acquisitions (including, without limitation, any Asset Acquisition giving rise to the need to make such calculation as
a result of the Company or one of the Restricted Subsidiaries (including any Person who becomes a Restricted Subsidiary as a result
of such Asset Acquisition) Incurring Indebtedness and the application of the proceeds from any Asset Disposition) at any time on
or subsequent to the first day of the Four Quarter Period and on or prior to the date of determination, as if such Asset Disposition
or Asset Acquisition occurred on the first day of the Four Quarter Period.

 

For purposes of this definition, whenever pro
forma effect is to be given to any calculation under this definition, the pro forma calculations shall be (x) made in
good faith by a responsible financial or accounting officer of the Company (and may include, for the avoidance of doubt, cost savings
and operating expense reductions resulting from such Asset Disposition or Asset Acquisition which is being given pro forma
effect that have been or are expected to be realized within twelve (12) months after the date of such Asset Disposition or Asset
Acquisition as the result of specified actions taken or to be taken within six (6) months after such date), except as otherwise
provided herein or (y) determined in accordance with Regulation S-X.

 

“Consolidated Net Income” means,
for any period, the net income (loss) of the Company and its consolidated Restricted Subsidiaries determined on a consolidated
basis in accordance with GAAP (before preferred stock dividends); provided, however, that there will not be included
in such Consolidated Net Income:

 

(1)         any
net income (loss) of any Person if such Person is not a Restricted Subsidiary or that is accounted for by the equity method of
accounting, except that:

 

(a)          subject
to the limitations contained in clauses (3) through (6) below, the Company’s equity in the net
income of any such Person for such period will be included (and, without duplication, and to the extent such amounts decreased
the Company’s equity in the net income of any such Person for such period, shall be increased by the Company’s Proportionate
Equity Share of the amounts described in clauses (1)(a), (1)(b), (1)(c) and 1(d) of the definition
of Consolidated EBITDA that decreased the net income of such Person during such period) in such Consolidated Net Income up to the
aggregate amount of cash actually distributed by such Person during such period or, without duplication, within three months following
the last day of such period and prior to the date of determination or which the Company has determined as of such date of determination
will be distributed imminently in respect of such period (subject, in the case of a dividend or other distribution to a Restricted
Subsidiary, to the limitations contained in clause (2) below); and

 

    	 	-10-	 

     

    

 

(b)          the
Company’s equity in a net loss of any such Person for such period will be included in determining such Consolidated Net Income
to the extent such loss has been funded with cash from the Company or a Restricted Subsidiary during such period;

 

(2)         solely
for the purpose of determining the amount available for Restricted Payments under Section 3.04(a)(iv)(3)(A), any net
income (but not loss) of any Restricted Subsidiary (other than a Subsidiary Guarantor) if such Restricted Subsidiary is subject
to prior government approval or other restrictions due to the operation of its charter or any agreement, instrument, judgment,
decree, order, statute, rule or government regulation (which have not been waived), directly or indirectly, on the payment of dividends
or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Company, except that:

 

(a)          subject
to the limitations contained in clauses (3) through (6) below, the Company’s equity in the net income
of any such Restricted Subsidiary for such period will be included in such Consolidated Net Income up to the aggregate amount of
cash that could have been distributed by such Restricted Subsidiary during such period to the Company or another Restricted Subsidiary
as a dividend (subject, in the case of a dividend to another Restricted Subsidiary, to the limitation contained in this clause);
and

 

(b)          the
Company’s equity in a net loss of any such Restricted Subsidiary for such period will be included in determining such Consolidated
Net Income;

 

(3)         any
after-tax effect of gain or loss (less all fees and expenses relating thereto) realized upon sales or other dispositions of any
assets of the Company or such Restricted Subsidiary (including pursuant to any Sale/Leaseback Transaction) other than in the ordinary
course of business;

 

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

 

(5)         the
after-tax effect of extraordinary gain or loss;

 

(6)         the
after-tax effect of the cumulative effect of a change in accounting principles;

 

(7)         any
after-tax effect of non-cash impairment charges recorded in connection with the application of ASC Topic 350, Intangibles –
Goodwill and Other and ASC Topic 360-10, Impairment and Disposal of Long-Lived Assets; and

 

(8)         any
non-cash compensation expense realized for grants of performance shares, stock options or other rights to officers, directors and
employees of the Company or any Restricted Subsidiary; provided that such shares, options or other rights can be redeemed
at the option of the holder only for Capital Stock of the Company (other than Disqualified Stock).

 

    	 	-11-	 

     

    

 

“Corporate Trust Office”
shall be at the address of the Trustee or Collateral Agent, as applicable, specified in Section 13.01 or such other
address as to which the Trustee or Collateral Agent, as applicable, may give notice to the Company or Holders pursuant to the procedures
set forth in Section 13.01.

 

“Currency Agreement” means
in respect of a Person any foreign exchange contract, currency swap agreement, futures contract, option contract or other similar
agreement as to which such Person is a party or a beneficiary.

 

“Debt Facility” or “Debt
Facilities” means, with respect to the Company or any Subsidiary Guarantor, one or more financing arrangements (including,
without limitation, credit facilities, indentures and note purchase agreements and including the ABL Credit Facility and the Junior
Lien Term Loan Facility) providing for revolving credit loans, term loans, letters of credit or other long-term indebtedness or
issuances of debt securities evidenced by notes, debentures, bonds or similar instruments, in each case, as amended, restated,
supplemented, modified, renewed, refunded, replaced or refinanced (including by means of sales of debt securities) in whole or
in part from time to time (and whether or not with the original trustee, administrative agent, holders and lenders or another trustee,
administrative agent or agents), including, without limitation, any agreement extending the maturity thereof or increasing the
amount of available borrowings thereunder pursuant to incremental facilities or adding Subsidiaries of the Company as additional
guarantors thereunder, and whether or not increasing the amount of Indebtedness that may be issued thereunder.

 

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

 

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

 

“Depositary” means The Depository
Trust Company, its nominees and their respective successors and assigns, or such other depository institution hereinafter appointed
by the Company.

 

“Designated Non-cash Consideration”
means any consideration which is not cash or Cash Equivalents received by the Company or its Restricted Subsidiaries in connection
with an Asset Disposition that is designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate executed
by the Company at the time of such Asset Disposition. Any particular item of Designated Non-cash Consideration will cease to be
considered to be outstanding once it has been transferred, sold or otherwise exchanged for or converted into or for cash or Cash
Equivalents.

 

“Disqualified Stock” means,
with respect to any Person, any Capital Stock of such Person that by its terms (or by the terms of any security into which it is
convertible or for which it is exchangeable) or upon the happening of any event: (1) matures or is mandatorily redeemable
pursuant to a sinking fund obligation or otherwise, (2) is convertible into or exchangeable for Indebtedness or Disqualified
Stock (excluding Capital Stock which is convertible or exchangeable solely at the option of the Company or a Restricted Subsidiary
(it being understood that upon such conversion or exchange it shall be an Incurrence of such Indebtedness or Disqualified Stock)),
or (3) is redeemable at the option of the holder of the Capital Stock, in whole or in part, in each case on or prior to the 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 only the portion of Capital Stock that so matures or is mandatorily redeemable, is so convertible or exchangeable
or is so redeemable at the option of the holder thereof prior to such date will be deemed to be Disqualified Stock; provided,
further, that any Capital Stock that would constitute Disqualified Stock solely because the holders thereof have the right
to require the Company to repurchase such Capital Stock upon the occurrence of a Change of Control or Asset Disposition (each defined
in a substantially identical manner to the corresponding definitions in this Indenture) shall not constitute Disqualified Stock
if the terms of such Capital Stock (and all such securities into which it is convertible or for which it is ratable or exchangeable)
provide that the Company may not repurchase or redeem any such Capital Stock (and all such securities into which it is convertible
or for which it is ratable or exchangeable) pursuant to such provision prior to compliance by the Company with Section 3.07
and unless such repurchase or redemption would comply with Section 3.04.

 

    	 	-12-	 

     

    

 

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

 

“Exchange Agreement” means
the Exchange Agreement, dated as of the date hereof, among the Company, certain Subsidiary Guarantors and Chatham, on behalf of
itself and in a representative capacity on behalf of certain of its Affiliates, relating to the exchange of Tranche B Loans for
the Initial Notes hereunder.

 

“Excluded Property” has the
meaning assigned to it in the Security Agreement.

 

“Excluded Subsidiary” means
(a) any Immaterial Subsidiary, (b) any FSHCO, (c) any Foreign Subsidiary, (d) any domestic Subsidiary that is a direct or indirect
Subsidiary of a Foreign Subsidiary that is a CFC, (e) any not-for-profit subsidiary or captive insurance subsidiary and (f) any
Subsidiary that is prohibited by any applicable requirement of law from becoming a Subsidiary Guarantor for so long as such legal
prohibition exists.

 

“Fair Market Value” means,
with respect to any property, the price that would reasonably be expected to be paid in an arm’s length free-market transaction,
for cash, between a willing seller and a willing buyer, neither of whom is under undue pressure or compulsion to complete the transaction.
Fair Market Value shall be determined, except as otherwise provided, by (x) if such decision involves a determination of Fair Market
Value equal or less than $50.0 million, in good faith by any member of the Senior Management of the Company and (y) if such decision
involves the determination of Fair Market Value in excess of $50.0 million, in good faith by the Board of Directors of the Company.

 

“Family Percentage Holding”
means the aggregate percentage of the securities held by a Qualified Trust representing, directly or indirectly, an interest in
voting shares or rights to voting shares of the Company that it is reasonable, under all the circumstances, to regard as being
held beneficially for Qualified Persons (or any class consisting of two or more Qualified Persons); provided, however,
always that in calculating the Family Percentage Holding (A) in respect of any power of appointment or discretionary trust capable
of being exercised in favor of any of the Qualified Persons such trust or power shall be deemed to have been exercised in favor
of Qualified Persons until such trust or power has been otherwise exercised; (B) where any beneficiary of a Qualified Trust has
assigned, transferred or conveyed, in any manner whatsoever, his or her beneficial interest to another Person, then, for the purpose
of determining the Family Percentage Holding in respect of such Qualified Trust, the Person to whom such interest has been assigned,
transferred or conveyed shall be regarded as the only Person beneficially interested in the Qualified Trust in respect of such
interest but in the case where the interest so assigned, transferred or conveyed is an interest in a discretionary trust or is
an interest which may arise as a result of the exercise in favor of the assignor of a discretionary power of appointment and such
discretionary trust or power of appointment is also capable of being exercised in favor of a Member of the McClatchy Family, such
discretionary trust or power shall be deemed to have been so exercised in favor of Qualified Persons until it has in fact been
otherwise exercised; and (C) the interest of any Permitted Residuary Beneficiary shall be ignored until its interest has indefeasibly
vested.

 

    	 	-13-	 

     

    

 

“First Lien Debt” means the
9.000% Senior Secured Notes due 2026 issued by the Company on the Measurement Date, and any amendments, supplements, modifications,
extensions, renewals, restatements, refundings or refinancings thereof.

 

“Foreign Subsidiary” means
any Subsidiary that is not a U.S. Person and any Subsidiary of such Subsidiary.

 

“FSHCO” means any direct or
indirect domestic Subsidiary if substantially all of its assets consist, directly or indirectly, of (i) the equity of one or more
direct or indirect Foreign Subsidiaries that are CFCs or other FSHCOs or (ii) CFC Debt.

 

“GAAP” means generally accepted
accounting principles in the United States of America as in effect as of the Measurement Date, including those 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; provided that, except as otherwise provided in this Indenture, all calculations
made for purposes of determining compliance with the terms of this Indenture shall use GAAP as in effect on the Measurement Date;
provided that “Capitalized Lease Obligation” (or whether a lease would constitute an operating lease) shall
be determined without giving effect to any change in accounting for leases resulting from the implementation of Financial Accounting
Standards Board ASU No. 2016-02, Leases (Topic 842), to the extent any lease (or similar arrangement conveying the right
to use) would be required to be treated as a capital lease where such lease (or similar arrangement) would not have been required
to be so treated under generally accepted accounting principles in the United States of America as in effect on January 1,
2018. All ratios and computations based on GAAP contained in this Indenture shall be computed in conformity with GAAP, except that
in the event the Company is acquired in a transaction that is accounted for using purchase accounting, the effects of the application
of purchase accounting shall be disregarded in the calculation of such ratios and other computations contained in this Indenture.
For the avoidance of doubt, all financial statements of the Company and its subsidiaries, including those delivered pursuant to
Section 3.02 of this Indenture shall be prepared in accordance with generally accepted accounting principles in the
United States of America as in effect from time to time.

 

“Global Intercreditor Agreement”
means the Junior Lien Intercreditor Agreement, dated as of the Measurement Date, among the collateral agent for the First Lien
Debt, the ABL Agent and the Junior Lien Collateral Agent and acknowledged by the Company and the Subsidiary Guarantors, as amended,
restated, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms thereof.

 

“Global Note Legend” means
the legend set forth in Section 2.01(b) hereof, which is required to be placed on all Global Notes issued under this
Indenture.

 

“Global Notes” means, individually
and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes, substantially in the form of Exhibit
A hereto issued in accordance with Section 2.01 or 2.06 hereof.

 

“Good Faith by the Company”
means the decision in good faith by a responsible financial or accounting officer of the Company.

 

“Guarantee” means any obligation,
contingent or otherwise, of any Person, directly or indirectly, guaranteeing any Indebtedness or other financial obligations of
any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person:

 

    	 	-14-	 

     

    

 

(1)         to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising
by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay,
or to maintain financial statement conditions or otherwise); or

 

(2)         entered
into for purposes of assuring in any other manner the obligee of such Indebtedness or other financial obligation of the payment
thereof or to protect such obligee against loss in respect thereof (in whole or in part);

 

provided, however, that the term “Guarantee”
will not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used
as a verb has a corresponding meaning.

 

“Hedging Obligations” of any
Person means the obligations of such Person pursuant to any Interest Rate Agreement, Currency Agreement or Commodity Agreement.

 

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

 

“Immaterial Subsidiary” means,
as of any date, any Wholly-Owned Subsidiary (other than a Foreign Subsidiary) whose total assets, as of that date, are less than
$5.0 million and whose total revenues for the most recent 12-month period do not exceed $5.0 million; provided that a Wholly-Owned
Subsidiary will not be considered to be an Immaterial Subsidiary if it, directly or indirectly, Incurs any First Lien Debt, ABL
Obligations, Permitted Additional Secured Obligations or Junior Indebtedness.

 

“Incur” means to issue, create,
assume, Guarantee, incur or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock
of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or
otherwise) will be deemed to be Incurred by such Person at the time it becomes a Restricted Subsidiary; and the terms “Incurred”
and “Incurrence” have meanings correlative to the foregoing. Any Indebtedness issued at a discount (including Indebtedness
on which interest is payable through the issuance of additional Indebtedness) shall be deemed incurred at the time of original
issuance of the Indebtedness at the initial accreted amount thereof.

 

“Indebtedness” means, with
respect to any Person on any date of determination (without duplication):

 

(1)         the
principal of and premium (if any) in respect of indebtedness of such Person for borrowed money;

 

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

 

(3)         the
principal component of all obligations of such Person in respect of letters of credit, bankers’ acceptances or other similar
instruments (including reimbursement obligations with respect thereto; except to the extent such reimbursement obligation relates
to a Trade Payable or similar obligation to a trade creditor in each case incurred in the ordinary course of business) other than
obligations with respect to letters of credit, bankers’ acceptances or similar instruments securing obligations (other than
obligations described in clauses (1) and (2) above and clause (5) below) entered into in the ordinary
course of business of such Person to the extent such letters of credit, bankers’ acceptances or similar instruments are not
drawn upon or, to the extent drawn upon, such drawing is reimbursed no later than the fifth Business Day following receipt by such
Person of a demand for reimbursement following payment on the letter of credit, bankers’ acceptances or similar instruments;

 

    	 	-15-	 

     

    

 

(4)         the
principal component of all obligations of such Person to pay the deferred and unpaid purchase price of property (except Trade Payables),
which purchase price is due more than six (6) months after the date of placing such property in service or taking delivery
and title thereto, except (i) any such balance that constitutes a Trade Payable, accrued liability or similar obligation to a trade
creditor, in each case accrued in the ordinary course of business, and (ii) any earn-out obligation, purchase price adjustment
or other deferred payment until the amount of such obligation becomes a liability on the balance sheet of such Person in accordance
with GAAP;

 

(5)         Capitalized
Lease Obligations and all Attributable Indebtedness of such Person (whether or not such items would appear on the balance sheet
of the guarantor or obligor);

 

(6)         the
principal component or liquidation preference of all obligations of such Person with respect to the redemption, repayment or other
repurchase of any Disqualified Stock or, with respect to any Subsidiary that is not a Subsidiary Guarantor, any Preferred Stock
(but excluding, in each case, any accrued dividends);

 

(7)         the
principal component of all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness
is assumed by such Person; provided, however, that the amount of such Indebtedness will be the lesser of (a) the
Fair Market Value of such asset at such date of determination and (b) the principal amount of such Indebtedness of such other Persons;

 

(8)         the
principal component of Indebtedness of other Persons to the extent Guaranteed by such Person (whether or not such items would appear
on the balance sheet of the guarantor or obligor); and

 

(9)         to
the extent not otherwise included in this definition, net Hedging Obligations of such Person (the amount of any such obligations
to be equal at any time to the termination value of such agreement or arrangement giving rise to such Hedging Obligation that would
be payable by such Person at such time).

 

In no event shall the term “Indebtedness”
include (i) any indebtedness under any overdraft or cash management facilities so long as any such indebtedness is repaid in full
no later than five (5) Business Days following the date on which it was incurred or in the case of such indebtedness in respect
of credit or purchase cards, within 60 days of its incurrence, (ii) obligations in respect of performance, appeal or other surety
bonds or completion guarantees incurred in the ordinary course of business, (iii) except as provided in clause (5)
above, any obligations in respect of a lease properly classified as an operating lease in accordance with GAAP, (iv) any liability
for federal, state, local or other taxes not yet delinquent or being contested in good faith and for which adequate reserves have
been established to the extent required by GAAP or (v) any customer deposits or advance payments received in the ordinary course
of business.

 

The amount of Indebtedness of any Person at any
date will be the outstanding balance at such date of all unconditional obligations as described above and the maximum liability,
upon the occurrence of the contingency giving rise to the obligation, of any contingent obligations at such date; provided
that contingent obligations arising in the ordinary course of business and not with respect to borrowed money of such Person or
other Persons shall not be deemed to constitute Indebtedness. Notwithstanding the foregoing, money borrowed and set aside at the
time of the Incurrence of any Indebtedness in order to pre-fund the payment of interest on such Indebtedness shall not be deemed
to be “Indebtedness,” provided that such money is held to secure the payment of such interest.

 

    	 	-16-	 

     

    

 

“Independent Financial Advisor”
means (1) an accounting, appraisal or investment banking firm or (2) a consultant to Persons engaged in a Related Business, in
each case, of nationally recognized standing that is, in the good faith judgment of the Company, qualified to perform the task
for which it has been engaged.

 

“Insolvency or Liquidation Proceeding”
means (a) any voluntary or involuntary case or proceeding under the Bankruptcy Code or any other applicable Bankruptcy Law
with respect to the Company or any Subsidiary Guarantor, (b) any other voluntary or involuntary insolvency, reorganization
or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect
to the Company or any Subsidiary Guarantor or with respect to a material portion of its respective assets, (c) any liquidation,
dissolution, reorganization or winding-up of the Company or any Subsidiary Guarantor, whether voluntary or involuntary and whether
or not involving insolvency or bankruptcy, or (d) any assignment for the benefit of creditors or any other marshalling of
assets and liabilities of the Company or any Subsidiary Guarantor.

 

“Intercreditor Agreements”
means the Global Intercreditor Agreement, the ABL Intercreditor Agreement and the Junior Lien Intercreditor Agreement.

 

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

 

“Initial Notes” means the $193,466,000.00
in aggregate principal amount of 6.875% Senior Secured Junior Lien Notes due 2031 of the Company issued under this Indenture on
the Issue Date.

 

“Intellectual Property Security Agreement”
has the meaning assigned to it in the Security Agreement.

 

“Interest Payment Date” means
January 15 and July 15 of each year, commencing on January 15, 2019 and ending at the Stated Maturity of the Notes.

 

“Interest Rate Agreement” means
with respect to any Person any interest rate protection agreement, interest rate future agreement, interest rate option agreement,
interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement or other
similar agreement or arrangement as to which such Person is party or a beneficiary.

 

“Investment” in any Person
means any direct or indirect advance, loan (other than advances or extensions of credit in the ordinary course of business that
are in conformity with GAAP recorded as accounts receivable on the balance sheet of the Company or its Restricted Subsidiaries)
or other extensions of credit (including by way of Guarantee or similar arrangement, but excluding any debt or extension of credit
represented by a bank deposit other than a time deposit) or capital contribution to (by means of any transfer of cash or other
property to others or any payment for property or services for the account or use of others), or any purchase or acquisition of
Capital Stock, Indebtedness or other similar instruments issued by such Person and all other items that are or would be classified
as investments on a balance sheet prepared in accordance with GAAP; provided that none of the following will be deemed to
be an Investment:

 

    	 	-17-	 

     

    

 

(1)         Hedging
Obligations entered into in the ordinary course of business and in compliance with this Indenture;

 

(2)         endorsements
of negotiable instruments and documents in the ordinary course of business;

 

(3)         an
acquisition of assets, Capital Stock or other securities by the Company or a Subsidiary for consideration to the extent such consideration
consists of Common Stock of the Company;

 

(4)         a
deposit of funds in connection with an acquisition; provided that either such acquisition is consummated by or through a
Restricted Subsidiary or such deposit is returned to the Person who made it;

 

(5)         an
account receivable arising, or prepaid expenses or deposits made, in the ordinary course of business; and

 

(6)         licensing
or transfer of know-how or intellectual property or the providing of services in the ordinary course of business.

 

For purposes of Section 3.04, (1) “Investment”
will include the portion (proportionate to the Company’s equity interest in a Restricted Subsidiary to be designated as an
Unrestricted Subsidiary) of the Fair Market Value of the net assets of such Restricted Subsidiary at the time that such Restricted
Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary
as a Restricted Subsidiary, the Company shall be deemed to continue to have a permanent “Investment” in an Unrestricted
Subsidiary in an amount (if positive) equal to (a) the Company’s aggregate “Investment” in such Subsidiary
as of the time of such redesignation less (b) the portion (proportionate to the Company’s equity interest in such Subsidiary)
of the Fair Market Value of the net assets (as conclusively determined in good faith by the Board of Directors of the Company)
of such Subsidiary at the time that such Subsidiary is so redesignated a Restricted Subsidiary; and (2) any property transferred
to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer, in each case as determined
in good faith by the Board of Directors of the Company.

 

“Issue Date” means December
18, 2018.

 

“Junior Indebtedness” means
Indebtedness that is subordinated to the payment of the Notes Obligations or that are secured by Junior Liens.

 

“Junior Lien Collateral Agent”
means The Bank of New York Mellon, as collateral agent on behalf of all Secured Parties.

 

“Junior Lien Intercreditor Agreement”
means the Amended and Restated Tranche A/B Intercreditor Agreement, dated as of December 18, 2018, between the Tranche A Collateral
Agent, the Tranche B Collateral Agent and the Collateral Agent and acknowledged by the Company and the Subsidiary Guarantors, as
amended, restated, amended and restated, supplemented or otherwise modified or replaced from time to time in accordance with the
terms thereof.

 

“Junior Liens” means any obligations
secured by Liens that are subordinated to the Liens securing the Note Obligations.

 

    	 	-18-	 

     

    

 

“Junior Lien Term Loan Credit Agreement”
means that certain Junior Lien Term Loan Credit Agreement, dated as of the Measurement Date, among the Company, the Subsidiary
Guarantors party thereto, the lenders party thereto from time to time, and The Bank of New York Mellon, as administrative agent,
Tranche A Collateral Agent and Tranche B Collateral Agent, as amended, restated, amended and restated, supplemented or otherwise
modified from time to time in accordance with its terms.

 

“Junior Lien Term Loan Facility”
means the Tranche A Loans together with the Tranche B Loans.

 

“Lien” means, with respect
to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, 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 (or any filing or agreement to give any financing
statement in connection therewith) be deemed to constitute a Lien.

 

“Make-Whole Amount” means,
as determined by the Company with respect to any Note on any Redemption Date, the excess, if any, of (A) the present value as of
such Redemption Date of (1) the principal amount of such Note plus (2) all interest that would have accrued on such principal amount
from such Redemption Date to, but not including, July 15, 2031 (excluding accrued but unpaid interest to, but excluding, such Redemption
Date), computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points, over (B) the
principal amount of such Note.

 

“Measurement Date” means July
16, 2018.

 

“Member of the McClatchy Family”
means: (1) Trust for the Primary Benefit of James B. McClatchy, Trust for the Primary Benefit of Charles K. McClatchy, Trust for
the Primary Benefit of Sue Stiles, Molly Maloney Evangelisti, Brown McClatchy Maloney, Kevin McClatchy, Adair McClatchy, Carlos
McClatchy, Trust FBO William McClatchy, C.K. McClatchy Exempt T/U/W fbo Charles K. McClatchy, C.K. McClatchy Non-exempt T/U/W fbo
Charles K. McClatchy, Britney Beth Maloney, Trust FBO Cortney Cate Maloney, Trust FBO Blaire Brinnen Maloney, Trust FBO Mallory
McClatchy Maloney, and Carolan Kelly Stiles; (2) the spouse, for the time being and from time to time, of any Person listed in
clause (1) above; (3) after the death of any Person listed in clause (1) above, the widow or widower, if
any, of any Person listed in clause (1) above; (4) the issue of any Person listed in clause (1) above;
(5) individuals adopted by any Person listed in clause (1) above or adopted by any of the issue of any Person listed
in clause (1) above; provided, however, that such individuals have not attained the age of majority at
the date of such adoption, together with the issue of any such adopted individuals; provided that if any Person is born
out of wedlock he shall not be deemed to be the issue of another Person for the purposes hereof unless and until he is proven or
acknowledged to be the issue of such Person; or (6) a Qualified Trust, but only to the extent of its Family Percentage Holding
of voting shares or rights to voting shares of the capital stock of the Company at such time.

 

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

 

    	 	-19-	 

     

    

 

“Net Cash Proceeds” means,
with respect to any issuance or sale of Capital Stock of the Company or any Restricted Subsidiary or Indebtedness, the cash proceeds
of such issuance or sale, net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’
fees, listing fees, discounts or commissions and brokerage, consultant and other fees and charges actually Incurred in connection
with such issuance or sale and net of taxes paid or payable as a result of such issuance or sale (after taking into account any
available tax credit or deductions and any tax sharing arrangements).

 

“Non-Guarantor Subsidiary”
means any Restricted Subsidiary that is not a Subsidiary Guarantor.

 

“Non-Recourse Debt” means Indebtedness
of a Person:

 

(1)         as
to which neither the Company nor any Restricted Subsidiary (a) provides any Guarantee or credit support of any kind (including
any undertaking, Guarantee, indemnity, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly
liable (as a guarantor or otherwise);

 

(2)         no
default with respect to which (including any rights that the holders thereof may have to take enforcement action against an Unrestricted
Subsidiary) would permit (upon notice, lapse of time or both) any holder of any other Indebtedness of the Company or any Restricted
Subsidiary to declare a default under such other Indebtedness or cause the payment thereof to be accelerated or payable prior to
its Stated Maturity; and

 

(3)         the
explicit terms of which provide there is no recourse against any of the assets of the Company or its Restricted Subsidiaries.

 

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

 

“Notes” means the Initial Notes
and any Additional Notes, treated as a single class of securities.

 

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

 

“Notes Documents” means this
Indenture, the Notes and the Collateral Documents.

 

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

 

“Obligations” means any principal,
interest, fees and expenses (including any interest, fees, expenses and other amounts accruing on or after the filing of any petition
in bankruptcy or the commencement of any Insolvency or Liquidation Proceeding at the rate provided for in the documentation with
respect thereto, whether or not such interest, fees or expenses and other amounts are an allowed claim under applicable state,
federal or foregoing law), penalties, indemnifications, reimbursements (including, without limitation, reimbursement obligations
with respect to letters of credit and bankers’ acceptances), damages and other liabilities, and guarantees of payment of
such principal, interest, fees, expenses, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable
under the documentation governing any Indebtedness.

 

“Officer” means the Chairman
of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, any Executive Vice President, Senior Vice
President or Vice President, the Treasurer or the Secretary of the Company or, in the event that a Person is a partnership or a
limited liability company that has no such officers, a person duly authorized under applicable law by the general partner, managers,
members or a similar body to act on behalf of such Person. “Officer” of the Company or any Subsidiary Guarantor
has a correlative meaning.

 

    	 	-20-	 

     

    

 

“Officers’ Certificate”
means a certificate signed by two Officers or by an Officer and either an Assistant Treasurer or an Assistant Secretary of the
Company.

 

“Opinion of Counsel” means
a written opinion, reasonably acceptable to the Trustee, from legal counsel. The counsel may be an employee of or counsel to the
Company or a Subsidiary Guarantor.

 

“Permitted Additional Secured Obligations”
means any Indebtedness (other than the First Lien Debt) that is secured by a Lien permitted by clause (1) (or, to the
extent relating to Refinancings of Indebtedness secured by Liens permitted by such clause, (19)) of the definition of “Permitted
Liens.”

 

“Participant” means, with respect
to the Depositary, a Person who has an account with the Depositary.

 

“Permitted Debt” means Indebtedness
of the Company (which may be guaranteed by any Subsidiary Guarantor) (i) no portion of which has a scheduled maturity prior to
the date that is six months after the final maturity of the First Lien Debt, and (ii) which is not guaranteed by any Subsidiary
of the Company that is not a Subsidiary Guarantor.

 

“Permitted Investment” means
an Investment by the Company or any Restricted Subsidiary in:

 

(1)         the
Company or a Restricted Subsidiary, including through the purchase of Capital Stock of a Restricted Subsidiary;

 

(2)         any
Investment by the Company or any of its Restricted Subsidiaries in a Person that is engaged in a Related Business if as a result
of such Investment:

 

(a)          such
Person becomes a Restricted Subsidiary; or

 

(b)          such
Person, in one transaction or a series of related transactions, is merged or consolidated with or into, or transfers or conveys
substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary;

 

and, in each case, any Investment held by such Person;
provided that such Investment was not acquired by such Person in contemplation of such acquisition, merger, consolidation
or transfer;

 

(3)         cash
and Cash Equivalents or Investments that constituted Cash Equivalents at the time made;

 

(4)         receivables
owing to the Company or any Restricted Subsidiary created or acquired in the ordinary course of business and payable or dischargeable
in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary
trade terms as the Company or any such Restricted Subsidiary deems reasonable under the circumstances;

 

    	 	-21-	 

     

    

 

(5)         commission,
relocation, entertainment, payroll, travel and similar advances to cover matters that are expected at the time of such advances
ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business;

 

(6)         loans
or advances to, or guarantees of third party loans to, employees, officers or directors of the Company or any Restricted Subsidiary
in the ordinary course of business in an aggregate amount outstanding at any time not in excess of $5.75 million with respect to
all loans or advances or guarantees made since the Measurement Date (without giving effect to the forgiveness of any such loan);

 

(7)         any
Investment acquired by the Company or any of its Restricted Subsidiaries:

 

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

 

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

 

(c)          in
the form of notes payable, or stock or other securities issued by account debtors to the Company or any Restricted Subsidiary pursuant
to negotiated agreements with respect to the settlement of such account debtor’s accounts, and other Investments arising
in connection with the compromise, settlement or collection of accounts receivable, in each case in the ordinary course of business;

 

(8)         Investments
made as a result of the receipt of non-cash consideration (including Designated Non-cash Consideration) from an Asset Disposition
that was made pursuant to and in compliance with Section 3.07 or any other disposition of assets not constituting an
Asset Disposition;

 

(9)         Investments
in existence on the Measurement Date, and any extension, modification or renewal of any such Investments, or Investments purchased
or received in exchange for such Investments, existing on the Measurement Date, but only to the extent not involving additional
advances, contributions or other Investments of cash or other assets or other increases thereof (other than as a result of the
accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities, in each case, pursuant to
the terms of such Investment as in effect on the Measurement Date);

 

(10)        any
Person to the extent such Investments consist of Currency Agreements, Interest Rate Agreements, Commodity Agreements and related
Hedging Obligations, which transactions or obligations are Incurred in compliance with Section 3.03 or that do not
constitute Indebtedness;

 

(11)        Guarantees
of Indebtedness issued in accordance with Section 3.03;

 

(12)        Investments
made in connection with the funding of contributions under any non-qualified retirement plan or similar employee compensation plan
including, without limitation, split-dollar insurance policies, in an amount not to exceed the amount of compensation expense recognized
by the Company and its Restricted Subsidiaries in connection with such plans;

 

    	 	-22-	 

     

    

 

(13)        Investments
received in settlement of debts created in the ordinary course of business and owing to the Company or any Restricted Subsidiary
or in satisfaction of judgments or pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency
of a debtor;

 

(14)        any
Person to the extent such Investments consist of prepaid expenses, negotiable instruments held for collection and lease, utility,
unemployment insurance, workers’ compensation, performance and other similar deposits made in the ordinary course of business
by the Company or any Restricted Subsidiary;

 

(15)        prepayments
and other credits to suppliers made in the ordinary course of business;

 

(16)        endorsements
of negotiable instruments and documents in the ordinary course of business;

 

(17)        loans
or advances or similar transactions with customers, distributors, clients, developers, suppliers or purchasers of goods or services
in the ordinary course of business;

 

(18)        Investments
by the Company in connection with joint production arrangements in the form of dispositions of equipment to a joint venture entity
in exchange for Capital Stock of or Indebtedness of the joint venture entity so long as within 30 days after such disposition but
subject to the definition of Excluded Property, the Company’s or the applicable Restricted Subsidiary’s Capital Stock
or Indebtedness in such entity are pledged to the Junior Lien Collateral Agent; and

 

(19)        Investments
by the Company or any of its Restricted Subsidiaries, together with all other Investments pursuant to this clause (19),
in an aggregate amount at the time of such Investment not to exceed $28.0 million outstanding at any one time (with the Fair Market
Value of such Investment being measured at the time made and without giving effect to subsequent changes in value).

 

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

 

(1)         Liens
on the Collateral securing Indebtedness Incurred pursuant to Section 3.03(b)(i);

 

(2)         pledges
or deposits by such Person under workers’ compensation laws, unemployment, general insurance and other insurance laws and
old-age pensions and other social security or retirement benefits or similar legislation, or good-faith deposits in connection
with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits
to secure public or statutory obligations of such Person or deposits of cash or United States government bonds to secure surety
or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import or customs duties or for
the payment of rent, in each case Incurred in the ordinary course of business;

 

(3)         Liens
imposed by law and carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like
Liens, in each case Incurred in the ordinary course of business;

 

    	 	-23-	 

     

    

 

(4)         Liens
for taxes, assessments or other governmental charges or levies not yet subject to penalties for non-payment or that are being contested
in good faith by appropriate proceedings, provided appropriate reserves required pursuant to GAAP have been made in respect
thereof;

 

(5)         Liens
in favor of issuers of surety, appeal or performance bonds or letters of credit or bankers’ acceptances or similar obligations
issued pursuant to the request of and for the account of such Person in the ordinary course of its business;

 

(6)         minor
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 the business of such Person or to the ownership of its 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 of such
Person;

 

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

 

(8)         leases,
licenses, subleases and sublicenses of assets (including, without limitation, real property and intellectual property rights) that
do not materially interfere with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries;

 

(9)         judgment
Liens not giving rise to an Event of Default and Liens securing appeal or surety bonds related to such judgment so long as any
appropriate legal proceedings that may have been duly initiated for the review of such judgment have not been finally terminated
or the period within which such proceedings may be initiated has not expired;

 

(10)        Liens
for the purpose of securing (A) any Attributable Indebtedness in respect of a Sale/Leaseback Transaction Incurred pursuant to Section 3.03(b)(xvii)
or (B) the payment of all or a part of the purchase price of, or Capitalized Lease Obligations, mortgage financings, Purchase Money
Indebtedness or other payments Incurred to finance assets or property (other than Capital Stock or other Investments) acquired,
constructed, improved or leased in the ordinary course of business; provided that, in the case of this subclause (10)(B):

 

(a)          the
aggregate principal amount of Indebtedness secured by such Liens is otherwise permitted to be incurred under this Indenture and
does not exceed the cost of the assets or property so acquired, constructed or improved plus reasonable fees and expenses of such
Person incurred in connection therewith; and

 

(b)          such
Liens are created within 180 days of construction, acquisition or improvement of such assets or property and do not encumber any
other assets or property of the Company or any Restricted Subsidiary other than such assets or property and assets affixed or appurtenant
thereto and the proceeds thereof;

 

(11)        Liens
that constitute banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained
with a bank, depositary or other financial institution, whether arising by operation of law or pursuant to contract;

 

    	 	-24-	 

     

    

 

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

 

(13)        Liens
existing on the Measurement Date (other than Liens permitted under clause (1) above or clause (35) below);

 

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

 

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

 

(16)        Liens
securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Company or another Restricted Subsidiary;

 

(17)        Liens
on Capital Stock of Unrestricted Subsidiaries to secure Indebtedness of Unrestricted Subsidiaries;

 

(18)    
   deposits as security for contested taxes or contested import to customs duties;

 

(19)        Liens
securing Refinancing Indebtedness Incurred to refinance, refund, replace, amend, extend or modify, as a whole or in part, Indebtedness
that was previously so secured pursuant to clauses (1), (10), (13), (14), (15), (19)
or (36) of this definition; provided that any such Lien is limited to all or part of the same property or assets
(plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured (or, under the written
arrangements under which the original Lien arose, could secure) the Indebtedness being Refinanced and if the Indebtedness being
Refinanced was secured by Junior Liens then the Liens securing the Refinancing Indebtedness shall be Junior Liens;

 

(20)        any
interest or title of a lessor under any operating lease;

 

(21)        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;

 

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

 

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

 

    	 	-25-	 

     

    

 

(24)        Liens
on funds of the Company or any Subsidiary held in deposit accounts with third party providers of payment services securing credit
card charge-back reimbursement and similar cash management obligations of the Company or the Subsidiaries;

 

(25)        Liens
of a collecting bank arising in the ordinary course of business under Section 4-208 of the Uniform Commercial Code in effect
in the relevant jurisdiction covering only the items being collected upon;

 

(26)        Liens
arising by operation of law or contract on insurance policies and the proceeds thereof to secure premiums thereunder;

 

(27)        Liens
on insurance policies and proceeds of insurance policies (including rebates of premiums) securing Indebtedness incurred pursuant
to Section 3.03(b)(xii) to finance the payment of premiums on the insurance policies subject to such Liens;

 

(28)        statutory,
common law or contractual Liens of landlords;

 

(29)        customary
Liens granted in favor of a trustee to secure fees and other amounts owing to such trustee under an indenture or other agreement
pursuant to which Indebtedness permitted under Section 3.03 is Incurred;

 

(30)        Liens
on any cash earnest money deposit made by the Company or any Restricted Subsidiary in connection with any letter of intent or acquisition
agreement that is not prohibited by this Indenture;

 

(31)        Liens
in favor of credit card processors granted in the ordinary course of business;

 

(32)        Liens
arising in connection with Cash Equivalents describe in clause (5) of the definition of “Cash Equivalents”;

 

(33)        Liens
securing other obligations in an amount not to exceed $28.0 million at any time outstanding (it being understood that such Liens
may not be Liens on the Collateral ranking pari passu or senior to the Liens securing First Lien Debt);

 

(34)        Liens
securing cash management obligations incurred in the ordinary course of business; and

 

(35)        Liens
on the Collateral securing Indebtedness Incurred pursuant to Section 3.03(b)(ii), (B) Hedging Obligations and Cash Management
Obligations that are secured ratably (other than with respect to cash collateral for letters of credit) with Indebtedness outstanding
pursuant to Section 3.03(b)(ii) and (C) Liens on cash or deposits granted to the collateral agent with respect to Indebtedness
Incurred pursuant to Section 3.03(b)(ii) in respect of letters of credit issued and outstanding thereunder; and

 

(36)        Junior
Liens on the Collateral securing Junior Indebtedness.

 

“Permitted Residuary Beneficiary”
means any Person who is a beneficiary of a Qualified Trust and, under the terms of the Qualified Trust, is entitled to distributions
out of the capital of such Qualified Trust only after the death of all of the Qualified Persons who are beneficiaries of such Qualified
Trust.

 

    	 	-26-	 

     

    

 

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

 

“Preferred Stock” means, as
applied to the Capital Stock of any corporation, Capital Stock of any class or classes (however designated) that is preferred as
to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of
such Person, over shares of Capital Stock of any other class of such Person.

 

“Private Placement Legend”
means the legend set forth in Section 2.01(c) to be placed on all Notes issued under this Indenture except where otherwise
permitted by the provisions hereof.

 

“Priority Indebtedness” means
“First Lien Obligations” as defined in the Global Intercreditor Agreement.

 

“Proportionate Equity Share”
means, with respect to the Company’s equity in the net income of any Person included in the Company’s Consolidated
Net Income pursuant to clause (1) of the definition thereof, the ratio of the Company’s equity in the net income
of such Person during the applicable period to the total net income of such Person for such period.

 

“Purchase Money Indebtedness”
means Indebtedness (including Capitalized Lease Obligations) Incurred (within 365 days of such purchase or lease) to finance or
refinance the purchase, lease, construction, installation, or improvement of any assets used or useful in a Related Business (whether
through the direct purchase of assets or through the purchase of Capital Stock of any Person owning such assets).

 

“Qualified Person” means a
Person referred to in clauses (1) through (5) of the definition of Member of the McClatchy Family or the spouse,
widow or widower for the time being and from time to time of any Person described in clause (4) or (5) of the
definition of “Member of the McClatchy Family.”

 

“Qualified Trust” means a trust
(whether testamentary or inter vivos) any beneficiary of which is a Qualified Person.

 

“QIB” means any “qualified
institutional buyer” (as defined in Rule 144A).

 

“Rating Agencies” means S&P
and Moody’s or if S&P or Moody’s 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 Company (as certified by a resolution of
the Board of Directors) which shall be substituted for S&P or Moody’s or both, as the case may be.

 

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

 

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

 

    	 	-27-	 

     

    

 

“Refinancing Indebtedness”
means Indebtedness that is Incurred to Refinance any Indebtedness existing on the Issue Date or Incurred in compliance with this
Indenture (including Indebtedness of the Company that Refinances Indebtedness of any Restricted Subsidiary and Indebtedness of
any Restricted Subsidiary that Refinances Indebtedness of another Restricted Subsidiary (except that a Subsidiary Guarantor shall
not Refinance Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor)), including Indebtedness that Refinances
Refinancing Indebtedness; provided, however, that:

 

(1)         if
the Stated Maturity of the Indebtedness being Refinanced is later than the Stated Maturity of the Notes, the entire principal amount
of the Refinancing Indebtedness has a Stated Maturity at least six (6) months later than the Stated Maturity of the Notes;

 

(2)         the
Refinancing Indebtedness has an Average Life at the time such Refinancing Indebtedness is Incurred that is equal to or greater
than the Average Life of the Indebtedness being Refinanced at such time;

 

(3)         such
Refinancing Indebtedness is Incurred in an aggregate principal amount (or if issued with original issue discount, an aggregate
issue price) that is equal to or less than the sum of the aggregate principal amount (or if issued with original issue discount,
the aggregate accreted value) then outstanding of the Indebtedness being refinanced (plus, without duplication, any additional
Indebtedness Incurred to pay interest, premiums required by the instruments governing such existing Indebtedness or premiums necessary
to effectuate such Refinancing and costs, fees and expenses Incurred in connection therewith);

 

(4)         if
the Indebtedness being Refinanced is subordinated in right of payment to the Notes or the Subsidiary Guarantee, such Refinancing
Indebtedness is subordinated in right of payment to the Notes or the Subsidiary Guarantee on terms at least as favorable to the
Holders as those contained in the documentation governing the Indebtedness being Refinanced; and

 

(5)         Refinancing
Indebtedness shall not include Indebtedness of a Non-Guarantor Subsidiary that refinances Indebtedness of the Company or a Subsidiary
Guarantor.

 

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

 

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

 

“Related Business” means any
business that is the same as or related, ancillary or complementary to any of the businesses of the Company and its Restricted
Subsidiaries on the Measurement Date and any reasonable extension or evolution of any of the foregoing, including without limitation,
the online business of the Company and its Restricted Subsidiaries.

 

“Representative”, solely with
respect to Article XII herein, has the meaning set forth in the Global Intercreditor Agreement.

 

“Responsible Officer” means,
when used with respect to the Trustee or Collateral Agent, any officer within the corporate trust department of the Trustee or
Collateral Agent, as applicable, including any vice president, assistant secretary, assistant treasurer, trust officer or any other
officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such
officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity
with the particular subject and who shall have direct responsibility for the administration of this Indenture.

 

    	 	-28-	 

     

    

 

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

 

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

 

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

 

“Restricted Period” means,
in relation to the Initial Notes, the 40 consecutive days beginning on and including the later of (A) the day on which the Initial
Notes are offered to persons other than distributors (as defined in Regulation S under the Securities Act) and (B) the Issue
Date; and in relation to any Additional Notes that bear the Private Placement Legend, it means the comparable period of 40 consecutive
days.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Sale/Leaseback Transaction”
means any direct or indirect arrangement relating to property now owned or hereafter acquired by the Company or a Restricted Subsidiary
whereby the Company or such Restricted Subsidiary transfers such property to a Person (other than the Company or any of its Subsidiaries)
and the Company or such Restricted Subsidiary leases it from such Person.

 

“SEC” means the United States
Securities and Exchange Commission.

 

“Secured Parties” has the meaning
assigned to it in the Security Agreement, including, without limitation, the Trustee.

 

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

 

“Security Agreement” means
the security agreement dated July 16, 2018, among the Company, the Subsidiary Guarantors and the Junior Lien Collateral Agent,
as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time in accordance
with its terms.

 

“Senior Management” means the
Chief Executive Officer, the Chief Financial Officer, any Vice President, the Treasurer or the Secretary of the Company.

 

    	 	-29-	 

     

    

 

“Significant Subsidiary” means
any Restricted Subsidiary that would be a “Significant Subsidiary” of the Company within the meaning of Rule 1-02 under
Regulation S-X promulgated by the SEC.

 

“Stated Maturity” means, with
respect to any security, the date specified in the agreement governing or certificate relating to such security as the fixed date
on which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision,
but shall not include any contingent obligations to repay, redeem or repurchase any such principal prior to the date originally
scheduled for the payment thereof.

 

“Subsidiary” of any Person
means (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 such Person or one or more of the other Subsidiaries of
that Person (or a combination thereof), or (2) any partnership (a) the sole general partner or the managing general partner of
which is such Person or a Subsidiary of such Person or (b) the only general partners of which are such Person or one or more Subsidiaries
of such Person (or any combination thereof). Unless otherwise specified herein, each reference to a Subsidiary will refer to a
Subsidiary of the Company.

 

“Subsidiary Guarantee” means,
individually, any Guarantee by a Subsidiary Guarantor pursuant to the terms of this Indenture and any supplemental indenture thereto,
and, collectively, all such Guarantees. Each such Subsidiary Guarantee will be in the form prescribed by this Indenture.

 

“Subsidiary Guarantor” means
each Restricted Subsidiary in existence on the Issue Date that provides a Subsidiary Guarantee on the Issue Date (and any other
Restricted Subsidiary that provides a Subsidiary Guarantee in accordance with this Indenture); provided that upon release
or discharge of such Restricted Subsidiary from its Subsidiary Guarantee in accordance with this Indenture, such Restricted Subsidiary
ceases to be a Subsidiary Guarantor.

 

“substantially concurrent”
means, with respect to two or more events, the occurrence of such events within 45 days of each other.

 

“Trade Payables” means, with
respect to any Person, any accounts payable to trade creditors created, assumed or Guaranteed by such Person arising in the ordinary
course of business in connection with the acquisition of goods or services.

 

“Tranche A Collateral Agent”
means The Bank of New York Mellon, acting in its capacity as collateral agent for the holders of the Tranche A Loan under the Junior
Lien Term Loan Credit Agreement, and any successor thereto.

 

“Tranche B Collateral Agent”
means The Bank of New York Mellon, acting in its capacity as collateral agent for the holders of the Tranche B Loan under the Junior
Lien Term Loan Credit Agreement, and any successor thereto.

 

“Tranche A Loan” means the
secured term loans in aggregate principal amount of $157,083,000.00 made to the Company on the Measurement Date, pursuant to the
Junior Lien Term Loan Credit Agreement.

 

    	 	-30-	 

     

    

 

“Tranche B Loan” means the
secured term loans in aggregate principal amount of $193,466,000.00 made to the Company on the Measurement Date, pursuant to the
Junior Lien Term Loan Credit Agreement.

 

“Treasury Rate” means, as of
any applicable Redemption Date, the weekly average rounded to the nearest 1/100th of a percentage point (for the most recently
completed week for which such information is available as of the date that is two (2) Business Days prior to the applicable Redemption
Date) of the yield to maturity of United States Treasury securities with a constant maturity (as compiled and published in the
Federal Reserve Statistical Release H.15 with respect to each applicable day during such week or, if such Statistical Release is
no longer published or available, any publicly available source of similar market data selected by the Company) most nearly equal
to the period from the applicable Redemption Date to July 15, 2031; provided, however, that if the period from the applicable Redemption
Date to July 15, 2031 is not equal to the constant maturity of a United States Treasury security for which such a yield is given,
the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one twelfth of a year) from the weekly average
yields of United States Treasury securities for which such yields are given, except that if the period from the applicable Redemption
Date to July 15, 2031 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted
to a constant maturity of one year will be used.

 

“Trustee” means the party named
as such in this Indenture until a successor replaces it and, thereafter, means such successor.

 

“Uniform Commercial Code” or
“UCC” means the New York Uniform Commercial Code or the Uniform Commercial Code of any other jurisdiction applicable
to the Collateral, in each case, as in effect from time to time.

 

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

 

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

 

“Unrestricted Subsidiary” means
(1) any Subsidiary of the Company that at the time of determination shall be designated an Unrestricted Subsidiary by the
Board of Directors of the Company in the manner provided below and (2) any Subsidiary of an Unrestricted Subsidiary.

 

The Board of Directors of the Company may designate
any Subsidiary of the Company (including any newly acquired or newly formed Subsidiary or a Person becoming a Subsidiary through
merger or consolidation or Investment therein) to be an Unrestricted Subsidiary only if:

 

(1)         such
Subsidiary or any of its Subsidiaries does not own any Capital Stock or Indebtedness of or have any Investment in, or own or hold
any Lien on any property of, any other Subsidiary of the Company that is not a Subsidiary of the Subsidiary to be so designated
or otherwise an Unrestricted Subsidiary;

 

(2)         all
the Indebtedness of such Subsidiary and its Subsidiaries shall, at the date of designation, and will at all times thereafter while
they are Unrestricted Subsidiaries, consist of Non-Recourse Debt;

 

    	 	-31-	 

     

    

 

(3)         such
designation and the Investment of the Company in such Subsidiary complies with Section 3.04;

 

(4)         such
Subsidiary, either alone or in the aggregate with all other Unrestricted Subsidiaries, does not operate, directly or indirectly,
all or substantially all of the business of the Company and its Subsidiaries;

 

(5)         such
Subsidiary is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect
obligation:

 

(a)          to
subscribe for additional Capital Stock of such Person; or

 

(b)          to
maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating
results; and

 

(6)         on
the date such Subsidiary is designated an Unrestricted Subsidiary, such Subsidiary is not a party to any agreement, contract, arrangement
or understanding with the Company or any Restricted Subsidiary with terms substantially less favorable to the Company than those
that might have been obtained from Persons who are not Affiliates of the Company.

 

Any such designation by the Board of Directors
of the Company shall be evidenced to the Trustee by filing with the Trustee a resolution of the Board of Directors of the Company
giving effect to such designation and an Officers’ Certificate certifying that such designation complies with the foregoing
conditions. If, at any time, any Unrestricted Subsidiary would fail to meet the foregoing requirements as an Unrestricted Subsidiary,
it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary
shall be deemed to be Incurred as of such date.

 

The Board of Directors of the Company 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 or would occur as a consequence thereof and the Company could
Incur at least $1.00 of additional Indebtedness pursuant to Section 3.03(a) on a pro forma basis taking into
account such designation.

 

“U.S. Government Obligations”
means securities that are (1) direct obligations of the United States of America for the timely payment of which its full faith
and credit is pledged or (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of
the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation of
the United States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall
also include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with
respect to any such U.S. Government Obligations or a specific payment of principal of or interest on any such U.S. Government Obligations
held by such custodian for the account of the holder of such depositary receipt; provided that (except as required by law)
such custodian is not authorized to make any deduction from the amount payable to the Holder of such depositary receipt from any
amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of principal of or interest
on the U.S. Government Obligations evidenced by such depositary receipt.

 

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

 

    	 	-32-	 

     

    

 

“Voting Stock” of a Person
means all classes of Capital Stock of such Person then outstanding and normally entitled to vote in the election of directors,
managers or trustees, as applicable, of such Person.

 

“Wholly-Owned Subsidiary” means
a Restricted Subsidiary, all of the Capital Stock of which (other than directors’ qualifying shares or local ownership shares)
is owned by the Company or another Wholly-Owned Subsidiary.

 

SECTION 1.02 Other Definitions.

 

	Term	 	
        Defined in

        Section

	“Affiliate Transaction”	 	3.08(a)
	“Applicable Law”	 	12.17
	“Bankruptcy Code”	 	6.01
	“Bankruptcy Law”	 	6.01
	“Blockage Notice”	 	11.03
	“covenant defeasance option”	 	8.01(b)
	“Custodian”	 	6.01
	“Default Interest”	 	6.01(a)
	“Defaulted Interest”	 	2.12(b)
	“DTC”	 	2.01(b)
	“Event of Default”	 	6.01
	“Guarantor Obligations”	 	10.01
	“legal defeasance option”	 	8.01(b)
	“Non-Priority Payment Default”	 	11.03
	“Non-U.S. Person”	 	2.01(c)
	“pay the Guarantor Obligations”	 	11.03
	“Paying Agent”	 	2.03
	“Payment Blockage Period”	 	11.03
	“payment default”	 	6.01(a)(vi)(A)
	“Priority Payment Default”	 	11.03
	“Qualified Institutional Buyer”	 	2.01(c)
	“Redemption Date”	 	5.04
	“Redemption Price”	 	5.01
	“Registrar”	 	2.03
	“Resale Restriction Termination Date”	 	2.01(c)
	“Restricted Payment”	 	3.04(a)
	“Special Interest Payment Date”	 	2.12(a)
	“Special Record Date”	 	2.12(a)
	“Successor Company”	 	4.01(a)(i)

 

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

 

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

 

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

 

(c)          “or”
is not exclusive;

 

    	 	-33-	 

     

    

 

(d)          “including”
means including without limitation;

 

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

 

(f)          unsecured
Indebtedness shall not be deemed to be subordinate or junior to secured Indebtedness merely by virtue of its nature as unsecured
Indebtedness;

 

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

 

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

 

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

 

(j)          any
requirement to pay interest on the Notes shall include all additional interest required pursuant to Section 6.01.

 

ARTICLE II

 

The Notes

 

SECTION 2.01 Form and Dating.

 

(a)          The
Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto, the
terms of which are incorporated in and made a part hereof. The Notes may have notations, legends or endorsements approved as to
form by the Company, and required by law, stock exchange rule, agreements to which the Company is subject or usage. Each Note shall
be dated the date of its authentication. The Notes shall be issuable only in denominations of $2,000 and integral multiples of
$1,000 in excess thereof.

 

(b)          The
Notes shall initially be issued in the form of one or more Global Notes and The Depository Trust Company (“DTC”),
its nominees, and their respective successors, shall act as the Depositary with respect thereto. Each Global Note (i) shall be
registered in the name of the Depositary for such Global Note or the nominee of such Depositary, (ii) shall be delivered by the
Trustee to such Depositary or held by the Trustee as custodian for the Depositary pursuant to such Depositary’s instructions,
and (iii) shall bear a Global Note Legend in substantially the following form:

 

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 TO SUCH OTHER ENTITY
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

    	 	-34-	 

     

    

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY OR A SUCCESSOR DEPOSITARY. THIS NOTE 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 NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

(c)          Except
as permitted by Section 2.06(g), any Note not registered under the Securities Act shall bear the following Private
Placement Legend on the face thereof:

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER
THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.
THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH
IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER
THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER
OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION
STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”
AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS
OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO A “NON-U.S. PERSON” AS DEFINED IN REGULATION S UNDER THE SECURITIES
ACT THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF, AND IN COMPLIANCE WITH, REGULATION S UNDER THE SECURITIES ACT,
OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S
AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY
OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON
THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

 

    	 	-35-	 

     

    

 

THE HOLDER OF THIS SECURITY WILL, AND EACH SUBSEQUENT
HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE.

 

Members of, or participants in, the Depository
(“Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf
by the Depository, or the Trustee as its custodian and the Depository may be treated by the Company, the Trustee and any agent
of the Company or the Trustee as the absolute owner of the global Note for all purposes whatsoever, including but not limited to
notices and payments. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the
Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository
or impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of the
rights of a Holder of any Note. Any notice to be delivered to DTC (including, but not limited to, a notice of redemption) may be
delivered electronically by the Trustee in accordance with Applicable Procedures of DTC.

 

SECTION 2.02 Form of Execution and Authentication.
An Officer shall sign the Notes for the Company by manual or facsimile signature.

 

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

 

A Note shall not be valid until authenticated
by the manual signature of the Trustee. The signature of the Trustee shall be conclusive evidence that the Note has been authenticated
under this Indenture.

 

The Trustee shall authenticate (i) Initial Notes
for original issue on the Issue Date in an aggregate principal amount of $193,466,000.00, and (ii) subject to compliance with Sections 3.03
and 3.05 hereof, any Additional Notes, in each case upon written order of the Company in the form of an Officers’
Certificate, which Officers’ Certificate shall, in the case of any issuance of Additional Notes, certify that such issuance
is in compliance with Sections 3.03 and 3.05, together with an Opinion of Counsel stating that such securities
have been duly authorized, executed and delivered by the Company and, when duly authenticated and delivered by the Trustee, will
constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms (subject to customary
exceptions); provided that if such Additional Notes are not fungible with the Initial Notes for U.S. federal income tax
purpose or other securities law purpose, then such Additional Notes will have a separate CUSIP number. In addition, each such Officers’
Certificate shall specify the amount of Notes to be authenticated, the date on which the Notes are to be authenticated, whether
the securities are to be Initial Notes or Additional Notes and the aggregate principal amount of Notes outstanding on the date
of authentication, and shall further specify the amount of such Notes to be issued as Global Notes or Definitive Notes. Such Notes
shall initially be in the form of one or more Global Notes, which (i) shall represent, and shall be denominated in an amount
equal to the aggregate principal amount of, the Notes to be issued, (ii) shall be registered in the name of the Depositary
or its nominee and (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction.
All Notes issued under this Indenture shall vote and consent together on all matters as one class and no series of Notes will have
the right to vote or consent as a separate class on any matter.

 

    	 	-36-	 

     

    

 

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

 

SECTION 2.03 Registrar and Paying Agent.
The Company shall maintain (i) an office or agency where Notes may be presented for registration of transfer or for exchange (including
any co-registrar, the “Registrar”) and (ii) an office or agency where Notes may be presented for payment (“Paying
Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. The Company may appoint
one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any additional
paying agent. The Company may change any Paying Agent, Registrar or co-registrar without prior notice to any Holder of a Note.
The Company shall notify the Trustee in writing and the Trustee shall notify the Holders of the Notes of the name and address of
any Agent not a party to this Indenture. The Company may act as Paying Agent, Registrar or co-registrar. The Company shall enter
into an appropriate agency agreement with any Agent not a party to this Indenture. The agreement shall implement the provisions
hereof that relate to such Agent. The Company shall notify the Trustee in writing of the name and address of any such Agent. If
the Company fails to maintain a Registrar or Paying Agent, or fails to give the foregoing notice, the Trustee shall act as such,
and shall be entitled to appropriate compensation in accordance with Section 7.11.

 

The Company initially appoints the Trustee as
Registrar, Paying Agent and agent for service of notices and demands in connection with the Notes.

 

SECTION 2.04 Paying Agent to Hold Money
in Trust. The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall
hold in trust for the benefit of the Holders of the Notes or the Trustee all money held by the Paying Agent for the payment of
principal of, premium, if any, and interest on the Notes, and shall notify the Trustee in writing of any Default by the Company
in making any such payment. While any such Default continues, the Trustee may require a Paying Agent to pay all money held by it
to the Trustee. The Company at any time may require a Paying Agent to pay all money held by such Paying Agent to the Trustee. Upon
payment over to the Trustee, the Paying Agent (if other than the Company) shall have no further liability for the money delivered
to the Trustee. If the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the
Holders of the Notes all money held by it as Paying Agent.

 

SECTION 2.05 Lists of Holders of the Notes.
The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names
and addresses of Holders of the Notes. If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least seven
(7) Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing a list in such
form and as of such date as the Trustee may reasonably require of the names and addresses of Holders of the Notes, including the
aggregate principal amount of the Notes held by each thereof.

 

    	 	-37-	 

     

    

 

SECTION 2.06 Transfer and Exchange.

 

(a)          Transfer
and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any
such nominee to a successor Depositary or a nominee of such successor Depositary. Global Notes will be exchanged by the Company
for Definitive Notes, subject to any applicable laws, only if (i) the Company delivers to the Trustee notice from the Depositary
that (A) the Depositary is unwilling or unable to continue to act as Depositary for the Global Notes or (B) the Depositary
is no longer a clearing agency registered under the Exchange Act and, in either case, the Company fails to appoint a successor
Depositary within 90 days after the date of such notice from the Depositary, (ii) upon request of the Trustee or Holders of
a majority of the aggregate principal amount of outstanding Notes if there shall have occurred and be continuing an Event of Default
with respect to the Notes or (iii) if the Company notifies the Trustee that it elects to cause the issuance of Definitive Notes.
In any such case, the Company will notify the Trustee in writing that, upon surrender by the Participants and Indirect Participants
of their interests in such Global Note, certificated Notes will be issued to each Person that such Participants, Indirect Participants
and DTC jointly identify as being the beneficial owner of the related Notes. Global Notes also may be exchanged or replaced, in
whole or in part, as provided in Sections 2.07 and 2.10. Every Note authenticated and delivered in exchange
for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Sections 2.07
or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not
be exchanged for another Note other than as provided in this Section 2.06. However, beneficial interests in a Global
Note may be transferred and exchanged as provided in paragraphs (b), (c) or (i) below.

 

(b)          Transfer
and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes
shall be effected through the Depositary, in accordance with the provisions hereof and the Applicable Procedures. Beneficial interests
in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth in this Indenture to
the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance
with the applicable subparagraphs below.

 

(i)          Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons
who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer
restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted
Period, no transfer of beneficial interests in a Regulation S Global Note may be made to a U.S. Person or for the account or benefit
of a U.S. Person (other than an Initial Purchaser) unless permitted by applicable law and made in compliance with subparagraphs (ii)
and (iii) below. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be
delivered to the Registrar to effect the transfers described in this subparagraph (i) unless specifically stated above.

 

    	 	-38-	 

     

    

 

(ii)         All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial
interests that are not subject to subparagraph (i) above, the transferor of such beneficial interest must deliver to
the Registrar either (A) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance
with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global
Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with
the Applicable Procedures containing information regarding the Participant account to be credited with such increase, or (B) (1)
if Definitive Notes are at such time permitted to be issued pursuant to this Indenture, a written order from a Participant or an
Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to
be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given
by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered
to effect the transfer or exchange referred to in (1) above. Upon satisfaction of all of the requirements for transfer or exchange
of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities
Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to paragraph (m) below.

 

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

 

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

 

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

 

(iv)        [Reserved].

 

(c)          Transfer
and Exchange of Beneficial Interests for Definitive Notes.

 

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

 

(A)         if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted
Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item
(2)(a) thereof;

 

(B)         if
such beneficial interest is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a certificate
to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof;

 

(C)         if
such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904 under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (2) thereof; and

 

(D)         if
such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (3)(b) thereof; or

 

    	 	-39-	 

     

    

 

the Trustee shall cause the aggregate principal amount of the applicable
Global Note to be reduced accordingly pursuant to paragraph (m) below, and the Company shall execute and the Trustee
shall authenticate and deliver to the Person designated in the certificate a Restricted Definitive Note in the appropriate principal
amount. Any Restricted Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this
paragraph (c) shall be registered in such name or names and in such authorized denomination or denominations as the
holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or
Indirect Participant. The Trustee shall deliver such Restricted Definitive Notes to the Persons in whose names such Notes are so
registered. Any Restricted Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to
this subparagraph (i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer
contained therein.

 

(ii)         [Reserved].

 

(iii)        Transfer
and Exchange of Beneficial Interests in Unrestricted Global Notes for Unrestricted Definitive Notes. Subject to Section 2.06(a),
if any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive
Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon
satisfaction of the conditions set forth in subparagraph (b)(ii) above, the Trustee shall cause the aggregate principal
amount of the applicable Global Note to be reduced accordingly pursuant to paragraph (m) below, and the Company shall
execute and the Trustee shall authenticate and deliver to the Person designated in the certificate a Definitive Note in the appropriate
principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this subparagraph (c)(iii)
shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial
interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The
Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued
in exchange for a beneficial interest pursuant to this subparagraph (c)(iii) shall not bear the Private Placement Legend.

 

(d)          Transfer
and Exchange of Definitive Notes for Beneficial Interests.

 

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

 

(A)         if
the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof;

 

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

 

(C)         if
such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904 under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (2) thereof,

 

    	 	-40-	 

     

    

 

the Trustee shall cancel the Restricted Definitive Note, increase
or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted
Global Note, in the case of clause (B) above, the 144A Global Note, and in the case of clause (C) above,
the Regulation S Global Note.

 

(ii)         [Reserved].

 

(iii)        Transfer
and Exchange of Unrestricted Definitive Notes for Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted Definitive
Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon
receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and
increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes.

 

If any such exchange or transfer from an Unrestricted
Definitive Note or a Restricted Definitive Note, as the case may be, to a beneficial interest is effected pursuant to subparagraph (ii)(B),
(ii)(D) or (iii) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue
and, upon receipt of an authentication order in accordance with Section 2.02, the Trustee shall authenticate one or
more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Unrestricted Definitive Notes
or Restricted Definitive Notes, as the case may be, so transferred.

 

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

 

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

 

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

 

(B)         if
the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit
B hereto, including the certifications in item (2) thereof; and

 

(C)         if
the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including, if the Registrar so requests, a certification or
Opinion of Counsel in form reasonably acceptable to the Company to the effect that such transfer is in compliance with the Securities
Act.

 

(g)          [Reserved].

 

    	 	-41-	 

     

    

 

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

 

(i)          [Reserved].

 

(j)          [Reserved].

 

(k)         Private
Placement Legend.

 

(A)         Except
as permitted by subparagraph (B) below, each Global Note (other than an Unrestricted Global Note) and each Definitive
Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the Private Placement Legend.

 

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

 

(l)          Global
Note Legend. Each Global Note shall bear the Global Note Legend.

 

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

 

(n)         General
Provisions Relating to Transfers and Exchanges.

 

(i)          To
permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global Notes and
Definitive Notes upon the Company’s order or at the Registrar’s request.

 

(ii)         No
service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable
upon exchange or transfer pursuant to Sections 2.02, 2.10, 3.07 and 5.07).

 

(iii)        The
Registrar shall not be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except
for the unredeemed portion of any Note being redeemed in part.

 

    	 	-42-	 

     

    

 

(iv)        All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall
be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits hereof, as the Global Notes
or Definitive Notes surrendered upon such registration of transfer or exchange.

 

(v)         The
Company shall not be required (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the
opening of business on a Business Day fifteen (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 or (B) to register the transfer of or to exchange any Note so selected for redemption
in whole or in part, except the unredeemed portion of any Note being redeemed in part.

 

(vi)        Prior
to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the
Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal
of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by
notice to the contrary.

 

(vii)       The
Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02.

 

(viii)      All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06
to effect a registration of transfer or exchange may be submitted by facsimile.

 

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

 

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

 

SECTION 2.07 Replacement Notes. If any mutilated Note
is surrendered to the Trustee, or the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or
theft of any Note, the Company shall issue and the Trustee, upon the written order of the Company signed by two Officers of the
Company, shall authenticate a replacement Note if the Trustee’s requirements for replacements of Notes are met. The Holder
must supply indemnity or security sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee,
any Agent or any authenticating agent from any loss which any of them may suffer if a Note is replaced. The Company and the Trustee
may charge for their fees and expenses in replacing a Note including amounts to cover any tax, assessment, fee or other governmental
charge that may be imposed in relation thereto.

 

Every replacement Note is an obligation of the
Company.

 

    	 	-43-	 

     

    

 

SECTION 2.08 Outstanding Notes. The Notes outstanding
at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation
and those described in this Section 2.08 as not outstanding.

 

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

 

If the principal amount of any Note is considered
paid under Section 3.01 hereof, it shall cease to be outstanding and interest on it shall cease to accrue.

 

Subject to Section 2.09, a Note does
not cease to be outstanding because the Company, a Subsidiary of the Company or an Affiliate of the Company holds the Note.

 

SECTION 2.09 Treasury Notes. In determining
whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by
the Company, any Subsidiary of the Company or any Affiliate of the Company shall be considered as though not outstanding, except
that for purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only
Notes which a Trust Officer actually knows to be so owned shall be so considered. Notwithstanding the foregoing, Notes that are
to be acquired by the Company, any Subsidiary of the Company or an Affiliate of the Company pursuant to an exchange offer, tender
offer or other agreement shall not be deemed to be owned by the Company, a Subsidiary of the Company or an Affiliate of the Company
until legal title to such Notes passes to the Company, such Subsidiary or such Affiliate, as the case may be.

 

SECTION 2.10 Temporary Notes. Until
Definitive Notes are ready for delivery, the Company 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 Company and the Trustee consider
appropriate for temporary Notes. Without unreasonable delay, the Company shall prepare and the Trustee, upon receipt of the written
order of the Company signed by two Officers of the Company, 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.

 

SECTION 2.11 Cancellation. The Company
at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Notes surrendered for
registration of transfer, exchange, payment, replacement or cancellation and shall dispose of all canceled Notes in its customary
manner (subject to the record retention requirements of the Exchange Act), unless the Company directs copies of canceled Notes
to be returned to it. The Company may not issue new Notes to replace Notes that it has redeemed or paid or that have been delivered
to the Trustee for cancellation.

 

SECTION 2.12 Payment of Interest; Defaulted
Interest.

 

(a)          Interest
on any Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person
in whose name such Note (or one or more predecessor Notes) is registered at the close of business on the regular Record Date for
such interest at the office or agency of the Company maintained for such purpose pursuant to Section 2.03.

 

    	 	-44-	 

     

    

 

(b)          Any
interest on any Note which is payable, but is not paid when the same becomes due and payable and such nonpayment continues for
a period of 30 days shall forthwith cease to be payable to the Holder on the regular Record Date by virtue of having been such
Holder, and such defaulted interest and (to the extent lawful) interest on such defaulted interest at the rate borne by the Notes
(such defaulted interest and interest thereon herein collectively called “Defaulted Interest”) shall be paid
by the Company, at its election in each case, as provided in clause (i) or (ii) below:

 

(i)          The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective predecessor
Notes) are registered at the close of business on a Special Record Date (as defined below) for the payment of such Defaulted Interest,
which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each Note and the date (not less than 30 days after such notice unless a shorter period shall be acceptable
to the Trustee) of the proposed payment (the “Special Interest Payment Date”), and at the same time the Company
shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted
Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided.
Thereupon the Trustee shall fix a record date (the “Special Record Date”) for the payment of such Defaulted
Interest, which shall be not more than 15 days and not less than 10 days prior to the Special Interest Payment Date and not less
than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company
of such Special Record Date, and in the name and at the expense of the Company, shall cause notice of the proposed payment of such
Defaulted Interest and the Special Record Date and Special Interest Payment Date therefor to be given in the manner provided for
in Section 13.01, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted
Interest and the Special Record Date and Special Interest Payment Date therefor having been so given, such Defaulted Interest shall
be paid on the Special Interest Payment Date to the Persons in whose names the Notes (or their respective predecessor Notes) are
registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (b).

 

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

 

Notwithstanding the foregoing or anything to the
contrary in this Indenture or the Notes, if any such Interest Payment Date (other than an Interest Payment Date at maturity) would
otherwise be a day that is not a Business Day, then the Interest Payment Date shall be postponed to the next succeeding Business
Day (except if that Business Day falls in the next succeeding calendar month, then interest shall be paid on the immediately preceding
Business Day). If the maturity date of the Notes is a day that is not a Business Day, all payments to be made on such day shall
be made on the next succeeding Business Day, with the same force and effect as if made on the maturity date. In either of such
cases, no additional interest shall be payable as a result of such delay in payment.

 

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

 

SECTION 2.13 CUSIP Numbers. The Company
in issuing the Notes may use “CUSIP” numbers (if then generally in use). The Trustee
shall not be responsible for the use of CUSIP numbers, and the Trustee makes no representation as to their correctness as printed
on any Note or notice to Holders. The Company shall promptly notify the Trustee in writing of any change in the CUSIP numbers.

 

    	 	-45-	 

     

    

 

SECTION 2.14 [Reserved].

 

SECTION 2.15 Record Date. The Company
may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent
or take any other action described in, or required or permitted to be taken pursuant to, this Indenture. If a record date is fixed,
those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled
to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue
to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date.

 

ARTICLE III

 

Covenants

 

SECTION 3.01 Payment of Notes. The
Company shall promptly pay the principal of, premium, if any, and interest on the Notes on the dates and in the manner provided
in the Notes and in this Indenture. Principal, premium, if any, and interest shall be considered paid on the date due if on such
date the Trustee or the Paying Agent holds in accordance with this Indenture money sufficient to pay all principal, premium, if
any, and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to
the Holders on that date pursuant to the terms of this Indenture.

 

The Company shall pay interest on overdue principal
at the rate specified therefor in the Notes.

 

Notwithstanding anything to the contrary contained
in this Indenture, the Company may, to the extent it is required to do so by law, deduct or withhold income or other similar taxes
imposed by the United States of America from principal or interest payments hereunder.

 

SECTION 3.02 SEC Reports. Any documents
or reports that the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act (excluding
any such information, documents or reports, or portions thereof, subject to confidential treatment and any correspondence with
the SEC) must be filed by the Company with the Trustee within 15 days after the same are required to be filed with the SEC (giving
effect to any grace period provided by Rule 12b-25 or any successor rule under the Exchange Act).  Documents filed by the
Company with the SEC via the EDGAR system (or any successor thereto) will be deemed to be filed with the Trustee as of the time
such documents are filed via EDGAR (or any successor thereto).  Delivery of reports, information and documents to the Trustee
under this Indenture is for informational purposes only and the information and the Trustee’s receipt of the foregoing shall
not constitute actual or constructive notice of any information contained therein, or determinable from information contained therein
including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively
on Officers’ Certificates).

 

In addition, the Company and the Subsidiary Guarantors
shall make available to the Holders and to prospective investors, upon the request of such Holders, the information required to
be delivered pursuant to Rule 144A(d)(4) under the Securities Act to the extent such Notes constitute “restricted securities”
within the meaning of the Securities Act.

 

    	 	-46-	 

     

    

 

In no event shall the Trustee be responsible for
determining whether the Company has satisfied its delivery obligations set forth in the foregoing Section 3.02.

 

SECTION 3.03 Limitation on Indebtedness.

 

(a)          The
Company will not, and will not permit any of its Restricted Subsidiaries to, Incur any Indebtedness (including Acquired Indebtedness);
provided, however, that the Company and the Subsidiary Guarantors may Incur Permitted Debt if on the date thereof
and, after giving effect thereto and the application of the proceeds thereof on a pro forma basis, the Consolidated Leverage
Ratio for the Company and its Restricted Subsidiaries would be no greater than 5.75 to 1.00.

 

(b)         The
provisions of Section 3.03(a) shall not apply to the Incurrence of the following Indebtedness:

 

(i)          Indebtedness
of the Company evidenced by (A) the Junior Lien Term Loan Facility, (B) the Notes (other than Additional Notes) and Indebtedness
of Subsidiary Guarantors evidenced by the Subsidiary Guarantees relating to the Notes (other than Additional Notes) and (C) (1)
First Lien Debt and (2) Permitted Additional Secured Obligations so long as, in the case of this subclause (2), immediately
after giving effect thereto, the aggregate principal amount of First Lien Debt and Permitted Additional Secured Obligations then
outstanding does not exceed the excess, if positive, of (x) 2.12x Consolidated EBITDA of the Company for the most recent four fiscal
quarter period for which internal financial statements are available (with such pro forma adjustments to Consolidated EBITDA as
are consistent with those set forth in the definition of “Consolidated Leverage Ratio”) minus (y) the aggregate principal
amount of First Lien Debt redeemed following the Measurement Date pursuant to a mandatory redemption and, solely to the extent
resulting in a reduction in the Company’s obligations to redeem First Lien Debt pursuant to an excess cash flow mandatory
redemption, the principal amount of First Lien Debt retired by the Company pursuant to open market purchases or optional redemption
of the First Lien Debt;

 

(ii)         Indebtedness
Incurred pursuant to Debt Facilities in an aggregate principal amount not to exceed the sum of $44.8 million plus the Borrowing
Base at any time outstanding;

 

(iii)        Guarantees
by (x) the Company or a Subsidiary Guarantor (including any Restricted Subsidiary the Company elects to cause to become a Subsidiary
Guarantor in connection therewith) of Indebtedness permitted to be Incurred by the Company or a Restricted Subsidiary in accordance
with the provisions of this Indenture, and (y) Non-Guarantor Subsidiaries of Indebtedness Incurred by Non-Guarantor Subsidiaries
in accordance with the provisions of this Indenture;

 

(iv)        Indebtedness
of the Company owing to and held by any Restricted Subsidiary or Indebtedness of a Restricted Subsidiary owing to and held by the
Company or any other Restricted Subsidiary; provided, however,

 

(A)         if
the Company is the obligor on Indebtedness owing to a Non-Guarantor Subsidiary, such Indebtedness is expressly subordinated to
the prior payment in full in cash of all obligations with respect to any First Lien Debt;

 

(B)         if
a Subsidiary Guarantor is the obligor on such Indebtedness and a Non-Guarantor Subsidiary is the obligee, such Indebtedness is
subordinated in right of payment to the Subsidiary Guarantees of such Subsidiary Guarantor; and

 

    	 	-47-	 

     

    

 

(C)         (1)
any subsequent issuance or transfer of Capital Stock or any other event that results in any such Indebtedness being beneficially
held by a Person other than the Company or a Restricted Subsidiary of the Company; and (2) any subsequent sale or other transfer
of any such Indebtedness to a Person other than the Company or a Restricted Subsidiary of the Company, shall be deemed, in each
case, to constitute an Incurrence of such Indebtedness by the Company or such Subsidiary, as the case may be;

 

(v)         any
Indebtedness (other than the Indebtedness described in clauses (i) and (ii)) outstanding on the Measurement
Date and any Refinancing Indebtedness Incurred in respect of any Indebtedness described in clause (i), this clause (v)
or clause (vi) or Incurred pursuant to Section 3.03(a);

 

(vi)        Indebtedness
of Persons Incurred and outstanding on the date on which such Person became a Restricted Subsidiary or was acquired by, or merged
or consolidated with or into, the Company or any Restricted Subsidiary (other than Indebtedness Incurred in connection with, or
in contemplation of, such acquisition, merger or consolidation); provided, however, that at the time such Person
is acquired by, or merged or consolidated with, the Company or any Restricted Subsidiary and after giving effect to the Incurrence
of such Indebtedness pursuant to this clause (vi), either (x) the Consolidated Leverage Ratio for the Company and its
Restricted Subsidiaries would be no greater than 5.75 to 1.00, or (y) the aggregate principal amount of such Indebtedness at any
time outstanding incurred pursuant to this clause (y) (together with all Refinancing Indebtedness in respect of Indebtedness
previously Incurred pursuant to this clause (y)) shall not exceed $33.6 million;

 

(vii)       Indebtedness
under Hedging Obligations; provided, however, that such Hedging Obligations are entered into to fix, manage or hedge
interest rate, currency or commodity exposure of the Company or any Restricted Subsidiary and not for speculative purposes;

 

(viii)      Purchase
Money Indebtedness in an aggregate principal amount not to exceed $33.6 million at any one time outstanding pursuant to this clause (viii);

 

(ix)         Indebtedness
Incurred by the Company or its Restricted Subsidiaries in respect of workers’ compensation claims, health, disability or
other employee benefits or property, casualty or liability insurance, self-insurance obligations, performance, bid, surety, appeal
and similar bonds and completion Guarantees (not for borrowed money) or security deposits, letters of credit, banker’s guarantees
or banker’s acceptances, in each case in the ordinary course of business;

 

(x)          Indebtedness
arising from agreements of the Company or a Restricted Subsidiary providing for indemnification, adjustment of purchase price,
earn-outs or similar obligations, in each case, Incurred or assumed in connection with the acquisition or disposition of any business
or assets of the Company or any business, assets or Capital Stock of a Subsidiary, other than Guarantees of Indebtedness Incurred
by any Person acquiring all or any portion of such business, assets or Capital Stock for the purpose of financing such acquisition;
provided that:

 

(A)         the
maximum aggregate liability in respect of all such Indebtedness shall at no time exceed the gross proceeds including non-cash proceeds
(the Fair Market Value of such non-cash proceeds being measured at the time received and without giving effect to subsequent changes
in value), actually received by the Company and its Restricted Subsidiaries in connection with such disposition; and

 

    	 	-48-	 

     

    

 

(B)         such
Indebtedness is not reflected on the balance sheet of the Company or any of its Restricted Subsidiaries (contingent obligations
referred to in a footnote to financial statements and not otherwise reflected on the balance sheet shall not be deemed to be reflected
on such balance sheet for purposes of this clause (B));

 

(xi)         Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument, including, but not
limited to, electronic transfers, wire transfers and commercial card payments drawn against insufficient funds in the ordinary
course of business (except in the form of committed or uncommitted lines of credit); provided, however, that such
Indebtedness is extinguished within ten (10) Business Days of Incurrence;

 

(xii)        Indebtedness
Incurred by the Company or any Restricted Subsidiary in connection with (x) insurance premium financing arrangements not to exceed
$11.2 million at any one time outstanding or (y) take-or-pay obligations in supply agreements incurred in the ordinary course of
business;

 

(xiii)       Indebtedness
owed on a short-term basis of no longer than 30 days to banks and other financial institutions Incurred in the ordinary course
of business of the Company and its Restricted Subsidiaries with such banks or financial institutions that arises in connection
with ordinary banking arrangements to provide treasury services or to manage cash balances of the Company and its Restricted Subsidiaries
(for the avoidance of doubt, including Cash Management Obligations);

 

(xiv)      guarantees
to suppliers or licensors (other than guarantees of Indebtedness) in the ordinary course of business;

 

(xv)       Indebtedness
of the Company or any Restricted Subsidiary to the extent that the Net Cash Proceeds thereof are promptly deposited to defease
or discharge any First Lien Debt, or, following the repayment of the First Lien Debt, to effect the repayment of the Tranche A
Loan or the Notes;

 

(xvi)      Indebtedness
of the Company or any Restricted Subsidiary consisting of Guarantees in respect of obligations of joint ventures; provided
that the aggregate principal amount of the Indebtedness incurred pursuant to this clause (xvi) shall not exceed $22.4
million at any time outstanding;

 

(xvii)     Indebtedness
of the Company or any Restricted Subsidiary Incurred in connection with any Sale/Leaseback Transaction, in an aggregate principal
amount not to exceed $84.0 million at any time outstanding; and

 

(xviii)    in addition
to the items referred to in clauses (i) through (xvii) above, Indebtedness of the Company and its Restricted
Subsidiaries in an aggregate outstanding principal amount which, when taken together with the principal amount of all other Indebtedness
Incurred pursuant to this clause (xviii) and then outstanding, shall not exceed $33.6 million at any time outstanding.

 

(c)          For
purposes of determining compliance with, and the outstanding principal amount of any particular Indebtedness Incurred pursuant
to and in compliance with, this Section 3.03:

 

(i)          in
the event that Indebtedness meets the criteria of more than one of the types of Indebtedness described in Section 3.03(b)
or could be Incurred pursuant to Section 3.03(a), the Company, in its sole discretion, may divide and classify such
item of Indebtedness (or any portion thereof) on the date of Incurrence and may later reclassify such item of Indebtedness (or
any portion thereof) in any manner that complies with this Section 3.03 and only be required to include the amount
and type of such Indebtedness once; provided that all Indebtedness outstanding on the Measurement Date under the ABL Credit
Facility shall be deemed Incurred on the Measurement Date under Section 3.03(b)(ii) and may not later be reclassified;

 

    	 	-49-	 

     

    

 

(ii)         Guarantees
of, or obligations in respect of letters of credit relating to, Indebtedness that is otherwise included in the determination of
a particular amount of Indebtedness shall not be included;

 

(iii)        if
obligations in respect of letters of credit are Incurred pursuant to a Debt Facility and are being treated as Incurred pursuant
to Section 3.03(b)(ii) and the letters of credit relate to other Indebtedness, then such other Indebtedness shall not
be included;

 

(iv)        the
principal amount of any Disqualified Stock of the Company or a Restricted Subsidiary, or Preferred Stock of a Restricted Subsidiary
that is not a Subsidiary Guarantor, shall be equal to the greater of the maximum mandatory redemption or repurchase price (not
including, in either case, any redemption or repurchase premium) or the liquidation preference thereof;

 

(v)         Indebtedness
permitted by this Section 3.03 need not be permitted solely by reference to one provision permitting such Indebtedness
but may be permitted in part by one such provision and in part by one or more other provisions of this Section 3.03
permitting such Indebtedness; and

 

(vi)        the
amount of Indebtedness issued at a price that is less than the principal amount thereof shall be equal to the amount of the liability
in respect thereof determined in accordance with GAAP.

 

Accrual of interest, accrual of dividends, the accretion of accreted
value or the amortization of debt discount, the payment of interest in the form of additional Indebtedness and the payment of dividends
in the form of additional shares of Preferred Stock or Disqualified Stock shall not be deemed to be an Incurrence of Indebtedness
for purposes of this Section 3.03. The amount of any Indebtedness outstanding as of any date shall be (i) the accreted
value thereof in the case of any Indebtedness issued with original issue discount or the aggregate principal amount outstanding
in the case of Indebtedness issued with interest payable-in-kind, (ii) the principal amount or liquidation preference thereof,
together with any interest thereon that is more than 30 days past due, in the case of any other Indebtedness, (iii) in the case
of the Guarantee by a specified Person of Indebtedness of another Person, the maximum liability to which the specified Person may
be subject upon the occurrence of the contingency giving rise to the obligation and (iv) in the case of Indebtedness of others
Guaranteed solely by means of a Lien on any asset or property of the Company or any Restricted Subsidiary (and not to their other
assets or properties generally), the lesser of (x) the Fair Market Value of such asset or property on the date on which such Indebtedness
is Incurred and (y) the amount of the Indebtedness so secured.

 

(d)          In
addition, the Company shall not permit (i) any of its Unrestricted Subsidiaries to Incur any Indebtedness or issue any shares of
Disqualified Stock, other than Non-Recourse Debt, or (ii) any Indebtedness issued or borrowed by the Company to be refinanced with
Indebtedness issued or borrowed by any Subsidiary of the Company. If at any time an Unrestricted Subsidiary becomes a Restricted
Subsidiary, any Indebtedness of such Subsidiary shall be deemed to be Incurred by a Restricted Subsidiary as of such date and,
if such Indebtedness is not permitted to be Incurred as of such date under this Section 3.03, the Company shall be
in Default of this Section 3.03.

 

    	 	-50-	 

     

    

 

(e)          For
purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S. dollar-equivalent
principal amount of Indebtedness denominated in a foreign currency shall be calculated by the Company based on the relevant currency
exchange rate in effect on the date such Indebtedness was Incurred, in the case of term Indebtedness, or first committed, in the
case of revolving credit Indebtedness; provided that if such Indebtedness is Incurred to Refinance other Indebtedness denominated
in a foreign currency, and such Refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated
at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall
be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal
amount of such Indebtedness being Refinanced plus the amount of any reasonable premium (including reasonable tender premiums),
defeasance costs and any reasonable fees and expenses incurred in connection with the issuance of such new Indebtedness. Notwithstanding
any other provision of this Section 3.03, the maximum amount of Indebtedness that the Company may Incur pursuant to
this Section 3.03 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies.
The principal amount of any Indebtedness Incurred to Refinance other Indebtedness, if Incurred in a different currency from the
Indebtedness being Refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such
Refinancing Indebtedness is denominated that is in effect on the date of such Refinancing.

 

SECTION 3.04 Limitation on Restricted
Payments.

 

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

 

(i)          declare
or pay any dividend or make any distribution (whether made in cash, securities or other property) on or in respect of its Capital
Stock (including any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries)
other than:

 

(A)         dividends
or distributions payable solely in Capital Stock of the Company (other than Disqualified Stock) or in options, warrants or other
rights to purchase such Capital Stock of the Company; and

 

(B)         dividends
or distributions by a Restricted Subsidiary payable to the Company or another Restricted Subsidiary (and if such Restricted Subsidiary
is not a Wholly-Owned Subsidiary, to its other holders of common Capital Stock on a pro rata basis or on a basis that results
in the receipt by the Company or a Restricted Subsidiary of dividends or distributions of a greater value than it would receive
on a pro rata basis);

 

(ii)         purchase,
redeem, retire or otherwise acquire for value any Capital Stock of the Company held by Persons other than the Company or a Restricted
Subsidiary (other than in exchange for Capital Stock of the Company (other than Disqualified Stock));

 

(iii)        make
any principal payment on, or purchase, repurchase, redeem, defease or otherwise acquire or retire for value, prior to any scheduled
maturity, scheduled repayment or scheduled sinking fund payment, any Junior Indebtedness other than the purchase, repurchase, redemption,
defeasance or other acquisition of such Junior Indebtedness, in anticipation of satisfying a sinking fund obligation, principal
installment or final maturity, in each case due within six (6) months of the date of purchase, repurchase, redemption, defeasance
or acquisition; or

 

(iv)        make
any Restricted Investment (all such payments and other actions referred to in clauses (i) through (iv) (other
than any exception thereto) shall be referred to as a “Restricted Payment”), unless, at the time of and after
giving effect to such Restricted Payment:

 

    	 	-51-	 

     

    

 

(1)         no
Default shall have occurred and be continuing (or would result therefrom);

 

(2)         immediately
after giving effect to such transaction on a pro forma basis, the Company is able to Incur $1.00 of additional Permitted
Additional Secured Obligations under Section 3.03(b)(i)(C)(2) hereof; and

 

(3)         the
aggregate amount of such Restricted Payment and all other Restricted Payments declared or made subsequent to the Measurement Date
(excluding Restricted Payments made pursuant to clauses (i), (ii), (iii), (v), (vi), (vii),
(viii), (ix), (x), (xii), (xiii), (xiv), (xv) and (xvi) of Section 3.04(b))
would not exceed the sum of, without duplication:

 

(A)         the
excess of (x) the Company’s cumulative Consolidated EBITDA (whether positive or negative) determined at the time of such
Restricted Payment minus (y) 140% of the Company’s Consolidated Interest Expense, each determined for the period (taken
as one accounting period) from April 2, 2018 to the end of the Company’s most recently ended fiscal quarter for which internal
financial statements are available at the time of such Restricted Payment;

 

(B)         100%
of the aggregate Net Cash Proceeds and the Fair Market Value of marketable securities or other property received by the Company
or a Restricted Subsidiary from the issue or sale of its Capital Stock (other than Disqualified Stock) or other capital contributions
subsequent to the Measurement Date, other than:

 

(x)          Net
Cash Proceeds received from an issuance or sale of such Capital Stock to a Subsidiary of the Company or to an employee stock ownership
plan, option plan or similar trust to the extent such sale to an employee stock ownership plan or similar trust is financed by
loans from or Guaranteed by the Company or any Restricted Subsidiary unless such loans have been repaid with cash on or prior to
the date of determination; and

 

(y)          Net
Cash Proceeds received by the Company from the issue and sale of its Capital Stock to the extent applied to redeem First Lien Debt
or the Notes, or repay the Tranche A Loan;

 

(C)         the
amount by which Indebtedness of the Company and its Restricted Subsidiaries is reduced on the Company’s consolidated balance
sheet upon the conversion or exchange subsequent to the Measurement Date of any Indebtedness (other than Junior Indebtedness) of
the Company or its Restricted Subsidiaries for Capital Stock (other than Disqualified Stock) of the Company (less the amount of
any cash, or the Fair Market Value of any other property, distributed by the Company or any Restricted Subsidiary upon such conversion
or exchange);

 

    	 	-52-	 

     

    

 

(D)         100%
of the Net Cash Proceeds and the Fair Market Value of property other than cash and marketable securities from the sale or other
disposition (other than to the Company or a Restricted Subsidiary) of Restricted Investments made after the Measurement Date and
redemptions and repurchases of such Restricted Investments from the Company or its Restricted Subsidiaries and repayment of Restricted
Investments in the form of loans or advances from the Company and its Restricted Subsidiaries and releases of Guarantees that constitute
Restricted Investments by the Company and its Restricted Subsidiaries (other than in each case to the extent the Restricted Investment
was made pursuant to Section 3.04(b)(xii));

 

(E)         100%
of the Net Cash Proceeds and the Fair Market Value of property other than cash and marketable securities received by the Company
or its Restricted Subsidiaries from the sale (other than to the Company or a Restricted Subsidiary) of the stock of an Unrestricted
Subsidiary (other than in each case to the extent the Investment in such Unrestricted Subsidiary was made by the Company or a Restricted
Subsidiary pursuant to Section 3.04(b)(xii) or to the extent such Investment constituted a Permitted Investment); and

 

(F)         to
the extent that any Unrestricted Subsidiary of the Company designated as such after the Measurement Date is redesignated as a Restricted
Subsidiary or any Unrestricted Subsidiary of the Company merges into or consolidates with the Company or any of its Restricted
Subsidiaries or any Unrestricted Subsidiary transfers, dividends or distributes assets to the Company or a Restricted Subsidiary,
in each case after the Measurement Date, the Fair Market Value of such Subsidiary as of the date of such redesignation or such
merger or consolidation, or in the case of the transfer, dividend or distribution of assets of an Unrestricted Subsidiary to the
Company or a Restricted Subsidiary, the Fair Market Value of such assets of the Unrestricted Subsidiary as determined at the time
of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary or at the time of such merger, consolidation or
transfer, dividend or distribution of assets (other than an Unrestricted Subsidiary to the extent the Investment in such Unrestricted
Subsidiary was made by a Restricted Subsidiary pursuant to Section 3.04(b)(xii) or to the extent such Investment constituted
a Permitted Investment).

 

(b)          The
provisions of Section 3.04(a) hereof shall not prohibit:

 

(i)          any
purchase, repurchase, redemption, defeasance or other acquisition or retirement of Capital Stock, Disqualified Stock, Junior Indebtedness
or any Restricted Investment made in exchange for, or out of the proceeds of the substantially concurrent sale of, Capital Stock
of the Company (other than (x) Disqualified Stock and (y) Capital Stock issued or sold to a Subsidiary or an employee stock ownership
plan or similar trust to the extent such sale to an employee stock ownership plan or similar trust is financed by loans from or
Guaranteed by the Company or any Restricted Subsidiary unless such loans have been repaid with cash on or prior to the date of
determination); provided, however, that the Net Cash Proceeds from such sale of Capital Stock shall be excluded from
Section 3.04(a)(iv)(3)(B);

 

(ii)         any
purchase, repurchase, redemption, defeasance or other acquisition or retirement of Junior Indebtedness made by exchange for, or
out of the proceeds of the substantially concurrent Incurrence of Refinancing Indebtedness;

 

    	 	-53-	 

     

    

 

(iii)        any
purchase, repurchase, redemption, defeasance or other acquisition or retirement of Disqualified Stock of the Company or a Restricted
Subsidiary made by exchange for or out of the proceeds of the substantially concurrent sale of Disqualified Stock of the Company
or such Restricted Subsidiary, as the case may be, that, so long as such refinancing Disqualified Stock is permitted to be Incurred
pursuant to Section 3.03;

 

(iv)        dividends
paid within 90 days after the date of declaration if at such date of declaration such dividend would have complied with this provision;

 

(v)         the
purchase, repurchase, redemption or other acquisition, cancellation or retirement for value of Capital Stock, or options, warrants,
equity appreciation rights or other rights to purchase or acquire Capital Stock, of the Company held by any existing or former
employees, management or directors of or consultants to the Company or any Subsidiary of the Company or their assigns, estates
or heirs, in each case in connection with the repurchase provisions under employee stock option or stock purchase agreements or
other compensatory agreements approved by the Board of Directors of the Company; provided that such purchases, repurchases,
redemptions, acquisitions, cancellations or retirements pursuant to this clause (v) shall not exceed $5.6 million in
the aggregate during any calendar year, although such amount in any calendar year (with any unused amounts in any year being available
in succeeding years) may be increased by an amount not to exceed:

 

(A)         the
Net Cash Proceeds from the sale of Capital Stock (other than Disqualified Stock) of the Company to existing or former employees
or members of management of the Company or any of its Subsidiaries that occurs after the Measurement Date, to the extent the cash
proceeds from the sale of such Capital Stock have not otherwise been applied to the payment of Restricted Payments (provided
that the Net Cash Proceeds from such sales or contributions shall be excluded from Section 3.04(a)(iv)(3)(B));
plus

 

(B)          the
cash proceeds of key man life insurance policies received by the Company or its Restricted Subsidiaries after the Measurement Date;
less

 

(C)          the
amount of any Restricted Payments previously made with the cash proceeds described in subclauses (A) and (B)
of this clause (v);

 

(vi)        the
accrual declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Company issued in accordance
with the terms of this Indenture;

 

(vii)       repurchases
or other acquisitions of Capital Stock deemed to occur (i) upon the exercise of stock options, warrants, restricted stock units
or other rights to purchase Capital Stock or other convertible securities if such Capital Stock represents a portion of the exercise
price thereof or conversion price thereof or (ii) in connection with withholdings or similar taxes payable by any future, present
or former employee, director or officer;

 

(viii)      the
purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of any Junior Indebtedness at a purchase
price not greater than 101% of the principal amount of (plus accrued and unpaid interest on) such Junior Indebtedness in
the event of a transaction permitted in accordance with provisions similar to Section 4.01;

 

(ix)         cash
payments in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other securities
convertible into or exchangeable for Capital Stock of the Company or other exchanges of securities of the Company or a Restricted
Subsidiary in exchange for Capital Stock of the Company;

 

    	 	-54-	 

     

    

 

(x)          Restricted
Payments from the proceeds of Permitted Debt if on the date thereof and, after giving effect thereto on a pro forma basis, the
Consolidated Leverage Ratio for the Company and its Restricted Subsidiaries would be no greater than 5.75 to 1.00;

 

(xi)         [reserved];

 

(xii)        other
Restricted Payments in an aggregate amount, which, when taken together with all other Restricted Payments made pursuant to this
clause (xii) (as reduced by the amount of capital returned from any such Restricted Payments that constituted Restricted
Investments in the form of cash and Cash Equivalents (exclusive of amounts included in Section 3.04(a)(iv)(3)(A)))
not to exceed $28.0 million;

 

(xiii)       the
purchase of fractional shares of Capital Stock of the Company arising out of stock dividends, splits or combinations or mergers,
consolidations or other acquisitions;

 

(xiv)      in
connection with any acquisition by the Company or any of its Subsidiaries, the receipt or acceptance of the return to the Company
or any of its Restricted Subsidiaries of Capital Stock of the Company constituting a portion of the purchase price consideration
in settlement of indemnification claims or as a result of a purchase price adjustment (including consideration earn-outs);

 

(xv)       the
distribution of rights pursuant to any shareholder rights plan or the redemption of such for nominal consideration in accordance
with the terms of any shareholder rights plan; or

 

(xvi)      payments
or distributions to stockholders pursuant to appraisal rights required under applicable law in connection with any merger, consolidation
or other acquisition by the Company or any Restricted Subsidiary;

 

provided, however, that at the time of and after giving
effect to any Restricted Payment permitted under clauses (vi), (x), (xii) and (xvi), no Default
shall have occurred and be continuing or would occur as a consequence thereof.

 

(c)          The
amount of all Restricted Payments (other than cash) shall be the Fair Market Value on the date of such Restricted Payment of the
assets or securities proposed to be paid, transferred or issued by the Company or such Restricted Subsidiary, as the case may be,
pursuant to such Restricted Payment. The Fair Market Value of any cash Restricted Payment shall be its face amount and any non-cash
Restricted Payment shall be determined conclusively in Good Faith by the Company.

 

For purposes of determining compliance with this
Section 3.04, in the event that a proposed Restricted Payment (or portion thereof) meets the criteria of more than
one of the categories of Restricted Payments described in clauses (i) through (xvi) of this Section 3.04(b),
or is entitled to be made pursuant to Section 3.04(a), the Company shall be entitled to divide and classify such Restricted
Payment (or portion thereof) on the date of its payment in any manner that complies with this Section 3.04.

 

If the Company or any Restricted Subsidiary makes
a Restricted Investment or a Permitted Investment and the Person in which such Investment was made subsequently becomes a Restricted
Subsidiary, to the extent such Investment resulted in a reduction of the amounts calculated under the first paragraph of this covenant
or any other provision of this covenant or the definition of Permitted Investment (which was not subsequently reversed), then such
amount shall be increased by the amount of such reduction to the extent of the lesser of (x) the amount of such Investment and
(y) the Fair Market Value of such Investment at the time such Person becomes a Restricted Subsidiary.

 

    	 	-55-	 

     

    

 

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

 

SECTION 3.05 Limitation on Liens.
The Company shall not, and shall not permit any of its Restricted Subsidiaries to, create, incur or assume any Lien (other than
Permitted Liens) that secures any Indebtedness on any asset or property of the Company or such Restricted Subsidiary or any income
or profits therefrom.

 

SECTION 3.06 Limitation on Restrictions
on Distributions from Restricted Subsidiaries.

 

(a)          The
Company shall not, and shall not permit any Restricted Subsidiary to, create or otherwise cause or permit to exist any consensual
encumbrance or consensual restriction on the ability of any Restricted Subsidiary to:

 

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

 

(B)         pay
any Indebtedness or other obligations owed to the Company or any Restricted Subsidiary (it being understood that the priority of
any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid
on Common Stock shall not be deemed a restriction on the ability to make distributions on Capital Stock);

 

(ii)         make
any loans or advances to the Company or any Restricted Subsidiary (it being understood that the subordination of loans or advances
made to the Company or any Restricted Subsidiary to other Indebtedness Incurred by the Company or any Restricted Subsidiary shall
not be deemed a restriction on the ability to make loans or advances); or

 

(iii)        sell,
lease or transfer any of its property or assets to the Company or any Restricted Subsidiary (it being understood that such transfers
shall not include any type of transfer described in clause (i) or (ii) of this Section 3.06(a)).

 

(b)          The
restrictions in Section 3.06(a) shall not prohibit encumbrances or restrictions existing under or by reason of:

 

(i)          any
encumbrance or restriction pursuant to an agreement in effect at or entered into on the Measurement Date (including, without limitation,
the ABL Credit Facility, the First Lien Debt, the Junior Lien Term Loan Facility, this Indenture, the Notes, any collateral documents
(including the Collateral Documents) relating to any of the foregoing, and the Intercreditor Agreements in effect on such date);

 

    	 	-56-	 

     

    

 

(ii)         any
encumbrance or restriction with respect to a Person or assets pursuant to an agreement in effect on or before the date on which
such Person became a Restricted Subsidiary or was acquired by, merged into or consolidated with the Company or a Restricted Subsidiary
(other than Capital Stock or Indebtedness Incurred as consideration in, or to provide all or any portion of the funds or credit
support utilized to consummate, the transaction or series of related transactions pursuant to which such Person became a Restricted
Subsidiary or was acquired by, merged into or consolidated with the Company or in contemplation of the transaction) or such assets
were acquired by the Company or any Restricted Subsidiary; provided that any such encumbrance or restriction shall not extend
to any Person or the assets or property of the Company or any other Restricted Subsidiary other than the Person and its Subsidiaries
or the assets and property so acquired and that, in the case of Indebtedness, was permitted to be Incurred pursuant to this Indenture;

 

(iii)        any
encumbrance or restriction pursuant to an agreement effecting a Refinancing of Indebtedness Incurred pursuant to an agreement referred
to in clause (i) or (ii) of this Section 3.06(b) or this clause (iii) or contained
in any amendment, restatement, modification, renewal, supplement, refunding, replacement or Refinancing of an agreement referred
to in clause (i) or (ii) of this Section 3.06(b) or this clause (iii); provided, however,
that the encumbrances and restrictions with respect to such Restricted Subsidiary contained in any such agreement are no less favorable
(as determined in Good Faith by the Company) in any material respect, taken as a whole, to the Holders than the encumbrances and
restrictions contained in such agreements referred to in clause (i) or (ii) of this Section 3.06(b)
on the Measurement Date or the date such Restricted Subsidiary became a Restricted Subsidiary or was merged into or consolidated
with a Restricted Subsidiary, whichever is applicable;

 

(iv)        in
the case of Section 3.06(a)(iii), encumbrances or restrictions arising in connection with Liens permitted to be Incurred
under the provisions of Section 3.05 that apply only to the assets subject to such Liens;

 

(v)         Purchase
Money Indebtedness and Capitalized Lease Obligations permitted under this Indenture, in each case, that impose encumbrances or
restrictions of the nature described in Section 3.06(a)(iii) on the property so acquired;

 

(vi)        contracts
for the sale of assets, including customary restrictions with respect to a Subsidiary of the Company pursuant to an agreement that
has been entered into for the sale of all or a portion of the Capital Stock or assets of such Subsidiary;

 

(vii)       restrictions
on cash or other deposits or net worth imposed by customers or lessors or required by insurance, surety or bonding companies under
contracts entered into in the ordinary course of business;

 

(viii)      any
customary provisions in joint venture agreements relating to joint ventures and other similar agreements entered into in the ordinary
course of business, provided that if such joint venture is a Restricted Subsidiary, such provisions shall not materially
affect the Company’s ability to make anticipated principal or interest payments on the Notes (as determined in Good Faith
by the Company);

 

(ix)         any
customary provisions in leases, subleases or licenses and other agreements entered into by the Company or any Restricted Subsidiary
in the ordinary course of business;

 

(x)          encumbrances
or restrictions arising or existing by reason of applicable law or any applicable rule, regulation, order, permit or grant;

 

    	 	-57-	 

     

    

 

(xi)         encumbrances
or restrictions contained in or arising under indentures or debt instruments or other debt arrangements Incurred or Preferred Stock
issued by Subsidiary Guarantors in accordance with Section 3.03 that are not more restrictive, taken as a whole (as
determined in Good Faith by the Company), than those applicable to the Company pursuant to the Junior Lien Term Loan Facility and
this Indenture (which results in encumbrances or restrictions comparable to those applicable to the Company at a Restricted Subsidiary
level);

 

(xii)        encumbrances
or restrictions contained in or arising under indentures or other debt instruments or debt arrangements Incurred or Preferred Stock
issued by Restricted Subsidiaries that are not Subsidiary Guarantors subsequent to the Measurement Date pursuant to clauses (ii),
(v), (vi), (vii) and (xiv) of Section 3.03(b), provided that such encumbrances and
restrictions contained in any agreement or instrument shall not materially affect the Company’s ability to make anticipated
principal or interest payments on the Notes (as determined in Good Faith by the Company); and

 

(xiii)       under
any contract, instrument or agreement relating to Indebtedness of any Foreign Subsidiary which imposes restrictions solely on such
Foreign Subsidiary and its Subsidiaries.

 

SECTION 3.07 Limitation on Sales of Assets
and Subsidiary Stock.

 

(a)          The
Company shall not, and shall not permit any of its Restricted Subsidiaries to, make any Asset Disposition following the Issue Date
unless:

 

(i)           the
Company or such Restricted Subsidiary, as the case may be, receives consideration at least equal to the Fair Market Value (such
Fair Market Value to be determined as of the date of contractually agreeing to such Asset Disposition) of the assets subject to
such Asset Disposition; and

 

(ii)         at
least 75% of the consideration from such Asset Disposition received by the Company or such Restricted Subsidiary, as the case may
be, is in the form of cash or Cash Equivalents.

 

The Company shall determine the Fair Market Value of any consideration
from such Asset Disposition that is not cash or Cash Equivalents.

 

(b)          For
the purposes of this Section 3.07, the following are deemed to be cash: (x) the assumption of Indebtedness or other
liabilities of the Company (other than Disqualified Stock or Junior Indebtedness) or Indebtedness or other liabilities of any Restricted
Subsidiary (other than Disqualified Stock or Junior Indebtedness) and the release of the Company or such Restricted Subsidiary
from all liability on such Indebtedness or liabilities in connection with such Asset Disposition, (y) securities, notes or similar
obligations received by the Company or any Restricted Subsidiary from the transferee that are converted within 180 days by the
Company or such Restricted Subsidiary into cash and (z) any Designated Non-cash Consideration received by the Company or any of
its Restricted Subsidiaries in such Asset Disposition having an aggregate Fair Market Value (determined in Good Faith by the Company),
taken together with all other Designated Non-cash Consideration received pursuant to this clause (z) that is at that time outstanding,
not to exceed $57.5 million at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market Value of
each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes
in value).

 

    	 	-58-	 

     

    

 

SECTION 3.08 Limitation on Affiliate Transactions.

 

(a)          The
Company shall not, and shall not permit any of its Restricted Subsidiaries to, enter into or conduct any transaction (including
the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate of the Company (an “Affiliate
Transaction”) unless:

 

(i)          the
terms of such Affiliate Transaction, when viewed together with any related Affiliate Transactions, are not materially less favorable
to the Company or such Restricted Subsidiary, as the case may be, than those that could be obtained in a comparable transaction
at the time of such transaction in arm’s-length dealings with a Person who is not an Affiliate;

 

(ii)         in
the event such Affiliate Transaction involves an aggregate consideration in excess of $11.2 million, the terms of such transaction
have been approved by a majority of the disinterested members of the Board of Directors of the Company (and such majority determines
that such Affiliate Transaction satisfies the criteria in clause (i) above); and

 

(iii)        in
the event such Affiliate Transaction involves an aggregate consideration in excess of $22.4 million, the Company has received a
written opinion from an Independent Financial Advisor that such Affiliate Transaction is fair, from a financial point of view,
to the Company and the Restricted Subsidiaries, as applicable, or not materially less favorable than those that might reasonably
have been obtained in a comparable transaction at such time on an arm’s-length basis from a Person that is not an Affiliate.

 

(b)          The
provisions of Section 3.08(a) shall not apply to:

 

(i)          any
(x) Restricted Payment permitted to be made pursuant to Section 3.04 and (y) Permitted Investment in any Person that
is an Affiliate of the Company solely as a result of ownership of Investments in such Person by the Company or any Restricted Subsidiary;

 

(ii)         any
issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment
agreements and other compensation arrangements, options to purchase Capital Stock of the Company pursuant to restricted stock plans,
long-term incentive plans, stock appreciation rights plans, participation plans or similar employee benefits plans, pension plans
or similar plans or agreements or arrangements approved by the Board of Directors of the Company;

 

(iii)        loans
or advances to employees, officers or directors of the Company or any Restricted Subsidiary of the Company in the ordinary course
of business, in an aggregate amount outstanding at any time not in excess of $5.6 million (without giving effect to the forgiveness
of any such loan);

 

(iv)        any
transaction between or among the Company and any Restricted Subsidiary or between or among Restricted Subsidiaries, and any Guarantees
issued by the Company or a Restricted Subsidiary for the benefit of the Company or a Restricted Subsidiary;

 

(v)         the
payment of reasonable and customary compensation (including fees, benefits, severance, change of control payments and incentive
arrangements) to, and employee benefit arrangements, including, without limitation, split-dollar insurance policies, and indemnity
or similar arrangements provided on behalf of, directors, officers, employees and agents of the Company or any Restricted Subsidiary,
whether by charter, bylaw, statutory or contractual provisions;

 

    	 	-59-	 

     

    

 

(vi)        the
existence of, and the performance of obligations of the Company or any of its Restricted Subsidiaries under the terms of any agreement
to which the Company or any of its Restricted Subsidiaries is a party as of or on the Measurement Date, as these agreements may
be amended, modified, supplemented, extended or renewed from time to time; provided, however, that any future amendment,
modification, supplement, extension or renewal entered into after the Measurement Date shall be permitted to the extent that its
terms, taken as a whole, are not more disadvantageous to the Holders in any material respect, as determined in Good Faith by the
Company, than the terms of the agreements in effect on the Measurement Date;

 

(vii)       any
agreement between any Person and an Affiliate of such Person existing at the time such Person is acquired by or merged with or
into or consolidated with the Company or a Restricted Subsidiary; provided that such agreement was not entered into in contemplation
of such acquisition, merger or consolidation, or any amendment thereto (so long as any such amendment is not disadvantageous in
any material respect to the Holders, as determined in Good Faith by the Company, when taken as a whole as compared to the applicable
agreement as in effect on the date of such acquisition or merger);

 

(viii)      transactions
with customers, clients, suppliers, joint venture partners or purchasers or sellers of goods or services, in each case in the ordinary
course of the business of the Company and its Restricted Subsidiaries; provided that as determined in Good Faith by the
Company, such transactions are on terms that are not materially less favorable to the Company or the relevant Restricted Subsidiary
than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated
Person;

 

(ix)         any
purchases by the Company’s Affiliates of Indebtedness of the Company or any of its Restricted Subsidiaries the majority of
which Indebtedness is placed with Persons who are not Affiliates; and

 

(x)          any
issuance or sale of Capital Stock (other than Disqualified Stock) to Affiliates of the Company and the granting of registration
and other customary rights in connection therewith or any contribution to the Capital Stock of the Company or any Restricted Subsidiary.

 

SECTION 3.09 [Reserved].

 

SECTION 3.10 Future Subsidiary Guarantors
and After-Acquired Property.

 

(a)          If
any Restricted Subsidiary of the Company provides a full recourse guaranty of the obligations under the First Lien Debt, then,
within thirty (30) days (or such later date as the Trustee (acting at the written direction of the Holders of a majority of the
aggregate principal amount of outstanding Notes) shall agree) after such Restricted Subsidiary provides such a guaranty, the Company
shall cause such Restricted Subsidiary to (x) deliver to the Trustee in form reasonably satisfactory to the Trustee a supplemental
indenture pursuant to which such Restricted Subsidiary shall unconditionally Guarantee, on a joint and several basis, the full
and prompt payment of the principal of, premium, if any, and interest in respect of the Notes, including all obligations under
this Indenture, on the terms set forth in Article X, whereupon such Restricted Subsidiary will become a Subsidiary
Guarantor for purposes of this Indenture and (y) execute and deliver a joinder to the Security Agreement, as required by Section
29 of the Security Agreement.

 

(b)          The
Company will provide to the Collateral Agent, from time to time upon reasonable request (acting at the written direction of the
Trustee (acting at the written direction of the Holders of a majority of the aggregate principal amount of outstanding Notes)),
evidence as to the perfection and priority of the Liens created or intended to be created by the Collateral Documents, subject
to the limitations set forth therein.

 

    	 	-60-	 

     

    

 

(c)          With
respect to any property acquired after the Issue Date by the Company or any Subsidiary Guarantor that is intended to be subject
to the Lien created by any of the Collateral Documents but is not so subject, each of the Company and the Subsidiary Guarantors
will within (x) 90 days (or such later dated as the ABL Agent may agree with respect to the corresponding requirement under the
ABL Credit Documents) after the acquisition of any real property with a fair market value in excess of $2,000,000 which does not
constitute Excluded Property and which is not subject to a mortgage in favor of the Junior Lien Collateral Agent for the benefit
of the Secured Parties and (y) 30 days after the acquisition of any other such property (or such later date as the ABL Agent may
agree with respect to the corresponding requirement under ABL Credit Documents), (i) execute and deliver to the Collateral Agent
such amendments or supplements to the relevant Collateral Documents or such other documents as are reasonably necessary to grant
to the Junior Lien Collateral Agent, for the benefit of the Secured Parties, a Lien on such property subject to no Liens other
than Liens permitted or not prohibited by this Indenture, and (ii) take all actions reasonably necessary to cause such Lien to
be duly perfected to the extent required by such Collateral Document in accordance with all applicable requirements of law, including,
but not limited to, the filing of applicable financing statements, at the Company’s expense.

 

SECTION 3.11 Limitation on Lines of Business.
The Company shall not, and shall not permit any Restricted Subsidiary to, engage in any business other than a Related Business.

 

SECTION 3.12 [Reserved].

 

SECTION 3.13 Compliance Certificate.
The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company (commencing with the
fiscal year ending December 30, 2018) an Officers’ Certificate stating whether or not the signers know of any Default or
Event of Default that occurred during such period. If they do, the certificate shall describe the Default or Event of Default,
its status and what action the Company is taking or proposes to take with respect thereto.

 

SECTION 3.14 Statement by Officers as
to Default. The Company shall deliver to the Trustee, within 30 days after the knowledge thereof if such event is still continuing,
written notice in the form of an Officers’ Certificate of any Event of Default or any event which, with notice or the lapse
of time or both, would constitute an Event of Default under Section 6.01(a)(i), (ii), (iii), (iv),
(v), (vi), (ix), (x) or (xi), which shall include their status and what action the Company is
taking or proposing to take in respect thereof.

 

SECTION 3.15 Payment for Consents.
The Company shall not, and shall not permit any of its Subsidiaries to pay or cause to be paid any consideration to or for the
benefit of any Holder of any Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions
of this Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders of the Notes that consent,
waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or amendment;
provided that if such consent, waiver or amendment is in connection with an exchange offer for the Notes, such exchange
offer may be limited to only those Holders that are “Qualified Institutional Buyers” within the meaning of Rule 144A
under the Securities Act.

 

SECTION 3.16 [Reserved].

 

    	 	-61-	 

     

    

 

SECTION 3.17 Maintenance of Properties.
The Company will, and will cause each of the Subsidiary Guarantors to cause all properties used or useful in the conduct of its
respective business or the business of any Restricted Subsidiary to be maintained and kept in good condition, repair and working
order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments
and improvements thereof, all as in the judgment of the Issuer may be necessary so that the business carried on in connection therewith
may be properly and advantageously conducted at all times and (iii) keep its insurable property insured at all times by financially
sound and reputable insurance companies in amounts and with respect to such properties as are customarily insured against by other
Persons engaged in the same or similar businesses and similarly situated and located, as determined in Good Faith by the Company.

 

ARTICLE IV

 

Successor Company and Successor Guarantor

 

SECTION 4.01 When Company May Merge or
Otherwise Dispose of Assets.

 

(a)          The
Company shall not consolidate with or merge with or into (whether or not the Company is the surviving corporation), or sell, assign,
convey, transfer, lease, or otherwise dispose of all or substantially all of the properties and assets of the Company and its Restricted
Subsidiaries, taken as a whole, in one or more related transactions, to any Person unless:

 

(i)          if
other than the Company, the resulting, surviving or transferee Person (the “Successor Company”) shall be a corporation,
partnership or limited liability company organized and existing under the laws of the United States of America, any State of the
United States, the District of Columbia or any territory thereof;

 

(ii)         the
Successor Company (if other than the Company) and, in the case of a Successor Company that is not a corporation, a corporate co-issuer,
assume pursuant to a supplemental indenture or other documentation instruments, executed and delivered to the Trustee, in forms
reasonably satisfactory to the Trustee, all of the obligations of the Company under the Notes, this Indenture, the Collateral Documents
(as applicable) and the Intercreditor Agreements and, to the extent required by and subject to the limitations set forth in the
Security Agreement, will cause such amendments, supplements or other instruments to be executed, filed and recorded in such jurisdictions
as may be required by applicable law to preserve and protect the Lien on the Collateral owned by or transferred to the Successor
Company, together with such financing statements or comparable documents to the extent required by and subject to the limitations
set forth in the Security Agreement, as may be required to perfect any security interests in such Collateral which may be perfected
by the filing of a financing statement or a similar document under the Uniform Commercial Code or other similar statute or regulation
of the relevant states or jurisdictions;

 

(iii)        immediately
after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the Company, the Successor
Company or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Company, the Successor Company
or such Restricted Subsidiary at the time of such transaction), no Default or Event of Default shall have occurred and be continuing;

 

(iv)        [reserved];

 

    	 	-62-	 

     

    

 

(v)         if
the Successor Company is not the Company, each Subsidiary Guarantor (unless it is the other party to the transactions above, in
which case clause (i) shall apply) shall have by supplemental indenture confirmed that its Subsidiary Guarantee shall
apply to such Person’s obligations in respect of this Indenture and the Notes and its obligations under the Collateral Documents
and the Intercreditor Agreements shall continue to be in effect and, to the extent required by and subject to the limitations set
forth in the Security Agreement, shall cause such amendments, supplements or other instruments to be executed, filed, and recorded
in such jurisdictions as may be required by applicable law to preserve and protect the Lien on the Collateral owned by such Subsidiary
Guarantor, together with such financing statements or comparable documents to the extent required by and subject to the limitations
set forth in the Security Agreement, as may be required to perfect any security interests in such Collateral which may be perfected
by the filing of a financing statement or a similar document under the Uniform Commercial Code or other similar statute or regulation
of the relevant states or jurisdictions; and

 

(vi)        the
Successor Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Section 4.01 and,
if any supplement to any Collateral Document is required in connection with such transaction, such supplement shall comply with
the applicable provisions of this Indenture.

 

(b)          Without
compliance with Sections 4.01(a)(iii):

 

(i)          any
Restricted Subsidiary may consolidate with, merge with or into or to the Company or a Subsidiary Guarantor so long as no Capital
Stock of the Restricted Subsidiary is distributed to any Person other than the Company or a Subsidiary Guarantor; provided
that, in the case of a Restricted Subsidiary that merges into the Company, the Company will not be required to comply with Section 4.01(a)(vi),
and

 

(ii)         the
Company may merge with an Affiliate of the Company solely for the purpose of reincorporating the Company in another jurisdiction
to realize tax or other benefits, so long as the amount of Indebtedness of the Company and its Restricted Subsidiaries is not increased
thereby; provided that, in the case of a Restricted Subsidiary that merges into the Company, the Company shall not be required
to comply with the preceding clause (i).

 

(c)          Upon
satisfaction of the conditions set forth in Section 4.01(a) or 4.01(b), as applicable, the Company shall be
released from its obligations under this Indenture and the other Notes Documents and the Successor Company shall succeed to, and
be substituted for, and may exercise every right and power of, the Company under this Indenture, the other Notes Documents (as
applicable) and the Intercreditor Agreements, but, in the case of a lease of all or substantially all its assets, the predecessor
Company shall not be released from the obligation to pay the principal of and interest on the Notes.

 

(d)          Solely
for the purpose of computing amounts under Sections 3.04(a)(iv)(3)(A), (a)(iv)(3)(B), (a)(iv)(3)(C) and
(a)(iv)(3)(D), the Successor Company shall only be deemed to have succeeded and be substituted for the Company with respect
to periods subsequent to the effective time of such merger, consolidation, combination or transfer of assets.

 

SECTION 4.02 [Reserved].

 

    	 	-63-	 

     

    

 

ARTICLE V

 

Redemption of Notes

 

SECTION 5.01 Optional Redemption.
At any time or from time to time, the Company may redeem the Notes, in whole or in part, upon not less than 15 nor more than 60
days’ notice, at a redemption price (the “Redemption Price”) equal to 100% of the principal amount of
the Notes to be redeemed plus the Make-Whole Amount plus accrued and unpaid interest on the Notes, if any, to, but
excluding, the applicable Redemption Date (subject to the right of Holders of record on the relevant Record Date to receive interest
due on the relevant Interest Payment Date). The Trustee shall not be responsible for the calculation of the Make-Whole Amount or
the Redemption Price.

 

SECTION 5.02 Election to Redeem; Notice
to Trustee of Optional and Mandatory Redemptions. If the Company elects to redeem Notes pursuant to Section 5.01,
the Company shall furnish to the Trustee, at least five (5) Business Days (or such shorter time as may be acceptable to the Trustee)
before notice of redemption is required to be sent or caused to be sent to Holders pursuant to Section 5.04, an Officers’
Certificate setting forth (a) the paragraph or subparagraph of such Note and/or Section of this Indenture pursuant to which the
redemption shall occur, (b) the Redemption Date, (c) the principal amount of the Notes to be redeemed and (d) the Redemption Price.

 

SECTION 5.03 Selection of Notes to Be
Redeemed. In the case of any partial redemption, selection of the Notes for redemption will be made (subject to rounding such
that Notes are redeemed in whole increments of $1,000 and no Note of $2,000 in principal amount or less shall be redeemed in part)
in accordance with applicable procedures of DTC. If any Note is to be redeemed in part only, the notice of redemption relating
to such Note shall state the portion of the principal amount thereof to be redeemed. A new Note in principal amount equal to the
unredeemed portion thereof shall be issued in the name of the Holder thereof upon cancellation of the original Note in accordance
with Section 5.07.

 

For all purposes of this Indenture, unless the
context otherwise requires, all provisions relating to redemption of Notes shall relate, in the case of any Note redeemed or to
be redeemed only in part, to the portion of the principal amount of such Note which has been or is to be redeemed.

 

SECTION 5.04 Notice of Redemption.
The Company shall provide, a notice of redemption not less than 15 nor more than 60 days prior to a date fixed for redemption (a
“Redemption Date”), to each Holder of Notes to be redeemed, sent to each Holder’s registered address,
or if the Notes to be redeemed are represented by one or more Global Notes, delivered in accordance with the applicable procedures
of DTC. The Trustee shall give notice of redemption in the Company’s name and at the Company’s expense; provided,
however, that redemption notices may be sent more than 60 days prior to a Redemption Date if the notice is issued in connection
with Article VIII.

 

All notices of redemption shall state:

 

(a)          the
Redemption Date,

 

(b)          the
Redemption Price and the amount of accrued interest, if any, to, but excluding, the Redemption Date payable as provided in Section 5.06,
if any,

 

(c)          if
less than all outstanding 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,

 

(d)          in
case any Note is to be redeemed in part only, the notice which relates to such Note shall state that on and after the Redemption
Date, upon surrender of such Note, the Holder shall receive, without charge, a new Note or Notes of authorized denominations for
the principal amount thereof remaining unredeemed,

 

    	 	-64-	 

     

    

 

(e)          that
on the Redemption Date the Redemption Price (and accrued interest, if any, to, but excluding, the Redemption Date payable as provided
in Section 5.06) shall become due and payable upon each such Note, or the portion thereof, to be redeemed, and, unless
the Company defaults in making the redemption payment, that interest on Notes called for redemption (or the portion thereof) shall
cease to accrue on and after said date,

 

(f)          the
place or places where such Notes are to be surrendered for payment of the Redemption Price and accrued interest, if any,

 

(g)          the
name and address of the Paying Agent,

 

(h)          that
Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price,

 

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

 

(j)          the
Section of this Indenture pursuant to which the Notes are to be redeemed.

 

Any notice of redemption may, at the Company’s
discretion, be subject to one or more conditions precedent.

 

SECTION 5.05 Deposit of Redemption Price.
Prior to 11:00 a.m. New York City time, on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent
(or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 2.04) an
amount of money sufficient to pay the Redemption Price of, and accrued interest on, all the Notes which are to be redeemed on that
date.

 

SECTION 5.06 Notes Payable on Redemption
Date. Notice of redemption having been given as aforesaid, the Notes so to be redeemed shall, on the Redemption Date, become
due and payable at the Redemption Price therein specified (together with accrued interest, if any, to, but excluding, the Redemption
Date), and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest)
such Notes shall cease to bear interest. Upon surrender of any such Note for redemption in accordance with said notice, such Note
shall be paid by the Company at the Redemption Price, together with accrued interest, if any, to, but excluding, the Redemption
Date (subject to the rights of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment
Date).

 

If any Note called for redemption shall not be
so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from the Redemption
Date at the rate borne by the Notes.

 

If a Redemption Date is on or after a Record Date
and on or before the related Interest Payment Date, the accrued and unpaid interest, if any, shall 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 shall be payable to Holders
whose Notes shall be subject to redemption by the Company.

 

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SECTION 5.07 Notes Redeemed in Part.
Any Note which is to be redeemed only in part (pursuant to the provisions of this Article) shall be surrendered at the office or
agency of the Company maintained for such purpose pursuant to Section 2.03 (with, if the Company so requires, due endorsement
by, or a written instrument of transfer in form satisfactory to the Company duly executed by, the Holder thereof or such Holder’s
attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and make available for
delivery to the Holder of such Note at the expense of the Company, a new Note or Notes, of any authorized denomination as requested
by such Holder, in an aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Note
so surrendered, provided that each such new Note shall be in a principal amount of $2,000 and integral multiples of $1,000
in excess thereof.

 

SECTION 5.08 [Reserved].

 

SECTION 5.09 [Reserved].

 

ARTICLE VI

 

Defaults and Remedies

 

SECTION 6.01 Events of Default.

 

(a)       
   Each of the following is an event of default (an “Event of Default”):

 

(i)          default
in any payment of interest on any Note when the same becomes due, and such default continues for a period of 30 days;

 

(ii)         default
in the payment of the principal of or premium, if any, on any Note when the same becomes due at its Stated Maturity, upon optional
redemption, upon declaration of acceleration or otherwise;

 

(iii)        the
Company fails to comply with its obligations under Article IV;

 

(iv)        the
Company fails to comply for 45 days after notice as provided below with any of its obligations under Sections 3.02,
3.03, 3.04, 3.05, 3.06, 3.07, 3.08, 3.10, 3.11 and 3.15 (in each
case, other than matters that would constitute an Event of Default under Section 6.01(a)(iii));

 

(v)         the
Company or any Subsidiary Guarantor fails to comply for 60 days after notice as provided below with its other agreements (except
as provided in clauses (a)(i) through (a)(iv) of this Section 6.01) contained in this Indenture
or under the Notes or the Collateral Documents;

 

(vi)        the
Company or any of its Restricted Subsidiaries defaults 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 Company or any of its Restricted Subsidiaries
(or the payment of which is Guaranteed by the Company or any of its Restricted Subsidiaries), other than Indebtedness owed to the
Company or a Restricted Subsidiary, whether such Indebtedness or Guarantee now exists, or is created after the Issue Date, which
default:

 

(A)         is
caused by a failure to pay principal on such Indebtedness at its final stated maturity within the grace period provided in the
agreements or instruments governing such Indebtedness (“payment default”); or

 

(B)         results
in the acceleration by the holders of such Indebtedness prior to its stated final, maturity;

 

    	 	-66-	 

     

    

 

and, in each case, the principal amount of any such Indebtedness,
together with the principal amount of any other such Indebtedness under which there has been a payment default or the maturity
of which has been so accelerated, aggregates $28.0 million or more;

 

(vii)       the
Company or a Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated
financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary pursuant to or
within the meaning of any Bankruptcy Law:

 

(A)         commences
a voluntary Insolvency or Liquidation Proceeding with respect to itself;

 

(B)         consents
to the entry of an order for relief against it in an involuntary Insolvency or Liquidation Proceeding;

 

(C)         consents
to the appointment of a Custodian (as defined below) of it or for substantially all of its property; or

 

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

 

or takes any comparable action under any foreign Bankruptcy
Laws relating to insolvency or the nights of creditors generally;

 

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

 

(A)         is
for relief against the Company or any Significant Subsidiary or a group of Restricted Subsidiaries that, taken together (as of
the latest audited financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary,
in an involuntary case;

 

(B)         appoints
a Custodian of the Company, any Significant Subsidiary or a group of Restricted Subsidiaries that, taken together (as of the latest
audited financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary, for any
substantial part of its property; or

 

(C)         orders
the winding up or liquidation of the Company, any Significant Subsidiary or a group of Restricted Subsidiaries that, taken together
(as of the latest audited financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant
Subsidiary;

 

(ix)         failure
by the Company or any Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest audited
consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary to
pay final and non-appealable judgments aggregating in excess of $28.0 million (net of any amounts that are covered by insurance
issued by a reputable and creditworthy insurance company (as determined in the Good Faith by the Company) that has not contested
coverage), which judgments remain unsatisfied or undischarged for any period of 60 consecutive days during which a stay of enforcement
of such judgments shall not be in effect;

 

    	 	-67-	 

     

    

 

(x)          any
Subsidiary Guarantee of a Significant Subsidiary or group of Restricted Subsidiaries that taken together as of the latest audited
consolidated financial statements for the Company and its Restricted Subsidiaries would constitute a Significant Subsidiary ceases
to be in full force and effect (except as contemplated by the terms of this Indenture and the Subsidiary Guarantees) or is declared
null and void in a judicial proceeding or any Subsidiary Guarantor that is a Significant Subsidiary or group of Subsidiary Guarantors
that taken together as of the latest audited consolidated financial statements of the Company and its Restricted Subsidiaries would
constitute a Significant Subsidiary denies or disaffirms its obligations under this Indenture, its Subsidiary Guarantee, any Collateral
Document or the Intercreditor Agreements and the Company fails to cause such Restricted Subsidiary or Restricted Subsidiaries,
as the case may be, to rescind such denials or disaffirmations within 30 days; and

 

(xi)         with
respect to any Collateral having a fair market value in excess of $11.2 million, individually or in the aggregate, (A) the failure
of the security interest with respect to such Collateral under the Collateral Documents, at any time, to be in full force and effect
for any reason other than in accordance with the terms of the Collateral Documents and the terms of this Indenture or the Intercreditor
Agreements, as applicable, and other than the satisfaction in full of all obligations under this Indenture and discharge of this
Indenture if such failure continues for 60 days or (B) the assertion by the Company or any Subsidiary Guarantor, in any pleading
in any court of competent jurisdiction, that any such security interest is invalid or unenforceable, except in each case for the
failure or loss of perfection resulting from the failure of the Collateral Agent to maintain possession of certificates actually
delivered to it representing securities pledged under the Collateral Documents if such assertion is not rescinded within 30 days.

 

The foregoing shall constitute Events of Default
whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law
or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body.

 

Notwithstanding the foregoing, if the Company
so elects, the sole remedy of the Holders for the Company’s failure to comply with Section 3.02 hereof, will
for the first 180 days after the occurrence of such failure consist exclusively of the right to receive additional interest on
the Notes at a rate per annum:  (i) equal to 0.25% for the first 90 days after the occurrence of such failure and (ii)
equal to 0.50% from the 91st day to, and including, the 180th day after the occurrence of such failure.  The additional
interest will accrue on all outstanding Notes from and including the date on which such failure first occurs until such violation
is cured or waived and shall be payable on each relevant Interest Payment Date to Holders of record on the regular Record Date
immediately preceding the Interest Payment Date.  On the 181st day after such failure (if such violation is not cured
or waived prior to such 181st day), such failure will then constitute an Event of Default without any further notice or lapse of
time and the Notes shall be subject to acceleration as provided below.

 

Upon the occurrence and during the continuance
of (x) any Default or Event of Default under Sections 6.01(a)(i) or (vi) or (y) any other Event of Default,
upon the request of the Holders of a majority in principal amount of the then outstanding Notes, the Company shall pay interest
(“Default Interest”) on (i) the unpaid principal amount of each Note, payable in arrears on the dates referred
to in Section 2.12(a), and on demand, at the rate per annum required to be paid on such Note pursuant to Section 2.12(a),
plus 100 basis points and (ii) to the fullest extent permitted by applicable law, the amount of any interest, fee or other amount
payable under this Indenture, the Notes, or the Collateral Documents to any Agent or Holder that is not paid when due, from the
date such amount shall be due until such amount shall be paid in full and on demand, at the rate per annum required to be paid
on Notes pursuant to Section 2.12(a); provided, however, that following the making of the request or the granting of
the consent specified by Section 6.02 to authorize the Trustee to declare the Notes due and payable (or the automatic
acceleration of the maturity of the Notes) pursuant to the provisions of Section 6.02, Default Interest shall accrue
and be payable hereunder whether or not previously required by the Holders of a majority in principal amount of the then outstanding
Notes.

 

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Notwithstanding the foregoing, a default under
clauses (iv), (v) or (xi)(A) or (xi)(B) of this Section 6.1(a) shall not constitute an Event of Default until the Trustee or the
Holders of 25% in principal amount of the outstanding Notes notify the Company of the default and the Company does not cure such
default within the time specified in clause (iv), (v) or (xi)(A) or (xi)(B) of this paragraph after receipt of such notice. Such
notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.”

 

The term “Bankruptcy Code”
means Title 11, United States Code, as now or hereafter in effect or any successor statute. The term “Bankruptcy
Law” means the Bankruptcy Code or any other Federal, state or foreign law for the relief of debtors. The term “Custodian”
means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law.

 

SECTION 6.02 Acceleration. If an Event
of Default (other than an Event of Default specified in Section 6.01(a)(vii) or (viii) with respect to the Company)
occurs and is continuing, the Trustee by notice in writing specifying the Event of Default that it is a “notice” to
the Company, or the Holders of at least 25% in principal amount of the outstanding Notes by notice to the Company and the Trustee,
may, and the Trustee at the request of such Holders shall, declare the principal of, premium, if any, and accrued and unpaid interest,
if any, on all the Notes to be due and payable. Upon such a declaration, such principal, premium and accrued and unpaid interest
shall, subject to Section 6.04, be immediately due and payable. In the event of a declaration of acceleration of the
Notes because an Event of Default set forth in Section 6.01(a)(vi) above has occurred and is continuing, such declaration
of acceleration of the Notes shall be automatically rescinded and annulled if the default triggering such Event of Default pursuant
to Section 6.01(a)(vi) shall be remedied or cured by the Company or a Restricted Subsidiary or waived by the holders
of the relevant Indebtedness within 30 days after the declaration of acceleration with respect thereto and if (1) the annulment
of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction and (2) all
existing Events of Default, except nonpayment of principal, premium or interest on the Notes that became due solely because of
the acceleration of the Notes, have been cured or waived. If an Event of Default specified in Section 6.01(a)(vii)
or (viii) with respect to the Company occurs and is continuing, the principal of, premium, if any, and accrued and unpaid
interest on all the Notes shall become and be immediately due and payable without any declaration or other act on the part of the
Trustee or any Holders.

 

SECTION 6.03 Other Remedies. If an
Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of or
interest on the Notes or to enforce the performance of any provision of the Notes, this Indenture (including sums owed to the Trustee
and Collateral Agent and their agents and counsel), the Subsidiary Guarantees, Collateral Documents or the Intercreditor Agreements.

 

The Trustee may maintain a proceeding even if
it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any
Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a
waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative.

 

    	 	-69-	 

     

    

 

SECTION 6.04 Waiver of Past Defaults.
The Holders of a majority in principal amount outstanding (including without limitation, consents obtained in connection with a
purchase of, or tender offer or exchange offer for, notes) Notes by notice to the Trustee may waive an existing Default or Event
of Default and its consequences (except a Default or Event of Default in the payment of the principal of, premium or interest on
a Note) and rescind any such acceleration with respect to the Notes and its consequences if (1) rescission would not conflict
with any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default, other than the nonpayment
of the principal of, premium, if any, and interest on the Notes that have become due solely by such declaration of acceleration,
have been cured or waived.

 

SECTION 6.05 Control by Majority.
Subject to the provisions of the Collateral Documents, the Holders of a majority in principal amount of the then outstanding Notes
may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or the Collateral
Agent or of exercising any trust or power conferred on the Trustee or the Collateral Agent. However, the Trustee or the Collateral
Agent, as the case may be, may refuse to follow any direction that conflicts with law or this Indenture, the Notes, the Subsidiary
Guarantees, the Collateral Documents or the Intercreditor Agreements, or, subject to Sections 7.01 and 7.02,
that the Trustee determines is unduly prejudicial to the rights of other Holders or would involve the Trustee or the Collateral
Agent in personal liability; provided, however, that the Trustee or the Collateral Agent may take any other action
deemed proper by the Trustee or the Collateral Agent that is not inconsistent with such direction. Prior to taking any action under
this Indenture, the Trustee or the Collateral Agent shall be entitled to indemnity, security or prefunding satisfactory to it in
its sole discretion against all losses and expenses caused by taking or not taking such action.

 

SECTION 6.06 Limitation on Suits.
Except to enforce the right to receive payment of principal, premium, if any, or interest when due, no Holder may pursue any remedy
with respect to this Indenture or the Notes unless:

 

(i)          the
Holder has previously given to the Trustee written notice stating that an Event of Default is continuing;

 

(ii)         the
Holders of at least 25% in outstanding principal amount of the Notes have made a written request to the Trustee to pursue the remedy;

 

(iii)        such
Holder or Holders have offered to the Trustee security or indemnity reasonably satisfactory to it against any loss, liability or
expense;

 

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

 

(v)         the
Holders of a majority in principal amount of the outstanding Notes do not give the Trustee a direction that, in the opinion of
the Trustee, is inconsistent with the request during such 60-day period.

 

A Holder may not use this Indenture to prejudice
the rights of another Holder or to obtain a preference or priority over another Holder (it being understood that the Trustee has
no affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). Notwithstanding
the forgoing, in no event may any Holder enforce any Lien of the Junior Lien Collateral Agent pursuant to the Collateral Documents.

 

    	 	-70-	 

     

    

 

SECTION 6.07 Rights of Holders to Receive
Payment. Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of,
premium (if any) or interest on the Notes held by such Holder, on or after the respective due dates expressed in the Notes, or
to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without
the consent of such Holder.

 

SECTION 6.08 Collection Suit by Trustee.
If an Event of Default specified in Section 6.01(a)(i) or (ii) occurs and is continuing, the Trustee may recover
judgment in its own name and as trustee of an express trust against the Company for the whole amount then due and owing (together
with interest on any unpaid interest to the extent lawful) and the amounts provided for in Section 7.06.

 

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 reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Company, its Subsidiaries
or their respective creditors or properties and, unless prohibited by law or applicable regulations, may vote on behalf of the
Holders in any election of a trustee in any Insolvency or Liquidation Proceeding or other Person performing similar functions,
and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the
event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due
it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other
amounts due the Trustee under Section 7.06. 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 or reorganization, arrangement, adjustment or composition or
similar dispositive restructuring plan 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 such Insolvency or Liquidation Proceeding.

 

SECTION 6.10 Priorities. Subject to
the terms of the Intercreditor Agreements, the Collateral Documents and Sections 11.04(f) and 12.18 of this
Indenture, the Trustee shall pay out any money or property received by it, whether pursuant to the foreclosure or other remedial
provisions contained in the Collateral Documents or otherwise, in the following order:

 

First:       to
the Trustee and Collateral Agent for amounts due to each of them under Section 7.06 and under the Collateral Documents;

 

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

 

Third:      to
the Company or, to the extent the Trustee receives any amount for any Subsidiary Guarantor, to such Subsidiary Guarantor.

 

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

 

    	 	-71-	 

     

    

 

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

 

ARTICLE VII

 

Trustee and Collateral Agent

 

SECTION 7.01 Duties of Trustee.

 

(a)          If
an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture,
the Collateral Documents and the Intercreditor Agreements, as the case may be, and use the same degree of care and skill in their
exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs; provided
that if an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or
powers under this Indenture, the Notes, the Subsidiary Guarantees, the Collateral Documents and the Intercreditor Agreements at
the request or direction of any of the Holders unless such Holders have offered the Trustee indemnity, security or prefunding satisfactory
to the Trustee in its sole discretion, as applicable, against loss, liability or expense.

 

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

 

(i)          the
Trustee undertake to perform such duties and only such duties as are specifically set forth in this Indenture, the Collateral Documents
and the Intercreditor Agreements and no implied covenants or obligations shall be read into this Indenture, any Collateral Document
or the Intercreditor Agreements against the Trustee; and

 

(ii)         in
the absence of gross negligence or bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee under this Indenture,
the Notes, the Subsidiary Guarantees, the Collateral Documents or the Intercreditor Agreements, as applicable. However, in the
case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Trustee,
the Trustee shall examine such certificates and opinions to determine whether or not they conform to the requirements of this Indenture,
the Notes, the Subsidiary Guarantees, the Collateral Documents and the Intercreditor Agreements, as the case may be (but need not
confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

 

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

 

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

 

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

 

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

 

(d)          The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.

 

    	 	-72-	 

     

    

 

(e)          Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(f)          No
provision of this Indenture, the Notes, the Subsidiary Guarantees, the Collateral Documents or the Intercreditor Agreements 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 thereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe
that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

 

(g)          Every
provision of this Indenture, the Collateral Documents or the Intercreditor Agreements relating to the conduct or affecting the
liability of or affording protection to the Trustee shall be subject to the provisions of this Section.

 

(h)          The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders unless such Holders shall have offered to the Trustee security, prefunding or indemnity reasonably satisfactory
to it against the costs, expenses (including reasonable attorneys’ fees and expenses) and liabilities that might be incurred
by it in compliance with such request or direction.

 

SECTION 7.02 Duties of the Collateral
Agent.

 

(a)          Each
Holder, by acceptance of its Note hereunder, hereby appoints The Bank of New York Mellon to act on its behalf as the Collateral
Agent hereunder and under the Collateral Documents and authorizes 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 hereof and thereof, together with such actions and powers
as are reasonably incidental thereto including acting as the agent of such Holder for purposes of acquiring, holding and enforcing
any and all Liens on Collateral granted by the Company or any of the Guarantors to secure any of the Obligations.

 

(b)          The
Collateral Agent’s duties hereunder and under the Collateral Documents are solely mechanical and administrative in nature
and the Collateral Agent shall not have any duties or obligations except those expressly set forth herein and in the Collateral
Documents. Without limiting the generality of the foregoing, the Collateral Agent:

 

(i)          shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(ii)         shall
not have any duty to take any discretionary action or exercise any discretionary powers and shall be fully justified in failing
or refusing to take any action under this Indenture or any Collateral Document unless it shall first receive an Officers’
Certificate from the Company or, with respect to the exercise of any rights and remedies of the Holders, the advice or concurrence
of the Trustee (acting at the written direction of the Holders holding at least a majority in principal amount of Notes then outstanding)
and until the instructions are received, the Collateral Agent shall act, or refrain from acting, as it deems advisable;

 

(iii)        shall
not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Collateral Agent to liability
or that is contrary to any Collateral Document or applicable law; and

 

    	 	-73-	 

     

    

 

(iv)        shall
not, except as expressly set forth herein and in the Collateral Documents, have any duty to disclose, and shall not be liable for
the failure to disclose, any information relating to the Company or any of its Affiliates that is communicated to or obtained by
the Person serving as the Collateral Agent or any of its Affiliates in any capacity.

 

(c)          The
Collateral Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Trustee
(acting at the written direction of Holders holding at least a majority in principal amount of Notes then outstanding) or (ii)
in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and
non-appealable judgment.

 

(d)          If
the Collateral Agent so requests, it shall first be indemnified to its satisfaction from the Holders against any and all liability
and expense that may be incurred by it by reason of taking or continuing to take any action under this Indenture or any Collateral
Document. No provision of this Indenture or any Collateral Document or any agreement or instrument contemplated hereby or thereby,
or the transactions contemplated hereby or thereby shall require the Collateral Agent to: (i) expend or risk its own funds or provide
indemnities in the performance of any of its duties hereunder or the exercise of any of its rights or power or (ii) otherwise incur
any financial liability in the performance of its duties or the exercise of any of its rights or powers.

 

(e)          The
Collateral Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Indenture or any other Collateral Document, (ii) the contents of any certificate, report or
other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of
any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, or
(iv) the validity, enforceability, effectiveness or genuineness of this Indenture, any Collateral Document or any other agreement,
instrument or document or the perfection or priority of any Lien or security interest created or purported to be created by the
Collateral Documents. The Collateral Agent shall not be responsible for the adequacy, accuracy and/or completeness of any information
(whether oral or written) supplied by the Trustee, the Collateral Agent, the Company, the Guarantors or any other Person given
in, pursuant to or in connection with this Indenture or any Collateral Document.

 

(f)       
   Before the Collateral Agent acts or refrains from acting, it may require an officer’s certificate
from the Company satisfactory to the Collateral Agent with respect to the proposed action or inaction, such certificate to be
given at the Company’s expense. The Collateral Agent shall not be liable for any action it takes or omits to take in
good faith in reliance upon such certificate. Whenever in the administration of the Collateral Documents the Collateral Agent
shall deem it necessary or desirable that a matter be proved or established before taking or suffering or omitting to take
any act under any Collateral Document, such matter (unless other evidence in respect thereof is herein specifically
prescribed) may, in the absence of gross negligence or willful misconduct on the part of the Collateral Agent, be deemed to
be conclusively proved and established by an officers’ certificate delivered to the Collateral Agent, and such
certificate, in the absence of gross negligence or willful misconduct on the part of such Agent, shall be full warrant to the
Collateral Agent for any action taken, suffered or omitted to be taken by it under the Collateral Documents upon the faith
thereof. The Collateral Agent shall not be required to qualify in any jurisdiction in which it is not presently qualified to
perform its obligations as Collateral Agent or to enforce any rights and remedies in any foreign jurisdiction. The Collateral
Agent shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Collateral Agent
unless it shall be proved that the Collateral Agent was negligent in ascertaining the pertinent facts.

 

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SECTION 7.03 Rights of Trustee and Collateral
Agent.

 

(a)          Each
of the Trustee and the Collateral Agent may conclusively rely and shall be protected in acting upon any resolution, certificate,
statement, instrument, opinion, notice, request, direction, consent, order, bond or any other paper or document believed by it
to be genuine and to have been signed or presented by the proper Person or Persons. The Trustee and the Collateral Agent need not
investigate any fact or matter stated in the document.

 

(b)          Before
the Trustee or the Collateral Agent acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of
Counsel. Neither the Trustee nor the Collateral Agent shall be liable for any action it takes or omits to take in good faith in
reliance on an Officers’ Certificate or Opinion of Counsel.

 

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

 

(d)          Each
of the Trustee and the Collateral Agent shall not be liable for any action it takes or omits to take in good faith (in the case
of the Trustee) which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s
or the Collateral Agent’s conduct, respectively, does not constitute (i) with respect to the Trustee, willful misconduct
or negligence or (ii) with respect to the Collateral Agent, gross negligence or willful misconduct.

 

(e)          Each
of the Trustee and the Collateral Agent may consult with counsel of its selection, and the advice or opinion of counsel with respect
to legal matters relating to this Indenture, the Notes, the Subsidiary Guarantees, the Collateral Documents or the Intercreditor
Agreements shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered
by it hereunder or under the Notes, the Subsidiary Guarantees, the Collateral Documents or the Intercreditor Agreements in good
faith and in accordance with the advice or opinion of such counsel.

 

(f)          The
Trustee and the Collateral Agent shall not be bound to make any investigation into any statement, warranty or representation, or
the facts or matters stated in any resolution, certificate, statement, instrument, opinion, notice, request, direction, consent,
order, bond or other paper or document made or in connection with this Indenture, any other Collateral Document or the Intercreditor
Agreements; moreover, the Trustee and the Collateral Agent shall not be bound to make any investigation into (i) the performance
or observance of any of the covenants, agreements or other terms or conditions set forth herein, in any other Collateral Document
or the Intercreditor Agreements (ii) the occurrence of any default, or the validity, enforceability, effectiveness or genuineness
of this Indenture, any other Collateral Document or the Intercreditor Agreements or any other agreement, instrument or document,
(iii) the creation, perfection or priority of any Lien purported to be created by the Collateral Documents, (iv) the value or the
sufficiency of any Collateral, (v) the satisfaction of any condition set forth in any Collateral Document, other than to confirm
receipt of items expressly required to be delivered to the Collateral Agent or (vi) the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note other evidence
of indebtedness or other paper or document, but each of the Trustee and the Collateral Agent, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee or the Collateral Agent shall
determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the
Company, personally or by agent or attorney and shall incur no liability or additional liability of any kind by reason of such
inquiry or investigation. The Trustee and the Collateral Agent shall have no liability with respect to any action or inaction taken
by or with respect to any Sub-Collateral Agent (as defined in the Security Agreement).

 

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(g)          Neither
the Trustee nor Collateral Agent shall be deemed to have knowledge of any Default or Event of Default except any Default or Event
of Default of which a Responsible Officer shall have received written notification at the Corporate Trust Office of the Trustee
or Collateral Agent, as applicable, and such notice references the Notes and this Indenture.

 

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

 

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

 

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

 

SECTION 7.04 Individual Rights of Trustee
and Collateral Agent. Each of the Trustee and the Collateral Agent in its individual or any other capacity may become the owner
or pledgee of Notes and may otherwise deal with the Company, the Subsidiary Guarantors or their Affiliates with the same rights
it would have if it were not Trustee or Collateral Agent, respectively. Any Paying Agent, Registrar, co-registrar or co-paying
agent may do the same with like rights. However, the Trustee must comply with Section 7.11. In addition, the Trustee
shall be permitted to engage in transactions with the Company; provided, however, that if the Trustee acquires any
conflicting interest (within the meaning of Section 310(b) of the Trust Indenture Act of 1939, as amended), the Trustee must
(i) eliminate such conflict within 90 days of acquiring such conflicting interest or (ii) resign.

 

SECTION 7.05 Disclaimer. Each of the
Trustee and the Collateral Agent shall not be responsible for and makes no representation as to the validity or adequacy of this
Indenture, the Notes, the Subsidiary Guarantees, the Collateral Documents or the Intercreditor Agreements, it shall not be accountable
for the Company’s use of the Notes or the proceeds from the Notes, and it shall not be responsible for any statement of the
Company in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s
certificate of authentication or for the use or application of any funds received by any Paying Agent other than the Trustee.

 

SECTION 7.06 Notice of Defaults. If
a Default occurs and is continuing and is known to the Trustee, the Trustee shall mail to each Holder, with a copy to the Collateral
Agent, notice of the Default within 90 days after the Trustee obtains such knowledge. Except in the case of a Default in payment
of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a committee of
Trust Officers of the Trustee in good faith determines that withholding the notice is in the interests of Holders.

 

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SECTION 7.07 Compensation and Indemnity.
The Company shall pay to each of the Trustee and the Collateral Agent from time to time such compensation for its services as the
parties shall agree in writing from time to time. The Trustee’s compensation and the Collateral Agent’s compensation
shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse each of the Trustee
and the Collateral Agent upon request for all reasonable out-of-pocket expenses incurred or made by it, including, but not limited
to, costs of collection, costs of preparing and reviewing reports, certificates and other documents, costs of preparation and sending
of notices to Holders and reasonable costs of counsel, in addition to the compensation for its services. Such expenses shall include
the reasonable compensation and expenses, disbursements and advances of the Trustee’s and Collateral Agent’s agents,
counsel, accountants and experts. The Company shall indemnify the Collateral Agent, any predecessor Collateral Agent, the Trustee
or any predecessor Trustee in each of its capacities hereunder (including Paying Agent, and Registrar), and each of their officers,
directors, employees, counsel and agents, against any and all loss, liability or expense (including, but not limited to, reasonable
attorneys’ fees and expenses) incurred by it in connection with the administration of this trust and the performance of its
duties hereunder and under the Notes, the Subsidiary Guarantees, the Collateral Documents or the Intercreditor Agreements, including
the costs and expenses of enforcing this Indenture (including this Section 7.07), the Notes, the Subsidiary Guarantees,
the Collateral Documents or the Intercreditor Agreements and of defending itself against any claims (whether asserted by any Holder,
the Company or otherwise). The Collateral Agent and the Trustee shall notify the Company promptly of any claim for which it may
seek indemnity. Failure by the Collateral Agent and the Trustee to so notify the Company shall not relieve the Company of its obligations
hereunder. The Company shall defend the claim and the Collateral Agent and the Trustee may have separate counsel and the Company
shall pay the reasonable fees and expenses of such counsel. The Company need not reimburse any expense or indemnify against any
loss, liability or expense incurred by (a) the Collateral Agent through its own willful misconduct or gross negligence and (b)
the Trustee through its own willful misconduct or negligence or bad faith.

 

To secure the Company’s payment obligations
in this Section, the Collateral Agent and the Trustee shall have a lien prior to the Notes on all money or property held or collected
by the Trustee other than money or property held in trust to pay principal of and interest on particular Notes. The right of the
Collateral Agent and the Trustee to receive payment of any amounts due under this Section 7.07 shall not be subordinate
to any other liability or indebtedness of the Company.

 

The Company’s payment obligations pursuant
to this Section and any lien arising hereunder shall survive the discharge of this Indenture and the resignation or removal of
the Trustee or Collateral Agent. When the Trustee or Collateral Agent incurs fees or expenses after the occurrence of a Default
specified in Section 6.01(a)(vii) or (viii) with respect to the Company, the fees or expenses are intended to
constitute expenses of administration in any Insolvency or Liquidation Proceeding under any Bankruptcy Law.

 

Pursuant to Section 10.01, the obligations
of the Company hereunder are jointly and severally guaranteed by the Subsidiary Guarantors.

 

SECTION 7.08 Resignation of Collateral
Agent. The Collateral Agent may at any time give notice of its resignation to the Trustee and the Issuer. Upon receipt of any
such notice of resignation, the Trustee (acting at the written direction of Holders holding at least a majority in principal amount
of Notes then outstanding) shall have the right, in consultation with the Company, to appoint a successor, which shall be a commercial
bank with an office in the United States or an Affiliate of any such commercial bank with an office in the United States. If no
such successor shall have been so appointed by the Trustee (acting at the written direction of Holders holding at least a majority
in principal amount of Notes then outstanding) and shall have accepted such appointment within 30 days after the retiring Collateral
Agent gives notice of its resignation (such 30-day period, the “Trustee Appointment Period”), then the retiring Collateral
Agent may (at the Company’s expense) petition any court of competent jurisdiction for the appointment of a successor Collateral
Agent. Upon the acceptance of a successor’s appointment as Collateral Agent hereunder, such successor shall succeed to and
become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Collateral Agent, and the retiring
Collateral Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not
already discharged therefrom as provided above in this paragraph). The fees payable by the Company to a successor Collateral Agent
shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After the
retiring Collateral Agent’s resignation hereunder and under the Collateral Documents, the provisions of this Article and
Section 7.07 shall continue in effect for the benefit of such retiring Collateral Agent, its sub agents and the other parties
referenced in Section 7.07 in respect of any actions taken or omitted to be taken by any of them while the retiring Collateral
Agent was acting as Collateral Agent.

 

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SECTION 7.09 Replacement of Trustee.
The Trustee may resign at any time by so notifying the Company in writing at least 30 days before the effective date of such resignation.
The Holders of a majority in principal amount of the Notes may remove the Trustee by so notifying the Company and the Trustee in
writing at least 30 days before the effective date of such removal and may appoint a successor Trustee. The Company shall remove
the Trustee if:

 

(i)          the
Trustee fails to comply with Section 7.11;

 

(ii)         the
Trustee is adjudged bankrupt or insolvent;

 

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

 

(iv)        the
Trustee otherwise becomes incapable of acting.

 

If the Trustee resigns or is removed by the Company
or by the Holders of a majority in principal amount of the Notes and such Holders do not reasonably promptly appoint a successor
Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as
the retiring Trustee), the Company shall promptly appoint a successor Trustee.

 

A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company. Thereupon the resignation or removal of the retiring Trustee shall
become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The
successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held
by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.06.

 

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

 

If the Trustee fails to comply with Section 7.11,
unless the Trustee’s duty to resign is stayed, any Holder may petition any court of competent jurisdiction for the removal
of the Trustee and the appointment of a successor Trustee.

 

Notwithstanding the replacement of the Trustee
pursuant to this Section 7.09, the Company’s obligations under Section 7.07 shall continue for the
benefit of the retiring Trustee.

 

SECTION 7.10 Successor Trustee by Merger.
If the Trustee or the Collateral Agent consolidates with, merges or converts into, or transfers all or substantially all its corporate
trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without
any further act shall be the successor Trustee or the Collateral Agent, as applicable.

 

    	 	-78-	 

     

    

 

In case at the time such successor or successors
by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall
have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any
predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated,
any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the
successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or
in this Indenture provided that the certificate of the Trustee shall have.

 

SECTION 7.11 Eligibility; Disqualification.
The Trustee shall have a combined capital and surplus of at least $50 million as set forth in its most recent filed annual report
of condition.

 

SECTION 7.12 Limitation on Duty of Trustee
and Collateral Agent in Respect of Collateral; Indemnification. Beyond the exercise of reasonable care in the custody thereof,
neither the Trustee nor the Collateral Agent shall have any duty as to any Collateral in their possession or control or in the
possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any
other rights pertaining thereto and neither the Trustee nor the Collateral Agent shall be responsible for filing any financing
or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting
or maintaining the perfection of any security interest in the Collateral. The Trustee and the Collateral Agent shall be deemed
to have exercised reasonable care in the custody of the Collateral in their possession if the Collateral is accorded treatment
substantially equal to that which they accord their own property and shall not be liable or responsible for any loss or diminution
in the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency or other agent or bailee
selected by the Trustee or the Collateral Agent in good faith.

 

Neither the Trustee nor the Collateral Agent shall
have any duty to ascertain or inquire as to the performance or observance of any of the terms of this Indenture, the Notes, the
Subsidiary Guarantees, the Collateral Documents or the Intercreditor Agreements by the Company, the Subsidiary Guarantors or any
other Person.

 

ARTICLE VIII

 

Discharge of Indenture; Defeasance

 

SECTION 8.01 Discharge of Liability on
Notes; Defeasance.

 

(a)          When
(i) (x) the Company delivers to the Trustee all outstanding Notes (other than Notes replaced pursuant to Section 2.07
or paid and Notes for whose payment money has been deposited in trust and thereafter repaid to the Company) for cancellation or
(y) all outstanding Notes not theretofore delivered for cancellation have become due and payable by reason of making a notice of
redemption pursuant to Article V hereof or otherwise, or will become due and payable within one year or may be called for
redemption within one year under arrangements satisfactory to the Trustee for the giving of a notice of redemption pursuant to
Article V by the Trustee in the name, and at the expense, of the Company pursuant to Article V and the Company
or any Subsidiary Guarantor irrevocably deposits or causes to be deposited with the Trustee as trust funds in trust solely for
the benefit of the Holders in U.S. dollars, U.S. Government Obligations, or a combination thereof, in such amounts as shall be
sufficient without consideration of any reinvestment of interest to pay and discharge the entire Indebtedness on such Notes not
theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to, but excluding, the
date of maturity or redemption; (ii) no Default or Event of Default shall have occurred and be continuing on the date of such deposit
or shall occur as a result of such deposit (other than a Default resulting from borrowing of funds to be applied to such deposit
and the grant of any Lien securing such borrowing) and such deposit shall not result in a breach or violation of, or constitute
a default under, any material instrument (other than this Indenture) to which the Company or any Subsidiary Guarantor is a party
or by which the Company or any Subsidiary Guarantor is bound; (iii) the Company or any Subsidiary Guarantor has paid or caused
to be paid all sums payable on the date of deposit to the Trustee under this Indenture; and (iv) the Company has delivered irrevocable
instructions to the Trustee under this Indenture to apply the deposited money toward the payment of such Notes at maturity or the
Redemption Date, as the case may be, then this Indenture shall, subject to Section 8.01(c), cease to be of further
effect.

 

    	 	-79-	 

     

    

 

Upon the satisfaction of the foregoing conditions and upon the request
of the Company, the Trustee subject to its receipt of an Opinion of Counsel and an Officers’ Certificate shall acknowledge
in writing that this Indenture, subject to Section 8.01(c), ceases to be of further force and effect.

 

(b)          Subject
to Sections 8.01(c) and 8.02, the Company at its option and at any time may terminate (i) all the obligations of
the Company and any Subsidiary Guarantor under the Notes, this Indenture and the Collateral Documents (“legal defeasance
option”) or (ii) the obligations of the Company and any Subsidiary Guarantor under Sections 3.02, 3.03,
3.04, 3.05, 3.06, 3.07, 3.08, 3.10, 3.11, 3.12, 3.15 and 4.01(a)(iv)
and the Collateral Documents and the Company and the Subsidiary Guarantors may omit to comply with and shall have no liability
in respect of any term, condition or limitation set forth in any such covenant or provision, whether directly or indirectly, by
reason of any reference elsewhere herein to any such covenant or provision 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 with such covenants or provisions shall no longer
constitute a Default or an Event of Default under Section 6.01(a)(iii), 6.01(a)(iv) (only with respect to such
covenants), 6.01(a)(v) (only with respect to such covenants), 6.01(a)(vi), 6.01(a)(vii) (only with respect
to Significant Subsidiaries or a group of Restricted Subsidiaries that, taken together (as of the latest audited financial statements
of the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary), Section 6.01(a)(viii)
(only with respect to Significant Subsidiaries or a group of Restricted Subsidiaries that, taken together (as of the latest audited
financial statements of the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary) and 6.01(a)(ix)
(clause (ii) being referred to as the “covenant defeasance option”), but except as specified above,
the remainder of this Indenture and the Notes shall be unaffected thereby. The Company may exercise its legal defeasance option
notwithstanding its prior exercise of its covenant defeasance option.

 

If the Company exercises its legal defeasance
option, payment of the Notes may not be accelerated because of an Event of Default. If the Company exercises its covenant defeasance
option, payment of the Notes may not be accelerated because of an Event of Default specified in Section 6.01(a)(iii),
6.01(a)(iv) (only with respect to the covenants subject to such covenant defeasance), 6.01(a)(v) (only with respect
to the covenants subject to such covenant defeasance), 6.01(a)(vi), 6.01(a)(vii) (only with respect to Significant
Subsidiaries or a group of Restricted Subsidiaries that, taken together (as of the latest audited financial statements of the Company
and its Restricted Subsidiaries), would constitute a Significant Subsidiary), 6.01(a)(viii) (only with respect to Significant
Subsidiaries or a group of Restricted Subsidiaries that, taken together (as of the latest audited financial statements of the Company
and its Restricted Subsidiaries), would constitute a Significant Subsidiary) or 6.01(a)(ix), 6.01(a)(x) or 6.01(a)(xi)
or because of the failure of the Company to comply with Section 4.01(a)(iv).

 

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

 

    	 	-80-	 

     

    

 

(c)          Notwithstanding
the provisions of Sections 8.01(a) and (b), the Company’s obligations in Sections 2.02, 2.03,
2.04, 2.05, 2.06, 2.09, 2.10, 2.12, 3.01, 6.07, 6.08, 7.01,
7.02, 7.06, 7.07, 8.01(b) (with respect to legal defeasance), 8.03, 8.04, 8.05
and 8.06 shall survive until the Notes have been paid in full. Thereafter, the Company’s obligations in Sections
6.07, 7.06, 8.04 and 8.05 shall survive.

 

SECTION 8.02 Conditions to Defeasance.
The Company may exercise its legal defeasance option or its covenant defeasance option only if:

 

(i)          the
Company shall irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, U.S. dollars or U.S. Government Obligations,
or a combination of U.S. dollars and U.S. Government Obligations, in such amounts as shall 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 outstanding
Notes issued hereunder on the Stated Maturity or on the applicable Redemption Date, as the case may be, and the Company must specify
whether the Notes are being defeased to maturity or to a particular Redemption Date;

 

(ii)         in
the case of legal defeasance, the Company has delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee
confirming that, subject to customary assumptions and exclusions, (a) the Company has received from, or there has been published
by, the Internal Revenue Service a ruling or (b) since the Issue Date, there has been a change in the applicable federal income
tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the beneficial owners
shall not recognize income, gain or loss for federal income tax purposes as a result of such legal defeasance and shall be subject
to 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;

 

(iii)        in
the case of covenant defeasance, the Company has delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee
confirming that, subject to customary assumptions and exclusions, the beneficial owners of the respective outstanding Notes shall
not recognize income, gain or loss for federal income tax purposes as a result of such covenant defeasance and shall be subject
to 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;

 

(iv)        such
legal defeasance or covenant defeasance shall 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 Company or any of its Restricted Subsidiaries is a party or by
which the Company or any of its Restricted Subsidiaries is bound;

 

(v)         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 the grant of any Lien securing such borrowings);

 

(vi)        the
Company shall deliver to the Trustee an Opinion of Counsel to the effect that, assuming, among other things, no intervening Insolvency
or Liquidation Proceeding of the Company between the date of deposit and the 91st day following the deposit and assuming that no
Holder is an “insider” of the Company under applicable Bankruptcy Law, after the 91st day following the deposit, the
trust funds shall not be subject to the effect of Section 547 of the Bankruptcy Code or any similar provision of any other
Bankruptcy Law;

 

    	 	-81-	 

     

    

 

(vii)       the
Company shall deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the
intent of defeating, hindering, delaying or defrauding creditors of the Company or others; and

 

(viii)      the
Company shall deliver to the Trustee an Officers’ 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.

 

SECTION 8.03 Application of Trust Money.
The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to this Article VIII.
It shall apply the deposited money and the money from U.S. Government Obligations through the Paying Agent and in accordance with
this Indenture to the payment of principal of and interest on the Notes.

 

SECTION 8.04 Repayment to Company.
Anything herein to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon company
order any money or U.S. Government Obligations held by it as provided in this Article VIII 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 which would then be required to be deposited to effect legal defeasance or covenant defeasance,
as applicable, provided that the Trustee shall not be required to liquidate any U.S. Government Obligations in order to
comply with the provisions of this paragraph.

 

Subject to any applicable abandoned property law,
the Trustee and the Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal
of or interest on the Notes that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the
Company for payment as general creditors.

 

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

 

SECTION 8.06 Reinstatement. If the
Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with this Article VIII
by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the obligations of the Company and each Subsidiary Guarantor under this Indenture, the
Notes, the Subsidiary Guarantees and the Collateral Documents shall be revived and reinstated as though no deposit had occurred
pursuant to this Article VIII until such time as the Trustee or Paying Agent is permitted to apply all such money or
U.S. Government Obligations in accordance with this Article VIII; provided, however, that, if the Company
or the Subsidiary Guarantors have made any payment of interest on or principal of any Notes because of the reinstatement of its
obligations, the Company or the Subsidiary Guarantors, as the case may be, shall be subrogated to the rights of the Holders of
such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent.

 

    	 	-82-	 

     

    

 

ARTICLE IX

 

Amendments

 

SECTION 9.01 Without Consent of Holders.
This Indenture, the Notes, the Subsidiary Guarantees, the Collateral Documents and the Intercreditor Agreements may be amended
or supplemented without notice to or consent of any Holder:

 

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

 

(ii)         to
comply with (a) Article IV in respect of the assumption by a Successor Company of an obligation of the Company under
this Indenture, the Notes and the Collateral Documents and (b) Article IV and Article X in respect of the
assumption by a Person of the obligations of a Subsidiary Guarantor under its Subsidiary Guarantee, this Indenture, the Collateral
Documents and the Intercreditor Agreements;

 

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

 

(iv)        to
add Guarantees with respect to the Notes or to release a Subsidiary Guarantor from its obligations under its Subsidiary Guarantee
or this Indenture in accordance with the applicable provisions of this Indenture;

 

(v)         to
add additional property or assets as Collateral to secure the Notes and the Subsidiary Guarantees or to appoint a Sub-Collateral
Agent (as defined in the Security Agreement) for the purposes set forth in the Security Agreement;

 

(vi)        to
release Liens in favor of the Junior Lien Collateral Agent in the Collateral as provided in Section 11.03 or otherwise
in accordance with this Indenture, Collateral Documents or Intercreditor Agreements;

 

(vii)       to
add to the covenants of the Company for the benefit of the Holders, add Events of Default or to surrender any right or power herein
conferred upon the Company or any Subsidiary Guarantor;

 

(viii)      to
make any change that does not adversely affect the rights of any Holder in any material respect;

 

(ix)         [reserved];

 

(x)          to
provide for the appointment of a successor trustee; provided that the successor trustee is otherwise qualified and eligible
to act as such under the terms of this Indenture; or provide for the appointment of a successor Collateral Agent;

 

(xi)         [reserved];

 

(xii)        [reserved];

 

(xiii)       [reserved];
or

 

    	 	-83-	 

     

    

 

(xiv)      To
provide for or confirm the issuance of Additional Notes in accordance with the terms of this Indenture.

 

In addition, no consent of the Holders will be
required under the Collateral Documents or the Intercreditor Agreements to effect any amendments and other modifications to, or
replacements of, the Collateral Documents or the Intercreditor Agreements to add other parties (or any authorized agent thereof
or trustee therefor) holding ABL Obligations, Permitted Additional Secured Obligations, Junior Indebtedness or Notes or any other
Indebtedness that are Incurred in compliance with this Indenture and the Collateral Documents.

 

After an amendment under this Section 9.01
becomes effective, the Company shall mail to Holders a notice briefly describing such amendment. The failure to give such notice
to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section. A consent to
any amendment, supplement or waiver under this Indenture by any Holder given in connection with a tender of such Holder’s
Note shall not be rendered invalid by such tender.

 

SECTION 9.02 With Consent of Holders.
This Indenture, the Notes, the Subsidiary Guarantees, the Collateral Documents and the Intercreditor Agreements may be amended
or supplemented with the consent of the Holders of a majority in principal amount of the Notes then outstanding (including without
limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). Any past default
or compliance with the provisions of this Indenture, the Notes, the Subsidiary Guarantees, the Collateral Documents or the Intercreditor
Agreements may be waived with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding
(including, without limitation, consents or waivers obtained in connection with a purchase of, or tender offer or exchange offer
for, Notes). However, without the consent of each Holder of an outstanding Note affected, no amendment, supplement or waiver may:

 

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

 

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

 

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

 

(iv)        waive
a Default or Event of Default in the payment of principal of, or interest or premium, if any, on the Notes issued hereunder (except
a rescission of acceleration of the Notes issued hereunder by the Holders of at least a majority in aggregate principal amount
of the Notes issued hereunder with respect to a nonpayment default and a waiver of the payment default that resulted from such
acceleration);

 

(v)         reduce
the premium payable upon the redemption or repurchase of any Note or change the time at which any Note may or shall be redeemed
or repurchased in accordance with Article V, whether through an amendment or waiver of provisions in the covenants
or otherwise;

 

(vi)        make
any Note payable in a currency other than that stated in the Note;

 

(vii)       amend
any contractual right expressly set forth in this Indenture or any Note of any Holder to receive payment of principal, premium,
if any, and interest on such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of
any payment on or with respect to such Holder’s Notes;

 

    	 	-84-	 

     

    

 

(viii)      make
any change in the amendment provisions in this Section 9.02;

 

(ix)         modify
the Subsidiary Guarantees of any Significant Subsidiary or group of Subsidiary Guarantors that, taken together (as of the latest
audited consolidated financial statements for the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary
in any manner, taken as a whole, materially adverse to the Holders; or

 

(x)          release
any Subsidiary Guarantor that is a Significant Subsidiary or group of Subsidiary Guarantors that, taken together (as of the latest
audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary
from any of its obligations under its Subsidiary Guarantee or this Indenture, except in compliance with the terms thereof.

 

In addition, without the consent of the Holders
of at least 66% in principal amount of Notes then outstanding, no amendment, supplement or waiver may (1) modify any Collateral
Document or the provisions in this Indenture dealing with Collateral Documents or application of trust moneys in any manner, taken
as a whole, materially adverse to the Holders or otherwise release any Collateral from the Liens of the Collateral Documents other
than in accordance with this Indenture, the Collateral Documents and the Intercreditor Agreements or (2) modify the Intercreditor
Agreements in any manner adverse to the Holders in any material respect other than in accordance with the terms of this Indenture,
the Collateral Documents and the Intercreditor Agreements.

 

It shall not be necessary for the consent of the
Holders under this Section to approve the particular form of any proposed amendment or supplement, but it shall be sufficient if
such consent approves the substance thereof. A consent to any amendment, supplement or waiver under this Indenture by any Holder
given in connection with a tender of such Holder’s Note shall not be rendered invalid by such tender.

 

After an amendment or supplement under this Indenture,
the Collateral Documents or the Intercreditor Agreements become effective, the Company shall mail to the Holders a notice briefly
describing such amendment or supplement. The failure to give such notice to all Holders, or any defect therein, shall not impair
or affect the validity of an amendment or supplement under this Section.

 

SECTION 9.03 Effect of Consents and Waivers.
A consent to an amendment, supplement or a waiver by a Holder of a Note shall bind the Holder and every subsequent Holder of that
Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent
or waiver is not made on the Note. After an amendment or waiver becomes effective, it shall bind every Holder unless it makes a
change described in clauses (i) through (x) of Section 9.02, in which case the amendment, supplement
or waiver or other action shall bind each Holder who has consented to it and every subsequent Holder that evidences the same debt
as the consenting Holder’s Notes. An amendment or waiver made pursuant to Section 9.02 shall become effective
upon receipt by the Trustee of the requisite number of written consents.

 

The Company may, but shall not be obligated to,
fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described
above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately
preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons,
shall be entitled to give such consent or to take any such action, whether or not such Persons continue to be Holders after such
record date.

 

    	 	-85-	 

     

    

 

SECTION 9.04 Notation on or Exchange of
Notes. If an amendment changes the terms of a Note, the Trustee may require the Holder of the Note to deliver it to the Trustee.
The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the Holder. Alternatively,
if the Company or the Trustee so determines, the Company 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 to issue a new Note shall not affect the
validity of such amendment.

 

SECTION 9.05 Trustee and Collateral Agent
to Sign Amendments. The Trustee and Collateral Agent shall sign any amendment, supplement or waiver authorized pursuant to
this Article IX if the amendment, supplement or waiver does not, in the sole determination of the Trustee or Collateral
Agent, adversely affect the rights, duties, liabilities or immunities of the Trustee or Collateral Agent. If it does, the Trustee
or Collateral Agent may but need not sign it. In signing any amendment, supplement or waiver pursuant to this Article IX,
the Trustee or Collateral Agent shall be entitled to receive, and (subject to Sections 7.01 and 7.02) shall be fully
protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that such amendment, supplement or
waiver is authorized or permitted by and complies with this Indenture, the Collateral Documents and the Intercreditor Agreements
and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Company, enforceable against the
Company in accordance with its terms, subject to customary exceptions. Notwithstanding the foregoing, no Opinion of Counsel will
be required for the Trustee or Collateral Agent to execute any amendment or supplement adding a new Subsidiary Guarantor under
this Indenture.

 

ARTICLE X

 

Subsidiary Guarantee

 

SECTION 10.01 Subsidiary Guarantee.
Subject to the provisions of Article XII, each Subsidiary Guarantor hereby fully, unconditionally and irrevocably guarantees, as
primary obligor and not merely as surety, jointly and severally with each other Subsidiary Guarantor, to each Holder of the Notes,
to the extent lawful, and the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by redemption
or otherwise, of the principal of, premium, if any, and interest on the Notes and all other obligations of the Company under this
Indenture and the Notes (including, without limitation, interest, fees and expenses accruing on or after the filing of any petition
in bankruptcy or the commencement of any Insolvency or Liquidation Proceeding relating to the Company or any Subsidiary Guarantor
whether or not a claim for post-filing or post-petition interest, fees and expenses is allowed in such proceeding and the obligations
under Section 7.06) and the Collateral Documents (all the foregoing being hereinafter collectively called the “Guarantor
Obligations”). Each Subsidiary Guarantor agrees (to the extent lawful) that the Guarantor Obligations may be extended
or renewed, in whole or in part, without notice or further assent from it, and that it shall remain bound under this Article X
notwithstanding any extension or renewal of any Guarantor Obligation.

 

Each Subsidiary Guarantor waives (to the extent
lawful) presentation to, demand of, payment from and protest to the Company of any of the Guarantor Obligations and also waives
(to the extent lawful) notice of protest for nonpayment. Each Subsidiary Guarantor waives (to the extent lawful) notice of any
default under the Notes or the Guarantor Obligations.

 

Each Subsidiary Guarantor further agrees that
its Subsidiary Guarantee herein constitutes a Guarantee of payment when due (and not a Guarantee of collection) and waives any
right to require that any resort be had by any Holder to any security held for payment of the Guarantor Obligations.

 

    	 	-86-	 

     

    

 

Except as set forth in Section 10.02,
Article VIII, and Article XII the obligations of each Subsidiary Guarantor hereunder shall not be subject to
any reduction, limitation, impairment or termination for any reason (other than payment of the Guarantor Obligations in full),
including any claim of waiver, release, surrender, alteration or compromise, and shall not (to the extent lawful) be subject to
any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability
of the Guarantor Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Subsidiary
Guarantor herein shall not (to the extent lawful) be discharged or impaired or otherwise affected by (a) the failure of any Holder
to assert any claim or demand or to enforce any right or remedy against the Company or any other person under this Indenture, the
Notes, the Collateral Documents, the Intercreditor Agreements or any other agreement or otherwise; (b) any extension or renewal
of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the
Notes, the Collateral Documents, the Intercreditor Agreements or any other agreement; (d) the release of any security held by any
Holder or the Collateral Agent for the Guarantor Obligations or any of them; (e) the failure of any Holder to exercise any
right or remedy against any other Subsidiary Guarantor; (f) any change in the ownership of the Company; (g) any default, failure
or delay, willful or otherwise, in the performance of the Guarantor Obligations; or (h) any other act or thing or omission or delay
to do any other act or thing which may or might in any manner or to any extent vary the risk of any Subsidiary Guarantor or would
otherwise operate as a discharge of such Subsidiary Guarantor as a matter of law or equity.

 

Each Subsidiary Guarantor agrees that its Subsidiary
Guarantee herein shall remain in full force and effect until payment in full of all the Guarantor Obligations or such Subsidiary
Guarantor is released from its Subsidiary Guarantee in compliance with Section 10.02 and Article VIII.
Each Subsidiary Guarantor further agrees that its Subsidiary Guarantee herein shall continue to be effective or be reinstated,
as the case may be, if at any time payment, or any part thereof, of principal of, premium, if any, or interest on any of the Guarantor
Obligations is rescinded, avoided or must otherwise be restored by any Holder upon or in connection with an Insolvency or Liquidation
Proceeding of the Company or otherwise.

 

In furtherance of the foregoing and not in limitation
of any other right which any Holder has at law or in equity against any Subsidiary Guarantor by virtue hereof, upon the failure
of the Company to pay any of the Guarantor Obligations when and as the same shall become due, whether at maturity, by acceleration,
by redemption or otherwise, each Subsidiary Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee,
forthwith pay, or cause to be paid, in cash, to the Trustee or the Trustee on behalf of the Holders an amount equal to the sum
of (i) the unpaid amount of such Guarantor Obligations then due and owing and (ii) accrued and unpaid interest on such
Guarantor Obligations then due and owing (but only to the extent not prohibited by law) (including interest, fees and expenses
accruing on or after the filing of any petition in bankruptcy or the commencement of any Insolvency or Liquidation Proceeding relating
to the Company or any Subsidiary Guarantor whether or not a claim for post-filing or post-petition interest, fees and expenses
is allowed in such proceeding).

 

Each Subsidiary Guarantor further agrees that,
as between such Subsidiary Guarantor, on the one hand, and the Holders, on the other hand, (x) the maturity of the Guarantor
Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of its Subsidiary Guarantee herein,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guarantor Obligations
guaranteed hereby and (y) in the event of any such declaration of acceleration of such Guarantor Obligations, such Guarantor
Obligations (whether or not due and payable) shall forthwith become due and payable by the Subsidiary Guarantor for the purposes
of this Subsidiary Guarantee.

 

Each Subsidiary Guarantor also agrees to pay any
and all reasonable costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or the Holders in enforcing
any rights under this Section.

 

    	 	-87-	 

     

    

 

Neither the Company nor the Subsidiary Guarantors
shall be required to make a notation on the Notes to reflect any Subsidiary Guarantee or any release, termination or discharge
thereof and any such notation shall not be a condition to the validity of any Subsidiary Guarantee.

 

SECTION 10.02 Limitation on Liability;
Termination, Release and Discharge.

 

(a)          Any
term or provision of this Indenture to the contrary notwithstanding, the obligations of each Subsidiary Guarantor hereunder shall
automatically (and without any further action by any Subsidiary Guarantor or any other Person) be reduced and limited to the maximum
amount as shall, after giving effect to all other contingent and fixed liabilities of such Subsidiary Guarantor and after giving
effect to any collections from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations
of such other Subsidiary Guarantor under its Subsidiary Guarantee or pursuant to its contribution obligations under this Indenture,
result in the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee not constituting a fraudulent conveyance
or fraudulent transfer under any Bankruptcy Law or other applicable federal or state law and not otherwise being void, voidable
or avoidable under any similar laws affecting the rights of creditors generally.

 

(b)          A
Subsidiary Guarantee by a Subsidiary Guarantor shall be automatically and unconditionally released and discharged, and each Subsidiary
Guarantor and its obligations under the Subsidiary Guarantee and this Indenture shall be released and discharged:

 

(i)          upon
any sale, exchange or transfer (by merger or otherwise) of the Capital Stock of such Subsidiary Guarantor (including any sale,
exchange or transfer) following which such Subsidiary Guarantor ceases to be a direct or indirect Subsidiary of the Company if
such sale, exchange or transfer does not constitute an Asset Disposition or is made in compliance with this Indenture, including
Section 3.07 and Article IV;

 

(ii)         the
dissolution or liquidation of such Subsidiary Guarantor in accordance with the provisions of this Indenture;

 

(iii)        upon
exercise of the Company’s legal defeasance option or covenant defeasance option or upon satisfaction and discharge of this
Indenture, in each case, pursuant to the provisions of Article VIII hereof; and

 

(iv)        if
the Company designates such Subsidiary Guarantor as an Unrestricted Subsidiary and such designation complies with the other applicable
provisions of this Indenture.

 

(c)          In
the event the Trustee is asked to acknowledge such a release, the Company shall deliver to the Trustee an Officers’ Certificate
and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to such transaction
have been complied with.

 

(d)          The
release of a Subsidiary Guarantor from its Subsidiary Guarantee and its obligations under this Indenture in accordance with the
provisions of this Section 10.02 shall not preclude the future applications of Section 3.10 to such Person.

 

SECTION 10.03 Right of Contribution.
Each Subsidiary Guarantor hereby agrees that to the extent that any Subsidiary Guarantor shall have paid more than its proportionate
share of any payment made on the obligations under the Subsidiary Guarantees, such Subsidiary Guarantor shall be entitled to seek
and receive contribution from and against the Company or any other Subsidiary Guarantor who has not paid its proportionate share
of such payment. The provisions of this Section 10.03 shall in no respect limit the obligations and liabilities of
each Subsidiary Guarantor to the Trustee and the Holders and each Subsidiary Guarantor shall remain liable to the Trustee and the
Holders for the full amount guaranteed by such Subsidiary Guarantor hereunder.

 

    	 	-88-	 

     

    

 

SECTION 10.04 No Subrogation. Notwithstanding
any payment or payments made by each Subsidiary Guarantor hereunder, no Subsidiary Guarantor shall be entitled to be subrogated
to any of the rights of the Trustee or any Holder against the Company or any other Subsidiary Guarantor or any collateral security
or guarantee or right of offset held by the Trustee or any Holder for the payment of the Guarantor Obligations, nor shall any Subsidiary
Guarantor seek or be entitled to seek any contribution or reimbursement from the Company or any other Subsidiary Guarantor in respect
of payments made by such Subsidiary Guarantor hereunder, until all amounts owing to the Trustee and the Holders by the Company
on account of the Guarantor Obligations are paid in full. If any amount shall be paid to any Subsidiary Guarantor on account of
such subrogation rights at any time when all of the Guarantor Obligations shall not have been paid in full, such amount shall be
held by such Subsidiary Guarantor in trust for the Trustee and the Holders, segregated from other funds of such Subsidiary Guarantor,
and shall, forthwith upon receipt by such Subsidiary Guarantor, be turned over to the Trustee in the exact form received by such
Subsidiary Guarantor (duly indorsed by such Subsidiary Guarantor to the Trustee, if required), to be applied against the Guarantor
Obligations.

 

ARTICLE XI

 

Collateral and Security

 

SECTION 11.01 The Collateral.

 

(a)          The
due and punctual payment of the principal of, premium, if any, and interest on the Notes and the Subsidiary Guarantees thereof
when and as the same shall be due and payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption
or otherwise, interest on the overdue principal of and interest (to the extent lawful), if any, on the Notes and the Subsidiary
Guarantees thereof and performance of all other obligations under this Indenture, including, without limitation, the obligations
of the Company set forth in Sections 7.06 and 8.06 herein, and the Notes and the Subsidiary Guarantees thereof
and the Collateral Documents, shall be secured by Liens as provided in the Collateral Documents which the Company and the Subsidiary
Guarantors, as the case may be, have joined in connection with the execution of this Indenture and shall be secured by the Collateral
pledged pursuant to the Collateral Documents hereafter delivered as required or permitted by this Indenture.

 

(b)          The
Company and the Subsidiary Guarantors hereby agree that the Junior Lien Collateral Agent shall hold the Collateral for the benefit
of all Secured Parties, in each case pursuant to the terms of the Collateral Documents, and the Junior Lien Collateral Agent is
hereby authorized to execute and deliver any required joinder and amendment documentation in connection with the Collateral Documents.

 

(c)          Each
Holder, by its acceptance of any Notes and the Subsidiary Guarantees thereof, consents and agrees to the terms of the Collateral
Documents (including, without limitation, the provisions providing for foreclosure) and the Intercreditor Agreements, as the same
may be in effect or as may be amended from time to time in accordance with their terms, and authorizes and directs the Junior Lien
Collateral Agent to perform its obligations and exercise its rights under the Collateral Documents and the Intercreditor Agreements
in accordance therewith.

 

    	 	-89-	 

     

    

 

(d)          The
Trustee and each Holder, by accepting the Notes and the Subsidiary Guarantees thereof, acknowledges that, as more fully set forth
in the Collateral Documents, the Collateral as now or hereafter constituted shall be held for the benefit of all Secured Parties,
and that the Lien of the Collateral Documents is subject to and qualified and limited in all respects by the Collateral Documents
and the Intercreditor Agreements and actions that may be taken thereunder.

 

SECTION 11.02 Further Assurances.

 

(a)          The
Company shall, and shall cause each Subsidiary Guarantor to, at their sole expense, do or cause to be done all acts which may be
reasonably necessary, or as requested by the Collateral Agent, to confirm that the Junior Lien Collateral Agent holds, for the
benefit of all Secured Parties, duly created, enforceable and perfected Liens and security interests, as applicable, in the Collateral
(subject to Permitted Liens) to the extent such liens are required to be so perfected by the Junior Lien Term Loan Credit Agreement,
this Indenture and the Collateral Documents, including the filing of UCC continuation statements and UCC amendments.

 

(b)          To
the extent Chatham (x) reasonably determines, after consultation with applicable local counsel, that amendments to the existing
mortgages in favor of or for the benefit of the Junior Lien Collateral Agent are reasonably necessary to ensure that the Junior
Lien Collateral Agent holds, for the benefit of all Secured Parties, duly created, enforceable and perfected Liens in the mortgaged
property owned by the Company and its Subsidiary Guarantors and covered by any such existing mortgages (subject to Permitted Liens)
to the extent such Liens are required to be so created or perfected by the Junior Lien Term Loan Credit Agreement, this Indenture
and the Collateral Documents (it being understood that mortgages are not required with respect to any real property with a fair
market value equal to or less than $2,000,000 or any real property that constitutes Excluded Property (as defined in the Security
Agreement)), and (y) provides the Company with a written notice of such determination and a draft of such reasonably necessary
amendments to such existing mortgages within ninety (90) days of the Issue Date, the Company and/or the applicable Subsidiary Guarantor
shall, within one hundred and twenty (120) days of receipt of such written notice and such drafts (or such later date as Chatham
may agree in its reasonable discretion), (i) review and negotiate with Chatham and the Junior Lien Collateral Agent any such amendments
and duly execute and deliver to the Junior Lien Collateral Agent counterparts of the final amendments, (ii) with respect to any
existing mortgage that is amended pursuant to the foregoing clause (i) of this Section 11.02(b), deliver to the Junior Lien Collateral
Agent mortgage modification or date down endorsements dated as of the date of such amendments to the applicable ALTA loan title
insurance policy issued with respect to such existing mortgage; and (iii) deliver to the Junior Lien Collateral Agent such other
documentation as may be reasonably requested by Chatham or the Junior Lien Collateral Agent in connection with the foregoing, including
the delivery of local counsel opinions solely with respect to enforceability of any such mortgage amendments, if requested, in
each case, in form and substance reasonably satisfactory to Chatham and the Junior Lien Collateral Agent.

 

(c)          To
the extent Chatham (x) reasonably determines that either (A) amendments to any existing Trademark Security Agreement (as defined
in the Security Agreement) or any existing Copyright Security Agreement (as defined in the Security Agreement) in favor of or for
the benefit of the Junior Lien Collateral Agent or (B) the re-filing of any existing Trademark Security Agreement or any Copyright
Security Agreement in favor of or for the benefit of the Junior Lien Collateral Agent are reasonably necessary to ensure that the
Junior Lien Collateral Agent holds, for the benefit of all Secured Parties, duly created, enforceable and perfected Liens in all
existing Trademark Collateral (as defined in the existing Trademark Security Agreements) and all existing Copyright Collateral
(as defined in the existing Copyright Security Agreements) (in each case, subject to Permitted Liens) to the extent such Liens
are required to be so created or perfected by the Junior Lien Term Loan Credit Agreement, this Indenture and the Collateral Documents,
and (y) provides the Company with a written notice of such determination within ninety (90) days of the Issue Date, the Company
and/or the applicable Subsidiary Guarantors shall, within ninety (90) days of receipt of such written notice (or such later date
as Chatham may agree in its reasonable discretion), (i) to the extent amendments to any existing Trademark Security Agreement or
Copyright Security Agreement are so deemed reasonably necessary, review and negotiate with Chatham and the Junior Lien Collateral
Agent any such amendments and duly execute and deliver to the Junior Lien Collateral Agent counterparts of the final amendments
for recordation, as the case may be, with the United States Patent and Trademark Office or the United States Copyright Office and
(ii) deliver to the Junior Lien Collateral Agent such other documentation as may be reasonably requested by Chatham or the Junior
Lien Collateral Agent in connection with the foregoing, in each case, in form and substance reasonably satisfactory to Chatham
and the Junior Lien Collateral Agent.

 

    	 	-90-	 

     

    

 

SECTION 11.03 Release of Liens on the
Collateral.

 

(a)          The
Liens on the Collateral shall automatically and without any need for any further action by any Person be released only with respect
to the Notes:

 

(i)   
       in whole or in part, as applicable, as to all or any portion of property subject to
such Liens which has been taken by eminent domain, condemnation or other similar circumstances;

 

(ii)     
    in whole upon:

 

(1)         satisfaction
and discharge of this Indenture as set forth in Section 8.01(a); or

 

(2)         a
legal defeasance or covenant defeasance of this Indenture as set forth in Section 8.01(b);

 

(iii)        in
part, as to any property that (x) is sold, transferred or otherwise disposed of by the Company or any Subsidiary Guarantor (other
than to the Company or a Subsidiary Guarantor) in a transaction not prohibited by this Indenture at the time of such sale, transfer
or disposition or (y) is owned or at any time acquired by a Subsidiary Guarantor that has been released from its Subsidiary Guarantee
in accordance with this Indenture, concurrently with the release of such Subsidiary Guarantee (including in connection with the
designation of a Subsidiary Guarantor as an Unrestricted Subsidiary);

 

(iv)        pursuant
to an amendment in accordance with Article IX;

 

(v)         in
whole as to all Collateral that is owned by a Subsidiary Guarantor that is (x) released from its guarantee of the First Lien Debt
that required such Subsidiary to become a Subsidiary Guarantor hereunder or (y) released from its Subsidiary Guarantee in accordance
with Section 10.02; and

 

(vi)        in
part, in accordance with the applicable provisions of the Collateral Documents and the Intercreditor Agreements.

 

(b)          In
connection with any termination or release of any Liens in all or any portion of the Collateral pursuant to this Indenture or any
of the Collateral Documents, the Trustee shall, or shall cause the Junior Lien Collateral Agent to, promptly execute, deliver or
acknowledge all documents, instruments and releases (in form and substance reasonably satisfactory to the Collateral Agent) that
have been requested to release, reconvey to the Company and/or the Subsidiary Guarantors, as the case may be, such Collateral or
otherwise give effect to, evidence or confirm such termination or release in accordance with the directions of the Company and/or
the Subsidiary Guarantor, as the case may be.

 

    	 	-91-	 

     

    

 

(c)          The
release of any Collateral from the terms of the Collateral Documents shall not be deemed to impair the security under this Indenture
in contravention of the provisions hereof if and to the extent such Collateral is released pursuant to this Indenture or upon termination
of this Indenture. The Trustee and each of the Holders each acknowledge and direct the Trustee and the Collateral Agent that a
release of Collateral or a Lien in accordance with the terms of any Collateral Document and this Article XI will not
be deemed for any purpose to be an impairment of the Lien on the Collateral in contravention of the terms of this Indenture.

 

(d)          Notwithstanding
any provision to the contrary herein, as and when requested by the Company or any Subsidiary Guarantor, the Trustee shall instruct
the Junior Lien Collateral Agent to authorize the filing of Uniform Commercial Code financing statement amendments or releases
(which shall be prepared by the Company or such Subsidiary Guarantor) solely to the extent necessary to delete or release Liens
on property or assets not required to be subject to a Lien under the Collateral Documents from the description of assets in any
previously filed financing statements. If requested in writing by the Company or any Subsidiary Guarantor, the Trustee shall instruct
the Junior Lien Collateral Agent to execute such documents, instruments or statements reasonably requested (in form and substance
reasonably satisfactory to the Collateral Agent) of it (which shall be prepared by the Company or such Subsidiary Guarantor) and
to take such other action as the Company may request to evidence or confirm that such property or assets not required to be subject
to a Lien under the Collateral Documents described in the immediately preceding sentence has been released from the Liens of each
of the Collateral Documents. The Junior Lien Collateral Agent shall execute and deliver such documents, instruments and statements
(in form and substance reasonably satisfactory to the Collateral Agent) and shall take all such actions promptly upon receipt of
such instructions from the Company, any Subsidiary Guarantor or the Trustee and at the Company’s sole cost and expense.

 

(e)          In
no event shall the Trustee or Collateral Agent be obligated to execute or deliver any document evidencing any release or reconveyance
without receipt of an Opinion of Counsel and Officers’ Certificate, each stating that such release complies with this Indenture,
the Intercreditor Agreements and the Collateral Documents.

 

SECTION 11.04 Authorization of Actions
to Be Taken by the Trustee or the Collateral Agent Under the Collateral Documents.

 

(a)          Subject
to the provisions of the Collateral Documents, the Intercreditor Agreements and the other provisions of this Indenture, each of
the Trustee or the Collateral Agent may take all actions it deems necessary or appropriate in order to (i) enforce any of its rights
or any of the rights of the Holders under the Collateral Documents and (ii) upon the occurrence and during the continuance of an
Event of Default, collect and receive any and all amounts payable in respect of the Collateral in respect of the obligations of
the Company and the Subsidiary Guarantors hereunder and thereunder. Subject to the provisions of the Collateral Documents and the
Intercreditor Agreements, the Trustee or the Collateral Agent shall have the power (but not the obligation) to institute and to
maintain such suits and proceedings as it may deem expedient to prevent any impairment of the Collateral by any acts that may be
unlawful or in violation of the Collateral Documents, the Intercreditor Agreements or this Indenture, and such suits and proceedings
as the Trustee or the Collateral Agent may deem expedient to preserve or protect its interest 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, the Trustee or the Collateral Agent).

 

    	 	-92-	 

     

    

 

(b)          The
Trustee or the Collateral Agent shall not be responsible for the existence, genuineness or value of any of the Collateral or for
the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law
or by reason of any action or omission to act on its part hereunder, except to the extent such action or omission constitutes negligence,
bad faith or willful misconduct on the part of the Trustee or the Collateral Agent, for the validity or sufficiency of the Collateral
or any agreement or assignment contained therein, for the validity of the title of the Company to the Collateral, for insuring
the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance
of the Collateral. The Trustee or the Collateral Agent shall have no responsibility for recording, filing, re-recording or refiling
any financing statement, continuation statement, document, instrument or other notice in any public office at any time or times
or to otherwise take any action to perfect or maintain the perfection of any security interest granted to it under the Collateral
Documents or otherwise.

 

(c)          Where
any provision of the Collateral Documents requires that additional property or assets be added to the Collateral, the Company shall,
or shall cause the applicable Subsidiary Guarantors to, take any and all actions reasonably required to cause such additional property
or assets to be added to the Collateral and to create and maintain a valid and enforceable perfected security interest (subject
to Permitted Liens) in favor of the Junior Lien Collateral Agent for the benefit of all Secured Parties, in each case in accordance
with and to the extent required under the Collateral Documents.

 

(d)          The
Trustee or the Collateral Agent, in taking any action under the Collateral Documents, shall be entitled to receive, if requested,
as a condition to take any action, an Officers’ Certificate and Opinion of Counsel to the effect that such action does not
violate this Indenture, the Collateral Documents or the Intercreditor Agreements, and the Trustee or the Collateral Agent shall
be fully protected relying thereon.

 

(e)          In
acting under the Collateral Documents and the Intercreditor Agreements, the Trustee and Collateral Agent shall have all the protections,
rights and immunities given to them under this Indenture.

 

(f)          For
the avoidance of doubt, upon receipt of any payment by the Collateral Agent or the Trustee pursuant to the Intercreditor Agreements,
the Company, Subsidiary Guarantors and Holders agree that, as among them, such payments shall be made and such funds applied in
accordance with Sections 6.10 and 12.18 of this Indenture, and in every case whatsoever, the Trustee and Collateral
Agent will each be paid amounts owed them under this Indenture, the Intercreditor Agreements and the Collateral Documents prior
to payments (pursuant to Article VI of this Indenture) being made to the Holders.

 

(g)          In
the event that the Trustee or Collateral Agent is required to acquire title to any property or asset for any reason, or take any
managerial action of any kind in regard thereto, in order to carry out any fiduciary or trust obligation for the benefit of another,
which in the sole discretion of the Trustee or the Collateral Agent, as the case may be, may cause it to be considered an “owner
or operator” under the provisions of the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”),
42 U.S.C. § 9601, et seq., or otherwise cause it to incur liability under CERCLA or any other federal, state or local
law, each of the Trustee and the Collateral Agent reserves the right, instead of taking such action, to either resign or arrange
for the transfer of the title or control of the asset to a court-appointed receiver. Neither the Trustee nor the Collateral Agent
shall be liable to any person for any environmental claims or contribution actions under any federal, state or local law, rule
or regulation by reason of the Trustee’s or the Collateral Agent’s actions and conduct as authorized, empowered and
directed hereunder or under the Collateral Documents or relating to the discharge, release or threatened release of hazardous materials
into the environment. If at any time it is necessary or advisable for the Collateral to be possessed, owned, operated or managed
by any person other than the Company or a Subsidiary Guarantor, the Holders of a majority of the aggregate principal amount of
the Notes shall direct the Trustee or the Collateral Agent, as the case may be, to appoint an appropriately qualified person who
they shall designate to possess, own, operate or manage, as the case may be, the Collateral.

 

    	 	-93-	 

     

    

 

ARTICLE XII

 

Subordination

 

SECTION 12.01 Agreement to Subordinate.
The Subsidiary Guarantors agree, and each Holder agrees, that the payment of all Guarantor Obligations owing in respect of the
Notes due and owing to the Agents is subordinated in right of payment, to the extent and in the manner provided in this Article
XII, to the prior payment in cash in full of all existing and future Priority Indebtedness and that the subordination is for the
benefit of and enforceable by the holders of such Priority Indebtedness.

 

SECTION 12.02 Liquidation, Dissolution,
Bankruptcy. Upon any payment or distribution of the assets of a Subsidiary Guarantor to creditors upon a total or partial liquidation
or dissolution of such Subsidiary Guarantor or in a reorganization of, or similar proceeding relating to, such Subsidiary Guarantor
or its property:

 

(a)          the
holders of Priority Indebtedness shall be entitled to receive payment in full in cash of such Priority Indebtedness before Holders
shall be entitled to receive any payment; and

 

(b)          until
the Priority Indebtedness is paid in full in cash, any payment or distribution to which Holders would be entitled but for the subordination
provisions of this Article XII shall be made to holders of such Priority Indebtedness as their interest may appear.

 

SECTION 12.03 Default on Priority Indebtedness.
No Subsidiary Guarantor shall pay principal of, premium, if any, or interest on the Guarantor Obligations or make any payment with
respect to the Guarantor Obligations due and owing to the Agents (collectively, “pay the Guarantor Obligations”)
if either of the following occurs (a “Priority Payment Default”):

 

(a)          any
Obligation on any Priority Indebtedness is not paid in full in cash when due (after giving effect to any applicable grace period);

 

(b)          any
other default on Priority Indebtedness occurs and the maturity of such Priority Indebtedness is accelerated in accordance with
its terms;

 

unless, in either case, the Priority Payment Default has been cured
or waived and any such acceleration has been rescinded or such Priority Indebtedness has been discharged or paid in full in cash;
provided, however, that a Subsidiary Guarantor shall be entitled to pay the Guarantor Obligations without regard to the
foregoing fi the Subsidiary Guarantor and the Trustee receive written notice approving such payment from the Representatives of
all Priority Indebtedness with respect to which the Priority Payment Default has occurred and is continuing.

 

    	 	-94-	 

     

    

 

During the continuance of any default (other than a Priority Payment
Default) (a “Non-Priority Payment Default”) with respect to any Priority Indebtedness pursuant to which the
maturity thereof may be accelerated without further notice (except such notice as may be required to effect such acceleration)
or the expiration of any applicable grace periods, no Subsidiary Guarantor shall pay the Guarantor Obligations due and owing to
the Agents for a period (a “Payment Blockage Period”) commencing upon the receipt by the Trustee (with a copy
to the Company) of written notice (a “Blockage Notice”) of such Non-Priority Payment Default from the Representative
of such Priority Indebtedness specifying an election to effect a Payment Blockage Period and ending 179 days thereafter. The Payment
Blockage Period shall end earlier if such Payment Blockage Period is terminated (i) by written notice to the Trustee and the Company
from the Person or Persons who gave such Blockage Notice; (ii) because the default giving rise to such Blockage Notice is cured,
waived or otherwise no longer continuing; or (iii) because such Priority Indebtedness has been discharged or repaid in full in
cash.

 

Notwithstanding the provisions described in the immediately preceding
paragraph (but subject to the provisions contained in the first paragraph of this Section 12.03 and Section 12.02
hereof), unless the holders of such Priority Indebtedness or the Representative of such Priority Indebtedness shall have accelerated
the maturity of such Priority Indebtedness, the Subsidiary Guarantors shall be entitled to resume paying the Guarantor Obligations
after the end of such Payment Blockage Period. The Guarantor Obligations shall not be subject to more than one Payment Blockage
Period in any consecutive 360-day period irrespective of the number of defaults with respect to Priority Indebtedness during such
period; provided that if any Blockage Notice is delivered to the Trustee by or on behalf of the holders of Priority Indebtedness
(other than the holders of Indebtedness under the First Lien Debt), a Representative of holders of Indebtedness under the First
Lien Debt may give another Blockage Notice within such period. However, in no event shall the total number of days during which
any Payment Blockage Period or Periods on the Guaranteed Obligations is in effect exceed 179 days in the aggregate during any consecutive
360-day period, and there must be at least 181 days during any consecutive 360-day period during which no Payment Blockage Period,
is in effect. Notwithstanding the foregoing, however, no default that existed or was continuing on the date of delivery of any
Blockage Notice to the Trustee shall be, or be made, the basis for a subsequent Blockage Notice unless such default shall have
been waived for a period of not less than 90 days (it being acknowledged that any subsequent action, or any breach of any financial
covenants during the period after the date of delivery of a Blockage Notice, that, in either case, would give rise to a Non-Priority
Payment Default pursuant to any provisions under which a Non-Priority Payment Default previously existed or was continuing shall
constitute a new Non-Priority Payment Default for this purpose).

 

SECTION 12.04 Acceleration of Payment
of Guarantor Obligations. If payment of the Guarantor Obligations is accelerated because of an Event of Default, the Company
shall promptly notify the holders of the Priority Indebtedness or the Representative of such Priority Indebtedness of the acceleration;
provided that any failure to give such notice shall have no effect whatsoever on the provisions of this Article XII; provided,
further that so long as there shall remain outstanding Indebtedness under the First Lien Debt, a Blockage Notice with respect to
the First Lien Debt may only be given by the respective Representative thereunder unless otherwise agreed to in writing by the
respective requisite holders as set forth therein. If any Priority Indebtedness is outstanding, no Subsidiary Guarantor may pay
the Guarantor Obligations due and owing to the Agents until five Business Days after the Representatives of all the issues of Priority
Indebtedness receive notice of such acceleration and, thereafter, may pay the Notes only if this Indenture and the Junior Lien
Term Loan Credit Agreement otherwise permits payment at that time.

 

    	 	-95-	 

     

    

 

SECTION 12.05 When Distribution Must Be
Paid Over. If a distribution is made to the Trustee or Holders that, due to the subordination provisions of this Article XII,
should not have been made to them, such Trustee or Holders are required to hold it in trust for the holders of Priority Indebtedness
and pay it over to them as their interests may appear.

 

SECTION 12.06 Notice by Company. The
Company shall promptly notify the Trustee and the Paying Agent of any facts known to the Company that would cause a payment of
any Guarantor Obligations to violate this Article XII, but failure to give such notice shall not affect the subordination of the
Guarantor Obligations to the Priority Indebtedness as provided in this Article XII.

 

SECTION 12.07 Subrogation. After all
Priority Indebtedness is paid in full and until the Guarantor Obligations are paid in full, Holders shall be subrogated to the
rights of holders of such Priority Indebtedness to receive distributions applicable to such Priority Indebtedness. A distribution
made under this Article XII to holders of such Priority Indebtedness which otherwise would have been made to Holders is not, as
between the Subsidiary Guarantors and Holders, a payment by the Subsidiary Guarantors on such Priority Indebtedness.

 

SECTION 12.08 Relative Rights. This
Article XII defines the relative rights of Holders and holders of Priority Indebtedness. Nothing in this Indenture shall:

 

(a)          
impair, as between a Subsidiary Guarantor and Holders, the obligation of a Subsidiary Guarantor, which is absolute and unconditional,
to pay the Guarantor Obligations;

 

(b)          prevent
the Trustee or any Holder from exercising its available remedies upon a Default, subject to the terms of the Intercreditor Agreements
and the rights of holders of Priority Indebtedness to receive payments or distributions otherwise payable to Holders and such other
rights of such holders of Priority Indebtedness as set forth herein; or

 

(c)          affect
the relative rights of Holders and creditors of a Subsidiary Guarantor other than their rights in relation to holders of Priority
Indebtedness.

 

    	 	-96-	 

     

    

 

SECTION 12.09 Subordination May Not Be
Impaired by Subsidiary Guarantor. No right of any holder of Priority Indebtedness to enforce the subordination of the Guarantor
Obligations shall be impaired by any act or failure to act by a Subsidiary Guarantor or by its failure to comply with this Indenture.

 

SECTION 12.10 Rights of Trustee and Paying
Agent. Notwithstanding Section 12.03 hereof, the Trustee and the Paying Agent may continue to make payments on
the Guarantor Obligations and shall not be charged with knowledge of the existence of facts that would prohibit the making of
any payments unless, not less than five Business Days prior to the date of such payment, the Trustee or Paying Agent receives
written notice satisfactory to it that payments may not be made under this Article XII. A Representative or a holder of Priority
Indebtedness shall be entitled to give the notice; provided, however, that, if an issue of Priority Indebtedness has a
Representative, only the Representative shall be entitled to give the notice. Nothing in this Article XII shall impair the claims
of, or payments to, the Trustee under or pursuant to Section 7.06.

 

SECTION 12.11 Distribution or Notice
to Representative. Whenever any Person is to make a distribution or give a notice to holders of Priority Indebtedness, such
Person shall be entitled to make such distribution or give such notice to their Representative (if any). Any such Representative
shall provide its contact information to the Trustee.

 

SECTION 12.12 Article XII Not to Prevent
Events of Default or Limit Right To Accelerate. The failure to make a payment pursuant to the Guarantor Obligations by reason
of any provision of this Article XII shall not be construed as preventing the occurrence of a Default or Event of Default. Nothing
in this Article XII shall have any effect on the right of the Holders or Trustee to accelerate the Guarantor Obligations.

 

SECTION 12.13 Trustee and the Holders
Entitled To Rely.  Upon any payment or distribution pursuant to this Article XII, the Trustee and the Holders shall be
entitled to rely (a) upon any order or decree of a court of competent jurisdiction in which any proceedings of the nature referred
to in Section 12. 2 hereof are pending, (b) upon a certificate of the liquidating trustee or agent or other Person
making such payment or distribution to the Trustee and the Holders or (c) upon the Representatives of Priority Indebtedness for
the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of such Priority Indebtedness,
the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto
or to this Article XII.  In the event that the Trustee determines, in good faith, that evidence is required with respect to
the right of any Person as a holder of Priority Indebtedness to participate in any payment or distribution pursuant to this Article
XII, the Trustee shall be entitled to request such Person to furnish evidence to the reasonable satisfaction of the Trustee as
to the amount of such Priority Indebtedness held by such Person, the extent to which such Person is entitled to participate in
such payment or distribution and other facts pertinent to the rights of such Person under this Article XII, and, if such evidence
is not furnished, the Trustee shall be entitled to defer any payment to such Person pending judicial determination as to the right
of such Person to receive such payment.

 

SECTION 12.14 Trustee to Effectuate Subordination. 
Each Holder agrees to be bound by this Article XII and authorizes and expressly directs the Trustee, on its behalf, to take such
action as may be necessary or appropriate to effectuate the subordination between the Holders and the holders of Priority Indebtedness
as provided in this Article XII and appoints the Trustee as attorney-in-fact for any and all such purposes.

 

    	 	-97-	 

     

    

 

SECTION 12.15 Trustee Not Fiduciary for
Lenders of Priority Indebtedness.  The Trustee shall not be deemed to owe any fiduciary duty to the holders of Priority
Indebtedness and shall not be liable to any such holders if it shall mistakenly pay over or distribute to Holders or the Company
or any other Person, money or assets to which any holders of Priority Indebtedness shall be entitled by virtue of this Article
XII or otherwise.

 

SECTION 12.16 Reliance by Lenders of Priority
Indebtedness on Subordination Provisions.  Each Holder acknowledges and agrees that the foregoing subordination provisions
are, and are intended to be, an inducement and a consideration to each holder of any Priority Indebtedness, whether such Priority
Indebtedness was created or acquired before or after the issuance of the Notes, to acquire and continue to hold, or to continue
to hold, such Priority Indebtedness and such holder of such Priority Indebtedness shall be deemed conclusively to have relied on
such subordination provisions in acquiring and continuing to hold, or in continuing to hold, such Priority Indebtedness.

 

Without in any way limiting the generality of
the foregoing paragraph, the holders of Priority Indebtedness may, at any time and from time to time, without the consent of or
notice to the Trustee or the Holders, without incurring responsibility to the Trustee or the Holders and without impairing or releasing
the subordination provided in this Article XII or the obligations hereunder of the Holders to the holders of the Priority Indebtedness,
do any one or more of the following:

 

(a)          change
the manner, place or terms of payment or extend the time of payment of, or renew or alter, Priority Indebtedness, or otherwise
amend or supplement in any manner Priority Indebtedness, or any instrument evidencing the same or any agreement under which Priority
Indebtedness is outstanding;

 

(b)          sell,
exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Priority Indebtedness;

 

(c)          release
any Person liable in any manner for the payment or collection of Priority Indebtedness; and

 

(d)          exercise
or refrain from exercising any rights against a Subsidiary Guarantor and any other Person.

 

SECTION 12.17 Amendments.  The
provisions of this Article XII shall not be amended or modified without the written consent of the holders of all Priority Indebtedness
that would be adversely affected thereby.

 

SECTION 12.18 Lien Priority Confirmation. 
Each Holder and the Trustee on behalf of the Holders agree that:

 

(a)          The
ABL Obligations and all Obligations under the First Lien Debt will be and are secured by Liens in priority to Liens securing the
Notes pursuant to the provisions of, and in the manner described in, the Global Intercreditor Agreement.

 

(b)          The
Tranche A Loan will be secured by Liens in priority to the Liens securing the Notes on the terms set forth in the Junior Lien Intercreditor
Agreement.

 

    	 	-98-	 

     

    

 

(c)          The
Trustee and each of the Holders in respect of the Obligations in respect of this Indenture are bound by the provisions of the Intercreditor
Agreements, including without limitation the provisions relating to the ranking of Liens and the order of application of proceeds
from enforcement thereof; and

 

(d)          The
Trustee and each of the Holders consent to and direct the Junior Lien Collateral Agent to perform the Junior Lien Collateral Agent’s
obligations under the Intercreditor Agreements and the Collateral Documents.

 

Subject to the terms of the Intercreditor Agreement, the foregoing
provisions of this Section 12.18 are intended for the enforceable benefit of, and will be enforceable as a third party
beneficiary by, the ABL Agent, all holders of First Lien Debt, each existing and future representative of First Lien Debt and the
Collateral Agent.

 

ARTICLE XIII

 

Miscellaneous

 

SECTION 13.01 Notices. Notices given
by publication shall be deemed given on the first date on which publication is made, and notices given by first-class mail, postage
prepaid, shall be deemed given five calendar days after mailing. Notices delivered in accordance with the applicable procedures
of DTC will be deemed given when delivered to DTC. Any notice or communication shall be in writing and delivered in person, by
facsimile or mailed by first-class mail addressed as follows:

 

if to the Company or to any Subsidiary Guarantor:

 

c/o The McClatchy Company

2100 “Q” Street

Sacramento, California 95816

Attention: Vice President, General Counsel

Facsimile No.: (916) 321-1869

 

if to the Trustee:

 

The Bank of New York Mellon

400 South Hope Street, Suite 500

Los Angeles, California 90071

Attn: Corporate Unit

Facsimile: (213) 630-6298

 

if to the Collateral Agent:

 

The Bank of New York Mellon

2001 Bryan Street, Suite 1000

Dallas, Texas 75201

E-mail Address: lpcoe-dallasagentsvcs@bnymellon.com

Facsimile: (214) 468-5539

 

The Company or the Trustee by notice to the other
may designate additional or different addresses for subsequent notices or communications.

 

    	 	-99-	 

     

    

 

Any notice or communication mailed to a Holder
shall be mailed to the Holder at the Holder’s address as it appears on the registration books of the Registrar and shall
be sufficiently given if so mailed within the time prescribed.

 

Failure to mail a notice or communication to a
Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed
in the manner provided above, it is duly given, whether or not the addressee receives it.

 

Each of the Trustee and Collateral Agent agrees
to accept and act upon instructions or directions pursuant to this Indenture or the Collateral Documents or any Intercreditor Agreement
sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods. If the party elects to give the
Trustee or Collateral Agent e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee or
Collateral Agent in its discretion elects to act upon such instructions, the Trustee’s or Collateral Agent's understanding
of such instructions shall be deemed controlling. Neither the Trustee nor the Collateral Agent shall be liable for any losses,
costs or expenses arising directly or indirectly from the Trustee’s or Collateral Agent's reliance upon and compliance with
such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party
providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions
and directions to the Trustee or Collateral Agent, including without limitation the risk of the Trustee or Collateral Agent acting
on unauthorized instructions, and the risk or interception and misuse by third parties.

 

SECTION 13.02 Certificate and Opinion
as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take or refrain from taking any
action under this Indenture (except in connection with the original issuance of Notes on the date hereof), the Company shall furnish
to the Trustee:

 

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

 

(ii)         an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all
such conditions precedent have been complied with.

 

SECTION 13.03 Statements Required in Certificate
or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture
shall include:

 

(i)          a
statement that the individual making such certificate or opinion has read such covenant or condition;

 

(ii)         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;

 

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

 

(iv)        a
statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with.

 

    	 	-100-	 

     

    

 

In giving such Opinion of Counsel, counsel may
rely as to factual matters on an Officers’ Certificate or on certificates of public officials.

 

SECTION 13.04 Submission of Jurisdiction.
To the extent permitted by applicable law, the Company and each Guarantor hereby irrevocably submits to the jurisdiction of
any New York State court sitting in the Borough of Manhattan in the City of New York or any federal court sitting in the Borough
of Manhattan in the City of New York in respect of any suit, action or proceeding arising out of or relating to this Indenture,
the Guarantees and the Notes, and, to the extent permitted by applicable law, irrevocably accepts for itself and in respect of
its property, generally and unconditionally, jurisdiction of the aforesaid courts.

 

SECTION 13.05 Rules by Trustee, Paying
Agent and Registrar. The Trustee may make reasonable rules for action by, or a meeting of, Holders. The Registrar and the Paying
Agent may make reasonable rules for their functions.

 

SECTION 13.06 Days Other than Business
Days. If a payment date is not a Business Day, payment shall be made on the next succeeding day that is not a Business Day,
and no interest shall accrue for the intervening period. If a regular Record Date is not a Business Day, the Record Date shall
not be affected.

 

SECTION 13.07 Governing Law. This
Indenture, the Notes and the Subsidiary Guarantees shall be governed by, and construed in accordance with, the laws of the State
of New York.

 

SECTION 13.08 Waiver of Jury Trial. EACH OF THE COMPANY,
THE SUBSIDIARY GUARANTORS, EACH HOLDER BY ITS ACCEPTANCE OF A NOTE AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE,
THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

SECTION 13.09 No Recourse Against Others.
An incorporator, director, officer, employee, stockholder or controlling person, as such, of the Company or any Subsidiary Guarantor
shall not have any liability for any obligations of the Company or any Subsidiary Guarantor under the Notes, the Subsidiary Guarantees,
the Collateral Documents, the Intercreditor Agreements or this Indenture or for any claim based on, in respect of or by reason
of such obligations or their creation. By accepting a Note, each Holder shall waive and release all such liability. The waiver
and release shall be part of the consideration for the issue of the Notes.

 

SECTION 13.10 Successors. All agreements
of the Company and each Subsidiary Guarantor in this Indenture and the Notes shall bind their respective successors. All agreements
of the Trustee in this Indenture shall bind its successors.

 

SECTION 13.11 Multiple Originals.
The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement. One signed copy is enough to prove this Indenture.

 

SECTION 13.12 Variable Provisions.
The Company initially appoints the Trustee as Paying Agent and Registrar and custodian with respect to any Global Notes.

 

    	 	-101-	 

     

    

 

SECTION 13.13 Table of Contents; Headings.
The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms
or provisions hereof.

 

SECTION 13.14 Direction by Holders to
Enter into Collateral Documents and the Intercreditor Agreements. By accepting a Note, each Holder is deemed to have authorized
and directed the Trustee and the Collateral Agent, as applicable, to join the Collateral Documents and the Intercreditor Agreements.

 

SECTION 13.15 Force Majeure. In no
event shall the Trustee or the Collateral Agent be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes,
work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being
understood that the Trustee and the Collateral Agent shall use reasonable efforts which are consistent with accepted practices
in the banking industry to resume performance as soon as practicable under the circumstances.

 

SECTION 13.16 USA Patriot Act. The
parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act the Trustee and the Trust Officers,
like all financial institutions and in order to help fight the funding of terrorism and money laundering, are required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account.
The parties to this agreement agree that they will provide the Trustee and the Trust Officers with such information as they may
request in order to satisfy the requirements of the USA Patriot Act.

 

SECTION 13.17 Foreign Account Tax Compliance Act (FATCA).The
Company agrees (i) to provide the Trustee with such reasonable information as it has in its possession to enable the Trustee to
determine whether any payments pursuant to the Indenture are subject to the withholding requirements described in Section 1471(b)
of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder
or official interpretations thereof (“Applicable Law”), and (ii) that the Trustee shall be entitled to make
any withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable Law, for which
the Trustee shall not have any liability, except in cases of willful misconduct or negligence or bad faith).

 

    	 	-102-	 

     

    

  

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

 

	 	THE MCCLATCHY COMPANY
	 	 	 	 
	 	By:	/s/ Elaine Lintecum
	 	 	Name:	Elaine Lintecum
	 	 	Title:	Vice President and Chief Financial Officer

 

[Signature Page to Indenture]

 

     

     

    

  

	 	Aboard Publishing, Inc.
	 	Belton Publishing Company, Inc.
	 	Biscayne Bay Publishing, Inc.
	 	Cass County Publishing Company
	 	Columbus Ledger-Enquirer, Inc.
	 	Cypress Media, Inc.
	 	East Coast Newspapers, Inc.
	 	Gulf Publishing Company, Inc.
	 	HLB Newspapers, Inc.
	 	Keltatim Publishing Company, Inc.
	 	Keynoter Publishing Company, Inc.
	 	Lee’s Summit Journal, Incorporated
	 	Lexington H-L Services, Inc.
	 	Macon Telegraph Publishing Company
	 	Mail Advertising Corporation
	 	McClatchy Interactive West
	 	McClatchy Investment Company
	 	McClatchy Newspapers, Inc.
	 	McClatchy U.S.A., Inc.
	 	Miami Herald Media Company
	 	Nittany Printing and Publishing  Company
	 	Nor-Tex Publishing, Inc.
	 	Olympic-Cascade Publishing, Inc.
	 	Pacific Northwest Publishing Company, Inc.
	 	QUAD COUNTY PUBLISHING, INC.
	 	Star-Telegram, Inc.
	 	Tacoma News, Inc.
	 	The Bradenton Herald, Inc.
	 	The Charlotte Observer Publishing  Company
	 	The News and Observer Publishing  Company
	 	The State Media Company
	 	The Sun Publishing Company, Inc.
	 	Wichita Eagle and Beacon Publishing Company, Inc.
	 	 	 	 
	 	All By:	/s/ Elaine Lintecum
	 	 	Name:	Elaine Lintecum
	 	 	Title:	Vice President

 

[Signature Page to Indenture]

 

     

     

    

  

	 	McClatchy Management Services, Inc.
	 	McClatchy Interactive LLC
	 	 	 	 
	 	All By: 	/s/ Elaine Lintecum
	 	 	Name:	Elaine Lintecum
	 	 	Title:	President
	 	 	 	 
	 	Bellingham Herald Publishing, LLC
	 	Idaho Statesman Publishing, LLC
	 	Olympian Publishing, LLC
	 	 	 	 
	 	All By:	Pacific Northwest Publishing Company, Inc.,
	 	 	its Sole Member
	 	 	 	 
	 	By:	/s/ Elaine Lintecum
	 	 	Name:	Elaine Lintecum
	 	 	Title:	Vice President
	 	 	 	 
	 	Cypress Media, LLC
	 	 	 	 
	 	By:	Cypress Media, Inc.,
	 	 	its Sole Member
	 	 	 	 
	 	By:	/s/ Elaine Lintecum
	 	 	Name:	Elaine Lintecum
	 	 	Title:	Vice President
	 	 	 	 
	 	San Luis Obispo Tribune, LLC
	 	 	 	 
	 	By:	The McClatchy Company,
	 	 	its Sole Member
	 	 	 	 
	 	By:	/s/ Elaine Lintecum
	 	 	Name:	Elaine Lintecum
	 	 	Title:	Vice President, Finance, Chief Financial Officer and Treasurer

 

[Signature Page to Indenture]

 

     

     

    

 

	 	THE BANK OF NEW YORK MELLON, as Trustee
	 	 	 	 
	 	By:	/s/ Francine Kincaid
	 	 	Name:	Francine Kincaid
	 	 	Title:	Vice President
	 	 	 	 
	 	THE BANK OF NEW YORK MELLON, as Collateral Agent
	 	 	 	 
	 	By:	/s/ John D. Bowman
	 	 	Name:	John D. Bowman
	 	 	Title:	Vice President

 

[Signature Page to Indenture] 

 

     

     

    

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

Global Note Legend, if applicable

Private Placement Legend, if applicable

 

    	 	A-1	 

     

    

  

	No. [___]	Principal Amount $[______________],
	 	as revised by the Schedule of Increases
	 	or Decreases in the Global Note attached hereto

 

CUSIP NO. ____________

 

THE MCCLATCHY COMPANY

 

6.875% Senior Secured Junior Lien Notes due
2031

 

The McClatchy Company, a Delaware corporation,
promises to pay to [___________], or registered assigns, the initial principal amount set forth on the Schedule of Increases or
Decreases in the Global Note attached hereto, as revised by the Schedule of Increases or Decreases in the Global Note attached
hereto, on July 15, 2031.

 

Interest Payment Dates: January 15 and July 15.

 

Record Dates: January 1 and July 1.

 

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

 

    	 	A-2	 

     

    

 

	 	THE MCCLATCHY COMPANY
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	A-3	 

     

    

 

	TRUSTEE’S CERTIFICATE OF	 
	AUTHENTICATION	 
	 	 
	THE BANK OF NEW YORK MELLON	 
	 	 
	as Trustee, certifies that this is one of the	 
	Notes referred to in the Indenture.	 
	 	 	 
	 	 	 
	By:	 	 
	 	Authorized Signatory	Date:

 

    	 	A-4	 

     

    

 

[FORM OF REVERSE SIDE OF NOTE]

 

6.875% Senior Secured Junior Lien Notes due
2031

 

		1.	Interest.

 

The McClatchy Company, a Delaware corporation
(such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”),
promises to pay interest on the principal amount of this Note at the rate per annum shown above.

 

The Company shall pay interest semiannually on
January 15 and July 15 of each year, with the first interest payment to be made on January 15, 2019. Interest on the Notes shall
accrue from the most recent date to which interest has been paid on the Notes or, if no interest has been paid, from July 16, 2018.
The Company shall pay interest on overdue principal or premium, if any (plus interest on such interest to the extent lawful),
at the rate borne by the Notes to the extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day
months.

 

Upon the occurrence and during the continuance
of (x) any Default or Event of Default under Sections 6.01(a)(i) or (vi) or (y) any other Event of Default,
upon the request of the Holders of a majority in principal amount of the then outstanding Notes, the Company shall pay interest
(“Default Interest”) on (i) the unpaid principal amount of each Note, payable in arrears on January 15 and July
15 of each year, and on demand, at the rate per annum borne by the Notes, plus 100 basis points and (ii) to the fullest extent
permitted by applicable law, the amount of any interest, fee or other amount payable under the Indenture, the Notes, or the Collateral
Documents to any Agent or Holder that is not paid when due, from the date such amount shall be due until such amount shall be paid
in full and on demand, at the rate per annum borne by the Notes; provided, however, that following the making of the request or
the granting of the consent specified by Section 6.02 of the Indenture to authorize the Trustee to declare the Notes
due and payable (or the automatic acceleration of the maturity of the Notes) pursuant to the provisions of Section 6.02
of the Indenture, Default Interest shall accrue and be payable hereunder whether or not previously required by the Holders of a
majority in principal amount of the then outstanding Notes.

 

Notwithstanding the foregoing, if any such Interest
Payment Date would otherwise be a day that is not a Business Day, then the interest payment will be made on the next succeeding
Business Day with the same force and effect as if made on the Interest Payment Date. If the maturity date of the Notes is a day
that is not a Business Day, all payments to be made on such day will be made on the next succeeding Business Day, with the same
force and effect as if made on the maturity date. In either of such cases, no additional interest will be payable as a result of
such delay in payment.

 

		2.	Method of Payment.

 

By no later than 11:00 a.m. (New York City time)
on the date on which any principal of, premium, if any, or interest on any Note is due and payable, the Company shall irrevocably
deposit with the Trustee or the Paying Agent money sufficient to pay such principal, premium, if any, and/or interest. The Company
shall pay interest (except Defaulted Interest) to the Persons who are registered Holders of Notes at the close of business on the
January 1 and July 1 next preceding the Interest Payment Date unless Notes are cancelled, repurchased or redeemed after the Record
Date and before the Interest Payment Date. Holders must surrender Notes to a Paying Agent to collect principal payments. The Company
shall pay principal, premium, if any, and interest in money of the United States that at the time of payment is legal tender for
payment of public and private debts. Payments in respect of Notes represented by a Global Note (including principal, premium, if
any, and interest) shall be made by the transfer of immediately available funds to the accounts specified by the Depositary. The
Company shall make all payments in respect of a Definitive Note (including principal, premium, if any, and interest) by mailing
a check to the registered address of each Holder thereof.

 

    	 	A-5	 

     

    

 

		3.	Paying Agent and Registrar.

 

Initially, The Bank of New York Mellon, duly organized
and existing under the laws of the State of New York and having a corporate trust office at The Bank of New York Mellon, 400 South
Hope Street, Suite 500, Los Angeles, California 90071, (“Trustee”), shall act as Paying Agent and Registrar.
The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice to any Holder. The Company or any
of its domestically incorporated Wholly-Owned Subsidiaries may act as Paying Agent, Registrar or co-registrar.

 

		4.	Indenture.

 

The Company issued the Notes under an Indenture
dated as of December 18, 2018 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the
“Indenture”), among the Company, the Subsidiary Guarantors and the Trustee. The terms of the Notes include those
stated in the Indenture. Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture.
The Notes are subject to all such terms, and Holders are referred to the Indenture and the Securities Act for a statement of those
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.

 

The Notes are senior secured junior lien obligations
of the Company. This Note is one of the 6.875% Senior Secured Junior Lien Notes due 2031 referred to in the Indenture. The Notes
include (i) $193,466,000.00 aggregate principal amount of the Company’s 6.875% Senior Secured Junior Lien Notes due 2031
issued under the Indenture on December 18, 2018 (herein called “Initial Notes”), and (ii) if and when issued
in accordance with the provisions of the Indenture, additional 6.875% Senior Secured Junior Lien Notes due 2031 of the Company
that may be issued from time to time under the Indenture subsequent to December 18, 2018 (herein called “Additional Notes”).
The Indenture, among other things, imposes certain covenants with respect to the following matters: the Incurrence of Indebtedness
by the Company and its Restricted Subsidiaries, the payment of dividends and other distributions on the Capital Stock of the Company,
the purchase or redemption of Capital Stock of the Company, certain purchases or redemptions of Junior Indebtedness, the sale or
transfer of assets and Capital Stock of Subsidiaries, the issuance or sale of Capital Stock of Restricted Subsidiaries, the incurrence
of certain Liens, future Subsidiary Guarantors, the business activities and investments of the Company and its Restricted Subsidiaries
and transactions with Affiliates. In addition, the Indenture limits the ability of the Company and its Restricted Subsidiaries
to enter into agreements that restrict distributions and dividends from Subsidiaries. The Indenture also imposes requirements with
respect to the provision of financial information. The Indenture also contains certain exceptions to the foregoing, and this description
is qualified in its entirety by reference to the Indenture.

 

    	 	A-6	 

     

    

 

		5.	Guarantee.

 

To guarantee the due and punctual payment of the
principal, premium, if any, and interest, fees and expenses (including post-filing or post-petition interest, fees and expenses)
on the Notes and all other amounts payable by the Company under the Indenture, the Notes, the Collateral Documents and the Intercreditor
Agreements when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms
of the Notes and the Indenture, the Subsidiary Guarantors have unconditionally guaranteed (and future guarantors, together with
the Subsidiary Guarantors, shall unconditionally Guarantee), jointly and severally, such obligations on a secured basis pari
passu with the Liens securing any Permitted Additional Secured Obligations pursuant to the terms of the Indenture.

 

		6.	Security.

 

The Initial Notes and Additional Notes, if any,
are treated as a single class of securities under the Indenture and shall be secured by Liens and security interests, subject to
Permitted Liens, in the Collateral on the terms and conditions set forth in the Indenture and the Collateral Documents. The Collateral
Agent holds the Collateral in trust for the benefit of the Trustee and the Holders, in each case pursuant to the Collateral Documents.
Each Holder, by accepting this Note, consents and agrees to the terms of the Collateral Documents (including the provisions providing
for the foreclosure and release of Collateral) as the same may be in effect or may be amended from time to time in accordance with
their terms, the Indenture and the Intercreditor Agreements and authorizes and directs the Collateral Agent to enter into any required
joinder and amendment documentation in connection with the Collateral Documents and the Intercreditor Agreements, and to perform
its obligations and exercise its rights thereunder in accordance therewith.

 

		7.	Redemption.

 

(a)          At
any time or from time to time, the Company may redeem the Notes, in whole or in part, upon not less than 15 nor more than 60 days’
notice, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus the Make-Whole Amount
plus accrued and unpaid interest on the Notes, if any, to, but excluding, the applicable Redemption Date (subject to the
right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date).

 

“Make-Whole Amount” means,
as determined by the Company with respect to a Note on any Redemption Date, the excess, if any, of (A) the present value as of
such Redemption Date of (1) the principal amount of such Note plus (2) all interest that would have accrued on such Note from such
Redemption Date to, but not including, July 15, 2031 (excluding accrued but unpaid interest to, but excluding, such Redemption
Date), computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points, over (B) the
principal amount of such Note.

 

“Treasury Rate” means, as of
any applicable Redemption Date, the weekly average rounded to the nearest 1/100th of a percentage point (for the most recently
completed week for which such information is available as of the date that is two (2) Business Days prior to the applicable Redemption
Date) of the yield to maturity of United States Treasury securities with a constant maturity (as compiled and published in the
Federal Reserve Statistical Release H.15 with respect to each applicable day during such week or, if such Statistical Release is
no longer published or avail-able, any publicly available source of similar market data selected by the Company) most nearly equal
to the period from the applicable Redemption Date to July 15, 2031; provided, however, that if the period from the applicable Redemption
Date to July 15, 2031 is not equal to the constant maturity of a United States Treasury security for which such a yield is given,
the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one twelfth of a year) from the weekly average
yields of United States Treasury securities for which such yields are given, except that if the period from the applicable Redemption
Date to July 15, 2031 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted
to a constant maturity of one year will be used.

 

    	 	A-7	 

     

    

 

(b)          Any
redemption pursuant to this paragraph 7 shall be made pursuant to the provisions of Article V of the Indenture.

 

		8.	[Reserved].

 

		9.	[Reserved].

 

		10.	Denominations; Transfer; Exchange.

 

The Notes are in registered form without coupons
in denominations of principal amount of $2,000 and whole multiples of $1,000 in excess thereof. A Holder may transfer or exchange
Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements
or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register
the transfer of or exchange any Notes for a period beginning fifteen (15) Business Days before an Interest Payment Date and ending
on such Interest Payment Date.

 

		11.	Persons Deemed Owners.

 

The registered Holder of this Note may be treated
as the owner of it for all purposes.

 

		12.	Unclaimed Money.

 

If money for the payment of the principal of or
premium, if any, or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company
at its request unless an abandoned property law designates another person. After any such payment, Holders entitled to the money
must look only to the Company and not to the Trustee for payment.

 

		13.	Discharge and Defeasance.

 

Subject to certain conditions set forth in the
Indenture, the Company at any time may terminate some or all of its obligations under the Notes and the Indenture if the Company
deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Notes to redemption
or maturity, as the case may be.

 

		14.	Amendment, Waiver.

 

Subject to certain exceptions set forth in the
Indenture, (i) the Indenture, the Notes and the Collateral Documents may be amended with the written consent of the Holders of
at least a majority in principal amount of the Notes then outstanding (including without limitation, consents obtained in connection
with a purchase of, or tender offer or exchange offer for Notes) and (ii) any default (other than (x) with respect to nonpayment
or (y) in respect of a provision that cannot be amended without the written consent of each Holder affected) or noncompliance with
any provision may be waived with the written consent of the Holders of a majority in principal amount of the Notes then outstanding
(including without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes).
Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Company, the Subsidiary Guarantors
and the Trustee may amend the Indenture, the Notes or the Collateral Documents to cure any ambiguity, omission, defect or inconsistency,
or to comply with (a) Article IV of the Indenture in respect of the assumption by a Successor Company and (b) Article
IV and Article X of the Indenture in respect of the assumption by a Person of an obligation of a Subsidiary Guarantor
under a Subsidiary Guarantee, or to provide for uncertificated Notes in addition to or in place of certificated Notes, or to add
Guarantees with respect to the Notes or to secure the Notes, or to release a Subsidiary Guarantor upon its designation as an Unrestricted
Subsidiary or otherwise in accordance with the Indenture, to add additional property or assets as Collateral to secure the Notes
and the Subsidiary Guarantees, to release Liens in favor of the Collateral Agent in the Collateral as provided under the collateral
release provisions, or to add additional covenants or surrender rights and powers conferred on the Company, or to make any change
that does not adversely affect the rights of any Holder in any material respect.

 

    	 	A-8	 

     

    

 

		15.	Defaults and Remedies.

 

Under the Indenture, and subject to the terms
and provisions of the Indenture, Events of Default include, without limitation: (i) default for 30 days in payment of interest
when due on the Notes; (ii) default in payment of the principal of or premium, if any, on the Notes at Stated Maturity, upon optional
redemption, upon declaration of acceleration or otherwise; (iii) failure by the Company to comply with its obligations under Article IV
of the Indenture; (iv) failure by the Company or any Subsidiary Guarantor to comply with certain other provisions or agreements
in the Indenture, the Notes and the Collateral Documents, in certain cases subject to notice and lapse of time; (v) certain accelerations
(including failure to pay within any grace period after final maturity) of other Indebtedness of the Company or any Restricted
Subsidiary if the amount accelerated (or so unpaid) exceeds $28.0 million; (vi) certain events of bankruptcy or insolvency with
respect to the Company or any Significant Subsidiary; (vii) certain final and non-appealable judgments or decrees for the payment
of money in excess of $28.0 million; (viii) any Subsidiary Guarantee of a Significant Subsidiary is declared null and void in a
judicial proceeding or is denied or disaffirmed by such Significant Subsidiary; and (ix) with respect to Collateral with a
fair market value in excess of $11.2 million, a declaration or assertion of invalidity or unenforceability or the failure to be
in full force and effect (except as contemplated hereby), subject to any applicable grace periods as set forth in the Indenture.

 

If an Event of Default occurs and is continuing,
the Trustee or Holders of at least 25% in aggregate principal amount of the outstanding Notes then outstanding may declare all
the Notes to be due and payable immediately. Certain events of bankruptcy or insolvency with respect to the Company are Events
of Default which shall result in the Notes being due and payable immediately upon the occurrence of such Events of Default.

 

Holders may not enforce the Indenture or the Notes
except as provided in the Indenture. The Trustee and the Collateral Agent may refuse to enforce the Indenture or the Notes unless
each receives indemnity or security reasonably satisfactory to each of the Trustee and the Collateral Agent. Subject to certain
limitations, Holders of a majority in principal amount of the Notes may direct the Trustee in its exercise of any trust or power.
The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default
in payment of principal or interest) if it determines that withholding notice is in their interest.

 

		16.	Collateral.

 

These Notes and any Guarantee by a Subsidiary
Guarantor are secured by a security interest in the Collateral pursuant to certain Collateral Documents.

 

		18.	Trustee Dealings with the Company.

 

Subject to certain limitations set forth in the
Indenture, 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 and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company
or its Affiliates with the same rights it would have if it were not Trustee.

 

    	 	A-9	 

     

    

 

		19.	No Recourse Against Others.

 

A director, officer, employee, incorporator or
stockholder of the Company or any Subsidiary Guarantor shall not have any liability for any obligations of the Company or any Subsidiary
Guarantor under the Notes, the Indenture, the Subsidiary Guarantees, the Collateral Documents, the Intercreditor Agreements or
for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting a Note, each Holder waives
and releases all such liability. The waiver and release shall be part of the consideration for the issue of the Notes.

 

		20.	Authentication.

 

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

 

		21.	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
rights of survivorship and not as tenants in common), CUST (=custodian) and U/G/M/A (=Uniform Gift to Minors Act).

 

		22.	CUSIP Numbers.

 

Pursuant to a recommendation promulgated by the
Committee on Uniform Note Identification Procedures the Company has caused CUSIP numbers to be printed on the Notes. No representation
is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed only on the other identification
numbers placed thereon.

 

		23.	Successor Entity.

 

When a successor entity assumes, in accordance
with the Indenture, all the obligations of its predecessor under the Notes and the Indenture, and immediately before and thereafter
no Default or Event of Default exists and all other conditions of the Indenture are satisfied, the predecessor entity will be released
from those obligations.

 

		24.	Governing Law.

 

This Note shall be governed by, and construed
in accordance with, the laws of the State of New York.

 

    	 	A-10	 

     

    

 

The Company shall furnish to any Holder upon written
request and without charge to the Holder a copy of the Indenture which has in it the text of this Note in larger type. Requests
may be made to:

 

The McClatchy Company

2100 “Q” Street

Sacramento, California 95816

Attention: Vice President, General Counsel

Facsimile No.: (916) 322-1869

 

    	 	A-11	 

     

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

I or we assign and transfer this Note to

 

 

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

 

 

(Insert assignee’s soc. sec. or tax I.D.
No.)

 

and irrevocably appoint ___________ agent to transfer this Note
on the books of the Company. The agent may substitute another to act for him.

 

	Date: 	 	 	Your Signature: 	 

 

	Signature Guarantee:	 	 
	 	(Signature must be guaranteed)	 

 

 

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

 

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion
program), pursuant to SEC Rule 17Ad-15.

 

    	 	A-12	 

     

    

 

[TO BE ATTACHED TO GLOBAL NOTES]

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE

 

The initial principal amount of the Note shall
be $ [______________]. The following increases or decreases in this Global Note have been made:

 

	Date of

Exchange	 	Amount of decrease

in Principal Amount

of this Global Note	 	Amount of increase

in Principal Amount

of this Global Note	 	Principal Amount of

this Global Note

following such

decrease or increase	 	Signature of 

authorized signatory

of Trustee or Notes 

Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	 	A-13	 

     

    

 

SUBSIDIARY GUARANTEE

 

Pursuant to the Indenture (the “Indenture”)
dated as of December 18, 2018 among The McClatchy Company, the Subsidiary Guarantors party thereto (each a “Subsidiary
Guarantor” and collectively the “Subsidiary Guarantors”) and The Bank of New York Mellon, as trustee
(the “Trustee”) and as collateral agent, each Subsidiary Guarantor, subject to the provisions of Article X
and Article XII of the Indenture, hereby fully, unconditionally and irrevocably guarantees on a pari passu basis
with the Liens securing any Permitted Additional Secured Obligations, as primary obligor and not merely as surety, jointly and
severally with each other Subsidiary Guarantor, to each Holder of the Notes, to the extent lawful, and the Trustee the full and
punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the principal of, premium, if any,
and interest on the Notes and all other obligations of the Company under the Indenture and the Notes (including without limitation
interest, fees and expenses accruing on or after the filing of any petition in bankruptcy, or the commencement of any Insolvency
or Liquidation Proceeding relating to the Company or any Subsidiary Guarantor whether or not a claim for post-filing or post-petition
interest, fees and expenses is allowed in such proceeding and the obligations under Section 7.06 of the Indenture)
and the Collateral Documents (all the foregoing being hereinafter collectively called the “Guarantor Obligations”).
Each Subsidiary Guarantor agrees (to the extent lawful) that the Guarantor Obligations may be extended or renewed, in whole or
in part, without notice or further assent from it, and that it shall remain bound under this Subsidiary Guarantee notwithstanding
any extension or renewal of any Guarantor Obligation.

 

The Guarantor Obligations of the Subsidiary Guarantors
to the Holders of the Notes pursuant to the Subsidiary Guarantee and the Indenture are expressly set forth in Article X
of the Indenture and reference is hereby made to the Indenture for the precise terms of the Subsidiary Guarantee.

 

Each Subsidiary Guarantor also agrees to pay any
and all reasonable costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or the Holders in enforcing
any rights under this Subsidiary Guarantee.

 

    	 	A-14	 

     

    

 

	 	Aboard Publishing, Inc.
	 	Belton Publishing Company, Inc.
	 	Biscayne Bay Publishing, Inc.
	 	Cass County Publishing Company
	 	Columbus Ledger-Enquirer, Inc.
	 	Cypress Media, Inc.
	 	East Coast Newspapers, Inc.
	 	Gulf Publishing Company, Inc.
	 	HLB Newspapers, Inc.
	 	Keltatim Publishing Company, Inc.
	 	Keynoter Publishing Company, Inc.
	 	Lee’s Summit Journal, Incorporated
	 	Lexington H-L Services, Inc.
	 	Macon Telegraph Publishing Company
	 	Mail Advertising Corporation
	 	McClatchy Interactive West
	 	McClatchy Investment Company
	 	McClatchy Newspapers, Inc.
	 	McClatchy U.S.A., Inc.
	 	Miami Herald Media Company
	 	Nittany Printing and Publishing Company
	 	Nor-Tex Publishing, Inc.
	 	Olympic-Cascade Publishing, Inc.
	 	Pacific Northwest Publishing Company, Inc.
	 	quad county publishing, inc.
	 	Star-Telegram, Inc.
	 	Tacoma News, Inc.
	 	The Bradenton Herald, Inc.
	 	The Charlotte Observer Publishing Company
	 	The News and Observer Publishing Company
	 	The State Media Company
	 	The Sun Publishing Company, Inc.
	 	Wichita Eagle and Beacon Publishing Company, Inc.
	 	 	 	 
	 	All By:	 
	 	 	Name:	Elaine Lintecum
	 	 	Title:	Vice President

 

    	 	A-15	 

     

    

 

 

	 	McClatchy Management Services, Inc.
	 	McClatchy Interactive LLC
	 	 	 	 
	 	All By:	 	 
	 	 	Name:	Elaine Lintecum
	 	 	Title:	President
	 	 	 	 
	 	Bellingham Herald Publishing, LLC
	 	Idaho Statesman Publishing, LLC
	 	Olympian Publishing, LLC
	 	 	 	 
	 	All By:	Pacific Northwest Publishing Company, Inc., its Sole Member
	 	 	 	 
	 	By:	 	 
	 	 	Name:	Elaine Lintecum
	 	 	Title:	Vice President
	 	 	 	 
	 	Cypress Media, LLC
	 	 	 	 
	 	By:	Cypress Media, Inc.,
	 	 	its Sole Member
	 	 	 	 
	 	By:	 	 
	 	 	Name:	Elaine Lintecum
	 	 	Title:	Vice President
	 	 	 	 
	 	San Luis Obispo Tribune, LLC
	 	 	 	 
	 	By:	The McClatchy Company,
	 	 	its Sole Member
	 	 	 	 
	 	By:	 	 
	 	 	Name:	Elaine Lintecum
	 	 	Title:	Vice President, Finance, Chief
	 	 	 	Financial Officer and Treasurer

 

    	 	A-16	 

     

    

 

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

The McClatchy Company

2100 “Q” Street

Sacramento, California 95816

Attention: Vice President, General Counsel

Facsimile No.: (916) 321-1869

 

The Bank of New York Mellon

400 South Hope Street, Suite 500

Los Angeles, California 90071

Attn: Corporate Unit

Facsimile: (213) 630-6298

 

Re:  6.875% Senior Secured Junior
Lien Notes due 2031

 

Reference is hereby made to the Indenture, dated
as of December 18, 2018 (the “Indenture”), among The McClatchy Company, as Issuer (the “Company”),
the guarantors named therein and The Bank of New York Mellon, as trustee. Capitalized terms used but not defined herein shall have
the meanings given to them in the Indenture.

 

________________ (the “Transferor”)
owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $____
in such Note[s] or interests (the “Transfer”), to __________ (the “Transferee”), as further
specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

	1.	 ̈	Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Definitive Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Definitive Note and in the Indenture and the Securities Act.

 

    	 	B-1	 

     

    

 

	2.	 ̈	Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Definitive Note and in the Indenture and the Securities Act.
	 	 	 
	3.	 ̈	Check and complete if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one):

 

	 	(a)	 ̈	such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;

 

or

 

	 	(b)	 ̈	or such Transfer is being effected to the Company or a subsidiary thereof;

 

or

 

	 	(c)	 ̈	such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act.

 

	4.	 ̈	Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note.

 

	 	(a)	 ̈	Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

 

    	 	B-2	 

     

    

 

	 	(b)	 ̈	Check if Transfer is pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.
	 	 	 	 
	 	(c)	 ̈	Check if Transfer is pursuant to other exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

 

This certificate and the statements contained
herein are made for your benefit and the benefit of the Company.

 

	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:____________________

 

    	 	B-3	 

     

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

		1.	The Transferor owns and proposes to transfer the following:

 

[CHECK ONE OF (a) OR (b)]

 

	 	(a)	 ̈	a beneficial interest in the:

 

	 	(i)	 ̈	144A Global Note (CUSIP [               ]),
    or
	 	 	 	 
	 	(ii)	 ̈	Regulation S Global Note (CUSIP [               ]),
    or

 

	 	(b)	 ̈	a Restricted Definitive Note.

 

		2.	After the Transfer the Transferee will hold:

 

[CHECK ONE]

 

	 	(a)	 ̈	a beneficial interest in the:

 

	 	(i)	 ̈	144A Global Note (CUSIP [               ]),
    or
	 	 	 	 
	 	(ii)	 ̈	Regulation S Global Note (CUSIP [              ]),
    or
	 	 	 	 
	 	(iii)	 ̈	Unrestricted Global Note CUSIP [              ],
    or

 

	 	(b)	 ̈	a Restricted Definitive Note; or
	 	 	 	 
	 	(c)	 ̈	an Unrestricted Definitive Note,

 

in accordance with the terms of the Indenture.

 

    	 	B-4	 

     

    

 

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

 

The McClatchy Company

2100 “Q” Street

Sacramento, California 95816

Attention: Vice President, General Counsel

Facsimile No.: (916) 321-1869

 

The Bank of New York Mellon

400 South Hope Street, Suite 500

Los Angeles, California 90071

Attn: Corporate Unit

Facsimile: (213) 630-6298

 

Re:  6.875% Senior Secured Junior
Lien Notes due 2031

 

(CUSIP [             ])

 

Reference is hereby made to the Indenture, dated
as of December 18, 2018 (the “Indenture”), among The McClatchy Company, as Issuer (the “Company”),
the guarantors named therein and The Bank of New York Mellon, as trustee. Capitalized terms used but not defined herein shall have
the meanings given to them in the Indenture.

 

_______________ (the “Owner”)
owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $________ in
such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:

 

1.           Exchange
of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial
Interests in an Unrestricted Global Note.

 

(a)           ̈          Check
if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note.
In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest
in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the
“Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global
Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

(b)           ̈          Check
if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby
certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has
been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance
with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with
any applicable blue sky securities laws of any state of the United States.

 

    	 	C-1	 

     

    

 

(c)           ̈          Check
if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the
Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in
compliance with any applicable blue sky securities laws of any state of the United States.

 

(d)           ̈          Check
if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange
of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive
Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with
the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States.

 

2.   
       Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted
Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes.

 

(a)           ̈          Check
if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange
of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount,
the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer.
Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued
will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Definitive Note and in the Indenture and the Securities Act.

 

(b)
           ̈          Check
if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange
of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] _ 144A Global Note, _ Regulation S
Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s
own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to
the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue
sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms
of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.

 

    	 	C-2	 

     

    

 

This certificate and the statements contained
herein are made for your benefit and the benefit of the Company.

 

	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:____________________

 

    	 	C-3abwn_ex101.htm

EXHIBIT 10.1
  
 WARRANT EXERCISE AGREEMENT
  
 THIS WARRANT EXERCISE AGREEMENT (the “Agreement”) is made as of December 17, 2018 (the “Effective Date”) by and between AIRBORNE WIRELESS NETWORK (the “Company”) and Sabby Volatility Warrant Master Fund, Ltd. (the “Warrant Holder”). Each of the Company and the Warrant Holder may be referred to herein individually as a “Party,” and collectively as the “Parties.”
  
 WHEREAS, the Company issued certain shares of its Series A Convertible Preferred Stock (“Preferred Stock”), Series 1 Warrants to purchase shares of its Preferred Stock, which expire on May 29, 2019 (the “Series 1 Warrants”), Series 2 Warrants to purchase shares of its Preferred Stock, which expire on May 29, 2019 (the “Series 2 Warrants”) and Series 3 Warrants to purchase shares of its Preferred Stock, which expire on May 29, 2019 (the “Series 3 Warrants,” together with the Series 1 Warrants and the Series 2 Warrants, the “Warrants” and collectively with the Preferred Stock and the Warrants, the “Securities”) in a public offering; and
  
 WHEREAS, the Company and the Warrant Holder each agree to the exercise of Warrants hereunder subject to certain conditions set forth hereunder;
  
 NOW THERFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency thereof is mutually acknowledged, the Parties agree as follows:
  
 1. Exercise of Warrants. On the Effective Date or the first business day immediately thereafter, the Warrant Holder shall exercise a minimum of $90,000 of its Series 3 Warrants, provided, however, that as a condition to the Warrant Holder’s obligations hereunder, the Company shall have received duly executed lock-up agreements from all other holders of Securities, substantially in the form attached hereto as Exhibit A (each, a “Lock-up Agreement”), pursuant to which each such other holder of Securities agrees not to sell or transfer its Warrants, shares of Preferred Stock or shares of common stock of the Company during the period commencing on the date hereof and ending at 11:59 p.m. on January 9, 2019. The execution and delivery of duly executed Lock-up Agreements from each holder of Securities other than the Warrant Holder is a condition precedent to the effectiveness of this Agreement, and a failure by the other holders of the Securities to deliver such lock-up agreements will render this Agreement null and void ab initio and of no legal force and effect.
  
 2. Company Standstill. The Company agrees that, without the prior written consent of the Warrant Holder, it will not, during the period commencing on the date hereof until 11:59 p.m. Eastern Time on January 9, 2019, directly or indirectly, (a) issue, offer, sell, agree to offer or sell, solicit offers to purchase, grant any call option or purchase any put option with respect to, pledge, encumber, assign, borrow or otherwise dispose of or transfer (each a “Transfer”) any Relevant Security (as defined below) or otherwise publicly disclose the intention to do so, or (b) establish or increase any “put equivalent position” or liquidate or decrease any “call equivalent position” (in each case within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended and the rules and regulations thereunder) with respect to any Relevant Security. As used herein, the term “Relevant Security” means any Security, share of Common Stock, warrant to purchase any other security of the Company or any other entity that is convertible into, or exercisable or exchangeable for, shares of Preferred Stock, shares of Common Stock or any other equity security of the Company, except for any shares of Common Stock or Preferred Stock issued upon exercise of any options, warrants, convertible securities or other securities exercisable for, convertible into or exchangeable for shares of Common Stock or Preferred Stock that were outstanding on the date hereof.
  
 3. Complete Agreement and Modifications. This Agreement represents the entire agreement between the Parties with respect to the subject matter set forth herein, and there are no understandings or agreements with respect thereto except as specifically stated in this Agreement. This Agreement supersedes the terms of any prior agreements between or among the Parties with respect to the subject set forth herein. The terms of this Agreement may not be modified except pursuant to a document signed by the Parties, and no right of any party may be waived except pursuant to a document signed by the Party expressly waiving that right.
  
 4. Binding Agreement. No Party may assign this Agreement or its rights and obligations hereunder without the prior written consent of the other Parties. This Agreement shall be binding upon, and inure to the benefit of, the Parties and their respective successors and permitted assigns. By signing below, each Party acknowledges that it has read this Agreement, has had an opportunity to consult with its own independent counsel, and by signing below, voluntarily accepts the terms of this Agreement. 
   	 
	
	 
 
	 

  
 5. Applicable Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts executed in and to be performed in that State.
  
 6. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.
  
 7. Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.
  
 8. Counterparts. This Agreement may be executed and delivered (including by facsimile transmission) in one or more counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement.
  
 9. Authority. By signing below, each signatory represents and warrants that such signatory has the requisite authority to enter into this Agreement.
  
 10. Representation as to Other Parties and Report of Form 8-K. The Company shall file a Current Report on Form 8-K on or before 9:30 am ET on the trading day immediately following the date hereof disclosing all material terms of this Agreement and the material terms of any of the Lock-Up Agreements and understandings and agreements with the other parties (written or otherwise) to the Lock-Ups that were entered into in connection therewith.
  
 [Signature Page Follows]
   	 
	2
	 
 
	 

  
 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the date first set forth above.
  
 SABBY VOLATILITY WARRANT MASTER FUND, LTD.
  
 By: /s/ Robert Grundstein                             
  
 Name: Robert Grundstein                              
  
 Its: COO of Investment Manager                
  
 AIRBORNE WIRELESS NETWORK
  
 By: /s/ Michael J. Warren                             
  
 Name: Michael J. Warren
  
 Its: Chief Executive Officer
  
 [Signature Page to Warrant Exercise Agreement]
  
  	 
	3
	 
 
	 

  
 Exhibit A
  
 Form of Lock-Up Agreement
  
  
  
  
  
  
  
  
  
  	4

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