Document:

Exhibit 10.3

     

   
  

     

  
    EXECUTION COPY

    

    

    AMENDMENT NO. 1

    

    

    Dated as of May 6, 2021 to

     

      

    CREDIT AGREEMENT

    

    

    Dated as of May 11, 2020

    

    

    THIS AMENDMENT NO. 1 (this “Amendment”) is made as of May 6, 2021 by and among ROBERT HALF INTERNATIONAL INC., a Delaware corporation (the “Borrower”),

      the financial institutions listed on the signature pages hereof and JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “Administrative Agent’), under that certain Credit Agreement dated as of May 11, 2020 by and among the Borrower, the
      Lenders and the Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given
      to them in the Credit Agreement.

    

    

    WHEREAS, the Borrower has requested that the requisite Lenders and the Administrative Agent agree to make certain amendments to the Credit Agreement;

    

    

    WHEREAS, the Borrower, the Lenders party hereto and the Administrative Agent have so agreed on the terms and conditions set forth herein;

    

    

    NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Lenders party hereto and the Administrative Agent hereby agree to enter into this Amendment.

    

    

    1.           Amendments to the Credit Agreement. The
        parties hereto agree that, effective as of the date of satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the
        following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in the pages of the Credit Agreement attached as Annex A
        hereto (the Credit Agreement as so amended, the “Amended Credit Agreement”).

    

    

    2.          Conditions of Effectiveness. The effectiveness
        of this Amendment (the date of such effectiveness, the “Amendment No. 1 Effective Date”) is subject to the satisfaction of the following conditions precedent:

    

    

    (a)        The Administrative Agent (or its counsel) shall have
        received counterparts of (i) this Amendment duly executed by the Borrower, each of the Lenders, each Issuing Bank, the Swingline Lender and the Administrative Agent and (ii) the Consent and Reaffirmation attached hereto duly executed by the
        Subsidiary Guarantors.

    

    

    (b)         The Administrative Agent shall have received a
        favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Amendment No. 1 Effective Date) of Simpson Thacher & Bartlett LLP, counsel for the Loan Parties, covering such matters relating to the Loan Parties, the Amended Credit Agreement, this Amendment, the Loan Documents or the Transactions as the Administrative Agent shall reasonably request. The Borrower hereby requests such counsel to deliver
        such opinion.

    

    

    
      
        

    

    
    (c)         The Administrative Agent shall have received a
        secretary’s certificate of the Borrower (i) confirming that there have been no changes to the certificate of incorporation of the Borrower, the bylaws of the Borrower and the incumbency certificate of the Borrower, in each case provided to the
        Administrative Agent on the Effective Date and (ii) attaching resolutions related to this Amendment.

    

    

    (d)         The Administrative Agent shall have received a
        certificate, dated the Amendment No. 1 Effective Date and signed by the President, a Vice President or a Financial Officer of the Borrower, certifying (i) that the representations and warranties contained in Article III of the Credit
        Agreement are true and correct in all material respects (provided that any representation or warranty that is qualified by materiality or Material Adverse Effect shall be true and correct in all respects) as of the Amendment No. 1 Effective Date
        except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (or, in the case of any representation or warranty qualified by materiality or
        Material Adverse Effect in all respects) as of such earlier date and (ii) that no Default or Event of Default has occurred and is continuing as of such date.

    

    

    (e)         To the extent the Borrower qualifies as a “legal
        entity customer” under the Beneficial Ownership Regulation, at least five (5) days prior to the Amendment No. 1 Effective Date, any Lender that has requested, in a written notice to the Borrower at least ten (10) days prior to the Amendment No. 1
        Effective Date, a Beneficial Ownership Certification in relation to the Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Amendment, the
        condition set forth in this clause (e) shall be deemed to be satisfied).

    

    

    (f)          The Administrative Agent shall have received (i) for
        the account of each Lender that delivers its executed signature page to this Amendment by no later than the date and time specified by the Administrative Agent, an upfront fee in an amount equal to the amount previously disclosed to the Lenders and
        (ii) to the extent invoiced at least one (1) Business Day prior to the Amendment No. 1 Effective Date, payment of the Administrative Agent’s and its affiliates’ fees and reasonable and documented out- of-pocket expenses (including reasonable fees,
        charges and expenses of counsel for the Administrative Agent) in connection with this Amendment and the other Loan Documents to the extent provided for in Section 9.03 of the Amended Credit Agreement.

    

    

    3.            Representations and Warranties of the Borrower.
        The Borrower hereby represents and warrants as follows:

    

    

    (a)         This Amendment and the Amended Credit Agreement are
        within the Borrower’s organizational powers and have been duly authorized by all necessary organizational actions and, if required, actions by equity holders, and this Amendment has been duly executed and delivered by the Borrower.

    

    

    (b)       This Amendment and the Amended Credit Agreement
        constitute legal, valid and binding obligations of the Borrower, enforceable in accordance with their respective terms, subject to (i) applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights
        generally, (ii) general principles of equity, regardless of whether considered in a proceeding in equity or at law and (iii) requirements of reasonableness, good faith and fair dealing.

     

      

    
      2

      
        

    

    (c)          As of the date hereof and after giving effect to the
        terms of this Amendment, (i) no Default or Event of Default has occurred and is continuing and (ii) the representations and warranties of the Borrower set forth in the Amended Credit Agreement are true and correct in all material respects (provided
        that any representation or warranty that is qualified by materiality or Material Adverse Effect shall be true and correct in all respects), except to the extent that such representations and warranties specifically refer to an earlier date, in
        which case they shall be true and correct in all material respects (provided that any representation or warranty that is qualified by materiality or Material Adverse Effect shall be true and correct in all respects) as of such earlier date.

    

    

    
      4.           Reference to and Effect on the Credit Agreement.

    

    

    

    (a)         Upon the effectiveness hereof, each reference to the
        Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be a reference to the Amended Credit Agreement.

    

    

    (b)        Each Loan Document and all other documents, instruments
        and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby reaffirmed, ratified and confirmed.

    

    

    (c)          The execution, delivery and effectiveness of this
        Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the other Loan Documents or any other documents, instruments and
        agreements executed and/or delivered in connection therewith.

    

    

    (d)          This Amendment is a Loan Document under (and as
        defined in) the Amended Credit Agreement.

    

    

    5.           Governing Law. This Amendment shall be
        construed in accordance with and governed by the law of the State of New York.

    

    

    6.           Headings. Section headings used herein are
        for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.

    

    

    7.          Counterparts. This Amendment may be executed in
        counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. The words “execution,” “signed,” “signature,” “delivery,”
        and words of like import in or relating to this Amendment and/or any document to be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include Electronic Signatures (as defined below), deliveries or
        the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be.
        As used herein, “Electronic Signatures” means any electronic symbol or process attached to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or
        record.

    

    

    [Signature Pages Follow]

     

      

    
      3

      
        

    

    IN WITNESS WHEREOF, this Amendment has been duly
        executed as of the day and year first above written.

    

    

    	 	
            ROBERT HALF INTERNATIONAL INC.,

          
	 	
            as the Borrower

          
	 	 
	 	
            By:

          	/s/ Michael C. Buckley
	 	
            Name: Michael C. Buckley

          
	 	
            Title: Chief Financial Officer

          

    

    

    
      Signature Page to Amendment No. 1 to

      Credit Agreement dated as of May 11, 2020

      Robert Half International Inc.

    

    

    

    
      
        

    

    	 	
            JPMORGAN CHASE BANK, N.A.,

          
	 	
            individually as a Lender, as the Swingline Lender, as the

             Issuing Bank and as Administrative Agent

          
	 	 
	 	
            By:

          	/s/ Peter S. Predun
	 	
            Name: Peter S. Predun

          
	 	
            Title: Executive Director

          

    

      
      
        
          Signature Page to Amendment No. 1 to

          Credit Agreement dated as of May 11, 2020

          Robert Half International Inc.

        

      

      

      

    
      
        

    

    	 	
            BANK OF AMERICA, N.A.,

          
	 	
            as a Lender

          
	 	 
	 	
            By:

          	/s/ Shyam Gondha
	 	
            Name: Shyam Gondha

          
	 	
            Title: Vice President

          

    

    

    Signature Page to Amendment No. 1

     to Credit Agreement dated as of May 11, 2020

     Robert Half International Inc.

     

      

    
      
        

    

    CONSENT AND REAFFIRMATION

    

    

    Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 1 to the Credit Agreement dated as of May 11, 2020 (as
      amended, restated, supplemented or otherwise modified, the “Credit Agreement”) by and among Robert Half International Inc., a Delaware corporation, the financial institutions from time to time party thereto (the “Lenders”) and JPMorgan
      Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), which Amendment No. 1 is dated as of May 6, 2021 (the “Amendment”). Capitalized terms used in this Consent and Reaffirmation and not defined herein shall have the
      meanings given to them in the Credit Agreement. Without in any way establishing a course of dealing by the Administrative Agent or any Lender, each of the undersigned consents to the Amendment and reaffirms the terms and conditions of the Credit
      Agreement and any other Loan Document executed by it and acknowledges and agrees that such Credit Agreement and each and every such Loan Document executed by the undersigned in connection with the Credit Agreement remains in full force and effect and
      is hereby reaffirmed, ratified and confirmed. All references to the Credit Agreement contained in the above-referenced documents shall be a reference to the Credit Agreement as so modified by the Amendment.

    

    

    Dated: May 6, 2021

    

    

    [Signature Page Follows]

     

      

    
      
        

    

    IN WITNESS WHEREOF, this Consent and Reaffirmation has been duly executed as of the day and year first above written.

    

    

    	 	
            PROTIVITI INC.

          
	 	 
	 	
            By:

          	/s/ Michael C. Buckley
	 	
            Name: Michael C. Buckley

          
	 	
            Title: Secretary and Treasurer

          

    

    

    Signature Page to Consent and Reaffirmation to 

    Amendment No. 1 to Credit Agreement dated as of May 11,  2020

    Robert Half International Inc.

     

      

    
      
        

    

    ANNEX A

    

    

    Attached

     

      

    
      
        

    

    CREDIT AGREEMENT (this “Agreement”) dated as of May 11, 2020 among ROBERT HALF INTERNATIONAL INC., the LENDERS from time to time party hereto,
      and JPMORGAN CHASE BANK, N.A., as Administrative Agent.

    

    

    The parties hereto agree as follows:

    

    

    ARTICLE I

    

    

    Definitions

    

    

    SECTION 1.01.    Defined Terms.   As used in this Agreement, the following terms have the meanings specified below:

    

    

    “ABR”, when used in reference to any Loan or Borrowing, refers to such Loan, or the Loans comprising such Borrowing, bearing interest at a rate
      determined by reference to the Alternate Base Rate.

    

    

    “Acquisition” means any acquisition (whether by purchase, merger, consolidation or otherwise) or series of related acquisitions by the Borrower
      or any Subsidiary of (i) all or substantially all the assets of (or all or substantially all the assets constituting a business unit, division, product line or line of business of) any Person, or (ii) all or substantially all the Equity Interests in
      a Person or division or line of business of a Person.

    

    

    “Adjusted EURIBO Rate” means, with respect to any Eurocurrency Borrowing denominated in euro for any Interest Period, an interest rate per
      annum equal to (a) the EURIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.

    

    

    “Adjusted LIBO Rate” means, with respect to any Eurocurrency Borrowing denominated in any

          Agreed Currency (other than euro)Dollars for any Interest
      Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.

    

    

    “Administrative Agent” means JPMorgan Chase Bank, N.A. (including its branches and affiliates), in its capacity as administrative agent for the
      Lenders hereunder.

    

    

    “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

    

    

    “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

    

    

    “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls
      or is Controlled by or is under common Control with the Person specified.

     

      

    “Agent-Related Person” has the meaning assigned to such term in Section 9.04(d).

     

      

     “Aggregate Commitment” means the aggregate of the Commitments of all of the Lenders, as reduced or increased from time to time pursuant to the
      terms and conditions hereof. The initial Aggregate Commitment as of the Effective Date is $100,000,000.

     

      

    
      
        

    

    
    “Agreed Currencies” means (i) Dollars, (ii) euro, (iii) Pounds Sterling and (iv) any other currency (x) that is a lawful currency (other than
      Dollars) that is readily available, not restricted and freely transferable and convertible into Dollars, (y) for which a LIBO Screen Rate or other applicable screen rate is available in the Administrative Agent’s determination and (z) that is agreed
      to by the Administrative Agent and each of the Lenders.

     

      

    “Agreement” has the meaning assigned to such term in the introductory paragraph.

     

      

     “Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the
      Adjusted LIBO Rate for a one month Interest Period in Dollars on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%; provided that for the purpose of this definition, the Adjusted LIBO Rate for any
      day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is not available for such one month Interest Period, the LIBO Interpolated Rate) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to
      a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively. If the Alternate Base Rate is
      being used as an alternate rate of interest pursuant to Section 2.14 (for the avoidance of doubt, only until any amendment has become
          effectivethe Benchmark Replacement has been determined pursuant to Section 2.14(b)), then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than 1.751.00%, such rate shall be deemed
        to be 1.751.00% for
        purposes of this Agreement.

    

    

    “Amendment No. 1 Effective Date” means May 6, 2021.

    

    

    “Ancillary Document” has the meaning assigned to such term in Section
        9.06.

    

    

    “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries from
      time to time concerning or relating to bribery or corruption.

     

      

    “Applicable Party” has the meaning assigned to such term in Section 8.03(c). “Applicable Percentage” means, with respect to any Lender,
      the percentage of the Aggregate Commitment represented by such Lender’s Commitment; provided that, in the case of Section 2.22 when a Defaulting Lender shall exist, “Applicable Percentage” shall mean the percentage of the Aggregate Commitment
      (disregarding any Defaulting Lender’s Commitment) represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect
      to any assignments and to any Lender’s status as a Defaulting Lender at the time of determination.

    

    

    “Applicable Rate” means, for any day from

          and after the Amendment No. 1 Effective Date, with respect to any Eurocurrency Loan or, any ABR Loan, any RFR Loan, any CBR Loan or with respect to the commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Eurocurrency Spread”, “ABR Spread”, “RFR Spread”, “CBR Spread” or “Commitment Fee Rate”, as the case may be:

    

    

    	
            Eurocurrency

             Spread

          	
            EurocurrencyABR

            Spread

          	
            ABRRFR Spread

          	
            CBR Spread

          	
            Commitment Fee Rate

          
	
            1.20%

          	
            2.250.20%

          	
            1.251.20%

          	
            1.20%

          	
            0.500.15%

          

    

    
    
      
        2

        
          

      

      “Applicable Time” means,
            with respect to any Borrowings and payments in any Foreign Currency, the local time in the place of settlement for such Foreign Currency as may be determined by the
            Administrative Agent or the Issuing Bank, as the case may be, to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of payment.

      

      

      “Approved Electronic Platform” has the meaning assigned to  such term in  Section

      8.03(a).

      

      

      “Approved Fund” has the meaning assigned to such term in Section 9.04(b).

      

      

      “Arranger” means JPMorgan Chase Bank, N.A. in its capacity as sole bookrunner and sole lead arranger hereunder.

      

      

      “Assignment and Assumption” means an assignment and assumption agreement entered into by a Lender and an assignee (with the consent of any
        party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form (including electronic records generated by the use of an electronic platform) approved by the
        Administrative Agent.

      “Augmenting Lender” has the meaning assigned to such term in Section 2.20. “Availability Period” means the period from and including
        the Effective Date to but excluding the earlier of the Maturity Date and the date of termination of the Commitments.

      

      

      “Available Revolving Commitment” means, at any time with respect to any Lender, the Commitment of such Lender then in effect minus the
        Revolving Credit Exposure of such Lender at such time; it being understood and agreed that any Lender’s Swingline Exposure shall not be deemed to be a component of the Revolving Credit Exposure for purposes of calculating the commitment fee under
        Section 2.12(a).

      

      

      “Available Tenor” means, as
            of any date of determination and with respect to the then-current Benchmark for any Agreed Currency, as applicable, any tenor for such Benchmark or payment period for
            interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for
            such Benchmark that is then- removed from the definition of “Interest Period” pursuant to clause (f) of Section 2.14.

       
      

      

      “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any
        liability of an Affected Financial Institution.

      

      

      “Bail-In Legislation” means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European
        Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United
        Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial
        institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

       

        

      
        3

        
          

      

      “Banking Services” means each and any of the following bank services provided to the Borrower or any Subsidiary by any Lender or any of its
        Affiliates: (a) credit cards for commercial customers (including, without limitation, commercial credit cards and purchasing cards), (b) stored value cards, (c) merchant processing services and (d) treasury management services (including, without
        limitation, controlled disbursement, automated clearinghouse transactions, return items, any direct debit scheme or arrangement, overdrafts and interstate depository network services).

      

      

      “Banking Services Agreement” means any agreement entered into by the Borrower or any Subsidiary in connection with Banking Services.

      

      

      “Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a voluntary or involuntary bankruptcy or insolvency
        proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith
        determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment or has had any order for relief in such proceeding entered in
        respect thereof; provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, unless such
        ownership interest results in or provides such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permits such Person (or such Governmental
        Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

      

      

      “Benchmark” means,
            initially, with respect to any (i) RFR Loan in any Agreed Currency, the applicable Relevant Rate for such Agreed Currency or (ii) Eurocurrency Loan, the Relevant Rate
            for such Agreed Currency; provided that if a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred
            with respect to the applicable Relevant Rate or the then-current Benchmark for such Agreed Currency, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark
            rate pursuant to clause (b) or clause (c) of Section 2.14.

      

      

      “Benchmark Replacement”
            means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the
            Administrative Agent for the applicable Benchmark Replacement Date; provided that, in the case of any Loan denominated in a Foreign Currency, “Benchmark Replacement” shall mean the alternative set forth in (3) below:

      

      

      (1)          in the case of any Loan denominated in Dollars, the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

      

      

      (2)          in the case of any Loan denominated in Dollars, the sum of: (a) Daily Simple SOFR
              and (b) the related Benchmark Replacement Adjustment;

      

      

      
        4

        
          

      

      “Benchmark Replacement”
            means(3) the sum of: (a) the alternate benchmark rate (which may, in the
              case of Loans denominated in Dollars, be a SOFR-Based Rate) that has been selected by the Administrative Agent and the Borrower as the replacement for the
              then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection
          or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body and/or (ii) any evolving or then-prevailing market
          convention for determining a benchmark rate of interest as a replacement to the Relevant Ratefor
              the then-current Benchmark for syndicated credit facilities denominated in the applicable Agreed Currency at such time in the United States and (b) the related Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than 0.75%, the Benchmark Replacement will be deemed to be 0.75% for the purposes of this Agreement; provided further that any such Benchmark Replacement shall
              be administratively feasible as determined by the Administrative Agent in its sole discretion.

      

      

      provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from
            time to time as selected by the Administrative Agent in its reasonable discretion; provided further that, notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon the occurrence of a Term SOFR Transition
            Event, and the delivery of a Term SOFR Notice, on the applicable Benchmark Replacement Date the “Benchmark Replacement” shall revert to and shall be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, as
            set forth in clause (1) of this definition (subject to the first proviso above).

      

      

      If the Benchmark Replacement
            as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

      

      

      “Benchmark Replacement
            Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

      

      

      (1)         for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first
              alternative set forth in the order below that can be determined by the Administrative Agent:

      

      

      (a)          the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or
              negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor;

      

      

      (b)         the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such
              Benchmark Replacement is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing
              the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the
              applicable Corresponding Tenor; and

      

      

      
        5

        
          

      

      (2)         for purposes of clause (3) of the definition of “Benchmark

          Replacement Adjustment” means,” the spread adjustment, or method for calculating or determining such spread
          adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or
          method for calculating or determining such spread adjustment, for the replacement of the Relevant Ratesuch Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the
              applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or
          determining such spread adjustment, for the replacement of the Relevant Ratesuch Benchmark with the applicable Unadjusted Benchmark
          Replacement for syndicated credit facilities denominated in the applicable Agreed Currency at such time (for the
              avoidance of doubt, such Benchmark Replacement Adjustment shall not be in the form of a reduction
              to the Applicable Rate).;

      

      

      provided that, in the case
            of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion.

      

      

      “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
        changes (including changes to the definition of “Alternate Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining
        rates and making payments of interest and other,
            timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative

        or operational matters) that the Administrative Agent decides in its reasonable discretion may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially
        consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration
        of thesuch Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

      

      

      “Benchmark Replacement Date” means, with respect to any Benchmark, the earlierearliest to occur of the following events with respect to the Relevant Ratesuch then-current Benchmark:

      

      

      (1)        

          (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition
          Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Relevant Screen Rate in respect of such Relevant Ratesuch Benchmark (or the published component used in the calculation thereof) permanently

          or indefinitely ceases to provide such Relevant Screen Rate; orall

              Available Tenors of such Benchmark (or such component thereof);

      

      

      (2)          (2) in the case of clause (3) of the definition of “Benchmark Transition Event,”
          the date of the public statement or publication of information referenced therein.;

      

      

      (3)          in the case of a Term SOFR Transition Event, the date that is thirty (30) days after the date a Term SOFR Notice is provided to the Lenders and the Borrower pursuant to Section 2.14(c); or

       

        
        (4)          in the case of an Early
                  Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m., New York City time, on the fifth (5th) Business Day after the date notice of such
                    Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders.

      

       

            

    

    
      6

      
        

    

    
      For the avoidance of doubt,
            (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the
            Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of
            clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation
            thereof).

       

          

      “Benchmark Transition Event” means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to the Relevant Ratesuch then-current Benchmark:

      

      

      (1)        a public statement or publication of information by
          or on behalf of the administrator of the Relevant Screen Rate in respect of such Relevant Ratesuch Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide such
              Relevant Screen Rateall Available Tenors

              of such Benchmark (or such component thereof), permanently or indefinitely;, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Relevant Screen Rateany Available Tenor of such Benchmark (or such component thereof);

      

      

      (2)         a public statement or publication
          of information by the regulatory supervisor for the administrator of the Relevant Screen Rate in respect of such Relevant Rate, the U.S. Federal Reserve Systemsuch Benchmark (or the
              published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, the central bank
              for the Agreed Currency applicable to such Benchmark, an insolvency official with jurisdiction
          over the administrator for such Relevant Screen RateBenchmark
              (or such component), a resolution authority with jurisdiction over the administrator for such Relevant Screen RateBenchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for
          such Relevant Screen RateBenchmark (or such component),
          in each case which states that the administrator of such Relevant Screen RateBenchmark (or such component) has ceased or will cease to
          provide such Relevant Screen Rateall Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that,
          at the time of such statement or publication, there is no successor administrator that will continue to provide such Relevant Screen Rate;
              and/orany Available Tenor of such  Benchmark (or such
              component thereof); or

      

      

      (3)         a public statement or publication of information by
          the regulatory supervisor for the administrator of the Relevant Screen Rate in respect of such Relevant Rate announcing that such Relevant Screen Rate issuch Benchmark
              (or the published component used in the calculation thereof) announcing that all Available Tenors of such
              Benchmark (or such component thereof) are no longer
          representative.

      
        

          
          “Benchmark Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event
                  is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or
                if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative
                Agent or the Required Lenders, as applicable, by notice to the Borrower, the Administrative Agent (in the case of such notice by the Required Lenders) and the Lenders.

          

          

        

      
        7

        
          

      

      For the avoidance of doubt,
            a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of
            information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

      

      

      “Benchmark Unavailability Period” means, if a Benchmark Transition Event and
            its related Benchmark Replacement Date have occurred with respect to the Relevant Rate and solely to the extent that such Relevant Rate has not been replaced with
              aany Benchmark Replacement, the period (if any) (x)
        beginning at the time that sucha Benchmark

        Replacement Date pursuant to clauses (1) or (2) of that
            definition has occurred if, at such time, no Benchmark Replacement has replaced such Relevant Ratethen-current Benchmark for all purposes hereunder and under
            any Loan Document in accordance with Section 2.14 and (y) ending at the time that a Benchmark Replacement has replaced such Relevant Ratethen-current Benchmark for all purposes hereunder pursuant toand under any Loan Document in accordance with Section 2.14.

      

      

      “Beneficial Ownership Certification” means a certification regarding beneficial ownership or control as required by the Beneficial Ownership
        Regulation.

      

      

      “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

      

      

      “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a
        “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose assets include (for purposes of the Plan Asset Regulations or otherwise for purposes of Title I of ERISA or Section 4975 of the Code)
        the assets of any such “employee benefit plan” or “plan”.

      

      

      “BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of
        such party.

      

      

      “Borrower” means Robert Half International Inc., a Delaware corporation.

      

      

      “Borrowing” means (a) Revolving Loans of the same Type and Agreed Currency, made, converted or continued on the same date and, in the case of Eurocurrency Loans, as to which a single Interest Period is in effect or (b) a Swingline Loan.

      

      

      “Borrowing Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03, which shall be substantially in the form
        attached hereto as Exhibit G-1 or any other form approved by the Administrative Agent.

      

      

      “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided that when used in connection with (a) a Eurocurrency Loan denominated in Dollars, the term “Business
            Day” shall also exclude any day on which banks are not open for dealings in Dollar deposits in the London interbank market, (b) any Borrowings or LC Disbursements that are the subject of a borrowing, drawing, payment, reimbursement or rate
            selection denominated in euro, the term “Business Day” shall also exclude any day on which the TARGET2 payment system is not open for the settlement of payments in euro and
            (c) a Eurocurrency Loan or Letter of Credit denominated in a Foreign Currency other than euro, the term “Business Day” shall also exclude any day on which banks are not open for dealings in deposits in such Foreign Currency in the interbank
            market in the principal financial center of the country whose lawful currency is such Foreign Currency.

      

      

      
        8

        
          

      

      “Business Day” means, as
            applicable, (A) any day (other than a Saturday or a Sunday) on which banks are open for business in New York City, (B) in relation to Loans denominated in Pounds Sterling and in relation to the calculation or computation of LIBOR, any day (other than a Saturday or a Sunday) on which banks are open for business in London, (C) in relation to Loans denominated in euro and in relation to
            the calculation or computation of EURIBOR, any day which is a TARGET Day and (D) in relation to RFR Loans and any interest rate settings, fundings, disbursements, settlements or payments of any such RFR Loan, or any other dealings in the
            applicable Agreed Currency of such RFR Loan, any such day that is only an RFR Business Day.

      

      

      “Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other
        arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases or financing leases on a balance sheet of such Person under GAAP, and
        the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

      

      

      “CBR Loan” means a Loan that
            bears interest at a rate determined by reference to the Central Bank Rate.

      

      

      “Central Bank Rate” means,
            (A) the greater of (i) for any Loan denominated in (a) Pounds Sterling, the Bank of England (or any successor thereto)’s “Bank Rate” as published by the Bank of
            England (or any successor thereto) from time to time, (b) euro, one of the following three rates as may be selected by the Administrative Agent: (1) the fixed rate for the main refinancing operations of the European Central Bank (or any
            successor thereto), or, if that rate is not published, the minimum bid rate for the main refinancing operations of the European Central Bank (or any successor thereto), each as published by the European Central Bank (or any successor thereto)
            from time to time, (2) the rate for the marginal lending facility of the European Central Bank (or any successor thereto), as published by the European Central Bank (or any successor thereto) from time to time or (3) the rate for the deposit
            facility of the central banking system of the Participating Member States, as published by the European Central Bank (or any successor thereto) from time to time and (c) any other Foreign Currency determined after the Effective Date, a central
            bank rate as determined by the Administrative Agent in its reasonable discretion and (ii) 0%; plus (B) the applicable Central Bank Rate Adjustment.

      

      

      “Central Bank Rate
            Adjustment” means for any Loan denominated in (a) Pounds Sterling, a rate equal to the positive difference of (i) the average
            of SONIA for the last five (5) RFR Business Days for which SONIA was available (excluding the highest level from such series of days and the lowest level from such series of days) minus (ii) the Central Bank Rate in respect of
            Pounds Sterling, (b) euro, a rate equal to the positive difference of (i) the average of the EURIBO Rate for the last five (5) Business Days for which the EURIBO Rate was available (excluding the highest level from such series of days and the
            lowest level from such series of days) minus (ii) the Central Bank Rate in respect of euro and (c) any other Foreign Currency determined after the Effective Date, an adjustment as determined by the
            Administrative Agent in its reasonable discretion.

       

        

      
        9

        
          

      

      “Change in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within
        the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of Equity Interests representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding
        Equity Interests of the Borrower; or (b) occupation at any time of a majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were not (i) directors of the Borrower on the date of this Agreement or
        (ii) nominated or appointed by the board of directors of the Borrower.

      

      

      “Change in Law” means the occurrence after the date of this Agreement of (a) the adoption of or taking effect of any law, rule, regulation or
        treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) compliance by any Lender or Issuing Bank (or, for purposes of Section
        2.15(b), by any lending office of such Lender or by such Lender’s or Issuing Bank’s holding company, if any) with any request, rule, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after
        the date of this Agreement; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection
        therewith or in the implementation thereof and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United
        States or foreign regulatory authorities, in each case pursuant to Basel III, shall, in each case, be deemed to be a “Change in Law,” regardless of the date enacted, adopted, issued or implemented.

      

      

      “Charges” has the meaning assigned to such term in Section 9.15.

      

      

      “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving
        Loans or Swingline Loans.

      

      

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

      

      

      “Commitment” means, with respect to each Lender, the amount set forth on Schedule 2.01 opposite such Lender’s name under the heading “Commitment”, or in the Assignment and Assumption or other documentation or record (as such term is defined in Section 9-102(a)(70) of the New York Uniform Commercial Code)
          contemplated hereby pursuant to which such Lender shall have assumed its Commitment, as applicable, and giving effect to (a) any reduction in such amount from time to time pursuant to Section 2.09, (b) any increase from time to time pursuant to
          Section 2.20 and (c) any reduction or increase in such amount from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04; provided that at no time shall the Revolving Credit Exposure of any Lender exceed its
          Commitment.

      

      

      “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

      

      

      “Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of
        any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or the Issuing Bank by means of electronic communications pursuant to Section 8.03, including through
        an Approved Electronic Platform.

      

      

      
        10

        
          

      

      “Compounded SOFR” means, in the case of Loans denominated in Dollars, the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate (which may include compounding in
            arrears with a lookback and/or suspension period as a mechanism to determine the interest amount payable prior to the end of each Interest Period) being established by the Administrative Agent in accordance with:

      

      

      (1)          the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that:

      

      

      (2)       if, and to the extent that, the Administrative Agent determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate, and
              conventions for this rate that the Administrative Agent determines in its reasonable discretion are substantially consistent with any evolving or then-prevailing market convention for determining compounded SOFR for Dollar- denominated
              syndicated credit facilities at such time;

      

      

      provided further that, if the Administrative Agent decides that any such rate, methodology or convention determined in accordance with
            clause (1) or clause (2) is not administratively feasible for the Administrative Agent, then Compounded SOFR will be deemed unable to be determined for purposes of the definition of “Benchmark Replacement.”

      

      

      “Computation Date” has the meaning assigned to such term in Section 2.04.

      

      

      “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are
        franchise Taxes or branch profits Taxes.

      

      

      “Consolidated Capital Expenditures” means, without duplication, any expenditures for any purchase or other acquisition of any asset which
        would be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP.

      

      

      “Consolidated Domestic Cash Balance” means, at any time, (a) the aggregate amount of cash and Permitted Investments, in each case, (i) located in the United States and (ii) held or owned by (either directly or indirectly), credited to the account of or would otherwise be required to
            be reflected as an asset on the balance sheet of the Borrower and its Subsidiaries less (b) the sum of (i) any restricted cash or Permitted Investment to pay royalty obligations, working interest obligations, suspense payments, severance taxes,
            payroll, payroll taxes, other taxes, employee wage and benefit payments and trust and fiduciary obligations or other obligations of the Borrower or any Subsidiary to third parties and for which the Borrower or such Subsidiary has issued checks
            or has initiated wires or ACH transfers (or, in the Borrower’s discretion, will issue checks or initiate wires or ACH transfers within five (5) Business Days) in order to pay, (ii) other amounts for which the Borrower or such Subsidiary has
            issued checks or has initiated wires or ACH transfers but have not yet been subtracted from the balance in the relevant account of the Borrower or such Subsidiary and (iii) while and to the extent refundable, any cash or Permitted Investments
            of the Borrower or any Subsidiaries constituting purchase price deposits held in escrow pursuant to a binding and enforceable purchase and sale agreement with a third party containing customary provisions regarding the payment and refunding of
            such deposits.

      

      

      “Consolidated EBITDA” means, with reference to any period, Consolidated Net Income for such period
        plus, without duplication and to the extent deducted from revenues in determining Consolidated Net Income for such period, (i) Consolidated Interest Expense, (ii) expense for income taxes paid or accrued, (iii) depreciation, (iv)
        amortization, (v) extraordinary or non-recurring expenses or losses

       

        

      
        11

        
          

      

      
      “Consolidated Total Indebtedness” means, as of the date of any determination thereof, the sum, without duplication, of (a) obligations for
        borrowed money (other than obligations for borrowed money among the Borrower and its Subsidiaries), (b) Capital Lease Obligations listed as a liability on the balance sheet in accordance with GAAP, and (c) amounts drawn but unreimbursed under
        letters of credit and bankers acceptances, in each case, of the Borrower and its Subsidiaries calculated on a consolidated basis as of such date in accordance with GAAP.

      

      

      “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
        Person, whether through the ability to exercise voting power, by contract or otherwise. The terms “Controlling” and “Controlled” have meanings correlative thereto.

      

      

      “Corresponding Tenor” with respect to a Benchmark Replacement meansany Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as the applicable tenor for the applicable Interest Period with respect to the LIBO Ratesuch Available Tenor.

      

      

      “Covered Entity” means any of the following:

      

      

      (i)           a “covered entity” as that term is defined in, and
          interpreted in accordance with, 12 C.F.R. § 252.82(b);

      

      

      (ii)          a “covered bank” as that term is defined in, and
          interpreted in accordance with, 12 C.F.R. § 47.3(b); or

      

      

      
        (iii)         a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

      

      

      

      “Covered Matters” means (i) the execution or delivery of this Agreement, any other Loan Document, or any agreement or instrument contemplated
        hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of
        the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit),
        (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its
        Subsidiaries, or (iv) any actual or prospective Proceeding relating to any of the foregoing, regardless of whether or not such Proceeding is brought by the Borrower or any other Loan Party or its or their respective equity holders, Affiliates,
        creditors or any other third Person and whether or not based on contract, tort or any other theory and regardless of whether any Agent-Related Person, Lender-Related Person or Indemnitee is a party thereto.

      

      

      “Covered Party” has the meaning assigned to it in Section 9.18.

      

      

      “Credit Event” means a Borrowing, the issuance, amendment or extension of a Letter of Credit, an LC Disbursement or any of the foregoing.

      

      

      “Credit Party” means the Administrative Agent, the Issuing Bank, the Swingline Lender or any other Lender.

      

      

      
        13

        
          

      

      “Daily Simple RFR” means,
            for any day (an “RFR Interest Day”), an interest rate per annum equal to the greater of (a) for any RFR Loan denominated in Pounds Sterling, SONIA for the day that is five
            (5) Business Days prior to (A) if such RFR Interest Day is a Business Day, such RFR Interest Day or (B) if such RFR Interest Day is not a Business Day, the Business
            Day immediately preceding such RFR Interest Day and (b) 0%. Any change in Daily Simple RFR due to a change in the applicable RFR shall be effective from and including the effective date of such change in the RFR without notice to the Borrower.

      

      

      “Daily Simple SOFR” means,
            for any day, SOFR, with the conventions for this rate (which may include a lookback) being established by the Administrative Agent in accordance with the conventions
            for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for business loans; provided that, if the Administrative Agent decides that any such convention
            is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.

      

      

      “Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured
        or waived, become an Event of Default.

      

      

      “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as
        applicable.

      

      

      “Defaulting Lender” means any Lender that (a) has failed, within two (2) Business Days of the date required to be funded or paid, to (i) fund
        any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such
        Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been
        satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or
        public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a Loan under this Agreement cannot be
        satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three (3) Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized
        officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations as of the date of certification) to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline
        Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or
        (d) has become the subject of (i) a Bankruptcy Event or (ii) a Bail-In Action.

      

      

      “Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (in one transaction or in a series of
        transactions and whether effected pursuant to a division or otherwise) of any property by any Person (including any Sale and Leaseback Transaction and any issuance of Equity Interests by a Subsidiary of such Person), including any sale, assignment,
        transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

      

      

      
        14

        
          

      

      “Disqualified Institution” means (a) Persons that are specifically identified by the Borrower to the Administrative Agent in writing prior to the Effective
        Date, (b) any Person that is reasonably determined by the Borrower after the Effective Date to be a competitor of the Borrower or its Subsidiaries and which is specifically identified in a written supplement to the list of “Disqualified
        Institutions”, which supplement shall become effective three (3) Business Days after delivery thereof to the Administrative Agent and the Lenders in accordance with Section 9.01 and (c) in the case of the foregoing clauses (a) and (b), any of such
        entities’ Affiliates to the extent such Affiliates (x) are clearly identifiable as Affiliates of such Persons based solely on the similarity of such Affiliates’ and such Persons’ names and (y) are not bona fide debt investment funds. It is
        understood and agreed that (i) any supplement to the list of Persons that are Disqualified Institutions contemplated by the foregoing clause (b) shall not apply retroactively to
          disqualify any Persons that have previously acquired an assignment or participation interest in the Loans (but solely with respect to such Loans), (ii) the Administrative Agent shall have no responsibility or liability to determine or monitor
          whether any Lender or potential Lender is a Disqualified Institution, (iii) the Borrower’s failure to deliver such list (or supplement thereto) in accordance with Section 9.01 shall render such list (or supplement) not received and not effective
          and (iv) “Disqualified Institution” shall exclude any Person that the Borrower has designated as no longer being a “Disqualified Institution” by written notice delivered to the Administrative Agent from time to time in accordance with Section
          9.01.

      

      

      “Dollar Amount” of any amount of any currency means, at the time of determination thereof, (a) if such amount is expressed in Dollars, such
        amount, (b) if such amount is expressed in a Foreign Currency, the equivalent of such amount in Dollars determined by using the rate of exchange for the purchase of Dollars with such Foreign Currency last provided (either by publication or
        otherwise provided to the Administrative Agent) by the applicable Reuters source on the Business Day (New York City time) immediately preceding the date of determination or if such service ceases to be available or ceases to provide a rate of
        exchange for the purchase of Dollars with such Foreign Currency, as provided by such other publicly available information service which provides that rate of exchange at such time in place of Reuters chosen by the Administrative Agent in its sole
        discretion (or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in Dollars as determined by the Administrative Agent using any method of determination it deems appropriate in its sole
        discretion) and (c) if such amount is denominated in any other currency, the equivalent of such amount in Dollars as determined by the Administrative Agent using any method of determination it deems appropriate in its sole discretion.

      

      

      “Dollars” or “$” refers to lawful money of the United States of America.

      

      

      “Domestic Subsidiary” means a Subsidiary organized under the laws of a jurisdiction located in the United States of America.

      

      

      “DQ List” has the meaning assigned to such term in Section 9.04(e)(iv).

      

      

      “Early Opt-in Election” means, if the then current Benchmark with respect to
            Dollars is the LIBO Rate, the occurrence of:

      

      

      (1)         (i) a determination by the Administrative Agent or (ii) a notification by the Required Lenders to the Administrative Agent (with a copy to the Borrower) that the Required Lenders have determined that syndicated
              credit facilities denominated in the applicable Agreed Currency being executed at such time, or that include language similar to that contained in Section 2.14 are being executed or amended, as applicable, to incorporate or adopt a new
              benchmark interest rate to replace the Relevant Rate, and

      

      

      (1)          a notification by the Administrative Agent to (or
              the request by the Borrower to the Administrative Agent to notify) each of the other parties hereto that at least five currently outstanding Dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities  are  identified
            in  such notice  and are  publicly available  for review), and

      

      

      
        15

        
          

      

      (2)          (i2) the joint election by the Administrative Agent or (ii) the election by the Required
              Lenders to declare that an Early Opt-in Election has occurredand the Borrower to trigger
              a fallback from the LIBO Rate and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower and the Lenders or by the Required Lenders of written notice of such election to the Administrative Agent.

      

      

      “ECP” means an “eligible contract participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated
        thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC.

      

      

      “EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA
        Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of
        an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

      

      

      “EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

      

      

      “EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA
        Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

      

      

      “Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02).

      

      

      “Electronic Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted
        by a Person with the intent to sign, authenticate or accept such contract or record.

      

      

      “Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, written notices or
        binding agreements issued, promulgated or entered into by any Governmental Authority, relating to pollution or protection of the environment or natural resources, the management, release or threatened release of any Hazardous Material or to the
        protection of human health and safety from the presence of Hazardous Materials.

      

      

      “Environmental Liability” means any liability (including any liability for damages, costs of environmental remediation, fines, penalties or
        indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous
        Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or
        imposed with respect to any of the foregoing.

      

      

      “Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial
        interests in a trust or other equity ownership interests in a Person, and any warrants, options or other similar rights entitling the holder thereof to purchase or acquire any such equity interest, but excluding any debt securities convertible into
        any of the foregoing.

      

      

      
        16

        
          

      

      “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated
        thereunder.

      

      

      “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer
        under Section 414(b) or (c) of the Code or Section 4001(14) of ERISA or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.

      

      

      “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a
        Plan (other than an event for which the 30 day notice period is waived); (b) the failure to satisfy the “minimum funding standard” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to
        Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of
        ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to
        administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Plan or Multiemployer Plan; or (g)
        the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition upon the Borrower or any of its ERISA Affiliates of
        Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.

      

      

      “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor
        Person), as in effect from time to time.

      

      

      “EURIBO Interpolated Rate” means, at any time, with respect to any Eurocurrency Borrowing denominated in euro and for any Interest Period,
        the rate per annum (rounded to the same number of decimal places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from
        interpolating on a linear basis between: (a) the EURIBO Screen Rate for the longest period (for which the EURIBO Screen Rate is available for euro) that is shorter than the Impacted EURIBO Rate Interest Period; and (b) the EURIBO Screen Rate for
        the shortest period (for which the EURIBO Screen Rate is available for euro) that exceeds the Impacted EURIBO Rate Interest Period, in each case, at such time; provided that, if any EURIBO Interpolated Rate shallas so determined would be less than 0.75%zero, such rate shall be deemed to be 0.75%zero for

        the purposes of this Agreement.

      

      

      “EURIBO Rate” means, with respect to any Eurocurrency Borrowing denominated in euro and for any Interest Period, the EURIBO Screen Rate at
        approximately 11:00 a.m., Brussels time, on the

            Quotation Day for eurotwo (2) TARGET Days prior to the commencement of such Interest Period; provided that, if the EURIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted EURIBO Rate Interest Period”) with respect to euro then the
        EURIBO Rate shall be the EURIBO Interpolated Rate.

      

      

      
        17

        
          

      

      “EURIBO Screen Rate” means, for any day and time, with respect to any Eurocurrency Borrowing denominated in euro and for any Interest Period,
        the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of such rate) for euro for the relevant period displayed on page EURIBOR01 of the Reuters screen (or any
        replacement Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Reuters. If such page or service ceases to be available, the Administrative
        Agent may specify another page or service displaying the relevant rate after consultation with the Borrower. If the EURIBO Screen Rate as so determined would be less than 0.75%zero, such rate shall be deemed to be 0.75%zero for the purposes of this Agreement.

      

      

      “EURIBOR” has the meaning assigned to such term in Section 1.05.

      

      

      “euro” and/or “€” means the single currency of the Participating Member States.

      

      

      “Eurocurrency”, when used in reference to a currency means an Agreed Currency and when used in reference to any Loan or Borrowing, means that
        such Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Adjusted LIBO Rate or the Adjusted EURIBO Rate.

      

      

      “Eurocurrency Payment Office” of the Administrative Agent means, for each Foreign Currency, the office, branch, affiliate or correspondent
        bank of the Administrative Agent for such currency as specified from time to time by the Administrative Agent to the Borrower and each Lender.

      

      

      “Event of Default” has the meaning assigned to such term in Section 7.01. “Excess Cash Date” has the meaning assigned to such term in
        Section 2.11(c).

       

        

      “Excluded Subsidiary” means (i) any Subsidiary that is prohibited from guaranteeing the Obligations pursuant to contractual obligations
        (solely with respect to any Subsidiary acquired after the Effective Date, to the extent in existence at the time of acquisition but not entered into in contemplation thereof and, in any such case, other than any contractual obligation in favor of
        the Borrower or any of its Subsidiaries) or by applicable law, rule or regulation or if such Subsidiary guaranteeing the Obligations would require governmental (including regulatory) consent, approval, license or authorization (unless such consent,
        approval, license or authorization has been obtained), (ii) any other Subsidiary with respect to which the Administrative Agent and the Borrower reasonably agree that the burden or cost (as reasonably determined by the Borrower in consultation with
        the Administrative Agent) of guaranteeing the Obligations shall outweigh the benefits to be obtained by the Lenders therefrom.

      

      

      “Excluded Swap Obligation” means, with respect to any Loan Party, any Specified Swap Obligation if, and to the extent that, all or a portion
        of the Guarantee of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Specified Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or
        order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party’s failure for any reason to constitute an ECP at the time the Guarantee of such Loan Party or the grant of
        such security interest becomes or would become effective with respect to such Specified Swap Obligation. If a Specified Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of
        such Specified Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.

      

      

      
        18

        
          

      

      “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a
        payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its
        principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal
        withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such
        interest in the Loan, Letter of Credit or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.19(b)) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section
        2.17, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or Commitment or to such Lender immediately before it changed its
        lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f) and (d) any withholding Taxes imposed under FATCA.

      

      

      “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
        substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory
        legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.

      

      

      “FCA” has the meaning assigned to such term in Section 1.05.

      

      

      “Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by
        depositary institutions, as determined in such manner as shall be set forth on the Federal Reserve Bank of New York’sNYFRB’s Website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds
        rate; provided that, if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

      

      

      “Federal Reserve Bank of New York’s Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

      

      

      “Federal Reserve Board” means the Board of Governors of the Federal Reserve System of the United States of America.

       

        

      “Final Release Conditions” has the meaning assigned to such term in Section 9.14(c). “Financial Officer” means the chief financial
        officer, principal accounting officer, treasurer or controller of the Borrower or any other Person designated as a “Financial Officer” by any of the foregoing officers in writing to the Administrative Agent and reasonably acceptable to the
        Administrative Agent.

      

      

      “Financials” means the annual or quarterly financial statements, and accompanying certificates and other documents, of the Borrower and its
        Subsidiaries required to be delivered pursuant to Section 5.01(a) or 5.01(b).

      

      

      “Floor” means the benchmark
            rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the LIBO Rate, the EURIBO Rate or the Daily Simple RFR, as applicable.

       

        

      
        19

        
          

      

      “Foreign Currencies” means Agreed Currencies other than Dollars.

      

      

      “Foreign Currency Amount” of any amount of any Foreign Currency means, at the time of determination thereof, (a) if such amount is expressed in such Foreign Currency, such amount and (b) if such amount is expressed in Dollars, the equivalent of such amount in such Foreign Currency
            determined by using the rate of exchange for the purchase of such Foreign Currency with Dollars last provided (either by publication or otherwise provided to the Administrative Agent) by the applicable Reuters source on the Business Day (New
            York City time) immediately preceding the date of determination or if such service ceases to be available or ceases to provide a rate of exchange for the purchase of such Foreign Currency with Dollars, as provided by such other publicly
            available information service which provides that rate of exchange at such time in place of Reuters chosen by the Administrative Agent in its sole discretion (or if such service ceases to be available or ceases to provide such rate of exchange,
            the equivalent of such amount in such Foreign Currency as determined by the Administrative Agent using any method of determination it deems appropriate in its sole discretion).

      

      

      “Foreign Currency Exposure” has the meaning assigned to such term in Section 2.11(b).

      

      

      “Foreign Currency LC Exposure” means, at any time, the sum of (a) the Dollar Amount of the aggregate undrawn and unexpired amount of all
        outstanding Foreign Currency Letters of Credit at such time plus (b) the aggregate principal Dollar Amount of all LC Disbursements in respect of Foreign Currency Letters of Credit that have not yet been reimbursed at such time.

      

      

      “Foreign Currency Letter of Credit” means a Letter of Credit denominated in a Foreign

      Currency.

      

      

      “Foreign Currency Sublimit” means $30,000,000.

      

      

      “Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S.
        Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.

      

      

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

      

      

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

      America.

      

      

      “Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether
        state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

      

      

      “Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or
        having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a)
        to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease
        property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the
        primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided,
        that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Guarantee shall be deemed to be an amount equal to the lesser of (a) the stated or determinable amount of the
        primary payment obligation in respect of which such Guarantee is made and (b) the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guarantee, unless such primary payment
        obligation and the maximum amount for which such guaranteeing Person may be liable are not stated or determinable, in which case the amount of the Guarantee shall be such guaranteeing Person’s maximum reasonably possible liability in respect
        thereof as reasonably determined by the Borrower in good faith.

      

      

      
        20

        
          

      

      “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other
        pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any
        Environmental Law.

      

      

      “Hostile Acquisition” means (a) the acquisition of the Equity Interests of a Person through a tender offer or similar solicitation of the
        owners of such Equity Interests which has not been approved (prior to such acquisition) by the board of directors (or any other applicable governing body) of such Person or by similar action if such Person is not a corporation and (b) any such
        acquisition as to which such approval has been withdrawn.

      

      

      “IBA” has the meaning assigned to such term in Section 1.05.

      

      

      “Impacted EURIBO Rate Interest Period” has the meaning assigned to such term in the definition of “EURIBO Rate”.

      

      

      “Impacted LIBO Rate Interest Period” has the meaning assigned to such term in the definition of “LIBO Rate”.

      

      

      “Increasing Lender” has the meaning assigned to such term in Section 2.20. “Incremental Term Loan” has the meaning assigned to such term
        in Section 2.20.

       

        

      “Incremental Term Loan Amendment” has the meaning assigned to such term in Section 2.20.

      

      

      “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) the principal amount of all obligations of
        such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention
        agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding (x) trade accounts payable in the ordinary course of business, (y) any
        earn-out, deferred or similar obligations until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and if not paid after becoming due and payable and (z) expenses accrued in the ordinary course of
        business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the
        Indebtedness secured thereby has been assumed; provided, that, if such Person has not assumed or otherwise become liable in respect of such Indebtedness, such obligations shall be deemed to be in an amount equal to the lesser of (i) the amount of
        such Indebtedness and (ii) the fair market value of such property at the time of determination (in the Borrower’s good faith estimate), (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person,
        (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, and (k) all
        obligations of such Person under Sale and Leaseback Transactions. The Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability
        company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The amount of Indebtedness (including any Guarantees constituting Indebtedness) for which recourse is
        limited either to a specified amount or to an identified asset of such Person shall be deemed to be equal to the lesser of (x) such specified amount and (y) the fair market value of such identified asset as determined by such Person in good faith.
        Notwithstanding anything to the contrary in this definition, the term “Indebtedness” shall not include (i) deferred or prepaid revenue, (ii) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or
        other unperformed obligations of the respective seller, (iii) obligations under Sale and Leaseback Transactions to the extent such obligations are not reflected as a liability on
          the consolidated balance sheet of the Borrower or (iv) obligations under any Swap Agreements.

      

      

      
        21

        
          

      

      “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any
        obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a) hereof, Other Taxes.

      

      

      “Indemnitee” has the meaning assigned to such term in Section 9.03(c). “Ineligible Institution” has the meaning assigned to such term in
        Section 9.04(b). “Information” has the meaning assigned to such term in Section 9.12.

        

      

      “Interest Coverage Ratio” has the meaning assigned to such term in Section 6.13(b).

      

      

      “Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.08, which shall
        be substantially in the form attached hereto as Exhibit G-2 or any other form approved by the Administrative Agent.

      

      

      “Interest Payment Date” means (a) with respect to any ABR Loan (other than a Swingline Loan), the last day of each March, June, September and
        December and the Maturity Date, (b) with respect to any RFR Loan, each date that is on the numerically corresponding day in each calendar month that is one month after the Borrowing of such RFR Loan and the Maturity Date, (c) with respect to any Eurocurrency Loan, the last day of each Interest Period applicable to the Borrowing of which such Loan is a part
        and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest
        Period and the Maturity Date and (cd) with respect to any Swingline Loan, the day that such Loan
        is required to be repaid and the Maturity Date.

      

      

      “Interest Period” means with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing and ending on the
        numerically corresponding day in the calendar month that is one, two, three or six months thereafter (in each case, subject to the availability for the Benchmark
            applicable to the relevant Loan or Commitment for any Agreed Currency), as the Borrower may elect; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended
        to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and, (ii) any Interest Period pertaining to a Eurocurrency Borrowing that commences on the last Business Day
        of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period and (iii) no tenor that has been removed

            from this definition pursuant to Section 2.14(f) shall be available for specification in such Borrowing Request
            or Interest Election Request. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such
        Borrowing.

      

      

      
        22

        
          

      

      “IRS” means the United States Internal Revenue Service.

      

      

      “ISDA Definitions” means the
            2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or
            any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

      

      

      “Issuing Bank” means JPMorgan Chase Bank, N.A., in its capacity as the issuer of Letters of Credit hereunder, and its successors in such
        capacity as provided in Section 2.06(i). The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with
        respect to Letters of Credit issued by such Affiliate.

      

      

      “LC Collateral Account” has the meaning assigned to such term in Section 2.06(j).

      

      

      “LC Disbursement” means a payment made by the Issuing Bank pursuant to a Letter of Credit.

      

      

      “LC Exposure” means, at any time, the sum of (a) the aggregate undrawn Dollar Amount of all outstanding Letters of Credit at such time plus
        (b) the aggregate Dollar Amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the LC Exposure at such time.
        For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Article 29(a) of the Uniform Customs and Practice for
        Documentary Credits, International Chamber of Commerce Publication No. 600 (or such later version thereof as may be in effect at the applicable time) or Rule 3.13 or Rule 3.14 of the International Standby Practices, International Chamber of
        Commerce Publication No. 590 (or such later version thereof as may be in effect at the applicable time) or similar terms of the Letter of Credit itself, or if compliant documents have been presented but not yet honored, such Letter of Credit shall
        be deemed to be “outstanding” and “undrawn” in the amount so remaining available to be paid, and the obligations of the Borrower and each Lender shall remain in full force and effect until the relevant Issuing Bank and the Lenders shall have no further obligations to make any payments or disbursements under any circumstances with respect to any
        Letter of Credit.

      

      

      “Lender Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

       

        

      “Lender-Related Person” has the meaning assigned to such term in Section 9.03(b).

       

        

       “Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a Lender hereunder pursuant to Section 2.20 or
        pursuant to an Assignment and Assumption or otherwise, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption or otherwise. Unless
          the context otherwise requires, the term “Lenders” includes the Swingline Lender and the Issuing Bank.

      
        23

        
          

      

      “Letter of Credit” means any letter of credit issued pursuant to this Agreement.

      

      

      “Letter of Credit Agreement” has the meaning assigned to such term in Section 2.06(b). “Leverage Ratio” has the meaning assigned to such
        term in Section 6.13(a).

       

        

      “Liabilities” means any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.

      

      

      “LIBO Interpolated Rate” means, at any time, with respect to any Eurocurrency Borrowing denominated in any Agreed Currency (other than euro)Dollars and for any Interest Period, the rate per annum (rounded to the same number of decimal places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest
        error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO Screen Rate for the longest period (for which the LIBO Screen Rate is available for the

            applicable currencyDollars) that is shorter than the Impacted LIBO Rate Interest Period; and (b) the LIBO Screen Rate for
        the shortest period (for which the LIBO Screen Rate is available for the applicable currencyDollars) that exceeds the Impacted LIBO Rate Interest Period, in each case, at such time; provided that if any LIBO Interpolated Rate shallas so determined would be less than 0.75%zero, such rate shall be deemed to be 0.75%zero for the purposes of this Agreement.

      

      

      “LIBO Rate” means, with respect to any Eurocurrency Borrowing denominated in any Agreed Currency (other than euro)Dollars and for any Interest Period, the LIBO Screen Rate at approximately 11:00 a.m., London time, on the Quotation Day for such Agreed Currencytwo (2) Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted

          LIBO Rate Interest Period”) with respect to such Agreed CurrencyDollars then the LIBO Rate shall be the LIBO Interpolated Rate.

      

      

      “LIBO Screen Rate” means, for any day and time, with respect to any Eurocurrency Borrowing denominated in any Agreed Currency (other than euro)Dollars and for any Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for such Agreed CurrencyDollars for a
        period equal in length to such Interest Period as displayed on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or
        substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion); provided
        that if the LIBO Screen Rate as so determined would be less than 0.75%zero,
        such rate shall be deemed to be 0.75%zero for the purposes of this Agreement.

      

      

      “LIBOR” has the meaning assigned to such term in Section 1.05.

      

      

      “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security
        interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the
        foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.

      

      

      
        24

        
          

      

      “LLC” means any Person that is a limited liability company under the laws of its jurisdiction of formation.

      

      

      “Loan Documents” means this Agreement (including schedules and exhibits hereto), any promissory notes issued pursuant to Section 2.10(e), any
        Letter of Credit applications, any Letter of Credit Agreement, the Subsidiary Guaranty, and all other agreements, instruments, documents and certificates identified in Section 4.01 executed and delivered to, or in favor of, the Administrative Agent
        or any Lenders. Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer
        to this Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative.

      

      

      “Loan Parties” means, collectively, the Borrower and the Subsidiary Guarantors.

      

      

      “Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement.

      

      

      “Local Time” means (i) New York City time in the case of a Loan, Borrowing or LC Disbursement denominated in Dollars and (ii) local time in
        the case of a Loan, Borrowing or LC Disbursement denominated in a Foreign Currency (it being understood that such local time shall mean (a) London, England time with respect to any Foreign Currency (other than euro) and (b) Brussels, Belgium time
        with respect to euro, in each case of the foregoing clauses (a) and (b) unless otherwise notified by the Administrative Agent).

      

      

      “Margin Stock” means margin stock within the meaning of Regulations T, U and X, as applicable.

      

      

      “Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations or financial condition of the Borrower and
        the Subsidiaries taken as a whole, (b) the ability of the Borrower to perform any of its material obligations under this Agreement or, (c) the ability of the Loan Parties (taken as a whole) to perform their respective material obligations under the
        Loan Documents (taken as a whole) or (d) the validity or enforceability of this Agreement or any and all other Loan Documents or the material rights or remedies of the Administrative Agent and the Lenders thereunder.

      

      

      “Material Domestic Subsidiary” means each Domestic Subsidiary (i) which, as of the most recent fiscal quarter of the Borrower, for the period
        of four consecutive fiscal quarters then ended, for which financial statements have been delivered pursuant to Section 5.01(a) or (b) (or, if prior to the date of the delivery of the first financial statements to be delivered pursuant to Section
        5.01(a) or (b), the most recent financial statements referred to in Section 3.04(a)), contributed greater than five percent (5.0%) of Consolidated EBITDA for such period or (ii) which contributed greater than five percent (5.0%) of Consolidated
        Total Assets as of such date; provided that, if at any time the aggregate amount of Consolidated EBITDA or Consolidated Total Assets attributable to all Domestic Subsidiaries that are not Material Domestic Subsidiaries exceeds ten percent (10.0%)
        of Consolidated EBITDA for any such period or ten percent (10.0%) of Consolidated Total Assets as of the end of any such fiscal quarter, the Borrower (or, in the event the Borrower has failed to do so within ten (10) days, the Administrative Agent)
        shall designate sufficient Domestic Subsidiaries as “Material Domestic Subsidiaries” to eliminate such excess, and such designated Subsidiaries shall for all purposes of this Agreement constitute Material Domestic Subsidiaries.

      

      

      
        25

        
          

      

      “Material Foreign Subsidiary” means each Foreign Subsidiary (i) which, as of the most recent fiscal quarter of the Borrower, for the period
        of four consecutive fiscal quarters then ended, for which financial statements have been delivered pursuant to Section 5.01(a) or (b) (or, if prior to the date of the delivery of the first financial statements to be delivered pursuant to Section
        5.01(a) or (b), the most recent financial statements referred to in Section 3.04(a)), contributed greater than five percent (5.0%) of Consolidated EBITDA for such period or (ii) which contributed greater than five percent (5.0%) of Consolidated
        Total Assets as of such date.

      

      

      “Material Indebtedness” means Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Swap
        Agreements, of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding $50,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or any
        Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such
        time.

      

      

      “Material Subsidiary” means each Material Domestic Subsidiary and each Material Foreign Subsidiary.

      

      

      “Maturity Date” means the date that is 364 calendar days following the
            Effective DateMay 6, 2024;
        provided, however, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.

      

      

      “Maximum Rate” has the meaning assigned to such term in Section 9.15. “Moody’s” means Moody’s Investors Service, Inc.

       

        

      “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of

      ERISA.

      

      

      “Non-Consenting Lender” has the meaning assigned to such term in Section 9.02(d). “NYFRB” means the Federal Reserve Bank of New York.

       

        

      “NYFRB’s  Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

      

      

      “NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding
        Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate
        for a federal funds transaction quoted at 11:00 a.m., New York City time, on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided, further, that if any of the
        aforesaid rates as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

      

      

      
        26

        
          

      

      “Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all LC Exposure, all accrued and unpaid fees and
        all expenses, reimbursements, indemnities and other obligations and indebtedness (including interest and fees accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or
        allowable in such proceeding), obligations and liabilities of any of the Borrower and its Subsidiaries to any of the Lenders, the Administrative Agent, the Issuing Bank or any indemnified party, individually or collectively, existing on the
        Effective Date or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, arising or incurred
        under this Agreement or any of the other Loan Documents or to the Lenders or any of their Affiliates under any Swap Agreement or any Banking Services Agreement or in respect of any of the Loans made or reimbursement or other obligations incurred or
        any of the Letters of Credit or other instruments at any time evidencing any thereof; provided that the definition of “Obligations” shall not create or include any guarantee by any Loan Party of (or grant of security interest by any Loan
        Party to support, as applicable) any Excluded Swap Obligations of such Loan Party for purposes of determining any obligations of any Loan Party.

      

      

      “OFAC” means the Office of Foreign Assets Control of the U.S. Department of the Treasury.

      

      

      “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such
        Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest
        under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan, Letter of Credit or Loan Document).

      

      

      “Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any
        payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other
        Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19).

      

      

      “Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight eurodollar borrowings denominated in Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the Federal Reserve Bank of New York’sNYFRB’s Website
        from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.

      

      

      “Overnight Foreign Currency Rate” means, for
        any amount payableday, (a) with respect to any amount denominated in Dollars, the NYFRB Rate and (b) with respect to any amount denominated in a Foreign Currency, thean overnight rate of interest per annum as determined by the Administrative Agent at which overnight or weekend deposits in the relevant currency (or if
              such amount due remains unpaid for more than three (3) Business Days, then for such other period of time as the Administrative Agent may elect) for delivery in immediately available and freely transferable funds would be offered by the
              Administrative Agent to major banks in the interbank market upon request of such major banks for the relevant currency as determined above and in an amount comparable to the unpaid principal amount of the related Credit Event, plus any taxes,
              levies, imposts, duties, deductions, charges or withholdings imposed upon, or charged to, the Administrative Agent by any relevant correspondent bank in respect of such amount in such relevant currency; provided, that if the aforesaid rate as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.or the Issuing Bank, as the case may be, in accordance with banking industry rules on interbank compensation.

       

        

      
        27

        
          

      

      “Participant” has the meaning assigned to such term in Section 9.04(c).

       

        

       “Participant Register” has the meaning assigned to such term in Section 9.04(c).

       

        

      “Participating Member State” means any member state of the European Union that adopts or has adopted the euro as its lawful currency in
        accordance with legislation of the European Union relating to economic and monetary union.

      

      

      “Patriot Act” means the USA PATRIOT Act of 2001.

      

      

      “Payment” has the meaning assigned to such term in Section 8.06(c).

      

      

      “Payment Notice” has the meaning assigned to such term in Section
          8.06(c).

      

      

      “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

      

      

      “Permitted Encumbrances” means:

      

      

      (a)         Liens imposed by law for Taxes that have not yet
          been paid (to the extent such non-payment does not violate Section 5.04) or are being contested in compliance with Section 5.04 and Liens for unpaid utility charges;

      

      

      (b)         carriers’, warehousemen’s, mechanics’,
          materialmen’s, repairmen’s, supplier’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than sixty (60) days or are being contested in compliance with Section
          5.04;

      

      

      (c)        pledges and deposits made in the ordinary course of
          business in connection with workers’ compensation, unemployment insurance and other social security or retirement benefits laws, to secure liability to insurance carriers under insurance of self-insurance arrangements or regulations or employment
          laws or to secure other public, statutory or regulatory regulations;

      

      

      (d)         pledges and deposits to secure the performance of
          bids, trade contracts, government contracts, leases, statutory obligations, customer deposit and advances, surety, customs and appeal bonds, performance and completion bonds and other obligations of a like nature, in each case in the ordinary
          course of business, and Liens to secure letters of credit or bank guarantees supporting any of the foregoing;

      

      

      (e)         judgment Liens in respect of judgments that do not
          constitute an Event of Default under Section 7.01(j) or Liens securing appeal or surety bonds related to such judgments;

      

      

      (f)        easements, zoning restrictions, rights-of-way and
          similar charges or encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or materially
          interfere with the ordinary conduct of business of the Borrower and its Subsidiaries, taken as a whole;

      

      

      (g)          leases,

          licenses, subleases or sublicenses granted (i) to others not adversely interfering in any material respect with the business of the Borrower and its Subsidiaries as conducted at 

       

        

      
        28

        
          

      

      
      “QFC Credit Support” has the meaning assigned to it in Section 9.18.

      

      

      “Quotation Day” means, with respect to any Eurocurrency Borrowing for any Interest Period, (i) if the currency is Pounds Sterling, the first day of such Interest Period, (ii) if the currency is euro, the day that is two (2) TARGET2 Days before the first day of such Interest Period,
            and (iii) for any other currency, two (2) Business Days prior to the commencement of such Interest Period (unless, in each case, market practice differs in the relevant market where the LIBO Rate for such currency is to be determined, in which
            case the Quotation Day will be determined by the Administrative Agent in accordance with market practice in such market (and if quotations would normally be given on more than one day, then the Quotation Day will be the last of those days)).

      

      

      “Recipient” means (a) the Administrative Agent, (b) any Lender and (c) the Issuing Bank, as applicable.

      

      

      “Reference Time” with
            respect to any setting of the then-current Benchmark means (i) if such Benchmark is the LIBO Rate, 11:00 a.m., London time, on the day that is two (2) London banking
            days preceding the date of such setting, (ii) if such Benchmark is the EURIBO Rate, 11:00 a.m., Brussels time two (2) TARGET Days preceding the date of such setting, (iii) if the RFR for such Benchmark
            is SONIA, then four (4) Business Days prior to such setting or (iv) if such Benchmark is none of the LIBO Rate, the EURIBO Rate or SONIA, the time determined by the Administrative Agent in its reasonable discretion.

      

      

      “Register” has the meaning assigned to such term in Section 9.04(b).

      

      

      “Regulation D” means Regulation D of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations
        thereunder or thereof.

      

      

      “Regulation T” means Regulation T of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations
        thereunder or thereof.

      

      

      “Regulation U” means Regulation U of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations
        thereunder or thereof.

      

      

      “Regulation X” means Regulation X of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations
        thereunder or thereof.

      

      

      “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective partners, directors, officers,
        managers, employees, agents and advisors of such Person and such Person’s Affiliates.

      

      

      “Relevant Governmental Body” means (i) with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, the Federal
        Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto and, (ii) with respect to a Benchmark Replacement in respect of Loans denominated in any Foreign CurrencyPounds Sterling, the Bank of England, or a committee officially endorsed or convened by the Bank of England or, in each case, any successor thereto, (iii) with respect to a Benchmark Replacement in respect of Loans denominated in euro, the European Central Bank, or a committee officially endorsed or convened by the European
              Central Bank or, in each case, any successor thereto, and (iv) with respect to a Benchmark Replacement in respect of Loans denominated in any other currency, (a) the central bank for the currency in
        which such Benchmark Replacement is denominated or any central bank or other supervisor which is responsible for supervising either (1) such Benchmark Replacement or (2) the administrator of such Benchmark Replacement or (b) any working group or
        committee officially endorsed or convened by (1) the central bank for the currency in which such Benchmark Replacement is denominated, (2) any central bank or other supervisor that is responsible for supervising either (A) such Benchmark
        Replacement or (B) the administrator of such Benchmark Replacement, (3) a group of those central banks or other supervisors or (4) the Financial Stability Board or any part thereof.

      

      

      
        31

        
          

      

      “Relevant Rate” means (i) with respect to any Eurocurrency Borrowing denominated in an

            Agreed Currency (other than euro)Dollars, the LIBO Rate or, (ii) with respect to any Eurocurrency Borrowing denominated in euro, the EURIBO Rate or (iii) with respect to any Borrowing denominated in Pounds Sterling, the Daily Simple RFR, as applicable.

      

      

      “Relevant Screen Rate” means (i) with respect to any Eurocurrency Borrowing denominated in an Agreed Currency (other than euro)Dollars, the LIBO Screen Rate or (ii) with respect to any Eurocurrency
        Borrowing denominated in euro, the EURIBO Screen Rate, as applicable.

      

      

      “Required Lenders” means, subject to Section 2.22, (a) at any time prior to the earlier of the Loans becoming due and payable pursuant to
        Section 7.02 or the Commitments terminating or expiring, (i) at any time there are two or more Lenders, at least two Lenders, and (ii) otherwise, the Lenders, in each case, having Revolving Credit Exposures and Unfunded Commitments representing
        more than 50% of the sum of the Total Revolving Credit Exposure and Unfunded Commitments at such time, provided that, solely for purposes of declaring the Loans to be due and payable pursuant to Section 7.02, the Unfunded Commitment of each
        Lender shall be deemed to be zero; and (b) for all purposes after the Loans become due and payable pursuant to Section 7.02 or the Commitments expire or terminate, (i) at any time there are two or more Lenders, at least two Lenders, and (ii)
        otherwise, the Lenders, in each case, having Revolving Credit Exposures representing more than 50% of the Total Revolving Credit Exposure at such time; provided that, in the case of clauses (a) and (b) above, (x) the Revolving Credit
        Exposure of any Lender that is the Swingline Lender shall be deemed to exclude any amount of its Swingline Exposure in excess of its Applicable Percentage of all outstanding Swingline Loans, adjusted to give effect to any reallocation under Section
        2.22 of the Swingline Exposures of Defaulting Lenders in effect at such time, and the Unfunded Commitment of such Lender shall be determined on the basis of its Revolving Credit Exposure excluding such excess amount and (y) for the purpose of
        determining the Required Lenders needed for any waiver, amendment, modification or consent of or under this Agreement or any other Loan Document, any Lender that is the Borrower or an Affiliate of the Borrower shall be disregarded.

      

      

      “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

      

      

      “Responsible Officer” means the chief executive officer, president, a Financial Officer or other executive officer of the Borrower.

      

      

      “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity
        Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination
        of any such Equity Interests in the Borrower or any Subsidiary or any option, warrant or other similar right to acquire any such Equity Interests in the Borrower or any Subsidiary.

       

        

      
        32

        
          

      

      “Reuters” means Thomson Reuters Corp., Refinitiv, or any successor thereto.

      

      

      “Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s
        Revolving Loans, its LC Exposure and its Swingline Exposure at such time.

      

      

      “Revolving Loan” means a Loan made pursuant to Section 2.01.

      

      

      “RFR” means, for any RFR Loan denominated in Pounds Sterling, SONIA.

      

      

      “RFR Administrator” means the SONIA Administrator.

      

      

      “RFR Borrowing” means, as to any Borrowing, the RFR Loans comprising such Borrowing.

      

      

      “RFR Business Day” means,
            for any Loan denominated in Pounds Sterling, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks are closed for general business in London.

      

      

      “RFR Interest Day” has the meaning specified in the definition of “Daily Simple RFR”. 

      

      

      “RFR Loan” means a Loan that bears interest at a rate based on Daily
          Simple RFR.

      

      

      “S&P” means Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC business.

      

      

      “Sale and Leaseback Transaction” means any sale or other transfer of any property or asset by any Person with the intent to lease such
        property or asset as lessee.

      

      

      “Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time
        of this Agreement, Crimea, Cuba, Iran, North Korea and Syria).

      

      

      “Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the
        U.S. Department of State, the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority, (b) any Person operating, organized or resident
        in a Sanctioned Country, (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b), or (d) any Person otherwise the subject of any Sanctions.

      

      

      “Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S.
        government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant
        sanctions authority.

      

      

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

       

        

       “Securities Act” means the United States Securities Act of 1933.

       

        

      
        33

        
          

      

      “SOFR” means, with respect to any day meansBusiness Day, a
            rate per annum equal to the secured overnight financing rate published for such day by the NYFRB, as the administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s Website.for such Business Day published by the SOFR Administrator on the SOFR Administrator’s

            Website on the immediately succeeding Business Day.

      

      

      “SOFR-Based Rate” means SOFR, Compounded SOFR or Term SOFR.

      

      

      “SOFR Administrator” means the NYFRB (or a successor administrator of the secured overnight financing rate).

      

      

      “SOFR Administrator’s
            Website” means the NYFRB’s website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight
            financing rate identified as such by the SOFR Administrator from time to time.

      

      

      “Solvent” means, as to any Person as of any date of determination, that on such date (a) the fair value of the property of such Person is
        greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair saleable value of such Person is not less than the amount that will be required to pay the probable liability of such Person on its
        debts, including contingent debts, as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities, including contingent debts and liabilities, beyond such Person’s ability to
        pay such debts and liabilities as they mature and (d) such Person is not engaged in a business or a transaction, and is not about to engage in a business or a transaction, for which such Person’s property would constitute an unreasonably small
        capital. The amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or
        matured liability.

      

      

      “SONIA” means, with respect
            to any Business Day, a rate per annum equal to the Sterling Overnight Index Average for such Business Day published by the SONIA Administrator on the SONIA Administrator’s Website on the immediately succeeding Business Day.

      

      

      “SONIA Administrator” means the Bank of England (or any successor
          administrator of the Sterling Overnight Index Average).

      

      

      “SONIA Administrator’s Website” means the Bank of England’s website,
          currently at http://www.bankofengland.co.uk, or any successor source for the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.

       
      

      

      “Specified Ancillary Obligations” means all obligations and liabilities (including interest and fees accruing during the pendency of any
        bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) of any of the Subsidiaries, existing on the Effective Date or arising thereafter, direct or indirect, joint or several,
        absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, to the Lenders or any of their Affiliates under any Swap Agreement or any Banking Services
        Agreement; provided that the definition of “Specified Ancillary Obligations” shall not create or include any guarantee by any Loan Party of (or grant of security interest by any Loan Party to support, as applicable) any Excluded Swap
        Obligations of such Loan Party for purposes of determining any obligations of any Loan Party.

       

        

      
        34

        
          

      

      “Specified Swap Obligation” means, with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or
        transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder.

      

      

      “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is
        the number one minus the aggregate of the maximum reserve, liquid asset, fees or similar requirements (including any marginal, special, emergency or supplemental reserves or other requirements) established by any central bank, monetary authority,
        the Federal Reserve Board, the Financial Conduct Authority, the Prudential Regulation Authority, the European Central Bank or other Governmental Authority for any
        category of deposits or liabilities customarily used to fund loans in the applicable currency, expressed in the case of each such requirement as a decimal. Such reserve, liquid asset, fees or similar requirements shall include those imposed
        pursuant to Regulation D of the Board. Eurocurrency Loans shall be deemed to be subject to such reserve, liquid asset, fee or
        similar requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under any applicable law, rule or regulation, including Regulation D of the Board. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve, liquid asset or similar requirement.

      

      

      “Subordinated Indebtedness” means any Indebtedness of the Borrower or any Subsidiary the payment of which is subordinated to payment of the
        obligations under the Loan Documents.

      

      

      “Subordinated Indebtedness Documents” means any document, agreement or instrument evidencing any Subordinated Indebtedness or entered into in
        connection with any Subordinated Indebtedness.

      

      

      “subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership,
        association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any
        other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a
        partnership, more than 50% of the general partnership interests are, as of such date, owned, Controlled or held,.

      

      

      “Subsidiary” means any subsidiary of the Borrower.

      

      

      “Subsidiary Guarantor” means each Material Domestic Subsidiary that is a party to the Subsidiary Guaranty. The Subsidiary Guarantors on the
        Effective Date are identified as such in Schedule 3.01 hereto.

      

      

      “Subsidiary Guaranty” means that certain Guaranty dated as of the Effective Date (including any and all supplements thereto) and executed by
        each Subsidiary Guarantor, as amended, restated, supplemented or otherwise modified from time to time.

      

      

      “Supported QFC” has the meaning assigned to it in Section 9.18.

      

      

      “Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement
        involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar
        transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the
        Borrower or the Subsidiaries shall be a Swap Agreement.

      

      

      
        35

        
          

      

      “Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time.   The Swingline
        Exposure of any Lender at any time shall be the sum of (a) its Applicable Percentage of the aggregate principal amount of all Swingline Loans outstanding at such time (excluding, in the case of any Lender that is a Swingline Lender, Swingline Loans
        made by it that are outstanding at such time to the extent that the other Lenders shall not have funded their participations in such Swingline Loans), adjusted to give effect to any reallocation under Section 2.22 of the Swingline Exposure of
        Defaulting Lenders in effect at such time, and (b) in the case of any Lender that is a Swingline Lender, the aggregate principal amount of all Swingline Loans made by such Lender outstanding at such time, less the amount of participations funded by
        the other Lenders in such Swingline Loans.

      

      

      “Swingline Lender” means JPMorgan Chase Bank, N.A., in its capacity as the lender of Swingline Loans hereunder.

      

      

      “Swingline Loan” means a Loan made pursuant to Section 2.05.

       

        

       “Swingline Sublimit” means $10,000,000.

       

        

      “TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET2) payment system which utilizes a
            single shared platform and which was launched on November 19, 2007.

      

      

      “TARGET Day”

            means any day on which TARGET2 (or, if such payment system
          ceases to be operative, such other payment system (, if any), reasonably determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in euro.

      

      

      “TARGET2 Day” means a day that TARGET2 is open for the settlement of payments in euro.

      

      

      “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), value added
        taxes, or any other goods and services, use or sales taxes, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

      

      

      “Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on
        SOFR that has been selected or recommended by the Relevant Governmental Body.

      

      

      “Term SOFR Notice” means a
            notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition Event.

      

      

      “Term SOFR Transition Event”
            means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term
            SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable, has previously occurred resulting in a Benchmark
            Replacement in accordance with Section 2.14 that is not Term SOFR.

       

        

      
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      “Total Revolving Credit Exposure” means, at any time, the sum of (a) the outstanding principal amount of the Revolving Loans and Swingline
        Loans at such time and (b) the total LC Exposure at such time.

      

      

      “Transactions” means the execution, delivery and performance by the Loan Parties of this Agreement and the other Loan Documents, the
        borrowing of Loans and other credit extensions, the use of the proceeds thereof and the issuance of Letters of Credit hereunder.

      

      

      “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such
        Borrowing, is determined by reference to the Adjusted LIBO Rate, the Adjusted EURIBO Rate or, the Alternate Base Rate or the Daily Simple RFR.

      

      

      “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time)
        promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain
        credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

      

      

      “UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of
        any UK Financial Institution.

      

      

      “Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment; provided that, if
              the Unadjusted Benchmark Replacement as so determined would be less than 0.75%, the Unadjusted Benchmark Replacement will be deemed to be 0.75% for the purposes of this Agreement.

      

      

      “Unfunded Commitment” means, with respect to each Lender, the Commitment of such Lender less its Revolving Credit Exposure.

      

      

      “United States” or “U.S.” mean the United States of America.

      

      

      “U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30)

      of the Code.

      

      

      “U.S. Special Resolution Regime” has the meaning assigned to it in Section 9.18.

      

      

      “U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).

      

      

      “wholly-owned Subsidiary” means a Subsidiary with respect to which 100% of the issued and outstanding Equity Interests are owned directly or
        indirectly by the Borrower (other than (x) directors’ qualifying shares; (y) shares issued to foreign nationals to the extent required by applicable law; and (z) shares held by a Person on trust for, or otherwise where the beneficial interest is
        held by, the Borrower (directly or indirectly)).

      

      

      “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan,
        as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

       

        

      
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      “Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA
        Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any
        powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all
        or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect
        of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

      

      

      SECTION 1.02.    Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g.,
          a “Revolving Loan”) or by Type (e.g., a “Eurocurrency Loan” or an “RFR Loan”) or by Class and Type (e.g.,
          a “Eurocurrency Revolving Loan” or an “RFR Revolving Loan”).
          Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurocurrency Borrowing” or an “RFR Borrowing”) or by Class and Type (e.g., a “Eurocurrency Revolving Borrowing” or an “RFR Revolving Borrowing”).

      

      

      SECTION 1.03.   Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the
          context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be
          construed to have the same meaning and effect as the word “shall”. The word “law” shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the
          force of law or with which affected Persons customarily comply), and all judgments, orders and decrees, of all Governmental Authorities. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or
          other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements,
          supplements or modifications set forth herein), (b) any definition of or reference to any law, statute, rule or regulation shall, unless otherwise specified, be construed as referring thereto as from time to time amended, supplemented or
          otherwise modified (including by succession of comparable successor laws), (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions on assignment set forth herein) and,
          in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (d) the words “herein”, “hereof” and “hereunder”, and
          words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and
          Sections of, and Exhibits and Schedules to, this Agreement and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
          securities, accounts and contract rights.

      

      

      
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      SECTION 1.04.    Accounting Terms; GAAP; Pro Forma Calculations. (a) Except as otherwise expressly provided herein, all terms of an accounting or
          financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the
          effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision
          hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before
          such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith.   Notwithstanding any other provision contained herein, all
          terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to (i) any election under Financial Accounting Standards Board
          Accounting Standards Codification 825 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair
          value”, as defined therein and (ii) any treatment of Indebtedness under Accounting Standards Codification 470-20 or 2015-03 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to
          value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof. Notwithstanding anything to the contrary contained in Section
          1.04(a) or in the definition of “Capital Lease Obligations,” any change in accounting for leases pursuant to GAAP resulting from the adoption of Financial Accounting Standards Board Accounting Standards Update No. 2016-02, Leases (Topic 842) (“FAS

            842”), to the extent such adoption would require treating any lease (or similar arrangement conveying the right to use) as a capital lease where such lease (or similar arrangement) would not have been required to be so treated under GAAP as
          in effect on December 31, 2015, such lease shall not be considered a capital lease, and all calculations and deliverables under this Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance therewith.

      

      

      (b) All pro forma computations required to be made hereunder giving effect to any acquisition or disposition, or issuance, incurrence or assumption of Indebtedness, or other transaction shall in each case be
          calculated giving pro forma effect thereto (and, in the case of any pro forma computation made hereunder to determine whether such acquisition or disposition, or issuance, incurrence or assumption of Indebtedness, or other transaction is
          permitted to be consummated hereunder, to any other such transaction consummated since the first day of the period covered by any component of such pro forma computation and on or prior to the date of such computation) as if such transaction had
          occurred on the first day of the period of four consecutive fiscal quarters ending with the most recent fiscal quarter for which financial statements shall have been delivered pursuant to Section 5.01(a) or 5.01(b) (or, prior to the delivery of
          any such financial statements, ending with the last fiscal quarter included in the financial statements referred to in Section 3.04(a)), and, to the extent applicable, to the historical earnings and cash flows associated with the assets acquired
          or disposed of (but without giving effect to any synergies or cost savings) and any related incurrence or reduction of Indebtedness, all in accordance with Article 11 of Regulation S-X under the Securities Act. If any Indebtedness bears a
          floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any
          Swap Agreement applicable to such Indebtedness).

      

      

      
        39

        
          

      

      SECTION 1.05.   Interest Rates; LIBOR Notification. The interest rate on a Loan denominated in an Agreed Currency may be derived from an interest
          rate benchmark that is, or may in the future become, the subject of regulatory reform. Regulators have signaled the need to use alternative benchmark reference rates for some of these interest rate benchmarks and, as a result, such interest rate
          benchmarks may cease to comply with applicable laws and regulations, may be permanently discontinued, and/or the basis on which they are calculated may change. The London interbank offered rate (“LIBOR”) is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in
          the London interbank market. In July 2017On March 5, 2021, the U.K. Financial Conduct Authority
          (“FCA”) publicly announced that,
                after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark
                Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the
                London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on Eurocurrency Loans. In light of this eventuality, public: (a) immediately after
              December 31, 2021, publication of all seven euro LIBOR settings,
              all seven Swiss Franc LIBOR settings, the spot next, 1-week, 2-month and 12- month Japanese Yen LIBOR settings, the overnight, 1-week, 2-month and 12-month British Pound Sterling LIBOR settings, and the 1-week and 2-month U.S. Dollar LIBOR settings will permanently
              cease; immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; immediately after
              December 31, 2021, the 1-month, 3- month and 6-month Japanese
              Yen LIBOR settings and the 1-month, 3-month and 6-month Pound Sterling

              LIBOR settings will cease to be provided or, subject to consultation by the FCA, be provided on a changed methodology (or “synthetic”) basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored; and immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness
              will not be restored. There is no assurance that dates announced
              by the FCA will not change or that the administrator of LIBOR
              and/or regulators will not take further action that could impact the availability, composition, or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Each party to this agreement should consult its own advisors to stay informed of any such developments. Public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London
              interbank offered rateLIBOR. Upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt- InOpt-in Election, Section 2.14(b) provides aand
              Section 2.14(c) provide the mechanism for determining an alternative rate of interest. The Administrative Agent will promptly notify the Borrower, pursuant to Section
          2.14(de), of any change to the reference rate upon which the interest rate on Eurocurrency Loans
          is based.However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered rateDaily Simple RFR, LIBOR, EURIBOR or

          other rates in the definition of “LIBO Rate” (or “EURIBO Rate”, as applicable) or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation, (i) any such alternative, successor or
          replacement rate implemented pursuant to Section 2.14(b) or Section 2.14(c), whether upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 2.14(cd)), including without limitation, whether the composition or characteristics of any such alternative, successor or replacement
          reference rate will be similar to, or produce the same value or economic equivalence of, the Daily Simple RFR, the LIBO Rate (or the EURIBO Rate, as applicable) or have the same volume or liquidity as did the London interbank offered rateLIBOR (or the euro interbank offered rate (“EURIBOR”), as applicable) prior to its discontinuance or unavailability. The Administrative Agent and its affiliates
                and/or other related entities may engage in transactions that affect the calculation of any Daily Simple RFR, any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower.

      

      

      
        40

        
          

      

      SECTION 1.06.   Status of Obligations. In the event that the Borrower or any other Loan Party shall at any time issue or have outstanding any
          Subordinated Indebtedness, the Borrower shall take or cause such other Loan Party to take all such actions as shall be necessary to cause the Obligations to constitute senior indebtedness (however denominated) in respect of such Subordinated
          Indebtedness and to enable the Administrative Agent and the Lenders to have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated
          Indebtedness. Without limiting the foregoing, the Obligations are hereby designated as “senior indebtedness” and as “designated senior indebtedness” and words of similar import under and in
          respect of any indenture or other agreement or instrument under which such Subordinated Indebtedness is outstanding and are further given all such other designations as shall be required under the terms of any such Subordinated Indebtedness in
          order that the Lenders may have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness.

      

      

      SECTION 1.07.   Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be
          the Dollar Amount of the amount of such Letter of Credit available to be drawn
          at such time; provided that, with respect to any Letter of Credit that, by its terms or the terms of any Letter of Credit Agreement related thereto, provides for one or more automatic increases in the available amount thereof, the amount
          of such Letter of Credit shall be deemed to be the Dollar Amount of the maximum amount of such Letter of Credit
          after giving effect to all such increases, whether or not such maximum amount is available to be drawn at such time.

      

      

      SECTION 1.08.   Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or
          any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred
          from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its Equity Interests at
          such time.

      

      

      SECTION 1.09.  Exchange Rates; Currency Equivalents.

      

      
      (a)         The Administrative Agent or the Issuing Bank, as applicable, shall determine the Dollar Amount of Borrowings or Letters of Credit denominated in Foreign Currencies. Such Dollar Amount shall become effective as of such Computation Date and
                shall be the Dollar Amount of such amounts until the next Computation Date to occur. Except for purposes of financial statements delivered by the Borrower hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any Agreed Currency (other than Dollars) for purposes of the
                Loan Documents shall be such Dollar Amount as so determined by the Administrative Agent or the Issuing Bank, as applicable.

      

      

      (b)     Wherever in this Agreement in connection with a Borrowing, conversion, continuation or prepayment of a Eurocurrency Loan or an RFR Loan
                or the issuance, amendment or extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Borrowing, Loan or Letter of Credit is denominated in a Foreign Currency, such amount shall be the
                Dollar Amount of such amount (rounded to the nearest unit of such Foreign Currency, with 0.5 of a unit being
                rounded upward), as determined by the Administrative Agent or the Issuing Bank, as the case may be.

      

      

      ARTICLE II

      

      

      The Credits

      

      

      SECTION 2.01.    Commitments. Subject to the terms and conditions set forth herein, each Lender (severally and not jointly) agrees to make Revolving
          Loans to the Borrower in Agreed Currencies from time to time during the Availability Period in an aggregate principal amount that will not result (after giving effect to any application of proceeds of such Borrowing to any Swingline Loans
          outstanding pursuant to Section 2.10(a)) in, subject to Sections 2.04 and 2.11(b), (a) the Dollar Amount of such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment, (b) the Dollar Amount of the Total Revolving Credit Exposure exceeding the Aggregate Commitment or (c) the Dollar Amount of the total outstanding Revolving Loans and LC Exposure, in each case denominated in Foreign Currencies, exceeding the Foreign
          Currency Sublimit. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.

      

      

      
        41

        
          

      

      SECTION 2.02.  Loans and Borrowings. (a) Each Revolving Loan (other than a Swingline Loan) shall be made as part of a Borrowing consisting of Revolving
          Loans made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the
          Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. Any Swingline Loan shall be made in accordance with the procedures set forth in Section 2.05.

      

      

      (b)          Subject to Section 2.14, each
          Revolving Borrowing shall be comprised (i) in the case of Borrowings in Dollars, entirely of ABR Loans or Eurocurrency Loans and (ii) in the case of Borrowings in any other Agreed Currency, entirely of Eurocurrency Loans or RFR Loans, as applicable, in each case of the same Agreed Currency, as the Borrower may request in accordance herewith; provided that each ABR Loan shall only be made in Dollars. Each Swingline Loan shall be an ABR Loan. Each Lender at its option
          may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as
          to such Lender); provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.

      

      

      (c)         At the commencement of each
          Interest Period for any Eurocurrency Revolving Borrowing and/or payment period for each RFR Borrowing, such Borrowing shall
          be in an aggregate amount that is an integral multiple of $1,000,000 (or, if such Borrowing is denominated in a Foreign Currency, 1,000,000 units of such currency) and not less than $1,000,000 (or, if such Borrowing is denominated in a Foreign
          Currency, 1,000,000 units of such currency). At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $500,000; provided that an ABR
          Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the Aggregate Commitment or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e). Each Swingline
          Loan shall be in an amount that is an integral multiple of $100,000 and not less than $500,000. Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total
          of ten (10) Eurocurrency Borrowings or RFR Borrowings outstanding.

      

      

      (d)         Notwithstanding any other
          provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.

      

      

      
        42

        
          

      

      
      SECTION 2.03. Requests for Revolving Borrowings. To request a Revolving Borrowing, the Borrower shall notify the Administrative Agent of such request
          (a) by irrevocable written notice (via a written Borrowing Request signed by a Responsible Officer of the Borrower) in the case of a Eurocurrency Borrowing, not later than 11:00 a.m., Local Time, three (3i) Business Days (in the case of a Eurocurrency Borrowing denominated in Dollars) or by irrevocable written notice (via a written Borrowing Request signed by the Borrower)euro, not later than 11:00 a.m., Local Time, four (4New York City time, three (3) Business Days (in the case of a Eurocurrency Borrowing denominated in a Foreign Currency), in each
              case before the date of the proposed Borrowing and (ii) in the case of an RFR Borrowing denominated in
              Pounds Sterling, not later than 11:00 a.m., New York City time, five (5) Business Days before the date of the
            proposed Borrowing or (b) by irrevocable written notice
          (via a written Borrowing Request signed by the Borrower) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing. Each
          such Borrowing Request shall specify the following information in compliance with Section 2.02:

      

      

      
        (i)          the Agreed Currency and aggregate principal amount of the requested Borrowing;

      

      

      

      
        (ii)         the date of such Borrowing, which shall be a Business Day;

      

      

      

      (iii)        whether such Borrowing is to be
          an ABR Borrowing or, a Eurocurrency
          Borrowing or an RFR Borrowing;

      

      

      (iv)       in the case of a Eurocurrency
          Borrowing, the Agreed Currency and initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”; and

      

      

      (v)       the location and number of the
          Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.07.

      

      

      If no election as to the currency of a Borrowing is specified, then the requested Borrowing shall be made in Dollars. If no election as to the Type of Revolving Borrowing is
          specified, then, in the case of a Borrowing denominated in Dollars, the requested Revolving Borrowing shall be an ABR Borrowing made in Dollars.
          If no Interest Period is specified with respect to any requested Eurocurrency Revolving Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in
          accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

      

      

      SECTION 2.04.    Determination of Dollar Amounts. The Administrative Agent will determine the Dollar Amount of:

      

      

      (a)         any Loan denominated in a
          Foreign Currency, on each of the following: (i) the date of the Borrowing of such Loan and (ii) each date of a conversion or continuation of such Loan pursuant to the terms of this Agreement,

      

      

      (b)         any Letter of Credit
          denominated in a Foreign Currency, on each of the following: (i) the date on which such Letter of Credit is issued, (ii) the first Business Day of each calendar month and (iii) the date of any amendment of such Letter of Credit that has the
          effect of increasing the face amount thereof, and

      

      

      (c)         any Credit Event, on any
          additional date as the Administrative Agent may determine at any time when an Event of Default exists.

      

      

      Each day upon or as of which the Administrative Agent determines Dollar Amounts as described in the preceding clauses (a), (b) and (c) is herein described as
        a “Computation Date” with respect to each Credit Event for which a Dollar Amount is determined on or as of such day.

      

      

      SECTION 2.05.   Swingline Loans. (a) Subject to the terms and conditions set forth herein, the Swingline Lender may agree, but shall have no obligation,
          to make Swingline Loans in Dollars to the Borrower from time to time during the Availability Period, in an aggregate principal amount at any

       

        

       

      
        43

        
          

      

      
      noon, Local Time, on the Business Day immediately following the Business Day that date that the
          Borrower shall have received notice of such LC Disbursement; provided that, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with (i)
          to the extent such LC Disbursement was made in Dollars, an ABR Revolving Borrowing, Eurocurrency Revolving Borrowing or Swingline Loan in Dollars in an amount equal to such LC Disbursement or (ii) to the extent that such LC Disbursement was made
          in a Foreign Currency, a Eurocurrency Revolving Borrowing in such Foreign Currency in an amount equal to such LC Disbursement and, in each case, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and
          replaced by the resulting ABR Revolving Borrowing, Eurocurrency Revolving Borrowing or Swingline Loan, as applicable. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Lender of the applicable LC
          Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the
          payment then due from the Borrower, in the same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the
          Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative
          Agent shall distribute such payment to the Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may appear. Any
          payment made by a Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the
          Borrower of its obligation to reimburse such LC Disbursement. If the Borrower’s reimbursement of, or obligation to reimburse, any amounts in any Foreign Currency would subject the Administrative Agent, the Issuing Bank or any Lender to any stamp
          duty, ad valorem charge or similar tax that would not be payable if such reimbursement were made or required to be made in Dollars, the Borrower shall, at its option, either (x) pay the amount of any such tax requested by the Administrative
          Agent, the Issuing Bank or the relevant Lender or (y) reimburse each LC Disbursement made in such Foreign Currency in Dollars, in an amount equal to the Dollar Amount thereof calculated on the date such LC Disbursement is made.

      

      

      (f)        Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance
          with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit, any Letter of Credit Agreement or this Agreement, or any term or provision therein
          or herein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) any payment by the Issuing Bank
          under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or

            (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff
          against, the Borrower’s obligations hereunder or (v) any adverse change in the relevant exchange rates or in the availability of
                the relevant Foreign Currency to the Borrower or any Subsidiary or
              in the relevant currency markets generally. Neither the Administrative Agent, the Lenders nor the Issuing Bank, nor any of their respective Related Parties, shall have any liability or responsibility by reason of or in connection
          with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay
          in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms, any error in
          translation or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability
          to the Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the
          Borrower that are caused by the Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence
          of gross negligence or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the
          foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole
          discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents
          are not in strict compliance with the terms of such Letter of Credit.

      

      

      
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      (g)        Disbursement Procedures.
          The Issuing Bank shall, within the time allowed by applicable law or the specific terms of the Letter of Credit following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit.   The
          Issuing Bank shall promptly after such examination notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy or electronic mail) of such demand for payment and whether the Issuing Bank has made or will make an LC
          Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the Lenders with respect to any such LC Disbursement.

      

      

      (h)         Interim Interest. If
          the Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full in the applicable currency within one Business Day of the date on which such LC Disbursement is made, the unpaid amount thereof shall bear interest, for
          each day from and including the date such LC Disbursement is made to but excluding the date that the reimbursement is due and payable, at the rate per annum then applicable to ABR Revolving Loans (or in the case such LC Disbursement is
          denominated in a Foreign Currency, at the Overnight Foreign Currency Rate for such Agreed Currency plus the then
          effective Applicable Rate with respect to Eurocurrency Revolving Loans) and such interest shall be due and payable on the date when such reimbursement is payable; provided that, if the Borrower fails to reimburse such LC Disbursement when
          due pursuant to paragraph (e) of this Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any Lender
          pursuant to paragraph (e) of this Section to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment.

      

      

      (i)         Replacement and Resignation of Issuing Bank. (A) The Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank.
          The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank
          pursuant to Section 2.12(b). From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be
          issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the
          replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit then outstanding
          and issued by it

       

        

       

      
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      or the like of or for such Letter of Credit, and without derogating from any rights of the Issuing
          Bank (whether arising by contract, at law, in equity or otherwise) against such Subsidiary in respect of such Letter of Credit, the Borrower (i) shall reimburse, indemnify and compensate the Issuing Bank hereunder for such Letter of Credit
          (including to reimburse any and all drawings thereunder) as if such Letter of Credit had been issued solely for the account of the Borrower and (ii) irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or
          surety of any or all of the obligations of such Subsidiary in respect of such Letter of Credit. The Borrower hereby acknowledges that the issuance of such Letters of Credit for its Subsidiaries inures to the benefit of the Borrower, and that the
          Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.

      

      

      SECTION 2.07.   Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof solely by wire
          transfer of immediately available funds (i) in the case of Loans denominated in Dollars, by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders and (ii) in the case of each Loan denominated in a Foreign Currency, by 12:00 noon, Local Time, in the city of the Administrative Agent’s Eurocurrency Payment Office for such currency and at such Eurocurrency
          Payment Office for such currency; provided that Swingline Loans shall be made as provided in Section 2.05. Except in respect of the provisions of this Agreement covering the reimbursement of Letters of Credit, the Administrative Agent
          will make such Loans available to the Borrower by promptly crediting the funds so received in the aforesaid account of the Administrative Agent to (x) an account of the Borrower maintained with the Administrative Agent and designated by the
          Borrower in the applicable Borrowing Request, in the case of Loans denominated in Dollars and (y) an account of the Borrower in the relevant jurisdiction and designated by the Borrower in the applicable Borrowing Request, in the case of Loans
          denominated in a Foreign Currency; provided that Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the Administrative Agent to the Issuing Bank.

      

      

      (b)         Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing (or in the case of an ABR Borrowing, prior to 12:00 noon, New York City time, on the date of
          such Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with
          paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative
          Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to
          the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the NYFRBapplicable Overnight Rate and a rate determined by the Administrative Agent in accordance with banking industry rules
          on interbank compensation (including without limitation the Overnight Foreign Currency Rate in the case of Loans denominated in a Foreign Currency) or (ii) in the case of the Borrower, the interest rate applicable to ABR
          Loans, or in the case of Foreign Currencies, in accordance with such market practice, in each case, as applicable. If such Lender pays such amount to the
          Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.

      

      

      SECTION 2.08.  Interest Elections. (a) Each Borrowing initially shall be of the Type and Agreed Currency specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period as
          specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all as provided
          in this Section.

       

        

      
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      The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among
        the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings, which may not be converted or continued.

      

      

      (b)       To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election (by irrevocable written notice via an Interest Election Request signed by a Responsible Officer of the Borrower) by
          the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Notwithstanding any contrary provision
          herein, this Section shall not be construed to permit the Borrower to (i) change the currency of any Borrowing, (ii) elect an Interest Period for Eurocurrency Loans that does not comply with
          Section 2.02(d) or (iii) convert any Borrowing to a Borrowing of a Type not available under such Borrowing.

      

      

      (c)          Each Interest Election Request
          shall specify the following information in compliance with Section 2.02:

      

      

      (i)         the Agreed Currency and principal amount of the Borrowing

          to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be
          specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

      

      

      (ii)         the
          effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

      

      

      (iii)       whether the
          resulting Borrowing is to be an ABR Borrowing or(in the case of Borrowings denominated in Dollars), a
          Eurocurrency Borrowing or an RFR Borrowing; and

      

      

      (iv)        if the
          resulting Borrowing is a Eurocurrency Borrowing, the Interest Period and Agreed Currency to be applicable thereto after giving effect to such election, which Interest Period shall be a period contemplated by the definition of the term “Interest
          Period”.

      

      

      If any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Borrower
        shall be deemed to have selected an Interest Period of one month’s duration.

      

      

      (d)          Promptly following receipt of
          an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.

      

      

      
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      (e)         If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing denominated in Dollars prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period (i) in the case of a Borrowing denominated
              in Dollars, such Borrowing shall be converted to an ABR Borrowing and (ii) in the case of a Borrowing denominated in
              a Foreign Currency in respect of which the Borrower shall have failed to deliver an Interest
              Election Request prior to the third (3rd) Business Day precedingat the end of such Interest Period, such. If the Borrower fails to deliver a timely and complete Interest Election Request with respect to a Eurocurrency Borrowing denominated in a Foreign Currency prior to the end
                of the Interest Period therefor, then, unless such Eurocurrency Borrowing is repaid as provided herein, the Borrower shall be deemed to have selected that such Eurocurrency Borrowing shall automatically continuebe continued as a Eurocurrency Borrowing in the sameits original Agreed Currency with an Interest Period of one month at the end of such Interest Period. If the Borrower fails to deliver a timely and complete Interest Election

              Request with respect to an RFR Borrowing in a Foreign Currency prior to the Interest Payment Date therefor,
              then, unless such EurocurrencyRFR Borrowing is or was repaid in accordance with Section 2.11as provided herein, the Borrower shall be deemed to have selected that such RFR Borrowing shall automatically be continued as an RFR Borrowing in its original Agreed Currency bearing interest at a rate based upon the applicable Daily Simple RFR as of such Interest Payment Date. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required
          Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing denominated in Dollars may be converted to or continued as a Eurocurrency Borrowing, or an RFR Borrowing and (ii) unless repaid, (x) each Eurocurrency Borrowing denominated in Dollars shall be converted to an ABR Borrowing at the end of the
          Interest Period applicable thereto and (iii) unless repaid,y) each Eurocurrency Borrowing or RFR Borrowing denominated in a Foreign Currency shall automatically be continued as a Eurocurrency Borrowing with an Interest Period of one month.bear interest at the Central Bank Rate for the applicable Agreed Currency plus the Applicable Rate; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Agreed
                Currency cannot be determined, any outstanding affected Eurocurrency Loans or RFR Loans denominated in any Foreign Currency shall either be (A) converted to an ABR Borrowing denominated in Dollars (in an amount equal to the Dollar Amount of
                such Foreign Currency) at the end of the Interest Period or on the Interest Payment Date, as applicable, therefor or (B) prepaid at the end of the applicable Interest Period or on the Interest Payment Date, as applicable, in full; provided that if no election is made by the Borrower by the earlier of (x) the date that is three (3) Business Days after receipt by the Borrower of such notice and (y) the last day of the current Interest Period for the applicable Eurocurrency Loan, the Borrower shall be deemed to have elected clause
                (A) above.

       
      

      

      SECTION 2.09.    Termination and Reduction
            of Commitments. (a) Unless previously terminated, the Commitments shall terminate on the Maturity Date.

      

      

      (b)         The Borrower may at any time
          terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrower shall not
          terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, (A) the Dollar Amount of any Lender’s Revolving Credit Exposure would exceed its Commitment or (B) the Dollar
          Amount of the Total Revolving Credit Exposure would exceed the Aggregate Commitment.

      

      

      (c)        The Borrower shall notify the
          Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election and the
          effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided
          that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or other transactions specified therein, in which case such notice may be
          revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments
          shall be made ratably among the Lenders in accordance with their respective Commitments.

       

        

      
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      SECTION 2.10.  Repayment of Loans;
            Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then unpaid principal amount
          of each Revolving Loan on the Maturity Date in the currency of such Loan and (ii) to the Administrative Agent for the account of the Swingline Lender the then unpaid principal
          amount of each Swingline Loan on the earlier of the Maturity Date and the fifth (5th) Business Day after such Swingline Loan is made; provided that on each date that a Revolving Borrowing is made, the Borrower shall repay all Swingline
          Loans then outstanding and the proceeds of any such Borrowing shall be applied by the Administrative Agent to repay any Swingline Loans outstanding.

      

      

      (b)         Each Lender shall maintain in
          accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender
          from time to time hereunder.

      

      

      (c)         The Administrative Agent shall
          maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class, Agreed Currency and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to
          become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.

      

      

      (d)          The entries made in the
          accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the
          Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the Obligations.

      

      

      (e)         Any Lender may request that
          Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered
          assigns) and in the form attached hereto as Exhibit H. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more
          promissory notes in such form.

      

      

      SECTION 2.11.    Prepayment of Loans.

      

      

      (a)          The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part (without premium or penalty (but subject to break funding payments required by Section 2.16), subject to prior
          notice in accordance with the provisions of this Section 2.11(a). The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by written notice of any prepayment hereunder (i) (x) in the case of prepayment of a
          Eurocurrency Revolving Borrowing denominated in Dollars
              or euro, not later than 11:00 a.m., Local TimeNew York City time, three (3) Business Days (before the date of prepayment and (y) in the case of a Eurocurrencyprepayment of an RFR Borrowing denominated in Dollars) or fourPounds Sterling, not later than 11:00 a.m., New York City time, five (45) Business Days (in the case of a Eurocurrency Borrowing denominated in a Foreign Currency), in each case before the date of prepayment, (ii) in the case of prepayment of an ABR Revolving Borrowing, not later than 11:00 a.m., New York City time, one (1) Business Day before the date of prepayment or (iii) in the case of prepayment of a Swingline
          Loan, not later than 12:00 noon, New York City time, on the date of prepayment.   Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided
          that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment
          of any Revolving Borrowing shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall be applied ratably to the
          Loans included in the prepaid Borrowing. Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) any break funding payments required by Section 2.16.

      

      

      
        53

        
          

      

      
        (b)         If at any time, (i) other than as a result of fluctuations in currency exchange rates, (A) the aggregate principal
            Dollar Amount of the Total Revolving Credit Exposure (calculated, with respect to those Credit Events denominated in Foreign Currencies, as of the most recent Computation Date with respect to each such Credit Event) exceeds the Aggregate
            Commitment or (B) the aggregate principal Dollar Amount of the Total Revolving Credit Exposure denominated in Foreign Currencies (the “Foreign Currency Exposure”) (so calculated), as of the most recent Computation Date with respect to
            each such Credit Event, exceeds the Foreign Currency Sublimit or (ii) solely as a result of fluctuations in currency exchange rates, (A) the aggregate principal Dollar Amount of the Total Revolving Credit Exposure (so calculated) exceeds 105%
            of the Aggregate Commitment or (B) the Foreign Currency Exposure, as of the most recent Computation Date with respect to each such Credit Event, exceeds 105% of the Foreign Currency Sublimit, the Borrower shall in each case immediately repay
            Borrowings or cash collateralize LC Exposure in an account with the Administrative Agent pursuant to Section 2.06(j), as applicable, in an aggregate principal amount sufficient to cause (x) the aggregate Dollar Amount of the Total Revolving
            Credit Exposure (so calculated) to be less than or equal to the Aggregate Commitment and (y) the Foreign Currency Exposure to be less than or equal to the Foreign Currency Sublimit, as applicable.

      

      

      

      (c)      If, as of the end of any fiscal month starting from the first complete fiscal month after the Effective Date (for the avoidance of doubt, with the first such fiscal month ending May 31, 2020), (A) Revolving Loans
              are outstanding and (B) the Consolidated Domestic Cash Balance exceeds $300,000,000 as of the end of such applicable Business Day, then the Borrower shall, on the next Business Day thereafter, prepay the Revolving Loans in an aggregate
              principal amount equal to the lesser of (i) such excess and (ii) the amount of the Revolving Loans then outstanding.

      

      

      SECTION 2.12.   Fees. (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee (the “Commitment

            Fee”), which shall accrue at the Applicable Rate applicable to the Commitment Fee on the daily amount of the Available Revolving Commitment of such Lender during the period from and including the Effective Date to but excluding the date on
          which such Commitment terminates. Commitment Fees accrued through and including the last day of March, June, September and December of each year shall be payable in arrears on the fifteenth (15th) day following such last day and on the date on
          which the Commitments terminate, commencing on the first such date to occur after the date hereof. All Commitment Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the
          first day but excluding the last day).

      

      

      
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      (b)         The Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its participations in each outstanding Letter of Credit, which shall accrue on the Dollar Amount of the daily maximum stated amount then available to be drawn under such Letter of Credit at the same
          Applicable Rate used to determine the interest rate applicable to Eurocurrency Revolving Loans, during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the
          date on which such Lender ceases to have any LC Exposure and (ii) to the Issuing Bank for its own account a fronting fee, which shall accrue at the rate of 0.125% per annum on the Dollar Amount of the daily maximum stated amount then available to be drawn under such Letter of Credit, during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be
          any LC Exposure, as well as the Issuing Bank’s standard fees with respect to the issuance, amendment or extension of any Letter of Credit and other processing fees, and other standard costs and charges, of such Issuing bank relating the Letters
          of Credit as from time to time in effect. Participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be payable on the fifteenth (15th) day following such last day,
          commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate
          shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days
          and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).   Participation fees and fronting fees in respect of Letters of Credit denominated in Dollars shall be paid in Dollars, and
          participation fees and fronting fees in respect of Letters of Credit denominated in a Foreign Currency shall be paid in Dollars in the Dollar Amount thereof.

      

      

      (c)        The Borrower agrees to pay to
          the Administrative Agent, for its own account, and to the Lenders, as applicable, the fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent from time to time.

      

      

      (d)         All fees payable hereunder
          shall be paid on the dates due, in Dollars (except as otherwise expressly provided in this Section 2.12) and immediately available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in
          the case of Commitment Fees and participation fees, to the applicable Lenders. Fees paid shall not be refundable under any circumstances.

      

      

      SECTION 2.13.    Interest. (a) The
          Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate plus the Applicable Rate.

      

      

      (b)        The Loans comprising each
          Eurocurrency Borrowing shall bear interest at the Adjusted LIBO Rate or the Adjusted EURIBO Rate, as applicable, for the Interest Period in effect for such Borrowing plus the Applicable Rate.

      

      

      (c)          Each RFR Loan shall bear interest at a rate per annum equal to the Daily Simple RFR plus the Applicable Rate.

      

      

      (d)        (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity,
          upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as
          provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.

      

      

      (e)       (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the
          Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to
          the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

      

      

      
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      (f)          (e) All interestInterest computed by reference to the LIBO Rate or the EURIBO Rate hereunder shall be computed on the basis of a year of 360 days, except that interest (i). Interest computed
          by reference to the Daily Simple RFR with respect to Pounds Sterling or the

          Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and (ii) for Borrowings denominated in Pounds

              Sterling shall be computed on the basis of a year of 365 days, and in. In each case interest shall be payable for the
          actual number of days elapsed (including the first day but excluding the last day). All interest hereunder on any Loan shall be computed on a
              daily basis based upon the outstanding principal amount of such Loan as of the applicable date of
              determination. The applicable Alternate Base Rate, Adjusted LIBO Rate, LIBO Rate, Adjusted EURIBO Rate or, EURIBO Rate or Daily Simple RFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

      

      

      (g)          (f) Interest in respect of Loans denominated in Dollars shall be paid in Dollars, and interest in respect of Loans denominated in a Foreign Currency shall be paid in such Foreign Currency.

      

      

      SECTION 2.14.    Alternate Rate of
            Interest.

      

      

      (a) If prior to the commencement of any Interest Period for a Eurocurrency Borrowing:

      

      

      (a)          Subject to clauses (b), (c), (d), (e), (f) and (g) of this Section 2.14, if prior to the commencement of any
              Interest Period for a Eurocurrency Borrowing:

      

      

      (i)        the Administrative Agent
          determines (which determination shall be conclusive and binding absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate, the LIBO Rate, the Adjusted EURIBO Rate or, the EURIBO Rate, the Daily Simple RFR or the RFR, as applicable (including because the Relevant Screen Rate is not available or
          published on a current basis), for the applicable currencyAgreed

              Currency and such Interest Period; provided that no Benchmark Transition Event shall have occurred at such time or payment period, as applicable; or

      

      

      (ii)         the Administrative Agent is
          advised by the Required Lenders that the Adjusted LIBO Rate, the LIBO Rate, the Adjusted EURIBO Rate or, the EURIBO Rate, the Daily Simple RFR or RFR, as applicable, for the
          applicable currencyAgreed Currency and such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for the applicable currencyAgreed Currency and such
          Interest Period or payment period, as applicable;

      

      

      
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      then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter
        and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (iA) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing in the applicable currency or for the applicable Interest Period, as
            the case may be, shall be ineffective, (iiB)
        if any Borrowing Request requests a Eurocurrency Borrowing in Dollars, such Borrowing shall be made as an ABR Borrowing and (iiiC) if any Borrowing Request requests a Eurocurrency Borrowing or an RFR Borrowing for the relevant rate above in a Foreign Currency, then such request shall be ineffective; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then theall other

        TypeTypes of

        Borrowings shall be permitted. Furthermore, if any Eurocurrency Loan or RFR Loan in any Agreed Currency is
        outstanding on the date of the Borrower’s receipt of the notice from the Administrative Agent referred to in this Section 2.14(a) with respect to a Relevant Rate applicable to such Eurocurrency Loan or RFR Loan, then until the
            Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no
            longer exist, (i) if such Eurocurrency Loan is denominated in Dollars, then on the last day of the Interest Period applicable to such Eurocurrency Loan (or the next succeeding Business Day if such day is not a Business Day), such Eurocurrency Loan shall be converted by the Administrative Agent to, and shall
        constitute, an ABR Loan denominated in Dollars on such day or, (ii) if such Eurocurrency Loan is denominated in any Agreed Currency (other than Dollars), then
        such Eurocurrency Loan shall, on the last day of the Interest Period applicable
        to such Eurocurrency Loan (or the next succeeding Business Day if such day is
        not a Business Day) bear interest at the Central Bank Rate for the applicable Agreed Currency plus the Applicable Rate; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Agreed Currency cannot be determined,
            any outstanding affected Eurocurrency Loans denominated in any Agreed Currency other than Dollars shall, at the Borrower’s election prior to such day: (A) be prepaid by the Borrower on such day or (B) be converted by the Administrative
            Agent to, and (subject to the remainder of this subclause (B)) shall constitute, an ABR Loan
            denominated insolely for the purpose of calculating the interest rate
              applicable to such Eurocurrency Loan, such Eurocurrency Loan denominated in any Agreed Currency other than Dollars shall be deemed to be a Eurocurrency Loan
              denominated in Dollars and shall accrue interest at the same interest rate applicable to Eurocurrency Loans denominated in Dollars at such time or (iii) if such RFR Loan is denominated in any Agreed Currency other than Dollars, then such RFR Loan shall bear interest at the Central Bank Rate for the applicable Agreed Currency plus the Applicable Rate;
              provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Agreed Currency cannot be determined, any outstanding affected

              RFR Loans denominated in any Agreed Currency, at the Borrower’s election, shall either (A) be converted into ABR Loans
              denominated in Dollars (in an amount equal to the Dollar Amount of such Agreed Currency) on such
            day (it being understood and agreed that if the Borrower does not so prepay such Loan on such day by
            12:00 noon, Local Time, the Administrative Agent is authorized to effect such conversion of such
            Eurocurrency Loan into an ABR Loan denominated in Dollars), and, in the case of such subclause (B),
            upon the Borrower’s receipt of notice from the Administrative Agent that the circumstances giving
            rise to the aforementioned notice no longer exist, such ABR Loan denominated in Dollars shall then be
            converted by the Administrative Agent to, and shall constitute, a Eurocurrency Loan denominated in
            such original Agreed Currency (in an amount equal to the Foreign Currency Amount of such Agreed
            Currency) on the day of such notice being given to the Borrower by the Administrative Agent.Foreign Currency) immediately or (B) be prepaid in full immediately.

      

      

      
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      (b)         Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence ofif a Benchmark Transition Event or
          an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace the Relevant Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m.and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” with respect to Dollars
                for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further
              action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement” with respect to any Agreed Currency for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m., New York City time, on the fifth (5th) Business Day after the Administrative

              Agent has posted such proposed amendment to all Lenders and the Borrower,date notice of such Benchmark Replacement is provided to
              the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or
              any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such proposed amendmentBenchmark Replacement from Lenders comprising the Required Lenders; provided that, with respect to any proposed amendment containing any SOFR-Based Rate in respect of any Loan denominated in Dollars, the Lenders shall be entitled to object only to the Benchmark Replacement Adjustment contained therein. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders accept such amendment. No replacement of any Relevant Rate with a Benchmark Replacement will occur prior to the applicable Benchmark Transition Start Date..

      

      

      (c)          Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph,
            with respect to a Loan denominated in Dollars, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the
              applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or
              further action or consent of any other party to, this Agreement or any other Loan Document; provided that, this clause (c) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term
              SOFR Notice. For the avoidance of doubt, the Administrative Agent shall not be required to deliver a Term SOFR Notice after the occurrence of a Term SOFR Transition Event and may do so in its sole discretion.

      

      

      (d)        (c) In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make
          Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without
          any further action or consent of any other party to this Agreement or

              any other Loan Document.

      

      

      (e)        (d) The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark
          Transition Event or an Early Opt-in Election, as applicable, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and, (iv) the removal or reinstatement of any
              tenor of a Benchmark pursuant to clause (f) below and (v) the commencement or conclusion of any
          Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders)
          pursuant to this Section 2.14, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and
          without consent from any other party heretoto this Agreement or
              any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.14.

       

        

      
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      (f)         Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the
                implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR, the LIBO Rate or the EURIBO Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other
                information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or
                publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time to
                remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark
                Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest
                Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.

      

      

      (g)        (e) Upon the Borrower’s receipt of notice of the commencement of a
          Benchmark Unavailability Period, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as,the

              Borrower may revoke any request for a Eurocurrency Borrowing in

              the applicable currency or for the applicable Interest Period, as the case may be, shall be
              ineffective, (ii) if any Borrowing Request requestsor RFR Borrowing of, conversion to or continuation of Eurocurrency Loans or RFR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, either (x) the Borrower will be deemed to have converted any request for a Eurocurrency Borrowing denominated in Dollars,
              such into a request for a Borrowing shall be made as anof or conversion to ABR Borrowing andLoans or (iiiy) if any Borrowing Request requestsrequest for a Eurocurrency Borrowing or an RFR Borrowing denominated in a Foreign Currency, then such request shall be ineffective. During any Benchmark Unavailability Period or at any time that a tenor for the
            then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR. Furthermore, if any Eurocurrency Loan or RFR Loan in any Agreed Currency is outstanding on the date of the Borrower’s receipt of notice of the
          commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Eurocurrency Loan or RFR Loan,
          then until such time as a Benchmark Replacement for such Agreed Currency is
              implemented pursuant to this Section 2.14, (i) if such Eurocurrency Loan is denominated in Dollars, then on the last day of the Interest Period applicable to such Eurocurrency Loan (or the next
          succeeding Business Day if such day is not a Business Day), such Eurocurrency Loan shall be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in Dollars on such day or, (ii) if such Eurocurrency Loan is denominated in any Agreed Currency (other than Dollars), then such Eurocurrency Loan shall, on the last day of the Interest Period applicable to such Eurocurrency Loan (or the next succeeding Business Day if such day is not a
          Business Day) bear interest at the Central Bank Rate for the applicable Agreed Currency plus the Applicable Rate; provided that, if the Administrative Agent determines (which
            determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Agreed Currency cannot be determined, any outstanding affected
              Eurocurrency Loans denominated in any Agreed Currency other than Dollars shall, at the Borrower’s election prior to such day: (A) be prepaid by the Borrower on such day or
          (B) be converted by the Administrative Agent to, and (subject to the remainder of this subclause (B)) shall constitute, an ABR Loan denominated insolely for the purpose of calculating the interest rate applicable to such Eurocurrency Loan,
                such Eurocurrency Loan denominated in any Agreed Currency other than Dollars shall be deemed to be a Eurocurrency Loan denominated in Dollars and shall accrue interest at the same interest rate applicable to Eurocurrency Loans denominated in Dollars at such time or (iii) if such RFR Loan is denominated in any Agreed Currency other than Dollars, then such RFR Loan
              shall bear interest at the Central Bank Rate for the applicable Agreed Currency plus the Applicable Rate; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Agreed
              Currency cannot be determined, any outstanding affected RFR
              Loans denominated in any Agreed Currency, at the Borrower’s
              election, shall either (A) be converted into ABR Loans denominated in Dollars (in an amount equal to the Dollar Amount of such Agreed Currency) on such day (it being understood and agreed that if the Borrower does not so prepay such Loan on such day by 12:00 noon, Local Time, the Administrative Agent is authorized to effect such conversion of such Eurocurrency Loan into an ABR Loan denominated in Dollars), and, in the case of such subclause (B), upon any subsequent implementation of a Benchmark Replacement in respect of such Agreed Currency pursuant to this Section 2.14, such ABR Loan denominated in Dollars shall then be converted by the Administrative Agent to, and shall constitute, a Eurocurrency Loan denominated in such original Agreed Currency (in an amount equal to the Foreign Currency Amount of such Agreed Currency) on the day of such implementation, giving effect to such Benchmark Replacement in respect of such Agreed Currency.Foreign Currency) immediately or (B) be prepaid
              in full immediately.

      

      

      
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      SECTION 2.15.    Increased Costs. (a)
          If any Change in Law shall:

      

      

      (i)        impose,
          modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended
          by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate or the Adjusted EURIBO Rate, as applicable) or the Issuing Bank;

      

      

      (ii)       impose on any
          Lender or the Issuing Bank or the London or other applicable offshore interbank market for the applicable Agreed Currency any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such
          Lender or any Letter of Credit or participation therein; or

      

      

      
        (iii)        subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other
            obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 

      

      

      

      and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, continuing, converting or maintaining any Loan
        (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, the Issuing Bank or such other Recipient of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received
        or receivable by such Lender, the Issuing Bank or such other Recipient hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender, the Issuing Bank or such other Recipient, as the case may be, such additional
        amount or amounts as will compensate such Lender, the Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered as reasonably determined by the Administrative Agent, such Lender or the
        Issuing Bank (which determination shall be made in good faith (and not on an arbitrary or capricious basis) and generally consistent with similarly situated customers of the Administrative Agent, such Lender or the Issuing Bank, as applicable,
        under agreements having provisions similar to this Section 2.15, after consideration of such factors as the Administrative Agent, such Lender or the Issuing Bank, as applicable, then reasonably determines to be relevant).

       

        

      
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              (b)         If any Lender or the Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the
                effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or
                participations in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding
                company could have achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy and
                liquidity), then from time to time the Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s
                holding company for any such reduction suffered as reasonably determined by the Administrative Agent, such Lender or the Issuing Bank (which determination shall be made in good faith (and not on an arbitrary or capricious basis) and
                generally consistent with similarly situated customers of the Administrative Agent, such Lender or the Issuing Bank, as applicable, under agreements having provisions similar to this Section 2.15, after consideration of such factors as the
                Administrative Agent, such Lender or the Issuing Bank, as applicable, then reasonably determines to be relevant).

               

              

              (c)         A certificate of a Lender or the Issuing Bank setting forth, in reasonable detail, the basis and calculation of the amount or amounts
                necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The
                Borrower shall pay such Lender or the Issuing Bank, as the case may be, the amount shown as due on any such certificate within thirty (30) days after receipt thereof.

               

              

              (d)         Failure or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section shall not constitute a
                waiver of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or the Issuing Bank pursuant to this Section for any increased costs or
                reductions incurred more than 180 days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the
                Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be
                extended to include the period of retroactive effect thereof.

               

              

              SECTION 2.16.  Break Funding Payments. In

              

              

              (a)         With respect
                    to Loans that are not RFR Loans, in the event of (ai) the payment of any principal of any
                Eurocurrency Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (bii) the conversion of any Eurocurrency Loan other than on the last day of the
                Interest Period applicable thereto, (ciii) the failure
                to borrow, convert, continue or prepay any Eurocurrency Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(a) and is revoked in accordance therewith) or, (div) the assignment of any Eurocurrency Loan other than on the last day of the
                Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.19 or Section 9.02(d) or (v) the failure by the Borrower to make any payment of any Loan or drawing under any Letter of Credit (or interest due thereof) denominated in a Foreign Currency on its scheduled due date or any payment thereof in a different currency, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. SuchIn the case of a
                    Eurocurrency Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (ix) the amount of interest which would have accrued on the principal amount of such Loan had such event not
                occurred, at the Adjusted LIBO Rate or the Adjusted EURIBO Rate, as applicable, that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in
                the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Loan), over (iiy) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for
                deposits in the relevant currencyapplicable Agreed

                    Currency of a comparable amount and period from other banks in the eurocurrency marketapplicable offshore market for such Agreed Currency, whether or not such
                    Eurocurrency Loan was in fact so funded.
                A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such
                Lender the amount shown as due on any such certificate within thirty (30) days after receipt thereof.

               

              

              
                61

                
                  

              

              (b)         With respect to RFR Loans, in the event of (i) the payment of any principal of any RFR Loan other than on the Interest Payment Date applicable thereto (including as
                      a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (ii) the conversion of any RFR Loan other than on the
                      Interest Payment Date applicable thereto, (iii) the failure to borrow, convert, continue or prepay any RFR Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may
                    be revoked under Section 2.11(a) and is revoked in accordance therewith), (iv) the assignment of any RFR Loan other than on the Interest
                      Payment Date applicable thereto as a result of a request by the Borrower pursuant to Section 2.19 or Section 9.02(d) or (v) the failure by the Borrower to make any payment of any Loan or drawing under any Letter of Credit (or interest
                      due thereof) denominated in a Foreign Currency on its scheduled due date or any payment thereof
                      in a different currency, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the
                      Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within thirty (30) days after receipt thereof.

               

                  

              SECTION 2.17. Taxes. (a) Payments Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party under
                any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the
                deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the
                relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been
                made (including such deductions and withholdings applicable to additional sums payable under this Section 2.17) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been
                made.

               

              

              (b)          Payment of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance with
                applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes.

               

              

              (c)          Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant
                to this Section 2.17, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental

               

              

              
                62

                
                  

              

              
              (a)          The(i) Except with respect to principal of and interest on Loans denominated in a Foreign Currency, the Borrower shall make each payment or prepayment required to be made
                by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) in Dollars prior to (i) in
                    the case of payments denominated in Dollars, 12:00 noon, New York City time and (ii) in the case of payments denominated in a Foreign Currency, 12:00 noon, Local Time, in the city of the Administrative Agent’s Eurocurrency Payment Office for such currency, in each case, on the date when due or the date fixed for any prepayment hereunder, in and (ii) all payments with respect to principal and interest on Loans denominated in a Foreign Currency shall be made in such Foreign Currency not later than the Applicable Time specified by the Administrative Agent on the dates specified herein, in each case in immediately available funds, without setoffset-off, recoupment or
                counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such
                payments shall be made (i) in the same currency in which the applicable Credit Event was made (or where such currency has been converted to euro, in euro) and (ii) to the Administrative Agent at its offices at 10 South Dearborn Street,
                Chicago, Illinois 60603 or, in the case of a Credit Event denominated in a Foreign Currency, the Administrative Agent’s Eurocurrency Payment Office for such currency, except payments to be made directly to the Issuing Bank or the Swingline
                Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments denominated in
                the same currency received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be
                extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. Notwithstanding the foregoing provisions of this Section, if, after the
                making of any Credit Event in any Foreign Currency, currency control or exchange regulations are imposed in the country which issues such currency with the result that the type of currency in which the Credit Event was made (the “Original Currency”)

                no longer exists or the Borrower is not able to make payment to the Administrative Agent for the account of the Lenders in such Original Currency, then all payments to be made by the Borrower hereunder in such currency shall instead be made
                when due in Dollars in an amount equal to the Dollar Amount (as of the date of repayment) of such payment due, it being the intention of the parties hereto that the Borrower takes all risks of the imposition of any such currency control or
                exchange regulations.

               

              

              (b)          If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal,
                unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the
                amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of
                principal and unreimbursed LC Disbursements then due to such parties.

              

              

              (c)          At the election of the Administrative Agent, all payments of principal, interest, LC Disbursements, fees, premiums, reimbursable
                expenses (including, without limitation, all reimbursement for fees and expenses pursuant to Section 9.03), and other sums payable under the Loan Documents, may be paid from the proceeds of Borrowings made hereunder whether made following a
                request by the Borrower pursuant to Section 2.03 or a deemed request as provided in this Section or may be deducted from any deposit account of the Borrower maintained with the Administrative Agent. The Borrower hereby irrevocably
                authorizes (i) the Administrative Agent to make a Borrowing for the purpose of paying each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents and agrees that all such amounts
                charged shall constitute Loans (including Swingline Loans) and that all such Borrowings shall be deemed to have been requested pursuant to Section 2.03 or 2.05, as applicable and (ii) the Administrative Agent to charge any deposit account
                of the Borrower maintained with the Administrative Agent for each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Loan Documents.

               

              

              
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              (d)         If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or
                interest on any of its Revolving Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in LC
                Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving Loans
                and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and
                accrued interest on their respective Revolving Loans and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is
                recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the
                Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements
                and Swingline Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the
                extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as
                fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

               

              

              (e)          Unless the Administrative Agent shall have received, prior to any date on which any payment is due to the
                Administrative Agent for the account of the Lenders or the Issuing Bank pursuant to the terms of this Agreement or any other Loan Document (including any date that is fixed for prepayment by notice from the Borrower to the Administrative
                Agent pursuant to Section 2.11(b)), notice from the Borrower that the Borrower will not make such payment or prepayment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and
                may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the
                case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it
                to but excluding the date of payment to the Administrative Agent, at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation (including without limitation the Overnight
                      Foreign Currency Rate in the case of Loans denominated in a Foreign Currency).applicable Overnight Rate.

               

                  

              SECTION 2.19. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under Section 2.15, or if the
                Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a
                different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender, such designation or assignment (i)
                would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not 

               

              

              
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              incorporation or organization, as the case may be, the percentage of issued and outstanding shares of each class of its capital stock or other equity interests owned by the Borrower and the other
                Subsidiaries.

               

              

              SECTION 3.02. Authorization; Enforceability. The Transactions are within each Loan Party’s organizational powers and have been duly
                authorized by all necessary organizational actions and, if required, actions by equity holders.   The Loan Documents to which each Loan Party is a party have been duly executed and delivered by such Loan Party and constitute a legal, valid
                and binding obligation of such Loan Party, enforceable in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally, (ii) general principles
                of equity, regardless of whether considered in a proceeding in equity or at law and (iii) requirements of reasonableness, good faith and fair dealing.

              

              

              SECTION 3.03. Governmental Approvals; No Conflicts. (a) The Transactions do not require any consent or approval of, registration or filing
                with, or any other action by, any Governmental Authority, except such as have been, or will be by the time required, obtained or made and are, or will be by the time required, in full force and effect, (b) the Transactions will not violate
                in any material respect any applicable material law or regulation or the charter, by-laws or other organizational documents of any Loan Party or any of its Material Subsidiaries or any material order of any Governmental Authority binding
                upon any Loan Party or any of the Material Subsidiaries or its assets, (c) the Transactions will not violate or result in a default under any indenture, material agreement or other material instrument binding upon any Loan Party or any of
                its Material Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by any Loan Party or any Material Subsidiary, except, in the case of clause (c), for any such violations, defaults or rights that
                could not reasonably be expected to result in a Material Adverse Effect, and (d) the Transactions will not result in the creation or imposition of any Lien on any asset of any Loan Party or any of its Material Subsidiaries.

               

              

              SECTION 3.04. Financial Condition; No Material Adverse Change. (a) The Borrower has heretofore furnished to the Lenders its consolidated
                balance sheet and statements of income, stockholders equity and cash flows as of and for the fiscal year ended December 31, 20192020 reported on by PricewaterhouseCoopers LLP, independent public
                accountants. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such dates and for such periods in
                accordance with GAAP.

              

              

              (b) Since December 31, 20192020, there has been no material adverse change in the business, assets, operations or financial condition of the Borrower and its
                Subsidiaries, taken as a whole (excluding, solely for purposes of making this representation on the Effective Date, as contemplated by, or resulting from performance or results contemplated by, the projections delivered to the Administrative Agent on April 7, 2020)..

               

                

              SECTION 3.05. Properties. (a) Except for Liens permitted pursuant to Section 6.02, each of the Borrower and its Subsidiaries has good title
                to, or (to the knowledge of the Borrower or any Subsidiary) valid leasehold interests in, all its real and personal property (other than intellectual property, which is subject to Section 3.05(b)) material to its business, except as could
                not reasonably be expected to result in a Material Adverse Effect.

              

              

              (b)      Each of the Borrower and its Subsidiaries owns, or is licensed to use (subject to the knowledge-qualified infringement representation in
                this Section 3.05(b)), all trademarks, trade names, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries, to any Loan Party’s knowledge, does not infringe
                upon the rights of any 

               

              

              
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              prior to the Effective Date, reimbursement or payment of all reasonable and documented out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.

               

              

              The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding.
               

              

              SECTION 4.02. Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing (other than a conversion or
                continuation of any Loan), and of the Issuing Bank to issue, amend or extend any Letter of Credit, is subject to the satisfaction of (or waiver of in accordance with Section 9.02) the following conditions:

              

              

              (a)          The representations and warranties of the Borrower set forth in this Agreement shall be true and correct in all material respects (provided
                that any representation or warranty that is qualified by materiality or Material Adverse Effect shall be true and correct in all respects) on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of
                such Letter of Credit, as applicable, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (provided that any
                representation or warranty that is qualified by materiality or Material Adverse Effect shall be true and correct in all respects) as of such earlier date.

              

              

              (b)          At the time of and immediately after giving effect to such Borrowing or the issuance, amendment or extension of such Letter of Credit,
                as applicable, no Default or Event of Default shall have occurred and be continuing.

               

              (c)          At the time of and immediately after giving effect to such Borrowing or the issuance, amendment or extension of such Letter of Credit, as applicable, and to
                      the application of the proceeds therefrom (as such use of proceeds is certified to by the Borrower in the applicable Borrowing Request) on or around such date, but in any event, not to exceed two (2) Business Days after such date),
                      the Consolidated Domestic Cash Balance on and as of the date of such Borrowing, or the date of the most recent calculation thereof within five Business Days prior thereto, does not exceed $300,000,000.

               

                  

              Each Borrowing (other than a conversion or continuation of any Loans) and each issuance, amendment or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the
                Borrower on the date thereof as to the matters specified in paragraphs (a), (b) and (c) of this Section.

               

              ARTICLE V

              

              

              Affirmative Covenants

              

              

              Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full (other than Obligations
                expressly stated to survive such payment and termination) and all Letters of Credit shall have expired or terminated (or shall have been cash collateralized or backstopped pursuant to arrangements reasonably satisfactory to the
                Administrative Agent) and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:

               

              SECTION 5.01. Financial Statements and Other Information.   The Borrower will furnish to the Administrative Agent for distribution to each
                Lender:

               

              

              
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              commercial terms that do not interfere in any material respect with the business of the Borrower and its Subsidiaries;

               

              

              (f)          Dispositions of intellectual property rights that are no longer used or useful in the business of the Borrower and its Subsidiaries;

               

              

              (g)          the discount, write-off or Disposition of accounts receivable overdue by more than ninety days, in each case in the ordinary course of
                business;

               

              

              (h)          Dispositions of non-core assets acquired in an Acquisition; provided that such Dispositions shall be consummated within 360
                days of such Acquisition; provided, further, that (i) the consideration received for such assets shall be in an amount at least equal to the fair market value thereof (determined in good faith by the board of directors of
                the Borrower) and (ii) no less than 75% thereof shall be paid in cash;

               

              

              (i)          Restricted Payments permitted by Section 6.08;

               

              

              (j)          Dispositions set forth in Schedule 6.04 pursuant to transactions described therein; and

               

              

              (k)          Dispositions by the Borrower and its Subsidiaries not otherwise permitted under this Section 6.04; provided that the aggregate
                book value of all property Disposed of pursuant to this clause (k) in any fiscal year of the Borrower shall not exceed the greater of (i) $75,000,000 and (ii) five percent (5%) of Consolidated Total Assets (determined by reference to
                Consolidated Total Assets as of the last day of the most recently ended fiscal quarter of the CompanyBorrower for which financial statements have been delivered (or, if prior to
                the date of the delivery of the first financial statements to be delivered pursuant to Section 5.01(a) or (b), the most recent financial statements referred to in Section 3.04(a))).

              

              

              SECTION 6.05.  [Reserved].

               

              SECTION 6.06.  Swap Agreements. The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Swap Agreement, other
                than Swap Agreements entered into with any of the Lenders (or any Affiliates thereof) or in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct of its business or the
                management of its liabilities.

              

              

              SECTION 6.07. Transactions with Affiliates.   The Borrower will not, and will not permit any of its Subsidiaries to, sell, lease or
                otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) transactions on terms and conditions
                not materially less favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length basis from a Person that is not an Affiliate for a comparable transaction, (b) transactions between or among the Borrower and its
                Subsidiaries (or an entity that becomes a Subsidiary of the Borrower as a result of such transaction) (or any combination thereof), (c) the payment of customary fees to directors of the Borrower or any of its Subsidiaries, and customary
                compensation, reasonable out-of-pocket expense reimbursement and indemnification (including the provision of directors and officers insurance) of, and other employment agreements and arrangements, employee benefit plans and stock incentive
                plans paid to, future, present or past directors, officers, managers and employees of the Borrower or any of its Subsidiaries, (d) transactions undertaken in good faith for the purpose of improving the consolidated tax efficiency of the
                Borrower and its Subsidiaries, (e) loans, advances and other transactions to the extent permitted by the  terms of this Agreement, including without limitation any Restricted Payment permitted by Section 6.08 and transactions permitted by
                Section 6.03, (f) issuances of Equity Interests to Affiliates and the registration rights associated therewith, (g) transactions with Affiliates as set forth on Schedule 6.07 (together with any amendments, restatements, extensions,
                replacements or other modifications thereto that are not materially adverse to the interests of the Lenders in their capacities as such), (h) any license, sublicense, lease or sublease (i) in existence on the Effective Date (together with
                any amendments, restatements, extensions, replacements or other modifications thereto that are not materially adverse to the interests of the Lenders in their capacities as such), (ii) in the ordinary course of business or (iii)
                substantially consistent with past practices, (i) transactions with joint ventures for the purchase or sale of property or other assets and services entered into in the ordinary course of business, and (j) any transactions or series of
                related transactions with respect to which the aggregate consideration paid, or fair market value of property sold or disposed of, by the Borrower and its Subsidiaries is less than $1,000,000.

               

              

              
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              SECTION 6.08. Restricted Payments. The Borrower will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay
                or make, directly or indirectly, any Restricted Payment, except:

               

              

              (a)          the Borrower may declare and pay dividends or make other Restricted Payments with respect to its Equity Interests payable solely in
                additional Equity Interests;

               

              

              (b)         Subsidiaries may (i) make dividends or other distributions to their respective equityholders with respect to their Equity Interests
                (which distributions shall be (x) made on at least a ratable basis to any such equityholders that are Loan Parties and (y) in the case of a Subsidiary that is not a wholly-owned Subsidiary, made on at least a ratable basis to any such
                equityholders that are the Borrower or a Subsidiary), (ii) make other Restricted Payments to the Borrower or any Subsidiary Guarantor (either directly or indirectly through one or more Subsidiaries that are not Loan Parties) and (iii) make
                any Restricted Payments that the Borrower would have otherwise been permitted to make pursuant to this Section 6.08;

               

              

              (c)          the Borrower may make Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans for management
                or employees of the Borrower and its Subsidiaries;

               

              

              (d)         the Borrower may repurchase Equity Interests (i) upon the exercise of stock options or warrants if such Equity Interests represent a
                portion of the exercise price of such options or warrants or with the proceeds received from the substantially concurrent issue of new Equity Interests and (ii) in connection with payment of taxes upon vesting of restricted stock;

               

              

              (e)          regular dividends in respect of the Equity Interests in the Borrower, excluding, for the avoidance of doubt, one-time special
                dividends or distributions; and

               

              

              (f)         any additional payments on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Equity
                Interests in the Borrower or any Subsidiary or any option, warrant or other similar right to acquire any such Equity Interests in the Borrower or any Subsidiary so long as immediately after giving effect to the making of such Restricted
                Payment and giving pro forma effect to any Indebtedness incurred to make such Restricted Payment, the Leverage Ratio does not exceed 1.002.75 to 1.00.

               

              SECTION 6.09. [Reserved].

               

              

              
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              SECTION 6.10.  [Reserved].

               

              SECTION 6.11.  [Reserved].

              

              

              SECTION 6.12. [Reserved].

               

              

              SECTION 6.13.  Financial Covenants.

               

              

              (a)          Maximum Leverage Ratio. The Borrower will not permit the ratio (the “Leverage Ratio”), determined as of the end of each
                of its fiscal quarters ending on and after June 30March 31, 20202021, of (i) Consolidated Total Indebtedness to (ii) Consolidated EBITDA for the period of four (4) consecutive fiscal quarters ending with
                the end of such fiscal quarter, all calculated for the Borrower and its Subsidiaries on a consolidated basis, to be greater than 2.503.00 to 1.00.

               

              

              (b)          Minimum Interest Coverage Ratio. The Borrower will not permit the ratio (the “Interest Coverage Ratio”), determined as
                of the end of each of its fiscal quarters ending on and after June 30March 31, 20202021, of (i) Consolidated EBITDA to (ii) Consolidated
                Interest Expense, in each case for the period of four (4) consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated for the Borrower and its Subsidiaries on a consolidated basis, to be less than 3.00 to 1.00.

              

              

              ARTICLE VII

              

              

              Events of Default

               

              SECTION 7.01.  Events of Default. If any of the following events (“Events of Default”) shall occur:

               

              

              (a)          the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as
                the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;

               

              

              (b)         the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in Section
                7.01(a)) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five (5) Business Days;

              

              

              (c)          any representation or warranty made or deemed made by or on behalf of the Borrower or any Subsidiary in or in connection with this
                Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this
                Agreement or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been incorrect in any material respect when made or deemed made;

              

              

              (d)          the Borrower shall fail to observe or perform any covenant, condition or agreement applicable to it (or its Subsidiaries, to the
                extent applicable) contained in Section 5.02(a), 5.03 (solely with respect to the Borrower’s existence), 5.08 or 5.09, in Article VI or in Article X;

               

              (e)          the Borrower or any Subsidiary Guarantor, as applicable, shall fail to observe or perform any covenant, condition or agreement
                applicable to it contained in this Agreement (other than those specified in Section 7.01(a), (b) or (d)) or any other Loan Document, and such failure shall continue 

               

              

              
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              sixty (60) consecutive days during which execution shall not be effectively stayed (by reason of pending appeal or otherwise), or any action shall be legally taken by a judgment creditor to attach or levy
                upon any assets of the Borrower or any Subsidiary to enforce any such judgment and such action shall not have been stayed;

               

              

              (k)          an ERISA Event shall have occurred that when taken together with all other ERISA Events that have occurred, could reasonably be
                expected to result in a Material Adverse Effect;

                

              

              (l)          a Change in Control shall occur; or

               

              

              (m)        any material provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly
                permitted hereunder or thereunder or satisfaction in full of all Obligations, ceases to be in full force and effect; or a Loan Party or any other Person contests in writing the validity or enforceability of any provision of any Loan
                Document; or a Loan Party denies in writing that it has any or further liability or obligation under any Loan Document, or purports in writing to revoke, terminate or rescind any Loan Document.

              

              

              SECTION 7.02. Remedies Upon an Event of Default. If an Event of Default occurs (other than an event with respect to the Borrower described
                in Section 7.01(h) or 7.01(i)), and at any time thereafter during the continuance of such Event of Default, the Administrative Agent may with the consent of the Required Lenders, and shall at the request of the Required Lenders, by notice
                to the Borrower, take any or all of the following actions, at the same or different times:

               

              

              (a)          terminate the Commitments, and thereupon the Commitments shall terminate immediately;

               

              

              (b)         declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due
                and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other Obligations of the Borrower accrued hereunder and under any other Loan Document, shall become due and payable immediately, without presentment, demand,
                protest or other notice of any kind, all of which are hereby waived by the Borrower and the other Loan Parties;

               

              

              (c)          require that the Borrower provide cash collateral as required in Section 2.06(j); and

               

              

              (d)          exercise on behalf of itself, the Lenders and the Issuing Bank all rights and remedies available to it, the Lenders and the Issuing Bank under the Loan
                Documents and applicable law.

               

              

              If an Event of Default described in Section 7.01(h) or 7.01(i) occurs with respect to the Borrower, the Commitments shall automatically terminate and the principal of the Loans then
                outstanding and cash collateral for the LC Exposure, together with accrued interest thereon and all fees and other Obligations accrued hereunder and under any other Loan Document, shall automatically become due and payable, and the
                obligation of the Borrower to cash collateralize the LC Exposure as provided in clause (c) above shall automatically become effective, in each case, without presentment, demand, protest or other notice of any kind, all of which are hereby
                waived by the Borrower.

                

              

              
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              consent to the making of such payments directly to the Lenders, the Issuing Bank or the other holder of Obligations, to pay to the Administrative Agent any amount due to it, in its capacity as the
                Administrative Agent, under the Loan Documents (including under Section 9.03). Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or the
                Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or the Issuing Bank or to authorize the Administrative Agent to vote in respect of the claim of any Lender
                or the Issuing Bank in any such proceeding.

               

              

              (g) The provisions of this Article VIII are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Bank, and,
                except solely to the extent of the Borrower’s rights to consent pursuant to and subject to the conditions set forth in this Article VIII, none of the Borrower or any Subsidiary, or any of their respective Affiliates, shall have any
                rights as a third party beneficiary under any such provisions. Each holder of Obligations, whether or not a party hereto, will be deemed, by its acceptance of the benefits of the Guarantees of the Obligations provided under the Loan
                Documents, to have agreed to the provisions of this Article VIII.

              

              

              SECTION 8.02.   Administrative Agent’s Reliance, Limitation of Liability, Etc.

               

              

              (a)          None of the Administrative Agent, the Arranger or any Related Party of any of the foregoing Persons shall be (i) liable to any Lender
                for any action taken or omitted to be taken by such party, the Administrative Agent, the Arranger or any Related Party of any of the foregoing Persons under or in connection with this Agreement or the other Loan Documents (x) with the
                consent of or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as provided
                in the Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct (such absence to be presumed unless otherwise determined by a court of competent jurisdiction by a final and non-appealable judgment) or (ii)
                responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report,
                statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness,
                enforceability or sufficiency of this Agreement or any other Loan Document (including, for the avoidance of doubt, in connection with
                      the Administrative Agent’s reliance on any Electronic Signature transmitted by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed

                    signature page) or for any failure of any Loan Party to perform its obligations hereunder or thereunder.

               

              

              (b)         The Administrative Agent shall be deemed not to have knowledge of any (i) notice of any of the events or circumstances set forth or
                described in Section 5.02 unless and until written notice thereof stating that it is a “notice under Section 5.02” in respect of this Agreement and identifying the specific clause under said Section is given to the Administrative Agent by
                the Borrower or (ii) notice of any Default or Event of Default unless and until written notice thereof (stating that it is a “notice of Default” or a “notice of an Event of Default”) is given to the Administrative Agent by the Borrower, a
                Lender or the Issuing Bank, and the Administrative 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 any Loan Document, (ii) the
                contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document or
                the occurrence of any Default or Event of Default, (iv) the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set
                forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items (which on their face purport to be such items) expressly required to be delivered to the Administrative Agent or satisfaction of any
                condition that expressly refers to the matters described therein being acceptable or satisfactory to the Administrative Agent. Notwithstanding anything herein to the contrary, the Administrative Agent shall not be liable for, or be
                responsible for any Liabilities, costs or expenses suffered by the Borrower, any Subsidiary, any Lender or the Issuing Bank as a result of, any determination of the Revolving Credit Exposure, any of the component amounts thereof or any
                portion thereof attributable to each Lender or the Issuing Bank or any Dollar Amount or Foreign Currency Amount thereof.

               

              

              
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              (c)          Without limiting the foregoing, the Administrative Agent (i) may treat the payee of any promissory note as its holder until such
                promissory note has been assigned in accordance with Section 9.04, (ii) may rely on the Register to the extent set forth in Section 9.04(b), (iii) may consult with legal counsel (including counsel to the Borrower), independent public
                accountants and other experts selected by it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts, (iv) makes no warranty or
                representation to any Lender or the Issuing Bank and shall not be responsible to any Lender or the Issuing Bank for any statements, warranties or representations made by or on behalf of any Loan Party in connection with this Agreement or
                any other Loan Document, (v) in determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing Bank, may
                presume that such condition is satisfactory to such Lender or the Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Bank sufficiently in advance of the making of such
                Loan or the issuance of such Letter of Credit and (vi) shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon, any notice, consent, certificate or other
                instrument or writing (which writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or any statement made to it orally or by telephone and believed by it to be genuine and signed or sent or
                otherwise authenticated by the proper party or parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof).

               

              SECTION 8.03.  Posting of Communications.

               

              (a)          The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make any Communications available to the Lenders
                and the Issuing Bank by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent to be its electronic transmission system (the “Approved Electronic Platform”).

               

              

              

              (b)        Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and
                policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization
                method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, the Issuing Bank and the Borrower acknowledges and agrees that the distribution of material through an electronic medium
                is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved Electronic Platform, and that there may be confidentiality and
                other risks associated with such distribution. Each of the Lenders, the Issuing Bank and the Borrower hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such
                distribution.

               

              

              
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              SECTION 8.05.  Successor Administrative Agent.

               

              

              (a)          The Administrative Agent may resign at any time by giving 30 days’ prior written notice thereof to the Lenders, the Issuing Bank and
                the Borrower, whether or not a successor Administrative Agent has been appointed. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Administrative Agent. If no successor Administrative Agent shall
                have been so appointed by the Required Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of resignation, then the retiring Administrative Agent may, on behalf of the
                Lenders and the Issuing Bank, appoint a successor Administrative Agent, which shall be a bank with an office in New York, New York or an Affiliate of any such bank. In either case, such appointment shall be subject to the prior written
                approval of the Borrower (which approval may not be unreasonably withheld and shall not be required while an Event of Default has occurred and is continuing). Upon the acceptance of any appointment as Administrative Agent by a successor
                Administrative Agent, such successor Administrative Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Administrative Agent. Upon the acceptance of appointment as Administrative
                Agent by a successor Administrative Agent, the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement and the other Loan Documents. Prior to any retiring Administrative Agent’s resignation
                hereunder as Administrative Agent, the retiring Administrative Agent shall take such action as may be reasonably necessary to assign to the successor Administrative Agent its rights as Administrative Agent under the Loan Documents.

               

              

              (b)          Notwithstanding paragraph (a) of this Section, in the event no successor Administrative Agent shall have been so appointed and shall
                have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its intent to resign, the retiring Administrative Agent may give notice of the effectiveness of its resignation to the Lenders, the
                Issuing Bank and the Borrower, whereupon, on the date of effectiveness of such resignation stated in such notice, (i) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan
                Documents and (ii) the Required Lenders shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent; provided that (A) all payments required to be made hereunder or
                under any other Loan Document to the Administrative Agent for the account of any Person other than the Administrative Agent shall be made directly to such Person and (B) all notices and other communications required or contemplated to be
                given or made to the Administrative Agent shall directly be given or made to each Lender and the Issuing Bank. Following the effectiveness of the Administrative Agent’s resignation from its capacity as such, the provisions of this Article

                  VIII and Section 9.03, as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and
                their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.

               

              SECTION 8.06.  Acknowledgements of Lenders and Issuing Bank.

               

              (a)          Each Lender and the Issuing
                    Bank represents thatand warrants that (i) the Loan

                    Documents set forth the terms of a commercial lending facility, (ii) it is engaged in making, acquiring or holding commercial loans and in providing other facilities set forth herein as may be applicable to such Lender or the Issuing Bank, in each case in the ordinary course of its business and thatbusiness, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument (and each Lender and the Issuing Bank agrees not to assert a claim in contravention of the foregoing), (iii) it has, independently and without reliance upon the Administrative Agent, any Arranger or any other Lender or

                    the Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a
                Lender, and to make, acquire or hold Loans hereunder and (iv) it is sophisticated with
                      respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be
                      applicable to such Lender or the
                      Issuing Bank, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide
                    such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities. Each Lender and

                    the Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Arranger or any other Lender or the Issuing Bank, or any of the Related Parties of any of the foregoing, and based on such documents and information
                (which may contain material, non-public information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in
                taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

               

              

              
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              (b)         Each Lender, by delivering its signature page to this Agreement on the Effective Date, or delivering its signature page to an
                Assignment and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required
                to be delivered to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date.

               

              (c)

              

              (i)        Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds
                    received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously
                    transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later
                    than one (1) Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each
                    day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a
                    rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby
                    waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments
                    received, including without limitation any defense based on “discharge for value” or any similar doctrine. A notice of the Administrative Agent to any Lender under this Section 8.06(c) shall be
                    conclusive, absent manifest error.

               

              (ii)        Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its
                      Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not
                      preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each
                      Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one (1) Business Day
                      thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to
                      which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is
                      repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
                      compensation from time to time in effect.

               

                  

              
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              (iii)        The Borrower and each other Loan Party hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender that has received such Payment (or portion thereof) for any reason, the
                    Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations

                    owed by the Borrower or any other Loan Party.

               

              (iv)       Each party’s obligations under this Section 8.06(c) shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the
                    Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document.

               

                  

              SECTION 8.07.  Certain ERISA Matters.

               

              

              (a)        Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date
                such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or
                for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:

               

              

              (i)          such Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit
                Plans in connection with the Loans, the Letters of Credit or the Commitments,

               

              

              (ii)        the transaction exemption set forth in one or more PTEs, such as PTE 84- 14 (a class exemption for certain
                transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions
                involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset
                managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

               

              

              (iii)       (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of
                Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this
                Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14
                and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such

               

              

              
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              SECTION 9.02. Waivers; Amendments. (a) No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in exercising any
                right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or
                power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders hereunder and under the other Loan Documents are
                cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same
                shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a
                Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default at the time.

               

              

              (b)        Except as provided in Section 2.20 with respect to an Incremental Term Loan Amendment or as provided in Section 2.14(b) and, Section 2.14(c) and Section 2.14(d), neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to
                an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase
                the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any commitment or letter of credit fees payable
                hereunder, without the written consent of each Lender directly affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any commitment or letter of
                credit fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly affected thereby (other than any
                reduction of the amount of, or any extension of the payment date for, the mandatory prepayments required under Section 2.11, in each case which shall only require the approval of the Required Lenders, (iv) change Section 2.09(c) or 2.18(b)
                or (d) in a manner that would alter the ratable reduction of Commitments or the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change the payment waterfall provisions of Section 2.22(b) or 7.03 without the written consent of each Lender, (vi) change any of the provisions of this Section or the
                definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the
                written consent of each Lender (it being understood that, solely with the consent of the parties prescribed by Section 2.20 to be parties to an Incremental Term Loan Amendment, Incremental Term Loans may be included in the determination of
                Required Lenders on substantially the same basis as the Commitments and the Loans are included on the Effective Date) or (vii) (x) release the Borrower from its obligations under Article X or (y) release all or substantially all of
                the Subsidiary Guarantors from their obligations under the Subsidiary Guaranty, in each case, without the written consent of each Lender; provided further that no such agreement shall amend, modify or otherwise affect the rights or
                duties of the Administrative Agent, the Issuing Bank or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, the Issuing Bank or the Swingline Lender, as the case may be (it being understood that any
                change to Section 2.22 shall require the consent of the Administrative Agent, the Issuing Bank and the Swingline Lender); and provided further that no such agreement shall amend or modify the provisions of Section 2.06
                without the prior written consent of the Administrative Agent and the Issuing Bank. Notwithstanding the foregoing, no consent with respect to any amendment, waiver or other modification of this Agreement shall be required of any Defaulting
                Lender, except with respect to any amendment, waiver or other modification referred to in clause (i), (ii)

               

              

              
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              SECTION 9.03.  Expenses; Limitation of Liability; Indemnity, Etc.

               

              (a)         Expenses. The Borrower shall pay (i) all reasonable and documented out-of- pocket expenses incurred by the Administrative Agent
                and its Affiliates (which shall be limited, in the case of legal fees and expenses, to the reasonable and documented fees, charges and disbursements of a single counsel for the Administrative Agent and of a single local counsel to the
                Administrative Agent in each relevant jurisdiction (which may include a single special counsel acting in multiple other jurisdictions) and of such other counsel retained with the prior written consent of the Borrower (such consent not to be
                unreasonably withheld or delayed)), in connection with the syndication and distribution (including, without limitation, via the internet or through a service such as Intralinks) of the credit facilities provided for herein, the preparation
                and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii)
                all reasonable and documented out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment or extension of any Letter of Credit or any demand for payment thereunder and (iii) all documented out-of-pocket
                expenses incurred by the Administrative Agent, the Issuing Bank or any Lender (which shall be limited, in the case of legal fees and expenses, to the reasonable and documented fees, charges and disbursements of one counsel for the
                Administrative Agent and the Issuing Bank (and of a single local counsel to the Administrative Agent and the Issuing Bank in each relevant jurisdiction (which may include a single special counsel acting in multiple other jurisdictions) and
                regulatory counsel) and one counsel for all of the other Lenders (and, to the extent reasonably required by the Lenders, a single local counsel for all of the other Lenders in each relevant jurisdiction and regulatory counsel), unless a
                Lender or its counsel reasonably determines that it would create actual or potential conflicts of interest to not have individual counsel, in which case similarly affected Lenders may have one additional firm of counsel) in connection with
                the enforcement or protection of its rights in connection with this Agreement and any other Loan Document, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all
                such out-of-pocket expenses (subject to the foregoing limitations with respect to legal fees and expenses) incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

               

              (b)         Limitation of Liability. None of the Administrative Agent, the Arranger, the Swingline Lender, the Issuing Bank and any Lender,
                and any Related Party of any of the foregoing Persons (each such Person being called a “Lender-Related Person”) shall have any Liabilities (whether direct or indirect and whether based on contract, tort or any other theory and
                whether or not related to third party claims, intraparty claims, or the indemnification rights set forth in paragraph (c) below) to the Borrower, its Subsidiaries or any other Loan Party and its Subsidiaries and each Related Party of any of
                the foregoing for or in connection with any Covered Matter, except to the extent that such Liabilities are determined by a court of competent jurisdiction by final and nonappealable judgment to have primarily resulted from the bad faith,
                gross negligence or willful misconduct of such Lender-Related Person. In addition to the foregoing, to the extent permitted by applicable law (i) the Borrower and any other Loan Party shall not assert, and the Borrower and each other Loan
                Party hereby waives, any claim against any Lender-Related Person for any Liabilities arising from the use by others of information or other materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information transmission systems (including
                the Internet), and (ii) no party hereto shall assert, and each such party hereby waives, any Liabilities against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to
                direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the
                use of the proceeds thereof; provided that, nothing in this clause (b)(ii) shall relieve the Borrower of any obligation it may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted
                against such Indemnitee by a third party.

               

              

              
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              (c)          Indemnity. The Borrower shall indemnify the Administrative Agent, the Arranger, the Swingline Lender, the Issuing Bank and each
                Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all Liabilities and related expenses (which shall be limited, in
                the case of legal fees and expenses, to the reasonable and documented fees, charges and disbursements of one counsel for the Indemnitees (and of a single local counsel to the IndeniteesIndemnitees in each relevant jurisdiction (which may include a single special counsel acting in multiple other jurisdictions) and regulatory counsel) unless an Indemnitee or its counsel reasonably determines that it would
                create actual or potential conflicts of interest to not have individual counsel, in which case similarly affected Indemnitees may have one additional firm of counsel (and, to the extent reasonably required by such Indemnitees, a single
                local counsel for all of the such Indemnitees in each relevant jurisdiction and regulatory counsel)) incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of any Covered Matters; provided
                that such indemnity shall not, as to any Indemnitee, be available to the extent that such Liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have arisen from (i) the
                bad faith, gross negligence or willful misconduct of such Indemnitee, (ii) the material breach by such Indemnitee of its express obligations under this Agreement or the other Loan Documents or (iii) disputes solely between and among
                Indemnitees not arising from any act or omission of the Borrower or any of its Affiliates (other than claims against an Indemnitee acting in its capacity as the Administrative Agent, an Arranger, Swingline Lender or Issuing Bank under this
                Agreement or the other Loan Documents). This Section 9.03(c) shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any non-Tax claim.

               

              (d)          Lender Reimbursement. To the extent that the Borrower fails to pay any amount required to be paid by it under paragraph (a),
                (b) or (c) of this Section 9.03, each Lender severally agrees to pay to the Administrative Agent, the Issuing Bank, the Swingline Lender and each Related Party of any of the foregoing Persons (each, an “Agent-Related Person”), as the
                case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable payment is sought) of such unpaid amount (it being understood that the Borrower’s failure to pay any such amount shall not relieve the Borrower
                of any default in the payment thereof); provided that the unreimbursed expense or Liability or related expense, as the case may be, was incurred by or asserted against such Agent-Related Person in its capacity as such.

               

              (e)          Payments. All amounts due under this Section 9.03 shall be payable not later than fifteen (15) days after written demand
                therefor.

               

              SECTION 9.04.   Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
                hereto and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or
                obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or
                obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted
                hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent

              

               

              

              
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               Parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including
                federal and state securities laws.

               

              

              For the purposes of this Section 9.04(b), the terms “Approved Fund” and “Ineligible Institution” have the following meanings:

               

              “Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the
                ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or

              (c) an entity or an Affiliate of an entity that administers or manages a Lender.

               

              “Ineligible Institution” means (a) a natural person, (b) a Defaulting Lender or its Lender Parent, (c) the Borrower, any of its Subsidiaries or any of its Affiliates, (d) a company,
                investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof or (e) a Disqualified Institution.

               

              (iii)        Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the
                effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations (including, without limitation, the obligation to timely deliver the documentation described in Section 2.17(f)) of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest
                assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such
                Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03).   Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply
                with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section.

               

              (iv)         The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one
                of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans and LC
                Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive (absent manifest error), and the Borrower, the Administrative Agent, the Issuing
                Bank and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be
                available for inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

               

              (v)         Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee
                or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are
                participants, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such
                assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the

               

              

              
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              the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature
                page of  (x) this Agreement, (y) any other Loan Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to Section 9.01),
                      certificate, request, statement, disclosure or authorization related to this Agreement, any other Loan Document and/or the transactions contemplated
                      hereby and/or thereby (each an “Ancillary Document”) that is an Electronic
                      Signature transmitted by telecopy, emailed .pdf, or any other electronic means that reproduces an image of thean actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement, such
                    other Loan Document or such Ancillary Document, as applicable. The words “execution,”
                “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this

                Agreement and the transactions contemplated hereby, any other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf, or any other electronic means that
                    reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
                recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form
                or format without its prior written consent and pursuant to procedures approved by it; provided, further, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature
                      purportedly given by or on behalf of the Borrower or any other Loan Party without further verification thereof and without any obligation to review the
                      appearance or form of any such Electronic Signature and (ii) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by a manually executed counterpart.
                Without limiting the generality of the foregoing, the Borrower and each other Loan Party hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent,
                the Lenders and, the Borrower, and the other Loan Parties, Electronic Signatures transmitted by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of this Agreement or, any other Loan Documents (in each case, including with respect to any signature pages thereto)Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original and, (ii) agrees that the Administrative Agent and each of the Lenders may, at its
                      option, create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed
                    created in the ordinary course of such Person’s business, and destroy the original paper
                    document (and all such electronic records shall be considered an original for all purposes and shall
                    have the same legal effect, validity and enforceability as a paper record), (iii) waives any argument, defense or right to contest the legal effect, validity or enforceability of the Loan Documentsthis Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper
                original copies of any Loan Documentsthis Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with respect to any signature
                pages thereto. and (iv) waives any claim against any Lender-Related Person for any Liabilities arising solely from the
                      Administrative Agent’s and/or any Lender’s reliance on or use of Electronic Signatures
                      and/or transmissions by telecopy, emailed pdf, or any other
                    electronic means that reproduces an image of an actual executed signature page, including any Liabilities arising as a result of the failure of the Borrower and/or any other Loan Party to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.

              

              

              
                111

                
                  

              

              
              SECTION 9.07. Severability. Any provision of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as
                to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular
                provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

              

              

              SECTION 9.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, the Issuing Bank, and each of
                their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to setoff and apply any and all deposits (general or special, time or demand, provisional or final) at any time
                held, and other obligations at any time owing, by such Lender, the Issuing Bank or any such Affiliate, to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing
                under this Agreement or any other Loan Document to such Lender or the Issuing Bank or their respective Affiliates, irrespective of whether or not such Lender, the Issuing Bank or Affiliate shall have made any demand under this Agreement or
                any other Loan Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch office or Affiliate of such Lender or the Issuing Bank different from the branch office or Affiliate holding such
                deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so setoff shall be paid over immediately to the Administrative Agent for
                further application in accordance with the provisions of Section 2.22 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the
                Issuing Bank, and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right
                of setoff. The rights of each Lender, the Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, such Issuing Bank or their
                respective Affiliates may have. Each Lender and the Issuing Bank agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not
                affect the validity of such setoff and application.

               

              SECTION 9.09.  Governing Law; Jurisdiction; Consent to Service of Process.

               

              (a)          THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN ANY SUCH OTHER LOAN DOCUMENT) SHALL BE
                CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

               

              (b)          Each of the Lenders and the Administrative Agent hereby irrevocably and unconditionally agrees that, notwithstanding the governing law
                provisions of any applicable Loan Document, any claims brought against the Administrative Agent by any Lender relating to this Agreement, any other Loan Document or the consummation or administration of the transactions contemplated hereby
                or thereby shall be construed in accordance with and governed by the law of the State of New York.

               

              (c)          Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction
                of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of
                Manhattan), and any 

               

              

              
                112

                
                  

              

              
              been cash collateralized or backstopped pursuant to arrangements reasonably satisfactory to the Administrative Agent) (the foregoing, collectively, the “Final Release Conditions”), the Subsidiary
                Guaranty and all obligations (other than those expressly stated to survive such termination) of each Subsidiary Guarantor thereunder shall automatically terminate, all without delivery of any instrument or performance of any act by any
                Person.

               

              

              SECTION 9.15. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any
                Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be
                contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof,
                shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated and the
                interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the NYFRBapplicable Overnight Rate to the date of
                repayment, shall have been received by such Lender.

               

              SECTION 9.16.  No Fiduciary Duty, etc.

               

              (a)          The Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that no Credit Party will have any obligations
                except those obligations expressly set forth herein and in the other Loan Documents and each Credit Party is acting solely in the capacity of an arm’s length contractual counterparty to the Borrower with respect to the Loan Documents and
                the transactions contemplated herein and therein and not as a financial advisor or a fiduciary to, or an agent of, the Borrower or any other person. The Borrower agrees that it will not assert any claim against any Credit Party based on an
                alleged breach of fiduciary duty by such Credit Party in connection with this Agreement and the transactions contemplated hereby. Additionally, the Borrower acknowledges and agrees that no Credit Party is advising the Borrower as to any
                legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction. The Borrower shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and
                appraisal of the transactions contemplated herein or in the other Loan Documents, and the Credit Parties shall have no responsibility or liability to the Borrower with respect thereto.

               

              (b)          The Borrower further acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party, together with
                its Affiliates, is a full service securities or banking firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services. In the ordinary course of business, any Credit Party
                may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other
                obligations) of, the Borrower, its Subsidiaries and other companies with which the Borrower or any of its Subsidiaries may have commercial or other relationships. With respect to any securities and/or financial instruments so held by any
                Credit Party or any of its customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion.

               

              (c)          In addition, the Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party and its
                Affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which the Borrower or any of its Subsidiaries may have conflicting interests regarding the
                transactions

            

            

            

            

            

            116Exhibit
4.1

 

Execution
Version

 

 

 

INDENTURE

Dated as of May 7, 2021

Among

COGENT COMMUNICATIONS GROUP, INC.

THE GUARANTORS PARTY HERETO

 

and

WILMINGTON TRUST, NATIONAL ASSOCIATION

as Trustee and Collateral Agent

 

3.500%
SENIOR SECURED NOTES DUE 2026

 

 

     

     

    

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE
    1
	 	 	 
	DEFINITIONS
    AND INCORPORATION BY REFERENCE
	 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	32
	Section 1.03	Rules of Construction	33
	Section 1.04	Acts of Holders	34
	 	 	 
	ARTICLE
    2
	 	 	 
	THE NOTES
	 	 	 
	Section 2.01	Form and Dating; Terms	35
	Section 2.02	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	Holder Lists	37
	Section 2.06	Transfer and Exchange	37
	Section 2.07	Replacement Notes	47
	Section 2.08	Outstanding Notes	47
	Section 2.09	Treasury Notes	48
	Section 2.10	Temporary Notes	48
	Section 2.11	Cancellation	48
	Section 2.12	Defaulted Interest	48
	Section 2.13	CUSIP and ISIN Numbers	49
	 	 	 
	ARTICLE
    3
	 	 	 
	REDEMPTION
	 	 	 
	Section 3.01	Notices to Trustee	49
	Section 3.02	Selection of Notes to Be Redeemed or Purchased	49
	Section 3.03	Notice of Redemption	49
	Section 3.04	Effect of Notice of Redemption	51
	Section 3.05	Deposit of Redemption or Purchase Price	51
	Section 3.06	Notes Redeemed or Purchased in Part	51
	Section 3.07	Optional Redemption	51
	Section 3.08	Mandatory Redemption; Open-Market Purchases	52
	 	 	 
	ARTICLE
    4
	 	 	 
	COVENANTS
	 	 	 
	Section 4.01	Payment of Principal, Premium and Interest	52
	Section 4.02	Corporate Existence	52
	Section 4.03	Limitation on Indebtedness, Disqualified
    Stock and Preferred Stock	52
	Section 4.04	Limitation on Restricted Payments	57
	Section 4.05	Limitation on Transactions with Affiliates	60
	Section 4.06	Limitation on Liens	63
	Section 4.07	Limitation on Sale of Assets	63

     -i-

     

    

	 	 	Page
	 	 	 
	Section 4.08	Future Subsidiary Note Guarantees	66
	Section 4.09	Purchase of Notes upon a Change of Control
    Triggering Event	66
	Section 4.10	Limitation on Dividend and Other Payment
    Restrictions Affecting Restricted Subsidiaries	66
	Section 4.11	Designation of Restricted and Unrestricted
    Subsidiaries	69
	Section 4.12	Provision of Financial Information	70
	Section 4.13	Statement by Officers as to Default	71
	Section 4.14	Discharge and Suspension of Covenants	72
	Section 4.15	Measuring Compliance	73
	 	 	 
	ARTICLE
    5
	 	 	 
	SUCCESSORS
	 	 	 
	Section 5.01	Merger, Consolidation or Sale of Assets	75
	 	 	 
	ARTICLE
    6
	 	 	 
	DEFAULTS
    AND REMEDIES
	 	 	 
	Section 6.01	Events of Default	79
	Section 6.02	Acceleration	81
	Section 6.03	Other Remedies	81
	Section 6.04	Waiver of Past Defaults	81
	Section 6.05	Control by Majority	82
	Section 6.06	Limitation on Suits	82
	Section 6.07	Rights of Holders of Notes to Receive Payment	82
	Section 6.08	Collection Suit by Trustee	82
	Section 6.09	Restoration of Rights and Remedies	82
	Section 6.10	Rights and Remedies Cumulative	83
	Section 6.11	Delay or Omission Not Waiver	83
	Section 6.12	Trustee May File Proofs of Claim	83
	Section 6.13	Priorities	83
	Section 6.14	Undertaking for Costs	84
	 	 	 
	ARTICLE
    7
	 	 	 
	TRUSTEE
	 	 	 
	Section 7.01	Duties of Trustee	84
	Section 7.02	Rights of Trustee	85
	Section 7.03	Individual Rights of Trustee	86
	Section 7.04	Trustee’s Disclaimer	86
	Section 7.05	Notice of Defaults	86
	Section 7.06	[Reserved]	87
	Section 7.07	Compensation and Indemnity	87
	Section 7.08	Replacement of Trustee	87
	Section 7.09	Successor Trustee by Merger, Etc.	88
	Section 7.10	Eligibility; Disqualification	88
	 	 	 
	ARTICLE
    8
	 	 	 
	LEGAL
    DEFEASANCE AND COVENANT DEFEASANCE
	 	 	 
	Section 8.01	Option to Effect Legal Defeasance and/or
    Covenant Defeasance	88
	Section 8.02	Legal Defeasance and Discharge	89

     -ii-

     

    

	 	 	Page
	 	 	 
	Section 8.03	Covenant Defeasance	89
	Section 8.04	Conditions to Legal or Covenant Defeasance	90
	Section 8.05	Deposited Money
    and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	91
	Section 8.06	Repayment to Company	91
	Section 8.07	Reinstatement	92
	 	 	 
	ARTICLE
    9
	 	 	 
	AMENDMENT,
    SUPPLEMENT AND WAIVER
	 	 	 
	Section 9.01	Without Consent of Holders of Notes	92
	Section 9.02	With Consent of Holders of Notes	93
	Section 9.03	Compliance with Trust Indenture Act	94
	Section 9.04	Effect of Consents	95
	Section 9.05	Notation on or Exchange of Notes	95
	Section 9.06	Trustee and Collateral Agent to Sign Amendments,
    Etc.	95
	 	 	 
	ARTICLE
    10
	 	 	 
	RANKING
    OF LIENS ON THE COLLATERAL
	 	 	 
	Section 10.01	Intercreditor Agreement	95
	Section 10.02	Relative Rights	96
	 	 	 
	ARTICLE
    11
	 	 	 
	COLLATERAL
	 	 	 
	Section 11.01	Security Documents	96
	Section 11.02	Collateral Agent and Trustee	97
	Section 11.03	Authorization of Actions to Be Taken	97
	Section 11.04	Release of Collateral	99
	Section 11.05	[Reserved]	99
	Section 11.06	Powers Exercisable by Receiver or Trustee	99
	Section 11.07	Further Assurances	99
	Section 11.08	After-Acquired Property	100
	Section 11.09	Release upon Termination of the Company’s
    Obligations	100
	Section 11.10	Collateral Agent as Third-Party Beneficiary	100
	 	 	 
	ARTICLE
    12
	 	 	 
	COLLATERAL
    ACCOUNT
	 	 	 
	Section 12.01	Collateral Account	100
	 	 	 
	ARTICLE
    13
	 	 	 
	GUARANTEES
	 	 	 
	Section 13.01	Guarantee	100
	Section 13.02	Limitation on Guarantor Liability	102
	Section 13.03	Execution and Delivery	102
	Section 13.04	Subrogation	102
	Section 13.05	Benefits Acknowledged	102

     -iii-

     

    

	 	 	 	Page
	 	 	 	 
	Section 13.06	Release of Guarantees	 	103
	 	 	 	 
	ARTICLE
    14
	 	 	 	 
	SATISFACTION
    AND DISCHARGE
	 	 	 
	Section 14.01	Satisfaction and Discharge	 	103
	Section 14.02	Application of Trust Money	 	104
	 	 	 	 
	ARTICLE
    15
	 	 	 	 
	MISCELLANEOUS
	 	 	 	 
	Section 15.01	Notices	 	105
	Section 15.02	Certificate and Opinion as to
    Conditions Precedent	106
	Section 15.03	Statements Required in Certificate
    or Opinion	106
	Section 15.04	Rules by Trustee and Agents	 	106
	Section 15.05	No Personal Liability of Directors,
    Officers, Employees and Stockholders	106
	Section 15.06	Governing Law; Waiver of Jury
    Trial	106
	Section 15.07	Force Majeure	 	107
	Section 15.08	Successors	 	107
	Section 15.09	Severability	 	107
	Section 15.10	Counterpart Originals	 	107
	Section 15.11	Table of Contents, Headings,
    Etc.	107
	Section 15.12	USA Patriot Act	 	107
	Section 15.13	Days Other than Business Days	107
	Section 15.14	Jurisdiction	 	108

  

	EXHIBITS	 
	 	 
	Exhibit A	Form of Note
	Exhibit B	Form of Certificate of Transfer
	Exhibit C	Form of Certificate of Exchange
	Exhibit D	Form of Certificate of Acquiring Institutional
    Accredited Investor
	Exhibit E	Form of Supplemental Indenture to Be Delivered
    by Subsequent Guarantors

     -iv-

     

    

INDENTURE,
dated as of May 7, 2021, among Cogent Communications Group, Inc., a Delaware corporation (the “Company”), the
Guarantors (as defined herein) listed on the signature pages hereto and Wilmington Trust, National Association, a national banking
association duly organized and existing under the laws of the United States of America, as Trustee and as Collateral Agent.

 

W I T N E S S E T H

 

WHEREAS,
the Company has duly authorized the creation of (i) an issue of $500,000,000 aggregate principal amount of 3.500% Senior Secured
Notes due 2026 (the “Initial Notes”) and (ii) any Additional Notes (together with, unless the context
otherwise requires, the Initial Notes, the “Notes”) that may be issued after the Issue Date;

 

WHEREAS,
the Company and the Guarantors have duly authorized the execution and delivery of this Indenture; and

 

WHEREAS,
all things necessary (i) to make the Initial Notes, when executed by the Company and authenticated and delivered hereunder
and duly issued by the Company, the valid obligations of the Company, and (ii) to make this Indenture a valid agreement of
the Company, all in accordance with their respective terms, have been done.

 

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

 

ARTICLE
1

DEFINITIONS AND INCORPORATION BY REFERENCE

 

 Section 1.01          Definitions.

 

“144A
Global Note” means a Global Note substantially in the form of Exhibit A attached 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.

 

“Additional
Agreement” means any Additional Pari Passu Agreement and any Junior Lien Priority Agreement.

 

“Additional
Notes” means additional Notes (other than the Initial Notes) issued from time to time under this Indenture in accordance
with Sections 2.02, 4.03 and 4.06 as part of the same series as the Initial Notes, it being understood that any Notes issued
in exchange for or replacement of any Initial Notes shall not be Additional Notes.

 

“Additional
Obligations” means any Additional Pari Passu Obligation and any Junior Lien Priority Obligation.

 

“Additional
Pari Passu Agreement” means any loan agreement, credit agreement, indenture or other agreement entered into by the Company
after the Issue Date, if any, pursuant to which the Company or any of its Restricted Subsidiaries will incur Additional Pari Passu
Obligations, and which has been designated as Permitted Additional Pari Passu Obligations under the Security Agreement and other
applicable Security Documents.

 

“Additional
Pari Passu Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, the Company
or any of its Restricted Subsidiaries, whether direct or indirect (including those acquired by assumption), absolute or contingent,
due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by
or against the Company or any of its Restricted Subsidiaries or any Affiliate thereof of any proceeding under any bankruptcy or
insolvency law naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims
in such proceeding, in each case that constitutes Pari Passu Debt that has been designated as Permitted Additional Pari Passu
Obligations under the Security Agreement and other applicable Security Documents and is permitted to be Incurred as Permitted
Additional Pari Passu Obligations under this Indenture. 

     

     

    

“Additional
Pari Passu Secured Parties” means the holders of any Additional Pari Passu Obligations and any Authorized Representative
with respect thereto.

 

“Additional
Security Documents” means the Pari Passu Security Documents and/or the Junior Lien Priority Security Documents.

 

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

 

“After-Acquired
Property” means any property of the Company or any Subsidiary Guarantor acquired after the Issue Date of a type that
secures the obligations under this Indenture, the Notes, the Security Documents and Additional Obligations.

 

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

 

“Applicable
Premium” means, with respect to any Note on any applicable redemption date, as calculated by the Company, the greater
of:

 

		(i)	1.0%
                                         of the then-outstanding principal amount of such Note; and

 

		(ii)	the
                                         excess, if any, of:

 

		(A)	the
                                         present value at such redemption date of (1) the redemption price of such Note at
                                         February 1, 2026 (as described in Section 3.07) plus (2) all remaining required
                                         interest payments due on such Note through February 1, 2026 (excluding accrued but unpaid
                                         interest to, but excluding, the redemption date), in the case of each of clauses (1)
                                         and (2) above, computed using a discount rate equal to the Treasury Rate plus
                                         50 basis points; over

 

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

 

None
of the Trustee, the Paying Agent or the Registrar shall have any duty to calculate or verify the Company’s calculation of
the Applicable Premium.

 

“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, Euroclear and/or Clearstream that apply to such transfer or exchange.

 

“Asset
Sale” means:

 

(1)       the
sale, lease, conveyance or other disposition of any assets of (including Equity Interests owned by) the Company or any Restricted
Subsidiary; and

 

(2)       the
issuance of Equity Interests (other than to the Company or a Restricted Subsidiary and other than directors’ qualifying
shares or shares or interests required to be held by foreign nationals or other third parties to the extent required by applicable
law) of any Restricted Subsidiary.

 

(each
of the foregoing referred to in this definition as a “disposition”). 

     -2-

     

    

Notwithstanding
the preceding, the following items will be deemed not to be Asset Sales:

 

(1)       a
sale, exchange or other disposition of Cash Equivalents or Investment Grade Securities or obsolete, damaged, unnecessary, unsuitable
or worn out equipment or other assets in the ordinary course of business, including the termination or amendment of any IRU or
Finance Lease Obligation in the ordinary course of business, or other dispositions of property no longer used, useful or economically
practicable to maintain in the conduct of the business of the Company and its Restricted Subsidiaries (including allowing any
registrations or any applications for registration of any intellectual property or other intellectual property rights to lapse
or become abandoned);

 

(2)       the
sale, conveyance, lease or other disposition of all or substantially all of the assets of the Company in a manner pursuant to
the provisions described in Section 5.01 or any disposition that constitutes a Change of Control;

 

(3)       any
Permitted Investment or Restricted Payment that is permitted to be made, and is made, pursuant to Section 4.04;

 

(4)       any
disposition of assets or issuance or sale of Equity Interests of any Restricted Subsidiary in a single transaction or series of
related transactions that involves assets or Equity Interests having a Fair Market Value of less than the greater of (x) $5.0 million
and (y) 3.0% of Consolidated Cash Flow for the Reference Period;

 

(5)       any
transfer or disposition of property or assets by a Restricted Subsidiary of the Company to the Company or by the Company or a
Restricted Subsidiary of the Company to a Restricted Subsidiary of the Company;

 

(6)       the
creation of any Lien permitted under this Indenture;

 

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

 

(8)       the
sale, lease, assignment, license or sublease of inventory, equipment, accounts receivable, notes receivable or other current assets
held for sale in the ordinary course of business or the conversion of accounts receivable and related assets to notes receivable
or dispositions of accounts receivable and related assets in connection with the collection or compromise thereof in the ordinary
course of business;

 

(9)       the
lease, assignment, license, sublease or sublicense of any real or personal property in the ordinary course of business;

 

(10)     any
exchange of assets for assets (including a combination of assets and Cash Equivalents) related to a Permitted Business of comparable
or greater market value or usefulness to the business of the Company and its Restricted Subsidiaries as a whole, as determined
in good faith by the Company or a direct or indirect parent of the Company;

 

(11)     the
grant in the ordinary course of business of any license or sub-license of patents, trademarks, know-how and any other intellectual
property;

 

(12)     the
surrender or waiver of obligations of trade creditors or customers or other contract rights or settlement, release or surrender
of a contract, tort or other litigation claim in the ordinary course of business;

 

(13)     foreclosures,
condemnations, eminent domain, seizure, nationalization or any similar action on assets not prohibited by this Indenture; 

     -3-

     

    

(14)     a
transfer of accounts receivable and related assets of the type specified in the definition of “Receivables Financing”
(or a fractional undivided interest therein) by a Receivables Subsidiary in a Qualified Receivables Financing;

 

(15)     any
Sale and Leaseback Transaction of any property acquired or built after the Issue Date;

 

(16)     dispositions
of Investments (including Equity Interests) in joint ventures to the extent required by, or made pursuant to customary buy/sell
arrangements or rights of first refusal between, the joint venture parties set forth in joint venture arrangements and similar
binding arrangements;

 

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

 

(18)     (i)
the disposition of assets acquired pursuant to any Permitted Investment, which assets are not used or useful to the core or principal
business of the Company and its Restricted Subsidiaries, and (ii) the disposition of assets that are required in order to
obtain the approval of any governmental authority to consummate or avoid the prohibition or other restrictions on the consummation
of any Permitted Investment or acquisition.

 

“Authorized
Representative” means (i) with respect to the Holders of the Notes and the Notes Obligations, the Trustee, (ii) in
the case of any Series of Additional Pari Passu Obligations (and the Additional Pari Passu Secured Parties thereunder) that become
subject to the Intercreditor Agreement after the Issue Date, the Authorized Representative named for such Series in the Intercreditor
Agreement or in the applicable Joinder Agreement and (iii) in the case of any Series of Junior Lien Priority Obligations
(and the Junior Lien Priority Secured Parties thereunder) that become subject to the Intercreditor Agreement after the Issue Date,
the Authorized Representative named for such Series in the Intercreditor Agreement or in the applicable Joinder Agreement.

 

“Bankruptcy
Code” means Title 11 of the United States Code, as amended, modified or supplemented from time to time, or any similar
federal or state law for the relief of debtors.

 

“Board
of Directors” means as to any Person, the board of directors, board of managers, sole member or managing member or other
governing body of such Person, or if such Person is owned or managed by a single entity, the board of directors, board of managers,
sole member or managing member or other governing body of such entity, or in each case, any duly authorized committee thereof,
and the term “directors” means members of the Board of Directors.

 

“Board
Resolution” means a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly
adopted by the Board of Directors of the Company and to be in full force and effect on the date of such certification.

 

“Business
Day” means any day other than a Saturday, a Sunday or a day on which banking institutions are authorized or required
by law, regulation or executive order to remain closed in the City of New York or, with respect to payments to be made under this
Indenture, at a place of payment.

 

“Capital
Markets Indebtedness” means any notes or term loans of the Company or a Guarantor constituting Indebtedness.

 

“Capital
Stock” of any Person means any and all shares, interests (including general or limited partnership interests, limited
liability company or membership interests or limited liability partnership interests), participations or other equivalents of
or interests in (however designated) equity of such Person, including any Preferred Stock, or any other interest or participation
that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing
Person. 

     -4-

     

    

“Cash
Equivalents” means:

 

(1)       U.S.
dollars, the national currency of any participating member state of the European Union (as it is constituted on the Issue Date)
and such local currencies held by the Company or any Restricted Subsidiary from time to time in the ordinary course of business;

 

(2)       securities
issued or directly and fully guaranteed or insured by the government of the United States or any country that is a member of the
European Union (as it is constituted on the Issue Date) or any agency or instrumentality thereof, in each case, with maturities
not exceeding two years from the date of acquisition;

 

(3)       certificates
of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’
acceptances, in each case, with maturities not exceeding one year and overnight bank deposits, in each case, with any commercial
bank having capital and surplus in excess of $500.0 million (or the foreign currency equivalent thereof, and whose long-term
debt is rated “A” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another
internationally recognized ratings agency));

 

(4)       repurchase
obligations for underlying securities of the types described in clauses (2) and (3) above and clause (6) below
entered into with any financial institution or securities dealer of recognized national standing meeting the qualifications specified
in clause (3) above;

 

(5)       commercial
paper or variable or fixed rate notes issued by a corporation or other Person (other than an Affiliate of the Company) rated at
least “A-2” or “P-2” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings
of another internationally recognized ratings agency) and in each case maturing within one year after the date of acquisition;

 

(6)       readily
marketable direct obligations issued by any state, commonwealth or territory of the United States of America or any political
subdivision or taxing authority thereof having Investment Grade Ratings from either Moody’s or S&P (or reasonably equivalent
ratings of another internationally recognized ratings agency), in each case, with maturities not exceeding two years from the
date of acquisition;

 

(7)       Indebtedness
issued by Persons with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s (or
reasonably equivalent ratings of another internationally recognized ratings agency), in each case, with maturities not exceeding
two years from the date of acquisition;

 

(8)       investment
funds investing at least 95.0% of their assets in securities of the types described in clauses (1) through (7) above
or (9) and (10) below;

 

(9)       Investments
with average maturities of 12 months or less from the date of acquisition in money market funds rated AAA (or the equivalent
thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s (or reasonably equivalent ratings
of another internationally recognized ratings agency); and

 

(10)     in
the case of Investments by any Restricted Subsidiary that is a Foreign Subsidiary or Investments made in a country outside of
the United States of America, (x) such local currencies in those countries in which such Foreign Subsidiary transacts business
from time to time in the ordinary course of business and (y) Investments of comparable tenor and credit quality to those
described in the foregoing clauses (1) through (9) customarily utilized in countries in which such Foreign Subsidiary
operates or in which such Investment is made. 

     -5-

     

    

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

 

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

 

(2)       the
Company becomes aware of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2)
of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing
of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) other than Cogent Holdco, in a single transaction
or in a series of related transactions, by way of merger, consolidation or other business combination or purchase of Equity Interests
or otherwise, of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision,
except that a Person shall be deemed to have “beneficial ownership” of any securities that such Person has the right
to acquire upon conversion of, or the exercise of rights under, other securities, whether such right is exercisable immediately
or only after the passage of time), of Voting Stock of the Company representing 50% or more of the total voting power of the Voting
Stock of the Company; or

 

(3)       the
adoption of a plan of liquidation or dissolution of the Company.

 

“Change
of Control Triggering Event” means the occurrence of both a Change of Control and a Ratings Decline with respect to
the Notes.

 

“Clearstream”
means Clearstream Banking, S.A., or any successor securities clearing agency.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time.

 

“Cogent
Holdco” means Cogent Communications Holdings, Inc., a Delaware corporation, and its successors.

 

“Collateral”
means all assets and properties a lien in which is granted or purported to be granted to secure the Obligations under this Indenture,
the Notes and the Guarantees.

 

“Collateral
Agent” means Wilmington Trust, National Association, as collateral agent under this Indenture, Security Agreement and
the other Security Documents, and any successor thereto in such capacity.

 

“Common
Stock” means, with respect to any Person, any Capital Stock (other than Preferred Stock) of such Person, whether outstanding
on the Issue Date or issued thereafter.

 

“Company”
has the meaning set forth in the recitals hereto.

 

“Consolidated
Cash Flow” means, for any period, the Consolidated Net Income of the Company for such period, plus:

 

(1)       provision
for taxes based on income or profits of the Company and the Restricted Subsidiaries for such period, to the extent that such provision
for taxes was deducted in computing Consolidated Net Income; plus

 

(2)       Fixed
Charges of the Company and the Restricted Subsidiaries for such period, to the extent that any such Fixed Charges were deducted
in computing Consolidated Net Income; plus

 

(3)       depreciation,
amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior
period) and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve
for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period) of the Company
and the Restricted Subsidiaries for such period to the extent that such depreciation, amortization or other non-cash expenses
were deducted in computing Consolidated Net Income; minus 

     -6-

     

    

(4)       non-cash
items increasing Consolidated Net Income for such period, other than the accrual of revenue in the ordinary course of business;

 

in
each case, on a consolidated basis and determined in accordance with GAAP.

 

Notwithstanding
the preceding, the provision for taxes based on the income or profits of a Restricted Subsidiary, and the Fixed Charges of and
the depreciation and amortization and other non-cash expenses of a Restricted Subsidiary, will be added to Consolidated Net Income
to compute Consolidated Cash Flow of the Company (A) in the same proportion that the net income (loss) of such Restricted
Subsidiary was added to compute Consolidated Net Income of the Company and (B) only to the extent that a corresponding amount
would be permitted at the date of determination to be dividended or distributed to the Company by such Restricted Subsidiary without
prior governmental approval (that has not been obtained), and without direct or indirect restriction pursuant to the terms of
its charter or any agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable
to that Subsidiary or its stockholders.

 

“Consolidated
Leverage Ratio” means, as of any date of determination, the ratio of (1) the aggregate amount of consolidated Indebtedness
(or, in the case of Indebtedness issued at less than its principal amount at maturity, the accreted value thereof) of the Company
and its Restricted Subsidiaries to (2) Consolidated Cash Flow for the Company for the Reference Period; provided that:

 

(1)       if
the transaction giving rise to the need to calculate the Consolidated Leverage Ratio is an Incurrence of Indebtedness, the amount
of such Indebtedness shall be calculated after giving effect on a pro forma basis to such Indebtedness and the use of proceeds
thereof;

 

(2)       if
the Company or any Restricted Subsidiary has repaid, repurchased, defeased or otherwise discharged any Indebtedness that was outstanding
as of the end of the Reference Period, or if any Indebtedness is to be repaid, repurchased, defeased or otherwise discharged on
the date of the transaction giving rise to the need to calculate the Consolidated Leverage Ratio (other than, in each case, Indebtedness
Incurred under any Revolving Credit Agreement), the aggregate amount of Indebtedness shall be calculated on a pro forma
basis, after giving effect to such repayment, repurchase, defeasement or discharge;

 

(3)       if
since the beginning of the Reference Period the Company or any Restricted Subsidiary shall have made any Asset Sale, the Consolidated
Cash Flow for the Reference Period shall be reduced by an amount equal to the Consolidated Cash Flow (if positive) directly attributable
to the assets which are the subject of such Asset Sale for the Reference Period or increased by an amount equal to the Consolidated
Cash Flow (if negative) directly attributable thereto for the Reference Period;

 

(4)       if
since the beginning of the Reference Period the Company or any Restricted Subsidiary (by merger or otherwise) shall have made
an Investment in any Restricted Subsidiary (or any Person which becomes a Restricted Subsidiary) or other acquisition of assets
which constitutes all or substantially all of an operating unit of a business, Consolidated Cash Flow for the Reference Period
shall be calculated after giving pro forma effect thereto (including the Incurrence of any Indebtedness) as if such Investment
or acquisition occurred on the first day of the Reference Period; and

 

(5)       if
since the beginning of the Reference Period any Person (that subsequently became a Restricted Subsidiary or was merged with or
into the Company or any Restricted Subsidiary since the beginning of such Reference Period) shall have made any Asset Sale, any
Investment or acquisition of assets that would have required an adjustment pursuant to clause (3) or (4) above if made
by the Company or a Restricted Subsidiary during the Reference Period, Consolidated Cash Flow for the Reference Period shall be
calculated after giving pro forma effect thereto as if such Asset Sale, Investment or acquisition had occurred on the first
day of the Reference Period. 

     -7-

     

    

For
purposes of this definition, whenever pro forma effect is to be given to an acquisition or disposition of assets, such
pro forma calculation shall be made in good faith by a responsible financial or accounting officer of the Company or a
direct or indirect parent of the Company. Any such pro forma calculation may include adjustments appropriate, in the reasonable
determination of the Company or a direct or indirect parent of the Company, to reflect operating expense reductions and other
operating improvements or synergies reasonably expected to result from any acquisition or disposition or operational change to
the extent such adjustments, without duplication, continue to be applicable to the Reference Period; provided that (x) such
operating expense reductions and other operating improvements or synergies are reasonably identifiable and factually supportable
and (y) such actions are reasonably expected to be taken no later than 24 months after the relevant transaction.

 

For
purposes of this definition, in calculating the Consolidated Cash Flow and the aggregate amount of Indebtedness of the Company
and its Restricted Subsidiaries, the Consolidated Cash Flow and Indebtedness attributable to discontinued operations will be excluded.

 

For
purposes of making any computation referred to above:

 

(1)       if
any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall
be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking
into account any Hedging Obligation applicable to such Indebtedness if such Hedging Obligation has a remaining term in excess
of 12 months);

 

(2)       interest
on a Finance Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or
accounting officer, in his or her capacity as such and not in his or her personal capacity, of the Company or a direct or indirect
parent of the Company to be the rate of interest implicit in such Finance Lease Obligation in accordance with GAAP;

 

(3)       interest
on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency
interbank offered rate or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based
upon such optional rate as the Company may designate;

 

(4)       if
any Indebtedness is Incurred under a revolving credit facility or a Qualified Receivables Financing and is being given pro
forma effect, the interest on such Indebtedness shall be calculated based on the average daily balance of such Indebtedness
for the Reference Period; and

 

(5)       to
the extent not already covered above, any such calculation may include adjustments calculated in accordance with Regulation S-X
under the Securities Act.

 

“Consolidated
Net Income” means, for any period, the aggregate of the net income (loss) of the Company and the Restricted Subsidiaries
for such period, on a consolidated basis, determined in accordance with GAAP; provided that:

 

(1)       the
net income (loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting
will be included only to the extent of the amount of dividends or distributions paid in cash (or converted into cash) to the Company
or a Restricted Subsidiary;

 

(2)       the
net income (but not the net loss) of any Restricted Subsidiary will be excluded to the extent that the declaration or payment
of dividends or similar distributions by that Restricted Subsidiary of that net income is not at the date of determination permitted
without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of
its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that
Restricted Subsidiary or its equityholders;

 

(3)       the
net income (loss) of any Person acquired during the specified period for any period prior to the date of such acquisition
will be excluded; 

     -8-

     

    

(4)       the
net income (loss) of any Person that is not a Restricted Subsidiary on a consolidated basis allocable to minority interests in
unconsolidated Persons or Unrestricted Subsidiaries to the extent that cash dividends or distributions have not actually been
received by such a Person or one of its consolidated Restricted Subsidiaries will be excluded;

 

(5)       any
gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with (a) any sale
of assets outside the ordinary course of business of the Company or (b) the disposition of any securities by the Company
or a Restricted Subsidiary or the extinguishment of any Indebtedness of the Company or any Restricted Subsidiary will be excluded;

 

(6)       any
extraordinary gain or loss, together with any related provision for taxes on such extraordinary gain or loss, will be excluded;

 

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

 

(8)       the
cumulative effect of a change in accounting principles will be excluded.

 

“Consolidated
Total Assets” means the consolidated total assets of such Person and its Restricted Subsidiaries, as set forth in the
most recent consolidated balance sheet of such Person, determined on a pro forma basis.

 

“continuing”
means, with respect to any Default or Event of Default, that such Default or Event of Default has not been cured or waived.

 

“Corporate
Trust Office” means the principal office of the Trustee or Collateral Agent, as the case may be, at which at any time
its corporate trust business related to this Indenture shall be administered, which office at the date hereof is located at 1100
North Market Street, Wilmington, Delaware 19890, Attention: Cogent Communications Administrator, or such other address as the
Trustee or Collateral Agent, as applicable, may designate from time to time by notice to the Holders and the Company, or the principal
corporate trust office of any successor Trustee or Collateral Agent, as applicable (or such other address as such successor Trustee
or successor Collateral Agent, as applicable, may designate from time to time by notice to the Holders and the Company).

 

“Custodian”
means the Trustee, Paying Agent and Registrar, as custodian with respect to the Notes in global form, or any successor entity
thereto.

 

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

 

“Designated
Non-cash Consideration” means the Fair Market Value of non-cash consideration received by the Company or any of its
Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to
an Officer’s Certificate, less the amount of Cash Equivalents received in connection with a subsequent sale of or collection
on such Designated Non-cash Consideration.

 

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

 

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

     -9-

     

    

“Disinterested
Member” means, with respect to any transaction or series of related transactions, a member of the Company’s Board
of Directors who does not have any material direct or indirect financial interest in or with respect to such transaction or series
of related transactions and is not an Affiliate, or an officer, director, member of a supervisory, executive or management board
or employee of any Person (other than the Company or a Restricted Subsidiary) who has any direct or indirect financial interest
in or with respect to such transaction or series of related transactions.

 

“Disqualified
Stock” means, with respect to any Person, any Capital Stock of such Person that (i) by its terms, (ii) by
the terms of any security into which it is convertible or for which it is exchangeable or (iii) by contract or otherwise,
is, or upon the happening of any event or passage of time would be, required to be redeemed on or prior to the date that is 91 days
after the earlier of the date on which the Notes mature and the date the Notes are no longer outstanding, or is redeemable at
the option of the holder thereof, in any such case on or prior to such date; provided that only the portion of Capital
Stock that so matures or is mandatorily redeemable or is so redeemable at the option of the holder thereof prior to such date
shall be deemed to be Disqualified Stock; provided, further, that if such Capital Stock is issued to any employee or to
any plan for the benefit of employees of the Company or its Subsidiaries or a direct or indirect parent of the Company or by any
such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be
repurchased by the Company or its Subsidiaries or a direct or indirect parent of the Company in order to satisfy applicable statutory
or regulatory obligations or as a result of such employee’s termination, death or disability; provided, further,
that any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder
by delivery of Capital Stock that is not Disqualified Stock shall not be deemed to be Disqualified Stock. Notwithstanding the
preceding sentence, 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 an asset sale will not constitute
Disqualified Stock if (i) the “asset sale” or “change of control” provisions applicable to such Capital
Stock are no more favorable to the holders of such Capital Stock than the covenants set forth under Sections 4.07 and 4.09
and (ii) such Capital Stock specifically provides that such Person will not repurchase or redeem any such stock pursuant
to such provision prior to the Company’s repurchase of such Notes as are required to be repurchased pursuant to the covenants
set forth under Sections 4.07 and 4.09. The term “Disqualified Stock” will also include any options, warrants
or other rights that are convertible into Disqualified Stock or that are redeemable at the option of the holder, or are required
to be redeemed, prior to the date that is 91 days after the date on which the Notes mature.

 

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

 

“Equity
Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
Capital Stock that arises only by reason of the happening of a contingency or any debt security that is convertible into, or exchangeable
for, Capital Stock).

 

“Euroclear”
means Euroclear Bank S.A./N.V., as operator of the Euroclear System, or any successor securities clearing agency.

 

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

 

“Existing
Indebtedness” means the aggregate amount of Indebtedness, Disqualified Stock and Preferred Stock of the Company and
the Restricted Subsidiaries (other than Indebtedness under the Notes and the related Note Guarantees) in existence on the Issue
Date, including the Existing Notes.

 

“Existing
Notes” means the Company’s 4.375% Senior Notes due 2024 outstanding on the Issue Date.

 

“Fair
Market Value” means the price that would be negotiated in an arm’s-length transaction between an informed and
willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy, as determined in good
faith by the Board of Directors of the Company or a direct or indirect parent of the Company, whose determination will be conclusive
for all purposes under this Indenture. 

     -10-

     

    

“Finance
Lease Obligation” means, at the time any determination thereof is to be made, an obligation that is required to be classified
and accounted for as a financing lease (and, for the avoidance of doubt, not a straight-line or operating lease) on both the balance
sheet and income statement for financial reporting purposes in accordance with GAAP as in effect on the Issue Date, and the amount
of Indebtedness represented thereby at such time shall be the amount of the liability in respect thereof that would at that time
be required to be reflected as a liability on a balance sheet in accordance with GAAP as in effect on the Issue Date.

 

“Fitch”
means Fitch Ratings, Inc. or any successor to the rating agency business thereof.

 

“Fixed
Charge Coverage Ratio” means, as of any date of determination, the ratio of (1) Consolidated Cash Flow for the Company
for the Reference Period to (2) the Fixed Charges for the Reference Period. The Fixed Charge Coverage Ratio shall be calculated
in a manner consistent with the definition of “Consolidated Leverage Ratio”; provided that, in the event that
the Company shall classify Indebtedness Incurred on the date of determination as Incurred in part as Ratio Debt and in part pursuant
to one or more clauses of the definition of “Permitted Indebtedness” (other than clause (16) thereof), any calculation
of Fixed Charges pursuant to this definition on such date (but not in respect of any future calculation following such date) shall
not include any such Indebtedness (and shall not give effect to any repayment, repurchase, redemption, defeasance or other acquisition,
retirement or discharge of Indebtedness from the proceeds thereof) to the extent Incurred pursuant to any such other clause of
such definition.

 

“Fixed
Charges” means, for any period, the sum, without duplication, of:

 

(1)       the
consolidated interest expense of the Company and the Restricted Subsidiaries for such period, whether paid or accrued, including,
without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest
component of any deferred payment obligations, the interest component of all payments associated with Finance Lease Obligations,
commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings,
and net of the effect of all payments made or received pursuant to Hedging Obligations; plus

 

(2)       to
the extent not included within clause (1) of this definition of “Fixed Charges,” the consolidated interest of
the Company and the Restricted Subsidiaries that was capitalized during such period; plus

 

(3)       any
interest expense on Indebtedness of another Person that is Guaranteed by the Company or one of the Restricted Subsidiaries or
secured by a Lien on assets of the Company or a Restricted Subsidiary, whether or not such Guarantee or Lien is called upon; plus

 

(4)       the
product of (a) all dividends, whether paid or accrued and whether or not in cash, on any series of Disqualified Stock of
the Company or a Restricted Subsidiary or Preferred Stock of a Restricted Subsidiary, other than dividends on Equity Interests
payable solely in Equity Interests (other than Disqualified Stock) of the Company or to the Company or a Restricted Subsidiary,
and (b) a fraction, the numerator of which is one and the denominator of which is one minus the then-current combined
federal, state and local statutory tax rate of the Company of such Disqualified Stock or Preferred Stock, expressed as a decimal;

 

in
each case, on a consolidated basis and in accordance with GAAP.

 

“Foreign
Subsidiary” means (1) a Subsidiary not organized or existing under the laws of the United States of America, any
state thereof or the District of Columbia, (2) any Subsidiary that has no material assets other than equity interests or
debt issued by one or more “controlled foreign corporations” under Section 956 of the Code and (3) any direct
or indirect Subsidiary of any Subsidiary that is described in the preceding clause (1) or (2); provided that in the
case of clause (2) of this definition, any Subsidiary that provides a Guarantee of the Existing Notes or any Permitted Refinancing
Indebtedness of the Existing Notes will not be deemed a “Foreign Subsidiary.” 

     -11-

     

    

“GAAP”
means generally accepted accounting principles in the United States of America as in effect from time to time including those
set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants, in the opinions and pronouncements of the Public Company Accounting Oversight Board and in the statements and pronouncements
of the Financial Accounting Standards Board, or in such other statements by such other entity as have been approved by a significant
segment of the accounting profession (except as set forth in the definition of “Finance Lease Obligations”). In addition,
for purposes of this Indenture, all references to codified accounting standards specifically named herein shall be deemed to include
any successor, replacement, amended or updated accounting standard under GAAP.

 

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

 

“Global
Notes” means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes deposited
with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A
hereto and that bears the Global Note Legend and has the “Schedule of Exchanges of Interests in the Global Note”
attached thereto, issued in accordance with Section 2.01, 2.06(b), 2.06(d) or 2.06(i).

 

“Government
Securities” means securities that are direct obligations of, or obligations guaranteed by, the United States of America
(including any agency or instrumentality thereof) for the payment of which obligations or guarantees the full faith and credit
of the United States of America is pledged and that are not callable or redeemable at the issuer’s option.

 

“Grantor”
means the Company and each Guarantor that is, from time to time, party to the Security Agreement as a “grantor” thereunder.

 

“Guarantee”
means, as to any Person, a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course
of business, direct or indirect, in any manner, including, without limitation, by way of a pledge of assets or through letters
of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness of another Person, but excluding
endorsements for collection or deposit in the normal course of business.

 

“Guarantors”
means, collectively:

 

(1)       the
Initial Guarantors; and

 

(2)       any
Material Domestic Subsidiary that executes a Note Guarantee in accordance with the provisions of this Indenture;

 

and
their respective successors and assigns until released from their obligations under their Note Guarantees and this Indenture in
accordance with the terms of this Indenture.

 

“Hedging
Obligations” means, with respect to any specified Person, the obligations of such Person under:

 

(1)       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 or other similar agreement or arrangement;

 

(2)       any
commodity forward contract, commodity swap agreement, commodity option agreement or other similar agreement or arrangement;

 

(3)       any
foreign exchange contract, currency swap agreement or other similar agreement or arrangement; and 

     -12-

     

    

(4)       other
agreements or arrangements designed to protect such Person against fluctuations in currency exchange, interest rates or commodity
prices.

 

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

 

“IAI
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 resold to Institutional Accredited
Investors.

 

“Increased
Amount” means, with respect to any Indebtedness, Disqualified Stock or Preferred Stock, any increase in the amount of
such Indebtedness, Disqualified Stock or Preferred Stock in connection with any accrual of interest, the accretion of accreted
value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness, Disqualified
Stock or Preferred Stock with the same terms, accretion of original issue discount, liquidation preference or maximum fixed repurchase
price, any fees, underwriting discounts, accrued and unpaid interest, dividends, premiums and other costs and expenses incurred
in connection therewith and increases in the amount of Indebtedness, Disqualified Stock or Preferred Stock outstanding solely
as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness, Disqualified
Stock or Preferred Stock.

 

“Incur”
means, with respect to any Indebtedness, Capital Stock or Lien, to incur, create, issue, assume, Guarantee or otherwise become
directly or indirectly liable for or with respect to, or become responsible for, the payment of, contingently or otherwise, such
Indebtedness, Capital Stock or Lien (the terms “Incurrence” and “Incurred” have correlative
meanings); provided that any Indebtedness, Capital Stock or Lien of a Person existing at the time such Person becomes a
Restricted Subsidiary will be deemed to be Incurred by such Person at the time it becomes a Restricted Subsidiary.

 

“Indebtedness”
means, with respect to any specified Person, whether or not contingent:

 

(1)       all
indebtedness of such Person in respect of borrowed money;

 

(2)       all
obligations of such Person evidenced by bonds, notes, debentures or similar instruments;

 

(3)       all
obligations of such Person in respect of banker’s acceptances, letters of credit or similar instruments (or, without duplication,
reimbursement obligations in respect thereof);

 

(4)       all
Finance Lease Obligations of such Person (including any IRU that constitutes a Finance Lease Obligation);

 

(5)       all
obligations of such Person in respect of the deferred and unpaid balance of the purchase price of any property or services, except
any such balance that constitutes an accrued expense or trade payable;

 

(6)       all
Hedging Obligations of such Persons;

 

(7)       all
Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by
the specified Person); provided 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 amount of such Indebtedness; and

 

(8)       to
the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person; 

     -13-

     

    

provided
that the foregoing shall only constitute Indebtedness if and to the extent that such items (other than letters of credit and
Hedging Obligations) would appear as a liability on a balance sheet of such Person prepared in accordance with GAAP.

 

The
term “Indebtedness” shall not include Indebtedness of Cogent Holdco or any direct or indirect parent thereof appearing
on the balance sheet of the Company solely by reason of push-down accounting.

 

Notwithstanding
the above provisions, in no event shall the following constitute Indebtedness:

 

(i)   
    contingent obligations Incurred in the ordinary course of business or consistent with past
practices;

 

(ii)       Obligations
under or in respect of Receivables Financings or any operating lease, straight-line lease or other lease obligation (including
any IRU that does not constitute a Finance Lease Obligation) that is not required to be accounted for as a finance lease on both
the balance sheet and the income statement for financial reporting purposes in accordance with GAAP as in effect on the Issue
Date;

 

(iii)      any
balance that constitutes a trade payable, accrued expense or similar obligation to a trade creditor, in each case, Incurred in
the ordinary course of business;

 

(iv)      intercompany
liabilities that would be eliminated on the consolidated balance sheet of the Company and its consolidated Subsidiaries;

 

(v)       prepaid
or deferred revenue arising in the ordinary course of business;

 

(vi)      any
of the following to the extent not constituting a line of credit (other than an overnight draft facility that is not in default):
automated clearing house transactions, treasury and/ or cash management services, including, without limitation, treasury, depository,
overdraft, credit, purchasing or debit card, non-card e-payables services, electronic funds transfer, treasury management services
(including controlled disbursement services, overdraft automatic clearing house fund transfer services, return items and interstate
depository network services), other demand deposit or operating account relationships, foreign exchange facilities and merchant
services, in each case, entered into in ordinary course of business;

 

(vii)     obligations,
to the extent such obligations would otherwise constitute Indebtedness, under any agreement that has been defeased or satisfied
and discharged pursuant to the terms of such agreement;

 

(viii)    for
the avoidance of doubt, any obligations in respect of workers’ compensation claims, early retirement or termination obligations
of employees, deferred compensatory or employee or director equity plans pension fund obligations or contributions or similar
claims, obligations or contributions or social security or wage taxes; or

 

(ix)      Capital
Stock.

 

The
amount of any Indebtedness outstanding as of any date will be the outstanding balance at such date of all unconditional obligations
as described above and, with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving
rise to the obligation. The amount of any Indebtedness described in clauses (1) and (2) of the third preceding paragraph
will be:

 

(1)       the
accreted value thereof, in the case of any Indebtedness issued with original issue discount; and

 

(2)       the
principal amount thereof in the case of any other Indebtedness.

 

For
purposes of determining any particular amount of Indebtedness, (x) Guarantees, Liens or obligations with respect to letters
of credit supporting Indebtedness otherwise included in the determination of such particular amount shall not be included and
(y) any Liens granted pursuant to the equal and ratable provisions in Section 4.06 shall not be treated as Indebtedness. 

     -14-

     

    

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

 

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

 

“Initial
Guarantors” means (i) Cogent Holdco and (ii) all of the Domestic Subsidiaries of the Company as of the Issue Date.

 

“Initial
Notes” means the first $500,000,000 aggregate principal amount of Notes issued under this Indenture on the date hereof.

 

“Initial
Purchaser” means the initial purchaser party to the purchase agreement entered into in connection with the offer and
sale of the Notes.

 

“Institutional
Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act, who are not also QIBs.

 

“Intercreditor
Agreement” means, in the event the Company Incurs Additional Obligations in the future permitted pursuant to this Indenture
to share in the Collateral on a pari passu or junior basis with the Holders of the Notes, the Intercreditor Agreement,
substantially in the form attached as Exhibit 6 to the Security Agreement and the exhibits thereto, entered into by and among
the Company, the Guarantors (other than Cogent Holdco), the Trustee (as Authorized Representative for the Holders of the Notes),
the Collateral Agent and the Authorized Representative of such Additional Obligations, with respect to the Collateral, which Intercreditor
Agreement may be amended from time to time without the consent of the Holders of the Notes to add additional creditors holding
Additional Obligations permitted to be Incurred and secured by the Collateral under this Indenture, the Intercreditor Agreement
and any Additional Agreements then in effect.

 

“Interest
Payment Date” means May 1 and November 1 of each year to Maturity, commencing on November 1, 2021.

 

“Investment
Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent)
by Fitch or S&P, or an equivalent rating by any other Rating Agency.

 

“Investment
Grade Securities” means:

 

(1)       debt securities issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality thereof
(other than Cash Equivalents) and in each case with maturities not exceeding two years from the date of acquisition;

 

(2)       debt securities that have an Investment Grade Rating;

 

(3)       investments in any fund that invests at least 95.0% of its assets in investments of the type described in clauses (1) and
(2) above and clause (4) below which fund may also hold immaterial amounts of cash pending investment and/or distribution;
and

 

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

 

“Investments”
means, with respect to any Person, all direct or indirect investments in another Person in the form of loans or other extensions
of credit (including Guarantees), advances, capital contributions (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) (excluding accounts receivable, credit card and debit
card receivables, trade credit and advances or other payments to customers, dealers, suppliers and distributors and payroll, commission,
travel and similar advances to officers, employees and consultants made in the ordinary course of business), purchases or other
acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by such Person, together with all
items that are or would be required to be classified as investments on a balance sheet prepared in accordance with GAAP. 

     -15-

     

    

If
the Company or any Restricted Subsidiary sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted
Subsidiary such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary, the
Company will be deemed to have made an Investment on the date of any such sale or disposition equal to the Fair Market Value of
the Investment in such Restricted Subsidiary not sold or disposed of. The acquisition by the Company or any Restricted Subsidiary
of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Company or such Restricted Subsidiary
in such third Person in an amount equal to the Fair Market Value of the Investment held by the acquired Person in such third Person
unless such Investment in such third Person was not made in anticipation or contemplation of the Investment by the Company or
such Restricted Subsidiary and such third-party Investment is incidental to the primary business of such Person in whom the Company
or such Restricted Subsidiary is making such Investment. In no event shall a guarantee of an operating lease of the Company or
any Restricted Subsidiary be deemed an Investment.

 

“IRU”
means an indefeasible right to use dark fiber optic or other transmission technology, such as those to which the Company and the
Restricted Subsidiaries are currently a party, without regard to the accounting treatment of any such arrangement.

 

“Issue
Date” means May 7, 2021, the first date the Notes are to be issued under this Indenture.

 

“Joinder
Agreement” means an agreement in form and substance substantially similar to Exhibit A to the form of Intercreditor
Agreement, pursuant to which any additional Series of Additional Obligations becomes a party to the Intercreditor Agreement, in
accordance with the applicable terms thereof.

 

“joint
venture” means any joint venture or similar arrangement (in each case, regardless of legal formation), including, but
not limited to, collaboration arrangements, profit sharing arrangements or other contractual arrangements.

 

“Junior
Lien” means a Lien granted by a security document for the benefit of the holders of Junior Lien Priority Indebtedness
which secures Junior Lien Priority Obligations.

 

“Junior
Lien Priority Agreement” means any loan agreement, credit agreement, indenture or other agreement entered into by the
Company after the Issue Date, if any, pursuant to which the Company or any of its Restricted Subsidiaries will incur Junior Lien
Priority Obligations, and which has been designated as Permitted Junior Lien Priority Obligations under the Intercreditor Agreement.

 

“Junior
Lien Priority Indebtedness” means (a) any Indebtedness of the Company that is secured by Liens on the Collateral on
a basis that ranks junior to the Notes or (b) any Indebtedness of a Guarantor that is secured by Liens on the Collateral on a
basis that ranks junior to such Guarantor’s Note Guarantee.

 

“Junior
Lien Priority Obligations” means obligations under any loan agreement, credit agreement, indenture or other agreement
entered into by the Company after the Issue Date, if any, pursuant to which the Company or any of its Restricted Subsidiaries
will incur Junior Lien Priority Indebtedness, and which has been designated as Junior Lien Priority Obligations under the Intercreditor
Agreement and is permitted to be Incurred as Junior Lien Priority Obligations.

 

“Junior
Lien Priority Secured Parties” means the holders of any Junior Lien Priority Obligations and any Authorized Representative
with respect thereto.

 

“Junior
Lien Priority Security Documents” means each security agreement, pledge agreement, deed of trust, mortgage and other
agreement entered into in favor of the Junior Lien Priority Secured Parties for purposes of securing the Junior Lien Priority
Obligations and each financing statement and other document or instrument delivered to create, perfect or continue the Liens thereby
created. 

     -16-

     

    

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

 

“Limited
Condition Transaction” means any acquisition or Investment, including by way of merger, amalgamation, consolidation
or similar transaction, by the Company or one or more of its Restricted Subsidiaries (or any successor of the Company or of such
Restricted Subsidiary) whose consummation is not conditioned upon the availability of, or on obtaining, third-party financing.

 

“Material
Domestic Subsidiary” means any Domestic Subsidiary of the Company that, as of the last day of the fiscal quarter of
the Company most recently ended, has assets (including Equity Interests in Subsidiaries) with a value in excess of 3.0% of the
Consolidated Total Assets of the Company and its Domestic Subsidiaries; provided that in the event Domestic Subsidiaries
that would otherwise not be Material Domestic Subsidiaries shall in the aggregate account for a percentage in excess of 5.0% of
the Consolidated Total Assets of the Company and its Domestic Subsidiaries as of the end of the most recently completed fiscal
quarter of the Company, then one or more of such Domestic Subsidiaries designated by the Company (or, if the Company shall make
no designation, one or more of such Domestic Subsidiaries in descending order based on their respective contributions to the Consolidated
Total Assets of the Company), shall be included as Material Domestic Subsidiaries to the extent necessary to eliminate such excess.

 

“Maturity”
means May 1, 2026.

 

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

 

“Net
Available Cash” means the aggregate proceeds, including payments in respect of deferred payment obligations (to the
extent corresponding to the principal, but not the interest component, thereof), received in Cash Equivalents by the Company or
any Restricted Subsidiary in respect of any Asset Sale (including, without limitation, any Cash Equivalents received upon the
sale or other disposition of any non-cash consideration received in any Asset Sale), net of (1) the direct costs relating
to such Asset Sale, including, without limitation, legal, accounting, investment banking and brokerage fees, sales commissions
and any relocation expenses incurred as a result thereof, (2) taxes paid or payable as a result thereof, in each case, after
taking into account any available tax credits or deductions and any tax sharing arrangements relating to such Asset Sale, (3) in
the case of any Asset Sale by a Restricted Subsidiary, payments to holders of Equity Interests in such Restricted Subsidiary in
such capacity (other than such Equity Interests held by the Company or any Restricted Subsidiary) to the extent that such payment
is required to permit the distribution of such proceeds in respect of the Equity Interests in such Restricted Subsidiary held
by the Company or any Restricted Subsidiary, (4) amounts required to be applied to the repayment of principal, premium, if
any, and interest on Indebtedness that is secured by such assets and is required to be paid as a result of such transaction, together
with any applicable premiums, penalties, interest or breakage costs, other than Indebtedness owed to the Company or any Restricted
Subsidiary and (5) appropriate amounts to be provided by the Company or the Restricted Subsidiaries as a reserve against
liabilities associated with such Asset Sale, including, without limitation, pension and other post-employment benefit liabilities,
liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset
Sale, all as determined in accordance with GAAP; provided that (a) excess amounts set aside for payment of taxes pursuant
to clause (2) above remaining after such taxes have been paid in full or the statute of limitations therefor has expired
and (b) amounts initially held in reserve pursuant to clause (5) no longer so held, will, in the case of each of subclause (a)
and (b), at that time become Net Available Cash. “Non-U.S. Person” means a Person who is not a U.S. Person.

 

“Note
Guarantee” means a Guarantee of the Notes pursuant to this Indenture. 

     -17-

     

    

“Notes”
has the meaning assigned to it in the preamble to this Indenture. The Initial Notes and any Additional Notes shall be treated
as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes
shall include the Initial Notes and any Additional Notes.

 

“Notes
Documents” means the Indenture, the Notes, the Note Guarantees, the Security Documents and the Intercreditor Agreement.

 

“Notes
Obligations” means Obligations under the Notes, this Indenture, the Security Documents and the Note Guarantees and shall
include any interest and fees accruing after commencement of a bankruptcy or insolvency proceeding against the Company or any
Guarantor, whether or not allowed or allowable in such proceeding, and any fees or indemnification in favor of the Trustee, Collateral
Agent or any Agent.

 

“Obligations”
with respect to any Indebtedness means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and
other liabilities payable under the documentation governing such Indebtedness (including all interest, fees and other amounts
accruing during any insolvency proceeding, regardless of whether or not allowed or allowable in such proceeding); provided
that Obligations with respect to the Notes shall not include fees or indemnification in favor of other third parties other
than the Trustee and the Holders of the Notes.

 

“Offer
to Purchase” means an offer by the Company to purchase Notes from the Holders commenced by mailing (or sending electronically,
or otherwise in accordance with the procedures of DTC) a notice to the Trustee and each Holder (with a copy to the Paying Agent)
stating:

 

		(1)	the
                                         provision of this Indenture pursuant to which the offer is being made and that all Notes
                                         validly tendered will be accepted for payment on a pro rata basis;

 

		(2)	the
                                         purchase price and the date of purchase, which shall be a Business Day no earlier than
                                         10 days nor later than 60 days from the date such notice is delivered (unless
                                         delivered in advance of the occurrence of a Change of Control) (the “Payment
                                         Date”);

 

		(3)	that
                                         any Note not tendered will continue to accrue interest pursuant to its terms;

 

		(4)	that,
                                         unless the Company defaults in the payment of the purchase price, any Note accepted for
                                         payment pursuant to the Offer to Purchase shall cease to accrue interest on and after
                                         the Payment Date;

 

		(5)	that
                                         Holders electing to have a Note purchased pursuant to the Offer to Purchase will be required
                                         to surrender the Note, together with the completed form entitled “Option of the
                                         Holder to Elect Purchase” on the reverse side of the Note completed, to the Company
                                         or Paying Agent at the address specified in the notice prior to the close of business
                                         on the Business Day immediately preceding the Payment Date;

 

		(6)	that
                                         Holders will be entitled to withdraw their election if the Company or Paying Agent receives,
                                         not later than the close of business on the third Business Day immediately preceding
                                         the Payment Date, a facsimile transmission or letter setting forth the name of such Holder,
                                         the principal amount of Notes delivered for purchase and a statement that such Holder
                                         is withdrawing its election to have such Notes purchased;

 

		(7)	that
                                         Holders whose Notes are being purchased only in part (other than a Global Note) will
                                         be issued new Notes equal in principal amount to the unpurchased portion of the Notes
                                         surrendered; provided that each Note purchased and each new Note issued shall
                                         be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof
                                         (or such lower denomination as may be permitted by DTC);

 

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

     -18-

     

    

		(9)	the
                                         other instructions determined by the Company, consistent with Section 4.07, that a Holder
                                         must follow in order to have its Notes purchased.

 

On
the Payment Date, the Company shall (a) accept for payment on a pro rata basis Notes or portions thereof (and, in
the case of an Offer to Purchase made pursuant to Section 4.07 any other Pari Passu Debt included in such Offer to Purchase) validly
tendered and not validly withdrawn pursuant to an Offer to Purchase; (b) deposit with the Paying Agent money sufficient to
pay the purchase price of all Notes or portions thereof so accepted; and (c) deliver, or cause to be delivered, to the Trustee,
the Paying Agent or the Registrar all Notes or portions thereof so accepted together with an Officer’s Certificate specifying
the Notes or portions thereof accepted for payment by the Company. The Paying Agent shall promptly deliver to the Holders of Notes
so accepted payment in an amount equal to the purchase price, and the Trustee (or authentication agent) shall (except with respect
to a Global Note) promptly authenticate and deliver to such Holders a new Note equal in principal amount to any unpurchased portion
of the Note surrendered; provided that each Note purchased and each new Note issued shall be in a principal amount of $2,000
or an integral multiple of $1,000 in excess thereof (or such lower denomination as may be permitted by DTC). The Company will
announce the results of an Offer to Purchase as soon as practicable after the Payment Date. The Company will comply with Rule 14e-1
under the Exchange Act and any other securities laws and regulations thereunder, to the extent such laws and regulations are applicable,
in the event that the Company is required to repurchase Notes pursuant to an Offer to Purchase. To the extent that the provisions
of any securities laws or regulations conflict with the provisions of this Indenture relating to an Offer to Purchase, the Company
will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under
such provisions of this Indenture by virtue of such conflict.

 

While
the Notes are in global form and the Company makes an Offer to Purchase, a Holder of the Notes may exercise its option to elect
for the purchase of the Notes to be made through the facilities of DTC in accordance with the rules and regulations thereof.

 

“Offering
Memorandum” means the offering memorandum relating to the sale of the Initial Notes, dated April 30, 2021.

 

“Officer”
means, with respect to any Person, the Chairman of the Board of Directors, the Chief Executive Officer, the President, the Chief
Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice
President of such Person (or of any direct or indirect parent, general partner, managing member or sole member of such Person)
or any individual designated as an “Officer” for purposes of this Indenture by the Board of Directors of such Person
(or the Board of Directors of any direct or indirect parent, general partner, managing member or sole member of such Person).

 

“Officer’s
Certificate” means a certificate signed on behalf of the Company or a direct or indirect parent of the Company by an
Officer of the Company or such parent that meets the requirements of this Indenture.

 

“Opinion
of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee (who may be counsel to or
an employee of the Company) and that meets the requirements of this Indenture.

 

“Pari
Passu Debt” means (a) any Indebtedness of the Company that ranks equally in right of payment with the Notes or
(b) any Indebtedness of a Guarantor that ranks equally in right of payment with such Guarantor’s Note Guarantee, in
each case, without giving effect to collateral arrangements.

 

“Pari
Passu Obligations” means, collectively, the Notes Obligations, and each Series of Additional Pari Passu Obligations.

 

“Pari
Passu Secured Parties” means, collectively, the Collateral Agent and the Notes Secured Parties, and any Additional Pari
Passu Secured Parties.

 

“Pari
Passu Security Documents” means each security agreement, pledge agreement, deed of trust, mortgage and other agreement
entered into in favor of the Collateral Agent for purposes of securing the Pari Passu Obligations and each financing statement
and other document or instrument delivered to create, perfect or continue the Liens thereby created. 

     -19-

     

    

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

 

“Permitted
Additional Pari Passu Obligations” means any Obligation under any other Indebtedness equally and ratably secured on
a first-lien basis with the Notes by Liens on the Collateral that is permitted to be Incurred under this Indenture.

 

“Permitted
Business” means any business conducted or proposed to be conducted (as described in this Offering Memorandum) by the
Company and the Restricted Subsidiaries on the Issue Date, and other businesses or activities reasonably similar, related, complementary
or ancillary thereto, or an extension, development or expansion of, the businesses in which the Company or any of its Subsidiaries
is engaged on the Issue Date.

 

“Permitted
Investments” means:

 

(1)       any
Investment in the Company (including the Notes) or in a Restricted Subsidiary;

 

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

 

(3)       any
Investment by the Company or any Restricted Subsidiary in a Person, if as a result of such Investment:

 

(a)       such
Person becomes a Restricted Subsidiary; or

 

(b)       such
Person is merged, consolidated or amalgamated with or into, or transfers or conveys all or substantially all of its assets to,
or is liquidated into, the Company or a Restricted Subsidiary;

 

and
any Investment held by such Person that was not acquired by such Person in contemplation of so becoming a Restricted Subsidiary
or in contemplation of such merger, consolidation, amalgamation, transfer, conveyance or liquidation;

 

(4)       any
Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance
with Section 4.07;

 

(5)       Hedging
Obligations permitted under clause (8) of Section 4.03(b);

 

(6)       (i) Investments
received in satisfaction of judgments, foreclosure of Liens or settlement of Indebtedness and (ii) any Investments received
in compromise of obligations of any trade creditor or customer that were incurred in the ordinary course of business, including
pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any such Person;

 

(7)       advances
to customers or suppliers in the ordinary course of business that are, in conformity with GAAP, recorded as accounts receivable,
prepaid expenses or deposits on the balance sheet of the Company or the Restricted Subsidiaries and endorsements for collection
or deposit arising in the ordinary course of business;

 

(8)       commission,
payroll, travel, relocation and similar advances to officers and employees of the Company or any Restricted Subsidiary that are
expected at the time of such advance ultimately to be recorded as an expense in conformity with GAAP;

 

(9)       Investments
by the Company or any Restricted Subsidiary in an aggregate amount at the time of such Investment not to exceed, at any one time
outstanding, $75.0 million; provided, however, that if any Investment pursuant to this clause (9) is made in
any Person that is not a Restricted Subsidiary of the Company at the date of the making of such Investment and such Person subsequently
becomes a Restricted Subsidiary of the Company after such date, such Investment shall thereafter be deemed to have been made pursuant
to clause (1) above and shall cease to have been made pursuant to this clause (9) for so long as such Person continues
to be a Restricted Subsidiary; 

     -20-

     

    

(10)     lease,
utility and other similar deposits in the ordinary course of business;

 

(11)     Investments
(x) existing on the Issue Date, (y) made pursuant to binding commitments in effect on the Issue Date or (z) that
replace, refinance, refund, renew, modify, amend or extend any Investment described under either of the immediately preceding
clauses (x) or (y); provided that any such Investment is in an amount that does not exceed the amount replaced, refinanced,
refunded, renewed, modified, amended or extended, except as contemplated pursuant to the terms of such Investment in existence
on the Issue Date or as otherwise permitted under this definition or Section 4.04;

 

(12)     other
Investments in any Unrestricted Subsidiary or joint venture having an aggregate Fair Market Value (measured on the date each such
Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments
made pursuant to this clause (12) since the Issue Date, not to exceed the greater of (x) $30.0 million and (y) 15.0%
of Consolidated Cash Flow for the Reference Period; provided, however, that if at any time such Person becomes a
Restricted Subsidiary of the Company, such Investment shall thereafter be deemed to have been made pursuant to clause (1)
above and shall cease to have been made pursuant to this clause (12) for so long as such Person continues to be a Restricted
Subsidiary;

 

(13)     loans
and advances to, or guarantees of Indebtedness of, employees not in excess of the greater of (x) $2.0 million and (y) 1.0%
of Consolidated Cash Flow for the Reference Period outstanding at any one time in the aggregate;

 

(14)     any
Investment by the Company or any of its Restricted Subsidiaries in a Permitted Business (other than an Investment in an Unrestricted
Subsidiary) having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this clause (14)
that are at the time outstanding, not to exceed the greater of (x) $10.0 million and (y) 5.0% of Consolidated Cash
Flow for the Reference Period, at the time of such Investment (with the Fair Market Value of each Investment being measured at
the time made and without giving effect to subsequent changes in value), at any one time outstanding; provided, however, that
if any Investment pursuant to this clause (14) is made in any Person that is not a Restricted Subsidiary of the Company at
the date of the making of such Investment and such Person becomes a Restricted Subsidiary of the Company after such date, such
Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant
to this clause (14) for so long as such Person continues to be a Restricted Subsidiary;

 

(15)     Investments
the payment for which consists of Equity Interests (other than Disqualified Stock) of the Company or any direct or indirect parent
of the Company, as applicable; provided, however, that such Equity Interests will not increase the amount available
for Restricted Payments pursuant to Section 4.04(a);

 

(16)     Investments
consisting of the licensing or contribution of intellectual property in the ordinary course of business or pursuant to joint marketing
arrangements with other Persons;

 

(17)     Investments
consisting of purchases and acquisitions of inventory, supplies, materials and equipment or purchases of contract rights or licenses
or leases of intellectual property or other rights or assets or services, in each case, in the ordinary course of business;

 

(18)     any
Investment in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person in connection with a
Qualified Receivables Financing, including Investments of funds held in accounts permitted or required by the arrangements governing
such Qualified Receivables Financing or any related Indebtedness; provided, however, that any Investment in a Receivables
Subsidiary is in the form of a purchase money note, contribution of additional receivables or an equity interest; 

     -21-

     

    

(19)     repurchases
of the Notes and the Existing Notes;

 

(20)     any
transaction to the extent it constitutes an Investment that is permitted and made in accordance with the provisions of Section
4.05(b) (except transactions described in clause (2), (3), (4), (6)(b), (9), (10), (11) or (15) of Section 4.05(b));

 

(21)     Investments
consisting of (x) Liens permitted under Section 4.06, (y) Indebtedness (including Guarantees and other Obligations)
permitted under Section 4.03 or (z) mergers, consolidations and transfers of all or substantially all assets permitted under
Section 5.01 in each case of subclauses (x), (y) and (z) other than by reference to Permitted Investments;

 

(22)     acquisitions
of obligations of one or more officers or other employees of any direct or indirect parent of the Company, the Company or any
Subsidiary of the Company in connection with such officer’s or employee’s acquisition of Equity Interests of any direct
or indirect parent of the Company, so long as no cash is actually advanced by the Company or any Restricted Subsidiary to such
officers or employees in connection with the acquisition of any such obligations;

 

(23)     guarantees
of operating leases (for the avoidance of doubt, excluding Finance Lease Obligations) or of other obligations that do not constitute
Indebtedness, in each case, entered into by the Company or any Restricted Subsidiary in the ordinary course of business;

 

(24)     non-cash
Investments made in connection with tax planning and reorganization activities of the Company and its Restricted Subsidiaries,
so long as such activities are not materially adverse to the Holders of the Notes; and

 

(25)     Investments
made in the ordinary course of business in connection with obtaining, maintaining or renewing client and customer contracts and
loans or advances made to, and guarantees with respect to obligations of, distributors, suppliers, licensors and licensees in
the ordinary course of business.

 

“Permitted
Junior Lien Priority Obligations” means Junior Lien Priority Indebtedness that is permitted to be Incurred pursuant
to the terms of this Indenture.

 

“Permitted
Liens” means:

 

(1)       Liens
on Collateral securing Indebtedness in respect of Permitted Additional Pari Passu Obligations or Permitted Junior Lien Priority
Obligations Incurred under Section 4.03(b)(1) and obligations secured ratably thereunder to the extent such obligations do not
constitute Indebtedness; provided that such Indebtedness is subject to the Intercreditor Agreement;

 

(2)       Liens
in favor of the Company or any Restricted Subsidiary that is a Guarantor;

 

(3)       Liens
on assets or property at the time the Company or any Restricted Subsidiary acquires the assets or property, including any acquisition
by means of a merger or consolidation with or into the Company or such Restricted Subsidiary; provided that such Liens
were in existence prior to the contemplation of such acquisition, merger or consolidation and do not extend to any assets other
than those acquired or of the Person merged into or consolidated with the Company or the Restricted Subsidiary;

 

(4)       Liens
on property of, or Equity Interests in, a Person existing at the time of acquisition thereof by the Company or any Restricted
Subsidiary of the Company; provided that such Liens were in existence prior to the contemplation of such acquisition and
do not extend to any property other than the property so acquired by the Company or the Restricted Subsidiary;

 

(5)       Liens
on Collateral securing Indebtedness in respect of Permitted Additional Pari Passu Obligations or Permitted Junior Lien Priority
Obligations so long as, after giving pro forma effect thereto, the Secured Leverage Ratio is less than 4.00 to 1.00 and
such Indebtedness is subject to the Intercreditor Agreement; 

     -22-

     

    

(6)       Liens
existing on the Issue Date (excluding Liens described under clause (1) above and clause (33) below);

 

(7)       Liens
securing (i) Permitted Refinancing Indebtedness (to the extent the Indebtedness being refinanced was secured by such Liens;
provided that (x) the Liens securing such Permitted Refinancing Indebtedness do not extend to any property or assets other
than the property or assets that secure (or, under the written arrangements under which the original Lien arose, could secure)
the Indebtedness, Disqualified Stock or Preferred Stock being refinanced (plus any replacements, additions, accessions
and improvements on such property) and (y) the priority of such Liens shall be pari passu or junior to the Liens securing
such Indebtedness being refinanced, refunded, extended, renewed or replaced) and (ii) any refinancing, refunding, extension,
renewal or replacement (or successive refinancings, refundings, extensions, renewals or replacements), as a whole or in part,
of any Indebtedness secured by a Lien referred to in clauses (1), (3), (4), (5), (9) and (10) and subclause (y) of
clause (22) of this definition (provided that any Liens Incurred under this clause (7) as Liens securing any
refinancing, refunding, extension, renewal or replacement of Indebtedness secured by a Lien referred to in subclause (y)
of clause (22) shall reduce the amount available under such subclause (y) of clause (22) so long as such Indebtedness
secured by such Lien remains outstanding (but not below $0)); provided that (x) such Liens do not extend to any property
or assets other than the property or assets that secure (or, under the written arrangements under which the original Lien arose,
could secure) the Indebtedness, Disqualified Stock or Preferred Stock being refinanced (plus any replacements, additions,
accessions and improvements on such property), (y) the Indebtedness secured by such Lien at such time is not increased to
any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount (if incurred and
outstanding or deemed to be incurred and outstanding) of such Permitted Refinancing Indebtedness or the Indebtedness described
under clause (1), (3), (4), (5), (9), (10) or (22) of this definition at the time the original Lien became a Permitted
Lien under this Indenture, and (B) an amount necessary to pay all accrued and unpaid interest thereon and the amount of any
reasonably determined premium necessary to accomplish such refinancing and such reasonable expenses related to such refinancing,
refunding, extension, renewal or replacement and (z) the priority of such Liens shall be pari passu or junior to the Liens securing
such Indebtedness being refinanced, refunded, extended, renewed or replaced;

 

(8)       Liens
on property or assets securing Indebtedness used to redeem, repay, defease or satisfy and discharge the Notes in their entirety;
provided that such redemption, repayment defeasance or satisfaction and discharge is not prohibited by this Indenture;

 

(9)       Liens
to secure Indebtedness (including, without limitation, Finance Lease Obligations and purchase money security interests) permitted
by Section 4.03(b)(4); provided that any such Lien (i) covers only the assets acquired, constructed or improved
with such Indebtedness, any products and proceeds of such assets, any fixtures, improvements, accessions, replacements and substitutions
of such assets and any rights and interests relating to or arising from such assets and (ii) is created within 180 days
of such acquisition, construction or improvement; provided, further, that individual financings provided by a lender may
be cross-collateralized to other financings provided by such lender or its affiliates;

 

(10)     Liens
securing Hedging Obligations of the Company or any Restricted Subsidiary (a) that are Incurred for the purpose of fixing,
hedging or swapping interest rate, commodity price or foreign currency exchange rate risk (or to reverse or amend any such agreements
previously made for such purposes), and not for speculative purposes or (b) securing letters of credit that support such
Hedging Obligations; provided that such Hedging Obligations are permitted to be Incurred under this Indenture;

 

(11)     Liens
Incurred or deposits made in the ordinary course of business in connection with worker’s compensation, unemployment insurance
or other social security obligations;

 

(12)     survey
exceptions, encumbrances, easements or reservations of, or rights of other for, rights-of-way, zoning or other restrictions as
to the use of properties, and defects in title which, in the case of any of the foregoing, were not Incurred or created to secure
the payment of Indebtedness, and which in the aggregate do not materially adversely affect the value of such properties or materially
impair the use for the purposes of which such properties are held by the Company or any Restricted Subsidiary; 

     -23-

     

    

(13)     judgment
and attachment Liens not giving rise to an Event of Default pursuant to clause (5) or (6) of the definition thereof
and notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings
and for which adequate reserves have been made;

 

(14)     Liens,
deposits or pledges to secure public or statutory obligations, surety, stay, appeal, indemnity, performance or other similar bonds
or obligations; and Liens, deposits or pledges in lieu of such bonds or obligations, or to secure such bonds or obligations, or
to secure letters of credit in lieu of or supporting the payment of such bonds or obligations;

 

(15)     Liens
in favor of collecting or payor banks having a right of setoff, revocation, refund or chargeback with respect to money or instruments
of the Company or any Subsidiary thereof on deposit with or in possession of such bank;

 

(16)     any
interest or title of a lessor, licensor or sublicensor in the property subject to any lease, license or sublicense;

 

(17)     Liens
for taxes, assessments and governmental charges (i) not yet delinquent for 30 days, (ii) being contested in good
faith and for which adequate reserves have been established to the extent required by GAAP, or for property taxes on property
such Person or one of its Subsidiaries has determined to abandon if the sole recourse for such tax, assessment, charge, levy or
claim is to such property or (iii) with respect to which the failure to make payment could not reasonably be expected to
have a material adverse effect as determined in good faith by management of the Company or a direct or indirect parent of the
Company;

 

(18)     Liens
arising from Uniform Commercial Code financing statements regarding operating leases or consignments;

 

(19)     Liens
of franchisors in the ordinary course of business not securing Indebtedness;

 

(20)     Liens
on assets of Restricted Subsidiaries that are not Guarantors securing Indebtedness of such Restricted Subsidiaries permitted to
be Incurred under Section 4.03;

 

(21)     Liens
on assets of the Company and the Restricted Subsidiaries representing terms of IRUs entered into in the ordinary course of business
to the extent any such Lien relates solely to the fiber or transmission asset subject to such IRU;

 

(22)     other
Liens securing Obligations in an amount not to exceed the greater of (x) $20.0 million and (y) 10.0% of Consolidated
Cash Flow for the Reference Period at any one time outstanding (it being understood that any Lien Incurred pursuant to this clause (22)
shall cease to be deemed Incurred and outstanding pursuant to this clause (22) but shall be deemed Incurred and outstanding
pursuant to clause (5) of this definition from and after the first date on which the Company or any such Guarantor, as the
case may be, could have Incurred such Lien pursuant to clause (5) of this definition); provided that such Indebtedness
is subject to the Intercreditor Agreement;

 

(23)     pledges
or deposits by such Person under workers’ compensation laws, unemployment insurance laws or similar legislation, or good
faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such
Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or U.S. government
bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import
duties or for the payment of rent, in each case, Incurred in the ordinary course of business; 

     -24-

     

    

(24)     Liens
imposed by law, such as carriers’, warehousemen’s and mechanics’ Liens, in each case for sums not yet due or
being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person
with respect to which such Person shall then be proceeding with an appeal or other proceedings for review (or which, if due and
payable, are being contested in good faith by appropriate proceedings and for which adequate reserves are being maintained, to
the extent required by GAAP and such proceedings have the effect of preventing the forfeiture or sale of the property or assets
subject to any such Lien);

 

(25)     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;

 

(26)     Liens
on the Equity Interests of Unrestricted Subsidiaries or joint ventures to secure Obligations relating to such Unrestricted Subsidiaries
or joint ventures, as applicable;

 

(27)     grants
of software and other technology and intellectual property licenses in the ordinary course of business;

 

(28)     Liens
Incurred to secure cash management services (and other “bank products”) owed to a lender under a Revolving Credit
Agreement (or any Affiliate of such lender) or in the ordinary course of business;

 

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

 

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

 

(31)     (a)
Liens on Receivables Assets or created in respect of bank accounts into which only the collections in respect of Receivables Assets
have been, sold, conveyed, assigned or otherwise transferred or purported to be so sold, conveyed, assigned or otherwise transferred
in connection with a Qualified Receivables Financing Incurred under clause (20) of Section 4.03(b) and (b) Liens on
assets of a Receivables Subsidiary in respect of a Qualified Receivables Financing of such Receivables Subsidiary;

 

(32)     Liens
arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into in the
ordinary course of business;

 

(33)     Liens
securing the Notes and the Note Guarantees issued on the Issue Date;

 

(34)     Liens
that are contractual rights of set-off (i) relating to the establishment of depository relations with banks or other Persons
not given in connection with the issuance of Indebtedness and Incurred in the ordinary course of business; (ii) relating
to pooled deposit or sweep accounts of the Company or any Restricted Subsidiary to permit satisfaction of overdraft or similar
obligations Incurred in the ordinary course of business of the Company and its Restricted Subsidiaries; or (iii) relating
to purchase orders and other agreements entered into with customers of the Company or any Restricted Subsidiary in the ordinary
course of business;

 

(35)     Liens
on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

 

(36)     Liens
on vehicles or equipment of the Company or any of its Restricted Subsidiaries granted in the ordinary course of business; 

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(37)     Liens
disclosed by title insurance policies in respect of properties acquired after the Issue Date to the extent such Liens existed
at the time such property was acquired and any replacement, extension or renewal of any such Liens (so long as the Indebtedness
and other obligations secured by such replacement, extension or renewal Liens are permitted by this Indenture); provided
that such replacement, extension or renewal Liens do not cover any property other than the property that was subject to such Liens
prior to such replacement, extension or renewal;

 

(38)     (a)
Liens solely on any cash earnest money deposits made by the Company or any Restricted Subsidiary in connection with any letter
of intent or other agreement in respect of any Permitted Investment, (b) Liens on advances of Cash Equivalents in favor of
the seller of any property to be acquired in a Permitted Investment to be applied against the purchase price for such Investment
and (c) Liens on cash collateral in respect of letters of credit entered into in the ordinary course of business;

 

(39)     the
prior rights of consignees and their lenders under consignment arrangements entered into in the ordinary course of business;

 

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

 

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

 

(42)     rights
reserved or vested in any Person by the terms of any lease, license, franchise, grant or permit held by the Company or any of
its Restricted Subsidiaries or by a statutory provision, to terminate any such lease, license, franchise, grant or permit, or
to require annual or periodic payments as a condition to the continuance thereof;

 

(43)     restrictive
covenants affecting the use to which real property may be put; provided that such covenants are complied with; and

 

(44)     Liens
on cash proceeds of Indebtedness (and on the related escrow accounts) in connection with the issuance of such Indebtedness into
(and pending the release from) a customary escrow arrangement, to the extent such Indebtedness is Incurred in compliance with
Section 4.03.

 

“Permitted
Refinancing Indebtedness” means any Indebtedness, Disqualified Stock or Preferred Stock of the Company or any Restricted
Subsidiary issued in exchange for, or the net cash proceeds of which are used to extend, refinance, renew, replace, defease or
refund other Indebtedness, Disqualified Stock or Preferred Stock of the Company or any Restricted Subsidiary (other than Indebtedness,
Disqualified Stock or Preferred Stock owed to the Company or to any Subsidiary of the Company); provided that:

 

(1)       the
amount of such Permitted Refinancing Indebtedness does not exceed the amount of the Indebtedness, Disqualified Stock or Preferred
Stock so extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued and unpaid interest thereon and
the amount of any reasonably determined premium necessary to accomplish such refinancing and such reasonable expenses incurred
in connection therewith);

 

(2)       such
Permitted Refinancing Indebtedness (other than with respect to Indebtedness, Incurred to extend, refinance, renew, replace, defease
or refund any Finance Lease Obligations or IRU) has a final maturity date later than the final maturity date of, and has a Weighted
Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness, Disqualified Stock
or Preferred Stock being extended, refinanced, renewed, replaced, defeased or refunded (which, in the case of bridge loans or
extendable bridge loans or other interim debt, shall be determined by reference to the notes or loans into which such bridge loans
or extendable bridge loans or other interim debt are converted or for which such bridge loans or extendable bridge loans or interim
debt are exchanged at maturity, and may be subject to other customary offers to repurchase or mandatory prepayments upon a change
of control, asset sale or event of loss and customary acceleration rights after an event of default); 

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(3)       if
the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is (i) subordinated in right of payment
to the Notes or the Note Guarantees, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes
or the Note Guarantees, as applicable, or (ii) Disqualified Stock or Preferred Stock, such Permitted Refinancing Indebtedness
is Disqualified Stock or Preferred Stock, as applicable;

 

(4)       if
the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is Pari Passu Debt, such Permitted Refinancing
Indebtedness ranks equally in right of payment with, or is subordinated in right of payment to, the Notes or such Note Guarantees;
and

 

(5)       such
Indebtedness is Incurred by either (a) the Restricted Subsidiary that is the obligor on the Indebtedness being extended,
refinanced, renewed, replaced, defeased or refunded or, if such Restricted Subsidiary is a non-Guarantor Subsidiary, another non-Guarantor
Subsidiary that is a Restricted Subsidiary, or (b) the Company or a Guarantor;

 

provided
that clause (2) will not apply to any refunding or refinancing of any Secured Indebtedness.

 

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

 

“Preferred
Stock” means, with respect to any Person, any Equity Interest of such Person that has preferential rights to any other
Equity Interest of such Person with respect to dividends or redemptions upon liquidation.

 

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

 

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

 

“Qualified
Receivables Financing” means any Receivables Financing; provided that all obligations in respect of a Qualified
Receivables Financing shall be treated as Indebtedness for purposes of Section 4.03 and the definitions of “Consolidated
Leverage Ratio,” “Fixed Charge Coverage Ratio” and “Secured Leverage Ratio,” whether or not such
obligations are Indebtedness, and must be Incurred in compliance with clause (20) of the definition of “Permitted Indebtedness,”
as applicable, and all Liens, encumbrances and other restrictions relating to such Qualified Receivables Financing shall be limited
as set forth in clause (31) of the definition of “Permitted Liens.”

 

“Rating
Agencies” means S&P, Moody’s and Fitch; provided that if S&P, Moody’s or Fitch (or all) shall
cease issuing a rating on the Notes for reasons outside the control of the Company, the Company may select a nationally recognized
statistical rating agency to substitute for S&P, Moody’s or Fitch (or all).

 

“Ratings
Decline” means the occurrence of a decrease in the rating of the Notes by one or more gradations by Moody’s, S&P
or Fitch (including gradations within the rating categories as well as between categories), within 60 days before or after
the earlier of (x) a Change of Control, (y) the date of public notice of the occurrence of a Change of Control or (z) public
notice of the intention of the Company to effect a Change of Control (which 60-day period shall be extended so long as the rating
of the Notes is under publicly announced consideration for possible downgrade by Moody’s, S&P or Fitch).

 

“Receivables
Assets” means accounts receivable (whether now existing or arising in the future) of the Company or any of its Subsidiaries,
and all collateral securing such accounts receivable, all contracts and all guarantees or other payment support obligations (including,
without limitation, letters of credit, promissory notes or trade credit insurance) in respect of such accounts receivable, proceeds
of such accounts receivable and other assets that are customarily transferred or in respect of which security interests are customarily
granted in connection with non-recourse asset securitization or factoring transactions involving accounts receivable and any Hedging
Obligations entered into by the Company or any such Subsidiary in connection with such accounts receivable. 

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

 

“Receivables
Financing” means any transaction or series of transactions that may be entered into by the Company or any of its Subsidiaries
pursuant to which the Company or any of its Subsidiaries may sell, convey or otherwise transfer Receivables Assets to (a) a
Receivables Subsidiary (in the case of a transfer by the Company or any of its Subsidiaries), and (b) any other Person (in
the case of a transfer by a Receivables Subsidiary).

 

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

 

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

 

(a)       no
portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is Guaranteed by the Company
or any other Subsidiary of the Company (other than a Receivables Subsidiary) (excluding Guarantees of obligations (other than
the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or
obligates the Company or any other Subsidiary of the Company (other than a Receivables Subsidiary) in any way other than pursuant
to Standard Securitization Undertakings or (iii) subjects any property or asset of the Company or any other Subsidiary of
the Company (other than a Receivables Subsidiary), directly or indirectly, contingently or otherwise, to the satisfaction thereof,
other than pursuant to Standard Securitization Undertakings;

 

(b)       with
which neither the Company nor any other Subsidiary of the Company (other than a Receivables Subsidiary) has any material contract,
agreement, arrangement or understanding other than on terms which the Company reasonably believes to be no less favorable to the
Company or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Company;
and

 

(c)       to
which neither the Company nor any other Subsidiary of the Company (other than a Receivables Subsidiary) has any obligation to
maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results.

 

Any
such designation by the Board of Directors of the Company shall be evidenced to the Trustee by delivering to the Trustee a certified
copy of the Board Resolution giving effect to such designation and an Officer’s Certificate certifying that such designation
complied with the foregoing conditions.

 

“Record
Date” for the interest payable on any applicable Interest Payment Date means the April 15 or October 15 (whether or
not a Business Day) immediately preceding such Interest Payment Date.

 

“Redemption
Date” when used with respect to any Note to be redeemed pursuant to any provision in this Indenture means the date fixed
for such redemption pursuant to this Indenture. 

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“Reference
Period” means, at any time of determination, the most recent period of four consecutive fiscal quarters of the Company
ended on or prior to such time (taken as one accounting period) in respect of which financial statements for each such quarter
or fiscal year are internally available (as determined in good faith by the Company or any direct or indirect parent of the Company).

 

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

 

“Regulation S
Global Note” means a Regulation S Temporary Global Note or a Regulation S Permanent Global Note, as appropriate,
issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 903 or resold in reliance
on Rule 904.

 

“Regulation S
Permanent Global Note” means a permanent 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, issued in a denomination equal to the outstanding principal amount of the Regulation S Temporary
Global Note upon expiration of the Restricted Period.

 

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

 

“Regulation S
Temporary Global Note Legend” means the legend set forth in Section 2.06(f)(iii) to be placed on the Regulation S
Temporary Global Note.

 

“Replacement
Assets” means (1) assets that will be used or useful in a Permitted Business, (2) substantially all the assets
of a Permitted Business or (3) a majority of the Voting Stock of any Person engaged in a Permitted Business that will become
on the date of acquisition thereof a Restricted Subsidiary.

 

“Responsible
Officer” means, when used with respect to the Trustee or the Collateral Agent, any officer within the corporate trust
department of the Trustee or Collateral Agent, as applicable (or any successor group of the Trustee or Collateral Agent, as applicable),
including any vice president, assistant vice president, trust officer or any other officer of the Trustee or Collateral Agent,
as applicable, 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 in each case who shall have direct responsibility for the administration of this Indenture.

 

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

 

“Restricted
Subsidiary” means any Subsidiary of a Person that is not an Unrestricted Subsidiary of such Person. Unless otherwise
indicated in this Indenture, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Company.

 

“Revolving
Credit Agreement” means one or more debt facilities or other financing arrangements providing for revolving credit loans
and letters of credit, including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in
connection therewith, in each case, with the same or different borrower(s) or issuer(s) and, in each case, as amended, supplemented,
modified, extended, restructured, renewed, refinanced, restated, increased (provided that such increase in borrowings is
permitted under this Indenture), replaced or refunded in whole or in part from time to time and whether by the same or any other
agent, lender or investor or group of lenders or investors.

 

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

     -29-

     

    

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

 

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

 

“Rule 904”
means Rule 904 of Regulation S promulgated under the Securities Act.

 

“S&P”
means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business,
or any successor to the rating agency business thereof.

 

“Sale
and Leaseback Transaction” means, with respect to any Person, any transaction involving any of the assets or properties
of such Person whether now owned or hereafter acquired, whereby such Person sells or otherwise transfers such assets or properties
and then or thereafter leases such assets or properties or any part thereof or any other assets or properties, other than leases
between the Company and a Restricted Subsidiary of the Company or between Restricted Subsidiaries of the Company, which such Person
intends to use for substantially the same purpose or purposes as the assets or properties sold or transferred.

 

“SEC”
means the U.S. Securities and Exchange Commission or any governmental authority succeeding to any of its principal functions.

 

“Secured
Credit Documents” means, collectively, (i) this Indenture and the Note Guarantees, (ii) each loan agreement, credit
agreement, indenture or other agreement entered into by the Company after the Issue Date, if any, pursuant to which the Company
or any of its Restricted Subsidiaries will incur Additional Pari Passu Obligations and (iii) each loan agreement, credit agreement,
indenture or other agreement entered into by the Company after the Issue Date, if any, pursuant to which the Company or any of
its Restricted Subsidiaries will incur Junior Lien Priority Obligations.

 

“Secured
Indebtedness” means any Indebtedness secured by a Lien on any assets of the Company or any of the Restricted Subsidiaries.

 

“Secured
Leverage Ratio” means, as of any date of determination, the ratio of (1) the aggregate amount of consolidated Secured
Indebtedness (or, in the case of Secured Indebtedness issued at less than its principal amount at maturity, the accreted value
thereof) of the Company and the Restricted Subsidiaries to (2) Consolidated Cash Flow for the Company for the Reference Period.
The Secured Leverage Ratio shall be calculated in a manner consistent with the definition of “Consolidated Leverage Ratio.”
In the event that the Company shall classify Indebtedness Incurred on the date of determination as secured in part pursuant to
clause (5) of the definition of “Permitted Liens” and in part pursuant to one or more other clauses of such definition,
any calculation of consolidated Secured Indebtedness for purposes of clause (1) of this definition on such date (but not
in respect of any future calculation following such date) shall not include any such Indebtedness (and shall not give effect to
any repayment, repurchase, redemption, defeasance or other acquisition, retirement or discharge of Indebtedness from the proceeds
thereof) to the extent secured pursuant to any such other clause of the definition of “Permitted Liens.”

 

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

 

“Security
Agreement” means that certain Security Agreement, dated as of the Issue Date, made by and among the Company, the Guarantors
and the Collateral Agent, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance
with its terms.

 

“Security
Documents” means the Security Agreement, and all other pledge agreements, collateral assignments, mortgages, collateral
agency agreements, deeds of trust or other grants or transfers for security executed and delivered by the Company, or a Guarantor
(or purporting to create) a Lien upon the Collateral as contemplated by this Indenture or the Security Agreement, in each case,
as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms.

 

“Series”
means (a) with respect to the Pari Passu Secured Parties, (i) the Holders of the Notes, the Collateral Agent and the
Trustee (in their capacities as such, the “Notes Secured Parties”) and (ii) the Additional Pari Passu
Secured Parties that become subject to the Intercreditor Agreement after the Issue Date and that are represented by a common Authorized
Representative; and (b) with respect to any Pari Passu Obligations, the Notes Obligations and the Additional Pari Passu Obligations
incurred pursuant to any applicable agreement, which are to be represented under the Intercreditor Agreement by a common Authorized
Representative. 

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“Significant
Subsidiary” means with respect to any Person, any Restricted Subsidiary that would constitute a “significant subsidiary”
within the meaning of Article 1 of Regulation S-X of the Securities Act.

 

“Specified
Event of Default” means an Event of Default pursuant to Section 6.01(a)(1), (2), (7) or (8).

 

“Standard
Securitization Undertakings” means representations, warranties, covenants, indemnities and guarantees of performance
entered into by the Company or any Subsidiary of the Company which the Company or a direct or indirect parent of the Company has
determined in good faith to be customary in a Receivables Financing, including, without limitation, those relating to the servicing
of the assets of a Receivables Subsidiary, it being understood that any Receivables Repurchase Obligation shall be deemed to be
a Standard Securitization Undertaking.

 

“Stated
Maturity” means, with respect to any Indebtedness, the date on which the final payment of principal of such Indebtedness
was scheduled to be paid in the original documentation governing such Indebtedness, and will not include any contingent obligations
to repay, redeem or repurchase any such principal prior to the date originally scheduled for the payment thereof.

 

“Subordinated
Indebtedness” means (a) with respect to the Company, any Indebtedness of the Company which is by its terms subordinated
in right of payment to the Notes, and (b) with respect to any Guarantor, any Indebtedness of such Guarantor which is by its
terms subordinated in right of payment to its Guarantee. No Indebtedness shall be considered to be subordinated in right of payment
by virtue of being unsecured or by virtue of being secured on a junior priority basis.

 

“Subsidiary”
means, with respect to any Person:

 

(1)       a
corporation a majority of whose Voting Stock is at the time owned or controlled, directly or indirectly, by such Person, one or
more Subsidiaries thereof, or such Person and one or more Subsidiaries thereof; and

 

(2)       any
other Person (other than a corporation), including, without limitation, a partnership, limited liability company, business trust
or joint venture, in which such Person, one or more Subsidiaries thereof or such Person and one or more Subsidiaries thereof,
directly or indirectly, at the date of determination thereof, has at least a majority ownership interest entitled to vote in the
election of directors, managers or trustees thereof (or other Person performing similar functions).

 

“Transfer
Agent” means the Person specified in Section 2.03 as the Transfer Agent, and any and all successors thereto, to
receive on behalf of the Registrar any Notes for transfer or exchange pursuant to this Indenture.

 

“Treasury
Rate” means the yield to maturity as of the date of the relevant redemption notice of the most recently issued United
States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical
Release H.15 (or is obtainable from the Federal Reserve System’s Data Download Program as of the date of such H.15) that
has become publicly available at least two Business Days prior to such date (or, if such Statistical Release is no longer published,
any publicly available source of similar market data)) most nearly equal to the period from the date of such redemption notice
to February 1, 2026; provided, however, that if the period from such date to February 1, 2026 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.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended, or any successor statute. 

     -31-

     

    

“Trustee”
means Wilmington Trust, National Association, as trustee, until a successor replaces it in accordance with Section 7.08,
and thereafter means the successor serving hereunder.

 

“U.S.
dollar-equivalent” means with respect to any monetary amount in a currency other than U.S. dollars, at any time for
determination thereof, the amount of U.S. dollars obtained by converting such foreign currency involved in such computation into
U.S. dollars at the spot rate for the purchase of U.S. dollars with the applicable foreign currency as published in The Wall Street
Journal in the “Exchange Rates” column under the heading “Currency Trading” on the date two Business Days
prior to such determination.

 

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

 

“UCC”
means the Uniform Commercial Code as in effect from time to time in the State of New York; provided, however, that,
at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Collateral Agent’s
security interest in any item or portion of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction
other that the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time,
in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions
relating to such provisions.

 

“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 Global Note that does not bear and is not required to bear the Private Placement Legend.

 

“Unrestricted
Subsidiary” means any Subsidiary of the Company that is designated by the Board of Directors of the Company or any direct
or indirect parent of the Company as an Unrestricted Subsidiary pursuant to a Board Resolution in compliance with Section 4.11,
and any Subsidiary of such Subsidiary.

 

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

 

“Weighted
Average Life to Maturity” means, when applied to any Indebtedness, Disqualified Stock or Preferred Stock, as the case
may be, at any date, the quotient obtained by dividing (1) the sum of the products of (x) the number of years (calculated
to the nearest one-twelfth) from the date of determination to the date of each successive scheduled principal payment of such
Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock and (y) the amount
of such payment by (2) the sum of all such payments.

 

 Section 1.02           Other Definitions.

 

	Term
	Defined
                                         in Section

	“Affiliate
    Transaction” 	4.05(a)
	“Authentication
    Order” 	2.02
	“Company” 	Preamble
	“Covenant
    Defeasance” 	8.03
	“Covenant
    Suspension Event” 	4.14(a)
	“Disposition” 	1.01
    (Asset Sale)
	“DTC” 	2.03
	“Event
    of Default” 	6.01(a)
	“Excess
    Proceeds” 	4.07(c)
	“Irrevocable
    Repayment” 	4.15(a)
	“Legal
    Defeasance” 	8.02
	“Note
    Register” 	2.03
	“Notes
    Secured Parties” 	1.01
    (Series)
	“Paying
    Agent” 	2.03
	“Payment
    Date” 	1.01
    (Offer to Purchase)

     -32-

     

    

	Term
	Defined
                                         in Section

	“Payment
    Default” 	6.01(a)(4)(a)
	“Permitted
    Indebtedness” 	4.03(b)
	“Ratio
    Debt” 	4.03(a)
	“Registrar” 	2.03
	“Restricted
    Payment” 	4.04(a)
	“Reversion
    Date” 	4.14(b)
	“Suspended
    Covenants” 	4.14(a)
	“Suspension
    Period” 	4.14(c)
	“Testing
    Party” 	4.15(a)
	“Transaction
    Commitment Date” 	4.15(a)

 

 Section 1.03          Rules of Construction.

 

Unless
the context otherwise requires:

 

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

 

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

 

(c)          “or” is not exclusive;

 

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

 

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

 

(f)           provisions apply to successive events and transactions;

 

(g)          references to sections of, or rules under, the Securities Act or the 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 other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section, clause or other subdivision;

 

(j)           “including” means “including without limitation”;

 

(k)          “$,” “dollars” and “U.S. dollars” each refer to U.S. dollars, or such other money of the United
States of America that at any time of payment is legal tender for payment of public and private debts; and

 

(l)           unless
otherwise provided in this Indenture, the Notes or in any Security Document, the words “execute,” “execution,”
 “signed” and “signature” and words of similar import used in or related to any document to be signed in
connection with this Indenture, the Notes or any Security Document or any of the transactions contemplated hereby (including amendments,
waivers, consents and other modifications) will be deemed to include electronic signatures and the keeping of records in electronic
form, each of which will be of the same legal effect, validity or enforceability as a manually executed signature in ink or the
use of a paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in any applicable law, including
the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act,
and any other similar state laws based on the Uniform Electronic Transactions Act, provided that, notwithstanding anything herein
to the contrary, the Trustee and the Collateral Agent are not under any obligation to agree to accept electronic signatures in
any form or in any format unless expressly agreed to by the Trustee or the Collateral Agent, as applicable, pursuant to reasonable
procedures approved by the Trustee or the Collateral Agent, as the case may be. 

     -33-

     

    

Section 1.04           Acts of Holders.

 

(a)            Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given
or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments or record or both are delivered to the Trustee or Collateral Agent, as applicable,
and, where it is hereby expressly required, to the Company. Proof of execution of any such instrument or of a writing appointing
any such agent, or the holding by any Person of a Note, shall be sufficient for any purpose of this Indenture and (subject to
Section 7.01) conclusive in favor of the Trustee and Collateral Agent, if applicable, and the Company, if made in the manner
provided in this Section 1.04.

 

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

 

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

 

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

 

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

 

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

 

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

     -34-

     

    

ARTICLE 2

THE NOTES

 

		Section 2.01	Form and Dating; Terms.

 

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

 

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

 

(c)         
Temporary Global Notes. Notes offered and sold in reliance on Regulation S shall be issued initially in the form
of the Regulation S Temporary Global Note, which shall be deposited on behalf of the purchasers of the Notes represented thereby
with the Notes Custodian and registered in the name of the Depositary or the nominee of the Depositary for the accounts of designated
agents holding on behalf of Euroclear or Clearstream, duly executed by the Company and authenticated by the Trustee as hereinafter
provided.

 

(i)             During the Restricted Period, beneficial ownership interests in Regulation S Temporary Global Notes may only be sold, pledged
or transferred (A) to the Company, (B) in an offshore transaction in accordance with Rule 904 (other than a transaction resulting
in an exchange for an interest in a Regulation S Permanent Global Note) or (C) pursuant to an effective registration statement
under the Securities Act, in each case in accordance with any applicable securities laws of any State of the United States; and
beneficial interests in a 144A Global Note may be transferred to a Person who takes delivery in the form of an interest in a Regulation
S Global Note, whether before or after the expiration of the Restricted Period, only if the transferor first delivers to the Trustee
a written certificate to the effect that such transfer is being made in accordance with Rule 903 or 904 or Rule 144 (if applicable).

 

(ii)            Within a reasonable period after expiration or termination of the Restricted Period, beneficial interests in each Regulation
S Temporary Global Note shall be exchanged for beneficial interests in a Regulation S Permanent Global Note upon delivery to DTC
of the certification of compliance and the transfer of applicable Notes pursuant to the Applicable Procedures. Simultaneously with
the authentication of the corresponding Regulation S Permanent Global Note, the Trustee shall cancel the corresponding Regulation
S Temporary Global Note. The aggregate principal amount of a Regulation S Temporary Global Note and a Regulation S Permanent Global
Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its
nominee, as the case may be, in connection with transfers of interest as hereinafter provided.

 

(iii)           Notwithstanding anything to the contrary in Section 2.06, a beneficial interest in the Regulation S Temporary Global Note
may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note
prior to (X) the expiration of the Restricted Period and (Y) the receipt by the Registrar of any certificates required pursuant
to Rule 903(b)(3)(ii)(B), except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities
Act other than Rule 903 or Rule 904.

     -35-

     

    

(d)      
Terms. The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited.

 

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

 

The Notes shall be subject to repurchase
by the Company pursuant to an offer as provided in Section 4.07 or Section 4.09. The Notes shall not be redeemable, other
than as provided in Article 3.

 

An unlimited amount of Additional Notes
ranking pari passu with the Initial Notes may be created and issued from time to time by the Company without notice to or
consent of the Holders and shall be consolidated with and form a single class with the Initial Notes and shall have the same terms
as to status, redemption or otherwise (other than with respect to the purchase price thereof and the date from which the interest
accrues) as the Initial Notes; provided that the Company’s ability to issue Additional Notes shall be subject to the
Company’s compliance with Section 4.03 and Section 4.06. Such Additional Notes shall have identical terms and conditions
as the Initial Notes other than the issuance dates, issue price, transfer restrictions and, if applicable, the date from which
interest will initially begin to accrue and the first interest payment date. The Additional Notes shall be secured, equally and
ratably with the Notes and any Permitted Additional Pari Passu Obligations, by a Lien on the Collateral. Except as described under
Article 9, the Initial Notes and any Additional Notes subsequently issued under this Indenture will be treated as a single class
for all purposes under this Indenture, including waivers, amendments, redemptions and offers to purchase. Unless the context requires
otherwise, references to “Notes” for all purposes of this Indenture include any Additional Notes that are actually
issued. Any Additional Notes shall be issued with the benefit of an indenture supplemental to this Indenture.

 

		Section 2.02	Execution and Authentication.

 

At least one Officer shall execute the Notes
on behalf of the Company by manual, facsimile or other electronic signature.

 

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

 

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

 

On the Issue Date, the Trustee shall, upon
receipt of the Company’s order (an “Authentication Order”) signed by one Officer, authenticate and deliver
the Initial Notes. In addition, subject to the terms of this Indenture, at any time, from time to time, the Trustee shall upon
receipt of an Authentication Order authenticate and deliver any Additional Notes in an aggregate principal amount to be determined
at the time of issuance specified therein. Such Authentication Order shall specify the amount of the Notes to be authenticated
and, in the case of any issuance of Additional Notes pursuant to Section 2.01, shall certify that such issuance is in compliance
with Section 4.03 and Section 4.06.

 

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

     -36-

     

    

		Section 2.03	Registrar and Paying Agent.

 

The Company shall maintain an office or
agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office
or agency where Notes may be presented for payment (“Paying Agent”), which shall initially be the Corporate
Trust Office of the Trustee. The Registrar shall keep a register of the Notes (“Note Register”) and of their
transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar”
includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change
any Paying Agent or Registrar without prior notice to any Holder. The Company shall notify the Trustee in writing of the name and
address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or
Paying Agent, the Trustee (or such entity designated by the Trustee) shall act as such and any presentation may be made at the
Corporate Trust Office of the Trustee (or the office of such designee). The Company or any of its Subsidiaries may act as Paying
Agent or Registrar.

 

The Company initially appoints The Depository
Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.

 

The Company initially appoints the Trustee
to act as the Paying Agent, Registrar and Transfer Agent for the Notes and the Registrar to act as Custodian with respect to the
Global 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 Holders or the Trustee
all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the
Trustee, in writing, of any default by the 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 it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary)
shall have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold
in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization
proceedings relating to the Company, the Trustee (or such entity designated by the Trustee) shall serve as Paying Agent for the
Notes. The Paying Agent shall hold any funds received by them in connection with this Indenture as any other banker.

 

		Section 2.05	Holder Lists.

 

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

 

		Section 2.06	Transfer and Exchange.

 

(a)           
Transfer and Exchange of Global Notes. Except as otherwise set forth in this Section 2.06, a Global Note may
be transferred, in whole and not in part, 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. A beneficial interest in a Global Note may not be exchanged for a Definitive Note unless (i) the
Depositary (x) notifies the Company that it is unwilling or unable to continue as Depositary for such Global Note or (y) has
ceased to be a clearing agency registered under the Exchange Act and, in each case, a successor Depositary is not appointed by
the Company within 120 days after the date of such notice from the Depositary, (ii) the Company in its sole discretion determines
that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such
effect to the Trustee; provided that in no event shall the Regulation S Temporary Global Note be exchanged by the Company
for Definitive Notes prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates
required pursuant to Rule 903(b)(3)(ii)(B) or (iii) there will have occurred and be continuing a Default or Event of Default
with respect to the Notes and the Depositary requests the issuance of Definitive Notes. Upon the occurrence of any of the preceding
events in (i), (ii) or (iii) above, Definitive Notes delivered in exchange for any Global Note or beneficial interests
therein will be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depositary
(in accordance with its customary procedures). Global Notes also may be exchanged or replaced, in whole or in part, as provided
in Sections 2.07 and 2.10. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion
thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10, shall be authenticated and delivered in the form of,
and shall be, a Global Note, except for Definitive Notes issued subsequent to any of the preceding events in (i), (ii) or
(iii) above and pursuant to Section 2.06(c) or (e). A Global Note may not be exchanged for another Note other than as
provided in this Section 2.06(a); provided, however, beneficial interests in a Global Note may be transferred
and exchanged as provided in Sections 2.06(b), (c) and (i).

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

 

(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, transfers of beneficial interests in the Regulation S Temporary Global Note may
not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Beneficial interests
in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in
an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the
transfers described in this Section 2.06(b)(i).

 

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

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

 

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

 

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

 

(C)        
if the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable.

 

(iv)        
Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted
Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest
in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(ii) and:

 

(A)        
the Registrar receives the following:

 

(1)          
if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for
a beneficial interest in an Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C
hereto, including the certifications in item (1)(a) thereof; or

 

(2)          
if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from
such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;

 

and, in each such case set forth in this subparagraph
(A), if the Registrar or the Company so requests or if the Applicable Procedures so require an Opinion of Counsel in form reasonably
acceptable to the Registrar or the Company, as applicable, to the effect that such exchange or transfer is in compliance with the
Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required
in order to maintain compliance with the Securities Act; or

 

(B)        
such transfer is effected pursuant to an automatic exchange in accordance with Section 2.06(i) of this Indenture.

 

If any such transfer is effected pursuant
to this Section 2.06(b)(iv)(A) 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 aggregate principal amount of beneficial interests transferred pursuant
to this Section 2.06(b)(iv).

 

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

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

 

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

 

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

 

(D)         
if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications
in item (3)(a) thereof;

 

(E)         
if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from
the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate
substantially in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required
by item (3) thereof, if applicable;

 

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

 

(G)         
if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof;

 

the Trustee shall cause the aggregate principal amount of the
applicable Global Note to be reduced accordingly pursuant to Section 2.06(g), and the Company shall execute and the Trustee
shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the applicable principal amount.
Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)
shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial
interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The
Trustee shall 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 in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private
Placement Legend and shall be subject to all restrictions on transfer contained therein.

 

(ii)        
Beneficial Interests in Regulation S Temporary Global Notes to Definitive Notes. Notwithstanding Sections 2.06(c)(i)(A)
and (C), a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred
to a Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of the Restricted Period
and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B), except in the case of
a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904.

 

(iii)       
Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest
in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial
interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only upon the occurrence of any
of the events in subsection (i), (ii) or (iii) of Section 2.06(a) and if:

 

(A)        
the Registrar receives the following:

 

(1)          
if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for
an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including
the certifications in item (1)(b) thereof; or

     -40-

     

    

(2)          
if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder substantially
in the form of Exhibit B hereto, including the certifications in item (4) thereof;

 

and, in each such case set forth in this subparagraph
(A), if the Registrar or the Company so requests or if the Applicable Procedures so require an Opinion of Counsel in form reasonably
acceptable to the Registrar or the Company, as applicable, to the effect that such exchange or transfer is in compliance with the
Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required
in order to maintain compliance with the Securities Act; or

 

(B)        
such transfer is effected pursuant to an automatic exchange in accordance with Section 2.06(i) of this Indenture.

 

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

 

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

 

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

 

(A)        
if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted
Global Note, a certificate from such Holder substantially 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, a certificate substantially
in the form of Exhibit B hereto, including the certifications in item (1) thereof;

 

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

 

(D)        
if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including
the certifications in item (3)(a) thereof;

     -41-

     

    

(E)         
if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption
from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate
substantially in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required
by item (3) thereof, if applicable;

 

(F)         
if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate substantially
in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or

 

(G)        
if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities
Act, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof,

 

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

 

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

 

(A)        
the Registrar receives the following:

 

(1)           
if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global
Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in
item (1)(c) thereof; or

 

(2)           
if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit B
hereto, including the certifications in item (4) thereof;

 

and, in each such case set forth in this subparagraph
(A), if the Registrar or the Company so requests or if the Applicable Procedures so require an Opinion of Counsel in form reasonably
acceptable to the Registrar or the Company, as applicable, to the effect that such exchange or transfer is in compliance with the
Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required
in order to maintain compliance with the Securities Act; or

 

(B)        
such transfer is effected pursuant to an automatic exchange in accordance with Section 2.06(i) of this Indenture.

 

Upon satisfaction of the conditions of any
of the subparagraphs in this Section 2.06(d)(ii), the Trustee shall cancel the Definitive Notes and increase or cause to be
increased the aggregate principal amount of the Unrestricted Global Note.

 

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

     -42-

     

    

If any such exchange or transfer from a
Definitive Note to a beneficial interest is effected pursuant to subparagraph (ii)(A) 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 Definitive Notes so transferred.

 

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

 

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

 

(A)        
if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate substantially 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; or

 

(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 the certifications required by
item (3) thereof, if applicable.

 

(ii)        
Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by
the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form
of an Unrestricted Definitive Note if:

 

(A)        
the Registrar receives the following:

 

(1)           
if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a
certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(d)
thereof; or

 

(2)           
if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof
in the form of an Unrestricted Definitive Note, a certificate from such Holder substantially in the form of Exhibit B
hereto, including the certifications in item (4) thereof;

 

and, in each such case set forth in this subparagraph
(A), if the Registrar or the Company so requests an Opinion of Counsel in form reasonably acceptable to the Registrar or the Company,
as applicable, to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act; or

 

(B)      
such transfer is effected pursuant to an automatic exchange in accordance with Section 2.06(i) of this Indenture.

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

 

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

 

(i)          
Private Placement Legend.

 

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

 

“THE SECURITY (OR ITS PREDECESSOR) EVIDENCED
HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE U.S. SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE
ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED
THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.
THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED
OR OTHERWISE TRANSFERRED ONLY (1) (a) TO A PERSON WHO IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS
OF RULE 144A UNDER THE SECURITIES ACT, (b) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN A TRANSACTION MEETING THE REQUIREMENTS
OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF APPLICABLE), OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY IF THE COMPANY SO REQUESTS),
(2) TO THE COMPANY OR A SUBSIDIARY OF THE COMPANY OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE
HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE SECURITY EVIDENCED HEREBY OF THE RESALE
RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE
144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY.”

 

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

     -44-

     

    

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

 

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

 

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

 

“THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE
FOR PURPOSES OF REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY INTEREST
HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE INDENTURE REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE
SHALL BE ENTITLED TO RECEIVE PAYMENT OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT
TO THE TERMS OF THE INDENTURE.”

 

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

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(h)          
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 receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s
request.

 

(ii)          
No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, but the Company and Trustee may require payment of a sum sufficient to cover any
transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental
charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 4.07, 4.09 and 9.04).

 

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

 

(iv)         
Neither the Registrar nor the Company shall be required (A) to issue, to register the transfer of or to exchange any
Notes during a period beginning at the opening of business 15 days before the day of mailing of notice of redemption of Notes
for redemption under Section 3.02 and ending at the close of business on the day of such mailing, (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, or (C) to register the transfer of or to exchange a Note between a Record Date and the next succeeding Interest
Payment Date.

 

(v)          
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 premium, if any) 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.

 

(vi)         
Upon surrender for registration of transfer of any Note at the office or agency of the Company designated pursuant to Section 2.03,
the Company shall execute, and the Trustee shall, upon receipt of an Authentication Order, authenticate and mail, in the name of
the designated transferee or transferees, one or more replacement Notes of any authorized denomination or denominations of a like
aggregate principal amount.

 

(vii)        
At the option of the Holder, Notes may be exchanged for other Notes of any authorized denomination or denominations of a
like aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever any Global Notes
or Definitive Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall, upon receipt of an Authentication
Order, authenticate and mail, the replacement Global Notes and Definitive Notes which the Holder making the exchange is entitled
to in accordance with the provisions of Section 2.06.

 

(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, Registrar and Paying Agent 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 transfers between or among Depositary participants or beneficial owners of interests in any Global Note)
other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do
so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof.

 

(x)           
Neither the Trustee nor the Collateral Agent shall have any responsibility or obligation to any beneficial owner of a Global
Note, a member of, or a participant in, the Depositary or other Person with respect to the accuracy of the records of the Depositary
or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to
the delivery to any participant, member, beneficial owner, or other Person (other than the Depositary) of any notice (including
any notice of redemption or purchase) or the payment of any amount or delivery of any Notes (or other security or property) under
or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to Holders
in respect of the Notes shall be given or made only to or upon the order of the registered Holders. The rights of beneficial owners
in any Global Note shall be exercised only through the applicable clearing system subject to the Applicable Procedures. The Trustee
and Collateral Agent may rely and shall be fully protected in relying upon information furnished by the Depositary with respect
to its members, participants, and any beneficial owners. Neither the Trustee nor any of its agents shall have any responsibility
for any actions taken or not taken by DTC.

     -46-

     

    

(i)            
Automatic Exchange from Restricted Global Note to Unrestricted Global Note. At the option of the Company and upon
compliance with the following procedures, beneficial interests in a Restricted Global Note shall be exchanged for beneficial interests
in an Unrestricted Global Note. In order to effect such exchange, the Company shall provide written notice to the Trustee and the
Company shall (i) direct the Depositary to transfer the specified amount of the outstanding beneficial interests in a particular
Restricted Global Note to an Unrestricted Global Note and provide the Depositary with all such information as is necessary for
the Depositary to appropriately credit and debit the relevant Holder accounts and (ii) provide prior written notice to all
Holders of such exchange, which notice must include the date such exchange is proposed to occur, the CUSIP number of the relevant
Restricted Global Note and the CUSIP number of the Unrestricted Global Note into which such Holders’ beneficial interests
will be exchanged. As a condition to any such exchange pursuant to this Section 2.06(i), the Trustee shall be entitled to
receive from the Company, and rely upon conclusively without any liability, an Officer’s Certificate and an Opinion of Counsel
to the effect that such transfer of beneficial interests to the Unrestricted Global Note shall be effected in compliance with the
Securities Act and the terms and conditions of this Indenture. The Company may request from Holders such information it reasonably
determines is required in order to be able to deliver such Officer’s Certificate and Opinion of Counsel. Upon such exchange
of beneficial interests pursuant to this Section 2.06(i), the Registrar shall reflect on its books and records the date of
such transfer and a decrease and increase, respectively, in the principal amount of the applicable Restricted Global Note and the
Unrestricted Global Note, respectively, equal to the principal amount of beneficial interests transferred. Following any such transfer
pursuant to this Section 2.06(i) of all of the beneficial interests in a Restricted Global Note, such Restricted Global Note shall
be canceled.

 

		Section 2.07	Replacement Notes.

 

If any mutilated Note is surrendered to
the Trustee or the Company and the Trustee receives evidence to its satisfaction of the ownership and destruction, loss or theft
of any Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement
Note if the Trustee’s requirements are met. An indemnity bond must be supplied by the Holder that is sufficient in the judgment
of the Trustee (with respect to the Trustee) and the Company (with respect to the Company) to protect the Company, the Trustee,
any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company and/or the
Trustee may charge for their expenses in replacing a Note.

 

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

 

		Section 2.08	Outstanding Notes.

 

The Notes outstanding at any time are all
the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions
in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this
Section 2.08 as not outstanding. Except as set forth in Section 2.09, a Note does not cease to be outstanding because
the Company or an Affiliate of the Company holds the Note.

 

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

     -47-

     

    

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

 

If the Paying Agent (other than the Company,
a Subsidiary or an Affiliate of any thereof) holds, on a Redemption Date or maturity date, money sufficient to pay Notes payable
on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest.

 

		Section 2.09	Treasury Notes.

 

In determining whether the Holders of the
required principal amount of Notes have concurred in any request, demand, authorization, direction, notice, consent or waiver (other
than in respect of any action pursuant to the second paragraph under Section 9.02, which requires the consent of each Holder of
an affected Note), Notes owned by the Company, or by any Affiliate of the Company, shall be considered as though not outstanding,
except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or
consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Notes so owned
which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right to deliver any such direction, waiver or consent with respect to the Notes and that the pledgee is not the
Company or any obligor upon the Notes or any Affiliate of the Company or of such other obligor.

 

		Section 2.10	Temporary Notes.

 

Until certificates representing Notes are
ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary
Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Company considers
appropriate for temporary Notes. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive
Notes in exchange for temporary Notes.

 

Holders of temporary Notes shall be entitled
to all of the benefits accorded to Holders of Notes under this Indenture.

 

		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 or, at the direction of the Trustee, the Registrar or the Paying Agent
and no one else shall, at the written direction of the Company, cancel all Notes surrendered for registration of transfer, exchange,
payment, replacement or cancellation and shall dispose of such canceled Notes in accordance with its customary procedures. Certification
of the cancellation of all cancelled Notes shall be delivered to the Company upon written request. The Company may not issue new
Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation.

 

		Section 2.12	Defaulted Interest.

 

If the Company defaults in a payment of
interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on
the defaulted interest to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in
the Notes. The Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note
and the date of the proposed payment, and 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 provided in this Section 2.12. The Company shall fix or cause to be fixed each such
special record date and payment date; provided that no such special record date shall be less than 10 days prior to
the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon
the written request of the Company, the Trustee in the name and at the expense of the Company) shall mail or cause to be mailed,
first-class postage prepaid, to each Holder a notice (which shall be prepared by the Company) at his or her address as it appears
in the Note Register that states the special record date, the related payment date and the amount of such interest to be paid.

     -48-

     

    

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

 

		Section 2.13	CUSIP and ISIN Numbers.

 

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

 

ARTICLE 3

REDEMPTION

 

		Section 3.01	Notices to Trustee.

 

If the Company elects to redeem Notes pursuant
to Section 3.07, it shall furnish to the Trustee and the Agents, at least two Business Days for Global Notes or ten calendar
days for Definitive Notes (or such shorter period as is agreed to by the Trustee) before notice of redemption is required to be
mailed or caused to be mailed to Holders pursuant to Section 3.03 an Officer’s Certificate setting forth (i) the paragraph
or sub-paragraph of such Note and/or Section of this Indenture pursuant to which the redemption shall occur, (ii) the Redemption
Date, (iii) the principal amount of the Notes to be redeemed and (iv) the redemption price.

 

		Section 3.02	Selection of Notes to Be Redeemed or Purchased.

 

If less than all of the Notes are to be
redeemed or purchased in an Offer to Purchase at any time, the Trustee shall select Notes for redemption or purchase as follows
(a) in compliance with the requirements of the securities exchange, if any, on which the Notes are listed, which requirements
shall be specified in writing by the Company to the Trustee; or (b) if the Notes are not so listed, on a pro rata basis,
by lot or by such other method as the Paying Agent or Registrar deems fair and appropriate (and in such manner as complies with
applicable legal requirements and, in the case of Global Notes, the procedures of DTC).

 

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

 

		Section 3.03	Notice of Redemption.

 

The Company shall mail or cause to be mailed
by first-class mail (or sent electronically, or otherwise in accordance with the procedures of DTC) notices of redemption at least
10 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at such Holder’s
registered address (with a copy to the Trustee and Paying Agent) or otherwise in accordance with the procedures of the Depository,
except that redemption notices may be mailed more than 60 days prior to a Redemption Date if the notice is issued (i) in connection
with Article 8 or Article 14 or (ii) in the case of a redemption that is subject to one or more conditions precedent,
as described in the next succeeding sentence. In connection with any redemption of Notes, any such redemption or notice may, at
the Company’s discretion, be subject to one or more conditions precedent. In addition, if such redemption or notice is subject
to satisfaction of one or more conditions precedent, such notice shall state that, in the Company’s discretion, the redemption
date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Company in its sole discretion),
or such redemption may not occur and such notice may be modified or rescinded in the event that any or all such conditions shall
not have been satisfied (or waived by the Company in its sole discretion) by the redemption date, or by the redemption date so
delayed. In addition, such notice of redemption may be extended if such conditions precedent have not been satisfied or waived
by the Company by providing notice to the Holders.

     -49-

     

    

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

 

(a)          
the Redemption Date;

 

(b)          
the redemption price;

 

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

 

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

 

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

 

(f)           
that, so long as the Company has deposited with the Trustee funds sufficient to pay the principal of, premium, if any, and
accrued and unpaid interest, if any, on the Notes to be redeemed, interest on Notes or portions thereof called for redemption ceases
to accrue on and after the Redemption Date;

 

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

 

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

 

At the Company’s request, the Trustee
shall give the notice of redemption in the name of the Company and at the Company’s expense; provided that the Company
shall have delivered to the Trustee, at least two Business Days, in the case of Global Notes, and five Business Days, in the case
of Definitive Notes, before notice of redemption is required to be mailed (or electronically delivered) or caused to be mailed
(or electronically delivered) to Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the
Trustee), an Officer’s Certificate (which may be the same Officer’s Certificate delivered pursuant to Section 3.01)
requesting that the Trustee give such notice and a copy of the notice containing the information required in the preceding paragraph.

 

The Company shall deliver written notice
to the Trustee setting forth the calculation of the Applicable Premium, if any, on or prior to the date a notice of redemption
is given, and the Trustee may conclusively rely on such calculation without further investigation.

 

In no event shall the Trustee be responsible
for monitoring, or charged with knowledge of, the maximum aggregate amount of the Notes eligible under this Indenture to be redeemed.

     -50-

     

    

		Section 3.04	Effect of Notice of Redemption.

 

Once notice of redemption is mailed or sent
electronically in accordance with Section 3.03, Notes called for redemption become irrevocably due and payable on the Redemption
Date at the redemption price, subject to the satisfaction of any conditions precedent. The notice, if mailed (or sent electronically)
in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice.
In any case, failure to give such notice by mail (or electronically) or any defect in the notice to the Holder of any Note designated
for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. Subject
to Section 3.05, on and after the Redemption Date, interest ceases to accrue on Notes or portions thereof called for redemption
unless the Company defaults in the delivery of the redemption payment.

 

Neither the Trustee, the Paying Agent nor
the Registrar shall be liable for any selections made by it in accordance with the preceding paragraphs.

 

		Section 3.05	Deposit of Redemption or Purchase Price.

 

Prior to 10:00 a.m. (New York City
time) on the redemption or purchase date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient
to pay the redemption or purchase price of and accrued and unpaid interest on all Notes to be redeemed or purchased on that date.
The Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by
the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued and unpaid interest on,
all Notes to be redeemed or purchased.

 

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

 

		Section 3.06	Notes Redeemed or Purchased in Part.

 

Upon surrender of a Note (other than a Global
Note) that is redeemed or purchased in part, the Company shall issue and the Trustee shall authenticate for the Holder at the expense
of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered representing
the same indebtedness to the extent not redeemed or purchased; provided that each new Note will be in a principal amount
of $2,000 or an integral multiple of $1,000 in excess thereof. It is understood that, notwithstanding anything in this Indenture
to the contrary, only an Authentication Order and not an Opinion of Counsel or Officer’s Certificate is required for the
Trustee to authenticate such new Note.

 

		Section 3.07	Optional Redemption.

 

(a)          
At any time prior to February 1, 2026 (three months prior to the maturity date of the Notes), the Company may redeem all
or part of the Notes at a redemption price equal to the sum of (i) 100.0% of the principal amount thereof, (ii) the Applicable
Premium as of the date of redemption and (iii) accrued and unpaid interest thereon to, but excluding, the Redemption Date,
subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment
date falling prior to or on the Redemption Date.

 

(b)           At any time, in connection with any tender offer or other offer to purchase the Notes (including pursuant to an Offer to
Purchase), if not less than 90.0% in aggregate principal amount of the outstanding Notes are purchased by the Company, or any third
party purchasing or acquiring Notes in lieu of the Company, all of the Holders of the Notes will be deemed to have consented to
such tender offer or other offer and, accordingly, the Company or such third party will have the right, upon notice as described
below, to redeem the Notes that remain outstanding following such purchase at the price paid to holders in such purchase (which
may be less than par), plus accrued and unpaid interest, if any, on such Notes to, but excluding, the Redemption Date, subject
to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date falling
prior to or on the Redemption Date.

     -51-

     

    

(c)           
In addition, at any time on or after February 1, 2026, the Company may redeem the Notes, in whole or in part, at a redemption
price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but not
including, the Redemption Date.

 

		Section 3.08	Mandatory Redemption; Open-Market Purchases.

 

The Company will not be required to make
any mandatory redemption or sinking fund payments with respect to the Notes. The Company or its Affiliates may at any time and
from time to time purchase Notes or other Indebtedness of the Company or its Affiliates. Any such purchases may be made through
open-market or privately negotiated transactions with third parties or pursuant to one or more tender or exchange offers or otherwise,
upon such terms and at such prices, as well as with such consideration, as the Company or any such Affiliates may determine.

 

ARTICLE 4

COVENANTS

 

		Section 4.01	Payment of Principal, Premium and Interest.

 

The Company shall duly and punctually pay
the principal of, premium, if any, and interest on the Notes in accordance with the terms of the Notes and this Indenture. Principal,
premium, if any, and interest will be considered paid on the date due if the Paying Agent, if other than the Company or an Affiliate
thereof, holds as of 10:00 a.m. New York City Time on the due date money deposited by the Company in immediately available funds
and designated for and sufficient to pay all principal, premium, if any, and interest, if any, then due.

 

		Section 4.02	Corporate Existence.

 

Subject to Article 5, the Company shall
do or cause to be done all things necessary to preserve and keep in full force and effect the existence (corporate or otherwise)
and related rights and franchises (charter and statutory) of the Company and each Restricted Subsidiary; provided, however,
that the Company shall not be required to preserve any such right or franchise or the existence (corporate or otherwise) of any
such Restricted Subsidiary if the Board of Directors of the Company shall determine that the preservation thereof is no longer
necessary or desirable in the conduct of the business of the Company and its Restricted Subsidiaries as a whole and that the loss
thereof could not reasonably be expected to have a material adverse effect on the ability of the Company to perform its obligations
hereunder; provided, further, however, that the foregoing shall not prohibit a sale, transfer or conveyance
of a Restricted Subsidiary or any of its assets in compliance with the terms of this Indenture.

 

		Section 4.03	Limitation on Indebtedness, Disqualified Stock and
Preferred Stock.

 

(a)           
The Company will not, and will not permit any Restricted Subsidiary to, Incur any Indebtedness or issue shares of Disqualified
Stock; provided that the Company or any Guarantor may Incur Indebtedness or issue shares of Disqualified Stock or shares
of Preferred Stock if, after giving effect to the Incurrence of such Indebtedness, or the issuance of such Disqualified Stock or
Preferred Stock, as the case may be, and the receipt and application of the proceeds therefrom, either (x) the Consolidated Leverage
Ratio would be positive and less than 6.00 to 1.00 or (y) the Fixed Charge Coverage Ratio would be 2.00 to 1.00 or greater (“Ratio
Debt”).

     -52-

     

    

(b)          
Section 4.03(a) will not prohibit the Incurrence of any of the following (collectively, “Permitted Indebtedness”):

 

(1)       
the Incurrence by the Company or any Guarantor of Indebtedness under a Revolving Credit Agreement (including, without limitation,
the Incurrence by the Company and the Guarantors of Guarantees thereof) in an aggregate amount at any one time outstanding pursuant
to this clause (1) not to exceed $75.0 million;

 

(2)       
Existing Indebtedness;

 

(3)       
the Incurrence by the Company and the Guarantors of Indebtedness represented by the Notes issued on the Issue Date and the
related Note Guarantees;

 

(4)       
the Incurrence by the Company or any Restricted Subsidiary of Indebtedness (including Indebtedness represented by Finance
Lease Obligations not associated with IRUs, mortgage financings and purchase money obligations) Incurred for the purpose of financing
all or any part of the purchase price or cost of lease, construction, installation, repair or improvement of property, plant or
equipment or other fixed or capital assets used in the business of the Company or such Restricted Subsidiary (including any reasonably
related fees or expenses Incurred in connection with such acquisition, construction or improvement, and whether through the direct
purchase of such assets or through the purchase of the Capital Stock of any Person owning such assets), in an aggregate amount,
including all Indebtedness Incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness Incurred pursuant
to this clause (4), not to exceed, at any time outstanding, the greater of (x) $50.0 million and (y) 20.0%
of Consolidated Cash Flow for the Reference Period; provided that Finance Lease Obligations Incurred by the Company or any Restricted
Subsidiary pursuant to this clause (4) in connection with a Sale and Leaseback Transaction shall not be subject to the foregoing
limitation so long as the proceeds of such Sale and Leaseback Transaction are used by the Company or such Restricted Subsidiary
to permanently repay outstanding loans under any Indebtedness secured by a Lien (it being understood that any Indebtedness Incurred
pursuant to this clause (4) shall cease to be deemed Incurred and outstanding pursuant to this clause (4) but shall be
deemed Incurred and outstanding as Ratio Debt from and after the first date on which the Company or any such Guarantor, as the
case may be, could have Incurred such Indebtedness as Ratio Debt (to the extent the Company or any such Guarantor is able to Incur
any Liens related thereto as Permitted Liens after such reclassification));

 

(5)       
the Incurrence by the Company or any Restricted Subsidiary of Permitted Refinancing Indebtedness in exchange for, or the
net cash proceeds of which are used to refund, refinance or replace Indebtedness, Disqualified Stock and Preferred Stock that was
permitted by this Indenture to be Incurred as Ratio Debt, under this clause (5) or under clause (2), (3) or (16) of
this Section 4.03(b) or subclause (y) of any of clauses (4) or (14) (provided that any amounts Incurred under this
clause (5) as Permitted Refinancing Indebtedness in respect of Indebtedness, Disqualified Stock and Preferred Stock Incurred
pursuant to subclause (y) of any of these clauses shall reduce the amount available under such subclause (y) of such
clause so long as such Permitted Refinancing Indebtedness remains outstanding (but, in each case, not below $0)), including any
Increased Amount;

 

(6)       
the Incurrence by the Company or any Restricted Subsidiary of Indebtedness or Disqualified Stock owing to and held by the
Company or any Restricted Subsidiary; provided that:

 

(a)          if the Company or any Guarantor is the obligor on such Indebtedness or Disqualified Stock and such Indebtedness or Disqualified
Stock is owed to a non-Guarantor Restricted Subsidiary, such Indebtedness must be unsecured and expressly subordinated in right
of payment to the prior payment in full in cash of all Obligations with respect to the Notes, in the case of the Company, or the
Note Guarantee, in the case of a Guarantor; and

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(b)          any event that results in any such Indebtedness or Disqualified Stock being held by a Person other than the Company or a
Restricted Subsidiary (except for any pledge of such Indebtedness or Disqualified Stock constituting a Permitted Lien until the
pledgee commences actions to foreclose on such Indebtedness or Disqualified Stock) will be deemed, in each case, to constitute
an Incurrence of such Indebtedness or Disqualified Stock by the Company or such Restricted Subsidiary, as the case may be, that
was not permitted by this clause (6);

 

(7)       
(i) the Guarantee by the Company or any Guarantor of Indebtedness of the Company or a Restricted Subsidiary and (ii) the
Guarantee by a non-Guarantor Restricted Subsidiary of Indebtedness of another non-Guarantor Restricted Subsidiary, in each case,
that was permitted to be Incurred by another provision of this Section 4.03;

 

(8)       
the Incurrence by the Company or any Restricted Subsidiary of Hedging Obligations that are Incurred for the purpose of fixing,
hedging or swapping interest rate, commodity price or foreign currency exchange rate risk (or to reverse or amend any such agreements
previously made for such purposes), and not for speculative purposes;

 

(9)       
the Incurrence by the Company or any Restricted Subsidiary of Indebtedness arising from agreements providing for indemnification,
earn-outs, adjustment of purchase price or similar obligations, or Guarantees or letters of credit, surety bonds or performance
bonds securing any obligations of the Company or any Restricted Subsidiary pursuant to such agreements, in any case Incurred in
connection with the disposition or acquisition of any business, assets or Capital Stock of a Restricted Subsidiary (other than
Guarantees of Indebtedness, Incurred by any Person acquiring all or any portion of such business, assets or Capital Stock of a
Restricted Subsidiary for the purpose of financing such acquisition), so long as the amount does not exceed the gross proceeds
actually received by the Company or any Restricted Subsidiary in connection with such disposition;

 

(10)     
the Incurrence by the Company or any Restricted Subsidiary of Indebtedness in respect of bid, performance or surety bonds
or letters of credit issued in the ordinary course of business, including letters of credit supporting lease obligations or supporting
such bid, performance or surety bonds or in respect of workers’ compensation claims, health, disability or other employee
benefits (whether current or former) or property, casualty or liability insurance or self-insurance, or other Indebtedness with
respect to reimbursement-type obligations regarding workers’ compensation claims, health, disability or other employee benefits
(whether current or former) or property, casualty or liability insurance;

 

(11)     
the Incurrence by the Company or any Restricted Subsidiary of Indebtedness, Disqualified Stock or Preferred Stock to the
extent the net cash proceeds thereof are promptly deposited pursuant to Sections 8.02, 8.03 or 14.01;

 

(12)     
customer deposits and advance payments received from customers for goods and services sold in the ordinary course of business;

 

(13)     
the Incurrence by the Company or any Restricted Subsidiary of Indebtedness (including Finance Lease Obligations) represented
by an IRU which is entered into in the ordinary course of business;

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(14)     
the Incurrence by the Company or any Restricted Subsidiary of additional Indebtedness, Disqualified Stock or Preferred Stock
in an aggregate amount at any one time outstanding pursuant to this clause (14), not to exceed $100.0 million; provided
that the principal amount of Indebtedness, Disqualified Stock or Preferred Stock Incurred by any Restricted Subsidiary that is
not a Guarantor pursuant to this clause (14) does not exceed $50.0 million at any one time outstanding (it being understood that
any Indebtedness, Disqualified Stock or Preferred Stock Incurred pursuant to this clause (14) shall cease to be deemed Incurred
and outstanding pursuant to this clause (14) but shall be deemed Incurred and outstanding as Ratio Debt from and after the
first date on which the Company or any such Guarantor, as the case may be, could have Incurred such Indebtedness, Disqualified
Stock or Preferred Stock as Ratio Debt);

 

(15)     
Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business;

 

(16)     
Indebtedness, Disqualified Stock or Preferred Stock (i) of the Company or any of its Restricted Subsidiaries Incurred
to finance an acquisition and (ii) of Persons that are acquired by the Company or any of its Restricted Subsidiaries or merged
into the Company or a Restricted Subsidiary in accordance with the terms of this Indenture; provided, however, that after
giving effect to such acquisition and the Incurrence of such Indebtedness, Disqualified Stock or Preferred Stock, either:

 

(a)    the
Company would be permitted to Incur at least $1.00 of additional Indebtedness as Ratio Debt; or

 

(b)    the
Consolidated Leverage Ratio or Fixed Charge Coverage Ratio would be less (in the case of the Consolidated Leverage Ratio) or more
(in the case of the Fixed Charge Coverage Ratio) than immediately prior to such acquisition;

 

(17)        Indebtedness
owed on a short-term basis to banks and other financial institutions Incurred in the ordinary course of business of the Company
and the Restricted Subsidiaries with such banks or financial institutions that arises in connection with ordinary banking arrangements
to manage cash balances of the Company and the Restricted Subsidiaries;

 

(18)        Indebtedness
incurred by the Company or any Restricted Subsidiary in connection with bankers’ acceptances, discounted bills of exchange
or the discounting or factoring of receivables for credit management purposes, in each case incurred or undertaken in the ordinary
course of business on arm’s-length commercial terms;

 

(19)        shares
of Preferred Stock of a Restricted Subsidiary issued to the Company or another Restricted Subsidiary; provided that any
subsequent issuance or transfer of any Capital Stock or any other event that results in any Restricted Subsidiary that holds such
shares of Preferred Stock of another Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer
of any such shares of Preferred Stock (except to the Company or another Restricted Subsidiary) shall be deemed, in each case, to
be an issuance of shares of Preferred Stock not permitted by this clause (19);

 

(20)        Indebtedness
Incurred by a Receivables Subsidiary in a Qualified Receivables Financing that is not recourse to the Company or any Restricted
Subsidiary other than a Receivables Subsidiary (except for Standard Securitization Undertakings);

 

(21)        customer
deposits and advance payments received in the ordinary course of business from customers for goods purchased in the ordinary course
of business;

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(22)        Indebtedness
of the Company or any Restricted Subsidiary supported by a letter of credit or bank guarantee issued pursuant to any credit facility
permitted under this Indenture, so long as such letter of credit has not been terminated and is in a principal amount not in excess
of the stated amount of such letter of credit or bank guarantee;

 

(23)        Indebtedness
of the Company or any Restricted Subsidiary consisting of (x) the financing of insurance premiums or (y) take-or-pay
obligations contained in supply arrangements, in each case, in the ordinary course of business;

 

(24)        (x)
Indebtedness, Disqualified Stock or Preferred Stock issued by the Company or any Restricted Subsidiary to future, current or former
officers, directors, managers, employees, consultants and independent contractors thereof or any direct or indirect parent thereof,
their respective estates, heirs, family members, spouses or former spouses, in each case to finance the purchase or redemption
of Equity Interests of the Company or any direct or indirect parent of the Company to the extent permitted under Section 4.04;

 

(25)        guarantees
Incurred in the ordinary course of business in respect of obligations to suppliers, customers, franchisees, lessors, licensees,
sub-licensees and distribution partners; and

 

(26)        unfunded
pension fund and other employee benefit plan obligations and liabilities to the extent (i) that they are permitted to remain
unfunded under applicable law and (ii) incurred in ordinary course of business consistent with past practices.

 

(c)           For purposes of determining compliance with this covenant, in the event that an item of Indebtedness, Disqualified Stock
or Preferred Stock (or any portion thereof) meets the criteria of more than one of the categories of Permitted Indebtedness or
is entitled to be Incurred as Ratio Debt, the Company shall, in its sole discretion, at the time of Incurrence, divide, classify
or reclassify, or at any later time divide, classify or reclassify, such item of Indebtedness, Disqualified Stock or Preferred
Stock (or any portion thereof) in any manner that complies with this covenant. Guarantees of, or obligations in respect of letters
of credit relating to, Indebtedness that are otherwise included in the determination of a particular amount of Indebtedness shall
not be included in the determination of such amount of Indebtedness; provided that the Incurrence of the Indebtedness represented
by such Guarantee or letter of credit, as the case may be, was in compliance with this Section 4.03.

 

(d)       
For purposes of determining compliance with this covenant, all Disqualified Stock or Preferred Stock issued by a Person
shall be valued at the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, plus
accrued dividends. For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Stock or Preferred
Stock which does not have a fixed repurchase price will be calculated in accordance with the terms of such Disqualified Stock or
Preferred Stock, as applicable, as if such Disqualified Stock or Preferred Stock were repurchased on any date on which Indebtedness
will be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair market
value of such Disqualified Stock or Preferred Stock, such fair market value shall be determined reasonably and in good faith by
the Company or any direct or indirect parent of the Company.

 

(e)        
For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, Disqualified
Stock or Preferred Stock, the U.S. dollar-equivalent principal amount, liquidation preference or maximum fixed repurchase price,
as applicable, of Indebtedness, Disqualified Stock or Preferred Stock denominated in a foreign currency shall be calculated based
on the relevant currency exchange rate (x) in effect on the date such Indebtedness, Disqualified Stock or Preferred Stock
was Incurred (or the date on which it priced), in the case of term debt, first committed or first Incurred (whichever yields the
lower U.S. dollar-equivalent), in the case of revolving credit debt or debt financing to fund an acquisition, or first issued,
in the case of Disqualified Stock or Preferred Stock; provided that if such Indebtedness, Disqualified Stock or Preferred Stock
is Incurred to refinance other Indebtedness, Disqualified Stock or Preferred Stock 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, liquidation preference or maximum fixed repurchase price of such refinancing Indebtedness,
Disqualified Stock or Preferred Stock does not exceed the principal amount of such Indebtedness, Disqualified Stock or Preferred
Stock being refinanced (plus any Increased Amount).

     -56-

     

    

(f)       
The principal amount, liquidation preference or maximum fixed repurchase price, as applicable, of any Indebtedness, Disqualified
Stock or Preferred Stock Incurred to refinance other Indebtedness, Disqualified Stock or Preferred Stock, as the case may be, if
Incurred or issued in a different currency from the Indebtedness, Disqualified Stock or Preferred Stock being refinanced, shall
be calculated based on the currency exchange rate applicable to the currencies in which such Indebtedness, Disqualified Stock or
Preferred Stock is denominated that is in effect on the date of such refinancing.

 

(g)      
This Indenture will not treat (1) unsecured Indebtedness as subordinated or junior to Secured Indebtedness merely because
it is unsecured or (2) Indebtedness as subordinated or junior to any other Indebtedness merely because it has a junior priority
with respect to the same collateral.

 

		Section 4.04	Limitation on Restricted Payments.

 

(a)      
The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, take any of the following
actions (each, a “Restricted Payment”):

 

(i)         
declare or pay any dividend or make any other payment or distribution with respect to any of the Company’s or any
Restricted Subsidiary’s Equity Interests (including, without limitation, any payment in connection with any merger or consolidation
involving the Company or any Restricted Subsidiary (other than dividends, payments or distributions (x) payable in Equity Interests
(other than Disqualified Stock) of the Company or (y) to the Company or a Restricted Subsidiary));

 

(ii)        
purchase, redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger
or consolidation involving the Company or any Restricted Subsidiary) any Equity Interests of the Company;

 

(iii)       
call for redemption or make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire
for value, prior to the Stated Maturity thereof, any Subordinated Indebtedness except (a) in anticipation of satisfying a
sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such payment,
purchase or other acquisition, or (b) intercompany Indebtedness permitted to be Incurred pursuant to Section 4.03(b)(6);
or

 

(iv)       
make any Investment (other than a Permitted Investment);

 

unless, at the time of and after giving pro forma effect
to such Restricted Payment:

 

		(1)	(x) in the case of an Investment (other than a Permitted Investment), no Specified Event of Default shall have occurred and
be continuing or would occur as a consequence thereof, and (y) in the case of any other Restricted Payment, no Event of Default
will have occurred and be continuing or would occur as a consequence thereof;

 

		(2)	the Company could Incur $1.00 of additional Indebtedness as Ratio Debt; and

 

		(3)	such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and the Restricted
Subsidiaries after April 1, 2021 (including Restricted Payments permitted by clauses (1) and (7) of Section 4.04(b),
but excluding all other Restricted Payments permitted by Section 4.04(b)), is less than the sum, without duplication, of:

 

(a)         
(x) the aggregate Consolidated Cash Flow accrued in the period beginning on the first day of the quarter beginning
on April 1, 2021, and ending on the last day of the most recent quarter for which internal financial statements are available
prior to the date of such proposed Restricted Payment (or, if such Consolidated Cash Flow for such period is a deficit, less 100.0%
of such deficit), less (y) 1.5 times consolidated interest expense during such period; plus

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(b)        
100.0% of the aggregate amount received by the Company in cash and the Fair Market Value of property other than cash since
April 1, 2021 as a contribution to its common equity capital or from the issue or sale of Equity Interests (other than Disqualified
Stock) of the Company or any Restricted Subsidiary and the amount of reduction of Indebtedness of the Company or its Restricted
Subsidiaries that has been converted into or exchanged for such Equity Interests (other than Equity Interests sold to, or Indebtedness
held by, a Subsidiary of the Company); plus

 

(c)         
with respect to Investments (other than Permitted Investments) made by the Company and the Restricted Subsidiaries after
April 1, 2021, an amount equal to the net reduction in such Investments in any Person (except, in each case, to the extent any
such amount is included in the calculation of Consolidated Net Income), resulting from repayment to the Company or any Restricted
Subsidiary of loans or advances or from the receipt of proceeds from the sale of any such Investment in an amount equal to 100.0%
of the net cash proceeds or the Fair Market Value of the property other than cash, from the release of any Guarantee (except to
the extent any amounts are paid under such Guarantee) or from redesignations of Unrestricted Subsidiaries as Restricted Subsidiaries,
not to exceed, in each case, the amount of such Investments previously made by the Company or any Restricted Subsidiary of such
Person; plus

 

(d)        
the principal amount of any Indebtedness, or the liquidation preference or maximum fixed repurchase price, as the case may
be, of any Disqualified Stock, of the Company or any Restricted Subsidiary thereof issued after April 1, 2021 (other than Indebtedness
or Disqualified Stock issued to a Restricted Subsidiary or an employee stock ownership plan or trust established by the Company
or any Restricted Subsidiary (other than to the extent such employee stock ownership plan or trust has been funded by the Company
or any Restricted Subsidiary)) which has been converted into or exchanged for Equity Interests in the Company or any other direct
or indirect parent of the Company (other than Disqualified Stock).

 

(b)         The provisions of Section 4.04(a) shall not prohibit the following; provided that, in the case of clauses (7) and
(8) below only, no Default has occurred and is continuing or would be caused thereby:

 

(1)        
the payment of any dividend or distribution within 60 days after the date of declaration thereof, if at said date of
declaration such payment would have complied with the provisions of this Indenture, and the redemption of any Equity Interests
or Subordinated Indebtedness within 60 days after the date on which notice of such redemption was given, if at said date of
the giving of such notice, such redemption would have complied with the provisions of this Indenture;

 

(2)        
the payment of any dividend by a Restricted Subsidiary to all the holders of its Common Stock on a pro rata basis;

 

(3)        
any Restricted Payment in exchange for, or out of the net proceeds of a contribution to the common equity of the Company
or a substantially concurrent sale (other than to a Subsidiary of the Company) of, Equity Interests (other than Disqualified Stock)
of the Company or, to the extent the proceeds from such contribution or sale of Equity Interests are contributed to the common
equity capital of the Company or used to purchase Capital Stock (other than Disqualified Stock) of the Company, a direct or indirect
parent of the Company; provided that the amount of any such net proceeds that are utilized for such Restricted Payment will
be excluded from Section 4.04(a)(3)(b);

 

(4)        
the redemption, repurchase, defeasance or other acquisition or retirement for value of Subordinated Indebtedness in exchange
for, or with the net cash proceeds from a substantially concurrent Incurrence (other than to a Subsidiary of the Company) of, Permitted
Refinancing Indebtedness;

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(5)        
the repurchase of Capital Stock deemed to occur upon the exercise of options or warrants to the extent that such Capital
Stock represents all or a portion of the exercise price thereof and applicable withholding taxes, if any;

 

(6)        
the payment of cash in lieu of fractional Equity Interests in connection with any dividend, distribution or split of or
upon exercise, exchange or conversion of Equity Interests, warrants, options or other securities exercisable or convertible into,
Equity Interests of the Company or any direct or indirect parent of the Company; provided that such payment shall not be
for the purpose of evading the limitations of this covenant (as determined by the Board of Directors of the Company in good faith);

 

(7)        
the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Company or any Restricted
Subsidiary, or Preferred Stock of a Restricted Subsidiary, in each case issued in accordance with Section 4.03;

 

(8)        
other Restricted Payments in an aggregate amount not to exceed $250.0 million;

 

(9)        
purchases of receivables pursuant to a Receivables Repurchase Obligation in connection with a Qualified Receivables Financing
and the payment or distribution of Receivables Fees;

 

(10)      
payments or distributions to satisfy dissenters’ rights, pursuant to or in connection with a consolidation, merger
or transfer of assets that complies with the provisions of this Indenture applicable to mergers, consolidations and transfers of
all or substantially all the property and assets of the Company;

 

(11)      
the purchase, retirement, redemption or other acquisition for value of Equity Interests of the Company held by any future,
present or former employee, director or consultant of the Company or any Subsidiary of the Company (or their permitted transferees)
pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or other agreement
or arrangement; provided, however, that the aggregate amounts paid under this clause (11) shall not exceed the greater
of (x) $2.5 million and (y) 1.5% of Consolidated Cash Flow for the Reference Period in any calendar year, with unused
amounts in any calendar year being permitted to be carried over for the next succeeding calendar year up to a maximum of the greater
of (x) $5.0 million and (y) 3.0% of Consolidated Cash Flow for the Reference Period in the aggregate in any calendar
year;

 

(12)      
for so long as the Company is a member of a group filing a consolidated, affiliated, unitary or combined tax return with
its direct or indirect parent, payments with respect to such group’s consolidated, affiliated, unitary or combined income
tax liability attributable to the Company and/or its applicable Subsidiaries, in an amount not to exceed, for any taxable period,
any such taxes that the Company and/or its applicable Subsidiaries would have been required to pay in respect of such taxable period
on a separate group basis if the Company and/or such Subsidiaries had paid such taxes on a consolidated, affiliated, unitary or
combined basis on behalf of an affiliated group consisting only of the Company and such Subsidiaries (reduced by any such income
taxes paid or to be paid directly by the Company or such Subsidiaries); provided that any such tax payments attributable
to any Unrestricted Subsidiaries shall not exceed any corresponding payments actually distributed by such Unrestricted Subsidiaries
to the Company or any of its Restricted Subsidiaries;

 

(13)      
the prepayment, redemption, purchase, defeasance or other satisfaction of any Indebtedness, Disqualified Stock or Preferred
Stock (x) existing at the time a Person becomes a Subsidiary or (y) assumed in connection with the acquisition of assets,
in each case so long as such Indebtedness, Disqualified Stock or Preferred Stock was not Incurred in contemplation of such Person
becoming a Subsidiary or such acquisition;

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(14)      
the payment, purchase, redemption, defeasance or other acquisition or retirement for value of Subordinated Indebtedness,
Disqualified Stock or Preferred Stock of the Company and its Restricted Subsidiaries pursuant to provisions similar to those described
in Sections 4.07 and 4.09; provided that, prior to such payment, purchase, redemption, defeasance or other acquisition or
retirement for value, the Company (or a third party to the extent permitted by this Indenture) has made any Offer to Purchase with
respect to the Notes, and has repurchased, redeemed, defeased, acquired or retired all Notes validly tendered and not validly withdrawn
in connection with such Change of Control or Asset Sale, as the case may be;

 

(15)      
the distribution, as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Company or a Restricted
Subsidiary of the Company by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries the primary assets of which are cash
and/or Cash Equivalents); and

 

(16)      
any payment that is intended to prevent any Indebtedness from being treated as an “applicable high yield discount
obligation” within the meaning of Section 163(i)(1) of the Code.

 

(c)            The amount of all Restricted Payments (other than cash) will be the Fair Market Value on the Transaction Commitment Date,
in the case of an event described under clause (x) of Section 4.15(a), or the date of the Restricted Payment of the assets or securities
proposed to be transferred or issued to or by the Company or such Subsidiary, as the case may be, pursuant to the Restricted Payment,
as applicable; provided that the amount of any Investment outstanding at any time shall be the amount actually invested in such
Investment (determined, in the case of any Investment made with assets of the Company or any Restricted Subsidiary, based on the
Fair Market Value of the assets invested and without taking into account subsequent increases or decreases in value), reduced by
any dividend, distribution, interest payment, return of capital, repayment or other amount received in cash, without duplication
of any equivalent increase in any basket, by the Company or a Restricted Subsidiary in respect of such Investment and shall be
net of any Investment by such Person in the Company or any Restricted Subsidiary.

 

(d)          
For purposes of this Section 4.04, if any Investment or Restricted Payment (or a portion thereof) would be permitted pursuant
to one or more provisions described above and/or one or more of the exceptions contained in the definition of “Permitted
Investments,” the Company may divide and classify such Investment or Restricted Payment in any manner that complies with
this covenant and may later divide and reclassify any such Investment or Restricted Payment so long as the Investment or Restricted
Payment (as so divided and/or reclassified) would be permitted to be made in reliance on the applicable exception as of the date
of such reclassification. In addition, for purposes of this Section 4.04, any Restricted Payment permitted hereunder may, at the
option of the Company or its Restricted Subsidiaries, be structured in the form of a loan or other Investment.

 

		Section 4.05	Limitation on Transactions with Affiliates.

 

(a)          The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly make any payment to, or sell,
lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into,
make, amend, renew or extend any transaction, contract, agreement, understanding, loan, advance or Guarantee with, or for the benefit
of, any of their Affiliates (each, an “Affiliate Transaction”), unless:

 

(1)        
such Affiliate Transaction is on terms that are not less favorable, taken as a whole, in any material respect to the Company
or the relevant Restricted Subsidiary than those that would have been obtained in a comparable arm’s-length transaction by
the Company or such Restricted Subsidiary with an unrelated Person (as determined in good faith by the Company or a direct or indirect
parent of the Company); and

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(2)        
the Company delivers to the Trustee with respect to any Affiliate Transaction or series of related Affiliate Transactions
involving aggregate consideration in excess of the greater of (x) $5.0 million and (y) 3.0% of Consolidated Cash Flow for
the Reference Period, a Board Resolution accompanied by an Officer’s Certificate certifying that such Affiliate Transaction
or series of related Affiliate Transactions complies with clause (a)(1) above and that such Affiliate Transaction or series
of related Affiliate Transactions has been approved by a majority of the Disinterested Members.

 

(b)        
The following items will be deemed not to be Affiliate Transactions and, therefore, will not be subject to the provisions
of Section 4.05(a):

 

(1)        
(a) transactions between or among the Company and/or any of its Restricted Subsidiaries (or an entity that becomes a Restricted
Subsidiary as a result of such transaction) and (b) any merger or consolidation of the Company and Cogent Holdco or any other
direct or indirect parent of the Company (provided that such parent entity shall have no material liabilities and no material assets
(other than Cash Equivalents and the Capital Stock of the Company) and such merger or consolidation is otherwise in compliance
with the terms of this Indenture and effected for a bona fide business purpose);

 

(2)        
(a) Restricted Payments that are permitted by this Indenture and (b) Permitted Investments;

 

(3)        
transactions in which the Company or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter
from an independent accounting, appraisal or investment banking firm of national standing (as determined in good faith by the Company
or a direct or indirect parent of the Company) stating that such transaction is fair to the Company or such Restricted Subsidiary
from a financial point of view or meets the requirements of clause (1) of Section 4.05(a);

 

(4)        
payments, loans or advances to employees or consultants or guarantees in respect thereof (or cancellation of loans, advances
or guarantees) for bona fide business purposes or in the ordinary course of business;

 

(5)        
any agreement or arrangement as in effect as of the Issue Date and as thereafter amended, supplemented or replaced (so long
as such amendment, supplement or replacement is not more disadvantageous to the Holders of the Notes in any material respect than
the original agreement or arrangement as in effect on the Issue Date) or any transaction or payments contemplated thereby;

 

(6)        
(a) transactions with customers, clients, suppliers or purchasers or sellers of goods or services, in each case, in the
ordinary course of business and otherwise in compliance with the terms of this Indenture, which are fair to the Company and its
Restricted Subsidiaries in the reasonable determination of the Board of Directors or the senior management of the Company or a
direct or indirect parent of the Company or are on terms at least as favorable as might reasonably have been obtained at such time
from an unaffiliated party and (b) transactions with Unrestricted Subsidiaries in the ordinary course of business;

 

(7)        
the sale or issuance of Equity Interests (other than Disqualified Stock) of the Company;

 

(8)        
any contribution to the capital of the Company (other than Disqualified Stock) or any investments by Cogent Holdco or a
direct or indirect parent of the Company in Equity Interests (other than Disqualified Stock) of the Company (and payment of reasonable
out-of-pocket expenses incurred by Cogent Holdco or a direct or indirect parent of the Company in connection therewith);

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(9)        
any transaction with a Person (other than an Unrestricted Subsidiary) which would constitute an Affiliate Transaction solely
because the Company or a Restricted Subsidiary owns an Equity Interest in or otherwise controls such Person; provided that
no Affiliate of the Company or any of its Subsidiaries other than the Company or a Restricted Subsidiary shall have a beneficial
interest or otherwise participate in such Person;

 

(10)      
transactions between the Company or any of its Restricted Subsidiaries and any Person who is a director, or such Person
has a director who is also a director of the Company or any direct or indirect parent of the Company; provided, however,
that such director abstains from voting as a director of the Company or such direct or indirect parent of the Company, as the case
may be, on any matter involving such other Person;

 

(11)      
pledges of Equity Interests of Unrestricted Subsidiaries;

 

(12)      
transactions with Affiliates solely in their capacity as holders of Indebtedness or Equity Interests of the Company or any
of its Subsidiaries, so long as such transaction is with all holders of such class (and there are such non-Affiliate holders) and
such Affiliates are treated no more favorably than all other holders of such class generally;

 

(13)      
the existence of, or the performance by the Company or any of its Restricted Subsidiaries of their obligations under the
terms of, any customary registration rights or shareholders’ agreement to which they are a party or become a party in the
future;

 

(14)      
any employment agreements entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business
and the payment of reasonable and customary fees and reimbursements paid to, and customary indemnity and similar arrangements provided
on behalf of, officers, directors, employees or consultants of the Company or any Restricted Subsidiary or (to the extent relating
to the business of the Company and its Subsidiaries) any other direct or indirect parent of the Company;

 

(15)      
any transaction effected as part of a Qualified Receivables Financing permitted hereunder;

 

(16)      
the issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding
of, employment arrangements, stock option and stock ownership plans or similar employee benefit plans approved by the Board of
Directors of the Company or of a Restricted Subsidiary of the Company, as appropriate, in good faith;

 

(17)      
(i) any employment, consulting, service or termination agreement, or customary indemnification arrangements, entered into
by the Company or any of its Restricted Subsidiaries with current, former or future officers, directors, employees and consultants
of the Company or any of its Restricted Subsidiaries (or of any direct or indirect parent of the Company to the extent such agreements
or arrangements are in respect of services performed for the Company or any of its Restricted Subsidiaries) and the payment of
compensation to officers, directors, employees and consultants of the Company or any of its Restricted Subsidiaries (including
amounts paid pursuant to employee benefit plans, employee stock option or similar plans) (or of any direct or indirect parent of
the Company to the extent such agreements or arrangements are in respect of services performed for the Company or any of its Restricted
Subsidiaries), in each case in the ordinary course of business; and (ii) any payment of compensation or other employee compensation,
benefit plan or arrangement, any health, disability or similar insurance plan which covers officers, directors, employees or consultants
of the Company or any of its Restricted Subsidiaries or any direct or indirect parent of the Company (including amounts paid pursuant
to any management equity plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder
agreement, stock option or similar plans and any successor plan thereto and any supplemental executive retirement benefit plans
or arrangements), in each case, in the ordinary course of business or as otherwise approved in good faith by the Board of Directors
of the Company or a direct or indirect parent of the Company;

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(18)      
investments by a direct or indirect parent of the Company in securities of the Company or any Restricted Subsidiary (and
payment of reasonable out-of-pocket expenses incurred by a direct or indirect parent of the Company in connection therewith);

 

(19)      
any lease entered into between the Company or any Restricted Subsidiary, as lessee, and any Affiliate of the Company, as
lessor, in the ordinary course of business; and

 

(20)      
(i) intellectual property licenses in the ordinary course of business and (ii) intercompany intellectual property licenses
and research and development agreements in the ordinary course of business.

 

		Section 4.06	Limitation on Liens.

 

(a)       
The Company will not, and will not permit any Guarantor (other than Cogent Holdco) to, directly or indirectly, create, Incur
or suffer to exist any Lien (other than Permitted Liens) on any asset or property of the Company or such Guarantor, or any income
or profits therefrom, or assign or convey any right to receive income therefrom, that secures any Indebtedness of the Company or
such Guarantor, unless, in the case of any asset or property not constituting, or required to be pledged as, Collateral pursuant
to the terms of this Indenture and the Security Agreement, the Notes or the applicable Note Guarantee are equally and ratably secured
with or prior to such Obligation with a Lien on the same assets of the Company or such Guarantor, as the case may be, pursuant
to appropriate security documentation and subject to the terms and provisions of the Intercreditor Agreement.

 

(b)      
Any Lien that is granted to secure the Notes or such Note Guarantee pursuant to Section 4.06(a) shall be automatically released
and discharged at the same time as the release of the Lien (other than a release following enforcement of remedies in respect of
such Lien or the Obligations secured by such Lien) that gave rise to the obligation to secure the Notes or such Note Guarantee
under Section 4.06(a).

 

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

 

		Section 4.07	Limitation on Sale of Assets.

 

(a)       
The Company will not, and will not permit any Restricted Subsidiary to, consummate an Asset Sale unless:

 

(1)         the Company (or the Restricted Subsidiary, as the case may be) receives consideration at the time of such Asset Sale at
least equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and

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(2)         at least 75.0% of the consideration therefor received by the Company or such Restricted Subsidiary is in the form of:

 

(a)          Cash Equivalents; provided that the amount of:

 

		(i)	any liabilities (as shown on the Company’s or such Restricted Subsidiary’s balance sheet or in the notes thereto
for the most recent period ended on or prior to such time in respect of which financial statements are internally available or,
if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Company’s
or such Restricted Subsidiary’s balance sheet or in the notes thereto if such incurrence or accrual had taken place on or
prior to the date of such balance sheet in the good faith determination of the Company or any direct or indirect parent of the
Company) of the Company or such Restricted Subsidiary (other than liabilities that are by their terms subordinated to the Notes)
that are extinguished in connection with the transactions relating to such Asset Sale, or that are assumed by the transferee of
any such assets or Equity Interests, in each case, pursuant to an agreement that releases or indemnifies the Company or such Restricted
Subsidiary, as the case may be, from further liability;

 

		(ii)	any notes or other obligations or other securities or assets received by the Company or such Restricted Subsidiary from such
transferee that are converted by the Company or such Restricted Subsidiary into Cash Equivalents, or by their terms are required
to be satisfied for Cash Equivalents (to the extent of the Cash Equivalents received), in each case, within 90 days of the
receipt thereof; and

 

		(iii)	any Designated Non-cash Consideration received by the Company or any of its Restricted Subsidiaries in such Asset Sale having
an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this subclause (iii)
that is at that time outstanding, not to exceed the greater of (x) $50.0 million and (y) 25.0% of Consolidated Cash
Flow for the Reference Period, calculated 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);

 

(b)         
shall each be deemed to be Cash Equivalents for the purposes of this clause (a) Replacement Assets; or

 

(c)         
any combination of the consideration specified in clauses (a) and (b).

 

(b)          Within 365 days after the receipt of any Net Available Cash by the Company or any Restricted Subsidiary from any Asset
Sale, the Company or such Restricted Subsidiary may apply an amount equal to the Net Available Cash from such Asset Sale, as its
option:

 

(1)           
to invest in Replacement Assets (or, so long as a binding agreement with respect to the purchase of Replacement Assets is
entered into within 365 days after the receipt of any Net Available Cash by the Company or any Restricted Subsidiary from
any Asset Sale, 90 days after the end of such 365-day period); provided that such Replacement Assets shall be pledged
as Collateral to the extent required pursuant to this Indenture and the Security Documents;

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(2)         [reserved];

 

(3)         to prepay, repay, purchase or redeem any (x) Pari Passu Obligations of the Company or the Guarantors, including the Notes,
and, if the assets or property disposed of in the Asset Sale were not Collateral, Pari Passu Debt of the Company or the Guarantors,
including the Notes and the Existing Notes (provided that if the Company or any Guarantor shall so prepay, repay, purchase
or redeem such Pari Passu Debt or Pari Passu Obligations, as applicable, other than the Notes, the Company will (A) ratably
reduce Obligations under the Notes as provided in Section 3.07 or through open-market purchases at a purchase price equal to or
greater than 100.0% of the principal amount thereof or (B) make an offer (in accordance with the procedures set forth below
for an Offer to Purchase) to all Holders to purchase at a purchase price equal to 100.0% of the principal amount thereof, plus
accrued and unpaid interest, if any, the principal amount of Notes then outstanding), or (y) if the assets or property disposed
of in the Asset Sale were not Collateral, Indebtedness of a non-Guarantor Restricted Subsidiary, in each case, other than Indebtedness
owed to the Company or any Restricted Subsidiary (and, if the Indebtedness being repaid is a Revolving Credit Agreement, to correspondingly
reduce commitments with respect thereto); or

 

(4)         any combination of the foregoing.

 

(c)          The amount of such Net Available Cash required to be applied (or to be committed to be applied) during such 365-day period as
set forth in Section 4.07(b) and not applied (or committed to be applied) as so required by the end of such period shall constitute
 “Excess Proceeds.” If, as of the first day of any calendar month, the aggregate amount of Excess Proceeds totals
at least the greater of (x) $30.0 million and (y) 15.0% of Consolidated Cash Flow for the Reference Period, the
Company must commence, not later than the 15th Business Day of such month, and consummate an Offer to Purchase, from the
Holders and all holders of other Pari Passu Debt or Pari Passu Obligations, as applicable, containing provisions similar to those
set forth in this Indenture with respect to offers to purchase with the proceeds of sales of assets, the maximum principal amount
of Notes and such other Pari Passu Debt that may be purchased out of the Excess Proceeds. The offer price in any such Offer to
Purchase will be equal to 100.0% of the principal amount (or accreted value, if applicable) of the Notes and such other Pari Passu
Debt or Pari Passu Obligations, as applicable, plus accrued and unpaid interest thereon to, but excluding, the date of purchase,
subject to the rights of Holders of Notes on the relevant record date to receive interest on the relevant interest payment date
falling prior to or on the repurchase date, and will be payable in cash. To the extent that any Excess Proceeds remain after consummation
of an Offer to Purchase pursuant to Section 4.07, the Company may use those Excess Proceeds for any purpose not otherwise prohibited
by this Indenture, and those Excess Proceeds shall no longer constitute “Excess Proceeds.” If the aggregate principal
amount of Notes and Pari Passu Debt or Pari Passu Obligations, as applicable, tendered or otherwise surrendered by holders thereof
exceeds the amount of Excess Proceeds, the Paying Agent or the Registrar shall select the Notes (and the Company or its agents
shall select such Pari Passu Debt) to be purchased in the manner described below in Section 4.07(e). Upon completion of any such
Offer to Purchase, the amount of Net Available Cash and Excess Proceeds shall be reset at zero. The Company may satisfy the foregoing
obligations with respect to any Asset Sale by making an Offer to Purchase at any time prior to the expiration of the 365-day reinvestment
period.

 

(d)          Notwithstanding anything to the contrary set forth herein, to the extent that repatriation to the United States of any or all
of the Net Available Cash of any Asset Sales by a Foreign Subsidiary (x) is prohibited or delayed by applicable local law
or (y) would result in material adverse tax consequences as determined by the Company in its sole discretion, the portion
of such Net Available Cash so affected will not be required to be applied in compliance with this covenant; provided that
clause (x) of this clause (d) shall apply to such amounts for so long, but only for so long, as the applicable local law
will not permit repatriation to the United States (the Company hereby agreeing to use commercially reasonable efforts to cause
the applicable Foreign Subsidiary to take all actions reasonably required by the applicable local law, applicable organizational
impediments or other impediment to permit such repatriation), and if such repatriation of any of such affected Net Available Cash
is permitted under the applicable local law and is not subject to clause (y) of this clause (d), then such Net Available
Cash will be applied (net of additional taxes that would be payable or reserved against as a result of repatriating such amounts)
in compliance with this Section 4.07. The time periods set forth in this covenant shall not start until such time as the applicable
Net Available Cash may be repatriated (whether or not such repatriation actually occurs).

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(e)           If more Notes are tendered pursuant to an Offer to Purchase than the Company is required to purchase, selection of such Notes
for purchase will be made in compliance with the requirements of the securities exchange, if any, on which such Notes are listed
(so long as the Paying Agent or the Registrar knows of such listing) or if such Notes are not listed, on a pro rata basis (with
adjustments so that only Notes in denominations of the minimum denomination of $2,000 or integral multiples of $1,000 in excess
thereof shall be purchased (or such lower denomination as may be permitted by DTC), by lot or by such other method as the Paying
Agent or the Registrar shall deem fair and appropriate (and in such manner as complies with applicable legal requirements and,
in the case of Global Notes, the procedures of DTC); provided that the selection of Notes for purchase shall not result
in a Holder with a principal amount of Notes less than the minimum denomination of $2,000 (or such lower denomination as may be
permitted by DTC). No Note will be repurchased in part if less than the minimum denomination of such Note would be left outstanding.

 

(f)           Neither the Paying Agent nor the Registrar shall be liable for any selections made by it in accordance with the preceding paragraphs.

 

 Section 4.08          Future Subsidiary Note Guarantees.

 

If
the Company or any Restricted Subsidiary acquires, creates or becomes a Material Domestic Subsidiary on or after the Issue Date,
then that newly acquired or created Material Domestic Subsidiary must become a Guarantor and (a) execute a supplemental indenture
substantially in the form of Exhibit E hereto, (b) execute supplements to the applicable Security Documents in order
to grant a Lien in the Collateral owned by such entity to the same extent as that set forth in this Indenture and the Security
Documents and (c) take all actions required by the Security Documents to perfect such Lien on a first-priority basis.

 

 Section 4.09          Purchase of Notes upon a Change of Control Triggering Event.

 

(a)           Unless the Company has previously or concurrently delivered a redemption notice with respect to all the outstanding Notes as described
in Section 3.03 (which may be conditioned on the consummation of such Change of Control Triggering Event), the Company must
commence, prior to or within 30 days of the occurrence of a Change of Control Triggering Event, and consummate an Offer to Purchase
for all Notes then outstanding, at a purchase price in cash equal to 101.0% of the aggregate principal amount of the Notes repurchased,
plus accrued and unpaid interest thereon, to, but excluding, the date of repurchase, subject to the rights of Holders of
Notes, on the relevant record date to receive interest due on the relevant interest payment date falling on or prior to the repurchase
date. An Offer to Purchase may be made in advance of a Change of Control Triggering Event, and conditioned upon such Change of
Control Triggering Event.

 

The
Company will not be required to make an Offer to Purchase upon a Change of Control Triggering Event if a third party makes the
Offer to Purchase in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable
to an Offer to Purchase made by the Company and purchases all Notes validly tendered and not validly withdrawn under such Offer
to Purchase.

 

(b)          The Company will not be required to make an Offer to Purchase upon a Change of Control Triggering Event if a third party makes
the Offer to Purchase in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture
applicable to an Offer to Purchase made by the Company and purchases all Notes validly tendered and not withdrawn under such Offer
to Purchase.

 

 Section 4.10         Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)          The Company will not, and will not permit any Restricted Subsidiary (other than the Guarantors) to, directly or indirectly, create
or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary (other
than the Guarantors) to:

 

(1)            pay dividends or make any other distributions on its Capital Stock (or with respect to any other interest or participation in,
or measured by, its profits) 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);

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(2)            pay any liabilities owed to the Company or any of Restricted Subsidiary;

 

(3)            make 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

 

(4)            sell, lease or transfer any of its properties or assets to the Company or any Restricted Subsidiary.

 

(b)          Section 4.10(a) will not apply to encumbrances or restrictions existing under, by reason of or with respect to:

 

(1)            the Existing Indebtedness or any other agreements in effect on the Issue Date and any amendments, modifications, restatements,
renewals, extensions, supplements, refundings, replacements or refinancings thereof; provided that the encumbrances and
restrictions in any such amendments, modifications, restatements, renewals, extensions, supplements, refundings, replacements
or refinancings, taken as a whole, are not, as determined by the Company or a direct or indirect parent of the Company in good
faith, materially more restrictive than those contained in the Existing Indebtedness or such other agreements, as the case may
be, as in effect on the Issue Date;

 

(2)            this Indenture, the Notes, the Note Guarantees, the Security Documents, the Intercreditor Agreement and other documents relating
to this Indenture, the Notes, the Note Guarantees, the Security Documents or the Intercreditor Agreement;

 

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

 

(4)            any agreement or other instrument of a Person acquired by or merged or consolidated with or into the Company or any Restricted
Subsidiary that was in existence at the time of such acquisition (but not created in contemplation thereof), which encumbrance
or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property
or assets of the Person, so acquired;

 

(5)            customary encumbrances or restrictions contained in contracts or agreements for the sale of assets applicable to such assets pending
consummation of such sale, including customary restrictions with respect to a Restricted Subsidiary imposed pursuant to an agreement
entered into for the sale or disposition of all or substantially all the Capital Stock or assets of such Restricted Subsidiary;

 

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

 

(7)            encumbrances or restrictions arising or agreed to in the ordinary course of business, not relating to any Indebtedness, and that
do not, individually or in the aggregate, (x) detract from the value of the property or assets of the Company or any Restricted
Subsidiary in any manner material to the Company or any Restricted Subsidiary or (y) affect the Company’s ability to
make anticipated principal or interest payment on the Notes in any material respect (in each case as determined by the Company
or a direct or indirect parent of the Company in good faith);

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(8)            encumbrances or restrictions that restrict distributions or transfers by a Restricted Subsidiary if such restrictions exist under,
by reason of or with respect to any agreement for the sale or other disposition of all or substantially all of the Capital Stock
of, or property and assets of, that Restricted Subsidiary and are pending such sale or other disposition;

 

(9)            customary provisions contained in leases, licenses, contracts and other similar agreements entered into in the ordinary course
of business to the extent imposing restrictions of the type described in clause (4) of Section 4.10(a) on the property subject
to such lease;

 

(10)          customary provisions in joint venture agreements and other similar agreements entered into in the ordinary course of business
and which the Board of Directors of the Company or a direct or indirect parent of the Company determines in good faith will not
adversely affect the Company’s ability to make payments of principal or interest on the Notes;

 

(11)        Secured
Indebtedness otherwise permitted to be Incurred pursuant to Section 4.03 and Section 4.06 to the extent limiting the right of
the debtor to dispose of the assets securing such Indebtedness;

 

(12)        any
agreement or instrument relating to Indebtedness, Disqualified Stock or Preferred Stock of the Company or a Restricted Subsidiary
permitted to be Incurred under this Indenture following the Issue Date if (A) the encumbrances or restrictions are not materially
more disadvantageous to the Holders than is customary in comparable financings (as determined in good faith by the Company or
a direct or indirect parent of the Company) and (B) either (x) the Company determines that such encumbrance or restriction
will not adversely affect the Company’s ability to make principal and interest payments on the Notes as and when they come
due or (y) such encumbrances and restrictions only apply during the continuance of a default in respect of a payment or financial
maintenance covenant default in respect of such Indebtedness;

 

(13)        customary
provisions in (x) joint venture agreements entered into in the ordinary course of business with respect to the Equity Interests
subject to the joint venture and (y) operating or other similar agreements, asset sale agreements and stock sale agreements
entered into in connection with the entering into of such transaction, which limitation is applicable only to the assets that
are the subject of those agreements;

 

(14)        purchase
money obligations for property acquired, IRUs and Finance Lease Obligations in the ordinary course of business to the extent imposing
restrictions on the property so acquired;

 

(15)        any
encumbrance or restriction of a Receivables Subsidiary effected in connection with a Qualified Receivables Financing; provided,
however, that such restrictions apply only to such Receivables Subsidiary and its assets;

 

(16)        other
Indebtedness, Disqualified Stock or Preferred Stock of the Company or any Restricted Subsidiary that is Incurred subsequent to
the Issue Date pursuant Section 4.03; provided that such encumbrances and restrictions contained in any agreement or instrument
will not materially affect the Company’s ability to make anticipated principal or interest payment on the Notes (as determined
by the Company or a direct or indirect parent of the Company in good faith);

 

(17)        Permitted
Refinancing Indebtedness; provided that the encumbrances and restrictions contained in the agreements governing that Permitted
Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing
the Indebtedness being refinanced (as determined by the Company or a direct or indirect parent of the Company in good faith);

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(18)       Indebtedness
of non-Guarantor Subsidiaries permitted to be Incurred pursuant to the provisions of Section 4.03; and

 

(19)       any
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts,
instruments or obligations referred to in clauses (1) through (18) above; provided that such amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the
Company or a direct or indirect parent of the Company, not materially more restrictive as a whole with respect to such encumbrances
or restrictions than prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement
or refinancing.

 

 Section 4.11         Designation of Restricted and Unrestricted Subsidiaries.

 

(a)          The Board of Directors of the Company may designate any Restricted Subsidiary to be an Unrestricted Subsidiary; provided that:

 

(1)            any Guarantee by the Company or any Restricted Subsidiary of any Indebtedness of the Subsidiary being so designated will, except
to the extent repaid, be deemed to be an Incurrence of Indebtedness by the Company or such Restricted Subsidiary, as the case
may be, at the time of such designation, and such Incurrence of Indebtedness would be permitted under Section 4.03;

 

(2)            the aggregate Fair Market Value of all outstanding Investments owned by the Company and the Restricted Subsidiaries in the Subsidiary
being so designated (including any Guarantee by the Company or any Restricted Subsidiary of any Indebtedness of such Subsidiary)
will, except to the extent repaid, be deemed to be an Investment made as of the time of such designation and that such Investment
would be permitted under Section 4.04;

 

(3)            such Subsidiary does not hold any Capital Stock or Indebtedness of, or own or hold any Lien on any property or assets of, or have
any Investment in, the Company or any Restricted Subsidiary;

 

(4)            the Subsidiary being so designated:

 

(i)        is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary unless the
terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or such Restricted Subsidiary
than those that might be obtained at the time from Persons who are not Affiliates of the Company;

 

(ii)       is a Person with respect to which neither the Company nor any Restricted Subsidiary has any direct or indirect obligation (i) to
subscribe for additional Equity Interests or (ii) to maintain or preserve such Person’s financial condition or to cause
such Person to achieve any specified levels of operating results; and

 

(iii)      has not Guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any Restricted
Subsidiary, except to the extent such Guarantee or credit support would be released upon such designation; and

 

(5)            no Default or Event of Default would be in existence following such designation.

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Any
designation of a Restricted Subsidiary as an Unrestricted Subsidiary will be evidenced to the Trustee by delivering to the Trustee
the Board Resolution giving effect to such designation and an Officer’s Certificate and an Opinion of Counsel certifying
that such designation complied with the preceding conditions and was permitted by this Indenture. If, at any time, any Unrestricted
Subsidiary would fail to meet any of the preceding requirements described in clause (4) above, it will thereafter cease to
be an Unrestricted Subsidiary for purposes of this Indenture, and any Indebtedness, Investments or Liens on the property of such
Subsidiary will be deemed to be Incurred or made by a Restricted Subsidiary as of such date, and if such Indebtedness, Investments
or Liens are not permitted to be Incurred or made as of such date under this Indenture, the Company will be in default under this
Indenture.

 

(b)          The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided
that:

 

(1)            such designation will be deemed to be an Incurrence of Indebtedness by a Restricted Subsidiary of any outstanding Indebtedness
of such Unrestricted Subsidiary and such designation will only be permitted if such Indebtedness is permitted under Section 4.03;

 

(2)            all outstanding Investments owned by such Unrestricted Subsidiary will be deemed to be made as of the time of such designation
and such designation will only be permitted if such Investments would be permitted under Section 4.04;

 

(3)            all Liens upon property or assets of such Unrestricted Subsidiary existing at the time of such designation would be permitted
under Section 4.06; and

 

(4)            no Default or Event of Default would be in existence following such designation.

 

 Section 4.12          Provision of Financial Information.

 

(a)           Whether or not the Company is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company
will deliver to the Trustee and, upon written request, the Holders of the Notes:

 

(1)            all quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q and
10-K if the Company was required to file such forms, including, but not limited to, a “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report on
the annual financial statements by the Company’s certified independent accountants; and

 

(2)            all current reports that would be required to be filed with the SEC on Form 8-K if the Company was required to file such reports.

 

(b)          In the event that the Company is not required to file such reports, documents and information with the SEC pursuant to the Exchange
Act, the Company will nevertheless deliver such Exchange Act information to the Trustee and the Holders of the Notes as if the
Company were subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act (1) in the case of quarterly
reports, within 15 days after the time period specified in the SEC’s rules and regulations and (2) in the case
of annual reports, within 30 days after the time period specified in the SEC’s rules and regulations. The posting of
such reports, documents and information to the SEC’s or the Company’s website shall constitute delivery of such information
to the Holders of Notes. In addition, in the event the Company and Cogent Holdco are not required to file reports under Section 13
or 15(d) of the Exchange Act, the Company will hold a quarterly conference call with Holders, qualified prospective investors
and securities analysts to discuss the information contained in the annual and quarterly reports required hereunder not later
than ten Business Days following the time the Company furnishes such reports to the Trustee.

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(c)          If the Company has designated as Unrestricted Subsidiaries any of its Subsidiaries that is a Significant Subsidiary or that, when
taken together with all other Unrestricted Subsidiaries, would be a Significant Subsidiary, then the quarterly and annual financial
information required by this Section 4.12 will include a reasonably detailed presentation (which need not be audited or reviewed
by the auditors), either on the face of the financial statements or in the footnotes thereto, and in “Management’s
Discussion and Analysis of Financial Condition and Results of Operations,” of the financial condition and results of operations
of the Company and the Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted
Subsidiaries.

 

(d)          So long as any Notes remain outstanding the Company and the Guarantors shall furnish to the Holders and to prospective investors,
upon their request, the information required to be delivered pursuant to Rule 144A(d)(4).

 

(e)          Notwithstanding the foregoing clauses (a) through (d), for so long as the Company is a wholly owned Subsidiary of Cogent Holdco,
the financial statements referred to above may be the financial statements of Cogent Holdco or a Subsidiary so long as reasonably
detailed information (which need not be audited or reviewed by the auditors) is provided showing the assets, liabilities, and
operating results that are not attributable to the Company and its Subsidiaries.

 

(f)           The Company will be deemed to have satisfied the information and reporting requirements of Section 4.13(a) with respect to the
Holders if (a) the Company or a Subsidiary or a direct or indirect parent has filed such reports containing such information
(including the information required pursuant to Section 4.12(e), which, for the avoidance of doubt, need not be filed with the
SEC via EDGAR to the extent it is otherwise provided to Holders pursuant to this Section 4.12) with the SEC via the EDGAR (or
a successor) filing system or (b) the Company or such Subsidiary or such parent has made such reports available electronically
(including by posting to a non-public, password-protected website as provided above) pursuant to this Section 4.12.

 

(g)          The Trustee shall have no duty to determine if any of the filings described above have been made. Delivery of reports, information
and documents to the Trustee under this Indenture is for informational purposes only and the Trustee’s receipt of the foregoing
shall not constitute actual or constructive notice of any information contained therein, or determinable from information contained
therein, including the Company’s compliance with any of its covenants under this Indenture (as to which the Trustee is entitled
to rely exclusively on an Officer’s Certificate). The Trustee shall have no duty to review or analyze reports delivered
to it.

 

(h)          Delivery of reports, information and documents to the Trustee pursuant to this Section 4.13 is for informational purposes only
and the Trustee’s receipt of such 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 an Officer’s Certificate).

 

 Section 4.13         Statement by Officers as to Default.

 

(a)          The Company will deliver to the Trustee, on or before a date not more than 120 days after the end of each fiscal year of
the Company (which fiscal year ends on December 31) after the Issue Date, an Officer’s Certificate, as to compliance herewith,
including whether or not, after a review of the activities of the Company during such year and of the Company’s and each
Guarantor’s performance under this Indenture, to the best knowledge of the signer on behalf of the Company, based on such
review of the signer thereof, the Company and each Guarantor are in compliance with all conditions and covenants under this Indenture
and is or is not in default in the performance and observance of any of the terms, provisions and conditions of this Indenture
and, if there has been a Default specifying each Default and the nature and status thereof and any actions being taken by the
Company and the Guarantors with respect thereto.

 

(b)          When any Default or Event of Default has occurred and is continuing, the Company shall deliver to the Trustee by registered or
certified mail or facsimile transmission of an Officer’s Certificate specifying such Default or Event of Default, within
30 days of an Officer of the Company becoming aware of the occurrence of such Default or Event of Default and specifying any actions
being taken by the Company and the Guarantors with respect thereto (unless such Default or Event of Default has been cured or
waived within such 30-day time period).

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 Section 4.14          Discharge and Suspension of Covenants.

 

(a)           If on any date following the Issue Date (i) the Notes have Investment Grade Ratings from two of the Rating Agencies and (ii) no
Default or Event of Default has occurred and is continuing under this Indenture (the occurrence of the events described in the
foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”),
(x) the Note Guarantees will be automatically and unconditionally released and discharged (to the extent that guarantees
by the Guarantors of all other Pari Passu Debt are substantially concurrently released, and the Liens on the Collateral securing
such Pari Passu Debt (if any) are also substantially concurrently released) and (y) the Company and its Restricted Subsidiaries
will not be subject to the following covenants or provisions (collectively, the “Suspended Covenants”):

 

		(1)	Section
                                         4.03, but only to the extent related to properties or assets of the Company or its Restricted
                                         Subsidiaries that do not constitute Collateral;

 

		(2)	Section
                                         4.04;

 

		(3)	Section
                                         4.05;

 

		(4)	Section
                                         4.07;

 

		(5)	Section
                                         4.08;

 

		(6)	Section
                                         4.10; and

 

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

 

(b)           In the event that, after a Covenant Suspension Event, the Notes no longer have an Investment Grade Rating from two of the Rating
Agencies (the date of such event, the “Reversion Date”), then the Company and its Restricted Subsidiaries will
thereafter again be subject to the Suspended Covenants under this Indenture with respect to future events and the Guarantors shall
be required to (i) provide the Note Guarantees that were released and discharged and (ii) provide the Liens on the Collateral
that were released and discharged.

 

(c)           The period of time between the occurrence of a Covenant Suspension Event and the Reversion Date is referred to in this description
as the “Suspension Period.” Upon the occurrence of a Covenant Suspension Event, the amount of Excess Proceeds
from Net Available Cash shall be reset at zero. With respect to Restricted Payments made after the Reversion Date, the amount
of Restricted Payments made will be calculated as though Section 4.04 had been in effect prior to, but not during, the Suspension
Period. No Subsidiary may be designated as an Unrestricted Subsidiary during the Suspension Period, unless such designation would
have complied with Section 4.04 as if such covenant were in effect during such period. In addition: (i) for purposes of Section
4.03, all Indebtedness Incurred, and Disqualified Stock or Preferred Stock issued, during the Suspension Period will be classified
to have been Incurred or issued pursuant to clause (2) of the definition of “Permitted Indebtedness”; (ii) for
purposes of Section 4.05, all agreements and arrangements entered into by the Company or any Restricted Subsidiary with an Affiliate
of the Company during the Suspension Period will be deemed to have been entered into pursuant to clause (5) of Section 4.05(b);
and (iii) for purposes of Section 4.10, all contracts entered into during the Suspension Period that contain any of the restrictions
contemplated by such covenant will be deemed to have been entered into pursuant to clause (1) of Section 4.10(b).

 

(d)           During the Suspension Period, the Company and its Restricted Subsidiaries will be entitled to incur Liens permitted under Section
4.06 (including, without limitation, Permitted Liens). To the extent such covenant and any Permitted Liens refer to one or more
Suspended Covenants, such covenant or definition shall be interpreted as though such applicable Suspended Covenant(s) continued
to be applicable during the Suspension Period (but solely for purposes of Section 4.06 and the “Permitted Liens” definition
and for no other covenant).

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(e)           During the Suspension Period, any reference in the definition of “Unrestricted Subsidiary” or “Permitted Liens”
to Section 4.03 or any provision thereof shall be construed as if such covenant had remained in effect since the Issue Date and
during the Suspension Period.

 

(f)            Upon the Reversion Date, the obligation to grant Note Guarantees pursuant to Section 4 .08 will be reinstated.

 

(g)           Notwithstanding that the Suspended Covenants may be reinstated, no Default or Event of Default will be deemed to have occurred
as a result of any failure to comply with the Suspended Covenants during any Suspension Period and the Company and any Restricted
Subsidiary of the Company will be permitted, without causing a Default or Event of Default or breach of any of the Suspended Covenants
(notwithstanding the reinstatement thereof) under this Indenture, to honor, comply with or otherwise perform any contractual commitments
or obligations entered into during a Suspension Period (to the extent not entered into in contemplation of the Reversion Date
occurring) following a Reversion Date and to consummate the transactions contemplated thereby; provided that, to the extent any
such commitment or obligation results in the making of a Restricted Payment, such Restricted Payment shall be made under Section
4.04(a)(3) or Section 4.04(b) and, if not permitted by any of such provisions, such Restricted Payment shall be deemed permitted
under Section 4.04(a)(3) and shall be deducted for purposes of calculating the amount pursuant to such clause (3) (which
may not be less than zero).

 

(h)           The Company shall provide an Officer’s Certificate to the Trustee indicating the occurrence of any Covenant Suspension Event
or Reversion Date. The Trustee will have no obligation to (i) independently determine or verify if such events have occurred,
(ii) make any determination regarding the impact of actions taken during the Suspension Period on the Company’s and
its Restricted Subsidiaries’ future compliance with their covenants, (iii) notify the Holders of any Covenant Suspension
Event or Reversion Date or (iv) monitor the Investment Grade Ratings of the Notes.

 

 Section 4.15           Measuring Compliance.

 

(a)           With respect to (x) any Limited Condition Transaction and (y) any repayment, repurchase or refinancing of Indebtedness,
Disqualified Stock or Preferred Stock with respect to which an irrevocable notice of repayment has been delivered (an “Irrevocable
Repayment”):

 

		(1)	whether
                                         any Indebtedness, Disqualified Stock or Preferred Stock (including acquired Indebtedness,
                                         Disqualified Stock and Preferred Stock) that is being Incurred, or that is being Incurred
                                         in connection with such Limited Condition Transaction or Irrevocable Repayment is permitted
                                         to be Incurred in compliance with Section 4.03;

 

		(2)	whether
                                         any Lien being Incurred, or that is being Incurred in connection with such Limited Condition
                                         Transaction or Irrevocable Repayment is permitted to be Incurred in compliance with Section
                                         4.06 or the definition of “Permitted Liens”;

 

		(3)	whether
                                         any other transaction to be undertaken in connection with such Limited Condition Transaction
                                         or Irrevocable Repayment or Incurrence of Indebtedness, Disqualified Stock or Preferred
                                         Stock (including any dispositions, investments, acquisitions, Restricted Payments, mergers,
                                         fundamental changes or designations of Restricted Subsidiaries or Unrestricted Subsidiaries)
                                         complies with the covenants or agreements contained in this Indenture or the Notes; and

 

		(4)	any
                                         calculation of the ratios, baskets or financial metrics, including Consolidated Cash
                                         Flow, Consolidated Leverage Ratio, Consolidated Net Income, Consolidated Total Assets,
                                         Fixed Charge Coverage Ratio, Fixed Charges and Secured Leverage Ratio and baskets determined
                                         by reference to Consolidated Cash Flow, Consolidated Total Assets, Indebtedness or Secured
                                         Indebtedness, and whether a Default, Event of Default or Specified Event of Default exists,
                                         in each case, in connection with such Limited Condition Transaction or Irrevocable Repayment;

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at
the option of the Company (the “Testing Party”), the date that the definitive agreements (or other relevant
definitive documentation) are entered into for such Limited Condition Transaction or Irrevocable Repayment (the “Transaction
Commitment Date”) may be used as the applicable date of determination, as the case may be, in each case, with such pro
forma adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition
of “Consolidated Leverage Ratio” or “Consolidated Net Income.” For the avoidance of doubt, if the Company
elects to use the Transaction Commitment Date as the applicable date of determination in accordance with the foregoing, (a) (x)
any fluctuation or change in (i) Consolidated Cash Flow, Consolidated Leverage Ratio, Consolidated Net Income, Consolidated
Total Assets, Fixed Charge Coverage Ratio, Fixed Charges, Indebtedness, Secured Indebtedness and Secured Leverage Ratio and/or
(ii) the applicable exchange rate utilized in calculating compliance with any dollar-based provision of this Indenture from
the Transaction Commitment Date to the date of consummation of such Restricted Payment, Investment, acquisition, merger or similar
transaction or repayment, repurchase or refinancing or Incurrence of Indebtedness, Disqualified Stock or Preferred Stock, in each
case, in connection with such Limited Condition Transaction or Irrevocable Repayment, will not be taken into account for purposes
of determining whether any Indebtedness, Disqualified Stock, Preferred Stock or Lien that is being Incurred in connection with
the foregoing, or in connection with compliance by the Company or any of its Restricted Subsidiaries with any other provision
of this Indenture or the Notes or any other transaction or action undertaken in connection with such Restricted Payment, Investment,
acquisition, merger or similar transaction or repayment, repurchase or refinancing or Incurrence of Indebtedness, Disqualified
Stock or Preferred Stock, is permitted to be Incurred, and (y) such baskets, ratios or financial metrics shall not be tested
at the time of consummation of such Restricted Payment, Investment, acquisition, merger or similar transaction or repayment, repurchase
or refinancing or Incurrence of Indebtedness, Disqualified Stock or Preferred Stock, in each case, in connection with such Limited
Condition Transaction or Irrevocable Repayment (provided, however, that until such Limited Condition Transaction or Irrevocable
Repayment is consummated or such definitive agreements (or other relevant definitive documentation) are terminated (or notice
expires), such Investment, acquisition, merger or similar transaction or repayment, repurchase or refinancing and all transactions
proposed to be undertaken in connection therewith (including the Incurrence of Indebtedness, Disqualified Stock, Preferred Stock
and Liens) will be given pro forma effect when determining compliance of other transactions (including the Incurrence of
Indebtedness, Disqualified Stock, Preferred Stock and Liens unrelated to such Investment, acquisition, merger or similar transaction
or repayment, repurchase or refinancing) that are consummated after the Transaction Commitment Date and on or prior to the date
of consummation of such Investment, acquisition, merger or similar transaction or repayment, repurchase or refinancing, and any
such transactions (including any incurrence of Indebtedness, Disqualified Stock or Preferred Stock and the use of proceeds thereof)
will be deemed to have occurred on the date the definitive agreements (or other relevant definitive documentation) are entered
into, and deemed to be outstanding thereafter for purposes of calculating any baskets, ratios or financial metrics under this
Indenture after the date of such definitive agreement (or other relevant definitive documentation) and before the date of consummation
of such Investment, acquisition, merger or similar transaction or repayment, repurchase or refinancing. In addition, this Indenture
will provide that compliance with any requirement relating to the absence of a Default, Event of Default or Specified Event of
Default may be determined as of the Transaction Commitment Date and not as of any later date as would otherwise be required under
this Indenture. Notwithstanding anything to the contrary, in connection with a Testing Party’s election to use a Transaction
Commitment Date pursuant to this paragraph, any reference to “date of incurrence” or “time of incurrence”
or other similar phrases with respect to the date or time an action is taken herein will mean the Transaction Commitment Date.

 

(b)          Accrual of interest, the accretion of accreted value, the accretion or amortization of original issue discount, the payment of
interest or dividends in the form of additional Indebtedness with the same terms, the payment of dividends on Disqualified Stock
or Preferred Stock in the form of additional shares of Disqualified Stock or Preferred Stock of the same class, the accretion
of liquidation preference or maximum fixed repurchase price and increases in the amount of Indebtedness, Disqualified Stock or
Preferred Stock outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of
property securing Indebtedness, Disqualified Stock or Preferred Stock will not be deemed to be an Incurrence of Liens, Indebtedness,
Disqualified Stock or Preferred Stock for purposes of this Indenture.

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(c)          For purposes of calculating any ratio-based basket, with respect to any revolving Indebtedness, delayed draw facility or other
committed debt financing Incurred under such ratio-based basket, the Company may elect (which election may not be changed with
respect to such Indebtedness), at any time, to either (x) give pro forma effect to the Incurrence of the entire committed
amount of such Indebtedness, in which case such committed amount may thereafter be borrowed or reborrowed, in whole or in part,
from time to time, without further compliance with any ratio-based component of any provision of this Indenture, or (y) give
pro forma effect to the Incurrence of the actual amount drawn under such revolving Indebtedness, delayed draw facility
or other committed debt financing, in which case, the ability to Incur the amounts committed to under such Indebtedness will be
subject to such ratio-based basket (to the extent being Incurred pursuant to such ratio) at the time of each such Incurrence.
To the extent clause (x) of the immediately preceding sentence is elected, such revolving Indebtedness, delayed draw facility
or other committed debt financing shall be deemed to be Incurred (and the fully committed amount of Indebtedness as outstanding)
at all times thereafter for purposes of testing any ratio-based baskets, regardless of whether such Indebtedness is outstanding,
until such commitments have been permanently terminated in full.

 

(d)          Notwithstanding anything in this Indenture to the contrary, unless the Company elects otherwise, if, on any date, the Company
or any of its Restricted Subsidiaries in connection with any transaction or series of related transactions (A) utilizes a
ratio-based basket and (B) utilizes a non-ratio-based basket, then the applicable ratio will be calculated on such date with
respect to any usage under the applicable ratio-based basket without giving effect to the usage under such non-ratio-based basket
made in connection with such transaction or series of related transactions.

 

(e)          To the extent the date of any delivery of any document required to be delivered pursuant to any provision of this Indenture falls
on a day that is not a Business Day, the applicable required date of delivery shall be deemed to be the next succeeding Business
Day.

 

(f)           For purposes of determining the maturity date of any Indebtedness, customary bridge loans that are subject to customary conditions
(including no payment or bankruptcy event of default) that would either automatically be extended as, converted into or required
to be exchanged for permanent refinancing shall be deemed to have the maturity date as so extended, converted or exchanged.

 

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

 

ARTICLE
5

SUCCESSORS

 

 Section 5.01         Merger, Consolidation or Sale of Assets.

 

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

 

(1)            immediately after giving effect to such transaction, no Default or Event of Default exists;

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(2)            either:

 

(a)          the Company is the surviving corporation; or

 

(b)          the Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment,
transfer, lease, conveyance or other disposition will have been made (i) is a Person organized or existing under the laws
of the United States, any state thereof or the District of Columbia or any territory thereof (provided that in the case
where such Person is not a corporation, a co-obligor of the Notes is a corporation organized or existing under such laws) and
(ii) assumes all the obligations of the Company under the Notes, this Indenture and the Security Documents pursuant to a
supplemental indenture and joinders or supplements to the applicable Security Documents, as applicable;

 

(3)            immediately after giving effect to such transaction on a pro forma basis, (i) the Company or the Person formed by or surviving
any such consolidation or merger (if other than the Company), or to which such sale, assignment, transfer, conveyance or other
disposition will have been made, will be permitted to Incur at least $1.00 of additional Indebtedness as Ratio Debt; or (ii) (x)
the Consolidated Leverage Ratio is positive and less than or equal to the Company’s Consolidated Leverage Ratio immediately
prior to such transaction or (y) the Fixed Charge Coverage Ratio is greater than or equal to the Company’s Fixed Charge
Coverage Ratio immediately prior to such transaction;

 

(4)            if the Person formed by or surviving any such consolidation or merger is other than the Company, each Guarantor, unless such Guarantor
is the Person with which the Company has entered into a transaction under this covenant, will have confirmed to the Trustee in
writing that its Note Guarantee will apply to the obligations of the surviving Person in accordance with the Notes and this Indenture;

 

(5)            the Company delivers to the Trustee and the Collateral Agent an Officer’s Certificate and Opinion of Counsel, in each case
stating that such transaction, such agreement, such supplemental indenture and such joinders or supplements to the Security Documents
comply with this covenant and that all conditions precedent provided for in this Indenture and the Security Documents relating
to such transaction have been complied with;

 

(6)            the Company or the surviving entity, as applicable, promptly causes such amendments, joinders, supplements or other instruments
to be executed, delivered, filed and recorded, as applicable, in such jurisdictions as may be reasonably required by applicable
law to preserve and protect the Lien of the Collateral Agent pursuant to this Indenture and the Security Documents on the Collateral
owned by or transferred to the Company or the surviving entity;

 

(7)            the Collateral owned by or transferred to the Company or the surviving entity, as applicable, shall (a) continue to constitute
Collateral under this Indenture and the Security Documents, (b) be subject to a perfected first-priority Lien in favor of the
Collateral Agent for the benefit of itself, the Trustee and the Holders of the Notes and (c) not be subject to any Lien other
than Permitted Liens or other Liens as permitted under Section 4.06; and

 

(8)            the property and assets of the Person merged or consolidated with or into the Company or the surviving entity, as applicable,
to the extent that they are property or assets or of the types that would constitute Collateral under the Security Documents,
shall be treated as After-Acquired Property and the Company or the surviving entity shall take such action as may be reasonably
necessary to cause such property and assets to be made subject to a perfected first-priority Lien of the Collateral Agent pursuant
to this Indenture and the Security Documents in the manner and to the extent required in this Indenture and the Security Documents;

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provided
that clause (3) above will not apply: (i) if, in the good faith determination of the Board of Directors of the Company
or a direct or indirect parent of the Company, whose determination shall be evidenced by a Board Resolution, the principal purpose
of such transaction is to change the state of incorporation of the Company, and such transaction does not have as one of its purposes
the evasion of the foregoing limitations; or (ii) to any consolidation, merger, sale, assignment, transfer, conveyance or
other disposition of assets between or among the Company and any Guarantor.

 

Upon
any consolidation, merger, sale, assignment, transfer, conveyance or other disposition in accordance with Section 5.01, the successor
Person formed by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, conveyance
or other disposition is made will succeed to, and be substituted for (so that from and after the date of such consolidation, merger,
sale, assignment, conveyance or other disposition, the provisions of this Indenture referring to the “Company” will
refer instead to the successor Person and not to the Company), and may exercise every right and power of, the Company under this
Indenture and the Security Documents with the same effect as if such successor Person had been named as the Company in this Indenture
and the Security Documents, and the Company will automatically be released and discharged from its obligations under this Indenture,
the Security Documents and the Notes. Notwithstanding the foregoing, and so long as the requirements of clauses (2), (6), (7)
and (8) of the preceding paragraph, to the extent applicable, are complied with, (a) any Restricted Subsidiary may consolidate
with, merge into or sell, assign, transfer, lease, convey or otherwise dispose of all or part of its properties and assets to
the Company, (b) the Company may merge or consolidate with an Affiliate incorporated or organized solely for the purpose of reincorporating
or reorganizing the Company in another state of the United States, the District of Columbia or any territory of the United States
so long as the amount of Indebtedness and Liens of the Company and its Restricted Subsidiaries is not increased thereby (unless
such increase is permitted by this Indenture), (c) the Company may convert into a limited partnership or limited liability company
existing under the laws of the jurisdiction of organization of the Company so long as the Company causes a corporation to be a
co-obligor under the Notes and (d) the Company may change its name.

 

(b)          Other than Cogent Holdco, a Guarantor will not, directly or indirectly: (x) consolidate or merge with or into another Person
(whether or not such Guarantor is the surviving Person) or (y) sell, assign, transfer, lease, convey or otherwise dispose
of all or substantially all of the properties and assets of the Guarantor, in one or more related transactions, to another Person,
other than the Company or another Guarantor, unless:

 

(1)            immediately after giving effect to such transaction, no Default or Event of Default exists; and

 

(2)            either:

 

(a)          (x) the Guarantor is the surviving corporation or (y) the Person formed by or surviving any such consolidation or merger (if other
than the Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition which has been made (i) is
a Person organized or existing under the laws of the United States, any state thereof or the District of Columbia or any territory
thereof and (ii) assumes all the obligations of that Guarantor under this Indenture, including its Note Guarantee, and the
Security Documents pursuant to a supplemental indenture and joinders or supplements to the applicable Security Documents, as applicable;
provided that:

 

(A)           the
Guarantor or the surviving entity, as applicable, promptly causes such amendments, joinders, supplements or other instruments
to be executed, delivered, filed and recorded, as applicable, in such jurisdictions as may be reasonably required by applicable
law to preserve and protect the Lien of the Collateral Agent pursuant to this Indenture and the Security Documents on the Collateral
owned by or transferred to the Guarantor or the surviving entity;

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(B)           the
Collateral owned by or transferred to the Guarantor or the surviving entity, as applicable, shall (x) continue to constitute
Collateral under this Indenture and the Security Documents, (y) be subject to a perfected first-priority Lien in favor of
the Collateral Agent for the benefit of itself, the Trustee and the Holders of the Notes, and (z) not be subject to any Lien
other than Permitted Liens or other Liens as permitted under Section 4.06; and

 

(C)           the
property and assets of the Person merged or consolidated with or into the Guarantor or the surviving entity, as applicable, to
the extent that they are property or assets or of the types that would constitute Collateral under the Security Documents, shall
be treated as After-Acquired Property and the Guarantor or the surviving entity shall take such action as may be reasonably necessary
to cause such property and assets to be made subject to a perfected first-priority Lien of the Collateral Agent pursuant to this
Indenture and the Security Documents in the manner and to the extent required in this Indenture and the Security Documents; or

 

(b)          such
sale, assignment, transfer, lease, conveyance or other disposition or consolidation or merger complies with Section 4.07
to the extent applicable on the date of the subject transaction.

 

(c)          Upon any consolidation, merger, sale, assignment, transfer, conveyance or other disposition in accordance with this Section 5.01,
the successor Person formed by such consolidation or into or with which a Guarantor is merged or to which such sale, assignment,
transfer, conveyance or other disposition is made will succeed to, and be substituted for (so that from and after the date of
such consolidation, merger, sale, assignment, conveyance or other disposition, the provisions of this Indenture referring to the
 “Guarantor” will refer instead to the successor Person and not to such Guarantor), and may exercise every right and
power of, such Guarantor under this Indenture, the Security Documents and the Note Guarantees with the same effect as if such
successor Person had been named as a Guarantor in this Indenture, the Security Documents and the Note Guarantees, and such Guarantor
will automatically be released and discharged from its obligations under this Indenture, the Security Documents and such Guarantor’s
Note Guarantee.

 

(d)          Notwithstanding the foregoing and so long as the requirements of clause (2) of Section 5.01(b) are complied with, (1) any
Restricted Subsidiary may consolidate with, merge into or sell, assign, transfer, lease, convey or otherwise dispose of all or
part of its properties and assets to a Guarantor, (2) a Guarantor may merge or consolidate with an Affiliate incorporated or organized
solely for the purpose of reincorporating or reorganizing such Guarantor in another state of the United States, the District of
Columbia or any territory of the United States, so long as the amount of Indebtedness and Liens of the Guarantor is not increased
thereby (unless such increase is permitted by this Indenture), (3) a Guarantor may merge into or sell, assign, transfer,
lease, convey or otherwise dispose of all or part of its properties and assets to another Guarantor or the Company, (4) a
Guarantor may convert into a corporation, partnership, limited partnership, limited liability company or trust organized or existing
under the laws of the jurisdiction of organization of such Guarantor or the laws of the United States, any state thereof or the
District of Columbia or any territory thereof so long as the Note Guarantee provided by such Guarantor under the laws of such
other jurisdiction is substantially equivalent to the Note Guarantee provided under the laws of the jurisdiction of formation
of such Guarantor prior to such conversion and (5) any Guarantor may changes its name.

 

(e)          Notwithstanding the foregoing, for the avoidance of doubt, no restriction under this Section 5.01 shall limit the ability of any
non-Guarantor Subsidiary or Unrestricted Subsidiary to engage in any merger, consolidation or sale of all or substantially all
assets so long as such transaction is otherwise permitted under this Indenture.

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ARTICLE
6

DEFAULTS AND REMEDIES

 

 Section 6.01          Events of Default.

 

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

 

(1)            default for 30 days in the payment when due of interest on the Notes;

 

(2)            default in payment when due (whether at maturity, upon acceleration, redemption or otherwise) of the principal of, or premium,
if any, on the Notes;

 

(3)            failure by the Company or any Restricted Subsidiary for 60 days after written notice by the Trustee or Holders representing
25.0% or more of the aggregate principal amount of Notes outstanding to comply with any of the other agreements in this Indenture
or the Security Documents;

 

(4)            default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced
any Indebtedness by the Company or any Significant Subsidiary (or the payment of which is Guaranteed by the Company or any Restricted
Subsidiary) (other than Indebtedness owing to the Company or a Restricted Subsidiary) whether such Indebtedness or Guarantee now
exists, or is created after the Issue Date, if that default:

 

(a)          is caused by a failure to make any payment within any applicable grace period when due at the final maturity of such Indebtedness
(a “Payment Default”); or

 

(b)          results in the acceleration of such Indebtedness prior to its express maturity;

 

and,
in each case, the amount of any such Indebtedness, together with the amount of any other such Indebtedness that is then subject
to a Payment Default or the maturity of which has been so accelerated, aggregates to an amount equal to or greater than the greater
of (x) $40.0 million and (y) 20.0% of Consolidated Cash Flow for the Reference Period;

 

(5)            failure by the Company or any Significant Subsidiary to pay final and non-appealable judgments (to the extent such judgments are
not paid or covered by insurance provided by a reputable and solvent carrier) aggregating in excess of the greater of (x) $40.0
million and (y) 20.0% of Consolidated Cash Flow for the Reference Period, which judgments are not paid, discharged or stayed for
a period of 60 days;

 

(6)            except as permitted by this Indenture, any Note Guarantee is held in any judicial proceeding to be unenforceable or invalid or
ceases for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, denies
or disaffirms its obligations under its Note Guarantee and such default continues for ten days;

 

(7)            there shall have been the entry of a decree or order that remains unstayed and in effect for 60 consecutive days by a court of
competent jurisdiction under any applicable Bankruptcy Code (a) for relief in an involuntary case or proceeding in respect
of the Company, any Significant Subsidiary or any group of Restricted Subsidiaries that collectively (as of the latest audited
consolidated financial statements for the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary,
(b) adjudging the Company, any Significant Subsidiary or any group of Restricted Subsidiaries that collectively (as of the
latest audited consolidated financial statements for the Company and its Restricted Subsidiaries) would constitute a Significant
Subsidiary bankrupt or insolvent or (c) appointing a custodian of the Company, any Significant Subsidiary or any group of
Restricted Subsidiaries that collectively (as of the latest audited consolidated financial statements for the Company and its
Restricted Subsidiaries) would constitute a Significant Subsidiary or of substantially all of the assets of the Company or such
Significant Subsidiary, or ordering the winding up or liquidation of their affairs;

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(8)            the Company, any Significant Subsidiary or any group of Restricted Subsidiaries that collectively (as of the latest audited consolidated
financial statements for the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary (a) commences
a voluntary case or proceeding in respect of the Company, such Significant Subsidiary or such group of Restricted Subsidiaries
under any applicable Bankruptcy Code or any other case or proceeding to be adjudicated bankrupt or insolvent, (b) consents
to the entry of a decree or order for debt relief in respect of the Company, such Significant Subsidiary or such group of Restricted
Subsidiaries in an involuntary case or proceeding under any applicable Bankruptcy Code or to the commencement of any bankruptcy
or insolvency case or proceeding against it, (c) consents to the filing of such petition for the appointment of, or taking
possession by, a custodian of the Company, such Significant Subsidiary or such group of Restricted Subsidiaries or of substantially
all of the assets of the Company or such Significant Subsidiary, (d) makes a general assignment for the benefit of creditors
or (e) admits in writing its inability to pay its debts generally as they become due; or

 

(9)            unless all of the Collateral has been released from the Liens in accordance with the provisions of the Security Documents, (i) default
by the Company or any Guarantor in the performance of any obligation under the Security Documents that adversely affects the enforceability,
validity, perfection or priority of the Liens securing the Notes on a material portion of the Collateral (except (a) to the extent
that any such perfection or priority is not required pursuant to this Indenture and the Security Documents or results from the
failure of the Collateral Agent to maintain possession of certificates actually delivered to it representing securities pledged
under the Security Documents or (B) as to Collateral consisting of Real Property, to the extent that such losses are covered by
a title insurance policy in favor of the Collateral Agent for the benefit of itself, the Trustee and the Holders of the Notes
and such insurers have been informed of such loss and not denied or failed to acknowledge coverage), (ii) any material provision
of any Security Document or the Intercreditor Agreement, at any time after delivery thereof other than as expressly permitted
under this Indenture, any Security Document or the Intercreditor Agreement, including as a result of a transaction permitted under
this Indenture, any Security Document or the Intercreditor Agreement or the satisfaction in full of the Obligations (other than
contingent obligations not yet due) in accordance with this Indenture, (a) ceases to be in full force and effect for any reason
other than in accordance with the terms of this Indenture, the Security Documents and the Intercreditor Agreement or (b) is declared
invalid or unenforceable by a court of competent jurisdiction, (iii) the Company or any Guarantor contests in writing the validity
or enforceability of any Security Document or the Intercreditor Agreement or (z) the Company or any Guarantor denies in writing
that it has any further liability under this Indenture or any Security Document or the Intercreditor Agreement (other than as
a result of the repayment in full of the Obligations (other than contingent obligations not yet due) in accordance with this Indenture)
or gives written notice to revoke or rescind any Security Document (other than in accordance with its terms) or the perfected
first-priority Liens created thereby with respect to the Notes as required by the Security Documents on a material portion of
the Collateral, other than in accordance with the terms of this Indenture, the Security Documents and the Intercreditor Agreement
or (iv) any Security Document after delivery thereof to the extent required by this Indenture and the Security Documents, covering
the Collateral for any reason (other than pursuant to the terms thereof, including as a result of a transaction not prohibited
under this Indenture) ceases to create a valid and perfected first-priority Lien on, and security interest in, any Collateral
covered thereby to the extent required by such Security Documents with respect to the Notes in any material portion of the Collateral
purported to be covered thereby, subject to Permitted Liens, except (x) to the extent that any such perfection or priority is
not required pursuant to this Indenture or the Security Documents or results from the failure of the Collateral Agent to maintain
possession of certificates actually delivered to it representing securities pledged under the Security Documents or (y) as to
Collateral consisting of real property, to the extent that such losses are covered by a title insurance policy in favor of the
Collateral Agent for the benefit of itself, the Trustee and the Holders of the Notes and such insurers have not denied coverage

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(b)           In the event of any Event of Default specified in Section 6.01(a)(4), such Event of Default and all consequences thereof will
be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders of the Notes, if prior to
30 days after such Event of Default arose, the Company delivers an Officer’s Certificate to the Trustee stating that
(x) the Indebtedness or Guarantee that is the basis for such Event of Default has been discharged, (y) the holders thereof
have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default or (z) the
default that is the basis for such Event of Default has been cured.

 

 Section 6.02          Acceleration.

 

If
an Event of Default (other than as specified in Section 6.01(a)(7) or (8)) shall occur and be continuing with respect to
this Indenture, the Trustee or the Holders of at least 25.0% in aggregate principal amount of the then-outstanding Notes may declare
all unpaid principal of, premium, if any, and accrued interest on all Notes to be due and payable immediately, by a notice in
writing to the Company (with a copy to the Trustee if notice is provided by the Holders of the Notes) specifying the Event of
Default. If an Event of Default specified in Section 6.01(a)(7) or (8) occurs and is continuing, then all outstanding
Notes shall become due and payable immediately in an amount equal to the principal amount of the Notes, together with accrued
and unpaid interest, if any, to the date the Notes become due and payable, without any declaration or other act on the part of
the Trustee or any Holder.

 

 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,
premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes, this Indenture or any
Security Document.

 

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

 

 Section 6.04          Waiver of Past Defaults.

 

The
Holders of a majority in aggregate principal amount of the then-outstanding Notes by written notice to the Trustee may, on behalf
of the Holders of all of the Notes, waive, rescind or cancel any existing Default or Event of Default and its consequences hereunder
if such waiver, rescission or cancellation would not conflict with any judgment or decree, except a continuing Default or Event
of Default in the payment of principal of, premium on, if any, or interest, if any, on the Notes (including in connection with
an offer to purchase); provided, however, that the Holders of a majority in aggregate principal amount of the then-outstanding
Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration.
Upon any such waiver, rescission or cancellation of a Default or Event of Default, any such Default shall cease to exist, and
any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver
shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.

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 Section 6.05          Control by Majority.

 

Subject
to the terms of the Intercreditor Agreement, this Indenture, the Security Documents and provision of an indemnity satisfactory
to the Trustee or the Collateral Agent, as applicable, the Holders of a majority in aggregate principal amount of the then-outstanding
Notes will have the right to direct the time, method and place of conducting any proceeding for exercising any right, power or
remedy available to the Trustee or the Collateral Agent. However, the Trustee and the Collateral Agent may refuse to follow any
direction that conflicts with law, the Intercreditor Agreement, any other Security Document or this Indenture, that may involve
the Trustee’s or the Collateral Agent’s personal liability, or that the Trustee or the Collateral Agent determines
in good faith may be unduly prejudicial to the rights of Holders of Notes not joining in the giving of such direction and may
take any other action it deems proper that is not inconsistent with any such direction received from Holders of Notes (it being
understood that neither the Trustee nor the Collateral Agent shall have any duty to determine whether such action is prejudicial
to any Holder).

 

 Section 6.06          Limitation on Suits.

 

Subject
to Section 6.07, a Holder may not pursue any remedy with respect to this Indenture or the Notes unless: (1) the Holder gives
the Trustee written notice of a continuing Event of Default; (2) the Holders of at least 25.0% in aggregate principal amount
of outstanding Notes make a written request to the Trustee or the Collateral Agent, as applicable, to pursue the remedy; (3) such
Holder or Holders offer and, if requested, provide to the Trustee or the Collateral Agent, as applicable, indemnity satisfactory
to the Trustee or the Collateral Agent, as applicable, against any costs, liability, loss or expense; (4) the Trustee or
the Collateral Agent, as applicable, does not comply with the request within 60 days after receipt of the request and the
provision of indemnity; and (5) during such 60-day period, the Holders of a majority in aggregate principal amount of the
then-outstanding Notes do not give the Trustee or the Collateral Agent, as applicable, a written direction that is inconsistent
with the request.

 

A
Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain preference or priority
over another Holder of a Note.

 

Notwithstanding
the foregoing, in no event may any Holder of Notes directly enforce any Lien of the Collateral Agent pursuant to the Security
Documents.

 

 Section 6.07          Rights of Holders of Notes to Receive Payment.

 

Notwithstanding
any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium, if any, and
interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer pursuant
to Section 4.07 or Section 4.09), or to bring suit for the enforcement of any such payment on or after such respective dates,
shall not be impaired or affected without the consent of such Holder.

 

 Section 6.08          Collection Suit by Trustee.

 

If
an Event of Default specified in Section 6.01(a)(1) or (2) occurs and is continuing, the Trustee is authorized to recover
judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium,
if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such
further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, reasonable expenses,
disbursements and advances of the Trustee, the Collateral Agent, their agents and counsel.

 

 Section 6.09          Restoration of Rights and Remedies.

 

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

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 Section 6.10         Rights and Remedies Cumulative.

 

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

 

 Section 6.11         Delay or Omission Not Waiver.

 

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

 

 Section 6.12         Trustee May File Proofs of Claim.

 

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

 

 Section 6.13         Priorities.

 

Subject
to the Security Documents and the Intercreditor Agreement, if any, if the Trustee collects any money or property pursuant to this
Article 6 (including any amounts received from the Collateral Agent), it shall pay out the money or property in the following
order:

 

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

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

 

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

 

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

 

 Section 6.14         Undertaking for Costs.

 

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

 

ARTICLE
7

TRUSTEE

 

 Section 7.01         Duties of Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

(ii)         the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Trustee, unless it
is proved by a final order of a court of competent jurisdiction that the Trustee 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.

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(d)          Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject
to paragraphs (a), (b), (c) and (e) of this Section 7.01 and Section 7.02(f).

 

(e)          Neither the Trustee nor the Collateral Agent shall be under any obligation to exercise any of its rights, powers or remedies under
this Indenture or the Security Documents at the request or direction of any of the Holders of the Notes unless the Holders have
offered, and if requested, provided to the Trustee or Collateral Agent, as applicable, indemnity or security satisfactory to the
Trustee or the Collateral Agent, as applicable, against any loss, liability or expense.

 

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

 

 Section 7.02         Rights of Trustee.

 

(a)          The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its discretion, may make
such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make
such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally
or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason
of such inquiry or investigation.

 

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

 

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

 

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

 

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

 

(f)           None of the provisions of this Indenture shall require the Trustee to expend or risk its own funds or otherwise to incur any liability,
financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if
an indemnity satisfactory to it against such risk or liability is not assured to it.

 

(g)          The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee
has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee
at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture.

 

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

 

(i)           The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to
be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent
(including the Agents), custodian and other Person employed to act hereunder. Absent willful misconduct or gross negligence, the
Trustee shall not be liable for acting in good faith on instructions believed by it to be genuine and from the proper party.

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

 

(k)          The Trustee may request that the 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.

 

(l)           The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered and, if requested, provided
to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred
by it in compliance with such request or direction.

 

(m)         The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty unless so specified
herein.

 

 Section 7.03         Individual Rights of Trustee.

 

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

 

 Section 7.04         Trustee’s Disclaimer.

 

The
Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Security
Documents or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid
to the Company or upon the Company’s direction under any provision of this Indenture, it shall not be responsible for the
use or application of any money received by any Paying Agent other than the Trustee, it shall not be responsible for and makes
no representation as to the validity or adequacy of the Collateral or the perfection of the security interest thereof, and it
shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection
with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication.

 

 Section 7.05         Notice of Defaults.

 

If
a Default occurs and is continuing and if it is known to the Trustee, the Trustee shall send to Holders of Notes a notice of the
Default within the later of 90 days after it occurs, or promptly after the Trustee obtains knowledge thereof. Except in the
case of a Default relating to the payment of principal, premium, if any, or interest on any Note, the Trustee may withhold from
the Holders notice of any continuing Default if and so long as a committee of its Responsible Officers in good faith determines
that withholding the notice is in the interests of the Holders of the Notes. The Trustee shall not be deemed to know of any Default
unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is such a
Default is received by the Trustee at the Corporate Trust Office of the Trustee and such notice references this Indenture and
states that it is a “notice of default.” The receipt of reports, information and documents delivered to the Trustee
pursuant to Section 4.13 shall not constitute actual knowledge or the receipt of written notice of any Default on the part of
the Trustee.

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	Section 7.06	[Reserved].

 

	Section 7.07	Compensation and Indemnity.

 

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

 

The Company and the Guarantors, jointly
and severally, shall indemnify the Trustee and Collateral Agent for, and hold the Trustee and Collateral Agent harmless against,
any and all loss, damage, claims, liability or expense (including attorneys’ fees and expenses) incurred by it in connection
with the acceptance or administration of this trust and the performance of its duties hereunder or under the other Notes Documents
(including the costs and expenses of enforcing this Indenture and the other Notes Documents against the Company or any of the Guarantors
(including this Section 7.07) or defending itself against any claim whether asserted by any Holder, the Company, any Guarantor
or other Person, or liability in connection with the acceptance, exercise or performance of any of its powers or duties hereunder
or thereunder). The Trustee or Collateral Agent, as applicable, shall notify the Company promptly of any claim for which it may
seek indemnity. Failure by the Trustee or Collateral Agent, as applicable, to so notify the Company shall not relieve the Company
of its obligations hereunder. The Company and the Guarantors need not reimburse any expense or indemnify against any loss, liability
or expense incurred by the Trustee or Collateral Agent, as applicable, through the Trustee’s or Collateral Agent’s,
as applicable, own willful misconduct or gross negligence.

 

The obligations of the Company under this
Section 7.07 shall survive the satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee
and the Collateral Agent.

 

Notwithstanding anything contrary in Section 4.06
hereto, to secure the payment obligations of the Company and the Guarantors in this Section 7.07, the Trustee shall have a
Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and
interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture.

 

When the Trustee or Collateral Agent, as
applicable, incurs expenses or renders services after an Event of Default specified in Section 6.01(a)(7) or (8) occurs,
the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to
constitute expenses of administration under any Bankruptcy Code.

 

	Section 7.08	Replacement of Trustee.

 

A resignation or removal of the Trustee
and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment
as provided in this Section 7.08. The Trustee may resign in writing at any time and the Registrar, Paying Agent and Transfer Agent
may resign with 60 days’ prior written notice and be discharged from the trust hereby created by so notifying the Company.
The Holders of a majority in aggregate principal amount of the then-outstanding Notes may remove the Trustee by so notifying the
Trustee and the Company in writing and may remove the Registrar, Paying Agent or Transfer Agent by so notifying such Registrar,
Paying Agent or Transfer Agent, as applicable, with 90 days’ prior written notice. The Company may remove the Trustee
if:

 

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

 

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

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

 

(d)         
the Trustee becomes incapable of acting.

 

If the Trustee resigns or is removed or
if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one
year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then-outstanding
Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

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

 

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

 

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

 

As used in this Section 7.08 (except
with respect to the first paragraph), the term “Trustee” shall also include each of the Paying Agent, Registrar and
Transfer Agent, as applicable.

 

	Section 7.09	Successor Trustee by Merger, Etc.

 

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

 

	Section 7.10	Eligibility; Disqualification.

 

There shall at all times be a Trustee hereunder
that is a corporation or national banking association organized and doing business under the laws of the United States of America
or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision
or examination by federal or state authorities and that has a combined capital and surplus of at least $50,000,000 as set forth
in its most recent published annual report of condition.

 

ARTICLE 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

	Section 8.01	Option to Effect Legal Defeasance and/or Covenant Defeasance.

 

The Company may, at its option and at any
time, elect to have either Section 8.02 or 8.03 applied to all outstanding Notes upon compliance with the conditions set forth
below in this Article 8.

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	Section 8.02	Legal Defeasance and Discharge.

 

Upon the Company’s exercise under
Section 8.01 of the option applicable to this Section 8.02, the Company and the Guarantors shall, subject to the satisfaction
of the conditions set forth in Section 8.04, be deemed to have been discharged from their obligations with respect to all
outstanding Notes and Note Guarantees and cure all then-existing Defaults and Events of Default on the date the conditions set
forth below are satisfied (“Legal Defeasance”). If the Company exercises the Legal Defeasance option, the Note
Guarantees in effect at such time will terminate and any collateral then securing the Notes or the Note Guarantees shall be released.
For this purpose, Legal Defeasance means that the Company and the Guarantors shall be deemed to have paid and discharged the entire
Indebtedness represented by the outstanding Notes and Note Guarantees, which shall thereafter be deemed to be “outstanding”
only for the purposes of Section 8.05 and the other Sections of this Indenture referred to in clauses (a) and (b) below,
and to have satisfied all their other obligations under such Notes, Note Guarantees and this Indenture including that of the Guarantors
(and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except
for the following provisions which shall survive until otherwise terminated or discharged hereunder:

 

(a)         
the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium, if
any, on such Notes when such payments are due from the trust referred to in Section 8.04;

 

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

 

(c)         
the rights, powers, trusts, duties and immunities of the Trustee and the Collateral Agent, and the Company’s and the
Guarantors’ obligations in connection therewith; and

 

(d)         
this Article 8.

 

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

 

	Section 8.03	Covenant Defeasance.

 

Upon the Company’s exercise under
Section 8.01 of the option applicable to this Section 8.03, the Company and the Guarantors shall, subject to the satisfaction
of the conditions set forth in Section 8.04, be released from their obligations under the covenants contained in Article 4
(other than Sections 4.01 and 4.13), clauses (1), (3), (4) and (5) of Section 5.01(a), and Section 5.01(b) with
respect to the outstanding Notes and Note Guarantees on and after the date the conditions set forth in Section 8.04 are satisfied
(“Covenant Defeasance”), the Note Guarantees will be released pursuant to Section 13.06, and the Liens
on the Collateral securing the Notes and the Note Guarantees shall be released and the Notes shall thereafter be deemed not “outstanding”
for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any default thereof)
in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it
being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance
means that, with respect to the outstanding Notes and Note Guarantees, the Company and the 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, whether directly or indirectly,
by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other
provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under
Section 6.01, but, except as specified above, the remainder of this Indenture and such Notes and Note Guarantees shall be
unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 of the option applicable to this Section
8.03, subject to the satisfaction of the conditions set forth in Section 8.04, Sections 6.01(a)(3), 6.01(a)(4), 6.01(a)(5),
6.01(a)(6), 6.01(a)(7) (solely with respect to Restricted Subsidiaries that are Significant Subsidiaries or any group of Restricted
Subsidiaries that collectively (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries)
would constitute a Significant Subsidiary) and 6.01(a)(8) (solely with respect to Restricted Subsidiaries or any group of Restricted
Subsidiaries that collectively (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries)
would constitute a Significant Subsidiary) shall not constitute Events of Default.

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	Section 8.04	Conditions to Legal or Covenant Defeasance.

 

The following shall be the conditions to
the application of either Section 8.02 or 8.03 to the outstanding Notes:

 

(1)          
the Company must irrevocably deposit or cause to be deposited with the Paying Agent, for the benefit of the Holders of the
Notes, cash in U.S. dollars, Government Securities or a combination thereof, in such amounts as will be sufficient, in the opinion
of a nationally recognized firm of independent public accountants, to pay the principal of, and interest and premium, if any, on,
the outstanding Notes 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;

 

(2)          
in the case of Legal Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (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 state that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax
purposes as a result of such Legal Defeasance and will 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;

 

(3)          
in the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel stating that the
Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant
Defeasance and will 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;

 

(4)          
no Default or Event of Default under Section 6.01(a)(7) or 6.01(a)(8) shall have occurred and be continuing at any time
in the period ending on the 91st day after the date of deposit;

 

(5)          
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 to which the Company is a party or by which the Company is bound;

 

(6)          
the Company must have delivered to the Trustee an Opinion of Counsel to the effect that, assuming no intervening bankruptcy
of the Company or any Guarantor 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 will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’
rights generally, including Section 547 of the United States Bankruptcy Code and Section 15 of the New York Debtor and
Creditor Law;

 

(7)          
the Company must deliver to the Trustee an Officer’s 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;

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(8)          
if the Notes are to be redeemed prior to their Stated Maturity, the Company must deliver to the Trustee and the Paying Agent
irrevocable instructions to redeem all of the Notes on the specified redemption date under arrangement satisfactory to each of
the Trustee and the Paying Agent for the giving of notice of such redemption by the Paying Agent in the Company’s name and
at the Company’s expense; and

 

(9)          
the Company must deliver to the Trustee and the Collateral Agent an Officer’s Certificate and an Opinion of Counsel,
each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance, as applicable, have been
complied with.

 

Notwithstanding the foregoing, the Opinion
of Counsel required by clause (2) of this paragraph with respect to a Legal Defeasance need not be delivered if all Notes
not theretofore delivered to the Registrar for cancellation (x) have become due and payable or (y) will become due and
payable at their Stated Maturity within one year under arrangements satisfactory to the Trustee and the Paying Agent for the giving
of notice of redemption by the Paying Agent in the name, and at the expense, of the Company.

 

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

 

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

 

The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the cash or Government Securities deposited pursuant
to Section 8.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which
by law is for the account of the Holders of the outstanding Notes.

 

Anything in this Article 8 to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the written request of the Company any
money or Government Securities held by it as provided in Section 8.04 which, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion
delivered under Section 8.04(2)), are in excess of the amount thereof that would then be required to be deposited to effect
an equivalent Legal Defeasance or Covenant Defeasance.

 

	Section 8.06	Repayment to Company.

 

Subject to any applicable law, any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium,
if any, and interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, and interest
has become due and payable shall be paid to the Company on its written request or (if then held by the Company) shall be discharged
from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability of
the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at
the expense of the Company cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice
that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of
such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company.

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	Section 8.07	Reinstatement.

 

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

 

ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER

 

	Section 9.01	Without Consent of Holders of Notes.

 

Notwithstanding Section 9.02, the Company,
any Guarantor, the Trustee and the Collateral Agent, as applicable, may amend or supplement this Indenture, the Notes, any Note
Guarantee, any Security Document or the Intercreditor Agreement without the consent of any Holder:

 

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

 

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

 

(3)          
to provide for the assumption of the Company’s or any Guarantor’s obligations to Holders of Notes and Note Guarantees
in accordance with this Indenture and the Security Documents in the case of a merger or consolidation or sale of all or substantially
all of the Company’s or such Guarantor’s assets;

 

(4)          
to make any change that would not materially adversely affect the legal or contractual rights under this Indenture of any
such Holder;

 

(5)          
to add to the covenants of the Company for the benefit of the Holders or to surrender any right or power conferred upon
the Company or any Guarantor;

 

(6)          
(a) to add or release Note Guarantees in accordance with the terms of this Indenture with respect to the Notes or (b) to
add one or more co-issuers of the Notes as required under Section 5.01(a);

 

(7)          
to evidence and provide for the acceptance of appointment by a successor Trustee or Collateral Agent;

 

(8)          
to conform this Indenture, the Notes, any Note Guarantee, any Security Document or the Intercreditor Agreement to any provision
of the “Description of Notes” in the Offering Memorandum to the extent such provision is intended to be a verbatim
recitation thereof;

 

(9)          
to amend the Intercreditor Agreement to add additional holders of Additional Obligations permitted under this Indenture,
the Intercreditor Agreement and any Additional Agreements then in effect;

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(10)        
to amend the Security Documents to add any holders of Additional Pari Passu Obligations to the extent permitted under this
Indenture, the Intercreditor Agreement and any Additional Pari Passu Agreement then in effect;

 

(11)        
to (x) to make, complete or confirm any grant of Collateral permitted or required by this Indenture, any of the Security
Documents or the Intercreditor Agreement, or any release of Collateral pursuant to the terms of this Indenture, any of the Security
Documents or the Intercreditor Agreement or (y) add to the Collateral securing the Notes;

 

(12)        
to comply with any requirement of the SEC in connection with any qualification of this Indenture under the U.S. Trust Indenture
Act of 1939, as amended;

 

(13)        
to make any amendment to the provisions of this Indenture relating to the transfer and legending of the Notes as permitted
by this Indenture, including, without limitation, to facilitate the issuance and administration of the Notes; provided,
however, that (i) compliance with this Indenture as so amended would not result in Notes being transferred in violation
of the Securities Act or any applicable securities law and (ii) such amendment does not materially and adversely affect the
rights of Holders to transfer Notes; or

 

(14)        
to provide for the issuance of Additional Notes under this Indenture in compliance with the terms hereof.

 

	Section 9.02	With Consent of Holders of Notes.

 

Except as provided below in this Section 9.02,
the Company, each Guarantor party thereto, if any, the Trustee and the Collateral Agent, as applicable, may amend or supplement
this Indenture, the Notes, the Note Guarantees, the Intercreditor Agreement and any Security Document with the consent of the Holders
of at least a majority in aggregate principal amount of the Notes (including Additional Notes, if any) then outstanding (including,
without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes), and,
subject to Sections 6.04 and 6.07, any existing or past Default or Event of Default or compliance with any provision of this
Indenture, the Notes, the Note Guarantees, the Security Documents or the Intercreditor Agreement may be waived with the consent
of the Holders of a majority in aggregate principal amount of the then-outstanding Notes(including Additional Notes, if any) (including,
without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes), other
than the Notes beneficially owned by the Company or its Affiliates. Section 2.08 and Section 2.09 shall determine which
Notes are considered to be “outstanding” for the purposes of this Section 9.02.

 

A Note does not cease to be outstanding
because the Company or any Affiliate of the Company holds the Note; provided that, in determining whether the Holders of
the requisite majority of outstanding Notes have given any request, demand, authorization, direction, notice, consent or waiver
under this Indenture, Notes owned by the Company or any Affiliate of the Company shall be disregarded and deemed not to be outstanding.

 

Without the consent of each Holder of outstanding
Notes affected (including Notes beneficially owned by the Company or its Affiliates), an amendment or waiver under this Section 9.02
may not (with respect to any Notes held by a non-consenting Holder):

 

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

 

(2)          
change the Stated Maturity of the principal of any Note, or change the date on which any installment of interest is due
or scheduled to be paid on, any Note;

 

(3)          
reduce the principal amount of, or premium, if any, or interest on, any Note;

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(4)          
change the optional redemption dates or optional redemption prices of the Notes from those stated under Section 3.07
(other than any change to the notice periods with respect to such redemption);

 

(5)          
waive a Default or Event of Default in the payment of principal of, or interest, or premium, if any, on the Notes (except,
upon a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes,
a waiver of a nonpayment default and a waiver of the payment default that resulted from such acceleration);

 

(6)          
make any Note payable in money other than U.S. dollars;

 

(7)          
make any change in the amendment and waiver provisions of this Indenture that requires each Holder’s consent;

 

(8)          
release any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in accordance with
the terms of this Indenture;

 

(9)          
impair the right to institute suit for the enforcement of any payment on or with respect to the Notes or the Note Guarantees;
and

 

(10)        
amend, change or modify the obligation of the Company to make and consummate an Offer to Purchase with respect to any Asset
Sale in accordance with Section 4.07 after the obligation to make such Offer to Purchase has arisen, or the obligation of
the Company to make and consummate an Offer to Purchase in the event of a Change of Control in accordance with Section 4.09
after such Change of Control has occurred, including, in each case, amending, changing or modifying any definition relating thereto.

 

In addition, any amendment to, or waiver
of, any provision of this Indenture or any Security Document that has the effect of (x) releasing all or substantially all of the
Collateral from the Liens of the Notes or (y) making any change in the Security Documents, this Indenture or the Intercreditor
Agreement dealing with the application of proceeds of Collateral that would adversely affect the Holders of the Notes will require
consent of the Holders of at least 662⁄3% in aggregate 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).

 

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

 

After an amendment, supplement or waiver
under this Section 9.02 becomes effective, the Company shall mail to the Holders of Notes a notice briefly describing the amendment,
supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair
or affect the validity of such amendment, supplement or waiver.

 

For the avoidance of doubt, the provisions
hereunder with respect to the Company’s obligation to make an offer to repurchase the Notes as a result of a Change of Control
Triggering Event, including the definition of “Change of Control,” or an Asset Sale may be waived or modified at any
time (including after a Change of Control) with the written consent of the Holders of a majority in aggregate principal amount
of the Notes then outstanding.

 

	Section 9.03	Compliance with Trust Indenture Act.

 

For the avoidance of doubt, no amendment
to, or waiver or deletion of, any of the covenants in Article 4 (other than Section 4.01 and Section 4.13) shall be deemed to impair
or affect any rights of Holders of Notes to institute suit for the enforcement of any payment on or with respect to, or to receive
payment of principal of, or premium, if any, or interest on, the Notes.

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	Section 9.04	Effect of Consents.

 

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

 

The Company may, but shall not be obligated
to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement, or waiver. If
a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their
duly designated proxies), and only such Persons, shall be entitled to consent to such amendment, supplement, or waiver, whether
or not such Persons continue to be Holders after such record date.

 

	Section 9.05	Notation on or Exchange of Notes.

 

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

 

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

 

	Section 9.06	Trustee and Collateral Agent to Sign Amendments, Etc.

 

The Trustee and Collateral Agent shall sign
any amendment, supplement or waiver authorized pursuant to this Article 9 if the amendment, supplement or waiver does not adversely
affect the rights, duties, liabilities or immunities of the Trustee or Collateral Agent, as applicable. The Company may not sign
an amendment, supplement or waiver until the Board of Directors approves it. In executing any amendment, supplement or waiver,
the Trustee and Collateral Agent, if applicable, shall receive and (subject to Section 7.01) shall be fully protected in conclusively
relying upon, in addition to the documents required by Section 15.02, an Officer’s Certificate and an Opinion of Counsel
stating that the execution of such amendment, supplement or waiver is authorized or permitted by this Indenture and that such amendment,
supplement or waiver is the legal, valid and binding obligation of the Company and any Guarantors party thereto, enforceable against
them in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof. Notwithstanding the
foregoing, no Opinion of Counsel will be required for the Trustee to execute any amendment or supplement in the form of Exhibit
E hereto adding a new Guarantor under this Indenture or releasing a Guarantor pursuant to Section 13.06.

 

ARTICLE 10

RANKING OF LIENS ON THE COLLATERAL

 

	Section 10.01	Intercreditor Agreement.

 

Each Holder by accepting a Note agrees that
the Liens on the Collateral are subject to the terms of the Intercreditor Agreement, if entered into. The Holders by accepting
a Note hereby authorize and direct the Trustee to enter into Intercreditor Agreements as their Authorized Representative thereunder,
and further agree that the Holders shall comply with the provisions of such Intercreditor Agreement applicable to them in their
capacities as such to the same extent as if the Holders were parties thereto.

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Each Holder, by accepting a Note, will be
deemed to have irrevocably authorized a Collateral Agent, pursuant to the terms of an Intercreditor Agreement, to act as its agent
under this Indenture, an Intercreditor Agreement, the Security Agreement and the other Security Documents, and to have irrevocably
authorized the Collateral Agent to perform the duties and exercise the rights, powers and discretions that are specifically given
to it under this Indenture, an Intercreditor Agreement, the Security Agreement and the other Security Documents, together with
any other rights, powers and discretions as are reasonably incidental thereto.

 

	Section 10.02	Relative Rights.

 

The Security Documents define the relative
rights, as lienholders, of the Pari Passu Secured Parties. Nothing in this Indenture or in any Security Document will:

 

(a)          
impair, as between the Company and Holders of Notes, the obligation of the Company, which is absolute and unconditional,
to pay principal of, premium, if any, and interest on any Note in accordance with their terms or to perform any other obligation
of the Company or any Guarantor under this Indenture, the Notes, the Note Guarantees and the Security Documents;

 

(b)         
restrict the right of any Holder to sue for payments that are then due and owing, in a manner not inconsistent with the
provisions of the Security Documents; or

 

(c)          
prevent the Trustee or any Holder from exercising against the Company or any Guarantor any of its other available remedies
upon a Default or Event of Default (other than its rights as a secured party, which are subject to the Security Documents).

 

ARTICLE 11

COLLATERAL

 

	Section 11.01	Security Documents.

 

The payment of the principal of and interest
and premium, if any, on the Notes when due, whether on an Interest Payment Date, at Stated Maturity, by acceleration, repurchase,
redemption or otherwise and whether by the Company pursuant to the Notes or by any Guarantor (other than Cogent Holdco) pursuant
to its Note Guarantee, the payment of all other Obligations and the performance of all other Obligations of the Company and the
Guarantors (other than Cogent Holdco) under this Indenture, the Notes, the Note Guarantees and the Security Documents are secured
as provided in the Security Documents and will be secured by Security Documents hereafter delivered as required or permitted by
this Indenture.

 

The Company and the Guarantors (other than
Cogent Holdco) will deliver to the Trustee true and complete copies of all documents delivered to the Collateral Agent pursuant
to the Security Agreement and the Intercreditor Agreement, if any, and will do or cause to be done all such acts and things as
may be necessary or proper, or as may be required by the provisions of the Security Agreement or the Intercreditor Agreement, if
any, to assure and confirm to the Trustee and the Collateral Agent the security interest in the Collateral contemplated hereby,
by the Security Agreement and the other Security Documents, or by any part thereof, as from time to time constituted, so as to
render the same available for the security and benefit of this Indenture and of the Notes secured hereby, according to the intent
and purposes herein expressed.

 

The Company shall, and shall cause each
Guarantor (other than Cogent Holdco) to, and each Guarantor (other than Cogent Holdco) shall, make all filings (including filings
of continuation statements and amendments to UCC financing statements that may be necessary to continue the effectiveness of such
UCC financing statements) and take any and all other actions necessary to maintain (at the sole cost and expense of the Company
and the Guarantors (other than Cogent Holdco)) the security interests created by the Security Documents in the Collateral as perfected
security interests to the extent perfection is required by the Security Documents, subject only to Permitted Liens.

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	Section 11.02	Collateral Agent and Trustee.

 

(a)             The Collateral Agent shall have all the rights, privileges, immunities and indemnities granted to the Trustee under this
Indenture and the other Notes Documents. The provisions granting benefits, protections, immunities and indemnities in the Intercreditor
Agreement, including without limitation those set forth in Articles III, IV, V and VI of the Intercreditor Agreement, whether or
not the Intercreditor Agreement has been executed or otherwise effective, are incorporated herein by reference and the Collateral
Agent shall have the benefit of such provisions regardless of whether the Intercreditor Agreement is then operative. Whether or
not expressly provided in any Security Document, the Collateral Agent shall have the benefit of all of the rights, privileges,
immunities and indemnities granted to the Collateral Agent under this Indenture and the Intercreditor Agreement (whether or not
the Intercreditor Agreement is then operative).

 

(b)             Subject to Section 7.01, none of the Trustee, the Collateral Agent, Paying Agent, Registrar or Transfer Agent nor any
of their respective officers, directors, employees, attorneys or agents will be responsible or liable for the existence, genuineness,
value or protection of any Collateral, or the legality, enforceability, effectiveness or sufficiency of the Security Documents,
for the creation, perfection, priority, sufficiency or protection of any Liens on the Collateral, or any defect or deficiency as
to any such matters. Neither the Trustee nor the Collateral Agent shall have any duty to file any UCC financing statements, continuation
statements, amendments thereto or make any filings or recordings to perfect or maintain the perfection of the Collateral Agent’s
security interest.

 

(c)             By their acceptance of the Notes, the Holders of the Notes will be deemed to have authorized the Collateral Agent and the
Trustee, as applicable, to enter into and to perform each of the Security Documents and the Intercreditor Agreement.

 

(d)             Except as required or permitted by the Security Documents, the Holders, by accepting a Note, acknowledge that the Collateral
Agent will not be obligated:

 

(i)              
to act upon directions purported to be delivered to it by any Person, except in accordance with the Security Documents;

 

(ii)              to foreclose upon or otherwise enforce any Lien on the Collateral; or

 

(iii)             to take any other action whatsoever with regard to any or all of the Liens on the Collateral or the Security Documents.

 

	Section 11.03	Authorization of Actions to Be Taken.

 

(a)             Each Holder of Notes, by its acceptance thereof, consents and agrees to the terms of each Security Document, as originally
in effect and as amended, supplemented or replaced from time to time in accordance with its respective terms and the terms of this
Indenture, authorizes and directs the Trustee and the Collateral Agent to enter into the Security Documents to which each is a
party, and authorizes and empowers the Trustee and the Collateral Agent to bind the Holders of Notes as set forth in the Security
Documents to which the Trustee or the Collateral Agent is a party, and to perform its obligations and exercise its rights and powers
thereunder.

 

(b)             Each Holder of Notes, by its acceptance thereof, authorizes and directs the Trustee and the Collateral Agent to enter into
one or more amendments to the Intercreditor Agreement or enter into any additional intercreditor agreement or any amendments or
supplements to the Security Documents in accordance with the provisions of this Indenture, the Intercreditor Agreement and the
other Security Documents.

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(c)             If the Company or any Guarantor (i) Incur Additional Obligations in the future permitted pursuant to this Indenture to share
in the Collateral on a pari passu or junior basis with the Holders of the Notes at any time when no applicable Intercreditor
Agreement is in effect, and (ii) delivers to the Trustee and the Collateral Agent an Officer’s Certificate so stating and
requesting the Trustee and Collateral Agent, if applicable, to enter into the Intercreditor Agreement in favor of a designated
agent or representative for the holders of the Additional Obligations so incurred, together with an Opinion of Counsel, the Collateral
Agent and the Trustee, if applicable, shall (and is hereby authorized and directed to) enter into such Intercreditor Agreement
(at the sole expense and cost of the Company, including legal fees and expenses of the Trustee and Collateral Agent), bind the
Holders on the terms set forth therein and perform and observe its obligations thereunder.

 

(d)             At the written direction of the Company and without the consent of the Holders of the Notes, the Trustee and the Collateral
Agent shall (so long as not prohibited by this Indenture) from time to time enter into one or more amendments to the Intercreditor
Agreement (including the Joinder Agreements) or any additional intercreditor agreement or deed to: (i) cure any ambiguity,
omission, defect or inconsistency therein, (ii) increase the amount of Indebtedness or the types covered thereby that is permitted
hereunder to be incurred by the Company or a Restricted Subsidiary and be subject thereto and to provide for Permitted Liens, (iii) add
Guarantors or other parties (such as representatives of new issuances of Indebtedness) thereto, (iv) further secure the Notes
(including Additional Notes), (v) make provision for equal and ratable pledges of the Collateral to secure Additional Notes
or Additional Pari Passu Obligations, or (vi) make any other such change thereto that is permitted by Section 9.01. The Company
shall not otherwise direct the Trustee or the Collateral Agent to enter into any amendment to the Intercreditor Agreement or, if
applicable, any additional intercreditor agreement or deed, without the consent of the Holders of a majority in aggregate principal
amount of the outstanding Notes.

 

(e)             Each Holder of a Note, by accepting such Note, shall be deemed to have (i) appointed and authorized the Trustee to
give effect to such provisions in Section 11.03(c); (ii) authorized the Trustee to become a party to any future intercreditor
arrangements described in Section 11.03(c); (iii) agreed to be bound by such provisions in Section 11.03(c) and the provisions
of any future intercreditor arrangements described in Section 11.03(c); and (iv) irrevocably appointed the Trustee to
act on its behalf to enter into and comply with such provisions in Section 11.03(c) and the provisions of any future intercreditor
arrangements in Section 11.03(c).

 

(f)              Each of the Trustee and the Collateral Agent is authorized and empowered to receive for the benefit of the Holders of Notes
any funds collected or distributed to the Collateral Agent under the Security Documents to which the Trustee is a party and, subject
to the terms of the Security Documents, to make further distributions of such funds to the Holders of Notes according to the provisions
of this Indenture.

 

(g)             Subject to the provisions of Section 7.01, Section 7.02, the Security Documents and the Intercreditor Agreement,
if any, the Trustee may, and upon the written direction of the Holders holding a majority of the aggregate outstanding principal
amount of the Notes shall, direct, on behalf of the Holders, the Collateral Agent to take all actions it deems necessary or appropriate
in order to:

 

(i)            foreclose upon or otherwise enforce any or all of the Liens on the Collateral;

 

(ii)           perfect any security interest granted or purported to be granted by the Security Documents as contemplated thereby or enforce
any of the terms of the Security Documents to which the Collateral Agent is a party; or

 

(iii)          collect and receive payment of any and all Obligations.

 

Subject to the Intercreditor Agreement and
at the Company’s sole cost and expense, the Trustee is hereby authorized and empowered by each Holder of Notes (by its acceptance
thereof), but shall be under no obligation to unless directed, in writing, and indemnified, if requested, by Holders holding a
majority of the outstanding principal amount of the Notes, to institute and maintain, or direct the Collateral Agent to institute
and maintain, such suits and proceedings as it or such Holders may deem reasonably expedient to protect or enforce the Liens on
the Collateral or the Security Documents to which the Collateral Agent or Trustee is a party or to prevent any impairment of Collateral
by any acts that may be unlawful or in violation of the Security Documents or this Indenture, and such suits and proceedings as
the Trustee or such Holders may deem reasonably expedient, at the Company’s sole cost and expense, to preserve or protect
its interests and the interests of the Holders of Notes 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 Liens on the Collateral
or be prejudicial to the interests of Holders or the Trustee. Subject to the provisions of the Security Documents and the Intercreditor
Agreement, the Collateral Agent agrees to take such action as instructed by the Trustee in order to effectuate the foregoing.

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	Section 11.04	Release of Collateral.

 

(a)              The Company and the Guarantors will be entitled to the release of property and other assets included in the Collateral from
the Liens securing the Notes Obligations under any one or more of the following circumstances:

 

(1)          
to enable the disposition or other use of such property or assets (other than any such disposition to the Company or a Guarantor)
to the extent permitted under this Indenture;

 

(2)          
in the case of a Guarantor that is released from its Guarantee (provided that it is also released from any guarantee
in respect of any Additional Obligations then in effect), the release of the property and assets of such Guarantor;

 

(3)          
as required by the Intercreditor Agreement; and

 

(4)           as provided under Article IX.

 

(b)              The Liens on the Collateral securing the Notes and the Guarantees will also be released in accordance with Section 11.09.

 

(c)              Upon the release of the Collateral in accordance with this Section 11.04, the Trustee and Collateral Agent, as applicable,
shall execute and deliver such releases reasonably requested by the Company, and at the Company’s sole cost and expenses,
and without recourse or warranty, upon delivery to the Trustee and Collateral Agent of an Officer’s Certificate certifying
that such releases are authorized or permitted by the Indenture and the other Notes Documents. Neither the Trustee nor the Collateral
Agent shall be liable for any such release undertaken in reliance (in good faith) on such Officer’s Certificate.

 

	Section 11.05	[Reserved].

 

	Section 11.06	Powers Exercisable by Receiver or Trustee.

 

In case the Collateral shall be in the possession
of a receiver or trustee, lawfully appointed, the powers conferred in this Article 11 upon the Company or a Guarantor with
respect to the release, sale or other disposition of such property may be exercised by such receiver or trustee, and an instrument
signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of the Company or a Guarantor or of
any officer or officers thereof required by the provisions of this Article 11; and if the Trustee or the Collateral Agent
shall be in the possession of the Collateral under any provision of this Indenture, then such powers may be exercised by the Trustee
or the Collateral Agent, as the case may be.

 

	Section 11.07	Further Assurances.

 

The Company and each Guarantor will, at
its own expense, promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary,
or that the Collateral Agent may request, in order to perfect any security interest granted or purported to be granted thereby
or to enable the Collateral Agent to exercise and enforce its rights and remedies under such Security Documents with respect to
any of the Collateral.

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	Section 11.08	After-Acquired Property.

 

Promptly following the acquisition by the
Company or any other Grantor of any After-Acquired Property (but subject to the applicable limitations, exceptions, exemptions
and thresholds under the Security Documents), the Company or such other Grantor shall execute and deliver or procure, as applicable,
such mortgages, deeds of trust, security instruments, financing statements, title insurance (and surveys if required by the title
insurer), and certificates and Opinions of Counsel as are customary and reasonably necessary to vest in the Collateral Agent a
perfected, first priority security interest or other Lien in or on such After-Acquired Property and to have such After-Acquired
Property added to the Collateral, in all cases in accordance with the terms of the applicable Security Documents, and thereupon
all provisions of this Indenture and the Security Documents relating to the Collateral shall be deemed to relate to such After-Acquired
Property to the same extent and with the same force and effect.

 

	Section 11.09	Release upon Termination of the Company’s Obligations.

 

In the event (i) that the Company delivers
to the Trustee an Officer’s Certificate and Opinion of Counsel certifying that all the Obligations under this Indenture,
the Notes, the Note Guarantees and the Security Documents have been satisfied and discharged by the payment in full of the Company’s
obligations under the Notes, the Note Guarantees, this Indenture and the Security Documents, and all such Obligations have been
so satisfied, or (ii) a discharge, Legal Defeasance or Covenant Defeasance of this Indenture occurs under Article 8 or
14, the Trustee at the written request of the Company shall deliver to the Company and the Collateral Agent a notice stating that
the Trustee, on behalf of the Holders, disclaims and gives up any and all rights it has in or to the Collateral, and any rights
it has under the Security Documents, and upon receipt by the Collateral Agent of such notice, the Collateral Agent shall be deemed
not to hold a Lien in the Collateral on behalf of the Trustee, and the Trustee shall do or cause to be done, at the Company’s
sole cost and expense, all acts reasonably necessary to release such Lien in favor of the Trustee as soon as is reasonably practicable.

 

	Section 11.10	Collateral Agent as Third-Party Beneficiary.

 

Articles 10 and 11 are intended for the
benefit of, and shall be enforceable as a third-party beneficiary by, the Collateral Agent as a holder of Liens on the Collateral.

 

ARTICLE 12

COLLATERAL ACCOUNT

 

	Section 12.01	Collateral Account.

 

Each Holder of a Note, by accepting such
Note, agrees to the establishment, maintenance and administration of a “Collateral Account” by the Collateral Agent
on behalf of the Trustee and the other Authorized Representatives, for the benefit of the Holders and the other Pari Passu Secured
Parties in accordance with the terms of the Intercreditor Agreement.

 

ARTICLE 13

GUARANTEES

 

	Section 13.01	Guarantee.

 

Subject to this Article 13, each of
the Guarantors hereby, jointly and severally, guarantees to each Holder of a Note authenticated and delivered by the Trustee and
to the Trustee, the Collateral Agent and their successors and assigns, irrespective of the validity and enforceability of this
Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: (a) the principal of, interest and premium,
if any, on the Notes shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and
interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Company to
the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or performed, all in accordance with the terms
hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations,
that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether
at Stated Maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed
for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor agrees
that this is a guarantee of payment and not a guarantee of collection.

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The Guarantors hereby agree that their obligations
hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the
absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof
or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require
a proceeding first against the Company, protest, notice and all demands whatsoever and covenants that this Note Guarantee shall
not be discharged except by complete performance of the obligations contained in the Notes and this Indenture.

 

Each Guarantor also agrees to pay any and
all costs and expenses (including reasonable attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing
any rights under this Section 13.01.

 

If any Holder, the Trustee or the Collateral
Agent is required by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee, liquidator or other
similar official acting in relation to either the Company or the Guarantors, any amount paid either to the Trustee, the Collateral
Agent or such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

 

Each Guarantor agrees that it shall not
be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment
in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and
the Holders, the Trustee and the Collateral Agent, on the other hand, (x) the maturity of the obligations guaranteed hereby
may be accelerated as provided in Article 6 for the purposes of this Note Guarantee, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of
any declaration of acceleration of such obligations as provided in Article 6, such obligations (whether or not due and payable)
shall forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors shall have the
right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the
Holders under the Note Guarantees.

 

Each Note Guarantee shall remain in full
force and effect and continue to be effective should any petition be filed by or against the Company for liquidation or reorganization,
should the Company become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed
for all or any significant part of the Company’s assets, and shall, to the fullest extent permitted by law, continue to be
effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable
law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes or Note Guarantees,
whether as a “voidable preference,” “fraudulent transfer” or otherwise, all as though such payment or performance
had not been made. In the event that any payment or any part thereof, is rescinded, reduced, restored or returned, the Notes shall,
to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced,
restored or returned.

 

In case any provision of any Note Guarantee
shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

 

Each payment to be made by a Guarantor in
respect of its Note Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind or nature.

 

As used in this Section 13.01, the
term “Trustee” shall also include each of the Paying Agent, Registrar and Transfer Agent, as applicable.

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	Section 13.02	Limitation on Guarantor Liability.

 

Each Guarantor, and by its acceptance of
Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not
constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the
Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note Guarantee. To effectuate
the foregoing intention, the Trustee, the Collateral Agent, the Holders and the Guarantors hereby irrevocably agree that the obligations
of each Guarantor shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent
and fixed liabilities of such Guarantor that are relevant under such laws and after giving effect to any collections from, rights
to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other
Guarantor under this Article 13, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent
conveyance or fraudulent transfer under applicable law. Each Guarantor that makes a payment under its Note Guarantee shall be entitled
upon payment in full of all guaranteed obligations under this Indenture to a contribution from each other Guarantor in an amount
equal to such other Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors
at the time of such payment determined in accordance with GAAP.

 

	Section 13.03	Execution and Delivery.

 

To evidence its Note Guarantee set forth
in Section 13.01, each Guarantor hereby agrees that this Indenture shall be executed on behalf of such Guarantor by the Chief
Executive Officer, the President, the Chief Financial Officer, the Treasurer, the Controller, any Executive Vice President, any
Senior Vice President, any Vice President, the Secretary or any Assistant Secretary of the Guarantor or the sole member of the
Guarantor, as the case may be, or any other officers of such Guarantor or such sole member, as the case may be, acting at the direction
of any such foregoing officer. Neither the Company nor the Guarantors shall be required to make a notation on the Notes to reflect
any Note Guarantee or any release, termination or discharge thereof, and any such notation shall not be a condition to the validity
of any Note Guarantee.

 

If an Officer whose signature is on this
Indenture or on a Note no longer holds that office at the time the Trustee authenticates the Note on which a Note Guarantee is
endorsed, the Note Guarantee shall be valid nevertheless.

 

The delivery of any Note by the Trustee,
after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantee set forth in this Indenture on
behalf of the Guarantors.

 

	Section 13.04	Subrogation.

 

Each Guarantor shall be subrogated to all
rights of Holders of Notes against the Company in respect of any amounts paid by any Guarantor pursuant to the provisions of Section 13.01;
provided that, if an Event of Default has occurred and is continuing, no Guarantor shall be entitled to enforce or receive
any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Company under
this Indenture or the Notes shall have been paid in full.

 

	Section 13.05	Benefits Acknowledged.

 

Each Guarantor acknowledges that it will
receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the guarantee and
waivers made by it pursuant to its Note Guarantee are knowingly made in contemplation of such benefits.

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	Section 13.06	Release of Guarantees.

 

A Note Guarantee of a Guarantor will be
automatically and unconditionally released (and thereupon shall terminate and be discharged and be of no further force and effect):

 

(1)          
in connection with any sale or other disposition (including by merger or otherwise) of (x) Capital Stock of the Guarantor
after which such Guarantor is no longer a Subsidiary of the Company, if the sale of all such Capital Stock of that Guarantor complies
with the applicable provisions of this Indenture or (y) all or substantially all the assets of such Guarantor, if such sale
or other disposition (including by merger or otherwise) is made in compliance with this Indenture and such entity is not a guarantor
under any other Capital Markets Indebtedness or the Revolving Credit Agreement;

 

(2)          
if the Company properly designates the Guarantor as an Unrestricted Subsidiary under this Indenture;

 

(3)          
upon a Legal Defeasance, Covenant Defeasance or satisfaction and discharge of this Indenture that complies with the provisions
under Section 8.02, Section 8.03 or Section 14.01, respectively;

 

(4)          
upon payment in full of the aggregate principal amount of all Notes then outstanding and all other obligations under this
Indenture and the Notes then due and owing;

 

(5)          
such Subsidiary Guarantor ceasing to be a Material Domestic Subsidiary and such entity is not a guarantor under any other
Capital Markets Indebtedness or the Revolving Credit Agreement; or

 

(6)          
upon the occurrence of a Covenant Suspension Event, as described in Section 4.15.

 

A Note Guarantee of a Guarantor also will
be automatically released upon the applicable Subsidiary ceasing to be a Subsidiary as a result of any foreclosure of any pledge
or security interest of all of the Capital Stock of such Guarantor securing this Indenture or any other Pari Passu Obligations
or other exercise of remedies in respect thereof in accordance with the Intercreditor Agreement.

 

Upon any occurrence giving rise to a release
of a Note Guarantee as specified above and upon the Company’s delivery to the Trustee of an Officer’s Certificate certifying
compliance with the applicable provisions, the Trustee will, at the sole cost of the Company, execute any documents reasonably
requested by the Company in order to evidence or effect such release, termination and discharge in respect of such Note Guarantee.
Neither the Company nor any Guarantor will be required to make a notation on the Notes to reflect any Note Guarantee or any such
release, termination or discharge. Upon any release of a Guarantor from its Note Guarantee, such Guarantor shall also be released
from its obligations under the Security Documents. The Trustee shall not be liable for any such release undertaken in reliance
(in good faith) on such Officer’s Certificate.

 

ARTICLE 14

SATISFACTION AND DISCHARGE

 

	Section 14.01	Satisfaction and Discharge.

 

This Indenture shall be discharged and shall
cease to be of further effect (except as to certain surviving rights of the Trustee and the Collateral Agent and the Company’s
obligations with respect thereto) as to all Notes issued hereunder and the Liens on the Collateral shall be released when:

 

(1)          
either:

 

(a)          all of the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced
or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company
and thereafter repaid to the Company or discharged from such trust) have been delivered to the Trustee or Registrar for cancellation;
or

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(b)          all of the Notes not previously delivered to the Trustee or Registrar for cancellation (i) have become due and payable,
(ii) will become due and payable at their Stated Maturity within one year or (iii) are to be called for redemption within
one year under arrangements satisfactory to the Trustee and Paying Agent for the giving of notice of redemption by the Paying Agent
in the name, and at the expense, of the Company, and the Company or any Guarantor has irrevocably deposited or caused to be deposited
with the Trustee or Paying Agent (or such other entity directed, designated or appointed by the Company and reasonably acceptable
to the Trustee, acting for the Trustee or Paying Agent for this purpose in accordance with this Article 14) funds in an amount
of money or Government Securities sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore delivered
to the Trustee or Registrar for cancellation, for principal of, premium, if any, and interest on the Notes to the date of deposit
together with irrevocable instructions from the Company directing the Paying Agent to apply such funds to the payment thereof at
maturity or redemption, as the case may be;

 

(2)          
the Company and/or the Guarantors have paid all other sums payable under this Indenture; and

 

(3)          
the Company has delivered to the Trustee and the Collateral Agent an Officer’s Certificate and an Opinion of Counsel
stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been
complied with.

 

Notwithstanding the satisfaction and discharge
of this Indenture, if money shall have been deposited with the Trustee pursuant to clause (1)(b) of this Section 14.01, the
provisions of Section 14.02 and Section 8.06 shall survive.

 

If requested in writing by the Company to
the Trustee and Paying Agent (which request may be included in the applicable notice of redemption or pursuant to the above referenced
Officer’s Certificate) no later than five Business Days prior to such distribution, the Trustee or Paying Agent shall distribute
to the Holders any amounts deposited with it prior to the Stated Maturity or the redemption date, as the case may be. For the avoidance
of doubt, the distribution and payment to Holders prior to the Stated Maturity or redemption date as set forth above shall not
include any negative interest, present value adjustment, break cost or any additional premium on such amounts. To the extent the
Notes are represented by a Global Note deposited with a depositary for a clearing system, any payment to the beneficial holders
holding interests as a participant of such clearing system shall be subject to the then-applicable procedures of the clearing system.

 

	Section 14.02	Application of Trust Money.

 

Subject to the provisions of Section 8.06,
all money or Government Securities deposited with the Trustee or Paying Agent (or such other entity directed, designated or appointed
by the Company and reasonably acceptable to the Trustee, acting for the Trustee or Paying Agent for this purpose in accordance
with this Article 14) pursuant to Section 14.01 shall be held and applied by it, in accordance with the provisions of the
Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own
Paying Agent) as acceptable to the Trustee, to the Persons entitled thereto, of the principal (and premium, if any) and interest
for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except
to the extent required by law.

 

If the Trustee or Paying Agent (or such
other entity directed, designated or appointed by the Company and reasonably acceptable to the Trustee, acting for the Trustee
or Paying Agent for this purpose in accordance with this Article 14) is unable to apply any money or Government Securities in accordance
with Section 14.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the Company’s and any Guarantor’s obligations under
this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 14.01;
provided that if the Company has made any payment of principal of, premium, if any, or interest on any Notes because of
the reinstatement of their obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such
payment from the money or Government Securities held by the Trustee or Paying Agent (or such other entity).

     -104-

     

    

ARTICLE 15

MISCELLANEOUS

 

	Section 15.01	Notices.

 

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

 

If to the Company and/or any Guarantor:

Cogent Communications Group, Inc.

2450 N Street, N.W.

Washington, D.C. 20037

Facsimile: 202.338.8798

Attention: John Chang

 

If to the Trustee or the Collateral Agent:

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Facsimile: (302) 636-4149

Attention: Cogent Communications Administrator

 

The Company, any Guarantor, the Trustee
or the Collateral Agent, by notice to the others, may designate additional or different addresses for subsequent notices or communications.

 

All notices and communications (other than
those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five calendar
days after being deposited in the mail, postage prepaid, if mailed by first-class mail; when receipt acknowledged, if faxed; and
the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery.

 

Any notice or communication to a Holder
shall be mailed by first-class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing
next day delivery to its address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder
or any defect in it shall not affect its sufficiency with respect to other Holders. So long as the Notes are registered in the
name of DTC, any notices to be provided to the Holders may be provided by electronic means in accordance with DTC’s operational
procedures.

 

If the Company mails a notice or communication
to Holders, it shall mail a copy to the Trustee and each Agent at the same time.

     -105-

     

    

	Section 15.02	Certificate and Opinion as to Conditions Precedent.

 

Upon any request or application by the Company
or any of the Guarantors to the Trustee or the Collateral Agent to take any action under this Indenture, the Company or such Guarantor,
as the case may be, shall furnish to the Trustee and, if such action relates to the Security Documents or the Intercreditor Agreement,
the Collateral Agent, the following (except that (x) no Opinion of Counsel will be required in connection with the original issuance
of the Initial Notes on the date hereof and (y) no Opinion of Counsel will be required in connection with the execution of any
amendment or supplement in the form of Exhibit E hereto adding a new Guarantor under this Indenture or the release of a
Guarantor pursuant to Section 13.06 hereof):

 

(a)                
an Officer’s Certificate in form reasonably satisfactory to the Trustee and the Collateral Agent, if applicable (which
shall include the statements set forth in Section 15.03) stating that, in the opinion of the signers, all conditions precedent
and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and

 

(b)               
an Opinion of Counsel in form reasonably satisfactory to the Trustee and the Collateral Agent, if applicable (which shall
include the statements set forth in Section 15.03) stating that, in the opinion of such counsel, all such conditions precedent
and covenants have been satisfied.

 

	Section 15.03	Statements Required in Certificate or Opinion.

 

Each certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture and shall include:

 

(a)                
a statement that the Person making such certificate or opinion has read such covenant or condition;

 

(b)               
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(c)                
a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to
enable him to express an informed opinion as to whether or not such covenant or condition has been complied with (and, in the case
of an Opinion of Counsel, may be limited to reliance on an Officer’s Certificate as to matters of fact); and

 

(d)               
a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

 

	Section 15.04	Rules by Trustee and Agents.

 

The Trustee may make reasonable rules for
action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for
its functions.

 

	Section 15.05	No Personal Liability of Directors, Officers, Employees
and Stockholders.

 

No director, officer, employee, incorporator,
stockholder, member, manager or partner of the Company, any Subsidiary or any direct or indirect parent of the Company, as such,
will have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture, the Note Guarantees,
the Security Documents or the Intercreditor Agreement or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder of Notes, by accepting a Note, waives and releases all such liability. The waiver and release are
part of the consideration for issuance of the Notes and the Note Guarantees. The waiver may not be effective to waive liabilities
under the federal securities laws and it is the view of the SEC that such a waiver is against public policy.

 

	Section 15.06	Governing Law; Waiver of Jury Trial.

 

THIS INDENTURE, THE NOTES AND ANY NOTE GUARANTEE
WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT
OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

     -106-

     

    

	Section 15.07	Force Majeure.

 

In no event shall the Trustee, Collateral
Agent, Paying Agent, Registrar or Transfer Agent be responsible or liable for any failure or delay in the performance of its obligations
under this Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, epidemics, pandemics, interruptions, loss or malfunctions of utilities, communications or computer (software or
hardware) services or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility.

 

	Section 15.08	Successors.

 

All agreements of the Company in this Indenture
and the Notes shall bind its successors. All agreements of the Trustee, the Collateral Agent, the Paying Agent, Registrar and Transfer
Agent in this Indenture shall bind their respective successors. All agreements of each Guarantor in this Indenture shall bind its
successors, except as otherwise provided in Section 13.06. The provisions of Article 11 referring to the Collateral Agent
shall inure to the benefit of such successor Collateral Agent.

 

	Section 15.09	Severability.

 

In case any provision in this Indenture
or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.

 

	Section 15.10	Counterpart Originals.

 

The parties may sign any number of copies
of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. Delivery of an
executed counterpart of a signature page to this Indenture by facsimile, email or other electronic means shall be effective as
delivery of a manually executed counterpart of this Indenture.

 

	Section 15.11	Table of Contents, Headings, Etc.

 

The Table of Contents, Cross-Reference Table
and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be
considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

 

	Section 15.12	USA Patriot Act.

 

The parties hereto acknowledge that in accordance
with Section 326 of the USA Patriot Act the Trustee and Agents, 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 Agents with such information as they may request in order to satisfy the requirements of the USA Patriot Act.

 

	Section 15.13	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 a Business Day, and no interest shall accrue on such payment for the intervening
period. If a regular Record Date is not a Business Day, the Record Date shall not be affected.

     -107-

     

    

	Section 15.14	Jurisdiction.

 

Any legal suit, action or proceeding arising
out of or based upon this Indenture or the transactions contemplated hereby may be instituted in the federal courts of the United
States of America located in the City of New York or the courts of the State of New York in each case located in the City of New
York (collectively, the “Specified Courts”), and each party irrevocably submits to the exclusive jurisdiction
of such courts in any such suit, action or proceeding.  Service of any process, summons, notice or document by mail (to the
extent allowed under any applicable statute or rule of court) to such party’s address set forth in Section 15.01 hereof shall
be effective service of process for any suit, action or other proceeding brought in any such court.  The parties irrevocably
and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts
and irrevocably and unconditionally waive and agree not to plead or claim any such suit, action or other proceeding has been brought
in an inconvenient forum.  Notwithstanding the foregoing, the Trustee or Collateral Agent may bring an action against the
Company in any other jurisdiction of its choosing.

 

[Signatures on Following Pages]

     -108-

     

    

	 	COGENT COMMUNICATIONS GROUP, INC.
	 	 	 
	 	By:	/s/ David Schaeffer 
	 	 	Name: David Schaeffer
	 	 	Title:   President and Chief Executive
    Officer

 

	 	COGENT
    COMMUNICATIONS HOLDINGS, INC.
	 	Cogent
    Communications, Inc.
	 	as Guarantors
	 	 	 
	 	By:	/s/ David Schaeffer 
	 	 	Name: David Schaeffer
	 	 	Title:   President and Chief Executive
    Officer

 

	 	COGENT COMMUNICATIONS, INC., as
    sole member of each of:
	 	 
	 	COGENT
    IH, LLC
	 	COGENT
    WG, LLC
	 	as Guarantors
	 	 	 
	 	By:	/s/ David Schaeffer 
	 	 	Name: David Schaeffer
	 	 	Title:   President and Chief Executive
    Officer

 

[Signature Page to Indenture]

     

     

    

	 	WILMINGTON TRUST, National
    Association, as Trustee
	 	 
	 	By:	/s/ Karen Ferry 
	 	 	Name: Karen Ferry
	 	 	Title:   Vice President

 

	 	WILMINGTON Trust,
National Association, as Collateral Agent
	 	 
	 	By:	/s/ Karen Ferry 
	 	 	Name: Karen Ferry
	 	 	Title:   Vice President

 

[Signature Page to Indenture]

     

     

    

EXHIBIT A

 

[Face of Note]

 

[Insert Regulation S Temporary Global Note Legend, if applicable,
pursuant to the provisions of the Indenture]

 

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

 

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

    A-1

     

    

CUSIP [                ]

ISIN [                ]1

 

[RULE 144A][REGULATION S] GLOBAL NOTE

3.500% Senior Secured Notes due 2026

 

	No. ___ 	[$______________]

 

COGENT COMMUNICATIONS GROUP, INC.

 

promises to pay to CEDE & CO. or registered assigns, the
principal sum [set forth on the Schedule of Exchanges of Interests in the Global Note attached hereto] [of ________________________
United States Dollars] on May 1, 2026.

 

Interest Payment Dates: May 1 and November 1

 

Record Dates: April 15 and October 15

 

 

	1	Rule 144A Note CUSIP:	19240CAC7
	 	Rule 144A Note ISIN:	US19240CAC73
	 	Regulation S Note CUSIP:	U19283AG2
	 	Regulation S Note ISIN:	USU19283AG29

    A-2

     

    

IN WITNESS HEREOF, the Company has caused
this instrument to be duly executed.

 

	 	COGENT COMMUNICATIONS GROUP, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

    A-3

     

    

This is one of the Notes referred to in the within-mentioned
Indenture.

 

Dated: [               ]

 

	 	WILMINGTON TRUST, NATIONAL
    ASSOCIATION, as Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

    A-4

     

    

3.500% Senior Secured Notes due 2026

 

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

 

1.          Interest.
Cogent Communications Group, Inc., a Delaware corporation (the “Company”), promises to pay interest on the principal
amount of this Note at 3.500% per annum from May 7, 20212
until maturity. The Company will pay interest semi-annually in arrears on May 1 and November 1 of each year, or if any such day
is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the
Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of
issuance; provided that the first Interest Payment Date shall be November 1, 2021.3
The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Code) on overdue principal
and premium, if any, at the interest rate on the Notes to the extent lawful; they shall pay interest (including post-petition interest
in any proceeding under any Bankruptcy Code) on overdue installments of interest (without regard to any applicable grace periods)
at the interest rate on the Notes to the extent lawful. Interest will be computed on the basis of a 360-day year comprised of twelve
30-day months.

 

2.          Method
of Payment. The Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders
of Notes at the close of business on the April 15 or October 15 (whether or not a Business Day), as the case may be, immediately
preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment
Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. If a Holder has given wire transfer
instructions to the Company or the paying agent maintained by the Company (the “Paying Agent”) at least ten
Business Days prior to the applicable payment date, the Company will pay through the Paying Agent all principal of and premium,
if any, and interest on that Holder’s Notes in accordance with those instructions. All other payments on Notes will be made
at the office or agency of the Paying Agent and Registrar unless the Company elects to make interest payments by check mailed to
the Holders at their addresses set forth in the register of Holders; provided that all payments of principal, premium, if
any, and interest, with respect to the Global Notes registered in the name of or held by DTC or its nominee will be made by wire
transfer of immediately available funds to the account specified by DTC.

 

3.          Paying
Agent and Registrar. Initially, Wilmington Trust, National Association will act as Paying Agent and Registrar. The Company
may change any Paying Agent or Registrar without notice to the Holders. The Company or any of their Subsidiaries may act in any
such capacity.

 

4.          Indenture
and Security Agreement. The Company issued the Notes under an Indenture, dated as of May 7, 2021 (the “Indenture”),
among the Company, the Guarantors named therein and Wilmington Trust, National Association, as trustee (the “Trustee”),
and as collateral agent. This Note is one of a duly authorized issue of notes of the Company designated as its 3.500% Senior Secured
Notes due 2026. The Company shall be entitled to issue Additional Notes pursuant to Section 2.01 of the Indenture. The terms
of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture
for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture,
the provisions of the Indenture shall govern and be controlling. The Notes are secured obligations of the Company and the Notes
are secured pursuant to the terms of the Security Agreement referred to in the Indenture. The Indenture does not limit the aggregate
principal amount of Notes that may be issued thereunder.

 

5.          Optional
Redemption.

 

(a)        
At any time prior to February 1, 2026 (three months prior to the maturity date of the Notes), the Company may redeem all
or part of the Notes at a redemption price equal to the sum of (i) 100.0% of the principal amount thereof, (ii) the Applicable
Premium as of the date of redemption and (iii) accrued and unpaid interest thereon to, but excluding, the redemption date,
subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment
date falling prior to or on the redemption date.

 

 

2
With respect to the Initial Notes.

3
With respect to the Initial Notes.

    A-5

     

    

(b)        
In addition, at any time on or after February 1, 2026, the Company may redeem the Notes, in whole or in part, at a redemption
price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but not
including, the redemption date.

 

(c)        
At any time, in connection with any tender offer or other offer to purchase the Notes (including pursuant to an Offer to
Purchase), if not less than 90.0% in aggregate principal amount of the outstanding Notes are purchased by the Company, or any third
party purchasing or acquiring Notes in lieu of the Company, all of the Holders of the Notes will be deemed to have consented to
such tender offer or other offer and, accordingly, the Company or such third party will have the right, upon notice as described
below, to redeem the Notes that remain outstanding following such purchase at the price paid to holders in such purchase (which
may be less than par), plus accrued and unpaid interest, if any, on such Notes to, but excluding, the redemption date, subject
to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date falling
prior to or on the redemption date.

 

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

 

7.          Notice
of Redemption. Subject to Section 3.03 of the Indenture, notice of redemption will be mailed by first-class mail (or sent
electronically, or otherwise in accordance with the procedures of DTC) at least 10 days but not more than 60 days before
the Redemption Date (except that redemption notices may be mailed more than 60 days prior to a Redemption Date if the notice
is issued (i) in connection with Article 8 or Article 14 of the Indenture or (ii) in the case of a redemption that is
subject to one or more conditions precedent) to each Holder whose Notes are to be redeemed at its registered address (with a copy
to the Trustee and Paying Agent) or otherwise in accordance with the procedures of DTC. In connection with any redemption of Notes,
any such redemption or notice may, at the Company’s discretion, be subject to one or more conditions precedent. In addition,
if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the
Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied
(or waived by the Company in its sole discretion), or such redemption may not occur and such notice may be modified or rescinded
in the event that any or all such conditions shall not have been satisfied (or waived by the Company in its sole discretion) by
the redemption date, or by the redemption date so delayed. In addition, such notice of redemption may be extended if such conditions
precedent have not been satisfied or waived by the Company by providing notice to the Holders. Subject to Section 3.05 of the Indenture,
on and after the Redemption Date, interest ceases to accrue on Notes or portions thereof called for redemption.

 

8.          Offers
to Repurchase.

 

(a)        
Unless the Company has previously or concurrently delivered a redemption notice with respect to all the outstanding Notes
as described in Section 3.03 of the Indenture (which may be conditioned on the consummation of such Change of Control Triggering
Event), the Company must commence, prior to or within 30 days of the occurrence of a Change of Control Triggering Event, and consummate
an Offer to Purchase for all Notes then outstanding, at a purchase price in cash equal to 101.0% of the aggregate principal amount
of the Notes repurchased, plus accrued and unpaid interest thereon, to, but excluding, the date of repurchase, subject to
the rights of Holders of Notes, on the relevant record date to receive interest due on the relevant interest payment date falling
prior to or on the repurchase date. An Offer to Purchase may be made in advance of a Change of Control Triggering Event, and conditioned
upon such Change of Control Triggering Event. The Change of Control offer shall be made in accordance with Section 4.09 of
the Indenture.

 

(b)         Under
certain circumstances described in the Indenture, the Company will be required to apply the proceeds of Asset Sales to the repayment
of the Notes and Pari Passu Debt. The offer shall be made in accordance with Section 4.07 of the Indenture.

    A-6

     

    

9.          Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in minimum denominations of $2,000 and integral multiples
of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The
Registrar and/or the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents
and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need
not exchange or register the transfer of any Notes or portion of Notes selected for redemption, except for the unredeemed portion
of any Notes being redeemed in part. Also, neither the Registrar nor the Company shall be required (A) to issue, to register the
transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of mailing
of notice of redemption of Notes for redemption under Section 3.02 and ending at the close of business on the day of such mailing,
(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, or (C) to register the transfer of or to exchange a Note between a Record Date
and the next succeeding Interest Payment Date.

 

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

 

11.        Amendment,
Supplement and Waiver. The Indenture, the Note Guarantees, the Security Documents, the Intercreditor Agreement or the Notes
may be amended or supplemented as provided in the Indenture.

 

12.        Defaults
and Remedies. The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. If an Event of Default
(other than as specified in Section 6.01(a)(7) or (8) of the Indenture) shall occur and be continuing with respect to this
Indenture, the Trustee or the Holders of at least 25.0% in aggregate principal amount of the then-outstanding Notes may declare
all unpaid principal of, premium, if any, and accrued interest on all Notes to be due and payable immediately by notice in writing
to the Company (with a copy to the Trustee if notice is provided by the Holders of the Notes) specifying the Event of Default.
If an Event of Default specified in Section 6.01(a)(7) or (8) of the Indenture occurs and is continuing, then all outstanding
Notes shall become due and payable immediately in an amount equal to the principal amount of the Notes, together with accrued and
unpaid interest, if any, to the date the Notes become due and payable, without any declaration or other act on the part of the
Trustee or any Holder. Holders may not enforce the Indenture, the Notes or the Note Guarantees except as provided in the Indenture.
Subject to certain limitations, Holders of a majority in aggregate principal amount of the then-outstanding Notes will have the
right to direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising
any trust or power conferred on it. Except in the case of a Default relating to the payment of principal, premium, if any, or interest
on any Note, the Trustee may withhold from the Holders notice of any continuing Default if and so long as a committee of its Responsible
Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. The Holders of a
majority in aggregate principal amount of the then-outstanding Notes by written notice to the Trustee may, on behalf of the Holders
of all of the Notes, waive, rescind or cancel any existing Default or Event of Default and its consequences hereunder if such waiver,
rescission or cancellation would not conflict with any judgment or decree, except a continuing Default or Event of Default in the
payment of principal of, premium on, if any, or interest, if any, on the Notes; provided, however, that the Holders of a
majority in aggregate principal amount of the then-outstanding Notes may rescind an acceleration and its consequences, including
any related payment default that resulted from such acceleration. The Company is required to deliver to the Trustee annually a
statement regarding compliance with the Indenture, and the Company is required within 30 days after an Officer of the Company
becomes aware of any Default or Event of Default, to deliver to the Trustee an Officer’s Certificate specifying such Default
or Event of Default (unless such Default or Event of Default has been cured or waived within such 30-day time period) and any actions
being taken by the Company and the Guarantors with respect thereto.

 

13.        Trustee
Dealings with Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform
services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee.

 

14.        No
Recourse Against Others. No director, officer, employee, incorporator, stockholder, member, manager or partner of the Company,
any Subsidiary or any direct or indirect parent of the Company, as such, will have any liability for any obligations of the Company
or the Guarantors under the Notes, the Indenture, the Note Guarantees, the Security Documents or the Intercreditor Agreement or
for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a
Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes and
the Note Guarantees. The waiver may not be effective to waive liabilities under the federal securities laws and it is the view
of the SEC that such a waiver is against public policy.

    A-7

     

    

15.        Authentication.
This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated
by the manual signature of the Trustee or an authenticating agent.

 

16.        Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).

 

17.        GOVERNING
LAW. THE INDENTURE, THE NOTES AND ANY NOTE GUARANTEE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK.

 

18.        WAIVER
OF JURY TRIAL. EACH OF THE PARTIES TO THE INDENTURE 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 THE INDENTURE, THE NOTES OR THE TRANSACTION
CONTEMPLATED THEREBY.

 

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

 

The Company will furnish to any Holder upon
written request and without charge a copy of the Indenture. Requests may be made to the Company at the following address:

 

Cogent Communications Group, Inc.

2450 N Street, N.W.

Washington, D.C. 20037

Facsimile: 202.338.8798

Attention: John Chang

    A-8

     

    

ASSIGNMENT
FORM

 

To
assign this Note, fill in the form below:

 

	(I) or (we) assign and
    transfer this Note to: 	 
	 	(Insert
    assignee’s legal name)

 

	(Insert
    assignee’s soc. sec. or tax I.D. no.)
	 
	 
	 
	 
	 
	(Print
    or type assignee’s name, address and zip code)

 

	and irrevocably appoint 	 

to
transfer this Note on the books of the Company. The agent may substitute another to act for him.  

 

Date:
_______________________

 

	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on the face
    of this Note)

 

	Signature Guarantee*:	 	 

 

 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

    A-9

     

    

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased
by the Company pursuant to Section 4.07 or 4.09 of the Indenture, check the appropriate box below:

 

☐ Section 4.07                            ☐ Section 4.09

 

If you want to elect to have only part of
this Note purchased by the Company pursuant to Section 4.07 or Section 4.09 of the Indenture, state the amount you elect
to have purchased:

 

$_______________

 

Date: _______________________

 

	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on the face
    of this Note)

 

	Signature Guarantee*:	 	 

 

 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

    A-10

     

    

SCHEDULE OF EXCHANGES OF INTERESTS IN THE
GLOBAL NOTE*

 

The initial outstanding principal amount
of this Global Note is $__________. The following exchanges of a part of this Global Note for an interest in another Global Note
or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note,
have been made:

 

	
        

        

        Date of

        Exchange

        	 	
        Amount
        of

        Decrease in

        Principal Amount

        of this Global Note

        	 	
        Amount
        of

        Increase in

        Principal Amount

        of this Global Note

        	 	
        Principal
        Amount

        of this Global Note

        Following Such

        Decrease or Increase

        	 	
        Signature
        of

        Authorized Signatory

        of Trustee or

        Notes Registrar

        
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

 

	*	This schedule should be included only if the Note is issued in global form.

    A-11

     

    

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

Cogent Communications Group, Inc.

2450 N Street, N.W.

Washington, D.C. 20037

Facsimile: 202.338.8798

Attention: John Chang

 

Wilmington Trust, National Association,

as Trustee

1100 North Market Street

Wilmington, DE 19890

Facsimile: (302) 636-4149

Attention: Cogent Communications Administrator

 

Re: 3.500% Senior Secured Notes due 2026

 

Reference is hereby made to the Indenture,
dated as of May 7, 2021 (the “Indenture”), among Cogent Communications Group, Inc., the Guarantors named therein
and Wilmington Trust, National Association, as trustee (the “Trustee”), and collateral agent. 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 U.S. Securities Act of 1933, as amended
(the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest
or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest
or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment
discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A
in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities
laws of any state of the United States. 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 Restricted Definitive Note and in the Indenture and the Securities
Act.

 

2. ☐
CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE REGULATION S TEMPORARY GLOBAL NOTE, THE REGULATION S PERMANENT
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 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), (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 Temporary Global Note, the Regulation S
Permanent Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.

    B-1

     

    

3. ☐
CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO
ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the
transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant
to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and
accordingly the Transferor hereby further certifies that (check one):

 

(a) ☐
such Transfer is being effected pursuant to and in accordance with Rule 144;

 

or

 

(b) ☐
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 and complete if Transferee will take delivery of a beneficial interest in the IAI
Global Note or a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation
S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted
Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue
sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one):

 

(a)       
☐  such Transfer is being effected
pursuant to and in accordance with Rule 144;

 

or

 

(b)       
☐  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;

 

or

 

(d)       
☐  such Transfer is being effected to an Institutional Accredited Investor and
pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule
904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation
D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted
Global Note or Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by (1)
a certificate executed by the Transferee in the form of Exhibit D to the Indenture and (2) if such Transfer is in respect
of a principal amount of Notes at the time of transfer of less than $250,000, an Opinion of Counsel provided by the Transferor
or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in 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 be subject to the restrictions on transfer enumerated in the Private Placement Legend
printed on the IAI Global Note and/or the Restricted Definitive Notes and in the Indenture and the Securities Act.

    B-2

     

    

5. ☐
CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE
NOTE.

 

(a) ☐
CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144
to a Person who is not an affiliate (as defined in Rule 144) of the Company 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) ☐
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 to a Person who is not an affiliate (as defined in Rule 144) of the Company 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 to
a Person who is not an affiliate (as defined in Rule 144) of the Company 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.

 

6. ☐
CHECK IF TRANSFEROR IS AN AFFILIATE OF THE COMPANY.

 

7. ☐
CHECK IF TRANSFEREE IS AN AFFILIATE OF THE COMPANY.

    B-3

     

    

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-4

     

    

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

 

(iii)       ☐
IAI 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)       ☐
IAI Global Note (CUSIP [       ]), or

 

(iv)       ☐
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-5

     

    

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

 

Cogent Communications Group, Inc.

2450 N Street, N.W.

Washington, D.C. 20037

Facsimile: 202.338.8798

Attention: John Chang

 

Wilmington Trust, National Association,

as Trustee

1100 North Market Street

Wilmington, DE 19890

Facsimile: (302) 636-4149

Attention: Cogent Communications Administrator

 

Re: 3.500% Senior Secured Notes due 2026

 

(CUSIP [       ])

 

Reference is hereby made to the Indenture,
dated as of May 7, 2021 (the “Indenture”), among Cogent Communications Group, Inc., the Guarantors named therein
and Wilmington Trust, National Association, as trustee (the “Trustee”), and collateral agent. 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 U.S. 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, (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 and
(v) the Owner is not an affiliate (as defined in Rule 144) of the Company.

 

(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, (iv) the Definitive Note is being acquired
in compliance with any applicable blue sky securities laws of any state of the United States and (v) the Owner is not an affiliate
(as defined in Rule 144) of the Company.

    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, (iv) the beneficial interest is
being acquired in compliance with any applicable blue sky securities laws of any state of the United States and (v) the Owner
is not an affiliate (as defined in Rule 144) of the Company.

 

(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, (iv) the Unrestricted Definitive Note is being acquired in compliance with
any applicable blue sky securities laws of any state of the United States and (v) the Owner is not an affiliate (as defined
in Rule 144) of the Company.

 

(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 [ ] IAI Global Note, with an equal principal amount, the Owner hereby certifies (i) the beneficial
interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the
Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation
of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and
the Securities Act.

 

(3) ☐
CHECK IF OWNER IS AN AFFILIATE OF THE COMPANY.

 

(4) ☐
CHECK IF OWNER IS EXCHANGING THIS NOTE IN CONNECTION WITH AN EXPECTED TRANSFER TO AN AFFILIATE OF THE COMPANY.

    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-3

     

    

EXHIBIT D

 

FORM OF CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

 

Cogent Communications Group, Inc.

2450 N Street, N.W.

Washington, D.C. 20037

Facsimile: 202.338.8798

Attention: John Chang

 

Wilmington Trust, National Association,

as Trustee

1100 North Market Street

Wilmington, DE 19890

Facsimile: (302) 636-4149

Attention: Cogent Communications Administrator

 

Re: 3.500%
Senior Secured Notes due 2026

 

Reference is hereby made to the Indenture,
dated as of May 7, 2021 (the “Indenture”), among Cogent Communications Group, Inc., as issuer (the “Company”),
the Guarantors party thereto and Wilmington Trust, National Association, as trustee and collateral agent. Capitalized terms used
but not defined herein shall have the meanings given to them in the Indenture.

 

In connection with our proposed purchase
of $____________ aggregate principal amount of:

 

(a) ☐
a beneficial interest in a Global Note; or

 

(b) ☐
a Definitive Note;

 

we confirm that:

 

1.          We
understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions
set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes
or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended
(the “Securities Act”).

 

2.          We
understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest
therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of
any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will do
so only (A) to the Company or any subsidiary thereof, (B) in accordance with Rule 144A to a “qualified institutional buyer”
(as defined therein), (C) to an institutional “accredited investor” (as defined below) that, prior to such transfer,
furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter substantially in the
form of this letter and, if such transfer is in respect of a principal amount of Notes, at the time of transfer of less than $250,000,
an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such transfer is in compliance with the Securities
Act, (D) outside the United States in accordance with Rule 904, (E) pursuant to the provisions of Rule 144 or (F) pursuant to an
effective registration statement under the Securities Act, and we further agree to provide to any Person purchasing the Definitive
Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through (E) of this
paragraph a notice advising such purchaser that resales thereof are restricted as stated herein.

    D-1

     

    

3.          We
understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and
the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm
that the proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear
a legend to the foregoing effect.

 

4.          We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the
Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits
and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk
of our or its investment.

 

5.          We
are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of
which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion.

 

You and the Company are entitled to rely
upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative
or legal proceedings or official inquiry with respect to the matters covered hereby.

 

	 	[Insert
    Name of Accredited Investor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: _______________________

    D-2

     

    

EXHIBIT E

 

[FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

 

[          ] Supplemental Indenture (this “Supplemental
Indenture”), dated as of __________, among __________________ (the “Guaranteeing Subsidiary”), a subsidiary
of Cogent Communications Group, Inc., a Delaware corporation (the “Company”), and Wilmington Trust, National
Association, a national banking association organized and existing under the laws of the United States of America, as trustee (in
such capacity, the “Trustee”), and as collateral agent (in such capacity, the “Collateral Agent”).

 

W I T N E S E T H

 

WHEREAS, each of the Company and the Guarantors
(as defined in the Indenture referred to below) have heretofore executed and delivered to the Trustee and the Collateral Agent
an indenture (the “Indenture”), dated as of May 7, 2021, providing for the issuance of an $500,000,000 aggregate
principal amount of 3.500% Senior Secured Notes due 2026 (the “Notes”);

 

WHEREAS, the Indenture provides that under
certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee and the Collateral Agent a supplemental
indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations
under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture; and

 

WHEREAS, pursuant to Section 9.01 of
the Indenture, the Trustee the Collateral Agent are authorized to execute and deliver this Supplemental Indenture.

 

NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree
for the equal and ratable benefit of the Holders of the Notes as follows:

 

(1)         Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

(2)         Agreement
to be Bound. The Guaranteeing Subsidiary hereby becomes a party to the Indenture as a Guarantor and as such will have all of
the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture.

 

(3)         Guarantee.
The Guaranteeing Subsidiary agrees, on a joint and several basis with all the existing Guarantors, to Guarantee to each Holder
of the Notes, the Trustee and the Collateral Agent all Obligations under the Indenture and the Notes pursuant to Article 13
of the Indenture.

 

(4)         No
Recourse Against Others. No director, officer, employee, incorporator, stockholder, member, manager or partner of the Company,
any Subsidiary or any direct or indirect parent of the Company, as such, will have any liability for any obligations of the Company
or the Guarantors (including the Guaranteeing Subsidiary) under the Notes, any Note Guarantees, the Indenture, the Security Documents,
the Intercreditor Agreement or any Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes and the Note Guarantees. The waiver may not be effective to waive liabilities under the
federal securities laws and it is the view of the SEC that such a waiver is against public policy.

 

(5)         Governing
Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

    E-1

     

    

(6)         Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. Delivery of an executed counterpart of a signature page to this Supplemental Indenture by
facsimile, email or other electronic means shall be effective as delivery of a manually executed counterpart of this Supplemental
Indenture.

 

(7)         Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

(8)         The
Trustee the Collateral Agent. Neither the Trustee nor the Collateral Agent shall be responsible in any manner whatsoever for
or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein,
all of which recitals are made solely by the Guaranteeing Subsidiary and the Company.

 

(9)         Benefits
Acknowledged. The Guaranteeing Subsidiary’s Note Guarantee is subject to the terms and conditions set forth in the Indenture.
The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated
by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to this Note Guarantee
are knowingly made in contemplation of such benefits.

 

(10)       Successors.
All agreements of the Guaranteeing Subsidiary in this Supplemental Indenture shall bind its successors, except as otherwise provided
in the Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors.

 

[Signature Pages Follow]

    E-2

     

    

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

 

	 	COGENT COMMUNICATIONS GROUP, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[GUARANTEEING SUBSIDIARY]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
    as Trustee and Collateral Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

    E-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]