Document:

EX-4.1

 Exhibit 4.1 

INDENTURE 
 Dated as of
August 25, 2020 
 among 

HAT HOLDINGS I LLC and HAT HOLDINGS II LLC 

as Issuers, 
 the Guarantors named
herein 
 and 
 U.S. BANK
NATIONAL ASSOCIATION, 
 as Trustee 

3.75% Senior Notes due 2030 
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
		
	 SECTION 1.01. Definitions
	  	 	1	 
		
	 SECTION 1.02. Other Definitions
	  	 	24	 
		
	 SECTION 1.03. Rules of Construction
	  	 	25	 
		
	 ARTICLE 2 THE NOTES
	  	 	25	 
		
	 SECTION 2.01. Amount of Notes Unlimited
	  	 	25	 
		
	 SECTION 2.02. Form and Dating; Denominations
	  	 	26	 
		
	 SECTION 2.03. Execution and Authentication
	  	 	26	 
		
	 SECTION 2.04. Registrar and Paying Agent
	  	 	27	 
		
	 SECTION 2.05. Paying Agent To Hold Money in Trust
	  	 	27	 
		
	 SECTION 2.06. Holder Lists
	  	 	28	 
		
	 SECTION 2.07. Transfer and Exchange
	  	 	28	 
		
	 SECTION 2.08. Replacement Notes
	  	 	29	 
		
	 SECTION 2.09. Outstanding Notes
	  	 	29	 
		
	 SECTION 2.10. Treasury Notes
	  	 	30	 
		
	 SECTION 2.11. Temporary Notes
	  	 	30	 
		
	 SECTION 2.12. Cancellation
	  	 	30	 
		
	 SECTION 2.13. Defaulted Interest
	  	 	30	 
		
	 SECTION 2.14. CUSIP and ISIN Numbers
	  	 	30	 
		
	 SECTION 2.15. Book-Entry Provisions for Global Notes
	  	 	31	 
		
	 ARTICLE 3 REDEMPTION
	  	 	31	 
		
	 SECTION 3.01. Notices to Trustee
	  	 	31	 
		
	 SECTION 3.02. Selection of Notes To Be Redeemed
	  	 	32	 
		
	 SECTION 3.03. Notice of Redemption
	  	 	32	 
		
	 SECTION 3.04. Effect of Notice of Redemption
	  	 	33	 
		
	 SECTION 3.05. Conditions to Redemption
	  	 	33	 
		
	 SECTION 3.06. Deposit of Redemption Price
	  	 	34	 
		
	 SECTION 3.07. Notes Redeemed in Part
	  	 	34	 
		
	 ARTICLE 4 COVENANTS
	  	 	34	 
		
	 SECTION 4.01. Payment of Notes
	  	 	34	 
		
	 SECTION 4.02. Maintenance of Office or Agency
	  	 	35	 
		
	 SECTION 4.03. Compliance Certificate; Notice of Default
	  	 	35	 
		
	 SECTION 4.04. Waiver of Stay, Extension or Usury Laws
	  	 	35	 
		
	 SECTION 4.05. Termination of Covenants and Guarantees
	  	 	36	 
		
	 SECTION 4.06. Change of Control Triggering Event
	  	 	36	 

					
		
	 SECTION 4.07. Limitation on Incurrence of Additional Indebtedness
	  	 	38	 
		
	 SECTION 4.08. Maintenance of Total Unencumbered Assets
	  	 	39	 
		
	 SECTION 4.09. Reports to Holders
	  	 	39	 
		
	 SECTION 4.10. Future Guarantees
	  	 	41	 
		
	 ARTICLE 5 MERGER AND CONSOLIDATION
	  	 	41	 
		
	 SECTION 5.01. Merger, Consolidation and Sale of Assets
	  	 	41	 
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	 	44	 
		
	 SECTION 6.01. Events of Default
	  	 	44	 
		
	 SECTION 6.02. Acceleration
	  	 	46	 
		
	 SECTION 6.03. Other Remedies
	  	 	47	 
		
	 SECTION 6.04. Waiver of Past Defaults
	  	 	47	 
		
	 SECTION 6.05. Control by Majority
	  	 	48	 
		
	 SECTION 6.06. Limitation on Suits
	  	 	48	 
		
	 SECTION 6.07. Rights of Holders to Receive Payment
	  	 	48	 
		
	 SECTION 6.08. Collection Suit by Trustee
	  	 	48	 
		
	 SECTION 6.09. Trustee May File Proofs of Claim
	  	 	48	 
		
	 SECTION 6.10. Priorities
	  	 	49	 
		
	 SECTION 6.11. Undertaking for Costs
	  	 	49	 
		
	 ARTICLE 7 TRUSTEE
	  	 	49	 
		
	 SECTION 7.01. Duties of Trustee
	  	 	49	 
		
	 SECTION 7.02. Rights of Trustee
	  	 	50	 
		
	 SECTION 7.03. Individual Rights of Trustee
	  	 	51	 
		
	 SECTION 7.04. Trustee’s Disclaimer
	  	 	51	 
		
	 SECTION 7.05. Notice of Defaults
	  	 	51	 
		
	 SECTION 7.06. Reserved
	  	 	52	 
		
	 SECTION 7.07. Compensation and Indemnity
	  	 	52	 
		
	 SECTION 7.08. Replacement of Trustee
	  	 	52	 
		
	 SECTION 7.09. Successor Trustee by Merger
	  	 	53	 
		
	 SECTION 7.10. Eligibility; Disqualification
	  	 	54	 
		
	 SECTION 7.11. Preferential Collection of Claims Against the Issuers
	  	 	54	 
		
	 ARTICLE 8 DISCHARGE OF INDENTURE; DEFEASANCE
	  	 	54	 
		
	 SECTION 8.01. Discharge of Liability on Notes
	  	 	54	 
		
	 SECTION 8.02. Legal Defeasance and Covenant Defeasance
	  	 	55	 
		
	 SECTION 8.03. Conditions to Legal Defeasance and Covenant Defeasance
	  	 	56	 
		
	 SECTION 8.04. Application of Trust Money
	  	 	57	 
		
	 SECTION 8.05. Repayment to the Issuers
	  	 	57	 
		
	 SECTION 8.06. Reinstatement
	  	 	58	 

					
	 SECTION 8.07. Indemnity for Government Obligations
	  	 	58	 
		
	 ARTICLE 9 AMENDMENTS
	  	 	58	 
		
	 SECTION 9.01. Without Consent of Holders
	  	 	58	 
		
	 SECTION 9.02. With Consent of Holders
	  	 	59	 
		
	 SECTION 9.03. Revocation and Effect of Consents and Waivers
	  	 	60	 
		
	 SECTION 9.04. Notation on or Exchange of Notes
	  	 	60	 
		
	 SECTION 9.05. Trustee To Sign Amendments
	  	 	60	 
		
	 ARTICLE 10 GUARANTEES
	  	 	61	 
		
	 SECTION 10.01. Unconditional Guarantee
	  	 	61	 
		
	 SECTION 10.02. Benefits Acknowledged
	  	 	61	 
		
	 SECTION 10.03. Limitation on Guarantor Liability
	  	 	62	 
		
	 SECTION 10.04. Notation of Guarantee Not Required
	  	 	62	 
		
	 SECTION 10.05. Release of a Guarantor; Termination of Guarantees
	  	 	62	 
		
	 SECTION 10.06. Subrogation
	  	 	63	 
		
	 SECTION 10.07. Waiver
	  	 	63	 
		
	 SECTION 10.08. No Obligation To Take Action Against the Issuers
	  	 	63	 
		
	 SECTION 10.09. Default and Enforcement
	  	 	64	 
		
	 SECTION 10.10. Amendment, Etc.
	  	 	64	 
		
	 SECTION 10.11. Costs and Expenses
	  	 	64	 
		
	 ARTICLE 11 MISCELLANEOUS
	  	 	64	 
		
	 SECTION 11.01. Reserved
	  	 	64	 
		
	 SECTION 11.02. Notices
	  	 	64	 
		
	 SECTION 11.03. Communications by Holders with Other Holders
	  	 	65	 
		
	 SECTION 11.04. Certificate and Opinion as to Conditions Precedent
	  	 	65	 
		
	 SECTION 11.05. Statements Required in Certificate or Opinion
	  	 	65	 
		
	 SECTION 11.06. Rules by Trustee, Paying Agent and Registrar
	  	 	66	 
		
	 SECTION 11.07. Business Day
	  	 	66	 
		
	 SECTION 11.08. Governing Law
	  	 	66	 
		
	 SECTION 11.09. No Recourse Against Others
	  	 	66	 
		
	 SECTION 11.10. Successors
	  	 	66	 
		
	 SECTION 11.11. Multiple Originals
	  	 	66	 
		
	 SECTION 11.12. Table of Contents; Headings
	  	 	67	 
		
	 SECTION 11.13. Force Majeure
	  	 	67	 
		
	 SECTION 11.14. Severability
	  	 	67	 
		
	 SECTION 11.15. USA Patriot Act
	  	 	67	 
		
	 SECTION 11.16. No Adverse Interpretation of Other Agreements
	  	 	67	 
		
	 SECTION 11.17. Applicable Tax Law
	  	 	67	 
		
	 SECTION 11.18. Waiver of Jury Trial
	  	 	68	 
		
	 SECTION 11.19. Submission to Jurisdiction
	  	 	68	 

 Appendix A — Transfer Restrictions 

Exhibit A — Form of Note 
 Exhibit B — Form of
Supplemental Indenture 
 Exhibit C — Form of Transfer Certificate for Transfer or Exchange from Rule 144A Global Note to Regulation S Global Note
prior to the Expiration of the Distribution Compliance Period 
 Exhibit D — Form of Transfer Certificate for the Transfer or Exchange from Rule 144A
Global Note to Regulation S Global Note after the Expiration of the Distribution Compliance Period 
 Exhibit E — Form of Transfer Certificate for
Transfer or Exchange from Regulation S Global Note to Rule 144A Global Note prior to the Expiration of the Distribution Compliance Period 
 Exhibit F
— Form of Transfer Certificate for Other Transfers and Exchanges 
 Note: This Table of Contents shall not, for any purpose, be deemed to be part of
this Indenture. 
  

 INDENTURE dated as of August 25, 2020 (this “Indenture”) by and among
HAT HOLDINGS I LLC, a Maryland limited liability company (“HAT I”), and HAT HOLDINGS II LLC, a Maryland limited liability company (“HAT II”, and together with HAT I, each an “Issuer” and together
the “Issuers”), the Guarantors (as defined herein) named herein, and U.S. BANK NATIONAL ASSOCIATION, as Trustee (the “Trustee). 

Each party hereto agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the
Issuers’ 3.75% Senior Notes due 2030 to be issued, from time to time, as provided in this Indenture: 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.01. Definitions. 

“Acquired Indebtedness” means Indebtedness of a Person or any of its Subsidiaries existing at the time such Person becomes a
Subsidiary of the Parent Guarantor or at the time it merges or consolidates with or into the Parent Guarantor or any of its Subsidiaries or assumed by the Parent Guarantor or any of its Subsidiaries in connection with the acquisition of assets from
such Person and in each case whether or not incurred by such Person in connection with, or in anticipation or contemplation of, such Person becoming a Subsidiary of the Parent Guarantor or such merger, consolidation or acquisition. Acquired
Indebtedness shall be deemed to have been incurred on the date such Person becomes a Subsidiary of the Parent Guarantor or merges or consolidates with or into the Parent Guarantor or any of its Subsidiaries or the date of the assumption of such
Indebtedness by the Parent Guarantor or any of its Subsidiaries, as applicable. 
 “Additional Notes” means additional
3.75% Senior Notes due 2030 originally issued under this Indenture after the Issue Date. 
 “Affiliate” means, with respect
to any specified Person, any other Person who, directly or indirectly, through one or more intermediaries, controls, or is controlled by, or is under common control with, such specified Person. As used in the immediately preceding sentence and in
the definition of “Subsidiary,” the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative of the foregoing. 

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

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

“Board of Directors” means, as to any Person, the board of directors, managers or trustees or other governing body of such
Person (or, if such Person is a partnership or limited liability company that does not have such a governing body, the board of directors, managers or trustees or other governing body of any direct or indirect general partner of such partnership or
of any direct or indirect managing member or other managing Person of such limited liability company) or any duly authorized committee thereof. 

“Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in
The City of New York are authorized or obligated by law or executive order to close. 
 “Capital Stock” means: 

(1) with respect to any Person other than a business trust, any and all shares, interests, participations or other equivalents (however
designated and whether or not voting) of or in its corporate stock or, if such Person is not a corporation, its equity; and 
  

 (2) with respect to any Person that is a business trust, any and all beneficial ownership
interests (however designated and whether or not voting) in such Person; 
 in each case including each class or series of Common Stock and Preferred Stock
of such Person but in each case excluding any Indebtedness or debt securities convertible into or exchangeable for, or any options, warrants, contracts or other securities (including derivative instruments) exercisable or exchangeable for,
convertible into or otherwise for or relating to the purchase or sale of, any of the items referred to in clauses (1) or (2) above. 

“Capitalized Lease Obligation” means, as to any Person, the obligations of such Person under a lease that are required to be
classified and accounted for as capital lease obligations under GAAP and, for purposes of this definition, the amount of such obligations at any date shall be the capitalized amount of such obligations at such date, determined in accordance with
GAAP. 
 “Cash Management Obligations” means obligations of the Parent Guarantor or any Subsidiary of the Parent Guarantor
in relation to (1) treasury, depository or cash management services, arrangements or agreements (including, without limitation, credit, debt or other purchase card programs and intercompany cash management services) or any automated
clearinghouse (“ACH”) transfers of funds (including reimbursement and indemnification obligations with respect to letters of credit or similar instruments), and (2) netting services, overdraft protections, controlled
disbursement, ACH transactions, return items, interstate deposit network services, supplier services, cash pooling and operational foreign exchange management, Society for Worldwide Interbank Financial Telecommunication transfers and similar
programs. 
 “Change of Control” means: 

(1) the Parent Guarantor becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy,
written notice or otherwise) that any “person” or “group” of related persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act as in effect on the Issue Date), other than the Parent Guarantor or any of its
Subsidiaries, is or has become the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Issue Date), directly or
indirectly, of Voting Stock of the Parent Guarantor representing more than 50% of the combined voting power of all of the outstanding Voting Stock of the Parent Guarantor; 

(2) the sale, transfer, conveyance or other disposition (other than by way of merger, consolidation or other business combination transaction),
in one transaction or a series of related transactions, of all or substantially all of the assets of the Parent Guarantor and its Subsidiaries, taken as a whole (other than sales, transfers, conveyances or other dispositions of Securitization
Assets, Repurchase Agreement Assets, Investments or other securities or assets, in each case in the ordinary course of business) to any Person (other than the Parent Guarantor and/or one or more Subsidiaries of the Parent Guarantor); or 

(3) any Issuer is no longer a direct or indirect Subsidiary of the Parent Guarantor. 

Notwithstanding the foregoing, (I) a transaction will not be deemed to be a Change of Control if (1) the Parent Guarantor becomes a
direct or indirect Wholly Owned Subsidiary of a parent entity and (2) either (A) the direct or indirect holders of the outstanding Voting Stock of such parent entity immediately following that transaction are substantially the same as the
holders of the outstanding Voting Stock of the Parent Guarantor immediately prior to that transaction or (B) immediately following that transaction no Person (other than a parent entity satisfying the requirements of this sentence) is the
beneficial owner, directly or indirectly, of more than 50% of the combined voting power of all of the outstanding Voting Stock of such parent entity and (II) the reference in clause (2) of the immediately preceding paragraph to sales,
transfers, conveyances or other dispositions of Securitization Assets, Repurchase Agreement Assets, Investments or other securities or assets in the ordinary course of business shall include, without limitation, any sales, transfers, conveyances or
other dispositions of Securitization Assets, Repurchase Agreement Assets, Investments or other securities or assets (A) that are made (x) to any Securitization Entity for the purpose of enabling such Securitization Entity to securitize the
assets so sold, transferred, conveyed or disposed of or enabling such Securitization Entity to issue Non-Recourse Indebtedness secured by such assets or to enter into any Repurchase Agreements with respect to
such assets or (y) to any Person pursuant to a Repurchase Agreement that is otherwise permitted (or not prohibited) by this Indenture, under which 

  
 2 

 
such Person is a buyer of Repurchase Agreement Assets, and (B) that the Parent Guarantor in good faith determines to be consistent with past practice of the Parent Guarantor or any of its
Subsidiaries or to reflect customary or accepted practice in the businesses, industries or markets in which the Parent Guarantor or any of its Subsidiaries operates or reasonably expects to operate or that reflect reasonable extensions, evolutions
or developments of any of the foregoing (including, without limitation, by way of new transactions or structures), and as a result, none of the foregoing shall constitute a Change of Control. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. 

“Commodity Agreement” means any commodity futures contract, commodity swap, commodity option or other similar agreement or
arrangement designed to protect against fluctuations in the price of commodities or to otherwise manage commodity prices or the risk of fluctuations in commodity prices. 

“Common Stock” means, with respect to (a) any Person other than a business trust, any and all shares, interests,
participations or other equivalents (however designated and whether voting or non-voting) of or in such Person’s common stock or, if such Person is not a corporation, its common equity or (b) any
Person that is a business trust, any and all common beneficial ownership interests (however designated and whether voting or non-voting) in such Person, in each case including, without limitation, all series
and classes of such common stock, other common equity or common beneficial ownership interests, as the case may be, but in each case excluding any Indebtedness or debt securities convertible into or exchangeable for, or any options, warrants,
contracts or other securities (including derivative instruments) exercisable or exchangeable for, convertible into or otherwise for or relating to the purchase or sale of, any of the foregoing. The determination of whether any beneficial ownership
interests or equity constitute common beneficial ownership interest or common equity, respectively, shall be made by the Parent Guarantor in good faith. 

“Consolidated EBITDA” means, with respect to any Person and for any period, the Consolidated Net Income of such Person plus
or minus, as the case may be, the following items (without duplication): 
 (1) plus, to the extent Consolidated Net Income has been reduced
thereby (without duplication): 
  

	 	(a)	 Consolidated Income Taxes; 

 

	 	(b)	 Consolidated Interest Expense; 

 

	 	(c)	 depreciation, depletion and amortization; 

 

	 	(d)	 restructuring or severance charges or expenses; and 

 

	 	(e)	 any fees and expenses (including any transaction or retention bonus) incurred during such period, or any
amortization thereof for such period, in connection with the acquisition (including, without limitation, by merger, consolidation or acquisition of Capital Stock) of Investments or other securities or assets, including any such acquisition
consummated prior to the Issue Date and any such acquisition undertaken but not completed, and any charges or non-recurring costs incurred during such period as a result of any such acquisition;

 (2) plus, to the extent Consolidated Net Income has been reduced thereby, or minus, to the extent Consolidated Net
Income has been increased thereby (without duplication): 
  

	 	(a)	 any extraordinary or non-recurring gain (or extraordinary or non-recurring loss or charge), together with any related provision for taxes on any such extraordinary or non-recurring gain (or the tax effect of any such extraordinary or non-recurring loss or charge); 

  

	 	(b)	 impairment charges, reserves and write-offs and reversals of any of the foregoing; 

  
 3 

 (c) any non-cash income or loss
attributable to the application of mark-to-market accounting or the sale of receivables and Investments; 

(d) GAAP income or loss attributable to assets classified as equity method investments; 

(e) after-tax gains and after-tax losses from
sales, conveyances, transfers, assignments or other dispositions (including, without limitation, by merger or consolidation) of Investments or other securities or assets, in each case, outside of the ordinary course of business, in each case
excluding the effect of any cumulative mark to market gains or losses; 
 (f) income or loss attributable to discontinued
operations (including, without limitation, operations disposed of during such period whether or not such operations were classified as discontinued, but not including revenues, expenses, gains and losses relating to real estate properties sold or
held for sale, even if they were classified as attributable to discontinued operations under the provisions of FASB Accounting Standards Codification 205 (or any successor or replacement provisions thereto), as the same may be amended, modified
and/or supplemented from time to time); 
 (g) any gain or loss arising from the early extinguishment of any Indebtedness in
connection with, and any fees, premiums, expenses or other charges relating to, the Transactions or any Refinancing, redemption, purchase (including, without limitation, by tender offer), retirement, repayment, defeasance or discharge of any
Indebtedness of such Person or any of its Subsidiaries, including the amortization or write-off of debt issuance costs and debt discount and fees, costs and other expenses incurred in connection with entering
into, settling or terminating obligations under Interest Rate Agreements in connection with any of the foregoing; 
 (h) any non-cash compensation charges arising from the grant of, issuance, vesting, exercise or repricing of stock, stock options or other equity-based awards or any amendment, modification, substitution or change of any
such stock, stock options or other equity-based awards; 
 (i) the cumulative effect of a change in accounting principles;
and 
 (j) any unrealized foreign currency transaction gains or losses in respect of Indebtedness denominated in a currency
other than the functional currency of such Person and any unrealized foreign exchange gains or losses relating to translation of assets or liabilities denominated in foreign currencies; 

(3) plus, collected cash distributions from assets classified as equity method investments and cash received from residual and servicing
assets; 
 all determined on a consolidated basis for such Person and its Subsidiaries in accordance with GAAP except as expressly provided in
(3) above. 
 “Consolidated Fixed Charge Coverage Ratio” means, with respect to any Person and as of any date of
determination (the “Determination Date”), the ratio of Consolidated EBITDA of such Person for the most recent Four Quarter Period ending on or prior to such Determination Date for which financial statements are available to
Consolidated Fixed Charges of such Person for such Four Quarter Period. In addition to and without limitation of the foregoing, for purposes of this definition, “Consolidated EBITDA” and “Consolidated Fixed Charges” shall be
calculated after giving effect on a pro forma basis for the period of such calculation to the following (without duplication): 
 (1) the
incurrence of the Indebtedness, if any, by such Person or any of its Subsidiaries giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio and (x) any repayment, repurchase, defeasance, redemption or other discharge
(collectively, for purposes of this definition, “repayment”; the terms “repay” and “repaid” shall have correlative meanings for purposes of this definition) of any Indebtedness with the proceeds of the Indebtedness to
be incurred or in connection with the transactions pursuant to which such Indebtedness is to be incurred or the transactions giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio, as

  
 4 

 
the case may be, and (y) any purchase or other acquisition or origination of any Investments, Persons or other securities or assets made or to be made by such Person or any of its
Subsidiaries (in one transaction or a series of related transactions and including, without limitation, by merger, consolidation, acquisition of Capital Stock or otherwise) with the proceeds of the Indebtedness to be incurred or in connection with
the transactions pursuant to which such Indebtedness is to be incurred or the transactions giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio, as the case may be (including, without limitation, any Consolidated EBITDA
attributable to the Investments, Persons or other securities or assets which are being purchased, acquired or originated as aforesaid), in each case as if such incurrence, repayment, purchase, acquisition or origination, as the case may be, had
occurred on the first day of the Four Quarter Period; 
 (2) the incurrence and repayment of any Indebtedness of such Person or any of its
Subsidiaries (other than the incurrence or repayment of any Indebtedness which is covered by clause (1) above), including any repayment of any Indebtedness with the proceeds from the incurrence of Indebtedness covered by this clause (2) or
in connection with the related transaction referred to in clause (3) of this definition, in each case that occurred during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the
Determination Date, as if such incurrence or repayment had occurred on the first day of the Four Quarter Period, but only to the extent the incurrence or repayment of such Indebtedness was made in connection with a transaction or series of related
transactions described in clause (3) below that meets the significance test set forth in such clause (3); provided, however, that such calculation shall not give pro forma effect to the incurrence of any Indebtedness described in
this clause (2) if such Indebtedness is not outstanding as of the Determination Date; and 
 (3) any sale or other disposition or any
purchase or other acquisition or origination of any Investments, Persons or other securities or assets (other than (a) any purchase, acquisition or origination covered by clause (1) above or (b) in the ordinary course of business)
made by such Person or any of its Subsidiaries (including, without limitation, by merger, consolidation, acquisition of Capital Stock or otherwise) in one transaction or a series of related transactions during the Four Quarter Period or at any time
subsequent to the last day of the Four Quarter Period and on or prior to the Determination Date (including, without limitation, any Consolidated EBITDA attributable to the Investments, Persons or other securities or assets which were sold, disposed
of, purchased, acquired or originated as aforesaid), in each case as if such sale, disposition, purchase, acquisition or origination had occurred on the first day of the Four Quarter Period, but, anything in this clause (3) to the contrary
notwithstanding, only if the Investments, Persons or other securities or assets sold, disposed of, purchased, acquired or originated in such transaction or such series of related transactions, as the case may be, constituted, at the time of such
transaction or series of related transactions (or, at the option of the Parent Guarantor, would have constituted, as of the last day of the Four Quarter Period), a Significant Subsidiary of the Parent Guarantor. 

If any Indebtedness bears a floating rate of interest and if pro forma effect is being given to the incurrence of such Indebtedness, the
interest expense on such Indebtedness will be calculated as if the rate in effect on the Determination Date had been the applicable rate for that portion of the Four Quarter Period during which such Indebtedness was not outstanding (taking into
account any Interest Rate Agreement applicable to such Indebtedness if such Interest Rate Agreement has a remaining term in excess of 12 months). If any Indebtedness bears an interest rate chosen at the option of the Parent Guarantor and if pro
forma effect is being given to the incurrence of such Indebtedness, the interest rate shall be calculated by applying such optional rate chosen by the Parent Guarantor for that portion of the Four Quarter Period during which such Indebtedness was
not outstanding. For purposes of this definition, whenever pro forma effect is to be given to any calculation under this definition, the pro forma calculations will be determined in good faith by the Parent Guarantor and such pro forma calculations
may include, for the avoidance of doubt and at the Parent Guarantor’s sole discretion, any cost savings and expense reductions relating to any transaction which is being given pro forma effect (x) that have been or are expected to be
realized within 12 months after the date of such transaction and/or (y) that are determined in accordance with Regulation S-X under the Securities Act. 

In making any pro forma calculation, the amount of Indebtedness under any revolving credit facility outstanding on the applicable
Determination Date (other than any Indebtedness being incurred under such facility in connection with a transaction giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio) will be deemed to be: 

(i) the average daily balance of such Indebtedness during the applicable Four Quarter Period or such shorter period for which
such facility was outstanding, or 

  
 5 

 (ii) if such facility was created after the end of such Four Quarter Period,
the average daily balance of such Indebtedness during the period from the date of creation of such facility to such Determination Date. 

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

(1) Consolidated Interest Expense (excluding any amortization of debt discount or expense); plus 

(2) the amount of all cash dividend payments on any Disqualified Capital Stock of such Person and any Preferred Stock of any Subsidiary (other
than any Subsidiary that guarantees payment of the Notes) of such Person (in each case other than dividends paid or payable in Capital Stock that is not Disqualified Capital Stock and dividends paid to such Person or any of its Subsidiaries) paid,
accrued or scheduled to be paid or accrued during such period, 
 all determined on a consolidated basis for such Person and its Subsidiaries in accordance
with GAAP. 
 “Consolidated Income Taxes” means, with respect to any Person for any period, taxes imposed upon such Person
and its Subsidiaries by any governmental authority, which taxes or other payments are calculated by reference to the income or profits or capital of such Person and/or any of its Subsidiaries (to the extent such income or profits were included in
computing Consolidated Net Income of such Person for such period), including, without limitation, state, franchise and similar taxes and foreign withholding taxes, computed on a consolidated basis in accordance with GAAP. 

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

(1) the aggregate amount of interest expense of such Person and its Subsidiaries for such period; and 

(2) to the extent not already included in clause (1), the interest component of Capitalized Lease Obligations paid, accrued and/or scheduled to
be paid or accrued by such Person and its Subsidiaries during such period, 
 all determined on a consolidated basis in accordance with GAAP. 

“Consolidated Net Income” means, with respect to any Person for any period, the net income (or loss) of such Person and its
Subsidiaries before the payment of dividends on Preferred Stock for such period determined on a consolidated basis in accordance with GAAP. 

“Consolidated Net Worth” of any Person means the consolidated stockholders’ equity (or, if such Person is not a
corporation, the consolidated equity interests of its partners, members or other equity owners) of such Person and its Subsidiaries, determined on a consolidated basis in accordance with GAAP, less (without duplication) amounts attributable to
Disqualified Capital Stock of such Person and Capital Stock of such Person’s consolidated Subsidiaries not owned, directly or indirectly, by such Person. 

“Corporate Trust Office” means the principal office of the Trustee at which at any time its corporate trust business shall be
administered, which office at the date hereof for purposes of Section 2.04 and Section 4.02 only is located at 111 Fillmore Avenue, St. Paul, Minnesota 55107, Attention: HAT Holdings I LLC and HAT Holdings II LLC, and for all other
purposes is located at 225 Asylum Street, Hartford, Connecticut 06103, Attention: HAT Holdings I LLC and HAT Holdings II LLC, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the
principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company). 

  
 6 

 “Credit Enhancement Agreements” means, collectively, any documents,
instruments, guarantees or agreements entered into by the Parent Guarantor, any of its Subsidiaries or any Securitization Entity for the purpose of providing credit support (that is reasonably customary as determined by the Parent Guarantor) with
respect to any Indebtedness permitted or not prohibited by this Indenture, including, without limitation, any agreements pursuant to which the Parent Guarantor or any of its Subsidiaries agrees to maintain a certain level of investment in a
Securitization Entity for the purposes of complying with any rules or regulations of the SEC or any other applicable laws, rules or regulations relating to risk-retention requirements in connection with securitization transactions. 

“Credit Facilities” means, with respect to the Parent Guarantor or any Subsidiary of the Parent Guarantor, any debt, credit,
warehousing, securitization or repurchase facilities or agreements (including, without limitation, any Repurchase Agreements), commercial paper or overdraft facilities or agreements, indentures, or other instruments and agreements (any or all of
which may be outstanding at the same time), in each case with banks or other lenders, financial institutions, brokers, dealers, trustees, agents, buyers, sellers or other Persons, and any notes, bonds, debentures or similar instruments, in each case
providing for, evidencing, creating or pursuant to which there may be incurred, issued, evidenced, secured or created revolving credit loans, term loans, debt securities, receivables financing (including through the sale of receivables to banks,
lenders, investors or other Persons or to special purpose entities formed to borrow from banks, lenders, investors or other Persons against such receivables), securitizations, letters of credit, sales and repurchases of Investments or other
securities or assets, or other Indebtedness, together in each case with any and all existing and future documents related thereto (including, without limitation, any promissory notes, security agreements, intercreditor agreements, mortgages, other
collateral documents, guarantees and letters of credit), in each case whether in effect on the Issue Date or entered into or assumed thereafter and in each case as the same may have been or may be amended, restated, amended and restated,
supplemented, modified, renewed, extended, refunded, refinanced, restructured or replaced in any manner (whether before, upon or after termination or otherwise and including by means of sales of debt securities to investors or other Persons) in
whole or in part from time to time (including successive amendments, restatements, amendments and restatements, supplements, modifications, renewals, extensions, refundings, refinancings, restructurings or replacements of any of the foregoing,
including into one or more debt, credit, warehousing, securitization or repurchase facilities or agreements, commercial paper or overdraft facilities or agreements, indentures or other instruments or agreements, and also including by means of sales
of debt securities to investors or other Persons) and including any of the foregoing changing the maturity, amount, committed amount or other terms thereof, changing (in whole or in part) revolving credit facilities to term loan facilities and vice
versa, and whether or not with the original or other buyers, sellers, borrowers, issuers, guarantors, agents, lenders, financial institutions, brokers, dealers, trustees, investors or other parties. 

“Currency Agreement” means any foreign exchange contract, currency swap agreement or other agreement or arrangement designed
to protect against fluctuations in currency values or otherwise manage currency exchange rates or currency exchange rate risk. 

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

 “Debt Obligations” means any unsecured Indebtedness of the type described in clauses (1), (2) and (6) (to the extent of
Indebtedness of other Persons of the type referred to in clauses (1) of (2) of the definition of “Indebtedness”) of the definition of “Indebtedness” of the Parent Guarantor or any of its Domestic Subsidiaries (other than any
Domestic Subsidiary that is an Excluded Subsidiary or Securitization Entity). 
 “Default” means an event or condition the
occurrence of which is, or with the lapse of time or the giving of notice or both would be, an Event of Default. 
 “Deferred
Funding Obligations” means, at any time, such items of Indebtedness that would be classified as “deferred funding obligations” on the Parent Guarantor’s consolidated balance sheet prepared in accordance with GAAP. 

  
 7 

 “Depositary” means DTC or any successor depositary for the Global Notes.

 “Disqualified Capital Stock” means, with respect to any Person, any Capital Stock of such Person which by its terms (or
by the terms of any security into which it is convertible or for which it is exchangeable at the option of the holder thereof) or upon the happening of any event: 

(1) matures or is mandatorily redeemable in each case for cash or in exchange for Indebtedness (pursuant to a sinking fund obligation or
otherwise); or 
 (2) is redeemable or repurchasable for cash or in exchange for Indebtedness at the option of the holder of such Capital
Stock in whole or in part, 
 in each case on or prior to the earlier of (a) the stated maturity date of the Notes or (b) the date on which there
are no Notes outstanding; provided, however, that (i) only the portion of such Capital Stock which so matures or is mandatorily redeemable or is so exchangeable, redeemable or repurchasable at the option of the holder thereof
prior to the earlier of such dates will be deemed to be Disqualified Capital Stock, (ii) any Capital Stock that would constitute Disqualified Capital Stock solely because the holders thereof have the right to require such Person to redeem,
repay, exchange or repurchase such Capital Stock upon the occurrence of a change of control triggering event, change of control, fundamental change or similar event (howsoever defined or referred to) shall not constitute Disqualified Capital Stock
if any such redemption, repayment, exchange or repurchase obligation is subject to compliance by the relevant Person with Section 4.06 of this Indenture, (iii) any options, warrants and contracts (including derivative
instruments) exercisable or exchangeable for, convertible into or otherwise for or relating to the purchase or sale of Capital Stock, and any securities (other than Capital Stock) convertible into or exchangeable for any shares of Capital Stock,
shall not constitute Disqualified Capital Stock, (iv) Capital Stock will not be deemed to be Disqualified Capital Stock as a result of provisions in any stock option plan, restricted stock plan, or other equity incentive plan or any award or
agreement issued or entered into thereunder that requires such Person or any of its Subsidiaries, or gives any current or former employee, director or consultant or their heirs, executors, administrators or assigns the right to require such Person
or any of its Subsidiaries, to purchase, redeem or otherwise acquire or retire for value or otherwise Capital Stock or any other equity awards (including, without limitation, options, warrants or other rights to purchase or acquire Capital Stock,
restricted stock and restricted stock units) issued or issuable under any such plan, award or agreement; and (v) Capital Stock will not constitute Disqualified Capital Stock to the extent that such Person or any of its Subsidiaries has the
option of paying for such Capital Stock at maturity, upon mandatory redemption, or upon any redemption, exchange or repurchase at the option of the holder of such Capital Stock, as the case may be, with Capital Stock (other than Disqualified Capital
Stock) of such Person, any other Person of which such Person is a Subsidiary or any of their respective Subsidiaries. Notwithstanding the foregoing, Capital Stock sold in forward sales of Capital Stock (other than forward sales of Disqualified
Capital Stock) and pursuant to customary agreements relating to such transactions shall not be deemed Disqualified Capital Stock. 

“Domestic Subsidiary” means, with respect to any Person, any Subsidiary of such Person other than a Foreign Subsidiary. 

“DTC” means The Depository Trust Company. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Subsidiary” means any of the following Subsidiaries of the Parent Guarantor, whether any such Subsidiary is in
existence on the Issue Date or is formed or acquired or becomes a Subsidiary of the Parent Guarantor thereafter: (i) a Subsidiary of the Parent Guarantor that is prohibited, in the good faith judgment of the Parent Guarantor, from providing a
Guarantee of the Notes or from incurring or having Indebtedness by any law, rule or regulation, or by any judgment, order, decree, pronouncement, interpretation or other action of any court, government, or governmental or administrative authority or
official or arbitrator having jurisdiction over such Subsidiary or the Parent Guarantor, (ii) any Subsidiary of the Parent Guarantor that, in the good faith judgment of the Parent Guarantor, is prohibited from providing a Guarantee of the Notes
or from incurring or having Indebtedness by any contractual obligation to which such Subsidiary is a party or by which it is bound or any Organizational Document of such Subsidiary, in each case, entered into (or amended) in the ordinary course of

  
 8 

 
business consistent with past practice of the Parent Guarantor or any of its Subsidiaries or to reflect customary or accepted practice in the businesses, industries or markets in which the Parent
Guarantor or any of its Subsidiaries operates or reasonably expects to operate or that reflect reasonable extensions, evolutions or developments of any of the foregoing (including, without limitation, by way of new transactions or structures), and
not in any event with the primary intent to avoid providing a guarantee, or (iii) any Subsidiary of the Parent Guarantor if its providing a Guarantee of the Notes would require or would be reasonably likely to require, in the good faith
judgment of the Parent Guarantor, the Parent Guarantor or any Subsidiary of the Parent Guarantor to register as an “investment company” under the Investment Company Act or would cause or would be reasonably likely to cause, in the good
faith judgment of the Parent Guarantor, the Parent Guarantor or any Subsidiary of the Parent Guarantor to become subject to regulation under the Investment Company Act. For purposes of clarity, it is understood and agreed that a Subsidiary of the
Parent Guarantor that is not an Excluded Subsidiary may at any time become an Excluded Subsidiary in accordance with the provisions of the foregoing sentence. 

“Existing Convertible Senior Notes” mean the Parent Guarantor’s 4.125% Convertible Senior Notes due 2022. 

“Existing Credit Agreements” means (i) the Loan Agreement (Approval-Based) dated as of December 13, 2018 among Rhea
Borrower (HASI) LLC, Rhea Borrower (HAT I) LLC, Rhea Borrower (HAT II) LLC, the lenders party thereto from time to time and Bank of America, N.A., as administrative agent, and any other parties thereto from time to time, and (ii) the Loan
Agreement (Rep-Based) dated as of December 13, 2018 among Titan Borrower (HASI) LLC, Titan Borrower (HAT I) LLC, Titan Borrower (HAT II) LLC, the lenders party thereto from time to time and Bank of
America, N.A., as administrative agent, and any other parties thereto from time to time, in each case, together with any and all existing and future documents related thereto (including, without limitation, any promissory notes, security agreements,
intercreditor agreements, mortgages, other collateral documents, guarantees and letters of credit), in each case as the same may have been or may be amended, restated, amended and restated, supplemented, modified, renewed, extended, refunded,
refinanced, restructured or replaced in any manner (whether before, upon or after termination or otherwise and including by means of sales of debt securities to investors or other Persons) in whole or in part from time to time (including successive
amendments, restatements, amendments and restatements, supplements, modifications, renewals, extensions, refundings, refinancings, restructurings or replacements of any of the foregoing, including into one or more debt, credit, warehousing,
securitization or repurchase facilities or agreements, commercial paper or overdraft facilities or agreements, indentures or other instruments or agreements, and also including by means of sales of debt securities to investors or other Persons) and
including any of the foregoing changing the maturity, amount, committed amount or other terms thereof, changing (in whole or in part) revolving credit facilities to term loan facilities and vice versa, and whether or not with the original or other
buyers, sellers, borrowers, issuers, guarantors, agents, lenders, financial institutions, brokers, dealers, trustees, investors or other parties. 

“fair market value” means, with respect to any asset or property, the price which could be negotiated in an arm’s-length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair market value shall
be determined by the Issuers in good faith. 
 “FASB” means the Financial Accounting Standards Board or any successor
thereto. 
 “Fitch” means Fitch Ratings, Inc. and any successor to the credit rating business thereof. 

“Foreign Subsidiary” means, with respect to any Person, (a) any Subsidiary of such Person that is not organized or
existing under the laws of the United States, any state thereof or the District of Columbia, and any Subsidiary (including any Subsidiary that would otherwise be a Domestic Subsidiary) of such Subsidiary, (b) any Subsidiary of such Person that
has no material assets (with the determination of materiality to be made in good faith by the Parent Guarantor) other than Capital Stock of (or Capital Stock of and debt obligations owed or treated as owed by) one or more Controlled Foreign
Corporations as defined in Section 957 of the Internal Revenue Code, and (c) any Subsidiary (including any Subsidiary that would otherwise be a Domestic Subsidiary) of such Person that owns any Capital Stock of a Foreign Subsidiary if its
providing a Guarantee of the Notes could reasonably be expected, in the good faith judgment of the Parent Guarantor, to cause any earnings of such Foreign Subsidiary, as determined for U.S. federal income tax purposes, to be treated as a deemed
dividend to such Foreign Subsidiary’s United States parent for U.S. federal income tax purposes. 

  
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 “Four Quarter Period” means, with any respect to any Person, any period of
four consecutive fiscal quarters of such Person. 
 “GAAP” means generally accepted accounting principles in the United
States as in effect on March 31, 2019, but excluding ASC 326-Financial Instruments-Credit Losses. 

“Global Note” means a Note in registered global form without coupons, registered in the name of a Depositary or its nominee.

 “Guarantee” means, individually, any guarantee of the Notes by a Guarantor pursuant to the terms of this Indenture and,
collectively, all such guarantees of the Notes by Guarantors pursuant to the terms of this Indenture, in each case as any such guarantees may be amended or supplemented from time to time. 

“Guaranteed Subsidiary Debt Obligations” means Debt Obligations issued by any Domestic Subsidiary of the Parent Guarantor
(other than any Domestic Subsidiary that is an Excluded Subsidiary or a Securitization Entity) the payment of which is guaranteed by the Parent Guarantor; provided that any such Debt Obligation will cease to be a Guaranteed Subsidiary Debt
Obligation upon the release, termination, suspension or discharge of the Parent Guarantor’s guarantee thereof. 

“Guarantor” means the Parent Guarantor, the Issue Date Subsidiary Guarantors, and each other Domestic Subsidiary of the
Parent Guarantor, if any, that guarantees the payment of the Notes pursuant to the terms of this Indenture; provided that no Excluded Subsidiary or Securitization Entity shall be deemed to be, or shall be required to become, a Guarantor; and
provided, further, that, upon release or discharge of any such Domestic Subsidiary from its Guarantee of the Notes, or upon the termination of any such Guarantee, in accordance with this Indenture, such Domestic Subsidiary shall cease
to be a Guarantor. 
 “Holder” means a Person in whose name a Note is registered on the Registrar’s books. 

“incur” has the meaning set forth in Section 4.07(a). The terms “ incurred” and
“ incurring” shall have correlative meanings. 
 “Indebtedness” means with respect to any Person, without
duplication: 
 (1) the principal amount of indebtedness of such Person for borrowed money; 

(2) the principal amount of indebtedness of such Person evidenced by bonds, debentures, notes or other similar instruments; 

(3) all Capitalized Lease Obligations of such Person; 

(4) all payment obligations of such Person issued or assumed as the deferred purchase price of property and all payment obligations of such
Person under conditional sale or other title retention agreements relating to assets purchased by such Person which payment is due more than one year from the date of placing such property in service or taking final delivery and title thereto (but,
in each case, excluding trade accounts payable and other accrued liabilities arising in the ordinary course of business and any earn-out or similar obligations and also excluding all obligations other than
those relating to payment of the purchase price of the applicable property or assets); 
 (5) the principal component of all obligations of
such Person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction (except in each case to the extent such obligations relate to trade payables or other accrued liabilities arising in the
ordinary course of business); 

  
 10 

 (6) Indebtedness of other Persons of the types referred to in clauses (1) through (5)
above and clauses (8) and (10) below to the extent (and only to the extent) guaranteed by such referent Person; 
 (7) Indebtedness
of any other Person of the type referred to in clauses (1) through (6) above which is secured by any Lien on any property or asset of such referent Person, the amount of such Indebtedness of such referent Person being deemed to be the lesser of
the fair market value of such property or asset and the amount of the Indebtedness of such other Person so secured; 
 (8) all net payment
obligations of such Person under Commodity Agreements, Currency Agreements and Interest Rate Agreements of such Person, other than obligations incurred or agreements entered into for hedging purposes; 

(9) all outstanding Disqualified Capital Stock issued by such Person, with the amount of Indebtedness represented by such Disqualified Capital
Stock being equal to the greater of its voluntary or involuntary liquidation preference and, if such Disqualified Capital Stock is subject to repurchase at the option of holder, its maximum fixed repurchase price (or, if such Disqualified Capital
Stock does not have a liquidation preference or a maximum fixed repurchase price, its estimated repurchase price as determined by the Parent Guarantor in good faith), but excluding in each case accrued dividends and premium, if any (for purposes of
this clause (9), “fixed repurchase price” shall mean a price specified as a fixed amount in U.S. dollars or other applicable currency); and 

(10) all repurchase obligations (excluding accrued interest or any portion of such obligations representing accrued interest) of such Person
under Repurchase Agreements to which it is party. 
 For purposes of determining the amount of Indebtedness under any covenants, definitions
or other provisions of this Indenture, (a) guarantees of, and obligations in respect of letters of credit, bankers’ acceptances and other similar instruments relating to, or Liens securing, Indebtedness that is otherwise included in the
determination of a particular amount of Indebtedness shall not be included and the incurrence or creation of any such guarantees, obligations or Liens shall not be deemed to be the incurrence of Indebtedness; (b) the amount of any guarantee
shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such guarantee is made which shall not exceed the maximum reasonably anticipated liability in
respect thereof as determined by the guaranteeing Person in good faith in accordance with GAAP; (c) unless otherwise expressly provided in this Indenture, the amount of Indebtedness issued at a price that is less than the principal amount
thereof shall be equal to the amount of the liability in respect thereof determined in accordance with GAAP; and (d) lease obligations established in accordance with ASC 842 “Leases” shall not be deemed indebtedness. For purposes of
clarity, it is understood and agreed that, anything in this Indenture to the contrary notwithstanding, Indebtedness of non-consolidated subsidiaries (within the meaning of GAAP) shall not be deemed
Indebtedness of any Person or any of its Subsidiaries. For purposes of determining compliance with any U.S. dollar-denominated restriction (including, without limitation, those set forth in any definition) on the amount or incurrence of any
Indebtedness, the U.S. dollar-equivalent amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term
Indebtedness, or first committed, in the case of revolving credit Indebtedness; provided that if such Indebtedness is incurred to Refinance other Indebtedness denominated in a foreign currency, and such Refinancing would cause the applicable
U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such Refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the
principal amount (or, if incurred with original issue discount, the issue price) of such Refinancing Indebtedness does not exceed the principal amount (or if incurred with original issue discount, the accreted value) of such Indebtedness being
Refinanced plus any additional Indebtedness incurred to pay interest or dividends thereon plus the amount of any premium (including tender premiums), defeasance costs and any fees and expenses incurred in connection with the incurrence of such
Refinancing Indebtedness; and provided, further, notwithstanding anything to the contrary set forth in Section 4.07, Section 4.08, the definition of “Permitted Indebtedness”
or elsewhere in this Indenture, the maximum amount of Indebtedness that the Parent Guarantor and its Subsidiaries may incur pursuant to Section 4.07 and such definition shall not be deemed to be exceeded, nor shall the
Parent Guarantor be deemed to have breached its obligations under Section 4.08, solely as a result of fluctuations in currency exchange rates. Subject to the foregoing, the principal amount of any Indebtedness incurred to
Refinance other Indebtedness, if incurred in a different currency from the Indebtedness being Refinanced, shall be calculated based on the currency exchange rate 

  
 11 

 
applicable to the currencies in which such Refinancing Indebtedness and Indebtedness being Refinanced are denominated that is in effect on the date of such Refinancing. Unsecured Indebtedness
shall not be treated as subordinated or junior to secured Indebtedness merely because such Indebtedness is unsecured. For purposes of clarity, it is understood and agreed that, anything in this Indenture to the contrary notwithstanding, the term
“Indebtedness” shall not include any commitment to make loans, advances or other Investments, or to purchase Investments, Persons or other securities or assets or any lease, concession or license of property (or Guarantee thereof) which
would be considered an operating lease under GAAP. 
 “Indenture” means this Indenture, as amended or supplemented from
time to time. 
 “Independent Financial Advisor” means any accounting firm, investment advisory firm, valuation firm,
consulting firm, appraisal firm, investment bank, bank, trust company or similar entity of recognized standing selected by the Issuers from time to time. 

“Initial Purchaser” means Morgan Stanley & Co. LLC. 

“Insolvency Event” means, with respect to any Person, (a) the filing of a decree or order for relief by a court having
jurisdiction in the premises with respect to such Person or any part of its assets or property in an involuntary case under any applicable Insolvency Law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person or for any part of its assets or property, or ordering the winding-up or liquidation of such Person’s affairs, (b) the commencement by such Person of a voluntary case under
any applicable Insolvency Law, (c) the consent by such Person to the entry of an order for relief in an involuntary case under any applicable Insolvency Law, (d) the consent by such Person to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any part of its assets or property, (e) the making by such Person of any general assignment for the benefit of creditors, (f) the
admission in a legal proceeding of the inability of such Person to pay its debts generally as they become due, (g) the failure by such Person generally to pay its debts as they become due, or (h) the taking of any action by such Person in
furtherance of any of the foregoing. 
 “Insolvency Laws” means Title 11 of the United States Code and all other applicable
liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments and similar debtor relief laws from time to time in effect affecting the rights of creditors generally. 

“Intercompany Indebtedness” means Indebtedness of the Parent Guarantor or any of its Subsidiaries owing to the Parent
Guarantor or any of its Subsidiaries. 
 “interest” means, with respect to any Note, interest payable on such Note. 

“Interest Payment Date” means February 15 and August 15 of each year. 

“Interest Rate Agreement” means any interest rate swap, cap, floor, collar, hedge or similar agreements and any other
agreement or arrangement designed to manage interest rates or interest rate risk. 
 “Investment” means any direct or
indirect loan, loan origination or other extension of credit (including, without limitation, a guarantee), any capital contribution (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), any Capital Stock, bonds, notes, debentures or other securities or evidences of Indebtedness, any servicing rights, any real property or interests in real property (including, without limitation, improvements, fixtures and
accessions thereto and ground leases), and any other investment assets (whether tangible or intangible). “Investment” shall exclude extensions of trade credit in the ordinary course of business, but, unless otherwise expressly stated or
the context otherwise requires, shall include acquisitions of any of the foregoing or of any Person, whether by merger, consolidation, acquisition of Capital Stock or assets or otherwise. 

“Investment Company Act” means the Investment Company Act of 1940, as amended, and the rules and regulations of the SEC
promulgated thereunder. 

  
 12 

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

“Investment Grade Status” shall occur when the Notes receive two of the following: 

(1) a rating of “BBB-” or higher from Fitch; 

(2) a rating of “Baa3” or higher from Moody’s; and 

(3) a rating of “BBB-” or higher from S&P; or 

(4) the equivalent of such ratings described in (1)-(3) above by any “nationally recognized statistical rating organization” as such
term is defined in Section 3(a)(62) of the Exchange Act, selected by the Issuers. 
 “Issue Date” means
August 25, 2020. 
 “Issue Date Subsidiary Guarantors” means Hannon Armstrong Sustainable Infrastructure, L.P. and
Hannon Armstrong Capital, LLC. 
 “Issuers” means the Persons named as the “Issuers” in the preamble of this
Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Issuer” or “Issuers” shall mean such Person or Persons as applicable. 

“Lien” means any lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any
conditional sale or other title retention agreement, any lease in the nature thereof and any agreement to give any security interest). 

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

“Net Cash Proceeds,” with respect to any issuance or sale of Capital Stock or incurrence of Indebtedness, means the cash
proceeds of such issuance, sale or incurrence, as the case may be, net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts and commissions and brokerage, consultant and other fees and
expenses incurred in connection with such issuance, sale or incurrence, as the case may be, and net of taxes paid or payable as a result thereof. 

“Non-Guarantor Subsidiary” means any Subsidiary (other than the Issuers) of the
Parent Guarantor that is not a Guarantor of the Notes. 
 “Non-Recourse
Indebtedness” means any Indebtedness of the Parent Guarantor or any of its Subsidiaries: 
 (1) that is advanced to finance the
acquisition of Securitization Assets or other assets and secured only by the assets to which such Indebtedness relates (or by a pledge of equity in the Securitization Entity or Subsidiary of the Parent Guarantor owning such assets) without recourse
to the Parent Guarantor or any of its Subsidiaries (excluding any such Subsidiary that is a Securitization Entity or that owns no significant assets (as determined in good faith by the Parent Guarantor) other than its interest in a Securitization
Entity and, in each case, is a borrower, guarantor, pledgor or other obligor of such Indebtedness) (other than recourse pursuant to Standard Recourse Undertakings, unless, until and for so long as (but solely for purposes of clause (4) of the
first paragraph of Section 6.01) a claim for payment has been made under any such Standard Recourse Undertakings (which has not been satisfied or waived) at which time the obligations with respect to any such Standard
Recourse Undertakings shall (solely for purposes of such clause (4) of the first paragraph of Section 6.01) not be considered Non-Recourse Indebtedness to the extent, and only to
the extent, that such claim is a claim for the payment of Indebtedness for borrowed money of the Parent Guarantor or any Subsidiary of the Parent Guarantor and is also a liability (for GAAP purposes) of the Parent Guarantor or such Subsidiary, as
applicable (excluding any such Subsidiary that is a Securitization Entity or that owns no significant assets (as determined in good faith by the Parent Guarantor) other than its interest in a Securitization Entity and, in each case, is a borrower,
guarantor, pledgor or other obligor of such Indebtedness)); 

  
 13 

 (2) that is advanced to any Subsidiaries or group of Subsidiaries of the Parent Guarantor
formed for the sole purpose of acquiring or holding Securitization Assets or other assets (directly or indirectly) against which a loan is obtained that is made without recourse to, and with no cross-collateralization against, any other assets of
the Parent Guarantor or any of its Subsidiaries (excluding any such Subsidiary that is a Securitization Entity or that owns no significant assets (as determined in good faith by the Parent Guarantor) other than its interest in a Securitization
Entity and, in each case, is a borrower, guarantor, pledgor or other obligor of such Indebtedness) (other than recourse pursuant to Standard Recourse Undertakings, unless, until and for so long as (but solely for purposes of clause (4) of the
first paragraph of Section 6.01) a claim for payment has been made under any such Standard Recourse Undertakings (which has not been satisfied or waived) at which time the obligations with respect to any such Standard
Recourse Undertakings shall (solely for purposes of such clause (4) of the first paragraph of Section 6.01) not be considered Non-Recourse Indebtedness to the extent, and only to
the extent, that such claim is a claim for the payment of Indebtedness for borrowed money of the Parent Guarantor or any Subsidiary of the Parent Guarantor and is also a liability (for GAAP purposes) of the Parent Guarantor or such Subsidiary, as
applicable (excluding any such Subsidiary that is a Securitization Entity or that owns no significant assets (as determined in good faith by the Parent Guarantor) other than its interest in a Securitization Entity and, in each case, is a borrower,
guarantor, pledgor or other obligor of such Indebtedness)); 
 (3) that is advanced to finance the acquisition of real property and secured
by only the real property (and any accessions, improvements and fixtures thereto) to which such Indebtedness relates (or by a pledge of equity in the Securitization Entity or Subsidiary of the Parent Guarantor owning such assets) without recourse to
the Parent Guarantor or any of its Subsidiaries (excluding any such Subsidiary that is a Securitization Entity or that owns no significant assets (as determined in good faith by the Parent Guarantor) other than its interest in a Securitization
Entity and, in each case, is a borrower, guarantor, pledgor or other obligor of such Indebtedness) (other than recourse pursuant to Standard Recourse Undertakings, unless, until and for so long as (but solely for purposes of clause (4) of the
first paragraph of Section 6.01) a claim for payment has been made under any such Standard Recourse Undertakings (which has not been satisfied or waived) at which time the obligations with respect to any such Standard
Recourse Undertakings shall (solely for purposes of such clause (4) of the first paragraph of Section 6.01) not be considered Non-Recourse Indebtedness to the extent, and only to
the extent, that such claim is a claim for the payment of Indebtedness for borrowed money of the Parent Guarantor or any Subsidiary of the Parent Guarantor and is also a liability (for GAAP purposes) of the Parent Guarantor or such Subsidiary, as
applicable (excluding any such Subsidiary that is a Securitization Entity or that owns no significant assets (as determined in good faith by the Parent Guarantor) other than its interest in a Securitization Entity and, in each case, is a borrower,
guarantor, pledgor or other obligor of such Indebtedness)); 
 (4) recourse for payment is limited to investment assets of a Subsidiary (or
group of Subsidiaries) of the Parent Guarantor holding exclusively such investment assets and encumbered by a Lien on such investment assets securing such Indebtedness (which may include a pledge of the Capital Stock of such Subsidiary or group of
Subsidiaries) and/or the general credit of such Subsidiary (or group of Subsidiaries) but for which recourse shall not extend to the general credit of the Parent Guarantor or any other of its Subsidiaries, it being understood that the instruments
governing such Indebtedness may include customary carve-outs to such limited recourse such as, for example, personal recourse to the Parent Guarantor or its Subsidiaries for breach of representations, fraud, misapplication or misappropriation of
cash, voluntary or involuntary bankruptcy filings, violation of loan document prohibitions against transfer of assets or ownership interests therein, tax indemnifications, environmental liabilities, and liabilities and other circumstances
customarily excluded by lenders from exculpation provisions and/or included in separate indemnification and/or guaranty agreements in financings of loan assets, unless, until and for so long as (but solely for the purpose of clause (4) of the
first paragraph Section 6.01) a claim for payment or performance has been made thereunder (which has not been satisfied) at which time the obligations with respect to any such customary
carve-out shall not be considered Non-Recourse Indebtedness, to the extent that such claim is a liability of the Parent Guarantor for GAAP purposes; or 

(5) customary completion or budget guarantees provided to lenders in connection with any of the foregoing clauses (1) through (4) in the
ordinary course of business. 
 For the purposes of clarity, it is understood and agreed that, solely for purposes of clause (4) of the
first paragraph of Section 6.01, if the payment of any Indebtedness for borrowed money of the Parent Guarantor or any of its Subsidiaries that would otherwise constitute Non-Recourse
Indebtedness is guaranteed in part but not in whole 

  
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by the Parent Guarantor or a Subsidiary of the Parent Guarantor in such manner that the portion of such Indebtedness so guaranteed no longer constitutes
Non-Recourse Indebtedness, then (solely for the purposes of such clause (4) of the first paragraph of Section 6.01) the portion of the Indebtedness so guaranteed shall be deemed
to constitute recourse Indebtedness and the remainder of such Indebtedness shall be deemed to constitute Non-Recourse Indebtedness. 

“Notes” means the Issuers’ 3.75% Senior Notes due 2030 (including, for the avoidance of doubt, any Additional Notes)
issued under this Indenture, all of which shall be treated as a single class of securities for all purposes (including voting) under this Indenture, as the same may be amended or supplemented from time to time. 

“Obligated/Guaranteed Principal Amount” means, with respect to any Domestic Subsidiary of the Parent Guarantor (other than
any Domestic Subsidiary that is an Excluded Subsidiary or Securitization Entity) and as of any date, the aggregate principal amount (without duplication) as of such date of (a) all outstanding Debt Obligations of the Parent Guarantor for whose
payment the Parent Guarantor and such referent Domestic Subsidiary are jointly and severally liable as co-issuers or co-obligors, (b) all outstanding Debt
Obligations of the Parent Guarantor the payment of which is guaranteed by such referent Domestic Subsidiary, (c) all outstanding Debt Obligations of such referent Domestic Subsidiary and (d) all outstanding Guaranteed Subsidiary Debt
Obligations of other Domestic Subsidiaries of the Parent Guarantor (other than Domestic Subsidiaries that are Excluded Subsidiaries or Securitization Entities) the payment of which is guaranteed by such referent Domestic Subsidiary. 

“Offering Memorandum” means the Issuers’ offering memorandum dated August 18, 2020 relating to the Notes, as the
same may have been or may be amended or supplemented from time to time. 
 “Officer” means, with respect to any Person,
(1) the Chairman, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Investment Officer, the Chief Financial Officer, the Chief Accounting Officer, the Controller, any Vice President (whether or not the title
“Vice President” is preceded or followed by any other title such as “Senior,” “Executive” or otherwise), any Managing Director, the Treasurer, any Assistant Treasurer, the Secretary, any Assistant Secretary, and any
other authorized signatory (a) of such Person or (b) if such Person is a limited or general partnership or limited liability company that does not have officers, of any direct or indirect general partner or managing member, as the case may
be, of such Person, and (2) any other individual designated as an “Officer” by the Board of Directors of such Person (or, if applicable, by the Board of Directors of any general partner or managing member referred to in clause
(1)(b)). 
 “Officers’ Certificate” means, with respect to any Person, a certificate signed by two Officers of such
Person. 
 “Opinion of Counsel” means a written opinion from legal counsel, which may be an employee of or counsel to the
Issuers and who shall be reasonably satisfactory to the Trustee. Anything in this Indenture to the contrary notwithstanding, any such opinion of legal counsel may rely, as to factual matters, on a certificate of an Officer (or similar official) of
any Issuer, any Guarantor or any other Person and on certificates and statements of governmental bodies and officials and may include customary qualifications, limitations and exceptions. 

“Organizational Documents” means, with respect to any entity, its charter and bylaws, its limited or general partnership
agreement and certificate of limited or general partnership, its limited liability company agreement, operating agreement or other similar agreement and its limited liability company certificate, its trust agreement, or any similar organizational
documents of such entity, in each case as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

“Parent Guarantor” shall mean Hannon Armstrong Sustainable Infrastructure Capital, Inc. 

“Permitted Funding Indebtedness” means (i) any Indebtedness (including
Non-Recourse Indebtedness) incurred in connection with investment activities of a Similar Business to finance real estate, real estate related assets or other investment assets and (ii) any Refinancing of
the Indebtedness under clause (i), provided, however that the excess (determined as of the most recent date for which internal financial statements are available), if any, of (x) the amount of any Indebtedness incurred in accordance with this
definition for which the holder thereof has 

  
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contractual recourse to the Parent Guarantor or its Subsidiaries to satisfy claims with respect thereto over (y) the aggregate (without duplication of amounts) Realizable Value of the assets
that secure such Indebtedness shall not be Permitted Funding Indebtedness (but shall not be deemed to be a new incurrence of Indebtedness subject to the provisions of Section 4.07 except with respect to, and solely to the
extent of, any such excess that exists upon the initial incurrence of such Indebtedness incurred under this definition which excess shall be entitled to be incurred pursuant to any other provision under Section 4.07). The
amount of any Permitted Funding Indebtedness shall be determined in accordance with the definition of “Indebtedness.” 

“Permitted Indebtedness” means, without duplication, each of the following: 

(1) (a) Notes in an aggregate principal amount not to exceed the aggregate principal amount thereof issued on the Issue Date and (b) the
Existing Convertible Senior Notes in each case referred to in this clause (b) in an aggregate principal amount not to exceed the aggregate principal amount thereof outstanding on the Issue Date; 

(2) (a) Deferred Funding Obligations and (b) Repurchase Agreements in respect of US Government Obligations; 

(3) (a) Indebtedness of the Parent Guarantor or any of its Subsidiaries incurred after the Issue Date under any Credit Facilities (in each of
the foregoing cases including the issuance and creation of letters of credit, bankers’ acceptances and similar instruments thereunder) if, immediately after giving effect to the incurrence of such Indebtedness and the receipt and application of
the proceeds therefrom, the aggregate principal amount of Indebtedness of the Parent Guarantor and its consolidated Subsidiaries, determined on a consolidated basis under GAAP, outstanding under this clause (3) shall not exceed the greater of
(x) $100.0 million and (y) 4% of Total Assets at such time; 
 (4) Indebtedness of the Parent Guarantor or any of its Subsidiaries
incurred or outstanding on the Issue Date, other than Indebtedness described in clauses (1) or (3) above that is incurred or outstanding on the Issue Date; 

(5) Indebtedness of the Parent Guarantor or any of its Subsidiaries under Commodity Agreements, Currency Agreements and Interest Rate
Agreements incurred or entered into for hedging purposes and not for speculative purposes; 
 (6) Intercompany Indebtedness; provided,
however, that: 
 (a) if the Parent Guarantor is the obligor on Indebtedness owing to and held by a Non-Guarantor Subsidiary, such Indebtedness is expressly subordinated in right of payment to the Notes; 

(b) if a Guarantor is the obligor on Indebtedness owing to and held by a Non-Guarantor
Subsidiary, such Indebtedness is expressly subordinated in right of payment to such Guarantor’s Guarantee of the Notes; and 

(c) (i) any subsequent issuance or transfer of Capital Stock or other event which results in any such Indebtedness being
held by a Person other than the Parent Guarantor or a Subsidiary of the Parent Guarantor and (ii) any sale or other transfer of any such Indebtedness to a Person other than the Parent Guarantor or a Subsidiary of the Parent Guarantor, shall in
each case referred to in clause (i) and (ii) immediately above be deemed to constitute an incurrence of such Indebtedness by the Parent Guarantor or such Subsidiary not permitted by this clause (6). 

(7) Indebtedness of the Parent Guarantor or any of its Subsidiaries arising from the honoring by a bank or other financial institution of a
check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within ten Business Days of incurrence; 

  
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 (8) (x) Indebtedness of the Parent Guarantor or any of its Subsidiaries in respect of
banker’s acceptances, workers’ compensation claims, surety, performance, bid, customs, stay, appeal, tax or similar bonds, security deposits, performance or completion guarantees and payment obligations in connection with self-insurance or
similar obligations provided or obtained by the Parent Guarantor or any Subsidiary of the Parent Guarantor in the ordinary course of business and (y) Indebtedness of the Parent Guarantor or any of its Subsidiaries owed to (including in respect
of letters of credit for the benefit of) any Person in connection with workers’ compensation, early retirement or termination obligations, pension fund obligations or contributions or similar claims, obligations, taxes or contributions for
social security, wages or unemployment, health, disability or other employee benefits, or property, casualty or liability insurance provided to the Parent Guarantor or any of its Subsidiaries pursuant to reimbursement or indemnification obligations
of such Person, in each case incurred in the ordinary course of business; 
 (9) Refinancing Indebtedness of the Parent Guarantor or any of
its Subsidiaries; 
 (10) Indebtedness of the Parent Guarantor and its Subsidiaries if, immediately after giving effect to the incurrence of
any such Indebtedness and the receipt and application of the proceeds therefrom, the aggregate principal amount of Indebtedness of the Parent Guarantor and its consolidated Subsidiaries, determined on a consolidated basis under GAAP, outstanding
under this clause (10) shall not exceed the greater of (x) $75 million and (y) 3% of Total Assets at such time; 
 (11)
Indebtedness of any Person (a) outstanding on the date of any acquisition of Investments or other securities or assets from such Person, including through the acquisition of a Person that becomes a Subsidiary of the Parent Guarantor or is
acquired by, or merged or consolidated with or into, the Parent Guarantor or any Subsidiary of the Parent Guarantor, or that is assumed by the Parent Guarantor or any of its Subsidiaries in connection with any such acquisition (other than
Indebtedness incurred by such Person in connection with, or in contemplation of, such acquisition, merger or consolidation) or (b) incurred by the Parent Guarantor or any of its Subsidiaries to provide all or any portion of the funds utilized
to acquire, or to consummate the transaction or series of related transactions in connection with or in contemplation of any acquisition of, any Investments or other securities or assets, including through the acquisition of a Person that becomes a
Subsidiary of the Parent Guarantor or is acquired by, or merged or consolidated with or into, the Parent Guarantor or any Subsidiary of the Parent Guarantor, provided, however, that immediately after giving effect to the incurrence of
such Indebtedness pursuant to this clause (11) and, if applicable, the repayment, repurchase, defeasance, redemption, Refinancing or other discharge of any other Indebtedness in connection with such acquisition, merger or consolidation and the
other pro forma adjustments, if applicable, set forth in the definition of “Consolidated Fixed Charge Coverage Ratio” on a pro forma basis, either (i) the Parent Guarantor would have been able to incur at least $1.00 of additional
Indebtedness pursuant to Section 4.07(b) or (ii) the Consolidated Fixed Charge Coverage Ratio of the Parent Guarantor would have been greater than or equal to the Consolidated Fixed Charge Coverage Ratio immediately
prior to such transaction; 
 (12) Indebtedness of the Parent Guarantor or any of its Subsidiaries arising from agreements of the Parent
Guarantor or a Subsidiary of the Parent Guarantor providing for indemnification, adjustment of purchase price, earn-outs or similar obligations, in each case incurred or assumed in connection with an investment in or the acquisition or disposition
of any business, Investments or other securities or assets of the Parent Guarantor or any business, Investments, other securities or assets or Capital Stock of a Subsidiary of the Parent Guarantor, other than guarantees of Indebtedness incurred by
any Person acquiring all or any portion of such business, Investments, assets or Capital Stock for the purpose of financing such acquisition; 

(13) Indebtedness incurred by the Parent Guarantor or any Subsidiary of the Parent Guarantor in connection with (i) insurance premium
financing arrangements, (ii) deferred compensation payable to directors, officers, members of management, employees or consultants of the Parent Guarantor or any Subsidiary of the Parent Guarantor, (iii) contingent obligations arising
under indemnity agreements to title insurance companies to cause such title insurers to issue title insurance policies in the ordinary course of business with respect to real property of the Parent Guarantor or any Subsidiary of the Parent
Guarantor, (iv) unfunded pension fund and other employee benefit plan obligations and liabilities to the extent they are permitted to remain unfunded under applicable law and (v) obligations, contingent or otherwise, for the payment of
money under any non-compete, consulting or similar arrangements entered into with the seller of a business or any other similar arrangements providing for the deferred payment of the purchase price for an
Investment or other securities or assets or any other acquisition; 

  
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 (14) Indebtedness of the Parent Guarantor or any of its Subsidiaries owed to banks and other
financial institutions incurred in the ordinary course of business of the Parent Guarantor and its Subsidiaries in connection with Cash Management Obligations and other ordinary banking arrangements to provide treasury services or to manage cash
balances of the Parent Guarantor and its Subsidiaries; 
 (15) Indebtedness consisting of promissory notes issued by the Parent Guarantor or
any Subsidiary of the Parent Guarantor to future, present or former directors, officers, employees or consultants of the Parent Guarantor or any of its Subsidiaries or their respective assigns, estates, heirs, family members, spouses, former
spouses, domestic partners or former domestic partners to finance the purchase, redemption or other acquisition, cancellation or retirement of Capital Stock, or options, warrants, equity appreciation rights or other rights to purchase or acquire
Capital Stock or other equity-based awards, of the Parent Guarantor or any Subsidiary of the Parent Guarantor; 
 (16) Indebtedness of the
Parent Guarantor or any of its Subsidiaries to the extent the Net Cash Proceeds from such Indebtedness are, within 60 days after such Indebtedness is incurred: 

(i) used to purchase any or all of the Notes tendered in a Change of Control Offer made as a result of a Change of Control
Triggering Event; 
 (ii) used to redeem any or all of the Notes pursuant to this Indenture; or 

(iii) deposited to effect Legal Defeasance, Covenant Defeasance or satisfaction and discharge of the Notes pursuant to this
Indenture; 
 (17) Permitted Funding Indebtedness; and 

(18) guarantees of Indebtedness of the Parent Guarantor or any Subsidiary of the Parent Guarantor (including, without limitation, Guarantees of
the Notes) by the Parent Guarantor or any Subsidiary of the Parent Guarantor; provided that such Indebtedness was incurred or outstanding on the Issue Date or was permitted (or not prohibited) to be incurred by
Section 4.07(b) or any other provision of this definition of “Permitted Indebtedness.” 
 For purposes
of determining compliance with Section 4.07 and 5.01, and for purposes of the foregoing provisions of the definition of “Permitted Indebtedness” and the definition of “Refinancing Indebtedness,”
in the event that an item of Indebtedness (including Indebtedness incurred or outstanding on the Issue Date) or portion thereof meets the criteria of more than one of the categories of Permitted Indebtedness described in clauses (1) through
(18) above or is entitled to be incurred pursuant to Section 4.07(b), the Parent Guarantor shall, in its sole discretion, classify (and may later reclassify) such item of Indebtedness (or any portion thereof) in any manner
that complies with Section 4.07 (including, without limitation, paragraph (b) thereof) or with the foregoing provisions of the definition of “Permitted Indebtedness” (it being understood, for purposes of
clarity, that the Parent Guarantor will be entitled to divide and classify, and subsequently re-divide and reclassify, an item of Indebtedness into one or more of the categories of Indebtedness referred to in
this sentence). In determining compliance with the amount of Indebtedness permitted or which may be incurred under, or classified or reclassified to, clauses (3) and (10) above, the aggregate principal amount of Indebtedness outstanding under
any such clause and the amount of Total Assets of the Parent Guarantor and its consolidated Subsidiaries shall be determined after giving effect to the incurrence of the applicable Indebtedness under, or the classification or reclassification of the
applicable Indebtedness to, such clause, as the case may be, and, if applicable, the receipt and application of the proceeds therefrom (including, without limitation, to repay other Indebtedness and to acquire Investments, Persons, or other
securities or assets), and the maximum amount of Indebtedness that the Parent Guarantor and its Subsidiaries may incur pursuant to such clauses (3) or (10) shall not be deemed to be exceeded solely as a result of a subsequent decline in the
amount of Total Assets of the Parent Guarantor. Accrual of interest, accretion or amortization of original issue discount, payment of interest on any Indebtedness in the form of additional Indebtedness with substantially the same terms, and the
accrual, accumulation or payment of dividends on Disqualified Capital Stock in the form of additional shares of the same class or series of Disqualified Capital Stock will not be deemed to be an incurrence of Indebtedness or an issuance of
Disqualified Capital Stock for purposes of Section 4.07 or Section 5.01 or the foregoing provisions of the definition of “Permitted Indebtedness.” 

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

“Preferred Stock” of any Person means any Capital Stock of such Person that has preferential rights over any other Capital
Stock of such Person with respect to dividends or redemptions or upon liquidation, dissolution or winding-up. 

“Qualified Equity Offering” means any private or public issuance or sale by the Parent Guarantor of its Capital Stock (other
than Disqualified Capital Stock) for cash. Notwithstanding the foregoing, the term “Qualified Equity Offering” shall not include: 

(1) any issuance and sale registered on Form S-4 or Form S-8;
or 
 (2) any issuance and sale to any of the Parent Guarantor’s Subsidiaries or to any employee stock ownership plan or trust
established by the Parent Guarantor or any of its Subsidiaries for the benefit of their respective employees. 
 “Rating
Agencies” means (1) each of Fitch and S&P; (2) at the election of the Issuers, Moody’s and (3) if any of Fitch or S&P (or, if applicable, Moody’s) ceases to rate the Notes or fails to make a rating of the
Notes publicly available for reasons outside of the Issuers’ control, a “nationally recognized statistical rating organization” as such term is defined in Section 3(a)(62) of the Exchange Act, selected by the Issuers as a
replacement agency for any of Fitch, Moody’s or S&P, or either of them, as the case may be. 
 “Rating Decline
Period” means the 60-day period (which 60-day period shall be extended as long as the credit rating on the Notes is under publicly announced consideration for a
possible downgrade by any Rating Agency) after the earliest of (a) the occurrence of a Change of Control, (b) the first public notice of the occurrence of such Change of Control and (c) the first public notice of the Parent
Guarantor’s intention to effect such Change of Control. 
 “Rating Event” means, with respect to any Change of
Control, (a) the credit rating on the Notes is lowered by one or more gradations (including gradations within ratings categories as well as between categories but excluding, for the avoidance of doubt, changes in ratings outlook) by two or more
of the Rating Agencies during the Rating Decline Period relating to such Change of Control and each such Rating Agency shall have put forth a public statement to the effect that such downgrade is attributable in whole or in part to such Change of
Control and (b) immediately after giving effect to the reduction in the credit rating on the Notes by two or more of the Rating Agencies as described in clause (a), the Notes do not have an Investment Grade Rating. 

“Realizable Value” of an asset means the lesser of (x) if applicable, the face value of such asset and (y) the
market value of such asset as determined by the Parent Guarantor in accordance with the agreement governing the applicable Permitted Funding Indebtedness, as the case may be, (or, if such agreement does not contain any related provision, as
determined in good faith by management of the Parent Guarantor); provided, however, that the realizable value of any asset described above which an unaffiliated third party has a binding contractual commitment to purchase from the Parent Guarantor
or any of its Subsidiaries shall be the minimum price payable to the Parent Guarantor or such Subsidiary for such asset pursuant to such contractual commitment. 

“Record Date” means February 1 and August 1 of each year. 

“Redemption Date” means a date fixed for redemption of Notes as provided pursuant to this Indenture and the Notes. 

“Refinance” means, in respect of any security or Indebtedness, to refinance, extend, renew, replace or refund (including
pursuant to any defeasance, covenant defeasance or satisfaction, discharge or similar mechanism), or to issue a security or incur new Indebtedness in exchange or replacement for such security or Indebtedness in whole or in part.
“Refinanced” and “Refinancing” shall have correlative meanings. 

  
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 “Refinancing Indebtedness” means Indebtedness of the Parent Guarantor or
any Subsidiary of the Parent Guarantor that Refinances any other Indebtedness of the Parent Guarantor or any Subsidiary of the Parent Guarantor incurred or outstanding in accordance with, or not in violation of,
Section 4.07 (other than Indebtedness outstanding under clauses (2), (3), (5) through (8), (10), (12) through (15), and (18) of the definition of “Permitted Indebtedness”), including without limitation
Indebtedness that Refinances Refinancing Indebtedness; provided, however, that: 
 (1) such Refinancing Indebtedness has an
aggregate principal amount (or if incurred with original issue discount, an aggregate issue price) that is equal to or less than the sum of the aggregate principal amount (or, if incurred with original issue discount, the aggregate accreted value)
of the Indebtedness being Refinanced plus, without duplication, any additional Indebtedness incurred to pay interest or dividends thereon and the amount of any premium (including tender premium), defeasance costs and any fees and expenses incurred
in connection with such Refinancing; 
 (2) such Refinancing Indebtedness has a Weighted Average Life to Maturity at the time such
Refinancing Indebtedness is incurred that is equal to or greater than the Weighted Average Life to Maturity of the Indebtedness being Refinanced at such time; and 

(3) (a) if the final stated maturity of the Indebtedness being Refinanced is earlier than the final stated maturity of the Notes, the
Refinancing Indebtedness has a final stated maturity no earlier than the final stated maturity of the Indebtedness being Refinanced or (b) if the final stated maturity of the Indebtedness being Refinanced is on or later than the final stated
maturity of the Notes, the Refinancing Indebtedness has a final stated maturity at least 91 days later than the final stated maturity of the Notes; 

provided that if such Indebtedness being Refinanced is subordinate to the Notes in right of payment pursuant to the terms of any instrument or
agreement evidencing such Indebtedness being Refinanced or under which such Indebtedness shall have been incurred, then such Refinancing Indebtedness shall be subordinate to the Notes at least to the same extent as provided in the documentation
governing the Indebtedness being Refinanced. For purposes of clarity, it is understood and agreed that (x) whether any particular item of Indebtedness is outstanding under any of the foregoing clauses of the definition of Permitted Indebtedness
shall be determined after giving effect to any classification or reclassification of Indebtedness by the Parent Guarantor pursuant to the paragraph immediately following the definition of Permitted Indebtedness, (y) if the terms of any
Indebtedness being Refinanced provide that the final stated maturity thereof may be extended, whether at the option of the borrower or otherwise, the final stated maturity of such Indebtedness shall be determined, for purposes of this definition,
without giving effect to any such extension unless such extension is in effect at the time of such Refinancing and (z) the conditions set forth in clauses (2) and (3) of this definition shall not be applicable with respect to any
Disqualified Capital Stock that does not have a final stated maturity. For purposes of this definition, if all of the outstanding shares of any class or series of Disqualified Capital Stock by their terms mature or are mandatorily redeemable (in
whole and not in part) on a fixed and determinable date, and if such maturity or mandatory redemption date is not subject to or contingent upon the occurrence of any event or condition, then such maturity date or mandatory redemption date, as the
case may be, shall be deemed to be the final stated maturity of such Disqualified Capital Stock for purposes of this definition and the definition of “Weighted Average Life to Maturity.” 

“Repurchase Agreement” means an agreement between the Parent Guarantor and/or any of its Subsidiaries, as seller (in any such
case, the “Repo Seller”), and one or more banks, other financial institutions and/or other investors, lenders or other Persons, as buyer (in any such case, the “Repo Buyer”), and any other parties thereto, under
which the Parent Guarantor and/or such Subsidiary or Subsidiaries, as the case may be, are permitted to finance the origination or acquisition of loans, Investments, Capital Stock, other securities, servicing rights and/or any other tangible or
intangible property or assets and interests in any of the foregoing (collectively, “Applicable Assets”) by means of repurchase transactions pursuant to which the Repo Seller sells, on one or more occasions, Applicable Assets to the
Repo Buyer with an obligation of the Repo Seller to repurchase such Applicable Assets on a date or dates and at a price or prices specified in or pursuant to such agreement, and which may also provide for payment by the Repo Seller of interest,
fees, expenses, indemnification payments and other amounts, and any other similar agreement, instrument or arrangement, together with any and all existing and future documents related thereto (including, without limitation, any promissory notes,
security agreements, intercreditor agreements, mortgages, other collateral documents and guarantees), in each case as the same may have been or may be amended, 

  
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restated, amended and restated, supplemented, modified, renewed, extended, refunded, refinanced, restructured or replaced in any manner (whether before, upon or after termination or otherwise) in
whole or in part from time to time (including successive amendments, restatements, amendments and restatements, supplements, modifications, renewals, extensions, refundings, refinancings, restructurings or replacements of any of the foregoing), and
whether or not with the original or other sellers, buyers, guarantors, agents, lenders, banks, financial institutions, investors or other parties. 

“Repurchase Agreement Assets” means any Applicable Assets that are or may be sold by the Parent Guarantor or any of its
Subsidiaries pursuant to a Repurchase Agreement. 
 “Responsible Officer” means, when used with respect to the Trustee, any
officer in the corporate trust department of the Trustee, including any vice president, trust officer or any other officer of the Trustee to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity with
the particular subject and shall also mean any officer who shall have direct responsibility for the administration of this Indenture. 

“S&P” means S&P Global Ratings, a division of Standard & Poor’s Financial Services LLC or any successor
to the credit ratings business thereof. 
 “SEC” means the U.S. Securities and Exchange Commission or any successor
thereto. 
 “Secured Indebtedness” means any Indebtedness of the Parent Guarantor or any of its Subsidiaries secured by a
Lien upon the property of the Parent Guarantor or any of its Subsidiaries. For purposes of clarity, it is understood and agreed that Indebtedness of the Parent Guarantor or any of its Subsidiaries under a Repurchase Agreement constitutes Secured
Indebtedness. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Securitization” means a public or private transfer, sale or financing of servicing advances, mortgage loans, installment
contracts, other loans, accounts receivable, real estate assets, mortgage receivables and any other assets capable of being securitized or having Non-Recourse Debt issued against (collectively,
“Securitization Assets”) by which the Parent Guarantor or any of its Subsidiaries directly or indirectly securitizes a pool of specified Securitization Assets or incurs Non-Recourse Indebtedness
secured by specified Securitization Assets, including any such transaction involving the sale of specified Securitization Assets to a Securitization Entity. 

“Securitization Asset” has the meaning set forth in the definition of “Securitization.” 

“Securitization Entity” means (i) any Person established for the purpose of issuing asset-backed or mortgage-backed or
mortgage pass-through securities of any kind (including collateralized mortgage obligations and net interest margin securities) or other similar securities; (ii) any special-purpose Subsidiary established for the purpose of selling, depositing
or contributing Securitization Assets into a Person described in clause (i) or for the purpose of holding Capital Stock of, or securities issued by, any related Securitization Entity, regardless of whether such special-purpose Subsidiary is an
issuer of securities; provided that such special-purpose Subsidiary described in this clause (ii) is not an obligor with respect to any Indebtedness of the Parent Guarantor or any Guarantor; (iii) any Person established for the
purpose of holding Securitization Assets and issuing Non-Recourse Indebtedness secured by such Securitization Assets; (iv) any special-purpose Subsidiary formed exclusively for the purpose of satisfying
the requirements of Credit Enhancement Agreements (including without limitation, any Subsidiary that is established for the purpose of owning another Securitization Entity and pledging the equity of that other Securitization Entity as security for
the Indebtedness of such other Securitization Entity) and regardless of whether such Subsidiary is an issuer of securities, provided that such special-purpose Subsidiary is not an obligor with respect to any Indebtedness of the Parent
Guarantor or any Guarantor other than under Credit Enhancement Agreements; and (v) any other Subsidiary which is established for the purpose of (x) acting as sponsor for and organizing and initiating Securitizations or
(y) facilitating or entering into a Securitization, in each case that engages in activities reasonably related or incidental thereto and that is not an obligor or guarantor with respect to any Indebtedness of the Parent Guarantor. Whether or
not a Person is a Securitization Entity shall be determined in good faith by the Parent Guarantor. 

  
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 “Senior Officer” means, with respect to any Person, the Chief Executive
Officer, the President, the Chief Operating Officer, the Chief Investment Officer, the Chief Financial Officer, the Chief Accounting Officer or any Executive Vice President (a) of such Person or (b) if such Person is a limited or general
partnership or limited liability company that does not have officers, of any direct or indirect general partner or managing member of such Person. 

“Significant Subsidiary” means, with respect to any Person, any Subsidiary of such Person that is a “significant
subsidiary” of such Person within the meaning of Rule 1-02(w) of Regulation S-X promulgated by the SEC (as such Rule is in effect on the Issue Date, but
(i) without giving effect to extraordinary, unusual or non-recurring items for the purposes of clause 3 of such rule and (ii) with respect to any Subsidiary that is not consolidated with the Parent
Guarantor pursuant to GAAP, based solely on clause 1 and 2 of such rule), with the calculation of whether such Subsidiary is a “significant subsidiary” within the meaning of such Rule to be made in accordance with GAAP. 

“Similar Business” means (a) any businesses, services or activities engaged in by the Parent Guarantor or any of its
Subsidiaries on the Issue Date and (b) any businesses, services and activities engaged in by the Parent Guarantor or any of its Subsidiaries that are related, complementary, incidental, ancillary or similar to any of the foregoing or are
extensions, expansions or developments of any thereof. 
 “Standard Recourse Undertakings” means, with respect to any
Securitization or Indebtedness, (a) such representations, warranties, covenants and indemnities which are customarily (as determined by the Parent Guarantor) made by sellers of financial assets or other Securitization Assets, including without
limitation, Standard Repurchase Obligations, and (b) such customary (as determined by the Parent Guarantor) carve-out matters for which the Parent Guarantor or any of its Subsidiaries acts as an
indemnitor or guarantor in connection with any such Securitization or Indebtedness, such as fraud, misappropriation and misapplication of funds, misrepresentation, criminal acts, repurchase obligations for breach of representations or warranties,
environmental indemnities, tax indemnities, Insolvency Events, non-approved transfers and similar undertakings which the Parent Guarantor determines in good faith to constitute standard undertakings
customarily provided by sellers of financial assets and liabilities and other circumstances customarily excluded by lenders from exculpation provisions and/or included in separate indemnification and/or guaranty agreements in financings of loan
assets, unless, until and for so long as a claim for payment or performance has been made thereunder (which has not been satisfied) at which time the obligations with respect to any such customary carve-out
shall not be considered Non-Recourse Indebtedness, to the extent that such claim is a liability of the Parent Guarantor for GAAP purposes. 

“Standard Repurchase Obligation” means any obligation of a seller of Securitization Assets or other assets in a
Securitization or other Non-Recourse Financing to repurchase Securitization Assets or such other assets arising as a result of a breach of a representation, warranty or covenant or otherwise, including,
without limitation, as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to
the seller. 
 “Subsidiary” means, with respect to any Person and at any time, any other Person if (a) more than 50%
of the total combined voting power of all of such other Person’s outstanding Voting Stock is at the time owned, directly or indirectly, by such referent Person and/or one or more other Subsidiaries of such referent Person or (b) the
management and policies of such other Person are otherwise controlled (as determined in good faith by such referent Person), directly or indirectly, by such referent Person and/or one or more other Subsidiary of such referent Person. As used in the
immediately preceding sentence, the term “controlled” shall have the meaning set forth in the definition of “Affiliate.” For purposes of clarity, it is understood and agreed that, anything in this Indenture to the contrary
notwithstanding, non-consolidated entities (within the meaning of GAAP) shall not be deemed to be Subsidiaries of any Person. 

“TIA” or “Trust Indenture Act” mean the Trust Indenture Act of 1939, as amended, as in effect on the Issue
Date, provided, however, that in the event the Trust Indenture Act of 1939 is amended after the Issue Date, “TIA” and “Trust Indenture Act” mean, to the extent required by any such amendment, the Trust Indenture Act
of 1939 as so amended. 

  
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 “Total Assets” means the total assets of the Parent Guarantor and its
Subsidiaries determined on a consolidated basis in accordance with GAAP. 
 “Total Unencumbered Assets” as of any date
means the sum of: 
 (1) those Undepreciated Real Estate Assets not securing any portion of Secured Indebtedness; and 

(2) all other assets (but excluding goodwill) of the Parent Guarantor and its Subsidiaries not securing any portion of Secured Indebtedness,

 determined on a consolidated basis for the Parent Guarantor and its Subsidiaries in accordance with GAAP. 

“Transactions” means the offering, and the issuance and sale on the Issue Date, of the Notes, the application of the proceeds
from the issuance and sale of the Notes for the purposes described in the Offering Memorandum under the caption “Use of Proceeds,” including, without limitation, to invest such net proceeds in interest-bearing accounts and short-term,
interest-bearing securities which are consistent with the Parent Guarantor’s intention to qualify for taxation as a real estate investment trust. 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor
Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean such successor Trustee. 

“Undepreciated Real Estate Assets” means, as of any date, the cost (being the original cost to the Parent Guarantor or any of
its Subsidiaries plus capital improvements) of real estate assets of the Parent Guarantor and its Subsidiaries on such date, before depreciation and amortization of such real estate assets, determined on a consolidated basis in accordance with GAAP.
For the avoidance of doubt, it is understood and agreed that, anything in the foregoing sentence to the contrary notwithstanding, the cost of real estate assets shall include any portion of such cost that may be allocated to intangible assets under
GAAP. 
 “United States” or “U.S.” means the United States of America. 

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

 “U.S. Legal Tender” means such coin or currency of the United States of America as at the time of payment shall be legal
tender for the payment of public and private debts. 
 “Voting Stock” means, with respect to any Person, all classes and
series of Capital Stock of such Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote in the election of the directors, managers or trustees (or other persons performing similar functions), as the case may be,
of such Person. 

  
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 “Weighted Average Life to Maturity” means, when applied to any Indebtedness
or Disqualified Capital Stock as of any date of determination, the number of years obtained by dividing: (1) the sum of the products obtained by multiplying (i) the amount of each then remaining scheduled principal payment of such
Indebtedness or scheduled redemption payment or similar scheduled payment with respect to such Disqualified Capital Stock, including payment at final stated maturity, by (ii) the number of years (calculated to the nearest one-twelfth) from the date of determination to the date of such payment by (2) the sum of all such payments. For purposes of clause (1) of the immediately preceding sentence, a payment shall be deemed to
be “scheduled” only if such payment is mandatory and not subject to or contingent upon the occurrence of any event or condition and the term “final stated maturity,” as applied to any Disqualified Capital Stock, shall have the
meaning set forth in the final sentence of the definition of “Refinancing Indebtedness.” 
 “Wholly Owned
Subsidiary” of any Person means any Subsidiary of such Person of which all the outstanding Voting Stock of such Subsidiary (other than directors’ qualifying shares and other than an immaterial amount of Voting Stock required to be
owned by other Persons pursuant to applicable law or regulation) is owned by such Person and/or one or more Wholly Owned Subsidiaries of such Person. 

In this Indenture, references to a ”revolving credit facility” and similar references shall be deemed to include, without
limitation, any Repurchase Agreement which provides for successive sales and repurchases of securities or other assets or is otherwise intended to provide financing on a revolving basis, and references to “revolving credit Indebtedness”
and similar references shall be deemed to include, without limitation, Indebtedness under any such Repurchase Agreement, in each case unless otherwise expressly stated or the context otherwise requires. The Parent Guarantor shall determine in good
faith whether or not a Repurchase Agreement constitutes a revolving credit facility. 
 In this Indenture (a) references to sections
of, or rules or regulations under, the Securities Act or the Exchange Act shall be deemed to include substitute, replacement or successor sections, rules or regulations, as the case may be, promulgated by the SEC from time to time and
(b) references to accounting standards, codifications or pronouncements shall be deemed to include any substitute, replacement or successor accounting standards, codifications or pronouncements promulgated by the FASB or any other recognized
accounting authority in the United States of America, except, in each case, as otherwise set forth in the definitions of Change of Control, Consolidated Fixed Charge Coverage Ratio, GAAP and Significant Subsidiary or any other provision of this
Indenture which expressly provides that a law, rule or regulation, or any accounting standard, codification or pronouncement, shall be the law, rule, regulation, standard, codification or pronouncement, as applicable, as in effect on the Issue Date
or other specified date and except as the context otherwise requires. 
 SECTION 1.02. Other Definitions. 

 

					
	 Term
	  	Defined in Section	 
	“Acceleration”	  	 	6.01	 
	“ACH”	  	 	1.01 (“Cash Management Obligations”)	 
	“Applicable Assets”	  	 	1.01 (“Repurchase Agreement”)	 
	“Applicable Tax Law”	  	 	11.17	 
	“Certificated Note”	  	 	Appendix A	 
	“Change of Control Offer”	  	 	4.06	 
	“Change of Control Payment Date”	  	 	4.06	 
	“Change of Control Purchase Price”	  	 	4.06	 
	“Covenant Defeasance”	  	 	8.02	 
	“Covenant Termination Date”	  	 	4.05	 
	“delayed Redemption Date”	  	 	3.05	 
	“Events of Default”	  	 	6.01	 
	“Financial Reports”	  	 	4.09	 
	“Global Note Legend”	  	 	Appendix A	 

  
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	 Term
	  	Defined in Section	 
	“Initial Notes”	  	 	2.03	 
	“Legal Defeasance”	  	 	8.02	 
	“Note Custodian”	  	 	Appendix A	 
	“Participant”	  	 	2.15	 
	“Payment Default”	  	 	6.01	 
	“Registrar”	  	 	2.04	 
	“Repo Buyer”	  	 	1.01 (“Repurchase Agreement”)	 
	“Repo Seller”	  	 	1.01 (“Repurchase Agreement”)	 
	“Securitization Assets”	  	 	1.01 (“Securitization”)	 
	“Surviving Entity”	  	 	5.01	 
	“Terminated Covenants”	  	 	4.05	 

 SECTION 1.03. Rules of Construction. 

Unless otherwise expressly stated or the context otherwise requires: 

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

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

(3) “or” is not exclusive; 

(4) the words” including,” “includes” and similar words shall be deemed to be followed by “without
limitation”; 
 (5) “will” shall be interpreted to express a command; 

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

(7) provisions apply to successive events and transactions; 

(8) “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any
particular Article, Section, Appendix, Exhibit, clause or other subdivision; 
 (9) unsecured Indebtedness shall not be
deemed to be subordinate or junior to secured Indebtedness merely by virtue of its nature as unsecured Indebtedness; and 

(10) “$” and “U.S. dollars” each refer to U.S. Legal Tender. 

ARTICLE 2 
 THE NOTES 

SECTION 2.01. Amount of Notes Unlimited. 

The aggregate principal amount of Notes which may be authenticated and delivered under this Indenture is unlimited and the Issuers may issue an
unlimited principal amount of Additional Notes under this Indenture having identical terms as the Notes initially issued under this Indenture on the Issue Date (other than issue date); provided that if any Additional Notes are not fungible
with the Notes initially issued on the Issue Date for U.S. federal income 

  
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tax purposes, such Additional Notes will have separate CUSIP and ISIN numbers from the Notes initially issued on the Issue Date. The Issuers may issue Additional Notes in compliance with the
terms of this Indenture, including the provisions of Section 4.07. The Notes initially issued on the Issue Date, any Additional Notes subsequently issued under this Indenture will be treated as a single class for all
purposes under this Indenture. 
 SECTION 2.02. Form and Dating; Denominations. 

The Notes (including Global Notes) and the Trustee’s certificate of authentication thereon shall be substantially in the form of
Exhibit A hereto, which is hereby incorporated in and expressly made a part of this Indenture. The Notes shall bear such legends as may be required by Appendix A hereto (which is incorporated in and expressly made a part of this
Indenture) and may have such other notations, legends or endorsements required by law, stock exchange rule, agreements to which the Issuers is subject, if any, or usage. The Issuers shall approve the forms of the Notes and any notation, legend or
endorsement on them. Each Note shall be dated the date of its authentication. The Notes shall be issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

Unless otherwise provided in an Officers’ Certificate, Notes shall be issued initially in the form of one or more Global Notes in
registered form without coupons, which shall be deposited with the Note Custodian, duly executed by the Issuers and, upon receipt of a written order from the Issuers, authenticated by the Trustee as hereinafter provided, and shall bear the
applicable legends required by Appendix A. The aggregate principal amount of a Global Note may from time to time be increased or decreased by adjustments made on the records of the Registrar and the Note Custodian, and on the “Schedule
of Increases or Decreases in Global Note” attached to such Global Note. 
 Notes may be issued in the form of Certificated Notes in
registered form without coupons and that do not bear a Global Note Legend, duly executed by the Issuers and, upon receipt of a written order from the Issuers, authenticated by the Trustee as hereinafter provided, in exchange for interests in Global
Notes only in the circumstances and manner set forth in Section 2.15 and in compliance with the provisions, if applicable, of Appendix A. 

SECTION 2.03. Execution and Authentication. 

An Officer shall sign the Notes for the Issuers by manual, facsimile or electronic image scan (e.g., pdf) signature. 

If an Officer whose signature is on a Note was an Officer at the time of such execution but no longer holds that office at the time the
Trustee authenticates the Note, the Note shall nevertheless be valid. 
 The Trustee shall authenticate Notes for original issue on the
Issue Date in the aggregate principal amount of $375,000,000 (the “Initial Notes”) upon receipt by the Trustee of a written order of the Issuers in the form of an Officers’ Certificate. In addition, upon receipt of a written
order from the Issuers, the Trustee shall from time to time thereafter authenticate Additional Notes in unlimited amount (so long as not otherwise prohibited by the terms of this Indenture, including without limitation,
Section 4.07) for original issue upon receipt by the Trustee of a written order of the Issuers in the form of an Officers’ Certificate. 

At any time and from time to time after the execution and delivery of this Indenture, the Issuers may deliver Notes executed by the Issuers to
the Trustee for authentication, together with a written order of the Issuers in the form of an Officers’ Certificate for the authentication and delivery of such Notes, and the Trustee in accordance with such written order of the Issuers shall
authenticate and deliver such Notes. 
 A Note shall not be valid until an authorized signatory of the Trustee manually signs the
certificate of authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 

  
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 The Trustee may appoint an authenticating agent reasonably acceptable to the Issuers to
authenticate the Notes. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such
authenticating agent. An authenticating agent has the same rights as an Agent to deal with the Issuers and Affiliates of the Issuers. 
 SECTION 2.04.
Registrar and Paying Agent. 
 The Issuers shall maintain an office or agency in the United States of America where (a) Notes may
be presented or surrendered for registration of transfer or for exchange (the “Registrar”), (b) Notes may be presented or surrendered for payment (the “Paying Agent”) and (c) notices and demands to or upon the
Issuers in respect of the Notes and this Indenture may be served. The Issuers may also from time to time designate (without notice to Holders) one or more other offices or agencies where the Notes may be presented or surrendered for any or all such
purposes and where such notices and demands may be served and may from time to time rescind or change such designations; provided, however, that no such designation, rescission or change shall relieve the Issuers of its obligation to
maintain an office or agency in the United States of America for such purposes. The Issuers may change or remove any Paying Agent, Registrar or co-Registrar without notice to any Holder so long as there is a
Paying Agent and Registrar in United States of America. The Issuers will give prompt written notice to the Trustee of any such designation, rescission, removal or change referred to in the two immediately preceding sentences. The Issuers or any of
its Domestic Subsidiaries may act as Registrar, co-Registrar or Paying Agent. The Registrar shall keep a register of the Notes and of their transfer and exchange. The Issuers, upon notice to the Trustee but
without notice to Holders, may appoint one or more co-Registrars and one or more additional paying agents reasonably acceptable to the Trustee and may rescind the appointment of and change any such co-Registrars or additional paying agents. The term “Paying Agent” includes any additional paying agent. 

The Issuers shall enter into an appropriate agency agreement with any Agent not a party to this Indenture, which agreement shall implement the
provisions of this Indenture that relate to such Agent. The Issuers shall notify the Trustee of the name and address of any such Agent. If the Issuers fail to maintain a Registrar or Paying Agent, the Trustee shall act as such. 

The Issuers hereby appoint the Trustee, acting through its Corporate Trust Office in the United States of America, as initial Paying Agent and
Registrar for the Notes. 
 In acting hereunder and in connection with the Notes, the Paying Agent and the Registrar shall act solely as an
agent of the Issuers, and will not thereby assume any obligations towards or relationship of agency or trust for or with any Holder. 
 SECTION 2.05.
Paying Agent To Hold Money in Trust. 
 On or prior to 11:00 a.m. (New York City time) on each due date of principal of, or premium,
if any, or interest on any Note, the Issuers shall deposit with the Paying Agent a sum sufficient to pay such principal, premium, if any, and interest so becoming due; provided, however, to the extent any such funds are received by the
Paying Agent after 11:00 a.m. (New York City time), on such Business Day, such funds will be deemed deposited within one (1) Business Date of receipt thereof. The Issuers 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 of, premium, if any, or interest on the Notes and shall notify the Trustee of any default by
the Issuers in making any such payment. If the Issuers or a Domestic Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Issuers at any time may require a Paying Agent to
pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon complying with this Section 2.05, the Paying Agent shall have no further liability for the money delivered to the
Trustee. 

  
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 SECTION 2.06. Holder Lists. 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
Holders. If the Trustee is not the Registrar, the Issuers shall furnish to the Trustee, in writing at least five Business Days before each Interest Payment Date and at such other times as the Trustee may reasonably request in writing, a list in such
form and as of such date as the Trustee may reasonably require of the names and addresses of Holders. 
 SECTION 2.07. Transfer and Exchange.

 Subject to Section 2.15 and, if applicable, the provisions of Appendix A, when Notes are presented to the
Registrar or a co-Registrar with a request to register the transfer of such Notes or to exchange such Notes for an equal principal amount of Notes of other authorized denominations, the Registrar or co-Registrar shall register the transfer or make the exchange as requested if its requirements and any applicable requirements under Appendix A for such transaction are met; provided, however,
that the Notes surrendered for transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Issuers and the Registrar or co-Registrar, duly
executed by the Holder thereof or his or her attorney duly authorized in writing. The Issuers, the Registrar, any co-Registrar and the Trustee may require a Holder to furnish such endorsements and transfer
documents as any of them may reasonably request in connection with the registration of transfer or exchange of Notes, in addition to any documents that otherwise are required or may be required as provided in this Indenture (including Exhibit
A hereto). A Note may not be transferred or exchanged unless such Note shall have been surrendered at an office or agency maintained by the Issuers for such purpose. To permit registrations of transfers and exchanges, the Issuers shall execute
and, upon receipt of a written order from the Issuers, the Trustee shall authenticate and deliver Notes at the Registrar’s or co-Registrar’s request. No service charge shall be imposed by the
Issuers, the Trustee or any Registrar, Paying Agent or co-Registrar for any registration of transfer or exchange (other than pursuant to Section 2.08), but the Issuers, the Registrar
or any co-Registrar may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith. 

All Notes issued upon any registration of transfer or exchange of other Notes shall be the valid obligations of the Issuers, evidencing the
same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

To the fullest extent permitted by applicable law, prior to the due presentment of any Note for registration of transfer or exchange, the
Issuers, the Trustee and any Agent may deem and treat the Person in whose name such Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal, premium, if any, and (subject to the Record Date provisions
of the Notes) interest on such Notes and for all other purposes, and none of the Issuers, the Trustee or any Agent shall be affected by notice to the contrary. 

The Registrar or any co-Registrar shall not be required to register the transfer of or exchange any
Note (i) during a period beginning at the opening of business 15 days before the mailing (or, if not mailed, other transmittal) of a notice of redemption of Notes and ending at the close of business on the day of such mailing (or other
transmittal), (ii) selected for redemption in whole or in part pursuant to Article 3, except the unredeemed portion of any Note being redeemed in part, or (iii) tendered for repurchase pursuant to a Change of Control Offer and not
validly withdrawn. 
 Any Holder of a beneficial interest in a Global Note shall, by acceptance of such beneficial interest, agree that
transfers of beneficial interests in such Global Notes may be effected only through a book-entry system maintained by the Depositary for such Global Note (or its agent), and that ownership of a beneficial interest in the Note shall be required to be
reflected in a book-entry system. 
 The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a
member of, or a participant in, DTC or other Person with respect to the accuracy of the records of DTC or its nominee or of any participant or member thereof, with respect to any ownership interest in the Global Note or with respect to the delivery
to any participant, member, beneficial owner or other Person (other than DTC) of any notice (including any notice of redemption or purchase) or the payment of any amount or delivery of any Global Note (or other security or property) under or with
respect to such Global Notes. All notices and communications to be given to the Holders 

  
 28 

 
and all payments to be made to Holders in respect of the Global Notes shall be given or made only to or upon the order of the registered Holders (which shall be DTC or its nominee in the case of
a Global Notes). The rights of beneficial owners in any Global Notes shall be exercised only through DTC subject to the applicable rules and procedures of DTC. The Trustee may rely and shall be fully protected in relying upon
information furnished by DTC with respect to its members, participants and any beneficial owners. 
 The Trustee shall have no obligation or
duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Global Note (including any transfers between or among
DTC participants, members or beneficial owners in any Global Notes) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of
this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. Neither the Trustee nor any of its agents shall have any responsibility for any actions taken or not taken by DTC. 

SECTION 2.08. Replacement Notes. 
 If
a mutilated Note is surrendered to the Trustee or if the Holder of a Note claims that the Note has been lost, destroyed or stolen, and if the Issuers and the Trustee receive evidence to their satisfaction of the ownership and loss, destruction or
theft of such Note, the Issuers shall issue and, upon receipt of a written order from the Issuers, the Trustee shall authenticate a replacement Note if the Trustee’s requirements are met and subject to satisfaction of any additional
requirements, if applicable, as may be set forth in Appendix A hereto. Such Holder must provide an indemnity bond or other indemnity and/or security, sufficient in the judgment of both the Issuers and the Trustee to protect the Issuers, the
Trustee and any Agent from any loss which any of them may suffer if a Note is replaced. The Issuers may charge such Holder for the reasonable expenses of the Issuers, the Trustee and any Agent in replacing a Note pursuant to this
Section 2.08, including reasonable fees and expenses of counsel to the Issuers, the Trustee or any Agent, as well as any transfer tax or similar governmental charge payable in connection therewith. 

Every replacement Note is an additional obligation of the Issuers. 

To the fullest extent permitted by applicable law, the provisions of this Section 2.08 shall be exclusive and shall
preclude all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION 2.09.
Outstanding Notes. 
 Notes outstanding at any time are all the Notes that have been authenticated by the Trustee except those
cancelled by it, those delivered to it for cancellation, those reductions and increases in the interests in Global Notes effected by the Trustee, the Registrar or the Note Custodian in accordance with the provisions hereof, and those described in
this Section as not outstanding. A Note does not cease to be outstanding because the Issuers or any of its Affiliates holds the Note (subject to the provisions of Section 2.10). 

If a Note is replaced pursuant to Section 2.08 (other than a mutilated Note surrendered for replacement), it ceases
to be outstanding unless a Responsible Officer of the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser, as such term is defined in Section 8-303 of the
Uniform Commercial Code as in effect in the State of New York. A mutilated Note ceases to be outstanding upon surrender of such Note and replacement thereof pursuant to Section 2.08. If the principal amount of any Note is
considered paid under Section 4.01, it ceases to be outstanding and interest ceases to accrue. If on any Redemption Date, maturity date, Change of Control Payment Date or any other date on which a payment of principal of a
Note is due, the Trustee or Paying Agent (other than the Issuers or an Affiliate thereof) holds U.S. Legal Tender in an amount sufficient to pay all of the principal, premium, if any, and interest due on such Note payable on that date, then on and
after that date such Note ceases to be outstanding and interest on it ceases to accrue. 

  
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 SECTION 2.10. Treasury Notes. 

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

Until definitive Notes are ready for delivery, the Issuers may prepare and, upon receipt of a written order from the Issuers, the Trustee shall
authenticate temporary Notes. Temporary Notes shall be substantially in the form of definitive Notes but may have variations that the Issuers considers appropriate for temporary Notes. Without unreasonable delay, the Issuers shall prepare and, and
upon receipt of a written order from the Issuers, the Trustee shall authenticate definitive Notes in exchange for temporary Notes. Until such exchange, Holders of temporary Notes shall be entitled to the same rights, benefits and privileges as
Holders of definitive Notes. Anything herein to the contrary notwithstanding, the Notes may be in typewritten form. 
 SECTION 2.12.
Cancellation. 
 The Issuers at any time may deliver Notes to the Trustee for cancellation. The Registrar, any co-Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee, at the written direction of the Issuers, and no one else,
shall cancel and dispose of all Notes surrendered for registration of transfer, exchange, payment or cancellation in accordance with its customary procedures and deliver a certificate of such disposal to the Issuers upon their written request
therefor unless the Issuers direct the Trustee in writing to deliver canceled Notes to the Issuers. The Issuers may not issue new Notes to replace Notes it has redeemed, paid or delivered to the Trustee for cancellation. If the Issuers or any
Affiliate shall acquire any of the Notes, such acquisition shall not operate as a redemption or satisfaction of the Indebtedness represented by such Notes unless and until the same are surrendered to the Trustee for cancellation pursuant to this
Section 2.12. 
 SECTION 2.13. Defaulted Interest. 

If the Issuers default in a payment of interest on the Notes, the Issuers shall pay the defaulted interest, plus, to the extent lawful, any
interest payable on the defaulted interest at the rate provided in the last paragraph of Section 4.01, in any lawful manner. The Issuers may pay the defaulted interest to the Persons who are Holders on a subsequent special
record date. The Issuers shall fix or cause to be fixed any such special record date and the related payment date and shall promptly mail or cause the Trustee (at the written request and expense of the Issuers) to mail (or, in the case of Global
Notes, otherwise transmit in accordance with the Depositary’s applicable procedures) to each Holder, with a copy to the Trustee (if mailed or transmitted by the Issuers), a notice that states the special record date, the payment date and the
amount of defaulted interest to be paid. 
 SECTION 2.14. CUSIP and ISIN Numbers. 

The Issuers in issuing the Notes may use CUSIP and/or ISIN numbers, and if so, the Trustee shall use the CUSIP and/or ISIN numbers in notices
of redemption, repurchase, Change of Control Offers or exchanges and on checks or advice of payment as a convenience to Holders; provided, however, that neither the Issuers nor the Trustee shall have any responsibility for any defect
in the CUSIP or ISIN numbers that appear on any Note or any such notice, check or advice of payment, and any such notice or advice of payment may state that no representation is made as to the correctness or accuracy of such CUSIP or ISIN numbers
and that reliance may be placed only on the other identification numbers printed on the Notes, and no such redemption, repurchase, Change of Control Offer, exchange, advice or payment shall be affected by any defect in or omission of any such
numbers. 

  
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 SECTION 2.15. Book-Entry Provisions for Global Notes. 

(a) Unless otherwise specified in an Officers’ Certificate or as provided in 2.15(b) below, the Global Notes shall (i) be
registered in the name of the Depositary or a nominee of such Depositary, (ii) be delivered to the Note Custodian for such Depositary and (iii) bear such legends as may be required by Appendix A hereto. 

Members of, or participants in, the Depositary (“Participants”) shall have no rights under this Indenture with respect to any
Global Note held on their behalf by the Depositary or the Note Custodian, or under the Global Notes, and the Depositary may be treated by the Issuers, the Trustee and any Agent as the absolute owner of the Global Note for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Issuers or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its
Participants, the operation of Depositary’s customary procedures governing the exercise of the rights of a Holder or beneficial owner of any Note. 

(b) Transfers of Global Notes shall be limited to transfers in whole, but not in part, to the Depositary, its successors or their respective
nominees. Interests of beneficial owners in the Global Notes may be exchanged for Certificated Notes only as follows and subject, if applicable, to the further requirements set forth in this Indenture, including Appendix A hereto.
Certificated Notes shall be transferred to all beneficial owners in exchange for their beneficial interests in Global Notes if (1) the Depositary notifies the Issuers that the Depositary is unwilling or unable to continue as depositary for the
Global Notes or ceases to be a clearing agency registered under the Exchange Act (if such registration is required by applicable law) and the Issuers do not appoint a successor Depositary for the Notes within 90 days after the Issuers receive such
notification or becomes aware that the Depositary has ceased to be so registered, as the case may be, (2) the Issuers, at their option and subject to the Depositary’s procedures, notify the Trustee in writing that the Issuers elect to
cause the issuance of Certificated Notes or (3) there shall have occurred and be continuing an Event of Default. The Trustee and the Registrar shall have no obligation to effect an exchange of Global Notes for Certificated Notes pursuant to
clause (3) of the immediately preceding sentence until receipt of a written request from the Issuers. In all cases, Certificated Notes delivered in exchange for any Global Note or beneficial interests therein will be registered in the names,
and issued in any authorized denominations, requested by or on behalf of the Depositary (in accordance with its customary procedures) and, if applicable, will bear the applicable restrictive legends referred to in Appendix A hereto unless the
Issuers determine otherwise or such legend shall have been removed as provided in Appendix A hereto, and in any event subject, if applicable, to the requirements set forth in Appendix A hereto. 

ARTICLE 3 
 REDEMPTION 

SECTION 3.01. Notices to Trustee. 

If the Issuers elect to redeem Notes pursuant to Section 5 of the Notes, they shall notify the Trustee in writing of the Redemption Date,
the principal amount of Notes to be redeemed and whether the redemption is being made pursuant to paragraph (a) or (b) of Section 5 of the Notes. 

The Issuers shall give each notice to the Trustee provided for in this Section 3.01 at least five days before notice
of redemption is required to be mailed (or otherwise transmitted) to Holders pursuant to Section 3.03 (unless a shorter notice shall be agreed to by the Trustee in writing); provided that such notice may be revoked by the
Issuers by written notice to the Trustee at any time prior to the time on the date specified by the Issuers for the Trustee to forward notice of such redemption to Holders as provided in Section 3.03 or, if the Issuers do
not request the Trustee to forward notice of such redemption to Holders, at any time prior to the Issuers’ giving of the notice of such redemption to Holders pursuant to Section 3.03. 

  
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 SECTION 3.02. Selection of Notes To Be Redeemed. 

If less than all the Notes are to be redeemed at any time, selection of the Notes for redemption will be made by the Trustee pro rata or by
lot; provided that, in the case of Notes represented by one or more Global Notes, interests in such Global Notes will be selected for redemption by the Depositary in accordance with its applicable procedures therefor. Notes shall be redeemed
in a minimum principal amount of $1,000 and integral multiples of $1,000 in excess thereof; provided that the remaining principal amount of any Note redeemed in part shall be $2,000 or an integral multiple of $1,000 in excess thereof.
Provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. The Trustee shall notify the Issuers promptly of the Notes or portions of Notes to be redeemed. 

SECTION 3.03. Notice of Redemption. 

Subject to the provisions of Section 3.05, notice of any redemption of the Notes will be mailed by the Issuers by
first-class mail, postage prepaid, or, if the Notes are represented by one or more Global Notes and if the Depositary’s applicable procedures so provide, transmitted in accordance with the Depositary’s applicable procedures therefor, at
least 10 but not more than 60 days before the applicable Redemption Date to each Holder of Notes to be redeemed at its registered address (or at such other address or in such other manner as may be provided by the Depositary’s applicable
procedures). Each notice for redemption shall identify the Notes (including the CUSIP number) to be redeemed and include statements to substantially the following effect (with such changes therein or additions thereto as the Issuers in their sole
discretion may deem appropriate): 
 (1) the Redemption Date; 

(2) the redemption price (or, if not then ascertainable at the time, a general statement regarding how the redemption price
will be calculated) and that accrued and unpaid interest, if any, on the Notes to be redeemed shall be paid to, but excluding, the applicable Redemption Date (subject to the right of the Holders of record on the relevant Record Date to receive
interest due on any Interest Payment Date falling on or prior to such Redemption Date); 
 (3) the name and address of the
Paying Agent; 
 (4) that the Notes called for redemption must be surrendered to the Paying Agent to collect the redemption
price plus accrued interest, if any; 
 (5) if less than all the outstanding Notes are to be redeemed, the identification and
principal amounts of the particular Notes to be redeemed and stating that on and after the Redemption Date, upon surrender of that Note, the Holder will receive, without charge, a new Note or Notes of authorized denominations for the principal
amount of the Note remaining unredeemed (or, in the case of Global Notes, appropriate adjustments of the principal amount of a Global Note will be made, as applicable); 

(6) that, on and after the Redemption Date, interest will cease to accrue on the Notes or portions thereof called for
redemption as long as the Issuers have deposited with a Paying Agent, on or before the applicable Redemption Date, funds in an amount sufficient to pay the redemption price of the Notes or portions thereof called for redemption on such Redemption
Date and accrued and unpaid interest, if any, thereon to, but excluding, such Redemption Date (subject to the right of Holders of record on the relevant Record Date to receive interest due on any Interest Payment Date falling on or prior to such
Redemption Date), and the only remaining right of the Holders of the Notes or portions thereof called for redemption will be to receive payment of the redemption price and such accrued and unpaid interest, if any, upon surrender of the Notes to be
redeemed to the Paying Agent; and 
 (7) any conditions to such redemption as determined by the Issuers in their sole
discretion, and, if such redemption is subject to conditions, the Issuers may at their option also include a statement to the effect that the Redemption Date may be delayed, on one or more occasions and in the Issuers’ sole discretion, either
(at the Issuers’ option) to a date specified by the Issuers in such notice or in a subsequent notice to Holders (subject, if the Issuers shall so elect, to the satisfaction of any or all such conditions or the Issuers’ written waiver of
any such conditions that are not satisfied) or until such time as any or all such conditions have been satisfied or waived by the Issuers in writing, and that, if any such condition shall not have been satisfied as and when required (as determined
by the Issuers in its sole discretion and taking into 

  
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account any election by the Issuers to delay such Redemption Date), then (unless the Issuers shall have waived in writing any such conditions that are not satisfied), the Issuers shall have no
obligation to redeem the Notes called for redemption on such Redemption Date (as the same may have been delayed by the Issuers as aforesaid) and may cancel such proposed redemption and rescind such notice of redemption, or any other statement that
the Issuers in its sole discretion may deem necessary or advisable concerning matters described in Section 3.05 or to implement any provision of Section 3.05. 

At the Issuers’ written request (which shall specify the date and, at the option of the Issuers, the time at which the notice of
redemption shall be given), the Trustee shall give the notice of redemption in the Issuers’ name and at the Issuers’ expense unless the Issuers shall have revoked such notice of redemption as provided in
Section 3.01. In such event, the Issuers shall provide the Trustee with the information required by this Section 3.03 at least five days prior to the Trustee giving the notice of redemption, unless
the Trustee consents to a shorter period. 
 The notice, if mailed (or otherwise transmitted) 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 to transmit such notice in accordance with the Depositary’s applicable procedures) 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. 

SECTION 3.04. Effect of Notice of Redemption. 

Once notice of redemption is mailed (or otherwise transmitted) in accordance with Section 3.03 and all conditions (if
any) to such redemption are satisfied as and when required (as determined by the Issuers in their sole discretion and taking into account any election by the Issuers to delay the applicable Redemption Date as provided in
Section 3.05) or the Issuers waive in writing any such conditions that are not satisfied, (i) Notes called for redemption become due and payable on the Redemption Date (or, if the Issuers have delayed such Redemption
Date, the applicable delayed Redemption Date (as defined in Section 3.05), as the case may be) and at the applicable redemption price plus accrued and unpaid interest, if any, to, but excluding, the applicable Redemption
Date (or delayed Redemption Date, as applicable) (subject to the right of Holders of record on the relevant Record Date to receive interest due on any Interest Payment Date falling on or prior to such Redemption Date), (ii) upon surrender to the
Paying Agent, such Notes or portions thereof called for redemption shall be paid at the redemption price plus accrued and unpaid interest, if any, thereon to, but excluding, the applicable Redemption Date (or, if the Issuers have delayed such
Redemption Date, to, but excluding, the applicable delayed Redemption Date, as the case may be), except that the interest payable on any Interest Payment Date falling on or prior to such Redemption Date (or delayed Redemption Date, as the case may
be) shall be paid to the Persons who were the Holders of record at the close of business on the applicable Record Date, and (iii) on and after the applicable Redemption Date (or, if the Issuers have delayed such Redemption Date, the applicable
delayed Redemption Date, as the case may be) interest shall cease to accrue on Notes or portions thereof called for redemption. 
 SECTION 3.05.
Conditions to Redemption. 
 (a) Any redemption of the Notes may, at the Issuers’ sole discretion, be subject to one or more
conditions precedent, which shall be described in the related notice of redemption to Holders of Notes, which conditions may include, without limitation, completion of one or more Qualified Equity Offerings, other securities offerings or other
financings, transactions or events. If such redemption is subject to satisfaction of one or more conditions precedent, such notice to Holders of Notes may (at the option of the Issuers) include a statement to the effect that the Redemption Date may
be delayed, on one or more occasions and in the Issuers’ sole discretion, either (at the Issuers’ option) to a date specified by the Issuers in such notice or in a subsequent notice to such Holders (subject, if the Issuers shall so elect,
to satisfaction of any or all such conditions or the Issuers’ written waiver of any such conditions that are not satisfied) or until such time as any or all of such conditions have been satisfied or waived by the Issuers in writing, and that,
if any such conditions shall not have been satisfied as and when required (as determined by the Issuers in their sole discretion and taking into account any election by the Issuers to delay such Redemption Date), then (unless the Issuers shall have
waived in writing any such conditions that are not satisfied), the Issuers shall have no obligation to redeem the Notes called for redemption on such Redemption Date (as the same may have been delayed by the Issuers as aforesaid) and may cancel such
proposed redemption and rescind any notice of such redemption. In order to delay any Redemption Date (or to further delay any delayed 

  
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Redemption Date (as defined below)), the Issuers shall provide written notice to the Trustee at least two Business Days before such Redemption Date (or such delayed Redemption Date, as the case
may be), to the effect that the Issuers have elected to delay such Redemption Date (or such delayed Redemption Date, as the case may be) and specifying the new Redemption Date (a “delayed Redemption Date”) (which may, at the
Issuers’ option, be specified as the date on which any or all conditions to such redemption are satisfied (as determined by the Issuers in their sole discretion) or waived by the Issuers), and the Trustee shall provide such notice to each
Holder of the Notes that were to be redeemed in the same manner in which the notice of redemption was given. The Issuers may delay any Redemption Date on one or more occasions. 

(b) If all conditions precedent (if any) to any redemption of the Notes shall not have been satisfied as and when required (as determined by
the Issuers in their sole discretion and taking into account any election by the Issuers to delay such Redemption Date) or waived by the Issuers in writing and the Issuers have not elected to delay (or further delay) the applicable Redemption Date
(or the applicable delayed Redemption Date, as the case may be), the Issuers shall provide written notice to the effect that the Issuers have elected to cancel such redemption to the Trustee prior to close of business two Business Days prior to such
Redemption Date (or such delayed Redemption Date, as the case may be). Upon the Trustee’s receipt of such notice, the notice of such redemption shall be automatically rescinded and such redemption shall be automatically cancelled and the
Issuers shall have no obligation to redeem the Notes called for redemption. Promptly after receipt of such notice, the Trustee shall provide such notice to each Holder of the Notes that were to have been redeemed in the same manner in which the
notice of redemption was given. 
 SECTION 3.06. Deposit of Redemption Price. 

Prior to or on the Redemption Date, subject to the satisfaction of any conditions specified in the applicable notice of redemption pursuant to
Section 3.05, the Issuers shall deposit with the Paying Agent (or, if the Issuers or a Domestic Subsidiary is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of and accrued
interest, if any (subject to the right of Holders of record on the relevant Record Date to receive interest due on an Interest Payment Date falling on or prior to the Redemption Date (or delayed Redemption Date, as applicable)), on all Notes to be
redeemed on the Redemption Date (or delayed Redemption Date, as applicable), other than Notes or portions of Notes called for redemption that have been delivered by the Issuers to the Trustee for cancellation. 

SECTION 3.07. Notes Redeemed in Part. 

Upon surrender of a Note that is redeemed in part, the Issuers shall execute and the Trustee, upon written request from the Issuers, shall
authenticate and mail or deliver (including by book-entry transfer) to the applicable Holder (at the Issuers’ expense) a new Note registered in the same name and bearing the same legends, if any, as the Notes surrendered for redemption, equal
in principal amount to the unredeemed portion of the Note surrendered (it being understood that, notwithstanding anything in this Indenture to the contrary, no Officers’ Certificate or Opinion of Counsel will be required for the Trustee to
authenticate and mail or deliver any such new Note). 
 ARTICLE 4 

COVENANTS 
 SECTION 4.01. Payment
of Notes. 
 The Issuers shall pay the principal of, and premium, if any, and interest on, the Notes on the dates and in the manner
provided in the Notes and in this Indenture. Principal, premium and interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds money sufficient to pay the principal, premium and interest due on such date.
Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

  
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 The Issuers shall pay the principal of and premium, if any, on, and may pay interest on, any
Certificated Notes at the office or agency maintained by the Issuers for such purpose in the United States of America as required by Section 4.02, upon surrender of such Certificated Notes by the Holders thereof at such
office or agency. Interest on any Certificated Notes may also be paid, at the Issuers’ option, by check mailed to the addresses of the Holders entitled thereto appearing in the registry books of the Registrar or by wire transfer to accounts in
the United States of America specified by such Holders. 
 The Issuers will pay principal of, and premium, if any, and interest on, Global
Notes registered in the name of the Depositary or its nominee in immediately available funds to the Depositary or its nominee, as the case may be, as the Holder of such Global Note. 

The Issuers will pay interest on overdue principal of, and, to the extent permitted by applicable law, on overdue premium, if any, and overdue
installments of interest on, the Notes at a per annum rate equal to the interest per annum otherwise borne by the Notes, to, but excluding, the date on which such overdue principal, premium or interest, as the case may be, is considered paid or
provided for as provided in the first paragraph of this Section 4.01 or is otherwise paid or provided for. 
 SECTION 4.02.
Maintenance of Office or Agency. 
 The Issuers shall maintain in the United States of America the office or agency required under
Section 2.04. The Issuers shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency in the United States of America (unless such office or agency is an office
of the Trustee). If at any time the Issuers shall fail to maintain any such required office or agency in the United States of America or shall fail to furnish the Trustee with the address thereof, the presentations, surrenders, notices and demands
referred to in Section 2.04 may be made or served at the address of the Trustee set forth in Section 11.02. 

The Issuers may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any
or all such purposes and may from time to time rescind or change such designations, all as further provided in Section 2.04. 

The Issuers hereby initially designate the Corporate Trust Office of U.S. Bank National Association in St. Paul, Minnesota, which on the date
hereof is located at 111 Fillmore Avenue, St. Paul, Minnesota 55107, as such office of the Issuers in accordance with this Section 4.02 and Section 2.04. 

SECTION 4.03. Compliance Certificate; Notice of Default. 

(a) The Issuers shall deliver to the Trustee, within 120 days after the end of each fiscal year (which fiscal year ends December 31) of the
Issuers, an Officers’ Certificate signed by the principal executive officer, the principal financial officer or the principal accounting officer of each Issuer and one other Officer of each Issuer, stating that a review of the activities of the
Issuers and its Subsidiaries has been made under the supervision of the signing Officers with a view to determining whether each Issuer and each Guarantor has complied with all conditions and covenants applicable to it under this Indenture and
further stating, as to each such Officer signing such certificate, that to such Officers’ knowledge, each Issuer and each Guarantor during such preceding fiscal year has kept, observed, performed and fulfilled each such covenant and condition
and no Default or Event of Default occurred during such year and at the date of such certificate there is no Default or Event of Default that has occurred and is continuing or, if such signers do know of any such Default or Event of Default, the
certificate shall describe such Default or Event of Default and the status thereof. 
 (b) The Issuers shall deliver to the Trustee
promptly, and in any event within 30 days, after any Senior Officer of any Issuer obtains knowledge of a Default or Event of Default an Officers’ Certificate specifying the Default or Event of Default and describing its status and the action
taken or proposed to be taken in respect thereof. 
 SECTION 4.04. Waiver of Stay, Extension or Usury Laws. 

To the extent permitted by applicable law, each Issuer and each Guarantor covenants that it will not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other similar law that would prohibit or forgive such Issuer or such Guarantor, as applicable,

  
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from paying all or any portion of the principal of, or premium, if any, or interest on, the Notes or the Guarantee of any such Guarantor, as applicable, as contemplated herein, wherever enacted,
now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture and, to the extent permitted by applicable law, each Issuer and each Guarantor hereby expressly waives all benefit or advantage of any such
law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

SECTION 4.05. Termination of Covenants and Guarantees. 

(a) Section 4.10 (other than the portions thereof relating to the limitation on the obligations of any Guarantor
under its Guarantee of the Notes in accordance with Section 10.03 and the portions thereof relating to the release of any Guarantor from its Guarantee of the Notes in accordance with
Section 10.05), Section 4.07, Section 4.08, clause (2) of Section 5.01(a) (other than with respect to the Parent Guarantor) and
clause (2) of the first paragraph Section 5.01(b) (collectively, the “Terminated Covenants”) will automatically and permanently terminate and will be of no further force or effect, and the
Parent Guarantor and its Subsidiaries will be automatically and permanently released from all of their obligations thereunder, on and after any date (the “Covenant Termination Date”) that (A) the Notes have achieved Investment
Grade Status and (B) no Default or Event of Default has occurred and is continuing with respect to the Notes and thereafter any omission to comply with any of the Terminated Covenants (or the Guarantees (other than the Guarantee of the Parent
Guarantor) of the Notes, which Guarantees also shall be automatically and permanently terminated and released as set forth in Section 4.05(b)) shall not constitute a breach, Default or Event of Default under the Notes or
this Indenture. 
 (b) All of the Guarantees (other than the Guarantee of the Parent Guarantor) of the Notes will automatically and
permanently terminate and will be of no further force or effect, and all of the obligations of the Issue Date Subsidiary Guarantors under such Guarantees and this Indenture will be automatically and permanently released, on the Covenant Termination
Date. 
 (c) The Issuers shall deliver an Officers’ Certificate to the Trustee notifying the Trustee of the Covenant Termination Date
promptly (but in no event later than ten Business Days) after such date, and the Trustee shall have no obligation to monitor or determine whether a Covenant Termination Date has occurred; provided that any failure by the Issuers to deliver any such
Officers’ Certificate shall not constitute a Default or Event of Default or affect the automatic and permanent termination of the Terminated Covenants, the Guarantees (other than the Guarantee of the Parent Guarantor) of the Notes and the other
obligations referred to in this Section 4.05. 
 SECTION 4.06. Change of Control Triggering Event. 

(a) Upon the occurrence of a Change of Control Triggering Event, each Holder of Notes will have the right (unless the Issuers have exercised
their right to redeem all of the then outstanding Notes pursuant to Section 5 of the Notes by sending (or causing the Trustee to send) a notice of redemption) to require that the Issuers purchase all or a portion of such Holder’s Notes
pursuant to the offer described below (a “Change of Control Offer”) at a purchase price in cash equal to 101% of the principal amount thereof together with accrued and unpaid interest to, but excluding, the applicable Change of
Control Payment Date (subject to the right of Holders of record on the relevant Record Date to receive interest due on any Interest Payment Date falling on or prior to the Change of Control Payment Date) (the “Change of Control Purchase
Price”). 
 (b) Within 30 days following the date upon which the Change of Control Triggering Event shall have occurred, the Issuers
must (unless the Issuers have exercised their right to redeem all of the Notes pursuant to Section 5 of the Notes by sending (or causing the Trustee to send) a notice of redemption) send, by first class mail, a notice to each Holder of Notes
(or, in the case of Global Notes, send such notice in accordance with the applicable procedures, if any, of the Depositary), with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. Such notice shall state:

 (1) that the Change of Control Offer is being made pursuant to this Indenture and that all Notes that are validly tendered
and not withdrawn will be accepted for payment; 

  
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 (2) the Change of Control Purchase Price and the purchase date, which must
be a Business Day no earlier than 30 days nor later than 60 days from the date such notice is mailed (or otherwise transmitted), other than as may be required by law (the “Change of Control Payment Date”); 

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

(4) that any Note accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest on and after the
Change of Control Payment Date (unless the Issuers shall default in the payment of the Change of Control Purchase Price of the Notes) and the only remaining right of the Holder will be to receive payment of the Change of Control Purchase Price upon
surrender of the applicable Note to the Paying Agent; 
 (5) that Holders electing to have a portion of a Note purchased
pursuant to a Change of Control Offer may only elect to have such Note purchased in denominations of $1,000 and integral multiples of $1,000 in excess thereof; provided that the remaining principal amount of any such Note surrendered for
repurchase in part shall be $2,000 or an integral multiple of $1,000 in excess thereof; 
 (6) that if a Holder elects to
have a Note purchased pursuant to a Change of Control Offer it will be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of or attached to the Note duly completed, to the Person and
at the address specified in the notice (or, in the case of Global Notes, to surrender the Note and provide the information required by such form in accordance with the applicable procedures, if any, of the Depositary) prior to the close of business
on the third Business Day prior to the Change of Control Payment Date; 
 (7) that a Holder will be entitled to withdraw its
election if the Issuers receive, not later than the close of business on the third Business Day preceding the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of such Holder, the principal amount of Notes
such Holder delivered for purchase, and a statement that such Holder is withdrawing its election to have such Notes purchased; and 

(8) that if any Note is purchased only in part a new Note will be issued in principal amount equal to the unpurchased portion
of the Note surrendered. 
 (c) On or before the Change of Control Payment Date for the Notes, the Issuers will, to the extent lawful: 

(1) accept for payment all Notes or portions of Notes (in denominations of $1,000 and integral multiples of $1,000 in excess
thereof) validly tendered and not withdrawn pursuant to the Change of Control Offer; provided that if, following repurchase of a portion of a Note, the remaining principal amount thereof would be less than $2,000, then the portion of such Note so
repurchased shall be reduced so that the remaining principal amount of such Note outstanding immediately after such repurchase is $2,000; 

(2) deposit with a Paying Agent an amount equal to the payment due in respect of all Notes or portions thereof so tendered and
not withdrawn; 
 (3) deliver or cause to be delivered to the Trustee for cancellation the Notes so accepted for payment; and

 (4) deliver to the Trustee an Officers’ Certificate stating that such Notes or portions thereof were accepted for
payment by the Issuers in accordance with the applicable provisions of this Indenture. 
 (d) The Issuers, the depositary, if any, appointed
by the Issuers for such Change of Control Offer or a Paying Agent, as the case may be, shall promptly mail or deliver (or, in the case of Global Notes, deliver in accordance with the applicable procedures, if any, of the Depositary) to each
tendering Holder an amount equal to the Change of Control Purchase Price of the Notes validly tendered by such Holder and not withdrawn and accepted 

  
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by the Issuers for purchase. Further, the Issuers shall promptly issue a new Note, and the Trustee, upon written request from the Issuers, shall authenticate and mail or deliver (including by
book-entry transfer) such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note accepted for payment (it being understood that, notwithstanding anything in this Indenture to the contrary, no Officers’
Certificate or Opinion of Counsel will be required for the Trustee to authenticate and mail or deliver any such new Note). Any Note not so accepted shall be promptly mailed or delivered (including by book-entry transfer) by the Issuers or the
Trustee to the Holder thereof. 
 (e) Interest on Notes (or portions thereof) validly tendered and not withdrawn pursuant to a Change of
Control Offer will cease to accrue on and after the applicable Change of Control Payment Date (unless the Issuers shall default in the payment of the Change of Control Purchase Price of the Notes). 

(f) If the Change of Control Payment Date is on or after a Record Date and on or before the related Interest Payment Date for the Notes, any
accrued and unpaid interest on the Notes to, but excluding, the Change of Control Payment Date will be paid to the Persons in whose names the applicable Notes are registered at the close of business on the applicable Record Date. 

(g) The Issuers will not be required to make a Change of Control Offer for the Notes upon a Change of Control Triggering Event if a third party
makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture that are applicable to a Change of Control Offer made by the Issuers and purchases all Notes validly tendered
and not withdrawn under such Change of Control Offer. Notwithstanding anything in this Indenture to the contrary, a Change of Control Offer may be made in advance of a Change of Control or a Change of Control Triggering Event conditioned upon the
occurrence of such a Change of Control or Change of Control Triggering Event, if a definitive agreement regarding such Change of Control is in effect at the time of making the Change of Control Offer. 

(h) The Issuers will comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that any securities laws or regulations conflict with
the provisions of this Indenture relating to a Change of Control Offer, the Issuers shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under such provisions of this Indenture by
virtue thereof. 
 (i) The provisions of this Indenture relating to the Issuers’ obligation to make an offer to repurchase the Notes as
a result of a Change of Control Triggering Event (including the definitions relating thereto) and the terms of any such offer may, subject to the limitations set forth in Section 9.02, be waived or modified with the written
consent of the Holders of a majority in aggregate principal amount of the outstanding Notes. 
 SECTION 4.07. Limitation on Incurrence of Additional
Indebtedness. 
 (a) The Parent Guarantor will not, and will not permit any of its Subsidiaries to, directly or indirectly, create,
incur, assume, guarantee or otherwise become liable for payment of (collectively, “incur”) any Indebtedness (including, without limitation, Acquired Indebtedness) other than Permitted Indebtedness and other than as provided in paragraph
(b) below. 
 (b) Notwithstanding the foregoing, the Parent Guarantor or any of its Subsidiaries may incur Indebtedness (including,
without limitation, Acquired Indebtedness) if, on the date of the incurrence of such Indebtedness and immediately after giving effect to the incurrence of such Indebtedness and the repayment, repurchase, defeasance, redemption or other discharge of
any other Indebtedness with the proceeds of the Indebtedness being so incurred or in connection with the transactions pursuant to which such Indebtedness is being incurred, on a pro forma basis: 

(1) the Consolidated Fixed Charge Coverage Ratio of the Parent Guarantor is greater than 1.5 to 1.0; and 

  
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 (2) no Default or Event of Default shall have occurred and be continuing or
would occur as a consequence of incurring such Indebtedness. 
 SECTION 4.08. Maintenance of Total Unencumbered Assets. 

The Parent Guarantor will maintain Total Unencumbered Assets of not less than 120% of the aggregate outstanding principal amount of the
Unsecured Indebtedness of the Parent Guarantor and its Subsidiaries, in each case determined on a consolidated basis in accordance with GAAP. 

SECTION 4.09. Reports to Holders. 

(a) Whether or not required by the rules and regulations of the SEC and so long as any Notes are outstanding, the Issuers will mail or
otherwise transmit to the Holders of the outstanding Notes: 
 (1) all quarterly and annual financial information that would
be required to be contained in Items 6, 7, 7A and 8 of Part II of a filing with the SEC on Form 10-K and Items 1, 2, and 3 of Part I of a filing with the SEC on Form
10-Q, as applicable, if the Parent Guarantor were required to file such forms pursuant to the Exchange Act and the applicable rules and regulations of the SEC thereunder and, with respect to the annual
information only, a report on the Parent Guarantor’s annual financial statements by the Parent Guarantor’s independent public accounting firm, in each case within 15 days after the last day of the applicable time period for filing with the
SEC (plus any applicable extensions of such time period) specified in the relevant form or in the rules and regulations of the SEC or any other applicable laws, rules or regulations; and 

(2) all current reports that would be required to be filed with the SEC on Form 8-K if
the Parent Guarantor were required to file such reports pursuant to the Exchange Act and the applicable rules and regulations of the SEC thereunder, in each case within three Business Days after the last day of the applicable time period for filing
with the SEC (plus any applicable extensions of such time period) specified in Form 8-K or in the rules and regulations of the SEC or any other applicable laws, rules or regulations; provided,
however, that no such report will be required to be furnished to the extent such report would be required by Items 1.04, 3.01, 3.02, 3.03, 5.02(e), 5.03, 5.04, 5.05, 5.06, 5.07 or 5.08 of Form 8-K;
provided, further, that the foregoing shall not obligate the Parent Guarantor to make available any information otherwise required to be included on a Form 8-K regarding the occurrence of any such events if
(i) the Parent Guarantor determines in its good faith judgment that such event that would otherwise be required to be disclosed is not material to the Holders of the Notes or the business, assets, operations, financial positions or prospects of
the Parent Guarantor and its Subsidiaries, taken as a whole, or (ii) the Parent Guarantor otherwise intends to and obtains a waiver from the SEC for the filing of such information; 

provided, however, that, in the event that the Parent Guarantor is not subject to the reporting requirements of Sections 13(a) or 15(d) of the
Exchange Act, (i) the time periods for filing of the foregoing information and reports (collectively, the “Financial Reports”) specified in the relevant forms or rules and regulations of the SEC or any other applicable laws,
rules or regulations as described in clauses (1) and (2) above shall be those applicable to a non-accelerated filer or shall otherwise be the longest available time period under such forms, rules and
regulations of the SEC or other applicable laws, rules or regulations, as the case may be, (plus any applicable extensions of such time period) and (ii) the Financial Reports (A) will not be required to comply with Section 302 or
Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of Regulation S-K promulgated by the SEC, or Item 10(e) of Regulation S-K or Regulation
G (with respect to any non-GAAP financial measures contained therein) promulgated by the SEC, (B) will not be required to include information required by Item 601 of Regulation S-K promulgated by the SEC, (C) will not be required to include financial statements for any acquired entity, businesses or assets (whether acquired by merger, consolidation, acquisition of assets or Capital
Stock or otherwise) unless such acquisition has occurred and such financial statements would be required by Rule 3-05 of Regulation S-X promulgated by the SEC to be
included in an annual report on Form 10-K, quarterly report on Form 10-Q or current report on Form 8-K of the Parent Guarantor,
as the case may be; provided that, notwithstanding that such Rule 3-05 or any other law, rule or regulation would require that some or all of such financial statements be audited, the Parent Guarantor may
nonetheless deliver unaudited financial statements unless the Parent Guarantor shall have obtained such audited financial statements in connection with such acquisition, and provided, further, that the Parent

  
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Guarantor shall in no event be required to provide any financial statements as of dates or for periods earlier or other than the dates or periods that would otherwise be required by such Rule 3-05 for any such acquisition, (D) shall not be required to comply with Rule 3-09, Rule 3-10 or Rule 3-16 of Regulation S-X and (E) will not be required to include the schedules identified in Rule 5-04 of Regulation S-X promulgated by the SEC. For purposes of clarity, it is understood and agreed that (x) the Parent Guarantor may, in its sole discretion, include in any of the Financial Reports information in addition to
that specified in clauses (1) and (2) above and any information that it would otherwise be entitled to omit pursuant to the provisions described above, and (y) no financial statements shall be required for the acquisition or disposition of
any entity, business or assets (whether acquired or disposed of by merger, consolidation, acquisition or disposition of assets or Capital Stock or otherwise) unless such acquisition or disposition, as the case may be, shall have occurred. 

(b) The Issuers and the Guarantors agree to make available to Holders of any outstanding Notes and to prospective purchasers designated by such
Holders, upon request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as such Notes (other than Notes held by the Parent Guarantor or an “affiliate” (as defined in Rule 144 under the
Securities Act) of the Parent Guarantor) are not freely transferable under the Securities Act. 
 (c) If the Parent Guarantor is a Subsidiary
of any direct or indirect parent entity, the Financial Reports required pursuant to Section 4.09(a) above may be those of such parent entity instead of the Parent Guarantor; provided that, if there are material
differences (as determined in good faith by the Parent Guarantor) between the consolidated results of operations and financial condition of such parent entity and its consolidated Subsidiaries, on the one hand, and of the Parent Guarantor and its
consolidated Subsidiaries, on the other hand, the quarterly and annual Financial Reports required by Section 4.09(a) will include a presentation (which may be unaudited), either on the face of the financial statements or in
the notes thereto, of the financial condition and results of operations of the Parent Guarantor and its Subsidiaries (it being understood and agreed that such presentation may take the form of a condensed consolidating statement of operations and a
condensed consolidating balance sheet (in each case without notes thereto) or a presentation similar to that required by Rule 3-10 of Regulation S-X promulgated by the
SEC (whether or not such rule is applicable) for the applicable periods). 
 (d) Anything in this Indenture to the contrary notwithstanding,
the Issuers shall be deemed to have satisfied their obligation to mail, transmit or otherwise furnish any Financial Report or other information pursuant to Section 4.09(a) or Section 4.09(c) above
by (a) filing or furnishing such Financial Report or other information (or another document containing the information that would otherwise have been included in such Financial Report or containing such other information, as applicable) with
the SEC for public availability or (b) posting such Financial Report or other information (or another document containing the information that would otherwise have been included in such Financial Report or containing such other information) on
a website (which may be a password protected website) hosted by the Parent Guarantor, the Issuers or by a third party, in each case within the applicable time period specified above. 

(e) If any Financial Report or other information required by this Section 4.09 (or any other document referred to in
Section 4.09(d) above) is not filed, mailed, posted, transmitted or otherwise furnished within the applicable time period specified above and such Financial Report or other information (or other document) is subsequently
mailed, filed, posted, transmitted or otherwise furnished, the Issuers will be deemed to have satisfied their obligations under this Section 4.09 with respect to such Financial Report or other information (or other
document), as the case may be, and any Default or Event of Default with respect thereto or resulting therefrom shall be deemed to have been cured and any acceleration of the Notes resulting therefrom shall be deemed to have been rescinded so long as
such rescission would not conflict with any applicable judgment or decree of a court of competent jurisdiction. 
 (f) In the event that the
Parent Guarantor is not subject to the reporting requirements of Sections 13(a) or 15(d) of the Exchange Act, the Parent Guarantor shall participate in quarterly conference calls (which shall include a customary “Q&A” period) after the
delivery of the information referred to in Section 4.09(a)(1) above (which may be a single conference call together with investors and lenders holding other securities or Indebtedness of the Parent Guarantor and/or its
Subsidiaries) to discuss operating results and related matters. The Parent Guarantor shall issue a press release which will provide the date and time of any such call and will direct Holders, prospective investors and securities analysts to contact
the investor relations office of the Parent Guarantor to obtain access to the conference call. 

  
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 If delivered to the Trustee, such delivery of any such reports, information and documents to
the Trustee is for informational purposes only and the Trustee’s receipt of the same shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Parent
Guarantor’s compliance with any of its covenants hereunder. 
 SECTION 4.10. Future Guarantees. 

On the Issue Date, the Notes will be guaranteed solely by the Parent Guarantor and each of the Issue Date Subsidiary Guarantors. If, on any
date (a “Guarantee Date”), the aggregate Obligated/Guaranteed Principal Amount of any Domestic Subsidiary of the Parent Guarantor (other than a Domestic Subsidiary of the Parent Guarantor that is an Excluded Subsidiary or a
Securitization Entity) exceeds $2.5 million, the Parent Guarantor will cause such Domestic Subsidiary to execute and deliver to the Trustee, within 30 days after such Guarantee Date (except as set forth in the proviso below), a supplemental
indenture pursuant to which such Domestic Subsidiary will unconditionally guarantee the payment of the Notes, jointly and severally with all other Guarantors of the Notes; provided that, if a Domestic Subsidiary that would have been required
to guarantee the Notes but for the fact that it was an Excluded Subsidiary or a Securitization Entity shall be required to guarantee the Notes because it shall have ceased to be an Excluded Subsidiary or a Securitization Entity, or if a Subsidiary
that was a Foreign Subsidiary shall be required to guarantee the Notes because it shall have become a Domestic Subsidiary that is not an Excluded Subsidiary or a Securitization Entity, as the case may be, the supplemental indenture referred to above
shall be delivered to the Trustee within 30 days after the date such Domestic Subsidiary shall have ceased to be an Excluded Subsidiary or a Securitization Entity or such Foreign Subsidiary shall have become a Domestic Subsidiary that is not an
Excluded Subsidiary or Securitization Entity, as the case may be. Anything in this Indenture to the contrary notwithstanding, no Excluded Subsidiary, Securitization Entity or Foreign Subsidiary shall be required to guarantee the Notes or become a
Guarantor. 
 The obligations of each Guarantor under its Guarantee of the Notes of any series will be limited as provided in
Section 10.03. 
 Anything in this Indenture to the contrary notwithstanding, a Guarantor’s Guarantee of the
Notes will automatically and permanently terminate and be released, all other obligations of such Guarantor under this Indenture will automatically and permanently terminate and such Guarantor will be automatically and permanently released from all
of its obligations under its Guarantee of the Notes and this Indenture under the circumstances set forth in Section 10.05. 

ARTICLE 5 
 MERGER AND
CONSOLIDATION 
 SECTION 5.01. Merger, Consolidation and Sale of Assets. 

(a) Neither Issuer will, in a single transaction or series of related transactions, consolidate or merge with or into any Person, or sell,
assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Parent Guarantor’s properties and assets determined on a consolidated basis (other than sales, assignments, transfers, leases, conveyances or other
dispositions of Securitization Assets, Repurchase Agreement Assets, Investments or other securities or assets, in each case in the ordinary course of business) to any Person, unless: 

(1) either 

(A) an Issuer shall be the surviving or continuing Person; or 

  
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 (B) the Person (if other than an Issuer) formed by such consolidation or
into which the applicable Issuer is merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition all or substantially all of the applicable Issuer’s properties and assets (the “Surviving
Entity”): 
 (i) shall be an entity organized and validly existing under the laws of the United States or any State
thereof or the District of Columbia; and 
 (ii) shall expressly assume, by supplemental indenture, executed and delivered
to the Trustee, the due and punctual payment of the principal of, and premium, if any, and interest on all of the Notes and the performance of every covenant in the Notes and this Indenture on the part of the applicable Issuer to be performed or
observed; 
 (2) if the Surviving Entity is not an Issuer, each Guarantor (unless it is the Surviving Entity, in which case
clause Section 5.01(a)(1)(B) above shall apply) shall have by supplemental indenture confirmed that its Guarantee of the Notes shall apply to such Surviving Entity’s obligations under this Indenture and the Notes; and

 (3) the applicable Issuer or the Surviving Entity shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel (which opinion may be subject to customary assumptions, limitations and exceptions), each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental indenture
is required in connection with such transaction, such supplemental indenture comply with the applicable provisions of this Indenture. 
 (b)
The Parent Guarantor will not, in a single transaction or series of related transactions, consolidate or merge with or into any Person, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Parent
Guarantor’s properties and assets determined on a consolidated basis (other than sales, assignments, transfers, leases, conveyances or other dispositions of Securitization Assets, Repurchase Agreement Assets, Investments or other securities or
assets, in each case in the ordinary course of business) to any Person, unless: 
 (1) either 

(A) the Parent Guarantor shall be the surviving or continuing Person; or 

(B) the Person (if other than the Parent Guarantor or an Issuer) formed by such consolidation or into which the Parent
Guarantor is merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition all or substantially all of the Parent Guarantor’s properties and assets (the “Surviving Guarantor”): 

(i) shall be an entity organized and validly existing under the laws of the United States or any State thereof or the District
of Columbia; and 
 (ii) shall expressly assume, by supplemental indenture, executed and delivered to the Trustee, all of
the obligations of the Parent Guarantor’s Guarantee and the performance of every covenant in the Notes and this Indenture on the part of the Parent Guarantor to be performed or observed; 

(2) immediately after giving effect to such transaction and, if applicable, the assumption contemplated by
Section 5.01(b)(1)(B)(ii) above (including giving pro forma effect to any Indebtedness and Acquired Indebtedness incurred and any repayment, repurchase, defeasance, redemption or other discharge of Indebtedness by the
Parent Guarantor or the Surviving Guarantor, as the case may be, or any of their respective Subsidiaries in connection with such transaction), the Parent Guarantor or such Surviving Guarantor, as the case may be: (a) shall have a Consolidated
Net Worth equal to or greater than the Consolidated Net Worth of the Parent Guarantor immediately prior to such transaction, in each case determined as of the end of the most recent fiscal quarter ending on or prior to the date of such transaction
for which financial statements of the Parent Guarantor or the Surviving Guarantor, as the case may be, are available; or (b) shall be able to incur at least $1.00 of additional Indebtedness pursuant to Section 4.07(b);

  
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or (c) shall have a Consolidated Fixed Charge Coverage Ratio that is equal to or greater than the Consolidated Fixed Charge Coverage Ratio of the Parent Guarantor immediately prior to such
transaction (the computations required by clauses (b) and (c) above shall be computed on a pro forma basis giving effect to such transaction as if it had occurred at the beginning of the most recent Four Quarter Period ended on or prior to the
date of such transaction for which financial statements of the Parent Guarantor or the Surviving Guarantor, as the case may be, are available and the other pro forma adjustments set forth in the definition of “Consolidated Fixed Charge Coverage
Ratio”). If the transaction involves a Surviving Guarantor and the Parent Guarantor and the Surviving Guarantor have different fiscal quarters, then the relevant Four Quarter Period and, for purposes of clause (a) of this paragraph (2),
the relevant fiscal quarter, may, at the election of the Parent Guarantor, be based on either the Parent Guarantor’s or the Surviving Guarantor’s fiscal quarters; 

(3) immediately after giving pro forma effect to such transaction (and treating any Indebtedness that becomes an obligation of
the Parent Guarantor or the Surviving Guarantor, as the case may be, or any of its Subsidiaries as a result of such transaction as having been incurred by the Parent Guarantor or the Surviving Guarantor, as the case may be, or such Subsidiary at the
time of such transaction, and any Indebtedness to be repaid, repurchased, defeased, redeemed or otherwise discharged by the Parent Guarantor or the Surviving Guarantor or any of their respective Subsidiaries in connection with such transaction as
having been repaid, repurchased, defeased, redeemed or otherwise discharged at the time of such transaction), no Default or Event of Default shall have occurred and be continuing; 

(4) the Issuers shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel (which opinion may
be subject to customary assumptions, limitations and exceptions), each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental indenture is required in connection with such
transaction, such supplemental indenture comply with the applicable provisions of this Indenture. 
 (c) Notwithstanding the provisions of
Sections 5.01(a) or (b), any Subsidiary of the Parent Guarantor may merge or consolidate with or into or transfer all or any part of its properties and assets to the Parent Guarantor or the Surviving Guarantor or any other Subsidiary
of the Parent Guarantor or the Surviving Guarantor and Section 5.01(b) and, except in the case of (i) a merger or consolidation with or into the Parent Guarantor or the Surviving Guarantor (which shall comply with the
provisions set forth in Section 5.01(b) other than clauses (2), (3) and (4) thereof) and (ii) a merger or consolidation with or into an Issuer or the Surviving Entity (which shall comply with the provisions set
forth under Section 5.01(a) (to the extent not involving a merger or consolidation of the Parent Guarantor or the Surviving Guarantor with or into an Issuer or the Surviving Entity, other than clauses (2) and (3)),
Section 5.01, shall not apply to any such transaction. 
 (d) For purposes of the foregoing, the sale, assignment,
transfer, lease, conveyance or other disposition, in a single transaction or series of related transactions, of all or substantially all of the properties and assets of one or more Subsidiaries of the Parent Guarantor (other than sales, assignments,
transfers, leases, conveyances or other dispositions of Securitization Assets, Repurchase Agreement Assets, Investments or other securities or assets, in each case in the ordinary course of business), the Capital Stock of which constitutes all or
substantially all of the properties and assets of the Parent Guarantor on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Parent Guarantor. 

(e) For purposes of clarity, it is understood and agreed that references in this Section 5.01 to sales, assignments,
transfers, leases, conveyances or other dispositions of Securitization Assets, Repurchase Agreement Assets, Investments or other securities or assets in the ordinary course of business shall include, without limitation, any sales, assignments,
transfers, leases, conveyances or other dispositions of Securitization Assets, Repurchase Agreement Assets, Investments or other securities or assets (1) that are made (x) to any Securitization Entity for the purpose of enabling such
Securitization Entity to securitize the assets so sold, assigned, transferred, leased, conveyed or disposed of or enabling such Securitization Entity to issue Non-Recourse Indebtedness secured by such assets
or to enter into any Repurchase Agreements with respect to such assets or (y) to any Person pursuant to a Repurchase Agreement that is otherwise permitted (or not prohibited) by this Indenture, under which such Person is a buyer of Repurchase
Agreement Assets, and (2) that the Parent Guarantor in good faith determines to be consistent with past practice of the Parent Guarantor or any of its Subsidiaries or to reflect customary or accepted practice in

  
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the businesses, industries or markets in which the Parent Guarantor or any of its Subsidiaries operates or reasonably expects to operate or that reflect reasonable extensions, evolutions or
developments of any of the foregoing (including, without limitation, by way of new transactions or structures), and as a result, none of the foregoing shall constitute a sale, assignment, transfer, lease, conveyance or other disposition of all or
substantially all of the Parent Guarantor’s properties and assets, on a consolidated basis or otherwise, for purposes of the other paragraphs of this Section 5.01. 

(f) Upon any consolidation or merger or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of
the properties or assets of the Parent Guarantor in accordance with the foregoing in which the applicable Issuer is not the surviving or continuing entity, as the case may be, the Surviving Entity shall succeed to, and be substituted for, and may
exercise every right and power of, such Issuer under this Indenture and the Notes with the same effect as if such Surviving Entity had been named as an “Issuer” herein and therein, and the applicable Issuer shall be released from all of
its obligations under this Indenture and the Notes; provided that, in the case of a lease of all or substantially all of the properties and assets of the Parent Guarantor, the applicable Issuer will not be released from its obligation to pay the
principal of and premium, if any, and interest on the Notes. 
 (g) If the Surviving Entity or the Surviving Guarantor in any transaction
described in, and made in compliance with, this Section 5.01 shall be a Guarantor of the Notes, or if a Guarantor shall merge or consolidate with or into the Parent Guarantor, any Issuer, the Surviving Entity, or the
Surviving Guarantor, as the case may be, in any transaction described in, and made in compliance with this Section 5.01, such Guarantor’s Guarantee of the Notes will automatically terminate and be released and such
Guarantor will automatically be released from all of its obligations under its Guarantee of the Notes and all of its other obligations as a Guarantor under this Indenture contemporaneously with such transaction. 

(h) Any reference in this Indenture to a consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition 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 consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, 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 under this Indenture (and each division of any limited liability company, limited partnership or trust that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity). 

ARTICLE 6 
 DEFAULTS AND
REMEDIES 
 SECTION 6.01. Events of Default. Each of the following events shall be an “Event of Default”: 

(1) the failure to pay interest on any of the outstanding Notes when the same becomes due and payable and the default continues
for a period of 30 days; 
 (2) the failure to pay the principal of and premium, if any, on any of the outstanding Notes when
such principal becomes due and payable, at maturity or otherwise (including the failure to make a payment to purchase Notes validly tendered and not withdrawn pursuant to a Change of Control Offer); 

(3) failure by the Issuers or any Guarantor to comply with any of its other covenants or agreements contained in this Indenture
(other than covenants or agreements a default in whose performance would constitute an Event of Default under clause (1) or (2) above) and such default continues for a period of 60 days after the Issuers receive written notice (with a copy to
the Trustee if given by Holders) specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the outstanding principal amount of the Notes (except in the case of a default with respect to
Section 5.01, which will constitute an Event of Default when the Issuers receive the written notice specified in this clause (3) (with a copy to the Trustee if given by Holders) but without any requirement that such default
continue for 60 days); 

  
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 (4) the failure to pay at final stated maturity (giving effect to any
applicable grace periods and any extensions thereof) the principal amount of any Indebtedness for borrowed money (other than Non-Recourse Indebtedness) of the Parent Guarantor or any Subsidiary of the Parent
Guarantor and such payment shall not have been made, waived or extended within 30 days after such final stated maturity (giving effect to any applicable grace periods and any extensions thereof) (a “Payment Default”), or the
acceleration of the final stated maturity of any Indebtedness for borrowed money (other than Non-Recourse Indebtedness) of the Parent Guarantor or any Subsidiary of the Parent Guarantor and such acceleration
shall not have been rescinded, annulled, waived or otherwise cured within 30 days after receipt by the Parent Guarantor or such Subsidiary of the Parent Guarantor of written notice of any such acceleration (an “Acceleration”), if
the aggregate principal amount of such Indebtedness, together with the aggregate principal amount of any other Indebtedness for borrowed money (other than Non-Recourse Indebtedness) of the Parent Guarantor or
any Subsidiary of the Parent Guarantor as to which a Payment Default or an Acceleration shall have occurred and shall be continuing, aggregates $50.0 million or more at any time; 

(5) failure by the Parent Guarantor or any Significant Subsidiary of the Parent Guarantor (other than any Securitization
Entity) to pay final judgments aggregating in excess of $50.0 million (exclusive of amounts covered by insurance), which final judgments remain unpaid, undischarged and unstayed for a period of more than 60 days after such judgment becomes
final; 
 (6) (a) the Parent Guarantor, any Issuer or any Significant Subsidiary of the Parent Guarantor, pursuant to or
within the meaning of any Bankruptcy Law: 
 (i) commences a voluntary case or proceeding; 

(ii) consents to the entry of judgment, decree or order for relief against it in an involuntary case or proceeding; 

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

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

(v) consents to or acquiesces in the institution of a bankruptcy or an insolvency proceeding against it; or 

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

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

(i) is for relief in an involuntary case against the Parent Guarantor, any Issuer or any Significant Subsidiary of the Parent
Guarantor pursuant to or within the meaning of any Bankruptcy Law; 
 (ii) appoints a Custodian for all or substantially all
of the property of the Parent Guarantor, any Issuer or any Significant Subsidiary of the Parent Guarantor pursuant to or within the meaning of any Bankruptcy Law; or 

(iii) orders the winding up or liquidation of the Parent Guarantor, any Issuer or any Significant Subsidiary of the Parent
Guarantor pursuant to or within the meaning of any Bankruptcy Law; 
 and in the case of each of (i), (ii) and (iii) of this paragraph
(b), such order, decree or relief remains unstayed and in effect for 60 days; or 

  
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 (7) any Guarantee of the Notes by the Parent Guarantor a Guarantor that is a
Significant Subsidiary of the Parent Guarantor ceases (or the Guarantees of the Notes by a group of Guarantors that together would constitute a Significant Subsidiary of the Parent Guarantor cease) to be in full force and effect for a period of 30
days, or the Parent Guarantor or a Guarantor of the Notes that is a Significant Subsidiary of the Parent Guarantor (or a group of Guarantors of the Notes that together would constitute a Significant Subsidiary of the Parent Guarantor) denies or
disaffirms its obligations under its Guarantee (or their obligations under their Guarantees, as the case may be) of the Notes unless such denial or disaffirmation, as applicable, is rescinded, canceled or terminated within 30 days, in each case
other than by reason of the release, termination or discharge of any such Guarantees or Guarantors in accordance with the terms of this Indenture or as a result of the discharge of this Indenture pursuant to Section 8.01 or
as a result of Legal Defeasance or Covenant Defeasance pursuant to Section 8.02. 
 The foregoing will constitute
Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body. 
 SECTION 6.02. Acceleration. 

If an Event of Default with respect to the Notes (other than an Event of Default specified in clause (6) of the first paragraph of
Section 6.01 with respect to the Parent Guarantor or any Issuer) shall occur and be continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of outstanding Notes may, and the Trustee at the
written request of such Holders shall, declare the principal of and accrued and unpaid interest on all the outstanding Notes to be due and payable by notice in writing to the Parent Guarantor and (if the notice is given by Holders) to the Trustee
specifying the Event of Default and that it is a “notice of acceleration,” and, upon such a declaration, such unpaid principal and accrued and unpaid interest shall become immediately due and payable. If an Event of Default specified in
clause (6) of the first paragraph of Section 6.01 with respect to the Parent Guarantor or any Issuer occurs and is continuing, then all unpaid principal of, and accrued and unpaid interest on, all of the outstanding
Notes shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 

At any time after any such acceleration, the Holders of a majority in aggregate principal amount of the outstanding Notes by notice to the
Trustee and the Parent Guarantor may rescind and cancel any such acceleration and its consequences if (i) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction, (ii) all existing Events of
Default, other than nonpayment of principal of or interest on the Notes that have become due solely because of the acceleration, have been cured or waived, (iii) to the extent the payment of such interest is lawful, interest on overdue
installments of interest and overdue principal, in each case which have become due otherwise than by such acceleration, at the per annum rate specified in the last paragraph of Section 4.01, has been paid; and (iv) the
Issuers have paid the Trustee its compensation as provided for in this Indenture and reimbursed the Trustee for its reasonable expenses, disbursements and advances in connection with such acceleration and rescission. 

In the event of acceleration of the Notes because an Event of Default specified in clauses (3) or (5) of the first paragraph under this
Section 6.01 has occurred and is continuing, the acceleration of the Notes shall be automatically rescinded and cancelled if (a) within 60 days after such acceleration of the Notes as a result of such Event of Default,
the judgment as to which caused such Event of Default shall be less than $50.0 million, having been paid, discharged, stayed or waived by the holders of the relevant judgment or the relevant judgment having been repaid, redeemed, defeased or
otherwise discharged, or otherwise, (b) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (c) all existing Events of Default, other than nonpayment of the principal of or interest on the
Notes that shall have become due solely because of the acceleration, have been cured or waived. 
 In the event of acceleration of the Notes
because an Event of Default specified in clause (4) of the first paragraph of Section 6.01 has occurred and is continuing, the acceleration of the Notes shall be automatically rescinded and cancelled if (a) within
60 days after such acceleration of the Notes as a result of such Event of Default, the aggregate principal amount of Indebtedness for borrowed money (other than Non-Recourse Indebtedness) of the Parent
Guarantor or any Subsidiary of the Parent Guarantor as to which a Payment Default or 

  
 46 

 
an Acceleration shall have occurred and shall be continuing shall be less than $50.0 million, whether as a result of any such Payment Default or Payment Defaults or Acceleration or
Accelerations, as the case may be, having been remedied or cured or waived by the holders of the relevant Indebtedness, the relevant Indebtedness having been repaid, redeemed, defeased or otherwise discharged, or otherwise, (b) the rescission
would not conflict with any judgment or decree of a court of competent jurisdiction and (c) all existing Events of Default, other than nonpayment of the principal of or interest on the Notes that shall have become due solely because of the
acceleration, have been cured or waived. 
 No rescission of acceleration of the Notes pursuant to this
Section 6.02 shall affect any subsequent Default or impair any right consequent thereto. 
 Notwithstanding the
foregoing, the sole remedy for an Event of Default relating to the failure of the Issuers to comply with their obligations set forth in Section 4.09 of this Indenture, will, for the first 180 days after the occurrence of
such an Event of Default, consist exclusively of the right to receive additional interest on the Notes at a rate equal to 0.50% per annum of the principal amount of the Notes outstanding for each day during the
180-day period beginning on, and including, the day on which such an Event of Default occurs during which such Event of Default is continuing (and neither waived nor cured). If the Issuers so elect, such
additional interest will be payable in the same manner and on the same dates as the stated interest payable on the Notes. On the 181st day after such Event of Default (if the Event of Default relating to the obligations as set forth in
Section 4.09 is not cured or waived prior to such 181st day), the Notes will be subject to acceleration as provided above. The provisions of this paragraph will not affect the rights of Holders of Notes in the event of the
occurrence of any other Event of Default. In the event the Issuers do not elect to pay the additional interest following an Event of Default in accordance with this paragraph or the Issuers elect to make such payment but do not pay the additional
interest when due, the Notes will be immediately subject to acceleration as provided in this Section 6.02. 
 In
order to elect to pay the additional interest as the sole remedy during the first 180 days after the occurrence of an Event of Default relating to the failure to comply with the reporting obligations in accordance with the immediately preceding
paragraph, the Issuers must notify all Holders of Notes, the Trustee and the Paying Agent of such election prior to the beginning of such 180-day period. Upon the Issuers’ failure to timely give such
notice, the Notes will be immediately subject to acceleration as provided above. 
 SECTION 6.03. Other Remedies. 

If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the
payment of principal of, or premium, if any, or interest on, the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. To the
fullest extent permitted by applicable law, a delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the
Event of Default, no remedy is exclusive of any other remedy and all available remedies are cumulative. 
 SECTION 6.04. Waiver of Past
Defaults. 
 The Holders of a majority in principal amount of the outstanding Notes may waive, by their consent (including, without
limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes), any Default or Event of Default and its consequences except a continuing default in the payment of the principal, premium, if any, or
interest on any Notes held by any non-consenting Holder (excluding a default in payment resulting from an acceleration that has been or is being waived or rescinded or that has been cured). Upon any such
waiver, such Default or Event of 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 Section 7.02(g), the Holders of a majority in aggregate principal amount of the Notes then outstanding may
direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee under this Indenture. Subject to Section 7.01,
however, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or the Notes or that the Trustee determines is unduly prejudicial to the rights of other Holders or would involve the Trustee in personal liability;
provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any such action hereunder, the Trustee shall be entitled to indemnification and/or
security satisfactory to it against all fees, losses, liabilities and expenses (including attorney’s fees and expenses) caused by or that might be caused by taking or not taking such action. 

SECTION 6.06. Limitation on Suits. 

Subject to Section 6.07, a Holder may not pursue any remedy with respect to this Indenture or the Notes or any
Guarantees, unless: 
 (1) such Holder shall have previously given to the Trustee written notice of a continuing Event of
Default; 
 (2) the Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall have made a
written request, and such Holder or Holders shall have offered indemnity and/or security satisfactory to the Trustee to pursue a remedy; and 

(3) the Trustee has failed to comply with such request and has not received from the Holders of at least a majority in
aggregate principal amount of the Notes outstanding a direction inconsistent with such request within 60 days after such notice, request and offer of security and/or indemnity. 

SECTION 6.07. Rights of Holders to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of, premium, if any, and
interest on, the Notes held by such Holder on or after the respective due dates expressed or provided for in the Notes, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected
without the consent of such Holder. 
 SECTION 6.08. Collection Suit by Trustee. 

If an Event of Default specified in clause (1) or (2) of the first paragraph of Section 6.01
occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of principal, premium, if any, and accrued interest remaining unpaid (together with interest on any
overdue interest (to the extent permitted by applicable law) at the rate per annum specified in the last paragraph of Section 4.01) and such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee. 
 SECTION 6.09. Trustee May File Proofs of
Claim. 
 The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee and the Holders allowed in any judicial proceedings relating to the Issuers, its creditors or its property 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 (it being understood it shall be under no obligation to do so), to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to, or accept or adopt, on behalf of any Holder, any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the
claim of any Holder in any such proceeding. 

  
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 SECTION 6.10. Priorities. 

If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or property in the following order:

 FIRST: to the Trustee for amounts due under Section 7.07; 

SECOND: to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest; and 
 THIRD: to
the Issuers. 
 The Trustee, upon prior notice to the Issuers, may fix a record date and payment date for any payment to Holders pursuant to
this Section 6.10. Promptly after any record date or payment date is set pursuant to this Section 6.10, the Trustee shall cause notice of such record date or payment date or both, as the case may
be, to be given to the Parent Guarantor and each Holder in the manner set forth in Section 11.02. 
 SECTION 6.11.
Undertaking for Costs. 
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the
Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not
apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in principal amount of the 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 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: 

(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no
implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad
faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture. However, in the case of certificates or opinions specifically required by any provision hereof to be furnished to it, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of
this Indenture (but need not confirm or investigate the accuracy of mathematical calculations stated therein). 

  
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 (c) Notwithstanding anything to the contrary herein, the Trustee may not be relieved from
liability for its own grossly negligent action, its own grossly negligent failure to act or its own willful misconduct, except that: 

(1) This paragraph does not limit the effect of paragraph (b) of this Section 7.01. 

(2) The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved
that the Trustee was grossly negligent in ascertaining the pertinent facts. 
 (3) The Trustee shall not be liable with
respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 

(d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this
Section 7.01. 
 (e) The Trustee shall not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Issuers. 
 (f) Money held in trust by the Trustee need not be segregated from other funds except to
the extent required by law. 
 (g) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur any liability in the performance of any of its duties hereunder or to take or omit to take any action under this Indenture or take any action at the request or direction of Holders if it shall have reasonable grounds for believing that
repayment of such funds is not assured to it. 
 (h) The Trustee shall not be deemed to have notice of a Default or an Event of Default
unless a Responsible Officer of the Trustee has received written notice thereof from the Issuers or any Holder and such notice references the Notes, the Issuers, and this Indenture. 

SECTION 7.02. Rights of Trustee. 

Subject to Section 7.01: 

(a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper Person.
The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may
require an Officers’ Certificate and/or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. 

(c) The Trustee may act through agents and shall not be responsible for the misconduct or gross negligence of any agent 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 reasonably believes to be
authorized or within its rights or powers; provided, however, that, subject to paragraph (b) of Section 7.01, the Trustee’s conduct does not constitute willful misconduct or negligence. 

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

  
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 (f) The permissive rights of the Trustee to do things enumerated in this Indenture shall not
be construed as a duty unless so specified herein. 
 (g) The Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request, order or direction of any of the Holders of the Notes, unless such Holders have offered to the Trustee security and/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. 
 (h) The Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate (including any Officers’ Certificate), statement, instrument, opinion (including any Opinion of Counsel), notice, request, direction, consent, order, bond, debenture, or other
paper or document, but the Trustee, , may make such further inquiry or investigation into such facts or matters as it may see fit. 
 (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 under any
other agreement entered into by the Trustee in connection with this Indenture and the Notes, and each agent, custodian and other Person employed to act hereunder. 

(j) 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. 

(k) The Trustee may request that the Issuers 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 not be required to give any bond or surety in
respect of the performance of its powers and duties hereunder. 
 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 Issuers or its
Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co-Registrar may do the same with like rights. However, the Trustee must comply with Sections 7.10
and 7.11. 
 SECTION 7.04. Trustee’s Disclaimer. 

The Trustee shall not be responsible for and makes no representation as to the validity, priority or adequacy of this Indenture or the Notes,
it shall not be accountable for the Issuers’ use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuers in this Indenture or in any document issued in connection with the sale of the Notes or any
statement in the Notes other than the Trustee’s certificate of authentication. 
 SECTION 7.05. Notice of Defaults. 

If a Default or Event of Default occurs and is continuing and a Responsible Officer of the Trustee receives written notice of such Default or
Event of Default, the Trustee shall mail to each Holder notice of the Default or Event of Default within 90 days after written notice of it is received by the Trustee. Except in the case of an Event of Default in payment of principal of, premium, if
any, or interest on any Note, the Trustee may withhold the notice if and so long as its Board of Directors or a committee thereof or a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of
Holders. 

  
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 SECTION 7.06. Reserved. 

SECTION 7.07. Compensation and Indemnity. 

The Issuers and the Guarantors, jointly and severally, shall pay to the Trustee from time to time such reasonable compensation as the Issuers
and the Trustee shall from time to time agree in writing for the Trustee’s services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuers and the Guarantors,
jointly and severally, shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in
addition to the compensation for its services, except any such expenses as shall have been caused by the Trustee’s own gross negligence or willful misconduct (as adjudicated by a court of competent jurisdiction in a final non-appealable decision). Such expenses shall include the reasonable fees and out-of-pocket expenses of the Trustee’s agents,
counsel and accountants. The Issuers and the Guarantors, jointly and severally, shall indemnify the Trustee against any and all loss, liability, claim, damage or expense (including reasonable attorneys’ fees and expenses) incurred by it in
connection with the acceptance or administration of this trust and the performance of its duties hereunder. The Trustee shall notify the Issuers promptly of any claim of which a Responsible Officer has received notice or of which a Responsible
Officer has otherwise become aware for which the Trustee or any Trustee Party (as defined below) may seek indemnity. Failure by the Trustee to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Issuers shall defend
the claim and the Trustee shall cooperate and shall cause all Trustee Parties to cooperate in the defense. The Trustee and all Trustee Parties may have one firm of separate counsel selected by the Trustee in connection with the defense of such claim
and the Issuers shall pay the reasonable fees and out-of-pocket expenses of such counsel; provided, however, that the Issuers will not be required to pay
such fees and expenses if, subject to the approval of the Trustee (which approval shall not be unreasonably withheld), it assumes the Trustee’s defense and there is no conflict of interest between the Issuers, on the one hand, and the Trustee
and any Trustee Parties subject to the claim, on the other hand, in connection with such defense as reasonably determined by the Trustee. The Issuers need not reimburse any expense or indemnify against any loss, damage, claim, liability or expense
caused by or resulting from the willful misconduct or gross negligence of the Trustee or a Trustee Party (as adjudicated by a court of competent jurisdiction in a final non-appealable decision). The Issuers
need not pay for any settlement made by the Trustee or any Trustee Party without the Issuers’ written consent, such consent not to be unreasonably withheld. Any settlement which affects a Trustee Party may not be entered into without the
consent of the Trustee, unless the Trustee and the applicable Trustee Party is given a full and unconditional release from liability with respect to the claims covered thereby and such settlement does not include a statement or admission of fault,
culpability, or failure to act by or on behalf of the Trustee or the applicable Trustee Party. All indemnifications and releases from liability granted hereunder to the Trustee shall extend to its officers, directors, employees, agents and
successors (collectively, “Trustee Parties”). 
 To secure the Issuers’ payment obligations 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 pursuant to this Indenture, other than money or property held in trust to pay principal of, or
premium, if any, or interest on, or other amounts payable to Holders under, the Notes or the Guarantees. 
 The Issuers’ payment
obligations pursuant to this Section 7.07 shall survive the resignation or removal of the Trustee and the discharge or termination of this Indenture. 

Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee incurs expenses after the occurrence of
a Default specified in clause (6) of the first paragraph of Section 6.01 with respect to the Parent Guarantor or any Issuer, the expenses are intended to constitute expenses of administration under applicable
Insolvency Law. 
 SECTION 7.08. Replacement of Trustee. 

The Trustee may resign at any time by giving 30 days prior written notice of such resignation to the Issuers. The Holders of a majority in
aggregate principal amount of the Notes then outstanding may, upon 30 days prior written notice to the Issuers and the Trustee, remove the Trustee and may appoint a successor Trustee; provided that so long as no Default or Event of Default has
occurred and is continuing, the Issuers shall have the right to consent to the successor Trustee, such consent not to be unreasonably withheld. The Issuers may remove the Trustee if: 

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

  
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 (2) the Trustee is adjudged bankrupt or insolvent; 

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

(4) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuers shall notify each Holder of
such event and shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the Notes may appoint a successor Trustee to replace the successor Trustee
appointed by the Issuers. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the
Issuers. Immediately after that, the retiring Trustee shall transfer, after payment of all sums then owing to the retiring Trustee pursuant to Section 7.07, all money and property held by it as Trustee to the successor
Trustee, subject to the lien provided in Section 7.07, whereupon 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 cause to be delivered a notice of its succession to all Holders. 
 Anything in
this Section 7.08 to the contrary notwithstanding but subject to the provisions of Section 7.09, no resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this
Section 7.08 shall become effective until the acceptance of appointment by the successor Trustee pursuant to this Section 7.08. 

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

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

Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Issuers’ obligations under
Section 7.07 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.09. Successor Trustee by Merger.

 If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business to, another
corporation or bank, the resulting, surviving or transferee corporation or bank, without any further act shall be the successor Trustee; provided that such corporation or bank shall be otherwise qualified and eligible under this Article 7.

 In case at the time such successor or successors (by merger, conversion, transfer of all or substantially all of its corporate trust
business or consolidation) to the Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any
predecessor Trustee and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any such successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder
or in the name of the successor to the Trustee; and in all such cases such certificates shall have the same full force and effect as if they had been authenticated by the predecessor Trustee. 

  
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 SECTION 7.10. Eligibility; Disqualification. 

The Trustee shall at all times satisfy the requirements of TIA § 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee shall have (or, in the
case of a corporation included in a bank holding company system, the related bank holding company shall have) a combined capital and surplus of at least $50,000,000 as set forth in its (or its related bank holding company’s) most recent
published annual report of condition. In addition, if the Trustee is a corporation or bank included in a bank holding company system, the Trustee, independently of the bank holding company, shall meet the capital requirements of TIA §
310(a)(2). The Trustee shall comply with TIA § 310(b), subject to the penultimate paragraph thereof; provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under
which other securities or certificates of interest or participation in other securities of the Issuers are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. 

SECTION 7.11. Preferential Collection of Claims Against the Issuers. 

The Trustee shall comply with TIA § 311(a)(1) and 310(a)(5), excluding any creditor relationship listed in TIA § 311(b). A Trustee
who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated. 
 ARTICLE 8 

DISCHARGE OF INDENTURE; DEFEASANCE 

SECTION 8.01. Discharge of Liability on Notes. 

This Indenture will be discharged and will cease to be of further effect (except as to surviving rights of registration of transfer or exchange
of the Notes as expressly provided for in this Indenture and except for the Trustee’s right to reimbursement of fees and expenses and indemnification as expressly provided for in this Indenture) as to all outstanding Notes, and all of the
Guarantees of the Notes shall be discharged, terminated and released, when: 
 (1) either 

(a) all Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes that 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 Issuers and thereafter repaid to the Issuers or discharged from such trust) have been delivered to the Trustee for cancellation; or 

(b) all Notes not theretofore delivered to the Trustee for cancellation have become due and payable by giving of a notice of
redemption, upon stated maturity or otherwise, will become due and payable within one year (upon stated maturity or otherwise), or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the Issuers, and the Issuers have irrevocably deposited or caused to be deposited with the Trustee cash in such amount as will be sufficient, U.S. Government Obligations the
scheduled payments of principal of and interest on which will be sufficient (without any reinvestment of such interest), or a combination thereof in such amounts as will be sufficient, to pay and discharge the entire Indebtedness on such Notes not
theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on such Notes to the date of maturity or redemption, as the case may be, together with irrevocable instructions from the Issuers directing the
Trustee to apply such funds to the payment thereof at maturity or redemption; 
 (2) the Issuers have paid or caused to be
paid all other sums payable by the Issuers under this Indenture; and 

  
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 (3) the Issuers have delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions, exceptions and limitations) stating that all conditions precedent under this Section 8.01 relating to the satisfaction and
discharge of this Indenture have been complied with. 
 Notwithstanding the foregoing paragraph, the provisions of Sections 8.04,
8.05, 8.06, 8.07 and 11.08 and, if the outstanding Notes have been or are to be called for redemption, Article 3 shall survive until the Notes have been cancelled or are no longer outstanding. 

After such delivery or irrevocable deposit, the Trustee upon request shall execute proper instruments acknowledging the discharge of this
Indenture and the Issuers’ obligations under the Notes and this Indenture and, if applicable, the obligations of all Guarantors under the Guarantees and this Indenture, except for those surviving obligations specified above. 

SECTION 8.02. Legal Defeasance and Covenant Defeasance. 

(a) The Issuers may, at their option and at any time, elect to have either Section 8.02(b) or (c) be
applied to the Notes upon compliance with the conditions set forth in Section 8.03. 
 (b) Upon the Issuers’
exercise under Section 8.02(a) of the option under this Section 8.02(b), the Issuers and the Guarantors shall be discharged from all of their obligations under the Notes, the Guarantees and this
Indenture (“Legal Defeasance”) on the date that the applicable conditions set forth in Section 8.03 shall have been satisfied, and on or after that date any omission to comply with any such obligations
shall no longer constitute a Default or Event of Default. Such Legal Defeasance shall mean that the Issuers shall be deemed to have paid and discharged the entire indebtedness represented by the outstanding Notes (which shall thereafter be deemed to
be outstanding only for purposes of the provisions of this Indenture referred to in clauses (1) through (4) below), the Guarantors shall be released from all of their obligations under this Indenture and their Guarantees of the Notes, and the
Issuers shall be released from all of their other obligations under this Indenture and the Notes, except that the following provisions of this Indenture shall survive: 

(1) the rights of Holders to receive, solely from the trust fund described in clause (1) of the first paragraph of
Section 8.03, payments in respect of the principal of, and premium, if any, and interest on the Notes when such payments are due; 

(2) the Issuers’ 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 payments on the Notes; 
 (3) the
rights, powers, trust, duties and immunities of the Trustee and the Issuers’ obligations in connection therewith; and 

(4) the provisions of this Section 8.02, Sections 8.04, 8.05, 8.06, 8.07
and 11.08 and, if the outstanding Notes have been or are to be called for redemption, Article 3. 
 On and after the date of
Legal Defeasance, payment of the Notes may not be accelerated because of an Event of Default and, upon such Legal Defeasance, the Guarantees of the Notes and all obligations of the Guarantors under this Indenture and the Guarantees shall
automatically terminate. 
 Subject to compliance with this Article 8, the Issuers may exercise its option under this
Section 8.02(b) notwithstanding the prior exercise of its option under Section 8.01(c). 

  
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 (c) Upon the Issuers’ exercise under Section 8.02(a) of the
option under this Section 8.02(c), the Issuers and the Guarantors shall be released and discharged from all of their covenants and agreements under Section 4.06 through 4.10, inclusive,
clause (2) of Section 5.01(a) (other than with respect to the Parent Guarantor) and clause (2) of the first paragraph Section 5.01(b) on the date that the applicable conditions set forth
in Section 8.03 shall have been satisfied (“Covenant Defeasance”), and on or after that date the foregoing covenants and agreements shall no longer apply, and the Notes shall be deemed not to be outstanding for
purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with any such covenants or agreements, but shall continue to be deemed outstanding for all other purposes hereunder, and
the Issuers and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition, obligation or limitation set forth in any of the Sections, clauses and other provisions set forth above in this
Section 8.02(c), whether directly or indirectly, by reason of any reference elsewhere herein to any such Section, clause or other provision or by reason of any reference in any such Section, clause or other provision to any
other Section, clause or provision herein or in any other document and such omission to comply with any covenant or agreement set forth in any such Section, clause or other provision shall not constitute a Default or Event of Default under this
Indenture. On and after the date that Covenant Defeasance occurs, (x) the Events of Default described in clauses (1) and (2) (solely insofar as such clauses relate to any failure to pay amounts due in connection with a Change of Control
Offer), clause (3) (solely insofar as it relates to the covenants and agreements as to which Covenant Defeasance has occurred), clause (4), clause (5), clause (6) (except with respect to the Parent Guarantor or any Issuer) and clause (7) of the
first paragraph of Section 6.01 will no longer constitute Events of Default or otherwise apply and (y) the Guarantors of the Notes shall be automatically released from all of their obligations under their Guarantees of the Notes and this
Indenture and such Guarantees will be automatically released, terminated and discharged. 
 (d) Subject to compliance with
Section 8.02(b) or (c), the Trustee, upon request shall execute proper instruments acknowledging such Legal Defeasance or Covenant Defeasance and the release, termination and/or discharge of the instruments,
agreements and other provisions referred to in such Section 8.02(b) or (c), as applicable. 
 SECTION 8.03.
Conditions to Legal Defeasance and Covenant Defeasance. 
 The following shall be the conditions to Legal Defeasance or Covenant
Defeasance: 
 (1) the Issuers shall have irrevocably deposited with the Trustee, in trust, for the benefit of the Holders of
the Notes cash in U.S. Legal Tender in such amount as will be sufficient, U.S. Government Obligations the scheduled payments of principal of and interest on which will be sufficient (without any reinvestment of such interest), or a combination
thereof in such amounts as will be sufficient, as confirmed, certified or attested by an Independent Financial Advisor in writing to the Trustee, to pay the principal of, premium, if any, and interest on the Notes on the stated maturity date thereof
or any earlier Redemption Date; 
 (2) in the case of Legal Defeasance, the Issuers shall have delivered to the Trustee an
Opinion of Counsel in the United States (which Opinion of Counsel may be subject to customary assumptions, exceptions and limitations) confirming that: 

(a) the Issuers have received from, or there has been published by, the Internal Revenue Service a ruling; or 

(b) since the date of this Indenture, there has been a change in the applicable U.S. federal income tax law; 

in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Notes will not recognize
income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal
Defeasance had not occurred; 
 (3) in the case of Covenant Defeasance, the Issuers shall have delivered to the Trustee an
Opinion of Counsel in the United States (which Opinion of Counsel may be subject to customary assumptions, exceptions and limitations) confirming that the Holders of the Notes will not recognize income, gain or loss for U.S. federal income tax
purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

  
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 (4) no Default or Event of Default shall have occurred and be continuing on
the date of such deposit pursuant to clause (1) of this Section 8.03 (other than a Default and Event of Default resulting from borrowing of funds to be applied to make such deposit and any similar or substantially
contemporaneous transactions and, in each case, the granting of any Liens in connection therewith); 
 (5) such Legal
Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any agreement or instrument that, in the judgment of the Issuers, is material with respect to the Parent Guarantor and its Subsidiaries
taken as a whole (excluding this Indenture) to which the Parent Guarantor or any of its Subsidiaries is a party or by which the Parent Guarantor or any of its Subsidiaries is bound; 

(6) the Issuers shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel (which Opinion of
Counsel may be subject to customary assumptions, exceptions and limitations), each stating that all conditions precedent provided for in this Section 8.03 to such Legal Defeasance or Covenant Defeasance, as the case may be,
have been complied with; and 
 (7) the Issuers shall have delivered irrevocable instructions to the Trustee to apply the
deposited money toward the payment of the Notes on the stated maturity date thereof or on the applicable Redemption Date, as the case may be (which instructions may be contained in the Officers’ Certificate referred to in clause (6) of
this Section 8.03). 
 Notwithstanding the foregoing, the Opinion of Counsel required by clause (2) of this
Section 8.03 with respect to a Legal Defeasance need not be delivered if all Notes not theretofore delivered to the Trustee for cancellation (1) have become due and payable or (2) will become due and payable on
their maturity date or any earlier Redemption Date within one year and, in the case of any such redemption, under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the
Issuers. 
 SECTION 8.04. Application of Trust Money. 

The Trustee shall hold in trust the U.S. Legal Tender and U.S. Government Obligations deposited with it pursuant to this Article 8 and
any principal, interest or other proceeds in respect of such U.S. Government Obligations. It shall apply the deposited money and the proceeds from U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the
payment of principal of, premium, if any, and interest on the Notes. 
 Anything in this Article 8 to the contrary notwithstanding,
the Trustee shall deliver or pay to the Issuers from time to time upon the Issuers’ request any U.S. Legal Tender and U.S. Government Obligations or proceeds therefrom held by it as provided in Section 8.01 or
8.03 which are in excess of the amount thereof that would then be required to be deposited to effect an equivalent discharge of this Indenture pursuant to Section 8.01 or an equivalent Legal Defeasance or Covenant
Defeasance pursuant to Section 8.02, as evidenced by a written confirmation, certification or attestation by an Independent Financial Advisor delivered to the Trustee. 

SECTION 8.05. Repayment to the Issuers. 

The Trustee and the Paying Agent shall promptly deliver to the Issuers upon request any excess U.S. Legal Tender and U.S. Government
Obligations and proceeds therefrom held by them at any time and thereupon shall be relieved from all liability with respect to such money, securities and proceeds. Subject to any applicable abandoned property law, any money, U.S. Government
Obligations or proceeds therefrom deposited with or received by the Trustee or any Paying Agent, or held by the Parent Guarantor or any of its Subsidiaries, in trust for the payment of the principal, premium, if any, or interest on any Note,
remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Issuers on its request or (if then held by the Parent Guarantor or any of its Subsidiaries) shall be discharged from
such trust and the Holder of such Note shall thereafter look only to the Issuers as general creditors for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such money, U.S. Government Obligations and proceeds,
and all liability of the Parent Guarantor or any of its Subsidiaries as trustee thereof, shall thereupon cease. 

  
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 SECTION 8.06. Reinstatement. 

If the Trustee or Paying Agent is unable to apply any U.S. Legal Tender and U.S. Government Obligations (or proceeds therefrom) deposited
pursuant to Section 8.01 or 8.03 in accordance with Section 8.04 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 Issuers’ obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.01 or
8.03, as applicable, until such time as the Trustee or Paying Agent is permitted to apply all such U.S. Legal Tender and U.S. Government Obligations in accordance with Section 8.04; provided that if any Issuers or
any Guarantor has made any payment of principal of, or premium, if any, or interest on any Notes because of the reinstatement of its obligations, such Issuer or such Guarantor, as applicable, shall be subrogated to the rights of the Holders of such
Notes to receive such payment from the U.S. Legal Tender and U.S. Government Obligations held by the Trustee or Paying Agent. 
 SECTION 8.07.
Indemnity for Government Obligations. 
 The Issuers and the Guarantors, jointly and severally, shall pay and shall indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations deposited pursuant to Section 8.01 or 8.03 or the principal and interest received on such U.S. Government
Obligations. 
 ARTICLE 9 

AMENDMENTS 
 SECTION 9.01. Without
Consent of Holders. 
 From time to time, the Issuers, the Guarantors and the Trustee, without the consent of the Holders of the Notes,
may modify, amend or supplement the Notes, any Guarantees or other guarantees of the Notes or this Indenture: 
 (1) to cure
any ambiguity or omission; or to correct or supplement any provision contained in this Indenture, any Notes or any Guarantees or other guarantees of the Notes which may be defective or inconsistent with any other provision in this Indenture or any
of the Notes or any such Guarantees or other guarantees; 
 (2) to provide for uncertificated Notes in addition to or in
place of Certificated Notes; 
 (3) to provide for the assumption of the Issuers’ obligations to the Holders of the
Notes by a successor to the Issuers pursuant to the terms of this Indenture; 
 (4) to make any change that would provide any
additional rights or benefits to the Holders of the Notes or that does not adversely affect in any material respect the rights of any Holder of the Notes; 

(5) to provide for any Subsidiary of the Parent Guarantor or any other Person to provide a Guarantee or other guarantee of the
Notes, to add, novate, confirm or assume a Guarantee or other guarantee of the Notes, to add security to or for the benefit of the Notes or any Guarantee or other guarantee of the Notes, or to confirm and evidence the release, termination or
discharge of any Guarantor, Guarantee, other guarantor or other guarantee of the Notes or any Lien with respect to or securing the Notes or any Guarantee or other guarantee thereof, in each case when such release, termination or discharge is
provided for under this Indenture, under any Guarantee or other guarantee or under any instrument or agreement creating or evidencing any such Lien, as the case may be; 

  
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 (6) to conform the provisions of this Indenture, the Notes or any Guarantees
of the Notes to the “Description of the Notes” section of the Offering Memorandum; 
 (7) to comply with the rules
of any applicable Depositary; 
 (8) to evidence and provide for the acceptance of appointment under this Indenture of a
successor trustee; 
 (9) to add to the covenants of the Issuers or any Guarantor or other guarantor of the Notes for the
benefit of the Holders of the Notes, to provide that any such additional covenants shall be subject to Covenant Defeasance, to add Events of Default or to surrender any right or power conferred upon the Issuers or any Guarantor or other guarantor of
the Notes pursuant to this Indenture; and 
 (10) to provide for the issuance and delivery of Additional Notes. 

The Issuers shall not be required to notify Holders of modifications, amendments or supplements made pursuant to this
Section 9.01. 
 SECTION 9.02. With Consent of Holders. 

(a) Without limitation to the provisions of Section 9.01, modifications, amendments and supplements of the Notes, any
Guarantees or other guarantees thereof or this Indenture may be made with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including consents obtained in connection with a purchase of, or a tender
offer or exchange offer for, the Notes), and compliance with any provision of the Notes, any Guarantees or other guarantees thereof or this Indenture may be waived with the consent of the Holders of a majority in aggregate principal amount of the
then outstanding Notes (including consents obtained in connection with a purchase of, or a tender offer or exchange offer for, the Notes), except that, without the consent of each Holder of Notes, no amendment, supplement or waiver may: 

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

(2) reduce the rate of or change or have the effect of changing the time for payment of interest, including defaulted interest,
on any Notes, except pursuant to Section 9.02(a)(8); 
 (3) reduce the principal of or change or
have the effect of changing the final stated maturity of any Notes, or change the date on which any Notes may be subject to redemption or reduce the redemption price therefor; 

(4) make any Notes payable in currency other than that stated in the Notes; 

(5) make any change in provisions of this Indenture providing that the right of each Holder to receive payment of principal of,
premium, if any, and interest on the Notes on or after the due dates thereof or to bring suit to enforce such payment shall not be impaired without the consent of such Holder, or permitting Holders of a majority in principal amount of Notes to waive
Defaults or Events of Default; 
 (6) release the Parent Guarantor from any of its obligations under its Guarantee of the
Notes or this Indenture, except in accordance with the terms of this Indenture; 
 (7) release all or substantially all of
the value of the Guarantees, except in accordance with the terms of this Indenture; or 
 (8) amend, supplement, waive or
modify the Issuers’ obligation to make an offer to repurchase the Notes pursuant to Section 4.06, or reduce the premium payable upon any such repurchase or change the time at which any Notes may be repurchased pursuant
to Section 4.06, whether through an amendment, supplement, waiver or modification of provisions in such covenant or any definitions or other provisions in this Indenture or otherwise, unless such amendment, supplement
waiver or modification shall be in effect prior to the occurrence of the applicable Change of Control Triggering Event. 
  

  
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 A consent to any modification, amendment, supplement or waiver under this Indenture by any
Holder of Notes given in connection with a tender or exchange of such Holder’s Notes will not be rendered invalid by such tender or exchange. 

(b) It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form
of any proposed modification, amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance of the proposed modification, amendment, supplement or waiver. 

(c) After a modification, amendment, supplement, or waiver under Section 9.02(a) becomes effective, the Issuers
shall mail (or otherwise transmit) to the Holders affected thereby at their registered addresses a notice briefly describing the modification, amendment, supplement or waiver. Any failure of the Issuers to mail (or transmit) such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of any such modification, amendment, supplement or waiver. 

SECTION 9.03. Revocation and Effect of Consents and Waivers. 

Until an amendment, waiver, modification or supplement becomes effective, a consent to it by a Holder is a continuing consent by the Holder and
every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the amendment, waiver, modification or supplement is not made on any Note. However, any such Holder or
subsequent Holder may revoke the consent as to its Note or any portion of its Note by notice to the Trustee and the Parent Guarantor received before the date on which such amendment, supplement, modification or waiver becomes effective. An
amendment, supplement, modification or waiver becomes effective in accordance with the terms thereof. 
 The Issuers may, but shall not be
obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described in this Article 9 or required or otherwise permitted to be given or taken pursuant to this Indenture.
If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Holders at the close of business on such record date (or their duly designated proxies), and only those Persons, shall be entitled to give
any consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be Holders after such record date. No such consent or action shall be valid or effective for more than 120 days after such
record date. 
 After an amendment, supplement, modification or waiver becomes effective, it shall be conclusive and binding on every
Holder. 
 SECTION 9.04. Notation on or Exchange of Notes. 

If an amendment, supplement, modification or waiver changes the terms of a Note, the Issuers may require each Holder of a Note to deliver it to
the Trustee. The Issuers shall provide the Trustee with an appropriate notation on the Note about the changed terms and cause the Trustee to return it to the Holder at the Issuers’ expense. Alternatively, if the Issuers so determine, the
Issuers in exchange for the Note shall issue and, upon receipt of written direction from the Issuers, the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or issue a new Note shall not
affect the validity of such amendment, supplement, modification or waiver. 
 SECTION 9.05. Trustee To Sign Amendments. 

The Trustee shall execute any modification, amendment, supplement or waiver authorized pursuant to this Article 9; provided that the
Trustee may, but shall not be obligated to, execute any such modification, amendment, supplement or waiver which adversely affects the Trustee’s own rights, duties or immunities under this Indenture. The Trustee shall be entitled to receive,
and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel and an Officers’ Certificate each stating that the execution of any amendment, supplement or waiver authorized or permitted
pursuant to this Article 9 and, if applicable, constitutes the valid and binding obligation of the Issuers enforceable against the Issuers in accordance with its terms (subject to customary exceptions). Such Opinion of Counsel shall be at the
expense of the Issuers. 

  
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 ARTICLE 10 

GUARANTEES 
 SECTION 10.01.
Unconditional Guarantee. 
 Subject to the provisions of this Article 10, from and after the Issue Date, and to the fullest
extent permitted by applicable law, each Guarantor hereby, jointly and severally with all other Guarantors, unconditionally and irrevocably guarantees to each Holder of an outstanding Note authenticated and delivered by the Trustee and to the
Trustee and its successors: (a)(x) the due and punctual payment of the principal of, and premium, if any, and interest on the Notes when and as the same shall become due and payable, whether at maturity, upon redemption, by acceleration or
otherwise, (y) the due and punctual payment of interest on the overdue principal at the rate per annum set forth in the last paragraph of Section 4.01 and (to the fullest extent permitted by applicable law) overdue
premium, if any, and interest on the Notes and (z) the due and punctual payment of all other amounts due from the Issuers to the Holders or the Trustee under this Indenture or the Notes, all in accordance with the terms of this Indenture and
the Notes (collectively, the “Guarantee Obligations”); and (b) in case of any extension of time of payment or renewal of any Notes, the due and punctual payment of the Guarantee Obligations in accordance with the terms of the
extension or renewal, whether at maturity, upon redemption, by acceleration or otherwise. Failing payment when due of any amount so guaranteed for whatever reason, each Guarantor shall be obligated to pay, upon written demand by the Trustee, the
same immediately. 
 Each of the Guarantors hereby agrees that (to the fullest extent permitted by applicable law) its obligations hereunder
shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof
or thereof, any release of any other Guarantor, the recovery of any judgment against the Issuers, 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 (to the fullest extent permitted by applicable law) the benefit of diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuers, any right to require a
proceeding first against the Issuers, protest, notice and all demands whatsoever (in each case except as required by this Indenture). Each Guarantee is a guarantee of payment and not of collection. Each Guarantor hereby agrees (to the fullest extent
permitted by applicable law) that, as between it, on the one hand, and the Holders of Notes and the Trustee, on the other hand, (a) subject to this Article 10, the maturity of certain obligations guaranteed hereby may be accelerated as
provided in Article 6 for the purposes of the Guarantees, notwithstanding (to the fullest extent permitted by applicable law) any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed
hereby, and (b) in the event of any acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) shall (to the extent permitted by applicable law) forthwith become due and payable by
the Guarantors for the purpose of the Guarantees. Each Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest
on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of the Issuers or otherwise. 

SECTION 10.02. Benefits Acknowledged. 

Each Guarantor acknowledges that it will receive direct and/or indirect benefits from the financing arrangements contemplated by this Indenture
and that the guarantee and waivers made by it pursuant to this Indenture and its Guarantee are knowingly made in contemplation of such benefits. 

  
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 SECTION 10.03. Limitation on Guarantor Liability. 

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of
such Guarantor not constitute a fraudulent transfer or fraudulent conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal, foreign or state law to the extent
applicable to any Guarantor or Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor under its Guarantee and this Article 10 shall be
limited to the maximum amount as will, after giving effect to 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 Guarantor under its Guarantee and this Article 10, result in the obligations of such Guarantor under its Guarantee and this Article 10 not
constituting a fraudulent conveyance or fraudulent transfer under such laws or any other applicable federal, foreign or state laws. This Section 10.03 shall survive and remain in full force and effect regardless of the
termination of any Guarantee pursuant to Section 4.05. 
 SECTION 10.04. Notation of Guarantee Not Required. 

Neither the Issuers nor any Guarantor shall be required to make a notation on the Notes to reflect any Guarantee or any release, termination or
discharge thereof. 
 The Parent Guarantor shall cause each Domestic Subsidiary that is required to become a Guarantor pursuant to
Section 4.10 to execute and deliver to the Trustee a supplemental indenture pursuant to which such Domestic Subsidiary will agree to be a Guarantor under this Indenture, all on the terms and subject to the conditions
specified in Section 4.10, subject to release of such Guarantor and to the termination of its Guarantee as provided in Section 4.05 and Section 10.05. 

SECTION 10.05. Release of a Guarantor; Termination of Guarantees. 

(a) A Guarantor’s Guarantee of the Notes will automatically terminate and be released, all other obligations of such Guarantor under this
Indenture will automatically terminate and such Guarantor will automatically be released from all of its obligations under its Guarantee of the Notes and this Indenture: 

(1) other than with respect to the Parent Guarantor, upon the sale or other disposition of Capital Stock of such Guarantor, or
any merger or consolidation of such Guarantor with or into any Person, which results in such Guarantor no longer being a Subsidiary of the Parent Guarantor or the sale or disposition of all or substantially all the assets of such Guarantor (other
than to the Parent Guarantor or a Domestic Subsidiary of the Parent Guarantor that is not an Excluded Subsidiary or a Securitization Entity) so long as such sale, disposition, merger or consolidation is permitted (or not prohibited) by this
Indenture; 
 (2) upon delivery by the Issuers to the Trustee of an Officers’ Certificate to the effect that such
Guarantor is an Excluded Subsidiary, a Securitization Entity or a Foreign Subsidiary (it being understood that the Issuers may deliver such Officers’ Certificate in respect of any Domestic Subsidiary of the Parent Guarantor that is a Guarantor
if such Domestic Subsidiary of Parent Guarantor subsequently becomes an Excluded Subsidiary, a Securitization Entity or a Foreign Subsidiary); 

(3) upon Legal Defeasance, Covenant Defeasance or discharge of the Notes as provided in Section 8.01
or Section 8.02, as applicable; 
 (4) other than with respect to the Parent Guarantor, if such
Guarantor is dissolved or liquidated and such dissolution or liquidation is not an Event of Default (excluding an Event of Default under clause (7) of the first paragraph of Section 6.01); 

  
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 (5) other than with respect to the Parent Guarantor, upon the merger of such
Guarantor into, or the consolidation of such Guarantor with, (a) a Subsidiary of the Parent Guarantor if the surviving or resulting entity is an Excluded Subsidiary, Securitization Entity or Foreign Subsidiary or (b) the Parent Guarantor
or another Guarantor; 
 (6) other than with respect to the Parent Guarantor or any Issue Date Subsidiary Guarantor, if at
any time the outstanding Obligated/Guaranteed Principal Amount of such Guarantor (provided that, anything herein to the contrary notwithstanding, any Debt Obligations that would otherwise be included in calculating such Obligated/Guaranteed
Principal Amount shall be excluded from such calculation if (x) such Guarantor’s guarantee of such Debt Obligations will be released, terminated, suspended or discharged, (y) such Debt Obligations will be repaid, repurchased,
defeased, redeemed or otherwise discharged or otherwise will cease to be outstanding or (z) such Debt Obligations will cease to meet the requirements for inclusion under clause (a), (b), (c), or (d) of the definition of
“Obligated/Guaranteed Principal Amount,” in each case contemporaneously with the termination of such Guarantor’s Guarantee of the Notes) shall be less than or equal to $2.5 million, whether as a result of the release,
termination, suspension or discharge of such Guarantor’s guarantee of any Debt Obligations, the repayment, repurchase, defeasance, redemption or other discharge of any Debt Obligations, the release, termination, suspension or discharge of the
Parent Guarantor’s guarantee of any Guaranteed Subsidiary Debt Obligations, or otherwise; 
 (7) under the circumstances
set forth in Section 5.01(g) or if such Guarantor (other than the Parent Guarantor) shall cease to be a Subsidiary of the Parent Guarantor; or 

(8) other than with respect to the Parent Guarantor, under the circumstances set forth in
Section 4.05. 
 (b) The Trustee shall execute an appropriate instrument prepared by the Issuers evidencing the
release of a Guarantor from, and the termination of, its obligations under its Guarantee and this Indenture upon receipt of a request by the Issuers or such Guarantor accompanied by an Officers’ Certificate and an Opinion of Counsel (which
opinion may include customary assumptions, limitations and exceptions) certifying as to the compliance with the applicable conditions under Section 4.05 or 10.05(a), as applicable; provided, however,
that the legal counsel delivering such Opinion of Counsel may rely as to matters of fact on one or more Officers’ Certificates of the Issuers. 

SECTION 10.06. Subrogation. 
 Each
Guarantor shall be subrogated to all rights of Holders against the Issuers in respect of any amounts paid by such Guarantor pursuant to the provisions of this Article 10; 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 Issuers under this Indenture or the Notes shall have been paid in full. 

SECTION 10.07. Waiver. 
 Without in
any way limiting the provisions of Section 10.01, each Guarantor hereby waives (to the fullest extent permitted by law) notice of acceptance hereof, notice of any liability of any Guarantor hereunder, notice or proof of
reliance by the Holders upon the obligations of any Guarantor hereunder, and diligence, presentment, demand for payment on the Issuers, protest, notice of dishonor or non-payment of any of the Guarantee
Obligations, or other notice or formalities to the Issuers or any Guarantor of any kind whatsoever (except in each case as required by this Indenture). 

SECTION 10.08. No Obligation To Take Action Against the Issuers. 

To the fullest extent permitted by applicable law, neither the Trustee nor any other Person shall have any obligation to enforce or exhaust any
rights or remedies against the Issuers or any other Person or any property of the Issuers or any other Person before the Trustee is entitled to demand payment and performance by any or all Guarantors of their liabilities and obligations under their
Guarantees or under this Indenture. 

  
 63 

 SECTION 10.09. Default and Enforcement. 

If any Guarantor fails to pay following a demand for payment in accordance with Section 10.01 hereof, the Trustee may
proceed in its name as trustee hereunder in the enforcement of the Guarantee of such Guarantor and such Guarantor’s obligations hereunder by any remedy provided by law, whether by legal proceedings or otherwise, and to recover from such
Guarantor the amounts owed under its Guarantee and this Article 10. 
 SECTION 10.10. Amendment, Etc. 

Without limitation to the provisions of Article 9, no amendment, modification, supplement or waiver of any provision of this Indenture
relating to any Guarantor or its Guarantee or consent to any departure by any Guarantor or any other Person from any such provision will in any event be effective unless it is signed by such Guarantor. 

SECTION 10.11. Costs and Expenses. 

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

ARTICLE 11 
 MISCELLANEOUS

 SECTION 11.01. Reserved. 

SECTION 11.02. Notices. 
 Any notices
or other communications required or permitted hereunder shall be in writing (which shall not, except as otherwise provided herein, include email, telephone or pdf), and shall be sufficiently given if made by hand delivery, by overnight courier
service, by telecopier or registered or certified mail, postage prepaid, return receipt requested, addressed as follows: 
 if to the
Issuers or a Guarantor: 
 1906 Towne Centre Blvd, Suite 370 

Annapolis, MD 41401 
 Attention:
Office of the General Counsel 
 if to the Trustee: 

U.S. Bank National Association 

225 Asylum Street 
 Hartford,
Connecticut 06103 
 Attention: HAT Holdings I LLC and HAT Holdings II LLC 

Each of the Issuers, the Guarantors and the Trustee by written notice to each other such Person may designate additional or different
addresses for notices to such Person. Any notice or communication to the Issuers and the Guarantors shall be deemed to have been given or made as of the date so delivered if personally delivered; when receipt is acknowledged, if telecopied; five
calendar days after mailing if sent by registered or certified mail, postage prepaid (except that a notice of change of address shall not be deemed to have been given until actually received by the addressee); the next Business Day if by overnight
courier service; and where this Indenture expressly permits notice to be given by email, when such notice is transmitted without the sender having been notified by return email that it is undeliverable. Any notice or communication to the Trustee
shall be deemed delivered upon receipt. 

  
 64 

 The Trustee agrees to accept and act upon instructions or directions pursuant to this
Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods; provided, however, that the Trustee shall have received an incumbency certificate
listing persons designated to give such instructions or directions and containing specimen signatures of such designated persons, which incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the
listing. If the Issuers elect to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the
Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such
instructions. The Issuers agree to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and
the risk or interception and misuse by third parties. 
 Any notice or communication to a Holder shall be mailed to it by first class mail
or other equivalent means or delivered by telecopy, hand delivery or overnight courier service at his address as it appears on the registration books of the Registrar or sent by email or other electronic means (or, in the case of Global Notes, given
in accordance with any applicable procedures of the Depositary) and shall be sufficiently given to it if so mailed within the time prescribed or, if telecopied, when receipt is acknowledged, or, in the case of hand delivery, when delivered or, in
the case of overnight courier, on the next Business Day or, in the case of email, when transmitted to the applicable email address or, if given in accordance with the applicable procedures of the Depositary, when given. 

Failure to send or deliver a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other
Holders. If a notice or communication is mailed or sent in the manner provided above, it is duly given, whether or not the addressee receives it. 

SECTION 11.03. Communications by Holders with Other Holders. 

Holders may communicate with other Holders with respect to their rights under this Indenture, the Notes or the Guarantees. 

SECTION 11.04. Certificate and Opinion as to Conditions Precedent. 

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

(2) if requested by the Trustee, an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions
precedent have been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials and may be subject to other customary
exceptions, limitations and qualifications. 
 SECTION 11.05. Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture, other than the
Officers’ Certificate required by Section 4.03, shall include: 
 (1) a statement that the
Person making such certificate or opinion has read such covenant or condition; 
 (2) a brief statement as to the nature and
scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

  
 65 

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

(4) a statement as to whether or not, in the opinion of each such Person, such condition or covenant has been complied with;
provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials and may be subject to other customary exceptions, limitations and
qualifications. 
 SECTION 11.06. Rules by Trustee, Paying Agent and Registrar. 

The Trustee may make reasonable rules for action by or a meeting of Holders. The Trustee, Registrar and the Paying Agent or co-Registrar may make reasonable rules for their functions. 
 SECTION 11.07. Business Day. 

If any Interest Payment Date, Redemption Date, Change of Control Payment Date, maturity date or any other date on which payment on any Notes is
due is not a Business Day, the required payment will be postponed and made on the next succeeding Business Day as if made on the date such payment was due, and no interest will accrue on such payment for the period from and after such Interest
Payment Date, Redemption Date, Change of Control Payment Date, maturity date or other date, as the case may be, to the date of such payment on the next succeeding Business Day. If a Record Date or other record date is not a Business Day, it shall
not be affected. 
 SECTION 11.08. Governing Law. 

THIS INDENTURE, THE NOTES AND ANY GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AS
APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 SECTION 11.09. No
Recourse Against Others. 
 A director, officer, employee, incorporator, stockholder, partner or member of, or owner of an equity
interest in, any Issuer or any Guarantor shall not have any liability for any obligations of any Issuer or any Guarantor under the Notes, this Indenture or the Guarantees 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 shall be deemed to have waived and released all such liability. Such waiver and release are part of the consideration for issuance of the Notes. 

SECTION 11.10. Successors. 
 All
agreements of the Issuers and the Guarantors in this Indenture, the Notes and the Guarantees shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successors. 

SECTION 11.11. Multiple Originals. 

All parties may sign any number of copies of this Indenture. Each signed copy or counterpart shall be an original, but all of them together
shall represent the same agreement. One signed copy is enough to prove this Indenture. The exchange of copies of this Indenture and of signature pages by facsimile or pdf transmission shall constitute effective execution and delivery of this
Indenture as to the parties hereto and may be used in lieu of the original Indenture and signature pages for all purposes. 

  
 66 

 SECTION 11.12. Table of Contents; Headings. 

The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture (including, without limitation,
Appendix A and the Exhibits hereto) and the Notes have been inserted for convenience of reference only, are not intended to be considered a part hereof or thereof and shall not modify or restrict any of the terms or provisions hereof or
thereof. 
 SECTION 11.13. Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including, without limitation, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as
soon as practicable under the circumstances. 
 SECTION 11.14. Severability. 

To the fullest extent permitted by applicable law, in case any provision in this Indenture or in the Notes or any Guarantee shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, it being intended that all of the provisions hereof shall be enforceable to the fullest extent
permitted by law. 
 SECTION 11.15. USA Patriot Act. 

The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act, the Trustee, like all financial institutions
and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The
parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the USA Patriot Act. 

SECTION 11.16. No Adverse Interpretation of Other Agreements. 

To the fullest extent permitted by applicable law, this Indenture may not be used to interpret another indenture, loan or debt agreement of any
of the Parent Guarantor or any of its Subsidiaries. To the fullest extent permitted by applicable law, any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

SECTION 11.17. Applicable Tax Law. 

In order to enable the Trustee to comply with its obligations under applicable tax laws, rules and regulations (including directives,
guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Tax Law”), the Issuers agree (i) to provide to the Trustee, following written request from the Trustee delivered to
the Issuers in accordance with Section 11.02 of this Indenture, such information concerning the Holders of the Notes as the Trustee may reasonably request in order to determine whether the Trustee has any tax-related obligations under Applicable Tax Law with respect to the payments made to Holders of the Notes under this Indenture, but only to the extent (a) such information is in the Issuers’ possession,
(b) such information is not subject to any confidentiality or similar agreement or undertaking or otherwise deemed by the Issuers to be confidential and (c) providing such information to the Trustee does not, in the judgment of the
Issuers, breach or violate or constitute a default under any applicable law, rules or regulations or any instrument or agreement to which the Parent Guarantor or any of its Subsidiaries is a party or by which any of them is bound, and (ii) that
the Trustee shall be entitled to make any withholding or deduction from payments made to Holders of Notes under this Indenture to the extent necessary to comply with the Trustee’s obligations under Applicable Tax Law. Each Holder of Notes by
accepting a Note shall be deemed to have agreed to the foregoing provisions of this Section 11.17 and to provide to the Trustee or the Issuers such information concerning such Holder as the Trustee or the Issuers may
reasonably request in order to determine whether the Trustee or the Issuers have any tax-related obligations under Applicable Tax Law with respect to the payments made to such Holder under this Indenture; and
such agreement by each Holder is part of the consideration for the issuance of the Notes. 

  
 67 

 SECTION 11.18. Waiver of Jury Trial. 

EACH OF THE ISSUERS, EACH GUARANTOR, EACH HOLDER (BY ITS ACCEPTANCE OF NOTES) AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 

SECTION 11.19. Submission to Jurisdiction. 

The parties hereto submit to the non-exclusive jurisdiction of any New York State court or U.S. federal
court sitting in the Borough of Manhattan, The City of New York over any legal action or legal proceeding with respect to this Indenture and, to the fullest extent permitted by applicable law, each of the parties hereto waives any objection that it
may now or hereafter have to the bringing of any such action or proceeding in any such court or any claim that any such action or proceeding brought in any such court has been brought in an inconvenient forum. 

[Signatures on following pages] 

  
 68 

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

			
	HAT HOLDINGS I LLC, as an Issuer
		
	By:	 	 /s/ Jeffrey W. Eckel

	Name:	 	Jeffrey W. Eckel
	Title:	 	President
	
	HAT HOLDINGS II LLC, as an Issuer
		
	By:	 	 /s/ Jeffrey W. Eckel

	Name:	 	Jeffrey W. Eckel
	Title:	 	President
	
	HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC., as the Parent Guarantor
		
	By:	 	 /s/ Jeffrey W. Eckel

	Name:	 	Jeffrey W. Eckel
	Title:	 	 Chairman of the Board of Directors,
 President
and Chief Executive Officer

	
	HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE, L.P., as an Issue Date Subsidiary Guarantor
	By:	 	 Hannon Armstrong Sustainable Infrastructure Capital, Inc.,

its general partner

		
	By:	 	 /s/ Jeffrey W. Eckel

	Name:	 	Jeffrey W. Eckel
	Title:	 	 Chairman of the Board of Directors,
 President
and Chief Executive Officer

	
	HANNON ARMSTRONG CAPITAL, LLC, as an Issue Date Subsidiary Guarantor
		
	By:	 	 /s/ Jeffrey W. Eckel

	Name:	 	Jeffrey W. Eckel
	Title:	 	President and Chief Executive Officer

 [Signature Page to Indenture] 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Philip G. Kane, Jr.

	Name:	 	Philip G. Kane, Jr.
	Title:	 	Vice President

 [Signature Page to Indenture] 

 APPENDIX A 

TRANSFER RESTRICTIONS 

ARTICLE 1 
 DEFINITIONS 

Section 1.1 Definitions. 

Terms used in this Appendix A which are defined in the Indenture August 25, 2020 between HAT Holdings I LLC (“HAT
I”), HAT Holdings II LLC (“HAT II” and together with HAT I, the “Issuers”), the Guarantors (as defined therein) party thereto and U.S. Bank National Association, as trustee (the
“Trustee”) (as amended or supplemented from time to time, the “Indenture”), to which Indenture this Appendix A is attached and of which this Appendix A forms a part, shall have the respective meanings set
forth in the Indenture. In addition, for the purposes of this Appendix A the following terms shall have the meanings indicated below: 

“Certificated Note” means a certificated Initial Note or Additional Note (bearing, in the case of an Initial Note or
Additional Note, a Restricted Notes Legend unless such Legend has been removed in accordance with the provisions of this Appendix A or, in the case of any Additional Note, unless such Additional Note is a Registered Additional Note) that is
registered in the name of a Holder other than the Depositary or its nominee and that does not bear the Global Note Legend. 

“Clearstream” means Clearstream Banking, société anonyme, or any successor. 

“Distribution Compliance Period” means, with respect to any Regulation S Note, the period of 40 consecutive days beginning on
and including the later of (a) the day on which such Note is first offered to Persons other than distributors (as defined in Regulation S) in reliance on Regulation S, and (b) the date of original issuance of such Note or any predecessor
Note. 
 “Euroclear” means Euroclear Bank S.A./N.V., as operator of Euroclear systems, or any successor. 

“Note Custodian” means the custodian with respect to a Global Note, which shall initially be the Trustee, or any successor
thereto. 
 “Purchase Agreement” means the Purchase Agreement dated August 18, 2020 between the Issuers, Guarantors
and the Initial Purchaser relating to the Initial Notes. 
 “QIB” means a “qualified institutional buyer” as
defined in Rule 144A. 
 “Registered Additional Notes” means Additional Notes that were originally issued and sold pursuant
to an effective registration statement under the Securities Act permitting such Additional Notes to be publicly offered and sold. 

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

“Restricted Global Note” means any Global Note that bears or is required to bear a Restricted Notes Legend. 

“Restricted Notes Legend” means the Rule 144A Legend, the Regulation S Legend or the Certificated Note Restricted Legend, as
applicable. 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 

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

“Transfer Restricted Notes” means any Notes that bear or are required to bear a Restricted Notes Legend. 

  
 Appendix A-1 

 “Unrestricted Global Note” means any Global Note that does not bear or is
not required to bear a Restricted Notes Legend. 
 “U.S. person” means a “U.S. person” as defined in Regulation
S. 
 Section 1.2 Other Definitions. 
  

			
	 Term
	  	 Defined in Section:

	 “Certificated Note Restricted Legend”
	  	 2.2(d)(iv)

	 “Global Note Legend”
	  	 2.2(d)(i)

	 “Regulation S Global Note”
	  	 2.1(b)

	 “Regulation S Notes”
	  	 2.1(a)

	 “Regulation S Legend”
	  	 2.2(d)(iii)

	 “Rule 144A Global Note”
	  	 2.1(b)

	 “Rule 144A Legend”
	  	 2.2d)(ii)

	 “Rule 144A Notes”
	  	 2.1(a)

	 “Schedule”
	  	 2.1(b)

	 “U.S. Resale Restriction Termination Date”
	  	 2.2(a)

 ARTICLE 2 

THE NOTES 
 Section 2.1
Forms of Notes. 
 (a) Offering and Sale of Initial Notes and Additional Notes. The Initial Notes will be offered and sold by
the Issuers to the Initial Purchaser pursuant to the Purchase Agreement. The Issuers may offer and sell Additional Notes from time to time, including, without limitation, offers and sales pursuant to one or more purchase agreements or underwriting
agreements between the Issuers and one or more initial purchasers or underwriters. The Initial Notes will be resold, and Additional Notes (other than Registered Additional Notes) may be resold, initially only (i) to QIBs in reliance on Rule
144A (Notes so resold in reliance on Rule 144A, the “Rule 144A Notes”) and (ii) to Persons other than U.S. persons in reliance on Regulation S (Notes so resold in reliance on Regulation S, the “Regulation S
Notes”). Initial Notes or any such Additional Notes (other than Registered Additional Notes) may thereafter be transferred only to, among others, QIBs in reliance on Rule 144A and non-U.S. persons in
reliance on Regulation S, subject to the restrictions on transfer set forth herein and the other applicable requirements of the Indenture. 

(b) Global Notes. Unless otherwise provided in an Officers’ Certificate delivered to the Trustee, the Initial Notes and Additional
Notes that are initially resold pursuant to Rule 144A shall be issued initially in the form of one or more Global Notes (each a “Rule 144A Global Note”), and Initial Notes and Additional Notes that are initially resold pursuant to
Regulation S shall be issued initially in the form of one or more Global Notes (each a “Regulation S Global Note”), in each case bearing the Global Notes Legend and the applicable Restricted Notes Legend. Each Global Note shall
represent such of the outstanding Notes as shall be specified in the “Schedule of Increases or Decreases in Global Note” (or a similar schedule) attached thereto (the “Schedule”). The aggregate principal amount of
outstanding Notes represented by a Global Note may be increased or decreased, as applicable, from time to time to reflect transfers, exchanges, redemptions, repurchases and cancellation of Notes represented thereby. 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 Note Custodian, at the direction of the Registrar, in accordance with
Section 2.2 of this Appendix A and any applicable provisions of the Indenture. 
 (c) Book-Entry
Provisions. This Section 2.1(c) shall apply only to a Global Note deposited with or on behalf of the Depositary. 

  
 Appendix A-2 

 Prior to the expiration of the Distribution Compliance Period with respect to a Regulation S
Global Note, beneficial interests in such Regulation S Global Note may be held only through Clearstream and Euroclear, as Participants in the Depositary, provided, that if DTC is not the Depositary for such Regulation S Global Note during
such Distribution Compliance Period, beneficial interests in such Regulation S Global Note shall be held in accordance with the customary procedures of whomsoever shall be the Depositary. After the expiration of the Distribution Compliance Period
with respect to a Regulation S Global Note, holders of beneficial interests in such Regulation S Global Note may also hold interests in such Regulation S Global Note through Participants in the Depositary other than Clearstream and Euroclear,
provided, that if DTC is not the Depositary for such Regulation S Global Note after such Distribution Compliance Period, beneficial interests in the Regulation S Global Note shall be held in accordance with the customary procedures of
whomsoever shall be the Depositary. 
 (d) Certificated Notes. Except as provided in Section 2.15 of the
Indenture, owners of beneficial interests in Global Notes will not be entitled to receive Certificated Notes in exchange for their interests in such Global Notes. 

Section 2.2 Transfer and Exchange. 

(a) Transfer Restrictions. So long as they are Transfer Restricted Notes, the Initial Notes and any Additional Notes (other than
Registered Additional Notes) may not be offered, sold or disposed of except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the securities laws of any other applicable
jurisdiction. 
 Neither a Rule 144A Note nor any interest or participation therein may be offered, sold, assigned, transferred, pledged or
otherwise disposed of at any time prior to (x) the date which is six months (assuming the Issuers satisfy the current public reporting requirements of Rule 144) or one year (if the Issuers does not) after the later of the date of original issue
of such Rule 144A Note (or any predecessor thereto) and the last date on which the Issuers or any “affiliate” (as defined in Rule 144) of the Issuers was the owner of such Rule 144A Note (or any predecessor thereto) or any interest or
participation in such Rule 144A Note or (y) such later date, if any, as may be required by any subsequent change in applicable law (the “U.S. Resale Restriction Termination Date”), except (a) to the Parent Guarantor or any
of its Subsidiaries, (b) pursuant to a registration statement which is effective under the Securities Act, (c) for so long as such Rule 144A Note is eligible for resale pursuant to Rule 144A, to a Person the transferor reasonably believes
is a QIB acquiring such Rule 144A Note or such interest or participation for its own account or for the account of another QIB to whom notice is given that the transfer is being made in reliance on Rule 144A in a transaction meeting the requirements
of Rule 144A, (d) to a non-U.S. person in an offshore transaction within the meaning of, and in compliance with, Regulation S or (e) pursuant to any other available exemption from the registration
requirements of the Securities Act, subject to, in each of the foregoing cases, any requirement of law that the disposition of such Rule 144A Note or such interest or participation be at all times within the transferor’s control, and to
compliance with the securities laws of any other applicable jurisdiction and with the procedures specified in the Indenture (including this Appendix A). 

Until the expiration of the Distribution Compliance Period with respect to a Regulation S Note, such Regulation S Note or any interest or
participation therein (i) may not be offered, sold, assigned, transferred, pledged or otherwise disposed within the United States (within the meaning of Regulation S) or to, or for the account or benefit of, a U.S. person, except to a Person
that the transferor reasonably believes to be a QIB acquiring such Regulation S Note or such interest or participation for its own account or for the account of another QIB to whom notice is given that the transfer is being made in reliance on Rule
144A in a transaction meeting the requirements of Rule 144A and (ii) except as provided in clause (i) above, may not be offered, sold, assigned, transferred, pledged or disposed of except to a
non-U.S. person in an offshore transaction within the meaning of, and in compliance with, Regulation S, and in each case such offer, sale, assignment, transfer, pledge or disposition must comply with the
securities laws of any other applicable jurisdiction and with the procedures specified in the Indenture (including this Appendix A). In addition, during such Distribution Compliance Period, beneficial interests in a Regulation S Global Note
may only be held through Euroclear or Clearstream or their respective direct or indirect participants. 
 The remaining provisions of this
Section 2.2 are intended to implement the forgoing restrictions. To the extent that any transfer or exchange of Transfer Restricted Notes (including, without limitation, beneficial interests in Restricted Global Notes) is
not covered by a specific procedure in the remaining provisions of this Section 2.2, the Parent Guarantor may implement such procedures and impose such conditions to such exchange or transfer (including, without limitation,
the delivery of certificates, legal opinions and other documents) as the Parent Guarantor in its sole discretion may deem necessary or appropriate to implement the foregoing restrictions. 

  
 Appendix A-3 

 (b) Transfer and Exchange of Certificated Notes. If Certificated Notes are issued in
exchange for beneficial interests in Global Notes pursuant to Section 2.15(b) of the Indenture, such Certificated Notes will be registered in the names, and issued in any authorized denominations, requested by or on behalf
of the Depositary (in accordance with its customary procedures) and, if any such Global Notes are Transfer Restricted Notes, the Certificated Notes issued in exchange for interests therein will bear the Certificated Note Restricted Legend and either
the Rule 144A Legend or the Regulation S Legend, as applicable, unless otherwise determined by the Issuers. If Certificated Notes are issued in exchange for beneficial interests in Global Notes, the Registrar shall reflect on its books and records
the date and a decrease in the principal amount of the applicable Global Note in an amount equal to the principal amount of the interests being exchanged for Certificated Notes and the Registrar shall instruct the Note Custodian to decrease or
reflect on its records a decrease in the principal amount of such Global Note (and to record such decrease by endorsement on the Schedule attached to such Global Note) in a principal amount equal to the principal amount of such interests being
exchanged. If Certificated Notes are issued in exchange for beneficial interests in a Restricted Global Note, then, unless the Issuers shall otherwise advise the Trustee and the Registrar in writing, such interests may be exchanged only in
accordance with such procedures as are substantially consistent with the provisions of this Section 2.2 (including the certification and other requirements set forth in this Section 2.2 intended to
ensure that such exchanges comply with Rule 144A, Regulation S or another applicable exemption from registration under the Securities Act, as the case may be) and such other procedures as may from time to time be adopted by the Issuers. 

When Certificated Notes are presented to the Registrar or a co-Registrar with a request: 

(x) to register the transfer of such Certificated Notes; or 

(y) to exchange such Certificated Notes for an equal principal amount of Certificated Notes of other authorized denominations, the Registrar
or co-Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met and if the requirements for such registration of transfer or exchange
set forth in this Appendix A and Section 2.07 of the Indenture shall have been satisfied; provided, however, that if a Certificated Note surrendered for transfer or exchange bears a Restricted Notes
Legend, the Registrar or co-Registrar shall not register the transfer or exchange of such Certificated Note (including any such transfer or exchange to the Parent Guarantor or a Subsidiary of the Parent
Guarantor) unless (A) such transferor shall have delivered to the Registrar or co-Registrar a certificate to the effect set forth in Exhibit F to the Indenture, appropriately completed and signed
by such transferor, (B) in the case of any transfer or exchange pursuant to any transaction that is exempt from registration under the Securities Act (other than a transfer to the Parent Guarantor or one of its Subsidiaries or a transaction
pursuant to Rule 144A or Regulation S), such transferor shall have also delivered to the Registrar or co-Registrar (i) if such transfer or exchange is being made pursuant to Rule 144, a legal opinion
addressed to the Issuers and the Registrar or co-Registrar, in form and substance satisfactory to the Issuers, to the effect that such transfer or exchange is being made in reliance on Rule 144, that the
Holder may transfer such Certificated Note without registration under the Securities Act pursuant to Rule 144 and that, accordingly, the Restricted Note Legend on such Certificated Note may be removed or (ii) if such transfer or exchange is not
being made pursuant to Rule 144, a legal opinion addressed to the Issuers and the Registrar or co-Registrar, in form and substance satisfactory to the Issuers, to the effect that such transfer or exchange may
be effected without registration under the Securities Act and (C) such transferor shall have also delivered to the Issuers and the Registrar or co-Registrar, as the case may be, any additional
certifications, legal opinions and other information as may be required by the Issuers to determine that the proposed transfer or exchange is being made in compliance with the Securities Act and applicable state or other securities laws. In the case
of any such proposed transfer or exchange that requires the delivery of a legal opinion as provided for above, the Registrar or co-Registrar shall notify the Issuers of such proposed transfer or exchange in
order to provide the Issuers with an opportunity to review such legal opinion and request such additional certifications, legal opinions and other information the Issuers may require. 

  
 Appendix A-4 

 (c) Transfer and Exchange of Global Notes. (i) The transfer and exchange of
beneficial interests in Global Notes shall be effected through the Depositary, in accordance with the Indenture (including this Appendix A) and the procedures of the Depositary and, if applicable, Clearstream and Euroclear. In the case of any
exchange of a beneficial interest in a Rule 144A Global Note for a beneficial interest in a Regulation S Global Note, and any transfer of a beneficial interest in a Rule 144A Global Note to a Person who wishes to take delivery thereof in the form of
a beneficial interest in a Regulation S Global Note, in each case being made prior to expiration of the Distribution Compliance Period with respect to such Regulation S Global Note, the beneficial interests in such Regulation S Global Note must be
held through an account with a participant in either Euroclear or Clearstream, or both, as the case may be. 
 (i) Subject to
compliance with the other applicable requirements of this Section 2.2(c), if the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial interest in another Global Note, (A) the
Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which such interest is being transferred in an amount equal to the principal amount of the interest to be so transferred, and the
Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which such interest is being transferred; and (B) the Registrar shall instruct the Note Custodian to increase
or reflect on its records an increase in the principal amount of the Global Note to which such interest is being transferred (and to record such increase by endorsement on the Schedule attached to such Global Note) in an amount equal to the
principal amount of the interest to be so transferred, and the Registrar shall instruct the Note Custodian, concurrently with such increase, to decrease or reflect on its records a decrease in the principal amount of the Global Note from which such
interest is being transferred by a corresponding amount (and to record such decrease by endorsement on the Schedule attached to such Global Note). 

(ii) If the proposed transfer is an exchange of a beneficial interest in a Rule 144A Global Note for a beneficial interest in a
Regulation S Global Note or the transfer of a beneficial interest in a Rule 144A Global Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in a Regulation S Global Note, the transferor of such beneficial
interest shall deliver to the Registrar prior to any such exchange or transfer (A) a certificate substantially in the form of Exhibit C to the Indenture if such exchange or transfer is to occur prior to the expiration of the Distribution
Compliance Period with respect to such Regulation S Global Note or (B) a certificate substantially in the form of Exhibit D to the Indenture if such exchange or transfer is to occur after the expiration of such Distribution Compliance
Period, in each case appropriately completed and signed by the transferor. 
 (iii) If the proposed transfer is an exchange
of a beneficial interest in a Regulation S Global Note for a beneficial interest in a Rule 144A Global Note or the transfer of a beneficial interest in a Regulation S Global Note to a Person who wishes to take delivery thereof in the form of a
beneficial interest in a Rule 144A Global Note and such exchange or transfer is to occur prior to the expiration of the Distribution Compliance Period with respect to such Regulation S Global Note, the transferor of such beneficial interest shall
deliver to the Registrar prior to any such exchange or transfer a certificate substantially in the form of Exhibit E to the Indenture, appropriately completed and signed by such transferor. 

(iv) Any beneficial interest in one of the Global Notes that is transferred to a Person who takes delivery in the form of an
interest in another Global Note will, upon transfer, cease to be an interest in such original Global Note and will become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer restrictions and other
procedures applicable to beneficial interests in such other Global Note for so long as it remains such an interest. 
 (v)
Notwithstanding any other provisions of this Appendix A, a Global Note may not be transferred except as provided in the first sentence of Section 2.15(b) of the Indenture. 

  
 Appendix A-5 

 (d) Legend. 

(i) Each Global Note shall bear the following or a similar legend (or, if DTC is not the Depositary for such Global Note, any
other legend that may be required by whosoever shall be the Depositary) (the “Global Notes Legend”) on the face thereof: 

“UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUERS OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 “UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART
FOR NOTES IN CERTIFICATED FORM UNDER THE LIMITED CIRCUMSTANCES PERMITTED BY THE INDENTURE REFERRED TO BELOW, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR
BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.” 
 (ii) Each Rule 144 Global Note and
any Certificated Notes issued in exchange for interests in a Rule 144A Global Note shall bear the following legend or a legend to substantially the following effect (the “Rule 144A Legend”) on the face thereof unless such legend is
removed in accordance with the Indenture (including, without limitation, this Appendix A): 
 “THIS NOTE (INCLUDING ANY RELATED
GUARANTEES) HAS NOT BEEN REGISTERED FOR OFFER OR SALE UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY OTHER APPLICABLE
JURISDICTION. BY ITS ACCEPTANCE HEREOF, THE HOLDER (1) REPRESENTS THAT IT AND ANY INVESTOR ACCOUNT FOR WHICH IT IS ACQUIRING THIS NOTE OR ANY INTEREST OR PARTICIPATION HEREIN IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT (“RULE 144A”) (A “QUALIFIED INSTITUTIONAL BUYER”)) TO WHOM NOTICE HAS BEEN GIVEN THAT SUCH TRANSFER IS BEING MADE PURSUANT TO RULE 144A, (2) AGREES TO OFFER, SELL, ASSIGN, TRANSFER, PLEDGE OR
OTHERWISE DISPOSE OF THIS NOTE OR ANY INTEREST OR PARTICIPATION HEREIN, PRIOR TO (X) THE DATE WHICH IS SIX MONTHS (ASSUMING THE ISSUERS SATISFY THE CURRENT PUBLIC REPORTING REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT) OR ONE YEAR (IF THE
ISSUERS DO NOT) AFTER THE LATER OF THE ORIGINAL ISSUE DATE OF THIS NOTE (OR ANY PREDECESSOR HERETO) AND THE LAST DATE ON WHICH THE ISSUERS OR ANY “AFFILIATE” (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE ISSUERS WAS THE OWNER OF
THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) OR SUCH INTEREST OR PARTICIPATION AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY ANY SUBSEQUENT CHANGE IN APPLICABLE LAW, ONLY (A) TO THE PARENT GUARANTOR OR ANY OF THE PARENT
GUARANTOR’S SUBSIDIARIES, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH IS EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER ACQUIRING THIS NOTE OR SUCH INTEREST OR PARTICIPATION FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION WITHIN THE MEANING OF, AND IN COMPLIANCE WITH, REGULATION S UNDER THE SECURITIES ACT OR
(E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO, IN EACH OF THE FOREGOING CASES, ANY REQUIREMENT OF LAW THAT 

  
 Appendix A-6 

 
THE DISPOSITION OF THIS NOTE OR SUCH INTEREST OR PARTICIPATION BE AT ALL TIMES WITHIN ITS OR THEIR CONTROL, AND TO COMPLIANCE WITH THE SECURITIES LAWS OF ANY OTHER APPLICABLE JURISDICTION AND
WITH THE PROCEDURES SPECIFIED IN THE INDENTURE REFERRED TO BELOW, INCLUDING THE DELIVERY OF ANY CERTIFICATE, OPINION OF COUNSEL OR OTHER INFORMATION THAT MAY BE REQUIRED BY THE INDENTURE OR THE ISSUERS. THIS LEGEND MAY ONLY BE REMOVED AT THE
INSTRUCTION OF THE ISSUERS TO THE TRUSTEE.” 
 (iii) Each Regulation S Global Note and any Certificated Note issued in
exchange for interests in a Regulation S Global Note during the applicable Distribution Compliance Period shall bear the following legend or a legend to substantially the following effect (the “Regulation S Legend”) on the face
thereof unless such legend is removed in accordance with the Indenture (including, without limitation, this Appendix A): 
 “THIS
NOTE (INCLUDING ANY RELATED GUARANTEES) HAS NOT BEEN REGISTERED FOR OFFER OR SALE UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION. NEITHER THIS NOTE NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND ANY OTHER APPLICABLE JURISDICTION. PRIOR TO THE EXPIRATION OF THE 40-DAY “DISTRIBUTION COMPLIANCE PERIOD” (AS DEFINED IN REGULATION S (“REGULATION S”) UNDER THE SECURITIES ACT), THIS
NOTE (INCLUDING ANY RELATED GUARANTEES) OR ANY INTEREST OR PARTICIPATION HEREIN (1) MAY NOT BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF WITHIN THE UNITED STATES (WITHIN THE MEANING OF REGULATION S) OR TO, OR FOR
THE ACCOUNT OR BENEFIT OF, A U.S. PERSON (WITHIN THE MEANING OF REGULATION S), EXCEPT TO A PERSON REASONABLY BELIEVED TO BE A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) ACQUIRING THIS NOTE OR SUCH INTEREST OR
PARTICIPATION FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER SUCH QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON SUCH RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE
SECURITIES ACT AND (2) EXCEPT AS PROVIDED IN CLAUSE (1) ABOVE, MAY NOT BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED OR DISPOSED OF EXCEPT TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION WITHIN
THE MEANING OF, AND IN COMPLIANCE WITH, REGULATION S, AND IN EACH CASE SUCH OFFER, SALE, ASSIGNMENT, TRANSFER, PLEDGE OR DISPOSITION MUST COMPLY WITH THE SECURITIES LAWS OF ANY OTHER APPLICABLE JURISDICTION AND WITH THE PROCEDURES SPECIFIED IN THE
INDENTURE REFERRED TO BELOW, INCLUDING THE DELIVERY OF ANY CERTIFICATE, OPINION OF COUNSEL OR OTHER INFORMATION THAT MAY BE REQUIRED BY THE INDENTURE OR THE ISSUERS. THIS LEGEND MAY ONLY BE REMOVED AT THE INSTRUCTION OF THE ISSUERS TO THE TRUSTEE.

 (iv) Except as permitted by this Section 2.2, in addition to bearing the applicable legend set
forth in clause (ii) or (iii) above, each Certificated Note will bear the following legend or a legend to substantially the following effect (the “Certificated Note Restricted Legend”) on the face thereof unless such legend is
removed in accordance with the Indenture (including, without limitation, this Appendix A): 
 “IN CONNECTION WITH ANY TRANSFER OR
EXCHANGE OF THIS NOTE, THE HOLDER WILL DELIVER TO THE REGISTRAR SUCH CERTIFICATIONS, LEGAL OPINIONS AND OTHER INFORMATION AS THE INDENTURE REFERRED TO BELOW OR THE ISSUERS MAY REQUIRE TO CONFIRM THAT THE TRANSFER OR EXCHANGE COMPLIES WITH THE
SECURITIES ACT AND APPLICABLE STATE OR OTHER SECURITIES LAWS.” 

  
 Appendix A-7 

 (v) Upon any sale or transfer of a Transfer Restricted Note (including any
Transfer Restricted Note represented by a Restricted Global Note) pursuant to Rule 144 under the Securities Act: 
 (A) in
the case of any Transfer Restricted Note that is a Certificated Note, the Registrar shall permit the Holder thereof to transfer such Transfer Restricted Note to a Person who takes delivery thereof in the form of a Certificated Note that does not
bear a Restricted Notes Legend; and 
 (B) in the case of any Transfer Restricted Note that is represented by a Restricted
Global Note, the Registrar shall permit the owner of a beneficial interest therein to transfer such Transfer Restricted Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, 

in either case, if the Holder of such Note or the owner of such beneficial interest, as the case may be, complies with the requirements of the second
paragraph of Section 2.2(b) of this Appendix A (assuming for that purpose, in the case of the transfer of a beneficial interest in a Restricted Global Note, that such Restricted Global Note were a Certificated Note
that bears a Restricted Notes Legend and that such second paragraph applies to a transfer of such beneficial interest, mutatis mutandis), including, without limitation, the delivery of a legal opinion to the effect specified in such paragraph for a
transfer pursuant to Rule 144 and a certificate to the effect set forth in Exhibit F to the Indenture, appropriately completed and signed by the transferor. 

(vi) Registered Additional Notes shall not be required to bear a Restricted Notes Legend. 

(e) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in, DTC or
other Person with respect to the accuracy of the records of DTC or its nominee or of any participant or member thereof, with respect to any ownership interest in the Global Note or with respect to the delivery to any participant, member, beneficial
owner or other Person (other than DTC) of any notice (including any notice of redemption or purchase) or the payment of any amount or delivery of any Global Note (or other security or property) under or with respect to such Global Notes. All
notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Global Notes shall be given or made only to or upon the order of the registered Holders (which shall be DTC or its nominee in the case of
a Global Notes). The rights of beneficial owners in any Global Notes shall be exercised only through DTC subject to the applicable rules and procedures of DTC. The Trustee may rely and shall be fully protected in relying upon
information furnished by DTC with respect to its members, participants and any beneficial owners. 
 (f) The Trustee shall have no obligation
or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Global Note (including any transfers between or
among DTC participants, members or beneficial owners in any Global Notes) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms
of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. Neither the Trustee nor any of its agents shall have any responsibility for any actions taken or not taken by DTC.

 (g) Cancellation or Adjustment of Global Note. At such time as all beneficial interests in a Global Note have either been exchanged
for Certificated Notes or transferred in exchange for interests in an Unrestricted Global Note, or all of the outstanding Notes shall have been redeemed, repurchased or canceled, such Global Note shall be returned by the Depositary to the Trustee
for cancellation as provided in Section 2.12 of the Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Certificated Notes, transferred in exchange for an interest
in another Global Note or redeemed, repurchased or canceled or if a beneficial interest in another Global Note is transferred in exchange for an interest in such Global Note or if Additional Notes are issued and are to be evidenced by such Global
Note, then in each case, the Registrar shall cause the aggregate principal amount of the applicable Global Note or Global Notes to be reduced or increased, as applicable, and shall instruct the Note Custodian to decrease or increase, or reflect on
its records a decrease or increase, as the case may be, in the principal amount of such Global Note or Global Notes (and to record such decrease or increase, as the case may be, by endorsement on the Schedule attached to each such Global Note in the
applicable principal amount). 

  
 Appendix A-8 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [If
Global Note, insert Global Note Legend from Appendix A] 
 [If Certificated Note, insert Certificated Note Legend from Appendix A](1) 

[If Rule 144 Note, insert Rule 144A Legend from Appendix A](2) 

[If Regulation S Note, insert Regulation S Legend from Appendix A](3) 

 
  

 

	(1)	 Not required for Notes that do not bear and are not required to bear a Restricted Notes Legend.

	(2)	 Not required for Notes that do not bear and are not required to bear a Restricted Notes Legend.

	(3)	 Not required for Notes that do not bear and are not required to bear a Restricted Notes Legend.

  
 Exhibit A-1 

 No.: 

HAT Holdings I LLC 
 HAT
Holdings II LLC 
 3.75% Senior Note due 2030 
  

					
		 	CUSIP No.:	  	[•](4)
			
		 	ISIN No.:	  	[•](5)

 HAT Holdings I LLC and HAT Holdings II LLC, each a Maryland limited liability company, promises to pay to
[                ], or registered assigns, the principal sum [of [    ] Dollars](6) [set forth on the Schedule of Increases or Decreases in Global
Note attached hereto (as the same may be revised from time to time)](7) on September 15, 2030. 
 Interest Payment Dates:
February 15 and August 15, commencing on February 15, 2021. 
 Record Dates: February 1 and August 1. 

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

(4) Rule 144A Note CUSIP: 418751 AD5 
 Regulation S Note CUSIP:
U2467R AD1 
 (5) Rule 144A Note ISIN: US418751AD59 

Regulation S Note ISIN: USU2467RAD18 
 (6) Insert for
Certificated Notes. 
 (7) Insert for Global Notes. If the Note is to be issued in global form, also include the attachment hereto captioned “SCHEDULE
OF INCREASES OR DECREASES IN GLOBAL NOTE”. 

  
 Exhibit A-2 

 IN WITNESS WHEREOF, the Issuers have caused this Note to be signed manually or by facsimile
by one of its duly authorized Officers. 
  

			
	HAT HOLDINGS I LLC, as an Issuer
		
	By:	 	
                     
        

	Name:
	Title:
	
	HAT HOLDINGS II LLC, as an Issuer
		
	By:	 	
                     
        

	Name:
	Title:

  
 Exhibit A-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the 3.75% Senior Notes due 2030 described in the within-mentioned Indenture. 

Dated: 
  

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	
                     
            

		 	Authorized Signatory

  
 Exhibit A-4 

 (REVERSE OF NOTE) 

3.75% Senior Note due 2030 
 Section 1.
Interest 
 HAT Holdings I LLC and HAT Holdings II LLC, each a Maryland limited liability company (the “Issuers,” which term includes
its successors under the Indenture referred to below), promises to pay interest on the principal amount of this Note at a rate of 3.75% per annum until September 15, 2030 or such earlier date on which the principal of this Note shall have been
paid or duly provided for. The Issuers will pay interest semi-annually in arrears on February 15 and August 15 of each year (each an “Interest Payment Date”) or, if any such day is not a Business Day, on the next
succeeding Business Day, commencing February 15, 2021. Interest on the Notes will accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from and including
August 25, 2020; provided that if this Note is authenticated between a Record Date referred to on the face hereof and the next succeeding Interest Payment Date, interest on this Note shall accrue from such next succeeding Interest
Payment Date. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

Section 2. Method of Payment 

Interest on the Notes payable on any Interest Payment Date will be paid to the Persons who are the Holders of record of the Notes at the close
of business on the Record Date (whether or not a Business Day) immediately preceding such Interest Payment Date, except as provided in Section 2.13 of the Indenture with respect to defaulted interest. Holders must surrender
Notes to a Paying Agent to receive payments of principal and premium, if any. The Issuers will pay the principal of and premium, if any, and interest on the Notes in U.S. Legal Tender. The Issuers will pay the principal and premium, if any, on, and
may pay interest on, any Certificated Notes at the office or agency maintained by the Issuers for such purpose in the United States of America, upon surrender of such Certificated Notes by the Holders thereof at such office or agency. Interest on
any Certificated Notes may also be paid, at the Issuers’ option, by check mailed to the registered addresses of the Holders entitled thereto or by wire transfer to accounts in the United States of America specified by such Holders. The Issuers
will pay the principal of and premium, if any, and interest on Global Notes registered in the name of the Depositary or its nominee in immediately available funds to the Depositary or its nominee, as the case may be, as Holder of such Global Notes.

 Section 3. Paying Agent and Registrar 

Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Issuers may replace or
change any Paying Agent, Registrar or co Registrar so long as there is a Paying Agent and Registrar in the United States of America, and may appoint additional Paying Agents and co-Registrars, in each case
without notice to Holders. The Parent Guarantor or any of its Domestic Subsidiaries may act as Registrar, co Registrar or Paying Agent. 
 Section 4.
Indenture 
 The Issuers issued the Notes under an Indenture dated as of August 25, 2020 (as amended or supplemented from time to
time, the “Indenture”) among the Issuers, the Guarantors (as defined therein) and U.S. Bank National Association, as trustee (together with its successors in such capacity, the “Trustee”). 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. Terms defined in the Indenture and not defined in this Note have the meanings ascribed thereto
in the Indenture. 
 Section 5. Optional Redemption 

(a) The Notes may be redeemed in whole or in part at the Issuers’ option at any time and from time to time at a price equal to 100% of the
principal amount thereof plus the Applicable Premium as of, together with accrued but unpaid interest, if any, to, but excluding, the applicable Redemption Date (subject to the right of the Holders of record on the relevant Record Date to receive
interest due on any Interest Payment Date falling on or prior to such Redemption Date). 

  
 Exhibit A-5 

 “Applicable Premium” means, with respect to any Note on any Redemption Date
for such Note, the greater of: (1) 1.0% of the principal amount of such Note and (2) the excess, if any, of (a) the present value as of such Redemption Date of (i) the principal amount of such Note on the Maturity Date plus
(ii) all required remaining scheduled interest payments due on such Note to, and including the Maturity Date, excluding accrued but unpaid interest to such Redemption Date, computed using a discount rate equal to the Treasury Rate plus 50 basis
points, over (b) the principal amount of such Note. Calculation of the Applicable Premium and the Treasury Rate will be made by the Issuers or on behalf of the Issuers by such Person as the Issuers shall designate; provided,
however, that such calculation shall not be a duty or obligation of the Trustee. 
 “Treasury Rate” means, with
respect to a Redemption Date for any Note, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519)
that has become publicly available at least two Business Days prior to the first day on which the Issuers mail or otherwise transmit the notice of redemption or, in the case of redemption in connection with Legal Defeasance, Covenant Defeasance or
satisfaction and discharge pursuant to Section 8.01 or 8.02 of the Indenture, as applicable, at least two Business Days prior to the deposit of trust funds with the Trustee in accordance with the applicable
provisions of the Indenture (or, if such Statistical Release is no longer published, any publicly available source of similar market data selected by the Issuers)) most nearly equal to the period from such Redemption Date to September 15, 2030;
provided, however, that if such period is not equal to the constant maturity of the United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to
the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if such period is less than one year, the weekly average
yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. 
 (b) Prior to
September 15, 2022, the Issuers will be entitled at their option on one or more occasions to redeem the Notes in an aggregate principal amount not to exceed 40% of the aggregate principal amount of the Notes (including any Additional Notes)
originally issued prior to the applicable Redemption Date at a redemption price (expressed as a percentage of the principal amount of the Notes to be redeemed) of 103.75%, together with accrued but unpaid interest, if any, to, but excluding, the
applicable Redemption Date (subject to the right of the Holders of record on the relevant Record Date to receive interest due on any Interest Payment Date falling on or prior to such Redemption Date), with the Net Cash Proceeds from one or more
Qualified Equity Offerings; provided, however, that: 
 (1) at least 60% of the aggregate principal amount of Notes (including
any Additional Notes) originally issued prior to the applicable Redemption Date remains outstanding immediately after the occurrence of each such redemption (other than Notes held, directly or indirectly, by the Parent Guarantor or any of its
Affiliates); and 
 (2) each such redemption occurs within 180 days after the date of the closing of the related Qualified Equity Offering.

 (c) Any redemption of the Notes pursuant to this Section 5 may, in the Issuers’ sole discretion, be subject to one or more
conditions precedent and, in such case, if any such condition is not satisfied as and when required or waived by the Issuers, the applicable Redemption Date may be delayed by the Issuers in their sole discretion and the Issuers in their sole
discretion may cancel such redemption and rescind any notice of redemption, all as further provided in the Indenture. 
 Section 6. Sinking Fund

 Except as described in Section 8 below, the Issuers are not required to make any mandatory redemption, mandatory repurchase or
sinking fund payments with respect to the Notes. The Issuers may at any time and from time to time acquire Notes by means other than a redemption or a repurchase pursuant to Section 8 below, whether by tender offer, open market purchases,
negotiated transactions or otherwise. 

  
 Exhibit A-6 

 Section 7. Selection of Notes for Redemption; Notice of Redemption 

If less than all of the Notes are to be redeemed at any time, selection of the Notes for redemption will be made by the Trustee pro rata or by
lot; provided that, in the case of Notes represented by one or more Global Notes, interests in such Global Notes will be selected for redemption by the Depositary in accordance with its applicable procedures therefor. 

Notes shall be redeemed in a minimum principal amount of $1,000 and integral multiples of $1,000 in excess thereof; provided that the
remaining principal amount of any Note redeemed in part shall be $2,000 or an integral multiple of $1,000 in excess thereof. Notice of any redemption will be given as provided in the Indenture at least 10 but not more than 60 days before the
applicable Redemption Date to each Holder of Notes to be redeemed. 
 On and after the Redemption Date, interest will cease to accrue on the
Notes or portions thereof called for redemption as long as the Issuers have deposited with a Paying Agent, on or before the applicable Redemption Date, funds in an amount sufficient to pay the redemption price of the Notes or portions thereof called
for redemption on such Redemption Date and accrued and unpaid interest, if any, thereon to, but excluding, such Redemption Date (subject to the right of Holders of record on the relevant Record Date to receive interest due on any Interest Payment
Date falling on or prior to such Redemption Date), and the only remaining right of the Holders of the Notes or portions thereof called for redemption will be to receive payment of the redemption price and such accrued and unpaid interest, if any,
upon surrender of the Notes to be redeemed to the Paying Agent. 
 Section 8. Repurchase of Notes at the Option of Holders upon Change of Control
Triggering Event 
 Upon the occurrence of a Change of Control Triggering Event, each Holder of Notes will have the right (unless the
Issuers has exercised their right to redeem all of the Notes then outstanding pursuant to Section 5 above by sending (or causing the Trustee to send) a notice of redemption as provided in Article 3 of the Indenture) to require that the
Issuers purchase all or a portion of such Holder’s Notes pursuant to a Change of Control Offer at a purchase price in cash equal to 101% of the principal amount thereof together with accrued and unpaid interest to, but excluding, the applicable
Change of Control Payment Date (subject to the right of Holders of record on the relevant Record Date to receive interest due on any Interest Payment Date falling on or prior to the Change of Control Payment Date). 

Interest on Notes (or portions thereof) validly tendered and not withdrawn pursuant to a Change of Control Offer will cease to accrue on and
after the applicable Change of Control Payment Date (unless the Issuers shall default in the payment of the Change of Control Purchase Price of the Notes). 

Section 9. Guarantees 
 The payment
of the principal of, and premium, if any, and interest on, the Notes are unconditionally and irrevocably guaranteed, jointly and severally, by the Guarantors on the terms, to the extent and subject to the conditions and limitations set forth in the
Indenture, including provisions for the release and termination of such Guarantees and the obligations of each Guarantor from its obligations under its Guarantee of the Notes and the Indenture. 

Section 10. Denominations; Transfer; Exchange 

The Notes are issued in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The
transfer of Notes may be registered and Notes may be exchanged for an equal principal amount of Notes of other authorized denominations as requested by the Holder if the Registrar’s or co-Registrar’s
requirements and the requirements under the Indenture (including, if applicable, Appendix A of the Indenture) for such transaction are met. The Issuers, the Registrar, any co-Registrar and/or the
Trustee may also require a Holder to furnish endorsements and transfer documents as any of them may reasonably request in connection with the registration of transfer or exchange of Notes in addition to any documents that are required or may be
required as provided in the Indenture (including, without limitation, Appendix A thereto), and the Issuers, the Registrar, any co-Registrar and/or the Trustee may require payment of a sum sufficient to
cover any transfer tax 

  
 Exhibit A-7 

 
or similar governmental charge payable in connection therewith. The Registrar or any co-Registrar shall not be required to register the transfer of or
exchange any Note (i) during a period beginning at the opening of business 15 days before the mailing (or, if not mailed, other transmittal) of a notice of redemption of Notes and ending at the close of business on the day of such mailing (or
other transmittal), (ii) selected for redemption in whole or in part pursuant to Article 3 of the Indenture, except the unredeemed portion of any Note being redeemed in part, (iii) between a Record Date and the next succeeding Interest
Payment Date, or (iv) tendered for repurchase pursuant to a Change of Control Offer and not validly withdrawn. 
 Section 11. Persons Deemed
Owners 
 Subject to the provisions of the Indenture and to the fullest extent permitted by applicable law, the Holder of a Note may be
treated as the absolute owner thereof for all purposes. 
 Section 12. Unclaimed Money 

Subject to any applicable abandoned property law, if money for the payment of principal, premium, if any, or interest remains unclaimed for two
years, the Trustee or Paying Agent shall pay the money back to the Issuers at its written request. After any such payment, Holders entitled to the money must look only to the Issuers as a general creditor and not to the Trustee or Paying Agent for
payment. 
 Section 13. Discharge, Legal Defeasance and Covenant Defeasance; Covenant Termination 

Subject to certain conditions, the Issuers at any time may terminate some of or all its obligations under the Notes and the Indenture if the
Issuers deposit with the Trustee money and/or U.S. Government Obligations for the payment of principal, premium, if any, and interest on the Notes to redemption or maturity, as the case may be. Subject to certain conditions, certain of the
Issuers’ covenants and obligations under the Indenture may be permanently terminated. Upon any such termination, any Guarantees of the Notes, and the obligations of any Guarantors under the Indenture and their Guarantees, will also be
terminated. 
 Section 14. Amendment, Waiver, Deemed Consents, Releases 

The Indenture, the Notes and any Guarantees or any other guarantees thereof may be modified, amended or supplemented as provided in the
Indenture, and compliance with any provision of the Indenture, the Notes or the Guarantees or any other guarantees thereof may be waived, as provided in the Indenture. Any modification, amendment, supplement or waiver shall be conclusive and binding
on all present and future Holders of Notes, whether or not notation of such modification, amendment, supplement or waiver is made upon the Notes. 

Section 15. Defaults and Remedies 

If an Event of Default (other than an Event of Default resulting from certain events of bankruptcy or insolvency relating to the Parent
Guarantor or any Issuer) shall occur and be continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the outstanding Notes may, and the Trustee at the written request of such Holders shall, declare the principal of and
accrued and unpaid interest on all of the outstanding Notes to be due and payable by notice in writing to the Issuers as provided in the Indenture. If an Event of Default resulting from certain events of bankruptcy or insolvency relating to the
Parent Guarantor or any Issuer occurs and is continuing, then all principal of, and accrued and unpaid interest on, all of the outstanding Notes shall ipso facto become and be immediately due and payable without any declaration or other act on the
part of the Trustee or any Holder. The Holders of a majority in aggregate principal amount of the outstanding Notes may rescind and cancel any such acceleration and its consequences on the terms and subject to the conditions provided in the
Indenture, and an acceleration of the Notes may, under certain limited circumstances provided for in the Indenture, also be automatically rescinded and cancelled. 

  
 Exhibit A-8 

 Section 16. 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 Issuers or its
Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co-Registrar may do the same with like rights. However, the Trustee must comply with Sections 7.10
and 7.11 of the Indenture. 
 Section 17. No Recourse Against Others 

A director, officer, employee, incorporator, stockholder, partner or member of, or owner of an equity interest in, any Issuer or any Guarantor
shall not have any liability for any obligations of any Issuer or any Guarantor under the Notes, the Indenture or the Guarantees 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 shall be deemed to have waived and released all such liability. Such waiver and release are part of the consideration for issuance of the Notes. 

Section 18. Successors 
 Subject to
certain exceptions set forth in the Indenture, when a successor assumes all the obligations of its predecessor under the Notes and the Indenture in accordance with the terms of the Indenture, the predecessor will be released from those obligations.

 Section 19. Authentication 

This Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of
authentication on the face of this Note. 
 Section 20. Abbreviations 

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

Section 21. Governing Law. 

This Note shall be governed by, and construed in accordance with, the laws of the State of New York, as applied to contracts made and
performed within the State of New York, without regard to principles of conflicts of law. 
 Section 22. CUSIP and ISIN Numbers. 

The Issuers have caused CUSIP and ISIN numbers to be printed on the Notes and the Trustee may use CUSIP and ISIN numbers in notices to Holders
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 and reliance may be placed only on the other identification numbers placed thereon. 

 
  

 

  
 Exhibit A-9 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint                as agent to transfer this Note on the
books of the Issuers. The agent may substitute another to act for him. 
  

                          
                                         
                                         
                         

Date:                        
                     Your Signature(s): 
  

                          
                                         
                                         
                         
 Sign
exactly as your name(s) appear(s) on the face of this Note. 
 Signature Guarantee:
                                        
                                         
                 
 Signature must be guaranteed by a participant in a
recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee. 

  
 Exhibit A-10 

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

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

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

  
 Exhibit A-11 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuers pursuant to Section 4.06 (Change of Control Triggering Event) of the
Indenture, check this box: ☐ 
 If you want to elect to have only part of this Note purchased by the Issuers pursuant to
Section 4.06 of the Indenture, state the principal amount of this Note you elect to have purchased (if no amount is specified below it means you are electing to have this Note purchased by the Issuers in its entirety): 

$                * 

Date:                    
                             Your Signature(s): 

 

                          
                                         
                                         
                                         

Sign exactly as your name(s) appear(s) on the face of this Note. 

Signature Guarantee:
                                        
                                         
                                 

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

  
  

 

	*	 Must be $1,000 or an integral multiple of $1,000 in excess thereof; provided that the unpurchased portion of a
Note must be a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. 

  

  
 Exhibit A-12 

 EXHIBIT B 

FORM OF SUPPLEMENTAL INDENTURE 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of
                 among [GUARANTOR] (the “New Guarantor”), a subsidiary of Hannon Armstrong Sustainable Infrastructure Capital, Inc. [or name of its
successor], a Maryland corporation (the “Parent Guarantor”), Parent Guarantor, HAT Holdings I LLC, a Maryland limited liability company (“HAT I”), HAT Holdings II LLC, a Maryland limited liability company
(“HAT II” and together with HAT I, the “Issuers”), the other Guarantors (with the Parent Guarantor, the “Existing Guarantors”) under the Indenture referred to below as of the date hereto, and U.S.
Bank National Association, as trustee under the Indenture referred to below (the “Trustee”). 
 W I T N E S S E T H: 

WHEREAS the Issuers and Existing Guarantors have heretofore executed and delivered to the Trustee an Indenture, dated as of August 25,
2020 (as amended or supplemented from time to time, the “Indenture”), providing for the issuance of an unlimited aggregate principal amount of 3.75% Senior Notes due 2030 (the “Notes”); 

WHEREAS Section 4.10 of the Indenture provides that under certain circumstances the Parent Guarantor is required to
cause the New Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor shall unconditionally guarantee the payment of the Notes on the terms and conditions set forth in the Indenture; and 

WHEREAS pursuant to Section 9.01 of the Indenture, the Trustee, the Existing Guarantors and the Issuers are
authorized to execute and deliver this Supplemental Indenture; 
 NOW THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Issuers, the Existing Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

1. Agreement to Guarantee. The New Guarantor hereby agrees to be a Guarantor under the Indenture and, jointly and severally with all
other Guarantors, to unconditionally guarantee the due and punctual payment of the Guarantee Obligations (as defined in the Indenture) on the terms and subject to the conditions and limitations set forth in Article 10 of the Indenture and to
be bound by (and the New Guarantor shall be entitled to the benefits of) all other provisions of the Indenture applicable to a Guarantor, including, without limitation, provisions of the Indenture providing for the release and termination of the New
Guarantor’s obligations under its Guarantee of the Notes and the Indenture. 
 2. Ratification of Indenture; Supplemental Indentures
Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a
part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 

3. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 4.
Trustee Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture and shall not be responsible for the recitals contained herein, all which recitals are made solely by the
other parties hereto. 

  
 Exhibit B-1 

 5. Counterparts. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy or counterpart shall be an original, but all of them together shall represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or pdf transmission shall
constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture and signature pages for all purposes. 

6. Effect of Headings. The Section headings herein are for convenience only, are not intended to be considered a part hereof, shall not
modify or restrict any of the terms or provisions hereof and shall not affect the construction thereof. 

  
 Exhibit B-2 

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

			
	HAT HOLDINGS I LLC, as an Issuer
		
	By:	 	
                     
        

	Name:	 	
	Title:	 	
	
	HAT HOLDINGS II LLC, as an Issuer
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE, L.P.
	By:	 	Hannon Armstrong Sustainable Infrastructure Capital, Inc.,
		 	its general partner
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	HANNON ARMSTRONG CAPITAL, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[NEW GUARANTOR]
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Exhibit B-3 

 
					
	[NAMES OF EXISTING GUARANTORS]
			
	[By:	 	  
	 	]
	Name:	 		 	
	Title:	 		 	
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
			
	By:	 	  
	 	
	Name:	 	
	Title:	 	

  

  
 Exhibit B-4 

 EXHIBIT C 

FORM OF TRANSFER CERTIFICATE FOR TRANSFER OR EXCHANGE FROM RULE 144A GLOBAL NOTE TO REGULATION S GLOBAL NOTE PRIOR TO THE EXPIRATION OF THE
DISTRIBUTION COMPLIANCE PERIOD 
 U.S. Bank National Association 

225 Asylum Street 
 Hartford, Connecticut 06103 

Attention: HAT Holdings I LLC and HAT Holdings II LLC 

Re: HAT Holdings I LLC and HAT Holdings II LLC 

$[    ] 3.75% Notes due 2030 (the “Notes”) 

Reference is hereby made to the Indenture dated as of August 25, 2020 between HAT Holdings I LLC (“HAT I”), HAT Holdings
II LLC (“HAT II” and together with HAT I, the “Issuers”), the Guarantors (as defined therein) party thereto and U.S. Bank National Association, as trustee (the “Trustee”) (as amended or supplemented
from time to time, the “Indenture”). Capitalized terms not defined in this Certificate shall have the meanings given to them in the Indenture. 

This Certificate relates to $[    ] aggregate principal amount of Notes represented by a beneficial interest in a Rule
144A Global Note (CUSIP No. 418751 AD5 / ISIN No. US418751AD59) held through DTC by or on behalf of [TRANSFEROR], as beneficial owner (the “Transferor”). The Transferor has requested an exchange or transfer of the foregoing
principal amount of its beneficial interest for an interest in the Regulation S Global Note (CUSIP No. U2467R AD1 / ISIN No. USU2467RAD18) to be held by [Euroclear][Clearstream] through DTC. 

In connection with such request and in respect of such Notes, the Transferor hereby certifies that such exchange or transfer is being effected
in accordance with the transfer restrictions set forth in the Notes and the Indenture and pursuant to and in accordance with Rule 903 or Rule 904 (as applicable) of Regulation S (“Regulation S”) under the Securities Act of 1933, as
amended (the “Securities Act”), and accordingly the Transferor hereby represents, covenants or agrees as follows: 
 (1) the
offer of such Notes was not made to a Person in the United States (as defined in Regulation S); 
 (2) either: (A) at the time the buy
order was originated, the transferee was outside the United States or the Transferor and any Person acting on its behalf reasonably believed that the transferee was outside the United States, or (B) the transaction was executed in, on or
through (i) a physical trading floor of an established foreign securities exchange that is located outside the United States in the case of an exchange or transfer pursuant to Rule 903 of Regulation S or (ii) the facilities of a designated
offshore securities market (as defined in Regulation S) in the case of an exchange or transfer pursuant to Rule 904 of Regulation S and neither the Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a
buyer in the United States, and in each of the foregoing cases such transfer or exchange is otherwise being made in an offshore transaction within the meaning of, and in compliance with, Regulation S; 

(3) no directed selling efforts (as defined in Regulation S) have been or will be made in contravention of the requirements of Rule 903(a) or
904(a) of Regulation S, as applicable; 
 (4) if the Transferor is a dealer in securities or has received a selling concession, fee or other
remuneration in respect of the Notes covered by this Certificate, then the requirements of Rule 904(b)(1) of Regulation S have been satisfied; 

(5) the transfer or exchange, as applicable, is not being made to a U.S. Person or for the account or benefit of a U.S. Person; 

(6) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and 

  
 Exhibit C-1 

 (7) upon completion of the transfer or exchange, as applicable, the beneficial interest
being exchanged or transferred as described above will be held with DTC through Euroclear or Clearstream or both. 
 This Certificate and
the statements contained herein are made for your benefit and the benefit of the Issuers. 
  

					
	[TRANSFEROR]
			
	[By:	 	
                     

	 	]
		 	Name:	 	
		 	Title:	 	
		
	Dated:	 	  

  
 Exhibit C-2 

 EXHIBIT D 

FORM OF TRANSFER CERTIFICATE FOR THE TRANSFER OR EXCHANGE FROM RULE 144A GLOBAL NOTE TO REGULATION S GLOBAL NOTE AFTER THE EXPIRATION OF THE
DISTRIBUTION COMPLIANCE PERIOD 
 U.S. Bank National Association 

225 Asylum Street 
 Hartford, Connecticut 06103 

Attention: HAT Holdings I LLC and HAT Holdings II LLC 

Re: HAT Holdings I LLC and HAT Holdings II LLC 

$[    ] 3.75% Notes due 2030 (the “Notes”) 

Reference is hereby made to the Indenture dated as of August 25, 2020 between HAT Holdings I LLC (“HAT I”), HAT Holdings
II LLC (“HAT II” and together with HAT I, the “Issuers”), the Guarantors (as defined therein) party thereto and U.S. Bank National Association, as trustee (the “Trustee”) (as amended or supplemented
from time to time, the “Indenture”). Capitalized terms not defined in this Certificate shall have the meanings given to them in the Indenture. 

This Certificate relates to $[    ] aggregate principal amount of Notes represented by a beneficial interest in a Rule
144A Global Note (CUSIP No. 418751 AD5 / ISIN No. US418751AD59) held through DTC by or on behalf of [TRANSFEROR], as beneficial owner (the “Transferor”). The Transferor has requested an exchange or transfer of the foregoing
principal amount of its beneficial interest for an interest in the Regulation S Global Note (CUSIP No. U2467R AD1 / ISIN No. USU2467RAD18) to be held by [Euroclear][Clearstream] through DTC. 

In connection with such request and in respect of such Notes, the Transferor hereby certifies that such exchange or transfer is being effected
in accordance with the transfer restrictions set forth in the Notes and the Indenture and pursuant to and in accordance with either (1) Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the
“Securities Act”), or (2) Rule 144 under the Securities Act, and accordingly the Transferor hereby represents, covenants or agrees as follows: 

(1) with respect to transfers and exchanges made in reliance on Regulation S (including any such transfers and exchanges made after the U.S.
Resale Restriction Termination Date): 
 (A) the offer of such Notes was not made to a Person in the United States (as
defined in Regulation S); 
 (B) either: (a) at the time the buy order was originated, the transferee was outside the
United States or the Transferor and any Person acting on its behalf reasonably believed that the transferee was outside the United States, or (b) the transaction was executed in, on or through (i) a physical trading floor of an established
foreign securities exchange that is located outside the United States in the case of an exchange or transfer pursuant to Rule 903 of Regulation S or (ii) the facilities of a designated offshore securities market (as defined in Regulation S) in
the case of an exchange or transfer pursuant to Rule 904 of Regulation S and neither the Transferor nor any Person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United
States, and in each of the foregoing cases such transfer or exchange is otherwise being made in an offshore transaction within the meaning of, and in compliance with, Regulation S; 

(C) no directed selling efforts (as defined in Regulation S) have been or will be made in contravention of the requirements of
Rule 903(a) or 904(a) of Regulation S, as applicable; and 
 (D) the transaction is not part of a plan or scheme to evade the
registration requirements of the Securities Act; or 

  
 Exhibit D-1 

 (2) with respect to transfers and exchanges made after the U.S. Resale Restriction
Termination Date: such Notes are being transferred in a transaction permitted by, and in compliance with, Rule 144 under the Securities Act and the Transferor is contemporaneously delivering the legal opinion required pursuant to Sections
2.2(b) and 2.2(d)(v) of Appendix A to the Indenture in connection with such transfer or exchange, as applicable. 
 This
Certificate and the statements contained herein are made for your benefit and the benefit of the Issuers. 
  

					
	[TRANSFEROR]	 	
			
	[By:	 	  
	 	]
		 	Name:	 	
		 	Title:	 	
		
	Dated:	 	  

  
 Exhibit D-2 

 EXHIBIT E 

FORM OF TRANSFER CERTIFICATE 

FOR TRANSFER OR EXCHANGE FROM REGULATION S GLOBAL NOTE 

TO RULE 144A GLOBAL NOTE PRIOR TO THE 

EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD 

U.S. Bank National Association 
 225 Asylum Street 

Hartford, Connecticut 06103 
 Attention: HAT Holdings I LLC and
HAT Holdings II LLC 
 Re: HAT Holdings I LLC and HAT Holdings II LLC 

$[    ] 3.75% Notes due 2030 (the “Notes”) 

Reference is hereby made to the Indenture dated as of August 25, 2020 between HAT Holdings I LLC (“HAT I”), HAT Holdings
II LLC (“HAT II” and together with HAT I, the “Issuers”), the Guarantors (as defined therein) party thereto and U.S. Bank National Association, as trustee (the “Trustee”) (as amended or supplemented
from time to time, the “Indenture”). Capitalized terms not defined in this Certificate shall have the meanings given to them in the Indenture. 

This Certificate relates to $[     ] aggregate principal amount of Notes represented by a beneficial interest in a
Regulation S Global Note (CUSIP No. 418751 AD5 / ISIN No. US418751AD59) held through DTC by or on behalf of [TRANSFEROR], as beneficial owner (the “Transferor”). The Transferor has requested an exchange or transfer of the
foregoing principal amount of its beneficial interest for an interest in the Rule 144A Global Note (CUSIP No. U2467R AD1 / ISIN No. USU2467RAD18) to be held by [Euroclear][Clearstream] through DTC. 

In connection with such request, and in respect of such Notes, the Transferor hereby certifies that such transfer or exchange, as applicable,
is being effected in accordance with the transfer restrictions set forth in the Notes and the Indenture and pursuant to and in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the
“Securities Act”), to a transferee that the Transferor reasonably believes is acquiring such Notes for its own account or an account with respect to which the transferee exercises sole investment discretion and the transferee and
any such account is a “qualified institutional buyer” within the meaning of Rule 144A to whom notice has been given that such transfer or exchange, as applicable, is being made pursuant to Rule 144A, in each case in a transaction meeting
the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction. The Transferor does further certify that it has notified the transferee that it has relied on Rule 144A
as a basis for the exemption from the registration requirements of the Securities Act used in connection with the transfer or exchange, as applicable. 

This Certificate and the statements contained herein are made for your benefit and the benefit of the Issuers. 

  
 Exhibit E-1 

 
					
	[TRANSFEROR]	 	
			
	[By:	 	
                     

	 	]
		 	Name:	 	
		 	Title:	 	
			
	Dated:	 	  
	 	

  
 Exhibit E-2 

 EXHIBIT F 

FORM OF TRANSFER CERTIFICATE FOR OTHER TRANSFERS AND EXCHANGES 

U.S. Bank National Association 
 225 Asylum Street 

Hartford, Connecticut 06103 
 Attention: HAT Holdings I LLC and
HAT Holdings II LLC 
 Re: HAT Holdings I LLC and HAT Holdings II LLC 

$[    ] 3.75% Notes due 2030 (the “Notes”) 

Reference is hereby made to the Indenture dated as of August 25, 2020 between HAT Holdings I LLC (“HAT I”), HAT Holdings
II LLC (“HAT II” and together with HAT I, the “Issuers”), the Guarantors (as defined therein) party thereto and U.S. Bank National Association, as trustee (the “Trustee”) (as amended or supplemented
from time to time, the “Indenture”). Capitalized terms not defined in this Certificate shall have the meanings given to them in the Indenture. 

This Certificate relates to $[     ] aggregate principal amount of Notes represented by [a Certificated Note, with serial
no. [                ], held by [TRANSFEROR] (the “Transferor”)][a beneficial interest in a Rule 144A Global Note (CUSIP No. 418751 AD5 / ISIN No.
US418751AD59) held through DTC by or on behalf of [TRANSFEROR], as beneficial owner (the “Transferor”)][a beneficial interest in a Regulation S Global Note (CUSIP No. U2467R AD1 / ISIN No. USU2467RAD18) held through DTC by or on
behalf of [TRANSFEROR], as beneficial owner (the “Transferor”)]. The Transferor has requested a transfer or an exchange of the foregoing principal amount of [such Note to [TRANSFEREE]]. 

In connection with such request and in respect of such Notes, the Transferor does hereby certify that such exchange or transfer is being
effected in accordance with the transfer restrictions set forth in the Notes and the Indenture (including Appendix A thereto), and accordingly the Transferor does hereby represent, covenant or agree as follows: 

CHECK ONE BOX BELOW 
  

					
	(1)	 	☐	  	such Notes are being transferred to the Parent Guarantor or a Subsidiary of the Parent Guarantor; or
			
	(2)	 	☐	  	such Notes are being transferred pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”); or
			
	(3)	 	☐	  	such Notes are being transferred or exchanged, as applicable, pursuant to and in accordance with Rule 144A (“Rule 144A”) under the Securities Act, to a transferee that the Transferor reasonably believes is acquiring
such Notes for its own account or an account with respect to which the transferee exercises sole investment discretion and the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A to whom
notice has been given that such transfer is being made pursuant to Rule 144A, in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other
jurisdiction. The Transferor does further certify that it has notified the transferee that it has relied on Rule 144A as a basis for the exemption from the registration requirements of the Securities Act used in connection with the transfer;
or
			
	(4)	 	☐	  	[Regulation S Transfers prior to the expiration of the Distribution Compliance Period] such Notes are being transferred or exchanged, as applicable, pursuant to and in accordance with Rule 903 or Rule 904 (as applicable) of
Regulation S (“Regulation S”) under the Securities Act, and (i) the offer of such Notes was not made to a Person in the United States (as defined in Regulation S); (ii) either: (A) at the time the buy order
was

  
 Exhibit F-1 

					
		 		  	originated, the transferee was outside the United States or the Transferor and any Person acting on its behalf reasonably believed that the transferee was outside the United States, or (B) the transaction was executed in, on or
through (x) a physical trading floor of an established foreign securities exchange that is located outside the United States in the case of an exchange or transfer pursuant to Rule 903 of Regulation S or (y) the facilities of a designated
offshore securities market (as defined in Regulation S) in the case of an exchange or transfer pursuant to Rule 904 of Regulation S and neither the Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a
buyer in the United States, and in each of the foregoing cases such transfer or exchange is otherwise being made in an offshore transaction within the meaning of, and in compliance with, Regulation S; (iii) no directed selling efforts (as
defined in Regulation S) have been made in contravention of the requirements of Rule 903(a) or 904(a) of Regulation S, as applicable; (iv) if the Transferor is a dealer in securities or has received a selling concession, fee or other
remuneration in respect of the Notes covered by this Certificate, then the requirements of Rule 904(b)(1) of Regulation S have been satisfied; (v) the transfer or exchange, as applicable, is not being made to a U.S. Person or for the account or
benefit of a U.S. Person; (vi) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and (vii) if such Notes are being transferred or exchanged, as applicable, for interests in a
Regulation S Global Note, upon completion of the transfer or exchange, the beneficial interest being exchanged or transferred as described above will be held with DTC through Euroclear or Clearstream or both; or
			
	(5)	 	☐	  	[Regulation S Transfers after the expiration of the Distribution Compliance Period] such Notes are being transferred or exchanged, as applicable, pursuant to and in accordance with Regulation S, and (i) the offer of such
Notes was not made to a Person in the United States (as defined in Regulation S); (ii)either: (A) at the time the buy order was originated, the transferee was outside the United States or the Transferor and any Person acting on its behalf reasonably
believed that the transferee was outside the United States, or (B) the transaction was executed in, on or through (x) a physical trading floor of an established foreign securities exchange that is located outside the United States in the
case of an exchange or transfer pursuant to Rule 903 of Regulation S or (y) the facilities of a designated offshore securities market (as defined in Regulation S) in the case of an exchange or transfer pursuant to Rule 904 of Regulation S and
neither the Transferor nor any Person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States, and in each of the foregoing cases such transfer or exchange is
otherwise being made in an offshore transaction within the meaning of, and in compliance with, Regulation S; (iii) no directed selling efforts (as defined in Regulation S) have been made in contravention of the requirements of Rule 903(a) or
904(a) of Regulation S, as applicable; and (iv) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; or
			
	(6)	 	☐	  	such Notes are being transferred or exchanged, as applicable, pursuant to Rule 144 under the Securities Act of 1933 or another available exemption from registration under the Securities Act of 1933 and the Transferor is
contemporaneously delivering the legal opinion required pursuant to Section 2.2(b) and/or Section 2.2(d)(v) of Appendix A to the Indenture in connection with such transfer.

 Unless one of the boxes is checked, the Registrar or co-Registrar will refuse to
register any of the Notes evidenced by this certificate in the name of any Person other than the registered Holder thereof; provided, however, that if box (6) is checked, the Transferor shall be required to deliver to the
Registrar or co-Registrar the legal opinion referred to in Section 2.2(b) of Appendix A to the Indenture; and provided, further, that in any such case the
Transferor may be required to deliver such additional certifications, legal opinions and other information as may be required by the Issuers to determine that the proposed transfer or exchange is being made in compliance with the Securities Act and
applicable state or other securities laws. 

  
 Exhibit F-2 

 This Certificate and the statements contained herein are made for your benefit and the benefit of the
Issuers. 
  

					
	[TRANSFEROR]	 	
			
	[By:	 	
                     

	 	]
		 	Name:	 	
		 	Title:	 	
			
	Dated:	 	  
	 	

  
 Exhibit F-3Exhibit 4.1

 

Execution
Version

 

 

 

GFL ENVIRONMENTAL INC.

 

3.750% Senior Secured Notes due 2025

 

INDENTURE

 

Dated as of August 24, 2020

 

Computershare Trust Company, N.A., as
Trustee and Notes Collateral Agent

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	Article I Definitions and Incorporation by Reference	1
	 	 	 
	Section 1.1.	Definitions	1
	Section 1.2.	Other Definitions	59
	Section 1.3.	Rules of Construction	61
	 	 	 
	Article II THE NOTES	62
	 	 	 
	Section 2.1.	Form and Dating	62
	Section 2.2.	Execution and Authentication	63
	Section 2.3.	Registrar and Paying Agent	64
	Section 2.4.	Paying Agent to Hold Money in Trust	65
	Section 2.5.	Holder Lists	65
	Section 2.6.	Transfer and Exchange	65
	Section 2.7.	Replacement Notes	79
	Section 2.8.	Outstanding Notes	80
	Section 2.9.	Temporary Notes	80
	Section 2.10.	Cancellation	80
	Section 2.11.	Defaulted Interest	80
	Section 2.12.	CUSIP Numbers	81
	Section 2.13.	Calculations	81
	 	 	 
	Article III REDEMPTION	81
	 	 	 
	Section 3.1.	Notices to Trustee	81
	Section 3.2.	Selection of Notes to Be Redeemed	82
	Section 3.3.	Notice of Redemption	82
	Section 3.4.	Effect of Notice of Redemption	83
	Section 3.5.	Deposit of Redemption Price	84
	Section 3.6.	Notes Redeemed in Part	84
	Section 3.7.	Optional Redemption	84
	Section 3.8.	Tax Redemption	85
	Section 3.9.	Mandatory Redemption	86

 

     

     

    

 

	Article IV COVENANTS	86
	 	 	 
	Section 4.1.	Payment of Notes	86
	Section 4.2.	Reports	87
	Section 4.3.	Incurrence of
Indebtedness and Issuance of Disqualified Stock	88
	Section 4.4.	Restricted Payments	95
	Section 4.5.	Liens	102
	Section 4.6.	Dividend and Other
Payment Restrictions Affecting Restricted Subsidiaries	103
	Section 4.7.	Asset Sales	104
	Section 4.8.	Transactions With
Affiliates	110
	Section 4.9.	Issuance of Note
Guarantees	112
	Section 4.10.	Designation of
Restricted and Unrestricted Subsidiaries	112
	Section 4.11.	Change of Control	114
	Section 4.12.	Maintenance of
Office or Agency for Registration of Transfer, Exchange and Payment of Notes	117
	Section 4.13.	Appointment to
Fill a Vacancy in the Office of Trustee	117
	Section 4.14.	Provision as to
Paying Agent	117
	Section 4.15.	Maintenance of
Corporate Existence	118
	Section 4.16.	[Reserved]	119
	Section 4.17.	Compliance Certificate	119
	Section 4.18.	Taxes	119
	Section 4.19.	Stay, Extension
and Usury Laws	119
	Section 4.20.	Covenant Suspension	119
	Section 4.21.	Additional Amounts	121
	Section 4.22.	After-Acquired
Property	124
	 	 	 
	Article V SUCCESSOR COMPANY	125
	 	 	 
	Section 5.1.	Amalgamation,
Merger, Consolidation or Sale of Assets	125
	Section 5.2.	Successor Substituted	127

 

    ii

     

    

 

	Article VI
DEFAULTS AND REMEDIES	 128
	 	 	 
	Section 6.1.	Events of Default	128
	Section 6.2.	Acceleration of
Maturity; Rescission and Annulment	130
	Section 6.3.	Other Remedies	131
	Section 6.4.	Waiver of Past
Defaults	131
	Section 6.5.	Control by Majority	131
	Section 6.6.	Limitation on
Suits	131
	Section 6.7.	Rights of Holders
to Receive Payment	132
	Section 6.8.	Collection Suit
by Trustee	132
	Section 6.9.	Trustee May File
Proofs of Claim	132
	Section 6.10.	Priorities	133
	Section 6.11.	Undertaking for
Costs	133
	 	 	 
	Article VII TRUSTEE	133
	 	 
	Section 7.1.	Duties of Trustee	133
	Section 7.2.	Rights of Trustee	134
	Section 7.3.	Individual Rights
of Trustee	135
	Section 7.4.	Trustee’s
Disclaimer	136
	Section 7.5.	Notice of Defaults	136
	Section 7.6.	Compensation and
Indemnity	137
	Section 7.7.	Replacement of Trustee	137
	Section 7.8.	Successor Trustee
by Merger	138
	Section 7.9.	Eligibility; Disqualification	139
	Section 7.10.	Preferential Collection
of Claims Against Company	139
	Section 7.11.	Collateral Documents;
First Lien Intercreditor Agreement	139
	 	 	 
	Article VIII DISCHARGE OF INDENTURE; DEFEASANCE	139
	 	 	 
	Section 8.1.	Discharge of Liability
    on Notes; Defeasance	139
	Section 8.2.	Conditions to
Defeasance	141
	Section 8.3.	Delivery and Application
of Trust Money	142
	Section 8.4.	Repayment to Company	142
	Section 8.5.	Indemnity for
Government Securities	143
	Section 8.6.	Reinstatement	143

 

    iii

     

    

 

	Article IX
    AMENDMENTS	143
	 	 	 
	Section 9.1.	Without Consent
    of Holders	143
	Section 9.2.	With Consent of
Holders	144
	Section 9.3.	Revocation and
Effect of Consents	146
	Section 9.4.	Notation on or
Exchange of Notes	146
	Section 9.5.	Trustee to Sign
Amendments	147
	 	 	 
	Article X
    NOTE GUARANTEES 	147
	 	 	 
	Section 10.1.	Note Guarantees	147
	Section 10.2.	Limitation on
Liability	149
	Section 10.3.	Execution and
Delivery of Note Guarantee	149
	Section 10.4.	Successors and
Assigns	149
	Section 10.5.	No Waiver	150
	Section 10.6.	Right of Contribution	150
	Section 10.7.	No Subrogation	150
	Section 10.8.	Benefits Acknowledged	150
	Section 10.9.	Modification	150
	Section 10.10.	Release of Note
Guarantees	151
	 	 	 
	Article XI
    COLLATERAL	152
	 	 	 
	Section 11.1.	Collateral Documents	152
	Section 11.2.	Release of Collateral	152
	Section 11.3.	Suits to Protect
the Collateral	154
	Section 11.4.	Authorization
of Receipt of Funds by the Trustee Under the Collateral Documents	154
	Section 11.5.	Purchaser Protected	154
	Section 11.6.	Powers Exercisable
by Receiver or Trustee	154
	Section 11.7.	[Reserved]	155
	Section 11.8.	Notes Collateral
Agent	155

 

    iv

     

    

 

	Article XII
    MISCELLANEOUS	163
	 	 	 
	Section 12.1.	Notices	163
	Section 12.2.	Communication
by Holders with Other Holders	164
	Section 12.3.	Certificate and
Opinion as to Conditions Precedent	164
	Section 12.4.	Statements Required
in Certificate or Opinion	164
	Section 12.5.	When Notes Disregarded	165
	Section 12.6.	Legal Holidays	165
	Section 12.7.	Governing Law;
Submission to Jurisdiction	165
	Section 12.8.	Waiver of Jury
Trial	166
	Section 12.9.	Force Majeure	166
	Section 12.10.	No Personal Liability
of Directors, Officers, Employees and Shareholders	166
	Section 12.11.	Successors	167
	Section 12.12.	Multiple Originals;
Counterparts	167
	Section 12.13.	Severability	167
	Section 12.14.	Table of Contents;
Headings	167
	Section 12.15.	No Adverse Interpretation
of Other Agreements	167
	Section 12.16.	Acts of Holders	167
	Section 12.17.	Indemnification
for Non-U.S. Dollar Currency Judgments	169
	Section 12.18.	Interest Act (Canada)	169
	 	 	 
	EXHIBITS	 	 
	 	 	 
	Exhibit A	Form of Note for
    the Issuer’s 3.750% Senior Secured Notes due 2025	 
	Exhibit B	Form of Certificate of Transfer	 
	Exhibit C	Form of Certificate of Exchange	 
	Exhibit D	Form of Supplemental
    Indenture to be Delivered by Subsequent Guarantors	 

 

    v

     

    

 

THIS INDENTURE, dated as of August 24,
2020, is among GFL Environmental Inc., a corporation organized under the laws of the Province of Ontario (“Issuer”),
the Guarantors (as defined herein) from time to time party hereto, and Computershare Trust Company, N.A., as trustee (in such capacity,
the “Trustee”) and as collateral agent (in such capacity, the “Notes Collateral Agent”).

 

WHEREAS, the Issuer has duly authorized
the creation of an issue of US$750,000,000 aggregate principal amount of 3.750% Senior Secured Notes due 2025 (the “Initial
Notes”);

 

WHEREAS, the Issuer has duly authorized
the execution and delivery of this Indenture; and

 

NOW, THEREFORE, in consideration of the
premises and the purchase of the Notes by the Holders (as defined herein), it is mutually covenanted and agreed, for the equal
and proportionate benefit of all Holders, as follows:

 

Article I

Definitions and Incorporation by Reference

 

Section 1.1.            Definitions.

 

“144A Global Note” means
a Global Note substantially in the form of Exhibit A bearing the Global Note Legend, the Private Placement Legend and
(unless such legend is no longer required by the provisions of this Indenture) the Canadian Legend, that has the “Schedule
of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of, and registered
in the name of, the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes
initially sold in reliance on Rule 144A.

 

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

 

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

 

“2025 Secured Notes”
means the Issuer’s 4.250% Senior Secured Notes due 2025 outstanding as of the Issue Date and issued under the 2025 Secured
Notes Indenture.

 

“2025 Secured Notes Collateral
Agent” means Computershare Trust Company, N.A., as collateral agent for the 2025 Secured Notes.

 

“2025 Secured Notes Collateral
Documents” means “Collateral Documents” as defined in the 2025 Secured Notes Indenture.

 

“2025 Secured Notes Indenture”
means the Indenture, dated as of April 29, 2020, among GFL, the guarantors party thereto and Computershare Trust Company,
N.A., as the trustee and as the notes collateral agent.

 

    	 	 	 

     

    

 

“2025 Secured Notes Obligations”
means obligations in respect of the 2025 Secured Notes, the 2025 Secured Notes Indenture (including the guarantees set forth therein)
and the 2025 Secured Notes Collateral Documents relating to the 2025 Secured Notes.

 

“2025 Secured Notes Secured Parties”
means “Notes Secured Parties” as defined in the 2025 Secured Notes Indenture.

 

“2026 Secured Notes”
means the Issuer’s 5.125% Senior Secured Notes due 2026 outstanding as of the Issue Date and issued under the 2026 Secured
Notes Indenture.

 

“2026 Secured Notes Collateral
Agent” means Computershare Trust Company, N.A., as collateral agent for the 2026 Secured Notes.

 

“2026 Secured Notes Collateral
Documents” means “Collateral Documents” as defined in the 2026 Secured Notes Indenture.

 

“2026 Secured Notes Indenture”
means the Indenture, dated as of December 16, 2019, among GFL, the guarantors party thereto and Computershare Trust Company,
N.A., as the trustee and as the notes collateral agent, as supplemented from time to time.

 

“2026 Secured Notes Obligations”
means obligations in respect of the 2026 Secured Notes, the 2026 Secured Notes Indenture (including the guarantees set forth therein)
and the 2026 Secured Notes Collateral Documents relating to the 2026 Secured Notes.

 

“2026 Secured Notes Secured Parties”
means “Notes Secured Parties” as defined in the 2026 Secured Notes Indenture.

 

“2026 Unsecured Notes”
means the Issuer’s 7.000% Senior Notes due 2026 outstanding as of the Issue Date and issued under the 2026 Unsecured Notes
Indenture.

 

“2026 Unsecured Notes Indenture”
means the Indenture, dated as of May 14, 2018, among the Issuer, the guarantors party thereto and Computershare Trust Company,
N.A., as the trustee, as supplemented from time to time.

 

“2027 Notes” means the
Issuer’s 8.500% Senior Notes due 2027 outstanding as of the Issue Date and issued under the 2027 Notes Indenture.

 

“2027 Notes Indenture”
means the Indenture, dated as of April 23, 2019, among the Issuer, the guarantors party thereto and Computershare Trust Company,
N.A., as the 2027 Notes Trustee, as supplemented from time to time.

 

“Additional First Lien Collateral
Agent” means the Authorized Representative for the Series of Additional First Lien Obligations that constitutes
the largest outstanding principal amount of any then outstanding Series of Additional First Lien Obligations.

 

“Additional First Lien Documents”
means, with respect to any Additional First Lien Obligations, the notes, indentures, credit agreements, note purchase agreements,
security documents and other operative agreements evidencing or governing such Indebtedness and the Liens securing such Indebtedness,
including the Additional First Lien Security Documents and each other agreement entered into for the purpose of securing the Additional
First Lien Obligations.

 

    	 	2	 

     

    

 

“Additional First Lien Obligations”
means collectively all amounts owing pursuant to the terms of any Series of Additional Senior Class Debt designated as
Additional First Lien Obligations (each such term, as defined in the First Lien Intercreditor Agreement) pursuant to the First
Lien Intercreditor Agreement, including, without limitation, the obligation (including guarantee obligations) to pay principal,
premium, interest (including interest that accrues after the commencement of a case under any bankruptcy law, regardless of whether
such interest is an allowed claim under such bankruptcy case), letter of credit commissions, reimbursement obligations, charges,
expenses, fees, attorneys costs, indemnities, penalties, reimbursements, damages and other amounts payable by a Grantor under any
Additional First Lien Document.

 

“Additional First Lien Secured
Party” means the holders of any Additional First Lien Obligations and any Authorized Representative with respect thereto.

 

“Additional First Lien Security
Document” means any collateral agreement, security agreement or any other document now existing or entered into after
the date hereof that creates Liens on any assets or properties of any Grantor to secure the Additional First Lien Obligations.

 

“Additional Notes” means
any Notes (other than the Initial Notes) issued under this Indenture in accordance with Sections 2.2 and 4.3, as
part of the same series as the Initial Notes, to the extent outstanding.

 

“Additional Senior Class Debt”
means additional Indebtedness the Issuer may incur pursuant to the First Lien Revolving Credit Agreement, First Lien Term Loan
Agreement, the 2025 Secured Notes Indenture, the 2026 Secured Notes Indenture and this Indenture that is secured on an equal and
ratable basis by the Liens securing the First Lien Obligations.

 

“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. For purposes of this definition, the terms “controlling,”
“controlled by” and “under common control with” have correlative meanings.

 

“Agent” means any Registrar
or Paying Agent, as the case may be.

 

“Applicable Authorized Representative”
means, with respect to any Shared Collateral, (i) until the earlier of (x) the Discharge of First Lien Credit Agreement
Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date, the First Lien Revolving Credit Agreement
Collateral Agent acting on the written instructions of the Required First Lien Credit Agreement Secured Parties (or, after the
Discharge of the First Lien Revolving Credit Agreement Obligations, the First Lien Term Loan Collateral Agent acting on the written
instructions of the Required First Lien Term Loan Lenders), (ii) from and after the earlier of (x) the Discharge of First
Lien Revolving Credit Agreement Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date, the First
Lien Term Loan Collateral Agent acting on the written instructions of the Required First Lien Term Loan Agreement Secured Parties,
and (iii) from and after the earlier of (x) the Discharge of First Lien Credit Agreement Obligations and (y) the
Non-Controlling Authorized Representative Enforcement Date, the Major Non-Controlling Authorized Representative.

 

    	 	3	 

     

    

 

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

 

		(1)	1.0% of the principal amount of such Note; and

 

		(2)	the excess of:

 

		(a)	the present value at such redemption date of (i) the redemption price of such Note, on August 1, 2022 (such redemption
price being set forth in Section 3.7 on or after June 1, 2022) plus (ii) all required interest payments due
on the Note through August 1, 2022 (excluding accrued but unpaid interest to the redemption date), computed using a discount
rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over

 

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

 

“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 or Clearstream that apply to such transfer or exchange.

 

“Approved Rating Organization”
means (1) each of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate the Notes for reasons
outside of the Issuer’s control, a “nationally recognized statistical rating organization” within the
meaning of Section 3(a)(62) under the 1934 Act selected by the Issuer or any direct or indirect parent of the Issuer as a
replacement agency for Moody’s or S&P, as the case may be.

 

“Asset Sale” means any
of the foregoing:

 

		(1)	the sale, lease, conveyance or other disposition of any assets or rights (including the sale by the Issuer or any Restricted
Subsidiary of Equity Interests in any of the Issuer’s Subsidiaries, but excluding the sale of directors’ qualifying
shares or shares required to be owned by other Persons pursuant to applicable law); and

 

		(2)	the issuance of Equity Interests by any of the Issuer’s Restricted Subsidiaries (but for greater certainty excluding
any issuance of Equity Interests by the Issuer).

 

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

 

		(1)	any single transaction or series of related transactions that involves assets having a Fair Market Value of less than $30.0
million;

 

    	 	4	 

     

    

 

		(2)	a sale, lease, conveyance or other disposition of assets between or among the Issuer and its Restricted Subsidiaries;

 

		(3)	an issuance or sale of Equity Interests by a Restricted Subsidiary to the Issuer or to another Restricted Subsidiary;

 

		(4)	any disposition of worn-out, obsolete, retired or otherwise unsuitable or excess assets or equipment or facilities or of assets
or equipment no longer used or useful (including intellectual property), in each case, in the ordinary course of business;

 

		(5)	the sale, lease, conveyance or other disposition of equipment, inventory, accounts receivable or other assets in the ordinary
course of business (including transfers of assets, revenues or liabilities between or among the Issuer and its Restricted Subsidiaries
in the ordinary course of business for the Fair Market Value thereof);

 

		(6)	the sale or other disposition of cash or Cash Equivalents;

 

		(7)	any sale, assignment, transfer, conveyance, lease or other disposition of all or substantially all of the properties or assets
of the Issuer and its Restricted Subsidiaries taken as a whole, in one or more related transactions, to another Person, pursuant
to Section 5.1;

 

		(8)	any Restricted Payment that does not violate Section 4.4 and any Permitted Investment;

 

		(9)	the creation or perfection of a Lien (but not the sale or other disposition of any asset subject to such Lien);

 

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

 

		(11)	dispositions of receivables owing to the Issuer or any of its Restricted Subsidiaries in connection with the compromise, settlement
or collection thereof in the ordinary course of business or in bankruptcy or similar proceedings of the account debtor and exclusive
of factoring or similar arrangements;

 

		(12)	the licensing or sublicensing of intellectual property or other general intangibles and licenses, leases or subleases of other
property in the ordinary course of business and which do not materially interfere with the business of the Issuer and its Restricted
Subsidiaries;

 

		(13)	any sale of assets received by the Issuer or any of its Restricted Subsidiaries upon foreclosure of a Lien;

 

    	 	5	 

     

    

 

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

 

		(15)	a sale, transfer or other disposition of assets by the Issuer or any of its Restricted Subsidiaries in connection with a corporate
reorganization that is carried out as a step transaction if:

 

		(a)	the step transaction is completed within five Business Days; and

 

		(b)	at the completion of the step transaction, such assets are owned by the Issuer or any of its Restricted Subsidiaries; and

 

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

 

In the event that a transaction (or any
portion thereof) meets the criteria of a permitted Asset Sale and would also be a permitted Restricted Payment or Permitted Investment,
the Issuer, in its sole discretion, will be entitled to divide and classify such transaction (or a portion thereof) as an Asset
Sale and/or one or more of the types of permitted Restricted Payments or Permitted Investments.

 

“Attributable Debt” in
respect of a Sale/Leaseback Transaction means, at the time of determination, the present value of the obligations of the lessee
for net rental payments during the remaining term of the lease included in such Sale/Leaseback Transaction (including during any
period for which such lease has been extended), calculated using a discount rate equal to the rate of interest implicit in such
transaction, determined in accordance with GAAP; provided, however, that if such Sale/Leaseback Transaction results
in a Financing Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition
of Financing Lease Obligation.

 

“Authorized Representative”
means, at any time, (i) in the case of any First Lien Revolving Credit Agreement Obligations or the First Lien Revolving Credit
Agreement Secured Parties, the First Lien Revolving Credit Agreement Collateral Agent, (ii) in the case of the First Lien
Term Loan Obligations or the First Lien Term Loan Secured Parties, the First Lien Term Loan Collateral Agent, (iii) in the
case of the 2026 Secured Notes Obligations or the 2026 Secured Notes Secured Parties, the 2026 Secured Notes Collateral Agent,
(iv) in the case of the 2025 Secured Notes Obligations or the 2025 Secured Notes Secured Parties, the 2025 Secured Notes Collateral
Agent, (v) in the case of the Notes Obligations or the Notes Secured Parties, the Notes Collateral Agent and (vi) in
the case of any other Series of Additional First Lien Obligations or Additional First Lien Secured Parties that become subject
to the Intercreditor Agreement after its execution, the collateral agent (or equivalent) named as authorized representative for
such Series in the applicable Joinder Agreement.

 

“Bankruptcy Law” means
the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada), the Winding-Up and
Restructuring Act (Canada), Title 11 of the United States Code, or any other federal, state, provincial or foreign law for
the relief of debtors that are insolvent or bankrupt.

 

    	 	6	 

     

    

 

“Beneficial Holders”
means any person who holds a beneficial interest in Global Notes as shown on the books of the Depositary or a Participant of such
Depositary.

 

“Board of Directors”
means:

 

		(1)	with respect to a corporation, the board of directors of the corporation (or any duly authorized committee thereof);

 

		(2)	with respect to a partnership, the board of directors of the corporation (or the managers or managing members of a limited
liability company) that is the general partner or managing partner of the partnership;

 

		(3)	with respect to a limited liability company, the managing member or members or any controlling committee of managing members
thereof; and

 

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

 

“Board Resolution” means
a copy of a resolution certified by any Officer of the applicable Person to have been duly adopted by the Board of Directors of
such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 

“Business Day” means
a day other than a Saturday, Sunday or other day on which banking institutions or trust companies in New York, New York or the
Province of Ontario are authorized or required by law to close.

 

“Canadian Pledge Agreement”
means that certain Canadian Pledge Agreement, dated as of the Issue Date, among the Issuer, the Guarantors that are organized under
the laws of Canada or a province thereof and the Notes Collateral Agent, as amended, restated, amended and restated, supplemented
or otherwise modified from the time to time.

 

“Canadian Securities Legislation”
means the securities laws of each of the provinces and territories of Canada and the respective regulations, rules, rulings, decisions
and orders made thereunder, together with the multilateral or national instruments and notices issued or adopted by the securities
commissions or securities regulatory authorities in such provinces or territories.

 

“Canadian Security Agreement”
means that certain Canadian General Security Agreement, dated as of the Issue Date, among the Issuer, the Guarantors that are organized
under the laws of Canada or a province thereof and the Notes Collateral Agent, as amended, restated, amended and restated, supplemented
or otherwise modified from the time to time.

 

“Canadian Subsidiary”
means any Subsidiary that is organized under the laws of Canada or any province thereof.

 

    	 	7	 

     

    

 

“Capitalized Software Expenditures”
means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by the Issuer and the
Restricted Subsidiaries during such period in respect of purchased software or internally developed software and software enhancements
that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet (excluding
the footnotes thereto) of the Issuer and the Restricted Subsidiaries.

 

“Capital Stock” means:

 

		(1)	in the case of a corporation, association or other business entity, any and all shares, interests, participations, rights or
other equivalents (however designated and whether or not voting) of corporate stock;

 

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

 

		(3)	any other interest or participation that confers on a Person rights in, or other equivalents of or interests in, the equity
of the issuing Person or otherwise confers the right to receive a share of the profits and losses of, or distributions of assets
of, the issuing Person,

 

but excluding from all of the foregoing
any debt securities including debt securities convertible into or exchangeable for Capital Stock, whether or not such debt securities
have any right of participation with Capital Stock.

 

“Captive Insurance Subsidiary”
means any Subsidiary of the Issuer that is subject to regulation as an insurance company (or any Subsidiary thereof).

 

“Cash Contribution Amount”
means the aggregate amount of cash contributions made to the capital of the Issuer or any Guarantor and designated as a “Cash
Contribution Amount” as described in the definition of Contribution Indebtedness. Any amounts designated as a “Cash
Contribution Amount” shall be excluded for purposes of making Restricted Payments under Section 4.4(b) and
clauses Section 4.4(c)(2), (12) and (13) of Section 4.4(c).

 

“Cash Equivalents” means:

 

		(1)	Canadian or U.S. dollars, and such other currencies as may be held by the Issuer or the Restricted Subsidiaries from time to
time in the ordinary course of business;

 

		(2)	securities issued by or directly and fully guaranteed or insured by the federal government of Canada, the U.S., or any member
state of the European Union (provided that such member state has a rating of “A” or higher from S&P,
“A2” or higher from Moody’s, “A” or higher from Fitch or “A” or
higher from DBRS) or any agency or instrumentality thereof (provided that the full faith and credit of the federal government
of Canada, the United States or the relevant member state of the European Union is pledged in support of those securities) having
maturities of not more than two years from the date of acquisition;

 

    	 	8	 

     

    

 

		(3)	demand accounts, time deposit accounts, bearer deposit notes, certificates of deposit and eurodollar time deposits with maturities
of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year, demand and
overnight bank deposits and other similar types of investments routinely offered by commercial banks or trust companies, in each
case, with any bank or trust company that has a rating of “A” or higher from S&P, “A2”
or higher from Moody’s, “A” or higher from Fitch or “A” or higher from DBRS;

 

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

 

		(5)	commercial paper having a rating of “P-1” from Moody’s, “A-1” or higher from S&P,
“F-1” or higher from Fitch (or, if at any time none of Moody’s, S&P or Fitch shall be rating such
obligations, an equivalent rating from another Approved Rating Organization) or “R-1 (low)” or higher from DBRS
and in each case maturing within two years after the date of acquisition;

 

		(6)	readily marketable direct obligations issued by a state of the United States or a province of Canada or any political subdivision
thereof having a rating of “A” or higher from S&P, “A2” or higher from Moody’s
or “A” or higher from Fitch in each case with maturities not exceeding two years from the date of acquisition;

 

		(7)	Investments with average maturities of 24 months or less from the date of acquisition in money market funds rated “AAA−”
(or the equivalent thereof) or better by S&P or “Aaa3” (or the equivalent thereof) or better by Moody’s
or “AAA-” (or the equivalent thereof) or better from Fitch (or, if at any time none of Moody’s, S&P
or Fitch shall be rating such obligations, an equivalent rating from another Approved Rating Organization); and

 

		(8)	money market or investment funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in
clauses (1) through (7) of this definition. In the case of Investments made in a country outside the United States, Cash
Equivalents will also include investments of the type and maturity described in clauses (1) through (8) of this definition
of foreign obligors, which Investments or obligors (or the parents of such obligors) have ratings described in such clauses or
equivalent ratings from comparable foreign rating agencies.

 

Notwithstanding the foregoing, Cash Equivalents
will include amounts denominated in currencies other than those set forth in clauses (1) and (2) above; provided
that such amounts are converted into any currency listed in clauses (1) and (2) as promptly as practicable and in any
event within ten Business Days following the receipt of such amounts.

 

    	 	9	 

     

    

 

“Cash Management Obligations”
means obligations in respect of cash management services consisting of automated clearing house transactions, controlled disbursement
services, treasury, depositary, overdraft and electronic funds transfer services, foreign exchange facilities, currency exchange
transactions or agreements and options with respect thereto, credit card processing services, credit or debit cards, purchase cards
and any indemnity given in connection with any of the foregoing.

 

“CFC” means a “controlled
foreign corporation” within the meaning of Section 957 of the Code.

 

“CFC Holdco” means any
Subsidiary that has no material assets other than Equity Interests in (or Equity Interests and Indebtedness of) one or more Subsidiaries
that are CFCs.

 

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

 

		(1)	the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of plan of arrangement, merger,
amalgamation or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets
(including Equity Interests of the Issuer’s Restricted Subsidiaries) of the Issuer and its Restricted Subsidiaries, taken
as a whole, to any Person or group of Persons acting jointly or in concert (any such group, a “Group”) other
than a Person or Group that is a Permitted Holder; or

 

		(2)	the consummation of any transaction (including, without limitation, any plan of arrangement, merger, amalgamation or consolidation)
the result of which is that any Person or Group (other than a Person or Group that is a Permitted Holder) beneficially owns, directly
or indirectly, more than 50% of the Voting Stock of the Issuer, measured by voting power rather than number of shares.

 

For purposes of this definition, (i) a
beneficial owner of a security includes any Person or Group who, directly or indirectly, through any contract, arrangement, understanding,
relationship, or otherwise has or shares: (A) voting power, which includes the power to vote, or to direct the voting of,
such security; and/or (B) investment power, which includes the power to dispose of, or to direct the disposition of, such
security; (ii) a Person or Group shall not be deemed to have beneficial ownership of securities subject to a stock purchase
agreement, merger agreement or similar agreement until the consummation of the transactions contemplated by such agreement; and
(iii) to the extent that one or more regulatory approvals are required for any of the transactions or circumstances described
in clauses (1) or (2) above to become effective under applicable law and such approvals have not been received before
such transactions or circumstances have occurred, such transactions or circumstances shall be deemed to have occurred at the time
such approvals have been obtained and become effective under applicable law.

 

Notwithstanding the foregoing, a transaction
will not be deemed to involve a Change of Control if (1) the Issuer becomes a direct or indirect wholly-owned subsidiary of
a holding company and (2)(A) the direct or indirect beneficial owners of the Voting Stock of such holding company immediately
following that transaction are substantially the same as the beneficial owners of the Voting Stock of the Issuer immediately prior
to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements
of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company.

 

    	 	10	 

     

    

 

“Clearstream” means Clearstream
Banking, société anonyme, or any successor securities clearance agency.

 

“Collateral Agents” mean,
collectively, the Notes Collateral Agent, the First Lien Term Loan Collateral Agent, the First Lien Revolving Credit Agreement
Collateral Agent, the 2025 Secured Notes Collateral Agent, the 2026 Secured Notes Collateral Agent and any Additional First Lien
Collateral Agent.

 

“Collateral” means all
of the assets and property of the Issuer or any Guarantor, whether real, personal or mixed or the subject matter of Liens granted
under the Collateral Documents securing or purported to secure any Notes Obligations, other than the Excluded Assets.

 

“Collateral Documents”
means collectively, the Intercreditor Agreements, the U.S. Security Agreement, the Canadian Security Agreement, the U.S. Pledge
Agreement, the Canadian Pledge Agreement, the Intellectual Property Security Agreements, the Mortgages (if any), the Deed of Hypothec,
dated on or after the Issue Date, between the Notes Collateral Agent and the Issuer, each of the mortgages, debentures, charges,
collateral assignments, security agreements, pledge agreements or other similar agreements relating to the Collateral and the Mortgages
and instruments filed and recorded in appropriate jurisdictions to preserve and protect the Liens on the Collateral (including,
without limitation, financing statements under the Uniform Commercial Code of the relevant states and PPSA of the applicable provinces)
applicable to the Collateral, each for the benefit of the Notes Collateral Agent, each as amended, amended and restated, modified,
renewed or replaced from time to time.

 

“Collateral
Requirement” means, at any time, the requirement that:

 

(a)            the
Notes Collateral Agent shall have received each Collateral Document required to be delivered (i) on the Issue Date pursuant
to the terms of this Indenture or (ii) on such other dates as required pursuant to Sections 4.22 or Section 11.1
or the Collateral Documents, duly executed by the Issuer and each Guarantor party thereto;

 

(b)            the
Notes Obligations shall have been secured by a first-priority security interest (subject to Liens permitted by Section 4.5)
in (i) all Equity Interests of each Restricted Subsidiary that is a Wholly Owned Canadian Subsidiary or U.S. Subsidiary (other
than any such Subsidiary (x) that is an Immaterial Subsidiary, or (y) described in the following clause (ii)(B))
directly owned by the Issuer or any Guarantor and (ii) 65% of the issued and outstanding voting Equity Interests (and 100%
of the issued and outstanding non-voting Equity Interests) of, (A) each Restricted Subsidiary that is a CFC and is directly
owned by the Issuer or any Guarantor and (B) each Restricted Subsidiary that is a CFC Holdco (in the case of clauses (A) and
(B), other than a Subsidiary that is an Immaterial Subsidiary);

 

    	 	11	 

     

    

 

(c)            except
to the extent otherwise provided hereunder or under any Collateral Document, and subject to Liens permitted by Section 4.5
or under any Collateral Document, the Notes Obligations shall have been secured by a valid and perfected security interest in substantially
all tangible and intangible assets of the Issuer and each Guarantor (including accounts receivable, inventory, equipment, investment
property, contract rights, registered intellectual property (including applications for registered intellectual property, but excluding
any “intent-to-use” application for registration of a trademark or service mark filed pursuant to Section 1(b) of
the Lanham Act, 15 U.S.C. § 1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d), or
an “Amendment to Allege Use” pursuant to Section 1(c), of the Lanham Act, to the extent, if any, that, and solely
during the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of such
application under applicable federal laws), other general intangibles, and solely to the extent required by Section 4.22,
Mortgages on Material Real Property and, in each case, proceeds of the foregoing), in each case, with the priority required by
the Collateral Documents (to the extent such security interest may be perfected by delivering certificated securities and or debt
instruments, filing any Mortgages in the appropriate filing or land registry office of the county or municipality where the respective
mortgaged property is located, filing financing statements under the Uniform Commercial Code or PPSA or making any necessary filings
with the United States Patent and Trademark Office or United States Copyright Office or the Canadian Intellectual Property Office);
and

 

(e)            the
Notes Collateral Agent shall have received counterparts of a Mortgage and other documentation required to be delivered, with respect
to each Material Real Property, if any, pursuant to Section 4.22.

 

The foregoing definition
shall not require, and the Collateral Documents shall not contain any requirements as to, the creation or perfection of pledges
of or security interests in, mortgages on, or the obtaining of title insurance, surveys, abstracts or appraisals or taking other
actions with respect to, any Excluded Assets. The Notes Collateral Agent may grant extensions of time for the perfection of security
interests in or the delivery of the Mortgages and the obtaining of title insurance, surveys and abstracts with respect to particular
assets and the delivery of assets (including extensions beyond the Issue Date for the perfection of security interests in the assets
of the Issuer and Guarantors) where it reasonably determines, in consultation with the Issuer, that perfection cannot be accomplished
without undue effort or expense by the time or times at which it would otherwise be required by this Indenture or the Collateral
Documents; provided that the Notes Collateral Agent shall be deemed to have made such a reasonable determination if such
a determination has already been made by either the First Lien Revolving Credit Agreement Collateral Agent or the First Lien Term
Loan Collateral Agent (with respect to the First Lien Revolving Credit Agreement or the First Lien Term Loan Credit Agreement,
respectively).

 

Notwithstanding anything to the contrary,
there shall be no requirement for (and no default or event of default under the Collateral Documents shall arise out of the lack
of) (A) actions in, or required by the laws of, any jurisdiction other than the United States (or any state thereof or the
District of Columbia) or Canada (or any province thereof) in order to create, perfect or maintain any security interests in any
assets (including, without limitation, any intellectual property registered outside the United States or Canada and all real property
located outside the United States or Canada) (it being understood that there shall be no security agreements, pledge agreements
or similar security documents governed by the laws of any jurisdiction outside the United States or Canada) and (B) actions
required to be taken to perfect by “control” with respect to any Collateral (other than delivery of certificated securities
required to be pledged in accordance with clause (c) of this definition), including control agreements or similar agreements
in respect of any deposit accounts, securities accounts, commodities accounts or other bank accounts.

 

    	 	12	 

     

    

 

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

 

“Commodity Hedging Contracts”
means any transaction, arrangement or agreement entered into between a Person (or any of its Restricted Subsidiaries) and a counterparty
on a case by case basis, including any futures contract, a commodity option, a swap, a forward sale or otherwise, the purpose of
which is to mitigate, manage or eliminate its exposure to fluctuations in commodity prices, transportation or basis costs or differentials
or other similar financial factors including contracts settled by physical delivery of the commodity not settled within 60 days
of the date of any such contract.

 

“Consolidated Depreciation and
Amortization Expense” means, with respect to any Person for any period, the total amount of depreciation, amortization
and depletion and accretion expense, including amortization or write-off of intangibles and non-cash organization costs and of
deferred financing fees or costs and Capitalized Software Expenditures, of such Person, including the amortization of deferred
financing fees or costs for such period on a consolidated basis and otherwise determined in accordance with GAAP and the amortization
of original issue discount resulting from the issuance of Indebtedness at less than par, and any write down of assets or asset
value carried on the balance sheet.

 

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

 

(a)            increased
by (without duplication, and as determined in accordance with GAAP to the extent applicable):

 

		(1)	solely to the extent such amounts were deducted in computing Consolidated Net Income, (A) provision for taxes based on
income or profits or capital, plus state, provincial, franchise, property or similar taxes and foreign withholding taxes and foreign
unreimbursed value added taxes, of such Person for such period (including, in each case, penalties and interest related to such
taxes or arising from tax examinations) deducted in computing such Consolidated Net Income and (B) amounts paid to the Issuer
or any direct or indirect parent of the Issuer in respect of taxes in accordance with Section 4.4(c)(18); plus

 

		(2)	(A) total interest expense of such Person and, to the extent not reflected in such total interest expense, any net losses
on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk, and (B) bank
fees and costs owed with respect to letters of credit, bankers acceptances and surety bonds, in each case under this clause (B),
in connection with financing activities and, in each case under clauses (A) and (B), to the extent the same were deducted
in computing Consolidated Net Income; plus

 

    	 	13	 

     

    

 

		(3)	Consolidated Depreciation and Amortization Expense of such Person for such period to the extent such expenses were deducted
in computing Consolidated Net Income; plus

 

		(4)	any (A) transaction expenses and (B)(I) reasonable fees, costs, expenses or charges incurred in connection with (x) any
issuance or offering of Equity Interests (including any initial public offering), Investment, acquisition (including any costs
incurred in connection with any acquisition or any other Investment permitted under this Indenture whether occurring before or
after the Issue Date), non-ordinary course disposition, recapitalization or the issuance, incurrence, redemption, exchange or repayment
of Indebtedness (including, with respect to Indebtedness, a refinancing thereof), including any costs and expenses relating to
any registration statement, or registered exchange offer, in respect of any Indebtedness permitted hereunder, (y) any amendment,
waiver, consent or modification to any documentation governing the terms of any transaction described in the immediately preceding
subclause (x) or (z) any amendment, waiver, consent or modification to any document governing any Indebtedness, in each
case under subclauses (x), (y) and (z), whether or not such transaction or amendment, waiver, consent or modification is successful
and (II) fees, costs, expenses and charges to the extent payable or reimbursable by third parties, pursuant to indemnification
provisions, in each case, deducted in computing Consolidated Net Income; plus

 

		(5)	to the extent deducted in calculating Consolidated Net Income, any charges, losses or expenses related to signing, retention,
relocation, recruiting or completion bonuses or recruiting costs, severance costs, transition costs, curtailments or modifications
to pension and post-retirement employee benefit plans (including any settlement of pension liabilities), pre-opening, opening,
closing and consolidation costs and expenses with respect to any New Projects, facilities, facility start-up costs, costs and expenses
relating to implementation of operational and reporting systems and technology initiatives, costs incurred in connection with product
and intellectual property development and new systems design, project start-up costs, integration and systems establishment costs,
business optimization expenses or costs (including costs and expenses relating to intellectual property restructurings) and cash
restructuring charges, expenses and reserves and expenses attributable to the implementation of cost savings initiatives, costs
associated with tax projects/audits and costs consisting of professional consulting or other fees relating to any of the foregoing;
plus

 

		(6)	accretion of asset retirement obligations; plus

 

    	 	14	 

     

    

 

		(7)	any other non-cash charges, expenses, losses or items, including any write offs or write downs, reducing such Consolidated
Net Income for such period (provided that if any such non-cash charges represent an accrual or reserve for potential cash
items in any future period, (1) the Issuer may determine not to add back such non-cash charge in the current period and (2) to
the extent the Issuer does decide to add back such non-cash charge, the cash payment in respect thereof in such future period shall
be subtracted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior
period); plus

 

		(8)	the amount of any minority interest expense or non-controlling interest consisting of Subsidiary income attributable to minority
equity interests of third parties in any non-Wholly Owned Subsidiary deducted in calculating Consolidated Net Income; plus

 

		(9)	the amount of fees, out-of-pocket costs, indemnities and expenses paid or accrued in such period to any Permitted Holder or
any of their Affiliates to the extent permitted under Section 4.8 and deducted in such period in computing Consolidated Net
Income; plus

 

		(10)	the amount of any net loss from operations expected to be disposed of, abandoned or discontinued within twelve months after
the end of such period; plus

 

		(11)	the amount of “run rate” cost savings, operating expense reductions and synergies related to the Waste Industries
Transactions, any Specified Transactions, any restructurings, cost savings initiatives and other initiatives (without duplication
of any pro forma amounts added back in connection with a Specified Transaction or entry into an Municipal Waste Contract or Put-or-Pay
Agreement) projected by the Issuer in good faith to result from actions taken, committed to be taken or expected to be taken no
later than twenty-four (24) months after the end of such period (which “run rate” cost savings, operating expense reductions
and synergies shall be calculated on a pro forma basis as though such “run rate” cost savings, operating expense reductions
and synergies had been realized on the first day of the period for which Consolidated EBITDA is being determined and realized during
the entirety of such period and each subsequent period through the period ending on the last day of the eighth fiscal quarter commencing
after the end of the fiscal quarter in which such pro forma adjustment was originally made, and without duplication of any pro
forma adjustment for any such subsequent period that would otherwise be permitted under this clause (11) with respect to the same
cost savings, operating expense reductions and synergies), net of the amount of actual benefits realized during such period from
such actions; provided that such “run rate” cost savings, operating expense reductions and synergies are reasonably
identifiable and factually supportable (in the good faith determination of the Issuer) (it being understood that pro forma adjustments
need not be prepared in compliance with Regulation S-X); plus

 

    	 	15	 

     

    

 

 

		(12)	to the extent reducing such Consolidated Net Income, any costs or expenses incurred by the Issuer or a Restricted Subsidiary
pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any
stock subscription or stockholders agreement, to the extent that such costs or expenses are funded with cash proceeds contributed
to the capital of the Issuer or net cash proceeds of issuance of Equity Interests of the Issuer (other than Disqualified Stock),
in each case, solely to the extent that such cash proceeds are excluded from the calculation of the amount available for Restricted
Payments under Section 4.4(b)(3)(A) and have not been used as an Excluded Contribution; plus

 

		(13)	the amount of any loss attributable to a New Project, until the date that is 12 months after the date of completing the construction,
acquisition, assembling or creation of such New Project, as the case may be; provided that (a) such losses are reasonably
identifiable and factually supportable and certified by a responsible officer of the Issuer and (b) losses attributable to
such New Project after 12 months from the date of completing such construction, acquisition, assembling or creation, as the case
may be, shall not be included in this clause (13); plus

 

		(14)	to the extent deducted in calculating Consolidated Net Income, Specified Legal Expenses in an amount not to exceed $5.0 million
for the applicable four quarter period; plus

 

		(15)	accruals and reserves that are established or adjusted within 12 months after the closing of any acquisition that are so required
as a result of such acquisition in accordance with GAAP, or changes as a result of the adoption or modification of accounting policies,
whether effected through a cumulative effect adjustment, restatement or a retroactive application; plus

 

		(16)	without duplication, adjustments of the nature used in connection with the calculation of “Adjusted EBITDA”
or “Run-Rate EBITDA” as set forth in footnote 3 of “Summary— Summary Historical and As Adjusted
Financial Information” contained in the Offering Memorandum applied in good faith to the extent such adjustments continue
to be applicable during the period in which Consolidated EBITDA is being calculated; and

 

(b) decreased by (without duplication, and as
determined in accordance with GAAP to the extent applicable) any non-cash gains increasing Consolidated Net Income of such Person
for such period, excluding any gains that represent the reversal of any accrual of, or cash reserve for, anticipated cash charges
in any prior period (other than such cash charges that have been added back to Consolidated Net Income in calculating Consolidated
EBITDA in accordance with this definition).

 

For the avoidance of doubt, Consolidated EBITDA shall be calculated,
including pro forma adjustments.

 

    	 	16	 

     

    

 

“Consolidated Interest Expense”
means, for any period, the total interest expense of the Issuer and its Restricted Subsidiaries determined on a consolidated basis
in accordance with GAAP (excluding any accretion or accrual of discounted liabilities not constituting Indebtedness), plus, to
the extent not included in such total interest expense, and to the extent incurred by the Issuer and its Restricted Subsidiaries
(determined on a consolidated basis in accordance with GAAP), without duplication:

 

		(1)	the amortization of debt discount and debt issuance costs; plus

 

		(2)	the amortization of all fees (including, without limitation, fees with respect to Hedging Obligations) payable in connection
with the incurrence of Indebtedness; plus

 

		(3)	interest payable on Financing Lease Obligations; plus

 

		(4)	payments in the nature of interest pursuant to Hedging Obligations; plus

 

		(5)	interest accruing on any Indebtedness of any other Person, to the extent such Indebtedness is guaranteed by, or secured by
a Lien on any asset of, the Issuer or any of its Restricted Subsidiaries.

 

Notwithstanding the foregoing, the interest
component of any lease that is a Non-Financing Lease Obligation will not be included in Consolidated Interest Expense. For purposes
of this definition, interest on a Financing Lease Obligation shall be deemed to accrue at an interest rate reasonably determined
by such Person to be the rate of interest implicit in such Financing Lease Obligation in accordance with GAAP.

 

“Consolidated Net Income”
means, with respect to any Person for any period, the aggregate of the Net Income of such Person and its Subsidiaries for such
period determined on a consolidated basis in conformity with GAAP; provided, however, that, without duplication:

 

		(1)	any net after-tax extraordinary, non-recurring or unusual gains or losses, charges or expenses, transaction expenses, severance
costs and expenses and one-time compensation charges shall be excluded;

 

		(2)	the Net Income for such period shall not include the cumulative effect of a change in accounting principles during such period,
whether effected through a cumulative effect adjustment or a retroactive application, in each case in accordance with GAAP;

 

		(3)	effects of adjustments (including the effects of such adjustments pushed down to the Issuer and its Subsidiaries) in such Person’s
consolidated financial statements pursuant to GAAP (including in the property and equipment, software, goodwill, intangible assets,
deferred revenue and debt line items thereof) resulting from the application of recapitalization accounting or purchase accounting,
as the case may be, in relation to any consummated acquisition or the amortization or write-off of any amounts thereof (including
any write-off of in process research and development), net of taxes, shall be excluded;

 

    	 	17	 

     

    

 

		(4)	any net after-tax income (loss) from disposed, abandoned, transferred, closed or discontinued operations and any net after-tax
gains or losses on disposal of disposed, abandoned, transferred, closed or discontinued operations shall be excluded;

 

		(5)	any net after-tax gains or losses (less all fees and expenses relating thereto) attributable to asset sales or other dispositions
or impairments or the sale or other disposition of any Equity Interests of any Person, in each case, other than in the ordinary
course of business, as determined in good faith by the Issuer, shall be excluded;

 

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

 

		(7)	solely for the purpose of determining the amount available for Restricted Payments under Section 4.4(b)(3)(A),
the Net Income for such period of any Restricted Subsidiary (other than any Subsidiary Guarantor) shall be excluded to the extent
the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of its Net Income is not at the
date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly,
by the 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 equity holders, unless such restriction with respect to the payment
of dividends or similar distributions has been legally waived; provided that Consolidated Net Income of the Issuer will
be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the extent converted
into cash) to the Issuer or a Restricted Subsidiary thereof in respect of such period, to the extent not already included therein;

 

		(8)	(i) any net unrealized gain or loss (after any offset) resulting in such period from obligations in respect of Hedging
Obligations and the application of Accounting Standards for Private Enterprises, CPA Handbook—Part II, Section 3856
or any ineffectiveness recognized in earnings related to qualifying hedge transactions or the fair value of changes therein recognized
in earnings for derivatives that do not qualify as hedge transactions, in each case, in respect of Hedging Obligations, (ii) any
net gain or loss resulting in such period from currency translation gains or losses related to currency re-measurements of Indebtedness
(including the net loss or gain resulting from Hedging Obligations for currency exchange risk) and all other foreign currency translation
gains or losses, and (iii) any net after-tax income (loss) for such period attributable to the early extinguishment or conversion
of (A) Indebtedness, (B) obligations under any Hedging Obligations or (C) other derivative instruments and all deferred
financing costs written off or amortized and premiums paid or other expenses incurred directly in connection therewith, shall be
excluded;

 

    	 	18	 

     

    

 

		(9)	any goodwill or impairment charge or asset write-off or write-down, including impairment charges or asset write-offs or write-downs
related to intangible assets, long-lived assets, investments in debt and equity securities or as a result of a change in law or
regulation, in each case pursuant to GAAP, the amortization of intangibles arising pursuant to GAAP and the amortization of Capitalized
Software Expenditures, shall be excluded;

 

		(10)	any expenses, charges or losses that are covered by indemnification or other reimbursement provisions in connection with any
acquisition, Investment, acquisitions completed prior to the Issue Date or any sale, conveyance, transfer or other disposition
of assets permitted under this Indenture or that are consummated prior to the Issue Date, to the extent actually reimbursed, or,
so long as the Issuer has made a determination that a reasonable basis exists for indemnification or reimbursement and only to
the extent that such amount is in fact indemnified or reimbursed within 365 days of such determination (with a deduction in the
applicable future period for any amount so added back to the extent not so indemnified or reimbursed within such 365 days), shall
be excluded;

 

		(11)	to the extent covered by insurance and actually reimbursed, or, so long as the Issuer has made a determination that a reasonable
basis exists that such amount will in fact be reimbursed within 365 days of the date of such determination (with a deduction in
the applicable future period for any amount so added back to the extent not so reimbursed within such 365 days), expenses, charges
or losses with respect to liability or casualty events shall be excluded;

 

		(12)	any non-cash compensation charge or expense, including any such charge or expense arising from the grants of stock appreciation
or similar rights, stock options, restricted stock or other rights or equity incentive programs shall be excluded;

 

		(13)	any income (loss) attributable to deferred compensation plans or trusts and any non-cash deemed finance charges in respect
of any pension liabilities or other provisions or on the revaluation of any benefit plan obligation shall be excluded;

 

		(14)	proceeds from any business interruption insurance, to the extent not already included in Consolidated Net Income, shall be
included;

 

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

 

    	 	19	 

     

    

 

		(16)	any adjustments resulting from the application of Accounting Standards for Private Enterprises, CPA Handbook—Part II,
Accounting Guideline 14, or any comparable regulation, shall be excluded; and

 

		(17)	earn-out and contingent consideration obligations (including adjustments thereof and purchase price adjustments) incurred in
connection with any acquisition or other Investment, and any acquisitions completed prior to the Issue Date, shall be excluded.

 

“Consolidated Net Leverage Ratio”
means, as of any date of determination, the ratio of (1)(i)(x) the total consolidated Indebtedness of the Issuer and its Restricted
Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with GAAP) and (y) the Reserved
Indebtedness Amount with respect to commitments first obtained as of such date but not utilized as of such date (but only to the
extent such commitments are being obtained in reliance on a test based on such ratio and the Issuer has so elected to test such
ratios at such time) minus (ii) the sum of (x) cash and Cash Equivalents of the Issuer and its Restricted Subsidiaries
as of such date of calculation plus (y) any cash in a trust account of counsel to the Issuer or any of its Restricted Subsidiaries
or counsel of a vendor in connection with the deposit of an amount on account of the purchase price for an acquisition or investment
and (2) Consolidated EBITDA of the Issuer and its Restricted Subsidiaries for such period. In the event that the Issuer or
any of its Restricted Subsidiaries incurs or redeems any Indebtedness subsequent to the commencement of the period for which the
Consolidated Net Leverage Ratio is being calculated but prior to the event for which the calculation of the Consolidated Net Leverage
Ratio is made, then the Consolidated Net Leverage Ratio shall be calculated giving pro forma effect to such incurrence or redemption
of Indebtedness as if the same had occurred at the beginning of the applicable four fiscal quarter period. The Consolidated Net
Leverage Ratio shall be calculated in a manner consistent with the definition of Fixed Charge Coverage Ratio, including any pro
forma adjustments to Indebtedness, cash and Cash Equivalents and Consolidated EBITDA as set forth therein (including for acquisitions).

 

“Contribution Indebtedness”
means Indebtedness of the Issuer or any Restricted Subsidiary in an aggregate principal amount not greater than 200% of the aggregate
amount of cash contributions (other than Excluded Contributions) made to the capital of the Issuer after the Issue Date and designated
as a Cash Contribution Amount.

 

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

 

    	 	20	 

     

    

 

“Controlling Collateral Agent”
means, with respect to any Shared Collateral, (1) until the earlier of (a) the Discharge of First Lien Revolving Credit
Agreement Obligations and (b) the Non-Controlling Authorized Representative Enforcement Date, the First Lien Revolving Credit
Agreement Collateral Agent acting on the written instructions of the Required First Lien Credit Agreement Secured Parties, (2) from
and after the earlier of (a) the Discharge of First Lien Revolving Credit Agreement Obligations and (b) the Non-Controlling
Authorized Representative Enforcement Date, the First Lien Term Loan Collateral Agent acting on the written instructions of the
Required First Lien Term Loan Lenders, and (3) from and after the earlier of (a) the Discharge of First Lien Credit Agreement
Obligations and (b) the Non-Controlling Authorized Representative Enforcement Date, the Controlling Collateral Agent will
be the Collateral Agent (other than the First Lien Revolving Credit Agreement Collateral Agent and the First Lien Term Loan Collateral
Agent) of the Series of First Lien Obligations that constitutes the largest outstanding principal amount of any then outstanding
Series of First Lien Obligations (excluding the Series of First Lien Revolving Credit Agreement Obligations and the Series of
First Lien Term Loan Obligations) with respect to such Shared Collateral; provided, that if the Notes Collateral Agent is
the Controlling Collateral Agent, it shall act pursuant to instructions from the Holders of a majority of the Notes outstanding.

 

With respect to any Shared Collateral, no
Non-Controlling Authorized Representative (as defined in the First Lien Intercreditor Agreement) or other Non-Controlling Secured
Party (as defined in the First Lien Intercreditor Agreement) shall or shall instruct the Controlling Collateral Agent to, commence
any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official
appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise
take any action to enforce its security interest in or realize upon, or take any other action available to it in respect of, any
Shared Collateral.

 

“Corporate Trust Office”
means the office of the Trustee at which its corporate trust business relating to this Indenture shall be administered, which office
at the date hereof is located at 8742 Lucent Boulevard, Suite 225, Highlands Ranch, CO 80129, or such other address as the
Trustee may designate from time to time.

 

“Credit Agreements” means
the First Lien Revolving Credit Agreement and the First Lien Term Loan Credit Agreement.

 

“Credit Facilities” means
one or more credit or debt facilities (including, without limitation, under the Credit Agreements, the 2025 Secured Notes, the
2026 Secured Notes and the Notes), commercial paper facilities or Debt Issuances, in each case with banks, investment banks, insurance
companies, mutual funds, other institutional lenders or institutional investors providing for, among other things, revolving credit
loans, term loans, term debt, debt securities, receivables financing (including through the sale of receivables to such lenders,
other financiers or to special purpose entities formed to borrow from such lenders or other financiers against such receivables),
letters of credit or letter of credit guarantees, bankers’ acceptances, other borrowings or Debt Issuances, in each case,
as amended, supplemented, restated, modified, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified,
in whole or in part, from time to time, and any agreements and related documents governing Indebtedness or obligations incurred
to refinance amounts then outstanding or permitted to be outstanding, whether or not with the original administrative agent, lenders,
investment banks, insurance companies, mutual funds, other institutional lenders or institutional investors and whether provided
under the original agreement, indenture or other documentation relating thereto.

 

    	 	21	 

     

    

 

“Crown” means Her Majesty
in right of Canada or a province of Canada, and Her other realms and territories.

 

“Currency Agreement”
means any financial arrangement entered into between a Person (or its Restricted Subsidiaries) and a counterparty on a case by
case basis in connection with a foreign exchange futures contract, currency swap agreement, currency option or currency exchange
or other similar currency related transactions, the purpose of which is to mitigate or eliminate its exposure to fluctuations in
exchange rates and currency values.

 

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

 

“DBRS” means DBRS Ltd.
or any successor to the rating agency business thereof.

 

“Debt Issuances” means,
with respect to the Issuer or any Restricted Subsidiary of the Issuer, one or more issuances after the Issue Date of Indebtedness
evidenced by notes, debentures, bonds or other similar securities or instruments.

 

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

 

“Definitive Note” means
a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.6 hereof,
substantially in the form of Exhibit A, 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 Cede &
Co. and such other Person as is designated in writing by the Issuer and acceptable to the Trustee to act as depositary in respect
of one or more Global Notes.

 

“Designated Non-cash Consideration”
means the Fair Market Value (as determined in good faith by the Issuer) of non-cash consideration received by the Issuer or a Restricted
Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officer’s
Certificate, setting forth such valuation, less the amount of Cash Equivalents received in connection with a subsequent sale of
such Designated Non-cash Consideration.

 

“Discharge” means, with
respect to any Collateral and any Series of First Lien Obligations, the date on which such Series of First Lien Obligations
is no longer secured by such Collateral. The term “Discharged” shall have a corresponding meaning.

 

“Discharge of First Lien Credit
Agreement Obligations” means, with respect to any Collateral, both the Discharge of the First Lien Revolving Credit Agreement
Obligations and the Discharge of the First Lien Term Loan Obligations with respect to such Collateral.

 

    	 	22	 

     

    

 

“Discharge of First Lien Revolving
Credit Agreement Obligations” means, with respect to any Collateral, the Discharge of the First Lien Revolving Credit
Agreement Obligations with respect to such Collateral; provided that the Discharge of First Lien Revolving Credit Agreement
Obligations shall not be deemed to have occurred in connection with a refinancing of such First Lien Revolving Credit Agreement
Obligations with Additional First Lien Obligations secured by such Collateral under an Additional First Lien Document which has
been designated in writing by the Collateral Agent (under the First Lien Revolving Credit Agreement so refinanced) to the First
Lien Term Loan Collateral Agent, the Notes Collateral Agent and the Additional First Lien Collateral Agent and each other Authorized
Representative as the “First Lien Revolving Credit Agreement” for purposes of the First Lien Intercreditor Agreement.

 

“Discharge of First Lien Term Loan
Obligations” means, with respect to any Collateral, the Discharge of the First Lien Term Loan Obligations with respect
to such Collateral; provided that the Discharge of First Lien Term Loan Obligations shall not be deemed to have occurred
in connection with a refinancing of such First Lien Term Loan Obligations with Additional First Lien Obligations secured by such
Collateral under an Additional First Lien Document which has been designated in writing by the Collateral Agent (under the First
Lien Term Loan Agreement so refinanced) to the First Lien Revolving Credit Agreement Collateral Agent, the Notes Collateral Agent
and the Additional First Lien Collateral Agent and each other Authorized Representative as the “First Lien Term Loan Agreement”
for purposes of the First Lien Intercreditor Agreement.

 

“Disqualified Stock”
means, with respect to any Person, any Capital Stock that, by its terms (or by the terms of any security into which it is convertible,
or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event,
matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder
of the Capital Stock, in whole or in part, prior to the Stated Maturity of the principal of the Notes. Notwithstanding the preceding
sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders of the Capital Stock have the right
to require the issuer thereof to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale will
not constitute Disqualified Stock if the provisions applicable to such Capital Stock either (i) are no more favorable to the
holders of such Capital Stock than the provisions contained in Section 4.7 and Section 4.11 and such Capital
Stock specifically provides that the issuer will not repurchase or redeem any of such Capital Stock pursuant to such provisions
prior to the Issuer’s repurchase of such of the Notes as are required to be repurchased pursuant to the Section 4.7
and Section 4.11 or (ii) provide that the issuer thereof may not repurchase or redeem any such Capital Stock pursuant
to such provisions unless such repurchase or redemption is permitted by Section 4.4.

 

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

 

“Equity Offering” means
any issuance or sale of Capital Stock (other than Disqualified Stock) of the Issuer (or any direct or indirect parent of the Issuer
to the extent the net proceeds therefrom are contributed to the common equity capital of the Issuer or used to purchase Equity
Interests (other than Disqualified Stock) of the Issuer) or warrants, options or other rights to acquire Capital Stock (other than
Disqualified Stock) of the Issuer after the Issue Date, other than any issuance pursuant to employee benefit plans or otherwise
in compensation to officers, directors or employees.

 

    	 	23	 

     

    

 

“ERISA Legend” means
the legend set forth in Section 2.6(f)(3), which is required to be placed on all Notes issued under this Indenture.

 

“Euroclear” means Euroclear
Bank S.A./N.V., or any successor securities clearance agency.

 

“Event of Default” means
each event described under Section 6.1 and any other event defined as an “Event of Default” in this
Indenture.

 

“Excluded Assets” means
the following:

 

		(1)	(i) assets for which the grant of a security interest, therein (A) is prohibited by law (including, without limitation,
financial assistance laws, corporate benefit laws or otherwise), rule, regulation or requires Governmental Authority or similar
third party consent or (B) is prohibited by contract permitted hereunder and existing on the Issue Date (and not entered into
in contemplation thereof) or, in the case of any Subsidiary acquired after the Issue Date, at the time of acquisition of such Subsidiary
(and not entered into in contemplation thereof) or would trigger termination under any such permitted contract binding on such
assets (in each case, after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code, PPSA or
other applicable laws), or (ii) any lease, license, franchise, charter, authorization, contract or other agreement (including
any purchase money security interest, capital lease obligation or other similar arrangement) to the extent a security interest
therein is prohibited by or in violation of a term, provision or condition of, or would invalidate or give any other party thereto
(other than the Issuer or any Subsidiary) the right to terminate, any such lease, license, franchise, charter, authorization, contract
or agreement (in each case, after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code, the
PPSA or other applicable laws in any relevant jurisdiction); provided, however, that the Collateral shall include
(and such security interest shall attach) at such time as the contractual prohibition shall no longer be applicable and to the
extent severable, shall attach to any portion of any lease, license, franchise, charter, authorization, contract, agreement or
other asset not subject to the prohibitions specified above; provided, further, that the exclusions referred to in
this clause (a) shall not include any proceeds of any such lease, license, franchise, charter, authorization, contract or
agreement the assignment of which is expressly deemed effective under applicable law notwithstanding such prohibition (unless such
proceeds or receivables would independently constitute Excluded Assets);

 

    	 	24	 

     

    

 

		(2)	(i) Equity Interests in excess of 65% of the total issued and outstanding voting Equity Interests of (x) a CFC or
(y) any CFC Holdco, (ii) Equity Interests in any Person (other than any Guarantor, any Wholly Owned Restricted Subsidiaries
of the Issuer or any Guarantor that are Material Subsidiaries), (iii) Equity Interests in any Excluded Subsidiary (other than
(A) any Subsidiary that is not a U.S. Subsidiary or Canadian Subsidiary or (B) CFC Holdco or (C) any Subsidiary
which is an Excluded Subsidiary solely pursuant to clause (k) of the definition of Excluded Subsidiary), (iv) Equity
Interests in partnerships, joint ventures or any non-wholly owned Subsidiaries which cannot be pledged without the consent of one
or more third-parties, (v) Equity Interests of any Subsidiary of the Issuer that is a Subsidiary of an Excluded Subsidiary
and (vi) Margin Stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System of the United States);

 

		(3)	any “intent-to-use” application for registration of a trademark or service mark filed pursuant to Section 1(b) of
the Lanham Act, 15 U.S.C. § 1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d), or
an “Amendment to Allege Use” pursuant to Section 1(c), of the Lanham Act, or similar applications pursuant to
any applicable laws in any other applicable jurisdiction, to the extent, if any, that, and solely during the period, if any, in
which, the grant of a security interest therein would impair the validity or enforceability of such application under applicable
laws;

 

		(4)	(i) any leasehold interest (including any ground lease interest) in real property; (provided, that none of the
Issuer or Guarantors shall be required to deliver landlord or other third party lien waivers, estoppels or collateral access letters),
(ii) any fee interest in owned real property (subject to Section 11.1 and Section 4.22 with respect to Material
Real Property) and (iii) any fixtures affixed to any real property to the extent a security interest in such fixtures may
not be perfected by a UCC-1 or PPSA financing statement in the jurisdiction of organization of the Issuer or applicable Guarantor
or jurisdiction where such real property is located, as applicable, or, solely in the case of fixtures affixed to any Material
Real Property, to the extent a security interest in such fixtures may not be perfected by the recording of a Mortgage or the filing
of a fixture filing in the jurisdiction where such Material Real Property is located; provided that Excluded Assets shall
not include any real property subject to a Mortgage or other Material Real Property for which the Notes Collateral Agent has requested
a valid and perfected Lien under Section 11.1 and Section 4.22;

 

		(5)	vehicles and other assets subject to certificates of title or ownership and aircraft;

 

		(6)	non-U.S. and non-Canadian intellectual property (to the extent a security interest therein cannot be perfected by filing a
Uniform Commercial Code or PPSA financing statement), in relation to U.S. Subsidiaries, letters of credit and letter of credit
rights that do not constitute supporting obligations in respect of other Collateral, except to the extent such letter of credit
rights may be perfected by the filing of a Uniform Commercial Code financing statement;

 

    	 	25	 

     

    

 

		(7)	in relation to U.S. Subsidiaries, commercial tort claims that, in the reasonable determination of the Issuer, are not expected
to result in a judgment (or settlement) in excess of $5,000,000;

 

		(8)	assets for which the grant of security interest therein would result in material adverse tax or regulatory costs or consequences
as reasonably determined by the Issuer in consultation with the Notes Collateral Agent; provided, that the Notes Collateral
Agent shall be deemed to have made such a reasonable determination if such a determination has already been made by either the
First Lien Revolving Credit Agreement Collateral Agent or the First Lien Term Loan Collateral Agent (with respect to the First
Lien Revolving Credit Agreement or the First Lien Term Loan Credit Agreement, respectively);

 

		(9)	any preferred stock issued by GFL Holdco (US), LLC; and

 

		(10)	particular assets as agreed between the Issuer and the Notes Collateral Agent if and for so long as, in the reasonable judgment
of the Notes Collateral Agent and the Issuer, the cost, difficulty, burden or consequences of obtaining, perfecting or maintaining
a security interest in such assets exceeds the practical benefits to the Holders afforded thereby; provided, however,
that Excluded Assets shall not include any proceeds of any Excluded Assets referred to in clauses (a) through and including
(i) above (unless such proceeds would constitute Excluded Assets referred to in any such clause); provided further,
that the Notes Collateral Agent shall be deemed to have made such a reasonable determination if such a determination has already
been made by either the First Lien Revolving Credit Agreement Collateral Agent or the First Lien Term Loan Collateral Agent (with
respect to the First Lien Revolving Credit Agreement or the First Lien Term Loan Credit Agreement, respectively).

 

Certain security interest in the Collateral
securing the Notes will not be in place on the date of issuance of the Notes or will not be perfected on such date, but will be
required to be put in place as promptly as practicable thereafter and in any event no later than 90 days after the Issue Date.

 

“Excluded Contributions”
means the Net Cash Proceeds and Cash Equivalents, or the Fair Market Value of other assets, received by the Issuer after the Issue
Date from:

 

		(1)	contributions to its common equity capital,

 

		(2)	dividends, distributions, fees and other payments from any Unrestricted Subsidiaries or joint ventures or Investments in entities
that are not Restricted Subsidiaries, and

 

		(3)	the sale of Capital Stock of the Issuer,

 

    	 	26	 

     

    

 

in each case designated as Excluded Contributions pursuant to
an Officer’s Certificate, or that are utilized to make a Restricted Payment pursuant to clause (13) of Section 4.4(c).
Excluded Contributions will be excluded from the calculation set forth in clause (3) of Section 4.4(b) and
clauses Section 4.4(c)(2)(2), (12) and (13) of Section 4.4(c). Any Net Cash Proceeds designated as an Excluded
Contribution shall not be separately be treated by the Issuer as a Cash Contribution Amount.

 

“Excluded Subsidiary”
means (a) Immaterial Subsidiaries, (b) Unrestricted Subsidiaries, (c) any Subsidiary that is prohibited or restricted
by law, rule, regulation or contractual obligation (so long as, in respect to any such contractual obligation, such prohibition
existed on the Issue Date or, if later, on the date the applicable Subsidiary is acquired and is not incurred in contemplation
of such acquisition) from providing a guarantee or that would require a governmental (including regulatory) consent, approval,
license or authorization in order to provide a guarantee (including, in each case, under any financial assistance, corporate benefit
or thin capitalization rule), in each case, for so long as such prohibition or circumstance exists, (d) any Subsidiary that
is not a Wholly Owned Restricted Subsidiary of the Issuer or any Guarantor, (e) any Subsidiary that is neither a U.S. Subsidiary
nor a Canadian Subsidiary, (f) any U.S. Subsidiary that is a Subsidiary of a CFC, (g) any CFC Holdco, (h) any Subsidiary
that is a not-for-profit organization, (i) Captive Insurance Subsidiaries, (j) any Subsidiary that is a special purpose
entity for a securitization transaction or a similar special purpose, (k) any Subsidiary with respect to which providing a
guarantee would result in material adverse tax consequences (including as a result of Section 956 of the Code or any similar
Law in any applicable jurisdiction) to the Issuer or any of its Subsidiaries as reasonably determined by the Issuer (in consultation
with the Notes Collateral Agent) and (l) any other Subsidiary with respect to which, as reasonably determined by the Issuer
and the Notes Collateral Agent, the burden or cost of providing a guarantee outweighs the benefits afforded to the Holders thereby;
provided, that the Notes Collateral Agent shall be deemed to have made such a reasonable determination if such a determination
has already been made by either the First Lien Revolving Credit Agreement Collateral Agent or the First Lien Term Loan Collateral
Agent (with respect to the First Lien Revolving Credit Agreement or the First Lien Term Loan Credit Agreement, respectively).

 

“Existing Indebtedness”
means the aggregate principal amount of Indebtedness of the Issuer and its Restricted Subsidiaries (other than (i) Indebtedness
represented by the Notes or the Note Guarantees and (ii) Indebtedness under the Credit Agreements) in existence on the Issue
Date, until such Indebtedness is Repaid or otherwise extended, refinanced, renewed, replaced, defeased or refunded.

 

“Existing Notes” means
the 2025 Secured Notes, the 2026 Unsecured Notes, the 2026 Secured Notes and the 2027 Notes.

 

“Existing Secured Notes”
means the 2025 Secured Notes and the 2026 Secured Notes.

 

“Existing Unsecured Notes”
means the 2026 Unsecured Notes and the 2027 Notes.

 

    	 	27	 

     

    

 

“Fair Market Value” means
the value that would be paid by a willing buyer to a willing seller that is not an Affiliate of the willing buyer in a transaction
not involving distress or necessity of either party; provided that, in the case of an Asset Sale where such value exceeds
$15.0 million, such determination shall be made in good faith by the Chief Executive Officer or Chief Financial Officer of the
Issuer.

 

“FATCA” means (a) Sections
1471 through 1474 of the Internal Revenue Code of 1986, as amended from time to time (the “Code”) (including
regulations and guidance thereunder), (b) any successor version thereof, (c) any intergovernmental agreement or any agreement
entered into pursuant to Section 1471(b)(1) of the Code or (d) any law, regulation, rule or other official
guidance or practice implementing the foregoing.

 

“Financing Lease” means
a lease of an asset providing the right of use of such asset, that has the economic characteristics of asset ownership, with a
term of not less than 75% of the asset’s useful life, the present value of lease payments thereunder must be not less than
90% of the asset’s market value at the time of entering into the lease and the lessee must acquire, or have the right to
acquire, ownership of the asset at the end of the lease term.

 

“Financing Lease Obligation”
means, as to any Person, the obligations of such Person under a Financing Lease, provided that the amount of such obligations
shall be the capitalized amount thereof, determined in accordance with GAAP.

 

“First Lien Intercreditor Agreement”
means the First Lien Intercreditor Agreement, dated as of September 30, 2016, among the Issuer, the grantors party thereto,
Bank of Montreal, as First Lien Revolving Credit Agreement Collateral Agent for the First Lien Revolving Credit Agreement Secured
Parties and Barclays Bank PLC, as First Lien Term Loan Collateral Agent for the First Lien Term Loan Secured Parties, as may be
amended from time to time.

 

“First Lien Obligations”
means, collectively, (i) the First Lien Revolving Credit Agreement Obligations, (ii) the First Lien Term Loan Obligations,
(iii) the 2025 Secured Notes Obligations, (iv) the 2026 Secured Notes Obligations, (v) the Notes Obligations and
(vi) each Series of Additional First Lien Obligations.

 

“First Lien Revolving Credit Agreement”
means the credit agreement in effect on the Issue Date among the Issuer, the guarantors from time to time party thereto, the lenders
from time to time party thereto, and Bank of Montreal, as agent, including any related notes, debentures, pledges, guarantees,
security documents, instruments and agreements executed from time to time in connection therewith, and in each case as amended,
supplemented, restated, modified, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified, in whole
or in part, from time to time, including any agreement extending the maturity of, refinancing, replacing or otherwise restructuring
or adding the Issuer or any of its Subsidiaries as replacement or additional borrowers or guarantors thereunder, and all or any
portion of the Indebtedness and other obligations under such agreement or agreements or any successor or replacement agreement
or any agreements, and whether by the same or any other agent, lender or group of lenders. For greater certainty, it is acknowledged
that Interest Rate Agreements, Currency Agreements and Commodity Hedging Contracts entered into with a Person that at that time
is a lender (or an Affiliate thereof) under the First Lien Revolving Credit Agreement are separate from, are not included within
and do not form part of any above inclusions of, the First Lien Revolving Credit Agreement.

 

    	 	28	 

     

    

 

“First Lien Revolving Credit Agreement
Administrative Agent” means the administrative agent under the “First Lien Revolving Credit Agreement” and
shall include any successor administrative agent; provided, that if the First Lien Revolving Credit Agreement is refinanced
by a replacement First Lien Revolving Credit Agreement, then all references herein to the First Lien Revolving Credit Agreement
Administrative Agent shall refer to the administrative agent (or trustee) under the replacement First Lien Revolving Credit Agreement.

 

“First Lien Revolving Credit Agreement
Collateral Agent” means the First Lien Revolving Credit Agreement Administrative Agent in its capacity as collateral
agent and administrative agent under the First Lien Revolving Credit Agreement.

 

“First Lien Revolving Credit Agreement
Obligations” means all “Obligations” as defined in the First Lien Revolving Credit Agreement that are required
to be secured on a first lien basis.

 

“First Lien Revolving Credit Agreement
Secured Parties” means the “Secured Parties” as defined in the First Lien Revolving Credit Agreement.

 

“First Lien Secured Parties”
means (i) the First Lien Revolving Credit Agreement Secured Parties, (ii) the First Lien Term Loan Secured Parties, (iii) the
2025 Secured Notes Secured Parties, (iv) the 2026 Secured Notes Secured Parties, (v) the Notes Secured Parties and (vi) the
Additional First Lien Secured Parties with respect to each Series of Additional First Lien Obligations.

 

“First Lien Term Loan Administrative
Agent” means the administrative agent under the “First Lien Term Loan Agreement” and shall include any successor
administrative agent; provided, that if the First Lien Term Loan Agreement is refinanced by a replacement First Lien Term
Loan Agreement, then all references herein to the First Lien Term Loan Administrative Agent shall refer to the administrative agent
(or trustee) under the replacement First Lien Term Loan Agreement.

 

“First Lien Term Loan Collateral
Agent” means the First Lien Term Loan Administrative Agent in its capacity as collateral agent and administrative agent
under the First Lien Term Loan Agreement.

 

“First Lien Term Loan Credit Agreement”
means the credit agreement in effect on the Issue Date, among the Issuer, the guarantors from time to time party thereto, the lenders
from time to time party thereto, and Barclays Bank PLC, as agent, including any related notes, debentures, pledges, guarantees,
security documents, instruments and agreements executed from time to time in connection therewith, and in each case as amended,
supplemented, restated, modified, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified, in whole
or in part, from time to time, including any agreement extending the maturity of, refinancing, replacing or otherwise restructuring
or adding the Issuer or any of its Subsidiaries as replacement or additional borrowers or guarantors thereunder, and all or any
portion of the Indebtedness and other obligations under such agreement or agreements or any successor or replacement agreement
or any agreements, and whether by the same or any other agent, lender or group of lenders. For greater certainty, it is acknowledged
that Interest Rate Agreements, Currency Agreements and Commodity Hedging Contracts entered into with a Person that at that time
is a lender (or an Affiliate thereof) under the First Lien Term Loan Credit Agreement are separate from, are not included within
and do not form part of any above inclusions of, the First Lien Term Loan Credit Agreement.

 

    	 	29	 

     

    

 

“First Lien Term Loan Obligations”
means all “Obligations” as such term is defined in the First Lien Term Loan Agreement that are required to be secured
on a first lien basis.

 

“First Lien Term Loan Secured Parties”
means the “Secured Parties” as defined in the First Lien Term Loan Credit Agreement.

 

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

 

“Fixed Charge Coverage Ratio”
means, for any period, the ratio of Consolidated EBITDA to Fixed Charges for the Issuer and its Restricted Subsidiaries for such
period.

 

For purposes of calculating the Fixed Charge
Coverage Ratio:

 

		(1)	in the event that the Issuer or any of its Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems,
defeases or otherwise discharges any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems
Disqualified Stock or preferred stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is
being calculated and on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is
made (the “Calculation Date”), then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect
to such incurrence, assumption, guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or
such issuance, repurchase or redemption of Disqualified Stock or preferred stock, and the use of the proceeds therefrom, as if
the same had occurred at the beginning of the applicable four-quarter reference period; provided, however, that the pro
forma calculation of Fixed Charges shall not give effect to (i) any Permitted Debt incurred on the Calculation Date (other
than Indebtedness incurred pursuant to Section 4.3(b)(13)) or (ii) any repayment, repurchase, redemption, defeasance
or other discharge of Indebtedness to the extent such repayment, retirement, extinguishment, defeasance or other discharge results
from the proceeds of such Permitted Debt referred to in clause (i);

 

    	 	30	 

     

    

 

		(2)	(a) acquisitions and Investments that have been made, customer contracts that have been entered into, by the Issuer or
any of its Restricted Subsidiaries, including through mergers or consolidations, or any Person or any of its Restricted Subsidiaries
acquired by the Issuer or any of its Restricted Subsidiaries, and including any related financing transactions and including increases
in ownership of Restricted Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on
or prior to the Calculation Date, will be given pro forma effect as if they had occurred on the first day of the four-quarter reference
period, and (b) Consolidated EBITDA for such reference period shall be calculated on a pro forma basis giving effect to (i) any
expense and cost reductions and other synergies related to such transaction referred to in clause (2)(a) above and (ii) any
other expense reductions and cost savings related to operational efficiencies, strategic initiatives or purchasing improvements
and other synergies (whether or not related to such transactions referred to in clause (2)(a) above), in each case that have
occurred prior to the Calculation Date or are reasonably expected to occur within 24 months of the Calculation Date, in the reasonable
judgment of the chief financial or accounting officer of the Issuer in good faith (regardless of whether those cost savings or
operating improvements could then be reflected in pro forma financial statements in accordance with Regulation S-X promulgated
under the 1933 Act or any other regulation or policy of the Commission related thereto); provided that such net cost savings,
initiatives, improvements and synergies are reasonably identifiable and quantifiable;

 

		(3)	the Consolidated EBITDA attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses
(and ownership interests therein) disposed of prior to the Calculation Date, will be excluded;

 

		(4)	the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses
(and ownership interests therein) disposed of prior to the Calculation Date, will be excluded, but only to the extent that the
obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its Restricted Subsidiaries
following the Calculation Date;

 

		(5)	any Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been a Restricted Subsidiary at all
times during such four-quarter period;

 

		(6)	any Person that is not a Restricted Subsidiary on the Calculation Date will be deemed not to have been a Restricted Subsidiary
at any time during such four-quarter period;

 

		(7)	if the Issuer so elects, pro forma effect shall be given to any entity, division, plant, unit or line of business or New Project
that commenced and completed at least one full fiscal quarter of operations during such reference period as if such entity, division,
plant, unit, line of business or New Project had commenced commercial operations on the first day of such reference period and
such pro forma calculation shall be based on the annualized results of commercial operations of such entity, plant, unit, division
or line of business since the date it so commenced commercial operations;

 

    	 	31	 

     

    

 

		(8)	if any Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness will be calculated as if the
weighted average interest rate during such period had been the rate of interest in effect on the Calculation Date and 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 as at the Calculation Date in excess of 12 months or ends on the maturity date of such Indebtedness);
and

 

		(9)	when calculating the availability under any basket or ratio under this Indenture, in each case in connection with a Limited
Condition Acquisition or Investment, the Calculation Date of such basket or ratio and determination as to whether any Default or
Event of Default shall have occurred and be continuing may, at the option of the Issuer (which election may be made on the date
of such acquisition), be the date the definitive agreements for such Limited Condition Acquisition or Investment are entered into
and, if the Issuer so elects, such baskets or ratios shall be calculated on a pro forma basis after giving effect to such Limited
Condition Acquisition or Investment and the other transactions to be entered into in connection therewith (including any incurrence
of Indebtedness and the use of proceeds thereof) as if they occurred at the beginning of the applicable reference period for purposes
of determining the ability to consummate any such Limited Condition Acquisition or Investment, and, for the avoidance of doubt,
(x) if any of such baskets or ratios are exceeded as a result of fluctuations in such basket or ratio (including due to fluctuations
in Consolidated EBITDA or Total Assets of the Issuer or the target company) subsequent to such Calculation Date at or prior to
the consummation of the relevant Limited Condition Acquisition or Investment, such baskets or ratios will not be deemed to have
been exceeded as a result of such fluctuations and (y) such baskets or ratios need not be tested at the time of consummation
of such Limited Condition Acquisition or Investment or related transactions; provided, however, that (a) if any ratios
improve or baskets increase as a result of such fluctuations, such improved ratios or baskets may be utilized and (b) if the
Issuer elects to have such Calculation Date and determination occur at the time of entry into such definitive agreement, any such
transactions (including any incurrence of Indebtedness and the use of proceeds thereof) shall be deemed to have occurred on the
date the definitive agreements are entered into and outstanding thereafter for purposes of calculating any baskets or ratios under
this Indenture after the date of such agreement and before the consummation of such Limited Condition Acquisition or Investment
and unless and until such Limited Condition Acquisition has been abandoned, as determined by the Issuer, prior to the consummation
thereof. For the avoidance of doubt, if the Issuer has exercised its option pursuant to the foregoing and any Default or Event
of Default occurs following the date on which the definitive acquisition agreements for the applicable Limited Condition Acquisition
were entered into and prior to or on the date of the consummation of such Limited Condition Acquisition, any such Default or Event
of Default shall be deemed to not have occurred or be continuing for purposes of determining whether any action being taken in
connection with such Limited Condition Acquisition is permitted under this Indenture.

 

    	 	32	 

     

    

 

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

 

		(1)	the Consolidated Interest Expense (excluding amortization or write-off of deferred financing costs or debt issuance costs which
have been paid) of the Issuer and its Restricted Subsidiaries for such period, whether paid or accrued; plus

 

		(2)	the amount of all dividends, whether paid or accrued and whether or not in cash, on any series of preferred stock of the Issuer
or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the Issuer
(other than Disqualified Stock) or to the Issuer or a Restricted Subsidiary of the Issuer.

 

“GAAP” means (1) International
Financial Reporting Standards (“IFRS”) or any accounting principles that are recognized as being generally accepted
in the United States (“U.S. GAAP”); provided, however, that if any such accounting principle with respect
to the accounting for leases (including Financing Lease Obligations) changes after the Issue Date, the Issuer may, at its option,
elect to employ such accounting principle as in effect on the Issue Date or (2) if elected by the Issuer by written notice
to the Trustee in connection with the delivery of financial statements and information, any accounting principles that are recognized
as being generally accepted in Canada which are in effect from time to time, in each case as in effect on the first date of the
period for which the Issuer is making such an election and thereafter as in effect from time to time.

 

“Global Notes” means
one or more Notes issued and outstanding and held by, or on behalf of, a Depositary.

 

“Global Notes Legend”
means the legend set forth in Section 2.6(f)(2), which is required to be placed on all Global Notes issued under this
Indenture.

 

“Government Securities”
means securities that are:

 

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

 

		(2)	obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States, the timely
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States,

 

which, in either case, are not callable or redeemable at the
option of the issuers thereof, and shall also include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of
the 1933 Act), as custodian with respect to any such Government Securities or a specific payment of principal of or interest on
any such Government Securities held by such custodian for the account of the holder of such depositary receipt; provided
that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of
such depositary receipt from any amount received by the custodian in respect of the Government Securities or the specific payment
of principal of or interest on the Government Securities evidenced by such depositary receipt.

 

    	 	33	 

     

    

 

“Governmental Authority”
means the government of the United States or Canada or any other nation, or of any political subdivision thereof, whether state,
local, county, provincial or otherwise 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 (including any supra-national bodies such as the European Union or the European Central Bank and including a Minister
of the Crown, Superintendent of Financial Institutions or other comparable authority or agency).

 

“Grantors” means the
Issuer and the Guarantors.

 

“guarantee” means a guarantee
other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any
manner including, without limitation, 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 or other obligations.

 

“Guarantor” means each
Restricted Subsidiary of the Issuer that provided a Note Guarantee on the Issue Date and each other Restricted Subsidiary that
provides a Note Guarantee pursuant to Section 4.9 or otherwise.

 

“Hedging Obligations”
means, with respect to any specified Person, all obligations of such Person under all Currency Agreements, all Interest Rate Agreements
and all Commodity Hedging Contracts, with the amount of such obligations being equal to the net amount payable if such obligations
were terminated at that time due to default by such Person (after giving effect to any contractually permitted set-off).

 

“Holder” means a Person
in whose name a Note is registered.

 

“Immaterial Subsidiaries”
means any Restricted Subsidiary with respect to which, as of the last day of the most recently ended test period on or prior to
the date of determination, Consolidated EBITDA or Total Assets attributable to such Restricted Subsidiary for the period of four
consecutive fiscal quarters ending on such date does not exceed 2.5% of the Consolidated EBITDA or Total Assets of the Issuer and
the Restricted Subsidiaries for such period; provided that if the aggregate Consolidated EBITDA or Total Assets attributable
to Restricted Subsidiaries that are Immaterial Subsidiaries shall exceed 5.0% of Consolidated EBITDA or Total Assets of the Issuer
and its Restricted Subsidiaries for such four-quarter period, then the Issuer shall re-designate one or more of such Restricted
Subsidiaries to not be Immaterial Subsidiaries within twenty (20) Business Days after delivery of the compliance certificate for
such fiscal quarter delivered to the First Lien Term Loan Administrative Agent such that only Restricted Subsidiaries as shall
then have aggregate Consolidated EBITDA and or Total Assets of 5.0% or less of the Consolidated EBITDA and Total Assets of the
Issuer and the Restricted Subsidiaries shall constitute Immaterial Subsidiaries.

 

“Indebtedness” means
(without duplication), with respect to any specified Person, whether or not contingent:

 

    	 	34	 

     

    

 

		(A)	(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 or letters of credit, letters of guarantee or tender checks (or reimbursement agreements
in respect thereof); (3) all obligations of such Person in respect of banker’s acceptances; (4) all Attributable
Debt in respect of Sale/Leaseback Transactions entered into by such Person; (5) all obligations of such Person representing
the balance deferred and unpaid purchase price of any property (including Financing Lease Obligations, except any such balance
that constitutes (x) a trade payable or similar obligation to a trade creditor incurred in the ordinary course of business,
(y) any earn-out obligations until such obligation becomes a liability on the balance sheet of such Person in accordance with
GAAP and (z) any purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or
other unperformed obligations of the seller or any post-closing payment adjustments to which the seller may become entitled to
the extent such payment is determined by a final closing balance sheet; provided, however, that, at the time of closing,
the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the
amount is paid within 120 days thereafter), which purchase price is due more than 12 months after the date of placing the property
in service or taking delivery and title thereto; (6) all net obligations of such Person under Hedging Obligations; (7) all
conditional sale obligations of such Person and all obligations of such Person under title retention agreements, but excluding
a title retention agreement to the extent it constitutes an operating lease under GAAP; (8) all obligations of such Person
under an agreement or arrangement that in substance provides financing pursuant to the factoring of accounts receivable; (9) all
preferred stock issued by such Person, if such Person is a Restricted Subsidiary of the Issuer and is not a Guarantor; and (10) 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) and, to the extent not otherwise included, a guarantee by the specified Person of any Indebtedness of any other
Person; to the extent that any of the foregoing indebtedness would appear as a liability on a consolidated balance sheet of such
Person prepared in accordance with GAAP;

 

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

 

		(C)	to the extent not otherwise included, Indebtedness of another Person secured by a Lien on any asset owned by such Person
(whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness
will be the lesser of: (1) the Fair Market Value (as determined in good faith by the Issuer) of such asset at such date of
determination and (2) the amount of such Indebtedness of such other Person.

 

    	 	35	 

     

    

 

The amount of any Indebtedness issued at
a price that is less than the principal amount thereof shall be the accreted value of the Indebtedness.

 

The amount of any Indebtedness of another
Person secured by a Lien on the assets of the specified Person shall be the lesser of:

 

		(a)	the Fair Market Value of such assets at the date of determination; and

 

		(b)	the amount of such Indebtedness of such other Person.

 

For the avoidance of doubt, “Indebtedness”
of any Person shall not include:

 

		(1)	trade payables and accrued liabilities incurred in the ordinary course of business and payable in accordance with customary
practice;

 

		(2)	deferred tax obligations;

 

		(3)	minority interests;

 

		(4)	uncapitalized interest;

 

		(5)	in connection with a purchase by the Issuer or any Restricted Subsidiary of any business or assets, any post-closing payment
adjustment to which the seller may become entitled to the extent such adjustment is determined by a final closing balance sheet
or such adjustment depends on the performance of such business or assets after the closing; provided, however, that, at
the time of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed
and determined, the amount is paid within 120 days thereafter;

 

		(6)	pension fund obligations or rehabilitation obligations that are classified as “indebtedness” under GAAP but that
would not otherwise constitute Indebtedness under clauses (A)(1) through (A)(9) of this definition; and

 

		(7)	Non-Financing Lease Obligations, obligations under or in respect of straight-line leases, operating leases or Sale/Leaseback
Transactions (except any resulting Financing Lease Obligations).

 

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

 

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

 

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

 

    	 	36	 

     

    

 

 

“Initial Purchasers”
means Barclays Capital Inc., BMO Capital Markets Corp., Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, Scotia Capital
(USA) Inc., CIBC World Markets Corp., Stifel, Nicolaus & Company, Incorporated, J.P. Morgan Securities LLC, National
Bank of Canada Financial Inc., TD Securities (USA) LLC and HSBC Securities (Canada) Inc.

 

“Insolvency or Liquidation Proceeding”
means:

 

		(1)	any case commenced by or against the Issuer or any other Grantor under any bankruptcy law, any other proceeding for the reorganization,
recapitalization, compromise or adjustment or marshalling of the assets or liabilities of the Issuer or any other Grantor, any
receivership or assignment for the benefit of creditors relating to the Issuer or any other Grantor or any similar case or proceeding
relative to the Issuer or any other Grantor or its creditors, as such, in each case whether or not voluntary;

 

		(2)	any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to the Issuer or any
other Guarantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or

 

		(3)	any other proceeding of any type or nature in which substantially all claims of creditors of the Issuer or any other Guarantor
are determined and any payment or distribution is or may be made on account of such claims.

 

“Intellectual Property Security
Agreements” means one or more intellectual property security agreements contemplated to be executed and delivered pursuant
to the Collateral Requirements.

 

“Intercreditor Agreements”
means each First Lien Intercreditor Agreement and each comparable junior lien intercreditor agreement with respect to permitted
Indebtedness secured with a Junior Lien Priority.

 

“Interest Payment Date”
means February 1 and August 1 of each year that the Notes are outstanding, commencing (except in respect of any Additional
Notes) on February 1, 2021.

 

“Interest Rate Agreement”
means any financial arrangement entered into between a Person (or its Restricted Subsidiaries) and a counterparty on a case by
case basis in connection with interest rate swap transactions, interest rate options, cap transactions, floor transactions, collar
transactions and other similar interest rate protection related transactions, the purpose of which is to mitigate or eliminate
its exposure to fluctuations in interest rates.

 

“Investment Grade” means
a rating equal to or higher than “Baa3” (or the equivalent) in the case of Moody’s, “BBB−”
(or the equivalent) in the case of S&P, “BBB-” (or the equivalent) in the case of Fitch, “BBB (low)”
(or the equivalent) in the case of DBRS, or any equivalent rating by any other Approved Rating Organization.

 

    	 	37	 

     

    

 

“Investments” means,
with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the form
of:

 

		(1)	any direct or indirect advance, loan or other extension of credit to another Person;

 

		(2)	any capital contribution to another Person, by means of any transfer of cash or other property in any form;

 

		(3)	any purchase or acquisition of Equity Interests, bonds, notes or other Indebtedness, or other instruments or securities, issued
by another Person, including the receipt of any of the above as consideration for the disposition of assets or rendering of services;

 

		(4)	any guarantee of any Indebtedness of another Person; and

 

		(5)	all other items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP;

 

provided that “Investments” with respect
to any Person shall exclude extensions of trade credit in the ordinary course of business on commercially reasonable terms in accordance
with the normal trade practices of such Person.

 

If the Issuer 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 Person making such sale or other disposition
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 Issuer’s
Investments in such Restricted Subsidiary that were not sold or disposed of. The acquisition by the Issuer or any Restricted Subsidiary
of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Issuer 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.
If the Issuer designates any of its Restricted Subsidiaries as an Unrestricted Subsidiary in accordance with Section 4.10,
the Issuer will be deemed to have made an Investment in such Subsidiary on the date of such designation equal to the Fair Market
Value of such Person. In each of the foregoing cases, the amount of the Investment will be determined as provided in the penultimate
paragraph of Section 4.4. Except as otherwise provided in this Indenture, the amount of an Investment will be determined
at the time the Investment is made and without giving effect to subsequent changes in value.

 

“Investor” means (i) each
of (a) BC Partners Advisors L.P. and its Affiliates (including BC European Capital X LP and the other funds, partnerships
or other vehicles managed, advised or controlled thereby, together with any entity (directly or indirectly) wholly owned by any
such fund, partnership or vehicle, but not including, however, any portfolio operating company of the foregoing), (b) Ontario
Teachers’ Pension Plan Board and its Affiliates (including the funds, partnerships or other vehicles managed, advised or
controlled thereby, together with any entity (directly or indirectly) wholly owned by any such fund, partnership or vehicle, but
not including, however, any portfolio operating company of the foregoing), (c) Magny Cours Investment Pte. Ltd. and its Affiliates
(including the funds, partnerships or other vehicles managed, advised or controlled thereby, together with any entity (directly
or indirectly) wholly owned by any such fund, partnership or vehicle, but not including, however, any portfolio operating company
of the foregoing) and (d) Patrick Dovigi and his Affiliates and (ii) any successor of any Person identified in clause
(i). For purposes of this definition, a Person (first person) is considered to control another Person (second person) if: (a) the
first person beneficially owns or directly or indirectly exercises control or direction over securities of the second person carrying
votes which, if exercised, would entitle the first person to elect a majority of the directors of the second person, unless that
first person holds the voting securities only to secure an obligation; (b) the second person is a partnership, other than
a limited partnership, and the first person holds more than 50% of the interests of the partnership; or (c) the second person
is a limited partnership and the general partner of the limited partnership is the first person.

 

    	 	38	 

     

    

 

“Issue Date” means August 24,
2020.

 

“Issuer” means GFL Environmental
Inc. (and not any of its Subsidiaries or Affiliates), until a successor Person shall have become such pursuant to the applicable
provisions of this Indenture and thereafter “Issuer” shall mean such successor Person.

 

“Issuer Order” means
a written request or order signed in the name of the Issuer by one Officer and delivered to the Trustee.

 

“Joinder Agreement” means
a joinder to the First Lien Intercreditor Agreement substantially in the form set forth therein.

 

“Junior Lien Priority”
means Indebtedness that is secured by a Lien on the Collateral that is junior in priority to the Liens on the Collateral securing
the Notes and subject to a second lien intercreditor agreement (it being understood that junior Liens are not required to rank
equally and ratably with other junior Liens, and that Indebtedness secured by junior Liens may be secured by Liens that are senior
in priority to, or rank equally and ratably with, or junior in priority to, other Liens constituting junior Liens).

 

“Lien” means any mortgage,
lien (statutory or otherwise), pledge, charge, security interest or encumbrance upon or with respect to any property of any kind,
whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention
agreement; provided that in no event shall Non-Financing Lease Obligations be deemed to constitute a Lien.

 

“Limited Condition Acquisition”
means any acquisition or Investment, including by way of merger, amalgamation or consolidation, by the Issuer or one or more of
its Restricted Subsidiaries whose consummation is not conditional upon the availability of, or on obtaining, third party financing.

 

    	 	39	 

     

    

 

“Major Non-Controlling Authorized
Representative” means, with respect to any Collateral, (i) at any time when any of the First Lien Revolving Credit
Agreement Collateral Agent, the First Lien Term Loan Collateral Agent, the 2025 Secured Notes Collateral Agent, the 2026 Secured
Notes Collateral Agent or the Notes Collateral Agent is the Controlling Collateral Agent, the Authorized Representative of the
Series of First Lien Obligations, if any, that constitutes the largest outstanding principal amount of any then outstanding
Series of First Lien Obligations (including the First Lien Revolving Credit Agreement Obligations, the First Lien Term Loan
Obligations, the 2025 Secured Notes Obligations, the 2026 Secured Notes Obligations and the Notes Obligations) (provided,
however, that if there are two outstanding Series of Additional First Lien Obligations which have an equal outstanding
principal amount, the Series of Additional First Lien Obligations with the earlier maturity date shall be considered to have
the larger outstanding principal amount for purposes of this clause (i)) and (ii) at any time when the Additional First Lien
Collateral Agent is the Controlling Collateral Agent, the Authorized Representative of the Series of Additional First Lien
Obligations that constitutes the largest outstanding principal amount of any then outstanding Series of First Lien Obligations
(other than First Lien Revolving Credit Agreement Obligations, First Lien Term Loan Obligations, the 2025 Secured Notes Obligations,
the 2026 Secured Notes Obligations and Notes Obligations, if any) with respect to such Shared Collateral (provided, however,
that if there are two outstanding Series of Additional First Lien Obligations which have an equal outstanding principal amount,
the Series of Additional First Lien Obligations with the earlier maturity date shall be considered to have the larger outstanding
principal amount for purposes of this clause (ii); provided, further, that if the Notes Collateral Agent is such
Major Non-Controlling Authorized Representative it shall act pursuant to instructions from the Holders of a majority of the Notes
outstanding). Notwithstanding the foregoing and for the avoidance of doubt, the Controlling Collateral Agent may not also act as
the Major Non-Controlling Authorized Representative (unless there is only one Series of First Lien Obligations outstanding
at such time).

 

“Market Capitalization”
means an amount equal to (i) the total number of issued and outstanding shares of common Equity Interests of the Issuer or
any parent entity on a Business Day not more than five Business Days prior to the date of the declaration or making of a Restricted
Payment permitted pursuant to Section 4.4(c)(12) multiplied by (ii) the arithmetic mean of the closing prices
per share of such common Equity Interests on the principal securities exchange on which such common Equity Interests are traded
for the 30 consecutive trading days immediately preceding the date of declaration of such Restricted Payment.

 

“Material Real Property”
means any fee-owned real property located in the United States or Canada that is owned by the Issuer or a Guarantor and (x) is
set forth in the First Lien Term Loan Credit Agreement or (y) is acquired after the closing date of the First Lien Term Loan
Credit Agreement with an individual book value in excess of $15,000,000 (as determined by the Issuer acting in good faith), except
for any such real property that is located in a mortgage tax jurisdiction.

 

“Material Restricted Subsidiary”
means each Restricted Subsidiary of the Issuer (a) whose proportionate share of the Total Assets (after intercompany eliminations)
exceeds 5.0% as of the end of the most recently completed fiscal quarter for which internal annual or quarterly financial statements
are available, or (b) which contributed in excess of 5.0% of Consolidated EBITDA for the most recently completed four fiscal
quarters for which internal annual or quarterly financial statements are available.

 

“Material Subsidiary”
means any Restricted Subsidiary that is not an Immaterial Subsidiary.

 

    	 	40	 

     

    

 

“Merger Agreement” means
that certain Agreement and Plan of Merger, dated as of October 9, 2018, by and among Wrangler Super Holdco Corp., GFL Environmental
Holdings Inc., Betty Merger Sub Inc., the Issuer, solely for purposes of Article X thereof, and Wrangler Aggregator Holdings,
L.P., solely in its capacity as the securityholder representative.

 

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

 

“Mortgages” means collectively,
the deeds of trust, trust deeds, deeds to secure debt, hypothecs, debentures and mortgages made by the Issuer and the Guarantors
in favor or for the benefit of the Notes Collateral Agent in form and substance reasonably satisfactory to the Notes Collateral
Agent, executed, delivered and filed, registered or recorded, as applicable, pursuant to Section 4.22.

 

“Municipal Waste Contract”
means any contract or franchise agreement with a municipality for waste management services, including collection, hauling, disposal
and/or processing services, or any local ordinance granting an exclusive waste management services franchise, including collection,
hauling disposal and/or processing services.

 

“Net Cash Proceeds” means,
with respect to any issuance or sale of Equity Interests, the cash proceeds of such issuance or sale net of attorneys’ fees,
accountants’ fees, underwriters’ or placement agents’ fees, listing fees, discounts or commissions and brokerage,
consultant and other fees and charges actually incurred in connection with such issuance or sale and net of taxes paid or payable
as a result of such issuance or sale.

 

“Net Income” means, with
respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP.

 

“Net Proceeds” means,
with respect to any Asset Sale, the proceeds therefrom in the form of cash or Cash Equivalents, including payments in respect of
deferred payment obligations when received in the form of cash or Cash Equivalents, or stock or other assets when disposed of for
cash or Cash Equivalents, received by the Issuer or any of the Restricted Subsidiaries from such Asset Sale, net of:

 

		(1)	all legal, title, engineering and environmental fees and expenses (including fees and expenses of legal counsel, advisors,
accountants, consultants and investment banks, sales commissions and relocation expenses) related to such Asset Sale;

 

		(2)	provisions for all cash taxes payable or required to be accrued in accordance with GAAP as a result of such Asset Sale;

 

		(3)	payments applied to the repayment of principal, premium (if any) and interest on Indebtedness where payment of such Indebtedness
is secured by a Lien on the assets or properties that are the subject of such Asset Sale;

 

		(4)	amounts required to be paid to any Person owning a beneficial interest in the assets or properties that are subject to the
Asset Sale; and

 

    	 	41	 

     

    

 

		(5)	appropriate amounts to be provided by the Issuer or any Restricted Subsidiary, as the case may be, as a reserve required in
accordance with GAAP against any liabilities associated with such Asset Sale and retained by the seller after such Asset Sale,
including pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under
any indemnification obligations associated with such Asset Sale;

 

provided that cash and/or Cash Equivalents in which the
Issuer or a Restricted Subsidiary has an individual beneficial ownership shall not be deemed to be received by the Issuer or a
Restricted Subsidiary until such time as such cash and/or Cash Equivalents are free from any restrictions under agreements with
the other beneficial owners of such cash and/or Cash Equivalents which prevent the Issuer or a Restricted Subsidiary from applying
such cash and/or Cash Equivalents to any use permitted by Section 4.7 or to purchase Notes.

 

“New Project” means (x) each
plant, facility, branch, office, transfer station, landfill, convenience site which is either a new plant, facility, branch, office,
transfer station, landfill, convenience site or an expansion, relocation, remodeling, refurbishment or substantial modernization
of an existing plant, facility, branch, office, transfer station, landfill, convenience site owned by the Issuer or the Restricted
Subsidiaries which in fact commences operations and (y) each creation (in one or a series of related transactions) of a, business
unit, product line, line of operations or service offering to the extent such business unit, product line, line of operations or
service offering is offered or each expansion (in one or series of related transactions) of business into a new market or service
or through a new distribution method or channel.

 

“Non-Controlling Authorized Representative”
means, at any time with respect to any Collateral, any Authorized Representative that is not the Applicable Authorized Representative
at such time with respect to such Shared Collateral.

 

“Non-Controlling Authorized Representative
Enforcement Date” means, with respect to any Non-Controlling Authorized Representative, the date which is 180 days (throughout
which 180 day period such Non-Controlling Authorized Representative was the Major Non-Controlling Authorized Representative) after
the occurrence of both (1) an Event of Default (under and as defined in this Indenture or other debt facility for the applicable
Series of First Lien Obligations under which such Non-Controlling Authorized Representative is the Authorized Representative)
and (2) each Collateral Agent’s and each other Authorized Representative’s receipt of written notice from such
Non-Controlling Authorized Representative certifying that (a) such Non-Controlling Authorized Representative is the Major
Non-Controlling Authorized Representative and that an Event of Default (under and as defined in the Additional First Lien Document
under which such Non-Controlling Authorized Representative is the Authorized Representative) has occurred and is continuing and
(b) the First Lien Obligations of the Series with respect to which such Non-Controlling Authorized Representative is
the Authorized Representative are currently due and payable in full (whether as a result of acceleration thereof or otherwise)
in accordance with the terms of this Indenture or other debt facility for the applicable Series of First Lien Obligations;
provided that the Non-Controlling Authorized Representative Enforcement Date shall be stayed and shall not occur and shall
be deemed not to have occurred with respect to any Shared Collateral (x) at any time the First Lien Revolving Credit Agreement
Administrative Agent, the First Lien Revolving Credit Agreement Collateral Agent, the First Lien Term Loan Administrative Agent
or the First Lien Term Loan Collateral Agent, as applicable, has commenced and is diligently pursuing any enforcement action with
respect to such Shared Collateral or (y) at any time the Issuer or Guarantor which has granted a security interest in such
Shared Collateral is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding.

 

    	 	42	 

     

    

 

“Non-Financing Lease”
means any lease determined in accordance with GAAP other than (i) a Financing Lease and (ii) a lease that in accordance
with GAAP is an exempt or excluded lease.

 

“Non-Financing Lease Obligation”
means, as to any Person, the obligations of such Person under a Non-Financing Lease.

 

“Non-Recourse Debt” means
Indebtedness:

 

		(1)	as to which neither the Issuer nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including
any undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable as a guarantor
or otherwise, or (c) constitutes the lender; and

 

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

 

“Note Guarantee” means
any guarantee of the obligations of the Issuer under this Indenture and the Notes by any Person in accordance with the provisions
of this Indenture.

 

“Notes” means notes issued
under this Indenture. The Initial Notes and any Additional Notes shall be treated as a single class for all purposes under this
Indenture, including waivers, amendments, redemptions and offers to purchase (except that if the Additional Notes are not fungible
with the Initial Notes for U.S. federal income tax purposes, the Additional Notes will have a separate CUSIP number), and unless
otherwise provided or the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional
Notes.

 

“Notes Custodian” means
the custodian with respect to a Global Note (as appointed by the Depositary) or any successor Person, and shall initially be Computershare
Trust Company, N.A.

 

“Notes Obligations” means
the Obligations and all other obligations in respect of the Notes, this Indenture, the Note Guarantees and the other Collateral
Documents relating to the Notes.

 

    	 	43	 

     

    

 

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

 

“Offering Memorandum”
means the offering memorandum, dated August 17, 2020, relating to the offering of the Initial Notes.

 

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

 

“Officer’s Certificate”
means a certificate signed by any Officer, or the Corporate Secretary, of the Issuer and delivered to the Trustee.

 

“Opinion of Counsel”
means a written opinion from legal counsel that complies with Sections 12.3 and 12.4 of this Indenture and is delivered
to the Trustee. The counsel may be an employee of or counsel to the Issuer, and such counsel shall be acceptable to the Trustee.
Any such opinion may be subject to customary assumptions and exclusions.

 

“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 The Depository Trust Company, shall include Euroclear and Clearstream).

 

“Pari Passu Indebtedness”
means: (a) with respect to the Issuer, the Notes and any Indebtedness that ranks pari passu in right of payment to the Notes;
and (b) with respect to any Guarantor, its Note Guarantee and any Indebtedness which ranks pari passu in right of payment
to such Guarantor’s Note Guarantee.

 

“Permitted Assets” means
any and all properties or assets that are used or useful in a Permitted Business (including Capital Stock in a Person that is a
Restricted Subsidiary and Capital Stock in a Person whose primary business is a Permitted Business that shall become a Restricted
Subsidiary immediately upon the acquisition of such Capital Stock by the Issuer or by a Restricted Subsidiary, but excluding any
other securities).

 

“Permitted Business”
means any business conducted (as described in the Offering Memorandum) by the Issuer and the Restricted Subsidiaries on the Issue
Date, and other businesses reasonably related or ancillary thereto or that are a reasonable extension or development thereof.

 

“Permitted Holder” means:

 

		(1)	each of the Investors and members of management of the Issuer who are holders of Equity Interests of the Issuer on the Issue
Date;

 

		(2)	any Group (as defined in the definition of Change of Control) of which any of the foregoing are members;

 

    	 	44	 

     

    

 

		(3)	any member of any such Group; and

 

		(4)	any other Person or Group; provided that in the case of this clause (4): (a) Patrick Dovigi and his Affiliates,
BC Partners Advisors L.P., Ontario Teachers’ Pension Plan Board, GIC Private Ltd. and the members of management of the Issuer
who were holders of Equity Interests of the Issuer on the Issue Date continue to hold in the aggregate not less than 40% of the
Voting Stock of the Issuer, measured by voting power rather than number of shares; and (b) such Person or Group and the Persons
described in the foregoing subclause (a) are party to a shareholders’ agreement in respect of their respective Equity
Interests of the Issuer.

 

“Permitted Investments”
means, without duplication:

 

		(1)	any Investment in the Issuer or in a Restricted Subsidiary;

 

		(2)	any Investment in cash
or Cash Equivalents;

 

		(3)	any Investment in a Person or division or line of business of a Person, if as a result of, or concurrently with, such Investment:

 

		(a)	such Person becomes a Restricted Subsidiary (or a division or line of business is owned by a Restricted Subsidiary), or

 

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

 

		(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 4.7;

 

		(5)	any acquisition of assets or other Investments in a Person solely in exchange for the issuance of Capital Stock (other than
Disqualified Stock) of the Issuer or warrants, options or other rights to acquire Capital Stock (other than Disqualified Stock)
of the Issuer;

 

		(6)	Investments resulting from repurchases of the Notes or the Existing Notes;

 

		(7)	any Investments received in compromise of (a) obligations of trade creditors or customers 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 trade creditor or customer or (b) litigation, arbitration or other disputes;

 

		(8)	Hedging Obligations incurred in the ordinary course of business and not for speculative purposes;

 

    	 	45	 

     

    

 

		(9)	Investments (a) existing on, or made pursuant to binding commitments existing on, the Issue Date or (b) that are
an extension, modification or renewal of any such Investments described under the preceding clause (a), but only to the extent
not involving additional advances, contributions or other Investments of cash or other assets or other increases thereof, except
as otherwise permitted under this Indenture, and Investments made with the proceeds, including, without limitation, from sales
or other dispositions, of such Investments and any other Investments made pursuant to this clause (9);

 

		(10)	guarantees issued in accordance with Section 4.3;

 

		(11)	guarantees of performance or other obligations (other than Indebtedness) arising in the ordinary course of business;

 

		(12)	Investments consisting of purchases and acquisitions of assets or services in the ordinary course of business;

 

		(13)	accounts receivable, security deposits and prepayments and other credits granted or made in the ordinary course of business
and any Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and others,
including in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with or judgments
against, such account debtors and others, in each case, in the ordinary course of business;

 

		(14)	advances in the form of a prepayment of expenses, so long as such expenses are being paid in accordance with customary trade
terms of the Issuer or its Restricted Subsidiaries;

 

		(15)	guarantees of operating leases (for the avoidance of doubt, excluding Financing Lease Obligations) or of other obligations
that do not constitute Indebtedness, in each case, entered into by the Issuer or any Restricted Subsidiary in the ordinary course
of business;

 

		(16)	intercompany current liabilities owed to Unrestricted Subsidiaries or joint ventures incurred in the ordinary course of business
in connection with the cash management operations of the Issuer and its Subsidiaries;

 

		(17)	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;

 

		(18)	loans or advances made to officers, directors or employees of the Issuer or any of its Restricted Subsidiaries; provided
that the aggregate principal amount outstanding at any time under this clause (18) shall not exceed the greater of $10 million
and 1.0% of Total Assets as of any date of incurrence (after giving effect to such Investment);

 

    	 	46	 

     

    

 

		(19)	Investments of a Restricted Subsidiary acquired after the Issue Date or of an entity merged into, amalgamated with, or consolidated
with the Issuer or any of its Restricted Subsidiaries in a transaction that is not prohibited by Section 5.1 after
the Issue Date to the extent that such Investments were not made in contemplation of such acquisition, merger, amalgamation or
consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation;

 

		(20)	Investments by the Issuer or a Restricted Subsidiary in (i) joint ventures and (ii) Subsidiaries that are not wholly
owned, in an aggregate amount, taken together with all other Investments made pursuant to this clause (20), not to exceed the greater
of $60 million and 2.0% of Total Assets determined at the time of such Investment (after giving effect to such Investment);

 

		(21)	other Investments in any Person 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
(21) that are at the time outstanding not to exceed the greater of (i) $175 million and (ii) 6.0% of Total Assets as
of any date of incurrence (after giving effect to such Investment);

 

		(22)	Investments in a Similar Business not to exceed the greater of (i) $175 million and (ii) 6.0% of Total Assets as
of any date of incurrence (after giving effect to such Investment); and

 

		(23)	Investments in an unlimited amount so long as on the earlier of the date on which the Investment is made and the date on which
the definitive agreement governing the relevant Investment containing a legally binding commitment to make such Investment is made,
immediately after giving effect thereto and the incurrence of any Indebtedness to be incurred in connection therewith, the Issuer
shall be in compliance with a Consolidated Net Leverage Ratio of equal to or less than 5.50:1.00 (after giving effect to such Investment)
as of the last day of the most recently ended four quarters for which internal financial information is available preceding such
Investment.

 

“Permitted Liens” means,
as of any date:

 

		(1)	Liens securing (i) Indebtedness permitted to be incurred pursuant to Section 4.3(b)(1) (measured at the
time of the incurrence of such Indebtedness and giving effect to the application of the proceeds therefrom) and any other obligations
related thereto (including, for the avoidance of doubt, Liens to secure the Notes to the extent incurred pursuant to such Section 4.3(b)(1) and
the Note Guarantees thereof), (ii) the maximum principal amount of Indebtedness such that, as of the date any such Indebtedness
was incurred (after giving effect to the incurrence of such Indebtedness and the application of the proceeds therefrom), the Secured
Net Leverage Ratio of the Issuer and its Restricted Subsidiaries would not exceed 5.50 to 1.00, and (iii) Cash Management
Obligations incurred by the Issuer or a Restricted Subsidiary of the Issuer in the ordinary course of business;

 

    	 	47	 

     

    

 

		(2)	Liens in favor of the Issuer of any of its Restricted Subsidiaries;

 

		(3)	Liens on property, assets or shares of stock of a Person existing at the time such Person is acquired by or amalgamated or
merged with or into or consolidated with the Issuer or any Restricted Subsidiary; provided that such Liens were in existence
prior to, and were not created in contemplation of, such acquisition, amalgamation, merger or consolidation and do not extend to
any assets other than those of the Person acquired by or amalgamated or merged into or consolidated with the Issuer or the Restricted
Subsidiary (other than pursuant to after-acquired property clauses in effect with respect to such Lien at the time of acquisition
or property of the type that would have been subject to such Lien notwithstanding the occurrence of such acquisition);

 

		(4)	Liens securing Hedging Obligations incurred in the ordinary course of business and not for speculative purposes;

 

		(5)	Liens for any judgment rendered, or claim filed, against the Issuer or any Restricted Subsidiary which is being contested in
good faith by appropriate proceedings and that does not constitute an Event of Default if during such contestation a stay of enforcement
of such judgment or claim is in effect;

 

		(6)	Liens on property, assets or shares of stock existing at the time of acquisition of such property by the Issuer or any Restricted
Subsidiary; provided that (A) such Liens do not extend to any other property of the Issuer or any Restricted Subsidiary
(other than pursuant to after-acquired property clauses in effect with respect to such Lien at the time of acquisition or property
of the type that would have been subject to such Lien notwithstanding the occurrence of such acquisition) and were in existence
prior to, and were not created in contemplation of, such acquisition (other than Liens to secure Indebtedness pursuant to Section 4.3(b)(2))
or (B) after giving pro forma effect to the incurrence or issuance of Indebtedness, Disqualified Stock or preferred
stock, the Secured Net Leverage Ratio would be no greater than either (i) 5.50 to 1.00 or (ii) the Secured Net Leverage
Ratio immediately prior to giving effect to such transaction;

 

		(7)	Liens incurred or deposits made to secure the performance of or otherwise in connection with statutory obligations, environmental
reclamation obligations, bids, leases, government contracts, surety or appeal bonds, performance or return-of-money bonds or other
obligations of a like nature incurred in the ordinary course of business, including letters of credit, performance bonds and other
reimbursement obligations permitted by Section 4.3(b)(2);

 

		(8)	Liens securing Indebtedness (including Financing Lease Obligations) permitted by Section 4.3(b)(4) covering
the assets acquired, developed or improved with such Indebtedness;

 

    	 	48	 

     

    

 

		(9)	Liens securing Indebtedness permitted by Section 4.3(b)(14), Section 4.3(b)(15) and Section 4.3(b)(17);

 

		(10)	Liens existing on the Issue Date (other than Liens described in clause (1) above);

 

		(11)	Liens for taxes, workers’ compensation, unemployment insurance and other types of social security, assessments or other
governmental charges or claims that are not yet due and payable or, if due and payable and delinquent for a period of more than
30 days, that are being contested by the Issuer or a Restricted Subsidiary in good faith by appropriate proceedings promptly instituted
and diligently conducted; provided that any reserve or other appropriate provision as is required in conformity with GAAP
has been made therefor;

 

		(12)	licenses, permits, reservations, covenants, servitudes, easements, rights-of-way and rights in the nature of easements (including,
without limiting the generality of the foregoing, in respect of sidewalks, public ways, sewers, drains, gas, steam and water mains
or electric light and power, or telephone and telegraph conduits, poles, wires and cables) and zoning, land use and building restrictions,
by-laws, regulations and ordinances of federal, provincial, regional, state, municipal and other governmental authorities;

 

		(13)	Liens imposed by law that are incurred in the ordinary course of business and do not secure Indebtedness for borrowed money,
such as carriers’, warehousemen’s, mechanics’, landlords’, materialmen’s, employees’, laborers’,
employers’, suppliers’, banks’, builders’, repairmen’s and other like Liens;

 

		(14)	easements, rights-of-way, zoning restrictions and other similar charges, restrictions or encumbrances in respect of real property
or immaterial imperfections of title that do not, in the aggregate, impair in any material respect the ordinary conduct of the
business of the Issuer and its Restricted Subsidiaries taken as a whole;

 

		(15)	Liens securing Permitted Refinancing Indebtedness in respect of Indebtedness that was secured by Permitted Liens; provided
that such Liens secure only the same property (including any after-acquired property to the extent it would have been subject to
the original Lien, plus improvements and accessions to, such property or proceeds or distributions thereof) as such Permitted Liens;

 

		(16)	Liens given to a public utility or any municipality or governmental or other public authority when required by such utility
or other authority in connection with the operation of the business or the ownership of the assets of the Issuer or any of its
Restricted Subsidiaries;

 

		(17)	Liens arising from precautionary Personal Property Security Act or Uniform Commercial Code (or its equivalent) financing statement
filings regarding operating leases entered into by the Issuer and its Restricted Subsidiaries in the ordinary course of business;

 

    	 	49	 

     

    

 

		(18)	applicable municipal and other governmental restrictions, including municipal by laws and regulations, affecting the use of
land or the nature of any structures which may be erected thereon; provided such restrictions have been complied with;

 

		(19)	subdivision agreements, site plan control agreements, servicing agreements, development agreements, facilities sharing agreements,
cost sharing agreements and other similar agreements provided they do not materially impair the use of the affected property for
the purpose for which it is used by the Issuer or its Restricted Subsidiary, as the case may be, or materially impair the value
of the property subject thereto or interfere with the ordinary conduct of the business of such Person and provided the same are
complied with;

 

		(20)	landlord distraint rights and similar rights arising under the leasehold interests of the Issuer and its Restricted Subsidiaries
limited to the assets located at or about such leased properties;

 

		(21)	title defects, encroachments or irregularities which are of a minor nature;

 

		(22)	the reservations, limitations, provisos and conditions, if any, expressed in any original grant from the Crown of any real
property or any interest therein or in any comparable grant in jurisdictions other than Canada;

 

		(23)	Liens in favor of customs, revenue, and taxation authorities arising by operation of law;

 

		(24)	leases, subleases, licenses, sublicenses, occupancy agreements or assignments of or in respect of real or personal property;

 

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

 

		(26)	(a) Liens solely on any cash earnest money deposits made by the Issuer or any Restricted Subsidiary in connection with
any letter of intent or other agreement in respect of any Permitted Investment and (b) Liens on advances of cash or 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;

 

		(27)	Liens on the Equity Interests of Unrestricted Subsidiaries;

 

		(28)	other Liens securing related obligations in an aggregate outstanding principal amount not to exceed the greater of (i) $240.0
million and (ii) 60.0% of Consolidated EBITDA for the most recently completed four fiscal quarters for which internal annual
or quarterly financial statements are available calculated in a manner consistent with any pro forma adjustments to Consolidated
EBITDA set forth in the definition of Fixed Charge Coverage Ratio;

 

    	 	50	 

     

    

 

		(29)	Liens securing the Notes (other than any Additional Notes) and the related Note Guarantees; and

 

		(30)	Liens in favor of landlords securing obligations under real property leases, provided that such liens only attach to
the movable property located on the premises subject to such real property leases and that such premises are located in the Province
of Quebec.

 

For purposes of determining compliance with
this definition, (A) a Lien need not be incurred solely by reference to one category of Permitted Liens described in this
definition but is permitted to be incurred in part under any combination thereof and of any other available exemption, (B) in
the event that a Lien (or any portion thereof) meets the criteria of one or more of the categories of Permitted Liens, the Issuer
will, in its sole discretion, be entitled to divide, classify or reclassify, in whole or in part, any such Lien (or any portion
thereof) among one or more such categories or clauses in any manner that complies with this definition and (C) in the event
that a portion of Indebtedness secured by a Lien could be classified as secured in part pursuant to clause (1)(ii) above (giving
pro forma effect only to the incurrence of such portion of such Indebtedness), the Issuer, in its sole discretion, may classify
such portion of such Indebtedness (and any obligations in respect thereof) as having been secured pursuant to clause (1)(ii) above
and thereafter the remainder of the Indebtedness as having been secured pursuant to one or more of the other clauses of this definition.

 

“Permitted Refinancing Indebtedness”
means any Indebtedness of the Issuer or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which
are used to extend, refinance, renew, replace, defease, discharge or refund other Indebtedness of the Issuer or any of its Restricted
Subsidiaries (other than intercompany Indebtedness); provided that:

 

		(1)	the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal
amount (or accreted value, if applicable) or, if greater, committed amount (only to the extent the committed amount could have
been incurred on the date of initial incurrence and was deemed incurred at such time for the purposes of Section 4.3)
of the Indebtedness extended, refinanced, renewed, replaced, defeased, discharged or refunded (plus all accrued interest on the
Indebtedness and the amount of all fees, defeasance costs, expenses and premiums (including tender premiums) incurred in connection
therewith);

 

		(2)	the Stated Maturity of the principal of such Permitted Refinancing Indebtedness is (i) no earlier than the Stated Maturity
of the principal of the Indebtedness being extended, refinanced, renewed, replaced, defeased, discharged or refunded, or (ii) at
least 91 days after the Stated Maturity of the principal of the Notes;

 

		(3)	the Permitted Refinancing Indebtedness has a Weighted Average Life to Maturity at the time such Permitted Refinancing Indebtedness
is incurred that is equal to or greater than the Weighted Average Life to Maturity of the Indebtedness being extended, refinanced,
renewed, replaced, deferred, discharged or refunded;

 

    	 	51	 

     

    

 

		(4)	if the Indebtedness being extended, refinanced, renewed, replaced, defeased, discharged or refunded is Subordinated Indebtedness
of the obligor thereon, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes issued by, or
the Note Guarantee of, the obligor thereon, as the case may be, on terms at least as favorable, taken as a whole, to the Holders
of Notes as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased,
discharged or refunded;

 

		(5)	if such Permitted Refinancing Indebtedness is secured, the Lien does not apply to any property or assets of the Issuer or any
of its Restricted Subsidiaries other than such property or assets securing the Indebtedness being extended, refinanced, renewed,
replaced, defeased, discharged or refunded (including any after-acquired property to the extent it would have been subject to the
original Lien, plus improvements and accessions to, such property or proceeds or distributions thereof); and

 

		(6)	such Permitted Refinancing Indebtedness is incurred by the Person that was the obligor on the Indebtedness being extended,
refinanced, renewed, replaced, defeased, discharged or refunded and is guaranteed only by Persons who were obligors on the Indebtedness
being extended, refinanced, renewed, replaced, defeased, discharged or refunded.

 

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

 

“Pledge Agreement” means
each of the U.S. Pledge Agreement and the Canadian Pledge Agreement.

 

“PPSA” means the Personal
Property Security Act (Ontario) in effect from time to time, provided however, that, at any time, if by reason of mandatory
provisions of law, any or all of the perfection or priority of the Notes Collateral Agent’s security interest in any item
or portion of the Collateral is governed by the PPSA as in effect in a Canadian jurisdiction other than the Province of Ontario,
the term “PPSA” shall mean the Personal Property Security Act or such other applicable legislation (including the Civil
Code of Quebec) 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.

 

“Private Placement Legend”
means the legend set forth in Section 2.6(f)(1) to be placed on all Notes issued under this Indenture except where
otherwise permitted by the provisions of this Indenture.

 

“Purchase Money Obligations”
means Indebtedness of the Issuer and its Restricted Subsidiaries incurred for the purpose of financing all or any part of the purchase
price, or the cost of installation, construction or improvement, of Permitted Assets.

 

    	 	52	 

     

    

 

“Put-or-Pay Agreement”
means, with respect to the Issuer, any put-or-pay volume contract, entered into by the Issuer or any Restricted Subsidiary with
a counterparty, pursuant to which the counterparty retains the Issuer or the Issuer retains the counterparty, to provide waste
management services including collection, hauling, disposal or processing services and guarantees a minimum tonnage for such services
or payment in lieu of such services.

 

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

 

“Record Date” means the
date specified for determining holders entitled to receive interest on the Notes on any Interest Payment Date.

 

“Redemption Date,” when
used with respect to any Note to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.

 

“Redemption Price,” when
used with respect to any Note to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Regulation S” means
Regulation S promulgated under the 1933 Act.

 

“Regulation S Global Note”
means a permanent Global Note substantially in the form of Exhibit A, bearing the Global Note Legend, the Private Placement
Legend and (unless such legend is no longer required by the provisions of this Indenture) the Canadian Legend, that has the “Schedule
of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of, and registered
in the name of, the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes
initially sold in reliance on Regulation S.

 

“Repay” means, in respect
of any Indebtedness, to repay, prepay, repurchase, redeem, legally defease or otherwise retire such Indebtedness. “Repayment”
and “Repaid” shall have correlative meanings.

 

“Required First Lien Credit Agreement
Secured Parties” means, at any time with respect to any matter, First Lien Revolving Credit Agreement Secured Parties
and First Lien Term Loan Secured Parties (collectively) owed or holding a majority of the sum of (without duplication and subject
to any voting restrictions set forth in the First Lien Revolving Credit Agreement and the First Lien Term Loan Agreement, as applicable)
the aggregate amount of outstanding loans, participations and letters of credit and unused commitments under the First Lien Revolving
Credit Agreement and the First Lien Term Loan Agreement at such time.

 

“Required First Lien Term Loan
Lenders” means the “Required Lenders” (or any similarly defined term) as defined in the First Lien Term Loan
Agreement.

 

“Resale Restriction Termination
Date” means (i) in the case of Notes initially sold in reliance on Rule 144A, the date that is one year after
the later of the Issue Date (or the date of original issue of any Additional Notes) and the last date on which the Issuer or any
Affiliate of the Issuer was the owner of such Notes (or any predecessor Notes) or (ii) in the case of Notes initially sold
in reliance on Regulation S, 40 days after the later of the Issue Date (or the date of original issue of any Additional Notes)
and the date on which Notes (or any predecessor Notes) were first offered to persons other than distributors (as defined in Rule 902
of Regulation S) in reliance on Regulation S.

 

    	 	53	 

     

    

 

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

 

“Restricted Global Note”
means a Global Note bearing the Private Placement Legend (including the Regulation S Global Note).

 

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

 

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

 

“Restricted Note” means
either a Restricted Definitive Note or a Restricted Global Note.

 

“Restricted Subsidiary”
of a Person means any Subsidiary of such Person that is not an Unrestricted Subsidiary. Unless otherwise indicated in this Indenture,
a reference to a Restricted Subsidiary shall mean a Restricted Subsidiary of the Issuer.

 

“Rule 144” means
Rule 144 promulgated under the 1933 Act.

 

“Rule 144A” means
Rule 144A promulgated under the 1933 Act.

 

“Rule 904” means
Rule 904 promulgated under the 1933 Act.

 

“S&P” means Standard &
Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., or any successor to the rating agency business
thereof.

 

“Sale/Leaseback Transaction”
means an arrangement relating to property owned by the Issuer or a Restricted Subsidiary on the Issue Date or thereafter acquired
by the Issuer or a Restricted Subsidiary whereby the Issuer or a Restricted Subsidiary transfers such property to a Person and
the Issuer or a Restricted Subsidiary leases it from such Person, other than leases between or among the Issuer and any of its
Restricted Subsidiaries.

 

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

 

    	 	54	 

     

    

 

“Secured Net Leverage Ratio”
means, as of any date of determination with respect to any Person, the ratio of (1)(i)(x) Secured Indebtedness (other than
Indebtedness secured by the Collateral with a Junior Lien Priority relative to the Notes and the Note Guarantees) of such Person
and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with GAAP) and
(y) the Reserved Indebtedness Amount applicable at such time to the calculation of the Secured Net Leverage Ratio with respect
to commitments first obtained as of such date but not utilized as of such date (but only to the extent such commitments are being
obtained in reliance on a test based on such ratio and the Issuer has so elected to test such ratios at such time) minus (ii) the
sum of (x) cash and Cash Equivalents of the Issuer and its Restricted Subsidiaries as of such date of calculation plus (y) any
cash in a trust account of counsel to the Issuer or any of its Restricted Subsidiaries or counsel of a vendor in connection with
the deposit of an amount on account of the purchase price for an acquisition or investment and (2) Consolidated EBITDA of
such Person and its Restricted Subsidiaries for the period of the most recent four consecutive fiscal quarters ending prior to
the date of such determination for which financial statements prepared on a consolidated basis in accordance with GAAP are available.
In the event that the Issuer or any of its Restricted Subsidiaries incurs or redeems any Secured Indebtedness subsequent to the
commencement of the period for which the Secured Net Leverage Ratio is being calculated but prior to the event for which the calculation
of the Secured Net Leverage Ratio is made, then the Secured Net Leverage Ratio shall be calculated giving pro forma effect to such
incurrence or redemption of Indebtedness as if the same had occurred at the beginning of the applicable four fiscal quarter period;
provided, however, that the pro forma calculation of Secured Indebtedness shall not give effect to (i) any Secured
Indebtedness incurred on the Calculation Date (other than Secured Indebtedness incurred pursuant to clause (1)(i)(y) of Section 4.3(b) or
clause (1)(ii) of the definition of Permitted Liens) or (ii) any repayment, repurchase, redemption, defeasance or other
discharge of Indebtedness to the extent such repayment, retirement, extinguishment, defeasance or other discharge results from
the proceeds of such Secured Indebtedness referred to in clause (i). The Secured Net Leverage Ratio shall be calculated in a manner
consistent with the definition of Fixed Charge Coverage Ratio, including any pro forma adjustments to Secured Indebtedness and
Consolidated EBITDA as set forth therein (including for acquisitions).

 

“Security Agreement”
means each of the U.S. Security Agreement and the Canadian Security Agreement.

 

“Series” means (a) with
respect to the First Lien Secured Parties, each of (i) the First Lien Revolving Credit Agreement Secured Parties (in their
capacities as such), (ii) the First Lien Term Loan Secured Parties (in their capacities as such), (iii) the 2025 Secured
Notes Secured Parties, (iv) the 2026 Secured Notes Secured Parties, (v) the Notes Secured Parties and (vi) the Additional
First Lien Secured Parties (in their capacities as such) that become subject to the First Lien Intercreditor Agreement after the
Issue Date that are represented by a common Authorized Representative (in its capacity as such for such Additional First Lien Secured
Parties) and (b) with respect to any First Lien Obligations, each of (i) the First Lien Revolving Credit Agreement Obligations,
(ii) the First Lien Term Loan Obligations, (iii) the 2025 Secured Notes Obligations, (iv) the 2026 Secured Notes
Obligations, (v) the Notes Obligations and (vi) the Additional First Lien Obligations incurred after the date hereof
pursuant to any Additional First Lien Document, which pursuant to any Joinder Agreement, are to be represented hereunder by a common
Authorized Representative (in its capacity as such for such Additional First Lien Obligations).

 

“Shared Collateral” means,
at any time, Collateral in which the holders of two or more Series of First Lien Obligations (or their respective Authorized
Representatives or Collateral Agents on behalf of such holders) hold a valid and perfected security interest at such time. If more
than two Series of First Lien Obligations are outstanding at any time and the holders of less than all Series of First
Lien Obligations hold a valid and perfected security interest in any Collateral at such time, then such Collateral shall constitute
Shared Collateral for those Series of First Lien Obligations that hold a valid security interest in such Collateral at such
time and shall not constitute Shared Collateral for any Series which does not have a valid and perfected security interest
in such Collateral at such time.

 

    	 	55	 

     

    

 

“Significant Subsidiary”
means any Restricted Subsidiary that would be a “Significant Subsidiary” of the Issuer within the meaning of
Rule 1-02 under Regulation S-X promulgated by the Commission (or any successor provision).

 

“Similar Business” means
any business conducted or proposed to be conducted by the Issuer and its Restricted Subsidiaries on the Issue Date or any business
that is similar, reasonably related, complementary, incidental or ancillary thereto, or is a reasonable extension, development
or expansion thereof.

 

“Specified Legal Expenses”
means, to the extent not constituting an extraordinary, non-recurring or unusual loss, charge or expense, all attorneys’
and experts’ fees and expenses and all other costs, liabilities (including all damages, penalties, fines and indemnification
and settlement payments) and expenses paid or payable in connection with any threatened, pending, completed or future claim, demand,
action, suit, proceeding, inquiry or investigation (whether civil, criminal, administrative, governmental or investigative).

 

“Specified Transaction”
means any Investment that results in a Person becoming a Restricted Subsidiary, any designation of a Subsidiary as a Restricted
Subsidiary or an Unrestricted Subsidiary, any acquisition, any disposition that results in a Restricted Subsidiary ceasing to be
a Subsidiary of the Issuer or constitutes a disposition of a line of business or division that has an identifiable earnings stream,
any Investment constituting an acquisition of assets constituting a business unit, line of business or division of another Person
or any disposition of a business unit, line of business or division of the Issuer or a Restricted Subsidiary, in each case, whether
by merger, consolidation, amalgamation or otherwise, or any incurrence or repayment of Indebtedness, any Restricted Payment, any
New Project or other event (other than the incurrence or repayment of Indebtedness under any revolving credit facility in the ordinary
course of business for working capital purposes), that by the terms of this Indenture requires Consolidated EBITDA, Total Assets
or a financial ratio or test to be calculated on a pro forma basis or after giving pro forma effect.

 

“Stated Maturity” means,
with respect to any instalment of interest or principal on any series of Indebtedness, the date on which the payment of interest
or principal was scheduled to be paid in the original documentation governing such Indebtedness (as amended, supplemented or otherwise
modified in any manner that is not prohibited by this Indenture), and will not include any contingent obligations to repay, redeem
or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.

 

“Subordinated Indebtedness”
means Indebtedness of the Issuer or a Guarantor that is subordinated in right of payment to the Notes or the Note Guarantee issued
by the Issuer or such Guarantor, as the case may be.

 

    	 	56	 

     

    

 

“Subsidiary” means, with
respect to any specified Person:

 

		(1)	any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital
Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person
or one or more of the other Subsidiaries of that Person (or a combination thereof); and

 

		(2)	any partnership or limited liability company if (i) more than 50% of the capital accounts, distribution rights, total
equity and voting interests or general or limited partnership interests, as applicable, thereof are owned or controlled, directly
or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof), whether in the
form of membership, general, special or limited partnership interests or otherwise, and (ii) the specified Person, or any
Subsidiary of the specified Person, is a controlling general partner of, or otherwise controls, such entity.

 

“Tax Act” means the Income
Tax Act (Canada).

 

“Taxes” means any present
or future tax, levy, impost, assessment or other government charge (including penalties, interest and any other liabilities related
thereto) imposed or levied by or on behalf of a Taxing Authority.

 

“Taxing Authority” means
any government or any political subdivision or territory or possession of any government or any authority or agency therein or
thereof having power to tax.

 

“Total Assets” means,
as of any date of determination, the total assets of the Issuer and the Restricted Subsidiaries without giving effect to any impairment
or amortization of the amount of intangible assets since the Issue Date, determined on a consolidated basis in accordance with
GAAP, as set forth on the consolidated balance sheet of the Issuer as of the last day of the fiscal quarter most recently ended
for which financial statements have been (or were required to be) delivered pursuant to Section 4.2(a)(1) and
(a)(2) calculated on a pro forma basis.

 

“Treasury Rate” means,
as of the applicable redemption date, as determined by the Issuer, the yield to maturity as of such redemption date of U.S. Treasury
securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519)
that has become publicly available at least two Business Days prior to such redemption date (or, if such Statistical Release is
no longer published, any publicly available source of similar market data)) most nearly equal to the period from such redemption
date to August 1, 2022; provided, however, that if the period from such redemption date to August 1, 2022,
as applicable, is less than one year, the weekly average yield on actually traded U.S. Treasury securities adjusted to a constant
maturity of one year will be used.

 

“Trustee” means the Person
named as the “Trustee” in the first paragraph of this Indenture until a successor Trustee shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include
each Person who is then a Trustee hereunder.

 

    	 	57	 

     

    

 

 

“Trust Indenture Act”
or “TIA” means the Trust Indenture Act of 1939 as in effect from time to time.

 

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

 

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

 

“U.S.” means the United
States of America.

 

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

 

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

 

“Unrestricted Note” means
either an Unrestricted Definitive Note or an Unrestricted Global Note.

 

“Unrestricted Subsidiary”
means any Restricted Subsidiary (including a newly acquired or newly formed Subsidiary) of the Issuer that is designated by the
Board of Directors of the Issuer as an Unrestricted Subsidiary pursuant to Section 4.10, and includes any Subsidiary
of an Unrestricted Subsidiary.

 

“U.S. Person” means any
U.S. person as defined for purposes of Regulation S.

 

“U.S. Pledge
Agreement” means that certain Securities Pledge Agreement, dated as of the Issue Date, among the Issuer, the Guarantors
that are U.S. persons and the Notes Collateral Agent, as amended, restated, amended and restated, supplemented or otherwise modified
from the time to time.

 

“U.S. Security Agreement”
means that certain Security Agreement, dated as of the Issue Date, entered into by the Issuer and the Guarantors that are U.S.
persons in favor of the Notes Collateral Agent, as amended, restated, amended and restated, supplemented or otherwise modified
from the time to time.

 

    	 	58	 

     

    

 

“U.S. Subsidiary” means
any Subsidiary that is organized under the laws of the United States, any state thereof or the District of Columbia.

 

“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.

 

“Waste Industries Merger”
means the acquisition by the Issuer of Wrangler Super Holdco Corp. (as the indirect parent of Waste Industries USA, LLC and its
subsidiaries) (“Waste Industries”) pursuant to the Merger Agreement.

 

“Waste Industries Transactions”
means the Waste Industries Merger pursuant to the Merger Agreement and the related financing transactions in connection therewith
that were consummated on November 14, 2018.

 

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

 

		(1)	the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial
maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the
number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by

 

		(2)	the then-outstanding principal amount of such Indebtedness.

 

“Wholly Owned Restricted Subsidiary”
of the Issuer means any Restricted Subsidiary of which all of the outstanding Voting Stock (other than directors’ qualifying
shares or shares required to be owned by other Persons pursuant to applicable law) is owned directly or indirectly by the Issuer
or any other Wholly Owned Restricted Subsidiary.

 

Section 1.2.     Other
Definitions.

 

	“Act”	Section 12.16(a)
	“Action”	Section 11.8(v)
	“Acceptable Commitment”	Section 4.7(b)(5)
	“Accounting Change”	Section 1.3(2)
	“Acquired Indebtedness”	Section 4.3(c)(4)
	“Additional Amounts”	Section 4.21(a)
	“Affiliate Transaction”	Section 4.8
	“Agreement Currency”	Section 12.17(a)

 

    	 	59	 

     

    

 

	“Asset Sale Offer”	Section 4.7(c)
	“Asset Sale Payment Date”	Section 4.7(f)
	“Authenticating Agent”	Section 2.2
	“Authorized Agent”	Section 12.7(c)
	“Calculation Date”	Section 1.1
	“Canadian Legend”	Section 2.6(f)(4)
	“Change of Control Offer”	Section 4.11(a)
	“Change of Control Payment”	Section 4.11(a)
	“Change of Control Payment Date”	Section 4.11(a)
	“Code”	Section 1.1
	“Collateral Asset Sale Offer”	Section 4.7(d)
	“Collateral Retained Declined Proceeds”	Section 4.7(i)
	“covenant defeasance option”	Section 8.1(b)
	“Covenant Suspension Event”	Section 4.20(a)
	“Defaulted Interest”	Section 2.11
	“EDGAR”	Section 4.2(c)
	 “Excess Proceeds”	Section 4.7(c)
	“Financial Reports”	Section 4.2
	“Foreign Guarantors”	Section 12.7(c)
	“IFRS”	Section 1.1
	“incur”	Section 4.3(a)
	“Initial Notes”	Preamble
	“Judgment Currency”	Section 12.7(a)
	“legal defeasance option”	Section 8.1(b)
	“Legal Holiday”	Section 12.6

 

    	 	60	 

     

    

 

	“Obligations”	Section 10.1
	“Paying Agent”	Section 2.3
	“Payment Default”	Section 6.1(4)
	“Payor”	Section 4.21(a)
	“Permitted Debt”	Section 4.3(b)
	“Registrar”	Section 2.3
	“Reinstatement Date”	Section 4.20(c)
	“Related Person”	Section 11.8(b)
	“Relevant Taxing Jurisdiction”	Section 4.21(a)
	“Restricted Payment”	Section 4.4(a)(4)
	“Retained Declined Proceeds”	Section 4.7(i)
	“Second Commitment”	Section 4.7(b)(5)
	“SEDAR”	Section 4.2(c)
	“Suspended Covenants”	Section 4.20(a)
	“Suspension Period”	Section 4.20(a)
	“Tax Group”	Section 4.4(c)(18)(H)

 

Section 1.3.        Rules of
Construction.

 

Unless the context otherwise requires:

 

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

 

(2)            any
accounting term used in this Indenture, unless otherwise defined therein, has the meaning assigned to it under GAAP applied consistently
throughout the relevant period and relevant prior periods. If there occurs a change in generally accepted accounting principles,
and such change would require disclosure under GAAP in the financial statements of the Issuer and would cause a change in the method
of calculation of financial covenants, standards or terms as determined in good faith by the Issuer (an “Accounting Change”),
then the Issuer may elect, as evidenced by a written notice of the Issuer to the Trustee, that such financial covenants, standards
or terms shall be calculated as if such Accounting Change had not occurred. Any such election with respect to such Accounting Change
may not thereafter be changed;

 

    	 	61	 

     

    

 

(3)            “or”
is not exclusive;

 

(4)            “including”
means including without limitation;

 

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

 

(6)            unless
otherwise indicated, all references to “Articles” or “Sections” are to Articles or Sections, as the case
may be, of this Indenture;

 

(7)            references
to sections of or rules or regulations under any legislation (including the 1933 Act, the 1934 Act or Canadian Securities
Legislation) shall be deemed to include any substitute, replacement or successor section, rule, regulation or instrument, as applicable,
issued, adopted or promulgated by the SEC, the applicable Canadian securities commission or securities regulatory authority or
any other applicable governmental authority from time to time;

 

(8)            “herein,”
“hereof” and other words of similar import refer to this Indenture as a whole (as amended or supplemented from time
to time) and not to any particular Article, Section or other subdivision; and

 

(9)            all
references to “US$” are to U.S. dollars and all references to “$” are to Canadian dollars. Notwithstanding
the foregoing, the Notes shall at all times be denominated, and principal and interest shall be payable only in U.S. dollars.

 

Article II

THE NOTES

 

Section 2.1.       Form and
Dating.

 

(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 rule or usage (but which shall not affect
the rights, duties, obligations or immunities of the Trustee without the consent of the Trustee). Each Note shall be dated the
date of its authentication. The Notes shall be in minimum denominations of US$2,000 and integral multiples of US$1,000 in excess
thereof. The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture
and the Issuer, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms
and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions
of this Indenture, the provisions of this Indenture (to the extent permitted by law) shall govern and be controlling.

 

(b)            Global
Notes. The Notes issued in global form shall be substantially in the form of Exhibit A attached hereto (including
the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). The
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 the amount of outstanding Notes specified therein, and each Global Note shall provide that it shall
represent the aggregate principal amount of outstanding 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 appropriate, 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 Notes Custodian of the Issuer, at the direction
of the Trustee, in accordance with the instructions given by the Holder thereof as required by Section 2.6 hereof.

 

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(c)            Regulation
S Global Notes. Any Notes offered and sold in reliance on Regulation S shall be issued initially in the form of a Regulation
S 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 Issuer and authenticated by the Trustee as hereinafter provided. Prior
to the expiration of the Restricted Period, any resale or transfer of beneficial interests in a Regulation S Global Note to U.S.
Persons shall not be permitted unless such resale or transfer is made pursuant to Rule 144A or Regulation S.

 

(d)            144A
Global Notes. Any Notes offered and sold in reliance on Rule 144A shall be issued initially in the form of a 144A 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, duly executed by the Issuer and authenticated by the Trustee as
hereinafter provided.

 

(e)            Definitive
Notes. Notwithstanding any other provision of this Section 2.1, any issuance of Definitive Notes shall be at the
Issuer’s discretion, except in the circumstances set forth in Section 2.6(a) hereof.

 

Section 2.2.     Execution
and Authentication.

 

An Officer shall sign the Notes for the
Issuer by manual, facsimile or electronically transmitted signature.

 

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

 

A Note shall not be valid until an authorized
signatory of the Trustee manually or electronically authenticates the Note. The signature of the Trustee on a Note shall be conclusive
evidence that such Note has been duly and validly authenticated and issued under this Indenture.

 

The Trustee shall authenticate and deliver:
(i) Initial Notes for original issue in an aggregate principal amount of US$750,000,000 on the Issue Date, and (ii) if
and when issued, Additional Notes (which may be issued in either a registered or a private offering under the 1933 Act), in each
case upon an Issuer Order. Such Issuer Order shall specify the amount of the Notes to be authenticated and the date on which the
original issue of Notes is to be authenticated and whether the Notes are to be in global or definitive form and whether they are
to bear the Private Placement Legend or the Canadian Legend. The Issuer may issue Additional Notes under this Indenture subsequent
to the Issue Date, subject to Section 4.3 of this Indenture. For the avoidance of any doubt, any Additional Notes that
are issued hereunder, and in connection therewith the Issuer delivered to the Trustee an Officer’s Certificate and Opinion
of Counsel each stating that such issuance of Additional Notes is authorized and permitted under this Indenture, shall be valid
for all purposes and constitute Additional Notes hereunder, even if subsequently it is determined that such issuance was not
in compliance with the covenants of this Indenture.

 

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The Trustee may appoint an agent (the “Authenticating
Agent”) reasonably acceptable to the Issuer to authenticate the Notes. Unless limited by the terms of such appointment,
any such 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.

 

Section 2.3.     Registrar
and Paying Agent.

 

The Issuer shall at all times maintain in
the continental U.S. an office or agency where Notes may be presented for registration of transfer or for exchange (the “Registrar”),
and an office or agency where Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep
a register of the Notes and of their transfer and exchange. The Issuer may have 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 such additional paying agent. The Issuer will give prompt written notice to the Trustee of any such co-registrar or
additional paying agents and of any change in the name or address of any such Registrar or Paying Agent.

 

The Issuer or any of its Subsidiaries may
act as Paying Agent, subject to the provisions of this Section 2.3 and Section 4.14. Any Paying Agent or
Registrar may resign as such upon 30 days’ prior written notice to the Issuer and the Trustee; upon resignation of any Paying
Agent or Registrar, the Issuer shall appoint a successor Paying Agent or Registrar, as the case may be, complying with the requirements
of this Section 2.3, no later than 30 days thereafter and shall provide notice to the Trustee of such successor Paying
Agent or Registrar.

 

If at any time there shall be Notes outstanding
that are not Global Notes and there shall be no Paying Agent with an office or agency in the City of New York, State of New York
(or as such office may be moved from time to time to any other location within the contiguous U.S.), where the Notes may be presented
or surrendered for payment, the Issuer shall forthwith designate such a Paying Agent in order that such Notes shall at all times
be payable in the City of New York, the State of New York (or as such office may be moved from time to time to any other location
within the contiguous U.S.).

 

The Issuer initially appoints Computershare
Trust Company, N.A., as Registrar and Paying Agent for the Notes. The immunities, protections and exculpations available to the
Trustee under this Indenture shall also be available to each Agent, and the Issuer’s obligations under Section 7.6
to compensate and indemnify the Trustee shall extend likewise to each Agent.

 

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Section 2.4.     Paying
Agent to Hold Money in Trust.

 

By at least 11:00 a.m. (New York City
time) on the date on which any principal, premium, if any, or interest on any Note is due and payable, the Issuer shall deposit
with the Paying Agent in immediately available funds a sum sufficient to pay such principal, premium, if any, and interest when
due. The Issuer shall require each Paying Agent (other than the Trustee) to agree in writing that such Paying Agent shall hold
in trust for the benefit of Holders or the Trustee all money held by such Paying Agent for the payment of principal, premium, if
any, and interest (if any) on the Notes and shall notify the Trustee of any default by the Issuer in making any such payment. If
the Issuer or a Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate
trust fund. The Issuer at any time may require a Paying Agent (other than the Trustee) to pay all money held by it to the Trustee
and to account for any funds disbursed by such Paying Agent. Upon complying with this Section 2.4, the Paying Agent
(if other than the Issuer or a Subsidiary) shall have no further liability for the money delivered to the Trustee.

 

Section 2.5.     Holder
Lists.

 

The Trustee shall preserve in as current
a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders. If the Trustee
is not the Registrar, the Issuer shall furnish to the Trustee, in writing at least seven (7) Business Days before each Interest
Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee
may reasonably require of the names and addresses of Holders.

 

Section 2.6.     Transfer
and Exchange.

 

(a)            Transfer
and Exchange of Global Notes. Except as set forth herein, a Global Note may not be transferred as a whole except by the Depositary
to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by
the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. Owners of beneficial interests
in Global Notes shall not be entitled to receive Definitive Notes unless:

 

(1)            the
Depositary (A) notifies the Issuer that it is unwilling or unable to continue to act as Depositary or (B) that it is
no longer a clearing agency registered under the 1934 Act and, in either case, a successor Depositary is not appointed by the Issuer
within 90 days after the date of such notice from the Depositary;

 

(2)            the
Issuer, at its option, notifies the Trustee in writing that it elects to cause the issuance of the certificated Notes and any Participant
requests a certificated Note; provided that in no event shall the Regulation S Global Note be exchanged by the Issuer for
Definitive Notes prior to (a) the expiration of the Restricted Period and (b) the receipt of any certificates required
under the provisions of Regulation S;

 

(3)            there
has occurred and is continuing a Default or Event of Default with respect to the Notes and the Depositary notifies the Issuer and
the Trustee of its decision to exchange the Global Notes for Definitive Notes; or

 

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(4)            written
notice is given to the Trustee by or on behalf of the Depositary in accordance with this Indenture.

 

Upon the occurrence of the preceding events
in clauses (1), (2), (3) or (4) above, Definitive Notes shall be issued in such names and in any approved denominations
as the Depositary shall instruct the Issuer, the Trustee and the Registrar. Global Notes also may be exchanged or replaced, in
whole or in part, as provided in Section 2.7 hereof. Every Note authenticated and delivered in exchange for, or in
lieu of, a Global Note or any portion thereof, pursuant to this Section 2.6 or Section 2.7 hereof, shall
be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note
other than as provided in this Section 2.6(a); however, beneficial interests in a Global Note may be transferred and
exchanged as provided in Section 2.6(b) or (c).

 

(b)            Transfer
and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes
shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial
interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein, including
those set forth in the Private Placement Legend and the Canadian Legend (if applicable), to the extent required by the 1933 Act
and applicable Canadian Securities Legislation, and the U.S. transfers of beneficial interests in the Global Notes also shall require
compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following provisions
of this Section 2.6, as applicable:

 

(1)            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, (A) transfers of beneficial interests in the Regulation S Global Note may not be to a U.S. Person or for the account
or benefit of a U.S. Person (other than an Initial Purchaser) and (B) such beneficial interests may be held only through Euroclear
or Clearstream (as Indirect Participants in the Depositary). Beneficial interests in such 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 the preceding sentence of
this Section 2.6(b)(1).

 

(2)            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 2.6(b)(1) above, the transferor of such beneficial interest must deliver
to the Registrar either:

 

(A)            (i) 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

 

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(ii)            instructions
given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with
such increase; or

 

(B)            (i) 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

 

(ii)            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 Section 2.6(b) above; provided that in no
event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Global Note prior
to (a) the expiration of the Restricted Period and (b) the receipt of any certificates required under the provisions
of Regulation S.

 

Upon satisfaction of all of the requirements
for transfer or exchange of beneficial interests in Global Notes contained in this Indenture, the Notes or otherwise applicable
under the 1933 Act, the principal amount of the relevant Global Note(s) shall be adjusted pursuant to Section 2.6(g) hereof.

 

(3)            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 2.6(b)(2) above 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; and

 

(B)            if
the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof, and if
such transfer occurs prior to the expiration of the Restricted Period, then the transferee must hold such beneficial interest through
either Euroclear or Clearstream (as Indirect Participants in the Depositary).

 

(4)            Transfer
and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in the 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 2.6(b)(2) above and the Registrar receives
the following:

 

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(i)            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 in the form of Exhibit C hereto, including
the certifications in item (1)(a) thereof; or

 

(ii)            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, if the Registrar or the Issuer so requests
or if the Applicable Procedures so require, an Opinion of Counsel to the effect that such exchange or transfer is in compliance
with the 1933 Act and state “blue sky” laws 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 1933 Act.

 

If any such transfer is effected at a time
when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Issuer Order in accordance
with Section 2.2 hereof, 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.

 

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

 

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

 

(1)          Beneficial
Interests in Restricted Global Notes to Restricted Definitive Notes. If, in accordance with Section 2.6(a), any
holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive
Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note,
then, upon receipt by the Registrar of the following documentation:

 

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

 

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

 

(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 to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof,

 

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the Registrar shall cause the aggregate principal amount of
the applicable Global Note to be reduced accordingly pursuant to Section 2.6(g) hereof, and the Issuer shall execute
and the Trustee, upon receipt of an Issuer Order, shall authenticate and deliver to the Person designated in the instructions a
Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted
Global Note pursuant to this Section 2.6(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 2.6(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on
transfer contained therein. Notwithstanding Sections 2.6(c)(1)(A) and (C) hereof, a beneficial interest
in the Regulation S 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 of any certificates
required under the provisions of Regulation S, except in the case of a transfer pursuant to an exemption from the registration
requirements of the 1933 Act other than Rule 903 or Rule 904.

 

(2)           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, in each case only pursuant to Section 2.6(a) and
only if the Registrar receives the following:

 

(i)            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 in the form of Exhibit C hereto, including the certifications in item
(1)(b) thereof; or

 

(ii)            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 in the form of Exhibit B
hereto, including the certifications in item (4) thereof;

 

and, in each such case, if the Registrar or the Issuer so requests
or if the Applicable Procedures so require, an Opinion of Counsel to the effect that such exchange or transfer is in compliance
with the 1933 Act and state “blue sky” laws 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 1933 Act.

 

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(3)            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 satisfaction of the conditions set forth in Section 2.6(b)(2) hereof,
the Registrar shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.6(g) hereof,
and the Issuer shall execute and the Trustee, upon receipt of an Issuer Order, shall authenticate and deliver to the Person designated
in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial
interest pursuant to this Section 2.6(c)(3) shall be registered in such name or names and in such authorized denomination
or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary
and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such
Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.6(c)(3) shall
not bear the Private Placement Legend.

 

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

 

(1)              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 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 to the effect set
forth in Exhibit B hereto, including the certifications in item (1) thereof; or

 

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

 

the Trustee shall cancel the Restricted Definitive Note, the
Registrar shall increase or cause to be increased the aggregate principal amount of, in the case of clause (d)(1)(A) above,
the appropriate Restricted Global Note, in the case of clause (d)(1)(B) above, the 144A Global Note, and in the case of clause
(d)(1)(C) above, the Regulation S Global Note. Notwithstanding the foregoing, if there are no Global Notes outstanding prior
to any such transfer, Definitive Notes may be transferred for beneficial interests in a Global Note only if the Issuer so agrees
and delivers an Issuer Order to the Trustee.

 

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

 

(i)            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 in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof;
or

 

(ii)            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 in the form of Exhibit B hereto,
including the certifications in item (4) thereof;

 

and, in each such case, if the Registrar or the Issuer so requests
or if the Applicable Procedures so require, an Opinion of Counsel to the effect that such exchange or transfer is in compliance
with the 1933 Act and state “blue sky” laws 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 1933 Act.

 

Upon satisfaction of the conditions of any
of the subparagraphs in this Section 2.6(d)(2), the Trustee shall cancel the Definitive Notes and the Registrar shall
increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. Notwithstanding the foregoing,
if there are no Global Notes outstanding prior to any such transfer, Definitive Notes may be transferred for beneficial interests
in a Global Note only if the Issuer so agrees and delivers an Issuer Order to the Trustee.

 

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

 

If any such exchange or transfer from a
Definitive Note to a beneficial interest is effected pursuant to subparagraph (2)(ii) or (3) above at a time when an
Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Issuer Order in accordance with
Section 2.2 hereof, 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 2.6(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 2.6(e).

 

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(1)            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 in the form of Exhibit C
hereto, including the certifications in item (1) thereof;

 

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

 

(C)            if
the transfer will be made pursuant to any other exemption must deliver a certificate in the form of Exhibit B hereto,
including the certifications required by item (3) thereof.

 

(2)            Restricted
Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof for
an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted
Definitive Note if the Registrar receives the following:

 

(i)            if
the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate
from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or

 

(ii)            if
the Holder of such Restricted Definitive Note proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including
the certifications in item (4) thereof;

 

and, in each such case, if the Registrar or the Issuer so requests,
an Opinion of Counsel to the effect that such exchange or transfer is in compliance with the 1933 Act and state “blue
sky” laws 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 1933 Act.

 

(3)            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 Note pursuant to the instructions from the Holder thereof.

 

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(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.

 

(1)           Private
Placement Legend.

 

(A)            Except
as permitted by subparagraph (B) below or as otherwise agreed between the Issuer and the Holder, each Global Note and each
Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear a legend, until the Resale Restriction
Termination Date, in substantially the following form:

 

“THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.
NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION. THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT
FOR WHICH IT HAS PURCHASED NOTES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE
ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER
WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE),] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE
ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THIS NOTE (OR
ANY PREDECESSOR OF SUCH NOTE) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN
RELIANCE ON REGULATION S], ONLY (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT
THAT HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE
144A UNDER THE 1933 ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”
AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON U.S. PERSONS THAT
OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE 1933 ACT, (E) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE 1933 ACT THAT IS NOT A QUALIFIED INSTITUTIONAL
BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH
CASE IN A MINIMUM PRINCIPAL AMOUNT OF NOTES OF US$250,000 OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION
SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION
DATE.

 

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[IN THE CASE OF REGULATION S NOTES:
BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A
U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE 1933 ACT.]”

 

(B)            Notwithstanding
the foregoing, any Global Note or Definitive Note issued pursuant to Sections 2.6(b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2) or
(e)(3) (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend. The
Issuer, acting in its discretion, may remove the Private Placement Legend from any Restricted Note at any time on or after the
Resale Restriction Termination Date applicable to such Restricted Note. Without limiting the generality of the preceding sentence,
the Issuer may effect such removal by issuing and delivering, in exchange for such Restricted Note, an Unrestricted Note, registered
to the same Holder and in an equal principal amount, and, notwithstanding any other provision of this Section 2.6, upon receipt
of an Issuer Order given at least three (3) Business Days in advance of the proposed date of exchange specified therein (which
shall be no earlier than the Resale Restriction Termination Date), the Trustee shall authenticate and deliver such Unrestricted
Note as directed in such Issuer Order. Notwithstanding the foregoing, the Trustee shall not be obligated to authenticate and deliver
any Note that it reasonably believes, on advice of counsel, does not comply with Applicable Procedures or applicable law.

 

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(2)           Global
Notes 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 REGISTRAR MAY MAKE SUCH
NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.6 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.6(a) OF THE INDENTURE AND (III) THIS GLOBAL
NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.10 OF THE INDENTURE.

 

UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”)
TO THE ISSUER OR 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.”

 

(3)            ERISA
Legend. Each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall
bear a legend in substantially the following form:

 

“BY ITS ACQUISITION OF THIS
NOTE, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY
SUCH HOLDER TO ACQUIRE OR HOLD THIS NOTE CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S.
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT
OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS
OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN
ASSETS” (WITHIN THE MEANING OF 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA OR ANY APPLICABLE SIMILAR
LAWS) OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS NOTE WILL NOT CONSTITUTE A NON
EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY
APPLICABLE SIMILAR LAWS.

 

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FURTHER, IF THE HOLDER IS A
PLAN SUBJECT TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (AN “ERISA PLAN”), SUCH HOLDER WILL BE DEEMED TO
HAVE REPRESENTED AND WARRANTED THAT (1) NONE OF THE ISSUER, GUARANTORS, THE INITIAL PURCHASERS AND ANY OF THEIR RESPECTIVE
AFFILIATES (COLLECTIVELY, THE “TRANSACTION PARTIES”) HAS ACTED AS THE ERISA PLAN’S FIDUCIARY (WITHIN THE MEANING
OF ERISA OR THE CODE), OR HAS BEEN RELIED UPON FOR ANY ADVICE, WITH RESPECT TO THE HOLDER’S DECISION TO ACQUIRE AND HOLD
THE NOTES, AND NONE OF THE TRANSACTION PARTIES SHALL AT ANY TIME BE RELIED UPON AS THE ERISA PLAN’S FIDUCIARY WITH RESPECT
TO ANY DECISION TO ACQUIRE, CONTINUE TO HOLD OR TRANSFER THE NOTES, AND (2) THE DECISION TO PURCHASE THE NOTES HAS BEEN MADE
BY A DULY AUTHORIZED FIDUCIARY OF THE ERISA PLAN THAT (I) IS INDEPENDENT (AS THAT TERM IS USED IN 29 C.F.R. 2510.3-21(C)(1))
OF THE TRANSACTION PARTIES AND THERE IS NO FINANCIAL INTEREST, OWNERSHIP INTEREST, OR OTHER RELATIONSHIP, AGREEMENT OR UNDERSTANDING
OR OTHERWISE THAT WOULD LIMIT ITS ABILITY TO CARRY OUT ITS FIDUCIARY RESPONSIBILITY TO THE ERISA PLAN; (II) IS A BANK, AN
INSURANCE CARRIER, A REGISTERED INVESTMENT ADVISER, A REGISTERED BROKER-DEALER, OR AN INDEPENDENT FIDUCIARY THAT HOLDS, OR HAS
UNDER MANAGEMENT OR CONTROL, TOTAL ASSETS OF AT LEAST $50 MILLION (IN EACH CASE, AS SPECIFIED IN 29 C.F.R. 2510.3-21(C)(1)(I)(A)-(E));
(III) IS CAPABLE OF EVALUATING INVESTMENT RISKS INDEPENDENTLY, BOTH IN GENERAL AND WITH REGARD TO PARTICULAR TRANSACTIONS
AND INVESTMENT STRATEGIES (INCLUDING, WITHOUT LIMITATION, WITH RESPECT TO THE DECISION TO INVEST IN THE NOTES); (IV) HAS BEEN
FAIRLY INFORMED THAT THE TRANSACTION PARTIES HAVE NOT AND WILL NOT UNDERTAKE TO PROVIDE IMPARTIAL INVESTMENT ADVICE, OR TO GIVE
ADVICE IN A FIDUCIARY CAPACITY, IN CONNECTION WITH THE PURCHASE AND HOLDING OF THE NOTES; (V) HAS BEEN FAIRLY INFORMED
THAT THE TRANSACTION PARTIES HAVE FINANCIAL INTERESTS IN THE ERISA PLAN’S PURCHASE AND HOLDING OF THE NOTES, WHICH INTERESTS
MAY CONFLICT WITH THE INTEREST OF THE ERISA PLAN; (VI) IS A FIDUCIARY UNDER ERISA OR THE CODE, OR BOTH, WITH RESPECT
TO THE DECISION TO PURCHASE AND HOLD THE NOTES AND IS RESPONSIBLE FOR EXERCISING (AND HAS EXERCISED) INDEPENDENT JUDGMENT IN EVALUATING
WHETHER TO INVEST THE ASSETS OF SUCH ERISA PLAN IN THE NOTES; AND (VII) IS NOT PAYING ANY TRANSACTION PARTY ANY FEE OR OTHER
COMPENSATION DIRECTLY FOR THE PROVISION OF INVESTMENT ADVICE (AS OPPOSED TO OTHER SERVICES) IN CONNECTION WITH THE ERISA PLAN’S
PURCHASE AND HOLDING OF THE NOTES.”

 

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(4)           Canadian
Legend. Each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall
bear a legend in substantially the following form:

 

(A)            Each
Note (whether a Global Note or a Definitive Note), and all Notes issued in exchange therefor or substitution thereof, shall also
bear a legend (the “Canadian Legend”) in substantially the following form until such time as (i) a trade
of such Note in any province or territory Canada would not be a “distribution” or a “primary distribution to
the public” (each within the meaning of applicable Canadian Securities Legislation) and (ii) such Note is not otherwise
required to carry the Canadian Legend under applicable Canadian Securities Legislation:

 

“EXCEPT IN THE PROVINCE OF
MANITOBA, UNLESS PERMITTED UNDER CANADIAN SECURITIES LEGISLATION, THE HOLDER OF THE SECURITY EVIDENCED HEREBY MUST NOT TRADE THE
SECURITY BEFORE THE DATE THAT IS FOUR MONTHS AND A DAY AFTER [INSERT DISTRIBUTION DATE].

 

IN THE PROVINCE OF MANITOBA, UNLESS
OTHERWISE PERMITTED UNDER APPLICABLE CANADIAN SECURITIES LEGISLATION OR WITH THE PRIOR WRITTEN CONSENT OF THE APPLICABLE REGULATORS,
THE HOLDER OF THE SECURITY EVIDENCED HEREBY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS TWELVE MONTHS AND A DAY AFTER THE
DATE THE PURCHASER ACQUIRED THE SECURITY.”

 

(B)            The
distribution date to be inserted into the Canadian Legend pursuant to subparagraph (A) above shall be, in the case of the
Initial Notes, the Issue Date or, in the case of any Additional Notes, the “distribution date” (within the meaning
of National Instrument 45-102 Resale of Securities) for such Additional Notes.

 

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(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 2.10 hereof. At
any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who
will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount
of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the
Trustee or by the Notes Custodian at the direction of the Trustee to reflect such reduction; and if the beneficial interest is
being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global
Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee
or by the Notes Custodian at the direction of the Trustee to reflect such increase.

 

(h)           General
Provisions Relating to Transfers and Exchanges.

 

(1)            To
permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Global Notes and Definitive
Notes upon receipt of an Issuer Order.

 

(2)            No
service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any tax or similar charge
or other fee required by law and payable in connection therewith (other than any taxes or similar charge payable upon exchange
or transfer pursuant to Sections 2.9, 3.6, 3.7, 4.7 and 4.11 hereof).

 

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

 

(4)            None
of the Issuer, the Trustee or the Registrar shall be required (A) to issue, to register the transfer of or to exchange any
Notes during a period of 15 days before the day of any selection of Notes for redemption under Section 3.2 hereof and
ending at the close of business on the day of selection, (B) to register the transfer of or to exchange any Notes 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.

 

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

 

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(6)            The
Trustee shall authenticate Global Notes and Definitive Notes upon receipt of an Issuer Order and in accordance with the other provisions
of Section 2.2 hereof.

 

(7)            All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.6
to effect a registration of transfer or exchange may be submitted by facsimile.

 

(8)            None
of the Trustee or any Agent shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions
on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including
any transfers between or among Depositary participants, members or beneficial owners 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.

 

(9)            None
of the Trustee or any 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 optional
redemption) or the payment of any amount, under or with respect to such Notes.

 

Section 2.7.     Replacement
Notes.

 

If any mutilated Note is surrendered to
the Trustee, or the Issuer and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note,
the Issuer shall issue and the Trustee, upon receipt of an Issuer Order conforming to Section 2.2 hereof, will
authenticate a replacement Note of like tenor and principal amount if the Trustee’s and the Issuer’s reasonable requirements
are met. If required by the Trustee or the Issuer, an indemnity bond must be supplied by the Holder that is sufficient in the judgment
of the Trustee and the Issuer to protect the Issuer, the Trustee, any other Agent and any Authenticating Agent from any loss that
any of them may suffer if a Note is replaced. The Issuer may charge for its expenses (including any tax or charge that may be imposed
in connection therewith and the fees and expenses of the Trustee) in replacing a Note.

 

Every replacement Note is an additional
obligation of the Issuer and will be entitled to all of the benefits of this Indenture equally and proportionately with all other
Notes duly issued hereunder, provided it is held by a protected purchaser within the meaning of the Uniform Commercial Code.

 

Notwithstanding any other provision of this
Section, rather than authenticating and delivering a replacement Note for a mutilated, destroyed, loss or stolen Note which has
been redeemed or the principal of which has matured, the Issuer or the Paying Agent may make payment of the amount due on such
security to the Holder upon receipt of the above-described indemnity bond.

 

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Section 2.8.     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 as not outstanding. Except as set forth in Section 12.5 hereof, a Note does not cease to be outstanding
because the Issuer, a Guarantor or an Affiliate of the Issuer or a Guarantor holds the Note.

 

If a Note is replaced pursuant to Section 2.7
hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected
purchaser.

 

If the principal amount of any Note is considered
paid under Section 4.1 hereof, it ceases to be outstanding and interest on it ceases to accrue.

 

If the Paying Agent (other than the Issuer,
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 will be deemed to be no longer outstanding and will cease to accrue interest.

 

Section 2.9.     Temporary
Notes.

 

Until Definitive Notes are ready for delivery,
the Issuer may prepare and the Trustee shall, upon receipt of an Issuer Order, authenticate temporary Notes. Temporary Notes shall
be substantially in the form of Definitive Notes but may have variations that the Issuer considers appropriate for temporary Notes
and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare and the Trustee, upon
receipt of an Issuer Order, shall authenticate Definitive Notes in exchange for temporary Notes. Holders of temporary Notes shall
in all respects be entitled to the same benefits under this Indenture as a holder of Definitive Notes.

 

Section 2.10.     Cancellation.

 

The Issuer at any time may deliver Notes
to the Trustee or any Registrar for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered
to them for registration of transfer, exchange or payment. The Trustee or the Registrar (and no one else) shall cancel and destroy
(subject to the Trustee’s procedures and the record retention requirements of the 1934 Act) all Notes surrendered for registration
of transfer, exchange, payment, replacement or cancellation and deliver a certificate of such destruction to the Issuer (provided
that the Trustee or such Registrar shall deliver a copy of such cancelled Note to the Issuer upon request prior to destruction).
The Issuer may not issue new Notes to replace Notes it has redeemed, paid or delivered to the Trustee or the Registrar for cancellation.

 

Section 2.11.     Defaulted
Interest.

 

If the Issuer defaults in a payment of interest
(“Defaulted Interest”) on the Notes, the Issuer shall pay Defaulted Interest (as provided in Section 4.1)
in any lawful manner. The Issuer may pay the Defaulted Interest to the Persons who are Holders on a subsequent special record date.
The Issuer shall fix or cause to be fixed any such special record date and payment date, which special record date shall not be
less than 10 days prior to the payment date for such Defaulted Interest and the Issuer, or at the Issuer’s request, the Trustee,
shall promptly cause to be mailed (or in the case of Global Notes send electronically in accordance with the procedures of the
Depositary) to each Holder a notice that states the special record date, the payment date and the amount of Defaulted Interest
to be paid. The Issuer shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note
and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an amount of money equal to
the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee
for such deposit prior to the date of the proposed payment, such money when so deposited to be held in trust for the benefit of
the Persons entitled to such Defaulted Interest as provided in this Section 2.11.

 

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Section 2.12.     CUSIP
Numbers.

 

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

 

Section 2.13.     Calculations.

 

The Issuer will be responsible for making
all calculations called for under this Indenture or the Notes. The Issuer will make all such calculations in good faith and, absent
manifest error, its calculations will be final and binding on Holders. The Issuer will provide a schedule of its calculations to
the Trustee when reasonably requested by the Trustee, and the Trustee is entitled to rely conclusively upon the accuracy of such
calculations without independent verification. The Trustee will deliver a copy of any such schedule to any Holder upon the written
request of such Holder.

 

Article III

REDEMPTION

 

Section 3.1.     Notices
to Trustee.

 

If the Issuer elects to redeem Notes pursuant
to Section 3.7, Section 3.8 or Section 4.11(i) hereof, it shall notify the Trustee in
writing of the Redemption Date and the principal amount of Notes to be redeemed.

 

The Issuer shall give each notice to the
Trustee and the Registrar provided for in this Section 3.1 at least five (5) Business Days before the date of
giving notice of the redemption pursuant to Section 3.3, unless the Trustee consents to a shorter period. Such notice
shall be accompanied by an Officer’s Certificate stating that such redemption will comply with the conditions therein.

 

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Section 3.2.      Selection
of Notes to Be Redeemed.

 

In the case of any partial redemption of
the Notes selection of the Notes for redemption will be made by the Trustee (i) if the Issuer gives written notice to the
Trustee that the Notes are listed in a national securities exchange, in compliance with the requirements of such exchange or (ii) if
the Issuer does not give written notice to the Trustee that the Notes are so listed, then on a pro rata basis (or, in the case
of Notes in global form, the Notes represented thereby will be selected in accordance with the Depositary’s prescribed method).
The Trustee will make the selection from outstanding Notes not previously called for redemption. The Trustee may select for redemption
portions of the principal of Notes that have denominations larger than US$1,000. Notes and portions of them the Trustee selects
will be in minimum amounts of US$2,000 or a whole multiple of US$1,000 in excess thereof. The Issuer shall notify the Trustee and
any Holder promptly of a change to the minimum denomination of any Notes. Provisions of this Indenture that apply to Notes called
for redemption also apply to portions of Notes called for redemption. The Trustee shall notify the Issuer promptly of the Notes
or portions of Notes to be redeemed. The Trustee may rely upon information provided by the Registrar for purposes of this Section 3.2.
The Trustee shall not be liable for the selection made in accordance with this Section 3.2.

 

Section 3.3.      Notice
of Redemption.

 

At least 10 days (or such shorter time period
as specified solely in respect of any Special Mandatory Redemption) but not more than 60 days before a date for redemption of Notes,
the Issuer shall mail a notice of redemption by first-class mail (or, in the case of Notes in global form, delivered electronically
in accordance with the Depositary’s procedures) to each Holder of Notes to be redeemed at such Holder’s registered
address or, with respect to Global Notes, otherwise give such notice in accordance with the Applicable Procedures of the Depositary;
provided, however, notices of redemption may be sent more than 60 days prior to a Redemption Date if the notice is
issued in connection with the Issuer’s exercise of its legal defeasance or its covenant defeasance option in accordance with
Section 8.1(b) or the satisfaction and discharge of this Indenture in accordance with Section 8.1(a).

 

The notice will identify the Notes to be
redeemed and will state:

 

(1)            the
Redemption Date;

 

(2)            the
Redemption Price (if then determined and otherwise the basis for its determination);

 

(3)            the
name and address of the Paying Agent where Notes are to be surrendered;

 

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

 

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(5)            if
fewer than all the outstanding Notes are to be redeemed, the identification and principal amounts of the particular Notes to be
redeemed;

 

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

 

(7)            the
CUSIP, ISIN or similar number, if any, printed on the Notes being redeemed;

 

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

 

(9)            any
conditions precedent to such redemption.

 

At the Issuer’s request, the Trustee
will give the notice of redemption in the Issuer’s name and at the Issuer’s expense; provided, however,
that the Issuer shall have delivered to the Trustee, at least five (5) Business Days prior to the giving of notice of redemption
(or such shorter period as is acceptable to the Trustee), an Officer’s Certificate requesting that the Trustee give such
notice and setting forth the information to be stated in the notice as provided in the preceding paragraph.

 

Section 3.4.        Effect
of Notice of Redemption.

 

Once notice of redemption is sent to Holders,
Notes (or portions thereof) called for redemption become irrevocably due and payable on the Redemption Date and at the Redemption
Price, subject to the satisfaction of any condition permitted below. A notice of redemption (including upon an Equity Offering
or in connection with a transaction (or series of related transactions) or an event that constitutes a Change of Control) may,
at the Issuer’s discretion, be given prior to the completion or the occurrence thereof and any such redemption or purchase
may, at the Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion
or occurrence of the related Equity Offering, transaction or event, as the case may be. In addition, if such redemption or purchase
is subject to the satisfaction of one or more conditions precedent, such notice shall describe each such condition, and if applicable,
shall state that, in the Issuer’s discretion, the redemption or purchase may be delayed until such time (including more than
60 days after the date the notice of redemption or offer to purchase was mailed or delivered, including by electronic transmission)
as any or all such conditions shall be satisfied or waived, or such redemption or purchase may not occur and such notice may be
rescinded in the event that any or all such conditions shall not have been satisfied or waived by the redemption or purchase date,
or by the redemption or purchase date so delayed, or such notice or offer may be rescinded at any time in the Issuer’s discretion
if in the good faith judgment of the Issuer any or all of such conditions will not be satisfied or waived. In addition, the Issuer
may provide in such notice or offer that payment of the redemption or purchase price and performance of the Issuer’s obligations
with respect to such redemption or offer to purchase may be performed by another Person. In no event shall the Trustee be responsible
for monitoring, or charged with knowledge of, the maximum aggregate amount of the Notes eligible under the Indenture to be redeemed
or the actual amount of the Notes to be redeemed without notice thereof from the Issuer. Upon surrender to the Paying Agent, such
Notes shall be paid at the Redemption Price stated in the notice, plus accrued and unpaid interest to, but not including, the Redemption
Date; provided that if the Redemption Date is after the taking of a record of the Holders on a record date and on or prior
to the related Interest Payment Date, the accrued and unpaid interest shall be payable to the Person in whose name the redeemed
Notes are registered on such record date. Failure to give notice or any defect in the notice to any Holder shall not affect the
validity of the notice to any other Holder.

 

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Section 3.5.      Deposit
of Redemption Price.

 

No later than 11:00 a.m. (New York
City time) on the Redemption Date, the Issuer shall deposit with the Paying Agent (or, if the Issuer or a Subsidiary is the Paying
Agent, shall segregate and hold in trust) money sufficient to pay the Redemption Price of and accrued and unpaid interest on all
Notes to be redeemed on that date. If the Issuer complies with the provisions of this Section 3.5, then on and after
the Redemption Date, interest will cease to accrue on the Notes or the portions of Notes called for redemption.

 

Section 3.6.      Notes
Redeemed in Part.

 

Upon cancellation of a Note that is redeemed
in part, the Issuer shall issue and the Trustee shall, upon receipt of an Issuer Order, authenticate for the Holder (at the Issuer’s
expense) a new Note equal in principal amount to the unredeemed portion of the Note surrendered. The Trustee shall notify the Registrar
of the issuance of such new Note.

 

Section 3.7.      Optional
Redemption.

 

(a)            On
or after August 1, 2022, the Issuer may, on any one or more occasions, redeem all or a part of the Notes at any time or from
time to time, at the Redemption Prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest
thereon, if any, on the Notes redeemed, to, but excluding, the applicable Redemption Date (subject to the right of Holders of record
on the relevant Record Date to receive interest due on the relevant Interest Payment Date falling on or prior to the applicable
Redemption Date), if redeemed during the twelve-month period beginning on August 1 of the years indicated below:

 

Notes

 

	Year	 	Percentage	 
	2022	 	 	101.875	%
	2023	 	 	100.938	%
	2024 and thereafter	 	 	100.000	%

 

(b)            At
any time prior to August 1, 2022, the Issuer may on any one or more occasions redeem up to an aggregate of 40% of the aggregate
principal amount of Notes (including, for greater certainty, any Additional Notes) then outstanding under this Indenture at a Redemption
Price (as calculated by the Issuer) equal to (i) 103.750% of the aggregate principal amount thereof, with an amount equal
to or less than the Net Cash Proceeds from one or more Equity Offerings to the extent such net cash proceeds are received by or
contributed to the Issuer plus (ii) accrued and unpaid interest thereon, if any, to, but excluding, the applicable Redemption
Date (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment
Date falling on or prior to the applicable Redemption Date); provided that (1) at least 50% of the aggregate principal
amount of the Notes originally issued under this Indenture on the Issue Date remain outstanding immediately after the occurrence
of such redemption (but excluding any Additional Notes issued under the Indenture after the Issue Date); and (2) each such
redemption occurs within 180 days of the date of the closing of any such Equity Offering.

 

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(c)            In
addition, at any time prior to August 1, 2022, the Issuer may on any one or more occasions redeem all or a part of the Notes
at a Redemption Price equal to the sum of: (1) the principal amount thereof, plus (2) the Applicable Premium at the Redemption
Date, plus (3) accrued and unpaid interest, if any, to, but excluding, the applicable Redemption Date (subject to the right
of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date falling on or prior
to the applicable Redemption Date).

 

(d)            Any
redemption pursuant to this Section 3.7 shall be made pursuant to the provisions of Section 3.1 through
Section 3.6 hereof.

 

(e)            The
Notes will not be redeemable at the option of the Issuer except as set forth in this Section 3.7, Section 3.8
and in Section 4.11(i). The Issuer is not, however, prohibited from acquiring the Notes by means other than a redemption,
whether pursuant to a tender offer, open market transactions, by private purchase or otherwise, so long as the acquisition does
not otherwise violate the terms of this Indenture.

 

Unless the Issuer defaults in the payment
of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable
redemption date.

 

Section 3.8.     Tax
Redemption.

 

If, as a result of:

 

		(1)	any amendment to, or change in, the laws or treaties (or regulations or rulings promulgated thereunder) of any Relevant Taxing
Jurisdiction which is announced and becomes effective on or after the Issue Date (or, where a jurisdiction in question does not
become a Relevant Taxing Jurisdiction until a later date, such later date); or

 

		(2)	any amendment to, or change in, the existing official position or the introduction of an official position regarding the application,
interpretation, administration or assessing practices of any such laws, regulations or rulings of any Relevant Taxing Jurisdiction,
or a judicial decision rendered by a court of competent jurisdiction (whether or not made, taken or reached with respect to the
Issuer or any of the Guarantors) which is announced and becomes effective on or after the Issue Date (or, where a jurisdiction
in question does not become a Relevant Taxing Jurisdiction until a later date, such later date),

 

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the Issuer or any Guarantor has become or
will become obligated to pay, on the next date on which any amount would be payable with respect to the Notes or a Note Guarantee,
as applicable, Additional Amounts or indemnification payments as described under Section 4.21 with respect to the Relevant
Taxing Jurisdiction, which payment the Issuer or the Guarantor cannot avoid with the use of reasonable measures available to it
(including making payment through a paying agent located in another jurisdiction), then the Issuer may, at its option, redeem all
but not less than all of the Notes, upon not more than 60 days’ notice prior to the earliest date on which the Issuer or
a Guarantor, as applicable, would be required to pay such Additional Amounts or indemnification payments, at a redemption price
of 100% of their principal amount, plus accrued and unpaid interest, if any, to the redemption date. Prior to the giving of any
notice of redemption described in this Section 3.8, the Issuer will deliver to the Trustee a written opinion of independent
legal counsel to the Issuer or the Guarantor, as applicable, of recognized standing to the effect that the Issuer or the Guarantor,
as applicable, has or will become obligated to pay such Additional Amounts or indemnification payments as a result of an amendment
or change as set forth in this Section 3.8.

 

Unless the Issuer defaults in the payment
of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable
redemption date.

 

Section 3.9.     Mandatory
Redemption.

 

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

 

Article IV

COVENANTS

 

Section 4.1.     Payment
of Notes.

 

The Issuer covenants and agrees for the
benefit of the Holders that it shall promptly pay the principal of, premium, if any, and interest on the Notes on the dates and
in the manner provided in the Notes and this Indenture. Payments of principal, premium, if any, and interest on the Notes shall
be deemed due for all purposes under this Indenture whether such payments are due at Stated Maturity, upon redemption, upon required
repurchase pursuant to Section 4.7 or 4.11 hereof, upon declaration or otherwise. Principal, premium, if any,
and interest on the Notes shall be considered paid on the date due if by 11:00 a.m. (New York City time) on such date the
Paying Agent holds in accordance with this Indenture money sufficient to pay all principal, premium, if any, and interest then
due.

 

The Issuer will pay, to the extent lawful,
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any,
at the rate then in effect on the Notes; it will pay, to the extent lawful, interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods), from time to time
on demand at the same rate as on overdue principal.

 

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Section 4.2.     Reports.

 

(a)           The
Issuer will provide to the Trustee, and the Trustee shall deliver to the Holders, the following:

 

(1)           within
60 days after the end of each quarterly fiscal period in each fiscal year of the Issuer, other than the last quarterly fiscal period
of each such fiscal year, copies of:

 

(i)            an
unaudited consolidated balance sheet of the Issuer as at the end of such quarterly fiscal period and unaudited consolidated statements
of income, cash flows and changes in shareholders’ equity of the Issuer for such quarterly fiscal period and, in the case
of the second and third quarters, for the portion of the fiscal year ending with such quarter; and

 

(ii)            an
associated “Management’s Discussion and Analysis” prepared on a basis substantially consistent with the “Management’s
Discussion and Analysis” included in the Offering Memorandum; and

 

(2)           within
90 days after the end of each fiscal year of the Issuer, copies of:

 

(i)            an
audited consolidated balance sheet of the Issuer as at the end of such year and audited consolidated statements of income, cash
flows and changes in shareholders’ equity of the Issuer for such fiscal year, together with a report of the Issuer’s
auditors thereon; and

 

(ii)            an
associated “Management’s Discussion and Analysis” prepared on a basis substantially consistent with the “Management’s
Discussion and Analysis” included in the Offering Memorandum; and

 

(3)           promptly
from time to time after the occurrence of an event required to be therein reported (and in any event within the time periods specified
in the Commission’s rules and regulations), current reports that would be required to be filed with the Commission on
Form 8-K Items 1.03, 2.01, 4.01, 5.01, 5.02(b) (with respect to the Issuer’s chief executive officer or chief financial
officer only) and 5.02(c) (with respect to the Issuer’s chief executive officer or chief financial officer only) if
the Issuer were required to file such reports; provided that (a) no such current report will be required to be provided
if the Issuer determines in its good faith judgment that such event is not material to the business, assets, operations or prospects
of the Issuer and its Restricted Subsidiaries, taken as a whole, or if the Issuer determines in its good faith judgment that such
disclosure would otherwise cause competitive harm to the business, assets, operations, financial position or prospects of the Issuer
and its Restricted Subsidiaries, taken as a whole (in which event such nondisclosure shall be limited only to specific provisions
that would cause material harm and not the occurrence of the event itself) and (b) in no event will any financial statements
of an acquired business be required to be included in any such current report;

 

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in the case of each of Sections 4.2(a)(1) and 4.2(a)(2) prepared
in accordance with GAAP. The reports referred to in Sections 4.2(a)(1) and 4.2(a)(2) are collectively referred
to as the “Financial Reports.”

 

(b)            The
Issuer will, within 15 Business Days after providing to the Trustee any Financial Report, hold a conference call to discuss such
Financial Report and the results of operations for the applicable reporting period. If the Issuer does not file reports with the
SEC, then the Issuer will also maintain a website to which Holders, prospective investors and securities analysts are given access,
on which not later than the date by which the Financial Reports are required to be provided to the Trustee pursuant to Section 4.2(a),
the Issuer (i) makes available such Financial Reports and (ii) provides details about how to access on a toll-free basis
the quarterly conference calls described above.

 

(c)            Notwithstanding
the foregoing, (1) all Financial Reports will be deemed to have been provided to the Trustee and to the Holders to the extent
filed (i) on the System for Electronic Document Analysis and Retrieval (“SEDAR”) or any successor system
thereto or (ii) with the Commission via the Electronic Data Gathering, Analysis and Retrieval (“EDGAR”)
filing system or any successor system thereto, (2) the requirements of this Section 4.2 will be deemed satisfied
by the posting of reports that would be required to be provided to the Holders on the Issuer’s website (or that of any of
the Issuer’s parent companies), and (3) if the Issuer holds a quarterly conference call for its equity holders within
15 Business Days of filing a Financial Report on SEDAR or any successor system thereto, the Issuer will no longer be required to
hold a separate conference call in respect of such Financial Report for the Holders as provided above. The Trustee will not be
responsible for monitoring compliance with filings on SEDAR or EDGAR.

 

(d)            In
addition, for so long as any Notes remain outstanding during any period when the Issuer is not subject to Section 13 or 15(d) of
the 1934 Act, or otherwise permitted to furnish the Commission with certain information pursuant to Rule 12g3-2(b) of
the 1934 Act, the Issuer will furnish to Holders of Notes and to prospective investors, upon their request, the information required
to be delivered pursuant to Rule 144A(d)(4) under the 1933 Act.

 

(e)            Notwithstanding
anything herein to the contrary, the Issuer will not be deemed to have failed to comply with any of its obligations hereunder for
purposes of Section 6.1(3) until 120 days after the date any report under this Section 4.2 is due.

 

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

 

Section 4.3.     Incurrence
of Indebtedness and Issuance of Disqualified Stock.

 

(a)           The
Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (in any such case, “incur”)
any Indebtedness, and the Issuer will not issue any shares of Disqualified Stock or permit any of its Restricted Subsidiaries to
issue any shares of Disqualified Stock or preferred stock; provided, however, that the Issuer may incur Indebtedness or
issue shares of Disqualified Stock (in each case, including Acquired Indebtedness) and any Restricted Subsidiary may incur Indebtedness
(in each case, including Acquired Indebtedness) or issue shares of Disqualified Stock or preferred stock, if immediately after
and giving effect thereto, either (x) the Fixed Charge Coverage Ratio for the Issuer’s most recently ended four full
fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness
is incurred or such Disqualified Stock or preferred stock is issued would have been not less than 2.0 to 1.0, or (y) the Consolidated
Net Leverage Ratio is less than or equal to 6.75:1.00, in each case, determined on a pro forma basis (including a pro forma application
of the net proceeds therefrom), as if the additional Indebtedness had been incurred, or such Disqualified Stock or preferred stock
had been issued, as the case may be, at the beginning of such four-quarter period; provided that Restricted Subsidiaries
that are not Guarantors may not incur Indebtedness or issue Disqualified Stock or preferred stock if, after giving pro forma effect
to such incurrence or issuance (including a pro forma application of the net proceeds therefrom) the amount of Indebtedness of
Restricted Subsidiaries that are not Guarantors that would be outstanding pursuant to this clause (a) would exceed in aggregate
the greater of (i) $45.0 million and (ii) 1.5% of Total Assets.

 

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(b)           Section 4.3(a) will
not prohibit the incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”):

 

(1)            the
incurrence by the Issuer and its Restricted Subsidiaries of Indebtedness under Credit Facilities (with letters of guarantee, tender
checks and letters of credit being deemed to have a principal amount equal to the maximum potential liability of the Issuer and
its Restricted Subsidiaries thereunder) not to exceed the sum of (i) the greater of (x) $4,350.0 million and (y) the
maximum amount such that after giving pro forma effect to the incurrence of such additional Indebtedness and the application of
the net proceeds therefrom, the Secured Net Leverage Ratio of the Issuer would be no greater than 5.50 to 1.00 plus (ii) the
greater of (x) $400.0 million and (y) 100% of Consolidated EBITDA for the most recently completed four fiscal quarters
for which internal annual or quarterly financial statements are available calculated in a manner consistent with any pro forma
adjustments to Consolidated EBITDA set forth in the definition of Fixed Charge Coverage Ratio, at any one time outstanding; provided
that for the purposes of determining the amount that can be incurred under clause (i)(y) hereof all Indebtedness incurred
under clauses (i)(y) shall be deemed to be Secured Indebtedness;

 

(2)            Indebtedness
incurred under Credit Facilities or otherwise in connection with one or more standby letters of credit, bankers’ acceptances,
completion guarantees, performance bonds, bid bonds, appeal bonds or surety bonds or other similar reimbursement obligations, in
each case, issued in the ordinary course of business (including for the purpose of providing security for environmental reclamation
obligations to government agencies, workers’ compensation claims, payment obligations in connection with self-insurance or
similar statutory and other requirements) and not in connection with the borrowing of money or the obtaining of an advance or credit;

 

(3)            the
incurrence by the Issuer of Indebtedness represented by the Notes issued on the Issue Date and the incurrence by the Guarantors
of the Note Guarantees;

 

    	 	89	 

     

    

 

(4)            the
incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness or Attributable Debt (including obligations represented
by Financing Lease Obligations or Purchase Money Obligations), in each case, incurred for the purpose of financing all or any part
of the purchase price or cost of design, lease, expansion, construction, maintenance, upgrade, installation, development, improvement,
replacement or repair of property (real or personal), plant or equipment or other assets used in the business of the Issuer or
any of its Restricted Subsidiaries, whether through the direct purchase of assets or the Equity Interests of any Person owning
such assets, in an aggregate outstanding principal amount, including all outstanding Permitted Refinancing Indebtedness incurred
to refund, refinance or replace any Indebtedness incurred pursuant to this clause (4), not to exceed the greater of (i) $145.0
million and (ii) 5.0% of Total Assets as of any date of incurrence (after giving effect to the incurrence of such Indebtedness
and the application of the proceeds therefrom);

 

(5)            the
incurrence by the Issuer or any of its Restricted Subsidiaries of the Existing Indebtedness and any guarantees with respect thereto;

 

(6)            the
incurrence by the Issuer or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net
proceeds of which are used to renew, refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany
Indebtedness between or among the Issuer and any of its Restricted Subsidiaries) that was incurred in reliance on Section 4.3(a) or
Sections 4.3(b)(3), (4), (5), (6) or (12);

 

(7)            the
incurrence by the Issuer or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the Issuer and any
of its Restricted Subsidiaries; provided, however, that

 

(A)            any
subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the
Issuer or a Restricted Subsidiary of the Issuer; and

 

(B)            any
sale or other transfer of any such Indebtedness to a Person that is not either the Issuer or a Restricted Subsidiary of the Issuer

 

will be deemed, in each case, to constitute an incurrence of
such Indebtedness by the Issuer or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (7);

 

(8)            the
issuance of preferred stock by any Restricted Subsidiary of the Issuer to the Issuer or to any other Restricted Subsidiary of the
Issuer; provided, however, that

 

(A)            any
subsequent issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person other than
the Issuer or a Restricted Subsidiary of the Issuer; and

 

(B)            any
sale or other transfer of any such preferred stock to a Person that is not either the Issuer or a Restricted Subsidiary of the
Issuer will be deemed, in each case, to constitute an incurrence of such Indebtedness by the Issuer or such Restricted Subsidiary,
as the case may be, that was not permitted by this clause (8);

 

    	 	90	 

     

    

 

(9)            the
incurrence by the Issuer or any of its Restricted Subsidiaries of Hedging Obligations in the ordinary course of business and not
for speculative purposes;

 

(10)            the
guarantee by the Issuer or any of its Restricted Subsidiaries of Indebtedness of the Issuer or a Restricted Subsidiary that was
permitted to be incurred by another provision of this Section 4.3 (including, for greater certainty, Note Guarantees
in respect of Additional Notes so permitted to be incurred); provided that if the Indebtedness being guaranteed is subordinated
in right of payment to or pari passu in right of payment with the Notes or any of the Note Guarantees, then the guarantee must
be subordinated in right of payment or pari passu in right of payment to the same extent as the Indebtedness guaranteed;

 

(11)            Indebtedness
of the Issuer or any of its Restricted Subsidiaries arising (i) 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 or (ii) in connection
with endorsement of instruments for deposit in the ordinary course of business;

 

(12)            the
incurrence by the Issuer or any of its Restricted Subsidiaries of Cash Management Obligations in the ordinary course of business;

 

(13)            the
incurrence of (1) Indebtedness or Disqualified Stock (i) of the Issuer or any of its Restricted Subsidiaries incurred
or assumed in connection with an acquisition of any assets (including Capital Stock), business or Person or Investment and (ii) of
any Person that is acquired by the Issuer or any of its Restricted Subsidiaries or merged into or consolidated or amalgamated with
the Issuer or a Restricted Subsidiary in accordance with the terms of the Indenture and (2) Indebtedness incurred or Disqualified
Stock issued or, in each case, assumed in anticipation of, or in connection with, an acquisition of any assets, business or Person;
provided, that after giving effect to such acquisition, merger, consolidation or amalgamation and the incurrence of such
Indebtedness or Disqualified Stock, either

 

(A)            
(i) the Issuer would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio
test set forth in Section 4.3(a) or (ii) the Fixed Charge Coverage Ratio is equal to or greater than immediately prior
to such Person becoming a Restricted Subsidiary or to such merger, amalgamation, consolidation or acquisition; or

 

(B)            (i)
the Issuer would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Net Leverage Ratio
test set forth in Section 4.3(a) or (ii) the Consolidated Net Leverage Ratio of the Issuer and its Restricted Subsidiaries
is equal to or less than immediately prior to such Investment, acquisition, merger, amalgamation or consolidation;

 

(14)          
the incurrence by the Issuer or any of its Restricted Subsidiaries of additional Indebtedness in an aggregate outstanding principal
amount (or accreted value, as applicable), including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace
any Indebtedness incurred pursuant to this clause (14), not to exceed the greater of (i) $240.0 million and (ii) 60.0% of Consolidated
EBITDA for the most recently completed four fiscal quarters for which internal annual or quarterly financial statements are available
calculated in a manner consistent with any pro forma adjustments to Consolidated EBITDA set forth in the definition of Fixed Charge
Coverage Ratio;

 

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(15)            Indebtedness
consisting of (i) the financing of insurance premiums in an amount not to exceed, at any time outstanding, the greater of
(a) $30.0 million and (b) 1.0% of Total Assets determined at the time of incurrence of such Indebtedness (after giving
effect to the incurrence of such Indebtedness and the application of the proceeds therefrom) or (ii) take-or-pay obligations
contained in supply arrangements, in each case, in the ordinary course of business;

 

(16)            additional
Indebtedness of the Issuer and its Restricted Subsidiaries to fund an acquisition or Investment in an aggregate principal amount
not to exceed at any time outstanding the greater of (a) $130.0 million and (b) 4.0% of Total Assets determined at the
time of incurrence of such Indebtedness (after giving effect to the incurrence of such Indebtedness and the application of the
proceeds therefrom); provided that no Event of Default shall be continuing at the time the relevant agreement with respect
to such acquisition or Investment is entered into;

 

(17)            Indebtedness
incurred by a Restricted Subsidiary that is not a Guarantor which, when aggregated with the principal amount of all other Indebtedness
incurred pursuant to this clause (17) and then outstanding, does not exceed the greater of (i) $45.0 million and (ii) 1.5%
of Total Assets determined at the time of incurrence of such Indebtedness (after giving effect to the incurrence of such Indebtedness
and the application of the proceeds therefrom); and

 

(18)            Contribution
Indebtedness.

 

(c)           For
purposes of determining compliance with this Section 4.3:

 

(1)            in
the event that an item of Indebtedness (or any portion thereof) meets the criteria of more than one of the categories of Permitted
Debt described in Sections 4.3(b)(2) through 4.3(b)(18), or is entitled to be incurred pursuant to Section 4.3(a),
the Issuer will be permitted to divide and classify (or later redivide and reclassify in whole or in part) such item of Indebtedness
in whole or in part in any manner that complies with this Section 4.3Section 4.3, including by allocation to more
than one other type of Indebtedness, except that Indebtedness under the Credit Agreements that is outstanding on the Issue Date
will be deemed to have been incurred on such date under Section 4.3(b)(1) and may not be reclassified, other than
within Section 4.3(b)(1). Amounts incurred under clause (ii) of Section 4.3(b)(1), may, and will automatically
be, reclassified into clause (i) thereof to the extent of the availability under such clause (i);

 

(2)            at
the time of incurrence, the Issuer will be entitled to divide and classify an item of Indebtedness in more than one of the categories
of Indebtedness described in Section 4.3(a) or Sections 4.3(b)(2) through 4.3(b)(18) (or any
portion thereof) without giving pro forma effect to the Indebtedness incurred pursuant to any other provision of this Section 4.3
when calculating the amount of Indebtedness that may be incurred pursuant to any such clause or paragraph;

 

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(3)            the
outstanding principal amount of any particular Indebtedness shall be counted only once, and any obligations arising under any guarantee,
Lien, letter of credit or similar instrument supporting such Indebtedness shall not be double counted;

 

(4)            Indebtedness
or Disqualified Stock of any Person (i) existing at the time such Person becomes a Restricted Subsidiary of the Issuer or
is merged into, amalgamated with or consolidated with the Issuer or any of its Restricted Subsidiaries or (ii) assumed in
connection with the acquisition of assets from such Person (any Indebtedness or Disqualified Stock described in the foregoing clauses
(i) and (ii), “Acquired Indebtedness”) shall be deemed to have been incurred or issued by a Restricted
Subsidiary at the time such Person becomes a Restricted Subsidiary; provided that any such Indebtedness or Disqualified
Stock that is redeemed, defeased, retired or otherwise repaid at the time of or immediately upon the consummation of the transaction
by which such Person becomes a Restricted Subsidiary of the Issuer (or is merged into, amalgamated with or consolidated with the
Issuer or any of its Restricted Subsidiaries, as the case may be) will be deemed not to have been incurred or issued for the purposes
of this Section 4.3;

 

(5)            the
accrual of interest, the accretion or amortization of original issue discount, the payment of interest or dividends in the form
of additional Indebtedness, Disqualified Stock or preferred stock, as applicable, with the same, or less onerous, terms (as determined
in good faith by the Issuer), the reclassification of preferred stock of the Issuer or any Guarantor as Indebtedness due to a change
in accounting principles, and the payment of dividends or the making of any distribution on Disqualified Stock or preferred stock
in the form of additional shares of the same class of Disqualified Stock or preferred stock, the accrual of dividends on Disqualified
Stock or preferred stock will not be deemed to be an incurrence of Indebtedness or an Issuance of Disqualified Stock for purposes
of this Section 4.3;

 

(6)            if
obligations in respect of letters of credit are incurred pursuant to Credit Facilities and are being treated as incurred pursuant
Section 4.3(b)(1) and the letters of credit relate to other Indebtedness, then such other Indebtedness will not
constitute Indebtedness for purposes of this Section 4.3; and

 

(7)            in
the event that the Issuer or a Restricted Subsidiary enters into or increases commitments under a revolving credit facility incurred
under Section 4.3(b)(1), the Fixed Charge Coverage Ratio, the Secured Net Leverage Ratio or the Consolidated Net Leverage
Ratio, as applicable, for borrowings and reborrowings thereunder (and including letters of guarantee, tender checks and letters
of credit thereunder) may be determined, at the election of the Issuer, on the date of such revolving credit facility or on the
date of such increase in commitments (assuming that the full amount thereof has been borrowed as of such date), and, if such Fixed
Charge Coverage Ratio, the Secured Net Leverage Ratio or the Consolidated Net Leverage Ratio, as applicable, test is satisfied
with respect thereto at such time, any borrowing or reborrowing thereunder (and including letters of guarantee, tender checks and
letters of credit thereunder) will be permitted under this covenant irrespective of the Fixed Charge Coverage Ratio, the Secured
Net Leverage Ratio or the Consolidated Net Leverage Ratio, as applicable, at the time of any borrowing or reborrowing (or and including
letters of guarantee, tender checks or letters of credit thereunder) (the committed amount permitted to be borrowed or reborrowed
(and the issuance and creation of letters of credit and bankers’ acceptances) on a date pursuant to the operation of this
Section 4.3(c) shall be the “Reserved Indebtedness Amount” as of such date for purposes of
the Fixed Charge Coverage Ratio, the Secured Net Leverage Ratio or the Consolidated Net Leverage Ratio, as applicable).

 

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(d)            For
purposes of determining compliance with any Canadian dollar or other currency denominated restriction on the incurrence of Indebtedness,
the Canadian dollar or other currency-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated
based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term Indebtedness,
or first committed or first incurred (whichever yields the lower Canadian dollar or other currency-equivalent), in the case of
revolving credit borrowings. However, if the Indebtedness is incurred to refinance other Indebtedness denominated in a foreign
currency, and the refinancing would cause the applicable Canadian dollar or other currency denominated restriction to be exceeded
if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such Canadian dollar or other currency
denominated restriction shall be deemed not to have been exceeded so long as the principal amount of the refinancing Indebtedness
does not exceed the principal amount of the Indebtedness being refinanced (except to the extent necessary to pay all fees, defeasance
costs, expenses and premiums (including tender premiums) incurred in connection therewith).

 

Notwithstanding any other provision of this
Section 4.3, the maximum amount of Indebtedness that the Issuer and its Restricted Subsidiaries may incur pursuant
to this Section 4.3 shall not be deemed to be exceeded, with respect to any outstanding Indebtedness, solely as a result
of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness incurred to refinance other Indebtedness,
if incurred in a different currency from the Indebtedness being refinanced, will be calculated based on the currency exchange rate
applicable to the currencies in which the respective Indebtedness is denominated that is in effect on the date of such refinancing.

 

Neither the Issuer nor any Guarantor will
incur any additional Indebtedness (including Permitted Debt) that is contractually subordinated in right of payment to any other
Indebtedness of such Person unless such additional Indebtedness is also contractually subordinated in right of payment to the Notes
or the applicable Note Guarantee, as the case may be, on substantially identical terms; provided, however, that no Indebtedness
will be deemed to be contractually subordinated in right of payment to any other Indebtedness solely by virtue of being unsecured
or by virtue of being secured on a junior priority basis.

 

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Section 4.4.     Restricted
Payments.

 

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

 

(1)            declare
or pay any dividend or make any other payment or distribution on account of the Issuer’s or any of its Restricted Subsidiaries’
Equity Interests (including, without limitation, in connection with any merger, amalgamation or consolidation involving the Issuer
or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Issuer’s or any of its Restricted Subsidiaries’
Equity Interests in their capacity as such (other than (i) dividends or distributions payable in Capital Stock (other than
Disqualified Stock) of the Issuer, or in warrants, options or other rights to acquire Capital Stock (other than Disqualified Stock)
of the Issuer, and (ii) dividends or distributions payable to the Issuer or any of its Restricted Subsidiaries);

 

(2)            purchase,
retract, redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger, amalgamation
or consolidation involving the Issuer), in whole or in part, any Equity Interests of the Issuer (other than any such Equity Interests
owned by the Issuer or a Restricted Subsidiary);

 

(3)            make
any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Subordinated Indebtedness,
except for (i) a payment of interest at the Stated Maturity thereof or of principal not earlier than one year prior to the
Stated Maturity thereof and (ii) any such Indebtedness owed to the Issuer or any of its Restricted Subsidiaries; or

 

(4)            make
any Restricted Investment (all such payments and other actions set forth in clauses (a)4.4(a)(1) through (a)(4) above
being collectively referred to as “Restricted Payments”)

 

(b)           unless,
at the time of and after giving effect to such Restricted Payment:

 

(1)            in
the case of a Restricted Payment other than a Restricted Investment, no Event of Default has occurred and is continuing or would
occur as a consequence of such Restricted Payment and in the case of a Restricted Investment, no Event of Default as set forth
in Sections 6.1(1), (2), (4), (7) or (8) below has occurred and is continuing or would
occur as a consequence thereof;

 

(2)            the
Issuer would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment had
been made at the beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness
pursuant to Section 4.3(a); and

 

(3)            such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries
after February 1, 2016 (other than pursuant to Sections 4.4(c)(3) through 4.4(c)(18) below), is less than
the sum, without duplication, of:

 

(A)            50%
of the Consolidated Net Income for the period (taken as one accounting period) from February 1, 2016 to the end of the Issuer’s
most recently ended fiscal quarter for which internal annual or quarterly financial statements are available at the time of such
Restricted Payment (or, if such Consolidated Net Income for such period is a loss, less 100% of such loss); plus

 

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(B)            100%
of the aggregate Net Cash Proceeds received by the Issuer since February 1, 2016 (A) as a contribution to its common
equity capital, (B) from the issue or sale of Capital Stock (other than Disqualified Stock) of the Issuer, (C) from the
issue or sale of warrants, options or other rights to acquire Capital Stock (other than Disqualified Stock) of the Issuer, and
(D) from the issue or sale of convertible or exchangeable Disqualified Stock of the Issuer or convertible or exchangeable
debt securities of the Issuer, in each case that have been converted into or exchanged for Capital Stock (other than Disqualified
Stock) of the Issuer or warrants, options or other rights to acquire Capital Stock (other than Disqualified Stock) of the Issuer
(in the case of each of the foregoing clauses (A) through (D), other than (1) a contribution from, or Capital Stock,
Disqualified Stock or debt securities sold to, a Subsidiary of the Issuer) or (2) Excluded Contributions; plus

 

(C)            100%
of the Fair Market Value of property other than cash received by the Issuer since February 1, 2016 in consideration of (or
in exchange for) its Capital Stock (other than Disqualified Stock); plus

 

(D)            100%
of the principal amount of any Indebtedness, or the liquidation preference or maximum fixed repurchase price, as the case may be,
of any Disqualified Stock of the Issuer issued after February 1, 2016 (other than Indebtedness or Disqualified Stock issued
to a Restricted Subsidiary) which has been converted into or exchanged for Capital Stock of the Issuer (other than Disqualified
Stock); plus

 

(E)            to
the extent that any Restricted Investment that was made after February 1, 2016 is (i) sold for cash or otherwise cancelled,
liquidated, or repaid for cash, or (ii) in the case of a Restricted Investment constituting a guarantee, released, the initial
amount of such Restricted Investment (or, if less, in the case of a sale, cancellation, liquidation or repayment for cash described
in the foregoing subclause (i), the amount of cash received upon such sale, cancellation, liquidation or repayment), in each case,
to the extent that any such payments or proceeds are not already included in Consolidated Net Income of the Issuer for the applicable
period; provided, for certainty, that any amount that would otherwise be included in this clause (E) as a result of
the release of a guarantee due to the payment thereunder by the Issuer or any of its Restricted Subsidiaries shall be reduced by
the aggregate amount of such payments; plus

 

(F)            upon
a redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary, the lesser of (A) the Fair Market Value of the Issuer’s
and its Restricted Subsidiaries’ Investments in such Subsidiary as at the date of such redesignation and (B) the Fair
Market Value of such Investments at the date on which such Subsidiary was originally designated as an Unrestricted Subsidiary;
plus

 

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(G)            100%
of any dividends or distributions received in cash by the Issuer or any of its Restricted Subsidiaries from any Unrestricted Subsidiary
after February 1, 2016, to the extent not already included in Consolidated Net Income of the Issuer for the applicable period;
plus

 

(H)            100%
of the aggregate amount of Retained Declined Proceeds.

 

(c)           The
preceding provisions will not prohibit:

 

(1)            the
payment by the Issuer or any Restricted Subsidiary of any dividend or distribution, or the consummation of any irrevocable redemption
of any Subordinated Indebtedness, within 60 days after the date of the declaration of the dividend or distribution or the giving
of the notice of redemption, as the case may be, if at the date of declaration or notice the dividend or distribution or redemption
of such Subordinated Indebtedness would have been permitted by this Indenture;

 

(2)            the
making of any Restricted Payment in exchange for, or out of the Net Cash Proceeds of the substantially concurrent sale (other than
to a Subsidiary of the Issuer) of, Capital Stock (other than Disqualified Stock) of the Issuer or warrants, options or other rights
to acquire Capital Stock (other than Disqualified Stock) of the Issuer; provided that the amount of any such Net Cash Proceeds
that are utilized for any such Restricted Payment will be excluded from Section 4.4(b)(3)(B);

 

(3)            the
defeasance, redemption, repurchase, retirement or other acquisition of Subordinated Indebtedness of the Issuer or any Guarantor
with the net cash proceeds from a substantially concurrent incurrence of, or in exchange for, any Permitted Refinancing Indebtedness;

 

(4)            the
declaration and payment of any dividend or other distribution by a Restricted Subsidiary that is not a Wholly Owned Restricted
Subsidiary to the holders of its Capital Stock on a pro rata basis;

 

(5)            the
purchase, repurchase, redemption or other acquisition or retirement for value of Equity Interests deemed to occur upon the exercise
or exchange of stock options, warrants or other convertible securities if the Equity Interests represent a portion of the exercise
or exchange price thereof and repurchases or other acquisitions or retirement for value of Equity Interests deemed to occur upon
the withholding of a portion of the Equity Interests granted or awarded to an employee to pay for the taxes payable by such employee
either upon such grant or award or in connection with any such exercise or exchange of stock options, warrants or other convertible
securities;

 

(6)            the
payment, purchase, repurchase, redemption, defeasance, acquisition or other retirement for value of Subordinated Indebtedness of
the Issuer or any Restricted Subsidiary (a) in the event of a change of control at a purchase or redemption price no greater
than 101% of the principal amount of such Subordinated Indebtedness, plus any accrued but unpaid interest thereon, or (b) in
the event of an asset sale at a purchase or redemption price no greater than 100% of the principal amount of such Subordinated
Indebtedness, plus any accrued but unpaid interest thereon, in each case, in accordance with provisions similar to Section 4.7
or Section 4.11, as applicable; provided, however, that, prior to or simultaneously with such payment, purchase,
repurchase, redemption, defeasance, acquisition or retirement, the Issuer has made the Change of Control Offer, Collateral Asset
Sale Offer or Asset Sale Offer, if required, with respect to the Notes and has repurchased all Notes validly tendered for payment
and not withdrawn in connection with such Change of Control Offer, Collateral Asset Sale Offer or Asset Sale Offer;

 

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(7)            the
repurchase, redemption or other acquisition of any Equity Interests of the Issuer or any of its Restricted Subsidiaries held by
any current or former officer, director, employee or consultant (or their transferees, estates or beneficiaries) of the Issuer
or any of its Restricted Subsidiaries pursuant to any equity subscription agreement, shareholder agreement, employment agreement,
stock option plan, equity incentive or other plan or similar agreement, in each case in effect as of the Issue Date, in an aggregate
amount not to exceed the greater of (x) $35.0 million and (y) 1.5% of Total Assets in each calendar year of the Issuer
(increasing to $70.0 million per year following an underwritten public Equity Offering) (with unused amounts in any calendar year
being carried over to the immediately succeeding three calendar years); provided, that such amount in any calendar year
may be increased by an amount not to exceed:

 

(A)            the
cash proceeds received by the Issuer from the sale of Equity Interests (other than Disqualified Stock) of the Issuer or any direct
or indirect parent of the Issuer (to the extent contributed to the Issuer) to employees, directors, officers or consultants of
the Issuer or any of its Restricted Subsidiaries or any direct or indirect parent of the Issuer that occurs after February 1,
2016 (it being understood that the amount of such cash proceeds utilized for any such repurchase, retirement, other acquisition
or dividend will not increase the amount available for Restricted Payments under Section 4.4(b)(3)), plus

 

(B)            the
cash proceeds of key man life insurance policies received by the Issuer or any direct or indirect parent of the Issuer (to the
extent contributed to the Issuer) or any of its Restricted Subsidiaries after February 1, 2016;

 

provided that the Issuer may elect
to apply all or any portion of the aggregate increase contemplated by clauses (7)(A) and (7)(B) above in any calendar
year; and provided, further, that cancellation of Indebtedness owing to the Issuer or any Restricted Subsidiary from
any present or former employees, directors, officers or consultants of the Issuer, any Restricted Subsidiary or the direct or indirect
parents of the Issuer in connection with a repurchase of Equity Interests of the Issuer or any of its direct or indirect parents
will not be deemed to constitute a Restricted Payment for purposes of this Section 4.4 or any other provision of this
Indenture;

 

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(8)            the
declaration and payment of regularly scheduled or accrued dividends to holders of any class or series of Disqualified Stock of
the Issuer or any of its Restricted Subsidiaries issued after the Issue Date in accordance with Section 4.3;

 

(9)            the
purchase, redemption, acquisition, cancellation or other retirement for nominal value per right of any rights granted to all the
holders of Capital Stock of the Issuer pursuant to any shareholders’ rights plan adopted for the purpose of protecting shareholders
from unfair takeover tactics;

 

(10)            payments
or distributions to satisfy dissenters’ or appraisal rights and the settlement of any claims or actions (whether actual,
contingent or potential) with respect thereto, pursuant to or in connection with a consolidation, amalgamation, merger or transfer
of assets that complies with Section 5.1;

 

(11)            the
making of cash payments in lieu of the issuance by the Issuer of fractional shares in connection with stock dividends, splits or
business combinations or the exercise of warrants, options or other securities convertible or exchangeable for Equity Interests
that are not derivative securities;

 

(12)            the
declaration and payment of dividends on the Issuer’s Capital Stock (or the payment of dividends to any direct or indirect
parent of the Issuer to fund a payment of dividends on such entity’s common equity) after the occurrence of the Issuer’s
or such entity’s initial public offering of up to the sum of (i) 6.0% per annum of the net proceeds received by or contributed
to the Issuer in or from its initial public offering and any subsequent public offering of its Capital Stock, other than public
offerings with respect to the Issuer’s Capital Stock registered on Form S-4 or Form S-8 (or the equivalent forms
under the federal and provincial securities laws of Canada) and other than any public sale constituting an Excluded Contribution
and (ii) an aggregate amount per annum not to exceed 7.0% of Market Capitalization;

 

(13)            Restricted
Payments that are made (a) in an amount that does not exceed the aggregate amount of Excluded Contributions since February 1,
2016 and (b) without duplication with clause (a), in an amount equal to the net cash proceeds from any sale or disposition
of, or distribution in respect of, Investments acquired after February 1, 2016, to the extent such Investment was financed
in reliance on clause (a);

 

(14)            additional
Restricted Payments (a) in an aggregate amount which, when taken together with all other Restricted Payments made pursuant
to this clause (14), do not exceed the greater of (i) $60.0 million and (ii) 2.0% of Total Assets as of the date of the
making of such Restricted Payment and (b) without duplication with clause (a), in an amount equal to the net cash proceeds
from any sale or disposition of, or distribution in respect of, Investments acquired after February 1, 2016, to the extent
such Investment was financed in reliance on clause (a);

 

(15)            any
Restricted Payment; provided that on a pro forma basis after giving effect to such Restricted Payment, the Consolidated
Net Leverage Ratio for the Issuer’s most recently ended four full fiscal quarters for which internal financial statements
are available would be equal to or less than 5.0 to 1.0;

 

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(16)         any
Restricted Payment (A) made in connection with the Waste Industries Transactions or used to pay fees and expenses related
thereto or (B) used to fund amounts owed to Affiliates (including dividends to any parent entity to permit payment by such
parent entity of such amount) to the extent permitted by Section 4.8;

 

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

 

(18)         any
Restricted Payments to any direct or indirect parent of the Issuer:

 

(A)         the
proceeds of which shall be used to pay (or make Restricted Payments to allow any direct or indirect parent thereof to pay) operating
costs and expenses of such Persons incurred in the ordinary course of business and other corporate overhead costs and expenses
(including administrative, legal, accounting and similar expenses provided by third parties), which are reasonable and customary
and incurred in the ordinary course of business, attributable to the ownership or operations of the Issuer and its Restricted Subsidiaries;

 

(B)          the
proceeds of which shall be used to pay (or make Restricted Payments to allow any direct or indirect parent thereof to pay) franchise
and similar Taxes, and other fees and expenses, required to maintain its (or any of such direct or indirect parent’s) corporate
or legal existence;

 

(C)          to
finance any Investment permitted to be made pursuant to this covenant; provided that (A) such Restricted Payment shall
be made substantially concurrently with the closing of such Investment and (B) such Persons shall, promptly following the
closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the Issuer or a
Restricted Subsidiary or (2) the merger, amalgamation, consolidation or sale of all or substantially all assets (to the extent
permitted under Section 5.1) of the Person formed in order to consummate such Investment or acquired pursuant to such
Investment, as applicable, into or to, as applicable, the Issuer or a Restricted Subsidiary;

 

(D)          the
proceeds of which shall be used to pay (or make Restricted Payments to allow any direct or indirect parent thereof to pay) fees
and expenses related to any equity or debt offering permitted by this Indenture (whether or not successful);

 

(E)          the
proceeds of which (A) shall be used to pay customary salary, bonus, severance and other benefits payable to, and indemnities
provided on behalf of, directors, officers, employees, members of management and consultants of such Persons and any payroll, social
security or similar taxes in connection therewith to the extent such salaries, bonuses and other benefits are attributable to the
ownership or operation of the Issuer and its Restricted Subsidiaries or (B) shall be used to make payments permitted under
clauses (1), (3), (8) and (9) (but only to the extent such payments have not been and are not expected to be made by
the Issuer or a Restricted Subsidiary);

 

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(F)          the
proceeds of which will be used to make payments due or expected to be due to cover social security, Medicare, employment insurance,
statutory pension plan, withholding and other taxes payable and other remittances to governmental authorities in connection with
any management equity plan or stock option plan or any other management or employee benefit plan or agreement of such Persons or
to make any other payment that would, if made by the Issuer or any Restricted Subsidiary, be permitted under this Indenture;

 

(G)          the
proceeds of which shall be used to pay cash, in lieu of issuing fractional shares, in connection with the exercise of warrants,
options or other securities convertible into or exchangeable for Equity Interests of such Persons; and

 

(H)          for
any taxable period for which the Issuer and/or any of its Subsidiaries are members of a consolidated, combined or similar income
Tax group for Tax purposes of which a direct or indirect parent of the Issuer is the common parent (a “Tax Group”),
the proceeds of which are necessary to permit the common parent of such Tax Group to pay the portion of any income Tax of such
Tax Group for such taxable period that is attributable to the income of the Issuer and/or its Subsidiaries; provided that
(A) the amount of such Restricted Payments for any taxable period shall not exceed that amount of such Taxes that the Issuer
and/or its Subsidiaries, as applicable, would have paid had the Issuer and/or its applicable Subsidiaries, as applicable, been
a stand-alone taxpayer (or a stand-alone group) for all applicable tax years and (B) the amount of such Restricted Payments
in respect of an Unrestricted Subsidiary shall be permitted only to the extent that cash distributions were made by such Unrestricted
Subsidiary to the Issuer or any of its Restricted Subsidiaries for such purpose;

 

provided, however, that at the time of, and after giving
effect to, any Restricted Payment made in reliance on clause (15), no Default or Event of Default shall have occurred and be continuing
or would occur as a consequence thereof.

 

For purposes of determining compliance with
this Section 4.4, if a proposed Restricted Payment or Investment (or a portion thereof) meets the criteria of more
than one of the categories described in clauses (1) through (18) above and/or one or more of the clauses contained in the
definition of “Permitted Investments,” or is entitled to be incurred pursuant to Section 4.4(a), the Issuer
may, in its sole discretion, divide and classify (or later reclassify in whole or in part, from time to time in its sole discretion)
such Restricted Payment or Investment (or portion thereof) among such clauses (1) through (18) and such first paragraph and/or
one or more of the clauses contained in the definition of “Permitted Investments,” in any manner that complies with
this Section 4.4. For the purposes of determining compliance with any Canadian dollar or other currency denominated
restriction on Restricted Payments denominated in a foreign currency, the Canadian dollar or other currency-equivalent amount of
such Restricted Payment shall be calculated based on the relevant currency exchange rate in effect on the date that such Restricted
Payment was made. Notwithstanding any other provision of this Section 4.4, the maximum amount of Restricted Payments
that the Issuer or any of its Restricted Subsidiaries may make pursuant to this Section 4.4 shall not be deemed to
be exceeded solely as a result of fluctuations in the exchange rate of currencies.

 

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The amount of each Restricted Payment (other
than cash) will be the Fair Market Value on the date of such Restricted Payment of the assets or securities proposed to be transferred
or issued by the Issuer or such Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment.

 

For the avoidance of doubt, this covenant
will not restrict the making of any “AHYDO catch up payment” with respect to, and required by the terms of, any Indebtedness
of the Issuer or any of its Restricted Subsidiaries permitted to be incurred under the terms of this Indenture.

 

Section 4.5.      Liens.

 

The Issuer will not, and will not permit
any of the Guarantors to, directly or indirectly, create, incur, assume or otherwise cause or suffer to exist or become effective
any Lien upon or with respect to any of their property or assets, now owned or hereafter acquired, securing Indebtedness, unless:

 

(1)      in
the case of Liens on any Collateral:

 

(A)         such
Lien expressly has a Junior Lien Priority on the Collateral relative to the Notes and the Note Guarantees; or

 

(B)          such
Lien is a Permitted Lien; and

 

(2)      in
the case of Liens on property or assets that are not Collateral:

 

(A)         in
the case of Liens securing Subordinated Indebtedness, the Notes and the Note Guarantees are secured by a Lien on such property
or assets that is senior in priority to such Liens (for as long as such Indebtedness is so secured);

 

(B)          in
all other cases, the Notes and the Note Guarantees are secured by a Lien on such property or assets equally and ratably with the
obligation or liability secured by such Liens (for as long as such Indebtedness is so secured); or

 

(C)          such
Lien is a Permitted Lien.

 

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Section 4.6.      Dividend
and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)          The
Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or
become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:

 

(1)           pay
dividends or make any other distributions on its Capital Stock to the Issuer or any of its Restricted Subsidiaries or pay any Indebtedness
owed to the Issuer or any of its Restricted Subsidiaries; provided that the priority of any preferred stock over common
stock in receiving dividends or distributions (upon a liquidation or otherwise) shall not be deemed a restriction on the ability
to make distributions on Capital Stock;

 

(2)           make
loans or advances to the Issuer or any of its Restricted Subsidiaries (it being understood that the subordination of loans or advances
made to the Issuer or any of its Restricted Subsidiaries to other Indebtedness incurred by the Issuer or any of its Restricted
Subsidiaries will not be deemed a restriction on the ability to make loans or advances); or

 

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

 

(b)          However,
the preceding restrictions will not apply to encumbrances or restrictions existing under or by reason of:

 

(1)           agreements
or instruments (including agreements governing Existing Indebtedness or Credit Facilities) as in effect or which came into effect
on the Issue Date;

 

(2)           this
Indenture, the Notes and the Note Guarantees;

 

(3)           applicable
law, rule, regulation, order, approval, license or permit;

 

(4)           any
agreement or instrument governing Indebtedness or Capital Stock of a Person acquired by the Issuer or any of its Restricted Subsidiaries
as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred or issued in
connection with or in contemplation of such acquisition), 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; provided
that, in the case of Indebtedness or Disqualified Stock, such Indebtedness or Disqualified Stock was permitted by the terms of
this Indenture to be incurred or issued, as the case may be;

 

(5)           customary
non-assignment and non-subletting provisions in contracts, leases and licenses entered into in the ordinary course of business;

 

(6)           agreements
relating to Purchase Money Obligations, Financing Lease Obligations and Sale/Leaseback Transactions that impose restrictions on
the property relating thereto of the nature described Section 4.6(a)(3);

 

(7)           any
agreement for the sale or other disposition of assets or Capital Stock of a Restricted Subsidiary of the Issuer that restricts
transfers of such assets or the making by that Restricted Subsidiary of distributions, loans or advances pending such sale or other
disposition;

 

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(8)           Permitted
Liens that limit the right of the debtor to dispose of the assets subject to such Liens;

 

(9)           provisions
in joint venture agreements, partnership agreements, limited liability company agreements, asset sale agreements, stock sale agreements
and other similar agreements entered into in the ordinary course of business or with the approval of the Board of Directors of
the Issuer or the applicable Restricted Subsidiary of the Issuer, that limit the disposition or distribution of assets or property,
which limitations are applicable only to the assets that are the subject of such agreements (including restrictions on the transfer
of ownership interests in any joint venture, partnership, limited liability company or other applicable entity);

 

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

 

(11)         encumbrances
and restrictions contained in contracts entered into in the ordinary course of business, not relating to any Indebtedness, and
that do not, individually or in the aggregate, detract from the value of, or from the ability of the Issuer and any of its Restricted
Subsidiaries to realize the value of, property or assets of the Issuer or any Restricted Subsidiary in any manner material to the
Issuer or any Restricted Subsidiary;

 

(12)         agreements
encumbering or restricting cash or marketable securities to secure Hedging Obligations;

 

(13)         agreements
governing Indebtedness permitted to be incurred under Section 4.3; provided that the Issuer determines in good
faith, on the date of incurrence thereof, that the restrictions therein will not materially adversely impact the ability of the
Issuer to make required principal and interest payments on the Notes;

 

(14)         Permitted
Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing
Indebtedness are not materially more restrictive (taken as a whole), than those contained in the agreements governing the Indebtedness
being refinanced; and

 

(15)         any
amendments, restatements, renewals, increases, supplements, refundings, replacements or refinancings (collectively, “refinancings”)
of the agreements, instruments or obligations referred to in clauses (1) through (14) above; provided that such refinancings
are not materially more restrictive (taken as a whole) with respect to such encumbrances and restrictions than those in effect
prior to such refinancings, as determined in good faith by the Issuer.

 

Section 4.7.          Asset
Sales.

 

(a)          The
Issuer will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale in any single transaction
or series of related transactions unless:

 

(1)           the
Issuer (or the Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least equal to
the Fair Market Value (measured as of the date of the definitive agreement relating to such Asset Sale) of the assets, properties
or Equity Interests issued, sold or otherwise disposed of in such Asset Sale;

 

    	 	104	 

     

    

 

(2)           at
least 75% of the consideration received for such Asset Sale (measured at the time of contractually agreeing to such Asset Sale),
together with all Asset Sales since the Issue Date (on a cumulative basis) received by the Issuer and its Restricted Subsidiaries
in the manner referred to in clause 4.7(a)(1) above is in the form of cash, Cash Equivalents, or Permitted Assets. For purposes
of this provision, each of the following will be deemed to be cash:

 

(A)         any
liabilities of the Issuer or any Restricted Subsidiary (other than contingent liabilities or liabilities that are by their terms
subordinated to the Notes or any Note Guarantee), as shown on the Issuer’s most recent internally available annual or quarterly
balance sheet, that are (i) assumed by the transferee of any such assets pursuant to a customary novation agreement or similar
agreement that releases the Issuer or such Restricted Subsidiary from further liability or (ii) otherwise canceled;

 

(B)          any
securities, notes or other obligations (including earn-outs and similar obligations) received by the Issuer or any such Restricted
Subsidiary from such transferee that are, within 180 days of the applicable Asset Sale, converted by the Issuer or such Restricted
Subsidiary into cash or Cash Equivalents, to the extent of the cash or Cash Equivalents received in that conversion;

 

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

 

(D)          any
Designated Non-cash Consideration received by the Issuer or any Restricted Subsidiary in such Asset Sale having an aggregate Fair
Market Value (with the Fair Market Value of such item of Designated Non-cash Consideration being measured at the time of contractually
agreeing to the related Asset Sale), taken together with all other Designated Non-cash Consideration received pursuant to this
clause (D) that is at that time outstanding, not to exceed the greater of (i) $90.0 million and (ii) 3.0% of Total
Assets measured at the time of contractually agreeing to such Asset Sale.

 

(b)         Within
455 days after the receipt of any Net Proceeds from an Asset Sale (or, at the Issuer’s option, any earlier date), the Issuer
or any Restricted Subsidiary may apply those Net Proceeds for any combination of the following purposes:

 

(1)           to
the extent such Net Proceeds are from an Asset Sale of Collateral to Repay (a) Obligations under the Notes or (b) First
Lien Obligations (other than the Notes), and in the case of revolving obligations (other than obligations in respect of any asset-backed
credit facility), to correspondingly reduce commitments with respect thereto; provided that in the case of any repayment
pursuant to this clause (b), the Issuer or such Restricted Subsidiary will either (1) reduce obligations under the Notes on
an equal or ratable basis with any First Lien Obligations repaid pursuant to this clause (b) by, at its option (A) redeeming
Notes as described under “Optional Redemption” or (B) purchasing Notes through open-market purchases or in arm’s
length privately negotiated transactions or (2) make an offer (in accordance with the procedures set forth below for an Asset
Sale Offer) to all Holders to purchase their Notes for no less than 100% of the principal amount thereof, plus the amount of accrued
but unpaid interest, if any, thereon, to, but excluding, the date of Purchase;

 

    	 	105	 

     

    

 

(2)           if
the assets that are the subject of such Asset Sale do not constitute Collateral:

 

(A)         to
Repay Indebtedness under the First Lien Term Loan Credit Agreement, the First Lien Revolving Credit Agreement and/or any other
Indebtedness that is secured by a Lien (other than any such Indebtedness that is subordinate in right of payment to the Notes or
any Note Guarantee);

 

(B)          to
Repay (a) obligations under the Notes, (b) other Pari Passu Indebtedness; provided that if the Issuer or any Guarantor
shall so reduce obligations under other Pari Passu Indebtedness pursuant to this clause (b), the Issuer will equally and ratably
reduce obligations in respect of the Notes pursuant to Section 3.7 or through open-market purchases (which may be below
par) or by making an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all Holders to purchase
at a purchase price equal to 100% of the principal amount thereof (or, in the event that the Notes were issued with significant
original issue discount, 100% of the accreted value thereof), plus accrued and unpaid interest on the pro rata principal amount
of Notes or (c) Indebtedness of a Restricted Subsidiary that is not a Guarantor, in each case other than Indebtedness owed
to the Issuer or a Restricted Subsidiary of the Issuer;

 

(3)           to
acquire all or substantially all of the assets of, or to acquire Capital Stock of, a Person that is engaged in a Permitted Business
and that, in the case of an acquisition of Capital Stock, is or becomes a Restricted Subsidiary of the Issuer;

 

(4)           to
make a capital expenditure; or

 

(5)           to
acquire other assets that are not classified as current assets under GAAP and that are used or useful in a Permitted Business or
that replace, in whole or in part, the properties or assets that are subject to the Asset Sale.

 

Notwithstanding the foregoing, in the event
the Issuer or any of its Restricted Subsidiaries enters into a binding agreement committing to make an acquisition, expenditure
or investment in compliance with clauses (3), (4) or (5) above within 455 days after the receipt of any Net Proceeds
from an Asset Sale (an “Acceptable Commitment”), such commitment will be treated as a permitted application
of the Net Proceeds from the date of the execution of such agreement until the earlier of (i) the date on which such acquisition
or investment is consummated or such expenditure made or such agreement is terminated, and (ii) the 180th day after the expiration
of the aforementioned 455-day period; provided that if any Acceptable Commitment is later canceled or terminated for any
reason before such Net Proceeds are applied, then such Net Proceeds shall constitute Excess Proceeds from and after the date of
such cancelation or termination; unless the Issuer or such Restricted Subsidiary enters into another Acceptable Commitment within
180 days of such cancellation or termination (a “Second Commitment”) in which case such commitment will be treated
as a permitted application of the Net Proceeds from the date of the execution of such agreement until the earlier of (i) the
date on which such acquisition or investment is consummated or such expenditure made or such agreement is terminated, and (ii) the
180th day after the date of the Second Commitment.

 

    	 	106	 

     

    

 

Pending the final application of any Net
Proceeds, the Issuer may temporarily reduce revolving credit borrowings or otherwise invest the Net Proceeds in any manner that
is not prohibited by this Indenture.

 

(c)          Any
Net Proceeds from Asset Sales that are not applied or invested as provided in Section 4.7(b) (it being
understood that any portion of such Net Proceeds used to make an offer to purchase Notes, as described in
Section 4.7(b), will be deemed to have been so applied whether or not such offer is accepted) will constitute
“Excess Proceeds.”

 

(d)          If
the aggregate amount of Excess Proceeds from an Asset Sale of Collateral (“Collateral Excess Proceeds”) exceeds
$60.0 million, the Issuer will make a pro rata offer to all Holders of Notes (and, if required or permitted by the terms of other
First Lien Obligations or obligations secured by a Lien permitted under this Indenture on the assets disposed of, which Lien is
not subordinate to the Lien of the Notes with respect to the Collateral), to the holders of such other First Lien Obligations or
such other obligations (a “Collateral Asset Sale Offer”), to purchase the maximum aggregate principal amount
(or accreted value, as applicable) of Notes and such other First Lien Obligations or such other obligations, as the case may be,
that may be purchased out of the Excess Proceeds. The offer price, with respect to the Notes only, in any Collateral Asset Sale
Offer will be equal to 100% of the principal amount (or accreted value in the case of any such First Lien Obligations or such other
Obligations, as the case may be, issued with a significant original issue discount) plus accrued and unpaid interest, if any, to,
but excluding, the date of purchase, and will be payable in cash. If the aggregate principal amount of Notes and other First Lien
Obligations or such other obligations, as the case may be, tendered into such Collateral Asset Sale Offer exceeds the amount of
Excess Proceeds, the Trustee will select the Notes and such other First Lien Obligations or such other obligations, as the case
may be, to be purchased on a pro rata basis (subject to the procedures of the relevant depositary), on the basis of the aggregate
principal amounts (or accreted values) tendered in round denominations (which, in the case of the Notes, will be minimum denominations
of US$2,000 principal amount and multiples of US$1,000 in excess thereof). If any Excess Proceeds remain after consummation of
a Collateral Asset Sale Offer, (and assuming no “Asset Sale Offer” (as defined in the next paragraph) is required)
the Issuer may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. Upon completion of each Collateral
Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. The Issuer may satisfy the foregoing obligations with respect
to such Net Proceeds from a Collateral Asset Sale by making a Collateral Asset Sale Offer with respect to such Net Cash Proceeds
at any time prior to the expiration of the application period or by electing to make a Collateral Asset Sale Offer with respect
to such Net Proceeds before the aggregate amount of Excess Proceeds exceeds $60.0 million.

 

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(e)          If
the aggregate amount of Excess Proceeds from an Asset Sale of Non-Collateral exceeds $60.0 million, the Issuer will make a pro
rata offer (an “Asset Sale Offer”) to all Holders of Notes (and, at the option of the Issuer, to holders of
any Pari Passu Indebtedness) to purchase the maximum principal amount of Notes and such Pari Passu Indebtedness, as the case may
be, that may be purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of the principal
amount (or accreted value in the case of any such Pari Passu Indebtedness, as the case may be, issued with a significant original
issue discount) plus accrued and unpaid interest, if any, to the date of purchase, and will be payable in cash. If the aggregate
principal amount of Notes and Pari Passu Indebtedness, as the case may be, tendered into such Asset Sale Offer exceeds the amount
of Excess Proceeds, the Trustee will select the Notes and such Pari Passu Indebtedness, as the case may be, to be purchased on
a pro rata basis (subject to the procedures of the relevant depositary), on the basis of the aggregate principal amounts (or accreted
values) tendered in round denominations (which in the case of the Notes will be minimum denominations of US$2,000 principal amount
and multiples of US$1,000 in excess thereof). If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Issuer
may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. Upon completion of each Asset Sale Offer,
the amount of Excess Proceeds will be reset at zero. The Issuer may satisfy the foregoing obligations with respect to such Net
Proceeds from an Asset Sale by making an Asset Sale Offer with respect to such Net Cash Proceeds at any time prior to the expiration
of the application period or by electing to make an Asset Sale Offer with respect to such Net Proceeds before the aggregate amount
of Excess Proceeds exceeds $60.0 million.

 

(f)           Within
30 days following the date when the Issuer becomes obligated to make an Asset Sale Offer, the Issuer will mail (or in the case
of Global Notes deliver electronically in accordance with the procedures of the Depositary) a notice to each Holder describing
the transaction or transactions that constitute the Asset Sale and offering to repurchase Notes on the date (the “Asset
Sale Payment Date”) specified in such notice, which date will be no earlier than 30 days nor later than 60 days from
the date such notice is mailed, pursuant to the procedures required by this Indenture and described in such notice.

 

(g)          On
the Asset Sale Payment Date, the Issuer will, to the extent lawful:

 

(1)           accept
for payment all Notes or portions thereof properly tendered pursuant to the Asset Sale Offer, subject to proration based on the
amount of Excess Proceeds pursuant to Section 4.7(c);

 

(2)           deposit
with the Paying Agent an amount equal to the amount of Excess Proceeds that, after giving effect to proration with holders of pari
passu Indebtedness pursuant to Section 4.7(c), is allocable to the Notes or portions thereof so tendered (or, if less,
the aggregate payment for all Notes validly tendered and not withdrawn); and

 

(3)           deliver
or cause to be delivered to the Trustee the Notes so accepted together with an Officer’s Certificate stating the aggregate
principal amount of Notes or portions thereof being purchased by the Issuer.

 

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(h)          The
Paying Agent will promptly mail (or cause to be transferred through the facilities of the Depositary) to each Holder of Notes accepted
for payment in accordance with this Section 4.7, the payment for such tendered Notes, and the Trustee will, upon receipt
of an Issuer Order, promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in
principal amount to any unpurchased portion of the Notes surrendered, if any, by such Holder; provided that each such new
Note will be in a principal amount of US$1,000 or an integral multiple thereof.

 

(i)           To
the extent that the aggregate amount of Notes and such other First Lien Obligations or Notes Obligations secured by a Lien permitted
under this Indenture (which Lien is not subordinate to the Lien of the Notes with Respect to the Collateral) tendered or otherwise
surrendered in connection with a Collateral Asset Sale Offer made with Excess Proceeds is less than the amount offered in a Collateral
Asset Sale Offer, the Issuer may use any remaining Excess Proceeds (any such amount, “Collateral Retained Declined Proceeds”)
for any purpose not otherwise prohibited by this Indenture.

 

(j)           To
the extent that the aggregate amount of Notes and any other Pari Passu Indebtedness tendered or otherwise surrendered in connection
with an Asset Sale Offer made with Excess Proceeds is less than the amount offered in an Asset Sale Offer, the Issuer may use any
remaining Excess Proceeds (any such amount, together with the Collateral Retained Declined Proceeds, “Retained Declined
Proceeds”) for any purpose not otherwise prohibited by this Indenture.

 

(k)           If
the Collateral Asset Sale Offer Purchase Date is after the taking of a record of the Holders on a Record Date and on or before
the related Interest Payment Date, any accrued and unpaid interest will be paid to the Person in whose name a purchased Note is
registered on such Record Date, and no other interest will be payable to Holders who tender Notes pursuant to the Collateral Asset
Sale Offer.

 

(l)            If
the Asset Sale Offer Purchase Date is after the taking of a record of the Holders on a Record Date and on or before the related
Interest Payment Date, any accrued and unpaid interest will be paid to the Person in whose name a purchased Note is registered
on such Record Date, and no other interest will be payable to Holders who tender Notes pursuant to the Asset Sale Offer.

 

(m)         The
Issuer will comply with all applicable securities legislation of Canada and the United States, including, without limitation, the
requirements of Rule 14e-1 under the 1934 Act and any other applicable securities laws and regulations thereunder to the extent
those laws and regulations are applicable in connection with each repurchase of Notes pursuant to a Collateral Asset Sale Offer
or an Asset Sale Offer. To the extent that the provisions of any applicable securities laws and regulations conflict with this
Section 4.7, the Issuer will comply with such laws and regulations and will not be deemed to have breached its obligations
under this Section 4.7 by virtue of such compliance.

 

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(n)          The
Issuer’s obligation to make a Collateral Asset Sale Offer or an Asset Sale Offer may be waived or modified before or after
the occurrence of an Asset Sale with the written consent of Holders of at least a majority in principal amount of the Notes then
outstanding. Notwithstanding the foregoing, any sale, assignment, transfer, conveyance, lease or other disposition of all or substantially
all of the properties or assets of the Issuer and its Restricted Subsidiaries taken as a whole, in one or more related transactions,
to another Person, will be governed by Section 5.1 and will not be subject to the provisions described above in this
Section 4.7.

 

Section 4.8.        Transactions
With Affiliates.

 

(a)          The
Issuer will not, and will not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction,
contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Issuer (each,
an “Affiliate Transaction”) involving aggregate consideration in excess of $20.0 million for any Affiliate Transaction
or series of related Affiliate Transactions, unless:

 

(1)         the
Affiliate Transaction is on terms that are no less favorable in the aggregate to the Issuer or the relevant Restricted Subsidiary,
as the case may be, than those that would reasonably be expected to have been obtained in a comparable transaction at such time
by the Issuer or such Restricted Subsidiary, as the case may be, in an arm’s-length dealing with a Person who is not an Affiliate
of the Issuer or the relevant Restricted Subsidiary, as the case may be; and

 

(2)         with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$40.0 million, the Issuer delivers to the Trustee a resolution of the Board of Directors of the Issuer set forth in an Officer’s
Certificate certifying that such Affiliate Transaction or series of Affiliate Transactions, as the case may be, complies with this
Section 4.8 and that such Affiliate Transaction or series of Affiliate Transactions, as the case may be, has been approved
in good faith by a majority of the members of the Board of Directors of the Issuer.

 

(b)          The
following items will be deemed not to be Affiliate Transactions and therefore will not be subject to the provisions of Section 4.8(a) hereof:

 

(1)         any
consulting or employment agreement or arrangement, employee or director compensation, stock option, bonus, benefit or other similar
plan, officer or director indemnification, insurance, severance or expense reimbursement arrangement, or any similar arrangement
existing on the Issue Date or thereafter entered into by the Issuer or any of its Restricted Subsidiaries in the ordinary course
of business and payments and other benefits (including bonuses and retirement, severance, health, stock option, restricted share,
stock appreciation right, phantom right, profit interest, equity incentive and other benefit plans) pursuant thereto;

 

(2)        (i) transactions
between or among the Issuer and/or its Restricted Subsidiaries (or an entity that becomes a Restricted Subsidiary as a result of
such transaction) and (ii) any merger or consolidation of the Issuer or any other direct or indirect parent of the Issuer;
provided that such parent entity shall have no material liabilities and no material assets (other than cash, Cash Equivalents
and the Capital Stock of the Issuer) and such merger or consolidation is otherwise in compliance with the terms of this Indenture
and effected for a bona fide business purpose;

 

    	 	110	 

     

    

 

(3)        transactions
in which the Issuer or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from an Independent
Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of view
or meets the requirements of Section 4.8(a)(1);

 

(4)         payments,
loans, advances or guarantees (or cancellation of loans, advances or guarantees) to employees, officers, directors, managers, consultants
or independent contractors for bona fide business purposes or in the ordinary course of business;

 

(5)         the
issuance or sale of Capital Stock (other than Disqualified Stock) of the Issuer or warrants, options or other rights to acquire
Capital Stock (other than Disqualified Stock) of the Issuer to, or the receipt by the Issuer of any capital contribution from,
its shareholders or Affiliates;

 

(6)         Restricted
Payments that are permitted by Section 4.4 and Permitted Investments (except for Investments made in reliance on clauses
(3), (5) and (6) of the definition of Permitted Investments);

 

(7)         any
agreement or arrangement described in the Offering Memorandum and to which the Issuer or any of its Restricted Subsidiaries is
a party as of or on the Issue Date, or as such agreement or arrangement is thereafter amended, supplemented or replaced (so long
as such amendment, supplement or replacement agreement or arrangement is not materially disadvantageous (as determined in good
faith by the Issuer or any direct or indirect parent of the Issuer) to the holders of the Notes when taken as a whole as compared
to the original agreement or arrangement as in effect on the Issue Date) or any transaction or payments contemplated thereby;

 

(8)         transactions
with customers, suppliers or purchasers or sellers of goods or services that are Affiliates of the Issuer, in each case in the
ordinary course of business and which, in the reasonable determination of the Board of Directors of the Issuer are on terms at
least as favorable to the Issuer as would reasonably have been obtained at such time from an unaffiliated party;

 

(9)         transactions
between the Issuer or any of its Restricted Subsidiaries and any Person that is an Affiliate solely because one or more of its
directors or officers is also a director or officer of the Issuer; provided that such director abstains from voting as a
director of the Issuer on any such transaction involving such other Person;

 

(10)       any
transaction with a Person (other than an Unrestricted Subsidiary) that would constitute an Affiliate Transaction solely because
the Issuer or a Restricted Subsidiary owns an Equity Interest in or otherwise controls such Person; provided that no Affiliate
of the Issuer or any of its Subsidiaries (other than the Issuer or a Restricted Subsidiary) shall have a beneficial interest or
otherwise participate in such Person;

 

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(11)       a
repurchase of Notes held by an Affiliate of the Issuer if repurchased on the same terms as have been offered to all Holders that
are not Affiliates of the Issuer;

 

(12)       payments
by the Issuer and any of the Restricted Subsidiaries made for any transaction or financial advisory, financing, underwriting or
placement services or in respect of other investment banking activities (including in connection with financings, acquisitions
or divestitures), which payments are approved by a majority of the disinterested members of the board of directors (or comparable
governing body or managers) of the Issuer in good faith (which, for the avoidance of doubt, may include payments to Affiliates
of a Permitted Holder);

 

(13)       investments
by Affiliates in Indebtedness or preferred Equity Interests of the Issuer or any of its Subsidiaries, so long as non-Affiliates
were also offered the opportunity to invest in such Indebtedness or preferred Equity Interests, and transactions with Affiliates
solely in their capacity as holders of Indebtedness or preferred Equity Interests of the Issuer 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;

 

(14)       intercompany
transactions undertaken in good faith for the purpose of improving the consolidated tax efficiency of the Issuer and its Restricted
Subsidiaries and not for the purpose of circumventing any covenant set forth in this Indenture; and

 

(15)       the
entering into of any tax sharing agreement or arrangement that complies with Section 4.4(c)(18)(H) and the performance
under any such agreement or arrangement.

 

Section 4.9.         Issuance
of Note Guarantees.

 

(a)          The
Issuer will cause each Material Restricted Subsidiary that is not a Guarantor and that guarantees the obligations under the First
Lien Term Loan Credit Agreement to become a Guarantor, execute and deliver a supplemental indenture in the form of Exhibit D
and joinders to the Collateral Documents or new Collateral Documents together with any other filings and other agreements required
by the Collateral Documents to create or perfect the security interests for the benefit of the Notes Secured Parties in the Collateral
of such Subsidiary, and deliver an Officer’s Certificate and Opinion of Counsel reasonably satisfactory to the Trustee, in
each case within 30 days of the date on which such Material Restricted Subsidiary was acquired, created, qualified, designated
or guaranteed the obligations under the First Lien Term Loan Credit Agreement, as applicable. Thereafter, such Restricted Subsidiary
will be a Guarantor for all purposes of this Indenture, subject to Article X.

 

Section 4.10.       Designation
of Restricted and Unrestricted Subsidiaries.

 

(a)          The
Board of Directors of the Issuer may designate any Restricted Subsidiary to be an Unrestricted Subsidiary; provided that:

 

(1)         immediately
after and giving effect to such designation, no Default or Event of Default shall have occurred and be continuing;

 

    	 	112	 

     

    

 

(2)         at
the time of the designation, the Issuer and its Restricted Subsidiaries could make a Restricted Payment in an amount equal to the
Fair Market Value of the Subsidiary so designated in compliance with Section 4.4;

 

(3)         at
the time of such designation, to the extent that any Indebtedness of the Subsidiary so designated is not Non-Recourse Debt, any
guarantee or other credit support thereof by the Issuer or any of its Restricted Subsidiaries could be incurred at such time in
compliance with Section 4.3 and Section 4.4;

 

(4)         such
Subsidiary is not party to any agreement, contract, arrangement or understanding with the Issuer or any Restricted Subsidiary unless
any such agreement, contract, arrangement or understanding would, immediately after giving effect to such designation, be permitted
by Section 4.8; and

 

(5)         such
Subsidiary is a Person with respect to which neither the Issuer nor any of its Restricted Subsidiaries has any direct or indirect
obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial
condition or to cause such Person to achieve any specified levels of operating results unless such obligation could be performed
by the Issuer in compliance with Section 4.4 (and the maximum amount of such obligation shall be deemed to be an Investment
by the Issuer for purposes of Section 4.4).

 

Any designation of a Restricted Subsidiary
of the Issuer as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a certified copy of the
resolutions of the Board of Directors of the Issuer giving effect to such designation and an Officer’s Certificate certifying
that such designation complied with the preceding conditions. If, at any time, any Unrestricted Subsidiary would fail to meet the
preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of
this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary as of such date
and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.3, the Issuer will be in
default of Section 4.3.

 

(b)          The
Board of Directors of the Issuer may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that:

 

(1)         immediately
after and giving effect to such designation, no Default or Event of Default shall have occurred and be continuing;

 

(2)         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 4.3;

 

(3)         the
aggregate Fair Market Value of all outstanding Investments owned by the Unrestricted Subsidiary so designated will be deemed to
be an Investment made as of the time of the designation and any such designation will only be permitted if the Investment would
be permitted at that time in compliance with Section 4.4;

 

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(4)         all
Liens upon property and assets of such Unrestricted Subsidiary existing at the time of such designation would be permitted under
Section 4.5; and

 

(5)         such
Unrestricted Subsidiary becomes a Guarantor pursuant to Section 4.9.

 

Section 4.11.       Change
of Control.

 

(a)           If
a Change of Control occurs, unless, prior to, or concurrently with, the time the Issuer is required to make a Change of Control
Offer (as defined below), the Issuer has previously or concurrently mailed or delivered, or otherwise sent through electronic transmission,
a redemption notice with respect to all the outstanding Notes as described under Section 3.7 or Article VIII,
the Issuer will make an offer to purchase all of the Notes pursuant to the offer described below (the “Change of Control
Offer”) at a price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal
amount thereof (or such higher amount as the Issuer may determine) plus accrued and unpaid interest, if any, to, but excluding,
the date of purchase, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant
Interest Payment Date falling on or prior to the Change of Control Payment Date (as defined below). Within 30 days following any
Change of Control, the Issuer will send notice of such Change of Control Offer electronically or by first-class mail, with a copy
to the Trustee sent in the same manner, to each Holder to the address of such Holder appearing in the security register or otherwise
in accordance with the procedures of DTC, with the following information:

 

(1)         that
a Change of Control Offer is being made pursuant to Section 4.11 and that all Notes properly tendered pursuant to such
Change of Control Offer will be accepted for payment by the Issuer;

 

(2)         the
purchase price and the purchase date, which will be no earlier than 10 days nor later than 60 days from the date such notice is
sent (the “Change of Control Payment Date”); provided that the Change of Control Payment Date may be
delayed, in the Issuer’s discretion, until such time (including more than 60 days after the date such notice. is sent) as
any or all such conditions referred to in Section 4.11(a)(8) shall be satisfied or waived;

 

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

 

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

 

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

 

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(6)         that
Holders will be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such Notes; provided
that the paying agent receives, not later than the close of business on the second Business Day prior to the expiration time of
the Change of Control Offer, an electronic transmission (in PDF), a facsimile transmission or letter setting forth the name of
the Holder or otherwise in accordance with the procedures of DTC, the principal amount of the Notes tendered for purchase, and
a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased;

 

(7)         that
if less than all of such Holder’s Notes are tendered for purchase, such Holder will be issued new Notes and such new Notes
will be equal in principal amount to the unpurchased portion of the Notes surrendered; provided that the unpurchased portion
of the Notes must be equal to at least US$2,000 or an integral multiple of US$1,000 in excess of US$2,000;

 

(8)         if
such notice is sent prior to the occurrence of a Change of Control, stating that the Change of Control Offer is conditional on
the occurrence of such Change of Control and describing each such condition, and, if applicable, stating that, in the Issuer’s
discretion, the Change of Control Payment Date may be delayed until such time as any or all such conditions shall be satisfied
or waived, or that such purchase may not occur and such notice may be rescinded in the event that the Issuer shall determine that
any or all such conditions shall not have been satisfied or waived by the Change of Control Payment Date, or by the Change of Control
Payment Date as so delayed; and

 

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

 

(b)          While
the Notes are in global form and the Issuer makes an offer to purchase all of the Notes pursuant to the Change of Control Offer,
a Holder may exercise its option to elect for the purchase of Notes through the facilities of DTC, subject to its rules and
regulations.

 

(c)          The
Issuer will comply with all applicable securities legislation in Canada and the United States including, without limitation, the
requirements of Rule 14e-1 under the 1934 Act and any other securities laws and regulations thereunder to the extent those
laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent
that the provisions of any applicable securities laws and regulations conflict with the provisions of Section 4.11,
the Issuer will comply with such laws and regulations and will not be deemed to have breached its obligations under this Section 4.11
by virtue of such compliance.

 

(d)          On
the Change of Control Payment Date, the Issuer or its designated agent will, to the extent lawful:

 

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

 

(2)         deposit
with the paying agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered;
and

 

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(3)         deliver
or cause to be delivered to the Trustee the Notes accepted together with an Officer’s Certificate stating the aggregate principal
amount of Notes or portions of Notes being purchased by the Issuer.

 

(e)           On
the Change of Control Payment Date, the paying agent will promptly transmit to each Holder of Notes properly tendered and not withdrawn
the Change of Control Payment for such tendered Notes, and the Trustee, upon an order of the Issuer, will promptly authenticate
and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion
of the Notes surrendered, if any; provided that each new Note will be in a principal amount that is US$2,000 or an integral
multiple of US$1,000 in excess thereof. The Issuer will publicly announce the results of the Change of Control Offer on or as soon
as practicable after the Change of Control Payment Date.

 

(f)           If
the Change of Control Payment Date is on or after a Record Date and on or before the related Interest Payment Date, any accrued
and unpaid interest will be paid to the Person in whose name a Note is registered at the close of business on such Record Date,
and no other interest will be payable to Holders who tender pursuant to the Change of Control Offer.

 

(g)          The
provisions described above that require the Issuer to make a Change of Control Offer following a Change of Control will be applicable
whether or not any other provisions of this Indenture are applicable. Except as described above with respect to a Change of Control,
this Indenture does not contain provisions that permit the Holders to require that the Issuer repurchase or redeem the Notes in
the event of a takeover, recapitalization or similar transaction.

 

(h)          Notwithstanding
the preceding paragraphs of this Section 4.11, the Issuer will not be required to make a Change of Control Offer upon
a Change of Control if a third party makes an offer to purchase the Notes in the manner, at the times and otherwise in substantial
compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer and purchases
all Notes validly tendered and not withdrawn under such Change of Control Offer, or a notice of redemption has been given pursuant
to Section 3.7, unless and until there is a default in payment of the applicable redemption price. Notwithstanding
anything to the contrary contained herein, a Change of Control Offer by the Issuer or a third party may be made in advance of a
Change of Control, conditioned upon the consummation of such Change of Control, if a definitive agreement is in place for the Change
of Control at the time the Change of Control Offer is made.

 

(i)           In
the event that Holders of not less than 90% of the aggregate principal amount of the outstanding Notes validly tender and do not
withdraw such Notes in a Change of Control Offer, Collateral Asset Sale Offer, Asset Sale Offer or other tender offer and the Issuer
(or a third party making the offer as described above) purchases all of the Notes validly tendered and not withdrawn by such Holders,
the Issuer or third party offeror, as applicable, will have the right, upon not less than 10 nor more than 60 days’ prior
notice, given not more than 30 days following the purchase pursuant to such offer described above, to redeem (in the case of the
Issuer) or purchase (in the case of a third party offeror) all of the Notes that remain outstanding following such purchase at
a redemption price or purchase price, as the case may be, equal to the price paid to each other Holder in such offer (which may
be less than par) plus, to the extent not included in such price, accrued and unpaid interest on the Notes that remain outstanding,
to, but excluding, the date of redemption (subject to the right of Holders of record on the relevant Record Date to receive interest
due on an Interest Payment Date that is on or prior to the redemption date).

 

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The Issuer’s obligation to make a
Change of Control Offer following a Change of Control may be waived or modified before or after the occurrence of such Change of
Control with the written consent of Holders of at least a majority in aggregate principal amount of the Notes then outstanding.

 

Section 4.12.       Maintenance
of Office or Agency for Registration of Transfer, Exchange and Payment of Notes.

 

So long as any of the Notes shall remain
outstanding, the Issuer will, in accordance with Section 2.2 hereof, maintain an office or agency (which may be an
office of the Trustee or an affiliate of the Trustee, or the Registrar) in the continental U.S. where the Notes may be surrendered
for exchange or registration of transfer and where the Notes may be presented or surrendered for payment. If the Issuer shall fail
to maintain any such office or agency or shall fail to give such notice of the location or of any change in the location thereof,
such surrenders or presentations may be made at the designated Corporate Trust Office, and the Issuer hereby appoints the Trustee
its agent to receive at the aforesaid office all such surrenders or presentations. The Issuer may also from time to time designate
one or more other offices or agencies in the continental U.S. where Notes may be presented or surrendered for any and all such
purposes and may from time to time rescind such designations. The Issuer will give to Trustee prompt written notice of the location
of any such office or agency and of any change of location thereof.

 

Section 4.13.       Appointment
to Fill a Vacancy in the Office of Trustee.

 

The Issuer, whenever necessary to avoid
or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.7, a Trustee, so that
there shall at all times be a Trustee hereunder.

 

Section 4.14.       Provision
as to Paying Agent.

 

(a)           If
the Issuer will appoint a Paying Agent other than the Trustee, in accordance with the terms of this Indenture, it will cause such
Paying Agent to execute and deliver to the Trustee an instrument in which such Agent shall undertake, subject to the provisions
of this Section 4.14:

 

(1)         that
it will hold all sums held by it as such agent for the payment of the principal of, premium, if any, or interest on the Notes (whether
such sums have been paid to it by the Issuer or by any other obligor on the Notes) in trust for the benefit of the Holders of the
Notes and will notify the Trustee of the receipt of sums to be so held;

 

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(2)         that
it will give the Trustee notice of any failure by the Issuer (or by any other obligor on the Notes) to make any payment of the
principal of, premium, if any, or interest on the Notes when the same shall be due and payable;

 

(3)         that
it will at any time during the continuance of any Event of Default specified in Section 6.1, upon the written request
of the Trustee, deliver to the Trustee all sums so held in trust by it; and

 

(4)         that
it will acknowledge, accept and agree to comply in all aspects with the provisions of this Indenture relating to the duties, rights
and liabilities of such Paying Agent.

 

(b)          If
the Issuer shall not act as its own Paying Agent, it will, by 11:00 a.m. (New York City time) on the due date of the principal
of or premium, if any, or interest on any Notes, deposit with such Paying Agent a sum in same day funds sufficient to pay the principal
of, premium, if any, or interest so becoming due, such sum to be held in trust for the benefit of the Trustee and the Holders of
Notes entitled to such principal of or premium, if any, or interest, and (unless such Paying Agent is the Trustee) the Issuer will
promptly notify the Trustee of its failure so to act.

 

(c)           If
the Issuer shall act as its own Paying Agent, it will, by 11:00 a.m., (New York City time) on each due date of the principal of
or premium, if any, or interest on the Notes, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto,
a sum sufficient to pay such principal or premium or interest so becoming due and will notify the Trustee of any failure to take
such action.

 

(d)          Anything
in this Section 4.14 to the contrary notwithstanding, the Issuer may, at any time, for the purpose of obtaining a satisfaction
and discharge of this Indenture, or for any other reason, pay or cause to be paid to the Paying Agent for delivery to the Trustee
all sums held in trust by it, as required by this Section 4.14, such sums to be delivered by the Paying Agent to the
Trustee to be held by the Trustee upon the trusts herein contained.

 

(e)          Anything
in this Section 4.14 to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section 4.14
is subject to the provisions of Section 8.4 and Section 8.6.

 

(f)           Upon
an Event of Default under Section 6.1(7), the Trustee shall be the Paying Agent.

 

Section 4.15.       Maintenance
of Corporate Existence.

 

So long as any of the Notes shall remain
outstanding, the Issuer will at all times (except as otherwise provided or permitted in Article V of this Indenture)
do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.

 

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Section 4.16.       [Reserved]

 

Section 4.17.       Compliance
Certificate.

 

(a)          The
Issuer and the Guarantors will deliver to the Trustee within 90 days after the end of each fiscal year of the Issuer, beginning
with the fiscal year ended December 31, 2020, a statement (which need not be an Officer’s Certificate) signed by the
principal executive officer, the principal accounting officer or the principal financial officer of each of the Issuer and the
Guarantors, stating that a review of the activities of the Issuer and its Subsidiaries during the preceding fiscal year has been
made under the supervision of the signing Officers with a view to determining whether each of the Issuer and the Guarantors has
performed its obligations under this Indenture, and further stating whether or not, to the knowledge of the signers, the Issuer
is in default in the performance and observance of any of the terms, provisions and conditions hereof (without regard to any period
of grace or requirement of notice provided hereunder) and if any Default or Event of Default occurred during such period. In the
event of any such default, the certificate will describe such default, its status and what action the Issuer is taking or proposes
to take with respect thereto.

 

(b)          So
long as any of the Notes are outstanding, the Issuer will deliver to the Trustee, promptly upon any Officer becoming aware of any
Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and what action the Issuer
is taking or proposes to take with respect thereto.

 

Section 4.18.      Taxes.

 

The Issuer will pay, and will cause each
of its Restricted Subsidiaries to pay, prior to delinquency, all material taxes, assessments and governmental levies except such
as are contested in good faith and by appropriate proceedings or where the failure to effect such payment would not have a material
adverse effect on the financial condition of the Issuer and its Restricted Subsidiaries, taken as a whole.

 

Section 4.19.       Stay,
Extension and Usury Laws.

 

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

 

Section 4.20.       Covenant
Suspension.

 

(a)           If
on any date following the Issue Date (1) the Notes are rated Investment Grade by any two Approved Rating Organizations; and
(2) no Default or Event of Default shall have occurred and be continuing, (the occurrence of the events described in the foregoing
clauses (1) and (2) being collectively referred to as a “Covenant Suspension Event”) then, beginning
on that day and at all times thereafter until the Reinstatement Date (“Suspension Period”), and subject to Section 4.20(c) below,
the provisions of this Indenture set forth in Section 4.3, Section 4.4, Section 4.6, Section 4.7,
Section 4.8, Section 4.9 and Section 5.1(a)(4) (collectively, the “Suspended
Covenants”) hereof will be suspended.

 

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(b)          During
any Suspension Period, the Board of Directors of the Issuer may not designate any of its Subsidiaries as Unrestricted Subsidiaries
pursuant to Section 4.10.

 

(c)           In
the event that the Issuer and its Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as
a result of Section 4.20(a) and, on a subsequent date, at least one of the Approved Rating Organizations which rates
the Notes withdraws its Investment Grade rating, or downgrades the rating assigned to the Notes below an Investment Grade rating,
or ceases to rate the Notes (in each case, such date, the “Reinstatement Date”), then the Issuer and its Restricted
Subsidiaries will after the Reinstatement Date again be subject to the Suspended Covenants with respect to future events for the
benefit of the Notes.

 

(d)          On
the Reinstatement Date, all Indebtedness incurred, or Disqualified Stock issued, during the Suspension Period will be subject to
Section 4.3. To the extent such Indebtedness or Disqualified Stock would not be so permitted to be incurred or issued pursuant
to such covenant, such Indebtedness or Disqualified Stock will be deemed to have been outstanding on the Issue Date, so that it
is classified as permitted under Section 4.3(b)(5).

 

(e)          Calculations
made after the Reinstatement Date of the amount available to be made as Restricted Payments under Section 4.4 will be made
as though Section 4.4 had been in effect from the Issue Date and throughout the Suspension Period. Accordingly, Restricted
Payments made during the Suspension Period will reduce the amount available to be made as Restricted Payments under Section 4.4(a) to
the extent provided therein.

 

(f)           For
purposes of Section 4.6, on the Reinstatement Date, any contractual encumbrances or restrictions of the type specified in
Sections 4.6(a)(1) through 4.6(a)(3) entered into (or which the Issuer or any Restricted Subsidiary of the Issuer became
legally obligated to enter into) during the Suspension Period will be deemed to have been in effect on the Issue Date, so that
they are permitted under Section 4.6(b)(1).

 

(g)          For
purposes of Section 4.7, on the Reinstatement Date, the unutilized Excess Proceeds amount will be reset to zero.

 

(h)          For
purposes of Section 4.8, any contract, agreement, loan, advance or guarantee with or for the benefit of, any Affiliate of
the Issuer entered into (or which the Issuer or any Restricted Subsidiary of the Issuer became legally obligated to enter into)
during the Suspension Period will be deemed to have been in effect as of the Issue Date for purposes of Section 4.8(b)(5).

 

(i)           Notwithstanding
that the Suspended Covenants may be reinstated:

 

(1)         no
Default or Event of Default will be deemed to have occurred as a result of a failure to comply with the Suspended Covenants during
the Suspension Period (or on the Reinstatement Date) or after the Suspension Period based solely on events that occurred during
the Suspension Period; and

 

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(2)           neither
(a) the continued existence, after the Reinstatement Date, of facts and circumstances or obligations that were incurred or
otherwise came into existence during a Suspension Period nor (b) the performance of any such obligations, shall constitute
a breach of any covenant set forth in this Indenture or cause a Default or Event of Default thereunder; provided that (I) the
Issuer and its Restricted Subsidiaries did not incur or otherwise cause such facts and circumstances or obligations to exist in
anticipation of the Notes ceasing to be rated Investment Grade, and (II) the Issuer reasonably believed that such incurrence
or actions would not result in such ceasing.

 

Section 4.21.         Additional
Amounts.

 

(a)           All
payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes
or any Note Guarantee will be made free and clear of and without withholding or deduction for or on account of any present or future
Taxes, unless such Payor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If
a Payor is so required to withhold or deduct any amount for or on account of Taxes imposed or levied by or on behalf of any jurisdiction
in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor makes any
payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing
Jurisdiction”) from any payment made under or with respect to the Notes or any Note Guarantee, such Payor, subject to
the exceptions stated below, will pay such additional amounts (“Additional Amounts”) as may be necessary such
that the net amount received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction
(including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will
not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been
required to be so withheld or deducted.

 

(b)           A
Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to:

 

(1)           Canadian
withholding Taxes imposed on a payment to a Holder or Beneficial Holder with which the Payor does not deal at arm’s length
for the purposes of the Tax Act at the time of making such payment (other than where the non-arm’s length relationship arises
as a result of the exercise or enforcement of rights under any Notes or any Note Guarantee);

 

(2)           a
debt or other obligation to pay an amount to a person with whom the applicable Payor is not dealing at arm’s length within
the meaning of the Tax Act (other than where the non-arm’s length relationship arises as a result of the exercise or enforcement
of rights under any Notes or any Note Guarantee);

 

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(3)           any
Canadian withholding Taxes imposed on a payment or deemed payment to a Holder or Beneficial Holder by reason of such Holder or
Beneficial Holder being a “specified shareholder” of the Issuer (within the meaning of subsection 18(5) of the
Tax Act) at the time of payment or deemed payment, or by reason of such Holder or Beneficial Holder not dealing at arm’s
length for the purposes of the Tax Act with a “specified shareholder” of the Issuer at the time of payment or deemed
payment (other than where the Holder or Beneficial Holder is a “specified shareholder,” or does not deal at arm’s
length with a “specified shareholder,” as a result of the exercise or enforcement of rights under any Notes or any
Note Guarantee);

 

(4)           Taxes
giving rise to such Additional Amounts that would not have been imposed but for the existence of any present or former connection
between such Holder (or the Beneficial Holder of, or person ultimately entitled to obtain an interest in, such Notes, including
a fiduciary, settler, beneficiary, member, partner, shareholder or other equity interest owner of, or possessor of power over,
such Holder or Beneficial Holder, if such Holder or Beneficial Holder is an estate, trust, partnership, limited liability company,
corporation or other entity) and the Relevant Taxing Jurisdiction (including being a citizen or resident or national of, or carrying
on a business or maintaining a permanent establishment in, the Relevant Taxing Jurisdiction but not including any connection resulting
solely from the acquisition, ownership, or disposition of Notes, the receipt of payments thereunder and/or the exercise or enforcement
of rights under any Notes or any Note Guarantee);

 

(5)           Taxes
giving rise to such Additional Amounts that would not have been imposed but for the failure of such Holder or Beneficial Holder,
to the extent such Holder or Beneficial Holder is legally eligible to do so, to timely satisfy any certification, identification,
information, documentation or other reporting requirements concerning such Holder’s or Beneficial Holder’s nationality,
residence, identity or connection with the Relevant Taxing Jurisdiction or arm’s length relationship with the Payor or otherwise
establish the right to the benefit of an exemption from, or reduction in the rate of, withholding or deduction, if such compliance
is required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction as a precondition to exemption
from, or reduction in the rate of deduction or withholding of, such Taxes imposed by the Relevant Taxing Jurisdiction (including,
without limitation, a certification that the Holder or Beneficial Holder is not resident in the Relevant Taxing Jurisdiction);

 

(6)           any
estate, inheritance, gift, sales, transfer, personal property, excise or any similar Taxes or assessment;

 

(7)           any
Taxes that were imposed with respect to any payment on a Note to any Holder who is a fiduciary or partnership or person other than
the sole beneficial owner of such payment and to the extent the Taxes giving rise to such Additional Amounts would not have been
imposed on such payment had the Holder been the beneficiary, partner or sole beneficial owner, as the case may be, of such Note;

 

(8)           Taxes
imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition,
deduction or withholding of such Taxes had such Notes been presented for payment (where presentation is required) within 30 days
after the date on which such payments or such Notes became due and payable or the date on which payment thereof is duly provided
for, whichever is later (except to the extent such Holder or Beneficial Holder would have been entitled to such Additional Amounts
had such Notes been presented on the last day of such 30 day period);

 

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(9)           any
Tax which is payable otherwise than by deduction or withholding from payments made under or with respect to the Notes or any Note
Guarantee;

 

(10)         any
Taxes that are imposed or withheld as a result of the presentation of any Note for payment by or on behalf of a Holder or Beneficial
Holder who would have been able to avoid such withholding or deduction by presenting the relevant Note to another paying agent;

 

(11)         any
Taxes imposed under FATCA; or

 

(12)         any
combination of the foregoing subclauses (1) through (11).

 

(c)           At
least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due
and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay
Additional Amounts arises after the 30th day prior to the date on which such payment is due and payable, in which case it will
be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts
will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such
Additional Amounts to Holders and/or Beneficial Holders on the payment date.

 

(d)           The
Issuer will indemnify and hold harmless the Holders and Beneficial Holders of the Notes for the amount of any Taxes under Regulation
803 of the Tax Act, or any similar or successor provision (other than Taxes described in subclauses (1) through (12) above
(but including, notwithstanding subclause (9), any Taxes payable pursuant to Regulation 803 of the Tax Act) or Taxes arising by
reason of a transfer of the Note to a person resident in Canada with whom the transferor does not deal at arm’s length for
the purposes of the Tax Act except where such non-arm’s length relationship arises as a result of the exercise or enforcement
of rights under any Notes or any Note Guarantee) levied or imposed on and paid by such a Holder or Beneficial Holder as a result
of payments made under or with respect to the Notes or any Note Guarantee.

 

(e)           In
addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties,
including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction
at any time in respect of the execution, issuance, registration, delivery or enforcement of the Notes (other than on or in connection
with a transfer of the Notes other than the initial sale by an Initial Purchaser), any Note Guarantee or any other document or
instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments
made pursuant to the Notes or any Note Guarantee and/or any other such document or instrument (limited, solely in the case of taxes,
charges or duties attributable to any payments with respect thereto, to any such taxes, charges or duties imposed in a Relevant
Taxing Jurisdiction that are not excluded under Sections 4.21(b)(5) through (8) and (10) and
(11)).

 

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(f)            The
obligations under this Section 4.21 will survive any termination, defeasance or discharge of this Indenture and will
apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is
otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor
or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest
or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or
indemnification payments as described hereunder, if applicable.

 

Section 4.22.         After-Acquired
Property.

 

From and after the Issue Date, and subject
to the applicable limitations and exceptions set forth in the Collateral Documents and this Indenture (including with respect to
Excluded Assets), if the Issuer or any Guarantor acquires any property or rights which are of a type constituting Collateral under
any Collateral Document (excluding, for the avoidance of doubt, any Excluded Assets or assets not required to be Collateral pursuant
to the Collateral Documents), it will be required to execute and deliver such security instruments, financing statements and such
Officer’s Certificates and Opinions of Counsel as are required under this Indenture or any Collateral Document and to otherwise
comply with the requirements of the Collateral Requirement to provide to the Notes Collateral Agent for the benefit of the Notes
Secured Parties a perfected security interest (subject to Permitted Liens) in such after-acquired collateral and to take such actions
to add such after-acquired collateral to the Collateral, and thereupon all provisions of the this Indenture and the Collateral
Documents relating to the Collateral shall be deemed to relate to such after-acquired collateral to the same extent and with the
same force and effect, including, without limitation:

 

(a)           (i) Any
Subsidiary of the Issuer which becomes a Guarantor shall take all such actions necessary to comply with the Collateral Requirement
within sixty (60) days after the occurrence of such event causing such Subsidiary to become a Guarantor (or such longer period
as the Notes Collateral Agent may agree in its reasonable discretion), and (ii) the Issuer shall within ninety (90) days after
the acquisition of such property or rights cause such property (or such longer period as the Notes Collateral Agent may agree in
its reasonable discretion) to be subjected to a Lien to the extent required by the Collateral Requirement and will take, or cause
the relevant Guarantor to take, such actions as shall be necessary (as determined by the Issuer in good faith) to grant and perfect
or record such Lien, in each case in a manner consistent with the Collateral Requirement and the procedures outlined in the Credit
Facilities, to the extent applicable.

 

(b)          (i) with
respect to Material Real Property set forth on Schedule I, within ninety (90) days after the Issue Date (or such longer period
as the Notes Collateral Agent may agree in its reasonable discretion) and (ii) with respect to Material Real Property acquired
after the Issue Date, within ninety (90) days after the date of such acquisition (or such longer period as the Notes Collateral
Agent may agree in its reasonable discretion), the Issuer shall, in each case, take, or cause the relevant Guarantor to take, the
actions referred to in the Credit Agreement to provide a Mortgage in favor of the Notes Collateral Agent with respect to such Material
Real Property to the extent such Material Real Property shall not already be subject to a valid and perfected Lien pursuant to
the Collateral Requirement;

 

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provided, that (i) the Notes
Collateral Agent shall be deemed to have made such a reasonable determination if such a determination has already been made by
either the First Lien Revolving Credit Agreement Collateral Agent or the First Lien Term Loan Collateral Agent (with respect to
the First Lien Revolving Credit Agreement or the First Lien Term Loan Credit Agreement, respectively) and (ii) with respect
to the time periods referred to in this Section 4.22 that are subject to extensions as the Notes Collateral Agent may agree,
it is understood and agreed that the administrative agent under the First Lien Revolving Credit Agreement or the First Lien Term
Loan Credit Agreement may grant extensions of time under the Credit Agreements for such actions necessary to comply with the Collateral
and Guarantee Requirement, and any such extension shall apply hereunder as if the Notes Collateral Agent had agreed to such extensions.

 

Article V

SUCCESSOR COMPANY

 

Section 5.1.           Amalgamation,
Merger, Consolidation or Sale of Assets.

 

(a)           The
Issuer may not, in any transaction or series of transactions: (I) amalgamate, merge or consolidate with or into another Person
(whether or not the Issuer is the surviving Person); or (II) sell, assign, transfer, convey, lease or otherwise dispose of
all or substantially all of the properties or assets of the Issuer and its Restricted Subsidiaries taken as a whole, in one or
more related transactions, to another Person; unless:

 

(1)           either:

 

(A)            the
Issuer is the surviving entity; or

 

(B)            the
Person formed by or surviving any such amalgamation, merger or consolidation (if other than the Issuer) or to which such sale,
assignment, transfer, conveyance, lease or other disposition has been made is a Person organized or existing under the laws of
Canada or any province thereof or the United States, any state of the United States or the District of Columbia;

 

(2)           the
Person formed by or surviving any such amalgamation, merger or consolidation (if other than the Issuer) or the Person to which
such sale, assignment, transfer, conveyance, lease or other disposition has been made assumes all the obligations of the Issuer
under the Notes, this Indenture and the Collateral Documents either by operation of law or pursuant to an assumption agreement
or other instrument reasonably satisfactory to the Trustee;

 

(3)           immediately
after such transaction or series of transactions, and giving pro forma effect to any related financing transactions, no Default
or Event of Default exists;

 

(4)           on
the date of such transaction after giving pro forma effect thereto and any related financing transactions as if the same had occurred
at the beginning of the applicable four-quarter period, either (A) the Issuer or the Person formed by or surviving any such
amalgamation, merger or consolidation (if other than the Issuer), or to which such sale, assignment, transfer, conveyance, lease
or other disposition has been made, will be permitted to incur at least $1.00 of additional Indebtedness pursuant to either the
Fixed Charge Coverage Ratio test or the Consolidated Net Leverage Ratio test set forth in Section 4.3(a) or (B) either
(x) the Fixed Charge Coverage Ratio is equal to or greater than it was immediately prior thereto or (y) the Consolidated
Net Leverage Ratio of the Issuer and its Restricted Subsidiaries would be equal to or less than the Consolidated Net Leverage Ratio
of the Issuer and its Restricted Subsidiaries immediately prior to such transaction;

 

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(5)           the
Issuer has delivered to the Trustee (i) an Opinion of Counsel stating that such transaction and, if an assumption agreement
or other instrument is required in connection with such transaction, such assumption agreement or other instrument, complies with
Sections 5.1(a)(1) and 5.1(a)(2), and (ii) an Officer’s Certificate stating that all conditions precedent
contained in this Indenture relating to such transaction have been complied with;

 

(6)           to
the extent any assets of the Person which is amalgamated, merged or consolidated with or into another Person are assets of the
type which would constitute Collateral under the Collateral Documents, the surviving Person will take such action as may be reasonably
necessary to cause such property and assets to be made subject to the Lien of the Collateral Documents in the manner and to the
extent required in this Indenture or any of the Collateral Documents and shall take all reasonably necessary action so that such
Lien is perfected to the extent required by the Collateral Documents; and

 

(7)           the
Collateral owned by or transferred to the Person formed by or surviving any such amalgamation, merger or consolidation (if other
than the Issuer) or to which such sale, assignment, transfer, conveyance, lease or other disposition has been made shall: (a) continue
to constitute Collateral under this Indenture and the Collateral Documents, (b) be subject to the Lien in favor of the Notes
Collateral Agent for the benefit of the Notes Secured Parties, and (c) not be subject to any Lien other than Permitted Liens.

 

(b)           A
Guarantor may not, in any transaction or series of transactions: (I) amalgamate, consolidate or merge with or into another
Person (whether or not such Guarantor is the surviving Person); or (II) sell, assign, transfer, convey, lease or otherwise
dispose of all or substantially all of its properties or assets to another Person, other than the Issuer or a Restricted Subsidiary
of the Issuer (in the case of either (I) or (II) above), unless:

 

(1)           immediately
after giving effect to that transaction, and giving pro forma effect to any related financing transactions, no Default or Event
of Default exists;

 

(2)           either:

 

(A)            the
Person acquiring the property in any such sale, assignment, transfer, conveyance, lease or other disposition or the Person formed
by or surviving any such amalgamation, merger or consolidation assumes all the obligations of that Guarantor under its Note Guarantee,
either by operation of law or pursuant to an assumption agreement or other instrument reasonably satisfactory to the Trustee; or

 

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(B)            such
sale, assignment, transfer, conveyance, lease or other disposition does not violate Section 4.7;

 

(3)           the
Issuer has delivered to the Trustee (i) an Opinion of Counsel stating that such transaction and, if an assumption agreement
or other instrument is required in connection with such transaction, such assumption agreement or other instrument, complies with
Section 5.1(b)(2)(A) and (ii) an Officer’s Certificate stating that all conditions precedent contained
in this Indenture relating to such transaction have been complied with;

 

(4)           to
the extent any assets of the Guarantor which is merged, consolidated or amalgamated with or into another Person are assets of the
type which would constitute Collateral under the Collateral Documents, such Person will take such action as may be reasonably necessary
to cause such property and assets to be made subject to the Lien of the Collateral Documents in the manner and to the extent required
in this Indenture or any of the Collateral Documents and shall take all reasonably necessary action so that such Lien in perfected
to the extent required by the Collateral Documents; and

 

(5)           the
Collateral owned by or transferred to the surviving Person shall: (i) continue to constitute Collateral under this Indenture
and the Collateral Documents, (ii) be subject to the Lien in favor of the Notes Collateral Agent for the benefit of the Notes
Secured Parties, and (iii) not be subject to any Lien other than Permitted Liens.

 

(c)           For
purposes of this Section 5.1, transfers among or between the Issuer and its Restricted Subsidiaries will be disregarded.

 

Section 5.2.           Successor
Substituted.

 

Upon any consolidation or merger, or amalgamation,
or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties or assets
of the Issuer and its Restricted Subsidiaries taken as a whole or a Guarantor in accordance with Section 5.1 hereof,
the successor formed by such consolidation or amalgamation or into which the Issuer or such Guarantor is merged or to which such
sale, assignment, transfer, lease, conveyance or other disposition is made (in each case, if not the Issuer or such Guarantor,
as applicable) shall succeed to, and may exercise every right and power of, the Issuer or such Guarantor under this Indenture,
the Notes, the Note Guarantees and any Collateral Document with the same effect as if such successor had been named as the Issuer
or such Guarantor, as applicable, herein and shall be substituted for the Issuer or such Guarantor, as applicable (so that from
and after the date of such consolidation, amalgamation, merger, sale, assignment, transfer, lease, conveyance or other disposition,
the provisions of this Indenture referring to the “Issuer” and the “Guarantor,” as applicable, shall refer
instead to the successor and not to the predecessor); and thereafter, except in the case of such a disposition by way of a lease,
the Issuer or such Guarantor shall be discharged and released from all obligations and covenants under this Indenture, the Notes,
the Collateral Documents and the Note Guarantees, other with respect to any Additional Amounts owing.

 

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Article VI

DEFAULTS AND REMEDIES

 

Section 6.1.           Events
of Default.

 

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 the payment when due (at Stated Maturity, upon redemption or otherwise) of the principal of, or premium, if any, on the Notes;

 

(3)           failure
by the Issuer or any Guarantor to comply with any of the other obligations, covenants or agreements (other than a default referred
to in Section 6.1(1) or Section 6.1(2)) in this Indenture for 60 days after written notice has been given to the
Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 30% of the aggregate principal amount of the
Notes;

 

(4)           default
under any other mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced
any Indebtedness by the Issuer or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Issuer or any
of its Restricted Subsidiaries) whether such Indebtedness or guarantee existed on the Issue Date, or is created after the Issue
Date, if that default:

 

(A)            is
caused by a failure to pay principal of such Indebtedness prior to the expiration of the applicable grace or cure period after
final maturity provided in such Indebtedness (a “Payment Default”); or

 

(B)            results
in the acceleration of such Indebtedness prior to its Stated Maturity;

 

and, in each case, the principal amount of any such
Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default, which
remains outstanding or the maturity of which has been so accelerated, aggregates an amount greater than $50.0 million; provided
that if any such Payment Default is cured or waived or any such acceleration is rescinded, as the case may be, such Event of Default
under this Indenture and any consequential acceleration of the Notes shall be automatically rescinded, so long as such rescission
does not conflict with any judgment or decree;

 

(5)           failure
by the Issuer or any of its Restricted Subsidiaries to pay final judgments aggregating in excess of an amount greater than $50.0
million in cash rendered against the Issuer or any Restricted Subsidiary by a court of competent jurisdiction, which judgments
are not paid, discharged or stayed for a period of 60 days after such judgments becomes final and non-appealable;

 

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(6)           except
as permitted by this Indenture, any Note Guarantee of a Significant Subsidiary shall be held in any judicial proceeding to be unenforceable
or invalid or shall cease for any reason to be in full force and effect, or any Guarantor that is a Significant Subsidiary or any
Person acting on behalf of any such Guarantor shall deny or disaffirm its obligations under its Note Guarantee;

 

(7)           the
Issuer or any of its Significant Subsidiaries pursuant to or within the meaning of any Bankruptcy Law:

 

(A)           commences
a voluntary case or proceeding;

 

(B)            applies
for or consents to the entry of an order for relief against it in an involuntary case or proceeding;

 

(C)            applies
for or consents to the appointment of a Custodian of it or for all or substantially all of its assets; or

 

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

 

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

 

(A)            is
for relief against the Issuer or any of its Significant Subsidiaries as debtor in an involuntary case or proceeding;

 

(B)            appoints
a Custodian of the Issuer or any of its Significant Subsidiaries or a Custodian for all or substantially all of the assets of the
Issuer or any of its Significant Subsidiaries; or

 

(C)            orders
the liquidation of the Issuer or any of its Significant Subsidiaries;

 

and, in any such case, the order or decree
remains unstayed and in effect for 60 consecutive days and, in the case of the insolvency of a Significant Subsidiary, such Significant
Subsidiary remains a Significant Subsidiary on such 60th day; or

 

(9)           other
than by reason of the satisfaction in full of all obligations under this Indenture and discharge of this Indenture with respect
to the Notes or the release of such Collateral with respect to the Notes in accordance with the terms of this Indenture and the
Collateral Documents,

 

(A)            in
the case of any security interest with respect to Collateral having a fair market value in excess of 5.0% of Total Assets, individually
or in the aggregate, such security interest under the Collateral Documents shall, at any time, cease to be a valid and perfected
security interest or shall be declared invalid or unenforceable and any such default continues for 30 days after notice of such
default shall have been given to the Issuer by the Trustee or the Holders of at least 30% of the principal amount of the then outstanding
Notes issued under this Indenture, except to the extent that any such default (A) results from the failure of the Notes Collateral
Agent to maintain possession of certificates, promissory notes or other instruments actually delivered to it representing securities
pledged under the Collateral Documents or (B) to the extent relating to Collateral consisting of real property, is covered
by a title insurance policy with respect to such real property and such insurer has not denied coverage;

 

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(B)            the
Issuer or any Guarantor that is a Significant Subsidiary (or any group of Guarantors that, taken together, would constitute a Significant
Subsidiary) shall assert, in any pleading in any court of competent jurisdiction, that any security interest under any Collateral
Document is invalid or unenforceable; or

 

(C)            the
Liens created by the Collateral Documents shall at any time not constitute a valid and perfected Lien on any material portion of
the Collateral intended to be covered thereby (unless perfection is not required by this Indenture or the Collateral Documents)
other than (i)(A) in accordance with the terms of the relevant Collateral Document and this Indenture, (B) the satisfaction
in full of all obligations under this Indenture or (C) any loss of perfection that results from the failure of the Notes Collateral
Agent to maintain possession of certificates delivered to it representing securities pledged under the Collateral Documents and
(ii) such default continues for 30 days after notice of such default shall have been given to the Issuer by the Trustee or
the Holders of at least 30% of the principal amount of the then outstanding Notes issued under this Indenture.

 

Section 6.2.           Acceleration
of Maturity; Rescission and Annulment.

 

In the case of an Event of Default specified
in Section 6.1(7) or Section 6.1(8), all outstanding Notes will become due and payable immediately without further
action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 30% in principal
amount of the then outstanding Notes may declare to be immediately due and payable, by notice in writing to the Issuer and (if
given by the Holders) to the Trustee, the principal amount of all the Notes then outstanding, plus accrued but unpaid interest
to the date of acceleration; provided, however, that after any such declaration of acceleration, the Holders of a
majority in aggregate principal amount of the Notes then outstanding may rescind and annul such declaration if: (a) all existing
Events of Default, other than the non-payment of the principal of, interest and premium (if any) on the Notes that have become
due solely by the declaration of acceleration, have been cured or waived; and (b) the rescission would not conflict with any
judgment or decree of a court of competent jurisdiction.

 

The Trustee may withhold from Holders notice
of any continuing Default or Event of Default if it determines that withholding notice is in their interest, except a Default or
Event of Default relating to the payment of principal or interest.

 

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Section 6.3.          Other
Remedies.

 

If an Event of Default occurs and is continuing,
the Trustee may pursue any available remedy to collect the payment of principal of, premium (if any) or interest on the Notes or
to enforce the performance of any provision of the Notes or this Indenture.

 

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

 

Section 6.4.          Waiver
of Past Defaults.

 

The Holders of a majority in aggregate
principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive
any existing Default or Event of Default and its consequences under this Indenture and the Collateral Documents except a continuing
Default or Event of Default in the payment of interest on, or the principal of, the Notes or a Default or Event of Default in
respect of a provision that under Section 9.2 cannot be amended without the consent of each Holder affected.

 

Section 6.5.           Control
by Majority.

 

The Holders of a majority in principal amount
of the then outstanding Notes have the right to direct the time, method and place of conducting any proceeding for exercising any
remedy available to the Trustee or the Notes Collateral Agent or of exercising any trust or power conferred on the Trustee or the
Notes Collateral Agent. However, the Trustee or the Notes Collateral Agent, as applicable, may refuse to follow any direction that
conflicts with law or this Indenture or, subject to Section 7.1 hereof, that is unduly prejudicial to the rights of
other Holders or would involve the Trustee or Notes Collateral Agent in personal liability; provided, however, that
the Trustee or the Notes Collateral Agent, as applicable, may take any other action deemed proper by the Trustee or the Notes Collateral
Agent, as applicable, that is not inconsistent with such direction. Prior to taking any action hereunder, the Trustee or the Notes
Collateral Agent, as applicable, shall be entitled to receive indemnification satisfactory to it against all loss, liability and
expense caused by taking or not taking such action.

 

Section 6.6.           Limitation
on Suits.

 

Except to enforce payment of the principal
of, and premium (if any) or interest on any Note on or after the Stated Maturity of such Note (after giving effect to the grace
periods specified in Section 6.1(1) and Section 6.1(2)), a Holder will not have any right to institute
any proceeding with respect to this Indenture, or for the appointment of a receiver or trustee, or for any remedy thereunder, unless
the Trustee:

 

(1)           shall
have failed to act for a period of 60 days after previously receiving written notice of a continuing Event of Default from such
Holder and a request to act from Holders of at least 30% in aggregate principal amount of the Notes then outstanding;

 

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(2)           has
been offered indemnity and funding thereof, if requested, satisfactory to the Trustee in its reasonable judgment; and

 

(3)           during
such 60 day period, has not received from the Holders of a majority in aggregate principal amount of the Notes then outstanding
a direction inconsistent with such request.

 

A Holder may not use this Indenture to prejudice
the rights of another Holder or to obtain a preference or priority over another Holder (it being understood that the Trustee does
not have an affirmative duty to ascertain whether or not any such use by a Holder prejudices the rights of any other Holders or
obtains preference or priority over such other Holders).

 

Section 6.7.           Rights
of Holders to Receive Payment.

 

Notwithstanding any other provision of this
Indenture, the contractual right of any Holder to receive payment of principal of, premium, if any, and interest on the Notes held
by such Holder, on or after the respective due dates expressed in the Notes, or to bring suit for the enforcement of any such payment
on or after such respective dates, shall not be impaired or affected without the consent of such Holder. For the avoidance of doubt,
no amendment to, or deletion or waiver of, Article IV (other than Section 4.1), or any action taken by
the Issuer or any Guarantor that is not prohibited under this Indenture, shall be deemed to impair or affect any rights of any
Holder of Notes to receive payment of principal of, or premium, if any, or interest on, the Notes.

 

Section 6.8.           Collection
Suit by Trustee.

 

If an Event of Default specified in Section 6.1(1) or
Section 6.1(2) hereof occurs and is continuing, the Trustee may recover judgment in its own name and as trustee
of an express trust against the Issuer or any Guarantor for the whole amount then due and owing (together with interest on any
unpaid interest to the extent lawful) and the amounts provided for in Section 7.6 hereof to cover the costs and expenses
of collection, including the reasonable compensation, disbursement and advances of the Trustee, its agents and counsel.

 

Section 6.9.          Trustee
May File Proofs of Claim.

 

The Trustee may file such proofs of claim
and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders allowed
in any judicial proceedings relative to the Issuer or any Guarantor or their respective creditors or properties, and any Custodian
in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event that the
Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the compensation,
expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.6
hereof. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf
of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder
thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

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Section 6.10.         Priorities.

 

If the Trustee collects any money or property
pursuant to this Article VI, it shall pay out the money or property in the following order:

 

First: to the payment of all amounts
due to the Trustee under Section 7.6 hereof and all amounts due to the Notes Collateral Agent;

 

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

 

Third: to the Issuer or to such
party as a court of competent jurisdiction shall direct.

 

The Trustee may fix a record date and payment
date for any payment to Holders pursuant to this Section 6.10.

 

Section 6.11.        Undertaking
for Costs.

 

In any suit for the enforcement of any right
or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in
its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in
the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11
does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7 hereof or a suit by Holders of
more than 10% in outstanding principal amount of the Notes.

 

Article VII

TRUSTEE

 

Section 7.1.           Duties
of Trustee.

 

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

 

(b)           Except
during the continuance of an Event of Default: (i) the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the
Trustee; 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; but in the case of any such certificates and opinions which by any provision hereof or thereof
are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether
or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations
or other facts stated therein).

 

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

 

(1)           this
Section 7.1(c) does not limit the effect of Section 7.1(b) hereof;

 

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

 

(3)           the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.5 hereof.

 

(d)           Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to this
Section 7.1.

 

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

 

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

 

(g)           No
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in
the performance of any of its duties hereunder or thereunder or in the exercise of any of its rights or powers, if it shall have
reasonable grounds to believe that repayment of such funds or adequate security or indemnity against such risk or liability is
not reasonably assured to it.

 

Section 7.2.           Rights
of Trustee.

 

(a)           The
Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee
need not investigate any fact or matter stated in the document.

 

(b)           Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel. The Trustee shall
not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion
of Counsel or both. Any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Order
and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution.

 

(c)           The
Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed
with due care. No Depositary shall be deemed an agent of the Trustee, and the Trustee shall not be responsible for any act or omission
by any Depositary.

 

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

 

(e)           The
Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture
and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or
suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 

(f)            Except
for a default under Section 6.1(1) or Section 6.1(2) hereof (provided that the Trustee
is the Paying Agent), the Trustee shall not be deemed to have notice of any default or event of default unless written notice is
received by a Trust Officer of the Trustee at the Corporate Trust Office, and such notice references the Notes and this Indenture
and states that it is a notice of Default or Event of Default.

 

(g)           In
no event shall the Trustee be responsible or liable for special, incidental, 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.

 

(h)           The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders pursuant to this Indenture, unless such Holders shall have offered 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.

 

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

 

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

 

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

 

Section 7.3.           Individual
Rights of Trustee.

 

The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights
it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest (as defined in the
TIA) after a Default has occurred and is continuing, it must (i) eliminate such conflict within 90 days, (ii) apply to
the Commission for permission to continue or (iii) resign. The Trustee is also subject to Sections 7.9 and 7.10
hereof.

 

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Section 7.4.          Trustee’s
Disclaimer.

 

The Trustee shall not be responsible for
and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the
Issuer’s use of the proceeds from the Notes, it shall not be responsible for the use or application of any money received
by any Paying Agent (other than itself as Paying Agent), and it shall not be responsible for any statement of the Issuer in this
Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate
of authentication.

 

The Trustee does not assume any responsibility
for any failure or delay in performance or any breach by the Issuer or any other Grantor under this Indenture, the First Intercreditor
Agreement and the Collateral Documents. The Trustee shall not be responsible to the Holders or any other Person for any recitals,
statements, information, representations or warranties contained in this Indenture, the Collateral Documents, the First Lien Intercreditor
Agreement or in any certificate, report, statement, or other document referred to or provided for in, or received by the Trustee
under or in connection with, this Indenture, the First Lien Intercreditor Agreement or any Collateral Document; the execution,
validity, genuineness, effectiveness or enforceability of the First Lien Intercreditor Agreement and any Collateral Document of
any other party thereto; the genuineness, enforceability, collectability, value, sufficiency, location or existence of any Collateral,
or the validity, effectiveness, enforceability, sufficiency, extent, perfection or priority of any Lien therein; the validity,
enforceability or collectability of any Notes Obligations; the assets, liabilities, financial condition, results of operations,
business, creditworthiness or legal status of any obligor; or for any failure of any obligor to perform its Notes Obligations under
this Indenture, the First Lien Intercreditor Agreement and the Collateral Documents.

 

Section 7.5.           Notice
of Defaults.

 

If a Default or Event of Default occurs
and is continuing and if a Trust Officer has actual knowledge thereof, the Trustee shall mail (or in the case of Global Notes,
deliver electronically in accordance with the Applicable Procedures of the Depositary) to each Holder notice of the Default or
Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default relating to payment of principal
of, premium, if any, or interest on, any Note (including payments pursuant to the redemption or required repurchase provisions
of such Note), the Trustee may withhold the notice if and so long as its board of directors, the executive committee of its board
of directors or a committee of its Trust Officers in good faith determines that withholding the notice is in the interests of Holders.

 

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Section 7.6.           Compensation
and Indemnity.

 

(a)           The
Issuer shall pay to the Trustee from time to time compensation for its services as the Issuer and the Trustee shall from time to
time agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Issuer shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses, disbursements and
advances incurred or made by it, including but not limited to the costs of collection, costs of preparing and reviewing reports,
certificates and other documents, costs of preparation and mailing of notices to Holders and reasonable costs of counsel (in the
case of Canadian counsel, on a solicitor-client, full-indemnity basis) retained by the Trustee in connection with the delivery
of an Opinion of Counsel or otherwise, in addition to the compensation for its services. Such expenses shall include the reasonable
compensation and expenses, disbursements and advances of the Trustee’s agents and counsel (and in the case of Canadian counsel,
on a solicitor-client, full-indemnity basis). The Issuer shall indemnify and hold harmless the Trustee (in its individual and trustee
capacities) and its officers, directors, employees, shareholders and agents against any and all loss, liability, claims, action,
suit, cost or expense (including reasonable attorneys’ fees (and in the case of Canadian attorneys, on a solicitor-client,
full-indemnity basis)) of any kind and nature whatsoever incurred by it in connection with the acceptance or administration of
this trust and the performance of its duties hereunder, including the costs and expenses of enforcing this Indenture (including
this Section 7.6) and of defending itself against any claims or liability in connection with the exercise or performance
of any of its powers or duties hereunder or thereunder (whether asserted by any Holder, the Issuer or otherwise). The Trustee shall
notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer shall not
relieve the Issuer of its obligations hereunder. The Issuer shall defend the claim and the Trustee may have separate counsel and
the Issuer shall pay the fees and expenses of such counsel (and in the case of Canadian counsel, on a solicitor-client, full-indemnity
basis). The Issuer is not required to reimburse any expense or indemnify against any loss, liability claim, suit, cost or expense
incurred by the Trustee through the Trustee’s own willful misconduct or gross negligence.

 

(b)           To
secure the Issuer’s payment obligations in this Section 7.6, the Trustee shall have a lien prior to the Notes
on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of, premium
(if any) and interest on particular Notes.

 

(c)           The
Issuer’s payment obligations pursuant to this Section 7.6 shall survive the discharge of this Indenture and the
resignation or removal of the Trustee. When the Trustee incurs expenses after the occurrence of a Default specified in Section 6.1(7) hereof
with respect to the Issuer, the expenses are intended to constitute expenses of administration under any Bankruptcy Law.

 

Section 7.7.           Replacement
of Trustee.

 

(a)           A
resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.7.

 

(b)           The
Trustee may resign at any time by so notifying the Issuer. The Holders of a majority in outstanding principal amount of the Notes
may remove the Trustee by so notifying the Trustee and the Issuer and may appoint a successor Trustee. The Issuer may remove the
Trustee if: (i) the Trustee fails to comply with Section 7.9 hereof; (ii) the Trustee is adjudged bankrupt
or insolvent; (iii) a Custodian or other public officer takes charge of the Trustee or its property; or (iv) the Trustee
otherwise becomes incapable of acting.

 

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

 

(d)           A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers
and duties of the Trustee under this Indenture. The successor Trustee shall mail or deliver electronically a notice of its succession
to the Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject
to the lien provided for in Section 7.6 hereof.

 

(e)           If
a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee
or the Holders of 10% in outstanding principal amount of the Notes may petition any court of competent jurisdiction for the appointment
of a successor Trustee.

 

(f)            If
the Trustee fails to comply with Section 7.9 hereof after written notice thereto, the Holders of at least 10% in principal
amount of the then outstanding Notes may petition any court of competent jurisdiction for the removal of the Trustee and the appointment
of a successor Trustee.

 

(g)           Notwithstanding
the replacement of the Trustee pursuant to this Section 7.7, the Issuer’s obligations under Section 7.6
hereof shall continue for the benefit of the retiring Trustee.

 

Section 7.8.           Successor
Trustee by Merger.

 

(a)           If
the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets
to, another Person, the resulting, surviving or transferee Person without any further act shall be the successor Trustee.

 

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

 

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Section 7.9.           Eligibility;
Disqualification.

 

The Trustee shall at all times satisfy the
requirements of Trust Indenture Act Section 310(a) with the same effect as if this Indenture were qualified under the
Trust Indenture Act. There shall at all times be a Trustee hereunder that is a Person organized and doing business under the laws
of the U.S. 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 (together with its Affiliates)
of at least $15 million as set forth in its most recent published annual report of condition. The Trustee shall comply with Trust
Indenture Act Section 310(b) with the same effect as if this Indenture were qualified under the Trust Indenture Act.

 

Section 7.10.         Preferential
Collection of Claims Against Company.

 

The Trustee shall comply with Trust Indenture
Act Section 311(a), excluding any creditor relationship listed in Trust Indenture Act Section 311(b). A Trustee who has
resigned or been removed shall be subject to Trust Indenture Act Section 311(a) to the extent indicated.

 

Section 7.11.         Collateral
Documents; First Lien Intercreditor Agreement.

 

By their acceptance of the Notes, the Holders
hereby authorize and direct the Trustee and Notes Collateral Agent, as the case may be, to execute and deliver the Joinder Agreement
and any other Collateral Documents in which the Trustee or the Notes Collateral Agent, as applicable, is named as a party, including
any Collateral Documents executed on or after the Issue Date. It is hereby expressly acknowledged and agreed that, in doing so,
the Trustee and the Notes Collateral Agent are not responsible for the terms or contents of such agreements, or for the validity
or enforceability thereof, or the sufficiency thereof for any purpose. Whether or not so expressly stated therein, in entering
into, or taking (or forbearing from) any action under, the First Lien Intercreditor Agreement or any other Collateral Documents,
the Trustee and the Notes Collateral Agent each shall have all of the rights, privileges, benefits, immunities, indemnities and
other protections granted to it under this Indenture (in addition to those that may be granted to it under the terms of such other
agreement or agreements).

 

Article VIII

DISCHARGE OF INDENTURE; DEFEASANCE

 

Section 8.1.           Discharge
of Liability on Notes; Defeasance.

 

(a)           Subject
to Section 8.1(c) hereof, this Indenture, the Note Guarantees and the Collateral Documents will cease to be of
further effect as to all Notes issued hereunder when (i) either (x) all Notes that have been authenticated, except lost,
stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has been deposited in trust and thereafter
repaid to the Issuer, have been delivered to the Trustee for cancellation or (y) all Notes that have not been delivered to
the Trustee for cancellation have become due and payable by reason of the sending of a notice of redemption or otherwise or will
become due and payable within one year and the Issuer has irrevocably deposited or caused to be deposited with the Trustee as trust
funds in trust solely for the benefit of the Holders, cash in U.S. dollars, Government Securities, or a combination of cash in
U.S. dollars and Government Securities, in amounts as will be sufficient to pay and discharge the principal, premium, if any, and
accrued interest to the date of final maturity or redemption, (ii) no Default or Event of Default has occurred and is continuing
on the date of the deposit or will occur as a result of the deposit other than a Default or Event of Default resulting from the
borrowing of funds to be applied to such deposit and the deposit will not result in a breach or violation of, or constitute a default
under, any other material instrument to which the Issuer or any Restricted Subsidiary is a party or by which the Issuer or any
Restricted Subsidiary is bound, (iii) the Issuer has paid or caused to be paid all sums then payable by it under this Indenture,
and (iv) the Issuer has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment
of such Notes at Stated Maturity or the Redemption Date, as the case may be.

 

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(b)           Subject
to Section 8.2 hereof, the Issuer at its option at any time may terminate (i) all its obligations, except as specified
in Section 8.1(c) hereof, under the Notes and this Indenture, the Collateral Documents and all obligations of
the Guarantors with respect to their Note Guarantees (“legal defeasance option”), and after giving effect to
such legal defeasance, any omission to comply with such obligations shall no longer constitute a Default or Event of Default or
(ii) its obligations under Section 4.2, Section 4.3, Section 4.4, Section 4.5,
Section 4.6, Section 4.7, Section 4.8, Section 4.9, Section 4.11 and Section 4.22
hereof, except to the extent such obligations are imposed by Section 5.1(a)(4) hereof, and the Issuer may omit
to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section, whether
directly or indirectly, by reason of any reference elsewhere herein to any such Section or by reason of any reference in any
such Section to any other provision herein or in any other document and the operation of Section 6.1(3), Section 6.1(4),
Section 6.1(5), Section 6.1(6), Section 6.1(9) and the events specified in such Sections shall no longer constitute
an Event of Default (this clause (ii) being referred to as the “covenant defeasance option”), but otherwise
the remainder of this Indenture and the Notes shall be unaffected thereby. The Issuer may exercise its legal defeasance option
notwithstanding its prior exercise of its covenant defeasance option. If the Issuer exercises its legal defeasance option or its
covenant defeasance option, each Guarantor shall be released from its obligations with respect to its Note Guarantee as provided
in Section 10.10 hereof.

 

If the Issuer exercises its legal defeasance
option, payment of the Notes may not be accelerated because of an Event of Default. If the Issuer exercises its covenant defeasance
option, payment of the Notes may not be accelerated because of an Event of Default specified in Section 6.1(3), Section 6.1(4) and
Section 6.1(5) hereof or the failure of the Issuer to comply with Section 5.1(a)(4).

 

Upon satisfaction of the conditions set
forth herein and upon request of the Issuer, the Trustee shall acknowledge in writing the discharge of those obligations that the
Issuer terminates, on demand of the Issuer (accompanied by an Officer’s Certificate and an Opinion of Counsel, each stating
that all conditions precedent provided in this Indenture relating to the legal defeasance or covenant defeasance, as the case may
be, have been complied with) and at the cost and expense of the Issuer.

 

(c)           Notwithstanding
the provisions of Section 8.1(a) and Section 8.1(b) hereof, the obligations of the Issuer in
Section 2.3, Section 2.4, Section 2.5, Section 2.6, Section 2.7, Section 2.9,
Section 7.6, Section 7.7 hereof, and in this Article VIII shall survive until the Notes have
been paid in full. Thereafter, the following provisions shall survive until otherwise terminated or discharged hereunder:

 

    	 	140	 

     

    

 

 

(1)           the
rights of Holders to receive payments in respect of the principal of, premium, if any, and interest on such Notes when such payments
are due solely out of the trust created pursuant to this Indenture referred to in Section 8.2;

 

(2)           the
Issuer’s obligations concerning issuing temporary Notes, mutilated, destroyed, lost, or stolen Notes and the maintenance
of a register in respect of the Notes;

 

(3)           the
rights, powers, trusts, duties and immunities of the Trustee and the Notes Collateral Agent, and the Issuer’s obligations
in connection therewith; and

 

(4)           this
Section 8.1.

 

Section 8.2.           Conditions
to Defeasance.

 

The Issuer may exercise its legal defeasance
option or its covenant defeasance option only if:

 

(1)           the
Issuer shall have deposited or caused to be deposited with the Trustee as trust funds or property in trust for the purpose of making
payment on such Notes an amount of cash or Government Securities as will, together with the income to accrue thereon and reinvestment
thereof, be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public
accountants, to pay, satisfy and discharge the entire principal, interest, if any, premium, if any and any other sums due to the
Stated Maturity or an optional redemption date of the Notes;

 

(2)           no
Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of
Default resulting from the borrowing of funds to be applied to such deposit and the granting of Liens to secure such borrowing);

 

(3)           the
Issuer shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer with
the intent of preferring the Holders over its other creditors or with the intent of defeating, hindering, delaying, or defrauding
any of its other creditors or others;

 

(4)           the
Issuer shall have delivered to the Trustee, (a) an Opinion of Counsel acceptable to the Trustee in its reasonable judgment
or an advance tax ruling from the Canada Revenue Agency (or successor agency) to the effect that the Holders of outstanding Notes
will not recognize income, gain or loss for Canadian income tax purposes as a result of such legal defeasance or covenant defeasance,
as the case may be, and will be subject to Canadian 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 or covenant defeasance, as the case may be, had not occurred; (b) in
the case of legal defeasance, an Opinion of Counsel acceptable to the Trustee in its reasonable judgment to the effect that (i) the
Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the Issue Date,
there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such
Opinion of Counsel will confirm that, the Holders of outstanding Notes will not recognize income, gain or loss for U.S. federal
income tax purposes as a result of such legal defeasance and will be subject to U.S. federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such legal defeasance had not occurred; and (c) in the
case of covenant defeasance, an Opinion of Counsel acceptable to the Trustee in its reasonable judgment to the effect that the
Holders of outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such covenant
defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would
have been in the case if such covenant defeasance had not occurred;

 

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(5)           the
Issuer shall have satisfied the Trustee and the Notes Collateral Agent that it has paid, caused to be paid or made provisions for
the payment of all applicable expenses of the Trustee and the Notes Collateral Agent;

 

(6)           such
legal defeasance option or covenant defeasance option will not result in a breach or violation of, or constitute a Default under,
any material agreement or instrument (other than this Indenture) to which the Issuer or any of its Subsidiaries is a party or by
which the Issuer or any of its Subsidiaries is bound; and

 

(7)           the
Issuer shall have delivered to the Trustee and the Notes Collateral Agent an Officer’s Certificate stating that all conditions
precedent relating to the legal defeasance option or the covenant defeasance option, as the case may be, have been complied with.

 

Section 8.3.           Delivery
and Application of Trust Money.

 

The Trustee shall hold in trust money or
Government Securities deposited with it pursuant to this Article VIII. It shall apply the deposited money and the money
from Government Securities in accordance with this Indenture to the payment of principal, premium, if any, of and interest on the
Notes.

 

Any funds or obligations deposited with
the Trustee pursuant to this Article VIII shall be (a) denominated in the currency or denomination of the Notes
in respect of which such deposit is made, (b) irrevocable, subject to certain exceptions, and (c) made under the terms
of an escrow and/or trust agreement in form and substance satisfactory to the Trustee and which provides for the due and punctual
payment of the principal of, premium, if any, and interest on the Notes being satisfied.

 

Section 8.4.           Repayment
to Company.

 

The Trustee and each Paying Agent shall
promptly turn over to the Issuer upon receipt of an Issuer Order any excess money or securities held by them upon payment of all
the obligations under this Indenture.

 

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Subject to any applicable abandoned property
law, the Trustee and each Paying Agent shall pay to the Issuer upon request any money held by them for the payment of principal
of, or premium, if any, or interest on the Notes that remains unclaimed for two years (or any such money then held by the Issuer
or any Subsidiary shall be discharged from any trust hereunder), and, thereafter, Holders entitled to the money must look to the
Issuer for payment as unsecured general creditors; provided, however, that, if any Definitive Notes are then outstanding,
the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuer 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 Issuer.

 

Section 8.5.           Indemnity
for Government Securities.

 

The Issuer shall pay and shall indemnify
the Trustee against any tax, fee or other charge imposed on or assessed against deposited Government Securities or the principal
and interest received on such Government Securities.

 

Section 8.6.           Reinstatement.

 

If the Trustee or any Paying Agent is unable
to apply any money in accordance with this Article VIII by reason of any legal proceeding or any order or judgment
of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s and
the Guarantors’ obligations under this Indenture and the affected Notes shall be revived and reinstated as though no money
had been deposited pursuant to this Article VIII until such time as the Trustee or such Paying Agent is permitted to
apply all such money or Government Securities in accordance with this Article VIII; provided that if the Issuer
has made any payment in respect of principal of, premium, if any, or interest on Notes or, as applicable, other amounts because
of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such
payment from the money or Government Securities held by the Trustee.

 

Article IX

AMENDMENTS

 

Section 9.1.           Without
Consent of Holders.

 

Notwithstanding Section 9.2
of this Indenture, the Issuer, the Guarantors, the Trustee and/or the Notes Collateral Agent may amend or supplement this Indenture,
the Notes, the Note Guarantees and the Collateral Documents without notice to or consent of any Holder:

 

(1)           to
cure any ambiguity, 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);

 

    	 	143	 

     

    

 

(3)           to
provide for the assumption of the Issuer’s or a Guarantor’s obligations to Holders of Notes in the case of an amalgamation,
merger or consolidation or sale of all or substantially all of the Issuer’s or a Guarantor’s assets or otherwise to
comply with Section 5.1;

 

(4)           to
add a co-issuer of the Notes, to add any additional Guarantors or to evidence the release of any Guarantor from its obligations
under its Note Guarantee to the extent that such release is permitted by this Indenture, or to secure the Notes and the Note Guarantees
or add collateral with respect to the Notes;

 

(5)           to
conform the text of this Indenture, the Notes, the Note Guarantees or the Collateral Documents to any provision of the “Description
of Secured Notes” set forth in the Offering Memorandum to the extent that such provision was intended to be a verbatim
recitation of a provision of this Indenture, the Notes, the Note Guarantees or the Collateral Documents;

 

(6)           to
provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture;

 

(7)           to
surrender any right or power conferred upon the Issuer or make any change that would provide any additional rights or benefits
to the Holders of Notes or that does not materially adversely affect the legal rights under this Indenture of any such Holder;

 

(8)           to
evidence or provide for the acceptance of appointment under this Indenture of a successor Trustee;

 

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

 

(10)         to
add Additional First Lien Secured Parties to any Collateral Documents;

 

(11)         to
enter into any intercreditor agreement having substantially similar terms with respect to the Holders as those set forth in the
First Lien Intercreditor Agreement, taken as a whole, or any joinder thereto; and

 

(12)         in
the case of any Collateral Document, to include therein any legend required to be set forth therein pursuant to the First Lien
Intercreditor Agreement or to modify any such legend as required by the First Lien Intercreditor Agreement.

 

Section 9.2.           With
Consent of Holders.

 

(a)           Except
as provided in this Section 9.2, the Issuer, the Guarantors and the Trustee with the affirmative votes of the Holders
of at least a majority in principal amount of the Notes represented and voting at a meeting of Holders, or by a resolution in writing
of the Holders of at least a majority in principal amount of the Notes then outstanding (including, without limitation, consents
obtained in connection with a purchase of, or offer to purchase, or exchange offer for, Notes):

 

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(1)           this
Indenture, the Notes, the Note Guarantees and the Collateral Documents may each be amended or supplemented; and

 

(2)           any
existing Default or Event of Default or lack of compliance with any provision of this Indenture, the Notes, the Note Guarantees
or the Collateral Documents may be waived.

 

(b)           Without
the consent of, or a resolution passed by the affirmative votes of or signed by, each Holder affected, an amendment, supplement
or waiver may not (with respect to any Notes held by a non-consenting Holder):

 

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

 

(2)           reduce
the principal of any Note or change the time for payment thereof;

 

(3)           reduce
the rate of or change the time for payment of interest on any Note;

 

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

 

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

 

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

 

(7)           modify
or change any provision of this Indenture or the related definitions affecting the ranking of the Notes or any Note Guarantee in
any manner adverse to the Holders;

 

(8)           release
any Guarantor from any of its obligations under its Note Guarantee or this Indenture otherwise than in accordance with the terms
of this Indenture; or

 

(9)           modify
these amending provisions.

 

Notwithstanding the foregoing, without the
consent of the Holders of at least 662⁄3% in aggregate principal amount of the Notes then outstanding, no amendment or waiver
may (A) make any change in any Collateral Document or the provisions in this Indenture dealing with Collateral or application
of trust proceeds of the Collateral with the effect of releasing the Liens on all or substantially all of the Collateral which
secure the obligations in respect of the Notes or (B) change or alter the priority of the Liens securing the Notes Obligations
in respect of the Notes in any material portion of the Collateral in any way adverse to the Holders in any material respect, other
than, in each case, as provided under the terms of the Collateral Documents or the First Lien Intercreditor Agreement.

 

    	 	145	 

     

    

 

Any item of business referred to in this
Indenture requiring the written approval or consent of the Holders may be obtained by means of the affirmative vote of the requisite
Holders represented at a duly constituted meeting of Holders or a resolution in writing of the requisite Holders of Notes then
outstanding.

 

The consent of the Holders is not necessary
under this Indenture to approve the particular form of any proposed amendment or waiver. It is sufficient if the consent approves
the substance of the proposed amendment or waiver.

 

After an amendment, supplement or waiver
under this Section 9.2 becomes effective, the Issuer shall send to each Holder of Notes affected thereby a notice briefly
describing such amendment. The failure to give such notice to any or all Holders, or any defect therein, shall not impair or affect
the validity of any amendment, supplement or waiver under this Section 9.2.

 

Section 9.3.           Revocation
and Effect of Consents.

 

Until an amendment, supplement or waiver
becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder
of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent
is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note
if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An
amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.

 

The Issuers may, but shall not be obligated
to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement, or waiver. If
a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their
duly designated proxies), and only such Persons, shall be entitled to consent to such amendment, supplement, or waiver or to revoke
any consent previously given, whether or not such Persons continue to be Holders after such record date. No such consent shall
be valid or effective for more than 120 days after such record date unless the consent of the requisite number of Holders has been
obtained.

 

Section 9.4.           Notation
on or Exchange of Notes.

 

If an amendment or supplement changes the
terms of a Note, the Trustee may require the Holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate
notation on the Note regarding the changed terms and return it to the Holder. Alternatively, if the Issuer or the Trustee so determines,
the Issuer in exchange for the Note shall issue and the Trustee, upon receipt of an Issuer Order, shall authenticate a new Note
that reflects the changed terms, but the failure to make the appropriate notation or to issue a new Note shall not affect the validity
and effect of such amendment or supplement.

 

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Section 9.5.           Trustee
to Sign Amendments.

 

The Trustee and the Notes Collateral Agent
shall sign any amendment or supplement authorized pursuant to this Article IX if the amendment or supplement does not adversely
affect the rights, duties, powers, liabilities or immunities of the Trustee or the Notes Collateral Agent, as applicable. If it
does, the Trustee may but need not sign it. In signing any amendment or supplement the Trustee and the Notes Collateral Agent shall
receive, and (subject to Section 7.1 hereof) shall be fully protected in relying upon, an Officer’s Certificate
and an Opinion of Counsel, each stating that the execution of such amendment or supplement is authorized or permitted by this Indenture.

 

Article X

NOTE GUARANTEES

 

Section 10.1.         Note
Guarantees.

 

Subject to this Article X, each
of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder and to the Trustee and its successors
and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Issuer hereunder
or thereunder, the full and punctual payment of principal of, premium (if any) and interest on the Notes when due, whether at Stated
Maturity, or upon redemption, required repurchase pursuant to Section 4.7 or Section 4.11 hereof, acceleration
or otherwise, and all other monetary obligations owing by the Issuer under this Indenture (including obligations owing to the Trustee)
and the Notes (all the foregoing being hereinafter collectively called the “Obligations”). The Guarantors further
agree that the Obligations may be extended or renewed, in whole or in part, without notice or further assent from the Guarantors,
and that the Guarantors will remain bound under this Article X notwithstanding any extension or renewal of any Obligation.
Failing payment when due of any amount so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated
to promptly pay the same. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. All payments
under each Note Guarantee will be made in U.S. dollars.

 

The Guarantors waive presentation to, demand
of payment from and protest to the Issuer of any of the Obligations and also waive notice of protest for nonpayment. The Guarantors
waive notice of any Default under the Notes or the Obligations. The obligations of the Guarantors hereunder shall not be affected
by: (i) the failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the
Issuer or any other Person under this Indenture, the Notes, the Note Guarantees or any other agreement or otherwise; (ii) any
extension or renewal of any Obligation; (iii) any rescission, waiver, amendment, modification or supplement of any of the
terms or provisions of this Indenture (other than this Article X), the Notes, the Note Guarantees or any other agreement;
(iv) the release of security, if any, held by any Holder or the Trustee for the Obligations or any of them; (v) the failure
of any Holder or the Trustee to exercise any right or remedy against any other guarantor of the Obligations; (vi) any change
in the ownership of the Issuer; or (vii) any other act or thing or omission or delay to do any other act or thing which may
or might in any manner or to any extent vary the risk of the Guarantors or would otherwise operate as a discharge of the Guarantors
as a matter of law or equity, except for payment of the Notes in full.

 

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The Guarantors, jointly and severally, further
agree that their Note Guarantees herein constitute a guarantee of payment when due (and not a guarantee of collection) and waive
any right to require that any resort be had by any Holder or the Trustee to security, if any, held for payment of the Obligations.

 

The obligations of the Guarantors hereunder
shall not be subject to any reduction, limitation, impairment or termination for any reason (except to the extent provided in Section 10.2
hereof), including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense,
setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the
Obligations or otherwise.

 

The Guarantors, jointly and severally, further
agree that their Note Guarantees herein shall continue to be effective or be reinstated, as the case may be, if at any time payment,
or any part thereof, of any Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy
or reorganization of the Issuer or otherwise.

 

In furtherance of the foregoing and not
in limitation of any other right which any Holder or the Trustee has at law or in equity against the Guarantors by virtue hereof,
upon the failure of the Issuer to pay any Obligation when and as the same shall become due, whether at Stated Maturity, upon redemption,
required repurchase, acceleration or otherwise, the Guarantors hereby promise to and will, upon receipt of written demand by the
Trustee, forthwith pay, or cause to be paid, in cash, to the Trustee an amount equal to the sum of (i) the unpaid principal
amount of such Obligations, (ii) accrued and unpaid interest on such Obligations (but only to the extent not prohibited by
law) and (iii) all other monetary Obligations of the Issuer to the Holders and the Trustee.

 

The Guarantors, jointly and severally, agree
that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of
the Obligations may be accelerated as provided in Article VI for the purposes of the Note Guarantee herein, notwithstanding
any stay, injunction or other prohibition preventing such acceleration in respect of the Obligations, and (y) in the event
of any declaration of acceleration of such Obligations as provided in Article VI, such Obligations (whether or not
due and payable) shall forthwith become due and payable by the Guarantors for the purposes of this Section 10.1.

 

The Guarantors, jointly and severally, also
agree to pay any and all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or any Holder
in enforcing any rights under this Section 10.1.

 

The Note Guarantee issued by any Guarantor
shall be a general senior secured obligation of such Guarantor and shall be pari passu in right of payment with all existing and
future senior Indebtedness of such Guarantor, if any.

 

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Section 10.2.         Limitation
on 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 Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act, the Fraudulent Preferences Act (Alberta), the Statute of Elizabeth or any similar federal, provincial
or state law to the extent applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and
the Guarantors hereby irrevocably agree that the obligations of each Guarantor will be limited to the maximum amount that 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 X, result in the obligations
of such Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance.

 

Section 10.3.         Execution
and Delivery of Note Guarantee.

 

To evidence its Note Guarantee set forth
in Section 10.1, each Guarantor hereby agrees that this Indenture (or a supplemental indenture substantially in form
of Exhibit D hereof) will be executed on behalf of such Guarantor by one of its Officers.

 

Each Guarantor hereby agrees that its Note
Guarantee set forth in Section 10.1 will remain in full force and effect notwithstanding any absence of a notation
of such Note Guarantee on any Note.

 

If an officer whose signature is on this
Indenture (or a supplemental indenture substantially in form of Exhibit D hereof) no longer holds that office at the
time the Trustee authenticates a Note, the Note Guarantee of such Guarantor shall be valid nevertheless.

 

The delivery of any Note by the Trustee,
after the authentication thereof hereunder, will constitute due delivery of the Note Guarantee set forth in this Indenture on behalf
of the Guarantors.

 

In the event that the Issuer or any of its
Restricted Subsidiaries acquires or creates another Restricted Subsidiary after the Issue Date, the Issuer shall comply with the
provisions of Section 4.9 hereof and this Article X, to the extent applicable.

 

Section 10.4.         Successors
and Assigns.

 

Except as otherwise provided in Section 10.9
hereof, this Article X shall be binding upon the Guarantors and their successors and assigns and shall inure to the
benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights
in accordance with the terms of this Indenture by any Holder or the Trustee, the rights and privileges conferred upon that party
in this Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the
terms and conditions of this Indenture, the Notes and the Note Guarantees.

 

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Section 10.5.         No
Waiver.

 

Neither a failure nor a delay on the part
of either the Trustee or the Holders in exercising any right, power or privilege under this Article X shall operate
as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power
or privilege. The rights, remedies and benefits of the Trustee and the Holders herein expressly specified are cumulative and not
exclusive of any other rights, remedies or benefits which either may have under this Article X at law, in equity, by
statute or otherwise.

 

Section 10.6.         Right
of Contribution.

 

Each Guarantor hereby agrees that to the
extent that a Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Guarantor shall be
entitled to seek and receive contribution from and against any other Guarantor hereunder who has not paid its proportionate share
of such payment. Each Guarantor’s right of contribution shall be subject to the terms and conditions of this Article X.
The provisions of this Section 10.6 shall in no respect limit the obligations and liabilities of any Guarantor to the
Trustee and the Holders and each Guarantor shall remain liable to the Trustee and the Holders for the full amount guaranteed by
such Guarantor hereunder.

 

Section 10.7.         No
Subrogation.

 

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

 

Section 10.8.         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.

 

Section 10.9.         Modification.

 

No modification, amendment or waiver of
any provision of this Article X, nor the consent to any departure by the Guarantors therefrom, shall in any event be
effective unless the same shall be made in accordance with Article IX hereof. No notice to or demand on the Guarantors
in any case shall entitle the Guarantors to any other or further notice or demand in the same, similar or other circumstances.

 

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Section 10.10.       Release
of Note Guarantees.

 

(a)           A
Guarantor will be released from its obligations under its Note Guarantee upon the occurrence of any of the following:

 

(1)           in
the event of (i) a sale or other disposition of all or substantially all of the assets of such Guarantor, by way of consolidation,
merger, amalgamation, dividend, distribution or otherwise, to a Person that is not (either before or after giving effect to such
transaction) the Issuer or a Restricted Subsidiary, provided that upon the completion of such sale or other disposition,
such Guarantor ceases to exist, or (ii) a sale or other disposition of the Capital Stock of such Guarantor such that it ceases
to be a Restricted Subsidiary, in the case of each of the foregoing clauses (i) and (ii) to the extent that such sale
or other disposition is permitted under this Indenture;

 

(2)           the
release or discharge of the guarantee by, or direct obligation of, such Guarantor with respect to its obligations under the First
Lien Term Loan Credit Agreement, except a discharge or release by or a result of payment under such guarantee or direct obligation;

 

(3)           if
such Guarantor is designated as an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture, upon
the effectiveness of such designation;

 

(4)           upon
payment in full in cash of the principal of, accrued and unpaid interest and premium (if any) on, the Notes; or

 

(5)           upon
the Issuer exercising its legal defeasance or covenant defeasance option in accordance with Section 8.1(b) hereof
or the Issuer’s obligations under this Indenture otherwise being discharged in accordance with the terms of this Indenture.

 

(b)           Upon
delivery by the Issuer to the Trustee of an Officer’s Certificate stating that any of the conditions described in Sections
10.10(a)(1) through (a)(5) has occurred, the Trustee shall execute any supplemental indenture or other documents
reasonably requested by the Issuer in order to evidence the release of any Guarantor from its obligations under its Note Guarantee
and this Indenture.

 

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Article XI

COLLATERAL

 

Section 11.1.         Collateral
Documents.

 

The due and punctual payment of the principal
of, premium and interest on the Notes when and as the same shall be due and payable, whether on an Interest Payment Date, at maturity,
by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of, premium and interest on the Notes
and performance of all other Notes Obligations of the Issuer and the Guarantors to the Holders, the Trustee or the Notes Collateral
Agent under this Indenture, the Notes, the Note Guarantees, the First Lien Intercreditor Agreement and the Collateral Documents,
according to the terms hereunder or thereunder, shall be secured as provided in the Collateral Documents, which provide for the
terms of the Liens that secure the Notes Obligations, subject to the terms of the First Lien Intercreditor Agreement. The Trustee,
the Issuer and the Guarantors hereby acknowledge and agree that the Notes Collateral Agent holds the Collateral in trust for the
benefit of the Notes Secured Parties and pursuant to the terms of the Collateral Documents and the First Lien Intercreditor Agreement.
Each Holder, by accepting a Note, consents and agrees to the terms of the Collateral Documents (including the provisions providing
for the possession, use, release and foreclosure of Collateral) and the First Lien Intercreditor Agreement as the same may be in
effect or may be amended from time to time in accordance with their terms and this Indenture, and authorizes and directs the Notes
Collateral Agent to enter into the Collateral Documents and the First Lien Intercreditor Agreement on and after the Issue Date
and to perform its obligations and exercise its rights thereunder in accordance therewith. The Issuer shall deliver to the Notes
Collateral Agent copies of all documents required to be filed pursuant to the Collateral Documents, and will do or cause to be
done all such acts and things as may be reasonably required by the next sentence of this Section 11.1, to assure and confirm
to the Notes Collateral Agent the security interest in the Collateral contemplated hereby, by the Collateral Documents or any part
thereof, as from time to time constituted, so as to render the same available for the security and benefit of this Indenture and
of the Notes secured hereby, according to the intent and purposes herein expressed. On or following the Issue Date and subject
to the First Lien Intercreditor Agreement, the Collateral Documents and this Indenture, the Issuer and the Guarantors shall execute
any and all further documents, financing statements (including continuation statements and amendments to financing statements),
agreements and instruments, and take all further action that may be reasonably required under applicable law, in order to grant,
preserve, maintain, protect and perfect (or continue the perfection of) the validity and priority of the Liens and security interests
created or intended to be created by the Collateral Documents in the Collateral, including by causing the Collateral Requirement
to be and remain satisfied; provided that for so long as there are outstanding any First Lien Revolving Credit Obligations
or First Lien Term Loan Obligations, no actions shall be required to be taken with respect to the perfection of the security interests
in the Collateral to the extent such actions are not required to be taken with respect to the First Lien Revolving Credit Obligations
or First Lien Term Loan Obligations, as applicable. Such security interests and Liens will be created under the Collateral Documents
and other security agreements, mortgages, deeds of trust and other instruments and documents. With respect to Collateral constituting
Material Real Property, the Issuer shall cause the Collateral Requirement to be satisfied within 90 days after the Issue Date.

 

Section 11.2.         Release
of Collateral.

 

(a)           Collateral
may be released from the Lien and security interest created by the Collateral Documents at any time and from time to time in accordance
with the provisions of the Collateral Documents, the First Lien Intercreditor Agreement and this Indenture. Notwithstanding anything
to the contrary in the Collateral Documents, the First Lien Intercreditor Agreement and this Indenture, the Issuer and the Guarantors
will be entitled to the automatic release of property and other assets constituting Collateral from the Liens securing the Notes
and the Notes Obligations under any one or more of the following circumstances:

 

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(1)           to
consummate the sale, transfer or other disposition (including by the termination of capital leases or the repossession of the leased
property in a capital lease by the lessor) of such property or assets (to a Person that is not the Issuer or a Subsidiary of the
Issuer) to the extent not prohibited under Section 4.7;

 

(2)           in
the case of a Guarantor that is released from its Guarantee with respect to the Notes pursuant to this Indenture, the release of
the property and assets of such Guarantor;

 

(3)           upon
the occurrence of a Covenant Suspension Event;

 

(4)           the
release of Excess Proceeds or Collateral Excess Proceeds that remain unexpended after the conclusion of an Asset Sale Offer or
a Collateral Asset Sale Offer conducted in accordance with this Indenture;

 

(5)           if
and to the extent such property constitutes an Excluded Asset; or

 

(6)           as
described under Article IX.

 

(b)           The
Liens on the Collateral securing the Notes and the Note Guarantees also will be released:

 

(1)           upon
payment in full of the principal of, together with accrued and unpaid interest on, the Notes and all other Notes Obligations under
this Indenture, the Note Guarantees and the Collateral Documents that are due and payable at or prior to the time such principal,
together with accrued and unpaid interest;

 

(2)           upon
a legal defeasance or covenant defeasance under this Indenture as described under Article VII, or a discharge of this Indenture
as described under Section 8.1; or

 

(3)           pursuant
to the First Lien Intercreditor Agreement.

 

(c)           With
respect to any release of Collateral, upon receipt of an Officer’s Certificate and an Opinion of Counsel each stating that
all conditions precedent under this Indenture, the Collateral Documents and the First Lien Intercreditor Agreement, as applicable,
to such release have been met and that it is permitted for the Trustee and/or Notes Collateral Agent to execute and deliver the
documents requested by the Issuer in connection with such release and any necessary or proper instruments of termination, satisfaction
or release prepared by the Issuer, the Trustee and the Notes Collateral Agent shall, execute, deliver or acknowledge (at the Issuer’s
expense) such instruments or releases to evidence the release of any Collateral permitted to be released pursuant to this Indenture
or the Collateral Documents or the First Lien Intercreditor Agreement and shall do or cause to be done (at the Issuer’s expense)
all acts reasonably requested of them to release such Lien as soon as is reasonably practicable. Neither the Trustee nor the Notes
Collateral Agent shall be liable for any such release undertaken in reliance upon any such Officer’s Certificate or Opinion
of Counsel, and notwithstanding any term hereof or in any Collateral Document or in the First Lien Intercreditor Agreement to the
contrary, the Trustee and the Notes Collateral Agent shall not be under any obligation to release any such Lien and security interest,
or execute and deliver any such instrument of release, satisfaction or termination, unless and until it receives such Officer’s
Certificate and Opinion of Counsel, upon which it shall be entitled to conclusively rely.

 

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Section 11.3.         Suits
to Protect the Collateral.

 

Subject to the provisions of VII and the
Collateral Documents and the First Lien Intercreditor Agreement, the Trustee may or may direct the Notes Collateral Agent to take
all actions it determines in order to:

 

(a)           enforce
any of the terms of the Collateral Documents; and

 

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

 

Subject to the provisions of the Collateral
Documents and the First Lien Intercreditor Agreement, the Trustee and the Notes Collateral Agent, at the Issuer’s sole cost
and expense, shall have power to institute and to maintain such suits and proceedings as the Trustee may determine to prevent any
impairment of the Collateral by any acts which may be unlawful or in violation of any of the Collateral Documents or this Indenture,
and such suits and proceedings as the Trustee may determine to preserve or protect its interests and the interests of the Holders
in the Collateral. Nothing in this Section 11.3 shall be considered to impose any such duty or obligation to act on the part
of the Trustee or the Notes Collateral Agent.

 

Section 11.4.         Authorization
of Receipt of Funds by the Trustee Under the Collateral Documents.

 

Subject to the provisions of the First Lien
Intercreditor Agreement, the Trustee is authorized to receive any funds for the benefit of the Holders distributed under the Collateral
Documents, and to make further distributions of such funds to the Holders according to the provisions of this Indenture.

 

Section 11.5.         Purchaser
Protected.

 

In no event shall any purchaser in good
faith of any property purported to be released hereunder be bound to ascertain the authority of the Notes Collateral Agent or the
Trustee to execute the applicable release or to inquire as to the satisfaction of any conditions required by the provisions hereof
for the exercise of such authority or to see to the application of any consideration given by such purchaser or other transferee;
nor shall any purchaser or other transferee of any property or rights permitted by this Article XI to be sold be under any
obligation to ascertain or inquire into the authority of the Issuer or the applicable Guarantor to make any such sale or other
transfer.

 

Section 11.6.         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 XI upon the Issuer 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 Issuer or a Guarantor or of
any Officer or Officers thereof required by the provisions of this Article XI; and if the Trustee or Notes 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 Notes Collateral Agent.

 

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Section 11.7.         [Reserved]

 

Section 11.8.         Notes
Collateral Agent.

 

(a)           The
Issuer and each of the Holders by acceptance of the Notes hereby designates and appoints the Notes Collateral Agent as its agent
under this Indenture, the Collateral Documents and the First Lien Intercreditor Agreement, and the Issuer and each of the Holders
by acceptance of the Notes hereby irrevocably authorizes the Notes Collateral Agent to take such action on its behalf under the
provisions of this Indenture, the Collateral Documents and the First Lien Intercreditor Agreement and to exercise such powers and
perform such duties as are expressly delegated to the Notes Collateral Agent by the terms of this Indenture, the Collateral Documents
and the First Lien Intercreditor Agreement, and consents and agrees to the terms of the First Lien Intercreditor Agreement and
each Collateral Document, as the same may be in effect or may be amended, restated, supplemented or otherwise modified from time
to time in accordance with their respective terms. The Notes Collateral Agent agrees to act as such on the express conditions contained
in this Section 11.8. Each Holder agrees that any action taken by the Notes Collateral Agent in accordance with the provision
of this Indenture, the First Lien Intercreditor Agreement and the Collateral Documents, and the exercise by the Notes Collateral
Agent of any rights or remedies set forth herein and therein shall be authorized and binding upon all Holders. Notwithstanding
any provision to the contrary contained elsewhere in this Indenture, the Collateral Documents and the First Lien Intercreditor
Agreement, the duties of the Notes Collateral Agent shall be ministerial and administrative in nature, and the Notes Collateral
Agent shall not have any duties or responsibilities, except those expressly set forth herein and in the Collateral Documents and
the First Lien Intercreditor Agreement to which the Notes Collateral Agent is a party, nor shall the Notes Collateral Agent have
or be deemed to have any trust or other fiduciary relationship with the Trustee, any Holder or any Grantor, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Indenture, the Collateral Documents and
the First Lien Intercreditor Agreement or otherwise exist against the Notes Collateral Agent. Without limiting the generality of
the foregoing sentence, the use of the term “agent” in this Indenture with reference to the Notes Collateral Agent
is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable
law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative
relationship between independent contracting parties.

 

(b)           The
Notes Collateral Agent may perform any of its duties under this Indenture, the Collateral Documents or the First Lien Intercreditor
Agreement by or through receivers, agents, employees, attorneys-in-fact or with respect to any specified Person, such Person’s
Affiliates, and the respective officers, directors, employees, agents, advisors and attorneys-in-fact of such Person and its Affiliates
(a “Related Person”), and shall be entitled to advice of counsel concerning all matters pertaining to such duties,
and shall be entitled to act upon, and shall be fully protected in taking action in reliance upon any advice or opinion given by
legal counsel. The Notes Collateral Agent shall not be responsible for the negligence or misconduct of any receiver, agent, employee,
attorney-in-fact or Related Person that it selects as long as such selection was made in good faith and with due care.

 

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(c)           None
of the Notes Collateral Agent or any of its respective Related Persons shall (i) be liable for any action taken or omitted
to be taken by any of them under or in connection with this Indenture or the transactions contemplated hereby (except for its own
gross negligence or willful misconduct) or under or in connection with any Collateral Document or the First Lien Intercreditor
Agreement or the transactions contemplated thereby (except for its own gross negligence or willful misconduct), or (ii) be
responsible in any manner to any of the Trustee or any Holder for any recital, statement, representation, warranty, covenant or
agreement made by the Issuer or any other Grantor or Affiliate of any Grantor, or any Officer or Related Person thereof, contained
in this Indenture, the Collateral Documents or the First Lien Intercreditor Agreement, or in any certificate, report, statement
or other document referred to or provided for in, or received by the Notes Collateral Agent under or in connection with, this Indenture,
the Collateral Documents or the First Lien Intercreditor Agreement, or the validity, effectiveness, genuineness, enforceability
or sufficiency of this Indenture, the Collateral Documents or the First Lien Intercreditor Agreement, or for any failure of any
Grantor or any other party to this Indenture, the Collateral Documents or the First Lien Intercreditor Agreement to perform its
obligations hereunder or thereunder. None of the Notes Collateral Agent or any of its respective Related Persons shall be under
any obligation to the Trustee or any Holder to ascertain or to inquire as to the observance or performance of any of the agreements
contained in, or conditions of, this Indenture, the Collateral Documents or the First Lien Intercreditor Agreement or to inspect
the properties, books, or records of any Grantor or any Grantor’s Affiliates.

 

(d)           The
Notes Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice,
consent, certificate, affidavit, letter, telegram, facsimile, certification, telephone message, statement, or other communication,
document or conversation (including those by telephone or e-mail) believed by it to be genuine and correct and to have been signed,
sent, or made by the proper Person or Persons, and upon advice and statements of legal counsel (including, without limitation,
counsel to the Issuer or any other Grantor), independent accountants and other experts and advisors selected by the Notes Collateral
Agent. The Notes Collateral Agent shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, or other paper
or document. The Notes Collateral Agent shall be fully justified in failing or refusing to take any action under this Indenture,
the Collateral Documents or the First Lien Intercreditor Agreement unless it shall first receive such advice or concurrence of
the Trustee or the Holders of a majority in aggregate principal amount of the Notes as it determines and, if it so requests, it
shall first be indemnified to its satisfaction by the Holders against any and all liability and expense which may be incurred by
it by reason of taking or continuing to take any such action. The Notes Collateral Agent shall in all cases be fully protected
in acting, or in refraining from acting, under this Indenture, the Collateral Documents or the First Lien Intercreditor Agreement
in accordance with a request, direction, instruction or consent of the Trustee or the Holders of a majority in aggregate principal
amount of the then outstanding Notes and such request and any action taken or failure to act pursuant thereto shall be binding
upon all of the Holders.

 

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(e)           The
Notes Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default, unless
a responsible officer of the Notes Collateral Agent shall have received written notice from the Trustee or the Issuer referring
to this Indenture, describing such Default or Event of Default and stating that such notice is a “notice of default.”
The Notes Collateral Agent shall take such action with respect to such Default or Event of Default as may be requested by the Trustee
in accordance with Article VI or the Holders of a majority in aggregate principal amount of the Notes (subject to this Section 11.8).

 

(f)           The
Notes Collateral Agent may resign at any time by 30 days’ written notice to the Trustee and the Issuer, such resignation
to be effective upon the acceptance of a successor agent to its appointment as Notes Collateral Agent. If the Notes Collateral
Agent resigns under this Indenture, the Issuer shall appoint a successor collateral agent. If no successor collateral agent is
appointed prior to the intended effective date of the resignation of the Notes Collateral Agent (as stated in the notice of resignation),
the Trustee, at the direction of the Holders of a majority of the aggregate principal amount of the Notes then outstanding, may
appoint a successor collateral agent, subject to the consent of the Issuer (which consent shall not be unreasonably withheld and
which shall not be required during a continuing Event of Default). If no successor collateral agent is appointed and consented
to by the Issuer pursuant to the preceding sentence within thirty (30) days after the intended effective date of resignation (as
stated in the notice of resignation) the Notes Collateral Agent shall be entitled to petition a court of competent jurisdiction
to appoint a successor. Upon the acceptance of its appointment as successor collateral agent hereunder, such successor collateral
agent shall succeed to all the rights, powers and duties of the retiring Notes Collateral Agent, and the term “Notes Collateral
Agent” shall mean such successor collateral agent, and the retiring Notes Collateral Agent’s appointment, powers and
duties as the Notes Collateral Agent shall be terminated. After the retiring Notes Collateral Agent’s resignation hereunder,
the provisions of this Section 11.8 (and Section 7.6) shall continue to inure to its benefit and the retiring Notes Collateral
Agent shall not by reason of such resignation be deemed to be released from liability as to any actions taken or omitted to be
taken by it while it was the Notes Collateral Agent under this Indenture.

 

(g)           Computershare
Trust Company, N.A. shall initially act as Notes Collateral Agent and shall be authorized to appoint co-Notes Collateral Agents
as necessary in its sole discretion. Except as otherwise explicitly provided herein or in the Collateral Documents or the First
Lien Intercreditor Agreement, neither the Notes Collateral Agent nor any of its respective officers, directors, employees or agents
or other Related Persons shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay
in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any other Person
or to take any other action whatsoever with regard to the Collateral or any part thereof. The Notes Collateral Agent shall be accountable
only for amounts that it actually receives as a result of the exercise of such powers, and neither the Notes Collateral Agent nor
any of its officers, directors, employees or agents shall be responsible for any act or failure to act hereunder, except for its
own gross negligence or willful misconduct.

 

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(h)           The
Notes Collateral Agent is authorized and directed to (i) enter into the Collateral Documents to which it is party, whether
executed on or after the Issue Date, (ii) enter into the Joinder Agreement, (iii) make the representations of the Holders
set forth in the Collateral Documents and First Lien Intercreditor Agreement, (iv) bind the Holders on the terms as set forth
in the Collateral Documents and the First Lien Intercreditor Agreement and (v) perform and observe its obligations under the
Collateral Documents and the First Lien Intercreditor Agreement.

 

(i)            If
at any time or times the Trustee shall receive (i) by payment, foreclosure, set-off or otherwise, any proceeds of Collateral
or any payments with respect to the Notes Obligations arising under, or relating to, this Indenture, except for any such proceeds
or payments received by the Trustee from the Notes Collateral Agent pursuant to the terms of this Indenture, or (ii) payments
from the Notes Collateral Agent in excess of the amount required to be paid to the Trustee pursuant to Article VII, the Trustee
shall promptly turn the same over to the Notes Collateral Agent, in kind, and with such endorsements as may be required to negotiate
the same to the Notes Collateral Agent such proceeds to be applied by the Notes Collateral Agent pursuant to the terms of this
Indenture, the Collateral Documents and the First Lien Intercreditor Agreement.

 

(j)            The
Notes Collateral Agent is each Holder’s agent for the purpose of perfecting the Holders’ security interest in assets
which, in accordance with Article 9 of the Uniform Commercial Code or the PPSA, as applicable, can be perfected only by possession.
Should the Trustee obtain possession of any such Collateral, upon request from the Issuer, the Trustee shall notify the Notes Collateral
Agent thereof and promptly shall deliver such Collateral to the Notes Collateral Agent or otherwise deal with such Collateral in
accordance with the Notes Collateral Agent’s instructions.

 

(k)           The
Notes Collateral Agent shall have no obligation whatsoever to the Trustee or any of the Holders to assure that the Collateral exists
or is owned by any Grantor or is cared for, protected, or insured or has been encumbered, or that the Notes Collateral Agent’s
Liens have been properly or sufficiently or lawfully created, perfected, protected, maintained or enforced or are entitled to any
particular priority, or to determine whether all of the Grantor’s property constituting Collateral intended to be subject
to the Lien and security interest of the Collateral Documents has been properly and completely listed or delivered, as the case
may be, or the genuineness, validity, marketability or sufficiency thereof or title thereto, or to exercise at all or in any particular
manner or under any duty of care, disclosure, or fidelity, or to continue exercising, any of the rights, authorities, and powers
granted or available to the Notes Collateral Agent pursuant to this Indenture, any Collateral Document or the First Lien Intercreditor
Agreement other than pursuant to the instructions of the Trustee or the Holders of a majority in aggregate principal amount of
the Notes or as otherwise provided in the Collateral Documents. Neither the Trustee nor the Notes Collateral Agent shall have any
duty or obligation to monitor the condition, financial or otherwise, of any Grantor.

 

(l)            If
the Issuer or any Guarantor (i) incurs any First Lien Obligations at any time when no applicable intercreditor agreement is
in effect or at any time when Indebtedness constituting First Lien Obligations entitled to the benefit of an existing intercreditor
agreement is concurrently retired, and (ii) delivers to the Notes Collateral Agent an Officer’s Certificate so stating
and requesting the Notes Collateral Agent to enter into an intercreditor agreement (on substantially the same terms as the First
Lien Intercreditor Agreement) in favor of a designated agent or representative for the holders of the First Lien Obligations so
incurred, together with an Opinion of Counsel, the Holders acknowledge and agree that the Notes Collateral Agent shall (and is
hereby authorized and directed to) enter into such intercreditor agreement (at the sole expense and cost of the Issuer, including
legal fees and expenses of the Notes Collateral Agent), bind the Holders on the terms set forth therein and perform and observe
its obligations thereunder; provided that neither an Officer’s Certificate nor an Opinion of Counsel shall be required
in connection with the Joinder Agreement to be entered into by the Notes Collateral Agent on the Issue Date.

 

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(m)          No
provision of this Indenture, the First Lien Intercreditor Agreement or any Collateral Document shall require the Notes Collateral
Agent (or the Trustee) to expend or risk its own funds or otherwise incur any financial liability in the performance of any of
its duties hereunder or thereunder or to take or omit to take any action hereunder or thereunder or take any action at the request
or direction of Holders (or the Trustee in the case of the Notes Collateral Agent) unless it shall have received indemnity satisfactory
to the Notes Collateral Agent and the Trustee against potential costs and liabilities incurred by the Notes Collateral Agent relating
thereto. Notwithstanding anything to the contrary contained in this Indenture, the First Lien Intercreditor Agreement or the Collateral
Documents, in the event the Notes Collateral Agent is entitled or required to commence an action to foreclose or otherwise exercise
its remedies to acquire control or possession of the Collateral, the Notes Collateral Agent shall not be required to commence any
such action or exercise any remedy or to inspect or conduct any studies of any property under the mortgages or take any such other
action if the Notes Collateral Agent has determined that the Notes Collateral Agent may incur personal liability as a result of
the presence at, or release on or from, the Collateral or such property, of any hazardous substances. The Notes Collateral Agent
shall at any time be entitled to cease taking any action described in this clause if it no longer reasonably deems any indemnity,
security or undertaking from the Issuer or the Holders to be sufficient.

 

(n)           The
Notes Collateral Agent (i) shall not be liable for any action taken or omitted to be taken by it in connection with this Indenture,
the First Lien Intercreditor Agreement and the Collateral Documents or instrument referred to herein or therein, except to the
extent that any of the foregoing are found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted
from its own gross negligence or willful misconduct, (ii) shall not be liable for interest on any money received by it except
as the Notes Collateral Agent may agree in writing with the Issuer (and money held in trust by the Notes Collateral Agent need
not be segregated from other funds except to the extent required by law) and (iii) may consult with counsel of its selection
and the advice or opinion of such counsel as to matters of law shall be full and complete authorization and protection from liability
in respect of any action taken, omitted or suffered by it in good faith and in accordance with the advice or opinion of such counsel.
The grant of permissive rights or powers to the Notes Collateral Agent shall not be construed to impose duties to act.

 

(o)           Neither
the Notes Collateral Agent nor the Trustee shall be liable for delays or failures in performance resulting from acts beyond its
control. Such acts shall include but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental
regulations superimposed after the fact, fire, communication line failures, computer viruses, power failures, earthquakes or other
disasters. Neither the Notes Collateral Agent nor the Trustee shall be liable for any indirect, special, punitive, incidental or
consequential damages (included but not limited to lost profits) whatsoever, even if it has been informed of the likelihood thereof
and regardless of the form of action.

 

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(p)           The
Notes Collateral Agent does not assume any responsibility for any failure or delay in performance or any breach by the Issuer or
any other Grantor under this Indenture, the First Lien Intercreditor Agreement and the Collateral Documents. The Notes Collateral
Agent shall not be responsible to the Holders or any other Person for any recitals, statements, information, representations or
warranties contained in this Indenture, the Collateral Documents, the First Lien Intercreditor Agreement, any Notes or in any certificate,
report, statement, or other document referred to or provided for in, or received by the Notes Collateral Agent under or in connection
with, this Indenture, the First Lien Intercreditor Agreement or any Collateral Document; the execution, validity, genuineness,
effectiveness or enforceability of this Indenture, the First Lien Intercreditor Agreement and any Collateral Documents of any other
party thereto; the genuineness, enforceability, collectability, value, sufficiency, location or existence of any Collateral, or
the validity, effectiveness, enforceability, sufficiency, extent, perfection or priority of any Lien therein; the validity, enforceability
or collectability of any Notes Obligations; the assets, liabilities, financial condition, results of operations, business, creditworthiness
or legal status of any obligor; or for any failure of any obligor to perform its Notes Obligations under this Indenture, the First
Lien Intercreditor Agreement and the Collateral Documents. The Notes Collateral Agent shall have no obligation to any Holder or
any other Person to ascertain or inquire into the existence of any Default or Event of Default, the observance or performance by
any obligor of any terms of this Indenture, the First Lien Intercreditor Agreement and the Collateral Documents, or the satisfaction
of any conditions precedent contained in this Indenture, the First Lien Intercreditor Agreement and any Collateral Documents. The
Notes Collateral Agent shall not be required to initiate or conduct any litigation or collection or other proceeding under this
Indenture, the First Lien Intercreditor Agreement and the Collateral Documents unless expressly set forth hereunder or thereunder.
The Notes Collateral Agent shall have the right at any time to seek instructions from the Holders with respect to the administration
of this Indenture, the Collateral Documents and the First Lien Intercreditor Agreement.

 

(q)           The
parties hereto and the Holders hereby agree and acknowledge that neither the Notes Collateral Agent nor the Trustee shall assume,
be responsible for or otherwise be obligated for any liabilities, claims, causes of action, suits, losses, allegations, requests,
demands, penalties, fines, settlements, damages (including foreseeable and unforeseeable), judgments, expenses and costs (including
but not limited to, any remediation, corrective action, response, removal or remedial action, or investigation, operations and
maintenance or monitoring costs, for personal injury or property damages, real or personal) of any kind whatsoever, pursuant to
any environmental law as a result of this Indenture, the First Lien Intercreditor Agreement, the Collateral Documents or any actions
taken pursuant hereto or thereto. Further, the parties hereto and the Holders hereby agree and acknowledge that in the exercise
of its rights under this Indenture, the First Lien Intercreditor Agreement and the Collateral Documents, the Notes Collateral Agent
may hold or obtain indicia of ownership primarily to protect the security interest of the Notes Collateral Agent in the Collateral
and that any such actions taken by the Notes Collateral Agent shall not be construed as or otherwise constitute any participation
in the management of such Collateral. In the event that the Notes Collateral Agent or the Trustee is required to acquire title
to an asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any fiduciary or
trust obligation for the benefit of another, which in the Notes Collateral Agent or the Trustee’s sole discretion may cause
the Notes Collateral Agent or the Trustee to be considered an “owner or operator” under the provisions of the Comprehensive
Environmental Response, Compensation and Liability Act (“CERCLA”), 42 U.S.C. §9601, et seq., or otherwise
cause the Notes Collateral Agent or the Trustee to incur liability under CERCLA or any other federal, state, provincial or local
law, the Notes Collateral Agent and the Trustee each reserves the right, instead of taking such action, to either resign as the
Notes Collateral Agent or the Trustee or arrange for the transfer of the title or control of the asset to a court-appointed receiver.
Neither the Notes Collateral Agent nor the Trustee shall be liable to the Issuer, the Guarantors or any other Person for any environmental
claims or contribution actions under any federal, state, provincial or local law, rule or regulation by reason of the Notes
Collateral Agent or the Trustee’s actions and conduct as authorized, empowered and directed hereunder or relating to the
discharge, release or threatened release of hazardous materials into the environment. If at any time it is necessary or advisable
for property to be possessed, owned, operated or managed by any Person (including the Notes Collateral Agent or the Trustee) other
than the Issuer or the Guarantors, Holders of a majority in aggregate principal amount of the then outstanding Notes shall direct
the Notes Collateral Agent or the Trustee to appoint an appropriately qualified Person (excluding the Notes Collateral Agent or
the Trustee) who they shall designate to possess, own, operate or manage, as the case may be, the property.

 

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(r)            Upon
the receipt by the Notes Collateral Agent of a written request of the Issuer signed by an Officer (a “Collateral Document
Order”), the Notes Collateral Agent is hereby authorized to execute and enter into, and shall execute and enter into,
without the further consent of any Holder or the Trustee, any Collateral Document or amendment or supplement thereto to
be executed after the Issue Date. Such Collateral Document Order shall (i) state that it is being delivered to the
Notes Collateral Agent pursuant to, and is a Collateral Document Order referred to in, this Section 11.08(r), and (ii) instruct
the Notes Collateral Agent to execute and enter into such Collateral Document. Any such execution of a Collateral Document
shall be at the direction and expense of the Issuer, upon delivery to the Notes Collateral Agent of an Officer’s Certificate
and Opinion of Counsel stating that all conditions precedent to the execution and delivery of the Collateral Document have
been satisfied. The Holders, by their acceptance of the Notes, hereby authorize and direct the Notes Collateral Agent to execute
such Collateral Documents.

 

(s)           Subject
to the provisions of the applicable Collateral Documents and the First Lien Intercreditor Agreement, each Holder, by acceptance
of the Notes, agrees that the Notes Collateral Agent shall execute and deliver the First Lien Intercreditor Agreement and the Collateral
Documents to which it is a party and all agreements, documents and instruments incidental thereto, and act in accordance with the
terms thereof. For the avoidance of doubt, the Notes Collateral Agent shall have no discretion under this Indenture, the First
Lien Intercreditor Agreement or the Collateral Documents and shall not be required to make or give any determination, consent,
approval, request or direction without the written direction of the Holders of a majority in aggregate principal amount of the
then outstanding Notes or the Trustee, as applicable.

 

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(t)            After
the occurrence and during the continuance of an Event of Default, the Trustee, acting at the direction of the Holders of a majority
of the aggregate principal amount of the Notes then outstanding, may direct the Notes Collateral Agent in connection with any action
required or permitted by this Indenture, the Collateral Documents or the First Lien Intercreditor Agreement.

 

(u)           The
Notes Collateral Agent is authorized to receive any funds for the benefit of itself, the Trustee and the Holders distributed under
the Collateral Documents or the First Lien Intercreditor Agreement and to the extent not prohibited under the First Lien Intercreditor
Agreement, for turnover to the Trustee to make further distributions of such funds to itself, the Trustee and the Holders in accordance
with the provisions of Section 6.10 and the other provisions of this Indenture.

 

(v)           In
each case that the Notes Collateral Agent may or is required hereunder or under any Collateral Document or the First Lien Intercreditor
Agreement to take any action (an “Action”), including without limitation to make any determination, to give
consents, to exercise rights, powers or remedies, to release or sell Collateral or otherwise to act hereunder or under any Collateral
Document or the First Lien Intercreditor Agreement, the Notes Collateral Agent may seek direction from the Holders of a majority
in aggregate principal amount of the then outstanding Notes. The Notes Collateral Agent shall not be liable with respect to any
Action taken or omitted to be taken by it in accordance with the direction from the Holders of a majority in aggregate principal
amount of the then outstanding Notes. If the Notes Collateral Agent shall request direction from the Holders of a majority in aggregate
principal amount of the then outstanding Notes with respect to any Action, the Notes Collateral Agent shall be entitled to refrain
from such Action unless and until the Notes Collateral Agent shall have received direction from the Holders of a majority in aggregate
principal amount of the then outstanding Notes, and the Notes Collateral Agent shall not incur liability to any Person by reason
of so refraining.

 

(w)          Notwithstanding
anything to the contrary in this Indenture or in any Collateral Document or the First Lien Intercreditor Agreement, in no event
shall the Notes Collateral Agent or the Trustee be responsible for, or have any duty or obligation with respect to, the recording,
filing, registering, perfection, protection or maintenance of the security interests or Liens intended to be created by this Indenture,
the Collateral Documents or the First Lien Intercreditor Agreement (including without limitation the filing or continuation of
any UCC or PPSA financing or continuation statements or similar documents or instruments), nor shall the Notes Collateral Agent
or the Trustee be responsible for, and neither the Notes Collateral Agent nor the Trustee makes any representation regarding, the
validity, effectiveness or priority of any of the Collateral Documents or the First Lien Intercreditor Agreement or the security
interests or Liens intended to be created thereby.

 

(x)           Before
the Notes Collateral Agent acts or refrains from acting in each case at the request or direction of the Issuer or the Guarantors,
it may require an Officer’s Certificate and an Opinion of Counsel, which shall conform to the provisions of Section 12.4.
The Notes Collateral Agent shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate
or opinion.

 

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(y)            Notwithstanding
anything to the contrary contained herein, the Notes Collateral Agent shall act pursuant to the instructions of the Holders and
the Trustee solely with respect to the Collateral Documents and the Collateral.

 

(z)            The
rights, privileges, benefits, immunities, indemnities and other protections given to the Trustee are extended to, and shall be
enforceable by, the Notes Collateral Agent as if the Notes Collateral Agent were named as the Trustee herein and the Collateral
Documents were named as this Indenture herein.

 

Article XII

MISCELLANEOUS

 

Section 12.1.          Notices.

 

Any notice or communication shall be in
writing in the English language and delivered in person or mailed by first-class mail, facsimile or overnight air courier guaranteeing
next day delivery, addressed as follows (unless the Issuer and the Trustee agree to another method of delivery):

 

if to the Issuer or the Guarantors:

 

GFL Environmental Inc.

100 New Park Place, Suite 500

Vaughan, Ontario L4K 0H9

Canada

Attention: Patrick Dovigi

Email: pdovigi@gflenv.com

Facsimile: (416) 673-9385

 

if to the Trustee or the Notes Collateral
Agent:

 

Computershare Trust Company, N.A.

8742 Lucent Boulevard, Suite 225, Highlands Ranch, CO 80129

Attention: Corporate Trust Department – GFL

Email: corporate.trust@computershare.com; jerry.urbanek@computershare.com Facsimile: (303) 262-0608

 

with a copy to:

 

Computershare Trust Company, N.A.

480 Washington Boulevard, Jersey City, NJ 07310

Attention: General Counsel

Facsimile: (201) 680-4610

 

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The Issuer or the Guarantors, by notice
to the Trustee, or the Trustee or the Notes Collateral Agent by notice to the Issuer and the Guarantors, may designate additional
or different addresses for subsequent notices or communications.

 

Any notice or communication to a Holder
shall be delivered to the Holder at the Holder’s address as it appears on the registration books of the Registrar 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. Notwithstanding any other provisions of this Indenture or any Note, where
this Indenture or any Note provides for notice of any event (including any notice of redemption) to a Holder of a Global Note (whether
by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Note (or its designee) pursuant
to the customary procedures of such Depositary.

 

All notices and communications shall be
deemed to have been duly given; at the time delivered by hand, if personally delivered; five (5) Business Days after being
deposited in the mail, postage prepaid, if mailed; (other than those sent to Holders) when confirmation is received, if facsimiled;
and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery.

 

Failure to deliver a notice or communication
to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is
delivered in the manner provided above, it is duly given, whether or not the addressee receives it.

 

Section 12.2.          Communication
by Holders with Other Holders.

 

Holders may communicate with other Holders
with respect to their rights under this Indenture or the Notes pursuant to the Trust Indenture Act Section 312(b) with
the same effect as if this Indenture were qualified under the Trust Indenture Act.

 

Section 12.3.          Certificate
and Opinion as to Conditions Precedent.

 

Upon any request or application by the Issuer
to the Trustee to take or refrain from taking any action under this Indenture or any Collateral Document, the Issuer shall furnish
to the Trustee or, if such action relates to a Collateral Document, the Notes Collateral Agent: (i) an Officer’s Certificate
(which shall include the statements set forth in Section 12.4 hereof) stating that, in the opinion of the signers,
all conditions precedent, if any, provided for in this Indenture or such Collateral Document, as applicable, relating to the proposed
action have been complied with; and (ii) an Opinion of Counsel (which shall include the statements set forth in Section 12.4
hereof) stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

 

Section 12.4.          Statements
Required in Certificate or Opinion.

 

Each certificate or opinion with respect
to compliance with a covenant or condition provided for in this Indenture shall include: (i) a statement that the individual
making such certificate or opinion has read such covenant or condition; (ii) a brief statement as to the nature and scope
of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (iii) a
statement that, in the opinion of such individual, he has made such examination or investigation as is necessary to enable him
to express an informed opinion as to whether or not such covenant or condition has been complied with; and (iv) a statement
as to whether or not, in the opinion of such individual, such covenant or condition has been complied with.

 

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Section 12.5.          When
Notes Disregarded.

 

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

 

Section 12.6.          Legal
Holidays.

 

A “Legal Holiday” is
a day that is not a Business Day. Notwithstanding any other provisions of this Indenture, the Notes, the Collateral Documents or
the Note Guarantees, if a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal
Holiday, and no interest shall accrue for the intervening period. If a record date is a Legal Holiday, the record date shall not
be affected.

 

Section 12.7.          Governing
Law; Submission to Jurisdiction.

 

(a)            THIS
INDENTURE, THE NOTES AND THE NOTE GUARANTEES ARE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

(b)            The
Issuer, each of the Guarantors and the Trustee agree that any suit, action or proceeding arising out of or based upon this Indenture,
the Notes or the Note Guarantees may be instituted in any State or U.S. federal court located in The City of New York and County
of New York, and waives any objection that such party may now or hereafter have to the laying of venue of any such proceeding,
and irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. Nothing in this Indenture,
the Notes or the Collateral Documents shall affect any right that the Trustee, the Notes Collateral Agent or any Holder may otherwise
have to bring any suit, action or proceeding relating to this Indenture, the Notes, any Collateral Document, the Guarantees or
the transactions contemplated hereby against the Issuer or any Guarantor or its properties in the courts of any jurisdiction.

 

    	 	165	 

     

    

 

(c)            The
Issuer has appointed Corporation Services Company, located at 1180 Avenue of the Americas, Suite 210, New York, New York 10036-8401,
United States, and each Guarantor incorporated, formed or otherwise organized outside of the United States (the “Foreign
Guarantors”) has appointed GFL Environmental USA Inc., located at 26999 Central Park Blvd., Suite 200, Southfield,
Michigan 48076, as their respective authorized agents (each, an “Authorized Agent”) upon whom process may be
served in any such action arising out of or based on this Indenture, the Notes, the Collateral Documents, the Note Guarantees or
the transactions contemplated hereby or thereby that may be instituted in any federal or state court in the Borough of Manhattan
in the City of New York, New York, expressly consents to the jurisdiction of any such court in respect of any such action, and
waives any other requirements of or objections to personal jurisdiction with respect thereto. Such appointment shall be irrevocable.
The Issuer represents and warrants that its Authorized Agent has agreed to act as such agent for service of process and agrees
to take any and all action, including the filing of any and all documents and instruments, which may be necessary to continue such
appointment in full force and effect as stated above. Service of process upon the Issuer’s Authorized Agent and written notice
of such service to the Issuer shall be deemed, in every respect, effective service of process upon the Issuer. Service of process
upon a Foreign Guarantor’s Authorized Agent and written notice of such service to such Foreign Guarantor shall be deemed,
in every respect, effective service of process upon such Foreign Guarantor.

 

Section 12.8.          Waiver
of Jury Trial.

 

EACH OF THE ISSUER, THE GUARANTORS, THE
TRUSTEE AND THE NOTES COLLATERAL AGENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

Section 12.9.          Force
Majeure.

 

In no event shall the Trustee or the Notes
Collateral Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out
of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss
or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee
shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances.

 

Section 12.10.         No
Personal Liability of Directors, Officers, Employees and Shareholders.

 

No past, present or future director, officer,
employee, incorporator, member, partner, trustee, beneficiary or shareholder of the Issuer, any Guarantor or any of their Affiliates,
as such, will have any liability for any obligations of the Issuer or any Guarantor under the Notes, this Indenture, or the Note
Guarantees, the Collateral Documents, or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for
issuance of the Notes.

 

    	 	166	 

     

    

 

Section 12.11.         Successors.

 

All agreements of the Issuer and (except
as otherwise provided in Section 10.9 hereof) the Guarantors in this Indenture, the Notes, the Collateral Documents and the
Note Guarantees shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successors.

 

Section 12.12.         Multiple
Originals; Counterparts.

 

The parties may sign any number of copies
of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy
is enough to prove this Indenture. This Indenture may be executed in multiple counterparts which, when taken together, shall constitute
one instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for
all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures
for all purposes. The words “execution,” “signed,” “signature,” “delivery,” and
words of like import in or relating to this Indenture or any document to be signed in connection with this Indenture shall be deemed
to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be 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, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

 

Section 12.13.         Severability.

 

In case any provision in this Indenture
or in the Notes or the Collateral Documents or the Note Guarantees is invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions will not in any way be affected or impaired thereby.

 

Section 12.14.         Table
of Contents; Headings.

 

The table of contents, cross-reference sheet
and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended
to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof.

 

Section 12.15.         No
Adverse Interpretation of Other Agreements.

 

This Indenture may not be used to interpret
any other indenture, loan or debt agreement of the Issuer or its Subsidiaries or of any other Person. Any such indenture, loan
or debt agreement may not be used to interpret this Indenture.

 

Section 12.16.         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 the Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders
in person or by agents duly appointed in writing, and may be given or obtained in connection with a purchase of, or tender offer
or exchange offer for, outstanding Notes; and, except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuer. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any
such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Issuer if made
in the manner provided in this Section 12.6.

 

    	 	167	 

     

    

 

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

 

(c)            Notwithstanding
anything to the contrary contained in this Section 12.6, the principal amount and serial numbers of Notes held by any
Holder, and the date of holding the same, shall be proved by the register of the Notes maintained by the Registrar as provided
in Section 2.3.

 

(d)            If
the Issuer shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act,
the Issuer may, at its option, by or pursuant to a resolution of its Board of Directors, fix in advance a record date for the determination
of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Issuer
shall have no obligation to do so. Such record date shall be the record date specified in or pursuant to such Board Resolution,
which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith
or the date of the most recent list of Holders forwarded to the Trustee prior to such solicitation pursuant to Section 2.5
and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at
the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the
requisite proportion of the then outstanding Notes have authorized or agreed or consented to such request, demand, authorization,
direction, notice, consent, waiver or other Act, and for that purpose the then outstanding Notes shall be computed as of such record
date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective
unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the record date.

 

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

 

    	 	168	 

     

    

 

(f)            Without
limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Note may do so itself
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.

 

(g)            For
purposes of this Indenture, any action by the Holders which may be taken in writing may be taken by electronic means or as otherwise
reasonably acceptable to the Trustee.

 

Section 12.17.         Indemnification
for Non-U.S. Dollar Currency Judgments.

 

(a)            The
obligations of the Issuer or any Guarantor to any Holder of Notes or the Trustee shall, notwithstanding any judgment in a currency
(the “Judgment Currency”) other than U.S. dollars (the “Agreement Currency”), be discharged
only to the extent that on the first Business Day following receipt by such Holder of Notes or the Trustee, as the case may be,
of any amount in the Judgment Currency, such Holder of Notes or the Trustee may in accordance with normal banking procedures purchase
the Agreement Currency with the Judgment Currency in New York, New York. If the amount of the Agreement Currency that could be
so purchased is less than the amount originally to be paid to such Holder of Notes or the Trustee, as the case may be, in the Agreement
Currency, the Issuer and each Guarantor agrees, as a separate obligation and notwithstanding such judgment, to pay to such Holder
of Notes or the Trustee, as the case may be, the difference, and if the amount of the Agreement Currency that could be so purchased
exceeds the amount originally to be paid to such Holder of Notes or the Trustee, as the case may be, such Holder of Notes or the
Trustee, as the case may be, agrees to pay to or for the account of the Issuer such excess, provided that such Holder of
Notes or the Trustee, as the case may be, shall not have any obligation to pay any such excess as long as a default by the Issuer
or any Guarantor in its obligations in respect of its obligations to pay when due any principal of, or interest, premium, if any,
liquidated damages, if any, or Additional Amounts, if any, on the Notes, or any other amounts due under this Indenture or the Note
Guarantees has occurred and is continuing, in which case such excess may be applied by such Holder of Notes or the Trustee, as
the case may be, to such payment obligations.

 

(b)            The
provisions of this Section 12.17 shall apply irrespective of any indulgence granted to the Issuer or any Guarantor
from time to time and shall continue in full force and effect notwithstanding any payment by or on behalf of the Issuer or any
Guarantor, and any amount due from the Issuer under this Section 12.17 will be due as a separate payment and shall
not be affected by any judgment obtained or claims made for any other sums due under or in respect of this Indenture.

 

Section 12.18.         Interest
Act (Canada).

 

Solely for purposes of disclosure under
the Interest Act (Canada), the yearly rate of interest to which interest is calculated under a Note for any period in any calendar
year (the “Calculation Period”) is equivalent to the rate payable under a Note in respect of the Calculation
Period multiplied by a fraction the numerator of which is the actual number of days in such calendar year and the denominator of
which is the actual number of days in the Calculation Period.

 

    	 	169	 

     

    

 

[Signatures on following pages]

 

    	 	170	 

     

    

 

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

 

	GFL ENVIRONMENTAL INC.	 
	 	 
	By:	/s/ Patrick Dovigi	 
	 	Name:	Patrick Dovigi	 
	 	Title:	President and Chief Executive Officer	 

 

[Signature
Page to Secured Notes Indenture]

 

    	 	 	 

     

    

 

1248544 ONTARIO LTD.

1877984 ONTARIO INC.

2191660 ONTARIO INC.

2481638 ONTARIO INC.

ACCUWORX INC.

ALPINE DISPOSAL, INC.

ALPINE HOLDINGS, INC.

BALDWIN PONTIAC LLC

BESTWAY RECYCLING, INC.

BLACK CREEK RENEWABLE ENERGY, LLC

ETC OF GEORGIA, LLC

FIVE PART DEVELOPMENT, LLC

GFL EARTH SERVICES, INC.

GFL ENVIRONMENTAL HOLDINGS (US), INC.

GFL ENVIRONMENTAL INC. 2020

GFL ENVIRONMENTAL REAL PROPERTY, INC.

GFL ENVIRONMENTAL RECYCLING SERVICES LLC

GFL ENVIRONMENTAL SERVICES USA, INC.

GFL ENVIRONMENTAL USA INC.

GFL HOLDCO (US), LLC

GFL INFRASTRUCTURE GROUP INC.

GFL MARITIMES INC.

GFL NORTH MICHIGAN LANDFILL, LLC

HAW RIVER LANDCO, LLC

L&L DISPOSAL, LLC

LAKEWAY LANDCO, LLC

LAKEWAY SANITATION & RECYCLING C&D, LLC

LAKEWAY SANITATION & RECYCLING MSW, LLC

LAURENS COUNTY LANDFILL, LLC

MID CANADA ENVIRONMENTAL SERVICES LTD.

MOUNTAIN STATES PACKAGING, LLC

NORTH ANDREWS EMPLOYMENT PARK, LLC

OPTIMUM ENVIRONMENTAL CORP.

PONDEROSA LANDCO, LLC

RED ROCK DISPOSAL, LLC

SAFEGUARD LANDFILL MANAGEMENT, LLC

SAMPSON COUNTY DISPOSAL, LLC

SMITHRITE EQUIPMENT PAINTING & REPAIR LTD.

SOIL SAFE OF CALIFORNIA, INC.

SOIL SAFE, INC.

SOUTH ANDREWS EMPLOYMENT PARK, LLC

SOUTHEASTERN DISPOSAL, LLC

TRANSWASTE SERVICES, LLC

URBAN POLYMERS INC.

WAKE COUNTY DISPOSAL, LLC

WAKE RECLAMATION, LLC

 

[Signature
Page to Indenture]

 

    	 	 	 

     

    

 

WASTE INDUSTRIES ATLANTA, LLC

WASTE INDUSTRIES OF DELAWARE, LLC

WASTE INDUSTRIES OF MARYLAND, LLC

WASTE INDUSTRIES OF PENNSYLVANIA, LLC

WASTE INDUSTRIES OF TENNESSEE, LLC

WASTE INDUSTRIES RENEWABLE ENERGY, LLC

WASTE INDUSTRIES USA, LLC

WASTE INDUSTRIES, LLC

WASTE SERVICES OF DECATUR, LLC

WI BURNT POPLAR TRANSFER, LLC

WI HIGH POINT LANDFILL, LLC

WI SHILOH LANDFILL, LLC

WI TAYLOR COUNTY DISPOSAL, LLC

WILMINGTON LANDCO, LLC

WRANGLER BUYER LLC

WRANGLER FINANCE CORP.

WRANGLER HOLDCO CORP.

WRANGLER INTERMEDIATE LLC

WRANGLER SUPER HOLDCO CORP.

CWV Holdco, Inc.

County Waste, LLC

County Waste of
Pennsylvania, LLC

County Waste Southwest
Virginia, LLC

County Waste Fredericksburg,
LLC

J&E Recycling,
LLC

County Recycling,
LLC

Earl Holdings, LLC

Mead Holdings, LLC

County Waste of
Virginia, LLC

Wexford County Landfill,
LLC

Wexford Water Technologies,
LLC

American Waste, Inc.

American Waste Transfer
Station, LLC

Hazar-Bestos Corporation

Northern A-1 Industrial
Services, L.L.C.

EMA Development,
LLC

Northeastern Environmental,
LLC

SWD Specialties,
LLC

Northeastern Exploration, Inc

 

	By:	/s/ Patrick Dovigi	 
	 	Name:	Patrick Dovigi	 
	 	Title:	President  	 

 

[Signature
Page to Indenture]

 

    	 	 	 

     

    

 

	MOUNT ALBERT PIT INC.

TOTTENHAM AIRFIELD CORPORATION INC.	 
	 	 
	By:	/s/ John Bailey	 
	 	Name:	John Bailey	 
	 	Title:	 President	 

 

[Signature
Page to Indenture]

 

    	 	 	 

     

    

 

	 	COMPUTERSHARE TRUST COMPANY, N.A.,
 as Trustee  
	 	 
	 	By:	/s/ Jerry Urbanek
	 	 	Name:	Jerry Urbanek
	 	 	Title:	Corporate Trust Manager, Trust Officer
	 	 	 	 
	 	COMPUTERSHARE TRUST COMPANY, N.A.,
 as Collateral Agent  
	 	 
	 	By:	/s/ Jerry Urbanek
	 	 	Name:	Jerry Urbanek
	 	 	Title:	Corporate Trust Manager, Trust Officer

 

[Signature
Page to Indenture]

 

    	 	 	 

     

    

 

SCHEDULE I

 

MATERIAL REAL PROPERTY

 

		1.	5 Brydon Drive, Toronto, ON

 

		2.	1070 Toy Avenue, Pickering, ON

 

		3.	560 Seaman Street, Stoney Creek, ON

 

		4.	39-41 Fenmar Drive, Toronto, ON

 

		5.	8409 15 St. NW, Edmonton, AB

 

		6.	6200 Elmridge, 6237, 6301, 6329 and 6363 Sims Drive, Sterling Heights, Michigan

 

    	 	 	 

     

    

 

EXHIBIT A

 

[FACE OF NOTE]

 

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

 

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

 

[Insert the ERISA Legend]

 

[Insert the Canadian Legend, if applicable
pursuant to the provisions of the Indenture]

 

    	 	A-1	 

     

    

 

GFL ENVIRONMENTAL INC.

 

[RULE 144A][REGULATION S] [GLOBAL] NOTE

Representing [up to]

US$[___________]

3.750% SENIOR SECURED NOTES DUE 2025

 

CUSIP NO [36168QAK0]1

 

[C39217AJ0]2

 

	No.	Initial Principal Amount
US$

 

GFL ENVIRONMENTAL
INC., a corporation organized under the laws of the Province of Ontario, promises to pay to            ,
or registered assigns, the principal sum of                 U.S.
dollars on August 1, 2025 [, or such other principal amount as is indicated on the attached schedule]3.

 

Interest Payment Dates: February 1
and August 1, commencing February 1, 2021.

 

Record Dates: January 15 and July 15.

 

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

 

 

1 For Securities sold in reliance
on Rule 144A.

2 For Securities sold in reliance
on Regulation S.

3 For Global Securities.

 

    	 	A-2	 

     

    

 

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be duly executed. Dated:               ,
20

 

	 	GFL ENVIRONMENTAL INC.
	 	 
	 	By:	                                        
	 	 	Name:
	 	 	Title:

 

    	 	A-3	 

     

    

 

This is one of the Notes referred to in
the within-mentioned Indenture:

 

Dated:            ,
20

 

	 	COMPUTERSHARE TRUST COMPANY, N.A., as Trustee
	 	 
	 	By:	                                    
	 	 	Name:
	 	 	Title:

 

    	 	A-4	 

     

    

 

[BACK OF NOTE]

GFL ENVIRONMENTAL INC.

3.750% SENIOR SECURED NOTES DUE 2025

 

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

 

1.            Interest.
GFL Environmental Inc., a corporation organized under the laws of the Province of Ontario (such Person, and its respective successors
and assigns under the Indenture hereinafter referred to, being herein called the “Issuer”), promises to pay
interest on the outstanding principal amount of this Note at the rate of 3.750% per annum from August 24, 20201
until maturity. The Issuer will pay interest semi-annually in arrears on February 1 and August 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”);
provided, that the first Interest Payment Date will be February 1, 2021. 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
if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to
on the face hereof and the next succeeding Interest Payment Date, interest will accrue from such next succeeding Interest Payment
Date. The Issuer will pay, to the extent lawful, interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue principal and premium, if any, at the rate then in effect; it will pay, to the extent lawful, interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable
grace periods) from time to time on demand at the same rate as on overdue principal. Interest will be computed on the basis of
a 360-day year of twelve 30-day months. Solely for purposes of disclosure under the Interest Act (Canada), the yearly rate of interest
to which interest is calculated under a Note for any period in any calendar year (the “Calculation Period”)
is equivalent to the rate payable under a Note in respect of the Calculation Period multiplied by a fraction the numerator of which
is the actual number of days in such calendar year and the denominator of which is the actual number of days in the Calculation
Period.

 

2.            Method
of Payment. The Issuer 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 January 15 or July 15 next preceding the Interest Payment Date, even if such
Notes are cancelled after such record date and on or before such Interest Payment Date, except as provided in Section 2.11
of the Indenture with respect to Defaulted Interest. The Notes will be payable as to principal, premium, if any, and interest by,
in the case of Notes represented by the Global Notes, wire transfer of immediately available funds to the accounts specified by
The Depository Trust Company or its nominee and, in the case of Definitive Notes, wire transfer of immediately available funds
to the accounts specified by the Holders of the Notes or, if no such account is specified, by mailing a check to each such Holder
at its address set forth in the register of Holders. Such payment will be in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private debts. Holders must surrender their Notes to the Paying
Agent to collect payments of principal and premium, if any.

 

 

1 In the case of Notes issued on the Issue Date.

 

    	 	A-5	 

     

    

 

3.            Paying
Agent and Registrar. Initially, Computershare Trust Company, N.A. will act as Paying Agent and Registrar. The Issuer may appoint
and change any Paying Agent or Registrar without prior notice to any Holder, and the Issuer or any of its Subsidiaries may act
as Paying Agent or Registrar, all in accordance with the Indenture.

 

4.            Indenture.
The Issuer issued the Notes under an Indenture, dated as of August 24, 2020 (as amended, supplemented or otherwise modified
from time to time, the “Indenture”), among the Issuer, the Guarantors and Computershare Trust Company, N.A.,
as the Trustee and Notes Collateral Agent. 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 (to the extent permitted by law). The Notes are secured obligations
of the Issuer. The Issuer initially has issued US$750,000,000 in aggregate principal amount of Notes. The Issuer may issue Additional
Notes under the Indenture, subject to Section 4.3 of the Indenture.

 

5.            Optional
Redemption.

 

(a)          On
or after August 1, 2022, the Issuer may, on any one or more occasions, redeem all or a part of the Notes at any time or from
time to time, at the Redemption Prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest
thereon, if any, on the Notes redeemed, to, but excluding, the applicable Redemption Date (subject to the right of Holders of record
on the relevant Record Date to receive interest due on an Interest Payment Date falling on or prior to the Redemption Date), if
redeemed during the twelve-month period beginning on August 1 of the years indicated below:

 

	Year	 	 	Percentage	 
	2022	 	 	 	101.875	%
	2023	 	 	 	100.938	%
	2024 and thereafter	 	 	 	100.000	%

 

(b)          At
any time prior to August 1, 2022, the Issuer may on any one or more occasions redeem up to an aggregate of 40% of the aggregate
principal amount of Notes (including, for greater certainty, any Additional Notes) then outstanding under the Indenture at a Redemption
Price (as calculated by the Issuer) equal to (i) 103.750% of the aggregate principal amount thereof, with an amount equal
to or less than the net cash proceeds from one or more Equity Offerings to the extent such net cash proceeds are received by or
contributed to the Issuer plus (ii) accrued and unpaid interest thereon, if any, to, but excluding, the Redemption Date (subject
to the right of Holders of record on the relevant Record Date to receive interest due on an Interest Payment Date that is on or
prior to the Redemption Date); provided that: (1) at least 50% of the aggregate principal amount of the Notes originally
issued under the Indenture on the Issue Date remain outstanding immediately after the occurrence of such redemption (but excluding
any Additional Notes issued under the Indenture after the Issue Date); and (2) each such redemption occurs within 180 days
of the date of the closing of any such Equity Offering.

 

    	 	A-6	 

     

    

 

(c)          In
addition, at any time prior to August 1, 2022, the Issuer may on any one or more occasions redeem all or a part of the Notes
at a Redemption Price equal to the sum of: (i) 100% of the principal amount thereof, plus (ii) the Applicable Premium
at the Redemption Date, plus (iii) accrued and unpaid interest, if any, to, but excluding, the applicable Redemption Date
(subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment
Date falling on or prior to the Redemption Date).

 

 

(d)          If,
as a result of:

 

		(1)	any amendment to, or change in, the laws or treaties (or regulations or rulings promulgated thereunder) of any Relevant Taxing
Jurisdiction which is announced and becomes effective on or after the Issue Date (or, where a jurisdiction in question does not
become a Relevant Taxing Jurisdiction until a later date, such later date); or

 

		(2)	any amendment to, or change in, the existing official position or the introduction of an official position regarding the application,
interpretation, administration or assessing practices of any such laws, regulations or rulings of any Relevant Taxing Jurisdiction,
or a judicial decision rendered by a court of competent jurisdiction (whether or not made, taken or reached with respect to the
Issuer or any of the Guarantors) which is announced and becomes effective on or after the Issue Date (or, where a jurisdiction
in question does not become a Relevant Taxing Jurisdiction until a later date, such later date),

 

the Issuer or any Guarantor has become or
will become obligated to pay, on the next date on which any amount would be payable with respect to the Notes or a Note Guarantee,
as applicable, Additional Amounts or indemnification payments as described under Section 4.21 of the Indenture with respect
to the Relevant Taxing Jurisdiction, which payment the Issuer or the Guarantor cannot avoid with the use of reasonable measures
available to it (including making payment through a paying agent located in another jurisdiction), then the Issuer may, at its
option, redeem all but not less than all of the Notes, upon not more than 60 days’ notice prior to the earliest date on which
the Issuer or a Guarantor, as applicable, would be required to pay such Additional Amounts or indemnification payments, at a redemption
price of 100% of their principal amount, plus accrued and unpaid interest, if any, to the redemption date. Prior to the giving
of any notice of redemption described in Section 3.8 of the Indenture, the Issuer will deliver to the Trustee a written opinion
of independent legal counsel to the Issuer or the Guarantor, as applicable, of recognized standing to the effect that the Issuer
or the Guarantor, as applicable, has or will become obligated to pay such Additional Amounts or indemnification payments as a result
of an amendment or change as set forth in Section 3.8 of the Indenture.

 

(e)          The
Issuer may redeem all of the Notes that remain outstanding, at the Redemption Price and subject to the terms and conditions, set
forth in Section 4.11(i) of the Indenture.

 

Unless the Issuer defaults in the payment
of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable
redemption date.

 

    	 	A-7	 

     

    

 

 

Except as set forth in paragraph 6, the
Issuer is not required to make mandatory redemption or sinking fund payments with respect to the Notes.

 

6.            Mandatory
Redemption.

 

Except as provided in the Indenture, the
Issuer shall not be required to make any mandatory or sinking fund payments with respect to the Notes.

 

7.            Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in minimum denominations of US$2,000 and integral multiples
of US$1,000 in excess thereof. The Issuer shall notify the Trustee and any Holder promptly of a change to the minimum denomination
of any Notes. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar or
the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer
may require a Holder to pay any tax or similar charge or other fee required by law and payable in connection therewith or permitted
by the Indenture. The Issuer is not required to exchange or register the transfer of any Note or portion of a Note selected for
redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Issuer is not required to exchange
or register the transfer of any Notes for a period of 15 days before the day of any selection of Notes to be redeemed or during
the period between a record date and the corresponding Interest Payment Date.

 

8.            Persons
Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. Only registered Holders shall
have rights hereunder.

 

9.            Amendment,
Supplement and Waiver. Subject to certain exceptions, the Indenture, the Notes and the Collateral Documents may be amended
or supplemented with the written consent of the Holders of at least a majority in outstanding principal amount of the Notes, and
any existing Default or compliance with any provision of the Indenture, the Notes, the Note Guarantees or the Collateral Documents
may be waived with the written consent of the Holders of at least a majority in outstanding principal amount of the Notes. Without
the consent of any Holder of a Note, the Indenture, the Notes, the Note Guarantees or the Collateral Documents may be amended or
supplemented with respect to certain matters specified in the Indenture.

 

10.          Defaults.
If an Event of Default shall occur and be continuing, the principal of all the Notes may be declared (or will become) due and payable
in the manner and with the effect provided in the Indenture.

 

11.          Defeasance.
The Indenture contains provisions for defeasance of (i) the entire indebtedness of the Issuer on this Note and (ii) certain
restrictive covenants and the related Events of Default, subject to compliance by the Issuer with certain conditions set forth
in the Indenture, which provisions apply to this Note.

 

12.          Note
Guarantees. The Issuer’s obligations under the Notes are fully and unconditionally guaranteed, jointly and severally,
by the Guarantors.

 

    A-8

     

    

 

13.          Authentication.
This Note will not be valid until authenticated by the manual or electronic signature of the Trustee or an Authenticating Agent.

 

14.          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).

 

15.          Governing
Law. THE INDENTURE, THIS NOTE AND THE NOTE GUARANTEES ARE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK.

 

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

 

The Issuer will furnish to any Holder upon
written request and without charge a copy of the Indenture.** Requests may be made to:

 

GFL Environmental Inc.

100 New Park Place, Suite 500

Vaughan, Ontario L4K 0H9

Canada

Attention: Patrick Dovigi

 

17.          Security.
The Notes and the Note Guarantees will be secured by the Collateral on the terms and subject to the conditions set forth in the
Indenture and the Collateral Documents. The Trustee and the Notes Collateral Agent, as the case may be, hold the Collateral in
trust for the benefit of the Notes Secured Parties, in each case pursuant to the Collateral Documents and the First Lien Intercreditor
Agreement. Each Holder, by accepting this Note, consents and agrees to the terms of the Collateral Documents (including the provisions
providing for the foreclosure and release of Collateral) and the First Lien Intercreditor Agreement, each as may be in effect or
may be amended from time to time in accordance with their terms and the Indenture, and authorizes and directs the Notes Collateral
Agent to enter into the Collateral Documents and the First Lien Intercreditor Agreement on the Issue Date, and the Collateral Documents
at any time after the Issue Date, if applicable, and to perform its obligations and exercise its rights thereunder in accordance
therewith.

 

 

*
Delete for Additional Securities.

 

    A-9

     

    

 

ASSIGNMENT FORM

 

	To assign this Note, fill in the form below:
	 
	(I) or (we) assign and transfer this Note to:	 
	(Insert assignee’s legal name)

 

	 
	(Insert assignee’s soc. sec. or tax I. D. no.)

 

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

 

	and irrevocably appoint_______________________________________________________________________________________________________

 

to transfer this Note on the books of the Issuer. The agent
may substitute another to act for him.

 

	Date:	 	Your Signature:	 
	 	 	 	 
	 	 	 	(Sign exactly as your name appears on the face of
this Note)

 

Signature Guarantee:**__________________

 

 

		*	Participant in a recognized Signature Guarantee Medallion
Program (or other signature guarantor acceptable to the Trustee).

 

    A-10

     

    

 

Option of Holder to Elect Purchase

 

If you want to elect to have this Note purchased
by the Issuer pursuant to Section 4.7 or Section 4.11 of the Indenture, check the appropriate box below:

 

 ̈         Section 4.7           ̈         Section 4.11

 

If you want to elect to have only part of
this Note purchased by the Issuer pursuant to Section 4.7 or Section 4.11 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)

 

Tax Identification No.:___________________

 

If Note is held through a custodian, name of the custodian through
which the Note is held:

 

Name of Beneficial Holder: ___________________________________________

 

DTC Custodian’s Name: _____________________________________________

 

DTC Custodian’s Participant Number:_______________

 

Custodian Contact Name: ______________________________________

Address:

Phone Number:

Email Address:

 

Signature Guarantee:** __________

 

 

		*	Signature must be guaranteed by a participant in a recognized
Signature Guarantee Medallion Program (or other signature guarantor program acceptable to the Trustee).

    A-11

     

    

 

[TO BE ATTACHED TO GLOBAL NOTES]

 

SCHEDULE OF EXCHANGES OF INTERESTS IN
THE GLOBAL NOTE

 

The initial outstanding principal amount
of this Global Note is US$___________. The following increases or decreases in this Global Note have been made:

 

	
        Date
        of

 Exchange
	
        Amount
        of

 Decrease in

 Principal

 Amount of this

 Global Note
	
        Amount
        of 

Increase in

 Principal 

Amount of this

 Global Note
	
        Principal

        Amount of this

 Global Note

 Following such

 Decrease or

 Increase
	
        Signature
        of

 Authorized 

Officer of 

Trustee or

 Notes

 Custodian

	 	 	 	 	 

 

    A-12

     

    

 

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

GFL Environmental Inc.

100 New Park Place, Suite 500

Vaughan, Ontario L4K 0H9

Canada

 

Computershare Trust Company, N.A.

8742 Lucent Boulevard, Suite 225, Highlands Ranch, CO 80129

Attention: Corporate Trust Department – GFL

 

Re: GFL Environmental Inc. 3.750% Senior Secured Notes due 2025

 

CUSIP

 

Reference is hereby made to the Indenture,
dated as of August 24, 2020 (as amended, supplemented or otherwise modified from time to time, the “Indenture”),
among GFL Environmental Inc. (the “Issuer”), the guarantors named therein and Computershare Trust Company, N.A.,
as trustee and as notes 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 beneficial interest in such Note[s] in the principal amount of $             (the
“Transfer”), to           (the “Transferee”).
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 Restricted Definitive Note pursuant to Rule 144A.
The Transfer is being effected pursuant to and in accordance with Rule 144A under the 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 Global Note or a Restricted Definitive Note pursuant
to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person
in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such
Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States
or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither
such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States,
(ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements
of the Securities Act and (iv) if the 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 Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject
to the restrictions on transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted
Definitive Note and in the Indenture and the Securities Act.

 

    B-1

     

    

 

3.            ̈       Check
if Transferee will take delivery of a beneficial interest in a Restricted 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 (other than Rule 144A or Regulation S) and any applicable blue sky securities
laws of any state of the United States.

 

4.            ̈       Check
if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note.

 

(a)          ̈       Check
if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with
Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in
the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed
on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

 

(b)          ̈       Check
if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903
or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable
blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of
the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will
no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global
Notes, on Restricted Definitive Notes and in the Indenture.

 

    B-2

     

    

 

(c)          ̈       Check
if Transfer is Pursuant to Other Exemption. (i) The Transfer is requirements of the Securities Act other than Rule 144,
Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue
sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and
the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the
proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not
be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or
Restricted Definitive Notes and in the Indenture.

 

This certificate and the statements contained
herein are made for your benefit and the benefit of the Issuer.

 

	 	
	 	[Insert Name of Transferor]

 

	 	By:	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

Dated:

 

    B-3

     

    

 

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

 

GFL Environmental Inc.

100 New Park Place, Suite 500

Vaughan, Ontario L4K 0H9

Canada

 

Computershare Trust Company, N.A.

8742 Lucent Boulevard, Suite 225, Highlands Ranch, CO 80129

Attention: Corporate Trust Department – GFL

 

Re: GFL Environmental Inc. 3.750% Senior Secured Notes due 2025

 

CUSIP

 

Reference is hereby made to the Indenture,
dated as of August 24, 2020 (as amended, supplemented or otherwise modified from time to time, the “Indenture”),
among GFL Environmental Inc. (the “Issuer”), the guarantors named therein and Computershare Trust Company, N.A.,
as trustee and as notes 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 beneficial interest in such Note[s] specified herein, in the principal amount of $                   (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 Securities Act of 1933, as amended (the
“Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted
Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

(b)          ̈       Check
if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby
certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired
in compliance with any applicable blue sky securities laws of any state of the United States.

 

    C-1

     

    

 

(c)          ̈       Check
if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the
Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant
to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest
is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

(d)          ̈       Check
if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange
of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive
Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities
Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with
any applicable blue sky securities laws of any state of the United States.

 

2.            Exchange
of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial
Interests in Restricted Global Notes

 

(a)          ̈       Check
if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange
of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount,
the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer.
Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued
will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Definitive Note and in the Indenture and the Securities Act.

 

(b)          ̈       Check
if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange
of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] ̈  144A Global Note,  ̈
Regulation S Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance
with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance
with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.

 

    C-2

     

    

 

This certificate and the statements contained
herein are made for your benefit and the benefit of the Issuer.

 

	 	 
	 	[Insert Name of Transferor]

 

	 	By:	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

Dated:

 

    C-3

     

    

 

EXHIBIT D

 

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 

SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of [           ], 20__, among [Name of Subsequent
Guarantor(s)] (the “New Guarantor”), a subsidiary of GFL Environmental Inc., a corporation organized under the
laws of the Province of Ontario [or its permitted successor] (the “Issuer”), the Issuer and Computershare Trust
Company, N.A., a national banking association, as trustee under the Indenture referred to herein (the “Trustee”)
and as notes collateral agent under the Indenture referred to herein (the “Notes Collateral Agent”). The New
Guarantor and the existing Guarantors are sometimes referred to collectively herein as the “Guarantors,” or
individually as a “Guarantor.”

 

W I T N E S S E T H

 

WHEREAS, the Issuer and the existing Guarantors
have heretofore executed and delivered to the Trustee an indenture, dated as of August 24, 2020, among the Issuer, the Guarantors
named therein and the Trustee (as further amended, supplemented or otherwise modified from time to time, the “Indenture”),
relating to the 3.750% Senior Secured Notes due 2025 (the “Notes”) of the Issuer;

 

WHEREAS, Section 4.9 of the
Indenture in certain circumstances requires the Issuer to cause a Restricted Subsidiary (i) to become a Guarantor by executing
a supplemental indenture and (ii) to deliver an Officer’s Certificate and Opinion of Counsel to the Trustee as provided
in such Section; and

 

WHEREAS, pursuant to Section 9.1
of the Indenture, the Issuer and the Trustee and Notes Collateral Agent are authorized to execute and deliver this Supplemental
Indenture to amend or supplement the Indenture without the consent of any Holder;

 

NOW THEREFORE, to comply with the provisions
of the Indenture and 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 as follows:

 

1.            Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to
them in the Indenture.

 

2.            Agreement
to Guarantee. The New Guarantor hereby agrees, jointly and severally, with all other Guarantors,
to unconditionally Guarantee to each Holder and to the Trustee the Obligations, to the extent set forth in the Indenture and subject
to the provisions in the Indenture. The obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the
Note Guarantees and the Indenture are expressly set forth in Article X of the Indenture and reference is hereby made
to the Indenture for the precise terms of the Note Guarantees.

 

    D-1

     

    

 

3.            Execution
and Delivery. The New Guarantor agrees that its Note Guarantee shall remain in full force
and effect notwithstanding the absence of an endorsement of any notation of such Note Guarantee on any Note.

 

4.            Governing
Law. THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE NOTES AND THE NOTE GUARANTEES ARE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

5.            Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. This Supplemental Indenture may be executed in multiple counterparts which, when taken together,
shall constitute one instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile
or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and
may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile
or PDF shall be deemed to be their original signatures for all purposes.

 

6.            Effect
of Headings. The Section headings herein are for convenience only and shall not affect
the construction hereof.

 

7.            The
Trustee and the Notes Collateral Agent. Except as otherwise expressly provided herein, no
duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee or the Notes Collateral
Agent by reason of this Supplemental Indenture. This Supplemental Indenture is executed and accepted by the Trustee and Notes Collateral
Agent subject to all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions
were repeated at length herein and made applicable to the Trustee and the Notes Collateral Agent, as applicable, with respect hereto.

 

8.            Benefits
Acknowledged. The New Guarantor’s Note Guarantee is subject to the terms and conditions
set forth in the Indenture. The New Guarantor 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.

 

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

 

    D-2

     

    

 

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

 

Dated:    ,
20__

 

	 	[NEW GUARANTOR]

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    D-3

     

    

 

	 	GFL ENVIRONMENTAL INC.

 

	 	By:	 
	 	 	 Name:
	 	 	 Title:

 

	 	COMPUTERSHARE TRUST COMPANY, N.A., as Trustee
    and Notes Collateral Agent
	 	 
	 	 
	 	Authorized Signatory    

 

    D-4

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