Document:

Indenture, dated May 6, 2011

 Exhibit 4.1 
 EXECUTION VERSION 
 iPAYMENT, INC. 

10.25% SENIOR NOTES DUE 2018 
  

 
 Indenture

 Dated as of May 6, 2011 
  

 
 Wilmington
Trust FSB 
 as Trustee 
  

 

 CROSS-REFERENCE TABLE* 

 

			
	 Trust Indenture Act 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)
	  	7.10
	 (c)
	  	N.A.
	 311(a)
	  	7.11
	 (b)
	  	7.11
	 (c)
	  	N.A.
	 312(a)
	  	2.06
	 (b)
	  	13.03
	 (c)
	  	13.03
	 313(a)
	  	7.06, 13.03
	 (b)(1)
	  	N.A.
	 (b)(2)
	  	7.06, 7.07
	 (c)
	  	7.06, 13.02
	 (d)
	  	7.06
	 314(a)
	  	7.06, 13.05
	 (b)
	  	N.A.
	 (c)(1)
	  	N.A.
	 (c)(2)
	  	N.A.
	 (c)(3)
	  	N.A.
	 (d)
	  	N.A.
	 (e)
	  	13.05
	 (f)
	  	N.A.
	 315(a)
	  	N.A.
	 (b)
	  	N.A.
	 (c)
	  	N.A.
	 (d)
	  	N.A.
	 (e)
	  	N.A.
	 316(a) (last sentence)
	  	N.A.
	 (a)(1)(A)
	  	N.A.
	 (a)(1)(B)
	  	N.A.
	 (a)(2)
	  	N.A.
	 (b)
	  	N.A.
	 (c)
	  	13.13
	 317(a)(1)
	  	N.A.
	 (a)(2)
	  	N.A.

  
 i 

			
	 Trust Indenture Act Section
	  	Indenture
Section
	 (b)
	  	N.A.
	 318(a)
	  	N.A.
	 (b)
	  	N.A.
	 (c)
	  	3.01

  

	 	N.A. means not applicable. 

	*	This Cross-Reference Table is not part of the Indenture. 

  
 ii 

 TABLE OF CONTENTS 

 
  

					
	  	  	PAGE	 
	 Cross-Reference Table
	  	 	i	  
		
	ARTICLE 1	  			
	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
		
	 Section 1.01. Definitions
	  	 	1	  
	 Section 1.02. Other Definitions
	  	 	36	  
	 Section 1.03. Incorporation by Reference to the Trust Indenture Act
	  	 	37	  
	 Section 1.04. Rules of Construction
	  	 	38	  
		
	ARTICLE 2	  			
	THE NOTES	  			
		
	 Section 2.01. Form and Dating
	  	 	38	  
	 Section 2.02. Execution and Authentication
	  	 	40	  
	 Section 2.03. Methods of Receiving Payments on the Notes
	  	 	40	  
	 Section 2.04. Registrar and Paying Agent
	  	 	41	  
	 Section 2.05. Paying Agent To Hold Money in Trust
	  	 	41	  
	 Section 2.06. Holder Lists
	  	 	41	  
	 Section 2.07. Transfer and Exchange
	  	 	42	  
	 Section 2.08. Replacement Notes
	  	 	59	  
	 Section 2.09. Outstanding Notes
	  	 	59	  
	 Section 2.10. Treasury Notes
	  	 	60	  
	 Section 2.11. Temporary Notes
	  	 	60	  
	 Section 2.12. Cancellation
	  	 	60	  
	 Section 2.13. Defaulted Interest
	  	 	61	  
	 Section 2.14. CUSIP Numbers
	  	 	61	  
		
	ARTICLE 3	  			
	REDEMPTION AND PREPAYMENT	  			
		
	 Section 3.01. Notices to Trustee
	  	 	61	  
	 Section 3.02. Selection of Notes To Be Redeemed
	  	 	61	  
	 Section 3.03. Notice of Redemption
	  	 	62	  
	 Section 3.04. Effect of Notice of Redemption
	  	 	63	  
	 Section 3.05. Deposit of Redemption Price
	  	 	63	  
	 Section 3.06. Notes Redeemed in Part
	  	 	64	  
	 Section 3.07. Optional Redemption
	  	 	64	  
	 Section 3.08. Mandatory Redemption
	  	 	65	  

  
 iii

					
		
	ARTICLE 4	  			
	COVENANTS	  			
		
	 Section 4.01. Payment of Notes
	  	 	65	  
	 Section 4.02. Maintenance of Office or Agency
	  	 	66	  
	 Section 4.03. Reports
	  	 	66	  
	 Section 4.04. Compliance Certificate
	  	 	67	  
	 Section 4.05. [Reserved]
	  	 	68	  
	 Section 4.06. Stay, Extension and Usury Laws
	  	 	68	  
	 Section 4.07. Liens
	  	 	68	  
	 Section 4.08. Offer To Repurchase upon a Change of Control
	  	 	69	  
	 Section 4.09. Offer To Repurchase upon an Asset Sale
	  	 	72	  
	 Section 4.10. Restricted Payments
	  	 	75	  
	 Section 4.11. Incurrence of Indebtedness
	  	 	81	  
	 Section 4.12. Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	86	  
	 Section 4.13. Transactions with Affiliates
	  	 	88	  
	 Section 4.14. Designation of Restricted and Unrestricted Subsidiaries
	  	 	91	  
	 Section 4.15. Business Activities
	  	 	93	  
	 Section 4.16. Payments for Consent
	  	 	93	  
	 Section 4.17. Guarantees
	  	 	93	  
	 Section 4.18. Suspension of Covenants
	  	 	94	  
		
	ARTICLE 5	  			
	SUCCESSORS	  			
		
	 Section 5.01. Merger, Consolidation or Sale of Assets
	  	 	95	  
		
	ARTICLE 6	  			
	DEFAULTS AND REMEDIES	  			
		
	 Section 6.01. Events of Default
	  	 	97	  
	 Section 6.02. Acceleration
	  	 	99	  
	 Section 6.03. Other Remedies
	  	 	99	  
	 Section 6.04. Waiver of Past Defaults
	  	 	99	  
	 Section 6.05. Control by Majority
	  	 	100	  
	 Section 6.06. Limitation on Suits
	  	 	100	  
	 Section 6.07. Rights of Holders of Notes To Receive Payment
	  	 	101	  
	 Section 6.08. Collection Suit by Trustee
	  	 	101	  
	 Section 6.09. Trustee May File Proofs of Claim
	  	 	101	  
	 Section 6.10. Priorities
	  	 	102	  
	 Section 6.11. Undertaking for Costs
	  	 	102	  

  
 iv 

					
		
	ARTICLE 7	  			
	TRUSTEE	  			
		
	 Section 7.01. Duties of Trustee
	  	 	103	  
	 Section 7.02. Certain Rights of Trustee
	  	 	104	  
	 Section 7.03. Individual Rights of Trustee
	  	 	105	  
	 Section 7.04. Trustee’s Disclaimer
	  	 	105	  
	 Section 7.05. Notice of Defaults
	  	 	106	  
	 Section 7.06. Reports by Trustee to Holders of the Notes
	  	 	106	  
	 Section 7.07. Compensation and Indemnity
	  	 	106	  
	 Section 7.08. Replacement of Trustee
	  	 	107	  
	 Section 7.09. Successor Trustee by Merger, Etc
	  	 	108	  
	 Section 7.10. Eligibility; Disqualification
	  	 	109	  
	 Section 7.11. Preferential Collection of Claims Against the Company
	  	 	109	  
		
	ARTICLE 8	  			
	DEFEASANCE AND COVENANT DEFEASANCE	  			
		
	 Section 8.01. Option To Effect Legal Defeasance or Covenant Defeasance
	  	 	109	  
	 Section 8.02. Legal Defeasance and Discharge
	  	 	109	  
	 Section 8.03. Covenant Defeasance
	  	 	110	  
	 Section 8.04. Conditions to Legal or Covenant Defeasance
	  	 	111	  
	 Section 8.05. Deposited Money and Government Securities To Be Held in Trust; Other Miscellaneous
Provisions
	  	 	112	  
	 Section 8.06. Repayment to the Company
	  	 	113	  
	 Section 8.07. Reinstatement
	  	 	113	  
		
	ARTICLE 9	  			
	AMENDMENT, SUPPLEMENT AND WAIVER	  			
		
	 Section 9.01. Without Consent of Holders of Notes
	  	 	113	  
	 Section 9.02. With Consent of Holders of Notes
	  	 	115	  
	 Section 9.03. Compliance with Trust Indenture Act
	  	 	117	  
	 Section 9.04. Revocation and Effect of Consents
	  	 	117	  
	 Section 9.05. Notation on or Exchange of Notes
	  	 	117	  
	 Section 9.06. Trustee to Sign Amendments, Etc
	  	 	117	  
		
	ARTICLE 10	  			
	[RESERVED]	  			
		
	ARTICLE 11	  			
	NOTE GUARANTEES	  			
		
	 Section 11.01. Guarantee
	  	 	118	  

  
 v 

					
	 Section 11.02. Limitation on Guarantor Liability
	  	 	119	  
	 Section 11.03. Execution and Delivery of Note Guarantee
	  	 	119	  
	 Section 11.04. Releases
	  	 	120	  
		
	ARTICLE 12	  			
	SATISFACTION AND DISCHARGE	  			
		
	 Section 12.01. Satisfaction and Discharge
	  	 	120	  
	 Section 12.02. Deposited Money and Government Securities To Be Held in Trust; Other Miscellaneous
Provisions
	  	 	122	  
	 Section 12.03. Repayment to the Company
	  	 	122	  
		
	ARTICLE 13	  			
	MISCELLANEOUS	  			
		
	 Section 13.01. Trust Indenture Act Controls
	  	 	122	  
	 Section 13.02. Notices
	  	 	123	  
	 Section 13.03. Communication by Holders of Notes with Other Holders of Notes
	  	 	124	  
	 Section 13.04. Certificate and Opinion as to Conditions Precedent
	  	 	124	  
	 Section 13.05. Statements Required in Certificate or Opinion
	  	 	125	  
	 Section 13.06. Rules by Trustee and Agents
	  	 	125	  
	 Section 13.07. No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	125	  
	 Section 13.08. Governing Law
	  	 	126	  
	 Section 13.09. Consent to Jurisdiction
	  	 	126	  
	 Section 13.10. No Adverse Interpretation of Other Agreements
	  	 	126	  
	 Section 13.11. Successors
	  	 	126	  
	 Section 13.12. Severability
	  	 	126	  
	 Section 13.13. Counterpart Originals
	  	 	126	  
	 Section 13.14. Acts of Holders
	  	 	127	  
	 Section 13.15. Benefit of Indenture
	  	 	128	  
	 Section 13.16. Table of Contents, Headings, Etc
	  	 	128	  
	 Section 13.17. Waiver of Jury Trial
	  	 	128	  

  

			
		  	EXHIBITS
		
	Exhibit A	  	FORM OF NOTE
		
	Exhibit B	  	FORM OF CERTIFICATE OF TRANSFER
		
	Exhibit C	  	FORM OF CERTIFICATE OF EXCHANGE

  
 vi 

			
		
	Exhibit D	  	FORM OF INSTITUTIONAL ACCREDITED INVESTOR CERTIFICATE
		
	Exhibit E	  	FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS

  
 vii

 INDENTURE dated as of May 6, 2011 among iPayment, Inc., a Delaware corporation
(the “Company”), the Guarantors (as defined below) and Wilmington Trust FSB, as trustee. 
 The Company, the
Guarantors and the Trustee (as defined below) agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined below) of the 10.25% Senior Notes due 2018: 

ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01. Definitions. 
 “144A Global Note” means a global note substantially in the form of Exhibit A attached hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on
behalf of, and registered in the name of, the Depositary or its nominee that shall be issued in a denomination equal to the outstanding principal amount at maturity of the Notes sold in reliance on Rule 144A. 

“Additional Interest” means all additional interest, if any, owing on the Notes pursuant to the Registration Rights
Agreement. 
 “Additional Notes” means an unlimited maximum aggregate principal amount of Notes (other than
(x) the Initial Notes, (y) any Exchange Notes and (z) any Note issued pursuant to Sections 2.07(a), (c), (e) or (f), Section 2.08 or Section 2.11 hereof) issued under this Indenture in accordance with Section 2.02
and Article 4 hereof as part of the same Series as the Initial Notes, provided that if the Additional Notes are not fungible with the Notes for United States federal income tax purposes, the Additional Notes will have a separate CUSIP number.

 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled
by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided that beneficial ownership of 10% or more of the Voting Stock of such Person shall be deemed to
be control. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control with” shall have correlative meanings. 

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

 “Applicable Premium” means, with respect to a Note at any date of
redemption, the greater of (x) 1.0% of the principal amount of such Note and (y) the excess of (i) the present value at such date of redemption of (A) the redemption price of such Note at May 15, 2015 (such redemption price
being described in Section 3.07(d) hereof) plus (B) all remaining required interest payments due on such Note through May 15, 2015 (excluding accrued but unpaid interest to the date of redemption), computed using a discount rate equal
to the Treasury Rate plus 50 basis points, over (ii) the principal amount of such Note, as calculated by the Company or on behalf of the Company by such Person as the Company shall designate; provided that such calculation shall not be a
duty or obligation of the Trustee. 
 “Applicable Procedures” means, with respect to any transfer or exchange
of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 
 “Asset Sale” means: 
 (a) the sale, lease (other than an
operating lease entered into in the ordinary course of business), conveyance or other disposition of any assets (other than as provided in subclause (b) hereof); and 
 (b) the issuance of Equity Interests by any of the Company’s Restricted Subsidiaries or the sale by the Company or any Restricted Subsidiary thereof of Equity Interests in any of its Subsidiaries
(other than directors’ qualifying shares and shares issued or sold to foreign nationals to the extent required by applicable law). 

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

(a) any single transaction or series of related transactions that involves assets or Equity Interests having a Fair Market Value of less
than $2,000,000; 
 (b) a transaction governed by the provisions of this Indenture pursuant to Section 4.08 or 5.01 hereof;

 (c) any sale, lease, conveyance, disposition or issuance to the Company or to another Restricted Subsidiary; 

(d) the sale, lease, conveyance or other disposition of equipment, inventory, accounts receivable or other assets in the ordinary course
of business; 
 (e) the sale, conveyance or other disposition of Cash Equivalents; 

  
 2 

 (f) any sale, conveyance or other disposition of accounts or notes receivable in connection
with the compromise, settlement or collection thereof in the ordinary course of business or in bankruptcy or similar proceedings; 
 (g) a Restricted Payment that is permitted pursuant to Section 4.10 hereof, any Permitted Investment and any Permitted Payment; 

(h) any sale, conveyance or other disposition of any property, equipment or other assets that is surplus, damaged, worn out or obsolete;

 (i) the creation of a Lien not prohibited by this Indenture; 

(j) the sale or discount (with or without recourse, and on customary or commercially reasonable terms) of accounts receivable arising in
the ordinary course of business; 
 (k) any sale, conveyance or other disposition arising from foreclosure, condemnation or
similar action with respect to any property or other assets, or the exercise of termination rights under any lease, license, concession or other agreement in the ordinary course of business; 

(l) the issuance of Equity Interests by any of the Company’s Restricted Subsidiaries to the Company or to a Restricted Subsidiary;

 (m) the issuance by a Restricted Subsidiary of Preferred Stock that is permitted by Section 4.11; 

(n) any licensing or sub-licensing of intellectual property in the ordinary course of business or consistent with past practice;

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

(p) dispositions of Receivables and related assets to a Receivables Entity in connection with a Financing Disposition. 

“Assumed Tax Rate” means, for or in respect of any Tax Period and any item of income, the maximum combined United States
Federal, New York State and New York City tax rate applicable during such Tax Period to such item of income if included as New York source income by a corporation doing business in New York City. In computing the Assumed Tax Rate, effect shall be
given to the deductibility for Federal income tax purposes of state and local income taxes. 
 “Bankruptcy Law”
means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 

  
 3 

 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and
Rule 13d-5 under the Exchange Act. The terms “Beneficially Owns” and “Beneficially Owned” shall have a corresponding meaning. 
 “Board of Directors” means: 
 (a) with respect to a corporation,
the board of directors of the corporation or, except in the context of the definitions of “Change of Control” and “Continuing Directors,” a duly authorized committee thereof; 

(b) with respect to a partnership, the Board of Directors of the general partner of the partnership; and 

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

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

“Business Day” means any day other than a Legal Holiday. 

“Capital 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 that time be required to be capitalized on a balance sheet in accordance with GAAP. 

“Capital Stock” means: 
 (a) in the case of a corporation, corporate stock; 
 (b) in the case of an
association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 
 (c) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and 

(d) 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. 
 “Cash Equivalents” means: 

  
 4 

 (a) cash; 
 (b) obligations issued or fully guaranteed or insured by the United States government or any agency or instrumentality thereof (provided that the full faith and credit of the United States is
pledged in support thereof), maturing, unless such securities are deposited to defease any Indebtedness, not more than five years from the date of acquisition; 
 (c) certificates of deposit and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight
bank deposits, in each case, with (i) any lender under the Credit Agreement, (ii) any domestic commercial bank having capital and surplus in excess of $500,000,000 or (iii) any bank with a commercial paper rating at the time of
acquisition thereof of P-1 or better from Moody’s or A-1 or better from S&P; 
 (d) repurchase obligations with a term
of not more than seven days for underlying securities of the types described in clauses (b) and (c) above entered into with any financial institution meeting the qualifications specified in clause (c) above; 

(e) commercial paper having a rating of P-1 or better from Moody’s or A-1 or better from S&P and in each case maturing within
nine months after the date of acquisition; 
 (f) securities issued or fully guaranteed by any state, commonwealth or territory
of the United States of America, or by any political subdivision or taxing authority thereof, rated at least “A” by Moody’s or S&P and having maturities of not more than five years from the date of acquisition; 

(g) investments in funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses
(a) through (f) of this definition; 
 (h) investments in money market funds subject to the risk limiting conditions
of Rule 2a-7 (or any successor rule) of the Commission under the Investment Company Act of 1940, as amended; and 
 (i)
investments similar to any of the foregoing, and of comparable credit quality and tenor, denominated in foreign currencies, as reasonably required in connection with any business conducted by a Foreign Subsidiary in the jurisdiction where such
foreign currency is legal tender, and approved by the Board of Directors. 
 “Change of Control” means the
occurrence of any of the following: 

  
 5 

 (a) the direct or indirect sale, transfer, conveyance or other disposition (other than by
way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries, taken as a whole, to any Person (other than the Permitted Holders)
and any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than the Permitted Holders or a Parent, becomes the Beneficial Owner of (i) 35% or more of the voting power of the Voting Stock of such
transferee Person and (ii) more of the voting power of the Voting Stock of such transferee Person than the voting power of the Voting Stock of such transferee Person Beneficially Owned, directly or indirectly, by the Permitted Holders;
provided that, (x) so long as such transferee Person is a Wholly Owned Subsidiary of any Parent, no such “person” (as so defined) shall be deemed to become a Beneficial Owner of 35% or more of the voting power of the Voting
Stock of such transferee Person unless such “person” shall be or become a Beneficial Owner of 35% or more of the voting power of the Voting Stock of such Parent (and more of the voting power of the Voting Stock of such Parent than the
voting power of such Voting Stock Beneficially Owned, directly or indirectly, by the Permitted Holders) and (y) any Voting Stock of which any Permitted Holder is the Beneficial Owner shall not be included in any Voting Stock of which such
“person” (as so defined) is the Beneficial Owner, unless such “person” is not an Affiliate of any Permitted Holder and has the sole voting power with respect to that Voting Stock; 

(b) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than one
or more of the Permitted Holders or a Parent, becomes the Beneficial Owner, directly or indirectly, of (i) 35% or more of the voting power of the Voting Stock of the Company and (ii) more of the voting power of the Voting Stock of the
Company than the voting power of the Voting Stock of the Company Beneficially Owned, directly or indirectly, by the Permitted Holders; provided that, (x) so long as the Company is a Wholly Owned Subsidiary of any Parent, no such
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) shall be deemed to become a Beneficial Owner of 35% or more of the voting power of the Voting Stock of the Company unless such
“person” or “group” shall be or become a Beneficial Owner of 35% or more of the voting power of the Voting Stock of such Parent (and more of the voting power of the Voting Stock of such Parent than the voting power of such Voting
Stock Beneficially Owned, directly or indirectly, by the Permitted Holders) and (y) any Voting Stock of which any Permitted Holder is the Beneficial Owner shall not be included in any Voting Stock of which such “person” (as so
defined) is the Beneficial Owner, unless such “person” is not an Affiliate of any Permitted Holder and has the sole voting power with respect to that Voting Stock; 

  
 6 

 (c) the first day on which a majority of the members of the Board of Directors of the
Company are not Continuing Directors; or 
 (d) the Company consolidates with, or merges with or into, any Person, or any Person
consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such other Person is converted into or exchanged for cash, securities or other
property, other than any such transaction where immediately after giving effect to such transaction, no “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than the Permitted
Holders or a Parent, becomes, directly or indirectly, the Beneficial Owner of (i) 35% or more of the voting power of the Voting Stock of the surviving Person and (ii) more of the voting power of the Voting Stock of such surviving Person
than the voting power of the Voting Stock of such surviving Person Beneficially Owned, directly or indirectly, by the Permitted Holders; provided that, (x) so long as such surviving Person is a Wholly Owned Subsidiary of any Parent, no
such “person” or “group” (as so defined) shall be deemed to become a Beneficial Owner of 35% or more of the voting power of the Voting Stock of such surviving Person unless such “person” or “group” shall be or
become a Beneficial Owner of 35% or more of the voting power of the Voting Stock of such Parent (and more of the voting power of the Voting Stock of such Parent than the voting power of such Voting Stock Beneficially Owned, directly or indirectly,
by the Permitted Holders) and (y) any Voting Stock of which any Permitted Holder is the Beneficial Owner shall not be included in any Voting Stock of which such “person” (as so defined) is the Beneficial Owner, unless such
“person” is not an Affiliate of any Permitted Holder and has the sole voting power with respect to that Voting Stock. 

The transactions contemplated by the Redemption Agreement shall not constitute or give rise to a Change of Control. 

“Clearstream” means Clearstream Banking, a société anonyme organized under the laws of Luxembourg.

 “Consolidated Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net
Income of such Person for such period plus: 
 (a) provision for taxes based on income or profits of such Person and its
Restricted Subsidiaries for such period, including such taxes paid by such Person and its Restricted Subsidiaries with respect to minority interest income or expense for such period, to the extent that such provision for taxes was deducted in
computing such Consolidated Net Income; plus 

  
 7 

 (b) Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the
extent that any such Fixed Charges were deducted in computing such Consolidated Net Income; plus 
 (c) depreciation,
amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period) and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of
or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation, amortization and other
non-cash expenses were deducted in computing such Consolidated Net Income; plus 
 (d) the amount of any extraordinary, unusual
or non-recurring losses, charges or expenses of such Person and its Restricted Subsidiaries to the extent that any such losses, charges or expenses were deducted in computing such Consolidated Net Income; plus 

(e) the minority interest expense consisting of subsidiary income attributable to minority equity interests of third parties in any
non-Wholly Owned Restricted Subsidiary to the extent such expense was deducted in computing Consolidated Net Income; minus 

(f) (i) non-cash items (other than the accrual of revenue), and extraordinary, unusual or non-recurring gains and (ii) the minority
interest income consisting of subsidiary losses attributable to the minority equity interests of third parties in any non-Wholly Owned Restricted Subsidiary, in each case to the extent increasing such Consolidated Net Income for such period; in each
case, on a consolidated basis and determined (in each case to the extent applicable) in accordance with GAAP. 
 Notwithstanding
the preceding, the provision for taxes based on the income or profits of, the depreciation and amortization and other non-cash expenses of, a Restricted Subsidiary of the Company that is not a Guarantor shall be added to Consolidated Net Income to
compute Consolidated Cash Flow of the Company (A) in the same proportion that the Net Income of such Restricted Subsidiary was added to compute such Consolidated Net Income of the Company and (B) only to the extent that a corresponding
amount would be permitted at the date of determination to be dividended, distributed, loaned or advanced to the Company by such Restricted Subsidiary without prior governmental approval (that has not been obtained), and without direct or indirect
restriction pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Subsidiary or its stockholders. 

  
 8 

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

(a) the Net Income or loss of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting
shall be included (i) solely for the purpose of determining the amount available for Restricted Payments under Section 4.10(a)(C) hereof only to the extent of the amount of dividends or distributions paid to the specified Person or a
Restricted Subsidiary thereof and (ii) solely for the purpose of determining Consolidated Cash Flow only to the extent of the amount of dividends or distributions paid in cash (or converted to cash) to the specified Person or a Restricted
Subsidiary thereof; 
 (b) the Net Income of any Restricted Subsidiary shall be excluded to the extent that the declaration and
payment of dividends and similar distributions, and the making of loans and advances, by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that has not been obtained)
or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its equityholders; 

(c) the Net Income of any Person acquired (in a pooling of interests or similar transactions) during the specified period for any period
prior to the date of such acquisition shall be excluded; 
 (d) the cumulative effect of a change in accounting principles shall
be excluded; 
 (e) any non-cash compensation expense recorded from grants of restricted stock, stock options or other rights to
officers, directors and employees of such Person or any of its Restricted Subsidiaries shall be excluded; 
 (f) any unrealized
gains or losses in respect of currency Hedging Obligations shall be excluded; 
 (g) any unrealized foreign currency transaction
gains or losses in respect of Indebtedness of any Person denominated in a currency other than the functional currency of such Person shall be excluded; 

  
 9 

 (h) any unrealized foreign currency translation or transaction gains or losses in respect of
Indebtedness or other obligations owing between or among any of the Company and its Restricted Subsidiaries shall be excluded; and 
 (i) any non-cash charge, expense or other impact attributable to application of the purchase method of accounting (including the total amount of depreciation and amortization, cost of sales or other
non-cash expense resulting from the write-up of assets to the extent resulting from such purchase accounting adjustments) shall be excluded. 
 For purposes of determining the amount available for Restricted Payments under Section 4.10(a)(C) hereof, Consolidated Net Income may (at the Company’s option) be reduced as contemplated by
Section 4.10(a)(C)(3) hereof. 
 “Consolidated Secured Debt Ratio” means, as of any date of determination,
the ratio of (1) Consolidated Total Indebtedness of the Company and its Restricted Subsidiaries that is secured by Liens (provided that in making such calculation, the maximum amount of Indebtedness that the Company is permitted to incur under
Section 4.11(b)(i) hereof shall be deemed outstanding and secured by a Lien) to (2) the Company’s Consolidated Cash Flow for the most recently ended four full fiscal quarters for which internal financial statements are available
immediately preceding the date on which such event for which such calculation is being made shall occur, in each case with such pro forma adjustments to Consolidated Total Indebtedness and Consolidated Cash Flow as are appropriate and consistent
with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio. 
 “Consolidated
Total Indebtedness” means, as at any date of determination, an amount equal to the sum of (1) the aggregate amount of all outstanding Indebtedness of the Company and its Restricted Subsidiaries on a consolidated basis consisting of
Indebtedness for borrowed money, obligations in respect of Capital Lease Obligations and debt obligations evidenced by promissory notes and similar instruments and (2) the aggregate amount of all outstanding Disqualified Stock of the Company
and all Disqualified Stock and Preferred Stock of its Restricted Subsidiaries on a consolidated basis, with the amount of such Disqualified Stock and Preferred Stock equal to the greater of their respective voluntary or involuntary liquidation
preferences and maximum fixed repurchase prices, in each case determined on a consolidated basis in accordance with GAAP; provided that Indebtedness of the Company and its Restricted Subsidiaries under any revolving credit facility or line of
credit as at any date of determination shall be determined using the Average Quarterly Balance of such Indebtedness for the most recently ended four fiscal quarters for which consolidated financial statements are available as of such date of
determination (the “Reference Period”). For purposes hereof, (a) the 

  
 10 

 
“maximum fixed repurchase price” of any Disqualified Stock or Preferred Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such
Disqualified Stock or Preferred Stock as if such Disqualified Stock or Preferred Stock were purchased on any date on which Consolidated Total Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based
upon, or measured by, the fair market value of such Disqualified Stock or Preferred Stock, such fair market value shall be determined in accordance with the definition of “Fair Market Value” herein, (b) “Average Quarterly
Balance” means, with respect to any Indebtedness incurred by the Company or its Restricted Subsidiaries under a revolving facility or line of credit, the quotient of (x) the sum of each Individual Quarterly Balance for each fiscal
quarter ended on or prior to such date of determination and included in the Reference Period divided by (y) 4, and (c) “Individual Quarterly Balance” means, with respect to any Indebtedness incurred by the Company or its
Restricted Subsidiaries under a revolving credit facility or line of credit during any fiscal quarter of the Company, the quotient of (x) the sum of the aggregate outstanding principal amount of all such Indebtedness at the end of each day of
such quarter divided by (y) the number of days in such fiscal quarter. 
 “Contingent Liabilities” means,
at any time, any obligations for taxes, costs, indemnifications, reimbursements, breakage and other damages and other liabilities in respect of which no claim or demand for payment has been made at such time. 

“Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the Company who:

 (a) was a member of such Board of Directors on the Issue Date; or 

(b) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors or one
or more Permitted Holders who were members of such Board of Directors at the time of such nomination or election. 

“Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in Section 13.02 hereof or
such other address as to which the Trustee may give notice to the Company. 
 “Credit Agreement” means that
certain Credit Agreement, dated as of the Issue Date, by and among the Company, Holdings, the guarantor parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent and the other lenders named therein, including any related notes, Guarantees,
collateral documents, instruments and agreements executed in connection therewith, and in each case as amended, restated, modified, renewed, refunded, replaced or refinanced, in whole 

  
 11 

 
or in part, from time to time, regardless of whether such amendment, restatement, modification, renewal, refunding, replacement or refinancing is with the original banks, lenders or institutions
or other banks, lenders or institutions or otherwise and whether provided under the original Credit Agreement or one or more other credit agreements, financing agreements or other Credit Facilities or otherwise. Without limiting the generality of
the foregoing, the term “Credit Agreement” shall include any agreement (i) changing the maturity of any Indebtedness Incurred thereunder or contemplated thereby, (ii) adding Subsidiaries as additional borrowers or guarantors
thereunder, (iii) increasing the amount of Indebtedness Incurred thereunder or available to be borrowed thereunder or (iv) otherwise altering the terms and conditions thereof. 

“Credit Facilities” means one or more debt facilities (including, without limitation, the Credit Agreement), commercial
paper facilities or other financing arrangements, in each case with one or more banks or other lenders or institutions, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to any of such
banks, lenders or institutions to special purpose entities formed to borrow from any of such banks, lenders or institutions against such receivables), letters of credit, bankers’ acceptances or other Indebtedness, (including, without
limitation, Indebtedness under any indenture or similar financing agreement and any bonds or notes issued thereunder), in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced, in whole or in part, from time to time,
regardless of whether such amendment, restatement, modification, renewal, refunding, replacement or refinancing is with the original banks, lenders or institutions or other banks, lenders or institutions or otherwise and whether provided under the
original credit agreement governing any such debt facility or one or more other credit agreements, indentures, financing agreements or other Credit Facilities or otherwise. Without limiting the generality of the foregoing, the term “Credit
Facility” shall include any agreement (i) changing the maturity of any Indebtedness Incurred thereunder or contemplated thereby, (ii) adding Subsidiaries as additional borrowers or guarantors thereunder, (iii) increasing the
amount of Indebtedness Incurred thereunder or available to be borrowed thereunder or (iv) otherwise altering the terms and conditions thereof. 
 “Custodian” means the Trustee, as custodian for the Depositary or its nominee with respect to the Notes in global form, or any successor entity thereto. 

“Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of
Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued
in accordance with Section 2.07 hereof, substantially in the form of Exhibit A attached hereto except that such Note shall not bear the 

  
 12 

 
Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 

“Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person
specified in Section 2.04 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

“Designated Non-cash Consideration” means the Fair Market Value of non-cash consideration received by the Company or a
Restricted Subsidiary of the Company in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate, setting forth the basis of such valuation, less the amount of cash or Cash
Equivalents received in connection with a subsequent sale, redemption or payment of, on or with respect to, such Designated Non-cash Consideration. 
 “Disinterested Directors” means, with respect to any Affiliate Transaction, each member of the Board of Directors of the Company who is not an employee of the Company or its Affiliates
and has no direct or indirect material financial interest in or with respect to such Affiliate Transaction other than as a result of an Equity Interest in the Company or any Parent. 

“Disqualified Stock” means any Capital Stock (other than Management Stock) that, by its terms (or by the terms of any
security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise,
or redeemable at the option of the holder thereof, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. Notwithstanding the preceding or following sentence, any Capital Stock, options, warrants or
rights that would constitute Disqualified Stock solely because the holders thereof have the right to require the Company to repurchase such Capital Stock, options, warrants or rights upon the occurrence of a change of control or an asset sale (as
either such phrase is defined thereunder) shall not constitute Disqualified Stock if the terms of such Capital Stock, options, warrants or rights provide that the Company may not repurchase or redeem any such Capital Stock, options, warrants or
rights pursuant to such provisions unless such repurchase or redemption complies with Section 4.10 hereof. The term “Disqualified Stock” shall also include any options, warrants or other rights to acquire Capital Stock (other than in
respect of Management Stock) that are convertible into Disqualified Stock or that are redeemable at the option of the holder, or required to be redeemed, prior to the date that is 91 days after the date on which the Notes mature. 

  
 13 

 “Domestic Subsidiary” means any Restricted Subsidiary of the Company other
than a Foreign Subsidiary. 
 “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 a sale of Capital Stock (x) that is a sale of Capital Stock (other than Disqualified Stock)
of the Company (other than pursuant to a registration statement on Form S-8 or otherwise relating to equity securities issuable under any employee benefit plan of the Company) or (y) that is a sale of Capital Stock of a Parent the proceeds of
which in an amount equal to or exceeding the Redemption Amount are contributed to the equity capital of the Company (and may then be contributed by the Company to any of its Restricted Subsidiaries). 

“Equity Redemption” means the redemption of the Equity Interests of Gregory S. Daily in iPayment Investors, L.P. and
iPayment GP, LLC. 
 “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear System.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, including the rules and regulations
promulgated thereunder. 
 “Exchange Notes” means the Notes issued in the Exchange Offer in accordance with
Section 2.07(f) hereof. 
 “Exchange Offer” has the meaning set forth in the Registration Rights
Agreement. 
 “Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights
Agreement. 
 “Existing Indebtedness” means (i) the aggregate amount of Indebtedness of the Company and
its Restricted Subsidiaries (other than Indebtedness under the Credit Agreement and the related Guarantees or under the Notes and the related Note Guarantees) in existence on the Issue Date after giving effect to the application of the proceeds of
(x) the Notes and (y) any borrowings made under the Credit Agreement on the Issue Date, until such amounts are repaid, and (ii) Indebtedness arising from agreements existing on the Issue Date providing for earn outs or similar
obligations Incurred in connection with the acquisition of a business, assets, Merchant Portfolio or a Restricted Subsidiary. 

  
 14 

 “Fair Market Value” means the price that would be paid in an
arm’s-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy, as determined in good faith by the Company and, if the Fair Market Value exceeds
$7,500,000, by the Board of Directors of the Company, whose determination, unless otherwise specified below, shall be conclusive if evidenced by a Board Resolution attached to an Officers’ Certificate delivered to the Trustee. Notwithstanding
the foregoing, with respect to the determinations made under Section 4.10(a)(C)(2) and (3) hereof and the first sentence of Section 4.10(c) hereof, the Board of Directors’ determination of Fair Market Value shall be based upon an
opinion or appraisal issued by an accounting, appraisal or investment banking firm of national standing if the Fair Market Value exceeds $15,000,000. 
 “Financing Disposition” means any sale, transfer, conveyance or other disposition of property or assets by the Company or any Subsidiary thereof to any Receivables Entity, or by any
Receivables Subsidiary, in each case in connection with the Incurrence by a Receivables Entity of Indebtedness, or obligations to make payments to the obligor on Indebtedness, which may be secured by a Lien in respect of such property or assets.

 “Fixed Charge Coverage Ratio” means with respect to any specified Person for any period, the ratio of the
Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries Incurs, repays, repurchases, redeems, defeases, discharges or
otherwise acquires or retires any Indebtedness or issues, repurchases, redeems or otherwise acquires or retires Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or
prior to the date on which the event occurs for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such
Incurrence, repayment, repurchase, redemption, defeasance, discharge or other acquisition or retirement of Indebtedness, or such issuance, repurchase, redemption or other acquisition or retirement of Preferred Stock, and the use of the proceeds
therefrom as if the same had occurred at the beginning of such period. 
 In addition, for purposes of calculating the Fixed
Charge Coverage Ratio: 
 (a) acquisitions and dispositions of Merchant Portfolios, business entities or property and assets
constituting a division, operating unit of a business or line of business of any Person that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or consolidations, during the four-quarter reference
period or subsequent to such reference period and on or prior to the Calculation Date shall be given pro forma effect as if they 

  
 15 

 
had occurred on the first day of the four-quarter reference period and Consolidated Cash Flow for such reference period shall be calculated on a pro forma basis in respect thereof (including
without limitation in respect of reasonably anticipated cost savings or synergies relating to any such acquisition or disposition) as determined in good faith by the Chief Financial Officer or an authorized Officer of the Company, but without giving
effect to clause (c) of the proviso set forth in the definition of Consolidated Net Income; provided that with respect to cost savings or synergies relating to any such acquisition or disposition, the related actions are expected by the
Company to be taken, and the cost savings or synergies realized, no later than 12 months after the date of determination; and 

(b) consolidated interest expense attributable to interest on any Indebtedness (whether existing or being Incurred) computed on a pro
forma basis and bearing a floating interest rate shall be computed as if the rate in effect on the Calculation Date (taking into account any interest rate option, swap, cap or similar agreement applicable to such Indebtedness if such agreement has a
remaining term in excess of 12 months or, if shorter, at least equal to the remaining term of such Indebtedness) had been the applicable rate for the entire period. 
 “Fixed Charges” means, with respect to any specified Person for any period, the sum, without duplication, of: 
 (a) the consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued, including, without limitation, amortization of debt issuance costs and
original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, commissions, discounts and other fees and charges
incurred in respect of letter of credit or bankers’ acceptance financings, and net of the effect of all payments made or received pursuant to Hedging Obligations, and net of interest income, whether received or accrued, of such Person and its
Restricted Subsidiaries for such period; plus 
 (b) the consolidated interest of such Person and its Restricted Subsidiaries
that was capitalized during such period; plus 
 (c) any interest expense on Indebtedness of another Person (other than such
Person or one of its Restricted Subsidiaries) that is Guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is
called upon; plus 
 (d) all dividends, whether paid or accrued and whether or not in cash, on any series of Disqualified Stock
of such Person or Disqualified Stock or 

  
 16 

 
Preferred Stock of any of its Restricted Subsidiaries, other than (x) dividends on Equity Interests payable solely in Equity Interests (other than Disqualified Stock) of the Company or to
the Company or a Restricted Subsidiary of the Company and (y) Permitted Tax Distributions, and unless such dividends are paid or accrued on Preferred Stock of any Restricted Subsidiary that is a joint venture or similar entity and not a Wholly
Owned Restricted Subsidiary owned by the minority investor in such Restricted Subsidiary, times a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate
of such Person, expressed as a decimal, in each case, on a consolidated basis and in accordance with GAAP. 
 “Foreign
Subsidiary” means any Restricted Subsidiary of the Company that is (x) not formed under the laws of the United States of America or any state thereof or the District of Columbia, or (y) a Subsidiary of any Foreign Subsidiary or
(z) a Foreign Subsidiary Holding Company. 
 “Foreign Subsidiary Holding Company” means any Restricted
Subsidiary that has no material assets other than securities of one or more Foreign Subsidiaries and other assets relating to the ownership interest in any such securities. 
 “GAAP” means generally accepted accounting principles in the United States, including those set forth in the opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight Board and in the statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such
other entity as have been approved by a significant segment of the accounting profession, which are in effect on the Issue Date (for purposes of the definitions of the terms “Consolidated Cash Flow,” “Consolidated Net Income,”
“Fixed Charges,” “Fixed Charge Coverage Ratio,” “Net Income,” and “Total Assets,” all defined terms in this Indenture to the extent used in or relating to any of the foregoing definitions, and all ratios and
computations based on any of the foregoing definitions) and as in effect from time to time (for all other purposes of this Indenture). 
 “Global Note Legend” means the legend set forth in Section 2.07(g)(ii) hereof, which is required to be placed on all Global Notes issued under this Indenture. 

“Global Notes” means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global
Notes deposited with or on behalf of and registered in the name of the Depository or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note 

  
 17 

 
Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.01, 2.07(b)(iv), 2.07(d)(ii) or 2.07(f)
hereof. 
 “Government Securities” means securities that are direct obligations of the United States of America
for the payment of which its full faith and credit is pledged. 
 “Guarantee” means, as to any Person, a
guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or
reimbursement agreements in respect thereof, of all or any part of any Indebtedness of another Person. 

“Guarantor” means any Subsidiary of the Company that enters into a Note Guarantee in accordance with the provisions of
this Indenture and its successors and assigns until released from its obligations under its Note Guarantee and this Indenture in accordance with the terms of this Indenture. 
 “Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under: 
 (a) interest rate swap agreements, interest rate cap agreements, interest rate collar agreements and other similar agreements or arrangements with respect to interest rates; 

(b) commodity swap agreements, commodity option agreements, commodity forward contracts and other similar agreements or arrangements with
respect to commodity prices; and 
 (c) foreign exchange contracts, currency swap agreements and other similar agreements or
arrangements with respect to foreign currency exchange rates. 
 “Holder” means a Person in whose name a Note
is registered. 
 “Holdings” means iPayment Holdings, Inc. 

“Holdings PIK Toggle Notes” means the $125,000,000 15.00%/15.00% Senior Notes due 2018 issued by Holdings on the Issue
Date. 
 “IAI Global Note” means a Global Note resold to Institutional Accredited Investors bearing the Global
Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of the Depositary or its 

  
 18 

 
nominee in a denomination equal to the outstanding principal amount of Notes resold to Institutional Accredited Investors. 

“Incur” means, with respect to any Indebtedness, to incur, create, issue, assume, enter into any Guarantee of, or
otherwise become directly or indirectly liable for or with respect to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness (and “Incurrence” and “Incurred” shall have meanings
correlative to the foregoing); provided that (x) any Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary of the Company shall be deemed to be Incurred by such Restricted Subsidiary at the time it
becomes a Restricted Subsidiary of the Company and (y) neither the accrual of interest nor the accretion of original issue discount nor the payment of interest in the form of additional Indebtedness with substantially the same terms and the
payment of dividends on Disqualified Stock or Preferred Stock in the form of additional shares of the same class of Disqualified Stock or Preferred Stock shall be considered an Incurrence of Indebtedness; provided that in each case the amount
thereof is for all other purposes included in the Fixed Charges and Indebtedness of the Company or any of its Restricted Subsidiaries as accrued or paid. 
 “Indebtedness” means, with respect to any specified Person, 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 reimbursement agreements in respect thereof); 

(c) in respect of banker’s acceptances; 
 (d) in respect of Capital Lease Obligations; 
 (e) in respect of the balance
deferred and unpaid of the purchase price of any property or services, except any such balance that constitutes an accrued expense or trade payable; 
 (f) representing Hedging Obligations; 
 (g) representing Disqualified Stock valued
at its involuntary maximum fixed repurchase price excluding accrued dividends; or 
 (h) in the case of a Subsidiary of such
Person, representing Preferred Stock valued at its involuntary maximum fixed repurchase price excluding accrued dividends; 

  
 19 

 if and to the extent any of the preceding items (other than letters of credit, Hedging Obligations,
Disqualified Stock and Preferred Stock) would appear as a liability on the balance sheet of the specified Person prepared in accordance with GAAP. The term “Indebtedness” includes (x) all Indebtedness of others secured by a Lien on
any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person), provided that the amount of such Indebtedness shall be the lesser of (A) the Fair Market Value of such asset at such date of
determination and (B) the amount of such Indebtedness, and (y) to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person, to the extent so guaranteed by the specified Person. For
purposes hereof, the “maximum fixed repurchase price” of any Disqualified Stock or Preferred Stock which does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock or Preferred
Stock, as applicable, as if such Disqualified Stock or Preferred Stock were repurchased on any date on which Indebtedness shall be required to be determined pursuant to this Indenture, and, if such price is based upon or measured by the fair market
value of such Capital Stock, such fair market value shall be as determined in good faith by the Board of Directors of the Company or the issuer of such Capital Stock. 
 The amount of any Indebtedness outstanding as of any date (except as expressly provided above and in the definition of Capital Lease Obligation) shall be: 

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

(b) the principal amount (or, in the case of letters of credit, the face amount) thereof, in the case of any other Indebtedness; and

 (c) in the case of Hedging Obligations, the termination value of the agreement or arrangement giving rise to such Hedging
Obligation that would be payable at the time of determination. 
 “Indenture” means this Indenture, as amended
or supplemented from time to time. 
 “Indirect Participant” means a Person who holds a beneficial interest in
a Global Note through a Participant. 
 “Initial Guarantors” means all of the Domestic Subsidiaries of the
Company that Guarantee the Indebtedness under the Credit Agreement on the Issue Date. 

  
 20 

 “Initial Notes” means (i) the first $400,000,000 aggregate principal
amount of Notes issued under this Indenture on the date hereof and (ii) any Exchange Notes. 
 “Institutional
Accredited Investor” means an institutional “accredited investor” (as defined) in Rule 501(a), (2), (3) or (7) under the Securities Act. 
 “Institutional Accredited Investor Certificate” means a certificate substantially in the form of Exhibit D hereto. 

“Investment Grade Rating” means a rating of Baa3 or better by Moody’s and BBB- or better by S&P (or, in either
case, the equivalent of such rating by such organization), or an equivalent rating by any other Rating Agency. 

“Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons
(including Affiliates) in the form of loans or other extensions of credit (including Guarantees), advances, capital contributions (by means of any transfer of cash or other property to others or any payment for property or services for the account
or use of others), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments by such Person in other Persons on a balance sheet of
such Person prepared in accordance with GAAP. 
 If the Company or any Restricted Subsidiary of the Company sells or otherwise
disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of the Company, the Company shall be
deemed to have made an Investment on the date of any such sale or disposition equal to the Fair Market Value of the Investment in such Subsidiary not sold or disposed of. The acquisition by the Company or any Restricted Subsidiary of the Company of
a Person that holds an Investment in a third Person shall be deemed to be an Investment by the Company or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investment held by the acquired Person in
such third Person. 
 The amount of any Investment at any time of determination shall be the original cost of such Investment,
reduced (at the Company’s option) by the amount of any dividend, distribution, interest payment, return of capital, repayment or other amount or value received in respect of or upon the disposition of such Investment, which amount, in the case
of any non-cash dividend, distribution, interest payment, return of capital or repayment received in respect of such Investment, shall be equal to the Fair Market Value of such dividend, distribution, interest payment, return of capital or
repayment; provided, that to the 

  
 21 

 
extent that the amount of Restricted Payments outstanding at any time is so reduced by any portion of any such amount or value that would otherwise be included in the calculation of Net Income,
such portion of such amount or value shall not be so included for purposes of calculating the amount of Restricted Payments that may be made pursuant to Section 4.10(a)(C) hereof. 

“Investors Recapitalization” means (i) the Equity Redemption and (ii) the refinancing of the PIK toggle notes
existing on the Issue Date of iPayment Investors, L.P. 
 “Issue Date” means the date of original issuance of
the Initial Notes under this Indenture. 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking
institutions in The City of New York or at a place of payment are authorized or required by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the
next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period. 

“Letter of Transmittal” means the letter of transmittal to be prepared by the Company and sent to all Holders of the
Notes for use by such Holders in connection with the Exchange Offer. 
 “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. 
 “Management Investors” means the officers, directors, employees and other members of the
management of any Parent, the Company, or any of their respective Subsidiaries, or any sales agents, sales representatives or independent sales groups providing marketing and related services to any Parent, the Company or any of their respective
Subsidiaries, or family members or relatives thereof, or trusts, partnerships or limited liability companies for the benefit of any of the foregoing, or any of their heirs, executors, successors and legal representatives, who at any date
beneficially own or have the right to acquire, directly or indirectly, Capital Stock of the Company or any Parent; provided, however, that for the purposes of the definition of Permitted Holders, Management Investors shall not include sales
agents, sales representatives or independent sales groups that are not officers, directors, employees and other members of the management of any Parent, the Company, or any of their respective Subsidiaries, or family members or relatives thereof, or
trusts, partnerships or limited liability companies 

  
 22 

 
for the benefit of any of the foregoing, or any of their heirs, executors, successors and legal representatives. 
 “Management Stock” means Capital Stock of the Company or any Parent (or any options, warrants or other rights in respect thereof) held by any of the Management Investors. 

“Merchant Portfolio” means a portfolio of merchant contracts. 

“Moody’s” means Moody’s Investors Service, Inc., and its successors. 

“Net Income” means, with respect to any specified Person, the net income (loss) of such Person, determined in accordance
with GAAP and after any reduction in respect of dividends paid on Preferred Stock of any such Person that is a Restricted Subsidiary or on Disqualified Stock of any such Person that is the Company or a Restricted Subsidiary (in each case to the
extent such dividends constitute Fixed Charges and were paid pursuant to Section 4.10(b)(viii) hereof), excluding, however: 
 (a) any gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with: (i) any sale of assets outside the ordinary course of business of such Person;
or (ii) the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Restricted Subsidiaries; and 

(b) any extraordinary gain or loss, together with any related provision for taxes on such extraordinary gain or loss. 

“Net Proceeds” means the aggregate cash proceeds, including payments in respect of deferred payment obligations (to the
extent corresponding to the principal, but not the interest component, thereof) received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other
disposition of any non-cash consideration received in any Asset Sale), net of (a) the costs relating to such Asset Sale, including, without limitation, legal, accounting, investment banking and brokerage fees, and sales commissions, and any
relocation expenses incurred as a result thereof, (b) taxes paid or payable as a result thereof, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements, (c) amounts required to be
applied to the payment of Indebtedness or other liabilities secured by a Lien on the asset or assets that were the subject of such Asset Sale or required to be paid as a result of such Asset Sale, (d) any reserve for adjustment in respect of
the sale price of such asset or assets established in accordance with GAAP, (e) in the case of any Asset Sale by a Restricted Subsidiary of the Company, payments to holders of Equity Interests in

  
 23 

 
such Restricted Subsidiary in such capacity (other than such Equity Interests held by the Company or any Restricted Subsidiary thereof) to the extent that such payment is required to permit the
Asset Sale or the distribution of such proceeds in respect of the Equity Interests in such Restricted Subsidiary held by the Company or any Restricted Subsidiary thereof and (f) appropriate amounts to be provided by the Company or its
Restricted Subsidiaries as a reserve against liabilities associated with such Asset Sale, including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any
indemnification obligations associated with such Asset Sale, all as determined in accordance with GAAP; provided that (i) excess amounts set aside for payment of taxes pursuant to clause (b) above remaining after such taxes have
been paid in full or the statute of limitations therefor has expired and (ii) amounts initially held in reserve pursuant to clause (f) no longer so held, shall, in the case of each of subclause (i) and (ii), at that time become Net
Proceeds. 
 “Non-U.S. Person” means a Person who is not a U.S. Person. 

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

“Notes” means the 10.25% Senior Notes due 2018 of the Company issued under this Indenture. The Initial Notes and the
Additional Notes, if any, shall be treated as a single class for all purposes under this Indenture and all references to the Notes shall include the Initial Notes and any Additional Notes. 

“Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the
Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Assistant Secretary or any Vice-President of such Person. 

“Officers’ Certificate” means a certificate signed on behalf of the Company by at least two Officers of the
Company, that meets the requirements of this Indenture. 
 “Opco Recapitalization” means the refinancing of the
existing credit agreement and the existing senior subordinated notes of the Company. 
 “Opinion of Counsel”
means an opinion from legal counsel who is reasonably acceptable to the Trustee and, as applicable, the Company, (who may be counsel to or an employee of the Company) that meets the requirements of this Indenture, which may contain qualifications,
assumptions, exceptions and limitations as are customary or appropriate for similar opinions. 

  
 24 

 “Parent” means any Person of which the Company at any time is or becomes a
Subsidiary on or after the Issue Date. 
 “Parent Expenses” means, without duplication, (a) costs
(including all professional fees and expenses) incurred by any Parent in connection with its reporting obligations under, or in connection and in compliance with, applicable laws, applicable rules or regulations of any governmental, regulatory or
self-regulatory body or stock exchange, this Indenture or any other agreement or instrument relating to Indebtedness of the Company or any Restricted Subsidiary, including any reports filed with respect to the Securities Act, the Exchange Act or the
respective rules and regulations promulgated thereunder, (b) indemnification obligations of any Parent owing to directors, officers, employees or other Persons under its charter or by-laws or pursuant to written agreements with any such Person,
or obligations in respect of director and officer insurance (including premiums therefor), (c) operational expenses of any Parent incurred in the ordinary course of business in an amount not to exceed $2,000,000 in any fiscal year,
(d) expenses incurred by any Parent in connection with any offering of Capital Stock or Indebtedness (x) where the net proceeds of such offering are intended to be received by, contributed or loaned to the Company or a Restricted
Subsidiary, or (y) in a prorated amount of such expenses in proportion to the amount of such net proceeds intended to be so received, contributed or loaned, or (z) otherwise on an interim basis prior to completion of such offering so long
as any Parent shall cause the amount of such expenses to be repaid to the Company or the relevant Restricted Subsidiary out of the proceeds of such offering promptly if completed and (e) Related Taxes. 

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

“Participating Broker-Dealer” has the meaning set forth in the Registration Rights Agreement. 

“Permitted Business” means any business conducted or proposed to be conducted by the Company and its Restricted
Subsidiaries on the Issue Date and other businesses reasonably related or ancillary thereto. 
 “Permitted
Holder” means any of (i) Carl A. Grimstad and his Affiliates and Related Parties, (ii) other Management Investors and any of their Affiliates (but only with respect to their Beneficial Ownership of up to 25% in the aggregate of
the voting power of the Voting Stock of the Company or any Parent, as the case may be), and (iii) any Person acting in the capacity of an underwriter in connection with a public or private offering of Capital Stock of any Parent or the

  
 25 

 
Company. In addition, any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) whose status as a Beneficial Owner constitutes or results in a Change of
Control in respect of which a Change of Control Offer is made in accordance with the requirements of this Indenture, together with its Affiliates, shall thereafter constitute Permitted Holders. 

“Permitted Investments” means: 
 (a) any Investment in the Company or in a Restricted Subsidiary of the Company; 

(b) any Investment in Cash Equivalents; 
 (c) any Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment: 
 (i) such Person becomes a Restricted Subsidiary of the Company; or 
 (ii) such
Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company; 

(d) any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in
compliance with Section 4.09 hereof or from a sale, conveyance or other disposition of property or assets that does not constitute an Asset Sale; 
 (e) Hedging Obligations that are Incurred for the purpose of fixing, hedging or swapping interest rate, commodity price or foreign currency exchange rate risk (or to reverse or amend any such agreements
previously made for such purposes) and not for speculative purposes; 
 (f) stock, obligations or securities received in
settlement of debts or claims, or upon foreclosure, perfection or enforcement of any Lien, or in satisfaction of judgments or in connection with bankruptcy or insolvency of other Persons; 

(g) loans, advances, prepaid residual expense or other extensions of credit (including Guarantees) to or in respect of sales agents,
sales representatives, independent sales groups, customers or suppliers, in the ordinary course of business receivables created or acquired or pledges or deposits made in the ordinary course of business; and endorsements for collection or deposit
arising in the ordinary course of business; 

  
 26 

 (h) commission, payroll, travel and similar advances to officers and employees of the
Company or any of its Restricted Subsidiaries that are expected at the time of such advance ultimately to be recorded as an expense in conformity with GAAP; 
 (i) loans or advances to equityholders of any Person acquired by the Company or any of its Subsidiaries to fund taxes and expenses payable by such equityholders in connection with such acquisition not to
exceed $5,000,000 in the aggregate outstanding at any one time; 
 (j) loans or advances to officers and employees not to exceed
$5,000,000 in the aggregate outstanding at any one time; 
 (k) Investments existing, or made pursuant to legally binding
commitments existing, on the Issue Date; 
 (l) loans or advances to any current or former employee, officer, or director of the
Company or any of its Restricted Subsidiaries or any other Management Investor in connection with such Person’s purchase of Equity Interest of the Company or any Parent in an aggregate amount at any time outstanding not to exceed the amount of
Permitted Payments permitted pursuant to Section 4.10(b)(vii) hereof; 
 (m) (i) Investments in any Receivables
Subsidiary that are necessary or desirable in connection with a Financing Disposition by or to any Receivables Entity, including Investments of funds held in accounts permitted or required by the arrangements governing such Financing Disposition or
any related Indebtedness, or (ii) any promissory note issued by the Company or any Parent to any Receivables Entity that are necessary or desirable in connection with a Receivables Financing, provided that, if such Parent receives cash from the
relevant Receivables Entity in exchange for such note, an equal cash amount is contributed by any Parent to the Company; and 

(n) other Investments, together with all other Investments made pursuant to this clause (n) since the Issue Date and all Designated
Non-cash Consideration received pursuant to Section 4.09(a)(ii)(C) hereof and that is at that time outstanding, not to exceed the greater of (x) $35,000,000 and (y) 8% of Total Assets. 

If any Investment pursuant to clause (n) above is made in any Person that is not a Restricted Subsidiary and such Person thereafter
becomes a Restricted Subsidiary, such Investment (at the Company’s option) shall thereafter be deemed to have been made pursuant to clause (a) or (c) above and not clause (n) above for so long as such Person is a Restricted
Subsidiary of the Company. 

  
 27 

 “Permitted Liens” means: 

(a) Liens securing obligations with respect to the Credit Agreement Incurred under Section 4.11(b)(i) hereof; 

(b) Liens in favor of the Company or any Restricted Subsidiary that is a Guarantor; 

(c) Liens on property or shares of stock of a Person existing at the time such Person is merged with or into or consolidated with the
Company or any Restricted Subsidiary of the Company; provided that such Liens were not created in connection with, or in contemplation of, such merger or consolidation and do not extend to any assets other than those of the Person merged into
or consolidated with the Company or such Restricted Subsidiary (plus improvements, accessions, proceeds or dividends or distributions in respect thereof); 
 (d) Liens on property existing at the time of acquisition thereof by the Company or any Restricted Subsidiary of the Company, provided that such Liens were not created in connection with, or in
contemplation of, such acquisition and do not extend to any property other than the property so acquired by the Company or the Restricted Subsidiary (plus improvements, accessions, proceeds or dividends or distributions in respect thereof);

 (e) Liens securing the Notes and the Note Guarantees; 

(f) Liens existing on, or provided for under written arrangements existing on, the Issue Date; 

(g) Liens securing Permitted Refinancing Indebtedness Incurred pursuant to Section 4.11(b)(v) hereof; provided that such
Liens do not extend to any property or assets other than the property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secure (or under such written arrangements with respect to the
Indebtedness being refinanced could secure) the Indebtedness being refinanced; 
 (h) Liens on property or assets used to
defease or to satisfy and discharge Indebtedness; provided that such defeasance or satisfaction and discharge is not prohibited by this Indenture; 
 (i) Liens securing Indebtedness or other obligations of any Receivables Entity; 

(j) Liens securing obligations (which together with any Liens securing Permitted Refinancing Indebtedness or obligations originally
secured pursuant to this clause (j)) that do not exceed $10,000,000 at any one time outstanding; and 

  
 28 

 (k) Liens incurred to secure obligations in respect of any Indebtedness permitted to be
incurred pursuant to the covenant described under Section 4.11 hereof; provided that, with respect to Liens securing obligations permitted under this clause (k), at the time of incurrence and after giving pro forma effect thereto, the
Consolidated Secured Debt Ratio would be no greater than 2.0 to 1.0. 
 “Permitted Refinancing Indebtedness”
means any Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund (any of the foregoing, “refinance”)
other Indebtedness of the Company or any of its Restricted Subsidiaries; provided that: 
 (a) the amount of such
Permitted Refinancing Indebtedness does not exceed the amount of the Indebtedness so extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued and unpaid interest thereon and the amount of any reasonably determined premium
necessary to accomplish such refinancing and such reasonable expenses incurred in connection therewith (in each case as determined by the Company in good faith)); 
 (b) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is expressly subordinated in right of payment to the Notes or the Note Guarantees, such Permitted Refinancing
Indebtedness has a final maturity date later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed,
replaced, defeased or refunded; 
 (c) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded
is expressly subordinated in right of payment to the Notes or the Note Guarantees, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes or the Note Guarantees, as applicable, on terms at least as favorable, taken
as a whole, to the Holders of Notes as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and 
 (d) such Permitted Refinancing Indebtedness is Incurred by either (i) a Restricted Subsidiary that is a Guarantor, or that is an obligor on the Indebtedness being extended, refinanced, renewed,
replaced, defeased or refunded, or that could have Incurred such Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded in compliance with Section 4.11 hereof or (ii) the Company. 

“Permitted Tax Distributions” means, for or in respect of any fiscal year or other tax period (each a “Tax
Period”) of the Company, an amount equal to 

  
 29 

 
the product of (x) the Taxable Income for such Tax Period multiplied by (y) the Assumed Tax Rate with respect to each amount included therein. Permitted Tax Distributions shall be
calculated and made in advance of the dates on which estimated tax payments relating to the pertinent Tax Period are due, and shall be made without regard to the actual tax status of any direct or indirect holders of Equity Interests in the Company.

 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock company,
trust, unincorporated organization, limited liability company or government or other entity. 
 “Preferred
Stock” means, with respect to any Person, any Capital Stock of such Person that has preferential rights to any other Capital Stock of such Person with respect to dividends or redemptions upon liquidation. 

“Private Placement Legend” means the legend set forth in Section 2.07(g)(i) hereof to be placed on all Notes issued
under this Indenture except where otherwise permitted by the provisions of this Indenture. 
 “QIB” means a
“qualified institutional buyer” as defined in Rule 144A. 
 “Rating Agency” means Moody’s or
S&P or, if Moody’s or S&P or both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company which shall be substituted for
Moody’s or S&P or both, as the case may be. 
 “Recapitalization” means the Investors Recapitalization
and the Opco Recapitalization. 
 “Receivable” means a right to receive payment arising from a sale or lease of
goods or services by a Person pursuant to an arrangement with another Person pursuant to which such other Person is obligated to pay for goods or services under terms that permit the purchase of such goods and services on credit, as determined in
accordance with GAAP. 
 “Receivables Entity” means (x) any Receivables Subsidiary or (y) any other
Person other than a Subsidiary that is engaged in the business of acquiring, selling, collecting, financing or refinancing Receivables, accounts (as defined in the Uniform Commercial Code as in effect in any jurisdiction from time to time), other
accounts and/or other receivables, and/or related assets. 
 “Receivables Financing” means any financing of
Receivables of the Company or any Restricted Subsidiary that have been transferred to a Receivables Entity in a Financing Disposition. 

  
 30 

 “Receivables Subsidiary” means a Subsidiary of the Company that (a) is
engaged solely in the business of acquiring, selling, collecting, financing or refinancing Receivables, accounts (as defined in the Uniform Commercial Code as in effect in any jurisdiction from time to time) and other accounts and receivables
(including any thereof constituting or evidenced by chattel paper, instruments or general intangibles), all proceeds thereof and all rights (contractual and other), collateral and other assets relating thereto, and any business or activities
incidental or related to such business, and (b) is designated as a Receivables Subsidiary by the Board of Directors of the Company and no portion of the Indebtedness or any other obligation (contingent or otherwise) of which (x) is at any
time guaranteed by the Company or any of its Restricted Subsidiaries (other than any Receivables Subsidiary), excluding guarantees of obligations (other than any guarantee of Indebtedness) pursuant to representations, warranties, covenants and
indemnities which are customary in an accounts receivable securitization transaction (as determined in good faith by the Company), (y) is at any time recourse to or obligates the Company or any of its Restricted Subsidiaries (other than any
Receivables Subsidiary) in any way, other than pursuant to representations, warranties, covenants and indemnities which are customary in an accounts receivable securitization transaction (as determined in good faith by the Company), or
(z) subjects any asset of the Company or its Restricted Subsidiaries (other than any Receivables Subsidiary), directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to representations, warranties,
covenants and indemnities which are customary in an accounts receivable securitization transaction (as determined in good faith by the Company). 
 “Redemption Agreement” means the Redemption Agreement, dated as of April 12, 2011, among iPayment GP, LLC, iPayment Investors, L.P., each person listed in Exhibit A thereto, Gregory
S. Daily and Randal S. Mashburn, solely as trustee, as the same may be amended, supplemented or modified from time to time. 

“Registration Rights Agreement” means (a) with respect to the Notes issued on the Issue Date, the Registration
Rights Agreement, to be dated the Issue Date, among the Company, the Initial Guarantors, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets, LLC and UBS Securities LLC and (b) with
respect to any Additional Notes, any registration rights agreement between the Company and the other parties thereto relating to the registration by the Company of such Additional Notes, and any Notes issued in exchange therefor, under the
Securities Act. 
 “Regulation S” means Regulation S promulgated under the Securities Act. 

  
 31 

 “Regulation S Global Note” means a Regulation S Temporary Global Note or a
Regulation S Permanent Global Note, as appropriate. 
 “Regulation S Permanent Global Note” means a permanent
Global Note in the form of Exhibit A attached hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to
the outstanding principal amount at maturity of the Regulation S Temporary Global Note upon expiration of the Restricted Period. 
 “Regulation S Temporary Global Note” means a temporary Global Note in the form of Exhibit A attached hereto bearing the Global Note Legend, the Private Placement Legend and the Temporary
Regulation S Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount at maturity of the Notes initially sold in reliance on Rule 903 of
Regulation S. 
 “Related Parties” means Carl A. Grimstad’s family members or relatives, or trusts,
partnerships or limited liability companies for the benefit of Carl A. Grimstad or any such family members or relatives, or any of Carl A. Grimstad’s heirs, executors, successors or legal representatives. 

“Related Taxes” means any taxes, charges or assessments (other than taxes measured by income) required to be paid by any
Parent by virtue of being organized or existing or having Capital Stock outstanding, or being a holding company parent of, or receiving dividends, distributions or other payment from the Company, any Restricted Subsidiary thereof or any Parent, or
having guaranteed or given any security interest in respect of any obligations of the Company or any Restricted Subsidiary thereof, or having made any payment in respect of any Parent Expenses. 

“Replacement Assets” means (a) non-current assets that shall be used or useful in a Permitted Business,
(b) Merchant Portfolios and/or any related assets, or (c) substantially all the assets of a Permitted Business or at least a majority of the Voting Stock of any Person engaged in a Permitted Business that shall become on the date of
acquisition thereof a Restricted Subsidiary. 
 “Responsible Officer,” when used with respect to the Trustee,
means any officer within the Corporate Trust Administration of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated
officers, who at that time shall be an officer that shall have direct responsibility for the administration of this Indenture, and also means, with respect to a particular 

  
 32 

 
corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 

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

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

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

“Restricted Period” means the 40-day restricted period as defined in Regulation S. 

“Restricted Subsidiary” of a Person means any Subsidiary of such Person that is not an Unrestricted Subsidiary.

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

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

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

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

“S&P” means Standard & Poor’s Ratings Group, a division of The McGraw Hill Companies, Inc., and its
successors. 
 “SEC” or “Commission” means the United States Securities and Exchange
Commission. 
 “Secured Debt” means any Indebtedness secured by a Lien upon property of the Company or any of
its Restricted Subsidiaries. 
 “Securities Act” means the Securities Act of 1933, as amended, including the
rules and regulations promulgated thereunder. 
 “Shelf Registration Statement” means the Shelf Registration
Statement as defined in the Registration Rights Agreement. 
 “Significant Subsidiary” means any Subsidiary
that would constitute a “significant subsidiary” within the meaning of Article 1 of Regulation S-X of the Securities Act. 

  
 33 

 “Stated Maturity” means, with respect to any installment of interest or
principal on any series of Indebtedness, the date on which such payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and shall not include any contingent obligations to repay, redeem or
repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 

“Subordinated Debt” means any Indebtedness that is expressly subordinated in right of payment to the Notes or any Note
Guarantees. 
 “Subsidiary” means, with respect to any specified Person: 

(a) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of
that Person (or a combination thereof); and 
 (b) any partnership (i) the sole general partner or the managing general
partner of which is such Person or a Subsidiary of such Person or (ii) the only general partners of which are such Person or one or more Subsidiaries of such Person (or any combination thereof). 

“Taxable Income” means, for or in respect of any Tax Period, the taxable income of the Company determined for Federal
income tax purposes as if the Company were an individual and directly or indirectly wholly owned Subsidiaries of the Company were disregarded entities for Federal income tax purposes. 

“Temporary Regulation S Legend” means the legend set forth in Section 2.07(h) hereof, which is required to be
placed on the Regulation S Temporary Global Note. 
 “TIA” means the Trust Indenture Act of 1939, as amended.

 “Total Assets” means the total consolidated assets of the Company and its Restricted Subsidiaries, as shown
on the balance sheet of the Company as at the end of the most recent fiscal period for which consolidated financial statements are available, prepared in conformity with GAAP. 
 “Treasury Rate” means, with respect to any date of redemption, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled
and published in the most recent Federal Reserve Statistical Release H.15 (519) which has become publicly available at least two Business Days prior to the date fixed for prepayment (or, if such Statistical

  
 34 

 
Release is no longer published, any publicly available source for similar market data)) most nearly equal to the period from such date of redemption to May 15, 2015; provided,
however, that if the period from such date of redemption to May 15, 2015 is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear
interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the then remaining term of the Notes to May 15, 2015 is less
than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. 
 “Trustee” means Wilmington Trust FSB, until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder.

 “Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and are not required to
bear the Private Placement Legend. 
 “Unrestricted Global Note” means a permanent Global Note substantially in
the form of Exhibit A attached hereto that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto and that is deposited with or on behalf of and registered in the name of the
Depositary, representing a series of Notes that do not bear the Private Placement Legend. 
 “Unrestricted
Subsidiary” means any Subsidiary of the Company that is designated by the Board of Directors of the Company as an Unrestricted Subsidiary pursuant to a Board Resolution in compliance with Section 4.14 hereof and any Subsidiary of such
Subsidiary. 
 “U.S. Person” means a U.S. person as defined in Rule 902(k) of Regulation S under the Securities
Act. 
 “Voting Stock” of any Person as of any date means the Capital Stock of such Person that is ordinarily
entitled to vote in the election of the Board of Directors of such Person. 
 “Weighted Average Life to
Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: 
 (a) the sum
of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by

  
 35 

 
(ii) the number of years (calculated to the nearest one-twelfth) that shall elapse between such date and the making of such payment; by 

(b) the then outstanding principal amount of such Indebtedness. 
 “Wholly Owned Restricted Subsidiary” of any specified Person means a Restricted Subsidiary of such Person all of the outstanding Capital Stock or other ownership interests of which (other
than directors’ qualifying shares or Investments by foreign nationals mandated by applicable law) will at the time be owned by such Person or by one or more Wholly Owned Restricted Subsidiaries of such Person. 

“Wholly Owned Subsidiary” of any specified Person means a Subsidiary of such Person all of the outstanding Capital Stock
or other ownership interests of which (other than directors’ qualifying shares or Investments by foreign nationals mandated by applicable law) will 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
	 “Act”
	  	13.14
	 “Affiliate Transaction”
	  	4.13
	 “Asset Sale Offer”
	  	4.09
	 “Authentication Order”
	  	2.02
	 “Beneficially Owned”
	  	1.01

(“Beneficial
Owner”)

	 “Beneficially Owns”
	  	1.01

(“Beneficial
Owner”)

	 “Calculation Date”
	  	1.01
(“Fixed Charge
Coverage Ratio”)
	 “Change of Control Offer”
	  	4.08
	 “Change of Control Payment”
	  	4.08
	 “Change of Control Payment Date”
	  	4.08
	 “Company”
	  	Preamble
	 “Covenant Defeasance”
	  	8.03
	 “DTC”
	  	2.04
	 “Excess Proceeds”
	  	4.09
	 “Excess Proceeds Trigger Date”
	  	4.09
	 “Event of Default”
	  	6.01
	 “Incurred”
	  	1.01 (“Incur”)

  
 36 

			
	 Term
	  	Defined in Section
	 “Incurrence”
	  	1.01 (“Incur”)
	 “Initial Lien”
	  	4.07
	 “Legal Defeasance”
	  	8.02
	 “Net Proceeds Amount”
	  	4.09
	 “Offer Amount”
	  	4.08
	 “Offer Period”
	  	4.08
	 “Paying Agent”
	  	2.04
	 “Permitted Debt”
	  	4.11
	 “Permitted Payment”
	  	4.10
	 “Purchase Date”
	  	4.08
	 “Redemption Amount”
	  	3.07
	 “Reference Period”
	  	1.01
(“Consolidated
Total
Indebtedness”)
	 “refinance”
	  	1.01
(“Permitted
Refinancing
Indebtedness”)
	 “Registrar”
	  	2.04
	 “Repurchase Offer”
	  	4.08
	 “Required Filing Dates”
	  	4.03
	 “Restricted Payments”
	  	4.10
	 “Specified Courts”
	  	13.09
	 “Successor”
	  	5.01
	 “Tax Period”
	  	1.01
(“Permitted Tax
Distribution”)
	 “Trustee”
	  	8.05

 Section 1.03.
Incorporation by Reference to the Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 

The following TIA terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes; 
 “indenture security Holder” means a Holder of a Note; 

“indenture to be qualified” means this Indenture; 

  
 37 

 “indenture trustee” or “institutional trustee” means the
Trustee; and 
 “obligor” on the Notes and the Guarantees means the Company and the Guarantors and any
successor obligor upon the Notes and the Guarantees, respectively. 
 All other terms used in this Indenture that are defined by
the TIA, defined by the TIA reference to another statute or defined by SEC rule under the TIA have the meanings so assigned to them. 
 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) words in the singular include the
plural, and in the plural include the singular; 
 (e) provisions apply to successive events and transactions; and 

(f) references to sections of or rules under the Securities Act shall be deemed to include substitute, replacement or successor sections
or rules adopted by the SEC from time to time. 
 ARTICLE 2 

THE NOTES 
 Section 2.01. Form and Dating. (a) General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A attached hereto. The Notes may
have such appropriate insertions, omissions, substitutions, notations, legends, endorsements, identifications and other variations as are required or permitted by law, stock exchange rule or depositary rule or usage, agreements to which the Company
is subject, if any, or other customary usage, or as may consistently herewith be determined by the Officer or Officers of the Company executing such Notes, as evidenced by such execution (provided always that any such notation, legend, endorsement,
identification or variation is in a form acceptable to the Company). Each Note shall be dated the date of its authentication. The Notes shall be (i) issued in registered form without 

  
 38 

 
interest coupons and (ii) only in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the
Company, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions
of this Indenture, the provisions of this Indenture shall (to the fullest extent permitted by applicable law) govern and be controlling. 
 (b) Global Notes. Notes issued in global form shall be substantially in the form of Exhibit A attached hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of
Interests in the Global Note” attached thereto). Notes issued in definitive form shall be substantially in the form of Exhibit A attached hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of
Interests in the Global Note” attached thereto). Each Global Note shall represent such of the outstanding Notes as shall be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from
time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, by adjustments made thereon and/or in the records of the Custodian to
reflect exchanges and redemptions as hereinafter provided. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee or
the Custodian, at the direction of the Trustee in accordance with instructions given by the Holder thereof as required by Section 2.07 hereof. 
 (c) Temporary Global Notes. Notes offered and sold in reliance on Regulation S shall, unless (in the case of Additional Notes) the Company otherwise notifies the Trustee in writing, be issued
initially in the form of the Regulation S Temporary Global Note, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee at the Corporate Trust Office of the Trustee, as Custodian, and registered in the
name of the Depositary or the nominee of the Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Company and authenticated by the Trustee as hereinafter provided. Following the
termination of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note shall be exchanged for beneficial interests in Regulation S Permanent Global Notes pursuant to the Applicable Procedures. Simultaneously with the
authentication of Regulation S Permanent Global Notes, the Trustee shall cancel the Regulation S Temporary Global Note. The aggregate principal amount of the Regulation S Temporary Global Note and the Regulation

  
 39 

 
S Permanent Global Notes may from time to time be increased or decreased by adjustments made thereon and/or on the records of the Trustee, the Custodian or the Depositary or its nominee, as the
case may be, in connection with transfers of interest as hereinafter provided. 
 Section 2.02. Execution and Authentication.
(a) At least one Officer of the Company shall sign the Notes for the Company by manual or facsimile signature. 

(b) If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall
nevertheless be valid. 
 (c) A Note shall not be valid until authenticated by the manual signature of the Trustee. Such
signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 (d) The aggregate principal
amount of Notes which may be authenticated and delivered under this Indenture is unlimited. 
 (e) The Trustee shall, upon a
written order of the Company signed by an Officer of the Company (an “Authentication Order”), authenticate Notes for original issue with an unlimited maximum aggregate principal amount, of which $400,000,000 shall be issued on the
date of this Indenture. 
 (f) The Trustee may appoint an authenticating agent reasonably acceptable to the Company to
authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights
as an Agent to deal with Holders or an Affiliate of the Company. 
 Section 2.03. Methods of Receiving Payments on the Notes.
For so long as the Notes are held in one or more Global Notes, the Company through the Paying Agent shall pay all principal, interest and premium and Additional Interest, if any, in respect of the Notes represented by Global Notes by wire
transfer of immediately available funds to the account specified by the Holder of the relevant Global Note (so long as such wire transfer may be so made). Otherwise, if a Holder has given wire transfer instructions to the Company or Paying Agent at
least 30 days prior to the applicable payment date, the Company through the Paying Agent shall pay all principal, interest and premium and Additional Interest, if any, on that Holder’s Notes in accordance with those instructions (so long as
such wire transfer may be so made). All other payments on Notes shall be made at the office or agency of the Paying Agent and Registrar unless the Company 

  
 40 

 
elects to make interest payments through the Paying Agent by check mailed to the Holders at their addresses set forth in the register of Holders. 

Section 2.04. Registrar and Paying Agent. (a) The Company shall maintain an office or agency where Notes may be
presented for registration of transfer or for exchange (the “Registrar”) and an office or agency where Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Notes and of
their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying
agent. The Company may change any Paying Agent or Registrar without prior notice to any Holder. The Company shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or
maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
 (b) The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 

(c) The Trustee shall initially act as the Paying Agent and the Registrar and shall act as Custodian with respect to the Global Notes.

 Section 2.05. Paying Agent To Hold Money in Trust. The Company shall require each Paying Agent other than the Trustee
to agree in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, Additional Interest, if any, or interest on the Notes, and shall notify
the Trustee in writing of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent
to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or one of its Subsidiaries) shall have no further liability for the money. If the Company or one of its Subsidiaries acts as
Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying
Agent for the Notes. 
 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 all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least seven Business Days
before each interest payment date and at such other times as 

  
 41 

 
the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes and the Company shall
otherwise comply with TIA § 312(a). 
 Section 2.07. Transfer and Exchange. (a) Transfer and Exchange of
Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such
nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes shall be exchanged by the Company for Definitive Notes if (i) the Depositary notifies the Company that it is unwilling or unable to continue to act as
Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of such notice from the Depositary; (ii) the
Company in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; provided that in no event shall the Regulation S
Temporary Global Note be exchanged by the Company for Definitive Notes prior to (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; or (iii) there shall have occurred and be continuing a Default or Event of Default with respect to the Notes, and the Depositary requests such certification. Upon the occurrence of any of the preceding events in (i),
(ii) or (iii) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.08 and 2.11 hereof. Except as
otherwise provided above in this Section 2.07(a), every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.07 or Section 2.08 or 2.11 hereof, shall be
authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.07(a); however, beneficial interests in a Global Note may be transferred and
exchanged as provided in Section 2.07(b), (c) or (f) hereof. 
 (b) Transfer and Exchange of Beneficial
Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Neither the Company
nor any agent of the Company nor the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note, or for maintaining, supervising or
reviewing any records relating to such beneficial ownership interests. Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities
Act, or for 

  
 42 

 
complying with or ensuring compliance with any Applicable Procedures. Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or
(ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(i) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note
may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however,
that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Temporary Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser or a
person that purchased such interest in a transaction exempt from registration under the Securities Act). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note. Except as required pursuant to the Private Placement Legend, no written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this
Section 2.07(b)(i). 
 (ii) All Other Transfers and Exchanges of Beneficial Interests in Global
Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.07(b)(i) above, the transferor of such beneficial interest must deliver to the Registrar (in each case in form and substance
satisfactory to the Trustee and the Company) either (A) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to
be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the
Participant’s account to be credited with such increase or (B) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to
be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive
Note shall be registered to effect the transfer or exchange referred to in (1) above; provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary Global
Note prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates required pursuant to Rule 903 under the Securities Act. 

  
 43 

 
Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the
Securities Act, the Trustee, as the case may be, shall adjust the principal amount at maturity of the relevant Global Notes pursuant to Section 2.07(i) hereof. 

(iii) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted
Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.07(b)(ii) above and the Registrar receives
the following: 
 (A) if the transferee shall take delivery in the form of a beneficial interest in the 144A
Global Note or a beneficial interest in the IAI Global Note, then the transferor must deliver a certificate in the form of Exhibit B (including the certifications in item (1) thereof) or Exhibit D attached hereto, respectively, and if the
Company shall so request in the case of delivery in the form of a beneficial interest in the IAI Global Note, an Opinion of Counsel; and 
 (B) if the transferee shall take delivery in the form of a beneficial interest in the Regulation S Temporary Global Note or Regulation S Permanent Global Note, then the transferor must deliver a
certificate in the form of Exhibit B attached hereto, including the certifications in item (2) thereof. 

(iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in the
Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.07(b)(ii) above and: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the Holder of the beneficial interest to be transferred, in the case of an
exchange, or the transferee, in the case of a transfer, provides the certifications required by the applicable Letter of Transmittal and Exchange Offer Registration Statement; 

  
 44 

 (B) such transfer is effected pursuant to the Shelf Registration Statement
in accordance with the Registration Rights Agreement and applicable law; 
 (C) such transfer is effected by a
Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement and applicable law; or 
 (D) the Registrar receives the following: 
 (1) if the holder of
such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C attached hereto, including the
certifications in item (1)(a) thereof, or 
 (2) if the holder of such beneficial interest in a Restricted
Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B attached hereto,
including the certifications in item (4) thereof; 
 and, in each such case set forth in this subparagraph (D), if the
Company so requests or if the Applicable Procedures so require, an Opinion of Counsel to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private
Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 If any such transfer is
effected pursuant to subparagraph (B) and (D) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the
Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B) and (D) above. 

  
 45 

 Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred
to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note. 
 (c) Transfer or
Exchange of Beneficial Interests for Definitive Notes. 
 (i) Beneficial Interests in Restricted Global
Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note as permitted by this Indenture or to transfer such beneficial
interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such Holder in the form of
Exhibit C (including the certifications in item (2)(a) thereof) or Exhibit D attached hereto, respectively, and, if the Company shall so request if such exchange involves an Institutional Accredited Investor, an Opinion of Counsel; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a
certificate to the effect set forth in Exhibit B attached hereto, including the certifications in item (1) thereof; 
 (C) if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate to the effect set forth
in Exhibit B attached hereto, including the certifications in item (2) thereof; 
 (D) if such beneficial
interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate to the effect set forth in Exhibit B attached hereto, including the
certifications and opinion in item (3)(a) thereof; 
 (E) if such beneficial interest is being transferred
to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B attached hereto, including the certifications in item (3)(b) thereof; 

  
 46 

 (F) if such beneficial interest is being transferred to an Institutional
Accredited Investor, a certificate to the effect set forth in Exhibit D attached hereto, and, if the Company shall so request, an Opinion of Counsel; 
 (G) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B attached hereto, including
the certification in item 3(c) thereof, 
 the Trustee shall cause the aggregate principal amount of the applicable Global Note
to be reduced accordingly pursuant to Section 2.07(i) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any
Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.07(c)(i) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such
beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any
Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.07(c)(i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein.

 (ii) Beneficial Interests in Regulation S Temporary Global Note to Definitive Notes. Notwithstanding
Section 2.07(c)(i)(A) and (C) hereof, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior
to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, except in the case of a transfer pursuant to an exemption from the
registration requirements of the Securities Act other than Rule 903 or Rule 904. 
 (iii) Beneficial Interests
in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note as permitted by this Indenture or may transfer
such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note as permitted by this Indenture only if: 

  
 47 

 (A) such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and applicable law and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, provides the certifications required by the applicable Letter
of Transmittal and the Exchange Offer Registration Statement; 
 (B) such transfer is effected pursuant to the
Shelf Registration Statement in accordance with the Registration Rights Agreement and applicable law; 
 (C) such
transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement and applicable law; or 

(D) the Registrar receives the following: 

(1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest
for a Definitive Note that does not bear the Private Placement Legend, a certificate from such holder in the form of Exhibit C attached hereto, including the certifications in item (1)(b) thereof; or 

(2) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest
to a Person who shall take delivery thereof in the form of a Definitive Note that does not bear the Private Placement Legend, a certificate from such holder in the form of Exhibit B attached hereto, including the certifications in item
(4) thereof; 
 and, in each such case set forth in this subparagraph (D), if the Company so requests or if the Applicable
Procedures so require, an Opinion of Counsel to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act. 

  
 48 

 (iv) Beneficial Interests in Unrestricted Global Notes to Unrestricted
Definitive Notes. If any Holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note as permitted by this Indenture or to transfer such beneficial interest to a
Person who takes delivery thereof in the form of an Unrestricted Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.07(b)(ii) hereof, the Trustee shall cause the aggregate principal amount of the applicable Global
Note to be reduced accordingly pursuant to Section 2.07(i) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions an Unrestricted Definitive Note in the appropriate
principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.07(c)(iv) shall be registered in such name or names and in such authorized denomination or denominations as the Holder of such
beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any
Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.07(c)(iv) shall not bear the Private Placement Legend. 
 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 
 (i) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a
Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation:

 (A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest
in a Restricted Global Note or an IAI Global Note, a certificate from such Holder in the form of Exhibit C (including the certifications in item (2)(b) thereof) or Exhibit D attached hereto, respectively, and if the Company shall so request in
the case of an exchange for an interest in an IAI Global Note, an Opinion of Counsel; 
 (B) if such Restricted
Definitive Note is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a certificate to the effect set forth in Exhibit B attached hereto, including the certifications in item (1) thereof; 

  
 49 

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

(D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of
the Securities Act in accordance with Rule 144 under the Securities Act, a certificate to the effect set forth in Exhibit B attached hereto, including the certifications and opinion in item (3)(a) thereof; 

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

(F) if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor, a certificate to the
effect set forth in Exhibit D attached hereto, and, if the Company shall so request, an Opinion of Counsel; or 

(G) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the
Securities Act, a certificate to the effect set forth in Exhibit B attached hereto, including the certifications in item (3)(c) thereof, 
 the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note,
in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above, the Regulation S Global Note, in the case of clause (F) above, the IAI Global Note and in all other cases the 144A Global Note. 

(ii) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note
only if: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the
Registration Rights 

  
 50 

 
Agreement and applicable law and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, provides the certifications required by the applicable Letter of Transmittal
and the Exchange Offer Registration Statement; 
 (B) such transfer is effected pursuant to the Shelf
Registration Statement in accordance with the Registration Rights Agreement and applicable law; 
 (C) such
transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement and applicable law; or 

(D) the Registrar receives the following: 

(1) if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted
Global Note, a certificate from such Holder in the form of Exhibit C attached hereto, including the certifications in item (1)(c) thereof; or 
 (2) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate
from such Holder in the form of Exhibit B attached hereto, including the certifications in item (4) thereof; 
 and, in each
such case set forth in this subparagraph (D), if the Company so requests or if the Applicable Procedures so require, an Opinion of Counsel to the effect that such exchange or transfer is in compliance with the Securities Act and that the
restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.07(d)(ii), the Trustee shall cancel the Definitive Notes and increase or cause to be increased the aggregate
principal amount of the Unrestricted Global Note. 
 (iii) Unrestricted Definitive Notes to Beneficial
Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global 

  
 51 

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

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraph
(ii)(B), (ii)(D) or (iii) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate
one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.07(e),
the Registrar shall register the transfer or exchange of Definitive Notes for Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed
or accompanied by a written instruction of transfer in form satisfactory to the Registrar and the Company 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 2.07(e). 
 (i) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a
Restricted Definitive Note if the Registrar receives the following: 
 (A) if the transfer shall be made pursuant
to Rule 144A under the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B attached hereto, including the certifications in item (1) thereof; 

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

  
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 (C) if the transfer shall be made to an Institutional Accredited Investor,
then the transferor must deliver a certificate in the form of Exhibit D attached hereto, and if the Company shall so request, an Opinion of Counsel; and 
 (D) if the transfer shall be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B attached
hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 
 (ii) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a
Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 
 (A) such
exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and applicable law and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, provides the
certifications required by the applicable Letter of Transmittal and the Exchange Offer Registration Statement; 

(B) any such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights
Agreement and applicable law; 
 (C) any such transfer is effected by a Participating Broker-Dealer pursuant to
the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement and applicable law; or 
 (D) the Registrar receives the following: 
 (1) if the Holder of
such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C attached hereto, including the certifications in item (1)(d) thereof; or 

(2) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Note, a certificate from such 

  
 53 

 
Holder in the form of Exhibit B attached hereto, including the certifications in item (4) thereof; 
 and, in each such case set forth in this subparagraph (D), if the Company so requests, an Opinion of Counsel to the effect that such exchange or transfer is in compliance with the Securities Act and that
the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

(iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may
transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the
instructions from the Holder thereof. 
 (f) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with
the Registration Rights Agreement, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes and/or Unrestricted Definitive
Notes in an aggregate principal amount equal to the aggregate principal amount of the beneficial interests in the Restricted Global Notes, or the Restricted Definitive Notes, as the case may be, accepted for exchange in the Exchange Offer in
accordance with the Registration Rights Agreement and applicable law. Concurrently with the issuance of such Notes, the Trustee, the Custodian or the Depositary or its nominee, as the case may be, shall cause the aggregate principal amount of the
applicable Restricted Global Notes to be reduced accordingly. Any Notes that remain outstanding after the consummation of the Exchange Offer, and Exchange Notes issued in connection with the Exchange Offer, shall be treated as a single class of
securities under this Indenture. 
 (g) Legends. The following legends shall appear on the face of all Global Notes and
Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 
 (i) Private Placement Legend. Except as permitted below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in
substantially the following form: 

  
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 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH
SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION PERIOD”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR (OR SUCH SHORTER PERIOD THEN REQUIRED UNDER RULE 144 OR ITS SUCCESSOR RULE)] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER
THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF,
(B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE
IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS IN OFFSHORE TRANSACTIONS WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH THE LAWS APPLICABLE TO SUCH PURCHASER IN THE JURISDICTION
IN WHICH SUCH PURCHASE IS MADE, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a)(1), (2), (3) OR (7) OF RULE 501 OF REGULATION D UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL
ACCREDITED INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR 

  
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THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR
SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT
PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (C) OR (D) TO REQUIRE THE DELIVERY OF A DULY COMPLETED AND SIGNED CERTIFICATE (THE FORM OF WHICH MAY BE OBTAINED FROM THE TRUSTEE) AND PURSUANT TO CLAUSES (E) OR
(F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION PERIOD. 

Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraph (b)(iv), (c)(iii), (c)(iv), (d)(ii),
(d)(iii), (e)(ii), (e)(iii) or (f) to this Section 2.07 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend. 

(ii) Global Note Legend. Each Global Note shall bear a legend in substantially the following form: 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF
THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 

  
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 (h) Regulation S Temporary Global Note Legend. The Regulation S Temporary Global Note
shall bear a legend in substantially the following form: 
 EXCEPT AS SPECIFIED IN THE INDENTURE, BENEFICIAL OWNERSHIP INTERESTS
IN THIS REGULATION S TEMPORARY GLOBAL NOTE WILL NOT BE EXCHANGEABLE FOR INTERESTS IN THE REGULATION S PERMANENT GLOBAL NOTE OR ANY OTHER SECURITY REPRESENTING AN INTEREST IN THE SECURITIES REPRESENTED HEREBY WHICH DO NOT CONTAIN A LEGEND CONTAINING
RESTRICTIONS ON TRANSFER, UNTIL THE EXPIRATION OF THE “40 DAY DISTRIBUTION COMPLIANCE PERIOD” (WITHIN THE MEANING OF RULE 903(b)(3) OF REGULATION S UNDER THE SECURITIES ACT). DURING SUCH 40 DAY DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL
OWNERSHIP INTERESTS IN THIS REGULATION S TEMPORARY GLOBAL NOTE MAY ONLY BE SOLD, PLEDGED OR TRANSFERRED THROUGH EUROCLEAR BANK S.A./N.V., AS OPERATOR OF THE EUROCLEAR SYSTEM, OR CLEARSTREAM BANKING S.A. NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS
OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON. 
 (i) Cancellation
and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part,
each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.12 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a
Person who shall take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made
on such Global Note by the Trustee, or by the Custodian or the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who shall take delivery thereof in
the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee, or by the Custodian or the Depositary at the direction of the
Trustee to reflect such increase. 
 (j) General Provisions Relating to Transfers and Exchanges. 

  
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 (i) To permit registrations of transfers and exchanges, the Company shall
execute and the Trustee shall authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 

(ii) No service charge shall be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive
Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections 2.11, 3.06, and 9.05 hereof). 
 (iii)
The Registrar shall not be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

(iv) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or
Definitive Notes shall be the valid and legally binding obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of
transfer or exchange. 
 (v) Neither the Registrar nor the Company shall be required (A) to issue, to
register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of
selection, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (C) to register the transfer of or to exchange a Note
between a record date and the next succeeding interest payment date. 
 (vi) Prior to due presentment for the
registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on
such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
 (vii) The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof. 

  
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 (viii) All certifications, certificates and Opinions of Counsel required to
be submitted to the Trustee and/or the Company pursuant to this Section 2.07 to effect a registration of transfer or exchange may be submitted by facsimile with the original to follow by first class mail. 

(ix) The Trustee shall retain copies of all letters, notices and other written communications received pursuant to this
Section 2.07 (including all Notes received for transfer pursuant to Section 2.07). The Company shall have the right to require the Trustee to deliver to the Company, at the Company’s expense, copies of all such letters, notices or
other written communications at any reasonable time upon the giving of reasonable written notice to the Trustee. 

(x) In connection with any transfer of any Note, the Trustee and the Company shall be entitled to receive, shall be under
no duty to inquire into, may conclusively presume the correctness of, and shall be fully protected in relying upon the certificates, opinions and other information referred to herein (or in the forms provided herein, attached hereto or to the Notes,
or otherwise) received from any Holder and any transferee of any Note regarding the validity, legality and due authorization of any such transfer, the eligibility of the transferee to receive such Note and any other facts and circumstances related
to such transfer. 
 Section 2.08. Replacement Notes. (a) If any mutilated Note is surrendered to the Trustee or the
Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the
Trustee’s and the Company’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of (i) the Trustee to protect the Trustee and
(ii) the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note. 

(b) Every replacement Note is an additional obligation of the Company and shall be entitled to all of the benefits of this Indenture
equally and proportionately with all other Notes duly issued hereunder. 
 Section 2.09. Outstanding Notes. The Notes
outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the
provisions hereof, and those described in this Section 2.09 as not outstanding. Except as set forth in Section 

  
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2.10 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note. 
 (a) If a Note is replaced pursuant to Section 2.08 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser.

 (b) If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and
interest on it ceases to accrue. 
 (c) If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any of the
foregoing) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 

Section 2.10. Treasury Notes. In determining whether the Holders of the required principal amount of Notes have concurred in any
direction, waiver or consent, Notes owned by the Company, or by any Affiliate of the Company, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such
direction, waiver or consent, only Notes that a Responsible Officer of the Trustee knows are so owned shall be so disregarded. 

Section 2.11. Temporary Notes. (a) Until certificates representing Notes are ready for delivery, the Company may prepare and
the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Company considers appropriate for temporary Notes.
Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. 
 (b) Holders of temporary Notes shall be entitled to all of the benefits of this Indenture. 
 Section 2.12. Cancellation. The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for
registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of canceled Notes in accordance with its
procedures for the disposition of canceled securities in effect as of the date of such disposition (subject to the record retention requirement of the Exchange Act and the Trustee). Certification of the cancellation of all canceled Notes shall be
delivered to the Company upon 

  
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written request. The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 

Section 2.13. Defaulted Interest. If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted
interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof.
The Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company shall fix or cause to be fixed each such special record date and payment date,
provided that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the
Trustee in the name and at the expense of the Company) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 

Section 2.14. CUSIP Numbers. The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and,
if so, the Trustee shall use such “CUSIP” and “ISIN” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such
numbers either as printed on the Notes or as contained in any notice of a redemption, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any change
in the “CUSIP” or “ISIN” numbers. 
 ARTICLE 3 

REDEMPTION AND PREPAYMENT 

Section 3.01. Notices to Trustee. If the Company elects to redeem Notes pursuant to the optional redemption provisions of
Section 3.07 hereof, it shall furnish to the Trustee, at least 30 days (unless a shorter notice shall be satisfactory to the Trustee) but not more than 60 days before a redemption date, an Officers’ Certificate setting forth (i) the
clause of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed and (iv) the redemption price. 

Section 3.02. Selection of Notes To Be Redeemed. (a) If less than all of the outstanding Notes are to be redeemed at any
time, the Trustee shall select the Notes to be redeemed among the Holders of the Notes in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed (if such listing is known to the Trustee)
or, if the Notes are not so 

  
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listed (or if such listing is not known to the Trustee), on a pro rata basis, by lot or by such other method as the Trustee will deem fair and appropriate. In the event of partial
redemption by lot, the particular Notes to be redeemed shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes not previously called for
redemption. 
 (b) The Trustee shall promptly notify the Company in writing of the Notes selected for redemption and, in the
case of any Note selected for partial redemption, the principal amount at maturity thereof to be redeemed. No Notes in amounts of $2,000 or less shall be redeemed in part. Notes and portions of Notes selected shall be in amounts of $2,000 or
integral multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $2,000 or integral multiple of $1,000 in excess
thereof, shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 

Section 3.03. Notice of Redemption. (a) At least 30 days but not more than 60 days before a redemption date, the Company
shall mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed, at its registered address. The notice shall identify the Notes to be redeemed and shall state: 

(i) the redemption date; 
 (ii) the redemption price; 
 (iii) if any Note is being redeemed in
part, the portion of the principal amount of such Note to be redeemed and that, after the redemption date and upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the original Note shall be issued
in the name of the Holder thereof upon cancellation of the original Note; 
 (iv) the name and address of the
Paying Agent; 
 (v) that Notes called for redemption must be surrendered to the Paying Agent to collect the
redemption price and become due on the date fixed for redemption; 

  
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 (vi) that, unless the Company fails to deposit the redemption amount,
interest and Additional Interest, if any, on Notes called for redemption ceases to accrue on and after the redemption date; 
 (vii) the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and 

(viii) that no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, if any, listed in
such notice or printed on the Notes. 
 (b) At the Company’s request, the Trustee shall give the notice of redemption in
the Company’s name and at its expense; provided, however, that the Company shall have delivered to the Trustee, at least 45 days (unless a shorter notice shall be satisfactory to the Trustee) prior to the redemption date, an
Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in Section 3.03(a) hereof. The notice, if mailed in the manner provided herein, shall be presumed
to have been given, whether or not the Holder receives such notice. 
 (c) The notice if mailed in the manner herein provided
shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Note designated for redemption as a whole or in part
shall not affect the validity of the proceedings for the redemption of any other Note. 
 Section 3.04. Effect of Notice of
Redemption. Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. The Company may provide in any redemption
notice that payment of such redemption price and performance of the Company’s obligations with respect to such redemption may be performed by another Person. Any such redemption or notice may, at the Company’s discretion, be subject to the
satisfaction of one or more conditions precedent, including but not limited to the occurrence of a Change of Control. 
 Section
3.05. Deposit of Redemption Price. (a) By 11:00 a.m. Eastern Time on the redemption date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption price of and accrued interest and
Additional Interest, if any, on all Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess

  
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of the amounts necessary to pay the redemption price of, and accrued interest on, all Notes to be redeemed. 
 (b) If the Company complies with Section 3.05(a) hereof, on and after the redemption date, interest and Additional Interest, if any, shall cease to accrue on the Notes or the portions of Notes called
for redemption. If a Note is redeemed on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of
business on such record date. If any Note called for redemption shall not be so paid upon surrender for redemption on the redemption date because of the failure of the Company to comply with Section 3.05(a) hereof, interest and Additional
Interest, if any, shall continue to accrue on the unpaid principal of such Note or the portions thereof called for redemption from the redemption date until such principal is paid. 

Section 3.06. Notes Redeemed in Part. Upon surrender of a Note that is redeemed in part, the Company shall issue and the Trustee
shall authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed portion of the Note surrendered. No Notes in denominations of $2,000 or less shall be redeemed in part. 

Section 3.07. Optional Redemption. (a) At any time and from time to time prior to May 15, 2014, the Company may, at its
option, redeem up to 35% of the aggregate principal amount of Notes issued under this Indenture (including any Additional Notes) at a redemption price of 110.25% of the principal amount thereof, plus accrued and unpaid interest and Additional
Interest, if any, thereon to the date of redemption, with net cash proceeds of one or more Equity Offerings (or an amount of funds equal thereto) at least equal to the principal amount of Notes so redeemed (the “Redemption Amount”);
provided that: 
 (i) at least 65% of the aggregate principal amount of Notes issued under this Indenture
(including any Additional Notes) remains outstanding immediately after the occurrence of such redemption; and 

(ii) the redemption must occur within 90 days of the date of the closing of such Equity Offering. 

(b) At any time and from time to time prior to May 15, 2015, the Company may, at its option, redeem all or part of the Notes at a
redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) the Applicable Premium as of the date of redemption, plus (iii) accrued and unpaid interest and Additional Interest, if any, thereon to the date
of redemption. 

  
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 (c) Except pursuant to Sections 3.07(a) and (b) hereof, the Notes shall not be
redeemable at the Company’s option prior to May 15, 2015. 
 (d) On or after May 15, 2015, the Company may redeem
all or a part of the Notes at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and Additional Interest, if any, thereon, to the applicable redemption date, if redeemed during each
twelve-month period beginning on May 15 of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2015
	  	 	105.125	% 
	 2016
	  	 	102.563	% 
	 2017 and thereafter
	  	 	100.00	% 

 (e) Any redemption
pursuant to this Section 3.07 shall be subject to the rights of Holders of the Notes on the relevant record date to receive interest and Additional Interest, if any, due on the relevant interest payment date. 

(f) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.

 Section 3.08. Mandatory Redemption. The Company shall not be required to make mandatory redemption or sinking fund
payments with respect to the Notes. 
 ARTICLE 4 
 COVENANTS 
 Section 4.01. Payment of Notes. (a) The
Company shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying
Agent, if other than the Company or one of its Subsidiaries, holds as of 11:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any,
and interest then due. The Company shall pay all Additional Interest, if any, in the same manner on the dates and in the amounts set forth in the Registration Rights Agreement. 

(b) The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at
the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay 

  
 65 

 
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest, and Additional Interest (without regard to any applicable grace
period), at the same rate to the extent lawful. 
 Section 4.02. Maintenance of Office or Agency. (a) The Company
shall maintain one or more offices or agencies designated by it (which may be an office of the Trustee or an agent of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where
notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company shall give prompt written notice to the Trustee of any such designation or rescission of any such designation, and the location, and any
change in the location, of such office or agency (other than the designation and location specified in Section 4.02(b) hereof). If at any time the Company 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. 
 (b) The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.04 hereof. 

Section 4.03. Reports. (a) Whether or not the Company is then subject to Section 13(a) or 15(d) of the Exchange Act, the
Company will electronically file with the Commission, so long as the Notes are outstanding, the annual reports, quarterly reports and other periodic reports that it would be required to file with the Commission pursuant to such Section 13(a) or
15(d) if the Company were so subject, and such documents will be filed with the Commission on or prior to the respective dates (the “Required Filing Dates”) by which the Company would be required so to file such documents if it were
so subject, unless, in any case, such filings are not then permitted by the Commission. 
 (b) If the filings with the
Commission referred to in Section 4.03(a) are not then permitted by the Commission, or are not generally available on the Internet free of charge, the Company will, without charge to the Holders, within 15 days of each Required Filing Date,
transmit by mail to Holders, as their names and addresses appear in the Note register, and file with the Trustee copies of the annual reports, quarterly reports and other periodic reports that the Company would be required to file with the
Commission pursuant to Section 13(a) or 15(d) of the Exchange Act if it were subject to such Section 13(a) or 15(d) and, promptly upon written request, supply copies of such documents to any prospective holder or beneficial owner at the
Company’s cost. 
 (c) If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries, then the
quarterly and annual financial information 

  
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required by this Section 4.03 shall include a reasonably detailed presentation (as determined in good faith by the Company) in “Management’s discussion and analysis of financial
condition and results of operations” or other comparable section, of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the
Unrestricted Subsidiaries of the Company. 
 (d) In addition, for so long as any Notes are outstanding and remain restricted
under Rule 144, the Company will make available upon request to any prospective purchaser of Notes or beneficial owner of Notes in connection with any sale thereof the information required by Rule 144A(d)(4) under the Securities Act. 

(e) Notwithstanding anything herein to the contrary, the Company will not be deemed to have failed to comply with any of its obligations
hereunder for purposes of Section 6.01(d) until 60 days after the date any report hereunder is due. 
 (f) To the extent
any information is not provided within the time periods specified in this Section 4.03 and such information is subsequently provided, the Company will be deemed to have satisfied its obligations with respect thereto at such time and any Default
with respect to shall be deemed to have been cured; provided that such cure shall not otherwise affect the rights of the Holders under Article 6 if Holders of at least 25% in principal amount of the then total outstanding Notes have declared the
principal, premium, if any, interest, including Additional Interest, if any, and any other monetary obligations on all the then outstanding Notes to be due and payable immediately and such declaration shall not have been rescinded or canceled prior
to such cure. 
 Section 4.04. Compliance Certificate. (a) The Company and each Guarantor (to the extent that such
Guarantor is so required under the TIA) shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding
fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer
signing such certificate, that to the best of his or her knowledge, the Company has kept, observed, performed and fulfilled its obligations under this Indenture and is not in default in the performance or observance of any of the terms, provisions
and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with
respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of 

  
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which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking or
proposes to take with respect thereto. 
 (b) The Company shall, so long as any of the Notes are outstanding, deliver to the
Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto.

 Section 4.05. [Reserved]. 
 Section 4.06. Stay, Extension and Usury Laws. The Company and each of the Guarantors covenant (to the extent that they may lawfully do so) that they shall not at any time insist upon, plead, or in
any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and each
of the Guarantors (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant that they shall not, by resort to any such law, 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 has been enacted. 

Section 4.07. Liens. The Company shall not, and shall not permit any of its Restricted Subsidiaries to, create, incur, assume or
otherwise cause or suffer to exist or become effective any Lien of any kind securing Indebtedness of the Company or any Guarantor (other than Permitted Liens) upon any of their property or assets, now owned or hereafter acquired (the
“Initial Lien”), unless all payments due under this Indenture and the Notes or, in respect of Liens on any Restricted Subsidiary’s property or assets, any Note Guarantee of such Restricted Subsidiary, are secured on an equal
and ratable basis with the obligations so secured (or, in the case of Subordinated Indebtedness, prior or senior thereto). Any such Lien thereby created in favor of the Notes or any Note Guarantee shall be automatically and unconditionally released
and discharged (a) upon the release and discharge of the Initial Lien to which it relates, (b) in the case of any such Lien in favor of any Note Guarantee, upon the termination and discharge of such Note Guarantee pursuant to
Section 11.04 hereof or (c) with respect to the property or assets sold, exchanged or transferred, upon any sale, exchange or transfer to any Person not an Affiliate of the Company of the property or assets secured by such Initial Lien or
of all of the Capital Stock held by the Company or any Restricted Subsidiary in, any Restricted Subsidiary creating such Initial Lien, in each case in accordance with the provisions of this Indenture. 

  
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 Section 4.08. Offer To Repurchase upon a Change of Control. (a) If a Change of
Control occurs, each Holder of Notes shall have the right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes pursuant to an offer (a “Change
of Control Offer”) on the terms set forth in this Indenture; provided that the Company shall not be obligated to repurchase Notes in the event that it has exercised its right to redeem all of the Notes pursuant to Section 3.07
hereof. In the Change of Control Offer, the Company shall offer payment (a “Change of Control Payment”) in cash equal to not less than 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest and
Additional Interest, if any, thereon, to the date of repurchase (the “Change of Control Payment Date,” which date shall be no earlier than the date of such Change of Control). No later than 30 days following any Change of Control,
the Company shall mail a notice to each Holder describing the transaction or transactions that constitute the Change of Control and offering to repurchase Notes on the Change of Control Payment Date specified in such notice, which date shall be no
earlier than 30 days and no later than 60 days from the date such notice is mailed, pursuant to the procedures required by this Indenture and described in such notice. If such notice is mailed prior to the occurrence of such Change of Control, such
notice shall state that such offer is conditioned on such occurrence. 
 (b) On the Change of Control Payment Date, the Company
shall, to the extent lawful: 
 (i) accept for payment all Notes or portions thereof properly tendered pursuant
to the Change of Control Offer; provided that no Note will be repurchased in part if less than $2,000 in principal amount of such Note would be left outstanding; provided further that if all the Notes of a Holder are to be repurchased,
the entire outstanding amount of the Notes held by such Holder, even if not a multiple of $1,000, shall be repurchased; 
 (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof so tendered; and 

(iii) deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officers’ Certificate
stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. 
 (c) The Paying Agent
shall promptly mail or wire transfer to each Holder of Notes so tendered the Change of Control Payment for such Notes, and the Trustee shall promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in
principal amount to any 

  
 69 

 
unpurchased portion of the Notes surrendered, if any; provided that each such new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

 (d) Notwithstanding anything to the contrary in this Section 4.08, the Company shall not be required to make a Change of
Control Offer upon a Change of Control 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 and all other provisions of this Indenture
applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. 
 (e) In the event that, pursuant to this Section 4.08 or Section 4.09 hereof, the Company shall be required to commence an offer to all Holders to purchase their respective Notes (a
“Repurchase Offer”), it shall follow the procedures specified below. 
 The Repurchase Offer shall remain open
for a period of 30 Business Days following its commencement and no longer, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than five Business Days after the termination of the
Offer Period (the “Purchase Date”), the Company shall purchase the principal amount of Notes required to be purchased pursuant to this Section 4.08 or Section 4.09 hereof, as applicable, (the “Offer
Amount”) or, if less than the Offer Amount has been tendered, all Notes tendered in response to the Repurchase Offer. Payment for any Notes so purchased shall be made in the same manner as interest payments are made. 

If the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid
interest shall be paid to the Person in whose name a Note is registered at the close of business on such record date, and no Additional Interest shall be payable to Holders who tender Notes pursuant to the Repurchase Offer. 

Upon the commencement of a Repurchase Offer, the Company shall send, by first class mail, a notice to the Trustee and to each of the
Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Repurchase Offer. 
 The Repurchase Offer shall be made to all Holders. The notice, which shall govern the terms of the Repurchase Offer, shall state: 

(i) that the Repurchase Offer is being made pursuant to this Section 4.08 or Section 4.09, as applicable, and
the length of time the Repurchase Offer shall remain open; 

  
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 (ii) the Offer Amount, the purchase price and the Purchase Date; 

(iii) that any Note not tendered or accepted for payment shall continue to accrete or accrue interest and Additional
Interest, if any; 
 (iv) that, unless the Company defaults in making such payment, any Note (or portion thereof)
accepted for payment pursuant to the Repurchase Offer shall cease to accrete or accrue interest and Additional Interest, if any, on and after the Purchase Date; 
 (v) that Holders electing to have a Note purchased pursuant to a Repurchase Offer may elect to have Notes purchased in a minimum amount of $2,000 and integral multiples of $1,000 in excess thereof only;
provided that if all the Notes of a Holder are to be repurchased, the entire outstanding amount of the Notes held by such Holder, even if not a multiple of $1,000, may be repurchased; 

(vi) that Holders electing to have a Note purchased pursuant to any Repurchase Offer shall be required to surrender the
Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry transfer, to the Company, a depositary, if appointed by the Company, or a Paying Agent at the address
specified in the notice at least three days before the Purchase Date; 
 (vii) that Holders shall be entitled to
withdraw their election if the Company, the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder,
the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 
 (viii) that, if the aggregate amount of Notes surrendered by Holders exceeds the Offer Amount, the Trustee shall select the Notes to be purchased in accordance with the terms of this Section 4.08(e),
as applicable to this Section 4.08 or Section 4.09 (with such adjustments as may be deemed appropriate by the Trustee so that only Notes in denominations of $2,000, or an integral multiple of $1,000 in excess thereof, shall be purchased,
subject to the proviso in clause (v) above); and 
 (ix) that Holders whose Notes were purchased only in
part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 

  
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 On the Purchase Date, the Company shall, to the extent lawful, accept for payment on a pro
rata basis to the extent necessary, the Offer Amount of Notes (or portions thereof) tendered pursuant to the Repurchase Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and shall deliver to the Trustee an Officers’
Certificate stating that such Notes (or portions thereof) were accepted for payment by the Company in accordance with the terms of this Section 4.08 or Section 4.09, as applicable. If less than all of the outstanding Notes are to be
repurchased, the Trustee shall select the Notes to be repurchased among the Holders of the Notes in compliance with the requirements of the principal national securities exchange (if such listing is known to the Trustee), if any, on which the Notes
are listed or, if the Notes are not so listed, on a pro rata basis, by lot or in accordance with any other method the Trustee considers fair and appropriate. The Company, the Depositary or the Paying Agent, as the case may be, shall promptly (but in
any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of Notes tendered by such Holder, as the case may be, and accepted by the Company for purchase, and the Company
shall promptly issue a new Note. The Trustee, upon written request from the Company, shall authenticate and mail or deliver such new Note to such Holder, in a principal amount at maturity equal to any unpurchased portion of the Note surrendered. Any
Note not so accepted shall be promptly mailed or delivered by the Company to the respective Holder thereof. The Company shall publicly announce the results of the Repurchase Offer on the Purchase Date. The Company shall comply with the requirements
of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to a Repurchase Offer. To the extent that
the provisions of any securities laws or regulations conflict with the provisions of this Section 4.08 or Section 4.09, as applicable, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to
have breached its obligations under this Section 4.08 or Section 4.09, as applicable, by virtue of such compliance. 

Section 4.09. Offer To Repurchase upon an Asset Sale. (a) The Company shall not, and shall not permit any of its Restricted
Subsidiaries to, consummate an Asset Sale unless: 
 (i) the Company (or the Restricted Subsidiary, as the case
may be) receives consideration at the time of such Asset Sale at least equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and 

(ii) at least 75% of the consideration therefor received by the Company or such Restricted Subsidiary is in the form of
cash, Cash Equivalents or Replacement Assets or a combination thereof. For 

  
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purposes of this provision, each of the following shall be deemed to be cash: 
 (A) any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet) of the Company or any Restricted Subsidiary (other than Contingent Liabilities,
Indebtedness that is by its express terms subordinated in right of payment to the Notes or any Note Guarantee and liabilities to the extent owed to the Company or any Restricted Subsidiary of the Company) (i) that are assumed by the transferee
of any such assets or Equity Interests pursuant to a written agreement that releases the Company or such Restricted Subsidiary from further liability therefor or (ii) in respect of which the Company or such Restricted Subsidiary has no
obligation following such Asset Sale; 
 (B) any securities, notes or other obligations received by the Company
or any such Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into cash (to the extent of the cash received in that conversion) within 90 days following the closing of such Asset Sale; and

 (C) any Designated Non-cash Consideration received by the Company or any such Restricted Subsidiary in such
Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (C) that is at that time outstanding and any then outstanding Investments made pursuant to clause
(n) of the definition of Permitted Investments, not to exceed the greater of (x) $35,000,000 and (y) 8% of Total Assets at the time of the receipt of such Designated Non-cash Consideration, with the Fair Market Value of each item of
Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value. 

(b) Within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Company or its Restricted Subsidiaries may apply an
amount equal to all or part of the amount of such Net Proceeds at its option: 
 (i) to repay Secured Debt of the
Company or a Guarantor or any Indebtedness of a Restricted Subsidiary that is not a Guarantor (with a corresponding commitment reduction, in the case of revolving credit 

  
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Indebtedness), in each case owing to a Person other than Company or any Restricted Subsidiary; or 
 (ii) to (A) make capital expenditures or (B) purchase Replacement Assets (or enter into a binding agreement to purchase any such Replacement Assets; provided that (x) such purchase
is consummated within 60 days after the date of such binding agreement and (y) if such purchase is not consummated within the period set forth in subclause (x), the Net Proceeds not so applied shall be deemed to be Excess Proceeds (as defined
below)). 
 (c) Pending the final application of an amount equal to the amount of any such Net Proceeds (such equal amount, the
“Net Proceeds Amount”), the Company may temporarily reduce revolving credit borrowings or otherwise invest or apply such Net Proceeds in any manner that is not prohibited by this Indenture. 

(d) On the 366th day after the receipt of any Net Proceeds from an Asset Sale (or, in the event that a binding agreement has been entered
into pursuant to Section 4.09(b)(ii) hereof, the later date of expiration of the 60-day period set forth in Section 4.09(b)(ii) hereof) or such earlier date, if any, as the Company determines not to apply any portion of the Net Proceeds
Amount relating to such Asset Sale as set forth in Section 4.09(b) hereof (each such date being referred as an “Excess Proceeds Trigger Date”), such aggregate Net Proceeds Amount that has not been applied on or before the
Excess Proceeds Trigger Date as permitted in Section 4.09(b) hereof (“Excess Proceeds”) shall be applied by the Company or a Restricted Subsidiary to make an offer (an “Asset Sale Offer”) to all Holders of
Notes and (to the extent the Company elects) all holders of other Indebtedness that is pari passu with the Notes or any Note Guarantee, to purchase the maximum principal amount of Notes and such other pari passu Indebtedness that may
be purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer shall be equal to 100% of the principal amount of the Notes and such other pari passu Indebtedness plus accrued and unpaid interest and Additional Interest, if
any, to the date of purchase, and shall be payable in cash. 
 (e) The Company may defer the Asset Sale Offer until there are
aggregate unutilized Excess Proceeds equal to or in excess of $10,000,000 resulting from one or more Asset Sales, at which time the entire unutilized amount of Excess Proceeds (not only the amount in excess of $10,000,000) shall be applied as
provided in Section 4.09(d) hereof. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use such Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount
of Notes and such other pari passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the 

  
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Notes and such other pari passu Indebtedness shall be purchased on a pro rata basis based on the principal amount of Notes and such other pari passu Indebtedness tendered provided
the authorized denominations of the Notes are preserved. No Note shall be repurchased in part if less than $2,000 in principal amount of such Note would be left outstanding. Upon completion of each Asset Sale Offer, the Excess Proceeds subject to
such Asset Sale Offer shall no longer be deemed to be Excess Proceeds. 
 (f) The Company shall comply with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the
provisions of any securities laws or regulations conflict with the Asset Sales provisions of this Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under
the Asset Sale provisions of this Indenture by virtue of such compliance. 
 Section 4.10. Restricted Payments.
(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: 
 (i) declare or pay (without duplication) any dividend or make any other payment or distribution on account of the Company’s or any of its Restricted Subsidiaries’ Equity Interests (including,
without limitation, any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Company’s or any of its Restricted Subsidiaries’ Equity
Interests in their capacity as such (other than dividends, payments or distributions (x) payable in Equity Interests (other than Disqualified Stock) of the Company or (y) to the Company or a Restricted Subsidiary of the Company);

 (ii) purchase, redeem or otherwise acquire or retire for value (including, without limitation, in connection
with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) any Equity Interests of the Company held by Persons other than the Company or any of its Restricted Subsidiaries; 

(iii) make any principal payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for
value any Subordinated Debt of the Company or any Guarantor (or issue any irrevocable notice of redemption with respect thereto) that is held by Persons other than the Company or any of its Restricted Subsidiaries, except (A) a payment of
principal at the Stated Maturity thereof (including 

  
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any scheduled sinking fund payment, scheduled principal payment or payment at final maturity) or (B) the purchase, redemption, defeasance or other acquisition or retirement of any such
Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such purchase, redemption, defeasance or other acquisition or retirement; or 

(iv) make any Restricted Investment (all such payments and other actions set forth in clauses (i) through
(iv) above being collectively referred to as “Restricted Payments”), 
 unless, at the time of and after giving effect to
such Restricted Payment: 
 (A) no Default or Event of Default shall have occurred and be continuing or would
occur as a consequence thereof; 
 (B) the Company would have been permitted to Incur at least $1.00 of
additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.11(a) hereof; and 
 (C) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted Subsidiaries after the Issue Date (excluding Restricted Payments
permitted by clauses (ii) through (vi), (viii) through (x) and (xi) (which shall be included therein only to the extent of one half of the amounts paid pursuant to such clause (xi) and only to the extent Consolidated Net
Income is not reduced by such amounts) of Section 4.10(b) hereof), is less than the sum, without duplication, of: 
 (1) 50% of the Consolidated Net Income of the Company for the period (taken as one accounting period) from the beginning of the first fiscal quarter commencing after the Issue Date to the end of the
Company’s most recently ended fiscal quarter for which consolidated financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit), plus

 (2) 100% of the aggregate net cash proceeds and the Fair Market Value of assets (other than cash) received by
the Company since the Issue Date as a 

  
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contribution to its common equity capital or from the issue or sale of Equity Interests (other than Disqualified Stock) of the Company or from the Incurrence of Indebtedness of the Company that
has been converted into or exchanged for such Equity Interests (other than Equity Interests sold to, or Indebtedness held by, a Subsidiary of the Company), plus 

(3) with respect to Restricted Investments made by the Company and its Restricted Subsidiaries after the Issue Date, an
amount equal to the net reduction in such Restricted Investments in any Person resulting (x) from repayments of loans or advances, or other transfers of assets or returns of capital, in each case to the Company or any Restricted Subsidiary or
from the net cash proceeds and Fair Market Value of assets (other than cash) received from the sale or other disposition of any such Restricted Investment (except, in each case, to the extent any such payment or proceeds are (at the Company’s
option) included in the calculation of Consolidated Net Income for the purposes of clause (C)(1) above or applied to reduce the amount of Investments made pursuant to Section 4.10(b)(xiv) hereof pursuant to the last paragraph of the
definition of Investments in Article 1 hereof), (y) from the release of any Guarantee (except to the extent any amounts are paid under such Guarantee) or (z) from redesignations of Unrestricted Subsidiaries as Restricted Subsidiaries, not
to exceed, in each case, the amount of Restricted Investments previously made by the Company or any Restricted Subsidiary in such Person after the Issue Date. 
 (b) The preceding provisions shall not prohibit, so long as, in the case of clauses (vii) and (xiv) below, no Default has occurred and is continuing or would be caused thereby, any of the
following (each, a “Permitted Payment”): 
 (i) the payment of any dividend within 60 days after
the date of declaration thereof, if at said date of declaration such payment would have complied with the provisions of this Indenture and/or any purchase, redemption, defeasance or other acquisition of Subordinated Debt within 60 days after giving
irrevocable notice thereof, if at said date of giving notice such purchase, redemption, defeasance or other acquisition would have complied with the provisions of this Indenture; 

  
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 (ii) the payment of any dividend or making of any other payment or
distribution by a Restricted Subsidiary of the Company to holders of any series of its Equity Interests on a pro rata basis (or, in the case of holders other than the Company and its Restricted Subsidiaries, on no more than a pro rata basis, and in
the case of the Company and its Restricted Subsidiaries, on at least a pro rata basis), measured by value; 

(iii) the purchase, redemption, defeasance or other acquisition or retirement of any subordinated Indebtedness of the
Company or any Guarantor or of any Equity Interests of the Company or any Restricted Subsidiary in exchange for, or out of the net cash proceeds of a contribution to the common equity of the Company or a substantially concurrent sale (other than to
a Subsidiary of the Company) of, Equity Interests (other than Disqualified Stock) of the Company; provided that the amount of any such net cash proceeds that are utilized for any such purchase, redemption, defeasance or other acquisition or
retirement shall be excluded from Section 4.10(a)(C)(2) hereof; 
 (iv) the purchase, redemption, defeasance
or other acquisition or retirement of Indebtedness subordinated to the Notes or the Note Guarantees with the net cash proceeds from an Incurrence of Permitted Refinancing Indebtedness; 

(v) Investments acquired as a capital contribution to the Company, or in exchange for, or out of the net cash proceeds of
a substantially concurrent sale (other than to a Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock) or any Parent; provided that the amount of any such net cash proceeds that are utilized for any
such acquisition or exchange shall be excluded from Section 4.10(a)(C)(2) hereof; 
 (vi) the purchase of
Equity Interests deemed to occur upon the exercise of options or warrants to the extent that such Equity Interests represent all or a portion of the exercise price thereof or taxes due in connection with such exercise; 

(vii) the purchase, redemption or other acquisition or retirement for value of any Equity Interests of the Company or any
Parent held by any current or former employee, officer or director of the Company or any of its Subsidiaries or any other Management Investor, including pursuant to the terms of any employment agreement, employee equity subscription agreement, stock
option agreement or similar agreement or otherwise, and any loan, advance, dividend or distribution by the Company or any Restricted Subsidiary to any Parent to permit any Parent to make any such

  
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purchase, redemption or other acquisition or retirement for value; provided that the aggregate price paid for all such purchased, redeemed, acquired or retired Equity Interests in any
calendar year shall not exceed $5,000,000 in any calendar year, with unused amounts in any calendar year being carried over to succeeding calendar years (which amount shall be increased by the amount of any cash proceeds received by the Company
after the Issue Date to the extent not already applied in any prior calendar year to make repurchases pursuant to this clause (vii) from, or as a contribution to its capital from, (x) sales of Equity Interests (other than Disqualified
Stock of the Company) to Management Investors to the extent the cash proceeds have not otherwise been applied to the payment of Restricted Payments by virtue of Section 4.10(a)(C)(2) hereof and (y) any “key man” life insurance
policies); 
 (viii) dividends on Preferred Stock of a Restricted Subsidiary of the Company or on Disqualified
Stock of the Company or its Restricted Subsidiaries issued in accordance with Section 4.11 hereof to the extent such dividends are included in the definition of Fixed Charges; 

(ix) any Restricted Payment in an aggregate amount not to exceed $142,426,000 made at any time within 90 days after the
Issue Date in order to fund or pay expenses related to the Recapitalization; 
 (x) the payment of dividends or
making of other payments or distributions by the Company to holders of its Equity Interests for so long as the Company is a member of a consolidated, combined or unitary income tax group of which it is not the common parent, in amounts required to
pay Federal, state, local and foreign income tax obligations imposed to the extent such income taxes are attributable to the income of the Company and its Subsidiaries; provided, however, in each case the amount of such payments in respect of
any Tax Period does not exceed the amount that the Company and its Subsidiaries would have been required to pay in respect of Federal, state, local and foreign income taxes in respect of such Tax Period determined using the Assumed Tax Rate as if
the Company and its Subsidiaries filed separate income tax returns on a separate company basis; 
 (xi) without
duplication as to amounts dividended or distributed pursuant to Section 4.10(b)(x) hereof, loans, advances, dividends or distributions to any Parent or other payments by the Company or any of its Restricted Subsidiaries to pay or permit any
Parent to pay Parent Expenses, but not to pay or fund expenses related to the Recapitalization; 

  
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 (xii) any principal payment on or with respect to any Indebtedness of the
Company or any Guarantor that is expressly subordinated in right of payment to the Notes or any Note Guarantee (x) made from Net Proceeds to the extent permitted by Section 4.09 hereof and (y) following the occurrence of a Change of
Control (or other similar event described therein as a “change of control”), but only if the Company shall have complied with Section 4.08 hereof and, if required, purchased all Notes tendered pursuant to the offer to repurchase all
the Notes required thereby, prior to repaying any such Indebtedness; 
 (xiii) Restricted Payments by the Company
to any direct or indirect parent entity to finance any Investment permitted to be made pursuant to this Section 4.10; provided that (i) such Restricted Payment shall be made concurrently with the closing of such Investment (and no
earlier than one (1) Business Day prior to the closing of such Investment), (ii) such direct or indirect parent entity shall, immediately following the closing thereof, cause (a) all property acquired (whether assets or Capital Stock)
to be contributed to the Company or a Restricted Subsidiary or (b) the merger, amalgamation, consolidation or sale of all or substantially all assets (to the extent permitted pursuant to Section 5.01 hereof) of the Person formed or
acquired into the Company or a Restricted Subsidiary in order to consummate such acquisition or Investment and (iii) such Investment is treated as a Permitted Investment, if such Investment so qualifies pursuant to the definition thereof, or
otherwise as a Restricted Investment; 
 (xiv) other Restricted Payments in an aggregate amount (net of amounts
reducing the amount of any Investment made pursuant to this Section 4.10(b)(xiv) in accordance with the last paragraph of the definition of Investments in Article 1 hereof) not to exceed $20,000,000; or 

(xv) so long as no Event of Default shall have occurred and be continuing, payments of dividends to Holdings to fund
interest payments (including additional interest pursuant to the applicable registration rights agreement), at their Stated Maturity, on the Holdings PIK Toggle Notes outstanding at the Issue Date, at the rate specified in such Holdings PIK Toggle
Notes as in effect on the Issue Date, but only to the extent that such interest payments are required to be paid in cash pursuant to the terms of the Holdings PIK Toggle Notes as in effect on the Issue Date. 

(c) The amount of all Restricted Payments (other than cash) shall be the Fair Market Value on the date of the Restricted Payment of the
asset(s) or securities proposed to be transferred or issued to or by the Company or such Subsidiary, as the case may be, pursuant to the Restricted Payment. Not later than 

  
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30 days after the date of making any Restricted Payment (other than a Permitted Payment), which alone or combined with all other Restricted Payments with respect to which the Company has not
previously delivered a certification pursuant to this Section 4.10(c) have an aggregate Fair Market Value in excess of $7,500,000, the Company shall deliver to the Trustee an Officers’ Certificate stating that such Restricted Payment is
permitted and setting forth the basis upon which the calculations required by this Section 4.10 were made, together with a copy of any opinion or appraisal required by this Indenture. 

Section 4.11. Incurrence of Indebtedness. (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries
to, directly or indirectly, Incur any Indebtedness; provided, however, that the Company or any Guarantor may Incur Indebtedness, if the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which
consolidated financial statements are available immediately preceding the date on which such Indebtedness is Incurred would have been at least 2.0 to 1, determined on a pro forma basis (including a pro forma application of the net proceeds
therefrom), as if the Indebtedness had been Incurred at the beginning of such four-quarter period. 
 (b) Section 4.11(a)
hereof shall not prohibit the Incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”): 
 (i) Indebtedness of the Company or any of its Restricted Subsidiaries under Credit Facilities (including, without limitation, the Incurrence of Guarantees thereof) in an aggregate principal amount (or
face amount in the case of letters of credit) at any one time outstanding pursuant to this Section 4.11(b)(i) not to exceed $450,000,000 (on and after the Issue Date) plus an incremental facility of up to $25,000,000 which may be incurred under
the Credit Agreement at any time thereafter, less the aggregate principal amount of Indebtedness Incurred and outstanding pursuant to this Section 4.11(b)(i) that has been permanently repaid (with a corresponding commitment reduction, in the
case of revolving credit Indebtedness) out of the Net Proceeds of Asset Sales by the Company or any Restricted Subsidiary thereof pursuant to Section 4.09 hereof; 

(ii) Existing Indebtedness; 
 (iii) Indebtedness represented by the Notes (other than any Additional Notes) and the related Note Guarantees; 
 (iv) Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case, Incurred for the purpose of financing or refinancing all or any part of the
purchase 

  
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price or cost of construction or improvement of property, plant, equipment or other assets used or to be used in the business of the Company or any Restricted Subsidiary, in an aggregate
principal amount, including all Permitted Refinancing Indebtedness Incurred pursuant to Section 4.11(b)(v) hereof to refund, refinance or replace any Indebtedness Incurred pursuant to this Section 4.11(b)(iv), not to exceed $25,000,000 at
any time outstanding; 
 (v) Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are
used to refund, refinance or replace Indebtedness that was permitted by this Indenture to be Incurred under Section 4.11(a) or (b)(ii), (b)(iii), (b)(iv), (b)(v), (b)(xiv) or (b)(xv) hereof; 

(vi) Indebtedness of the Company or any of its Restricted Subsidiaries owing to and held by the Company or any of its
Restricted Subsidiaries; provided, however, that: 
 (A) if the Company or any Guarantor is the obligor on
such Indebtedness (and such Indebtedness is held by a Restricted Subsidiary that is not a Guarantor), such Indebtedness must be expressly subordinated in right of payment to the prior payment in full of all obligations with respect to the Notes, in
the case of the Company, or the Note Guarantee, in the case of a Guarantor; and 
 (B) (x) any subsequent
issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the Company or a Restricted Subsidiary thereof and (y) any sale or other transfer of any such Indebtedness to a Person that is not
either the Company or a Restricted Subsidiary thereof, shall be deemed, in each case, to constitute an Incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this
Section 4.11(b)(vi); 
 (vii) the Guarantee by the Company or a Guarantor of Indebtedness of the Company or
a Restricted Subsidiary that was permitted to be Incurred by another provision of this Section 4.11; 

(viii) Hedging Obligations that are Incurred for the purpose of fixing, hedging or swapping interest rate, commodity price
or foreign currency exchange rate risk (or to reverse or amend any such agreements previously made for such purposes), and not for speculative purposes; 

  
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 (ix) Indebtedness arising from agreements providing for indemnification,
adjustment of purchase price or similar obligations, or Guarantees or letters of credit, surety bonds or performance bonds securing any obligations of the Company or any of its Restricted Subsidiaries pursuant to such agreements, in any case
Incurred in connection with the disposition of any business, assets or Restricted Subsidiary (other than Guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the purpose
of financing such acquisition), so long as the amount does not exceed the gross proceeds actually received by the Company or any Restricted Subsidiary thereof in connection with such disposition; 

(x) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar
instrument drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within five Business Days of its Incurrence; 

(xi) Indebtedness constituting reimbursement obligations with respect to letters of credit provided or issued in the
ordinary course of business; provided that, upon the drawing of such letters of credit in an aggregate face amount equal to or exceeding $10,000,000, such obligations are reimbursed within 30 days following such drawing or Incurrence;

 (xii) Indebtedness (x) in respect of performance, surety, appeal or other similar bonds, bankers’
acceptances, or other similar instruments or obligations provided or issued, or relating to liabilities or obligations (other than to support an obligation for borrowed money) incurred, in the ordinary course of business or (y) in respect of
the financing of insurance premiums in the ordinary course of business; 
 (xiii) Indebtedness to the extent that
the net proceeds thereof are promptly deposited to defease or to satisfy and discharge the Notes; 
 (xiv)
Indebtedness of Persons that are acquired by the Company or any Restricted Subsidiary of the Company or consolidated or merged with or into the Company or a Restricted Subsidiary of the Company in accordance with the terms of this Indenture;
provided that such Indebtedness is not Incurred in contemplation of such acquisition, consolidation or merger; and provided further that after giving effect to such acquisition, consolidation or merger (x) the Company would be
permitted to Incur at least $1.00 of additional Indebtedness pursuant to the 

  
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Fixed Charge Coverage Ratio test set forth in Section 4.11(a) hereof or (y) the Company’s Fixed Charge Coverage Ratio is greater than immediately prior to such acquisition,
consolidation or merger; 
 (xv) Indebtedness (x) issued by the Company or any of its Restricted
Subsidiaries to a seller or any Affiliate thereof as part of the consideration for an acquisition of assets, Merchant Portfolios, a business or a Subsidiary by the Company or any Restricted Subsidiary or (y) consisting of or arising from
agreements providing for earn outs or similar obligations Incurred in connection with the acquisition of any business, assets, Merchant Portfolio or Person, in an aggregate principal amount including all Permitted Refinancing Indebtedness Incurred
pursuant to Section 4.11(b)(v) hereof to refund, refinance or replace Indebtedness Incurred pursuant to this Section 4.11(b)(xv), not to exceed $25,000,000 at any time outstanding; 

(xvi) Indebtedness (x) of a Receivables Subsidiary secured by a Lien on all or part of the assets disposed of in, or
otherwise Incurred in connection with, a Financing Disposition or (y) otherwise Incurred as part of a Receivables Financing; and 
 (xvii) Indebtedness in an aggregate principal amount at any time outstanding not to exceed $50,000,000. 
 (c) For purposes of determining compliance with this Section 4.11, and the outstanding principal amount of any particular Indebtedness Incurred pursuant to and in compliance with this
Section 4.11, (i) any other obligation of the obligor on such Indebtedness (or of any other Person who could have Incurred such Indebtedness pursuant to this Section 4.11) arising under any Guarantee, Lien or letter of credit,
bankers’ acceptance or other similar instrument or obligation supporting such Indebtedness shall be disregarded to the extent that such Guarantee, Lien or letter of credit, bankers’ acceptance or other similar instrument or obligation
secures the principal amount of such Indebtedness; and (ii) in the event that any proposed Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (i) through (xvii) of
Section 4.11(b) hereof, or is entitled to be Incurred pursuant to Section 4.11(a) hereof, the Company shall be permitted to classify such item of Indebtedness as of the time of its Incurrence in any manner that complies with this
Section 4.11 (and may include the amount and type of such Indebtedness in one or more of such clauses, including in part under one such clause and in part under another such clause). In addition, any Indebtedness originally classified as
Incurred pursuant to clauses (i) through (xvii) of Section 4.11(b) hereof may later be reclassified by the Company such that it shall be deemed as having been Incurred pursuant to another of such clauses to the extent that such
reclassified Indebtedness could be incurred 

  
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pursuant to such new clause at the time of such reclassification. Notwithstanding the foregoing, Indebtedness under the Credit Agreement outstanding on the Issue Date shall be deemed to have been
Incurred on such date in reliance on the exception provided by clause (i) of the definition of Permitted Debt. 
 (d) For
purposes of determining compliance with any dollar-denominated restriction on the Incurrence of Indebtedness denominated in a foreign currency, the dollar-equivalent principal amount of such Indebtedness Incurred pursuant thereto shall be calculated
based on the relevant currency exchange rate in effect on the date that such Indebtedness was Incurred, in the case of term Indebtedness, or first committed, in the case of revolving credit Indebtedness, provided that if such Indebtedness is
Incurred to refund, refinance or replace other Indebtedness denominated in a foreign currency (or in a different currency from such Indebtedness so being Incurred), and such refinancing would cause the applicable dollar-denominated restriction to be
exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such new Indebtedness does not
exceed (i) the outstanding or committed principal amount (whichever is higher) of such Indebtedness being refunded, refinanced or replaced plus (ii) the aggregate amount of fees, underwriting discounts, premiums and other costs and
expenses incurred in connection with such refinancing. The principal amount of any Indebtedness Incurred to refund, refinance or replace other Indebtedness, if Incurred in a different currency from the Indebtedness being refunded, refinanced or
replaced, shall otherwise be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such refunding, refinancing or replacement. 

(e) Notwithstanding any other provision of this Section 4.11, the maximum amount of Indebtedness that may be Incurred pursuant to
this Section 4.11 shall not be deemed to be exceeded with respect to any outstanding Indebtedness due solely to the result of fluctuations in the exchange rates of currencies. 

(f) The Company shall not Incur any Indebtedness that is expressly subordinated in right of payment to any Debt of the Company unless it
is subordinated in right of payment to the Notes. No Guarantor shall Incur any Indebtedness that is expressly subordinated in right of payment to the Debt of such Guarantor unless it is subordinated in right of payment to such Guarantor’s Note
Guarantee. For purposes of the foregoing, no Indebtedness shall be deemed to be subordinated in right of payment to any other Indebtedness of the Company or any Guarantor, as applicable, solely by reason of any Liens or Guarantees arising or created
in respect of such other Indebtedness of the Company or any Guarantor, or by reason of any priority of any Lien over any other Lien, or by 

  
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virtue of the fact that the holders of any secured Indebtedness have entered into intercreditor agreements giving one or more of such holders priority over the other holders in the collateral
held by them. 
 Section 4.12. Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. (a) The
Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:

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

(ii) make loans or advances to the Company or any of its Restricted Subsidiaries; or 

(iii) transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries, 

provided that dividend or liquidation priority between classes of Capital Stock, or subordination of any obligation (including
application of any remedy bar thereto) to any other obligation, shall not be deemed to constitute such an encumbrance or restriction. 
 (b) However, the restrictions set forth in Section 4.12(a) hereof shall not apply to encumbrances or restrictions: 

(i) existing under, by reason of or with respect to the Credit Agreement, Existing Indebtedness or any other agreements in
effect on the Issue Date; 
 (ii) set forth in this Indenture, the Notes and the Note Guarantees and any related
documentation in effect or entered into in connection therewith; 
 (iii) existing under, by reason of or with
respect to applicable law, rule, regulation or order, or required by any regulatory authority having jurisdiction over the Company or any Restricted Subsidiary or any of their businesses; 

(iv) with respect to any Person or the property or assets of a Person acquired by the Company or any of its Restricted
Subsidiaries existing at the time of such acquisition and not Incurred in connection with 

  
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or in contemplation of such acquisition, which encumbrance or restriction is not applicable to any Person or the properties or assets of any Person, other than the Person, or the property or
assets of the Person, so acquired and any amendments, modifications, restatements, renewals, extensions, supplements, refundings, replacements or refinancings thereof; provided that for purposes of this Section 4.12(b)(iv), if a Person
other than the Company is the Successor in a transaction pursuant to Section 5.01 hereof, any Subsidiary of such Person or property or assets of any such Subsidiary shall be deemed acquired by the Company or a Restricted Subsidiary, as the case
may be, when such Person becomes such Successor; 
 (v) (A) that restrict in a customary manner the subletting,
assignment or transfer of any property or asset that is or is subject to a lease, license, conveyance or contract or similar property or asset, 
 (B) existing by virtue of any transfer of, agreement to transfer, option or right with respect to, or Lien on or easement relating to, any property or assets of the Company or any Restricted Subsidiary
thereof not otherwise prohibited by this Indenture; or 
 (C) arising or agreed to in the ordinary course of
business, not relating to any Indebtedness, and that do not, individually or in the aggregate, detract from the value of property or assets of the Company or any Restricted Subsidiary thereof in any manner material to the Company or any Restricted
Subsidiary thereof; 
 (vi) existing under, by reason of or with respect to any agreement for the sale or other
disposition of all or substantially all of the Capital Stock of, or property and assets of, a Restricted Subsidiary that restrict distributions by that Restricted Subsidiary pending such sale or other disposition; 

(vii) with respect to cash or other deposits or net worth imposed or required by customers, suppliers, sponsoring banks,
processors or vendors or by insurance, surety or bonding companies, in each case, under agreements entered into in the ordinary course of business; 
 (viii) pursuant to (x) purchase money obligations not otherwise prohibited by this Indenture that impose encumbrances or restrictions on the property or assets so acquired, or (y) Hedging
Obligations; 

  
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 (ix) existing under, by reason of or with respect to any Indebtedness
Incurred subsequent to the Issue Date if (in the good faith determination of the Board of Directors or senior management of the Company) such encumbrances and restrictions taken as a whole (A) are not materially less favorable to the Holders of
the Notes than the encumbrances and restrictions in effect on the Issue Date, or (B) are not materially more disadvantageous to the Holders of the Notes than is customary in comparable financings and (in the case of this clause (B)) the
relevant encumbrance or restriction shall not materially affect the Company’s ability to make principal or interest payments on the Notes; 
 (x) existing under, by reason of or with respect to customary provisions contained in agreements or other documents governing a joint venture, partnership or similar arrangements entered into in the
ordinary course of business; 
 (xi) with respect to encumbrances or restrictions upon dividends, distributions,
loans, advances or other transfers by any Receivables Entity pursuant to an agreement or instrument relating to Indebtedness of or a Financing Disposition to or by any Receivables Entity; or 

(xii) any amendments, modifications, restatements, renewals, extensions, supplements, refundings, replacements or
refinancings of an agreement referred to in Section 4.12(b)(i), (b)(ii), (b)(iv), (b)(viii) and this Section 4.12(b)(xii), provided that the encumbrances and restrictions in any such amendments, modifications, restatements,
renewals, extensions, supplements, refundings, replacements or refinancings are (in the good faith determination of the Board of Directors or senior management of the Company) not materially more restrictive, taken as a whole, than those contained
in the agreements referred to in Section 4.12(b)(i), (b)(ii), (b)(iv), (b)(viii) and this Section 4.12(b)(xii), as in effect on the Issue Date or the date such Restricted Subsidiary became a Restricted Subsidiary or was merged into a
Restricted Subsidiary, whichever is applicable. 
 Section 4.13. Transactions with Affiliates. (a) The Company shall
not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into, make, amend, renew or
extend any transaction, contract, agreement, understanding, loan, advance or Guarantee with, or primarily for the benefit of, any Affiliate of the Company (each, an “Affiliate Transaction”), unless: 

  
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 (i) such Affiliate Transaction is on terms that are no less favorable to the
Company or the relevant Restricted Subsidiary than those that would have been obtained in a comparable arm’s-length transaction by the Company or such Restricted Subsidiary with a Person that is not an Affiliate of the Company or any of its
Restricted Subsidiaries; and 
 (ii) the Company delivers to the Trustee: 

(A) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $5,000,000, a Board Resolution set forth in an Officers’ Certificate certifying that such Affiliate Transaction or series of related Affiliate Transactions complies with this Section 4.13 and that such Affiliate
Transaction or series of related Affiliate Transactions has been approved by a majority of the Disinterested Directors of the Board of Directors of the Company; provided that at any time during which no Disinterested Director is serving on
such Board of Directors, no such Board Resolution or approval shall be required if the Company delivers to the Trustee a fairness opinion meeting the requirements of Section 4.13(a)(ii)(B) hereof with respect to such Affiliate Transaction; and

 (B) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $15,000,000, an opinion as to the fairness to the Company or such Restricted Subsidiary of such Affiliate Transaction or series of related Affiliate Transactions from a financial point of view issued by an independent
accounting, appraisal or investment banking firm of national standing. 
 (b) The following items shall not be deemed to be
Affiliate Transactions and shall not be subject to the provisions of Section 4.13(a) hereof: 
 (i)
transactions between or among the Company and/or its Restricted Subsidiaries and/or any Receivables Entity; 

(ii) payment of reasonable and customary fees to, and reasonable and customary indemnification and similar payments on
behalf of, directors of the Company or any Restricted Subsidiary (as determined in good faith by the Company’s Board of Directors); 
 (iii) Restricted Payments that are permitted by the provisions of this Indenture described under Section 4.10 hereof and Permitted 

  
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Payments and transactions excluded from the definition of Restricted Payments; 
 (iv) any offering, issuance, sale or transfer of Equity Interests (other than Disqualified Stock) of the Company or capital contribution to the Company; 

(v) transactions pursuant to agreements or arrangements in effect on the Issue Date or any amendment, modification or
supplement thereto or replacement thereof, as long as such agreement or arrangement, as so amended, modified, supplemented or replaced, taken as a whole, is not more disadvantageous to the Company and its Restricted Subsidiaries than the original
agreement or arrangement in existence on the Issue Date; 
 (vi) any employment, consulting, service or
termination agreement, or reasonable and customary indemnification arrangements, entered into by the Company or any of its Restricted Subsidiaries with officers and employees of the Company or any of its Restricted Subsidiaries, and transactions
pursuant thereto; and the payment of compensation to officers and employees of the Company or any of its Restricted Subsidiaries (including amounts paid pursuant to employee benefit plans, employee stock option or similar plans), so long as such
agreement or payment is in the ordinary course of business or has been approved by the Board of Directors of the Company; 
 (vii) the granting or performance of registration rights under a written registration rights agreement approved by the Board of Directors of the Company and containing customary terms, taken as a whole;

 (viii) transactions with Persons solely in their capacity as holders of Indebtedness or Capital Stock of the
Company or any of its Restricted Subsidiaries, where such Persons are treated no more favorably than holders of Indebtedness or Capital Stock of the Company or such Restricted Subsidiary generally; 

(ix) any transaction in the ordinary course of business with customers, suppliers, joint ventures, joint venture partners,
sales agents, sales representatives, independent sales groups or sellers of goods and services on terms not less favorable to the Company or the relevant Restricted Subsidiary than those that could be obtained at the time in a transaction with a
Person who is not an Affiliate of the Company; 

  
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 (x) execution, delivery and performance of a tax sharing agreement with
respect to any of the Permitted Payments described in Section 4.10(b)(x) hereof or any Related Taxes; 

(xi) the transactions contemplated by the Redemption Agreement, and all transactions in connection therewith (including,
but not limited to, the financing thereof), and all fees and expenses paid or payable in connection with such transactions; 
 (xii) any transaction in the ordinary course of business or approved by a majority of the Board of Directors of the Company between the Company or any Restricted Subsidiary and any Affiliate of the
Company that is a joint venture or similar entity controlled by the Company (and of which no other Affiliate of the Company (other than any Subsidiary thereof) directly or indirectly holds any Capital Stock); 

(xiii) any agreement between any Person and an Affiliate of such Person existing at the time such Person is acquired by or
merged into the Company or a Restricted Subsidiary; provided that such agreement was not entered into in contemplation of such acquisition or merger, or any amendment thereto (so long as any such amendment is not more disadvantageous to the
Company and its Restricted Subsidiaries than the original agreement or arrangement in existence on the date of such acquisition or merger); 
 (xiv) payments to any Parent or any of their respective Affiliates (x) for any Parent Expenses and (y) of all out-of-pocket expenses incurred in connection with such services or activities; and

 (xv) any agreement to do any of the foregoing. 

Section 4.14. Designation of Restricted and Unrestricted Subsidiaries. (a) The Board of Directors of the Company may
designate any Restricted Subsidiary of the Company (other than any co-obligor of the Notes created pursuant to Section 5.01 hereof) to be an Unrestricted Subsidiary; provided that: 

(i) any Guarantee by the Company or any Restricted Subsidiary thereof of any Indebtedness of the Subsidiary being so
designated shall be deemed to be an Incurrence of Indebtedness by the Company or such Restricted Subsidiary (or both, if applicable) at the time of such designation, and such Incurrence of Indebtedness would be permitted under Section 4.11
hereof; 

  
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 (ii) (A) the Subsidiary to be so designated has total consolidated assets of
$1,000 or less or (B) if the Subsidiary being so designated has consolidated assets greater than $1,000, then the aggregate Fair Market Value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary
being so designated (including any Guarantee by the Company or any Restricted Subsidiary thereof of any Indebtedness of such Subsidiary) shall be deemed to be a Restricted Investment made as of the time of such designation and that such Investment
would be permitted under Section 4.10 hereof; 
 (iii) such Subsidiary does not hold any Liens on any
property of the Company or any Restricted Subsidiary thereof at the time of such designation; 
 (iv) at the time
of such designation the Subsidiary being so designated: 
 (A) is not party to any agreement, contract,
arrangement or understanding with the Company or any Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or such Restricted Subsidiary than those
that might be obtained at the time from Persons who are not Affiliates of the Company; 
 (B) is a Person with
respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect legal obligation (x) to subscribe for additional Equity Interests or (y) to maintain or preserve such Person’s financial condition
or to cause such Person to achieve any specified levels of operating results; and 
 (C) has not Guaranteed or
otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its Restricted Subsidiaries, except to the extent such Guarantee or credit support would be released upon such designation; and 

(v) no Default or Event of Default would be in existence upon giving effect to such designation. 

(b) Any designation of a Restricted Subsidiary of the Company as an Unrestricted Subsidiary shall be evidenced by filing with the Trustee
the Board 

  
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Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions. 

(c) The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary;
provided that: 
 (i) such designation shall be deemed to be an Incurrence of Indebtedness by a Restricted
Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation shall only be permitted if such Indebtedness is permitted under Section 4.11 hereof; 

(ii) all outstanding Investments owned by such Unrestricted Subsidiary shall be deemed to be made as of the time of such
designation and such designation shall only be permitted if such Investments would be permitted under Section 4.10 hereof; 
 (iii) all Liens upon property or assets of such Unrestricted Subsidiary existing at the time of such designation would be permitted under Section 4.07 hereof; and 

(iv) no Default or Event of Default would be in existence upon giving effect to such designation. 

Section 4.15. Business Activities. The Company shall not, and shall not permit any Restricted Subsidiary thereof to, engage in any
business other than Permitted Businesses, except to such extent as would not be material to the Company and its Restricted Subsidiaries taken as a whole. 
 Section 4.16. Payments for Consent. The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for
the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders of the Notes
that consent, waive or agree to amend on the same terms and conditions and in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 

Section 4.17. Guarantees. (a) The Company shall not permit any of its Restricted Subsidiaries, directly or indirectly, to
Guarantee any other Indebtedness of the Company or any Guarantor unless such Restricted Subsidiary is a Guarantor or substantially concurrently therewith delivers to the Trustee an Opinion of Counsel and executes and delivers to the Trustee an
Officers’ Certificate and a supplemental indenture providing for the Guarantee of the 

  
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payment of the Notes by such Restricted Subsidiary and, if the guaranteed Debt of the Company is Subordinated Debt, the Guarantee of such guaranteed Debt must be subordinated in right of payment
to the Note Guarantee to at least the extent that the guaranteed Debt is subordinated to the Notes. 
 (b) Except as otherwise
provided in this Section 4.17 or Section 11.04 hereof, a Guarantor may not consolidate with or merge with or into (whether or not such Guarantor is the surviving Person), another Person, other than the Company or another Guarantor, unless:

 (i) immediately after giving effect to that transaction, no Default or Event of Default exists; and

 (ii) either: 
 (A) the Person formed by or surviving any such consolidation or merger (if other than the Guarantor) is organized or existing under the laws of the United States, any state thereof or the District of
Columbia and assumes all the obligations of that Guarantor under this Indenture, its Note Guarantee and the Registration Rights Agreement pursuant to one or more agreements; or 

(B) such consolidation or merger complies with Section 4.09 hereof, to the extent applicable. 

Section 4.18. Suspension of Covenants. (a) If on any day following the Issue Date (i) the Notes have Investment Grade
Ratings from both Rating Agencies, and (ii) no Default has occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a
“Covenant Suspension Event”), then, beginning on that day (the “Suspension Date”), subject to this Section 4.18, the covenants contained in Sections 4.09, 4.10, 4.11, 4.12, 4.13 and Section 5.01(a)(iii)
(collectively, the “Suspended Covenants”) will be suspended. 
 (b) During any period that the Suspended
Covenants have been suspended, the Board of Directors of the Company may not designate any of the Company’s Subsidiaries as Unrestricted Subsidiaries. 
 (c) If on any subsequent date either of the Rating Agencies downgrade the ratings assigned to the Notes below an Investment Grade Rating, the Suspended Covenants will be reinstated as of and from the date
of such rating decline (any such date, a “Reversion Date”). The period of time between the 

  
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Suspension Date and the Reversion Date is referred to as the “Suspension Period.” 
 (d) On the Reversion Date, all Indebtedness incurred during the Suspension Period will be classified to have been incurred pursuant to Section 4.11(a) or one of the clauses set forth in
Section 4.11(b) (in each case, to the extent such Indebtedness would be permitted to be incurred thereunder as of the Reversion Date and after giving effect to Indebtedness incurred prior to the Suspension Period and outstanding on the
Reversion Date). To the extent such Indebtedness would not be so permitted to be incurred pursuant to Section 4.11(a) or (b), such Indebtedness will be deemed to have been outstanding on the Issue Date, so that it is classified as Existing
Indebtedness and permitted under Section 4.11(b)(ii). Calculations made after the Reinstatement Date of the amount available to be made as Restricted Payments under Section 4.10 will be made as though the covenants described under
Section 4.10 had been in effect since the Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available to be made as Restricted Payments under
Section 4.10(a). On the Reversion Date, the amount of Excess Proceeds from Net Proceeds shall be set at zero. 
 (e)
Notwithstanding that the Suspended Covenants may be reinstated, no Default or Event of Default will be deemed to have occurred as a result of any actions taken by the Company or any Subsidiary (including for the avoidance of doubt any failure to
comply with the Suspended Covenants) during any Suspension Period. 
 (f) The Trustee shall have no independent obligation to
determine if a Suspension Period has commenced or terminated or to notify Holders regarding the same. 
 ARTICLE 5 

SUCCESSORS 
 Section 5.01. Merger, Consolidation or Sale of Assets. (a) The Company shall not, directly or indirectly: (1) consolidate or merge with or into another Person (whether or not the Company
is the surviving Person) or (2) sell, assign, transfer, convey, lease or otherwise dispose of all or substantially all of the properties and assets of the Company and its Restricted Subsidiaries taken as a whole, in one or more related
transactions, to another Person, unless: 
 (i) either: (A) the Company is the surviving corporation,
limited liability company or limited partnership; or (B) the Person formed by or surviving any such consolidation or merger (if other than the 

  
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Company) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made (such Person, as the case may be, the “Successor”) (1) is a
corporation, limited liability company or limited partnership organized or existing under the laws of the United States, any state thereof or the District of Columbia; and (2) assumes all the obligations of the Company under the Notes, this
Indenture and the Registration Rights Agreement pursuant to one or more agreements (provided that if the Company or Successor is not a corporation there must be a co-obligor of the Notes that is a Wholly Owned Restricted Subsidiary and that
is a corporation organized and existing under the laws of the United States, any state thereof or the District of Columbia); 
 (ii) immediately after giving effect to such transaction, no Default or Event of Default exists; 
 (iii) immediately after giving effect to such transaction on a pro forma basis, (A) the Company or the Successor shall be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the
Fixed Charge Coverage Ratio test set forth in Section 4.11(a) hereof; or (B) the Fixed Charge Coverage Ratio of the Company or the Successor would be greater than such ratio of the Company immediately prior to such transaction; 

(iv) each Guarantor, unless such Guarantor is (A) a Guarantor that shall be released from its obligations under its
Note Guarantee in connection with such transaction or (B) the Person with which the Company has entered into a transaction under this Section 5.01, shall have confirmed in writing that its Note Guarantee shall apply to the obligations of
the Company or the surviving Person in accordance with the Notes and this Indenture; and 
 (v) the Company
delivers to the Trustee an Officers’ Certificate and Opinion of Counsel, in each case stating that all conditions precedent provided for herein relating to such consolidation, transfer or disposition have been complied with. 

(b) Upon any consolidation or merger, or any sale, assignment, transfer, conveyance, lease or other disposition of all or substantially
all of the assets of the Company in accordance with this Section 5.01, the Successor formed by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, conveyance, lease or other disposition is
made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment, conveyance, lease or other disposition, the provisions of this Indenture referring to the “Company” shall refer
instead to the Successor and not to the Company), and may exercise every right and power of, the Company 

  
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under this Indenture with the same effect as if such Successor had been named as the Company in this Indenture, and thereafter the predecessor Company shall be relieved of all obligations and
covenants under this Indenture and the Notes, except that the predecessor Company in the case of a lease of all or substantially all its assets shall not be released from the obligations under this Indenture or the Notes. 

(c) Section 5.01(a)(iii) hereof shall not apply to (i) any merger, consolidation or sale, assignment, transfer, conveyance,
lease or other disposition of assets of, between or among the Company and any of its Restricted Subsidiaries, or (ii) any transaction in which the Company consolidates or merges with or into or transfers all or substantially all its properties
and assets to an Affiliate incorporated or organized for the purpose of reincorporating or reorganizing the Company in another jurisdiction or changing its legal structure to a corporation or other entity. Section 5.01(a)(ii) hereof shall not
apply to any merger, consolidation or sale, assignment, transfer, conveyance, lease or other disposition of assets in which the surviving Person or the Person to which such sale, assignment, transfer, conveyance, lease or other disposition is made
is the Company or a Guarantor. 
 ARTICLE 6 
 DEFAULTS AND REMEDIES 
 Section
6.01. Events of Default. Each of the following is an Event of Default: 
 (a) default for 30 days in the payment when due
of interest, or Additional Interest, if any, on the Notes; 
 (b) default in payment when due (whether at maturity, upon
acceleration, redemption or otherwise) of the principal of, or premium, if any, on the Notes; 
 (c) failure by the Company or
any of its Restricted Subsidiaries to comply with the provisions described in Section 4.08 or 5.01 hereof; 
 (d) failure
by the Company or any of its Restricted Subsidiaries for 30 days after written notice by the Trustee or Holders representing 25% or more of the aggregate principal amount of Notes outstanding to comply with any of the other agreements in this
Indenture; 
 (e) default under any mortgage, indenture or instrument under which there may be issued or by which there may be
secured or evidenced any 

  
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Indebtedness by the Company or any of its Restricted Subsidiaries whether such Indebtedness now exists, or is created after the Issue Date, if that default: 

(i) is caused by a failure to make any payment when due at the final maturity of such Indebtedness (a “Payment
Default”); or 
 (ii) results in the acceleration of such Indebtedness prior to its express maturity,

 and, in each case, the amount of any such Indebtedness, together with the amount of any other such Indebtedness under which there has been a
Payment Default or the maturity of which has been so accelerated, aggregates $10,000,000 or more; 
 (f) failure by the Company
or any of its Significant Subsidiaries (or any Restricted Subsidiaries that together would constitute a Significant Subsidiary) to pay final judgments (to the extent such judgments are not paid or covered by insurance provided by a reputable carrier
that has the ability to perform) aggregating in excess of $10,000,000, which judgments are not paid, discharged or stayed for a period of 60 days; 
 (g) except as permitted by this Indenture, any Note Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect or any Guarantor
denies or disaffirms in writing its obligations under its Note Guarantee; 
 (h) the Company or any Significant Subsidiary of
the Company (or any Restricted Subsidiaries that together would constitute a Significant Subsidiary), pursuant to or within the meaning of Bankruptcy Law: 
 (i) commences a voluntary case, or 
 (ii) consents to the entry of
an order for relief against it in an involuntary case, or 
 (iii) consents to the appointment of a custodian of
it or for all or substantially all of its property, or 
 (iv) makes a general assignment for the benefit of its
creditors, or 
 (v) generally is not paying its debts as they become due; or 

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

  
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 (i) is for relief against the Company or any Significant Subsidiary of the
Company (or any Restricted Subsidiaries that together would constitute a Significant Subsidiary), in an involuntary case, or 
 (ii) appoints a custodian of the Company or any Significant Subsidiary of the Company (or any Restricted Subsidiaries that together would constitute a Significant Subsidiary), for all or substantially all
of the property of the Company, or 
 (iii) orders the liquidation of the Company or any Significant Subsidiary
of the Company (or any Restricted Subsidiaries that together would constitute a Significant Subsidiary); and the order or decree remains unstayed and in effect for 60 consecutive days. 

Section 6.02. Acceleration. If any Event of Default (other than an Event of Default specified in Section 6.01(h) or (i))
occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all principal of and accrued and unpaid interest and Additional Interest, if any, on the Notes to be due and payable
immediately by notice in writing to the Company specifying the Event of Default. Upon any such declaration, the Notes shall become due and payable immediately. If any Event of Default specified in Section 6.01(h) and (i) occurs and is
continuing, then the principal, premium, if any, accrued interest and Additional Interest, if any, on the Notes shall ipso facto become and be immediately due and payable without any declaration or other action on the part of the Trustee or
any Holder. 
 Section 6.03. Other Remedies. (a) If an Event of Default occurs and is continuing, the Trustee may
pursue any available remedy to collect the payment of principal, premium, if any, interest, and Additional Interest, if any, with respect to the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

(b) The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding.
A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
 Section 6.04. Waiver of Past Defaults. Holders of a majority in aggregate
principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive an existing Default or Event of Default and its consequences hereunder except a continuing Default or Event of Default in
the payment of interest or Additional Interest, if any, on, or the 

  
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principal of, the Notes (provided, however, that the Holders of a majority in principal amount of the then outstanding Notes may, on behalf of all Holders, rescind an acceleration
and its consequences, including any related payment default that resulted from such acceleration). The Company shall deliver to the Trustee an Officers’ Certificate stating that the requisite percentage of Holders have consented to such waiver
and attaching copies of such consents. In case of any such waiver, the Company, the Trustee and the Holders shall be restored to their former positions and rights hereunder and under the Notes, respectively. This Section 6.04 shall be in lieu
of Section 316(a)(1)(B) of the TIA and such Section 316(a)(1)(B) of the TIA is hereby expressly excluded from this Indenture and the Notes, as permitted by the TIA. Upon any such waiver, such Default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

Section 6.05. Control by Majority. Subject to Section 7.02(f), Holders of a majority in principal amount of the then
outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that may
involve the Trustee in personal liability, that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of Notes not joining in the giving of such direction, and may take any other action it deems proper that is not
inconsistent with any such direction received from Holders of Notes. 
 Section 6.06. Limitation on Suits. (a) A
Holder may pursue a remedy with respect to this Indenture, or the Notes or the Note Guarantees only if: 
 (i)
the Holder gives to the Trustee written notice of a continuing Event of Default; 
 (ii) the Holders of at least
25% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee to pursue the remedy; 
 (iii) such Holder or Holders offer the Trustee indemnity satisfactory to the Trustee against any costs, liability or expense that might be incurred by it in connection with the request or direction;

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

  
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 (v) during such 60-day period, the Holders of a majority in aggregate
principal amount of the then outstanding Notes do not give the Trustee a direction that is inconsistent with the request. 
 (b)
A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note. 
 Section 6.07. Rights of Holders of Notes To Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of the principal or interest
on, and Additional Interest, if any, with respect to, the Note, on or after the respective due dates expressed in the Note, 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) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium, if any, interest,
and Additional Interest, if any, remaining unpaid on the Notes and interest on overdue principal and premium, if any, and, to the extent lawful, interest and Additional Interest, if any, and such further amount as shall be sufficient to cover the
costs and expenses of collection, including the compensation, and reasonable expenses, disbursements and advances of the Trustee, its agents and counsel. 
 Section 6.09. Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of
the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company or any Guarantor
(or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other securities or property payable or deliverable on any such claims and any custodian in any
such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for
the compensation and reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall

  
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constitute a claim, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether
in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.10. Priorities. (a) If the Trustee collects any money or property pursuant to this Article, it shall pay out
the money or property in the following order: 
 First: to the Trustee, its agents and attorneys for amounts due under
Section 7.07 hereof, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

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

Third: to the Company or to such party as a court of competent jurisdiction shall direct. 

(b) The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10.

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

  
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 ARTICLE 7 
 TRUSTEE 
 Section 7.01. Duties of Trustee.
(a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would
exercise or use under the circumstances in the conduct of such person’s own affairs. 
 (b) Except during the continuance
of an Event of Default: 
 (i) the duties of the Trustee shall be determined solely by the express provisions of
this Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not
they conform to the form requirements of this Indenture. 
 (c) The Trustee may not be relieved from liabilities for its own
negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (i) this
paragraph does not limit the effect of paragraph (b) of this Section 7.01; 
 (ii) the Trustee shall
not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance
with a direction received by it pursuant to Section 6.05 hereof. 
 (d) Whether or not therein expressly so provided, every
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 

  
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 (e) No provision of this Indenture shall require the Trustee to expend or risk its own funds
or Incur any liability. 
 (f) Money held in trust by the Trustee need not be segregated from other funds except to the extent
required by law. 
 Section 7.02. Certain Rights of Trustee. (a) The Trustee may conclusively rely upon any
document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may (unless other evidence be herein specifically prescribed) require an Officers’ Certificate, an Opinion of Counsel or both. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be
full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 

(d) The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within
the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company. 
 (f) The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee security or indemnity satisfactory to
it against the costs, expenses and liabilities that might be Incurred by it in compliance with such request or direction. 
 (g)
The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of such event is sent to the Trustee in accordance with
Section 13.02 hereof, and such notice references the Notes. 

  
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 (h) The Trustee shall not be liable for any consequential loss (including, without
limitation, loss of business, goodwill, opportunity or profit of any kind) of the Company, any Restricted Subsidiary or any other Person. 
 (i) The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty to do so. 

(j) The Trustee shall not have any obligation or duty to monitor, determine or inquire as to compliance, and shall not be responsible or
liable for compliance with restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable, of minimum denominations imposed under this Indenture or under applicable law or regulation with respect to any transfer, exchange,
redemption, purchase or repurchase, as applicable, of any interest in any Notes. 
 (k) The rights, privileges, protections,
immunities and benefits given to the Trustee, including its right to be indemnified and/or secured, are extended to, and shall be enforceable by Wilmington Trust FSB, and each agent, custodian and other person employed to act hereunder. Absent
willful misconduct or negligence, each Paying Agent and Registrar shall not be liable for acting in good faith on instructions believed by it to be genuine and from the proper party. 

(l) The Trustee shall have no duty to inquire as to the performance of the covenants of the Issuer and/or its Restricted Subsidiaries in
Article 4. Delivery of reports, information and documents to the Trustee under this Indenture is for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive or actual notice of any information
contained therein or determinable from information contained therein, including the Company’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

Section 7.03. Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of
Notes and may become a creditor of, or otherwise deal with, the Company or any of its Affiliates with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest as described in the
TIA, it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 

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, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any

  
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provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any
statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 

Section 7.05. Notice of Defaults. If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the
Trustee shall mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium and Additional Interest, if any, or interest
on, any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 

Section 7.06. Reports by Trustee to Holders of the Notes. (a) Within 60 days after each May 1 beginning with the
May 1, 2012, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has
occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA § 313(b)(2). The Trustee shall also transmit by mail all reports as required by TIA § 313(c).

 (b) A copy of each report at the time of its mailing to the Holders of Notes shall be mailed to the Company and filed with
the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d) (to the extent such listing is known to the Trustee). The Company shall promptly notify the Trustee when the Notes are listed on any stock exchange or
any delisting thereof. 
 Section 7.07. Compensation and Indemnity. (a) The Company shall pay to the Trustee
from time to time the compensation for its acceptance of this Indenture and services hereunder in accordance with a written fee letter between the Trustee and the Company. The Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Company shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses Incurred or made by it in accordance with any provision of this Indenture, except
any such disbursement, advance or expense attributable to its negligence or bad faith. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

(b) The Company shall indemnify the Trustee against any and all losses, liabilities or expenses Incurred by it arising out of or in
connection with the 

  
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acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this Section 7.07) and defending
itself against any claim (whether asserted by either of the Company or any Holder or any other person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss,
liability or expense may be attributable to its negligence or bad faith. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its
obligations hereunder. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for
any settlement made without its consent, which consent shall not be unreasonably withheld. 
 (c) The obligations of the Company
under this Section 7.07 shall survive the satisfaction and discharge of this Indenture. 
 (d) To secure the Company’s
payment obligations in this Section 7.07, the Trustee shall have a claim and lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such
claim shall survive the satisfaction and discharge of this Indenture. 
 (e) When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 6.01(h) or Section 6.01(i) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute
expenses of administration under any Bankruptcy Law. 
 (f) The Trustee shall comply with the provisions of TIA § 313(b)(2)
to the extent applicable. 
 Section 7.08. Replacement of Trustee. (a) A resignation or removal of the
Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. 
 (b) The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of a majority in principal amount of the then outstanding Notes
may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 
 (i) the Trustee fails to comply with Section 7.10 hereof; 

  
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 (ii) the Trustee is adjudged a bankrupt or an insolvent or an order for
relief is entered with respect to the Trustee under any Bankruptcy Law; 
 (iii) a custodian or public officer
takes charge of the Trustee or its property; or 
 (iv) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly
appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Company. 
 (d) If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the
retiring Trustee, the Company, or the Holders of Notes of at least 10% in principal amount of the then outstanding Notes may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee.

 (e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with
Section 7.10 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (f) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee shall become
effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property
held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to the claim provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this
Section 7.08, the Company’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 
 Section 7.09. Successor Trustee by Merger, Etc. Any business entity into which the Trustee may be merged or converted or with which it may be consolidated, or any entity resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the 

  
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successor of the Trustee hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 

Section 7.10. Eligibility; Disqualification. (a) There shall at all times be a Trustee hereunder that is a corporation
organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities
and that has a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. 
 (b) This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 

Section 7.11. Preferential Collection of Claims Against the Company. The Trustee is subject to TIA § 311(a), excluding any
creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 ARTICLE 8 
 DEFEASANCE AND COVENANT
DEFEASANCE 
 Section 8.01. Option To Effect Legal Defeasance or Covenant Defeasance. The Company may, at
the option of the Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set
forth below in this Article 8. 
 Section 8.02. Legal Defeasance and Discharge. (a) Upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its
obligations with respect to all outstanding Notes and all obligations of the Guarantors shall be deemed to have been discharged with respect to their obligations under the Note Guarantees on the date the conditions set forth below are satisfied
(“Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes and Note Guarantees,
respectively, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in this clause (a) and clause (b) below, and to have
satisfied all its other obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute 

  
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proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 

(i) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium
and Additional Interest, if any, on such Notes when such payments are due from the trust referred to in Section 8.05 hereof; 
 (ii) the Company’s obligations with respect to Sections 2.07, 2.08, 2.11 and 4.02 hereof; 
 (iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s and the Guarantors’ obligations in connection herewith; and 

(iv) this Section 8.02. 
 (b) Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof. 

Section 8.03. Covenant Defeasance. Upon the Company’s exercise under Section 8.01 hereof of the option applicable to
this Section 8.03, each of the Company and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from its obligations under the covenants contained in Sections 4.03, 4.04 and 4.07
through 4.17 hereof and clauses (ii), (iii), (iv) and (v) of Section 5.01(a) hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter,
“Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection
with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that (unless the Company shall otherwise determine) such Notes shall not be deemed outstanding for accounting
purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not
constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.03, subject to the 

  
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satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(c) through 6.01(g) shall not constitute Events of Default. 

Section 8.04. Conditions to Legal or Covenant Defeasance. The following shall be the conditions to the application of either
Section 8.02 or 8.03 hereof to the outstanding Notes: 
 (a) the Company must irrevocably deposit with the Trustee, in
trust, for the benefit of the Holders of the Notes, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as shall be sufficient, in the opinion of a nationally recognized firm of independent public
accountants, to pay the principal of, or interest and premium and Additional Interest, if any, on the outstanding Notes on the applicable Stated Maturity or on the applicable redemption date, as the case may be, and the Company must specify whether
the Notes are being defeased to maturity or to a particular redemption date; 
 (b) in the case of an election under
Section 8.02 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel confirming that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (ii) since the
Issue Date, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes shall not recognize income, gain or
loss for federal income tax purposes as a result of such Legal Defeasance and shall be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

 (c) in the case of an election under Section 8.03 hereof, the Company shall have delivered to the Trustee an Opinion of
Counsel confirming that the Holders of the outstanding Notes shall not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and shall be subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (d) no Default or
Event of Default shall have occurred and be continuing on the date of such deposit; 
 (e) such Legal Defeasance or Covenant
Defeasance shall not result in a breach or violation of, or constitute a default under, any other material agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is
bound; 

  
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 (f) the Company must have delivered to the Trustee an Opinion of Counsel
to the effect that assuming no intervening bankruptcy of the Company or any Guarantor between the date of deposit and the
91st day following the deposit and assuming that no Holder
is an “insider” of the Company under applicable bankruptcy law, after the 91st day following the deposit, the trust funds shall not be subject to the effect of Section 547 of the United States Bankruptcy Code; 

(g) the Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the
actual intent of hindering, delaying or defrauding creditors of the Company; 
 (h) if the Notes are to be redeemed prior to
their Stated Maturity, the Company must deliver to the Trustee irrevocable instructions to redeem all of the Notes on the specified redemption date; and 
 (i) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance
have been complied with. 
 Section 8.05. Deposited Money and Government Securities To Be Held in Trust; Other Miscellaneous
Provisions. (a) Subject to Section 8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this
Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium and Additional
Interest, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 

(b) The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or
non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the
outstanding Notes. 
 (c) Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the
Company from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee (which may be a certification of the opinion referred to in 

  
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Section 8.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

Section 8.06. Repayment to the Company. Subject to applicable laws relating to abandoned property, any money deposited with the
Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, or interest on, any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has become
due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Company. 
 Section 8.07. Reinstatement. If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof,
as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the Notes shall be revived
and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may
be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of
such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
 ARTICLE 9 

AMENDMENT, SUPPLEMENT AND WAIVER 

Section 9.01. Without Consent of Holders of Notes. (a) Notwithstanding Section 9.02 hereof, without the consent
of any Holder of Notes, the Company, the Guarantors and the Trustee may amend or supplement this Indenture or the Notes: 

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

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

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

 (v) to comply with requirements of the Commission in order to effect or maintain the qualification of this
Indenture under the TIA; 
 (vi) to comply with the provisions described under Section 4.17 hereof or
otherwise to add Guarantees with respect to the Notes, or to secure the Notes, or to confirm and evidence the release, termination or discharge of any Guarantee or Lien with respect to or securing the Notes when such release, termination or
discharge is provided for under this Indenture; 
 (vii) to evidence and provide for the acceptance of
appointment by a successor Trustee; 
 (viii) to conform the text of this Indenture, the Notes or any Note
Guarantee to any provision of the “Description of notes” in the Offering Memorandum dated April 29, 2011 with respect to the Notes; 
 (ix) to provide that any Indebtedness that becomes an obligation of a Successor or a Guarantor pursuant to any merger or consolidation (and that is not expressly subordinated in right of payment to the
Notes or the Note Guarantees) is pari passu in right of payment with the Notes or the applicable Note Guarantee; or 
 (x) to provide for the issuance of Additional Notes in accordance with this Indenture. 
 (b) Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental Indenture, and upon receipt by the Trustee of the
documents described in Section 13.04 hereof, the Trustee shall join with the Company in the execution of any amended or supplemental Indenture authorized or permitted by 

  
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the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or
supplemental Indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 
 Section 9.02.
With Consent of Holders of Notes. (a) Except as provided below in this Section 9.02, the Company, the Guarantors and the Trustee may amend or supplement this Indenture or the Notes with the consent of the Holders of at least a
majority in principal amount of the Notes (including Additional Notes, if any) then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), and, subject to
Sections 6.04 and 6.07 hereof, any existing Default or Event of Default or compliance with any provision of this Indenture or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes
(including Additional Notes, if any) (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). 
 (b) Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of
evidence of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 13.04 hereof, the Trustee shall join with the Company in the execution of such amended or supplemental indenture
unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such
amended or supplemental indenture. 
 (c) The consent of the applicable Holders is not necessary under this Indenture to approve
the particular form of any proposed amendment or waiver. It is sufficient if such consent approves the substance of the proposed amendment or waiver. 
 (d) After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall mail to the Holders of Notes affected thereby a notice briefly describing the amendment,
supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental Indenture or waiver. Subject to Sections 6.04 and 6.07
hereof, the Holders of a majority in aggregate principal amount of the then outstanding Notes (including Additional Notes, if any) may waive compliance in a particular instance by the Company with any provision of this Indenture, or the Notes.
However, without the consent of each Holder affected, an amendment or waiver 

  
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under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 
 (i) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 
 (ii) reduce the principal of or change the fixed maturity of any Note or alter the provisions, or waive any payment, with respect to the redemption of the Notes; 

(iii) reduce the rate of or change the time for payment of interest on any Note; 

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

(v) make any Note payable in money other than U.S. dollars; 

(vi) make any change in the provisions of this Indenture relating to waivers of past Defaults or that impairs the rights
of Holders of Notes to receive payments of principal of, or interest or premium or Additional Interest, if any, on the Notes on or after the due dates therefor; 
 (vii) release any Guarantor that is a Significant Subsidiary from any of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this Indenture; 

(viii) impair the right to institute suit for the enforcement of any payment of principal of, or interest or Additional
Interest, if any, on, the Notes on or after the due dates therefor; 
 (ix) amend, change or modify the
obligation of the Company to make and consummate a Change of Control Offer in the event of a Change of Control in accordance with Section 4.08 hereof after such Change of Control has occurred, including amending, changing or modifying any
definition to the extent relating thereto; or 
 (x) make any change in the preceding amendment and waiver
provisions. 

  
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 Section 9.03. Compliance with Trust Indenture Act. Every amendment or supplement to
this Indenture or the Notes shall be set forth in an amended or supplemental Indenture that complies with the TIA as then in effect. 
 Section 9.04. Revocation and Effect of Consents. Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the consenting Holder
of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if a notation of the consent is not made on the Note. However, any such Holder of a Note or subsequent
Holder of a Note may revoke the consent as to its Note if the Trustee or the Company receives written notice of revocation before the date on which the Company certifies to such Trustee that the Holders of the requisite principal amount of Notes
have consented to such amendment or waiver. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. After an amendment, supplement or waiver under this Indenture becomes effective, the
Company shall mail to Holders a notice briefly describing such amendment or waiver. However, the failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of the amendment or waiver. 

Section 9.05. Notation on or Exchange of Notes. (a) The Trustee may place an appropriate notation about an amendment,
supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver.

 (b) Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment,
supplement or waiver. 
 Section 9.06. Trustee to Sign Amendments, Etc. The Trustee shall sign any amended or
supplemental indenture or Note authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amendment or supplemental
Indenture or Note until its Board of Directors approves it. In executing any amended or supplemental indenture or Note, the Trustee shall be entitled to receive and (subject to Section 7.01 hereof) shall be fully protected in relying upon an
Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 

  
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 ARTICLE 10 
 [RESERVED] 
 ARTICLE 11 

NOTE GUARANTEES 
 Section 11.01. Guarantee. (a) Subject to this Article 11, on the Issue Date, each of the Initial Guarantors hereby, as primary obligor and not merely as surety, jointly and severally,
unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the
Company hereunder or thereunder, that: (i) the principal of and interest on the Notes shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest
on the Notes, if any, if lawful (subject in all cases to any applicable grace period provided herein), and all other monetary obligations of the Company to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or
performed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be
jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 (b) The Guarantors hereby agree (to the fullest extent permitted by law) that their obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or
this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any
other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Subject to Section 6.06 hereof, each Guarantor hereby waives (to the fullest extent permitted by law) diligence, presentment, demand
of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenant (except as otherwise provided in
Section 11.04 hereof) that this Note Guarantee shall not be discharged except by complete payment in full of the monetary obligations contained in the Notes and this Indenture. 

  
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 (c) If any Holder or the Trustee is required by any court or otherwise to return to the
Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the extent
theretofore discharged, shall be reinstated in full force and effect. 
 (d) Each Guarantor agrees that it shall not be entitled
to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees (to the fullest extent permitted by law) that, as
between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Note Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof,
such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors shall have the right to seek contribution from the Company and any non-paying Guarantor
so long as the exercise of such right does not impair the rights of the Holders under the Note Guarantee. 
 Section 11.02.
Limitation on Guarantor Liability. Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent transfer or
conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note Guarantee. To effectuate the foregoing intention, the
Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor under its Note Guarantee shall be limited to the extent necessary so that they shall not constitute a fraudulent transfer or conveyance. Each
Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that its Note Guarantee, and the waiver set forth in Section 11.01(d), are knowingly made in
contemplation of such benefits. 
 Section 11.03. Execution and Delivery of Note Guarantee. The delivery of any Note by
the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantee of each applicable Guarantor set forth in this Indenture or any supplemental indenture on behalf of such Guarantor. Neither the Company nor
any Guarantor shall be required to make a notation on the Notes to reflect any Note Guarantee. 

  
 119

 Section 11.04. Releases. (a) The Note Guarantee of a Guarantor shall be
released, discharged and terminated (and Section 4.17(b) hereof shall not apply): 
 (A) upon any direct or
indirect sale or other disposition (by consolidation, merger or otherwise) of any Capital Stock of or any interest in a Guarantor in compliance with Section 4.09 hereof, following which such Guarantor is no longer a Restricted Subsidiary of the
Company; 
 (B) if the Company properly designates any Restricted Subsidiary that is a Guarantor as an
Unrestricted Subsidiary under this Indenture; 
 (C) upon the release, discharge or termination of the Guarantee
which resulted in the creation of such Note Guarantee pursuant to Section 4.17(a) hereof (including the Guarantee of the Credit Agreement in the case of any Initial Guarantor), except a discharge, release or termination by or as a result of
payment under such Guarantee; or 
 (D) upon legal defeasance of the Notes or satisfaction and discharge of this
Indenture pursuant to Article 8 or 12 hereof, respectively. 
 (b) Upon any such occurrence specified in this
Section 11.04(b), the Trustee at the Company’s expense shall execute documents reasonably requested by the Company in order to evidence the release, discharge and termination in respect of such Note Guarantee. Neither the Company nor any
Guarantor shall be required to make a notation on the Notes to reflect any Note Guarantee or any such release, discharge and termination in respect of such Note Guarantee. 
 (c) Any Guarantor not released from its obligations under its Note Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of any
Guarantor under this Indenture as provided in this Article 11. 
 ARTICLE 12 

SATISFACTION AND DISCHARGE 

Section 12.01. Satisfaction and Discharge. (a) This Indenture shall be discharged and shall cease to be of further effect as
to all Notes issued thereunder, when: 

  
 120

 (i) either: 

(A) all Notes that have been authenticated (except lost, stolen or destroyed Notes that have been replaced or paid and
Notes for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company) have been delivered to the Trustee for cancellation; or 

(B) all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the
mailing of a notice of redemption or otherwise or shall become due and payable within one year and the Company or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of
the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as shall be sufficient without consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on the Notes
not delivered to the Trustee for cancellation for principal, premium and Additional Interest, if any, and accrued interest to the date of maturity or redemption; 

(ii) no Default or Event of Default shall have occurred and be continuing on the date of such deposit or shall occur as a
result of such deposit and such deposit shall not result in a breach or violation of, or constitute a default under, any other material instrument to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound;

 (iii) the Company or any Guarantor has paid or caused to be paid all sums then payable by it under this
Indenture; and 
 (iv) the Company has delivered irrevocable instructions to the Trustee under this Indenture to
apply the deposited money toward the payment of the Notes at maturity or the redemption date, as the case may be. 
 (b) The
Company must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 

(c) Notwithstanding the above, the Trustee shall pay to the Company from time to time upon its request any cash or Government Securities
held by it as provided in this section which, in the opinion of a nationally recognized firm of 

  
 121

 
independent public accountants expressed in a written certification delivered to the Trustee, are in excess of the amount thereof that would then be required to be deposited to effect a
satisfaction and discharge under this Article 12. 
 Section 12.02. Deposited Money and Government Securities To Be Held in
Trust; Other Miscellaneous Provisions. Subject to Section 12.03 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of
this Section 12.02, the “Trustee”) pursuant to Section 12.01 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture,
to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium and
Additional Interest, if any, and interest, but such money shall be segregated from other funds except to the extent required by law. 
 Section 12.03. Repayment to the Company. Subject to applicable laws relating to abandoned property, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust
for the payment of the principal of, premium and Additional Interest, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium and Additional Interest, if any, or interest has become due and payable
shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability of the Trustee or such
Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may
at the expense of the Company cause to be published once, in The New York Times or The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days
from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Company. 
 ARTICLE 13 
 MISCELLANEOUS 

Section 13.01. Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies or conflicts with the duties
imposed by TIA § 318(c), the imposed duties shall control. 

  
 122

 Section 13.02. Notices. (a) Any notice or communication by the Company or any
Guarantor, on the one hand, or the Trustee, on the other hand, to the other is duly given if in writing and delivered in person or mailed by first class mail (registered or certified, return receipt requested), telecopier or overnight air courier
guaranteeing next day delivery, to the others’ address: 
 If to the Company or any Guarantor: 

iPayment, Inc. 

40 Burton Hills Boulevard, Suite 415 
 Nashville, Tennessee 37215 
 Attention: Mark C. Monaco, Chief Financial Officer

 Facsimile No.: 615-665-8434 
 With a copy to: 
 iPayment, Inc. 

40 Burton Hills Boulevard, Suite 415 
 Nashville, Tennessee 37215 
 Attention: Afshin Yazdian, General Counsel 

Facsimile: 615-665-8434 
 With courtesy copies to: 
 White & Case LLP 

1155 Avenue of the Americas 
 New York, New York 10036 
 Facsimile: 212-354-8113 

Attention: Mark Mandel 
 Debevoise & Plimpton LLP 
 919 Third Avenue 

New York, New York 10022 
 Facsimile: 212-521-8813 
 Attention: William B. Beekman 

If to the Trustee: 
 Wilmington Trust FSB 
 246 Goose Lane, Suite 105 

Guilford, Connecticut 06437 
 Facsimile: 203-453-1183 
 Attention: Joseph O’Donnell 

  
 123

 (b) The Company, the Guarantors or the Trustee, by notice to the others, may designate
additional or different addresses for subsequent notices or communications. 
 (c) All notices and communications (other than
those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and
the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 

(d) Subject to Section 13.02(e), any notice or communication to a Holder shall be mailed by first class mail, certified or
registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in TIA §
313(c), to the extent required by the TIA. 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. 

(e) Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event
or any other communication (including any notice of redemption or repurchase) to a holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing
instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices at the Depositary. 
 (f) If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 

(g) If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time.

 Section 13.03. Communication by Holders of Notes with Other Holders of Notes. Holders may communicate pursuant to TIA
§ 312(b) with other Holders with respect to its rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

Section 13.04. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee
to take any action under this Indenture, the Company shall furnish to the Trustee: 

  
 124

 (a) an Officers’ Certificate in form reasonably satisfactory to the Trustee (which
shall include the statements set forth in Section 13.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and

 (b) an Opinion of Counsel in form reasonably satisfactory to the Trustee (which shall include the statements set forth in
Section 13.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 
 Section 13.05. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a
certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 
 (a) a statement that the Person making such certificate or opinion has read such covenant or condition; 
 (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(c) a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him
to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
 (d) a statement as to
whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 
 Section 13.06. Rules by
Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

Section 13.07. No Personal Liability of Directors, Officers, Employees and Stockholders. No director, officer, employee,
incorporator, stockholder, member, manager or partner of the Company or any Guarantor, as such, shall have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture, the Note Guarantees or for any claim based
on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases these individuals from this liability. The waiver and release are part of the consideration for issuance of the
Notes. 

  
 125

 Section 13.08. Governing Law. THE INTERNAL LAWS OF THE STATE OF NEW YORK SHALL GOVERN
AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT SUCH PRINCIPLES ARE NOT MANDATORILY APPLICABLE BY STATUTE AND THE APPLICATION OF THE LAWS
OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 Section 13.09. Consent to Jurisdiction. Any legal suit, action or
proceeding arising out of or based upon this Indenture or the transactions contemplated hereby may be instituted in the federal courts of the United States of America located in The City of New York or the courts of the State of New York in each
case located in The City of New York (collectively, the “Specified Courts”), and each party irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process,
summons, notice or document by mail to such party’s address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties (to the fullest extent permitted by applicable
law) irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court has been
brought in an inconvenient forum. 
 Section 13.10. No Adverse Interpretation of Other Agreements. This Indenture may not
be used to interpret any other indenture, loan or debt agreement of the Company or any of its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 13.11. Successors. All agreements of the Company in this Indenture and the Notes shall bind its successors. All agreements
of the Trustee in this Indenture shall bind its successors. All agreements of each Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section 11.04 hereof. 

Section 13.12. Severability. In case any provision in this Indenture or the Notes shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not (to the fullest extent permitted by applicable law) in any way be affected or impaired thereby. 
 Section 13.13. Counterpart Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

  
 126

 Section 13.14. Acts of Holders. (a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by the Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by
agents duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments, or certificates as to the foregoing, are delivered to the Trustee and, where it is hereby
expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of
execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company if made in the manner provided in this Section 13.14.

 (b) [Reserved] 
 (c) Notwithstanding anything to the contrary contained in this Section 13.14, the principal amount and serial numbers of Notes held by any Holder, and the date of holding the same, shall be proved by
the register of the Notes maintained by the Registrar as provided in Section 2.04 hereof. 
 (d) If the Company shall
solicit from the Holders of the Notes any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to a resolution of its Board of Directors, fix in advance a record date for the
determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. Notwithstanding TIA § 316(c), such record date shall be the
record date specified in or pursuant to such resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith or the date of the most recent list of Holders forwarded to
the Trustee prior to such solicitation pursuant to Section 2.06 hereof and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other
Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of the then
outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the then outstanding Notes shall be computed as of such record date;
provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the record
date. 

  
 127

 (e) Any request, demand, authorization, direction, notice, consent, waiver or other Act of
the Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration or transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be
done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Note. 
 (f)
Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Note may do so itself with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents
each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 
 Section
13.15. Benefit of Indenture. Nothing, in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any Registrar and its successors hereunder, and the Holders, any benefit
or any legal or equitable right, remedy or claim under this Indenture. 
 Section 13.16. Table of Contents, Headings, Etc.
The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or
restrict any of the terms or provisions hereof. 
 Section 13.17. Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE OR THE NOTES. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 128

 
			
	iPAYMENT, INC.,
		
	By:	 	/s/ Afshin M. Yazdian
		 	Name: Afshin M. Yazdian
		 	 Title: Executive Vice President,

General Counsel and Secretary

  

			
	 GUARANTORS:
  

CAMBRIDGE ACQUISITION SUB, LLC
 iFUNDS CASH
SOLUTIONS, LLC
 iPAYMENT ACQUISITION SUB LLC
 iSCAN SOLUTIONS, LLC
 MSC ACQUISITION SUB, LLC

PCS ACQUISITION SUB, LLC

		 	By: iPayment, Inc., as Sole Member
		
	By:	 	/s/ Afshin M. Yazdian
		 	Name: Afshin M. Yazdian
		 	 Title: Executive Vice President,

General Counsel and Secretary

 

			
	 1st NATIONAL PROCESSING, INC.
 CARDPAYMENT SOLUTIONS, L.L.C.
 CARDSYNC PROCESSING, INC.

E-COMMERCE EXCHANGE, INC.
 iPAYMENT OF
CALIFORNIA, LLC
 iPAYMENT OF MAINE, INC.

NPMG ACQUISITION SUB, LLC
 ONLINE DATA
CORP.
 QUAD CITY ACQUISITION SUB, INC.

TS ACQUISITION SUB, LLC

		
	By:	 	/s/ Afshin M. Yazdian
		 	Name: Afshin M. Yazdian
		 	 Title: Secretary

  

Signature Page to iPayment, Inc. 10.25% Senior Notes due 2018 Indenture 

 
			
	WILMINGTON TRUST FSB, as Trustee
		
	By:	 	/s/ Joseph P. O’Donnell
		 	Name: Joseph P. O’Donnell
		 	Title: Vice President

  

Signature Page to iPayment, Inc. 10.25% Senior Notes due 2018 Indenture 

 EXHIBIT A 
 [Face of Note] 
 CUSIP
[            ] 
  

			
	No. _____	 	**$[            ]**

 iPAYMENT, INC. 
 10.25% Senior Note due 2018 

Issue Date: [            ] 

iPayment, Inc. (the “Company”, which term includes any successor under the Indenture hereinafter referred to), for value
received, promises to pay to [NAME], or its registered assigns, the principal sum of [    ] DOLLARS ($[            ]) on May 15, 2018. 

Interest Payment Dates: November 15 and May 15, commencing November 15, 2011. 

Record Dates: November 1 and May 1. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

  
 A-1

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

			
	iPAYMENT, INC.
		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
 A-2

 This is one of the 10.25% Senior Notes due 2018 described in the within-mentioned Indenture.

 Dated: [            ] 

 

			
	WILMINGTON TRUST FSB, as Trustee
		
	 By:
	 	 
		 	 Authorized Signatory

  
 A-3

 [Reverse Side of Note] 

iPAYMENT, INC. 
 10.25% Senior Note due 2018 
 [Insert the Regulation S Temporary Global Note legend, if
applicable, pursuant to the provisions of the Indenture]. 
 [Insert the Global Note Legend, if applicable, pursuant to the provisions of
the Indenture]. 
 [Insert the Private Placement legend, if applicable, pursuant to the provisions of the Indenture]. 

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

 1. Interest. The Company promises to pay interest on the principal amount of this Note at 10.25% per annum
from the date hereof until maturity and shall pay the Additional Interest, if any, payable pursuant to Section 2(d) of the Registration Rights Agreement referred to below. The Company shall pay interest and Additional Interest, if any,
semi-annually in arrears on November 15 and May 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes shall accrue from the
most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date
referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date. The first Interest Payment Date shall be [    ]. The Company shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the rate specified above, to the extent lawful; it shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest shall be
computed on the basis of a 360-day year of twelve 30-day months. 
 2. Method of Payment. The Company shall pay interest
on the Notes (except defaulted interest) and Additional Interest, if any, to the Persons who are registered Holders of Notes at the close of business on the November 1 or May 1 next preceding the Interest Payment Date, even if such Notes
are canceled after 

  
 A-4

 
such record date and on or before such Interest Payment Date, except as provided in Section 2.13 of the Indenture with respect to defaulted interest. For so long as the Notes are held in one
or more Global Notes, the Company through the Paying Agent shall pay all principal, interest and premium and Additional Interest, if any, in respect of the Notes represented by Global Notes by wire transfer of immediately available funds to the
account specified by the Holder of the relevant Global Note (so long as such wire transfer be so made). Otherwise, if a Holder has given wire transfer instructions to the Company or Paying Agent at least 30 days prior to the applicable payment date,
the Company through the Paying Agent shall pay all principal, interest and premium and Additional Interest, if any, on that Holder’s Notes in accordance with those instructions (so long as such wire transfer may be so made). All other payments
on Notes shall be made at the office or agency of the Paying Agent and Registrar in the United States unless the Company elects to make interest payments through the Paying Agent by check mailed to the Holders at their addresses set forth in the
register of Holders. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

3. Paying Agent and Registrar. Initially, Wilmington Trust FSB, the Trustee under the Indenture, shall act as Paying Agent and
Registrar. The Company may change any Paying Agent or Registrar without prior notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 
 4. Indenture. The Company issued the Notes under an Indenture dated as of May 6, 2011 (the “Indenture”) among the Company, the Guarantors and the Trustee. The terms of the
Notes include those stated in the Indenture and those made part of the Indenture by reference to the TIA. The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent
any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall (to the fullest extent permitted by law) govern and be controlling. The Indenture pursuant to which this Note is issued provides
that an unlimited aggregate principal amount of Additional Notes may be issued thereunder. 
 5. Optional Redemption.

 (a) At any time and from time to time prior to May 15, 2014, the Company may, at its option, redeem up to 35% of the
aggregate principal amount of Notes issued under the Indenture (including any Additional Notes) at a redemption price of 110.25% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, thereon to the date
of redemption, with net cash proceeds of one or more Equity Offerings (or an amount of funds equal thereto) at least equal to the principal amount of the Notes so redeemed; provided that: 

  
 A-5

 (i) at least 65% of the aggregate principal amount of Notes issued under the
Indenture (including any Additional Notes) remains outstanding immediately after the occurrence of such redemption; and 
 (ii) the redemption must occur within 90 days of the date of the closing of such Equity Offering. 
 (b) At any time and from time to time prior to May 15, 2015, the Company may, at its option, redeem all or part of the Notes at a redemption price equal to the sum of (i) 100% of the principal
amount thereof, plus (ii) the Applicable Premium as of the date of redemption, plus (iii) accrued and unpaid interest and Additional Interest, if any, thereon to the date of redemption. 

(c) Except pursuant to clauses (a) and (b) of this paragraph 5, the Notes shall not be redeemable at the Company’s option
prior to May 15, 2015. 
 (d) On or after May 15, 2015, the Company may redeem all or a part of the Notes at the
redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and Additional Interest, if any, thereon, to the applicable redemption date, if redeemed during each twelve-month period beginning on
May 15 of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2015
	  	 	105.125	% 
	 2016
	  	 	102.563	% 
	 2017 and thereafter
	  	 	100.000	% 

 6. Mandatory
Redemption. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 7. Selection and Notice of Redemption. Any redemption pursuant to paragraph 5 above shall be made pursuant to the provisions of Sections 3.01 through 3.06 of the Indenture. 

8. Repurchase at Option of Holder. 
 (a) Upon the occurrence of a Change of Control, each Holder of Notes shall have the right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
thereof) of such Holder’s Notes on the terms set forth in the Indenture at a purchase price in cash equal to not less than 101% of the aggregate principal amount thereof plus accrued and unpaid interest and Additional Interest thereon, if any,
to the date of repurchase; provided that the Company shall not be obligated to repurchase Notes in the event that it has exercised its right to redeem all of the Notes described in paragraph 5 above. 

  
 A-6

 (b) The Company is, subject to certain conditions, obligated to make an offer to repurchase
Notes at 100% of the principal amount thereof plus accrued and unpaid interest and Additional Interest, if any, to the date of repurchase, which shall be payable in cash, with certain net cash proceeds of certain sales or other dispositions of
assets in accordance with the terms of the Indenture, all as more particularly described in the Indenture. 
 9.
Denominations, Transfer and Exchange. The Notes are in registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as
provided in the Indenture. As set forth more fully in the Indenture, (a) the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to
pay any taxes required by law or permitted by the Indenture; (b) the Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in
part; and (c) the Company need not transfer or exchange any Note for a period of 15 days prior to a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 

10. Persons Deemed Owners. The registered Holder of a Note shall be treated as its owner for all purposes. 

11. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture or the Notes may be amended or supplemented
with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding and Additional Notes, if any, voting as a single class (including, without limitation, consents obtained in connection with a purchase of, or
tender offer or exchange offer for, the Notes), and any existing Default or compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority in principal of the Notes then outstanding and
Additional Notes, if any, voting as a single class (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes). The Indenture may also be amended without the consent of any
Holders as provided in the Indenture. 
 12. Defaults and Remedies. In the case of an Event of Default arising from
certain events of bankruptcy or insolvency with respect to the Company or any Significant Subsidiary of the Company (or any Restricted Subsidiaries that together would constitute a Significant Subsidiary), all outstanding Notes shall become due and
payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the

  
 A-7

 
Notes to be due and payable immediately by notice in writing to the Company specifying the Event of Default. Holders of the Notes may not enforce the Indenture or the Notes except as provided in
the Indenture. As more particularly provided in the Indenture, (a) subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power;
(b) the Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest or Additional Interest, if any) if it determines
that withholding notice is in their interest; and (c) the Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may, on behalf of the Holders of all of the Notes, waive any existing Default
or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest or Additional Interest, if any, on, or the principal of, the Notes. 

13. Trustee Dealings with the Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits
from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 
 14. No Recourse Against Others. No director, officer, employee, incorporator, stockholder, member, manager or partner of the Company or any Guarantor, as such, shall have any liability for any
obligations of the Company or the Guarantors under the Notes, the Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and
releases these individuals from this liability. The waiver and release are part of the consideration for issuance of the Notes. 

15. Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent. 
 16. Additional Rights of Holders of Restricted Global Notes and Restricted Definitive Notes. In addition to the
rights provided to Holders under the Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes shall have all the rights set forth in the Registration Rights Agreement dated as of May 6, 2011, among the Company, the
Guarantors and the parties named on the signature pages thereof or, in the case of Additional Notes, the Holders of Additional Notes shall have the rights set forth in one or more registration rights agreements, if any, between the Company, the
Guarantors and the other parties thereto, relating to rights given by the Company and the Guarantors to the purchasers of Additional Notes (the “Registration Rights Agreement”). 

  
 A-8

 17. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers 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 Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 18. GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF
CONFLICTS OF LAW TO THE EXTENT THAT SUCH PRINCIPLES ARE NOT MANDATORILY APPLICABLE BY STATUTE AND THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture and/or the Registration Rights
Agreement. Requests may be made to: 
 iPayment, Inc. 
 40 Burton Hills Boulevard, Suite 415 
 Nashville, Tennessee 37215 

Attention: Mark C. Monaco, Chief Financial Officer 
 Facsimile No.: 615-665-8434 
 with a copy to: 

iPayment, Inc. 

40 Burton Hills Boulevard, Suite 415 
 Nashville, Tennessee 37215 
 Attention: Afshin Yazdian, General Counsel 

Facsimile: 615-665-8434 

  
 A-9

 Assignment Form 
 To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to: 	 	 
		 	                    (Insert assignee’s 
legal name)                    

  

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

 
  
  

 
 (Print or type assignee’s
name, address and zip code) 
 and irrevocably
appoint        ___________________________________________________________________ 
 to transfer this
Note on the books of the Company. The agent may substitute another to act for him. 
 Date:
                     
  

			
	 Your

Signature: 
	 	 
		 	(Sign exactly as your name appears on the face of this Note)

Signature Guarantee*:
                                         
    
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-10

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.08 or 4.09 of the Indenture, check the
appropriate box below: 

 ̈  Section 4.08          
       ̈  Section 4.09 
 If you want
to elect to have only part of the Note purchased by the Company pursuant to Section 4.08 or 4.09 of the Indenture, state the amount you elect to have purchased: 
 $             
 Date:
__________ 
  

			
	Your Signature: 	 	 
		 	  (Sign exactly as your name appears on the face of this Note)  

			
		
	Tax Identification No.:	 	 

 Signature Guarantee*: ____________________

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-11

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a
part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

																	
	 Date of
Exchange
	 	Amount of
Decrease in
Principal
Amount at
Maturity of this
Global
Note	 	 	Amount of
Increase in
Principal
Amount at
Maturity of this
Global
Note	 	 	Principal
Amount at
Maturity of this
Global Note
Following such
decrease
(or
increase)	 	 	Signature of
Authorized
Officer of
Trustee or Note
Custodian	 
		 				 				 				 			
		 				 				 				 			
		 				 				 				 			
		 				 				 				 			

  
 A-12

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
 iPayment, Inc. 

40 Burton Hills Boulevard, Suite 415 
 Nashville,
Tennessee 37215 
 Re: 10.25% Senior Notes due 2018 
 Reference is hereby made to the Indenture, dated as of May 6, 2011 (the “Indenture”), among iPayment, Inc., a Delaware corporation (the “Company”), the Guarantors
and Wilmington Trust FSB, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
              (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex
A hereto, in the principal amount at maturity of $             in such Note[s] or interests (the “Transfer”), to
         (the “Transferee”), as further specified in Annex A hereto. In connection with a transfer to an Accredited Investor, Exhibit D to the Indenture shall be used in lieu of this
Exhibit B. In connection with the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 

1.  ̈ Check if Transferee shall take delivery of a beneficial interest in the 144A
Global Note or a Definitive Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and,
accordingly, the Transferor hereby further certifies that the beneficial interest or Restricted Definitive Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest or Restricted
Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule
144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of
the Indenture, the transferred beneficial interest or Restricted Definitive Note shall be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in
the Indenture and the Securities Act. 
 2.  ̈ Check if Transferee shall take
delivery of a beneficial interest in the Regulation S Temporary Global Note, the Regulation S Permanent Global Note 

  
 B-1

 
or a Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the
Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and either (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any
Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such
Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(a) or Rule 904(a) of
Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the
Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note shall be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Permanent Global Note, the Regulation S Temporary Global Note and/or the
Restricted Definitive Note and in the Indenture and the Securities Act. 
 3.  ̈
Check and complete if Transferee shall take delivery of a beneficial interest in a Restricted Global Note or a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is
being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky
securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 

(a)  ̈ such Transfer is being effected pursuant to and in accordance with Rule 144 under
the Securities Act and the requirements of the exemption claimed, which certification is supported by an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification); 

or 
 (b)  ̈ such Transfer is being effected to the Company or a subsidiary thereof; 

  
 B-2

 or 
 (c)  ̈ such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus
delivery requirements of the Securities Act. 
 4.  ̈ Check if Transferee
shall take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note. 
 (a)  ̈ Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions
contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note shall no longer be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global Notes, on the Restricted Definitive Notes and in the Indenture. 
 (b)  ̈ Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under
the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and
the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note
shall no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on the Restricted Definitive Notes and in the Indenture. 

(c)  ̈ Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being
effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.
Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note shall not be subject to the restrictions on transfer enumerated in the Private

  
 B-3

 
Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 
 This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 

 

	
	  
	[Insert Name of Transferor]

  

			
	By:	 	 
		 	 Name:

		 	 Title:

 Dated:                      

  
 B-4

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	1.	The Transferor owns and proposes to transfer the following: 

 [CHECK ONE OF (A) OR (B)] 
 (A)
 ̈ a beneficial interest in the: 
 (i)  ̈ 144A Global Note (CUSIP [ ]); or 
 (ii)  ̈ Regulation S Global Note (CUSIP [ ]); or 
 (iii)  ̈ IAI Global Note (CUSIP [ ]); or 
 (B)
 ̈ a Restricted Definitive Note. 
  

	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE] 
 (A)  ̈ a beneficial
interest in the: 
 (i)  ̈ 144A Global Note (CUSIP [ ]); or

 (ii)  ̈ Regulation S Global Note (CUSIP [ ]); or 

(iii)  ̈ Unrestricted Global Note (CUSIP [ ]); or 

(B)  ̈ a Restricted Definitive Note; or 

(C)  ̈ an Unrestricted Definitive Note, 

in accordance with the terms of the Indenture. 

  
 B-5

 EXHIBIT C 
 FORM OF CERTIFICATE OF EXCHANGE 
 iPayment, Inc. 

40 Burton Hills Boulevard, Suite 415 
 Nashville,
Tennessee 37215 
 Re: 10.25% Senior Notes due 2018 
 Reference is hereby made to the Indenture, dated as of May 6, 2011 (the “Indenture”), among iPayment, Inc., a Delaware corporation (the “Company”), the Guarantors
and Wilmington Trust FSB, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
              (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in
the principal amount at maturity of $             in such Note[s] or interests (the “Exchange”). In connection with an exchange to an IAI Global Note, Exhibit D to
the Indenture shall be used in lieu of this Exhibit C. In connection with the Exchange, the Owner hereby certifies that: 
 1.  ̈ Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note. 

(a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount at
maturity, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the
Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are
not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 (b)  ̈ Check if Exchange is from beneficial interest in a Restricted Global
Note to an Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the 

  
 C-1

 
Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(i)  ̈ Check if Exchange is from a Restricted Definitive Note to beneficial interest in an
Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the
Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States. 
 (j)  ̈ Check if
Exchange is from a Restricted Definitive Note to an Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted
Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance
with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is
being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 2.  ̈ Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes. 

(A)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to a
Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted
Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued shall continue to be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

  
 C-2

 (B)  ̈ Check if Exchange is from a Restricted
Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  ̈ 144A
Global Note,  ̈ Regulation S Global Note, with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer
and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities
laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued shall be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 
 This certificate and the
statements contained herein are made for your benefit and the benefit of the Company. 
  

	
	  
	[Insert Name of Transferor]

  

			
	By:	 	 
		 	 Name:

		 	 Title:

 Dated:                      

  
 C-3

 EXHIBIT D 
 FORM OF INSTITUTIONAL ACCREDITED INVESTOR 
 CERTIFICATE 

iPayment, Inc. 
 40 Burton Hills Boulevard,
Suite 415 
 Nashville, Tennessee 37215 

Facsimile No.: 615-665-8434 
 Attention: Mark C.
Monaco, Chief Financial Officer 
 Wilmington Trust FSB 
 246 Goose Lane, Suite 105 
 Guilford, Connecticut 06437 

Facsimile: 203-453-1183 
 Attention: Corporate
Trust Administration 
  

	 	Re:	iPayment, Inc. 

	 	    	10.25% Senior Notes due 2018 (the “Notes”) 

	 	    	Issued under the Indenture (the “Indenture”) dated as 

	 	    	as of May 6, 2011 relating to the Notes 

 Ladies and Gentlemen: 
 This Certificate relates to: 

[CHECK A OR B AS APPLICABLE.] 
  

	 	 ̈ A.	Our proposed purchase of $             principal amount of Notes issued under the Indenture.

  

	 	 ̈ B.	Our proposed exchange of $             principal amount of Notes issued under the Indenture for an
equal principal amount of Notes to be held by us. 

 We hereby confirm that: 

 

	 	1.	We are an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended
(the “Securities Act”) (an “Institutional Accredited Investor”). 

  

	 	2.	Any acquisition of Notes by us will be for our own account or for the account of one or more other Institutional Accredited Investors as to which we exercise sole
investment discretion. 

  
 D-1

	 	3.	We have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of an investment in the Notes and we and
any accounts for which we are acting are able to bear the economic risks of and an entire loss of our or their investment in the Notes. 

  

	 	4.	We are not acquiring the Notes with a view to any distribution thereof in a transaction that would violate the Securities Act or the securities laws of any State of the
United States or any other applicable jurisdiction; provided that the disposition of our property and the property of any accounts for which we are acting as fiduciary will remain at all times within our and their control.

  

	 	5.	We acknowledge that the Notes have not been registered under the Securities Act and that the Notes may not be offered or sold within the United States or to or for the
benefit of U.S. persons except as set forth below. 

  

	 	6.	The principal amount of Notes to which this Certificate relates is at least equal to $250,000. 

We agree for the benefit of the Company, on our own behalf and on behalf of each account for which we are acting, that such Notes may be
offered, sold, pledged or otherwise transferred only in accordance with the Securities Act and any applicable securities laws of any State of the United States and only (a) to the Company or any Subsidiary thereof, (b) pursuant to a
registration statement that has been declared effective under the Securities Act, (c) for so long as the Notes are eligible for resale pursuant to Rule 144A under the Securities Act, to a Person it reasonably believes is a “qualified
institutional buyer” as defined in Rule 144A under the Securities Act that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that the transfer is being made in reliance on Rule 144A,
(d) pursuant to offers and sales to Non-U.S. Persons in offshore transactions within the meaning of Regulation S under the Securities Act and in accordance with the laws applicable to such purchaser in the jurisdiction in which such purchase is
made, (e) to an Institutional Accredited Investor that is an Institutional Accredited Investor acquiring the Notes for its own account or for the account of such an Institutional Accredited Investor, in each case in a minimum principal amount
of the Notes of $250,000, for investment purposes and not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act, or (f) pursuant to another available exemption from the registration
requirements of the Securities Act. 
 Prior to the registration of any transfer in accordance with (c) or (d) above,
we acknowledge that a duly completed and signed certificate (the form of which 

  
 D-2

 
may be obtained from the Trustee) must be delivered to the Trustee. Prior to the registration of any transfer in accordance with (e) or (f) above, we acknowledge that the Company
reserves the right to require the delivery of such legal opinions, certifications or other evidence as may reasonably be required in order to determine that the proposed transfer is being made in compliance with the Securities Act and applicable
state securities laws. We acknowledge that no representation is made as to the availability of any Rule 144 exemption from the registration requirements of the Securities Act. 
 We understand that the Trustee will not be required to accept for registration of transfer any Notes acquired by us, except upon presentation of evidence satisfactory to the Company and the Trustee that
the foregoing restrictions on transfer have been complied with. We further understand that the Notes acquired by us will bear a legend reflecting the substance of the preceding paragraph. We further agree to provide to any person acquiring any of
the Notes from us a notice advising such person that resales of the Notes are restricted as stated herein and that the Notes will bear a legend to that effect. 
 We agree to notify you promptly in writing if any of our acknowledgments, representations or agreements herein ceases to be accurate and complete. 

We represent to you that we have full power to make the foregoing acknowledgments, representations and agreements on our own behalf and
on behalf of any account for which we are acting. 
 You and the Company are entitled to rely upon this Certificate and are
irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

 

			
	 Very truly yours,
  

[NAME OF PURCHASER (FOR
TRANSFERS) OR OWNER (FOR EXCHANGES)]

		
	 By:
	 	 
		 	Name:
		 	Title:
		 	Address:

 Date:
                             

  
 D-3

 Upon transfer, the Notes would be registered in the name of the new beneficial owner as
follows: 
  

			
	By:	 	 

			
		
	Date:	 	 

			
		
	Taxpayer ID number:	 	 

  
 D-4

 EXHIBIT E 
 FORM OF SUPPLEMENTAL INDENTURE 
 TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 Supplemental Indenture (this “Supplemental Indenture”), dated as of
            , among             (the “Guaranteeing Subsidiary”), a subsidiary of iPayment, Inc. (or its
permitted successor), a Delaware corporation (the “Company”), the Company, the other Guarantors (as defined in the Indenture referred to herein) and Wilmington Trust FSB, as trustee under the Indenture referred to below (the
“Trustee”). 
 W I T N E S S E T H 
 WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of May 6, 2011 providing for the issuance of $400,000,000 of 10.25%
Senior Notes due 2018 (the “Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances the
Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s obligations under the Notes and the Indenture on the
terms and conditions set forth herein (the “Note Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of
the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 
 NOW THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as
follows: 
 1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to
them in the Indenture. 
 2. Agreement To Guarantee. The Guaranteeing Subsidiary hereby agrees to provide an
unconditional Guarantee on the terms and subject to the conditions set forth in the Indenture including but not limited to Article 11 thereof. 
 3. No Recourse Against Others. No past, present or future director, officer, employee, incorporator, stockholder or agent of the Guaranteeing Subsidiary, as such, shall have any liability for any
obligations of the Company or any Guaranteeing Subsidiary under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder
of the Notes by accepting a 

  
 E-1

 
Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

4. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL
INDENTURE BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT SUCH PRINCIPLES ARE NOT MANDATORILY APPLICABLE BY STATUTE AND THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 5. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be
an original, but all of them together represent the same agreement. 
 6. Effect of Headings. The Section headings herein
are for convenience only and shall not affect the construction hereof. 
 7. Ratification of Indenture; Supplemental
Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture
shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 
 8. Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals
contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Company. 

  
 E-2

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

 

			
	[GUARANTEEING SUBSIDIARY]
		
	 By:
	 	 
		 	 Name:

		 	 Title:

	
	[EXISTING GUARANTORS]
		
	 By:
	 	 
		 	 Name:

		 	 Title:

	
	iPAYMENT, INC.
		
	 By:
	 	 
		 	 Name:

		 	 Title:

	
	WILMINGTON TRUST FSB
		
	 By:
	 	 
		 	 Name:

		 	 Title:

  
 E-3Registration Rights Agreement, dated May 6, 2011

 Exhibit 4.2 
 EXECUTION VERSION 
 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated May 6, 2011 (this “Agreement”), is entered among iPayment, Inc., a
Delaware corporation (the “Company”), the guarantors listed in Schedule 1 hereto (the “Initial Guarantors”), and J.P. Morgan Securities LLC (“J.P. Morgan”) for itself and on behalf of the other
initial purchasers listed in Schedule 2 hereto (together with J.P. Morgan, the “Initial Purchasers”). 
 The Company,
the Guarantors (as defined below) and the Initial Purchasers are parties to the Purchase Agreement dated April 29, 2011 (the “Purchase Agreement”), providing for the sale by the Company to the Initial Purchasers of $400,000,000
aggregate principal amount of the Company’s 10.25% Senior Notes due 2018 (the “Securities”), which will be guaranteed on an unsecured senior basis by each of the Guarantors. As an inducement to the Initial Purchasers to enter
into the Purchase Agreement, the Company and the Guarantors have agreed to provide to the Initial Purchasers the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the obligation of the
Initial Purchasers to purchase the Securities as set forth in Section 6 of the Purchase Agreement. 
 In consideration of
the foregoing, the parties hereto agree as follows: 
 1. Definitions. As used in this Agreement, the following terms
shall have the following meanings: 
 “Additional Guarantor” shall mean any subsidiary of the Company that
executes a Guarantee under the Indenture after the date of this Agreement. 
 “Additional Interest” shall have
the meaning set forth in Section 2(d) hereof. 
 “Affiliate” shall have the meaning set forth in Rule 405
under the Securities Act. 
 “Agreement” shall have the meaning set forth in the preamble hereto. 

“Blackout Notice” shall have the meaning set forth in Section 2(d) hereof. 

“Blackout Period” shall have the meaning set forth in Section 2(d) hereof. 

“Business Day” shall mean any day other than a Legal Holiday. 

“Company” shall have the meaning set forth in the preamble hereto and shall also include the Company’s successors.

 “Effectiveness Period” shall have the meaning set forth in Section 2(b) hereof. 

 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended
from time to time. 
 “Exchange Dates” shall have the meaning set forth in Section 2(a)(ii) hereof.

 “Exchange Offer” shall mean the exchange offer by the Company and the Guarantors of Exchange Securities for
Registrable Securities pursuant to Section 2(a) hereof. 
 “Exchange Offer Registration” shall mean a
registration under the Securities Act effected pursuant to Section 2(a) hereof. 
 “Exchange Offer Registration
Statement” shall mean an exchange offer registration statement on Form S-4 (or, if applicable, on another appropriate form under the Securities Act) and all amendments and supplements to such registration statement, in each case including
the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein. 
 “Exchange Securities” shall mean senior notes issued by the Company and guaranteed on a senior basis by the Guarantors under the Indenture containing terms substantially identical in all
material respects to the Securities (except that the Exchange Securities will not contain terms with respect to transfer restrictions, registration rights and Additional Interest) and to be offered to Holders of Registrable Securities in exchange
for Exchange Securities pursuant to the Exchange Offer. 
 “FINRA” means the Financial Industry Regulatory
Authority, Inc. 
 “Free Writing Prospectus” means each free writing prospectus (as defined in Rule 405 under
the Securities Act) prepared by or on behalf of the Company or used or referred to by the Company in connection with the sale of the Securities or the Exchange Securities. 
 “Guarantees” shall mean the guarantees of the Securities and guarantees of the Exchange Securities by the Guarantors under the Indenture. 

“Guarantors” shall mean the Initial Guarantors, any Additional Guarantors and any Guarantor’s successor that
Guarantees the Securities. 
 “Holders” shall mean the Initial Purchasers, for so long as they own any
Registrable Securities, and each of their successors, assigns and direct and indirect transferees who become owners of Registrable Securities under the Indenture; provided that, for purposes of Section 4 and Section 5 hereof, the
term “Holders” shall include Participating Broker-Dealers. 

  
 2 

 “Indemnified Person” shall have the meaning set forth in Section 5(c)
hereof. 
 “Indemnifying Person” shall have the meaning set forth in Section 5(c) hereof. 

“Indenture” shall mean the Indenture relating to the Securities, dated as of May 6, 2011 among the Company, the
Guarantors and Wilmington Trust FSB, as trustee, as the same may be amended from time to time in accordance with its terms. 

“Initial Guarantors” shall have the meaning set forth in the preamble hereto. 

“Initial Purchasers” shall have the meaning set forth in the preamble hereto. 

“Inspector” shall have the meaning set forth in Section 3(a)(xiv) hereof. 

“Issue Date” shall mean May 6, 2011. 
 “Issuer Information” shall have the meaning set forth in Section 5(a) hereof. 
 “J.P. Morgan” shall have the meaning set forth in the preamble hereto. 
 “Legal Holiday” shall mean a Saturday, a Sunday or a day on which banking institutions in The City of New York or at a place of payment for the Securities are authorized or required by
law, regulation or executive order to remain closed. 
 “Majority Holders” shall mean the Holders of a majority
of the aggregate principal amount of the outstanding Registrable Securities; provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, any Registrable Securities owned
directly or indirectly by the Company or any of its Affiliates shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage or amount; and provided, further, that if the
Company shall issue any additional Securities under the Indenture prior to consummation of the Exchange Offer or, if applicable, the effectiveness of any Shelf Registration Statement, such additional Securities and the Registrable Securities to
which this Agreement relates shall be treated together as one class for purposes of determining whether the consent or approval of Holders of a specified percentage of Registrable Securities has been obtained. 

“Notice and Questionnaire” shall mean a notice of registration statement and selling security holder questionnaire
distributed to a Holder by the Company upon receipt of a Shelf Request from such Holder. 

  
 3 

 “Participating Broker-Dealers” shall have the meaning set forth in
Section 4(a) hereof. 
 “Participating Holder” shall mean any Holder of Registrable Securities that has
returned a completed and signed Notice and Questionnaire to the Company in accordance with Section 2(b) hereof. 

“Person” shall mean an individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company or government or other entity. 
 “Prospectus” shall
mean the prospectus included in, or, pursuant to the rules and regulations of the Securities Act, deemed a part of, a Registration Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus
supplement, including a prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements to such prospectus, and in
each case including any document incorporated by reference therein. 
 “Purchase Agreement” shall have the
meaning set forth in the preamble hereto. 
 “Registrable Securities” shall mean the Securities;
provided that the Securities shall cease to be Registrable Securities upon the earliest to occur of (i) when a Registration Statement with respect to such Securities has become effective under the Securities Act and such Securities have
been exchanged or disposed of pursuant to such Registration Statement, (ii) when such Securities cease to be outstanding or (iii) except in the case of Securities that otherwise remain Registrable Securities and that are held by an Initial
Purchaser and that are ineligible to be exchanged in the Exchange Offer, when the Exchange Offer is consummated. 

“Registration Actions” shall have the meaning set forth in Section 2(d) hereof. 

“Registration Default” shall mean the occurrence of any of the following: (i) notwithstanding that the Company has
consummated or will consummate the Exchange Offer, the Company is required to file a Shelf Registration Statement and such Shelf Registration Statement is not filed on or prior to 90 days after delivery of a Shelf Request or does not become
effective within 180 days after the delivery of such request (provided that such Shelf Registration Statement need not become effective prior to the Target Registration Date); (ii) the Company has not exchanged the Exchange Securities for all
Securities validly tendered in accordance with the terms of the Exchange Offer on or prior to the day that is 270 days after the Issue Date or (iii) if applicable the Shelf 

  
 4 

 
Registration Statement has been declared effective and such Shelf Registration Statement ceases to be continuously effective during the Effectiveness Period. 

“Registration Expenses” shall mean all expenses incident to performance of or compliance by the Company and the
Guarantors with this Agreement, including without limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and expenses incurred in connection with compliance with state securities or blue sky laws
(including reasonable fees and disbursements of counsel for any Underwriters or Holders in connection with blue sky qualification of any Exchange Securities or Registrable Securities), (iii) all expenses of any Persons in preparing or assisting
in preparing, word processing, printing and distributing any Registration Statement, any Prospectus, any Free Writing Prospectus and any amendments or supplements thereto, any underwriting agreements, securities sales agreements or other similar
agreements and any other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating to the qualification of the Indenture under applicable securities
laws, (vi) the reasonable fees and disbursements of the Trustee and its counsel (provided that the Holders shall not be charged for any fees and disbursements of the Trustee and its counsel), (vii) the fees and disbursements of counsel for
the Company and the Guarantors and, in the case of a Shelf Registration Statement, the reasonable and documented fees and disbursements of one counsel for the Participating Holders (which counsel shall be selected by the Participating Holders
holding a majority of the aggregate principal amount of Registrable Securities held by such Participating Holders and which counsel may also be counsel for the Initial Purchasers) and (viii) the fees and disbursements of the independent
registered public accountants of the Company and the Guarantors, including the expenses of any special audits or “comfort” letters required by or incident to the performance of and compliance with this Agreement, but excluding fees and
expenses of counsel to the Underwriters (other than fees and expenses set forth in clause (ii) above) or the Holders (other than fees and expenses set forth in clause (vii) above) and underwriting discounts and commissions, brokerage
commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder. 

“Registration Statement” shall mean any registration statement (including the Exchange Offer Registration Statement and
the Shelf Registration Statement) of the Company and the Guarantors that covers any of the Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement and all amendments and supplements to any such registration
statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein. 

“SEC” shall mean the United States Securities and Exchange Commission. 

  
 5 

 “Securities” shall have the meaning set forth in the preamble hereto.

 “Securities Act” shall mean the Securities Act of 1933, as amended from time to time. 

“Shelf Registration” shall mean a registration effected pursuant to Section 2(b) hereof. 

“Shelf Registration Statement” shall mean a “shelf” registration statement of the Company and the Guarantors
that covers all or a portion of the Registrable Securities (but no other securities unless approved by a majority in aggregate principal amount of the Securities held by the Participating Holders) on an appropriate form under Rule 415 under the
Securities Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part
thereof, all exhibits thereto and any document incorporated by reference therein. 
 “Shelf Request” shall have
the meaning set forth in Section 2(b) hereof. 
 “Staff” shall mean the staff of the SEC. 

“Target Registration Date” shall mean the date that is 270 days after the Issue Date. 

“Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended from time to time. 

“Trustee” shall mean the trustee with respect to the Securities under the Indenture, which initially shall be Wilmington
Trust FSB. 
 “Underwriter” shall have the meaning set forth in Section 3(e) hereof. 

“Underwritten Offering” shall mean an offering in which Registrable Securities are sold to an Underwriter for reoffering
to the public. 
 2. Registration Under the Securities Act. (a) To the extent not prohibited by applicable law or
SEC policy, the Company and the Guarantors shall use their commercially reasonable efforts to (x) file with the SEC an Exchange Offer Registration Statement covering an offer to the Holders to exchange all the Registrable Securities for
Exchange Securities and (y) have such Registration Statement become and remain effective until a period ending on the earlier of (i) the date that is 90 days after the Exchange Offer is consummated and (ii) the date on which a
Participating Broker-Dealer is no longer required to deliver a Prospectus in connection with market-making or other trading activities, for use by one or more Participating Broker-Dealers. The Company and the Guarantors shall commence the Exchange
Offer promptly after the Exchange Offer Registration Statement is declared effective by the SEC and 

  
 6 

 
use their commercially reasonable efforts to complete the Exchange Offer not later than the Target Registration Date. 
 If the Exchange Offer Registration Statement is declared effective, the Company and the Guarantors shall commence the Exchange Offer by mailing the related Prospectus, appropriate letters of transmittal
and other accompanying documents to each Holder stating, in addition to such other disclosures as are required by applicable law, substantially the following: 
  

	(i)	that the Exchange Offer is being made pursuant to this Agreement and that all Registrable Securities validly tendered and not properly withdrawn will be accepted for
exchange; 

  

	(ii)	the dates of acceptance for exchange (which shall be a period of at least 20 Business Days (or longer if required by applicable law) from the date such notice is
mailed) (the “Exchange Dates”); 

  

	(iii)	that any Registrable Security not tendered will remain outstanding and continue to accrue interest but will not retain any rights under this Agreement, except as
otherwise specified herein; 

  

	(iv)	that any Holder electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be required to (A) surrender such Registrable Security,
together with the appropriate letters of transmittal, to the institution and at the address and in the manner specified in the notice, or (B) effect such exchange otherwise in compliance with the applicable procedures of the depositary for such
Registrable Security, in each case prior to the close of business on the last Exchange Date; and 

  

	(v)	that any Holder will be entitled to withdraw its election, not later than the close of business on the last Exchange Date, by (A) sending to the institution, at
the address specified in the notice and in the manner specified in the notice, the name of such Holder, the principal amount of Registrable Securities delivered for exchange and a statement that such Holder is withdrawing its election to have such
Securities exchanged or (B) effecting such withdrawal in compliance with the applicable procedures of the depositary for the Registrable Securities. 

 As a condition to participating in the Exchange Offer, a Holder will be required to represent to the Company and the Guarantors (1) that any Exchange Securities to be received by it will be acquired
in the ordinary course of its business, (2) that at the time the Exchange Offer commences, it has no arrangement or understanding with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange
Securities in violation of the Securities Act, (3) that it is not an Affiliate of the Company or any Guarantor, (4) if it is not a broker-dealer, that it is not engaged in, and does not intend to engage in, a distribution of the Exchange
Securities and (5) if it is a 

  
 7 

 
broker-dealer that will receive Exchange Securities for its own account in exchange for Registrable Securities that were acquired as a result of market-making or other trading activities, that it
will deliver a Prospectus (or to the extent permitted by law, make available a Prospectus to purchasers) in connection with any resale of the Exchange Securities. 
 As soon as practicable after the last Exchange Date, the Company and the Guarantors shall: 
  

	(I)	accept for exchange Registrable Securities or portions thereof validly tendered and not validly withdrawn pursuant to the Exchange Offer; and 

 

	(II)	deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities or portions thereof so accepted for exchange by the Company and issue, and
cause the Trustee to promptly authenticate and deliver to each Holder, Exchange Securities having a principal amount equal to that of the principal amount of the Registrable Securities tendered by such Holder. Interest on each Exchange Security will
accrue from the later of the last interest payment date on which interest was paid on the Registrable Security surrendered in exchange therefor or if no interest has been paid on such Registrable Security, from the Issue Date (provided that, for the
avoidance of doubt, interest shall not be deemed to accrue at the same time on both a Registrable Security and the Exchange Security issued in exchange therefor). 

The Company and the Guarantors shall comply with the applicable requirements of the Securities Act, the Exchange Act and other applicable
laws and regulations in connection with the Exchange Offer. The Exchange Offer shall not be subject to any conditions, other than that the Exchange Offer does not violate (x) applicable law or SEC policy or (y) any order of any
governmental agency or court of competent jurisdiction (provided that clause (y) shall not affect the determination of whether there has been a Registration Default). 
 (b) If (i) the Company is not permitted to consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or SEC policy or (ii) any Holder of Securities notifies the
Company, on the advice of counsel, (a) within 20 days following the consummation of the Exchange Offer, that it is prohibited by applicable law or SEC policy from participating in the Exchange Offer, (b) within 90 days after the Exchange
Offer is consummated, that it may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a Prospectus (other than by reason of such Holder’s status as the Company’s Affiliate) and the
Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales or (c) within 20 days following the consummation of the Exchange Offer, that it is a broker-dealer and owns Securities acquired
directly from the Company or any Guarantor or an Affiliate of the Company or any Guarantor (each of sub-clauses (a), (b) and (c), a “Shelf Request”), then, in each case, the Company will

  
 8 

 
file with the SEC a Shelf Registration Statement providing for the sale of all the Registrable Securities by the Holders thereof; provided that no Holder will be entitled to (x) have
any Registrable Securities included in any Shelf Registration Statement, or entitled to use the Prospectus forming a part of such Shelf Registration Statement or (y) Additional Interest pursuant to Section 2(d) hereof, until such Holder
shall have delivered a completed and signed Notice and Questionnaire and provided such other information regarding such Holder to the Company as is contemplated by Section 3(b) hereof. The Company will use commercially reasonable efforts to
cause the Shelf Registration Statement to be declared effective by the SEC as promptly as practicable. 
 In the event that the
Company and the Guarantors are required to file a Shelf Registration Statement pursuant to clause (ii)(c) of the preceding paragraph, the Company and the Guarantors shall use their commercially reasonable efforts to file and have become effective
both an Exchange Offer Registration Statement pursuant to Section 2(a) hereof with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer Registration
Statement) with respect to offers and sales of Registrable Securities held by the Initial Purchasers after completion of the Exchange Offer. 
 The Company and the Guarantors agree to use their commercially reasonable efforts to keep the Shelf Registration Statement continuously effective and available, subject to any Blackout Period and
Section 3(d) hereof, until the earlier of (i) such time as all the Registrable Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement or (ii) the second anniversary of the
Issue Date (the “Effectiveness Period”). The Company and the Guarantors further agree to supplement or amend the Shelf Registration Statement, the related Prospectus and any Free Writing Prospectus if required by the rules,
regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations thereunder or if reasonably requested by a Holder of Registrable
Securities with respect to information relating to such Holder, and to use their commercially reasonable efforts to cause any such amendment to become effective, if required, and such Shelf Registration Statement, Prospectus or Free Writing
Prospectus, as the case may be, to become usable as promptly as practicable. The Company and the Guarantors agree to furnish, upon request, to the Participating Holders copies of any such supplement or amendment promptly after its being used or
filed with the SEC. 
 (c) The Company and the Guarantors shall pay all Registration Expenses in connection with any
registration pursuant to Section 2(a) or Section 2(b) hereof. Each Holder shall pay all underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s
Registrable Securities. 

  
 9 

 (d) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof will not
be deemed to have become effective unless it has been declared effective by the SEC. A Shelf Registration Statement pursuant to Section 2(b) hereof will not be deemed to have become effective unless it has been declared effective by the SEC or
is automatically effective upon filing with the SEC as provided by Rule 462 under the Securities Act. 
 If a Registration
Default occurs, the interest rate on the Registrable Securities will be increased (“Additional Interest”) from and including the date on which any Registration Default shall occur to but excluding the date on which all Registration
Defaults have been cured, at a rate of 0.25% per annum for the first 90-day period immediately following the occurrence of a Registration Default, and such rate will increase by an additional 0.25% per annum with respect to each subsequent
90-day period until all Registration Defaults have been cured; provided, however, that the aggregate amount of Additional Interest accruing shall not exceed 1.00% per annum. Following the cure of a particular Registration Default,
which cure, in the case of clause (i) of the definition thereof will be the filing and/or effectiveness of the Shelf Registration Statement, as applicable, in the case of clause (ii) of the definition thereof, will be the exchange of the
Exchange Securities for all Securities validly tendered, and not validly withdrawn, and in the case of clause (iii) of the definition thereof, will be the effectiveness of the Shelf Registration Statement that had ceased to remain effective,
Additional Interest with respect to such Registration Default shall cease to accrue. Additional Interest shall not accrue at any particular time with respect to more than one Registration Default. Any amounts of Additional Interest that have accrued
pursuant to clause (i), (ii) or (iii) of the definition of Registration Default will be payable on the regular interest payment dates of the Securities. 
 Subject to the limitation set forth in the next succeeding paragraph, the Company shall be entitled to delay the initial filing of the Shelf Registration Statement, suspend its obligation to file any
amendment to the Shelf Registration Statement, furnish any supplement or amendment to a Prospectus included in the Shelf Registration Statement, make any other filing with the SEC that would be incorporated by reference into the Shelf Registration
Statement, cause the Shelf Registration Statement to remain effective or take any similar action (collectively, “Registration Actions”) if the Company reasonably determines in good faith that (i) the disclosure of an event,
occurrence or other item at such time could reasonably be expected to have a material adverse effect on the business, results of operations, financial condition or prospects of the Company, any of its parents or subsidiaries, or any of their
respective Affiliates or (ii) the disclosure otherwise relates to a material business transaction or development with respect to the Company, any of its parents or subsidiaries, or any of their respective Affiliates that has not been publicly
disclosed and that any such disclosure would jeopardize the success of the transaction or that disclosure of the transaction is prohibited pursuant to the terms thereof. Upon the occurrence of any of the conditions described in the foregoing
sentence, the Company shall give prompt notice (a “Blackout Notice”) thereof to the Holders. Upon the 

  
 10 

 
termination of such condition, the Company shall give prompt notice thereof to the Holders and shall promptly proceed with all Registration Actions that were suspended pursuant to this paragraph.

 The Company may suspend Registration Actions pursuant to the preceding paragraph for one or more periods (each, a
“Blackout Period”) not to exceed an aggregate of 90 days in any 12-month period, during which no Additional Interest shall be payable pursuant to clauses (i) or (iii) of the definition of Registration Default. If one or
more Blackout Periods exceed an aggregate of 90 days in any 12-month period, then Additional Interest shall begin to accrue on the 91st day of such period in which Registration Actions have been suspended until such Registration Default is cured.
Each Blackout Period shall be deemed to begin on the date the relevant Blackout Notice is given to the Holders and shall end on the date on which the Company gives the Holders a notice that the Blackout Period has terminated. The Company shall
extend the Effectiveness Period by the total number of days during which a Blackout Period was in effect, so long as any Registrable Securities are outstanding. Notwithstanding the foregoing, the Company shall use commercially reasonable efforts to
end any Blackout Period as promptly as practicable. 
 (e) Without limiting the remedies available to the Holders, the Company
and the Guarantors acknowledge that any failure by the Company or the Guarantors to comply with their obligations under Section 2(a) and Section 2(b) hereof may result in material irreparable injury to the Initial Purchasers or the Holders
for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Holders may obtain such relief as may be required to specifically enforce the
Company’s and the Guarantors’ obligations under Section 2(a) and Section 2(b) hereof. 
 3. Registration
Procedures. (a) In connection with their obligations pursuant to Section 2(a) and Section 2(b) hereof, the Company and the Guarantors shall: 
 (i) prepare and file with the SEC a Registration Statement on the appropriate form under the Securities Act, which form (A) shall be selected by the Company and the Guarantors, (B) shall, in the
case of a Shelf Registration, be available for the sale of the Registrable Securities by the Holders thereof and (C) shall comply as to form in all material respects with the requirements of the applicable form and include all financial
statements required by the SEC to be filed therewith; and use their commercially reasonable efforts to cause such Registration Statement to become effective and remain effective for the applicable period in accordance with Section 2 hereof;

 (ii) prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be
necessary to keep such 

  
 11 

 
Registration Statement effective for the applicable period in accordance with Section 2 hereof and cause each Prospectus to be supplemented by any required prospectus supplement and, as so
supplemented, to be filed pursuant to Rule 424 under the Securities Act; and keep each Prospectus current during the period described in Section 4(3) of and Rule 174 under the Securities Act that is applicable to transactions by brokers or
dealers with respect to the Registrable Securities or Exchange Securities; 
 (iii) to the extent any Free Writing Prospectus is
used, file with the SEC any Free Writing Prospectus that is required to be filed by the Company or the Guarantors with the SEC in accordance with the Securities Act and to retain any Free Writing Prospectus not required to be filed; 

(iv) in the case of a Shelf Registration, furnish to each Participating Holder, to counsel for the Initial Purchasers, to counsel for
such Participating Holders and to each Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of each Prospectus, preliminary prospectus or Free Writing Prospectus, and any amendment or supplement
thereto, as such Participating Holder, counsel or Underwriter may reasonably request in order to facilitate the sale or other disposition of the Registrable Securities thereunder; and, subject to Sections 2(d) and 3(c) hereof, the Company and the
Guarantors consent to the use of such Prospectus, preliminary prospectus or such Free Writing Prospectus and any amendment or supplement thereto in accordance with applicable law by each of the Participating Holders and any such Underwriters in
connection with the offering and sale of the Registrable Securities covered by and in the manner described in such Prospectus, preliminary prospectus or such Free Writing Prospectus or any amendment or supplement thereto in accordance with
applicable law; 
 (v) use their commercially reasonable efforts to register or qualify the Registrable Securities under all
applicable state securities or blue sky laws of such jurisdictions as any Participating Holder shall reasonably request in writing by the time the applicable Registration Statement becomes effective; cooperate with such Participating Holders in
connection with any filings required to be made with FINRA; and use commercially reasonable efforts to do any and all other acts and things that may be reasonably necessary or advisable to enable each Participating Holder to complete the disposition
in each such jurisdiction of the Registrable Securities owned by such Participating Holder; provided that neither the Company nor any Guarantor shall be required to (1) qualify as a foreign corporation or other entity or as a dealer in
securities in any such jurisdiction where it would not otherwise be required to so qualify, (2) file any general consent to service of process in any such jurisdiction or (3) subject itself to taxation in any such jurisdiction if it is not
so subject; 
 (vi) notify counsel for the Initial Purchasers and, in the case of a Shelf Registration, notify each
Participating Holder and counsel for such Participating Holders promptly and, if requested by any such Participating Holder or counsel, 

  
 12 

 
confirm such advice in writing (1) when a Registration Statement has become effective, when any post-effective amendment thereto has been filed and becomes effective, when any Free Writing
Prospectus has been filed or any amendment or supplement to the Prospectus or any Free Writing Prospectus has been filed, (2) of any request by the SEC or any state securities authority for amendments and supplements to a Registration
Statement, Prospectus or any Free Writing Prospectus or for additional information after the Registration Statement has become effective, (3) of the issuance by the SEC or any state securities authority of any stop order suspending the
effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, including the receipt by the Company of any notice of objection of the SEC to the use of a Shelf Registration Statement or any post-effective amendment
thereto pursuant to Rule 401(g)(2) under the Securities Act, (4) if, between the applicable effective date of a Shelf Registration Statement and the closing of any sale of Registrable Securities covered thereby, the Company or any Guarantor
receives any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, (5) other than during a Blackout Period, of the
happening of any event during the period a Registration Statement is effective that makes any statement made in such Registration Statement or the related Prospectus or any Free Writing Prospectus untrue in any material respect or that requires the
making of any changes in such Registration Statement or Prospectus or any Free Writing Prospectus in order to make the statements therein not misleading and (6) of any determination by the Company or any Guarantor that a post-effective
amendment to a Registration Statement or any amendment or supplement to the Prospectus or any Free Writing Prospectus would be appropriate; 
 (vii) use their commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement or, in the case of a Shelf Registration, the resolution of
any objection of the SEC pursuant to Rule 401(g)(2) under the Securities Act, including by filing an amendment to such Registration Statement on the proper form, as soon as reasonably practicable, and provide prompt notice to each Holder or
Participating Holder of the withdrawal of any such order or such resolution; 
 (viii) in the case of a Shelf Registration,
furnish to each Participating Holder, without charge, at least one conformed copy of each Registration Statement and any post-effective amendment thereto (without any documents incorporated therein by reference or exhibits thereto, unless
requested); 
 (ix) in the case of a Shelf Registration, cooperate with the Participating Holders to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities to be issued in such denominations and registered in such names (consistent with
the provisions of 

  
 13 

 
the Indenture) as such Participating Holders may reasonably request at least one Business Day prior to the closing of any sale of Registrable Securities; 

(x) upon the occurrence of any event contemplated by Section 3(a)(vi)(5) hereof, use their commercially reasonable efforts to
prepare and file with the SEC a supplement or post-effective amendment to the applicable Exchange Offer Registration Statement or Shelf Registration Statement or the related Prospectus or any Free Writing Prospectus or any document incorporated
therein by reference or file any other required document so that, as thereafter delivered (or, to the extent permitted by law, made available) to purchasers of the Registrable Securities, such Prospectus or Free Writing Prospectus, as the case may
be, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and the Company and the Guarantors
shall notify the Participating Holders (in the case of a Shelf Registration Statement) and the Initial Purchasers and any Participating Broker-Dealers known to the Company (in the case of an Exchange Offer Registration Statement) to suspend use of
the Prospectus or any Free Writing Prospectus as promptly as practicable after the occurrence of such an event, and such Participating Holders, such Participating Broker-Dealers and the Initial Purchasers, as applicable, hereby agree to suspend use
of the Prospectus or any Free Writing Prospectus, as the case may be, until the Company and the Guarantors have amended or supplemented the Prospectus or the Free Writing Prospectus, as the case may be, to correct such misstatement or omission;

 (xi) a reasonable time prior to the filing of any Registration Statement, any Prospectus, any Free Writing Prospectus, any
amendment to a Registration Statement or amendment or supplement to a Prospectus or a Free Writing Prospectus or of any document that is to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing Prospectus after
initial filing of a Registration Statement, provide copies of such document to the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, to the Participating Holders and their counsel) and make such of the
representatives of the Company and the Guarantors as shall be reasonably requested by the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Participating Holders or their counsel) available for discussion
of such document; and the Company and the Guarantors shall not, at any time after initial filing of a Registration Statement, use or file any Prospectus, any Free Writing Prospectus, any amendment of or supplement to a Registration Statement or a
Prospectus or a Free Writing Prospectus, or any document that is to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing Prospectus, of which the Initial Purchasers and their counsel (and, in the case of a Shelf
Registration Statement, the Participating Holders and their counsel) shall not have previously been advised and furnished a copy or to which the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the
Participating Holders or their counsel) shall reasonably object in 

  
 14 

 
writing; provided, that the Company or the Guarantors shall not be prohibited from making any filing that is, in the reasonable opinion of counsel to the Company or any Guarantors, necessary to
comply with applicable laws; 
 (xii) obtain a CUSIP number for all Exchange Securities or Registrable Securities, as the case
may be, not later than the initial effective date of a Registration Statement; 
 (xiii) cause the Indenture to be qualified
under the Trust Indenture Act in connection with the registration of the Exchange Securities or Registrable Securities, as the case may be; cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required for the
Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and execute, and use their commercially reasonable efforts to cause the Trustee to execute, all documents as may be required to effect such changes and all other
forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner; 
 (xiv) in
the case of a Shelf Registration, make available for inspection by a representative of the Participating Holders (an “Inspector”), any Underwriter participating in any disposition pursuant to such Shelf Registration Statement, any
attorneys and accountants designated by a majority in aggregate principal amount of the Securities held by the Participating Holders (but not more than one firm of counsel acting for all such Holders) and any attorneys and accountants designated by
such Underwriter, at reasonable times and in a reasonable manner, all pertinent financial and other records, documents and properties of the Company and its subsidiaries, and cause the respective officers, directors and employees of the Company and
the Guarantors to supply all information reasonably requested by any such Inspector, Underwriter, attorney or accountant to conduct reasonable investigation within the meaning of Section 11 of the Securities Act in connection with a Shelf
Registration Statement; provided that if any such information is identified by the Company or any Guarantor as being confidential or proprietary, each Person receiving such information shall take such actions as are reasonably necessary to
protect the confidentiality of such information to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of any Inspector, Holder or Underwriter; 

(xv) in the case of a Shelf Registration, use their commercially reasonable efforts to cause all Registrable Securities to be listed on
any securities exchange or any automated quotation system on which similar securities issued or guaranteed by the Company or any Guarantor are then listed if requested by the Majority Holders, to the extent such Registrable Securities satisfy
applicable listing requirements; 
 (xvi) if reasonably requested by any Participating Holder, promptly include in a Prospectus
supplement or post-effective amendment such 

  
 15 

 
information with respect to such Participating Holder as such Participating Holder reasonably requests to be included therein and make all required filings of such Prospectus supplement or such
post-effective amendment promptly after the Company has received notification of the matters to be so included in such filing; 

(xvii) in the case of a Shelf Registration, enter into such customary agreements and take all such other actions in connection therewith
(including those reasonably requested by the Holders of a majority in principal amount of the Registrable Securities covered by the Shelf Registration Statement) in order to expedite or facilitate the disposition of such Registrable Securities
including, but not limited to, an Underwritten Offering and in such connection, (1) to the extent possible, make such representations and warranties to the Participating Holders and any Underwriters of such Registrable Securities with respect
to the business of the Company and its subsidiaries and the Registration Statement, Prospectus, any Free Writing Prospectus and documents incorporated by reference or deemed incorporated by reference, if any, in each case, in form, substance and
scope as are customarily made by issuers to underwriters in underwritten offerings and confirm the same if and when requested, (2) obtain opinions of counsel to the Company and the Guarantors (which counsel and opinions, in form, scope and
substance, shall be reasonably satisfactory to the Participating Holders and such Underwriters and their respective counsel) addressed to each Participating Holder and Underwriter of Registrable Securities, covering the matters customarily covered
in opinions requested in underwritten offerings, (3) obtain “comfort” letters from the independent registered public accountants of the Company and the Guarantors (and, if necessary, any other registered public accountant of any
subsidiary of the Company or any Guarantor, or of any business acquired by the Company or any Guarantor for which financial statements and financial data are or are required to be included in the Registration Statement) addressed to each
Participating Holder (to the extent permitted by applicable professional standards) and Underwriter of Registrable Securities, such letters to be in customary form and covering matters of the type customarily covered in “comfort” letters
in connection with underwritten offerings, including but not limited to financial information contained in any preliminary prospectus, Prospectus or Free Writing Prospectus and (4) deliver such documents and certificates as may be reasonably
requested by the Holders of a majority in principal amount of the Registrable Securities being sold or the Underwriters, and which are customarily delivered in underwritten offerings, to evidence the continued validity of the representations and
warranties of the Company and the Guarantors made pursuant to clause (1) above and to evidence compliance with any customary conditions contained in an underwriting agreement; and 

(xviii) so long as any Registrable Securities remain outstanding, cause each Additional Guarantor upon the creation or acquisition by the
Company of such Additional Guarantor, to execute a counterpart to this Agreement in the form attached hereto as Annex A and to deliver such counterpart to the Initial Purchasers no later than five Business Days following the execution thereof.

  
 16 

 (b) In the case of a Shelf Registration Statement, the Company may require each Holder of
Registrable Securities to furnish to the Company a Notice and Questionnaire and such other information regarding such Holder and the proposed disposition by such Holder of such Registrable Securities as the Company and the Guarantors may from time
to time reasonably request in writing. 
 (c) Each Participating Holder agrees that, upon receipt of any notice from the Company
and the Guarantors of the happening of any event of the kind described in Section 3(a)(vi)(3) or Section 3(a)(vi)(5) hereof, such Participating Holder will forthwith discontinue disposition of Registrable Securities pursuant to the Shelf
Registration Statement until such Participating Holder’s receipt of the copies of the supplemented or amended Prospectus and any Free Writing Prospectus contemplated by Section 3(a)(x) hereof and, if so directed by the Company and the
Guarantors, such Participating Holder will deliver to the Company and the Guarantors all copies in its possession, other than permanent file copies then in such Participating Holder’s possession, of the Prospectus and any Free Writing
Prospectus covering such Registrable Securities that is current at the time of receipt of such notice. 
 (d) If the Company and
the Guarantors shall give any notice to suspend the disposition of Registrable Securities pursuant to a Registration Statement, the Company and the Guarantors shall extend the period during which such Registration Statement shall be maintained
effective pursuant to this Agreement by the number of days during the period from and including the date of the giving of such notice to and including the date when the Holders of such Registrable Securities shall have received copies of the
supplemented or amended Prospectus or any Free Writing Prospectus necessary to resume such dispositions. 
 (e) The
Participating Holders who desire to do so may sell such Registrable Securities in an Underwritten Offering. In any such Underwritten Offering, the investment bank or investment banks and manager or managers (each an “Underwriter”)
that will administer the offering will be selected by the Holders of a majority in principal amount of the Registrable Securities included in such offering, such selection subject in each case to the consent of the Company (which shall not be
unreasonably withheld). 
 Such Holders shall be responsible for all underwriting discounts and commissions, brokerage
commissions and transfer taxes, if any, in connection therewith. No Participating Holder may participate in any Underwritten Offering unless such Holder (i) agrees to sell such Holder’s Registrable Securities on the basis provided in any
underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under
the terms of such underwriting arrangements. 

  
 17 

 4. Participation of Broker-Dealers in Exchange Offer. (a) The Staff has taken
the position that any broker-dealer that receives Exchange Securities for its own account in the Exchange Offer in exchange for Securities that were acquired by such broker-dealer as a result of market-making or other trading activities (a
“Participating Broker-Dealer”) may be deemed to be an “underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of
such Exchange Securities. 
 The Company and the Guarantors understand that it is the Staff’s position that if the
Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the
Participating Broker-Dealers or specifying the amount of Exchange Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers (or, to the extent permitted by law, made available to purchasers) to satisfy their
prospectus delivery obligation under the Securities Act in connection with resales of Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 

(b) In light of the above, and notwithstanding the other provisions of this Agreement, the Company and the Guarantors agree to amend or
supplement the Prospectus contained in the Exchange Offer Registration Statement for a period ending on the earlier of (i) the date that is 90 days after the Exchange Offer is consummated and (ii) the date on which a Participating
Broker-Dealer is no longer required to deliver a prospectus in connection with market-making or other trading activities, in order to expedite or facilitate the disposition of any Exchange Securities by Participating Broker-Dealers consistent with
the positions of the Staff recited in Section 4(a) above. The Company and the Guarantors further agree that Participating Broker-Dealers shall be authorized to deliver such Prospectus (or, to the extent permitted by law, make available) during
such period, but not after, in connection with the resales contemplated by this Section 4. 
 (c) The Initial Purchasers
shall have no liability to the Company, any Guarantor or any Holder with respect to any request that they may make pursuant to Section 4(b) hereof. 
 5. Indemnification and Contribution. (a) The Company and each Guarantor, jointly and severally, agree to indemnify and hold harmless each Initial Purchaser and each Holder, their respective
Affiliates, directors and officers and each Person, if any, who controls any Initial Purchaser or any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses,
claims, damages and liabilities (including, without limitation, legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such 

  
 18 

 
fees and expenses are incurred), joint or several, that arise out of, or are based upon, (1) any untrue statement or alleged untrue statement of a material fact contained in any Registration
Statement or any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading, or (2) any untrue statement or alleged untrue statement of a
material fact contained in any Prospectus, any Free Writing Prospectus or any “issuer information” (“Issuer Information”) filed or required to be filed pursuant to Rule 433(d) under the Securities Act, or any omission or
alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or
liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Initial Purchaser or information relating to any
Holder furnished to the Company in writing by or on behalf of any selling Holder, expressly for use therein. In connection with any Underwritten Offering permitted by Section 3, the Company and the Guarantors, jointly and severally, will also
indemnify the Underwriters, if any, selling brokers, dealers and similar securities industry professionals participating in the distribution, their respective Affiliates and each Person who controls such Persons (within the meaning of the Securities
Act and the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders, if requested in connection with any Registration Statement, any Prospectus, any Free Writing Prospectus or any Issuer Information.

 (b) Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Company, the Guarantors, the Initial
Purchasers and the other selling Holders, the directors of the Company and the Guarantors, each officer of the Company and the Guarantors who signed the Registration Statement and each Person, if any, who controls the Company, the Guarantors, any
Initial Purchaser or any other selling Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any
losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Holder furnished to
the Company in writing by or on behalf of such Holder expressly for use in any Registration Statement, any Prospectus and any Free Writing Prospectus. 
 (c) If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnification may be
sought pursuant to either paragraph (a) or (b) above, such Person (the “Indemnified Person”) shall promptly notify the Person against whom such indemnification may be sought (the “Indemnifying Person”) in
writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under paragraph (a) or (b) above except to the extent that it has been materially

  
 19 

 
prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the Indemnifying Person shall not relieve it
from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying
Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section 5 that the Indemnifying
Person may designate in such proceeding and shall pay the fees and expenses of such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the
right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary;
(ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available
to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and
representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related
proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any
such separate firm (x) for any Initial Purchaser, its Affiliates, directors and officers and any control Persons of such Initial Purchaser shall be designated in writing by J.P. Morgan, (y) for any Holder, its directors and officers and
any control Persons of such Holder shall be designated in writing by the Majority Holders and (z) in all other cases shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding
effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such
settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this
paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected without its written consent if (1) such settlement is entered into more than 60 days after receipt by the Indemnifying Person of such request and
(2) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any
settlement of any pending or threatened proceeding in respect of 

  
 20 

 
which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes an
unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to
or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. 
 (d) If the
indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such
paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate
to reflect the relative benefits received by the Company and the Guarantors from the offering of the Securities and the Exchange Securities, on the one hand, and by the Holders from receiving Securities or Exchange Securities registered under the
Securities Act, on the other hand, or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also
the relative fault of the Company and the Guarantors on the one hand and the Holders on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative fault of the Company and the Guarantors on the one hand and the Holders on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the Company and the Guarantors or by the Holders and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. 
 (e) The Company, the Guarantors and the Holders agree that it would not be just and equitable if
contribution pursuant to this Section 5 were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable
considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this Section 5, in no event shall a Holder be required to
contribute any amount in excess of the amount by which the total price at which the Securities or Exchange Securities sold by such Holder exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation 

  
 21 

 
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’
obligations to contribute pursuant to this Section 5 are several and not joint. 
 (f) The remedies provided for in this
Section 5 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity. 
 (g) The indemnity and contribution provisions contained in this Section 5 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any
investigation made by or on behalf of the Initial Purchasers or any Holder or any Person controlling any Initial Purchaser or any Holder, or by or on behalf of the Company or the Guarantors or the officers or directors of or any Person controlling
the Company or the Guarantors, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities pursuant to a Shelf Registration Statement. 

6. General. 
 (a) No Conflicting Agreements. The Company and the Guarantors represent, warrant and agree that (i) the rights granted to the Holders hereunder do not in any way conflict with the rights
granted to the holders of any other outstanding securities issued or guaranteed by the Company or any Guarantor under any other agreement and (ii) neither the Company nor any Guarantor has entered into, or on or after the date of this Agreement
will enter into, any agreement that conflicts with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof. 

(b) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company and the Guarantors have obtained the written consent of Holders of at least a majority in aggregate principal amount of
the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or consent; provided that no amendment, modification, supplement, waiver or consent to any departure from the provisions of this
Section 6 shall be effective as against any Holder of Registrable Securities unless consented to in writing by such Holder. Any amendments, modifications, supplements, waivers or consents pursuant to this Section 6(b) shall be by a writing
executed by each of the parties hereto. 
 (c) Notices. All notices and other communications provided for or permitted
hereunder shall be made in writing by hand-delivery, registered first-class mail, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to the Company by means of a
notice given in accordance with the provisions of this Section 6(c), 

  
 22 

 
which address initially is, with respect to the Initial Purchasers, the address set forth in the Purchase Agreement; (ii) if to the Company and the Guarantors, initially at the
Company’s address set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c); and (iii) to such other persons at their respective addresses
as provided in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c). All such notices and communications shall be deemed to have been duly given: at the
time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if telecopied; and on the next Business Day if timely delivered to an air courier
guaranteeing overnight delivery. Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address specified in the Indenture. 

(d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and
transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to permit any assignment, transfer or other disposition of
Registrable Securities in violation of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities in any manner, whether by operation of law or otherwise, such Registrable Securities
shall be held subject to all the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement
and such Person shall be entitled to receive the benefits hereof. The Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation to the Company or the Guarantors with respect to any failure by a Holder to
comply with, or any breach by any Holder of, any of the obligations of such Holder under this Agreement. 
 (e) Third Party
Beneficiaries. Each Holder shall be a third party beneficiary to the agreements made hereunder between the Company and the Guarantors, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such
agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights or the rights of other Holders hereunder. 
 (f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement. 

  
 23 

 (g) Headings. The headings in this Agreement are for convenience of reference only,
are not a part of this Agreement and shall not limit or otherwise affect the meaning hereof. 
 (h) Governing Law. This
Agreement, and any claim, controversy or dispute arising under or related to this Agreement, shall be governed by and construed in accordance with the laws of the State of New York. 

(j) Entire Agreement; Severability. This Agreement contains the entire agreement between the parties relating to the subject
matter hereof and supersedes all oral statements and prior writings with respect thereto. If any term, provision, covenant or restriction contained in this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable
or against public policy, the remainder of the terms, provisions, covenants and restrictions contained herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated. The Company, the Guarantors and the Initial
Purchasers shall endeavor in good faith negotiations to replace the invalid, void or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, void or unenforceable provisions.

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 24 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
	IPAYMENT, INC.
		
	By:	 	/s/ Afshin Yazdian
	Name:	 	Afshin Yazdian
	Title:	 	 Executive Vice President,

General Counsel and Secretary

  

[IPAYMENT, INC. – REGISTRATION RIGHTS
AGREEMENT] 

  
 25 

 
			
	GUARANTORS:
	
	 CAMBRIDGE ACQUISITION SUB, LLC
 IFUNDS CASH SOLUTIONS, LLC
 IPAYMENT ACQUISITION SUB LLC

ISCAN SOLUTIONS, LLC
 MSC ACQUISITION
SUB, LLC
 PCS ACQUISITION SUB, LLC
 By: iPayment, Inc., as Sole Member

		
	By:	 	/s/ Afshin Yazdian
	Name:	 	Afshin Yazdian
	Title:	 	 Executive Vice President,

General Counsel and Secretary

  

[IPAYMENT, INC. – REGISTRATION RIGHTS
AGREEMENT] 

  
 26 

 
			
	 1ST NATIONAL PROCESSING, INC.
 CARDPAYMENT SOLUTIONS, L.L.C.
 CARDSYNC PROCESSING, INC.

E-COMMERCE EXCHANGE, INC.
 IPAYMENT OF
CALIFORNIA, LLC
 IPAYMENT OF MAINE, INC.
 NPMG ACQUISITION SUB, LLC
 ONLINE DATA CORP.

QUAD CITY ACQUISITION SUB, INC.
 TS
ACQUISITION SUB, LLC

		
	By:	 	/s/ Afshin Yazdian
	Name:	 	Afshin Yazdian
	Title:	 	Secretary

  
 [IPAYMENT, INC. – REGISTRATION RIGHTS AGREEMENT] 

  
 27 

 Confirmed and accepted as of the date first above written: 

 

			
	J.P. MORGAN SECURITIES LLC
	
	For itself and on behalf of the several Initial Purchasers
		
	By:	 	/s/ Spencer Stenmark
		 	Authorized Signatory

  
 [Signature Page to iPayment, Inc. Registration Rights Agreement] 

  
 28 

 Schedule 1 
 Initial Guarantors 
 1st National Processing, Inc., a Nevada corporation 

Cambridge Acquisition Sub, LLC, a Delaware limited liability company 
 CardPayment Solutions, L.L.C., a Delaware limited liability company 
 CardSync Processing, Inc., a
California corporation 
 E-Commerce Exchange, Inc., a Delaware corporation 
 iFunds Cash Solutions, LLC, a Nevada limited liability company 
 iPayment Acquisition Sub, LLC, a
Delaware limited liability company 
 iPayment of California, LLC, a Tennessee limited liability company 

iPayment of Maine, Inc., a Delaware corporation 

iScan Solutions, LLC, a Delaware limited liability company 
 MSC Acquisition Sub, LLC, a Delaware limited liability company 
 NPMG Acquisition Sub, LLC, a
Delaware limited liability company 
 Online Data Corp., a Delaware corporation 
 PCS Acquisition Sub, LLC, a Delaware limited liability company 
 Quad City Acquisition Sub, Inc.,
a Delaware corporation 
 TS Acquisition Sub, LLC, a Delaware limited liability company 

 Schedule 2 
 Initial Purchasers 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated

 RBC Capital Markets, LLC 
 UBS
Securities LLC 

 Annex A 
 Counterpart to Registration Rights Agreement 
 The undersigned hereby
absolutely, unconditionally and irrevocably agrees as a Guarantor (as defined in the Registration Rights Agreement, dated May 6, 2011 by and among iPayment, Inc., a Delaware corporation, the guarantors party thereto and J.P. Morgan Securities
LLC, on behalf of itself and the other Initial Purchasers) to be bound by the terms and provisions of such Registration Rights Agreement. 
 IN WITNESS WHEREOF, the undersigned has executed this counterpart as of                     ,
201  . 
  

			
	[GUARANTOR]
		
	By	 	 
	Name:	 	
	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}]]