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Exhibit 10.1

CLARIVATE PLC
2019 INCENTIVE AWARD PLAN
PERFORMANCE SHARE UNIT GRANT NOTICE – TSR
Capitalized terms not specifically defined in this Performance Share Unit Grant Notice (the “Grant Notice”) have the meanings given to them in the 2019 Incentive Award Plan (as amended from time to time, the “Plan”) of Clarivate plc (the “Company”).
The Company has granted to the participant listed below (“Participant”) the Restricted Share Units described in this Grant Notice which vest based on the achievement of performance criteria (the “PSUs”), subject to the terms and conditions of the Plan, the Performance Share Unit Agreement attached as Exhibit A (the “Agreement”), and the Global Appendix (the “Appendix”), all of which are incorporated into this Grant Notice by reference.  
						
	Participant:	%%FIRST_NAME%-%  %%LAST_NAME%-%
	Grant Date:	%%OPTION_DATE,'Month DD, YYYY'%-%
	Number of PSUs granted at “Target” performance level (Target Number of Units Granted):	%%TOTAL_SHARES_GRANTED,'999,999,999'%-%
	Vesting Schedule:	PSUs shall vest as set forth in Article II of the Agreement
	Performance Measures	Three-Year Relative TSR, as set forth in Article II of the Agreement

By Participant’s submission of electronic acceptance or, if required by Applicable Laws, by the Participant’s signature, Participant agrees to be bound by the terms of this Grant Notice, the Plan, the Agreement and the Appendix.  Participant has reviewed the Plan, this Grant Notice, the Agreement and the Appendix in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice, the Agreement and the Appendix.  Participant hereby agrees to accept as final and binding all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice, the Agreement or the Appendix. 
    

EXHIBIT A
TO PERFORMANCE SHARE UNIT GRANT NOTICE
PERFORMANCE SHARE UNIT AGREEMENT
Capitalized terms not specifically defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan.
ARTICLE I.
GENERAL
						
	Section 1.1	Award of PSUs and Dividend Equivalents.

(a)  The Company has granted the PSUs to Participant effective as of the grant date set forth in the Grant Notice (the “Grant Date”).  Each PSU represents the right to receive one Share as set forth in this Agreement.  Participant will have no right to the distribution of any Shares until the time (if ever) the PSUs have vested in accordance with the terms of this Agreement.
(b)  The Company hereby grants to Participant, with respect to each PSU, a Dividend Equivalent for ordinary cash or Share dividends paid to substantially all holders of outstanding Shares with a record date after the Grant Date and prior to the date the applicable PSU is settled, forfeited, or otherwise expires. Each Dividend Equivalent entitles Participant to receive the equivalent value of any such ordinary cash or Share dividend paid on a single Share. Dividend Equivalents shall be paid in the form of Shares to Participant on the date on which the Shares underlying the PSUs are distributed to Participant based on the Company’s actual achievement of the Performance Objectives for the full Performance Period; provided that no Dividend Equivalents shall be payable with respect to any PSUs that are forfeited. In the case of ordinary Share dividends, the number of Dividend Equivalents will equal the number of Shares Participant would have received on the applicable dividend payment date with respect to the number of Shares underlying the unvested PSUs on such date. In the case of ordinary cash dividends, the number of Dividend Equivalents will equal the number of Shares the Participant would have received if the amount of cash was reinvested in Shares on the applicable dividend payment date with respect to the number of Shares underlying the unvested PSUs on such date. Dividend Equivalents will vest or be forfeited, as applicable, upon the vesting or forfeiture of the PSU with respect to which the Dividend Equivalent relates.  No fractional Shares will be issued as Dividend Equivalents, with the result being that the calculation of Dividend Equivalents will be rounded down.
						
	Section 1.2	No Rights as a Shareholder. 

Participant shall have no voting rights or any other rights as a shareholder of the Company with respect to the PSUs unless and until Participant becomes the record owner of the Shares underlying the PSUs.
						
	Section 1.3	Incorporation of Terms of Plan.

The PSUs are subject to the terms and conditions set forth in this Agreement, the Appendix and the Plan, which is incorporated herein by reference.  In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control.
						
	Section 1.4	Unsecured Promise.

    
    

The PSUs and Dividend Equivalents will at all times prior to settlement represent an unsecured Company obligation payable only from the Company’s general assets.
ARTICLE II.
VESTING; FORFEITURE AND SETTLEMENT

						
	Section 2.1	Vesting; Forfeiture.

(a)  Vesting.  Subject to Sections 2.1(e) and 2.1(f) below, to the extent the performance objectives described in Section 2.1(b) below (collectively, the “Performance Objectives”) are satisfied as of the conclusion of the performance period for the PSUs (such period, the “Performance Period”), the PSUs will thereafter become vested and free of restrictions in accordance with Sections 2.1(c) and 2.1(d) below. The Performance Period begins January 1, 2020 and ends on December 31, 2022.
(b)  Performance Objectives.  The Administrator has established Performance Objectives for the PSUs to be the total shareholder return (“TSR”) of the Company compared to the companies that are included in the Standard & Poor’s 500 Index (the “S&P 500 Index”) at the beginning of the Performance Period (“Three-Year TSR”). The numerical goals for Three-Year TSR will be provided to Participant in a separate written communication from the Company (the “Metrics Summary”).
(i) “TSR Rank” for the Performance Period means the aggregate TSR of Company Shares over the Performance Period compared to the TSR over the same period for companies that are included in the Standard & Poor’s 500 Index (the S&P 500 Index) at the beginning of the Performance Period. For purposes of the determination of TSR Rank hereunder, whether companies in the S&P 500 Index that undergo corporate transactions or otherwise experience significant corporate changes during the Performance Period remain in the S&P 500 Index will be determined as follows:

•S&P Company 1 merges with or acquires S&P Company 2, where S&P Company 1 is surviving entity = S&P Company 1 stays, S&P Company 2 is removed
•S&P Company merges with or acquires another S&P Company, where entirely new company is established = Administrator's discretion
•S&P Company merges with or acquires a Non-S&P Company, where S&P Company is surviving entity = S&P Company stays
•S&P Company merges with or acquires a Non-S&P Company, where S&P Company is not surviving entity = S&P Company is removed
•S&P Company declares Bankruptcy = S&P Company stays with TSR of -100%
•S&P Company spins out a portion of business, but Parent Company remains the same S&P Company = S&P Company stays with Reinvested Dividend
•S&P Company spins out a portion of business, and spun out entity replaces S&P Company = Surviving S&P Company stays
•S&P Company's Ticker Changes = S&P Company stays

TSR will be calculated using a beginning price equal to the average price of Company Shares and the S&P 500 Index over the period of twenty (20) trading days immediately prior to January 1, 2020 and an ending price equal to the average price over the period of twenty (20) trading days immediately prior to December 31, 2022, and accounting for reinvestment of any dividends over this period. For purposes of this provision, TSR will be calculated using the average of the closing prices for the applicable periods.

(ii) “Target Number of Units Granted” means the number of PSUs granted at “Target” performance level as stated in the Grant Notice. The Target Number of Units Granted represents Shares that will be earned should the Company’s TSR Rank achieve the Target performance level 

    
    

and the Participant remains employed through the Determination Date, except as otherwise provided in Section 2.1(c)(ii) below.

(c)  Performance-Based Vesting.
 
(i) Subject to Subsection 2.1(c)(ii) and Section 2.1(d) below, the PSUs that will vest and become free of restrictions following the conclusion of the Performance Period will be calculated as set forth on Exhibit B attached hereto. The calculation provided on Exhibit B may allow for the partial or full vesting of the PSUs based upon the level of achievement of the Performance Objectives.

(ii) Notwithstanding anything to the contrary in this Agreement, the Appendix or the Grant Notice, to the extent the Restricted Share Units which vest based on the achievement of performance criteria that were awarded to the Participant pursuant to that certain Performance Share Unit Grant Notice, dated [●] (the “Prior Grant”), vest in accordance with the terms of the Prior Grant (including, for the avoidance of doubt, as a result of Sections 2.1(e) or 2.1(f) of the Prior Grant) or vest pursuant to Section 8.2 of the Plan, no PSUs will vest and all PSUs will immediately and automatically be cancelled and forfeited.

(d)  Administrator Determination.  Subject to Section 2.1(c)(ii) above, the PSUs will vest and become free of restrictions on the date the Administrator determines in writing that the Performance Objectives were, in fact, satisfied, which determination will be made on such date specified by the Administrator, but in no event more than ninety (90) days after the last day of the Performance Period (such date, the “Determination Date”).

(e)  Termination of Service.  Subject to Section 2.1(f), in the event of Participant’s Termination of Service prior to the Determination Date for any reason, including, for the avoidance of doubt, Participant’s death or Disability, all unvested PSUs will immediately and automatically be cancelled and forfeited. In addition, in the event of the Participant’s Termination of Service by the Company or any Subsidiary for Cause, the Administrator, in its discretion, may immediately and automatically cancel all vested PSUs for no consideration and, in such event, any Shares or any amounts or benefits arising from the PSUs held by the Participant shall be returned to the Company.
(f)  Change in Control.
(i) Subject to subsection (iii), below, in the event of a Change in Control (as defined below) that is not a Liquidity Event, the Administrator may provide for treatment in accordance with Section 8.2 of the Plan; provided that any treatment provided under Section 8.2(a) – (e) of the Plan shall be taken to the extent as if all Performance Objectives had been fully satisfied at Maximum performance.

(ii) If, within twelve (12) months following a Change in Control (as defined below) that is not a Liquidity Event, the PSUs (or a substitute award) remain outstanding and the Participant incurs a Termination of Service without Cause (including, for the avoidance of doubt, due to death or Disability), all unvested PSUs (or a substitute award) shall become immediately vested in full and all restrictions shall lapse upon such Termination of Service to the extent as if all Performance Objectives had been fully satisfied at Maximum performance. Notwithstanding the forgoing, to the extent the Prior Grant vests pursuant to Section 2.1(f) of the Prior Grant, no PSUs will vest and all PSUs will immediately and automatically be cancelled and forfeited.

(iii) In the event the Prior Grant vests or remains eligible to vest following a Change in Control (as defined below) that is not a Liquidity Event pursuant to the terms of the Prior Grant and/or Section 8.2 of the Plan, 
no PSUs will vest and all PSUs will immediately and automatically be cancelled and forfeited.

For purposes of this Agreement, “Change in Control” means the occurrence of any one or more of the following events:

    
    

(i) any person (as defined in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, “Person”), other than (A) any employee plan established by the Company or any Subsidiary, (B) the Company or any of its affiliates, (C) an underwriter temporarily holding securities pursuant to an offering of such securities, or (D) an entity owned, directly or indirectly, by shareholders of the Company in substantially the same proportions as their ownership of the Company, is (or becomes, during any 12-month period) the beneficial owner (as defined in Rule 13d-3 under the Exchange Act, “Beneficial Owner”), directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its affiliates other than in connection with the acquisition by the Company or its affiliates of a business) representing 50% or more of the total voting power of the stock of the Company; provided that the provisions of this subsection (i) are not intended to apply to or include as a Change in Control any transaction that is specifically excepted from the definition of Change in Control under subsection; (iii) below;

(ii) a change in the composition of the Board such that, during any 12-month period, the individuals who, as of the beginning of such period, constitute the Board (the “Existing Board”) cease for any reason to constitute at least 50% of the Board; provided, however, that any individual becoming a member of the Board subsequent to the beginning of such period whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the Directors immediately prior to the date of such appointment or election shall be considered as though such individual were a member of the Existing Board; provided further, that, notwithstanding the foregoing, no individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 or Regulation 14A promulgated under the Exchange Act or successor statutes or rules containing analogous concepts) or other actual or threatened solicitation of proxies or consents by or on behalf of an individual, corporation, partnership, group, associate or other entity or Person other than the Board, shall in any event be considered to be a member of the Existing Board;

(iii) the consummation of a merger, amalgamation or consolidation of the Company with any other corporation or other entity, or the issuance of voting securities in connection with such a transaction pursuant to applicable stock exchange requirements; provided that immediately following such transaction the voting securities of the Company outstanding immediately prior thereto do not continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity of such transaction or parent entity thereof) 50% or more of the total voting power and total fair market value of the Company’s stock (or, if the Company is not the surviving entity of such merger or consolidation, 50% or more of the total voting power and total fair market value of the stock of such surviving entity or parent entity thereof); and provided, further, that such a transaction effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its affiliates other than in connection with the acquisition by the Company or its affiliates of a business) representing 50% or more of either the then-outstanding Shares or the combined voting power and total fair market value of the Company’s then-outstanding voting securities shall not be considered a Change in Control; or

(iv) the sale or disposition by the Company of all or substantially all of the Company’s assets in which any Person acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person) assets from the Company that have a total gross fair market value equal to more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions.

 
Notwithstanding the foregoing, (A) no Change in Control shall be deemed to have occurred if there is consummated any transaction or series of integrated transactions immediately following which the record 

    
    

holders of the Shares immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns substantially all of the assets of the Company immediately prior to such transaction or series of transactions and (B) no Change in Control shall be deemed to have occurred upon the acquisition of additional control of the Company by any Person that is considered to effectively control the Company.  In no event will a Change in Control be deemed to have occurred if any Participant is part of a “group” within the meaning of Section 13(d)(3) of the Exchange Act that effects a Change in Control.  Notwithstanding the foregoing or any provision of this Agreement to the contrary, for any Award that provides for accelerated distribution on a Change in Control of amounts that constitute “deferred compensation” (as defined in Section 409A of the Code), if the event that constitutes such Change in Control does not also constitute a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the Company’s assets (in either case, as defined in Section 409A of the Code), such amount shall not be distributed on such Change in Control but instead shall vest as of such Change in Control and shall be distributed on the scheduled payment date specified in the applicable Award Agreement, except to the extent that earlier distribution would not result in the Participant who holds such Award incurring interest or additional tax under Section 409A of the Code.
						
	Section 2.2	Settlement.

PSUs and Dividend Equivalents (including any Dividend Equivalent Account balance) will be paid in Shares at the Company’s option as soon as administratively practicable after the vesting of the applicable PSU, but in no event more than sixty (60) days after the Determination Date.  Notwithstanding the foregoing, the Company may delay any payment under this Agreement that the Company reasonably determines would violate Applicable Laws until the earliest date the Company reasonably determines the making of the payment will not cause such a violation (in accordance with Treasury Regulation Section 1.409A-2(b)(7)(ii)); provided the Company reasonably believes the delay will not result in the imposition of any additional taxes under Section 409A.

ARTICLE III.
TAXATION AND TAX WITHHOLDING

						
	Section 3.1	Representation.

The Participant is hereby advised to consult with the Participant’s own tax advisors in respect of any tax consequences arising in connection with the PSUs and the Dividend Equivalents.
						
	Section 3.2	Tax Withholding.

(a)  The Company has the right to withhold any applicable federal, state and local tax that becomes due with respect to the PSUs and the Dividend Equivalents and take such action as it deems appropriate to ensure that all applicable withholding, income or other taxes are withheld or collected from the Participant.
(b)  Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the PSUs and the Dividend Equivalents, regardless of any action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection with the PSUs or Dividend Equivalents.  Neither the Company nor any Subsidiary makes any representation or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting, settlement or payment of the PSUs or the Dividend Equivalents or the subsequent sale of Shares.  The Company and the Subsidiaries do not commit and are under no obligation to structure the PSUs or Dividend Equivalents to reduce or eliminate Participant’s tax liability.

    
    

ARTICLE IV.
OTHER PROVISIONS

						
	Section 4.1	Prohibited Activities.

Participant acknowledges and agrees that the Company and its Subsidiaries are engaged in the highly competitive business of intellectual property services and consulting, as well as providing information solutions to assist professionals at every stage of research and development and ensure they maintain and extract maximum value from their intellectual assets. The Company’s and its Subsidiaries’ involvement in these businesses has required and continues to require the expenditure of substantial amounts of money and the use of skills developed over long periods of time. As a result of these investments of money, skill and time, the Company and its Subsidiaries have developed and will continue to develop certain valuable Trade Secrets and Confidential Information (each as defined below) that are unique to the Company’s and its Subsidiaries’ businesses and the disclosure of which would cause the Company and its Subsidiaries great and irreparable harm. These investments also give the Company and its Subsidiaries a competitive advantage over companies that have not made comparable investments and that otherwise have not been as successful as the Company and its Subsidiaries in developing their businesses. Participant acknowledges and agrees that given Participant’s position and resultant responsibilities with the Company and its Subsidiaries and Participant’s access to Trade Secrets and Confidential Information, Participant has or will become intertwined with the goodwill the Company and its Subsidiaries have developed, cultivated and maintained within its highly competitive industry and with its customers and prospective customers and that Participant’s engaging in any business that is directly competitive with the Company and its Subsidiaries would cause it great and irreparable harm. Accordingly and in consideration of and as a condition to the grant of the PSUs, Participant agrees to the following covenants set forth in this Section 4.1. Subject to Section 4.2, the Participant’s breach of any of the covenants contained in this Section 4.1 or any non-competition, non-solicitation, confidentiality, non-disparagement, assignment of inventions or other intellectual property agreement to which the Participant may be a party with the Company or any Subsidiary, in addition to whatever other equitable relief or monetary damages to which the Company or any Subsidiary may be entitled, shall result in automatic rescission, forfeiture, cancellation or return of any Shares (whether or not vested) and any amounts or benefits arising from this Award held by the Participant.
(a) Nondisclosure of Proprietary Information.
(i) Except in connection with the faithful performance of Participant’s duties as a Service Provider or pursuant to Section 4.1(a)(iii), Section 4.1(a)(iv) or Section 4.2, Participant shall, in perpetuity, maintain in confidence and shall not directly, indirectly or otherwise, use, disseminate, disclose or publish, or use for Participant’s benefit or the benefit of any person, firm, corporation or other entity (other than the Company or any Subsidiary) any Confidential Information or Trade Secrets, or deliver to any person, firm, corporation or other entity any document, record, notebook, computer program or similar repository of or containing any such Confidential Information or Trade Secrets. For purposes of this Agreement, “Confidential Information” shall mean information that the Company or its Subsidiaries have obtained in connection with its present or planned business, including information Participant developed in the performance of Participant’s service as a Service Provider, the disclosure of which could result in a competitive or other disadvantage to the Company or its Subsidiaries. Confidential Information includes some of the Company’s and its Subsidiaries’ most valuable assets, such as: innovations, inventions and ideas, including patentable or copyrightable subject matter; pricing policies; business plans and outlooks; brand formulations; nonpublic financial results; new product developments or plans; customer lists; author or consultant contracts; subscription lists; software or computer programs; merger, acquisition or divestiture plans; personnel acquisition plans or major management changes; and Trade Secrets (as defined below). Confidential Information includes all information received by the Company or its Subsidiaries under an obligation of confidentiality to another person or entity. The Participant and the Company and its Subsidiaries 

    
    

hereby stipulate and agree that, as between them, any item of Confidential Information or Trade Secrets is important, material and confidential and affects the successful conduct of the businesses of the Company and its Subsidiaries (and any successor or assignee of the Company and its Subsidiaries).  Notwithstanding the foregoing, Confidential Information shall not include any information that (i) has been published or is in the future published in a form generally available to the public,  (ii) is or becomes publicly available or (iii) has become or becomes public knowledge prior to the date Participant proposes to disclose or use such information; provided that such publishing or public availability or knowledge of the Confidential Information shall not have resulted from Participant directly or indirectly breaching Participant’s obligations under this Section 4.1(a) or any other similar provision by which Participant is bound.  For the purposes of the previous sentence, Confidential Information will not be deemed to have been published or otherwise disclosed merely because individual portions of the information have been separately published, but only if material features comprising such information have been published or become publicly available. For purposes of this Agreement, “Trade Secrets” shall mean all forms and types of financial, business, scientific, technical, economic or engineering information, including patterns, plans, compilations, program devices, formulas, designs, prototypes, methods, techniques, processes, procedures, programs or codes, whether tangible or intangible, and whether or how stored, compiled or memorialized physically, electronically, graphically, photographically or in writing by the Company or its Subsidiaries. The Company confirms, and Participant understands, that the Company or a Subsidiary is the owner of its Trade Secrets, that the Company or its Subsidiary has taken reasonable steps, under the circumstances, to protect and maintain the secrecy of its Trade Secrets, and that the Company or its Subsidiary derives economic value, both tangible and intangible, from its Trade Secrets.

(ii) Upon the Participant’s Termination of Service for any reason, Participant will promptly deliver to the Company all correspondence, drawings, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents, or any other documents or property concerning the Company’s or any Subsidiary’s customers, business plans, marketing strategies, products, property or processes.

(iii) Participant may respond to a lawful and valid subpoena or other legal process but shall (i) give the Company the earliest possible notice thereof, (ii) as much in advance of the return date as possible, make available to the Company and its counsel the documents and other information sought and (iii) assist such counsel at the Company’s expense in resisting or otherwise responding to such process, in each case, to the extent permitted by Applicable Laws or rules.

(iv) Nothing in this Agreement shall prohibit Participant from (i) disclosing information and documents when required by law, subpoena or court order (subject to the requirements of Section 4.1(a)(iii) above), (ii) disclosing information and documents to Participant’s attorney or financial or tax advisor for the purpose of securing legal, financial or tax advice, (iii) disclosing Participant’s post-service restrictions in this Agreement in confidence to any potential new service recipient, or (iv) retaining, at any time, Participant’s personal correspondence, Participant’s personal contacts and documents related to Participant’s own personal benefits, entitlements and obligations.

(b) Inventions. All rights to discoveries, inventions, improvements, innovations, ideas, designs, copyrightable materials, trademarks, and other technology and rights (including all data and records pertaining thereto) related to the business of the Company or any Subsidiary, whether or not patentable, copyrightable, registrable as a trademark, or reduced to writing, that Participant may discover, invent or originate either alone or with others and whether or not during working hours or by the use of the facilities of the Company or any Subsidiary during the period in which Participant is a Service Provider (the “Term”), and if based on Confidential Information, after the Term (“Inventions”), shall be the exclusive property of the Company and, to the maximum extent permitted by Applicable Laws, shall be deemed “works made for hire” as the term is used in the United States Copyright Act or other Applicable Laws. To the extent that any Invention is not deemed a “work made for hire” or Participant otherwise retains any right, title or interest with respect to any 

    
    

Invention, Participant hereby irrevocably assigns and otherwise transfers to the Company the entire worldwide right, title, and interest in and to such Inventions. Participant shall promptly disclose all such Inventions to the Company and shall execute at the Company’s request any assignments or other documents the Company may deem reasonably necessary to protect or perfect its rights therein. Upon reasonable request, Participant shall assist the Company, at the Company’s expense (but without further or additional compensation), in obtaining, defending and enforcing the Company’s rights in the Inventions. Participant hereby appoints the Company as Participant’s attorney-in-fact to execute on Participant’s behalf any assignments or other documents reasonably deemed necessary by the Company to protect or perfect its rights to any Inventions.
(c) Non-Competition and Non-Solicitation. Participant acknowledges and agrees that Participant will be subject to the covenants as set forth in the non-competition and non-solicitation agreement or other arrangement entered into by and between Participant and the Company or its Subsidiary (the “Non-Competition and Non-Solicitation Agreement”), which is incorporated herein by reference. Notwithstanding the foregoing, if Participant is a resident of any jurisdiction where the covenants contained in the Non-Competition and Non-Solicitation Agreement are not enforceable against Participant or are void as a matter of law, in each case, under Applicable Laws of such jurisdiction, Participant shall not be subject to such covenants contained in the Non-Competition and Non-Solicitation Agreement. 
(d) Non-Disparagement. Subject to Section 4.2, the Participant agrees, during the Term and following the Participant’s Termination of Service, to refrain from Disparaging (as defined below) the Company and its Subsidiaries, including, without limitation, any of the Company’s services, technologies or practices, or any of their directors, officers, agents, representatives or stockholders, either orally or in writing.  Nothing in this paragraph shall preclude Participant from making truthful statements that are reasonably necessary to comply with Applicable Laws, regulation or legal process, or to defend or enforce Participant’s rights under this Agreement.  For purposes of this Agreement, “Disparaging” means making remarks, comments or statements, whether written or oral, that impugn the character, integrity, reputation or abilities of the person being disparaged.
						
	Section 4.2	Whistleblower Protection; Defend Trade Secrets Act.

(a)  Nothing in this Agreement or otherwise limits the Participant’s ability to communicate directly with and provide information, including documents, not otherwise protected from disclosure by any Applicable Laws or privilege to the Securities and Exchange Commission (the “SEC”), any other federal, state or local governmental agency or commission (“Government Agency”) or self-regulatory organization regarding possible legal violations, without disclosure to the Company.  The Company may not retaliate against the Participant for any of these activities, and nothing in this Agreement requires the Participant to waive any monetary award or other payment that the Participant might become entitled to from the SEC or any other Government Agency or self-regulatory organization.
(b)  Further, nothing in this Agreement precludes the Participant from filing a charge of discrimination with the Equal Employment Opportunity Commission or a like charge or complaint with a state or local fair employment practice agency.  However, once this Agreement becomes effective, the Participant may not receive a monetary award or any other form of personal relief from the Company in connection with any such charge or complaint that the Participant filed or is filed on the Participant’s behalf.
(c)  Pursuant to the Defend Trade Secrets Act of 2016, the parties hereto acknowledge and agree that the Participant shall not have criminal or civil liability under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (B) solely for the purpose of reporting or investigating a 

    
    

suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition and without limiting the preceding sentence, if the Participant files a lawsuit for retaliation by the Company for reporting a suspected violation of law as contemplated by the preceding sentence, the Participant may disclose the relevant trade secret to his attorney and may use such trade secret in the ensuing court proceeding, if the Participant (X) files any document containing such trade secret under seal and (Y) does not disclose such trade secret, except pursuant to court order.
						
	Section 4.3	Data Protection.

Participant acknowledges and agrees that the Company and any other third-party administrator designated by the Company to maintain the Plan through an electronic system may process sensitive and personal data of Participant in connection with the administration and maintenance of the Plan, including: Participant’s name, address, telephone number, e-mail address, tax identification number, family size, marital status, sex, beneficiary information, emergency contacts, passport or visa information, language skills, driver’s license information, birth certificate or employee identification information. The lawful persons for whom the Participant's personal data are intended and with whom such personal data may be shared are the Company, the third-party administrator designated by the Company to maintain the Plan through an electronic system (as selected by the Company from time to time), legal counsel to the Company (as selected by the Company from time to time), the Company’s accountants (as selected by the Company from time to time) and any other person that the Company may find in its administration or maintenance of the Plan to be appropriate. For additional information regarding how the Company may collect, use and process Participant’s personal data and the manner in which the Company does so, Participant shall refer to Clarivate Employee Privacy Notice. 
						
	Section 4.4	Third Party Administrator; Electronic Delivery.

The Company may, in its sole discretion, decide to deliver any documents related to the PSUs to Participant by electronic means or request Participant’s consent to participate in the Plan by electronic means. Participant consents to receive any such documents by electronic delivery and, if requested by the Company, agrees to participate in the Plan through an online or electronic system established and maintained by the Company or a third-party administrator designated by the Company.
						
	Section 4.5	Adjustments.

Participant acknowledges that the PSUs, the Shares subject to the PSUs and the Dividend Equivalents are subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan.
						
	Section 4.6	Notices.

Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the Company’s Secretary at the Company’s principal office or the Secretary’s then-current email address or facsimile number.  Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant at Participant’s last known mailing address, email address or facsimile number in the Company’s personnel files.  By a notice given pursuant to this Section 4.6, either party may designate a different address for notices to be given to that party.  Any notice will be deemed duly given when actually received, when sent by email, when sent by certified mail (return receipt requested) and deposited with postage prepaid in a post office or branch post office regularly maintained by the United States Postal Service, when delivered by a nationally recognized express shipping company or upon receipt of a facsimile transmission confirmation.

    
    

						
	Section 4.7	Titles.

Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.
						
	Section 4.8	Conformity to Securities Laws.

Participant acknowledges that the Plan, the Grant Notice, the Appendix and this Agreement are intended to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable Laws.
						
	Section 4.9	Successors and Assigns.

The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement will inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer set forth in the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
						
	Section 4.10	Limitations Applicable to Section 16 Persons.

Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, the Appendix, this Agreement, the PSUs and the Dividend Equivalents will be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule.  To the extent Applicable Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable exemptive rule.
						
	Section 4.11	Entire Agreement.

The Plan, the Grant Notice, the Appendix and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof, except for the Non-Competition and Non-Solicitation Agreement. 
						
	Section 4.12	Agreement Severable.

If any provision of the Grant Notice, the Appendix or this Agreement is declared or found to be illegal, unenforceable or void, in whole or in part, then the parties hereto shall be relieved of all obligations arising under such provision, but only to the extent that it is illegal, unenforceable or void, it being the intent and agreement of the parties hereto that the Grant Notice, the Appendix and this Agreement shall be deemed amended by modifying such provision to the extent necessary to make it legal and enforceable while preserving its intent or, if that is not possible, by substituting therefor another provision that is legal and enforceable and achieves the same objectives. The illegality, unenforceability or invalidity of any provision of the Grant Notice, the Appendix or this Agreement shall not affect the legality, enforceability or validity of any other provision of the Grant Notice, the Appendix or this Agreement.
						
	Section 4.13	Limitation on Participant’s Rights.

Participation in the Plan confers no rights or interests other than as herein provided.  This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust.  Neither the Plan nor any underlying program, in and of itself, has any assets.  Participant will have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the PSUs and Dividend Equivalents, and rights no 

    
    

greater than the right to receive cash or the Shares as a general unsecured creditor with respect to the PSUs and Dividend Equivalents, as and when settled pursuant to the terms of this Agreement.
						
	Section 4.14	Not a Contract of Employment.

Nothing in the Plan, the Grant Notice, the Appendix or this Agreement confers upon Participant any right to continue in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant.
						
	Section 4.15	Not Salary, Pensionable Earnings or Base Pay.

Unless required by Applicable Laws, the Participant acknowledges that the PSUs shall not be included in or deemed to be a part of (a) salary, normal salary or other ordinary compensation, (b) any definition of pensionable or other earnings (however defined) for the purpose of calculating any benefits payable to or on behalf of the Participant under any pension, retirement, termination or dismissal indemnity, severance benefit, retirement indemnity or other benefit arrangement of the Company or any Subsidiary or (c) any calculation of base pay or regular pay for any purpose.
						
	Section 4.16	Section 409A.

The Plan, the Grant Notice, the Appendix and this Agreement and the PSUs granted hereunder are intended to comply with the requirements of, or be exempt from, Sections 409A and 457A of the Code.  The provisions of this Agreement shall be interpreted in a manner that satisfies such requirements, and this Agreement shall be operated accordingly. To the extent that any provision of the Plan would cause a conflict with the requirements of Sections 409A or 457A of the Code, or would cause the administration of the Plan to fail to satisfy the requirements of Sections 409A or 457A of the Code, such provision shall be deemed null and void to the extent permitted by Applicable Laws. In no event shall the Participant, directly or indirectly, designate the calendar year of payment. This Agreement may be amended without the consent of the Participant in any respect deemed by the Board to be necessary in order to preserve compliance with Sections 409A or 457A of the Code.  No provision of this Agreement shall be interpreted to transfer any liability for a failure to comply with Sections 409A or 457A from the Participant or any other Person to the Company, and in no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Participant pursuant to Sections 409A or 457A of the Code.
						
	Section 4.17	No Right to Future Awards.

Any Award granted under the Plan shall be a one-time Award that does not constitute a promise of future grants.  The Company, in its sole discretion, maintains the right to make available future grants under the Plan.
						
	Section 4.18	Governing Law.

All matters arising out of or relating to this Agreement and the transactions contemplated hereby, including its validity, interpretation, construction, performance and enforcement, shall be governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to its principles of conflict of laws.
						
	Section 4.19	Counterparts.

    
    

The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Laws, each of which will be deemed an original and all of which together will constitute one instrument.

* * * * *

    
    

EXHIBIT B
TO PERFORMANCE SHARE UNIT GRANT NOTICE
CALCULATION OF PSUS THAT WILL VEST

Subject to the provisions of the Grant Notice and the Agreement, the number of PSUs covered by this Agreement that will vest following the conclusion of the Performance Period (the “Units Earned”) will be determined by a two-step calculation:
1.Calculate TSR Performance Multiplier: The TSR Performance Multiplier for Three-Year TSR is 0x to 1.2x the Target Number of Units Granted. If Three-Year TSR is between “Threshold” and “Target” or “Target” and “Stretch” performance (as set forth in the Metrics Summary), the TSR Performance Multiplier will be determined using straight-line interpolation based on the actual achievement of Three-Year TSR. If Three-Year TSR does not meet “Threshold”, no Shares will vest under this Agreement regardless of the TSR Rank.
2.Calculate the Units Earned:  The “Units Earned” will be determined by multiplying the Target Number of Units Granted by the TSR Performance Multiplier as follows:
															
	Target Number of Units Granted	x	TSR Performance Multiplier	=	Units Earned

If the Company’s Three-Year TSR Percentile Rank (as set forth in the Metrics Summary) is between the 50th and 62.5th percentiles or 62.5th and 75th percentiles, the TSR Performance Multiplier will be determined using straight-line interpolation based on the Company’s actual Three-Year TSR Percentile Rank. If the aggregate TSR of the Company Shares over the Performance Period is negative, then the TSR Performance Multiplier cannot exceed 1.0x. In the event the calculation results in a fractional number, the number of Units Earned will be calculated by rounding down to the closest number of units.
For avoidance of doubt, the Target Number of Units Granted as set forth on the Grant Notice reflects a total number in the event Three-Year TSR is satisfied at Target performance level. As described in more detail in the Agreement, to the extent the Prior Grant vests, no PSUs covered by this Agreement will vest and all such PSUs will immediately and automatically be cancelled and forfeited.Exhibit 4.1

 

 

BERRY GLOBAL, INC.,

a wholly owned subsidiary of Berry Global
Group, Inc.,

as Issuer,

 

and certain guarantors

1.57% First Priority Senior Secured Notes due 2026

 

 

INDENTURE

Dated as of December 22, 2020

 

 

  

U.S. BANK NATIONAL ASSOCIATION,

as Trustee and Collateral Agent

 

     

     

    

  

TABLE OF CONTENTS

 

Page

 

	ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE
	SECTION 1.01.   Definitions	1
	SECTION 1.02.   Other Definitions	25
	SECTION 1.03.   Incorporation by Reference of Trust Indenture Act	27
	SECTION 1.04.   Rules of Construction	28
	ARTICLE 2 

THE SECURITIES
	SECTION 2.01.   Amount of Securities	28
	SECTION 2.02.   Form and Dating	29
	SECTION 2.03.   Execution and Authentication	29
	SECTION 2.04.   Registrar and Paying Agent	30
	SECTION 2.05.   Paying Agent to Hold Money in Trust	30
	SECTION 2.06.   Holder Lists	30
	SECTION 2.07.   Transfer and Exchange	31
	SECTION 2.08.   Replacement Securities	31
	SECTION 2.09.   Outstanding Securities	31
	SECTION 2.10.   Temporary Securities	32
	SECTION 2.11.   Cancellation	32
	SECTION 2.12.   Defaulted Interest	32
	SECTION 2.13.   CUSIP Numbers, ISINs, etc.	32
	SECTION 2.14.   Calculation of Principal Amount of Securities	32
	ARTICLE 3 

REDEMPTION
	SECTION 3.01.   Redemption	33
	SECTION 3.02.   Applicability of Article	33
	SECTION 3.03.   Notices to Trustee	33
	SECTION 3.04.   Selection of Securities to Be Redeemed	33
	SECTION 3.05.   Notice of Optional Redemption	33
	SECTION 3.06.   Effect of Notice of Redemption	34
	SECTION 3.07.   Deposit of Redemption Price	34
	SECTION 3.08.   Securities Redeemed in Part	34
	ARTICLE 4 

COVENANTS
	SECTION 4.01.   Payment of Securities	34
	SECTION 4.02.   Reports and Other Information	35
	SECTION 4.03.   Reserved	36
	SECTION 4.04.   Reserved	36
	SECTION 4.05.   Reserved	36
	SECTION 4.06.   Reserved	36

 

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Page

 

	SECTION 4.07.   Reserved	36
	SECTION 4.08.   Change of Control Triggering Event	36
	SECTION 4.09.   Compliance Certificate	38
	SECTION 4.10.   Further Instruments and Acts	38
	SECTION 4.11.   Future Subsidiary Guarantors	38
	SECTION 4.12.   Liens	38
	SECTION 4.13.   Maintenance of Office or Agency	39
	SECTION 4.14.   Amendment of Security Documents	39
	SECTION 4.15.   After-Acquired Property	39
	SECTION 4.16.   Reserved	39
	SECTION 4.17.   Reserved	39
	SECTION 4.18.   Reserved	39
	SECTION 4.19.   Mortgages	39
	ARTICLE 5 

SUCCESSOR COMPANY
	SECTION 5.01.   When Issuer May Merge or Transfer Assets	40
	ARTICLE 6 

DEFAULTS AND REMEDIES
	SECTION 6.01.   Events of Default	42
	SECTION 6.02.   Acceleration	43
	SECTION 6.03.   Other Remedies	44
	SECTION 6.04.   Waiver of Past Defaults	44
	SECTION 6.05.   Control by Majority	44
	SECTION 6.06.   Limitation on Suits	44
	SECTION 6.07.   Rights of the Holders to Receive Payment	45
	SECTION 6.08.   Collection Suit by Trustee	45
	SECTION 6.09.   Trustee May File Proofs of Claim	45
	SECTION 6.10.   Priorities	45
	SECTION 6.11.   Undertaking for Costs	45
	SECTION 6.12.   Waiver of Stay or Extension Laws	46
	ARTICLE 7 

TRUSTEE
	SECTION 7.01.   Duties of Trustee	46
	SECTION 7.02.   Rights of Trustee	47
	SECTION 7.03.   Individual Rights of Trustee	48
	SECTION 7.04.   Trustee’s Disclaimer	48
	SECTION 7.05.   Notice of Defaults	48
	SECTION 7.06.   Reports by Trustee to the Holders	48
	SECTION 7.07.   Compensation and Indemnity	49
	SECTION 7.08.   Replacement of Trustee	49
	SECTION 7.09.   Successor Trustee by Merger	50
	SECTION 7.10.   Eligibility; Disqualification	50
	SECTION 7.11.   Preferential Collection of Claims Against the Issuer	50

 

 

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Page

	ARTICLE 8 

DISCHARGE OF INDENTURE; DEFEASANCE
	SECTION 8.01.   Discharge of Liability on Securities; Defeasance	51
	SECTION 8.02.   Conditions to Defeasance	52
	SECTION 8.03.   Application of Trust Money	53
	SECTION 8.04.   Repayment to Issuer	53
	SECTION 8.05.   Indemnity for U.S. Government Obligations	53
	SECTION 8.06.   Reinstatement	53
	ARTICLE 9 

AMENDMENTS AND WAIVERS
	SECTION 9.01.   Without Consent of the Holders	53
	SECTION 9.02.   With Consent of the Holders	54
	SECTION 9.03.   Compliance with Trust Indenture Act	55
	SECTION 9.04.   Revocation and Effect of Consents and Waivers	55
	SECTION 9.05.   Notation on or Exchange of Securities	56
	SECTION 9.06.   Trustee to Sign Amendments	56
	SECTION 9.07.   Payment for Consent	56
	SECTION 9.08.   Additional Voting Terms; Calculation of Principal Amount	56
	ARTICLE 10 

RANKING OF NOTE LIENS
	SECTION 10.01.   Relative Rights	56
	ARTICLE 11

 

COLLATERAL
	SECTION 11.01.   Security Documents	57
	SECTION 11.02.   Collateral Agent	58
	SECTION 11.03.   Authorization of Actions to Be Taken	58
	SECTION 11.04.   Release of Liens	59
	SECTION 11.05.   Filing, Recording and Opinions	60
	SECTION 11.06.   [Reserved]	60
	SECTION 11.07.   Powers Exercisable by Receiver or Trustee	60
	SECTION 11.08.   Release Upon Termination of the Issuer’s Obligations	60
	SECTION 11.09.   Designations	61
	ARTICLE 12

 

SUBSIDIARY GUARANTEES
	SECTION 12.01.   Subsidiary Guarantees	61
	SECTION 12.02.   Limitation on Liability	63
	SECTION 12.03.   Successors and Assigns	63
	SECTION 12.04.   No Waiver	63
	SECTION 12.05.   Modification	64
	SECTION 12.06.   Execution of Supplemental Indenture for Future Subsidiary Guarantors	64
	SECTION 12.07.   Non-Impairment	64

 

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Page

	ARTICLE 13

 

MISCELLANEOUS
	SECTION 13.01.   Trust Indenture Act Controls	64
	SECTION 13.02.   Notices	64
	SECTION 13.03.   Communication by the Holders with Other Holders	65
	SECTION 13.04.   Certificate and Opinion as to Conditions Precedent	65
	SECTION 13.05.   Statements Required in Certificate or Opinion	65
	SECTION 13.06.   When Securities Disregarded	66
	SECTION 13.07.   Rules by Trustee, Paying Agent and Registrar	66
	SECTION 13.08.   Legal Holidays	66
	SECTION 13.09.   GOVERNING LAW; WAIVER OF JURY TRIAL	66
	SECTION 13.10.   No Recourse Against Others	66
	SECTION 13.11.   Successors	66
	SECTION 13.12.   Multiple Originals	66
	SECTION 13.13.   Table of Contents; Headings	66
	SECTION 13.14.   Indenture Controls	66
	SECTION 13.15.   Severability	67
	SECTION 13.16.   Force Majeure	67
	SECTION 13.17.   U.S.A. Patriot Act	67
	ARTICLE 14 

PARENT GUARANTEE
	SECTION 14.01.   Parent Guarantee	67
	SECTION 14.02.   Successors and Assigns	68
	SECTION 14.03.   No Waiver	69
	SECTION 14.04.   Modification	69
	SECTION 14.05.   Non-Impairment	69

 

	Appendix A	Provisions Relating to Securities

 

EXHIBIT INDEX

 

	Exhibit A	–	Form of Security
	Exhibit B	–	Form of Exchange Security
	Exhibit C	–	Form of Transferee Letter of Representation
	Exhibit C	–	Form of Supplemental Indenture – New Subsidiary Guarantors

 

    iv 

     

    

 

CROSS-REFERENCE TABLE

 

	TIA

Section	Indenture

Section
	310	(a)(1)	7.10
	 	(a)(2)	7.10
	 	(a)(3)	N.A.
	 	(a)(4)	N.A.
	 	(a)(5)	7.10
	 	(b)	7.08; 7.10
	311	(a)	7.11
	 	(b)	7.11
	312	(a)	2.06
	 	(b)	13.03
	 	(c)	13.03
	313	(a)	7.06
	 	(b)(1)	N.A.
	 	(b)(2)	7.06
	 	(c)	7.06
	 	(d)	4.02; 4.09
	314	(a)	4.02; 4.09
	 	(b)	N.A.
	 	(c)(1)	13.04
	 	(c)(2)	13.04
	 	(c)(3)	N.A.
	 	(d)	N.A.
	 	(e)	13.05
	 	(f)	4.10
	315	(a)	7.01
	 	(b)	7.05
	 	(c)	7.01
	 	(d)	7.01
	 	(e)	6.11
	316	(a)(last sentence)	13.06
	 	(a)(1)(A)	6.05
	 	(a)(1)(B)	6.04
	 	(a)(2)	N.A.
	 	(b)	6.07
	 	(c)	9.04(b)
	317	(a)(1)	6.08
	 	(a)(2)	6.09
	 	(b)	2.05
	318	(a)	13.01

 

    i

     

    

  

INDENTURE dated as of December 22, 2020
among BERRY GLOBAL, INC. (the “Issuer”), a wholly owned subsidiary of Berry Global Group, Inc., U.S. BANK NATIONAL
ASSOCIATION, a national banking association, as trustee (in such capacity, the “Trustee”) and as collateral
agent (in such capacity, the “Collateral Agent”), the Parent Guarantor and Subsidiary Guarantors (each as defined
herein).

 

Each party agrees as follows for the benefit
of the other parties and for the equal and ratable benefit of the Holders of (a) $750,000,000 aggregate principal amount of the
Issuer’s 1.57% First Priority Senior Secured Notes due 2026 issued on the date hereof (the “Original Securities”),
(b) any Additional Securities (as defined herein) that may be issued after the date hereof in the form of Exhibit A or (c) if and
when issued as provided in the Registration Rights Agreement (as defined in Appendix A hereto (the “Appendix”))
in the Registered Exchange Offer (as defined in Appendix) in exchange for any Initial Securities or otherwise registered under
the Securities Act and issued in the form of Exhibit B, $750,000,000 aggregate principal amount of the Issuer’s 1.57% First
Priority Senior Secured Exchange Notes due 2026 (the “Exchange Securities” and, together with the Original Securities
and any Additional Securities, the “Securities”).

 

The Original Securities, any Additional
Securities and the Exchange Securities shall constitute a single series hereunder. Subject to the conditions and compliance with
the covenants set forth herein, the Issuer may issue an unlimited aggregate principal amount of Additional Securities.

 

ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE

 

SECTION 1.01.           
Definitions.

 

“Additional Securities” means
any 1.57% First Priority Senior Secured Notes due 2026 issued under the terms of this Indenture subsequent to the Issue Date, other
than the Exchange Securities.

 

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

 

“Appendix” means Appendix A
hereto.

 

“Bank Agreement Borrowers” means
each Borrower (as defined in each of the Term Loan Credit Agreement and the Revolving Credit Agreement).

 

“Bank Agreement
Obligations” means (a) the due and punctual payment by each Bank Agreement Borrower of (i) the unpaid
principal of and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or
other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the loans (pursuant to the Term
Loan Credit Agreement and the Revolving Credit Agreement) made to such Bank Agreement Borrower, when and as due, whether at
maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made
by it under the Revolving Credit Agreement in respect of any letter of credit pursuant thereto, when and as due, including
payments in respect of reimbursement of disbursements, interest thereon (including interest accruing during the pendency of
any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such
proceeding) and obligations to provide cash collateral, and (iii) all other monetary obligations of such Bank Agreement
Borrower to any of the Term Loan Secured Parties and the Revolving Facility Secured Parties under either of the Term Loan
Credit Agreement or the Revolving Credit Agreement or any of the other Loan Documents (as defined in each of the Term Loan
Credit Agreement and the Revolving Credit Agreement), including obligations to pay fees, expense and reimbursement
obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including
monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding,
regardless of whether allowed or allowable in such proceeding), (b) the due and punctual performance of all other
obligations of each Bank Agreement Borrower or any of the other Loan Documents (as defined in each of the Term Loan Credit
Agreement and the Revolving Credit Agreement), and (c) the due and punctual payment and performance of all other
obligations of each Loan Party (as defined in each of the Term Loan Credit Agreement and the Revolving Credit Agreement)
under or pursuant to the Bank Security Agreement and each of the other Loan Documents (as defined in each of the Term Loan
Credit Agreement and the Revolving Credit Agreement).

 

     

     

    

 

“Bank Agreement Security Documents”
means the Bank Security Agreement, the Second Amended and Restated First Lien Intellectual Property Security Agreement dated as
of April 3, 2007, among Berry Global Group, Inc. (formerly Berry Plastics Group, Inc.), the Company, the subsidiaries of the
Company party thereto and the Collateral Agents, as amended, supplemented, restated, renewed, refunded, replaced, restructured,
repaid, refinanced or otherwise modified from time to time, all “Mortgages” as defined in the Revolving Credit Agreement
and/or the Term Loan Credit Agreement, and any other documents now existing or entered into after the date hereof that create Liens
on any assets or properties of the Company or any Subsidiary Guarantor to secure any Term Loan Obligations or Revolving Facility
Obligations.

 

“Bank Security Agreement” means
the Second Amended and Restated First Lien Guarantee and Collateral Agreement dated as of April 3, 2007, among Berry Global Group,
Inc. (formerly Berry Plastics Group, Inc.), the Issuer, the subsidiaries of the Issuer party thereto, the Term Loan Collateral
Agent and the Revolving Facility Collateral Agent, as amended, supplemented, restated, renewed, refunded, replaced, restructured,
repaid, refinanced or otherwise modified from time to time.

 

“Bank Indebtedness” means any
and all amounts payable under or in respect of any Credit Agreement and any other Credit Agreement Documents as amended, restated,
supplemented, waived, replaced, restructured, repaid, refunded, refinanced or otherwise modified from time to time (including after
termination of any Credit Agreement), including principal, premium (if any), interest (including interest, fees and expenses accruing
on or after the filing of any petition in bankruptcy or for reorganization relating to the Issuer whether or not a claim for post-filing
interest, fees or expenses is allowed in such proceedings), fees, charges, expenses, reimbursement obligations, guarantees and
all other amounts payable thereunder or in respect thereof.

 

“Bankruptcy Case” means a case
under the Bankruptcy Code.

 

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

 

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

 

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

 

“Borrowing Base” means, as of
any date of determination, an amount equal to the sum without duplication of (x) 90% of the book value of accounts receivable of
the Issuer and its Restricted Subsidiaries on a consolidated basis and (y) 85% of the book value of the inventory of the Issuer
and its Restricted Subsidiaries on a consolidated basis, in each case as of the most recently ended fiscal month of the Issuer
for which internal consolidated financial statements of the Issuer are available (such date, the “Borrowing Base Reference
Date”). For purposes of such computation, the Issuer shall give pro forma effect to any Investments, acquisitions, dispositions,
mergers, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating
unit of a business that the Issuer or any of its Restricted Subsidiaries has made after the Borrowing Base Reference Date. For
purposes of this definition, any pro forma calculations shall be made in good faith by an Officer of the Issuer.

 

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

 

    -2-

     

    

 

“Capital Stock” means:

 

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

 

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

 

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

 

(4)       any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person.

 

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

 

“Cash Equivalents” means:

 

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

 

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

 

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

 

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

 

(5)       commercial
paper issued by a corporation (other than an Affiliate of the Issuer) rated at least “A-1” or the equivalent thereof
by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) and in each
case maturing within one year after the date of acquisition;

 

(6)       readily
marketable direct obligations issued by any state of the United States of America or any political subdivision thereof having one
of the two highest rating categories obtainable from either Moody’s or S&P (or reasonably equivalent ratings of another
internationally recognized ratings agency) in each case with maturities not exceeding two years from the date of acquisition;

 

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

 

(8)       investment
funds investing at least 95% of their assets in securities of the types described in clauses (1) through (7) above.

 

    -3-

     

    

 

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

 

(i)       the sale, lease or transfer, in one or
a series of related transactions, of all or substantially all the assets of the Issuer and its Subsidiaries, taken as a whole,
to a Person other than any of the Permitted Holders; or

 

(ii)       the Issuer becomes aware (by way of a
report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) of the acquisition
by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision),
including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1)
under the Exchange Act), other than any of the Permitted Holders, in a single transaction or in a related series of transactions,
by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3
under the Exchange Act, or any successor provision), of more than 50% of the total voting power of the Voting Stock of the Issuer
or any direct or indirect parent of the Issuer.

 

“Change of Control Triggering Event”
means (x) the occurrence of both a Change of Control and a Rating Event or (y) the occurrence of a “Change of Control”
under the Existing First Priority Notes which requires the Issuer to make a “Change of Control Offer” to the holders
thereof.

 

“Class” has the meaning given to such
term in the definition of “Senior Secured Obligations.”

 

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

 

“Collateral” means all property
subject or purported to be subject, from time to time, to a Lien under any Security Documents.

 

“Collateral Agent” means U.S.
Bank National Association in its capacity as “Collateral Agent” under this Indenture and under the Security Documents
and any successors thereto in such capacity.

 

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

 

(1)       consolidated
interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted in computing
Consolidated Net Income (including amortization of original issue discount, the interest component of Capitalized Lease Obligations,
and net payments and receipts (if any) pursuant to interest rate Hedging Obligations and excluding amortization of deferred financing
fees and expensing of any bridge or other financing fees); plus

 

(2)       consolidated
capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued; plus

 

(3)       commissions,
discounts, yield and other fees and charges Incurred in connection with any Receivables Financing which are payable to Persons
other than the Issuer and its Restricted Subsidiaries; minus

 

(4)       interest
income for such period.

 

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

  

    -4-

     

    

 

(1)       any
net after-tax extraordinary, nonrecurring or unusual gains or losses or income, expenses or charges (less all fees and
expenses relating thereto), including, without limitation, any severance expenses, any expenses related to any
reconstruction, recommissioning or reconfiguration of fixed assets for alternate uses and fees, expenses or charges relating
to new product lines, plant shutdown costs, acquisition integration costs and any expenses or charges related to any Equity
Offering, Investment, acquisition or Incurrence of Indebtedness not prohibited by this Indenture (in each case, whether or
not successful), including any such fees, expenses, charges or change in control payments related to the RPC Acquisition, in
each case, shall be excluded;

 

(2)       any
increase in amortization or depreciation or any one-time non-cash charges or increases or reductions in Net Income, in each case
resulting from purchase accounting in connection with any acquisition that is consummated after September 20, 2006 shall be excluded;

 

(3)       the
Net Income for such period shall not include the cumulative effect of a change in accounting principles during such period;

 

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

 

(5)       any
net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to business dispositions or
asset dispositions other than in the ordinary course of business (as determined in good faith by the Board of Directors of the
Issuer) shall be excluded;

 

(6)       any
net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to the early extinguishment
of indebtedness shall be excluded;

 

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

 

(8)       [reserved];

 

(9)       an
amount equal to the amount of Tax Distributions actually made to any parent of such Person shall be included as though such amounts
had been paid as income taxes directly by such Person for such period;

 

(10)     any
non-cash impairment charges resulting from the application of Statement of Financial Accounting Standards (“SFAS”)
Nos. 142 and 144 and the amortization of intangibles arising pursuant to SFAS No. 141 shall be excluded;

 

(11)     any
non-cash expense realized or resulting from stock option plans, employee benefit plans or post-employment benefit plans, grants
of stock appreciation or similar rights, stock options or other rights to officers, directors and employees of such Person or any
of its Restricted Subsidiaries shall be excluded;

 

(12)     any
(a) severance or relocation costs or expenses, (b) one-time non-cash compensation charges, (c) the costs and expenses after September
20, 2006 related to employment of terminated employees, (d) costs or expenses realized in connection with, resulting from or in
anticipation of the RPC Acquisition or (e) costs or expenses realized in connection with or resulting from stock appreciation or
similar rights, stock options or other rights existing on September 20, 2006 of officers, directors and employees, in each case
of such Person or any of its Restricted Subsidiaries, shall be excluded;

 

(13)     accruals
and reserves that are established within 12 months after September 20, 2006 and that are so required to be established in accordance
with GAAP shall be excluded;

 

    -5-

     

    

 

(14)     solely
for purposes of calculating EBITDA, (a) the Net Income of any Person and its Restricted Subsidiaries shall be calculated without
deducting the income attributable to, or adding the losses attributable to, the minority equity interests of third parties in any
non-wholly-owned Restricted Subsidiary except to the extent of dividends declared or paid in respect of such period or any prior
period on the shares of Capital Stock of such Restricted Subsidiary held by such third parties and (b) any ordinary course dividend,
distribution or other payment paid in cash and received from any Person in excess of amounts included in clause (7) above shall
be included;

 

(15)     (a)(i)
the non-cash portion of “straight-line” rent expense shall be excluded and (ii) the cash portion of “straight-line”
rent expense which exceeds the amount expensed in respect of such rent expense shall be included and (b) non-cash gains, losses,
income and expenses resulting from fair value accounting required by SFAS No. 133 shall be excluded; and

 

(16)     unrealized
gains and losses relating to hedging transactions and mark-to-market of Indebtedness denominated in foreign currencies resulting
from the applications of SFAS No. 52 shall be excluded.

 

“Consolidated Non-cash Charges”
means, with respect to any Person for any period, the aggregate depreciation, amortization and other non-cash expenses of such
Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person for such period on a consolidated basis
and otherwise determined in accordance with GAAP, but excluding any such charge which consists of or requires an accrual of, or
cash reserve for, anticipated cash charges for any future period.

 

“Consolidated Taxes” means provision
for taxes based on income, profits or capital, including, without limitation, state, franchise and similar taxes and any Tax Distributions
taken into account in calculating Consolidated Net Income.

 

“Contingent Obligations” means,
with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do not constitute
Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether
directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent:

 

(1)       to
purchase any such primary obligation or any property constituting direct or indirect security therefor,

 

(2)       to
advance or supply funds:

 

(a)       for
the purchase or payment of any such primary obligation; or

 

(b)       to
maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary
obligor; or

 

(3)       to
purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the
ability of the primary obligor to make payment of such primary obligation against loss in respect thereof.

 

“Credit Agreement Documents”
means the collective reference to the Credit Agreements, any notes issued pursuant thereto and the guarantees thereof, and the
collateral documents relating thereto, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced
or otherwise modified from time to time.

 

    -6-

     

    

 

“Credit Agreements” means
(i)(A) the Term Loan Credit Agreement and (B) the Revolving Credit Agreement and (ii) whether or not the credit agreements
referred to in clause (i) remain outstanding, if designated by the Issuer to be included in the definition of “Credit
Agreement,” one or more (A) debt facilities or commercial paper facilities, providing for revolving credit loans, term
loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to
borrow from lenders against such receivables) or letters of credit, (B) debt securities, indentures or other forms of debt
financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (C)
instruments or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or issuers
and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or
refunded in whole or in part from time to time.

 

“Comparable Treasury Issue”
means the United States Treasury security selected by an Independent Investment Bank as having a constant maturity comparable to
the remaining term of the Securities to be redeemed (assuming that such Securities matured on the Par Call Date) that would be
utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of such Securities (assuming that such Securities matured on the Par Call
Date).

 

“Comparable Treasury Price”
means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date,
after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Bank obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

 

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

 

“Definitive Security” means
a registered certificated Security that is not a Global Security.

 

“Delaware Divided LLC” means
any Delaware LLC which has been formed upon the consummation of a Delaware LLC Division.

 

“Delaware LLC” means any limited
liability company organized or formed under the laws of the State of Delaware.

 

“Delaware LLC Division” means
the statutory division of any Delaware LLC into two or more Delaware LLCs pursuant to Section 18-217 of the Delaware Limited Liability
Company Act.

 

“Depository” means The Depository
Trust Company, its nominees and their respective successors.

 

“Destruction” means any damage
to, loss or destruction of all or any portion of the Collateral.

 

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

 

(1)       matures
or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than as a result of a change of control
or asset sale; provided that the relevant asset sale or change of control provisions, taken as a whole, are no more favorable
in any material respect to holders of such Capital Stock than the asset sale and change of control provisions applicable to the
Securities and any purchase requirement triggered thereby may not become operative until compliance with the asset sale and change
of control provisions applicable to the Securities (including the purchase of any Securities tendered pursuant thereto)),

 

(2)       is
convertible or exchangeable for Indebtedness or Disqualified Stock of such Person, or

 

(3)       is
redeemable at the option of the holder thereof, in whole or in part,

 

in each case prior to 91 days after the maturity date of
the Securities; provided, however, that only the portion of Capital Stock which so matures or is mandatorily
redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date
shall be deemed to be Disqualified Stock; provided, further, however, that if such Capital Stock is issued to
any employee or to any plan for the benefit of employees of the Issuer or its Subsidiaries or by any such plan to such
employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by
the Issuer in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s
termination, death or disability; provided, further, that any class of Capital Stock of such Person that by its
terms authorizes such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified
Stock shall not be deemed to be Disqualified Stock.

 

    -7-

     

    

 

“Domestic Subsidiary” means
a Restricted Subsidiary that is not a Foreign Subsidiary or a Qualified CFC Holding Company.

 

“EBITDA” means, with respect
to any Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication, to the
extent the same was deducted in calculating Consolidated Net Income:

 

(1)       Consolidated
Taxes; plus

 

(2)       Consolidated
Interest Expense; plus

 

(3)       Consolidated
Non-cash Charges; plus

 

(4)       business
optimization expenses and other restructuring charges or expenses (which, for the avoidance of doubt, shall include, without limitation,
the effect of inventory optimization programs, plant closures, retention, systems establishment costs and excess pension charges);
provided that with respect to each business optimization expense or other restructuring charge, the Issuer shall have delivered
to the Trustee an Officers’ Certificate specifying and quantifying such expense or charge and stating that such expense or
charge is a business optimization expense or other restructuring charge, as the case may be;

 

less, without duplication,

 

(5)       non-cash
items increasing Consolidated Net Income for such period (excluding the recognition of deferred revenue or any items which represent
the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period and any items for which cash
was received in a prior period).

 

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

 

“Equity Offering” means any
public or private sale after September 20, 2006 of common stock or Preferred Stock of the Issuer or any direct or indirect parent
of the Issuer, as applicable (other than Disqualified Stock), other than public offerings with respect to the Issuer’s or
such direct or indirect parent’s common stock registered on Form S-8.

 

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

 

“Exchange Offer Registration Statement”
means the registration statement filed with the SEC in connection with the Registered Exchange Offer.

 

“Existing First Priority Notes”
means the First Priority Dollar Notes and the First Priority Euro Notes.

 

“Existing Second Priority Notes”
means the 5.125% Second Priority Senior Secured Notes due 2023 issued by the Issuer on June 5, 2015, the 4.50% Second Priority
Senior Secured Notes due 2026 issued by the Issuer on January 19, 2018 and the 5.625% Second Priority Senior Secured Notes due
2027 issued by the Issuer on June 5, 2019.

 

    -8-

     

    

 

“Existing Second Priority Notes Collateral
Agent” means U.S. Bank National Association, as collateral agent for the holders of the Existing Second Priority Notes and
any successors thereto in such capacity.

 

“Existing Second Priority Notes Indentures”
means the indentures respectively dated as of June 5, 2015, January 26, 2018 and June 5, 2019, each among the Issuer, the trustee
named therein from time to time, and certain other parties thereto, as amended, restated, supplemented or otherwise modified from
time to time in accordance with the requirements thereof and of this Indenture.

 

“Existing Second Priority Notes Trustee”
means U.S. Bank National Association, as trustee for the holders of the Existing Second Priority Notes and any successors thereto
in such capacity.

 

“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.

 

“First Lien Agent” means each
of the Term Facility Administrative Agent, the Term Loan Collateral Agent, the Revolving Facility Administrative Agent and the
Revolving Facility Collateral Agent, the Trustee and the Collateral Agent, and if any other First Priority Lien Obligations are
outstanding, the Persons elected, designated or appointed as administrative agent, trustee or similar representative or as collateral
agent by or on behalf of the holders of each series of such outstanding Obligations.

 

“First Priority After-Acquired Property”
means any property (other than the initial collateral) of the Issuer or any Subsidiary Guarantor that secures any Secured Bank
Indebtedness.

 

“First Priority Dollar Notes”
means the 4.875% First Priority Senior Secured Notes due 2026 issued on June 5, 2019.

 

“First Priority Dollar
Notes Indenture” means the indenture, dated as of June 5, 2019 with respect to the First Priority Dollar Notes, among the
Issuer (as successor to Berry Global Escrow Corporation), the First Priority Dollar Notes Trustee, and certain other parties thereto,
as amended, restated, supplemented or otherwise modified from time to time in accordance with the requirements thereof and of this
Indenture.

 

“First Priority Dollar
Notes Obligations” means any Obligations in respect of the First Priority Dollar Notes, the First Priority Dollar Notes Indenture
and the security documents entered pursuant thereto.

 

“First Priority Dollar
Notes Trustee” means U.S. Bank National Association, as trustee for the holders of the First Priority Dollar Notes, together
with any successors thereto in such capacity.

 

“First Priority Euro
Notes” means the 1.00% First Priority Senior Secured Notes due 2025 issued on January 2, 2020 and the 1.50% First Priority
Senior Secured Notes due 2027 issued on January 2, 2020.

 

“First Priority Euro
Notes Indentures” means the indenture, dated as of January 2, 2020, among the Issuer (as successor to Berry Global Escrow
Corporation), the First Priority Euro Notes Trustee, and certain other parties thereto, as amended, restated, supplemented or otherwise
modified from time to time in accordance with the requirements thereof and of this Indenture.

 

“First Priority Euro
Notes Obligations” means any Obligations in respect of the First Priority Euro Notes, the First Priority Euro Notes Indentures
and the security documents entered pursuant thereto.

 

“First Priority Euro
Notes Trustee” means U.S. Bank National Association, as trustee for the holders of the First Priority Euro Notes, together
with any successors thereto in such capacity.

 

    -9-

     

    

 

“First Priority Lien
Obligations” means (i) all Secured Bank Indebtedness, (ii) all other Obligations (not constituting Indebtedness) of the
Issuer and its Restricted Subsidiaries under the agreements governing Secured Bank Indebtedness, (iii) all other Obligations
of the Issuer or any of its Restricted Subsidiaries in respect of Hedging Obligations or Obligations in respect of cash
management services, in each case owing to a Person that is a holder of Indebtedness described in clause (i) or Obligations
described in clause (ii) or an Affiliate of such holder at the time of entry into such Hedging Obligations or Obligations in
respect of cash management services, (iv) the Note Obligations, (v) the First Priority Dollar Notes Obligations and (vii) the
First Priority Euro Notes Obligations.

 

“First Priority Liens” means
the Liens securing the Note Obligations.

 

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

 

“Foreign Subsidiary” means a
Restricted Subsidiary not organized or existing under the laws of the United States of America or any state or territory thereof
or the District of Columbia and any direct or indirect subsidiary of such Restricted Subsidiary.

 

“GAAP” means generally accepted
accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the
American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board
or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which
were in effect on September 20, 2006. For the purposes of this Indenture, the term “consolidated” with respect to any
Person shall mean such Person consolidated with its Restricted Subsidiaries, and shall not include any Unrestricted Subsidiary,
but the interest of such Person in an Unrestricted Subsidiary will be accounted for as an Investment.

 

“Global Securities Legend” means
the legend set forth under that caption in Exhibit A to this Indenture.

 

“guarantee” means a guarantee
(other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in
any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part
of any Indebtedness or other obligations.

 

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

 

(1)       currency
exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements and currency
exchange, interest rate or commodity collar agreements; and

 

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

 

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

 

“Incur” means issue, assume,
guarantee, incur or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person
existing at the time such Person becomes a Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise)
shall be deemed to be Incurred by such Person at the time it becomes a Subsidiary. The term “Incurrence” shall have
a corresponding meaning.

 

“Independent
Investment Bank” means one of the Reference Treasury Dealers that the Issuer appoints to act
as the Independent Investment Bank from time to time.

 

“Indebtedness” means, with respect
to any Person:

 

(1)       the
principal and premium (if any) of any indebtedness of such Person, whether or not contingent, (a) in respect of borrowed
money, (b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances
(or, without duplication, reimbursement agreements in respect thereof), (c) representing the deferred and unpaid purchase
price of any property, except any such balance that constitutes a trade payable or similar obligation to a trade creditor due
within six months from the date on which it is Incurred, in each case Incurred in the ordinary course of business, which
purchase price is due more than six months after the date of placing the property in service or taking delivery and title
thereto, (d) in respect of Capitalized Lease Obligations, or (e) representing any Hedging Obligations, if and to the extent
that any of the foregoing indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability on
a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP;

 

    -10-

     

    

 

(2)       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);

 

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

 

(4)       to
the extent not otherwise included, with respect to the Issuer and its Restricted Subsidiaries, the amount then outstanding (i.e.,
advanced, and received by, and available for use by, the Issuer or any of its Restricted Subsidiaries) under any Receivables Financing
(as set forth in the books and records of the Issuer or any Restricted Subsidiary and confirmed by the agent, trustee or other
representative of the institution or group providing such Receivables Financing);

 

provided, however, that notwithstanding the foregoing,
Indebtedness shall be deemed not to include (1) Contingent Obligations incurred in the ordinary course of business and not in respect
of borrowed money; (2) deferred or prepaid revenues; (3) purchase price holdbacks in respect of a portion of the purchase price
of an asset to satisfy warranty or other unperformed obligations of the respective seller or (4) Obligations under or in respect
of Qualified Receivables Financing.

 

Notwithstanding anything in this Indenture
to the contrary, Indebtedness shall not include, and shall be calculated without giving effect to, the effects of Statement of
Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise increase or decrease
an amount of Indebtedness for any purpose under this Indenture as a result of accounting for any embedded derivatives created by
the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Indenture but for the
application of this sentence shall not be deemed an Incurrence of Indebtedness under this Indenture.

 

“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.

 

“Intercreditor Agreements” means
collectively, (i) the Senior Lender Intercreditor Agreement, (ii) the Senior Fixed Collateral Intercreditor Agreement and (iii)
the Second Priority Intercreditor Agreement.

 

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

 

“Investments” means, with respect
to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees),
advances or capital contributions (excluding accounts receivable, trade credit and advances to customers and commission, travel
and similar advances to officers, employees and consultants made in the ordinary course of business), purchases or other acquisitions
for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required
by GAAP to be classified on the balance sheet of the Issuer in the same manner as the other investments included in this definition
to the extent such transactions involve the transfer of cash or other property.

 

    -11-

     

    

 

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

 

“Issuer” means the party named
as such in the Preamble of this Indenture until a successor replaces it and, thereafter, means the successor, in accordance with
Section 5.01.

 

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

 

“Management Group” means the
group consisting of the directors, executive officers and other management personnel of the Issuer or any direct or indirect parent
of the Issuer, as the case may be, on the Issue Date together with (1) any new directors whose election by such boards of directors
or whose nomination for election by the shareholders of the Issuer or any direct or indirect parent of the Issuer, as applicable,
was approved by a vote of a majority of the directors of the Issuer or any direct or indirect parent of the Issuer, as applicable,
then still in office who were either directors on the Issue Date or whose election or nomination was previously so approved and
(2) executive officers and other management personnel of the Issuer or any direct or indirect parent of the Issuer, as applicable,
hired at a time when the directors on the Issue Date together with the directors so approved constituted a majority of the directors
of the Issuer or any direct or indirect parent of the Issuer, as applicable.

 

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

 

“Mortgages” means the mortgages
(which may be in the form of mortgage amendments to mortgages securing other Indebtedness), trust deeds, deeds of trust, deeds
to secure debt, assignments of leases and rents, and other security documents delivered with respect to Real Property subject to
mortgages, each in form and substance reasonably satisfactory to the Collateral Agent and the Issuer, as amended, supplemented
or otherwise modified from time to time.

 

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

 

“New York UCC” means the Uniform
Commercial Code as from time to time in effect in the state of New York.

 

“Note Documents” means, collectively,
this Indenture, the Securities (including the guarantees thereof) and the Security Documents.

 

“Note Obligations” means any
Obligations in respect of the Securities, this Indenture and the Security Documents, including, for the avoidance of doubt, obligations
in respect of Exchange Securities and guarantees thereof.

 

“Note Secured Parties” means,
at any time, (a) the Holders, (b) the Trustee and the Collateral Agent, (c) the beneficiaries of each indemnification obligation
undertaken by the Issuer and any Guarantor party to this Indenture or under any Note Document and (d) the successors and permitted
assigns of each of the foregoing.

 

“Obligations” means any principal,
interest, penalties, fees, indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect
to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation governing any
Indebtedness; provided that Obligations with respect to the Securities shall not include fees or indemnifications in favor
of the Trustee, the Collateral Agent and other third parties other than the Holders.

 

“Obligor” means, collectively,
the Issuer, the Parent Guarantor, the Subsidiary Guarantors and any other obligor on the Securities.

 

    -12-

     

    

 

“Offering Memorandum” means
the offering memorandum relating to the offering of the Original Securities dated December 15, 2020.

 

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

 

“Officers’ Certificate”
means a certificate signed on behalf of the Issuer by two Officers of the Issuer, one of whom must be the principal executive officer,
the principal financial officer, the treasurer or the principal accounting officer of the Issuer that meets the requirements set
forth in this Indenture.

 

“Opinion of Counsel” means a
written opinion from legal counsel which is acceptable to the Trustee. The counsel may be an employee of or counsel to the Issuer.

 

“Other First Priority Lien Obligations”
means all indebtedness or obligations owing under any Other First Priority Lien Obligations Document (as defined in the Senior
Lender Intercreditor Agreement); provided, however, for the avoidance of doubt, none of the Revolving Facility Obligations,
Term Loan Obligations or Bridge Loan Obligations (as defined in the Senior Lender Intercreditor Agreement) shall constitute Other
First Priority Lien Obligations.

 

“Other Second-Lien Obligations”
means other Indebtedness of the Issuer and its Restricted Subsidiaries that is equally and ratably secured with the Existing Second
Priority Notes and is designated by the Issuer as an Other Second-Lien Obligation.

 

“Par Call Date” means December
15, 2025 (the date that is one month prior to the maturity of the Securities).

 

“Parent Guarantee” means the
guarantee by Parent Guarantor of the obligations of the Issuer under this Indenture and the Securities in accordance with the provisions
of this Indenture.

 

“Parent Guarantor” means Berry
Global Group, Inc., a Delaware corporation.

 

“Parent Pari Passu Indebtedness”
means any Indebtedness of the Parent Guarantor which ranks pari passu in right of payment to the Parent Guarantee.

 

“Parent Subordinated Indebtedness”
means any Indebtedness of the Parent Guarantor which is by its terms subordinated in right of payment to the Parent Guarantee.

 

“Pari Passu Indebtedness” means:

 

(1)       with
respect to the Issuer, the Securities and any Indebtedness which ranks pari passu in right of payment to the Securities; and

 

(2)       with
respect to any Subsidiary Guarantor, its Subsidiary Guarantee and any Indebtedness which ranks pari passu in right of payment to
such Subsidiary Guarantor’s Subsidiary Guarantee.

 

“Paying Agent” means an office
or agency maintained by the Issuer pursuant to the terms of this Indenture, where notes may be presented for payment.

 

“Permitted Holders” means, at
any time, the Management Group. Any Person or group whose acquisition of beneficial ownership constitutes a Change of Control in
respect of which a Change of Control Offer is made in accordance with the requirements of this Indenture will thereafter, together
with its Affiliates, constitute an additional Permitted Holder.

 

    -13-

     

    

 

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

 

(1)       pledges
or deposits by such Person under workmen’s compensation laws, unemployment insurance laws or similar legislation, or good
faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such
Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or U.S. government
bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties
or for the payment of rent, in each case Incurred in the ordinary course of business;

 

(2)       Liens
imposed by law, such as carriers’, warehousemen’s and mechanics’ Liens, in each case for sums not yet due or
being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person
with respect to which such Person shall then be proceeding with an appeal or other proceedings for review;

 

(3)       Liens
for taxes, assessments or other governmental charges not yet due or payable or subject to penalties for nonpayment or which are
being contested in good faith by appropriate proceedings;

 

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

 

(5)       minor
survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers,
electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real
properties or Liens incidental to the conduct of the business of such Person or to the ownership of its properties which were not
Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties
or materially impair their use in the operation of the business of such Person;

 

(6)       (A)
Liens on assets of a Restricted Subsidiary that is not a Subsidiary Guarantor securing Indebtedness of such Restricted Subsidiary,
(B) Liens securing an aggregate principal amount of First Priority Lien Obligations not to exceed the sum of (I) under any Credit
Agreement and the issuance and creation of letters of credit and bankers’ acceptances thereunder (with letters of credit
and bankers’ acceptances being deemed to have a principal amount equal to the face amount thereof), the greater of $9,000
million and (y) the maximum principal amount of Indebtedness that, as of the date such Indebtedness was Incurred, and after giving
effect to the Incurrence of such Indebtedness and the application of proceeds therefrom on such date, would not cause the Secured
Indebtedness Leverage Ratio of the Issuer to exceed 4.00 to 1.00 and (II) under any Revolving Credit Agreement or any other Credit
Agreement that is a revolving working capital or liquidity facility in an aggregate amount not to exceed the greater of (x) $1,250
million and (y) the Borrowing Base as of the date of such Incurrence, (C) Liens securing Indebtedness (including Capitalized Lease
Obligations) Incurred by the Issuer or any of its Restricted Subsidiaries to finance (whether prior to or within 270 days after)
the purchase, lease, construction or improvement of property (real or personal) or equipment (whether through the direct purchase
of assets or the Capital Stock of any Person owning such assets (but no other material assets)), (D) other Liens securing Indebtedness
not to exceed the greater of (x) $425.0 million and (y) 5.0% of Total Assets at the time of Incurrence and (E) Liens securing Indebtedness
of Foreign Subsidiaries not to exceed the greater of (x) $100.0 million and (y) 10.0% of Total Assets held on the balance sheet
of all Foreign Subsidiaries of the Issuer, taken together, at the time of Incurrence (provided that in the case of clause
(E), such Lien does not extend to the property or assets of any Subsidiary of the Issuer other than a Foreign Subsidiary);

 

(7)       Liens
existing on the Issue Date (other than Liens described in clauses (6)(B) and (26) in this definition);

 

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

 

    -14-

     

    

 

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

 

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

 

(11)     Liens
securing Hedging Obligations not incurred in violation of this Indenture; provided that with respect to Hedging Obligations
relating to Indebtedness, such Lien extends only to the property securing such Indebtedness;

 

(12)     Liens
on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of
bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of
such inventory or other goods;

 

(13)     leases
and subleases of real property which do not materially interfere with the ordinary conduct of the business of the Issuer or any
of its Restricted Subsidiaries;

 

(14)     Liens
arising from financing statement filings under the Uniform Commercial Code or equivalent statute of another jurisdiction regarding
operating leases entered into by the Issuer and its Restricted Subsidiaries in the ordinary course of business;

 

(15)     Liens
in favor of the Issuer or any Subsidiary Guarantor;

 

(16)     Liens
on accounts receivable and related assets of the type specified in the definition of “Receivables Financing” Incurred
in connection with a Qualified Receivables Financing;

 

(17)     deposits
made in the ordinary course of business to secure liability to insurance carriers;

 

(18)     Liens
on the Equity Interests of Unrestricted Subsidiaries;

 

(19)     grants
of software and other technology licenses in the ordinary course of business;

 

(20)     Liens
to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings, extensions, renewals
or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in clauses (6)(B), (7), (8), (9),
(10), (11), (15) and (26) of this definition of “Permitted Liens”; provided, however, that (x) such new
Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements on such property),
and (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding
principal amount or, if greater, committed amount of the Indebtedness described under clauses (6)(B), (7), (8), (9), (10), (11),
(15) and (26) of this definition of “Permitted Liens” at the time the original Lien became a Permitted Lien under this
Indenture, and (B) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding,
extension, renewal or replacement; provided further, however, that in the case of any Liens to secure any refinancing,
refunding, extension or renewal of Indebtedness secured by a Lien referred to in clause (6)(B), the principal amount of any Indebtedness
Incurred for such refinancing, refunding, extension or renewal shall be deemed secured by a Lien under clause (6)(B) and not this
clause (20) for purposes of determining the principal amount of Indebtedness outstanding under clause (6)(B), for purposes of clause
(1) under Section 11.04(a) and for purposes of the definition of Secured Bank Indebtedness;

 

    -15-

     

    

 

(21)     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;

 

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

 

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

 

(24)     Liens
incurred to secure cash management services in the ordinary course of business;

 

(25)     other
Liens securing obligations incurred in the ordinary course of business which obligations do not exceed $50.0 million at any one
time outstanding;

 

(26)     Liens
securing the Note Obligations (other than any Additional Securities); and

 

(27)     Liens
on the Collateral in favor of any collateral agent relating to such collateral agent’s administrative expenses with respect
to the Collateral.

 

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

 

“Preferred Stock” means any
Equity Interest with preferential right of payment of dividends or upon liquidation, dissolution, or winding up.

 

“Purchase Money Note” means
a promissory note of a Receivables Subsidiary evidencing a line of credit, which may be irrevocable, from the Issuer or any Subsidiary
of the Issuer to a Receivables Subsidiary in connection with a Qualified Receivables Financing, which note is intended to finance
that portion of the purchase price that is not paid by cash or a contribution of equity.

 

“Qualified CFC Holding Company”
means a Wholly Owned Subsidiary of the Issuer that is a limited liability company, the primary asset of which consists of Equity
Interests in either (i) a Foreign Subsidiary or (ii) a limited liability company the primary asset of which consists of Equity
Interests in a Foreign Subsidiary.

 

“Qualified Receivables Financing”
means any Receivables Financing of a Receivables Subsidiary that meets the following conditions:

 

(1)       the
Board of Directors of the Issuer shall have determined in good faith that such Qualified Receivables Financing (including financing
terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Issuer and
the Receivables Subsidiary;

 

(2)       all
sales of accounts receivable and related assets to the Receivables Subsidiary are made at Fair Market Value (as determined in good
faith by the Issuer); and

 

(3)       the
financing terms, covenants, termination events and other provisions thereof shall be market terms (as determined in good faith
by the Issuer) and may include Standard Securitization Undertakings.

 

The grant of a security interest in any
accounts receivable of the Issuer or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) to secure Bank Indebtedness,
Indebtedness in respect of the Securities, Existing Second Priority Notes and the Second Priority Notes or any Refinancing Indebtedness
with respect to the Securities shall not be deemed a Qualified Receivables Financing.

 

    -16-

     

    

 

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

 

“Rating Event” means (a) in
the event the Securities have an Investment Grade Rating by all three Rating Agencies, two or more of the Rating Agencies that
provided an Investment Grade Rating withdraw their Investment Grade Rating or downgrade the rating assigned to the Securities below
an Investment Grade Rating, (b) the event the Securities have an Investment Grade Rating by two Rating Agencies, both such Rating
Agencies that provided an Investment Grade Rating withdraw their Investment Grade Rating or downgrade the rating assigned to the
Securities below an Investment Grade Rating, or (c) the Issuer or any of its Affiliates enters into an agreement to effect a transaction
that would result in a Change of Control and two or more Rating Agencies indicate that if consummated, such transactions (alone
or together with any related recapitalization or refinancing transactions) would cause the Rating Agency to withdraw its Investment
Grade Rating or downgrade the ratings assigned to the Securities below an Investment Grade Rating.

 

“Real Property” means, collectively,
all right, title and interest (including any leasehold estate) in and to any and all parcels of or interests in real property owned
in fee or leased by the Issuer or any Subsidiary Guarantor, together with, in each case, all easements, hereditaments and appurtenances
relating thereto, all improvements and appurtenant fixtures incidental to the ownership or lease thereof.

 

“Receivables Financing” means
any transaction or series of transactions that may be entered into by the Issuer or any of its Subsidiaries pursuant to which the
Issuer or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Receivables Subsidiary (in the case of a transfer
by the Issuer or any of its Subsidiaries); and (b) any other Person (in the case of a transfer by a Receivables Subsidiary), or
may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of the Issuer or any
of its Subsidiaries, and any assets related thereto including, without limitation, all collateral securing such accounts receivable,
all contracts and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable
and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection
with asset securitization transactions involving accounts receivable and any Hedging Obligations entered into by the Issuer or
any such Subsidiary in connection with such accounts receivable.

 

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

 

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

 

(a)       no
portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Issuer or any
other Subsidiary of the Issuer (excluding guarantees of obligations (other than the principal of and interest on, Indebtedness)
pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Issuer or any other Subsidiary of the Issuer
in any way other than pursuant to Standard Securitization Undertakings, or (iii) subjects any property or asset of the Issuer or
any other Subsidiary of the Issuer, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than
pursuant to Standard Securitization Undertakings;

 

(b)       with
which neither the Issuer nor any other Subsidiary of the Issuer has any material contract, agreement, arrangement or
understanding other than on terms which the Issuer reasonably believes to be no less favorable to the Issuer or such
Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Issuer; and

 

    -17-

     

    

 

(c)       to
which neither the Issuer nor any other Subsidiary of the Issuer has any obligation to maintain or preserve such entity’s
financial condition or cause such entity to achieve certain levels of operating results.

 

Any such designation by the Board of Directors
of the Issuer shall be evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors
of the Issuer giving effect to such designation and an Officers’ Certificate certifying that such designation complied with
the foregoing conditions.

 

“Reference Treasury Dealer”
means (1) each of Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, and in each case their respective successors, unless
any of them ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”),
in which case we will substitute another Primary Treasury Dealer, as applicable and (2) any other Primary Treasury Dealer(s) we
select.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment
Bank, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Independent Investment Bank by such Reference Treasury Dealer at 5:00 p.m., New York City time,
on the third business day preceding such redemption date.

 

“Registration Rights Agreement”
means the registration rights agreement with respect to the Securities among the Issuers, the guarantors party thereto and the
representatives of the Initial Purchasers, dated as of the date hereof.

 

“Representative” means (a) in
the case of any Term Loan Obligations, the Term Facility Administrative Agent, (b) in the case of any Revolving Facility Obligations,
the Revolving Facility Administrative Agent, (c) in the case of any Note Obligations, the Trustee, (d) [reserved] and (e) in the
case of any Series of Other First Priority Lien Obligations, each administrative agent representing the holders of such Series
of Other First Priority Lien Obligations.

 

“Restricted Subsidiary” means,
with respect to any Person, any Subsidiary of such Person other than an Unrestricted Subsidiary of such Person. Unless otherwise
indicated in this Indenture, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Issuer.

 

“Revolving Credit Agreement”
means the Third Amended and Restated Revolving Credit Agreement, dated May 1, 2019, by and among the Company, Berry Global Group,
Inc., certain Subsidiaries of the Company, Bank of America, N.A., as administrative agent, and the other lenders party thereto,
as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or
otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement or indenture
extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under
such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or
indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof.

 

“Revolving Facility Administrative
Agent” means Bank of America, N.A., as administrative agent for the lenders under the Revolving Credit Agreement, together
with its successors and permitted assigns under the Revolving Credit Agreement exercising substantially the same rights and powers,
or such other agent as may from time to time be appointed thereunder.

 

“Revolving Facility Collateral
Agent” means Bank of America, N.A., as collateral agent for the lenders under the Revolving Credit Agreement and under
the security documents in connection therewith, together with its successors and permitted assigns under the Revolving Credit
Agreement or the security documents in connection therewith exercising substantially the same rights and powers, or such
other agent as may from time to time be appointed thereunder.

 

    -18-

     

    

 

“Revolving Facility Lenders”
means the “Lenders” under and as defined in the Revolving Credit Agreement.

 

“Revolving Facility Obligations”
means all “Obligations” (as such term is defined in the Revolving Credit Agreement) now or hereafter owing to Revolving
Facility Secured Parties, and all other indebtedness and obligations now or hereafter owing to the Revolving Facility Secured Parties
that is secured by any of the Bank Agreement Security Documents.

 

“Revolving Facility Secured Parties”
means (a) the Revolving Facility Lenders (and any Affiliate of a Revolving Facility Lender designated by the Issuer as a provider
of cash management services to which any obligation referred to in clause (c) of the definition of the term “Security Agreement
Obligations” is owed), (b) the Revolving Facility Administrative Agent and the Revolving Facility Collateral Agent, (c) each
Issuing Bank (as defined in the Revolving Credit Agreement) party to the Revolving Credit Agreement, (d) each counterparty to any
Swap Agreement entered into with the Issuer or any Subsidiary Guarantor party to the Revolving Credit Agreement, the obligations
under which constitute Security Agreement Obligations, (e) the beneficiaries of each indemnification obligation undertaken by the
Issuer or any Subsidiary Guarantor party to the Revolving Credit Agreement under any Loan Document (as defined in the Revolving
Credit Agreement) and (f) the successors and permitted assigns of each of the foregoing.

 

“Revolving Facility Senior Collateral”
means any and all of the following Collateral, whether now owned or at any time hereafter acquired, by the Issuer or any Subsidiary
Guarantor or in which such Person may have or in the future may acquire any right, title or interest to the extent a security interest
in such Collateral has been or may hereafter be granted to the Collateral Agent under the Security Documents: (a) all Accounts
(except to the extent arising out of the sale of Collateral other than Revolving Facility Senior Collateral; (b) all Inventory;
(c) to the extent evidencing, governing, securing or otherwise related to the items referred to in the preceding clauses (a) and
(b), all (i) General Intangibles, (ii) Chattel Paper, (iii) Instruments and (iv) Documents; (d) all Payment Intangibles (including
corporate tax refunds), other than any Payment Intangibles that represent tax refunds in respect of or otherwise relate to real
property, Fixtures or Equipment; (e) all Indebtedness of Berry Global Group, Inc. (formerly known as Berry Plastics Group, Inc.)
or any of its subsidiaries that arises from cash advances made after the date hereof to enable the obligor or obligors thereon
to acquire Inventory; (f) all collection accounts, deposit accounts, lockboxes, securities accounts and commodity accounts and
any cash or other assets in any such accounts (other than identifiable cash proceeds in respect of real estate, fixtures or equipment);
all books and records related to the foregoing; and (h) all Products and Proceeds and Supporting Obligations of any and all of
the foregoing in whatever form received, including proceeds of insurance policies related to Inventory of the Issuer or any Subsidiary
Guarantor and business interruption insurance and all collateral security and guarantees given by any person with respect to any
of the foregoing. All capitalized terms used in this definition and not defined elsewhere in this document have the meanings assigned
to them in the New York UCC.

 

“RPC Acquisition” means the
acquisition by the Issuer, directly or indirectly, of 100% of the outstanding shares of RPC Group Plc, a public limited company
incorporated in England and Wales with registration number 2578443.

 

“RPC Transaction Equity Investment”
means an Investment by the Company or a Subsidiary Guarantor in one or more Subsidiaries of the Company in an aggregate amount
necessary to fund the RPC Acquisition and/or refinance existing debt of RPC Group Plc.

 

“RPC Transactions” means the
RPC Acquisition, the issuance of the First Priority Dollar Notes on June 5, 2019, the entry into the Escrow Agreement dated June
5, 2019 and the assumption by the Issuer of the obligations under the First Priority Dollar Notes and the First Priority Dollar
Notes Indenture, the borrowings under the Term Loan Credit Agreement, the RPC Transaction Equity Investment and the transactions
related thereto.

 

“Sale/Leaseback
Transaction” means an arrangement relating to property now owned or hereafter 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 such
Restricted Subsidiary leases it from such Person, other than leases between the Issuer and a Restricted Subsidiary of the
Issuer or between Restricted Subsidiaries of the Issuer.

 

    -19-

     

    

 

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

 

“SEC” means the Securities and
Exchange Commission.

 

“Second Priority Intercreditor Agreement”
means the Second Amended and Restated Intercreditor Agreement, dated as of February 5, 2008, as supplemented on April 21, 2008,
December 3, 2009, April 30, 2010, July 19, 2010, November 19, 2010, May 12, 2014, June 25, 2014, June 5, 2015, February 24, 2018
and September 24, 2018, by and among the Existing Second Priority Notes Trustee, the Existing Second Priority Notes Collateral
Agent, the Term Facility Administrative Agent, the Term Loan Collateral Agent, the Revolving Facility Administrative Agent, the
Revolving Facility Collateral Agent, the Subsidiaries of the Issuer party thereto and Berry Global Group, Inc., as was previously
supplemented and as supplemented as of the Issue Date by the execution and delivery of a joinder agreement by the Collateral Agent,
the Trustee, the Term Facility Administrative Agent, the Term Loan Collateral Agent, the Revolving Facility Administrative Agent,
the Revolving Facility Collateral Agent, Trustee, the Collateral Agent, Berry Global Group, Inc., the Issuer and the Subsidiary
Guarantors, as may be further amended, restated or otherwise supplemented.

 

“Second Priority Liens” means
the Liens securing the Obligations in respect of the Existing Second Priority Notes.

 

“Secured Bank Indebtedness”
means any Bank Indebtedness that is secured by a Permitted Lien incurred or deemed incurred pursuant to clause (6)(B) of the definition
of Permitted Lien.

 

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

 

“Secured Indebtedness Leverage Ratio”
means, with respect to any Person at any date, the ratio of (i) an amount equal to (a) the amount of Secured Indebtedness (other
than Secured Indebtedness described in clause (6)(B)(II) of the definition of “Permitted Liens”) of such Person and
its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with GAAP) that constitutes
First Priority Lien Obligations minus (b) the amount of cash and Cash Equivalents of such Person and its Restricted Subsidiaries
as of such date to (ii) EBITDA of such Person for the four full fiscal quarters for which internal financial statements are available
immediately preceding such date on which such additional Indebtedness is Incurred. In the event that the Issuer or any of its Restricted
Subsidiaries Incurs, repays, repurchases or redeems any Indebtedness subsequent to the commencement of the period for which the
Secured Indebtedness Leverage Ratio is being calculated but prior to the event for which the calculation of the Secured Indebtedness
Leverage Ratio is made (the “Secured Leverage Calculation Date”), then the Secured Indebtedness Leverage Ratio shall
be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness as if the same had
occurred at the beginning of the applicable four-quarter period; provided that the Issuer may elect, pursuant to an Officers’
Certificate delivered to the Trustee to treat all or any portion of the commitment under any Indebtedness as being Incurred at
such time, in which case any subsequent Incurrence of Indebtedness under such commitment shall not be deemed, for purposes of this
calculation, to be an Incurrence at such subsequent time.

 

For purposes of making the computation
referred to above, Investments, acquisitions, dispositions, mergers, consolidations and discontinued operations (as
determined in accordance with GAAP), in each case with respect to an operating unit of a business, and any operational
changes that the Issuer or any of its Restricted Subsidiaries has determined to make and/or made after September 20, 2006 and
during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the
Secured Leverage Calculation Date (each, for purposes of this definition, a “pro forma event”) shall be
calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, consolidations,
discontinued operations and other operational changes (and the change of any associated Indebtedness and the change in EBITDA
resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such
period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Issuer or any Restricted
Subsidiary since the beginning of such period shall have made any Investment, acquisition, disposition, merger,
consolidation, discontinued operation or operational change, in each case with respect to an operating unit of a business,
that would have required adjustment pursuant to this definition, then the Secured Indebtedness Leverage Ratio shall be
calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, discontinued
operation, merger, consolidation or operational change had occurred at the beginning of the applicable four-quarter
period.

 

    -20-

     

    

 

For purposes of this definition, whenever
pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made in good faith by a responsible
financial or accounting officer of the Issuer. Any such pro forma calculation may include adjustments appropriate, in the reasonable
good faith determination of the Issuer as set forth in an Officers’ Certificate, to reflect (1) operating expense reductions
and other operating improvements or cost synergies reasonably expected to result from the applicable pro forma event, and (2) all
pro forma adjustments of the nature used in similar calculations in the Existing Second Priority Notes Indentures and the Existing
First Priority Notes Indentures (as in effect on the Issue Date).

 

“Securities” has the meaning
given such term in the Preamble to this Indenture.

 

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

 

“Security Agreement Obligations”
means (a) the Bank Agreement Obligations, (b) the due and punctual payment and performance of all obligations of each Loan Party
(as defined in each of the Term Loan Credit Agreement and the Revolving Credit Agreement) under each Swap Agreement that (i) was
in effect on April 3, 2007 with a counterparty that was a Revolving Facility Lender or an Affiliate of a Revolving Facility Lender
of April 3, 2007 or (ii) is (or was) entered into after April 3, 2007 with any counterparty that is (or was) a Revolving Facility
Lender or an Affiliate of a Revolving Facility Lender at the time such Swap Agreement is (or was) entered into, and (c) the due
and punctual payment and performance of all obligations of each Bank Agreement Borrower and any of their Subsidiaries in respect
of overdrafts and related liabilities owed to a Revolving Facility Lender or any of its Affiliates (or any other Person designated
by the Issuer as a provider of cash management services and entitled to the benefit of the Security Agreement) and arising from
cash management services (including treasury, depository, overdraft, credit or debit card, electronic funds transfer, ACH services
and other cash management arrangements).

 

“Security Documents” means the
security agreements, pledge agreements, collateral assignments, Mortgages and related agreements, as amended, supplemented, restated,
renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified from time to time, creating the security interests
in favor of the Collateral Agent in the Collateral, as contemplated by this Indenture.

 

“Senior Fixed Collateral Intercreditor
Agreement” means the Senior Fixed Collateral Priority and Intercreditor Agreement, dated as of February 5, 2008, as amended
on April 21, 2008, by and among the Term Facility Administrative Agent, the Term Loan Collateral Agent, the Company and Berry Global
Group, Inc. (formerly known as Berry Plastics Group, Inc.), as was previously supplemented and as supplemented as of the Issue
Date by the execution and delivery of a joinder agreement by the Collateral Agent, the Trustee, the Term Facility Administrative
Agent, the Term Loan Collateral Agent, Berry Global Group, Inc. (formerly Berry Plastics Group, Inc.), the Issuer and the Subsidiary
Guarantors, as amended, supplemented or otherwise modified from time to time.

 

“Senior Fixed Obligations” means
all First Priority Lien Obligations other than Revolving Facility Obligations.

 

“Senior Fixed Obligations Secured
Parties” means each of the Term Loan Secured Parties, the Note Secured Parties and each other First Priority Lien Obligations
secured parties.

 

    -21-

     

    

 

“Senior Lender Intercreditor
Agreement” means the Second Amended and Restated Senior Lender Priority and Intercreditor Agreement, dated as of
February 5, 2008, as supplemented on April 21, 2008, December 3, 2009, February 8, 2013, January 6, 2014, October 1, 2015 and
February 11, 2016, February 15, 2018 and September 24, 2018 by and among the Term Facility Administrative Agent, the Term
Loan Collateral Agent, the Revolving Facility Administrative Agent, the Revolving Facility Collateral Agent, the Issuer,
certain Subsidiaries of the Issuer and Berry Global Group, Inc., as amended, supplemented or otherwise modified from time to
time, as was previously supplemented and as supplemented as of the Issue Date by the execution and delivery of a joinder
agreement by the Collateral Agent, the Trustee, the Term Facility Administrative Agent, the Term Loan Collateral Agent, the
Revolving Facility Administrative Agent, the Revolving Facility Collateral Agent, Berry Global Group, Inc. (formerly known
Berry Plastics Group, Inc.), the Issuer and the Subsidiary Guarantors.

 

“Senior Secured Obligations”
means (a) with respect to the Revolving Facility Obligations (to the extent such Obligations are secured by Collateral other than
Revolving Facility Senior Collateral), the Senior Fixed Obligations, and (b) with respect to Term Loan Obligations, the Note Obligations
and any Series of First Priority Lien Obligations other than Revolving Facility Obligations (to the extent such Obligations are
secured by the Revolving Facility Senior Collateral), the Revolving Facility Obligations; all of the foregoing obligations described
in clause (a) or clause (b) being a separate “Class” of Senior Secured Obligations.

 

“Series” means (a) each of the
Term Loan Obligations, Note Obligations and each series of any Other First Priority Lien Obligations, each of which shall constitute
a separate Series of the Class of Senior Secured Obligations constituting Senior Fixed Obligations, except that to the extent that
any two series of such Other First Priority Lien Obligations (i) are secured by identical Collateral held by a common collateral
agent, (ii) have their security interests documented by a single set of security documents and (iii) the two series are issued
or incurred either on the same date or within 30 days of the issuance or incurrence of each other, each such series of Other First
Priority Lien Obligations shall collectively constitute a single Series; and (b) the Revolving Facility Obligations, which shall
constitute the single Series of the Class of Senior Secured Obligations constituting Revolving Facility Obligations. With respect
to the Senior Fixed Obligations Secured Parties, the Senior Fixed Obligations Secured Parties with respect to each Series of Senior
Fixed Obligations shall constitute a separate Series of Senior Fixed Obligations Secured Parties.

 

“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 SEC.

 

“Standard Securitization Undertakings”
means representations, warranties, covenants, indemnities and guarantees of performance entered into by the Issuer or any Subsidiary
of the Issuer which the Issuer has determined in good faith to be customary in a Receivables Financing including, without limitation,
those relating to the servicing of the assets of a Receivables Subsidiary, it being understood that any Receivables Repurchase
Obligation shall be deemed to be a Standard Securitization Undertaking.

 

“Stated Maturity” means, with
respect to any security, the date specified in such security as the fixed date on which the final payment of principal of such
security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for
the repurchase of such security at the option of the holder thereof upon the happening of any contingency beyond the control of
the issuer unless such contingency has occurred).

 

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

 

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

 

    -22-

     

    

 

“Subsidiary Guarantee” means
any guarantee, other than the Parent Guarantee, of the obligations of the Issuer under this Indenture and the Securities by any
Restricted Subsidiary in accordance with the provisions of this Indenture.

 

“Subsidiary Guarantor” means
any Restricted Subsidiary that Incurs a Subsidiary Guarantee; provided that upon the release or discharge of such Person from its
Subsidiary Guarantee in accordance with this Indenture, such Person ceases to be a Subsidiary Guarantor. For the avoidance of doubt,
Parent Guarantor shall not constitute a Subsidiary Guarantor.

 

“Tax Distributions” means the
payment of dividends or other distributions to any direct or indirect parent of the Issuer in amounts required for such parent
to pay federal, state or local income taxes (as the case may be) imposed directly on such parent to the extent such income taxes
are attributable to the income of the Issuer and its Restricted Subsidiaries (including, without limitation, by virtue of such
parent being the common parent of a consolidated or combined tax group of which the Issuer and/or its Restricted Subsidiaries are
members.

 

“Term Facility Administrative Agent”
means Credit Suisse, Cayman Islands Branch, as administrative agent for the lenders under the Term Loan Credit Agreement, together
with its successors and permitted assigns under the Term Loan Credit Agreement exercising substantially the same rights and powers,
or such other agent as may from time to time be appointed thereunder.

 

“Term Loan Collateral Agent”
means Credit Suisse, Cayman Islands Branch, as collateral agent for the lenders under the Term Loan Credit Agreement, together
with its respective successors and permitted assigns under the Term Loan Credit Agreement exercising substantially the same rights
and powers, or such other agent as may from time to time be appointed thereunder.

 

“Term Loan Credit Agreement”
means that certain Second Amended and Restated Term Loan Credit Agreement, dated April 3, 2007, by and among the Issuer, Berry
Global Group, Inc., Credit Suisse, Cayman Islands Branch, as administrative agent, and the other lenders party thereto, as amended
by the Incremental Assumption Agreement, dated as of February 8, 2013, the Incremental Assumption Agreement, dated as of January
6, 2014, the Incremental Assumption Agreement, dated as of October 1, 2015, that certain Incremental Assumption Agreement and Amendment,
dated as of June 15, 2016, that certain Incremental Assumption Agreement, dated as of January 19, 2017, that certain Incremental
Assumption Agreement, dated as of February 10, 2017, that certain Incremental Assumption Agreement, dated as of August 10, 2017,
that certain Incremental Assumption Agreement, dated as of November 27, 2017, that certain Incremental Assumption Agreement and
Amendment dated as of February 12, 2018, that certain Incremental Assumption Agreement dated as of May 16, 2018, that certain Amendment
Agreement dated as of April 10, 2019, that certain Incremental Assumption Agreement and Amendment, dated as of July 1, 2019, that
certain Incremental Assumption Agreement, dated as of October 18, 2019 and that certain Incremental Assumption Agreement, dated
as of December 17, 2019 and as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether
with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including
any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion
of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement agreement or
agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof.

 

“Term Loan Lenders” means the
 “Lenders” under and as defined in the Term Loan Credit Agreement.

 

“Term Loan Obligations” means
all Security Agreement Obligations now or hereafter owing to Term Loan Secured Parties, and all other indebtedness and obligations
now or hereafter owing to the Term Loan Secured Parties that is secured by any of the Bank Agreement Security Documents.

 

    -23-

     

    

 

“Term Loan Secured Parties”
means, at any time, (a) the Term Loan Lenders, (b) the Term Facility Administrative Agent and the Term Loan Collateral Agent, (c)
the beneficiaries of each indemnification obligation undertaken by the Issuer and any Subsidiary Guarantor party to the Term Loan
Credit Agreement under any Loan Document (as defined in the Term Loan Credit Agreement) and (d) the successors and permitted assigns
of each of the foregoing.

 

“TIA” means the Trust Indenture
Act of 1939 (15 U.S.C. Sections 77aaa and 77bbbb) as in effect on the date of this Indenture, except as otherwise provided herein.

 

“Total Assets” means the total
consolidated assets of the Issuer and its Restricted Subsidiaries, as shown on the most recent balance sheet of the Issuer.

 

“Treasury Rate” means, with
respect to any redemption date, (i) the yield, calculated as the average of the five most recent daily rates published in the statistical
release(s) designated “H.15”or any successor publication which is published by the Board of Governors of the Federal
Reserve System and which establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the
caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity
is within three months before or after the Par Call Date, yields for the two published maturities most closely corresponding to
the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields
on a straight line basis, rounding to the nearest month); or (ii) if the release referred to above (or any successor release) is
not published during the week preceding the calculation date or does not contain the yields referred to above, the rate per annum
equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.
The Treasury Rate will be calculated at 5:00 p.m. (New York City time) on the third business day preceding such redemption date.
As used in the immediately preceding sentence and in the definition of “Reference Treasury Dealer Quotations” above,
the term “business day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New
York City are authorized or obligated by law or executive order to close.

 

“Trust Officer” means:

 

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

 

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

 

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

 

“Unrestricted Subsidiary” means:

 

(1)       BP
Parallel LLC, for so long as such Person is a Subsidiary of the Issuer and is not designated as a Restricted Subsidiary by the
Board of Directors of the Issuer;

 

(2)       any
Subsidiary of the Issuer that at the time of determination shall be designated an “Unrestricted Subsidiary” (or equivalent
thereof) under the Credit Agreements or the Existing First Priority Notes; and

 

(3)       any
Subsidiary of an Unrestricted Subsidiary.

 

    -24-

     

    

 

 

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

 

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

 

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

 

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

 

“Voting Stock” of any Person
as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors
of such Person.

 

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

 

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

 

SECTION 1.02.           
Other Definitions.

 

	Term	Defined

in Section
	“Affiliate Transaction”	4.07
	“Agent Members” 	Appendix A
	“Appendix”	Preamble
	“Change of Control Offer” 	4.08(b)
	“Change of Control Reversion Date” 	4.16(d)
	“Clearstream” 	Appendix A
	“covenant defeasance option”	8.01(c)
	“Covenant Suspension Event” 	4.16(b)
	“Custodian”	6.01
	“Definitive Security”	Appendix A
	“Downgrade Reversion Date” 	4.16(c)
	“Euroclear”	Appendix A
	“Event of Default”	6.01
	“Exchange Security” 	Preamble
	“Global Securities” 	Appendix A
	“Global Securities Legend”	Appendix A
	“Guaranteed Obligations”	12.01(a)
	“IAI”	Appendix A
	“incorporated provision”	13.01
	“Initial Purchasers”	Appendix A
	“legal defeasance option”	8.01

 

    -25-

     

    

 

	Term	Defined

in Section
	“Mortgage Amendment”	4.19
	“Notice of Default”	6.01
	“Original Securities”	Preamble
	“Paying Agent”	2.04(a)
	“Payor”	4.17
	“protected purchaser”	2.08
	“Purchase Agreement”	Appendix A
	“QIB”	Appendix A
	“Registered Exchange Offer” 	Appendix A
	“Registrar”	2.04(a)
	“Registration Rights Agreement” 	Appendix A
	“Regulation S”	Appendix A
	“Regulation S Global Securities”	Appendix A
	“Regulation S Permanent Global Security”	Appendix A
	“Regulation S Temporary Global Security”	Appendix A
	“Regulation S Securities”	Appendix A
	“Restricted Period”	Appendix A
	“Restricted Securities Legend”	Appendix A
	“Rule 144A”	Appendix A
	“Rule 144A Global Securities” 	Appendix A
	“Rule 144A Securities”	Appendix A
	“Rule 501”	Appendix A
	“Securities Custodian”	Appendix A
	“Shelf Registration Statement” 	Appendix A
	“Successor Company”	5.01(a)
	“Successor Subsidiary Guarantor”	5.01(b)
	“Transfer”	5.01(b)
	“Transfer Restricted Securities”	Appendix A
	“Unrestricted Definitive Security	Appendix A
	“Unrestricted Global Security” 	Appendix A

 

    -26-

     

    

 

SECTION 1.03.           
Incorporation by Reference of Trust Indenture Act. This Indenture incorporates by reference certain provisions of
the TIA. The following TIA terms have the following meanings:

 

“indenture securities”
means the Securities and the Guarantees.

 

“indenture security holder”
means a Holder.

 

“indenture to be qualified”
means this Indenture.

 

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

 

“Obligor” on the indenture
securities means the Issuer, the Parent Guarantor, the Subsidiary Guarantors and any other obligor on the Securities.

 

All other TIA terms used in this Indenture
that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule have the meanings assigned to them
by such definitions.

 

    -27-

     

    

 

SECTION 1.04.
            Rules of Construction. Unless the context otherwise
requires:

 

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

 

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

 

(c)            “or”
is not exclusive;

 

(d)            “including”
means including without limitation;

 

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

 

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

 

(g)            the
principal amount of any non-interest bearing or other discount security at any date shall be the principal amount thereof that
would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP;

 

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

 

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

 

(j)             “$”
and “U.S. Dollars” each refer to United States dollars, or such other money of the United States of America that at
the time of payment is legal tender for payment of public and private debts; and

 

(k)             whenever
in this Indenture or the Securities there is mentioned, in any context, principal, interest or any other amount payable under or
with respect to any Securities, such mention shall be deemed to include mention of the payment of Additional Interest, to the extent
that, in such context, Additional Interest is, was or would be payable in respect thereof.

 

ARTICLE 2

THE SECURITIES

 

SECTION 2.01.           
Amount of Securities. The aggregate principal amount of Securities which may be authenticated and delivered under
this Indenture on the Issue Date is $750,000,000 in initial aggregate principal amount of Securities.

 

The Issuer may from time to time after the
Issue Date issue Additional Securities under this Indenture in an unlimited principal amount, so long as (i) the Incurrence of
the Indebtedness represented by such Additional Securities is at such time permitted by Section 4.12 and (ii) such Additional Securities
are issued in compliance with the other applicable provisions of this Indenture. With respect to any Additional Securities issued
after the Issue Date (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or
in lieu of, other Securities pursuant to Section 2.07, 2.08, 2.09, 2.10, 3.06, 3.08 or 4.08(c) or the Appendix), there shall be
(a) established in or pursuant to a resolution of the Board of Directors of the Issuer and (b) (i) set forth or determined in the
manner provided in an Officers’ Certificate or (ii) established in one or more indentures supplemental hereto, prior to the
issuance of such Additional Securities:

 

    -28-

     

    

 

(1)             the
aggregate principal amount of such Additional Securities which may be authenticated and delivered under this Indenture,

 

(2)             the
issue price and issuance date of such Additional Securities, including the date from which interest on such Additional Securities
shall accrue;

 

(3)             if
applicable, that such Additional Securities shall be issuable in whole or in part in the form of one or more Global Securities
and, in such case, the respective depositaries for such Global Securities, the form of any legend or legends which shall be borne
by such Global Securities in addition to or in lieu of those set forth in Exhibit A hereto and any circumstances in addition to
or in lieu of those set forth in Section 2.2 of the Appendix in which any such Global Security may be exchanged in whole or in
part for Additional Securities registered, or any transfer of such Global Security in whole or in part may be registered, in the
name or names of Persons other than the depositary for such Global Security or a nominee thereof; and

 

(4)             if
applicable, that such Additional Securities that are not Transfer Restricted Securities shall not be issued in the form of Original
Securities as set forth in Exhibit A, but shall be issued in the form of Exchange Securities as set forth in Exhibit B.

 

If any of the terms of any Additional Securities
are established by action taken pursuant to a resolution of the Board of Directors of the Issuer, a copy of an appropriate record
of such action shall be certified by the Secretary or any Assistant Secretary of the Issuer and delivered to the Trustee at or
prior to the delivery of the Officers’ Certificate or the indenture supplemental hereto setting forth the terms of the Additional
Securities.

 

The Securities, including any Additional
Securities, shall be treated as a single class for all purposes under this Indenture, including, without limitation, waivers, amendments,
redemptions and offers to purchase.

 

SECTION 2.02.           
Form and Dating. Provisions relating to the Original Securities the Additional Securities and the Exchange Securities
are set forth in the Appendix, which is hereby incorporated into and expressly made a part of this Indenture. The (i) Original
Securities and the Trustee’s certificate of authentication and (ii) any Additional Securities (if issued as Transfer Restricted
Securities) and the Trustee’s certificate of authentication shall each be substantially in the form of Exhibit A hereto,
which is hereby incorporated in and expressly made a part of this Indenture. The (i) Exchange Securities and the Trustee’s
certificate of authentication and (ii) any Additional Securities issued other than as Transfer Restricted Securities and the Trustee’s
certificate of authentication shall each be substantially in the form of Exhibit B hereto, which is hereby incorporated in and
expressly made a part of this Indenture. The Securities may have notations, legends or endorsements required by law, stock exchange
rule, agreements to which any Obligor is subject, if any, or usage (provided that any such notation, legend or endorsement
is in a form acceptable to the Issuer). Each Security shall be dated the date of its authentication. The Securities shall be issuable
only in registered form without interest coupons and in denominations of $2,000 and any integral multiples of $1,000.

 

SECTION 2.03.           
Execution and Authentication. The Trustee shall authenticate and make available for delivery upon a written order
of the Issuer signed by one Officer (a) Original Securities for original issue on the date hereof in an aggregate principal amount
of $750,000,000 in initial aggregate principal amount of Securities, (b) subject to the terms of this Indenture, Additional Securities
in an aggregate principal amount to be determined at the time of issuance and specified therein and (c) the Exchange Securities
for issue in a Registered Exchange Offer pursuant to the Registration Rights Agreement for a like principal amount of the Original
Securities exchanged pursuant thereto or otherwise pursuant to an effective registration statement under the Securities Act. Such
order shall specify the amount of the Securities to be authenticated, the date on which the original issue of Securities is to
be authenticated and whether the Securities are to be Original Securities or Exchange Securities. Notwithstanding anything to the
contrary in this Indenture or the Appendix, any issuance of Additional Securities after the Issue Date shall be in a principal
amount of at least $2,000 and integral multiples of $1,000 in excess of $2,000.

 

One Officer shall sign the Securities for
the Issuer by manual or facsimile signature.

 

    -29-

     

    

 

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

 

A Security shall not be valid until an authorized
signatory of the Trustee manually signs the certificate of authentication on the Security. The signature shall be conclusive evidence
that the Security has been authenticated under this Indenture.

 

The Trustee may appoint one or more authenticating
agents reasonably acceptable to the Issuer to authenticate the Securities. Any such appointment shall be evidenced by an instrument
signed by a Trust Officer, a copy of which shall be furnished to the Issuer. Unless limited by the terms of such appointment, an
authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication
by the Trustee includes authentication by such agent. An authenticating agent has the same rights as any Registrar, Paying Agent
or agent for service of notices and demands.

 

SECTION 2.04.           
Registrar and Paying Agent.

 

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

 

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

 

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

 

SECTION 2.05.           
Paying Agent to Hold Money in Trust. Prior to or on each due date of the principal of and interest on any Security,
the Issuer shall deposit with each Paying Agent (or if the Issuer or a Wholly Owned Subsidiary is acting as Paying Agent, segregate
and hold in trust for the benefit of the Persons entitled thereto) a sum sufficient to pay such principal and interest when so
becoming due. The Issuer shall require each Paying Agent (other than the Trustee) to agree in writing that a Paying Agent shall
hold in trust for the benefit of Holders or the Trustee all money held by a Paying Agent for the payment of principal of and interest
on the Securities, and shall notify the Trustee of any default by the Issuer in making any such payment. If the Issuer or a Wholly
Owned Subsidiary of the Issuer acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it in trust
for the benefit of the Persons entitled thereto. The Issuer at any time may require a Paying Agent to pay all money held by it
to the Trustee and to account for any funds disbursed by such Paying Agent. Upon complying with this Section, a Paying Agent shall
have no further liability for the money delivered to the Trustee.

 

SECTION 2.06.            Holder
Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it
of the names and addresses of Holders. If the Trustee is not the Registrar, the Issuer shall furnish, or cause the Registrar
to furnish, to the Trustee, in writing at least five Business Days before each interest payment date and at such other times
as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the
names and addresses of Holders.

 

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SECTION 2.07.           
Transfer and Exchange. The Securities shall be issued in registered form and shall be transferable only upon the
surrender of a Security for registration of transfer and in compliance with the Appendix. When a Security is presented to the Registrar
with a request to register a transfer, the Registrar shall register the transfer as requested if its requirements therefor are
met. When Securities are presented to the Registrar with a request to exchange them for an equal principal amount of Securities
of other denominations, the Registrar shall make the exchange as requested if the same requirements are met. To permit registration
of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Securities at the Registrar’s request.
The Issuer may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges in connection with
any transfer or exchange pursuant to this Section. The Issuer shall not be required to make, and the Registrar need not register,
transfers or exchanges of Securities selected for redemption (except, in the case of Securities to be redeemed in part, the portion
thereof not to be redeemed) or of any Securities for a period of 15 days before the mailing of a notice of redemption of Securities
to be redeemed.

 

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

 

Any Holder of a beneficial interest in a
Global Security shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in such Global Security
may be effected only through a book-entry system maintained by (a) the Holder of such Global Security (or its agent) or (b) any
Holder of a beneficial interest in such Global Security, and that ownership of a beneficial interest in such Global Security shall
be required to be reflected in a book entry.

 

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

 

SECTION 2.08.           
Replacement Securities. If a mutilated Security is surrendered to the Registrar or if the Holder of a Security claims
that the Security has been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall authenticate a replacement
Security if the requirements of Section 8-405 of the New York UCC are met, such that the Holder (a) satisfies the Issuer or the
Trustee within a reasonable time after such Holder has notice of such loss, destruction or wrongful taking and the Registrar does
not register a transfer prior to receiving such notification, (b) makes such request to the Issuer or the Trustee prior to the
Security being acquired by a protected purchaser as defined in Section 8-303 of the New York UCC (a “protected purchaser”)
and (c) satisfies any other reasonable requirements of the Trustee. Such Holder shall furnish an indemnity bond sufficient in the
judgment of the Trustee or the Issuer to protect the Issuer, the Trustee, a Paying Agent and the Registrar from any loss that any
of them may suffer if a Security is replaced. The Issuer and the Trustee may charge the Holder for their expenses in replacing
a Security (including without limitation, attorneys’ fees and disbursements in replacing such Security). In the event any
such mutilated, lost, destroyed or wrongfully taken Security has become or is about to become due and payable, the Issuer in its
discretion may pay such Security instead of issuing a new Security in replacement thereof.

 

Every replacement Security is an additional
obligation of the Issuer.

 

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

 

SECTION 2.09.            Outstanding
Securities. Securities outstanding at any time are all Securities authenticated by the Trustee except for those canceled
by it, those delivered to it for cancellation and those described in this Section as not outstanding. Subject to Section
13.06, a Security does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Security.

 

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If a Security is replaced pursuant to Section
2.08 (other than a mutilated Security surrendered for replacement), it ceases to be outstanding unless the Trustee and the Issuer
receive proof satisfactory to them that the replaced Security is held by a protected purchaser. A mutilated Security ceases to
be outstanding upon surrender of such Security and replacement thereof pursuant to Section 2.08.

 

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

 

SECTION 2.10.           
Temporary Securities. In the event that Definitive Securities are to be issued under the terms of this Indenture,
until such Definitive Securities are ready for delivery, the Issuer may prepare and the Trustee shall authenticate temporary Securities.
Temporary Securities shall be substantially in the form of Definitive Securities but may have variations that the Issuer considers
appropriate for temporary Securities. Without unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate Definitive
Securities and make them available for delivery in exchange for temporary Securities upon surrender of such temporary Securities
at the office or agency of the Issuer, without charge to the Holder. Until such exchange, temporary Securities shall be entitled
to the same rights, benefits and privileges as Definitive Securities.

 

SECTION 2.11.           
Cancellation. The Issuer at any time may deliver Securities to the Trustee for cancellation. The Registrar and each
Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment.
The Trustee and no one else shall cancel all Securities surrendered for registration of transfer, exchange, payment or cancellation
and shall dispose of canceled Securities in accordance with its customary procedures. The Issuer may not issue new Securities to
replace Securities it has redeemed, paid or delivered to the Trustee for cancellation. The Trustee shall not authenticate Securities
in place of canceled Securities other than pursuant to the terms of this Indenture.

 

SECTION 2.12.           
Defaulted Interest. If the Issuer defaults in a payment of interest on the Securities, the Issuer shall pay the defaulted
interest then borne by the Securities (plus interest on such defaulted interest to the extent lawful) 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 to the reasonable satisfaction of the Trustee and shall promptly
mail or cause to be sent to each affected Holder a notice that states the special record date, the payment date and the amount
of defaulted interest to be paid.

 

SECTION 2.13.           
CUSIP Numbers, ISINs, etc. The Issuer in issuing the Securities may use CUSIP numbers, ISINs and “Common Code”
numbers (if then generally in use) and, if so, the Trustee shall use CUSIP numbers, ISINs and “Common Code” numbers
in notices of redemption as a convenience to Holders; provided, however, that any such notice may state that no representation
is made as to the correctness of such numbers, either as printed on the Securities or as contained in any notice of a redemption
that reliance may be placed only on the other identification numbers printed on the Securities and that any such redemption shall
not be affected by any defect in or omission of such numbers. The Issuer shall promptly advise the Trustee in writing of any change
in the CUSIP numbers, ISINs and “Common Code” numbers.

 

SECTION 2.14.            Calculation
of Principal Amount of Securities. The aggregate principal amount of the Securities, at any date of determination, shall
be the principal amount of the Securities outstanding at such date of determination. With respect to any matter requiring
consent, waiver, approval or other action of the Holders of a specified percentage of the principal amount of all the
Securities, such percentage shall be calculated, on the relevant date of determination, by dividing (a) the principal amount,
as of such date of determination, of Securities, the Holders of which have so consented, by (b) the aggregate principal
amount, as of such date of determination, of the Securities then outstanding, in each case, as determined in accordance with
the preceding sentence, Section 2.09 and Section 13.06 of this Indenture. Any such calculation made pursuant to this Section
2.14 shall be made by the Issuer and delivered to the Trustee pursuant to an Officers’ Certificate.

 

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ARTICLE 3

REDEMPTION

 

SECTION 3.01.           
Redemption. The Securities may be redeemed, in whole, or from time to time in part, subject to the conditions and
at the redemption prices set forth in Paragraph 5 of the form of Securities set forth in Exhibit A and Exhibit B hereto, which
are hereby incorporated by reference and made a part of this Indenture, together with accrued and unpaid interest to, but not including,
the redemption date.

 

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

 

SECTION 3.03.           
Notices to Trustee. If the Issuer elects to redeem Securities pursuant to the optional redemption provisions of Paragraph
5 of the Security, it shall notify the Trustee in writing of (i) the Section of this Indenture pursuant to which the redemption
shall occur, (ii) the redemption date, (iii) the principal amount of Securities to be redeemed and (iv) the redemption price. Such
notice may be conditional. The Issuer shall give notice to the Trustee provided for in this paragraph at least 30 days but not
more than 60 days before a redemption date if the redemption is pursuant to Paragraph 5 of the Security, unless a shorter period
is acceptable to the Trustee. Such notice shall be accompanied by an Officers’ Certificate and Opinion of Counsel from the
Issuer to the effect that such redemption will comply with the conditions herein. If fewer than all the Securities are to be redeemed,
the record date relating to such redemption shall be selected by the Issuer and given to the Trustee, which record date shall be
not fewer than 15 days after the date of notice to the Trustee. Any such notice may be canceled at any time prior to notice of
such redemption being sent to any Holder and shall thereby be void and of no effect.

 

SECTION 3.04.           
Selection of Securities to Be Redeemed. In the case of any partial redemption, selection of Securities for redemption
will be made by the Trustee by lot in accordance with the depositary’s procedures; provided that no Securities of
$2,000 or less shall be redeemed in part. The Trustee shall make the selection from outstanding Securities not previously called
for redemption. The Trustee may select for redemption portions of the principal of Securities that have denominations larger than
$2,000. Securities and portions of them the Trustee selects shall be in amounts of $2,000 or any integral multiple of $1,000. Provisions
of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. The
Trustee shall notify the Issuer promptly of the Securities or portions of Securities to be redeemed.

 

SECTION 3.05.           
Notice of Optional Redemption.

 

(a)                
At least 30 days but not more than 60 days before a redemption date pursuant to Paragraph 5 of the Security, the Issuer
shall mail or cause to be mailed by first-class mail or cause to be sent electronically a notice of redemption to each Holder whose
Securities are to be redeemed.

 

Any such notice shall identify the Securities
to be redeemed and shall state:

 

(i)             
the redemption date;

 

(ii)            
the redemption price and the amount of accrued interest to, but not including, the redemption date;

 

(iii)           
the name and address of the Paying Agent;

 

(iv)           
that Securities called for redemption must be surrendered to the Paying Agent to collect the redemption price, plus
accrued interest;

 

    -33-

     

    

 

(v)            
 if fewer than all the outstanding Securities are to be redeemed, the certificate numbers and principal amounts of the particular
Securities to be redeemed, the aggregate principal amount of Securities to be redeemed and the aggregate principal amount of Securities
to be outstanding after such partial redemption;

 

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

 

(vii)          
the CUSIP number, ISIN and/or “Common Code” number, if any, printed on the Securities being redeemed; and

 

(viii)         
that no representation is made as to the correctness or accuracy of the CUSIP number or ISIN and/or “Common Code”
number, if any, listed in such notice or printed on the Securities.

 

(b)               
At the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s name and at the Issuer’s
expense. In such event, the Issuer shall provide the Trustee with the information required by this Section at least 10 days (or
such shorter period as shall be acceptable to the Trustee) prior to the date such notice is to be provided to Holders and such
notice may not be canceled.

 

SECTION 3.06.           
Effect of Notice of Redemption. Once notice of redemption is mailed or sent in accordance with Section 3.05, Securities
called for redemption become due and payable on the redemption date and at the redemption price stated in the notice, except as
provided in the final sentence of paragraph 5 of the Securities. Upon surrender to the Paying Agent, such Securities shall be paid
at the redemption price stated in the notice, plus accrued interest, to, but not including, the redemption date; provided,
however, that if the redemption date is after a regular record date and on or prior to the interest payment date, the accrued
interest shall be payable to the Holder of the redeemed Securities registered on the relevant record date. Failure to give notice
or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder.

 

SECTION 3.07.           
Deposit of Redemption Price. With respect to any Securities, prior to 10:00 a.m., New York City time, on the redemption
date, the Issuer shall deposit with the Paying Agent (or, if the Issuer or a Wholly Owned Subsidiary is the Paying Agent, shall
segregate and hold in trust) money sufficient to pay the redemption price of and accrued interest on all Securities or portions
thereof to be redeemed on that date other than Securities or portions of Securities called for redemption that have been delivered
by the Issuer to the Trustee for cancellation. On and after the redemption date, interest shall cease to accrue on Securities or
portions thereof called for redemption so long as the Issuer has deposited with the Paying Agent funds sufficient to pay the principal
of, plus accrued and unpaid interest (if any) on, the Securities to be redeemed, unless the Paying Agent is prohibited from
making such payment pursuant to the terms of this Indenture.

 

SECTION 3.08.           
Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Issuer shall execute and
the Trustee shall authenticate for the Holder (at the Issuer’s expense) a new Security equal in principal amount to the unredeemed
portion of the Security surrendered.

 

ARTICLE 4

COVENANTS

 

SECTION 4.01.           
Payment of Securities. The Issuer shall promptly pay the principal of and interest on the Securities on the dates
and in the manner provided in the Securities and in this Indenture. An installment of principal or interest shall be considered
paid on the date due if on such date the Trustee or the Paying Agent holds as of 12:00 p.m. New York City time money sufficient
to pay all principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying
such money to the Holders on that date pursuant to the terms of this Indenture.

 

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

 

SECTION 4.02.           
Reports and Other Information.

 

(a)                
Notwithstanding that the Issuer may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange
Act or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to
rules and regulations promulgated by the SEC, the Issuer shall file with the SEC (and provide the Trustee and Holders with copies
thereof, without cost to each Holder, within 15 days after it files them with the SEC):

 

(i)             
within the time period specified in the SEC’s rules and regulations, annual reports on Form 10-K (or any successor
or comparable form) containing the information required to be contained therein (or required in such successor or comparable form),

 

(ii)            
within the time period specified in the SEC’s rules and regulations, reports on Form 10-Q (or any successor or comparable
form) containing the information required to be contained therein (or required in such successor or comparable form),

 

(iii)           
promptly from time to time after the occurrence of an event required to be therein reported (and in any event within the
time period specified in the SEC’s rules and regulations), such other reports on Form 8-K (or any successor or comparable
form), and

 

(iv)           
any other information, documents and other reports which the Issuer would be required to file with the SEC if it were subject
to Section 13 or 15(d) of the Exchange Act;

 

provided, however, that the Issuer shall not be
so obligated to file such reports with the SEC if the SEC does not permit such filing, in which event the Issuer shall make available
such information to prospective purchasers of Securities, including by posting such reports on the primary website of the Issuer
or its Subsidiaries in addition to providing such information to the Trustee and the Holders, in each case within 15 days after
the time the Issuer would be required to file such information with the SEC if it were subject to Section 13 or 15(d) of the Exchange
Act, it being understood that the Trustee shall have no responsibility whatsoever to determine whether any filings have been made
with the SEC or reports have been posted on such website.

 

(b)               
In the event that:

 

(i)             
the rules and regulations of the SEC permit the Issuer and any direct or indirect parent of the Issuer to report at such
parent entity’s level on a consolidated basis, and

 

(ii)            
such parent entity of the Issuer is not engaged in any business in any material respect other than incidental to its ownership,
directly or indirectly, of the Capital Stock of the Issuer,

 

such consolidated reporting at such parent entity’s level
in a manner consistent with that described in this Section 4.02 for the Issuer shall satisfy this Section 4.02.

 

(c)                
The Issuer shall make such information available to prospective investors upon request. In addition, the Issuer shall, for
so long as any Securities remain outstanding during any period when it is not subject to Section 13 or 15(d) of the Exchange Act,
or otherwise permitted to furnish the SEC with certain information pursuant to Rule 12g3-2(b) of the Exchange Act, furnish to the
Holders and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4)
under the Securities Act.

 

Notwithstanding the foregoing, the Issuer
will be deemed to have furnished such reports referred to above to the Trustee and the Holders if the Issuer has filed such reports
with the SEC via the EDGAR filing system and such reports are publicly available; provided, however, that the Trustee
shall have no responsibility whatsoever to determine whether or not the Issuer has made such filing.

 

    -35-

     

    

 

(a) So long as the Parent Guarantee is in
effect, or (b) in the event that any direct or indirect parent of the Issuer is or becomes a guarantor of the Guaranteed Obligations,
the Issuer may satisfy its obligations under this Section 4.02 with respect to financial information relating to the Issuer by
furnishing financial information relating to the Parent Guarantor, or to such direct or indirect parent, as applicable; provided
that the same is accompanied by consolidating information that explains in reasonable detail the differences between the information
relating to the Parent Guarantor, or to such direct or indirect parent, and any of their respective Subsidiaries other than the
Issuer and its Subsidiaries, on the one hand, and the information relating to the Issuer, the Subsidiary Guarantors and the other
Subsidiaries of the Issuer on a standalone basis, on the other hand.

 

Delivery of such reports, information and
documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive
notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates with
respect thereto).

 

SECTION 4.03.           
Reserved.

 

SECTION 4.04.           
Reserved.

 

SECTION 4.05.           
Reserved.

 

SECTION 4.06.           
Reserved.

 

SECTION 4.07.           
Reserved.

 

SECTION 4.08.           
Change of Control Triggering Event.

 

(a)                
Upon a Change of Control Triggering Event, each Holder shall have the right to require the Issuer to repurchase all or any
part of such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued
and unpaid interest, if any, to the date of repurchase (subject to the right of the Holders of record on the relevant record date
to receive interest due on the relevant interest payment date), in accordance with the terms contemplated in this Section 4.08;
provided, however, that notwithstanding the occurrence of a Change of Control Triggering Event, the Issuer shall
not be obligated to purchase any Securities pursuant to this Section 4.08 in the event that it has exercised its right to redeem
such Securities in accordance with Article 3 of this Indenture. In the event that at the time of such Change of Control Triggering
Event the terms of any Bank Indebtedness restrict or prohibit the repurchase of Securities pursuant to this Section 4.08, then
prior to the mailing or sending electronically of the notice to the Holders provided for in Section 4.08(b) but in any event within
30 days following any Change of Control Triggering Event, the Issuer shall (i) repay in full all such Bank Indebtedness or, if
doing so will allow the purchase of Securities, offer to repay in full all Bank Indebtedness and repay all such Bank Indebtedness
of each lender who has accepted such offer, or (ii) obtain the requisite consent under the agreements governing such Bank Indebtedness
to permit the repurchase of the Securities as provided for in Section 4.08(b).

 

(b)               
Within 30 days following any Change of Control Triggering Event, except to the extent that the Issuer has exercised its
right to redeem the Securities in accordance with Article 3 of this Indenture, the Issuer shall mail or send electronically a notice
(a “Change of Control Offer”) to each Holder with a copy to the Trustee stating:

 

(1)             
that a Change of Control Triggering Event has occurred and that such Holder has the right to require the Issuer to repurchase
such Holder’s Securities at a repurchase price in cash equal to 101% of the principal amount thereof, plus accrued
and unpaid interest to the date of repurchase (subject to the right of the Holders of record on a record date to receive interest
on the relevant interest payment date);

 

(2)             
the circumstances and relevant facts and financial information regarding such Change of Control Triggering Event;

 

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(3)             
 the repurchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is sent);
and

 

(4)             
the instructions determined by the Issuer, consistent with this Section 4.08, that a Holder must follow in order to have
its Securities purchased.

 

(c)                
Holders electing to have a Security purchased shall be required to surrender the Security, with an appropriate form duly
completed, to the Issuer at the address specified in the notice at least three Business Days prior to the purchase date. The Holders
shall be entitled to withdraw their election if the Trustee or the Issuer receives not later than one Business Day prior to the
purchase date a facsimile transmission or letter sent to the address specified in Section 13.02 or set forth in the notice described
in Section 4.08(b) setting forth the name of the Holder, the principal amount of the Security that was delivered for purchase by
the Holder and a statement that such Holder is withdrawing his election to have such Security purchased. Holders whose Securities
are purchased only in part shall be issued new Securities equal in principal amount to the unpurchased portion of the Securities
surrendered.

 

(d)                
On the purchase date, all Securities purchased by the Issuer under this Section shall be delivered to the Trustee for cancellation,
and the Issuer shall pay the purchase price plus accrued and unpaid interest to the Holders entitled thereto.

 

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

 

(f)                 
Notwithstanding the other provisions of this Section 4.08, the Issuer shall not be required to make a Change of Control
Offer upon a Change of Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the times
and otherwise in compliance with the requirements set forth in this Section 4.08 applicable to a Change of Control Offer made by
the Issuer and purchases all Securities validly tendered and not withdrawn under such Change of Control Offer.

 

(g)                
If Holders of not less than 90% in aggregate principal amount of the outstanding Securities validly tender and do not withdraw
such Securities in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of the
Issuer as described above, purchases all of the Securities validly tendered and not withdrawn by such Holders, the Issuer or such
third party will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following
such purchase pursuant to the Change of Control Offer described above, to redeem all Securities that remain outstanding following
such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to but excluding
the date of redemption.

 

(h)                
Securities repurchased by the Issuer pursuant to a Change of Control Offer will have the status of Securities issued but
not outstanding or will be retired and canceled at the option of the Issuer. Securities purchased by a third party pursuant to
the preceding clause (f) or (g) will have the status of Securities issued and outstanding.

 

(i)                 
At the time the Issuer delivers Securities to the Trustee which are to be accepted for purchase, the Issuer shall also deliver
an Officers’ Certificate stating that such Securities are to be accepted by the Issuer pursuant to and in accordance with
the terms of this Section 4.08. A Security shall be deemed to have been accepted for purchase at the time the Trustee, directly
or through an agent, mails or delivers payment therefor to the surrendering Holder.

 

(j)                 
Prior to any Change of Control Offer, the Issuer shall deliver to the Trustee an Officers’ Certificate stating that
all conditions precedent contained herein to the right of the Issuer to make such offer have been complied with.

 

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

 

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SECTION 4.09.           
Compliance Certificate. The Issuer shall deliver to the Trustee within 120 days after the end of each fiscal year
of the Issuer, beginning with the fiscal year ending on or about September 30, 2020, an Officers’ Certificate (which Officers’
Certificate shall be signed by two Officers of the Issuer, one of whom must be the principal executive officer, the principal financial
officer or the principal accounting officer of the Issuer) stating that in the course of the performance by the signers of their
duties as Officers of the Issuer they would normally have knowledge of any Default and whether or not the signers know of any Default
that occurred during such period. If they do, the certificate shall describe the Default, its status and what action the Issuer
is taking or proposes to take with respect thereto. The Issuer also shall comply with Section 314(a)(4) of the TIA.

 

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

 

SECTION 4.11.           
Future Subsidiary Guarantors. The Issuer shall cause each Restricted Subsidiary that is a Domestic Subsidiary (unless
such Subsidiary is a Receivables Subsidiary) that is an obligor under:

 

(i)             
the Credit Agreements, or

 

(ii)            
any capital markets debt securities in aggregate principal amount in excess of $100.0 million,

 

to execute and deliver to the Trustee (x)
a supplemental indenture substantially in the form of Exhibit D pursuant to which such Subsidiary shall guarantee the Issuer’s
Obligations under the Securities and this Indenture and (y) joinders to the Security Documents and take all actions required thereunder
to perfect the liens created thereunder, to grant to the Collateral Agent a perfected security interest in the Collateral of such
Restricted Subsidiary.

 

SECTION 4.12.           
Liens.

 

The Issuer shall not, and shall not permit
any of its Restricted Subsidiaries to, directly or indirectly, create, Incur or suffer to exist any Lien other than Permitted Liens
on any asset or property of the Issuer or such Restricted Subsidiary securing Indebtedness unless such Lien securing such Indebtedness
of the Issuer or such Restricted Subsidiary is junior to the Liens securing the Note Obligations upon the assets or property constituting
the collateral for such Indebtedness, on terms no less favorable in any material respect to the Holders than the terms set forth
in the Second Priority Intercreditor Agreement. In the case of any Permitted Lien that secures First Priority Lien Obligations,
the Securities shall be equally and ratably secured with (or on a senior basis to, in the case of obligations subordinated in right
of payment to the Securities) the obligations so secured on terms no less favorable in any material respect to the Holders than
the terms set forth in the Second Priority Intercreditor Agreement; provided that the First Priority Lien Obligations that
are Obligations in respect of a Revolving Credit Agreement may be secured on a senior basis with respect to any Revolving Facility
Senior Collateral to Liens securing the Note Obligations with respect to such collateral, on terms no less favorable in any material
respect to the Holders than the terms set forth in the Second Priority Intercreditor Agreement.

 

For purposes of determining compliance with
this Section 4.12, in the event that a Lien meets the criteria of more than one of the categories of permitted Liens described
in the definition of “Permitted Liens” or pursuant to Section 4.12(a), the Issuer shall, in its sole discretion, classify
or reclassify, or later divide, classify or reclassify, such Lien in any manner that complies with this Section 4.12.

 

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SECTION 4.13.           
Maintenance of Office or Agency.

 

(a)                
The Issuer shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar)
where Securities may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer
in respect of the Securities and this Indenture may be served. The Issuer shall give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands
may be made or served at the corporate trust office of the Trustee as set forth in Section 13.02.

 

(b)                
The Issuer may also from time to time designate one or more other offices or agencies where the Securities may be presented
or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however,
that no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency
for such purposes. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any
change in the location of any such other office or agency.

 

(c)                
The Issuer hereby designates the corporate trust office of the Trustee or its Agent as such office or agency of the Issuer
in accordance with Section 2.04.

 

SECTION 4.14.           
Amendment of Security Documents. The Issuer shall not amend, modify or supplement, or permit or consent to any amendment,
modification or supplement of, the Security Documents in any way that would be adverse to the Holders in any material respect,
except as contemplated by the Intercreditor Agreements or as permitted under Article 9.

 

SECTION 4.15.           
After-Acquired Property. Upon the acquisition by the Issuer or any Subsidiary Guarantor of any First Priority After-Acquired
Property, the Issuer or such Subsidiary Guarantor shall execute and deliver such mortgages, deeds of trust, security instruments,
financing statements and certificates and opinions of counsel as shall be reasonably necessary to vest in the Collateral Agent
a perfected security interest, subject only to Permitted Liens, in such First Priority After-Acquired Property and to have such
First Priority After-Acquired Property (but subject to certain limitations, if applicable, including as described in the Security
Documents) added to the Collateral, and thereupon all provisions of this Indenture relating to the Collateral shall be deemed to
relate to such First Priority After-Acquired Property to the same extent and with the same force and effect; provided, however,
that if granting such first-priority security interest in such First Priority After-Acquired Property requires the consent of a
third party, the Issuer shall use commercially reasonable efforts to obtain such consent with respect to the first -priority interest
for the benefit of the Trustee on behalf of the Holders; provided further, however, that if such third party does not consent to
the granting of such first -priority security interest after the use of such commercially reasonable efforts, the Issuer or such
Subsidiary Guarantor, as the case may be, will not be required to provide such security interest.

 

SECTION 4.16.           
Reserved..

 

SECTION 4.17.           
Reserved.

 

SECTION 4.18.           
Reserved.

 

SECTION 4.19.            Mortgages.
The Issuer and the Subsidiary Guarantors shall use commercially reasonable efforts to deliver to the Trustee and the
Collateral Agent as promptly as reasonably practicable after the Issue Date, but in any event within 120 days of the Issue
Date, (a)(i) counterparts of each Mortgage or an amendment to each existing Mortgage granted to the Collateral Agent (a
 “Mortgage Amendment”), as applicable, to be entered into with respect to each Real Property that also secures the
other First Priority Lien Obligations, duly executed and delivered by the record owner of such Real Property sufficient to
grant to the Collateral Agent, for its benefit and the benefit of the Trustee and the holders of the Securities a valid first
priority mortgage lien on such Real Property and otherwise suitable for recording or filing which Mortgage or Mortgage
Amendment, as applicable, may be in a form consistent with such mortgages securing the other First Priority Lien Obligations
previously delivered and shall otherwise be in form and substance acceptable to the Collateral Agent and (ii) opinions and
such other documents including, but not limited to, any consents, agreements and confirmations of third parties with respect
to any such Mortgage or Mortgage Amendment, as applicable, in each case consistent in form and substance with such documents
as have been previously delivered in connection with the other First Priority Lien Obligations, and (b) title insurance
policies or title insurance date-down endorsements, as applicable, in each case consistent in form and substance with such
title insurance policies as have been previously delivered in connection with the other First Priority Lien Obligations, and
paid for by the Company, issued by a nationally recognized title insurance company (which may be the same as the title
insurance company or companies insuring the mortgages securing the other First Priority Lien Obligations) insuring the lien
of each Mortgage or Mortgage Amendment, as applicable, as a valid first priority Lien on such Real Property to be entered
into on or after the Issue Date as a valid Lien on the applicable property described therein, free of any other Liens, except
for Permitted Liens, together with such customary endorsements, and with respect to any such property located in a state in
which a zoning endorsement is not available, a zoning compliance letter from the applicable municipality in a form acceptable
to the Collateral Agent.

 

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ARTICLE 5

SUCCESSOR COMPANY

 

SECTION 5.01.           
When Issuer May Merge or Transfer Assets.

 

(a)                
The Issuer shall not, directly or indirectly, consolidate, amalgamate or merge with or into or wind up or convert into (whether
or not the Issuer is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially
all of its properties or assets in one or more related transactions to, any Person (including, in each case, pursuant to a Delaware
LLC Division) unless:

 

(i)             
the Issuer is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation, merger, Delaware
LLC Division, winding up or conversion (if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance
or other disposition shall have been made is a corporation, partnership or limited liability company organized or existing under
the laws of the United States, any state thereof, the District of Columbia, or any territory of the United States (the Issuer or
such Person, as the case may be, being herein called the “Successor Company”); provided that in the case where
the surviving Person is not a corporation, a co-obligor of the Securities is a corporation;

 

(ii)            
the Successor Company (if other than the Issuer) expressly assumes all the obligations of the Issuer under this Indenture,
the Securities and the Security Documents pursuant to supplemental indentures or other documents or instruments in form reasonably
satisfactory to the Trustee;

 

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

 

(iv)           
[reserved];

 

(v)            
each Subsidiary Guarantor, unless it is the other party to the transactions described above, shall have by supplemental
indenture confirmed that its Subsidiary Guarantee shall apply to such Person’s obligations under this Indenture and the Securities;
and

 

(vi)           
the Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
such consolidation, merger or transfer and such supplemental indentures (if any) comply with this Indenture.

 

The Successor Company (if other than the
Issuer) shall succeed to, and be substituted for, the Issuer under this Indenture, the Securities and the Security Documents, and
in such event the Issuer will automatically be released and discharged from its obligations under this Indenture, the Securities
and the Security Documents.

 

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Notwithstanding the foregoing clauses (iii) of this Section
5.01(a), (A) any Restricted Subsidiary may merge, consolidate or amalgamate with or transfer all or part of its properties and
assets to the Issuer or to another Restricted Subsidiary, and (B) the Issuer may merge, consolidate or amalgamate with an Affiliate
incorporated solely for the purpose of reincorporating the Issuer in another state of the United States, the District of Columbia
or any territory of the United States or may convert into a limited liability company, so long as the amount of Indebtedness of
the Issuer and its Restricted Subsidiaries is not increased thereby. This Article 5 will not apply to a sale, assignment, transfer,
conveyance or other disposition of assets between or among the Issuer and its Restricted Subsidiaries.

 

(b)               
Subject to the provisions of Section 12.02(b) (which govern the release of a Subsidiary Guarantee upon the sale or disposition
of a Restricted Subsidiary of the Issuer that is a Subsidiary Guarantor), no Subsidiary Guarantor shall, and the Issuer shall not
permit any Subsidiary Guarantor to, consolidate, amalgamate or merge with or into or wind up into (whether or not such Subsidiary
Guarantor is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of
its properties or assets in one or more related transactions to, any Person including, in each case, pursuant to a Delaware LLC
Division unless:

 

(i)             
either (a) such Subsidiary Guarantor is the surviving Person or the Person formed by or surviving any such consolidation,
amalgamation, Delaware LLC Division, or merger (if other than such Subsidiary Guarantor) or to which such sale, assignment, transfer,
lease, conveyance or other disposition shall have been made is a corporation, partnership or limited liability company organized
or existing under the laws of the United States, any state thereof, the District of Columbia, or any territory of the United States
(such Subsidiary Guarantor or such Person, as the case may be, being herein called the “Successor Subsidiary Guarantor”
) and the Successor Subsidiary Guarantor (if other than such Subsidiary Guarantor) expressly assumes all the obligations of such
Subsidiary Guarantor under this Indenture, such Subsidiary Guarantor’s Subsidiary Guarantee and the Security Documents pursuant
to a supplemental indenture or other documents or instruments in form reasonably satisfactory to the Trustee and the Collateral
Agent or (b) such sale or disposition or consolidation, amalgamation, Delaware LLC Division, or merger is not in violation of this
Indenture; and

 

(ii)            
the Successor Subsidiary Guarantor (if other than such Subsidiary Guarantor) shall have delivered or caused to be delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger
or transfer and such supplemental indenture (if any) comply with this Indenture.

 

Except as otherwise provided in this Indenture,
the Successor Subsidiary Guarantor (if other than such Subsidiary Guarantor) will succeed to, and be substituted for, such Subsidiary
Guarantor under this Indenture, such Subsidiary Guarantor’s Subsidiary Guarantee and the Security Documents, and such Subsidiary
Guarantor will automatically be released and discharged from its obligations under this Indenture, such Subsidiary Guarantor’s
Subsidiary Guarantee and the Security Documents. Notwithstanding the foregoing, (1) a Subsidiary Guarantor may merge, amalgamate
or consolidate with an Affiliate incorporated solely for the purpose of reincorporating such Subsidiary Guarantor in another state
of the United States, the District of Columbia or any territory of the United States so long as the amount of Indebtedness of the
Subsidiary Guarantor is not increased thereby and (2) a Subsidiary Guarantor may merge, amalgamate or consolidate with another
Subsidiary Guarantor or the Issuer.

 

In addition, notwithstanding the foregoing,
any Subsidiary Guarantor may consolidate, amalgamate or merge with or into or wind up into, or sell, assign, transfer, lease, convey
or otherwise dispose of all or substantially all of its properties or assets (collectively, a “Transfer”) to (x) the
Issuer or any Subsidiary Guarantor or (y) any Restricted Subsidiary of the Issuer that is not a Subsidiary Guarantor; provided
that at the time of each such Transfer pursuant to clause (y) the aggregate amount of all such Transfers since the Issue Date shall
not exceed 5.0% of the consolidated assets of the Issuer and the Subsidiary Guarantors as shown on the most recent available balance
sheet of the Issuer and the Restricted Subsidiaries after giving effect to each such Transfer and including all Transfers occurring
from and after the Issue Date.

 

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ARTICLE 6

DEFAULTS AND REMEDIES

 

SECTION 6.01.           
Events of Default. An “Event of Default” with respect to the Securities occurs if:

 

(a)                there is a default in any
payment of interest on any Security when the same becomes due and payable, and such default continues for a period of 30 days,

 

(b)                there is a default in the
payment of principal or premium, if any, of any Security when due at its Stated Maturity, upon optional redemption, upon required
repurchase, upon declaration or otherwise,

 

(c)                the Issuer or any of its
Restricted Subsidiaries fails to comply with its obligations under Section 5.01,

 

(d)                the Issuer or any of its
Restricted Subsidiaries fails to comply with any of its agreements in the Securities or this Indenture (other than those referred
to in clause (a), (b) or (c) above) and such failure continues for 60 days after the notice specified below,

 

(e)                the Issuer or any Significant
Subsidiary fails to pay any Indebtedness (other than Indebtedness owing to the Issuer or a Restricted Subsidiary) within any applicable
grace period after final maturity or the acceleration of any such Indebtedness by the holders thereof because of a default, in
each case, if the total amount of such Indebtedness unpaid or accelerated exceeds $50.0 million or its foreign currency equivalent,

 

(f)                 the Issuer or any Significant
Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 

(i)              commences a voluntary case;

 

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

 

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

 

(iv)               makes a general assignment for the benefit
of its creditors or takes any comparable action under any foreign laws relating to insolvency,

 

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

 

(i)              is for relief against
the Issuer or any Significant Subsidiary in an involuntary case;

 

(ii)             appoints a Custodian of
the Issuer or any Significant Subsidiary or for any substantial part of its property; or

 

(iii)            orders the winding up
or liquidation of the Issuer or any Significant Subsidiary;

 

or any similar relief is granted under any foreign
laws and the order or decree remains unstayed and in effect for 60 days,

 

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(h)               the Issuer or any Significant
Subsidiary fails to pay final judgments aggregating in excess of $50.0 million or its foreign currency equivalent (net of any amounts
which are covered by enforceable insurance policies issued by solvent carriers), which judgments are not discharged, waived or
stayed for a period of 60 days following the entry thereof,

 

(i)              any Subsidiary Guarantee
of a Significant Subsidiary with respect to the Securities ceases to be in full force and effect (except as contemplated by the
terms thereof) or any Subsidiary Guarantor denies or disaffirms its obligations under this Indenture or any Subsidiary Guarantee
with respect to the Securities and such Default continues for 10 days,

 

(j)                  unless all of the Collateral
has been released from the First Priority Liens in accordance with the provisions of the Security Documents with respect to the
Securities, the Issuer shall assert or any Subsidiary Guarantor shall assert, in any pleading in any court of competent jurisdiction,
that any such security interest is invalid or unenforceable and, in the case of any such Person that is a Subsidiary of the Issuer,
the Issuer fails to cause such Subsidiary to rescind such assertions within 30 days after the Issuer has actual knowledge of such
assertions, or

 

(k)                the Issuer or any Subsidiary
Guarantor fails to comply for 60 days after notice with its other agreements contained in the Security Documents except for a failure
that would not be material to the Holders of the Securities and would not materially affect the value of the Collateral taken as
a whole.

 

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

 

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

 

A Default under clause (d) or (k) above
shall not constitute an Event of Default until the Trustee notifies the Issuer or the Holders of at least 25% in principal amount
of the outstanding Securities notify the Issuer and the Trustee of the Default and the Issuer does not cure such Default within
the time specified in clause (d) or (k) above after receipt of such notice. Such notice must specify the Default, demand that it
be remedied and state that such notice is a “Notice of Default.” The Issuer shall deliver to the Trustee, within five
(5) Business Days after the occurrence thereof, written notice in the form of an Officers’ Certificate of any event which
is, or with the giving of notice or the lapse of time or both would become, an Event of Default, its status and what action the
Issuer is taking or propose to take with respect thereto.

 

SECTION 6.02.           
Acceleration. If an Event of Default (other than an Event of Default specified in Section 6.01(f) or (g) with respect
to the Issuer) occurs with respect to the Securities and is continuing, the Trustee or the Holders of at least 25% in principal
amount of the outstanding Securities, by notice to the Issuer, may declare the principal of, premium, if any, and accrued but unpaid
interest on all the Securities to be due and payable; provided, however, that so long as any Bank Indebtedness remains
outstanding, no such acceleration shall be effective until the earlier of (i) five (5) Business Days after the giving of written
notice to the Issuer and the Representatives under the Credit Agreements and (ii) the day on which any Bank Indebtedness is accelerated.
Upon such a declaration, such principal and interest shall be due and payable immediately. If an Event of Default specified in
Section 6.01(f) or (g) with respect to the Issuer occurs, the principal of, premium, if any, and interest on all the Securities
shall become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders.
The Holders of a majority in principal amount of the outstanding Securities by notice to the Trustee may rescind any such acceleration
and its consequences.

 

In the event of any Event of Default
specified in Section 6.01(e), such Event of Default and all consequences thereof (excluding, however, any resulting payment
default) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if
within 20 days after such Event of Default arose the Issuer delivers an Officers’ Certificate to the Trustee stating
that (x) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged or (y) the holders
thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default
or (z) the default that is the basis for such Event of Default has been cured, it being understood that in no event shall an
acceleration of the principal amount of the Securities as described above be annulled, waived or rescinded upon the happening
of any such events.

 

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SECTION 6.03.           
Other Remedies. If an Event of Default with respect to the Securities occurs and is continuing, the Trustee may pursue
any available remedy at law or in equity to collect the payment of principal of or interest on the Securities or to enforce the
performance of any provision of the Securities, this Indenture or the Security Documents.

 

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

 

SECTION 6.04.           
Waiver of Past Defaults. Provided the Securities are not then due and payable by reason of a declaration of acceleration,
the Holders of a majority in principal amount of the Securities by written notice to the Trustee may waive an existing Default
or Event of Default and its consequences except (a) a Default in the payment of the principal of or interest on a Security, (b)
a Default arising from the failure to redeem or purchase any Security when required pursuant to the terms of this Indenture or
(c) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Holder affected.
When a Default is waived, it is deemed cured and the Issuer, the Trustee and the Holders will be restored to their former positions
and rights under this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any consequent right.

 

SECTION 6.05.           
Control by Majority. Subject to the terms of the Intercreditor Agreements, the Holders of a majority in principal
amount of the Securities may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee
or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts
with law or this Indenture or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of any
other Holder or that would involve the Trustee in personal liability. Prior to taking any action under this Indenture, the Trustee
shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking
or not taking such action.

 

SECTION 6.06.           
Limitation on Suits.

 

(a)                
Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue
any remedy with respect to this Indenture or the Securities unless:

 

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

 

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

 

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

 

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

 

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

 

    -44-

     

    

 

(b)               
 A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over
another Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions
or forbearances are unduly prejudicial to such Holders).

 

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

 

SECTION 6.08.           
Collection Suit by Trustee. If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing with
respect to Securities, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer or
any other Obligor on the Securities for the whole amount then due and owing (together with interest on overdue principal and (to
the extent lawful) on any unpaid interest at the rate provided for in such Securities) and the amounts provided for in Section
7.07.

 

SECTION 6.09.            Trustee
May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for reasonable compensation, expenses disbursements
and advances of the Trustee (including counsel, accountants, experts or such other professionals as the Trustee deems
necessary, advisable or appropriate)), the Holders of Securities then outstanding allowed in any judicial proceedings
relative to the Issuer or any Obligors, its creditors or its property, shall be entitled to participate as a member, voting
or otherwise, of any official committee of creditors appointed in such matters and, unless prohibited by law or applicable
regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar
functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the
Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to
the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and its counsel, and any other amounts due the Trustee under Section 7.07.

 

SECTION 6.10.           
Priorities. Subject to the provisions of the Intercreditor Agreements and the Security Documents, 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 and the
Collateral Agent for amounts due under Section 7.07;

 

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

 

THIRD: to the Issuer.

 

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

 

SECTION 6.11.           
Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party
litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits
and good faith of the claims or defenses made by the party litigant. This Section 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 Securities.

 

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SECTION 6.12.          
Waiver of Stay or Extension Laws. Neither the Issuer nor the Parent Guarantor nor any Subsidiary Guarantor (to the
extent it may lawfully do so) shall at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or
advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants
or the performance of this Indenture; and the Issuer, the Parent Guarantor and each Subsidiary Guarantor (to the extent that it
may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the
execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though
no such law had been enacted.

 

ARTICLE 7

TRUSTEE

 

SECTION 7.01.          
Duties of Trustee.

 

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

 

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

 

(i)             
the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no
implied covenants or obligations shall be read into this Indenture against the Trustee (it being agreed that the permissive right
of the Trustee to do things enumerated in this Indenture shall not be construed as a duty); and

 

(ii)             in
the absence of 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. The Trustee shall be under no duty to make any investigation as to any statement contained in any such instance,
but may accept the same as conclusive evidence of the truth and accuracy of such statement or the correctness of such opinions.
However, in the case of certificates or opinions required by any provision hereof to be provided to it, the Trustee shall examine
the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm
or investigate the accuracy of mathematical calculations or other facts stated therein).

 

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

 

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

 

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

 

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

 

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

 

(d)               
Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this
Section.

 

(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.

 

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

 

(g)               
Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of this Section and the provisions of the TIA.

 

SECTION 7.02.          
Rights of Trustee.

 

(a)                
The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the
proper person. The Trustee need not investigate any fact or matter stated in the document.

 

(b)               
Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel
or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers’
Certificate or Opinion of Counsel.

 

(c)                
The Trustee may act through agents and shall not be responsible for the misconduct or 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 which it believes to be authorized
or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or gross
negligence.

 

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

 

(f)                 
The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document
unless requested in writing to do so by the Holders of not less than a majority in principal amount of the Securities at the time
outstanding, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it
may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine
the books, records and premises of the Issuer, personally or by agent or attorney, at the expense of the Issuer and shall incur
no liability of any kind by reason of such inquiry or investigation.

 

(g)               
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered 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.

 

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

 

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

 

(j)                 
Any action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or authority
or consent of any person who, at the time of making such request or giving such authority or consent, is the Holder of any Security
shall be conclusive and binding upon future Holders of Securities and upon Securities executed and delivered in exchange therefor
or in place thereof.

 

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(k)                
 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.

 

(l)                 
The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

(m)              
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.

 

(n)               
The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust Officer of the Trustee
has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at
the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture.

 

SECTION 7.03.          
Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee
of Securities and may otherwise deal with the Issuer or their Affiliates with the same rights it would have if it were not Trustee.
Any Paying Agent or Registrar may do the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11.

 

SECTION 7.04.          
Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity
or adequacy of this Indenture, the Parent Guarantee, any Subsidiary Guarantee or the Securities, it shall not be accountable for
the Issuer’s use of the proceeds from the Securities, and it shall not be responsible for any statement of the Issuer, the
Parent Guarantor, or any Subsidiary Guarantor in this Indenture or in any document issued in connection with the sale of the Securities
or in the Securities other than the Trustee’s certificate of authentication. The Trustee shall not be charged with knowledge
of any Default or Event of Default under Sections 6.01(c), (d), (e), (h), or (i) or of the identity of any Significant Subsidiary
unless either (a) a Trust Officer shall have actual knowledge thereof or (b) the Trustee shall have received written notice thereof
in accordance with Section 13.02 hereof from the Issuer, the Parent Guarantor, any Subsidiary Guarantor or any Holder. In accepting
the trust hereby created, the Trustee acts solely as Trustee for the Holders and not in its individual capacity and all persons,
including without limitation the Holders of Securities and the Issuer having any claim against the Trustee arising from this Indenture
shall look only to the funds and accounts held by the Trustee hereunder for payment except as otherwise provided herein.

 

SECTION 7.05.          
Notice of Defaults. If a Default occurs and is continuing and if it is actually known to a Trust Officer of the Trustee,
the Trustee shall send to each Holder notice of the Default within the earlier of 90 days after it occurs or 30 days after it is
actually known to a Trust Officer or written notice of it is received by the Trustee. Except in the case of a Default in the payment
of principal of, premium (if any) or interest on any Security, the Trustee may withhold the notice if and so long as it in good
faith determines that withholding the notice is in the interests of the Holders.

 

SECTION 7.06.          
Reports by Trustee to the Holders. As promptly as practicable after each June 30 beginning with the June 30 following
the date of this Indenture, and in any event prior to August 30 in each year, the Trustee shall send to each Holder a brief report
dated as of such June 30 that complies with Section 313(a) of the TIA if and to the extent required thereby. The Trustee shall
also comply with Section 313(b) of the TIA.

 

A copy of each report at the time of its
mailing to the Holders shall be filed with the SEC and each stock exchange (if any) on which the Securities are listed. The Issuer
agrees to notify promptly the Trustee in writing whenever the Securities become listed on any stock exchange and of any delisting
thereof.

 

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SECTION 7.07.           Compensation
and Indemnity. The Issuer shall pay to the Trustee from time to time such compensation for its services as shall be
agreed in writing between the Issuer and the Trustee. 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 incurred or made by it, including costs of collection, in addition to the compensation for its
services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the
Trustee’s agents, counsel, accountants and experts. The Issuer, the Parent Guarantor and each Subsidiary Guarantor,
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 or in connection with the acceptance or administration of this
trust and the performance of its duties hereunder, including the costs and expenses of enforcing this Indenture, the Parent
Guarantee or Subsidiary Guarantee against the Issuer, the Parent Guarantor or a Subsidiary Guarantor (including this Section
7.07) and defending itself against or investigating any claim (whether asserted by the Issuer, the Parent Guarantor, any
Subsidiary Guarantor, any Holder or any other Person). The obligation to pay such amounts shall survive the payment in full
or defeasance of the Securities or the removal or resignation of the Trustee. The Trustee shall notify the Issuer of any
claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any failure
so to notify the Issuer shall not relieve the Issuer, the Parent Guarantor or any Subsidiary Guarantor of its indemnity
obligations hereunder. The Issuer shall defend the claim and the indemnified party shall provide reasonable cooperation at
the Issuer’s expense in the defense. Such indemnified parties may have separate counsel and the Issuer, the Parent
Guarantor and the Subsidiary Guarantors, as applicable shall pay the fees and expenses of such counsel; provided, however,
that the Issuer shall not be required to pay such fees and expenses if it assumes such indemnified parties’ defense
and, in such indemnified parties’ reasonable judgment, there is no conflict of interest between the Issuer, the Parent
Guarantor and the Subsidiary Guarantors, as applicable, and such parties in connection with such defense. The Issuer need not
reimburse any expense or indemnify against any loss, liability or expense incurred by an indemnified party through such
party’s own willful misconduct or negligence.

 

To secure the Issuer’s, the Parent
Guarantor’s and the Subsidiary Guarantors’ payment obligations in this Section, the Trustee shall have a Lien prior
to the Securities on all money or property held or collected by the Trustee other than money or property held in trust to pay principal
of and interest on particular Securities pursuant to Article 8 hereof or otherwise.

 

The Issuer’s, the Parent Guarantor’s
and the Subsidiary Guarantors’ payment obligations pursuant to this Section shall survive the satisfaction or discharge of
this Indenture, any rejection or termination of this Indenture under any Bankruptcy Law or the resignation or removal of the Trustee.
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 Section 6.01(f) or (g) with respect to the Issuer, the expenses are intended to constitute
expenses of administration under the Bankruptcy Law.

 

No provision of this Indenture shall require
the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers, if repayment of such funds or adequate indemnity against such risk
or liability is not assured to its satisfaction.

 

SECTION 7.08.          
Replacement of Trustee.

 

(a)                
The Trustee may resign at any time by so notifying the Issuer. The Holders of a majority in principal amount of the Securities
may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Issuer shall remove the Trustee if:

 

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

 

(ii)            
the Trustee is adjudged bankrupt or insolvent;

 

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

 

(iv)          
the Trustee otherwise becomes incapable of acting.

 

(b)                If
the Trustee resigns, is removed by the Issuer or by the Holders of a majority in principal amount of the Securities 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.

 

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(c)                
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 send a notice of its succession to the Holders.
The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided
for in Section 7.07.

 

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

 

(e)                
If the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided in Section
310(b) of the TIA, any Holder who has been a bona fide holder of a Security for at least six months may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

(f)                 
Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer’s obligations under Section 7.07
shall continue for the benefit of the retiring Trustee.

 

SECTION 7.09.          
Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Trustee.

 

In case at the time such successor or successors
by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Securities
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 Securities so authenticated; and in case at that time any of the Securities shall
not have been authenticated, any successor to the Trustee may authenticate such Securities 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 Securities or in this Indenture provided that the certificate of the Trustee shall have.

 

SECTION 7.10.          
Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of Section 310(a) of the TIA.
The Trustee shall have a combined capital and surplus of at least $100 million as set forth in its most recent published annual
report of condition. The Trustee shall comply with Section 310(b) of the TIA, subject to its right to apply for a stay of its duty
to resign under the penultimate paragraph of Section 310(b) of the TIA; provided, however, that there shall be excluded from the
operation of Section 310(b)(1) of the TIA any series of securities issued under this Indenture and any indenture or indentures
under which other securities or certificates of interest or participation in other securities of the Issuer are outstanding if
the requirements for such exclusion set forth in Section 310(b)(1) of the TIA are met.

 

SECTION 7.11.          
Preferential Collection of Claims Against the Issuer. The Trustee shall comply with Section 311(a) of the TIA, excluding
any creditor relationship listed in Section 311(b) of the TIA. A Trustee who has resigned or been removed shall be subject to Section
311(a) of the TIA to the extent indicated.

 

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ARTICLE 8

DISCHARGE OF INDENTURE; DEFEASANCE

 

SECTION 8.01.          
Discharge of Liability on Securities; Defeasance. This Indenture shall be discharged and shall cease to be of further
effect (except as to surviving rights of registration of transfer or exchange of Securities, as expressly provided for in this
Indenture) as to all outstanding Securities when:

 

(a)                
 either (i) all the Securities theretofore authenticated and delivered (other than Securities pursuant to Section 2.08 which
have been replaced or paid and Securities for whose payment money has theretofore been deposited in trust or segregated and held
in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust) have been delivered to the Trustee for
cancellation or (ii) all of the Securities (a) have become due and payable, (b) will become due and payable at their stated maturity
within one year or (c) if redeemable at the option of the Issuer, 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 Issuer,
and the Issuer has irrevocably deposited or caused to be deposited with the Trustee cash in U.S. Dollars, U.S. Government Obligations
or a combination thereof in an amount sufficient in the written opinion of a firm of independent public accountants delivered to
the Trustee (which delivery shall only be required if U.S. Government Obligations have been so deposited) to pay and discharge
the entire Indebtedness on the Securities not theretofore delivered to the Trustee for cancellation, for principal of, premium,
if any, and interest on the Securities to the date of deposit together with irrevocable instructions from the Issuer directing
the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; provided that upon any redemption
that requires the payment of the Make-Whole Premium, the amount deposited shall be sufficient for purposes of this Indenture to
the extent that an amount is deposited with the Trustee equal to the Make-Whole Premium calculated as of the date of the notice
of redemption, with any deficit as of the date of the redemption only required to be deposited with the Trustee on or prior to
the date of the redemption;

 

(b)               
the Issuer, the Parent Guarantor and/or the Subsidiary Guarantors have paid all other sums payable under this Indenture;
and

 

(c)                
the Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all conditions
precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with.

 

Subject to Sections 8.01(c) and 8.02, the
Issuer at any time may terminate (i) all of its obligations under the Securities and this Indenture (“legal defeasance option”)
or (ii) its obligations under Sections 4.02, 4.08, 4.09, 4.11, 4.12 and 4.15 for the benefit of the Securities and the operation
of Section 5.01 and Sections 6.01(c), 6.01(d), 6.01(e), 6.01(f) (with respect to Significant Subsidiaries of the Issuer only),
6.01(g) (with respect to Significant Subsidiaries of the Issuer only), 6.01(h), 6.01(i), 6.01(j) and 6.01(k) (“covenant defeasance
option”) for the benefit of the Securities. The Issuer may exercise its legal defeasance option notwithstanding its prior
exercise of its covenant defeasance option. In the event that the Issuer terminates all of its obligations under the Securities
and this Indenture by exercising its legal defeasance option or its covenant defeasance option, the obligations of each Subsidiary
Guarantor under its Subsidiary Guarantee of the Securities and all obligations under the Security Documents shall be terminated
simultaneously with the termination of such obligations.

 

If the Issuer exercises its legal defeasance
option, payment of the Securities so defeased may not be accelerated because of an Event of Default. If the Issuer exercises its
covenant defeasance option, payment of the Securities so defeased may not be accelerated because of an Event of Default specified
in Section 6.01(c), 6.01(d), 6.01(e), 6.01(f) (with respect to Significant Subsidiaries of the Issuer only), 6.01(g) (with respect
to Significant Subsidiaries of the Issuer only), 6.01(h), 6.01(i), 6.01(j) or 6.01(k).

 

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.

 

Notwithstanding clauses (a) and (b) above,
the Issuer’s obligations in Sections 2.04, 2.05, 2.06, 2.07, 2.08, 2.09, 7.07, 7.08 and in this Article 8 shall survive until
the Securities have been paid in full. Thereafter, the Issuer’s obligations in Sections 7.07, 8.05 and 8.06 shall survive
such satisfaction and discharge.

 

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SECTION 8.02.          
Conditions to Defeasance.

 

(a)                
The Issuer may exercise its legal defeasance option or its covenant defeasance option, in each case, with respect to the
Securities only if:

 

(i)             
 the Issuer irrevocably deposits in trust with the Trustee cash in U.S. Dollars, U.S. Government Obligations or a combination
thereof in an amount sufficient or U.S. Government Obligations, the principal of and the interest on which will be sufficient,
or a combination thereof sufficient, to pay the principal of and premium (if any) and interest on the Securities when due at maturity
or redemption, as the case may be, including interest thereon to maturity or such redemption date; provided that upon any
redemption that requires the payment of the Make-Whole Premium, the amount deposited shall be sufficient for purposes of this Indenture
to the extent that an amount is deposited with the Trustee equal to the Make-Whole Premium calculated as of the date of the notice
of redemption, with any deficit as of the date of the redemption only required to be deposited with the Trustee on or prior to
the date of the redemption;

 

(ii)            
the Issuer delivers to the Trustee a certificate from a nationally recognized firm of independent accountants expressing
their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations
plus any deposited money without investment will provide cash at such times and in such amounts as will be sufficient to
pay principal, premium, if any, and interest when due on all the Securities to maturity or redemption, as the case may be; provided
that upon any redemption that requires the payment of the Make-Whole Premium the amount deposited shall be sufficient for purposes
of this Indenture to the extent that an amount is deposited with the Trustee equal to the Make-Whole Premium calculated as of the
date of the notice of redemption, with any deficit as of the date of the redemption only required to be deposited with the Trustee
on or prior to the date of the redemption;

 

(iii)           
123 days pass after the deposit is made and during the 123-day period no Default specified in Section 6.01(f) or (g) with
respect to the Issuer occurs which is continuing at the end of the period;

 

(iv)          
the deposit does not constitute a default under any other agreement binding on the Issuer;

 

(v)           
in the case of the legal defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel stating
that (1) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the
date of this Indenture there has been a change in the applicable Federal income tax law, in either case to the effect that, and
based thereon such Opinion of Counsel shall confirm that, the Holders will not recognize income, gain or loss for Federal income
tax purposes as a result of such deposit and defeasance and will be subject to Federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such deposit and defeasance had not occurred, provided that such Opinion
of Counsel shall not be required by this clause (v) if all the Securities not theretofore delivered to the Trustee for cancellation
(x) have become due and payable or (y) will become due and payable at their Stated Maturity within one year 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 Issuer;

 

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

 

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

 

(viii)        
the Issuer delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent to the defeasance and discharge of the Securities to be so defeased and discharged as contemplated by this Article 8
have been complied with.

 

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(b)               
 Before or after a deposit, the Issuer may make arrangements satisfactory to the Trustee for the redemption of such Securities
at a future date in accordance with Article 3.

 

SECTION 8.03.          
Application of Trust Money. The Trustee shall hold in trust money or U.S. Government Obligations (including proceeds
thereof) deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from U.S. Government Obligations
through each Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Securities so
discharged or defeased.

 

SECTION 8.04.          
Repayment to Issuer. Each of the Trustee and each Paying Agent shall promptly turn over to the Issuer upon request
any money or U.S. Government Obligations held by it as provided in this Article which, in the written opinion of a nationally recognized
firm of independent public accountants delivered to the Trustee (which delivery shall only be required if U.S. Government Obligations
have been so deposited), are in excess of the amount thereof which would then be required to be deposited to effect an equivalent
discharge or defeasance in accordance with this Article 8.

 

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

 

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

 

SECTION 8.06.          
Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or U.S. Government Obligations in
accordance with this Article 8 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 Issuer’s obligations under this Indenture
and the Securities so discharged or defeased shall be revived and reinstated as though no deposit had occurred pursuant to this
Article 8 until such time as the Trustee or any Paying Agent is permitted to apply all such money or U.S. Government Obligations
in accordance with this Article 8; provided, however, that, if the Issuer has made any payment of principal of or interest on,
any such Securities because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders
of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or any Paying Agent.

 

ARTICLE 9

AMENDMENTS AND WAIVERS

 

SECTION 9.01.          
Without Consent of the Holders. The Issuer and the Trustee may amend this Indenture, the Securities, any Security
Document or any Intercreditor Agreement with respect to the Securities without notice to or consent of any Holder:

 

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

 

(ii)            
to provide for the assumption by a Successor Company of the obligations of the Issuer under this Indenture and the Securities;

 

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

 

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

 

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(v)           
to add a Subsidiary Guarantee with respect to the Securities or to secure the Securities;

 

(vi)          
to add additional assets as Collateral;

 

(vii)         
to release Collateral from the Lien securing the Securities pursuant to the Security Documents when permitted or required
by this Indenture, the Security Documents or any Intercreditor Agreement;

 

(viii)        
to add to the covenants of the Issuer for the benefit of the Holders or to surrender any right or power herein conferred
upon the Issuer;

 

(ix)           
to modify the Security Documents and/or any Intercreditor Agreements, to secure other First Priority Lien Obligations and/or
second priority secured obligations of the Issuer or any Subsidiary Guarantor (including, without limitation, any Other Second-Lien
Obligations) so long as such other First Priority Lien Obligations and/or second priority secured obligations (including, without
limitation, any Other Second-Lien Obligations) are not prohibited by the provisions of the Credit Agreements, the Existing Second
Priority Notes Indentures, this Indenture, the First Priority Dollar Notes Indenture or First Priority Euro Notes Indenture;

 

(x)            
to comply with any requirement of the SEC in connection with qualifying or maintaining the qualification of this Indenture
under the TIA;

 

(xi)           
to make any change that does not adversely affect the rights of any Holder;

 

(xii)          
to effect any provision of this Indenture or to make certain changes to this Indenture to provide for the issuance of Additional
Securities;

 

(xiii)         
to provide for the issuance of the Exchange Securities or the Additional Securities, which shall have terms substantially
identical in all material respects to the Original Securities, and which shall be treated, together with any outstanding Original
Securities, as a single issue of securities; or

 

(xiv)              
to conform the text of this Indenture or the Securities to any provision of the “Description of First Priority Notes”
section of the Offering Memorandum to the extent that such a provision in the “Description of First Priority Notes”
section of the Offering Memorandum was intended to be a verbatim recitation of a provision to comply with any requirements of this
Indenture or the Securities.

 

After an amendment under this Section 9.01
becomes effective, the Issuer shall mail to the Holders a notice briefly describing such amendment. The failure to give such notice
to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.01.

 

SECTION 9.02.          
With Consent of the Holders. The Issuer and the Trustee may amend this Indenture, the Securities, the Security Documents
and the Intercreditor Agreements with respect to the Securities with the written consent of the Holders of at least a majority
in principal amount of the Securities then outstanding voting as a single class (including consents obtained in connection with
a tender offer or exchange for the Securities). However, without the consent of each Holder of an outstanding Security affected,
an amendment may not:

 

(i)             
reduce the amount of Securities whose Holders must consent to an amendment,

 

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

 

(iii)           
reduce the principal of or change the Stated Maturity of any Security,

 

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(iv)           
 reduce the premium payable upon the redemption of any Security or change the time at which any Security may be redeemed
in accordance with Article 3,

 

(v)            
make any Security payable in money other than that stated in such Security,

 

(vi)           
expressly subordinate the Securities or any Subsidiary Guarantee to any other Indebtedness of the Issuer or any Subsidiary
Guarantor,

 

(vii)          
impair the right of any Holder to receive payment of principal of, premium, if any, and interest on such Holder’s
Securities on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such
Holder’s Securities,

 

(viii)         
make any change in Section 6.04 or 6.07 or the second sentence of this Section 9.02,

 

(ix)            
modify any Subsidiary Guarantee in any manner adverse to the Holders, or

 

(x)             
make any change in the provisions in any Intercreditor Agreement or this Indenture dealing with the application of gross
proceeds of Collateral that would adversely affect the Holders of the Securities.

 

Subject to Section 11.04, without the consent
of the Holders of at least two-thirds in aggregate principal amount of the Securities then outstanding, no amendment or waiver
may release all or substantially all of the Collateral from the Lien of this Indenture and the Security Documents with respect
to the Securities.

 

It shall not be necessary for the consent
of the Holders under this Section 9.02 to approve the particular form of any proposed amendment, but it shall be sufficient if
such consent approves the substance thereof.

 

After an amendment under this Section 9.02
becomes effective, the Issuer shall promptly mail to the Holders a notice briefly describing such amendment. The failure to give
such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.02.

 

SECTION 9.03.          
Compliance with Trust Indenture Act. From the date on which this Indenture is qualified under the TIA, every amendment,
waiver or supplement to this Indenture or the Securities shall comply with the TIA as then in effect.

 

SECTION 9.04.          
Revocation and Effect of Consents and Waivers.

 

(a)                
A consent to an amendment or a waiver by a Holder of a Security shall bind the Holder and every subsequent Holder of that
Security or portion of the Security that evidences the same debt as the consenting Holder’s Security, even if notation of
the consent or waiver is not made on the Security. However, any such Holder or subsequent Holder may revoke the consent or waiver
as to such Holder’s Security or portion of the Security if the Trustee receives written notice of revocation delivered in
accordance with Section 13.02 before the date on which the Trustee receives an Officers’ Certificate from the Issuer certifying
that the requisite principal amount of Securities have consented. After an amendment or waiver becomes effective, it shall bind
every Holder. An amendment or waiver becomes effective upon the (i) receipt by the Issuer or the Trustee of consents by the Holders
of the requisite principal amount of securities, (ii) satisfaction of conditions to effectiveness as set forth in this Indenture
and any indenture supplemental hereto containing such amendment or waiver and (iii) execution of such amendment or waiver (or supplemental
indenture) by the Issuer and the Trustee.

 

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

 

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SECTION 9.05.          
Notation on or Exchange of Securities. If an amendment, supplement or waiver changes the terms of a Security, the
Issuer may require the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the
Security 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 Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms.
Failure to make the appropriate notation or to issue a new Security shall not affect the validity of such amendment, supplement
or waiver.

 

SECTION 9.06.          
Trustee to Sign Amendments. The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this
Article 9 if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does,
the Trustee may but need not sign it. In signing such amendment, the Trustee shall receive indemnity reasonably satisfactory to
it and shall be provided with, and (subject to Section 7.01) shall be fully protected in conclusively relying upon, an Officers’
Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by this Indenture
and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer and the Subsidiary Guarantors,
enforceable against them in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof
(including Section 9.03).

 

SECTION 9.07.          
Payment for Consent. Neither the Issuer nor any Affiliate of the Issuer shall, directly or indirectly, pay or cause
to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent,
waiver or amendment of any of the terms or provisions of this Indenture or the Securities unless such consideration is offered
to be paid to all Holders that so consent, waive or agree to amend in the time frame set forth in solicitation documents relating
to such consent, waiver or agreement.

 

SECTION 9.08.          
Additional Voting Terms; Calculation of Principal Amount. Except as otherwise set forth herein, all Securities issued
under this Indenture shall vote and consent separately on all matters as to which any of such Securities may vote. Determinations
as to whether Holders of the requisite aggregate principal amount of Securities have concurred in any direction, waiver or consent
shall be made in accordance with this Article 9 and Section 2.14.

 

ARTICLE 10

RANKING OF NOTE LIENS

 

SECTION 10.01.        
Relative Rights. The Intercreditor Agreements shall define the relative rights, as lienholders, of holders of Note
Obligations and Other Second-Lien Obligations on the one hand and holders of First Priority Lien Obligations on the other hand.
Nothing in this Indenture or the Intercreditor Agreements will:

 

(a)          impair, as between the
Issuer and Holders, the obligation of the Issuer, which is absolute and unconditional, to pay principal of, premium and interest
on the Securities in accordance with their terms or to perform any other obligation of the Issuer or any other Obligor under this
Indenture, the Securities, the Parent Guarantee, the Subsidiary Guarantees and the Security Documents;

 

(b)          restrict the right of any
Holder to sue for payments that are then due and owing, in a manner not inconsistent with the provisions of the Intercreditor Agreements;

 

(c)          prevent the Trustee, the
Collateral Agent or any Holder from exercising against the Issuer or any other Obligor any of its other available remedies upon
a Default or Event of Default (other than its rights as a secured party, which are subject to the Intercreditor Agreements); or

 

    -56-

     

    

 

(d)          restrict the right of the
Trustee, the Collateral Agent or any Holder:

 

(i)       to file and prosecute a petition seeking
an order for relief in an involuntary Bankruptcy Case as to any Obligor or otherwise to commence, or seek relief commencing, any
insolvency or liquidation proceeding involuntarily against any Obligor;

 

(ii)       to make, support or oppose any request for
an order for dismissal, abstention or conversion in any insolvency or liquidation proceeding;

 

(iii)      to make, support or oppose, in any insolvency
or liquidation proceeding, any request for an order extending or terminating any period during which the debtor (or any other Person)
has the exclusive right to propose a plan of reorganization or other dispositive restructuring or liquidation plan therein;

 

(iv)     to seek the creation of, or appointment
to, any official committee representing creditors (or certain of the creditors) in any insolvency or liquidation proceedings and,
if appointed, to serve and act as a member of such committee without being in any respect restricted or bound by, or liable for,
any of the obligations under this Article 10;

 

(v)      to seek or object to the appointment of any
professional person to serve in any capacity in any insolvency or liquidation proceeding or to support or object to any request
for compensation made by any professional person or others therein;

 

(vi)     to make, support or oppose any request for
order appointing a trustee or examiner in any insolvency or liquidation proceedings; or

 

(vii)    otherwise to make, support or oppose any
request for relief in any insolvency or liquidation proceeding that it is permitted by law to make, support or oppose if it were
a holder of unsecured claims; or

 

(viii)   as to any matter relating to any plan
of reorganization or other restructuring or liquidation plan or as to any matter relating to the administration of the estate or
the disposition of the case or proceeding (in each case except as set forth in the Intercreditor Agreements).

 

ARTICLE 11

COLLATERAL

 

SECTION 11.01.        
Security Documents. The payment of the principal of and interest and premium, if any, on the Securities when due,
whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise and whether by the Issuer
pursuant to the Securities or by any Subsidiary Guarantor pursuant to its Subsidiary Guarantees, the payment of all other Obligations
and the performance of all other obligations of the Issuer and the Subsidiary Guarantors under this Indenture, the Securities,
the Subsidiary Guarantees and the Security Documents shall be secured as provided in the Security Documents and will be secured
by the Security Documents delivered as required or permitted by this Indenture. The Issuer shall, and shall cause each Restricted
Subsidiary to, and each Restricted Subsidiary shall, do all filings (including filings of continuation statements and amendments
to UCC financing statements that may be necessary to continue the effectiveness of such UCC financing statements) and all other
actions as are necessary or required by the Security Documents to maintain (at the sole cost and expense of the Issuer and its
Restricted Subsidiaries) the security interest created by the Security Documents in the Collateral (other than with respect to
any Collateral the security interest in which is not required to be perfected under the Security Documents) as a perfected first
priority security interest subject only to Permitted Liens.

 

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SECTION 11.02.        
Collateral Agent.

 

(a)                
The Collateral Agent is authorized and empowered to appoint one or more co-Collateral Agents as it deems necessary or appropriate.

 

(b)               
Subject to Section 7.01, neither the Trustee nor the Collateral Agent nor any of their respective officers, directors, employees,
attorneys or agents will be responsible or liable for the existence, genuineness, value or protection of any Collateral, for the
legality, enforceability, effectiveness or sufficiency of the Security Documents, for the creation, perfection, priority, sufficiency
or protection of any First Priority Lien, or for any defect or deficiency as to any such matters, or for any failure to demand,
collect, foreclose or realize upon or otherwise enforce any of the First Priority Liens or Security Documents or any delay in doing
so.

 

(c)                
Subject to the Security Documents and the Intercreditor Agreements, the Collateral Agent will be subject to such directions
as may be given it by the Trustee from time to time (as required or permitted by this Indenture). Subject to the Security Documents
and the Intercreditor Agreements, except as directed by the Trustee as required or permitted by this Indenture and any other representatives,
the Collateral Agent will not be obligated:

 

(i)             
to act upon directions purported to be delivered to it by any other Person;

 

(ii)            
to foreclose upon or otherwise enforce any First Priority Lien; or

 

(iii)           
to take any other action whatsoever with regard to any or all of the First Priority Liens, Security Documents or Collateral.

 

(d)               
The Collateral Agent will be accountable only for amounts that it actually receives as a result of the enforcement of the
First Priority Liens or Security Documents.

 

(e)                
In acting as Collateral Agent or co-Collateral Agent, the Collateral Agent and each co-Collateral Agent may conclusively
rely upon and enforce each and all of the rights, powers, immunities, indemnities and benefits of the Trustee under Article 7 hereof.

 

(f)                 
[Reserved].

 

(g)               
If the Issuer (i) Incurs additional First Priority Lien Obligations or second priority lien obligations, in each case, permitted
to be so Incurred and secured pursuant to the terms of this Indenture at any time when no applicable intercreditor agreement is
in effect or at any time when Indebtedness constituting First Priority Lien Obligations or second priority lien obligations subject
to an existing Intercreditor Agreement is concurrently retired, and (ii) delivers to the Collateral Agent an Officers’ Certificate
so stating and requesting the Collateral Agent to enter into an intercreditor agreement (on substantially the same terms as an
Intercreditor Agreement in effect on the Issue Date) with a designated agent or representative for the holders of the First Priority
Lien Obligations or second priority lien obligations so Incurred, the Trustee and the Collateral Agent shall (and is hereby authorized
and directed to) enter into such intercreditor agreement, bind the Holders on the terms set forth therein and perform and observe
its obligations thereunder.

 

SECTION 11.03.        
Authorization of Actions to Be Taken.

 

(a)                
Each Holder of Securities, by its acceptance thereof, consents and agrees to the terms of each Security Document and the
Intercreditor Agreements, as originally in effect and as amended, supplemented or replaced from time to time in accordance with
its terms or the terms of this Indenture, authorizes and directs the Trustee and the Collateral Agent to enter into the Security
Documents to which it is a party, authorizes and empowers the Trustee to direct the Collateral Agent to enter into, and the Collateral
Agent to execute and deliver, the Intercreditor Agreements or joinders thereto, and authorizes and empowers the Trustee and the
Collateral Agent to bind the Holders of Securities as set forth in the Security Documents to which it is a party and the Intercreditor
Agreements and to perform its obligations and exercise its rights and powers thereunder.

 

    -58-

     

    

 

(b)               
 The Collateral Agent and the Trustee are authorized and empowered to receive for the benefit of the Holders of Securities
any funds collected or distributed under the Security Documents to which the Collateral Agent or Trustee is a party and to make
further distributions of such funds to the Holders of Securities according to the provisions of this Indenture.

 

(c)                
Subject to the provisions of Section 7.01, Section 7.02, the Security Documents, and the Intercreditor Agreements, the Trustee
may, in its sole discretion and without the consent of the Holders, direct, on behalf of the Holders, the Collateral Agent to take
all actions it deems necessary or appropriate in order to:

 

(i)             
foreclose upon or otherwise enforce any or all of the First Priority Liens;

 

(ii)            
enforce any of the terms of the Security Documents to which the Collateral Agent or Trustee is a party; or

 

(iii)           
collect and receive payment of any and all Note Obligations.

 

Subject to the Intercreditor Agreements,
the Trustee is authorized and empowered to institute and maintain, or direct the Collateral Agent to institute and maintain, such
suits and proceedings as it may deem expedient to protect or enforce the First Priority Liens or the Security Documents to which
the Collateral Agent or Trustee is a party or to prevent any impairment of Collateral by any acts that may be unlawful or in violation
of the Security Documents to which the Collateral Agent or Trustee is a party or this Indenture, and such suits and proceedings
as the Trustee or the Collateral Agent may deem expedient to preserve or protect its interests and the interests of the Holders
of Securities in the Collateral, including power to institute and maintain suits or proceedings to restrain the enforcement of
or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid
if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial
to the interests of Holders, the Trustee or the Collateral Agent.

 

SECTION 11.04.        
Release of Liens.

 

(a)                
Subject to subsections (b) and (c) of this Section 11.04, Collateral may be released from the Lien and security interest
created by the Security Documents at any time or from time to time in accordance with the provisions of the Security Documents,
the Intercreditor Agreements or as provided hereby. Upon the request of the Issuer pursuant to an Officers’ Certificate and
Opinion of Counsel certifying that all conditions precedent hereunder have been met, the Issuer and the Subsidiary Guarantors will
be entitled to the release of assets included in the Collateral from the Liens securing the Securities, and the Collateral Agent
and the Trustee (if the Trustee is not then the Collateral Agent) shall release the same from such Liens at the Issuer’s
sole cost and expense, under any one or more of the following circumstances:

 

(1)       to
enable the Issuer or any Subsidiary Guarantor to consummate the disposition of such property or assets to the extent not prohibited
under this Indenture;

 

(2)       in
the case of a Subsidiary Guarantor that is released from its Subsidiary Guarantee with respect to the Securities, the release of
the property and assets of such Subsidiary Guarantor;

 

(3)       as
described under Article 9; or

 

(4)       to
the extent required by the terms of any Intercreditor Agreement;

 

Upon the receipt of an Officers’ Certificate
from the Issuer and an Opinion of Counsel, as described above, and any necessary or proper instruments of termination, satisfaction
or release prepared by the Issuer, the Collateral Agent shall execute, deliver or acknowledge such instruments or releases to evidence
the release of any Collateral permitted to be released pursuant to this Indenture or the Security Documents or the Intercreditor
Agreements.

 

    -59-

     

    

 

(b)               
 Except as otherwise provided in the Intercreditor Agreements, no Collateral may be released from the Lien and security
interest created by the Security Documents unless the Officers’ Certificate required by this Section 11.04 has been delivered
to the Collateral Agent and the Trustee not less than five days prior to the date of such release.

 

(c)                
At any time when a Default or Event of Default has occurred and is continuing and the maturity of the Securities has been
accelerated (whether by declaration or otherwise) and the Trustee has delivered a notice of acceleration to the Collateral Agent,
no release of Collateral pursuant to the provisions of this Indenture or the Security Documents will be effective as against the
Holders, except as otherwise provided in the Intercreditor Agreements.

 

SECTION 11.05.        
Filing, Recording and Opinions.

 

(a)                
The Issuer will comply with the provisions of TIA §§ 314(b) and 314(d), in each case following qualification of
this Indenture pursuant to the TIA and except to the extent not required as set forth in any SEC regulation or interpretation (including
any no-action letter issued by the Staff of the SEC, whether issued to the Issuer or any other Person). Following such qualification,
to the extent the Issuer is required to furnish to the Trustee an Opinion of Counsel pursuant to TIA §§ 314(b)(2), the
Issuer will furnish such opinion not more than 60 but not less than 30 days prior to each September 30.

 

Any release of Collateral permitted by Section
11.04 hereof will be deemed not to impair the Liens under this Indenture and the Security Documents in contravention thereof and
any person that is required to deliver an Officers’ Certificate or Opinion of Counsel pursuant to Section 314(d) of the TIA,
shall be entitled to rely upon the foregoing as a basis for delivery of such certificate or opinion. The Trustee may, to the extent
permitted by Sections 7.01 and 7.02 hereof, accept as conclusive evidence of compliance with the foregoing provisions the appropriate
statements contained in such documents and Opinion of Counsel.

 

(b)               
If any Collateral is released in accordance with this Indenture or any Security Document and if the Issuer has delivered
the certificates and documents required by the Security Documents and Section 11.04, the Trustee will determine whether it has
received all documentation required by TIA § 314(d) in connection with such release and, based on such determination and the
Opinion of Counsel delivered pursuant to Section 11.04, will, upon request, deliver a certificate to the Collateral Agent setting
forth such determination.

 

SECTION 11.06.        
[Reserved].

 

SECTION 11.07.        
Powers Exercisable by Receiver or Trustee. In case the Collateral shall be in the possession of a receiver or trustee,
lawfully appointed, the powers conferred in this Article 11 upon the Issuer or a Subsidiary 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 Subsidiary Guarantor or of any officer or
officers thereof required by the provisions of this Article 11; and if the Trustee shall be in the possession of the Collateral
under any provision of this Indenture, then such powers may be exercised by the Trustee.

 

SECTION 11.08.        
Release Upon Termination of the Issuer’s Obligations. In the event (i) that the Issuer delivers to the Trustee,
in form and substance acceptable to it, an Officers’ Certificate and Opinion of Counsel certifying that all the obligations
under this Indenture, the Securities and the Security Documents have been satisfied and discharged by the payment in full of the
Issuer’s obligations under the Securities, this Indenture and the Security Documents, and all such obligations have been
so satisfied, or (ii) a discharge, legal defeasance or covenant defeasance of this Indenture occurs under Article 8, the Trustee
shall deliver to the Issuer and the Collateral Agent a notice stating that the Trustee, on behalf of the Holders, disclaims and
gives up any and all rights it has in or to the Collateral, and any rights it has under the Security Documents, and upon receipt
by the Collateral Agent of such notice, the Collateral Agent shall be deemed not to hold a Lien in the Collateral on behalf of
the Trustee and shall, at the expense of the Issuer, do or cause to be done all acts reasonably necessary to release such Lien
as soon as is reasonably practicable.

 

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SECTION 11.09.        
Designations. Except as provided in the next sentence, for purposes of the provisions hereof and the Intercreditor
Agreements requiring the Issuer to designate Indebtedness for the purposes of the terms First Priority Lien Obligations and Other
Second-Lien Obligations, or any other such designations hereunder or under the Intercreditor Agreements, any such designation
shall be sufficient if the relevant designation provides in writing that such First Priority Lien Obligations or Other Second-Lien
Obligations are permitted under this Indenture and is signed on behalf of the Issuer by an Officer and delivered to the Trustee,
the Collateral Agent and the First Lien Agent. For all purposes hereof and the Intercreditor Agreements, the Issuer hereby designates
the Obligations pursuant to the Credit Agreements as in effect on the Issue Date as First Priority Lien Obligations and designates
the Note Obligations as First Priority Lien Obligations (as defined in each Existing Second Priority Notes Indenture).

 

ARTICLE 12

SUBSIDIARY GUARANTEES

 

SECTION 12.01.        
Subsidiary Guarantees.

 

(a)                
Each Subsidiary Guarantor hereby jointly and severally, irrevocably and unconditionally guarantees on a senior basis and
on a first priority senior secured basis, as a primary obligor and not merely as a surety, to each Holder, the Trustee and the
Collateral Agent and their successors and assigns (i) the full and punctual payment when due, whether at Stated Maturity, by acceleration,
by redemption or otherwise, of all obligations of the Issuer under this Indenture (including obligations to the Trustee and the
Collateral Agent) and the Securities, whether for payment of principal of, premium, if any, or interest on the Securities and all
other monetary obligations of the Issuer under this Indenture and the Securities and (ii) the full and punctual performance within
applicable grace periods of all other obligations of the Issuer whether for fees, expenses, indemnification or otherwise under
this Indenture and the Securities (the foregoing obligations set forth in clauses (i) through (ii) being hereinafter collectively
called the “Guaranteed Obligations”). Each Subsidiary Guarantor further agrees that the Guaranteed Obligations may
be extended or renewed, in whole or in part, without notice or further assent from each such Subsidiary Guarantor, and that each
such Subsidiary Guarantor shall remain bound under this Article 12 notwithstanding any extension or renewal of any Guaranteed Obligation.

 

(b)               
Each Subsidiary Guarantor waives presentation to, demand of payment from and protest to the Issuer of any of the Guaranteed
Obligations and also waives notice of protest for nonpayment. Each Subsidiary Guarantor waives notice of any default under the
Securities or the Guaranteed Obligations. The obligations of each Subsidiary Guarantor hereunder shall not be affected by (i) the
failure of any Holder, the Trustee or the Collateral Agent to assert any claim or demand or to enforce any right or remedy against
the Issuer or any other Person under this Indenture, the Securities or any other agreement or otherwise; (ii) any extension or
renewal of this Indenture, the Securities or any other agreement; (iii) any rescission, waiver, amendment or modification of any
of the terms or provisions of this Indenture, the Securities or any other agreement; (iv) the release of any security held by the
Collateral Agent on behalf of each Holder and the Trustee for the Guaranteed Obligations or any Subsidiary Guarantor; (v) the failure
of any Holder, the Trustee or the Collateral Agent to exercise any right or remedy against any other guarantor of the Guaranteed
Obligations; or (vi) any change in the ownership of such Subsidiary Guarantor, except as provided in Section 12.02(b).

 

(c)                
Each Subsidiary Guarantor hereby waives any right to which it may be entitled to have its obligations hereunder divided
among the Subsidiary Guarantors, such that such Subsidiary Guarantor’s obligations would be less than the full amount claimed.
Each Subsidiary Guarantor hereby waives any right to which it may be entitled to have the assets of the Issuer first be used and
depleted as payment of the Issuer’s or such Subsidiary Guarantor’s obligations hereunder prior to any amounts being
claimed from or paid by such Subsidiary Guarantor hereunder. Each Subsidiary Guarantor hereby waives any right to which it may
be entitled to require that the Issuer be sued prior to an action being initiated against such Subsidiary Guarantor.

 

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

 

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(e)                
 The Subsidiary Guarantee of each Subsidiary Guarantor is, to the extent and in the manner set forth in Article 12, equal
in right of payment to all existing and future Pari Passu Indebtedness and senior in right of payment to all existing and future
Subordinated Indebtedness of such Subsidiary Guarantor and is made subject to such provisions of this Indenture.

 

(f)                 
Except as expressly set forth in Sections 8.01(b), 12.02 and 12.06, the obligations of each Subsidiary Guarantor hereunder
shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination
whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting
the generality of the foregoing, the obligations of each Subsidiary Guarantor herein shall not be discharged or impaired or otherwise
affected by the failure of any Holder, the Trustee or the Collateral Agent to assert any claim or demand or to enforce any remedy
under this Indenture, the Securities or any other agreement, by any waiver or modification of any thereof, by any default, failure
or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do
any other act or thing which may or might in any manner or to any extent vary the risk of any Subsidiary Guarantor or would otherwise
operate as a discharge of any Subsidiary Guarantor as a matter of law or equity.

 

(g)               
Each Subsidiary Guarantor agrees that its Subsidiary Guarantee shall remain in full force and effect until payment in full
of all the Guaranteed Obligations. Each Subsidiary Guarantor further agrees that its Subsidiary Guarantee herein shall continue
to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest
on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder, the Trustee or the Collateral Agent upon
the bankruptcy or reorganization of the Issuer or otherwise.

 

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

 

(i)                 
Each Subsidiary Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Trustee in
respect of any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. Each Subsidiary Guarantor
further agrees that, as between it, on the one hand, and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations
guaranteed hereby may be accelerated as provided in Article 6 for the purposes of any Subsidiary Guarantee herein, notwithstanding
any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby,
and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6, such Guaranteed
Obligations (whether or not due and payable) shall forthwith become due and payable by such Subsidiary Guarantor for the purposes
of this Section 12.01.

 

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

 

(k)               
Upon request of the Trustee, each Subsidiary Guarantor shall execute and deliver such further instruments and do such further
acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

 

    -62-

     

    

 

SECTION 12.02.        
Limitation on Liability.

 

(a)                
Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed
Obligations guaranteed hereunder by any Subsidiary Guarantor shall not exceed the maximum amount that can be hereby guaranteed
without rendering this Indenture, as it relates to such Subsidiary Guarantor, voidable under applicable law relating to fraudulent
conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.

 

(b)               
A Subsidiary Guarantee as to any Subsidiary Guarantor shall terminate and be of no further force or effect and such Subsidiary
Guarantor shall be deemed to be released from all obligations under this Article 12 upon:

 

(i)             
the sale, disposition or other transfer (including through merger or consolidation) of all the Capital Stock (including
any sale, disposition or other transfer following which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary)
of the applicable Subsidiary Guarantor if such sale, disposition or other transfer is made in compliance with this Indenture,

 

(ii)            
the Issuer designating such Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance with the provisions set
forth under the definition of “Unrestricted Subsidiary,”

 

(iii)           
in the case of any Restricted Subsidiary that after the Issue Date is required to guarantee the Securities pursuant to Section
4.11, the release or discharge of the guarantee by such Restricted Subsidiary of Indebtedness of the Issuer or any Restricted Subsidiary
of the Issuer or such Restricted Subsidiary or the repayment of the Indebtedness, in each case, which resulted in the obligation
to guarantee the Securities, and

 

(iv)          
the Issuer’s exercise of its defeasance option under Article 8, or if the Issuer’s obligations under this Indenture
are discharged in accordance with the terms of this Indenture.

 

In the case of clause (b)(i) above, such
Subsidiary Guarantor shall be released from its guarantees, if any, of, and all pledges
and security, if any, granted in connection with, the Credit Agreements and any other Indebtedness of the Issuer or any
Restricted Subsidiary of the Issuer.

 

A Subsidiary Guarantee also shall be automatically
released upon (i) the applicable Subsidiary ceasing to be a Subsidiary as a result of any foreclosure of any pledge or security
interest securing First Priority Lien Obligations, subject to, in each case, the application of the proceeds of such foreclosure
in the manner set forth in the Security Documents or the Intercreditor Agreements or (ii) if such Subsidiary is released from its
guarantees of, and all pledges and security interests granted in connection with, the Credit Agreements and any other Indebtedness
of the Issuer or any Restricted Subsidiary of the Issuer which results in the obligation to guarantee the Securities; provided,
that in the case of clause (ii) above, the Issuer has obtained ratings from at least two Rating Agencies that reflect an Investment
Grade Rating (x) for the corporate rating of the Issuer and (y) for the Securities after given effect to the proposed release of
guarantees and security interests.

 

SECTION 12.03.        
Successors and Assigns. This Article 12 shall be binding upon each Subsidiary Guarantor and its successors and assigns
and shall inure to the benefit of the successors and assigns of the Collateral Agent, the Trustee and the Holders and, in the event
of any transfer or assignment of rights by any Holder, the Trustee or the Collateral Agent, the rights and privileges conferred
upon that party in this Indenture and in the Securities shall automatically extend to and be vested in such transferee or assignee,
all subject to the terms and conditions of this Indenture.

 

SECTION 12.04.         No
Waiver. Neither a failure nor a delay on the part of either the Trustee, the Collateral Agent or the Holders in
exercising any right, power or privilege under this Article 12 shall operate as a waiver thereof, nor shall a single or
partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and
benefits of the Trustee, the Collateral Agent and the Holders herein expressly specified are cumulative and not exclusive of
any other rights, remedies or benefits which either may have under this Article 12 at law, in equity, by statute or
otherwise.

 

    -63-

     

    

 

SECTION 12.05.        
Modification. No modification, amendment or waiver of any provision of this Article 12, nor the consent to any departure
by any Subsidiary Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee,
and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice
to or demand on any Subsidiary Guarantor in any case shall entitle such Subsidiary Guarantor to any other or further notice or
demand in the same, similar or other circumstances.

 

SECTION 12.06.        
Execution of Supplemental Indenture for Future Subsidiary Guarantors. Each Subsidiary and other Person which is required
to become a Subsidiary Guarantor pursuant to Section 4.11 or the first sentence of Section 12.01 shall promptly execute and deliver
to the Trustee a supplemental indenture, substantially in the form of Exhibit D pursuant to which such Subsidiary or other Person
shall become a Subsidiary Guarantor under this Article 12 and shall guarantee the Guaranteed Obligations. Concurrently with the
execution and delivery of such supplemental indenture, the Issuer shall deliver to the Trustee an Opinion of Counsel and an Officers’
Certificate to the effect that such supplemental indenture has been duly authorized, executed and delivered by such Subsidiary
or other Person and that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and
other similar laws relating to creditors’ rights generally and to the principles of equity, whether considered in a proceeding
at law or in equity, the Subsidiary Guarantee of such Subsidiary Guarantor is a valid and binding obligation of such Subsidiary
Guarantor, enforceable against such Subsidiary Guarantor in accordance with its terms and/or to such other matters as the Trustee
may reasonably request.

 

SECTION 12.07.        
Non-Impairment. The failure to endorse a Subsidiary Guarantee on any Security shall not affect or impair the validity
thereof.

 

ARTICLE 13

MISCELLANEOUS

 

SECTION 13.01.        
Trust Indenture Act Controls. If and to the extent that any provision of this Indenture limits, qualifies or conflicts
with the duties imposed by, or with another provision (an “incorporated provision”) included in this Indenture by operation
of, Sections 310 to 318 of the TIA, inclusive, such imposed duties or incorporated provision shall control.

 

SECTION 13.02.        
Notices.

 

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

 

if to the Issuer, the Parent Guarantor
or a Subsidiary Guarantor:

Berry Global, Inc.

101 Oakley Street

Evansville, Indiana 47710

Attention of: General Counsel

Facsimile: (812) 424-0128

 

if to the Trustee:

U.S. Bank National Association

100 Wall Street, Suite 1600

New York, New York 10005

Attention: Corporate Trust Services

Facsimile: (212) 509-3384

 

    -64-

     

    

 

if to the Collateral Agent:

U.S. Bank National Association

100 Wall Street, Suite 1600

New York, New York 10005

Attention: Corporate Trust Services

Facsimile: (212) 509-3384

 

The Issuer, the Trustee or the Collateral Agent by notice to
the other may designate additional or different addresses for subsequent notices or communications.

 

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

 

(c)                
Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect
to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee
receives it, except that notices to the Trustee are effective only if received.

 

SECTION 13.03.        
Communication by the Holders with Other Holders. The Holders may communicate in accordance with the procedures set
forth in Section 312(b) of the TIA with other Holders with respect to their rights under this Indenture or the Securities. The
Issuer, the Trustee, the Registrar and other Persons shall have the protection of Section 312(e) of the TIA.

 

SECTION 13.04.        
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, the Issuer shall furnish to the Trustee at the request of the Trustee:

 

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

 

(b)    an Opinion of Counsel in
form reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been
complied with.

 

SECTION 13.05.        
Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant
or condition provided for in this Indenture (other than pursuant to Section 4.09) shall include:

 

(a)    a statement that the individual
making such certificate or opinion has read such covenant or condition;

 

(b)   a brief statement as to
the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or
opinion are based;

 

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

 

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

 

    -65-

     

    

 

 

SECTION 13.06.        
When Securities Disregarded. In determining whether the Holders of the required principal amount of Securities have
concurred in any direction, waiver or consent, Securities owned by the Issuer, the Parent Guarantor, any Subsidiary Guarantor
or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer,
the Parent Guarantor or any Subsidiary Guarantor 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 Securities which
a Trust Officer of the Trustee actually knows are so owned shall be so disregarded. Subject to the foregoing, only Securities
outstanding at the time shall be considered in any such determination.

 

SECTION 13.07.        
Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of
the Holders. The Registrar and a Paying Agent may make reasonable rules for their functions.

 

SECTION 13.08.        
Legal Holidays. If a payment date is not a Business Day, payment shall be made on the next succeeding day that is
a Business Day, and no interest shall accrue on any amount that would have been otherwise payable on such payment date if it were
a Business Day for the intervening period. If a regular record date is not a Business Day, the record date shall not be affected.

 

SECTION 13.09.        
GOVERNING LAW; WAIVER OF JURY TRIAL. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE ISSUER, THE PARENT GUARANTOR,
THE SUBSIDIARY GUARANTORS 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 TRANSACTIONS
CONTEMPLATED HEREBY.

 

SECTION 13.10.        
No Recourse Against Others. No director, officer, employee, manager, incorporator or holder of any Equity Interests
in the Issuer or any direct or indirect parent corporation, as such, shall have any liability for any obligations of the Issuer
under the Securities or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder of Securities by accepting a Security waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Securities.

 

SECTION 13.11.        
Successors. All agreements of the Issuer, the Parent Guarantor and each Subsidiary Guarantor in this Indenture and
the Securities shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors.

 

SECTION 13.12.        
Multiple Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. 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.

 

SECTION 13.13.        
Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections
of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall
not modify or restrict any of the terms or provisions hereof.

 

SECTION 13.14.        
Indenture Controls. If and to the extent that any provision of the Securities limits, qualifies or conflicts with
a provision of this Indenture, such provision of this Indenture shall control.

 

    -66-

     

    

 

SECTION 13.15.        
Severability. In case any provision in this Indenture shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision
shall be ineffective only to the extent of such invalidity, illegality or unenforceability.

 

SECTION 13.16.        
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, 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 13.17.        
U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act,
the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required
to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens
an account with the Trustee.

 

ARTICLE 14

PARENT GUARANTEE

 

SECTION 14.01.        
Parent Guarantee.

 

(a)                
The Parent Guarantor will hereby irrevocably and unconditionally guarantee on a senior basis, as a primary obligor and not
merely as a surety, to each Holder, the Trustee, the Collateral Agent and their successors and assigns the Guaranteed Obligations.
The Parent Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice
or further assent from the Parent Guarantor, and that no extension or renewal of any Guaranteed Obligation shall release the obligations
of the Parent Guarantor hereunder. The obligations of the Parent Guarantor hereunder shall be joint and several with the Subsidiary
Guarantees of the Subsidiary Guarantors. The Parent Guarantor waives presentation to, demand of payment from and protest to the
Issuer of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. The Parent Guarantor waives notice
of any default under the Securities or the Guaranteed Obligations. The obligations of the Parent Guarantor hereunder shall not
be affected by (i) the failure of any Holder, the Trustee or the Collateral Agent to assert any claim or demand or to enforce any
right or remedy against the Issuer or any other Person under this Indenture, the Securities or any other agreement or otherwise;
(ii) any extension or renewal of this Indenture, the Securities or any other agreement; (iii) any rescission, waiver, amendment
or modification of any of the terms or provisions of this Indenture, the Securities or any other agreement; (iv) the release of
any security held by the Collateral Agent on behalf of each Holder and the Trustee for the Guaranteed Obligations or any Subsidiary
Guarantor; or (v) the failure of any Holder, the Trustee or the Collateral Agent to exercise any right or remedy against any other
guarantor of the Guaranteed Obligations. The Parent Guarantor hereby waives any right to which it may be entitled to have its obligations
hereunder divided among itself and the Subsidiary Guarantors, such that the Parent Guarantor’s obligations would be less
than the full amount claimed. The Parent Guarantor hereby waives any right to which it may be entitled to have the assets of the
Issuer first be used and depleted as payment of the Issuer’s or the Parent Guarantor’s obligations hereunder prior
to any amounts being claimed from or paid by the Parent Guarantor hereunder. The Parent Guarantor hereby waives any right to which
it may be entitled to require that the Issuer be sued prior to an action being initiated against the Parent Guarantor. The Parent
Guarantor further agrees that its Parent Guarantee constitutes a guarantee of payment, performance and compliance when due (and
not a guarantee of collection) and waives any right to require that any resort be had by any Holder, the Trustee or the Collateral
Agent to any security held for payment of the Guaranteed Obligations.

 

(b)               
The Parent Guarantee of the Parent Guarantor is, to the extent and in the manner set forth herein, equal in right of payment
to all existing and future Parent Pari Passu Indebtedness and senior in right of payment to all existing and future Parent Subordinated
Indebtedness and is made subject to such provisions of this Indenture.

 

    -67-

     

    

 

(c)                
 Except as expressly set forth in Section 8.01(b) of this Indenture, the obligations of the Parent Guarantor hereunder shall
not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination
whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting
the generality of the foregoing, the obligations of the Parent Guarantor shall not be discharged or impaired or otherwise affected
by the failure of any Holder, the Trustee or the Collateral Agent to assert any claim or demand or to enforce any remedy under
this Indenture, the Securities or any other agreement, by any waiver or modification of any thereof, by any default, failure or
delay, willful or otherwise, in the performance of the obligations, or by 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 Parent Guarantor or would otherwise operate
as a discharge of the Parent Guarantor as a matter of law or equity.

 

(d)                
The Parent Guarantor agrees that its Parent Guarantee shall remain in full force and effect until payment in full of all
the Guaranteed Obligations. The Parent Guarantor further agrees that its Parent Guarantee shall continue to be effective or be
reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation
is rescinded or must otherwise be restored by any Holder, the Trustee or the Collateral Agent upon the bankruptcy or reorganization
of the Issuer or otherwise.

 

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

 

(f)                 
The Parent Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Trustee in respect
of any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. The Parent Guarantor further
agrees that, as between it, on the one hand, and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations
guaranteed hereby may be accelerated as provided in Article 6 for the purposes of the Parent Guarantee herein, notwithstanding
any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby,
and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6, such Guaranteed
Obligations (whether or not due and payable) shall forthwith become due and payable by the Parent Guarantor for the purposes of
this Section 14.01.

 

(g)               
The Parent Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees and expenses)
incurred by the Collateral Agent, the Trustee or any Holder in enforcing any rights under this Section 14.01.

 

(h)                
Upon request of the Trustee, the Parent Guarantor shall execute and deliver such further instruments and do such further
acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Section 14.01.

 

(i)                 
For the avoidance of doubt, the Parent Guarantor will not be subject to any of the restrictive covenants contained in this
Indenture or any of the other obligations or agreements of a Subsidiary Guarantor hereunder.

 

SECTION 14.02.        
Successors and Assigns. This Article 14 shall be binding upon the Parent Guarantor and its successors and assigns
and shall inure to the benefit of the successors and assigns of the Trustee, the Collateral Agent and the Holders and, in the event
of any transfer or assignment of rights by any Holder, the Trustee or the Collateral Agent, the rights and privileges conferred
upon that party in this Article 14 and in the Securities shall automatically extend to and be vested in such transferee or assignee,
all subject to the terms and conditions of this Indenture.

 

    -68-

     

    

 

SECTION 14.03.        
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 Indenture 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
in this Indenture expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either
may have under this Article 14 at law, in equity, by statute or otherwise.

 

SECTION 14.04.        
Modification. No modification, amendment or waiver of any provision of this Article 14, nor the consent to any departure
by the Parent Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee,
and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice
to or demand on the Parent Guarantor in any case shall entitle the Parent Guarantor to any other or further notice or demand in
the same, similar or other circumstances.

 

SECTION 14.05.        
Non-Impairment. The failure to endorse the Parent Guarantee provided for herein on any Security shall not affect
or impair the validity thereof.

 

[Signature Pages Follow]

 

    -69-

     

    

 

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

 

	 	Very truly yours,
	 	 
	 	BERRY GLOBAL, INC.
	 	 
	 	By:	/s/
    Jason K. Greene
	 	 	Name:	Jason K. Greene
	 	 	Title:	Executive Vice President, General
	 	 	 	Counsel and Secretary
	 	 	 
	 	PARENT GUARANTOR:
	 	 
	 	BERRY GLOBAL GROUP, INC.
	 	 
	 	By:	/s/
    Jason K. Greene
	 	 	Name:	Jason K. Greene
	 	 	Title:	Executive Vice President, General
	 	 	 	Counsel and Secretary

 

     

     

    

  

	 	SUBSIDIARY GUARANTORS:
	 	 
	 	AEROCON, LLC
	 	AVINTIV ACQUISITION CORPORATION
	 	AVINTIV INC.
	 	AVINTIV SPECIALTY MATERIALS INC.
	 	BERRY FILM PRODUCTS ACQUISITION COMPANY, INC.
	 	BERRY FILM PRODUCTS COMPANY, INC.
	 	BERRY PLASTICS ACQUISITION CORPORATION V
	 	BERRY PLASTICS ACQUISITION CORPORATION XII
	 	BERRY PLASTICS ACQUISITION CORPORATION XIII
	 	BERRY GLOBAL FILMS, LLC
	 	BERRY PLASTICS ACQUISITION LLC X
	 	BERRY PLASTICS DESIGN, LLC
	 	BERRY PLASTICS FILMCO, INC.
	 	BERRY PLASTICS 1K, LLC
	 	BERRY PLASTICS OPCO, INC.
	 	BERRY PLASTICS SP, INC.
	 	BERRY PLASTICS TECHNICAL SERVICES, INC.
	 	BERRY SPECIALTY TAPES, LLC
	 	BERRY STERLING CORPORATION
	 	BPREX BRAZIL HOLDING INC.
	 	BPREX CLOSURE SYSTEMS, LLC
	 	BPREX CLOSURES KENTUCKY INC.
	 	BPREX CLOSURES, LLC
	 	BPREX DELTA INC.
	 	BPREX HEALTHCARE BROOKVILLE INC.
	 	BPREX HEALTHCARE PACKAGING INC.
	 	BPREX PLASTIC PACKAGING INC.
	 	BPREX PLASTICS SERVICES COMPANY INC.
	 	BPREX PRODUCT DESIGN AND ENGINEERING INC.
	 	BPREX SPECIALTY PRODUCTS PUERTO RICO INC.
	 	CAPLAS LLC
	 	CAPLAS NEPTUNE, LLC
	 	CAPTIVE PLASTICS HOLDINGS, LLC
	 	CAPTIVE PLASTICS, LLC
	 	CARDINAL PACKAGING, INC.
	 	CHICOPEE, INC.
	 	COVALENCE SPECIALTY ADHESIVES LLC
	 	COVALENCE SPECIALTY COATINGS LLC
	 	CPI HOLDING CORPORATION
	 	DOMINION TEXTILE (USA), L.L.C.
	 	FABRENE, L.L.C.
	 	FIBERWEB GEOS, INC.
	 	FIBERWEB, LLC
	 	KERR GROUP, LLC
	 	KNIGHT PLASTICS, LLC
	 	OLD HICKORY STEAMWORKS, LLC
	 	PACKERWARE, LLC
	 	PESCOR, INC.
	 	PGI EUROPE, INC.
	 	PGI POLYMER, INC.
	 	PLIANT INTERNATIONAL, LLC
	 	PLIANT, LLC
	 	POLY-SEAL, LLC

 

     

     

    

 

	 	PRISTINE BRANDS CORPORATION
	 	PROVIDENCIA USA, INC.
	 	ROLLPAK CORPORATION
	 	SAFFRON ACQUISITION, LLC
	 	SETCO, LLC
	 	SUN COAST INDUSTRIES, LLC
	 	UNIPLAST HOLDINGS, LLC
	 	UNIPLAST U.S., INC.
	 	VENTURE PACKAGING, INC.
	 	VENTURE PACKAGING MIDWEST, INC.
	 	 
	 	By: 	/s/ Jason K. Greene
	 	 	Name:	Jason K. Greene
	 	 	Title:	Executive Vice President, General
	 	 	 	Counsel and Secretary
	 	 
	 	

GLOBAL CLOSURE SYSTEMS AMERICA 1, INC.
	 	LETICA CORPORATION
	 	LETICA RESOURCES, INC.
	 	M&H PLASTICS, INC.
	 	RPC BRAMLAGE, INC.
	 	RPC LEOPARD HOLDINGS, INC.
	 	RPC PACKAGING HOLDINGS (US), INC.
	 	RPC PROMENS INC.
	 	RPC SUPERFOS US, INC.
	 	RPC ZELLER PLASTIK LIBERTYVILLE, INC.
	 	 
	 	By:	 /s/ Jason K. Greene
	 	 	Name:	Jason K. Greene
	 	 	Title: 	Executive Vice President, General
	 	 	 	Counsel and Secretary
	 	 
	 	LADDAWN, INC.
	 	DUMPLING ROCK, LLC
	 	ESTERO PORCH, LLC
	 	LAMB’S GROVE, LLC
	 	MILLHAM, LLC
	 	SUGDEN, LLC
	 	 
	 	By:	 /s/ Jason K. Greene
	 	 	Name:	Jason K. Greene
	 	 	Title: 	Executive Vice President, General
	 	 	 	Counsel and Secretary

 

    

     

    

 

	 	GRAFCO INDUSTRIES LIMITED PARTNERSHIP
	 	 
	 	By:	Caplas Neptune, LLC, its General Partner
	 	 	 
	 	By:	/s/ Jason K. Greene
	 	 	Name:	Jason K. Greene
	 	 	Title:	Executive Vice President, General
	 	 	 	Counsel and Secretary
	 	 
	 	CHOCKSETT ROAD LIMITED PARTNERSHIP
	 	 
	 	By:	Berry Global, Inc., its General Partner
	 	 	 
	 	By:	/s/ Jason K. Greene
	 	 	Name:	Jason K. Greene
	 	 	Title:	Executive Vice President, General
	 	 	 	Counsel and Secretary
	 	 
	 	CHOCKSETT ROAD REALTY TRUST
	 	 
	 	By:	Laddawn, Inc., its Trustee
	 	 
	 	By:	/s/ Jason K. Greene
	 	 	Name:	Jason K. Greene
	 	 	Title:	Executive Vice President, General
	 	 	 	Counsel and Secretary
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee and Collateral Agent
	 	 
	 	By:	/s/ Beverly A. Freeney
	 	 	Name:	Beverly A. Freeney
	 	 	Title:	Vice President

 

     

     

    

  

APPENDIX A

 

PROVISIONS RELATING TO ORIGINAL SECURITIES, ADDITIONAL SECURITIES
AND EXCHANGE SECURITIES

 

1.       Definitions.

 

1.1      Definitions.

 

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

 

“Additional Interest” has the
meaning set forth in the Registration Rights Agreement.

 

“Definitive Security” means
a certificated Original Security or Exchange Security (bearing the Restricted Securities Legend if the transfer of such Security
is restricted by applicable law) that does not include the Global Securities Legend.

 

“Depository” means The Depository
Trust Company, its nominees and their respective successors.

 

“Global Securities Legend” means
the legend set forth under that caption in the applicable Exhibit to this Indenture.

 

“IAI” means an institutional
 “accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act.

 

“Initial Purchasers” means Citigroup
Global Markets Inc., J.P. Morgan Securities LLC, Barclays Capital Inc., BofA Securities, Inc., Credit Suisse Securities (USA) LLC,
Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC, as initial
purchasers under the Purchase Agreement entered into in connection with the offer and sale of the Securities.

 

“Purchase Agreement” means (a)
the Purchase Agreement dated December 15, 2020, among the Issuer, the guarantors party thereto and the Representatives and (b)
any other similar Purchase Agreement relating to Additional Securities.

 

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

 

“Registered Exchange Offer”
means the offer by the Company, pursuant to the Registration Rights Agreement, to certain Holders of Original Securities, to issue
and deliver to such Holders, in exchange for their Original Securities, a like aggregate principal amount of Exchange Securities
registered under the Securities Act.

 

“Registration Rights Agreement”
means (a) the Registration Rights Agreement dated as of December 22, 2020 among the Issuer, the guarantors party thereto and the
Representatives relating to the Securities and (b) any other similar registration rights agreement relating to Additional Securities.

 

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

 

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

 

“Representatives” means Citigroup
Global Markets Inc. and J.P. Morgan Securities LLC, as representatives of the Initial Purchasers.

 

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

 

    Appendix A-1 

     

    

 

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

 

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

 

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

 

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

 

“Securities Custodian” means
the custodian with respect to a Global Security (as appointed by the Depository) or any successor person thereto, who shall initially
be the Trustee.

 

“Shelf Registration Statement”
means a registration statement filed by the Company in connection with the offer and sale of Original Securities pursuant to the
Registration Rights Agreement.

 

“Transfer Restricted Securities”
means Definitive Securities and any other Securities that bear or are required to bear or are subject to the Restricted Securities
Legend.

 

“Unrestricted Definitive Security”
means Definitive Securities and any other Securities that are not required to bear, or are not subject to, the Restricted Securities
Legend.

 

“Unrestricted Global Security”
means Global Securities and any other Securities that are not required to bear, or are not subject to, the Restricted Securities
Legend.

 

1.2       Other
Definitions.

 

	Term:	Defined in Section:
	Agent Members	2.1(b)
	Clearstream	2.1(b)
	Euroclear	2.1(b)
	Global Securities	2.1(b)
	Regulation S Global Securities	2.1(b)
	Regulation S Permanent Global Security	2.1(b)
	Regulation S Temporary Global Security	2.1(b)
	Rule 144A Global Securities	2.1(b)

2.       The Securities.

 

2.1       Form
and Dating; Global Securities.

 

(a)       The
Original Securities issued on the date hereof will be (i) offered and sold by the Issuer pursuant to the Purchase Agreement and
(ii) resold, initially only to (1) QIBs in reliance on Rule 144A and (2) Persons other than U.S. Persons (as defined in Regulation
S) in reliance on Regulation S. Such Original Securities may thereafter be transferred to, among others, QIBs, purchasers in reliance
on Regulation S and, except as set forth below, IAIs in accordance with Rule 501. Additional Securities offered after the date
hereof may be offered and sold by the Issuer from time to time pursuant to one or more purchase agreements in accordance with applicable
law.

 

(b)       Global
Securities. (i) Rule 144A Securities initially shall be represented by one or more Securities in definitive, fully
registered, global form without interest coupons (collectively, the “Rule 144A Global Securities”) and Regulation
S Securities initially shall be represented by one or more Securities in fully registered, global form without interest
coupons (collectively, the “Regulation S Temporary Global Security” and, together with the Regulation S Permanent
Global Security (defined below), the “Regulation S Global Securities”), which shall, in each case, be registered
in the name of the Depository or the nominee of the Depository for the accounts of designated agents holding on behalf of
Euroclear Bank SA/NV, as operator of the Euroclear system, or any successor thereof (“Euroclear”) or Clearstream
Banking, S.A., or any successor thereof (“Clearstream”).

 

    Appendix A-2

     

    

 

The Restricted Period shall be terminated
upon the receipt by the Trustee of: (1) a written certificate from the Depository, together with copies of certificates from Euroclear
and Clearstream certifying that they have received certification of non-United States beneficial ownership of 100% of the aggregate
principal amount of the Regulation S Temporary Global Security (except to the extent of any beneficial owners thereof who acquired
an interest therein during the Restricted Period pursuant to another exemption from registration under the Securities Act and who
shall take delivery of a beneficial ownership interest in a 144A Global Security bearing a Restricted Securities Legend, all as
contemplated by this Appendix A); and (2) an Officers’ Certificate from the Issuer.

 

Following the termination of the Restricted
Period, beneficial interests in the Regulation S Temporary Global Security shall be exchanged for beneficial interests in a permanent
Global Security (the “Regulation S Permanent Global Security”) pursuant to the applicable procedures of the Depository.
Simultaneously with the authentication of the Regulation S Permanent Global Security, the Trustee shall cancel the Regulation S
Temporary Global Security. The aggregate principal amount of the Regulation S Temporary Global Security and the Regulation S Permanent
Global Security may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depository
or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided.

 

The provisions of the “Operating Procedures
of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and
Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of
beneficial interests in the Rule 144A Global Securities, the Regulation S Temporary Global Security and the Regulation S Permanent
Global Security that are held by Participants through Euroclear or Clearstream.

 

The term “Global Securities”
means the Rule 144A Global Securities and the Regulation S Global Securities. The Global Securities shall bear the Global Security
Legend. The Global Securities initially shall (i) be registered in the name of the Depository or the nominee of the Depository,
in each case for credit to an account of an Agent Member (as defined below), (ii) be delivered to the Trustee as custodian for
such Depository and (iii) bear the Restricted Securities Legend.

 

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

 

(ii)       Transfers
of Global Securities shall be limited to transfer in whole, but not in part, to the Depository, its successors or its nominees.
Interests of beneficial owners in the Global Securities may be transferred or exchanged for Definitive Securities only in accordance
with the applicable rules and procedures of the Depository and the provisions of Section 2.2. In addition, a Global Security shall
be exchangeable for Definitive Securities if (x) the Depository (1) notifies the Issuer that it is unwilling or unable to continue
as depository for such Global Security and the Issuer thereupon fails to appoint a successor depository within 90 days or (2) has
ceased to be a clearing agency registered under the Exchange Act or (y) there shall have occurred and be continuing an Event of
Default with respect to such Global Security; provided that in no event shall the Regulation S Temporary Global Security
be exchanged by the Issuer for Definitive Securities prior to (x) the expiration of the Restricted Period and (y) the receipt by
the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act. In all cases, Definitive
Securities delivered in exchange for any Global Security or beneficial interests therein shall be registered in the names, and
issued in any approved denominations, requested by or on behalf of the Depository in accordance with its customary procedures.

 

    Appendix A-3

     

    

 

(iii)       In
connection with the transfer of a Global Security as an entirety to beneficial owners pursuant to subsection (i) of this Section
2.1(b), such Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer shall execute, and
the Trustee shall authenticate and make available for delivery, to each beneficial owner identified by the Depository in writing
in exchange for its beneficial interest in such Global Security, an equal aggregate principal amount of Definitive Securities of
authorized denominations.

 

(iv)       Any
Transfer Restricted Security delivered in exchange for an interest in a Global Security pursuant to Section 2.2 shall, except as
otherwise provided in Section 2.2, bear the Restricted Securities Legend.

 

(v)        Notwithstanding
the foregoing, through the Restricted Period, a beneficial interest in such Regulation S Global Security may be held only through
Euroclear or Clearstream unless delivery is made in accordance with the applicable provisions of Section 2.2.

 

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

 

2.2       Transfer
and Exchange.

 

(a)       Transfer
and Exchange of Global Securities. A Global Security may not be transferred as a whole except as set forth in Section 2.1(b).
Global Securities will not be exchanged by the Issuer for Definitive Securities except under the circumstances described in Section
2.1(b)(ii). Global Securities also may be exchanged or replaced, in whole or in part, as provided in Sections 2.08 and 2.10 of
this Indenture. Beneficial interests in a Global Security may be transferred and exchanged as provided in Section 2.2(b) or 2.2(c).

 

(b)       Transfer
and Exchange of Beneficial Interests in Global Securities. The transfer and exchange of beneficial interests in the Global
Securities shall be effected through the Depository, in accordance with the provisions of this Indenture and the applicable rules
and procedures of the Depository. Beneficial interests in Restricted Global Securities shall be subject to restrictions on transfer
comparable to those set forth herein to the extent required by the Securities Act. Beneficial interests in Global Securities shall
be transferred or exchanged only for beneficial interests in Global Securities. Transfers and exchanges of beneficial interests
in the Global Securities also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one
or more of the other following subparagraphs, as applicable:

 

(i)       Transfer
of Beneficial Interests in the Same Global Security. Beneficial interests in any Transfer Restricted Security may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Security in accordance
with the transfer restrictions set forth in the Restricted Securities Legend; provided, however, that prior to the expiration
of the Restricted Period, transfers of beneficial interests in a Regulation S Global Security may not be made to a U.S. Person
or for the account or benefit of a U.S. Person (other than an Initial Purchaser). A beneficial interest in an Unrestricted Global
Security may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global
Security. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described
in this Section 2.2(b)(i).

 

(ii)       All
Other Transfers and Exchanges of Beneficial Interests in Global Securities. In connection with all transfers and exchanges
of beneficial interests in any Global Security that is not subject to Section 2.2(b)(i), the transferor of such beneficial interest
must deliver to the Registrar (1) a written order from an Agent Member given to the Depository in accordance with the applicable
rules and procedures of the Depository directing the Depository to credit or cause to be credited a beneficial interest in another
Global Security in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance
with the applicable rules and procedures of the Depository containing information regarding the Agent Member account to be credited
with such increase. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Securities
contained in this Indenture and the Securities or otherwise applicable under the Securities Act, the Trustee shall adjust the principal
amount of the relevant Global Security pursuant to Section 2.2(g).

 

    Appendix A-4

     

    

 

(iii)       Transfer
of Beneficial Interests to Another Restricted Global Security. A beneficial interest in a Transfer Restricted Security may
be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Transfer Restricted Security
if the transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar receives the following:

 

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

 

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

 

(iv)       Transfer
and Exchange of Beneficial Interests in a Transfer Restricted Global Security for Beneficial Interests in an Unrestricted Global
Security. A beneficial interest in a Transfer Restricted Global Security may be exchanged by any holder thereof for a beneficial
interest in an Unrestricted Global Security or transferred to a Person who takes delivery thereof in the form of a beneficial interest
in an Unrestricted Global Security if the exchange or transfer complies with the requirements of Section 2.2(b)(ii) above and the
Registrar receives the following:

 

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

 

(B)       if
the holder of such beneficial interest in a Restricted Global Security 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 Security, a certificate from such
holder in the form attached to the applicable Security,

 

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

 

(v)       Transfer
and Exchange of Beneficial Interests in an Unrestricted Global Security for Beneficial Interests in a Restricted Global Security.
Beneficial interests in an Unrestricted Global Security cannot be exchanged for, or transferred to Persons who take delivery thereof
in the form of, a beneficial interest in a Restricted Global Security.

 

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

 

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

 

    Appendix A-5

     

    

 

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

 

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

 

(B)        if
such Transfer Restricted Security is being transferred to a Qualified Institutional Buyer in accordance with Rule 144A under the
Securities Act, a certificate from such Holder in the form attached to the applicable Security;

 

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

 

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

 

(E)        if
such Transfer Restricted Security is being transferred to an Institutional Accredited Investor in reliance on an exemption from
the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate
from such Holder in the form attached to the applicable Security, including the certifications, certificates and Opinion of Counsel,
if applicable; or

 

(F)        if
such Transfer Restricted Security is being transferred to the Issuer or a Subsidiary thereof, a certificate from such Holder in
the form attached to the applicable Security;

 

the Trustee shall cancel the Transfer Restricted Security,
and increase or cause to be increased the aggregate principal amount of the appropriate Restricted Global Security.

 

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

 

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

 

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

 

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

 

    Appendix A-6

     

    

 

(iii)       Unrestricted
Definitive Securities to Beneficial Interests in Unrestricted Global Securities. A Holder of an Unrestricted Definitive Security
may exchange such Unrestricted Definitive Security for a beneficial interest in an Unrestricted Global Security or transfer such
Unrestricted Definitive Security to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Security at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable
Unrestricted Definitive Security and increase or cause to be increased the aggregate principal amount of one of the Unrestricted
Global Securities. If any such transfer or exchange is effected pursuant to this subparagraph (iii) at a time when an Unrestricted
Global Security has not yet been issued, the Issuer shall issue and, upon receipt of an written order of the Issuer in the form
of an Officers’ Certificate, the Trustee shall authenticate one or more Unrestricted Global Securities in an aggregate principal
amount equal to the aggregate principal amount of Unrestricted Definitive Securities transferred or exchanged pursuant to this
subparagraph (iii).

 

(iv)       Unrestricted
Definitive Securities to Beneficial Interests in Restricted Global Securities. An Unrestricted Definitive Security cannot be
exchanged for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Restricted Global
Security.

 

(e)       Transfer
and Exchange of Definitive Securities for Definitive Securities. Upon request by a Holder of Definitive Securities and such
Holder’s compliance with the provisions of this Section 2.2(e), the Registrar shall register the transfer or exchange of
Definitive Securities. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to
the Registrar the Definitive Securities duly endorsed or accompanied by a written instruction of transfer in form satisfactory
to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder
shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions
of this Section 2.2(e).

 

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

 

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

 

(B)        if
the transfer will be made pursuant to Rule 903 or Rule 904 under the Securities Act, then the transferor must deliver a certificate
in the form attached to the applicable Security;

 

(C)        if
the transfer will be made pursuant to an exemption from the registration requirements of the Securities Act in accordance with
Rule 144 under the Securities Act, a certificate in the form attached to the applicable Security;

 

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

 

(E)        if
such transfer will be made to the Issuer or a Subsidiary thereof, a certificate in the form attached to the applicable Security.

 

    Appendix A-7

     

    

 

(ii)       Transfer
Restricted Securities to Unrestricted Definitive Securities. Any Transfer Restricted Security may be exchanged by the Holder
thereof for an Unrestricted Definitive Security or transferred to a Person who takes delivery thereof in the form of an Unrestricted
Definitive Security if the Registrar receives the following:

 

(1)         if
the Holder of such Transfer Restricted Security proposes to exchange such Transfer Restricted Security for an Unrestricted Definitive
Security, a certificate from such Holder in the form attached to the applicable Security; or

 

(2)         if
the Holder of such Transfer Restricted Security proposes to transfer such Securities to a Person who shall take delivery thereof
in the form of an Unrestricted Definitive Security, a certificate from such Holder in the form attached to the applicable Security,

 

and, in each such case, if the Registrar so requests,
an Opinion of Counsel in form reasonably acceptable to the Issuer to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Securities Legend are no longer
required in order to maintain compliance with the Securities Act.

 

(iii)       Unrestricted
Definitive Securities to Unrestricted Definitive Securities. A Holder of an Unrestricted Definitive Security may transfer such
Unrestricted Definitive Securities to a Person who takes delivery thereof in the form of an Unrestricted Definitive Security at
any time. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Securities
pursuant to the instructions from the Holder thereof.

 

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

 

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

 

(f)       Legend.

 

(i)       Except
as permitted by the following paragraph (ii), (iii) or (iv), each Security certificate evidencing the Global Securities and the
Definitive Securities (and all Securities issued in exchange therefor or in substitution thereof) shall bear a legend in substantially
the following form (each defined term in the legend being defined as such for purposes of the legend only):

 

    Appendix A-8

     

    

 

“THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT (A)(1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE
904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE
MEANING OF RULE 501 OF REGULATION D UNDER THE SECURITIES ACT IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH
THE APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.”

 

Each Definitive Security shall bear the following additional
legends:

 

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

 

“THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED
IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED
ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.”

 

(ii)       Upon
any sale or transfer of a Transfer Restricted Security that is a Definitive Security, the Registrar shall permit the Holder thereof
to exchange such Transfer Restricted Security for a Definitive Security that does not bear the legends set forth above and rescind
any restriction on the transfer of such Transfer Restricted Security if the Holder certifies in writing to the Registrar that its
request for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the
Security).

 

(iii)       After
a transfer of any Original Securities during the period of the effectiveness of a shelf registration statement under the Securities
Act with respect to such Original Securities, all requirements pertaining to the Restricted Securities Legend on such Original
Securities shall cease to apply and the requirements that any such Original Securities be issued in global form shall continue
to apply.

 

(iv)       Upon
the consummation of a Registered Exchange Offer with respect to the Original Securities pursuant to which Holders of such Original
Securities are offered Exchange Securities in exchange for their Original Securities, all requirements pertaining to Original Securities
that Original Securities be issued in global form shall continue to apply, and Exchange Securities in global form without the Restricted
Securities Legend shall be available to Holders that exchange such Original Securities in such Registered Exchange Offer.

 

(v)       Upon
a sale or transfer after the expiration of the Restricted Period of any Security acquired pursuant to Regulation S, all requirements
that such Security bear the Restricted Securities Legend shall cease to apply and the requirements requiring any such Security
be issued in global form shall continue to apply.

 

(vi)       Any
Additional Securities sold in a registered offering shall not be required to bear the Restricted Securities Legend.

 

    Appendix A-9

     

    

 

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

 

(h)       Obligations
with Respect to Transfers and Exchanges of Securities.

 

(i)        To
permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate, Definitive Securities
and Global Securities at the Registrar’s request.

 

(ii)       No
service charge shall be made for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient
to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer
taxes, assessments or similar governmental charge payable upon exchanges pursuant to Sections 3.06, 4.08 and 9.05 of this Indenture).

 

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

 

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

 

(i)       No
Obligation of the Trustee.

 

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

 

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

 

    Appendix A-10

     

    

 

EXHIBIT A

 

[FORM OF FACE OF SECURITY]

 

[Global Securities Legend]

 

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

[Restricted Securities
Legend]

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT (A)(1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION
S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER
(IF AVAILABLE), (4) TO AN INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501 OF REGULATION D
UNDER THE SECURITIES ACT IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR (5) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF THE STATES
OF THE UNITED STATES AND OTHER JURISDICTIONS.

 

Each Temporary Regulation S Security shall
bear the following additional legend:

 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY
ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT
TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS
USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.

 

Each Definitive Security shall bear the
following additional legend:

 

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

 

    A-1

     

    

 

 

[FORM OF SECURITY]

 

	No.	$	 

 

1.57% First Priority Senior Secured Notes
due 2026

 

CUSIP: [144A: 08576 PAB7 /

REG S: U0740 WAD3]

ISIN: [144A: US08576PAB76 / 

REG S: USU0740WAD30]

 

BERRY GLOBAL, INC., a Delaware corporation,
promises to pay to Cede & Co., or registered assigns, the principal sum of                     Dollars
[, as the same may be revised from time to time on the Schedule of Increases or Decreases in Global Security attached hereto,]1
on January 15, 2026.

 

Interest Payment Dates: January 15 and July
15

 

Record Dates: January 1 and July 1

 

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

 

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

 

	 	BERRY
    GLOBAL, INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

 

 1              Use the Schedule of Increases and Decreases language if Security is in Global Form.

 

    A-2

     

    

 

TRUSTEE’S CERTIFICATE
OF AUTHENTICATION

U.S. BANK NATIONAL
ASSOCIATION, as Trustee, certifies that this is
 one of the Securities
 referred to in the Indenture.

	By:	 	 
	 	Authorized
    Signatory	 

 

	Dated:	 
	 	 
	*/	If the Security is to be issued in global form, add the Global Securities Legend and the attachment
from Exhibit A captioned “TO BE ATTACHED TO GLOBAL SECURITIES - SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY.”

 

    A-3

     

    

 

[FORM OF REVERSE SIDE OF SECURITY]

 

1.57% First Priority Senior Secured
Notes due 2026

 

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

 

		1.	Interest

 

(a)       BERRY
GLOBAL, INC., a Delaware corporation (the “Company”) promises to pay interest on the principal amount of this Security
at the rate per annum shown above. The Company shall pay interest semiannually on January 15 and July 15 of each year, commencing
July 15, 2021.2 Interest on Securities
shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or
duly provided for, from December 22, 20203
until the principal hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Company
shall pay interest on overdue principal at the rate borne by the Securities, and it shall pay interest on overdue installments
of interest at the same rate to the extent lawful.

 

(b)       Registration
Rights Agreement. The Holder of this Security shall be entitled to the benefits of a Registration Rights Agreement, dated as
of December 22, 2020, among the Company, the guarantors party thereto and the Representatives.

 

		2.	Method of Payment

 

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

 

		3.	Paying Agent and Registrar

 

Initially, U.S. Bank National Association,
a national banking association (the “Trustee”), will act as paying agent (the “Paying Agent”) and registrar
(the “Registrar”). The Company may appoint and change any Paying Agent or Registrar without notice. The Company or
any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent or Registrar.

 

		4.	Indenture

 

The Company issued the Securities
under an Indenture dated as of December 22, 2020 (the “Indenture”), among the Company, the guarantors party
thereto, the Trustee and U.S. Bank National Association, as collateral agent (in such capacity, the “Collateral
Agent”). The terms of the Securities include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the
Indenture (the “TIA”). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto
in the Indenture. The Securities are subject to all terms and provisions of the Indenture, and the Holders are referred to
the Indenture and the TIA for a statement of such terms and provisions.

 

 

 

 2              Note: With respect to the Original Securities.

 

 3              Note: With respect to the Original Securities.

 

    A-4

     

    

 

The Securities are senior obligations of
the Company. This Security is one of the Original Securities referred to in the Indenture. The Securities include the Original
Securities, any Additional Securities and any Exchange Securities pursuant to the Indenture. The Original Securities, any Additional
Securities and any Exchange Securities are treated as a single class of securities under the Indenture. The Indenture imposes certain
limitations on the ability of the Company and its Restricted Subsidiaries to, among other things, create or incur Liens. The Indenture
also imposes limitations on the ability of the Company and each Subsidiary Guarantor to consolidate or merge with or into any other
Person or convey, transfer or lease all or substantially all of its property.

 

To guarantee the due and punctual payment
of the principal and interest on the Securities and all other amounts payable by the Company under the Indenture and the Securities
when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the
Securities and the Indenture, the Subsidiary Guarantors and the Parent Guarantor will jointly and severally, unconditionally guarantee
the Guaranteed Obligations pursuant to the terms of the Indenture.

 

		5.	Optional Redemption

 

Prior to December 15, 2020 (the date that
is one month prior to the maturity date) (“the Par Call Date”), the Securities will be redeemable, in whole or in part,
at the Company’s option, at any time or from time to time, on at least 30 days’ but not more than 60 days’ prior
notice to the holders of the Securities to be redeemed, at a redemption price equal to the greater of (i) 100% of the principal
amount of the Securities redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest
on the Securities being redeemed (assuming that such Securities matured on the Par Call Date), exclusive of interest accrued to,
but not including, the redemption date, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting
of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate plus 20 basis points (any amount described
in the foregoing clause (ii) over the amount described in the foregoing clause (i), the “Make-Whole Premium”). On or
after the Par Call Date, the Securities will be redeemable, in whole or in part, at the Company’s option, at any time or
from time to time, on at least 15 days’ but not more than 60 days’ prior notice to the holders the Securities to be
redeemed, at a redemption price equal to 100% of the principal amount thereof.

 

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

 

		6.	Sinking Fund

 

The Securities are not subject to any sinking
fund.

 

		7.	Notice of Redemption

 

Notice of redemption pursuant to paragraph
5 above will be mailed by first-class mail or sent electronically at least the amount of day set forth in paragraph 5 above before
the redemption date to each Holder of Securities to be redeemed at his, her or its registered address. Securities in denominations
larger than $2,000 may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price
of and accrued and unpaid interest on all Securities (or portions thereof) to be redeemed on the redemption date is deposited with
a Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date, interest ceases
to accrue on such Securities (or such portions thereof) called for redemption.

 

		8.	Reserved.

 

		9.	Repurchase of Securities at the Option of the Holders upon Change of Control Triggering Event 

 

Upon the occurrence of a Change of Control
Triggering Event, each Holder shall have the right, subject to certain conditions specified in the Indenture, to cause the Company
to repurchase all or any part of such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount
thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of the Holders of record
on the relevant record date to receive interest due on the relevant interest payment date), as provided in, and subject to the
terms of, the Indenture.

 

    A-5

     

    

 

		10.	Ranking and Collateral

 

The Securities and the Subsidiary Guarantees
will be secured by a first-priority security interest in the Collateral pursuant to certain Security Documents. The First Priority
Liens upon any and all Collateral will be, to the extent and in the manner provided in the Intercreditor Agreements, of equal in
ranking to all present and future first priority Liens and will be of senior ranking with all present and future Liens securing
second priority lien obligations (including, without limitation, any Other Second-Lien Obligations) as set forth in the Intercreditor
Agreements. The Parent Guarantee will be, to the extent and in the manner set forth in the Indenture, equal in right of payment
to all existing and future Parent Pari Passu Indebtedness and senior in right of payment to all existing and future Parent Subordinated
Indebtedness.

 

		11.	Denominations; Transfer; Exchange

 

The Securities are in registered form, without
coupons, in denominations of $2,000 and any integral multiple of $1,000. A Holder shall register the transfer of or exchange of
Securities in accordance with the Indenture. Upon any registration of transfer or exchange, the Registrar and the Trustee may require
a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes required by law or
permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption
(except, in the case of a Security to be redeemed in part, the portion of the Security not to be redeemed) or to transfer or exchange
any Securities for a period of 15 days prior to the mailing of a notice of redemption of Securities to be redeemed.

 

		12.	Persons Deemed Owners

 

The registered Holder of this Security shall
be treated as the owner of it for all purposes.

 

		13.	Unclaimed Money

 

If money for the payment of principal or
interest remains unclaimed for two years, the Trustee and a Paying Agent shall pay the money back to the Company at their written
request unless an abandoned property law designates another Person. After any such payment, the Holders entitled to the money must
look to the Company for payment as general creditors and the Trustee and a Paying Agent shall have no further liability with respect
to such monies.

 

		14.	Discharge and Defeasance

 

Subject to certain conditions and as set
forth in the Indenture, the Company at any time may terminate some of or all of its obligations under the Securities and the Indenture
if the Company deposits with the Trustee money or U.S. Government Obligations deemed sufficient in the opinion of a national recognized
firm of public accountants for the payment of principal and interest on the Securities to redemption or maturity, as the case may
be.

 

    A-6

     

    

 

		15.	Amendment; Waiver

 

Subject to certain exceptions set
forth in the Indenture, (i) the Indenture, the Security Documents, the Intercreditor Agreements or the Securities may be
amended with the written consent of the Holders of at least a majority in aggregate principal amount of the outstanding
Securities (voting as a single class) and (ii) any past default or compliance with any provisions may be waived with the
written consent of the Holders of at least a majority in principal amount of the outstanding Securities. Subject to certain
exceptions set forth in the Indenture, without the consent of any Holder, the Company and the Trustee may amend the
Indenture, Security Documents, the Intercreditor Agreements or the Securities (i) to cure any ambiguity, omission, defect or
inconsistency; (ii) to provide for the assumption by a Successor Company of the obligations of the Company under the
Indenture and the Securities; (iii) to provide for uncertificated Securities in addition to or in place of certificated
Securities (provided that the uncertificated Securities are issued in registered form for purposes of Section 163(f)
of the Code, or in a manner such that the uncertificated Securities are described in Section 163(f)(2)(B) of the Code); (iv)
to add a Subsidiary Guarantee with respect to the Securities or to secure the Securities; (v) to add additional assets as
Collateral; (vi) to release Collateral from the Lien or subordinate such Lien (or conform the subordination of such Lien)
pursuant to the Security Documents when permitted or required by the Indenture, the Security Documents or the Intercreditor
Agreements, (vii) to add additional covenants of the Company for the benefit of the Holders or to surrender rights and powers
conferred on the Company; (viii) to modify the Security Documents and/or any Intercreditor Agreements, to secure other First
Priority Lien Obligations and/or Other Second-Lien Obligations of the Issuer or any Subsidiary Guarantor so long as such
other First Priority Lien Obligations and Other Second-Lien Obligations are not prohibited by the provisions of the Credit
Agreements, the Existing Second Priority Notes Indentures, the Indenture, the First Priority Euro Notes Indenture or the
First Priority Dollar Notes Indenture, (ix) to make any change that does not adversely affect the rights of any Holder; (x)
to effect any provision of this Indenture or to make certain changes to this Indenture to provide for the issuance of
Additional Securities; (xi) to provide for the issuance of Additional Securities, which shall have terms substantially
identical in all material respects to the Original Securities, and which shall be treated, together with any outstanding
Original Securities, as a single issue of securities; (xii) to comply with the requirements of the SEC in order to effect or
maintain qualification of the Indenture under the TIA or (xiii) to conform the text of the Indenture or the Securities to any
provision of the “Description of First Priority Notes” section of the Offering Memorandum to the extent that such
a provision in the “Description of First Priority Notes” section of the Offering Memorandum was intended to be a
verbatim recitation of a provision of the Indenture or the Securities.

 

		16.	Defaults and Remedies

 

If an Event of Default occurs (other than
an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company) and is continuing, the
Trustee or the Holders of at least 25% in principal amount of the outstanding Securities by notice to the Company, may declare
the principal of, premium, if any, and accrued but unpaid interest on all the Securities to be due and payable; provided,
however, that so long as any Bank Indebtedness remains outstanding, no such acceleration shall be effective until the earlier
of (i) five (5) Business Days after the giving of written notice to the Issuer and the Representatives under the Credit Agreements
and (ii) the day on which any Bank Indebtedness is accelerated. Upon such a declaration, such principal and interest shall be due
and payable immediately. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company
occurs, the principal of, premium, if any, and interest on all the Securities shall become immediately due and payable without
any declaration or other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a majority
in principal amount of the outstanding Securities may rescind any such acceleration with respect to the Securities and its consequences.

 

If an Event of Default occurs and is
continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under the Indenture at the
request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory
to it against any loss, liability or expense and certain other conditions are complied with. Except to enforce the right to
receive payment of principal, premium (if any) or interest when due, no Holder may pursue any remedy with respect to the
Indenture or the Securities unless (i) such Holder has previously given the Trustee written notice that an Event of Default
is continuing, (ii) the Holders of at least 25% in principal amount of the outstanding Securities have requested the Trustee
to pursue the remedy, (iii) such Holders have offered the Trustee security or indemnity satisfactory to it against any loss,
liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the request and
the offer of security or indemnity and (v) the Holders of a majority in principal amount of the outstanding Securities have
not given the Trustee a direction inconsistent with such request within such 60-day period. Subject to certain restrictions,
the Holders of a majority in principal amount of the outstanding Securities are given the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred
on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that the
Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal
liability. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification satisfactory to
it in its sole discretion against all losses and expenses caused by taking or not taking such action.

 

    A-7

     

    

 

		17.	Trustee Dealings with the Company

 

Subject to certain limitations imposed by
the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities
and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the
Company or its Affiliates with the same rights it would have if it were not Trustee.

 

		18.	No Recourse Against Others

 

No director, officer, employee, incorporator
or holder of any equity interests in the Company or any direct or indirect parent corporation, as such, shall have any liability
for any obligations of the Company under the Securities, the Indenture or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder of Securities by accepting a Security waives and releases all such liability.

 

		19.	Authentication

 

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

 

		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).

 

		21.	Governing Law

 

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

 

		22.	CUSIP Numbers; ISINs

 

The Company has caused CUSIP numbers and
ISINs to be printed on the Securities and has directed the Trustee to use CUSIP numbers and ISINs in notices of redemption as a
convenience to the Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities or
as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 

The Company will furnish to any Holder
of Securities upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Security.

 

    A-8

     

    

 

ASSIGNMENT FORM

 

To assign this Security, fill in the form below:

I or we assign and transfer this Security to:

 

 

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

 

 

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

 

and irrevocably appoint                     agent
to transfer this Security on the books of the Company. The agent may substitute another to act for him.

 

 

 

	Date:	 	 	Your Signature:	 

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

 

 

Signature Guarantee:

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

 

    A-9

     

    

 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE
OR

REGISTRATION OF TRANSFER RESTRICTED SECURITIES

 

This certificate relates to $_________ principal amount of Securities
held in (check applicable space) ____ book-entry or _____ definitive form by the undersigned.

 

The undersigned (check one box below):

 

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

 

		 ̈	has requested the Trustee by written order to exchange or register the transfer of a Security or Securities.

 

In connection with any transfer of any of the Securities evidenced
by this certificate occurring prior to the expiration of the period referred to in Rule 144(b) and (d) under the Securities Act,
the undersigned confirms that such Securities are being transferred in accordance with its terms:

 

CHECK ONE BOX BELOW

 

	(1)	 ̈ 	to the Issuer; or
	 	 	 
	(2)	 ̈ 	to the Registrar for registration in the name of the Holder, without transfer; or
	 	 	 
	(3)	 ̈ 	pursuant to an effective registration statement under the Securities Act of 1933; or
	 	 	 
	(4)	 ̈ 	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or
	 	 	 
	(5)	 ̈ 	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933 and such Security shall be held immediately after the transfer through Euroclear or Clearstream until the expiration of the Restricted Period (as defined in the Indenture); or
	 	 	 
	(6)	 ̈ 	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a signed letter containing certain representations and agreements; or
	 	 	 
	(7)	 ̈ 	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.

 

Unless one of the boxes is checked, the Trustee will refuse
to register any of the Securities evidenced by this certificate in the name of any Person other than the registered Holder thereof;
provided, however, that if box (5), (6) or (7) is checked, the Issuer or the Trustee may require, prior to registering any
such transfer of the Securities, such legal opinions, certifications and other information as the Issuer or the Trustee have reasonably
requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933.

 

	Date:	 	 	Your Signature:	 

 

Signature Guarantee:

 

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

 

    A-10

     

    

 

 

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

 

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

 

	Dated:	 	 	 
	 	 	NOTICE: To be executed by an executive officer

 

    A-11

     

    

 

[TO BE ATTACHED TO GLOBAL SECURITIES]

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

 

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

 

	Date of Exchange	 	Amount of decrease
 in Principal Amount
 of this Global

 Security	 	Amount of increase

 in Principal Amount

 of this Global

 Security	 	Principal amount of

 this Global Security

 following such

 decrease or increase	 	Signature of

 authorized signatory

 of Trustee or

 Securities Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    A-12

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Security
purchased by the Company pursuant to Section 4.08 (Change of Control Triggering Event) of the Indenture, check the box:

 

Change of
Control  ̈ 

 

If you want to elect to have only part of
this Security purchased by the Company pursuant to Section 4.08 (Change of Control Triggering Event) of the Indenture, state the
amount $2,000 or any integral multiple of $1,000):

 

$

 

	Date:	 	 	Your Signature:	 
	 	 	 	(Sign exactly as your name appears
    on the other side of this Security)

 

	Signature Guarantee:	 	 

 

Signature must be guaranteed by a participant in
a recognized

signature guaranty medallion program or other signature

guarantor program reasonably acceptable to the Trustee

 

    A-13

     

    

 

EXHIBIT B

 

[FORM OF FACE OF EXCHANGE SECURITY]

 

[Global Securities Legend]

 

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE
TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, THE NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

    B-1

     

    

 

[FORM OF EXCHANGE SECURITY]

 

	No.	$__________

 

1.57% First Priority Senior Secured Notes
due 2026

 

CUSIP: [144A:[ ] /

REG S:[ ]]

ISIN: [144A: [ ] / REG S: [ ]]

 

BERRY GLOBAL, INC., a Delaware corporation,
promises to pay to Cede & Co., or registered assigns, the principal sum of                     Dollars
[, as the same may be revised from time to time on the Schedule of Increases or Decreases in Global Security attached hereto,]4
on January 15, 2026.

 

Interest Payment Dates: January 15 and July
15

 

Record Dates: January 1 and July 1

 

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

 

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

 

	 	BERRY GLOBAL, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

 

    B-2

     

    

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

U.S. BANK NATIONAL
ASSOCIATION, as Trustee, certifies that this is

one of the Securities

referred to in the Indenture.

 

	By:	 	 
	 	Authorized Signatory	 

 

Dated:

 

		*/	If the Security is to be issued in global form, add the Global Securities Legend and the attachment
from Exhibit B captioned “TO BE ATTACHED TO GLOBAL SECURITIES - SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY.”

 

    B-3

     

    

 

[FORM OF REVERSE SIDE OF EXCHANGE
SECURITY]

 

1.57% First Priority Senior Secured
Notes due 2026

 

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

 

	1.	Interest

 

BERRY GLOBAL, INC., a Delaware corporation
(the “Company”) promises to pay interest on the principal amount of this Security at the rate per annum shown above.
The Company shall pay interest semiannually on January 15 and July 15 of each year, commencing July 15, 2021.5
Interest on the Securities shall accrue from the most recent date to which interest has been paid or duly provided for or, if no
interest has been paid or duly provided for, from December 22, 20206
until the principal hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Company
shall pay interest on overdue principal at the rate borne by the Securities, and it shall pay interest on overdue installments
of interest at the same rate to the extent lawful.

 

	2.	Method of Payment

 

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

 

	3.	Paying Agent, Transfer Agent and Registrar

 

Initially, U.S. Bank National Association,
a national banking association (the “Trustee”) will act as Paying Agent and Registrar. The Company may appoint and
change any Paying Agent or Registrar without notice. The Company or any of its domestically incorporated Wholly Owned Subsidiaries
may act as Paying Agent or Registrar.

 

	4.	Indenture

 

The Company issued the Securities under
an Indenture dated as of December 22, 2020 (the “Indenture”), among the Company, the guarantors party thereto, the
Trustee and U.S. Bank National Association, as collateral agent (in such capacity, the “Collateral Agent”). The terms
of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939 (15 U.S.C. §§ 77aaa 77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined
in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all
terms and provisions of the Indenture, and the Holders are referred to the Indenture and the TIA for a statement of such terms
and provisions.

 

 

 

    B-4

     

    

 

The Securities are senior obligations of
the Company. This Security is one of the Original Securities referred to in the Indenture. The Securities include the Original
Securities, any Additional Securities and any Exchange Securities issued in exchange for Original Securities or Additional Securities
pursuant to the Indenture. The Original Securities and any Additional Securities are treated as a single class of securities under
the Indenture. The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to, among
other things, create or incur Liens. The Indenture also imposes limitations on the ability of the Company and each Subsidiary Guarantor
to consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of its property.

 

To guarantee the due and punctual payment
of the principal and interest on the Securities and all other amounts payable by the Company under the Indenture and the Securities
when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the
Securities and the Indenture, the Subsidiary Guarantors and the Parent Guarantor will jointly and severally, unconditionally guarantee
the Guaranteed Obligations pursuant to the terms of the Indenture.

 

	5.	Optional Redemption

 

Prior to December 15, 2020 (the date that
is one month prior to the maturity date) (“the Par Call Date”), the Securities will be redeemable, in whole or in part,
at the Company’s option, at any time or from time to time, on at least 30 days’ but not more than 60 days’ prior
notice to the holders of the Securities to be redeemed, at a redemption price equal to the greater of (i) 100% of the principal
amount of the Securities redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest
on the Securities being redeemed (assuming that such Securities matured on the Par Call Date), exclusive of interest accrued to,
but not including, the redemption date, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting
of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate plus 20 basis points (any amount described
in the foregoing clause (ii) over the amount described in the foregoing clause (i), the “Make-Whole Premium”). On or
after the Par Call Date, the Securities will be redeemable, in whole or in part, at the Company’s option, at any time or
from time to time, on at least 15 days’ but not more than 60 days’ prior notice to the holders the Securities to be
redeemed, at a redemption price equal to 100% of the principal amount thereof.

 

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

 

	6.	Sinking Fund

 

The Securities are not subject to any sinking
fund.

 

	7.	Notice of Redemption

 

Notice of redemption pursuant to paragraph
5 above will be mailed by first-class mail or sent electronically at least the amount of days set forth in paragraph 5 above before
the redemption date to each Holder of Securities to be redeemed at his, her or its registered address. Securities in denominations
larger than $2,000 may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price
of and accrued and unpaid interest on all Securities (or portions thereof) to be redeemed on the redemption date is deposited with
a Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date, interest ceases
to accrue on such Securities (or such portions thereof) called for redemption.

 

	9.	Repurchase of Securities at the Option of the Holders upon Change of Control Triggering Event

 

Upon the occurrence of a Change of Control
Triggering Event, each Holder shall have the right, subject to certain conditions specified in the Indenture, to cause the Company
to repurchase all or any part of such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount
thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of the Holders of record
on the relevant record date to receive interest due on the relevant interest payment date), as provided in, and subject to the
terms of, the Indenture.

 

    B-5

     

    

 

	10.	Ranking and Collateral

 

The Securities and the Subsidiary Guarantees
will be secured by a first-priority security interest in the Collateral pursuant to certain Security Documents. The First Priority
Liens upon any and all Collateral will be, to the extent and in the manner provided in the Intercreditor Agreements, of equal in
ranking to all present and future first priority Liens and will be of senior ranking with all present and future Liens securing
second priority lien obligations (including, without limitation, any Other Second-Lien Obligations) as set forth in the Intercreditor
Agreements. The Parent Guarantee will be, to the extent and in the manner set forth in the Indenture, equal in right of payment
to all existing and future Parent Pari Passu Indebtedness and senior in right of payment to all existing and future Parent Subordinated
Indebtedness.

 

	11.	Denominations; Transfer; Exchange

 

The Securities are in registered form, without
coupons, in denominations of $2,000 and any integral multiple of $1,000. A Holder shall register the transfer of or exchange of
Securities in accordance with the Indenture. Upon any registration of transfer or exchange, the Registrar and the Trustee may require
a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes required by law or
permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption
(except, in the case of a Security to be redeemed in part, the portion of the Security not to be redeemed) or to transfer or exchange
any Securities for a period of 15 days prior to the mailing of a notice of redemption of Securities to be redeemed.

 

	12.	Persons Deemed Owners

 

The registered Holder of this Security shall
be treated as the owner of it for all purposes.

 

	13.	Unclaimed Money

 

If money for the payment of principal or
interest remains unclaimed for two years, the Trustee and a Paying Agent shall pay the money back to the Company at their written
request unless an abandoned property law designates another Person. After any such payment, the Holders entitled to the money must
look to the Company for payment as general creditors and the Trustee and a Paying Agent shall have no further liability with respect
to such monies.

 

	14.	Discharge and Defeasance

 

Subject to certain conditions and as set
forth in the Indenture, the Company at any time may terminate some of or all of its obligations under the Securities and the Indenture
if the Company deposits with the Trustee money or U.S. Government Obligations deemed sufficient in the opinion of a national recognized
firm of public accountants for the payment of principal and interest on the Securities to redemption or maturity, as the case may
be.

 

	15.	Amendment; Waiver

 

Subject to certain exceptions set
forth in the Indenture, (i) the Indenture, the Security Documents, the Intercreditor Agreements or the Securities may be
amended with the written consent of the Holders of at least a majority in aggregate principal amount of the outstanding
Securities (voting as a single class) and (ii) any past default or compliance with any provisions may be waived with the
written consent of the Holders of at least a majority in principal amount of the outstanding Securities. Subject to certain
exceptions set forth in the Indenture, without the consent of any Holder, the Company and the Trustee may amend the
Indenture, Security Documents, the Intercreditor Agreements or the Securities (i) to cure any ambiguity, omission, defect or
inconsistency; (ii) to provide for the assumption by a Successor Company of the obligations of the Company under the
Indenture and the Securities; (iii) to provide for uncertificated Securities in addition to or in place of certificated
Securities (provided that the uncertificated Securities are issued in registered form for purposes of Section 163(f)
of the Code, or in a manner such that the uncertificated Securities are described in Section 163(f)(2)(B) of the Code); (iv)
to add a Subsidiary Guarantee with respect to the Securities or to secure the Securities; (v) to add additional assets as
Collateral; (vi) to release Collateral from the Lien or subordinate such Lien (or conform the subordination of such Lien)
pursuant to the Security Documents when permitted or required by the Indenture, the Security Documents or the Intercreditor
Agreements, (vii) to add additional covenants of the Company for the benefit of the Holders or to surrender rights and powers
conferred on the Company; (viii) to modify the Security Documents and/or any Intercreditor Agreements, to secure other First
Priority Lien Obligations and/or Other Second-Lien Obligations of the Issuer or any Subsidiary Guarantor so long as such
other First Priority Lien Obligations and Other Second-Lien Obligations are not prohibited by the provisions of the Credit
Agreements, the Existing Second Priority Notes Indentures, the Indenture, the First Priority Euro Notes Indenture or the
First Priority Dollar Notes Indenture, (ix) to make any change that does not adversely affect the rights of any Holder; (x)
to effect any provision of this Indenture or to make certain changes to this Indenture to provide for the issuance of
Additional Securities; (xi) to provide for the issuance of Additional Securities, which shall have terms substantially
identical in all material respects to the Original Securities, and which shall be treated, together with any outstanding
Original Securities, as a single issue of securities; (xii) to comply with the requirements of the SEC in order to effect or
maintain the qualification of the Indenture under the TIA or (xiii) to conform the text of the Indenture or the Securities to
any provision of the “Description of First Priority Notes” section of the Offering Memorandum to the extent that
such a provision in the “Description of First Priority Notes” section of the Offering Memorandum was intended to
be a verbatim recitation of a provision of the Indenture or the Securities.

 

    B-6

     

    

 

	16.	Defaults and Remedies

 

If an Event of Default occurs (other than
an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company) and is continuing, the
Trustee or the Holders of at least 25% in principal amount of the outstanding Securities by notice to the Company, may declare
the principal of, premium, if any, and accrued but unpaid interest on all the Securities to be due and payable; provided,
however, that so long as any Bank Indebtedness remains outstanding, no such acceleration shall be effective until the earlier
of (i) five (5) Business Days after the giving of written notice to the Issuer and the Representatives under the Credit Agreements
and (ii) the day on which any Bank Indebtedness is accelerated. Upon such a declaration, such principal and interest shall be due
and payable immediately. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company
occurs, the principal of, premium, if any, and interest on all the Securities shall become immediately due and payable without
any declaration or other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a majority
in principal amount of the outstanding Securities may rescind any such acceleration with respect to the Securities and its consequences.

 

If an Event of Default occurs and is continuing,
the Trustee shall be under no obligation to exercise any of the rights or powers under the Indenture at the request or direction
of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to it against any loss,
liability or expense and certain other conditions are complied with. Except to enforce the right to receive payment of principal,
premium (if any) or interest when due, no Holder may pursue any remedy with respect to the Indenture or the Securities unless (i)
such Holder has previously given the Trustee written notice that an Event of Default is continuing, (ii) the Holders of at least
25% in principal amount of the outstanding Securities have requested the Trustee to pursue the remedy, (iii) such Holders have
offered the Trustee security or indemnity satisfactory to it against any loss, liability or expense, (iv) the Trustee has not complied
with such request within 60 days after the receipt of the request and the offer of security or indemnity and (v) the Holders of
a majority in principal amount of the outstanding Securities have not given the Trustee a direction inconsistent with such request
within such 60-day period. Subject to certain restrictions, the Holders of a majority in principal amount of the outstanding Securities
are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or
of exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts
with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would
involve the Trustee in personal liability. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification
satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action.

 

	17.	Trustee Dealings with the Company

 

Subject to certain limitations imposed
by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of
Securities and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise
deal with the Company or its Affiliates with the same rights it would have if it were not Trustee.

 

    B-7

     

    

 

	18.	No Recourse Against Others

 

No director, officer, employee, incorporator
or holder of any equity interests in the Company or any direct or indirect parent corporation, as such, shall have any liability
for any obligations of the Company under the Securities, the Indenture or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder of Securities by accepting a Security waives and releases all such liability.

 

	19.	Authentication

 

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

 

	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).

 

	21.	Governing Law

 

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

 

	22.	CUSIP Numbers; ISINs

 

The Company has caused CUSIP numbers and
ISINs to be printed on the Securities and has directed the Trustee to use CUSIP numbers and ISINs in notices of redemption as a
convenience to the Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities or
as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 

The Company will furnish to any Holder
of Securities upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Security.

 

    B-8

     

    

 

ASSIGNMENT FORM

 

To assign this Security, fill in the form below:

I or we assign and transfer this Security to:

 

 

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

 

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

 

and irrevocably appoint                     agent
to transfer this Security on the books of the Company. The agent may substitute another to act for him.

 

	 

 

	Date:	 	 	Your Signature:	 

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

 

Signature Guarantee:

 

	Date:	 	 	 

	Signature must be guaranteed by a participant in	Signature of Signature Guarantee

a recognized signature guaranty medallion

program or other signature guarantor program

reasonably acceptable to the Trustee

 

    B-9

     

    

 

 

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

 

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

 

	Dated:	 	 	 
	 	 	NOTICE: To be executed by an executive officer

 

    B-10

     

    

 

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

 

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

 

	Dated:	 	 	 
	 	 	NOTICE: To be executed by an executive officer

 

    B-11

     

    

 

[TO BE ATTACHED TO GLOBAL SECURITIES]

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

 

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

 

	Date of Exchange	 	Amount of decrease
 in Principal Amount
 of this Global

 Security	 	Amount of increase

 in Principal Amount 

of this Global

 Security	 	Principal amount of

 this Global Security

 following such

 decrease or increase	 	Signature of

 authorized signatory

 of Trustee or

 Securities Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    B-12

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Security
purchased by the Company pursuant to Section 4.08 (Change of Control) of the Indenture, check the box:

 

Change of
Control  ̈  

 

 

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

 

$

 

	Date:	 	 	Your Signature:	 
	 	 	 	(Sign exactly as your name appears
    on the other side of this Security)

 

	Signature Guarantee:	 	 

 

Signature must be guaranteed by a participant in
a recognized

signature guaranty medallion program or other signature

guarantor program reasonably acceptable to the Trustee

 

    B-13

     

    

 

[FORM OF]

TRANSFEREE LETTER OF REPRESENTATION

 

Berry Global, Inc.

c/o U.S. Bank National Association

Attention: Corporate Trust Services

 

Ladies and Gentlemen:

 

This certificate
is delivered to request a transfer of $[   ] principal amount of the 1.57% FIRST Priority Senior Secured due 2026 (the “Securities”)
of Berry GLOBAL, INC. (the “Issuer”).

 

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

 

	Name:	 	 

	Address:	 	 

	Taxpayer ID Number:	 	 

 

The undersigned represents and warrants
to you that:

 

1)               We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act
of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional
 “accredited investor” at least $100,000 principal amount of the Securities, and we are acquiring the Securities not
with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge
and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Securities,
and we invest in or purchase securities similar to the Securities in the normal course of our business. We, and any accounts for
which we are acting, are each able to bear the economic risk of our or its investment.

 

2)               We
understand that the Securities have not been registered under the Securities Act and, unless so registered, may not be sold except
as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing
Securities to offer, sell or otherwise transfer such Securities prior to the date that is two years after the later of the date
of original issue and the last date on which either the Issuer or any affiliate of such Issuer was the owner of such Securities
(or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) in the United States to a person
whom we reasonably believe is a qualified institutional buyer (as defined in rule 144A under the Securities Act) in a transaction
meeting the requirements of Rule 144A, (b) outside the United States in an offshore transaction in accordance with Rule 904 of
Regulation S under the Securities Act, (c) pursuant to an exemption from registration under the Securities Act provided by Rule
144 thereunder (if applicable) or (d) pursuant to an effective registration statement under the Securities Act, in each of cases
(a) through (d) in accordance with any applicable securities laws of any state of the United States. In addition, we will, and
each subsequent holder is required to, notify any purchaser of the Security evidenced hereby of the resale restrictions set forth
above. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale
or other transfer of the Securities is proposed to be made to an institutional “accredited investor” prior to the Resale
Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter
to the Issuer and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited
investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Securities
for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company
and the Trustee reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination Date of
the Securities pursuant to clause 1(b), 1(c) or 1(d) above to require the delivery of an opinion of counsel, certifications or
other information satisfactory to the Company and the Trustee.

 

	Dated:	 	 

 

    C-1

     

    

 

	 	TRANSFEREE:	 	,

 

	 	By:	 

 

    C-2

     

    

 

EXHIBIT D

[FORM OF SUPPLEMENTAL INDENTURE]

 

SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”) dated as of [                   ],
among [GUARANTOR] (the “New Subsidiary Guarantor”), a subsidiary of Berry Global, Inc. (or its successors),
a Delaware corporation (the “Issuer”) and U.S. Bank National Association, a national banking association, as
trustee under the indenture referred to below (the “Trustee”).

 

W I T N E S S E T H :

 

WHEREAS the Issuer, the Parent Guarantor
and the existing Subsidiary Guarantors have heretofore executed and delivered to the Trustee an indenture executed by and between
the Issuer, the guarantors party thereto, the Trustee and U.S. Bank National Association, as collateral agent (the “Collateral
Agent”), dated as of December 22, 2020 (as amended, supplemented or otherwise modified, the “Indenture”),
providing initially for the issuance of $750,000,000 in aggregate principal amount of the Issuer’s 1.57% First Priority Senior
Secured Notes due 2026 (the “Securities”);

 

WHEREAS Sections 4.11 and 12.06 of the Indenture
provide that under certain circumstances the Issuer is required to cause the New Subsidiary Guarantor to execute and deliver to
the Trustee a supplemental indenture pursuant to which the New Subsidiary Guarantor shall unconditionally guarantee all the Issuer’s
Obligations under the Securities and the Indenture pursuant to a Subsidiary Guarantee on the terms and conditions set forth herein;
and

 

WHEREAS pursuant to Section 9.01 of the
Indenture, the Trustee, the Issuer and the existing Subsidiary Guarantors 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 Subsidiary Guarantor, the Issuer
and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows:

 

1.                Defined
Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used
herein as therein defined, except that the term “Holders” in this Subsidiary Guarantee shall refer to the term “Holders”
as defined in the Indenture, the Trustee and the Collateral Agent acting on behalf of and for the benefit of such Holders. The
words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental
Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

 

2.                Agreement
to Guarantee. The New Subsidiary Guarantor hereby agrees, jointly and severally with all existing Subsidiary Guarantors (if
any), to unconditionally guarantee the Issuer’s Obligations under the Securities and the Indenture on the terms and subject
to the conditions set forth in Article 12 of the Indenture and to be bound by all other applicable provisions of the Indenture
and the Securities and to perform all of the obligations and agreements of a Subsidiary Guarantor under the Indenture.

 

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

 

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

 

5.                Governing
Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

    D-1

     

    

 

6.                Trustee
Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture.
The Trustee accepts the amendments of the Indenture effected by this Supplemental Indenture, but on the terms and conditions set
forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee.
Without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect
to any of the recitals or statements contained herein, or for or with respect to (i) the validity or sufficiency of this Supplemental
Indenture or any of the terms or provisions hereof, (ii) the proper authorization hereof by the Issuer by action or otherwise,
(iii) the due execution hereof by the Issuer or (iv) the consequences of any amendment herein provided for, and the Trustee makes
no representation with respect to any such matters.

 

7.                Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement.

 

8.                Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction thereof.

 

    D-2

     

    

 

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

 

	 	[NEW GUARANTOR]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    D-3

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