Document:

Exhibit 10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This Securities Purchase
Agreement (this “Agreement”) is dated as of February 9, 2021, between Sino-Global Shipping America, Ltd., a Virginia
stock corporation (the “Company”), and each purchaser identified on the signature pages hereto (each, including its
successors and assigns, a “Purchaser” and collectively the “Purchasers”).

 

WHEREAS, subject to
the terms and conditions set forth in this Agreement and pursuant to (i) an effective registration statement under the Securities
Act of 1933, as amended (the “Securities Act”) as to the Shares and (ii) an exemption from the registration requirements
of Section 5 of the Securities Act contained in Section 4(a)(2) thereof and/or Regulation D thereunder as to the Warrants, the
Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the
Company, securities of the Company as more fully described in this Agreement.

 

NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

 

ARTICLE I

DEFINITIONS

 

1.1 Definitions.
In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the
meanings set forth in this Section 1.1:

 

“Acquiring Person”
shall have the meaning ascribed to such term in Section 4.5.

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(j).

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board of Directors”
means the board of directors of the Company.

 

“Business Day”
means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required
by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required
by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee”
or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental
authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New
York are generally are open for use by customers on such day.

 

“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

 

“Closing Date”
means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto,
and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii) the Company’s
obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later than the second (2nd)
Trading Day following the date hereof.

 

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

 

“Common Stock”
means the Company’s common stock, no par value per share and any other class of securities into which such securities may
hereafter be reclassified or changed.

 

     

     

    

 

“Common Stock
Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at
any time shares of Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, shares
of Common Stock.

 

“Company Counsel”
means Kaufman & Canoles P.C., with offices located at Two James Center, 1021 East Cary Street, Suite1400, Richmond, Virginia
23219.

 

“Disclosure Schedules”
means the Disclosure Schedules of the Company delivered concurrently herewith.

 

“Evaluation Date”
shall have the meaning ascribed to such term in Section 3.1(s).

 

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

 

“Exempt Issuance”
means the issuance of (a) shares of Common Stock or options to employees, officers or directors of the Company pursuant to any
stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority
of the members of a committee of non-employee directors established for such purpose for services rendered to the Company, provided,
however, such issuance shall not exceed ten percent (10%) of the Common Stock issued and outstanding as of the date hereof, (b)
securities upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable
or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement, provided that
such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease
the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations)
or to extend the term of such securities, and (c) securities issued pursuant to acquisitions or strategic transactions approved
by a majority of the disinterested directors of the Company, provided that such securities are issued as “restricted securities”
(as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection
therewith, and provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself
or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company
and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction
in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business
is investing in securities..

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.

 

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Indebtedness”
shall have the meaning ascribed to such term in Section 3.1(aa).

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(p).

 

“Legend Removal
Date” shall have the meaning ascribed to such term in Section 4.1(c).

 

“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Lock-Up Agreements”
means the Lock-Up Agreements , addressed to the Placement Agent executed on or about December 8, 2020 by each of the Company’s
directors and officers. “Loeb” means Loeb & Loeb LLP with offices at 345 Park Avenue, New York, New York 10154.

 

“Material Adverse
Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Material Permits”
shall have the meaning ascribed to such term in Section 3.1(n).

 

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“Per Share Purchase
Price” equals US$7.80 subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and
other similar transactions of the Common Stock that occur after the date of this Agreement.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Placement Agent”
means Maxim Group LLC.

 

“Placement Agency
Agreement” means the letter agreement dated as of February 5, 2021 by and between the Company and the Placement Agent.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

“Prospectus”
means the final prospectus filed for the Registration Statement.

 

“Prospectus Supplement”
means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with the Commission and delivered
by the Company to each Purchaser at the Closing.

 

“Purchaser Party”
shall have the meaning ascribed to such term in Section 4.8.

 

“Registration
Statement” means the effective registration statement with Commission file No. 333-222098 which registers the sale of the
Shares to the Purchasers.

 

“Required Approvals”
shall have the meaning ascribed to such term in Section 3.1(e).

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect
as such Rule.

 

“SEC Reports”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Securities”
means, collectively, the Shares, the Warrants and the Warrant Shares.

 

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

 

“Shares”
means the shares of Common Stock issued or issuable to each Purchaser pursuant to this Agreement.

 

“Short Sales”
means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to
include locating and/or borrowing shares of Common Stock).

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for Shares and Warrants purchased hereunder as specified
below such Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription Amount,”
in United States dollars and in immediately available funds.

 

“Subsidiary”
means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company
formed or acquired after the date hereof. The term shall also include variable interest entities consolidated in the Company’s
financial statements and subsidiaries of such variable interest entities.

 

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“Trading Day”
means a day on which the principal Trading Market is open for trading.

 

“Trading Market”
means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question:
the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange
or any successors to any of the foregoing.

 

“Transaction
Documents” means this Agreement, the Warrants, the Placement Agency Agreement, all exhibits and schedules thereto and hereto
and any other documents or agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer Agent”
means Computershare Inc. with a mailing address at Meidinger Tower, 462 S. 4th Street, Louisville, KY 40202, and any successor
transfer agent of the Company.

 

“Variable Rate
Transaction” shall have the meaning ascribed to such term in Section 4.12(b).

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)); (b) if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable;
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported on the Pink Sheet Open Market published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to
its functions of reporting prices), the most recent bid price per shares of Common Stock so reported; or (d) in all other cases,
the fair market value of one share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers
of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of
which shall be paid by the Company.

 

“Warrants”
means, the Common Stock purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof,
which Warrants shall be exercisable immediately and have a term of exercise equal to five (5) years and six (6) months from the
issuance date in the form of Exhibit A attached hereto.

 

“Warrant Shares”
means the shares of Common Stock issuable upon exercise of the Warrants.

 

ARTICLE II

PURCHASE AND SALE

 

2.1 Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchasers,
severally and not jointly, agree to purchase, up to an aggregate of US$28,509,000 of Shares and Warrants. Each Purchaser’s
Subscription Amount as set forth on the signature page hereto executed by such Purchaser shall be made available for “Delivery
Versus Payment” settlement with the Company or its designee. The Company shall deliver to each Purchaser its respective Shares
and Warrants as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth
in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3,
the Closing shall occur at the offices of Loeb or such other location as the parties shall mutually agree. Unless otherwise directed
by the Placement Agent, settlement of the Shares shall occur via “Delivery Versus Payment” (“DVP”) (i.e.,
on the Closing Date, the Company shall issue the Shares registered in the Purchasers’ names and addresses and released by
the Transfer Agent directly to the account(s) at the Placement Agent identified by each Purchaser; upon receipt of such Shares,
the Placement Agent shall promptly electronically deliver such Shares to the applicable Purchaser, and payment therefor shall be
made by the Placement Agent (or its clearing firm) by wire transfer to the Company). Notwithstanding anything to the contrary hereunder,
to the extent that a Purchaser determines, in its sole discretion, that such Purchaser (together with such Purchaser’s Affiliates,
and any Person acting as a group together with such purchaser or any of such Holder’s Affiliates) would beneficially own
in excess of 9.99% of the number of shares of Common Stock outstanding immediately prior to giving effect to the issuance of the
Securities on the Closing Date (“Beneficial Ownership Maximum”), such Purchaser may elect to receive only the Beneficial
Ownership Maximum at the Closing with the balance of any share purchased hereunder, if any, held in abeyance for such Purchaser
and issued immediately following the Closing provided in no event shall such Purchaser’s beneficial ownership ever exceed
the Beneficial Ownership Maximum.

 

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2.2 Deliveries.

 

(a) On
or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser and the Placement Agent the
following:

 

(i) this
Agreement duly executed by the Company;

 

(ii) legal
opinion of Company Counsel with respect to U.S. laws and securities matters (including, without limitation, a negative assurance
letter or statement); addressed to the Placement Agent and each of the Purchasers that agreed to purchase, together with its affiliates,
at least $250,000 of Securities, in a form satisfactory to Loeb, the Placement Agent and such Purchasers;

 

(iii) a
cold comfort letter, addressed to the Placement Agent in form and substance reasonably satisfactory in all material respects from
Friedman LLP;

 

(iv) [Reserved];

 

(v) a
duly executed and delivered Officers’ Certificate, in customary form reasonably satisfactory to Loeb and the Placement Agent;

 

(vi) subject
to the last sentence of Section 2.1, a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent
to deliver on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”)
Shares equal to such Purchaser’s Subscription Amount divided by the Per Share Purchase Price, registered in the name of such
Purchaser;

 

(vii) (xii)
a Warrant registered in the name of such Purchaser to purchase up to a number of shares of Common Stock equal to 100% of such Purchaser’s
Shares, with an exercise price equal to US$7.80, subject to adjustment therein; and

 

(viii) the
Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

 

(b) On
or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

 

(i) this
Agreement duly executed by such Purchaser; and

 

(ii) such
Purchaser’s Subscription Amount, which shall be made available for “Delivery Versus Payment” settlement with
the Company or its designee.

 

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2.3 Closing Conditions.

 

(c) The
obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i) the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as
of a specific date therein in which case they shall be accurate as of such date);

 

(ii) all
obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been
performed; and

 

(iii) the
delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(d) The
respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being
met:

 

(i) the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein
(unless as of a specific date therein in which case they shall be accurate as of such date);

 

(ii) all
obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

 

(iii) the
delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv) there
shall have been no Material Adverse Effect with respect to the Company since the date hereof;

 

(v) each
of the Lock-Up Agreements shall remain in full force and effect; and

 

(vi) from
the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Company’s
principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg
L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are
reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States
or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national
or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in
each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Securities at the
Closing.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

3.1 Representations
and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be deemed
a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding
section of the Disclosure Schedules, the Company hereby makes the following representations and warranties to each Purchaser:

 

(a) Subsidiaries.
All of the direct and indirect subsidiaries of the Company and their respective jurisdictions of incorporation are set forth on
Schedule 3.1(a). The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary
free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued
and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.

 

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(b) Organization
and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power
and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company
nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to conduct business
and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted
or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as
the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity
or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, prospects
or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect
on the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction Document
(any of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction
revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

(c) Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by
it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company
and no further action is required by the Company, the Board of Directors or the Company’s shareholders in connection herewith
or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction Document to which
it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the
terms hereof and thereof, will constitute the valid and binding obligations of the Company enforceable against the Company in accordance
with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, liquidation, possessory
liens, rights of set off, merger, consolidation, reorganization, moratorium and other laws of general application affecting enforcement
of creditors’ rights generally as well as applicable international sanctions, (ii) as limited by laws relating to the statutory
limitation of the time within which proceedings may be brought or availability of specific performance, injunctive relief or other
equitable remedies, and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(d) No
Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to
which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby
and thereby do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate
or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default
(or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any
of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration
or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing
a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which
any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict
with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court
or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations),
or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of clause (ii), such
as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(e) Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i)
the filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement,
(iii) application(s) to each applicable Trading Market for the listing of the Shares and Warrant Shares for trading thereon in
the time and manner required thereby, and (iv) the filing of Form D with the Commission and such filings as are required to be
made under applicable state securities laws (collectively, the “Required Approvals”).

 

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(f) Issuance
of the Securities; Registration. The Securities are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the
Company. The Warrant Shares, when issued in accordance with the terms of the Warrants, will be validly issued, fully paid and nonassessable,
free and clear of all Liens imposed by the Company. The Company has reserved from its duly authorized unissued shares the maximum
number of shares of Common Stock issuable pursuant to this Agreement and the Warrants. The Company has prepared and filed the Registration
Statement in conformity with the requirements of the Securities Act, which became effective on February 16, 2018 (the “Effective
Date”), including the Prospectus, and such amendments and supplements thereto as may have been required to the date of this
Agreement. The Registration Statement is effective under the Securities Act and no stop order preventing or suspending the effectiveness
of the Registration Statement or suspending or preventing the use of the Prospectus has been issued by the Commission and no proceedings
for that purpose have been instituted or, to the knowledge of the Company, are threatened by the Commission. The Company, if required
by the rules and regulations of the Commission, shall file the Prospectus with the Commission pursuant to Rule 424(b). At the time
the Registration Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date,
the Registration Statement and any amendments thereto conformed and will conform in all material respects to the requirements of
the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not misleading; and the Prospectus and any amendments
or supplements thereto, at the time the Prospectus or any amendment or supplement thereto was issued and at the Closing Date, conformed
and will conform in all material respects to the requirements of the Securities Act and did not and will not contain an untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading. The Company was at the time of the filing of the Registration Statement
eligible to use Form S-3. The Company is eligible to use Form S-3 under the Securities Act and it meets the transaction requirements
with respect to the aggregate market value of securities being sold pursuant to this offering and during the twelve (12) months
prior to this offering, as set forth in General Instruction I.B.6 of Form S-3.

 

(g) Capitalization.
The capitalization of the Company as of the date hereof is as set forth on Schedule 3.1(g), which Schedule 3.1(g) shall also include
the number of shares of Common Stock owned beneficially, and of record, by Affiliates of the Company as of the date hereof. The
Company has not issued any shares since its most recently filed periodic report under the Exchange Act, other than pursuant to
the exercise of employee stock options under the Company’s stock option plans, the issuance of shares of Common Stock to
employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or exercise of Common
Stock Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange Act. No Person has any
right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated
by the Transaction Documents. Except as set forth on Schedule 3.1(g), there are no outstanding options, warrants, scrip rights
to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible
into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock
or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary
is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents or capital stock of any Subsidiary.
The issuance and sale of the Securities will not obligate the Company or any Subsidiary to issue Common Stock or other securities
to any Person (other than the Purchasers) and will not result in a right of any holder of Company securities to adjust the exercise,
conversion, exchange or reset price under any of such securities. Except as set forth on Schedule 3.1(g), there are no outstanding
securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no
contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem
a security of the Company or such Subsidiary. The Company does not have any stock appreciation rights or “phantom stock”
plans or agreements or any similar plan or agreement. All of the outstanding shares of the Company are duly authorized, validly
issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such
outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities.
No further approval or authorization of any shareholder, the Board of Directors or others is required for the issuance and sale
of the Securities. There are no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s
shares to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s shareholders.

 

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(h) SEC
Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof,
for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such
material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with
the Prospectus and the Prospectus Supplement, being collectively referred to herein as the “SEC Reports”) on a timely
basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any
such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities
Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed (subject to amendments as may have been made),
contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Additionally,
any further documents so filed and incorporated by reference in the Prospectus and Prospectus Supplement, when such documents are
filed with the Commission, will conform in all material respects to the requirements of the Exchange Act and the applicable rules
and regulations, as applicable, and will not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in light of the circumstances under which they were made not misleading. No post-effective amendment
to the Registration Statement reflecting any facts or events arising after the date thereof which represent, individually or in
the aggregate, a fundamental change in the information set forth therein is required to be filed with the Commission. The Company
has not been an issuer subject to Rule 144(i) under the Securities Act. As of their respective dates, the financial statements
of the Company included in the SEC Reports complied in all material respects with applicable accounting requirements and the rules
and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been
prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods
involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto and except
that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects
the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations
and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit
adjustments. The agreements and documents described in the Registration Statement, the Prospectus, the Prospectus Supplement, and
the SEC Reports conform in all material aspects to the descriptions thereof contained therein and there are no agreements or other
documents required by the Securities Act and the rules and regulations thereunder to be described in the Registration Statement,
the Prospectus, the Prospectus Supplement or the SEC Reports or to be filed with the Commission as exhibits to the Registration
Statement, that have not been so described or filed. Each agreement or other instrument (however characterized or described) to
which the Company is a party or by which it is or may be bound or affected and (i) that is referred to in the Registration Statement,
the Prospectus, the Prospectus Supplement or the SEC Reports, or (ii) is material to the Company’s business (each, a “Material
Agreement”), has been duly authorized and validly executed by the Company, is in full force and effect in all material respects
and is enforceable against the Company and, to the Company’s knowledge, the other parties thereto, in accordance with its
terms, except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’
rights generally, (y) as enforceability of any indemnification or contribution provision may be limited under the federal and state
securities laws, and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject
to the equitable defenses and to the discretion of the court before which any proceeding therefore may be brought. No Material
Agreement has been assigned by the Company, and neither the Company nor, to the best of the Company’s knowledge, any other
party is in default thereunder and, to the best of the Company’s knowledge, no event has occurred that, with the lapse of
time or the giving of notice, or both, would constitute a default thereunder that has had or that could reasonably be expected
to result in a Material Adverse Effect. To the best of the Company’s knowledge, performance by the Company of the material
provisions of the Material Agreements will not result in a violation of any existing applicable law, rule, regulation, judgment,
order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its assets
or businesses, including, without limitation, those relating to environmental laws and regulations. The other financial and statistical
information included in the SEC Reports present fairly, in all material respects, the information included therein and have been
prepared on a basis consistent with that of the financial statements that are included in the SEC Reports and the books and records
of the respective entities presented therein.

 

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(i) Material
Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included
within the SEC Reports, except as set forth on Schedule 3.1(i), (i) there has been no event, occurrence or development, including
changes generally affecting the Company’s or Subsidiaries’ industries, that has had or that could reasonably be expected
to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than
(A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities
not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the
Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend
or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem
any shares of its capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate,
except pursuant to existing Company stock option plans. The Company does not have pending before the Commission any request for
confidential treatment of information. Except for the issuance of the Securities contemplated by this Agreement or as set forth
on Schedule 3.1(i), no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably
expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects, properties,
operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities laws
at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the
date that this representation is made. Other than as set forth on Schedule 3.1(i), the Company has not: (i) issued any securities
or incurred any liability or obligation, direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made
any other distribution on or in respect of its capital stock.

 

(j) Litigation.
Except as set forth on Schedule 3.1(j), there has not been, and to the knowledge of the Company, there is not pending or contemplated,
any action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened
against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental
or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”).
None of the Actions set forth on Schedule 3.1(j) (i) adversely affects or challenges the legality, validity or enforceability of
any of the Transaction Documents or the Securities, (ii) could, if there were an unfavorable decision, have or reasonably be expected
to result in a Material Adverse Effect or (iii) are not expected to have a Material Adverse Effect. Neither the Company nor any
Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or
liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge
of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current
or former director or officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness
of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

 

(k) Labor
Relations. Except as set forth on Schedule 3.1(k), no labor dispute exists or, to the knowledge of the Company, is imminent
with respect to any of the employees of the Company, which could reasonably be expected to result in a Material Adverse Effect.
None of the Company’s or its Subsidiaries’ employees is a member of a union that relates to such employee’s relationship
with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining
agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. To the knowledge
of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material
term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement,
or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each
such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing
matters. The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations
relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure
to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(l) Compliance.
Except as set forth on Schedule 3.1(l), neither the Company nor any Subsidiary: (i) is in default under or in violation of (and
no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company
or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that
it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by
which it or any of its properties is bound (whether or not such default or violation has been waived); (ii) is in violation of
any judgment, decree or order of any court, arbitrator or other governmental authority; or (iii) is or has been in violation of
any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state
and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment
and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

 

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(m) Environmental
Laws. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws relating to pollution
or protection of human health or the environment (including ambient air, surface water, groundwater, land surface or subsurface
strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants,
or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise
relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials,
as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice
letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder (“Environmental Laws”);
(ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their
respective businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where
in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

(n) Regulatory
Permits. The Company and the Subsidiaries possess all certificates, authorizations, approvals, orders, licenses and permits
issued by the appropriate federal, state, local or foreign regulatory authorities, or by any foreign, federal, state or local governmental
or regulatory authority necessary to conduct their respective businesses as described in the SEC Reports, except where the failure
to possess such permits could not reasonably be expected to result in a Material Adverse Effect (each, a “Material Permit”),
and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of
any Material Permit. The disclosures in the Registration Statement concerning the effects of federal, state, local and all foreign
regulation on the Company’s business as currently contemplated are correct in all material respects.

 

(o) Title
to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them
and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries,
in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not
materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens
for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP
and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by
the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the
Subsidiaries are in compliance which the failure to so have could have a Material Adverse Effect.

 

(p) Intellectual
Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark
applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights
and similar rights necessary or required for use in connection with their respective businesses as described in the SEC Reports
and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”).
Schedule 3.1(p) sets forth all of the Intellectual Property Rights that the Company and its Subsidiaries own or have the rights
to use. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included
within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate
or infringe upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect.
To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by
another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security measures
to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(q) Intentionally
Omitted.

 

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(r) Transactions
With Affiliates and Employees. Except as set forth on Schedule 3.1(r), none of the officers or directors of the Company or
any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party
to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including
any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or
personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments
to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director,
or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner, in each case
in excess of US$120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses
incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock option plan
of the Company.

 

(s) Sarbanes-Oxley;
Internal Accounting Controls. Except as disclosed in the SEC Reports, the Company and the Subsidiaries have established disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed
such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files
or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s
rules and forms. The Company’s certifying officers have evaluated the effectiveness of the disclosure controls and procedures
of the Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange
Act (such date, the “Evaluation Date”). The Company presented in its most recently filed periodic report under the
Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based
on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes in the internal control over
financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected,
or is reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.

 

(t) Certain
Fees. Other than the compensation payable to the Placement Agent pursuant to the terms of the Placement Agency Agreement and
as set forth in the Prospectus Supplement relating to the placement of the Securities, no brokerage or finder’s fees or commissions
are or will be payable by the Company or any Subsidiary or Affiliate of the Company to any broker, financial advisor or consultant,
finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction
Documents. The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf
of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated
by the Transaction Documents.

 

(u) Investment
Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will
not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as
amended. The Company shall conduct its business in a manner so that it will not become an “investment company” subject
to registration under the Investment Company Act of 1940, as amended.

 

(v) Registration
Rights No Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act of
any securities of the Company or any Subsidiary.

 

(w) Listing
and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the
Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration
of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating
such registration. Except as set forth on Schedule 3.1(w), the Company has not, in the 12 months preceding the date hereof, received
notice from any Trading Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not
in compliance with the listing or maintenance requirements of such Trading Market. The Company shall take all commercially reasonable
efforts to regain compliance with the listing or maintenance requirements of such Trading Market as soon as practicable, but in
any event within the time prescribed in the Nasdaq Letter dated October 15, 2020 as described in Schedule 3.1(w). The Common Stock
is currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation
and the Company is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation)
in connection with such electronic transfer.

 

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(x) Application
of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in order to render
inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement)
or other similar anti-takeover provision under the Company’s certificate of incorporation (or similar charter documents)
or the laws of its state of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and
the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation
as a result of the Company’s issuance of the Securities and the Purchasers’ ownership of the Securities.

 

(y) Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company
confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel
with any information that it believes constitutes or might constitute material, non-public information which is not otherwise disclosed
in the Prospectus Supplement. The Company understands and confirms that the Purchasers will rely on the foregoing representation
in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers
regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the
Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which
they were made, not misleading. There are no documents required to be filed with the Commission in connection with the transaction
contemplated hereby that (x) have not been filed as required pursuant to the Securities Act or (y) will not be filed within the
requisite time period. There are no contracts or other documents required to be described in the Preliminary Prospectus or Prospectus,
or to be filed as exhibits or schedules to the Registration Statement, which have not been described or filed as required. The
press releases disseminated by the Company during the twelve months preceding the date of this Agreement taken as a whole do not
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in
order to make the statements therein, in light of the circumstances under which they were made and when made, not misleading. The
statistical and market-related data included in the Prospectus and Prospectus Supplement, if any, are based on or derived from
sources that the Company reasonably and in good faith believes are reliable and accurate or represent the Company’s good
faith estimates that are made on the basis of data derived from such sources. The Company has obtained all consents required for
the inclusion of such statistical and market-related data in the Prospectus and Prospectus Supplement. No forward-looking statement
(within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Prospectus or Prospectus
Supplement has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. The Company acknowledges
and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated
hereby other than those specifically set forth in Section 3.2 hereof.

 

(z) No
Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made
any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering
of the Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require
the registration of the Warrants or Warrant Shares under the Securities Act, or (ii) any applicable shareholder approval provisions
of any Trading Market on which any of the securities of the Company are listed or designated.

 

(aa) Solvency.
Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by
the Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company’s
assets exceeds the amount that will be required to be paid on or in respect of the Company’s existing debts and other
liabilities (including known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute
unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital
needs taking into account the particular capital requirements of the business conducted by the Company, consolidated and
projected capital requirements and capital availability thereof, and (iii) the current cash flow of the Company, together
with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all
anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts
are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature
(taking into account the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge
of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the
bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. For the avoidance of doubt, such
reorganization does not include the Company’s mergers, acquisitions or other strategic transactions which are not for
the primary purpose of avoiding bankruptcy. Schedule 3.1(aa) sets forth as of the date hereof all outstanding secured and
unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the
purposes of this Agreement, “Indebtedness” means (x) any liabilities for borrowed money or amounts owed in excess
of US$50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties,
endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be
reflected in the Company’s consolidated balance sheet (or the notes thereto), except guaranties by endorsement of
negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the
present value of any lease payments in excess of US$50,000 due under leases required to be capitalized in accordance with
GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

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(bb) Tax
Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in
a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and
local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which
it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or
determined to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably
adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or
declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any
jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim. The provisions for
taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement, Prospectus and
Prospectus Supplement are sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods to and
including the dates of such consolidated financial statements. The term “taxes” mean all federal, state, local,
foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license,
lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property,
windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatsoever, together with any
interest and any penalties, additions to tax, or additional amounts with respect thereto. The term “returns”
means all returns, declarations, reports, statements, and other documents required to be filed in respect to taxes.

 

(cc) Foreign
Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any
agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for
unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity,
(ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic
political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or
any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or
(iv) violated in any material respect any provision of FCPA. The Company has taken commercially reasonable steps to ensure
that its accounting controls and procedures are designed to cause the Company to comply in all material respects with the
FCPA.

 

(dd) Accountants.
The Company’s independent registered public accounting firm for the years ended June 30, 2020, June 30, 2019 was
Friedman LLP, which is a registered public accounting firm as required by the Exchange Act. On October 26, 2020, the Company
appointed Audit Alliance LLP as its independent registered public accounting firm. To the knowledge and belief of the
Company, Audit Alliance LLP shall express its opinion with respect to the financial statements to be included in the
Company’s Annual Report on Form 10-K for the fiscal year ending June 30, 2021.

 

(ee) Acknowledgment
Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that each of the Purchasers is
acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the
transactions contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or
fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions
contemplated thereby and any advice given by any Purchaser or any of their respective representatives or agents in connection
with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers’
purchase of the Securities. The Company further represents to each Purchaser that the Company’s decision to enter into
this Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions
contemplated hereby by the Company and its representatives.

 

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(ff) Acknowledgment
Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary
notwithstanding (except for Sections 3.2(f) and 4.14 hereof), it is understood and acknowledged by the Company that: (i) none
of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling,
long and/or short, securities of the Company, or “derivative” securities based on securities issued by the
Company or to hold the Securities for any specified term; (ii) past or future open market or other transactions by any
Purchaser, specifically including, without limitation, Short Sales or “derivative” transactions, before or after
the closing of this or future private placement transactions, may negatively impact the market price of the Company’s
publicly-traded securities; (iii) any Purchaser, and counter-parties in “derivative” transactions to which any
such Purchaser is a party, directly or indirectly, presently may have a “short” position in the Common Stock, and
(iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm’s length counter-party in
any “derivative” transaction. The Company further understands and acknowledges that (y) one or more Purchasers
may engage in hedging activities at various times during the period that the Securities are outstanding, including, without
limitation, during the periods that the value of the Warrant Shares deliverable with respect to Securities are being
determined, if applicable, and (z) such hedging activities (if any) could reduce the value of the existing
stockholders’ equity interests in the Company at and after the time that the hedging activities are being conducted.
The Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction
Documents.

 

(gg) Regulation
M Compliance. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or
indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of
the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any
compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any
compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii)
and (iii), compensation paid to the Company’s placement agent in connection with the placement of the Securities.

 

(hh) Stock
Option Plans. Each stock option granted by the Company under the Company’s stock option plan was granted (i) in
accordance with the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the fair
market value of the Common Stock on the date such stock option would be considered granted under GAAP and applicable law. No
stock option granted under the Company’s stock option plan has been backdated. The Company has not knowingly granted,
and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly
coordinate the grant of stock options with, the release or other public announcement of material information regarding the
Company or its Subsidiaries or their financial results or prospects.

 

(ii) Office
of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any director, officer,
agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office
of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

 

(jj) U.S. Real
Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation within the meaning
of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s request.

 

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(kk) Bank
Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company
Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System
(the “Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly
or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent
(25%) or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal
Reserve. Neither the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management
or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

(ll) Money
Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance
with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of
1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the
“Money Laundering Laws”), and no Action or Proceeding by or before any court or governmental agency, authority or
body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to
the knowledge of the Company or any Subsidiary, threatened.

 

(mm) D&O
Questionnaires. To the Company’s knowledge, all information contained in the questionnaires most recently completed
by each of the Company’s directors and officers and beneficial owner of 5% or more of the Common Stock or Common Stock
Equivalents is true and correct in all respects and the Company has not become aware of any information which would cause the
information disclosed in such questionnaires become inaccurate and incorrect.

 

(nn) FINRA
Affiliation. No officer, director or any beneficial owner of 5% or more of the Company’s Common Stock or Common
Stock Equivalents has any direct or indirect affiliation or association with any FINRA member (as determined in accordance
with the rules and regulations of FINRA) that is participating in the Offering. Except for securities purchased on the open
market, no Company Affiliate is an owner of stock or other securities of any member of FINRA. No Company Affiliate has made a
subordinated loan to any member of FINRA. No proceeds from the sale of the Securities (excluding compensation as disclosed in
the Prospectus Supplement to the Placement Agent) will be paid to any FINRA member, any persons associated with a FINRA
member or an affiliate of a FINRA member. Except as disclosed in the Registration Statement, Prospectus and Prospectus
Supplement and except for securities issued to the Placement Agent as disclosed in the Prospectus Supplement, no person to
whom securities of the Company have been privately issued within the 180-day period prior to the initial filing date of the
Prospectus Supplement is a FINRA member, is a person associated with a FINRA member or is an affiliate of a FINRA member. No
FINRA member participating in the offering has a conflict of interest with the Company. For this purpose, a “conflict
of interest” exists when a FINRA member, the parent or affiliate of a FINRA member or any person associated with a
FINRA member in the aggregate beneficially own 5% or more of the Company’s outstanding subordinated debt or common
equity, or 5% or more of the Company’s preferred equity. “FINRA member participating in the offering”
includes any associated person of a FINRA member that is participating in the offering, any member of such associated
person’s immediate family and any affiliate of a FINRA member that is participating in the offering. “Any person
associated with a FINRA member” means (1) a natural person who is registered or has applied for registration under the
rules of FINRA and (2) a sole proprietor, partner, officer, director, or branch manager of a FINRA member, or other natural
person occupying a similar status or performing similar functions, or a natural person engaged in the investment banking or
securities business who is directly or indirectly controlling or controlled by a FINRA member. When used in this Section
3.1(mm) the term “affiliate of a FINRA member” or “affiliated with a FINRA member” means an entity
that controls, is controlled by or is under common control with a FINRA member. The Company will advise the Placement Agent
and Loeb if it learns that any officer, director or owner of 5% or more of the Company’s outstanding Common Stock or
Common Stock Equivalents is or becomes an affiliate or associated person of a FINRA member firm.

 

(oo) Officers’
Certificate. Any certificate signed by any duly authorized officer of the Company and delivered to the Purchasers shall be
deemed a representation and warranty by the Company to the Purchasers as to the matters covered thereby.

 

(pp) Board of
Directors. The qualifications of the persons serving as board members and the overall composition of the Board of
Directors comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder applicable to the Company and the
rules of the Trading Market. At least one member of the Board of Directors qualifies as a “financial expert” as
such term is defined under the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder and the rules of the Trading
Market. In addition, at least a majority of the persons serving on the Board of Directors qualify as
“independent” as defined under the rules of the Trading Market.

 

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(qq) ERISA.
The Company is not a party to an “employee benefit plan,” as defined in Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), which: (i) is subject to any provision of ERISA and (ii) is or
was at any time maintained, administered or contributed to by the Company or any of its ERISA Affiliates (as defined
hereafter). These plans are referred to collectively herein as the “Employee Plans.” An “ERISA
Affiliate” of any person or entity means any other person or entity which, together with that person or entity, could
be treated as a single employer under Section 414(b), (c), (m) or (o) of the Internal Revenue Code of 1986, as amended (the
“Code”). Each Employee Plan has been maintained in material compliance with its terms and the requirements of
applicable law. No Employee Plan is subject to Title IV of ERISA. The Registration Statement, Prospectus and the Prospectus
Supplement identify each employment, severance or other similar agreement, arrangement or policy and each material plan or
arrangement required to be disclosed pursuant to the Rules and Regulations providing for insurance coverage (including any
self-insured arrangements), workers’ compensation, disability benefits, severance benefits, supplemental unemployment
benefits, vacation benefits or retirement benefits, or deferred compensation, profit-sharing, bonuses, stock options, stock
appreciation rights or other forms of incentive compensation, or post-retirement insurance, compensation or benefits, which:
(i) is not an Employee Plan; (ii) is entered into, maintained or contributed to, as the case may be, by the Company or any of
its ERISA Affiliates; and (iii) covers any officer or director or former officer or director of the Company or any of its
ERISA Affiliates. These agreements, arrangements, policies or plans are referred to collectively as “Benefit
Arrangements.” Each Benefit Arrangement has been maintained in material compliance with its terms and with the
requirements of applicable law. There is no liability in respect of post-retirement health and medical benefits for retired
employees of the Company or any of its ERISA Affiliates, other than medical benefits required to be continued under
applicable law. No “prohibited transaction” (as defined in either Section 406 of ERISA or Section 4975 of the
Code) has occurred with respect to any Employee Plan; and each Employee Plan that is intended to be qualified under Section
401(a) of the Code is so qualified, and nothing has occurred, whether by action or by failure to act, which could cause the
loss of such qualification.

 

(rr) No
Immunity. None of the Company or its Subsidiaries or any of their respective properties, assets or revenues has any right
of immunity, under the laws of the Commonwealth of Virginia or the State of New York, from any legal action, suit or
proceeding, the giving of any relief in any such legal action, suit or proceeding, set-off or counterclaim, the jurisdiction
of any Virginia, New York or United States federal court, service of process, attachment upon or prior to judgment, or
attachment in aid of execution of judgment, or execution of a judgment, or other legal process or proceeding for the giving
of any relief or for the enforcement of a judgment, in any such court, with respect to its obligations, liabilities or any
other matter under or arising out of or in connection with this Agreement and the Transaction Documents; and, to the extent
that the Company or any of its Subsidiaries or any of their respective properties, assets or revenues may have or may
hereafter become entitled to any such right of immunity in any such court in which proceedings may at any time be commenced,
each of the Company and its Subsidiaries waives or will waive such right to the extent permitted by law and has consented to
such relief and enforcement as provided in this Agreement.

 

(ss) [Reserved].

 

(tt) Private
Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, no
registration under the Securities Act is required for the offer and sale of the Warrant or the Warrant Shares by the Company
to the Purchasers as contemplated hereby.

 

(uu) No General
Solicitation. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the Warrants
or Warrant Shares by any form of general solicitation or general advertising. The Company has offered the Warrants and
Warrant Shares for sale only to the Purchasers and certain other “accredited investors” within the meaning of
Rule 501 under the Securities Act.

 

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(vv) No
Disqualification Events. With respect to the Warrants and Warrant Shares to be offered and sold hereunder in reliance on
Rule 506 under the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director,
executive officer, other officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more
of the Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as
that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale
(each, an “Issuer Covered Person”) is subject to any of the “Bad Actor” disqualifications described
in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”), except for a
Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether
any Issuer Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with
its disclosure obligations under Rule 506(e), and has furnished to the Purchasers a copy of any disclosures provided
thereunder.

 

(ww) Other
Covered Persons. Other than the Placement Agent, the Company is not aware of any person (other than any Issuer Covered
Person) that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with
the sale of any Securities.

 

(xx) Notice
of Disqualification Events. The Company will notify the Purchasers in writing, prior to the Closing Date of (i) any Disqualification
Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, reasonably be expected to
become a Disqualification Event relating to any Issuer Covered Person, in each case of which it is aware.

 

3.2 Representations
and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as
of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they
shall be accurate as of such date):

 

(a) Organization;
Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability
company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and
performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary
corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction
Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with
the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance
with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

(b) Understandings
or Arrangements. Such Purchaser is acquiring the Securities as principal for its own account and has no direct or indirect
arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities (this representation
and warranty not limiting such Purchaser’s right to sell the Securities pursuant to the Registration Statement or otherwise
in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities hereunder in the ordinary
course of its business. Such Purchaser understands that the Warrants and the Warrant Shares are “restricted securities”
and have not been registered under the Securities Act or any applicable state securities law and is acquiring such Securities as
principal for his, her or its own account and not with a view to or for distributing or reselling such Securities or any part thereof
in violation of the Securities Act or any applicable state securities law, has no present intention of distributing any of such
Securities in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement
or understandings with any other persons to distribute or regarding the distribution of such Securities in violation of the Securities
Act or any applicable state securities law (this representation and warranty not limiting such Purchaser’s right to sell
such Securities pursuant to a registration statement or otherwise in compliance with applicable federal and state securities laws).

 

(c) Purchaser
Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each date on
which it exercises any Warrants, it will be either: (i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2),
(a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as defined in Rule 144A(a)
under the Securities Act.

 

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(d) Experience
of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and
experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk
of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e) Access
to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including
all exhibits and schedules thereto) and the SEC Reports and has been afforded, (i) the opportunity to ask such questions as it
has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the
offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company
and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate
its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without
unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment. Such Purchaser
acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided such Purchaser with
any information or advice with respect to the Securities nor is such information or advice necessary or desired. Neither the Placement
Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities and the Placement
Agent and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser agrees need not
be provided to it. In connection with the issuance of the Securities to such Purchaser, neither the Placement Agent nor any of
its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

 

(f) Certain
Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has not,
nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any
purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such
Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth
the material pricing terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding
the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage
separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions
made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth above shall
only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase
the Securities covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser’s representatives,
including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such
Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence
and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute
a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales
or similar transactions in the future.

 

(g) General
Solicitation. Such Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other communication
regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented
at any seminar or, to the knowledge of such Purchaser, any other general solicitation or general advertisement.

 

The Company acknowledges
and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s right
to rely on the Company’s representations and warranties contained in this Agreement or any representations and warranties
contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this
Agreement or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance of doubt,
nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing
shares in order to effect Short Sales or similar transactions in the future.

 

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ARTICLE IV

OTHER AGREEMENTS OF THE PARTIES

 

4.1 Removal
of Legends.

 

(a) The
Warrants and Warrant Shares may only be disposed of in compliance with state and federal securities laws. In connection with any
transfer of Warrants or Warrant Shares other than pursuant to an effective registration statement or Rule 144, to the Company or
to an Affiliate of a Purchaser or in connection with a pledge as contemplated in Section 4.1(b), the Company may require the transferor
thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the
form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not
require registration of such transferred Warrants or Warrant Shares under the Securities Act.

 

(b) The
Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Warrants or Warrant Shares
in the following form:

 

NEITHER THIS SECURITY NOR THE SECURITIES
INTO WHICH THIS SECURITY IS EXERCISABLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION
THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

The Company acknowledges
and agrees that a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer
or grant a security interest in some or all of the Warrants or Warrant Shares to a financial institution that is an “accredited
investor” as defined in Rule 501(a) under the Securities Act and, if required under the terms of such arrangement, such Purchaser
may transfer pledged or secured Warrants or Warrant Shares to the pledgees or secured parties. Such a pledge or transfer shall
not require a legal opinion of legal counsel of the pledgee, secured party or pledger. The Board of Directors may not refuse or
delay the transfer unless: (a) the Purchaser has failed to pay an amount due in respect of such securities; or (b) such refusal
or delay is deemed necessary in the opinion of its legal counsel in order to avoid violation of, or in order to ensure compliance
with, any applicable corporate, securities and other laws and regulation; provided, that in no event shall such refusal or delay
be unreasonably withheld. Further, no notice shall be required of such pledge. At the Purchaser’s expense, the Company will
execute and deliver such reasonable documentation as a pledgee or secured party of Warrants and Warrant Shares may reasonably request
in connection with a pledge or transfer of the Warrants or Warrant Shares.

 

(c) Certificates
or statements evidencing the Warrant Shares shall not contain any legend (including the legend set forth in Section 4.1(b) hereof):
(i) while a registration statement covering the resale of such security is effective under the Securities Act; or (ii) following
any sale of such Warrant Shares pursuant to Rule 144 (assuming cashless exercise of the Warrants); or (iii) if such Warrant Shares
are eligible for sale under Rule 144 (assuming cashless exercise of the Warrants); or (iv) if such legend is not required under
applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the
Commission). The Company shall cause its counsel to issue a legal opinion to the Transfer Agent or a Purchaser promptly if required
by the Transfer Agent to effect the removal of the legend hereunder, or if requested by such Purchaser; provided, however, that
if any such legal opinion relates to legend removal, or sale of Securities, pursuant to Rule 144, such opinion may contain a provision
allowing Company counsel to withdraw the right of the addressee to rely on such legal opinion in the event that the such counsel
delivers a written notice to the addressee that the Company has subsequently failed for any reason to satisfy the current public
information requirement under Rule 144(c), to the extent that Rule 144(c) is then applicable. If all or any portion of a Warrant
is exercised at a time when there is an effective registration statement to cover the resale of the Warrant Shares, or if such
Warrant Shares may be sold under Rule 144 (assuming cashless exercise of the Warrants) or if such legend is not otherwise required
under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff
of the Commission) then such Warrant Shares shall be issued free of all legends. The Company agrees that following such time as
such legend is no longer required under this Section 4.1(c), the Company will, no later than the earlier of (i) two (2) Trading
Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined below) following the delivery by
a Purchaser to the Company or the Transfer Agent of a certificate representing Warrant Shares, as applicable, issued with a restrictive
legend (such date, the “Legend Removal Date”), deliver or cause to be delivered to such Purchaser a certificate representing
such shares that is free from all restrictive and other legends. The Company may not make any notation on its records or give instructions
to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 4. Warrant Shares subject to legend removal
hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting the account of the Purchaser’s prime broker
with the Depository Trust Company System as directed by such Purchaser. As used herein, “Standard Settlement Period”
means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with
respect to the Common Stock as in effect on the date of delivery of a certificate representing Warrant Shares issued with a restrictive
legend.

 

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(d) In
addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, (i) as partial liquidated
damages and not as a penalty, for each US$1,000 of Warrant Shares (based on the VWAP of the Common Stock on the date such securities
are submitted to the Transfer Agent) delivered for removal of the restrictive legend and subject to Section 4.1(c), US$10 per Trading
Day (increasing to US$20 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each Trading Day after
the Legend Removal Date until such certificate is delivered without a legend and (ii) if the Company fails to (a) issue and deliver
(or cause to be delivered) to a Purchaser by the Legend Removal Date a certificate representing the securities so delivered to
the Company by such Purchaser that is free from all restrictive and other legends and (b) if after the Legend Removal Date such
Purchaser purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by
such Purchaser of all or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal
to all or any portion of the number of shares of Common Stock, that such Purchaser anticipated receiving from the Company without
any restrictive legend, then an amount equal to the excess of such Purchaser’s total purchase price (including brokerage
commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including brokerage commissions
and other out-of-pocket expenses, if any) (the “Buy-In Price”) over the product of (A) such number of Warrant Shares
that the Company was required to deliver to such Purchaser by the Legend Removal Date multiplied by (B) the lowest closing sale
price of the Common Stock on any Trading Day during the period commencing on the date of the delivery by such Purchaser to the
Company of the applicable Warrant Shares (as the case may be) and ending on the date of such delivery and payment under this Section
4.1(d).

 

(e) The
Shares shall be issued free of legends.

 

4.2 Furnishing
of Information.

 

(a) Until
the earlier of the time that (i) no Purchaser owns Securities or (ii) all of the Warrants have expired, the Company covenants to
timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed
by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements
of the Exchange Act.

 

(b) At
any time during the period commencing from the six (6) month anniversary of the date hereof and ending at such time that all of
the Warrant Shares (assuming cashless exercise) may be sold without the requirement for the Company to be in compliance with Rule
144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, if the Company (i) shall fail for any reason to
satisfy the current public information requirement under Rule 144(c) or (ii) has ever been an issuer described in Rule 144(i)(1)(i)
or becomes such an issuer in the future, and the Company shall fail to satisfy any condition set forth in Rule 144(i)(2) (a “Public
Information Failure”) then, in addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser,
in cash, as partial liquidated damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell
the Warrant Shares, an amount in cash equal to one percent (1.0%) of the aggregate Exercise Price of such Purchaser’s Warrants
on the day of a Public Information Failure and on every thirtieth (30th) day (pro rated for periods totaling less than thirty days)
thereafter until the earlier of (a) the date such Public Information Failure is cured and (b) such time that such public information
is no longer required for the Purchasers to transfer the Warrant Shares pursuant to Rule 144. The payments to which a Purchaser
shall be entitled pursuant to this Section 4.2(b) are referred to herein as “Public Information Failure Payments.”
Public Information Failure Payments shall be paid on the earlier of (i) the last day of the calendar month during which such Public
Information Failure Payments are incurred and (ii) the third (3rd) Business Day after the event or failure giving rise to the Public
Information Failure Payments is cured. In the event the Company fails to make Public Information Failure Payments in a timely manner,
such Public Information Failure Payments shall bear interest at the rate of 1.5% per month (prorated for partial months) until
paid in full. Nothing herein shall limit such Purchaser’s right to pursue actual damages for the Public Information Failure,
and such Purchaser shall have the right to pursue all remedies available to it at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief.

 

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4.3 Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined
in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would require
the registration under the Securities Act of the sale of the Warrants or Warrant Shares or that would be integrated with the offer
or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder
approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent
transaction.

 

4.4 Securities
Laws Disclosure; Publicity. The Company shall (a) on or prior to 9:00 a.m. (New York City time) on February 10, 2021, issue
a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Current on Form 8-K, including
the Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange Act. From and after
the issuance of such press release, the Company represents to the Purchasers that it shall have publicly disclosed all material,
non-public information delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective
officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. In addition,
effective upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar
obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective
officers, directors, agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the
other hand, shall terminate. The Company and each Purchaser shall consult with each other in issuing any other press releases with
respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor
otherwise make any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser,
or without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably
be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide
the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not
publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory
agency or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities law
in connection with the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required
by law or Trading Market or FINRA regulations, in which case the Company shall provide the Purchasers with prior notice of such
disclosure permitted under this clause (b).

 

4.5 Shareholder
Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any
Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including
any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company,
or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities
under the Transaction Documents or under any other agreement between the Company and the Purchasers.

 

4.6 Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents,
which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other Person acting
on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably
believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented to the receipt
of such information and agreed with the Company to keep such information confidential. The Company understands and confirms that
each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent
that the Company, any of its Subsidiaries, or any of its respective officers, directors, agents, employees or Affiliates delivers
any material, non-public information to a Purchaser without such Purchaser’s consent, the Company hereby covenants and agrees
that such Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective
officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries or any of their respective
officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public information, provided
that the Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant to any Transaction Document
constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously
file such notice with the Commission pursuant to a Current Report on Form 8-K. The Company understands and confirms that each Purchaser
shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

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4.7 Use
of Proceeds. Except as set forth on Schedule 4.7 attached hereto, the Company shall use the net proceeds from the sale of the
Securities hereunder for working capital and capital expenditure purposes and shall not use such proceeds: (a) for the satisfaction
of any portion of the Company’s debt (other than payment of trade payables in the ordinary course of the Company’s
business and prior practices); (b) for the redemption of any shares of Common Stock or Common Stock Equivalents; (c) for the settlement
of any outstanding litigation; or (d) in violation of FCPA or OFAC regulations.

 

4.8 Indemnification
of Purchasers. Subject to the provisions of this Section 4.8, the Company will indemnify (to the fullest extent permitted by
applicable law) and hold each Purchaser and its directors, officers, shareholders, members, managers, partners, employees and agents
(and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title
or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section
20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons
with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of
such controlling persons (each, a “Purchaser Party”) harmless from any and all losses, liabilities, obligations, claims,
contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’
fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach
of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction
Documents or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates,
by any stockholder of the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated
by the Transaction Documents (unless such action is solely based upon a material breach of such Purchaser Party’s representations,
warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may have with
any such stockholder or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser
Party which is finally judicially determined to constitute fraud, gross negligence or willful misconduct) or (c) in connection
with any registration statement of the Company providing for the resale by the Purchasers of the Warrant Shares issued and issuable
upon exercise of the Warrants, the Company will indemnify each Purchaser Party, to the fullest extent permitted by applicable law,
from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’
fees) and expenses, as incurred, arising out of or relating to (i) any untrue or alleged untrue statement of a material fact contained
in such registration statement, any prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein (in the case of any prospectus or supplement thereto, in the light of the circumstances
under which they were made) not misleading, except to the extent, but only to the extent, that such untrue statements or omissions
are based solely upon information regarding such Purchaser Party furnished in writing to the Company by such Purchaser Party expressly
for use therein, or (ii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state
securities law, or any rule or regulation thereunder in connection therewith. If any action shall be brought against any Purchaser
Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company
in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable
to the Purchaser Party. Any Purchaser Party shall have the right to employ one separate counsel in any such action and participate
in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the
extent that (x) the employment thereof has been specifically authorized by the Company in writing, (y) the Company has failed after
a reasonable period of time to assume such defense and to employ counsel or (z) in such action there is, in the reasonable opinion
of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party,
in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel.
The Company will not be liable to any Purchaser Party under this Agreement (1) for any settlement by a Purchaser Party effected
without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (2) to the extent, but
only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the
representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction
Documents. The indemnification required by this Section 4.8 shall be made by periodic payments of the amount thereof during the
course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein
shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities
the Company may be subject to pursuant to law.

 

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4.9 Reservation
of Common Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available
at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company
to issue Shares pursuant to this Agreement and Warrant Shares pursuant to any exercise of the Warrants.

 

4.10 Listing
of Common Stock. The Company hereby agrees to use best efforts to maintain the listing or quotation of the Common Stock on
the Trading Market on which it is currently listed, and prior to the Closing, the Company shall have applied to list or quote all
of the Shares and Warrant Shares on such Trading Market and concurrently with the Closing, the Company shall have not received
any information indicating that the listing of such Shares and Warrant Shares is or will be rejected. The Company further agrees,
if the Company applies to have the Common Stock traded on any other Trading Market, it will then include in such application all
of the Shares and Warrant Shares, and will take such other action as is necessary to cause all of the Shares and Warrant Shares
to be listed or quoted on such other Trading Market as promptly as possible. The Company will then take all action reasonably necessary
to continue the listing and trading of its Common Stock on a Trading Market and will comply in all respects with the Company’s
reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees to maintain the eligibility
of the Common Stock for electronic transfer through the Depository Trust Company or another established clearing corporation, including,
without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in
connection with such electronic transfer.

 

4.11 Intentionally
Omitted.

 

4.12 Subsequent
Equity Sales.

 

(a) From
the date hereof until forty-five (45) days after the Closing Date, neither the Company nor any Subsidiary shall issue, enter into
any agreement to issue or announce the issuance or proposed issuance of any Common Stock or Common Stock Equivalents or file any
registration statement, or amendment or supplement thereto, with the Commission, other than a prospectus filed with the Commission
pursuant to Rule 424(b) in connection with this offering.

 

(b) From
the date hereof until such time as no Purchaser holds any of the Warrants, the Company shall be prohibited from effecting or entering
into an agreement to effect any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock Equivalents
(or a combination of units thereof) involving a Variable Rate Transaction. “Variable Rate Transaction” means a transaction
in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for,
or include the right to receive additional Common Stock either (A) at a conversion price, exercise price or exchange rate or other
price that is based upon and/or varies with the trading prices of or quotations for the Common Stock at any time after the initial
issuance of such debt or equity securities, or (B) with a conversion, exercise or exchange price that is subject to being reset
at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent
events directly or indirectly related to the business of the Company or the market for the Common Stock or (ii) enters into, or
effects a transaction under, any agreement, including, but not limited to, an equity line of credit or at-the-market offering facility,
whereby the Company may issue securities at a future determined price. Any Purchaser shall be entitled to obtain injunctive relief
against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

 

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(c) Notwithstanding
the foregoing, this Section 4.12 shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction shall
be an Exempt Issuance.

 

4.13 Equal
Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid
to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration
is also offered to all of the parties to the Transaction Documents. For clarification purposes, this provision constitutes a separate
right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to
treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect
to the purchase, disposition or voting of Securities or otherwise.

 

4.14 Certain
Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither
it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including
Short Sales of any of the Company’s securities during the period commencing with the execution of this Agreement and ending
at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release
as described in Section 4.4. Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time
as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release
as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms of this transaction and
the information included in the Disclosure Schedules. Notwithstanding the foregoing and notwithstanding anything contained in this
Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty
or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the transactions
contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4,
(ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any securities of the Company in accordance
with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly
announced pursuant to the initial press release as described in Section 4.4 and (iii) no Purchaser shall have any duty of confidentiality
or duty not to trade in the securities of the Company to the Company or its Subsidiaries after the issuance of the initial press
release as described in Section 4.4. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment
vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets and the portfolio managers
have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s
assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that
made the investment decision to purchase the Securities covered by this Agreement.

 

4.15 Capital
Changes. Until the one (1) year anniversary of the Closing Date, the Company shall not undertake a reverse or forward stock
split or reclassification of the Common Stock without the prior written consent of the Purchasers holding a majority in interest
of the Shares, unless a reverse split is required to maintain compliance with the minimum bid price requirements of the Trading
Market.

 

4.16 Exercise
Procedures. The form of Notice of Exercise included in the Warrants set forth the totality of the procedures required of the
Purchasers in order to exercise the Warrants. No additional legal opinion, other information or instructions shall be required
of the Purchasers to exercise their Warrants. Without limiting the preceding sentences, no ink-original Notice of Exercise shall
be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required
by the Company in order to exercise the Warrants. The Company shall honor exercises of the Warrants and shall deliver Warrant Shares
in accordance with the terms, conditions and time periods set forth in the Transaction Documents.

 

4.17 Form
D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Warrants and Warrant Shares as required
under Regulation D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as
the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Warrants and Warrant
Shares for, sale to the Purchasers at the Closing under applicable securities or “Blue Sky” laws of the states of the
United States, and shall provide evidence of such actions promptly upon request of any Purchaser.

 

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4.18 Registration
Statement. As soon as practicable (and in any event within 45 calendar days of the Closing Date), the Company shall file a
registration statement on Form S-1 (or such other form as the Company is then eligible to use for such purpose) providing for the
resale by the Purchasers of the Warrant Shares issued and issuable upon exercise of the Warrants. The Company shall use commercially
reasonable efforts to cause such registration statement to become effective within 181 days following the Closing Date and to keep
such registration statement effective at all times until no Purchaser owns any Warrants or Warrant Shares issuable upon exercise
thereof.

 

4.19 Lock-Up.
The Company shall not amend, modify, waive or terminate any provision of any of the Lock-Up Agreements except to extend the term
of the lock-up period and shall enforce the provisions of each Lock-Up Agreement in accordance with its terms. If any officer or
director that is a party to a Lock-Up Agreement breaches any provision of a Lock-Up Agreement, the Company shall promptly use its
best efforts to seek specific performance of the terms of such Lock-Up Agreement.

 

4.20 Sales
During Pre-Settlement Period. Notwithstanding anything herein to the contrary, if at any time on or after the time of execution
of this Agreement by the Company and an applicable Purchaser, through, and including the time immediately prior to the Closing
(the “Pre-Settlement Period”), such Purchaser sells to any Person all, or any portion, of any shares of Common Stock
to be issued hereunder to such Purchaser at the Closing (collectively, the “Pre-Settlement Shares”), such Purchaser
shall, automatically hereunder (without any additional required actions by such Purchaser or the Company), be deemed to be unconditionally
bound to purchase, and the Company shall be deemed unconditionally bound to sell, such Pre-Settlement Shares to such Purchaser
at the Closing; provided, that the Company shall not be required to deliver any Pre-Settlement Shares to such Purchaser prior to
the Company’s receipt of the purchase price of such Pre-Settlement Shares hereunder; and provided further that the Company
hereby acknowledges and agrees that the forgoing shall not constitute a representation or covenant by such Purchaser as to whether
or not during the Pre-Settlement Period such Purchaser shall sell any shares of Common Stock to any Person and that any such decision
to sell any shares of Common Stock by such Purchaser shall solely be made at the time such Purchaser elects to effect any such
sale, if any.

 

ARTICLE V

MISCELLANEOUS

 

5.1 Termination.
This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect
whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing
has not been consummated on or before February 12, 2021; provided, however, that no such termination will affect the right of any
party to sue for any breach by any other party (or parties).

 

5.2 Fees
and Expenses. At the Closing, the Company has agreed to reimburse the Placement Agent $5,000 for non-accountable expenses,
and up to $40,000 for the reasonable and accounted fees and expenses of its legal counsel. Except as expressly set forth in the
Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other
experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and
performance of this Agreement. The Company shall pay all Transfer Agent fees (including, without limitation, any fees required
for same-day processing of any instruction letter delivered by the Company and any exercise notice delivered by a Purchaser), stamp
taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.

 

5.3 Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus Supplement,
contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements
and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents,
exhibits and schedules.

 

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5.4 Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered
via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto
at or prior to 4:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such
notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth
on the signature pages attached hereto on a day that is not a Trading Day or later than 4:30 p.m. (New York City time) on any Trading
Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service
or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications
shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant to any Transaction
Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall
simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

 

5.5 Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed,
in the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Shares based on the
initial Subscription Amounts hereunder (or prior to the Closing, the Company and each Purchaser) or, in the case of a waiver, by
the party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver
disproportionately and adversely impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted
Purchaser (or group of Purchasers) shall also be required. No waiver of any default with respect to any provision, condition or
requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or
a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any
right hereunder in any manner impair the exercise of any such right. Any proposed amendment or waiver that disproportionately,
materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations
of the other Purchasers shall require the prior written consent of such adversely affected Purchaser. Any amendment effected in
accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Securities and the Company.

 

5.6 Headings.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof.

 

5.7 Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of
each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to
whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect
to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

5.8 No
Third-Party Beneficiaries. The Placement Agent shall be the third party beneficiary of the representations and warranties of
the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement is intended
for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor
may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8, this Section 5.8 and/or
the Placement Agency Agreement.

 

5.9 Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party
hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced
exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect
to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action
or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding
is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and
agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall
be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence an Action
or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under
Section 4.8, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable
attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action
or Proceeding.

 

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5.10 Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Securities.

 

5.11 Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being
understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

5.12 Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

5.13 Rescission
and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of)
any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction
Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser
may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand
or election in whole or in part without prejudice to its future actions and rights; provided, however, that in the case of a rescission
of an exercise of a Warrant, the applicable Purchaser shall be required to return any shares of Common Stock subject to any such
rescinded exercise notice concurrently with the return to such Purchaser of the aggregate exercise price paid to the Company for
such shares and the restoration of such Purchaser’s right to acquire such shares pursuant to such Purchaser’s Warrant
(including, issuance of a replacement warrant certificate evidencing such restored right).

 

5.14 Replacement
of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company
shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or
in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall
also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities
and provide such indemnity as may be required and determined under the Company’s policy as set by the Board of Directors.

 

5.15 Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of
the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the
Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation
the defense that a remedy at law would be adequate.

 

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5.16 Payment
Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document
or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or
exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from,
disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person
under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action),
then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

5.17 Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document are several
and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any
other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the
Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction
Documents. Each Purchaser shall be entitled to independently protect and enforce its rights including, without limitation, the
rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser
to be joined as an additional party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate
legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience only, each
Purchaser and its respective counsel have chosen to communicate with the Company through Loeb. Loeb does not represent any of the
Purchasers and only represents the Placement Agent. The Company has elected to provide all Purchasers with the same terms and Transaction
Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers. It
is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between
the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the
Purchasers.

 

5.18 Liquidated
Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction
Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other
amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages
or other amounts are due and payable shall have been canceled.

 

5.19 Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

5.20 Construction.
The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and
every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse
and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after
the date of this Agreement.

 

5.21 WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES
EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY
AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

(Signature Pages Follow)

 

    29

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	SINO-GLOBAL SHIPPING AMERICA., LTD.	 	Address for Notice:
	 	 	 	 	 
	By:	/s/ Lei Cao	 	1044 Northern Boulevard, Suite 305
	 	Name: 	Lei Cao	 	Roslyn, NY 11576-1514
	 	Title:	Chief Executive Officer	 	E-Mail:
	 		 	 	 
	With a copy to (which shall not constitute notice):

 

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

     

     

    

 

[PURCHASER SIGNATURE PAGES TO THE SECURITIES
PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as
of the date first indicated above.

 

Name of Purchaser: ________________________________________________________

 

Signature of Authorized Signatory of
Purchaser: _________________________________

 

Name of Authorized Signatory: _______________________________________________

 

Title of Authorized Signatory: ________________________________________________

 

Email Address of Authorized Signatory:
_________________________________________

 

Facsimile Number of Authorized Signatory:
__________________________________________

 

Address for Notice to Purchaser:

 

Address for Delivery of Warrants to Purchaser
(if not same as address for notice):

 

DWAC for Shares:

 

Subscription Amount: US$_________________

 

Shares: _________________

 

Warrant Shares: __________________

 

EIN Number: _______________________

 

☐
Notwithstanding anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed
to purchase the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations
of the Company to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded,
(ii) the Closing shall occur on the second (2nd) Trading Day following the date of this Agreement and (iii) any condition to Closing
contemplated by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the
above-signed of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition
and shall instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement,
instrument, certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

 

[SIGNATURE PAGES CONTINUE]Exhibit 4.1

 

 

ATENTO LUXCO 1,

as the Company,

the GUARANTORS party hereto from time to
time

AND

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee

AND

WILMINGTON TRUST (LONDON) LIMITED,

in its capacity as Security Agent under the Intercreditor Agreement, as Security Agent

$500,000,000 8.000% Senior Secured
Notes due 2026

 

INDENTURE

Dated as of February 10, 2021

 

 

    	 

    	 

    

TABLE OF CONTENTS

 

Page

	Article I Definitions and Incorporation by Reference
	Section 1.1.   Definitions	1
	Section 1.2.   Other Definitions	57
	Section 1.3.   TIA	59
	Section 1.4.   Rules of Construction	59
	Article II The Notes
	Section 2.1.   Form, Dating and Terms	60
	Section 2.2.   Execution and Authentication	69
	Section 2.3.   Registrar and Paying Agent	70
	Section 2.4.   Paying Agent to Hold Money in Trust	71
	Section 2.5.   Holder Lists	72
	Section 2.6.   Transfer and Exchange	72
	Section 2.7.   Form of Certificate to be Delivered upon Termination of Restricted Period	76
	Section 2.8.   Form of Certificate to be Delivered in Connection with Transfers to IAIs	78
	Section 2.9.   Form of Certificate to be Delivered in Connection with Transfers Pursuant to Regulation S	80
	Section 2.10.   Form of Certificate to be Delivered in Connection with Transfers to AIs	81
	Section 2.11.   Mutilated, Destroyed, Lost or Stolen Notes	83
	Section 2.12.   Outstanding Notes	84
	Section 2.13.   Temporary Notes	85
	Section 2.14.   Cancellation	85
	Section 2.15.   Payment of Interest; Defaulted Interest	86
	Section 2.16.   CUSIP and ISIN Numbers	87
	Section 2.17.   Joint and Several Liability	87
	Article III Covenants
	Section 3.1.   Payment of Notes	87
	Section 3.2.   Limitation on Indebtedness	88
	Section 3.3.   Limitation on Restricted Payments	96
	Section 3.4.   Limitation on Restrictions on Distributions from Restricted Subsidiaries	105

    	-i- 

    	 

    

	Section 3.5.   Limitation on Sales of Assets and Subsidiary Stock	109
	Section 3.6.   Limitation on Liens	114
	Section 3.7.   Limitation on Guarantees	115
	Section 3.8.   Limitation on Affiliate Transactions	116
	Section 3.9.   Change of Control	120
	Section 3.10.   Reports	123
	Section 3.11.   Maintenance of Office or Agency	127
	Section 3.12.   Corporate Existence	127
	Section 3.13.   Payment of Taxes	128
	Section 3.14.   [Reserved]	128
	Section 3.15.   Compliance Certificate	128
	Section 3.16.   Further Instruments and Acts	128
	Section 3.17.   [Reserved]	128
	Section 3.18.   Statement by Officers as to Default	128
	Section 3.19.   Suspension of Certain Covenants	129
	Section 3.20.   Designation of Restricted and Unrestricted Subsidiaries	130
	Section 3.21.   [Reserved]	130
	Section 3.22.   After-Acquired Property	130
	Section 3.23.   Additional Amounts	131
	Section 3.24.   Post-Closing Guarantors	134
	Section 3.25.   Impairment of Security Interest	134
	Section 3.26.   Amendments to the Intercreditor Agreement and Additional Intercreditor Agreements	135
	Article IV Successor Company; Successor Person
	Section 4.1.   Merger and Consolidation	137
	Article V Redemption of Notes
	Section 5.1.   Notices to Trustee	139
	Section 5.2.   Selection of Notes to Be Redeemed or Purchased	139
	Section 5.3.   Notice to Redemption	139
	Section 5.4.   Effect of Notice of Redemption	141
	Section 5.5.   Deposit of Redemption or Purchase Price	141
	Section 5.6.   Notes Redeemed or Purchased in Part	141
	Section 5.7.   Optional Redemption	142
	Section 5.8.   Mandatory Redemption	144

    	-ii- 

    	 

    

	Article VI Defaults and Remedies
	Section 6.1.   Events of Default	145
	Section 6.2.   Acceleration	147
	Section 6.3.   Other Remedies	148
	Section 6.4.   Waiver of Past Defaults	149
	Section 6.5.   Control by Majority	149
	Section 6.6.   Limitation on Suits	149
	Section 6.7.   Rights of Holders to Receive Payment	150
	Section 6.8.   Collection Suit by Trustee	150
	Section 6.9.   Trustee May File Proofs of Claim	150
	Section 6.10.   Priorities	151
	Section 6.11.   Undertaking for Costs	151
	Article VII Trustee
	Section 7.1.   Duties of Trustee	151
	Section 7.2.   Rights of Trustee	153
	Section 7.3.   Individual Rights of Trustee	155
	Section 7.4.   Trustee’s Disclaimer	155
	Section 7.5.   Notice of Defaults	155
	Section 7.6.   [Reserved]	155
	Section 7.7.   Compensation and Indemnity	155
	Section 7.8.   Replacement of Trustee	156
	Section 7.9.   Successor Trustee by Merger	157
	Section 7.10.   Eligibility; Disqualification	158
	Section 7.11.   [Reserved]	158
	Section 7.12.   Trustee’s Application for Instruction from the Company	158
	Section 7.13.   Collateral Documents; Intercreditor Agreement	158
	Article VIII Legal Defeasance and Covenant Defeasance
	Section 8.1.   Option to Effect Legal Defeasance or Covenant Defeasance; Defeasance	159
	Section 8.2.   Legal Defeasance and Discharge	159
	Section 8.3.   Covenant Defeasance	160
	Section 8.4.   Conditions to Legal or Covenant Defeasance	160
	Section 8.5.   Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions	162
	Section 8.6.   Repayment to the Company	162
	Section 8.7.   Reinstatement	163

    	-iii- 

    	 

    

	Article IX Amendments
	Section 9.1.   Without Consent of Holders	163
	Section 9.2.   With Consent of Holders	165
	Section 9.3.   [Reserved]	167
	Section 9.4.   Revocation and Effect of Consents and Waivers	167
	Section 9.5.   Notation on or Exchange of Notes	167
	Section 9.6.   Trustee and Security Agent to Sign Amendments	167
	Article X Guarantee
	Section 10.1.   Guarantee	168
	Section 10.2.   Limitation on Liability; Termination, Release and Discharge	170
	Section 10.3.   Right of Contribution	171
	Section 10.4.   No Subrogation	171
	Section 10.5.   Guarantee Limitation Spain	172
	Article XI Satisfaction and Discharge
	Section 11.1.   Satisfaction and Discharge	172
	Section 11.2.   Application of Trust Money	173
	Article XII Collateral
	Section 12.1.   Collateral Documents	173
	Section 12.2.   Post-Closing Collateral	174
	Section 12.3.   Release of Collateral	175
	Section 12.4.   Suits to Protect the Collateral	176
	Section 12.5.   Authorization of Receipt of Funds by the Trustee Under the Collateral Documents	177
	Section 12.6.   Purchaser Protected	177
	Section 12.7.   Powers Exercisable by Receiver or Trustee	177
	Section 12.8.   Release Upon Termination of the Company’s Obligations	177
	Section 12.9.   Security Agent	178
	Section 12.10.   Designations	186
	Section 12.11.   No Impairment of the Security Interests	186
	Section 12.12.   Insurance	186

    	-iv- 

    	 

    

	Article XIII Miscellaneous
	Section 13.1.   [Reserved]	187
	Section 13.2.   Notices	187
	Section 13.3.   [Reserved]	188
	Section 13.4.   Certificate and Opinion as to Conditions Precedent	188
	Section 13.5.   Statements Required in Certificate or Opinion	189
	Section 13.6.   When Notes Disregarded	189
	Section 13.7.   Rules by Trustee, Paying Agent and Registrar	189
	Section 13.8.   Legal Holidays	189
	Section 13.9.   Governing Law	189
	Section 13.10.   Jurisdiction	190
	Section 13.11.   Waivers of Jury Trial	190
	Section 13.12.   USA PATRIOT Act	190
	Section 13.13.   No Recourse Against Others	191
	Section 13.14.   Successors	191
	Section 13.15.   Multiple Originals	191
	Section 13.16.   [Reserved]	191
	Section 13.17.   Table of Contents; Headings	191
	Section 13.18.   Force Majeure	191
	Section 13.19.   Severability	191
	Section 13.20.   Intercreditor Agreement	192
	Section 13.21.   Appointment of Agent for Service of Process	192
	Section 13.22.   Waiver of Immunities	194
	Section 13.23.   Judgment Currency	194

 

 

EXHIBIT AForm of Global Restricted
Note

EXHIBIT BForm of Supplemental Indenture

 

    	-v- 

    	 

    

INDENTURE dated as of February 10, 2021,
among Atento Luxco 1, a public limited liability company (“société anonyme”) incorporated under the laws
of the Grand Duchy of Luxembourg (the “Company”), the Initial Guarantors party hereto and WILMINGTON TRUST,
NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”) and WILMINGTON TRUST (LONDON)
LIMITED, a limited company incorporated under the laws of England, as security agent (the “Security Agent”).

W I T N E S S E T H:

WHEREAS, the Company has duly authorized
the execution and delivery of this Indenture to provide for the issuance of (i) its $500,000,000 aggregate principal amount
8.000% Senior Secured Notes due 2026 (the “Initial Notes”), each as issued on the date hereof and (ii) any additional
Notes that may be issued after the Issue Date (the “Additional Notes” and, together with the Initial Notes,
the “Notes”);

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

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

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

Article
I

Definitions and Incorporation by Reference

Section 1.1.        
Definitions.

“2017
Notes Issue Date” means August 10, 2017.

“2019 20-F” means
Atento S.A.’s Annual Report on Form 20-F for the year ended December 31, 2019 filed with the SEC on April 17, 2020.

“2020 Third Quarter 6-K”
means Atento S.A.’s report on Form 6-K for the period ended September 30, 2020, furnished to the SEC on November 12, 2020,
which set out the unaudited interim consolidated financial information for the three and nine months ended September 30, 2020.

“Acquired Indebtedness”
means with respect to any Person (x) Indebtedness of any other Person or any of its Subsidiaries existing at the time such other
Person becomes a Restricted Subsidiary or merges or amalgamates with or into or consolidates or otherwise combines with the Company
or any Restricted Subsidiary and (y) Indebtedness

    	-1-

    	 

    

secured by a Lien encumbering any asset acquired by such
Person. Acquired Indebtedness shall be deemed to have been Incurred, with respect to clause (x) of the preceding sentence, on the
date such Person becomes a Restricted Subsidiary or on the date of the relevant merger, amalgamation, consolidation, acquisition
or other combination.

“Additional Assets”
means:

(a)         
any property or assets (other than Capital Stock) used or to be used by the Company, a Restricted Subsidiary or otherwise
useful in a Similar Business (it being understood that capital expenditures on property or assets already used in a Similar Business
or to replace any property or assets that are the subject of such Asset Disposition shall be deemed an investment in Additional
Assets);

(b)         
the Capital Stock of a Person that is engaged in a Similar Business and becomes a Restricted Subsidiary as a result of the
acquisition of such Capital Stock by the Company or a Restricted Subsidiary; or

(c)         
Capital Stock constituting a minority interest in any Person that at such time is a Restricted Subsidiary.

“Additional Intercreditor Agreement”
has the meaning given to it in Section 3.26(a).

“Additional Notes”
has the meaning ascribed to it in the second introductory paragraph of this Indenture.

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

“After-Acquired Property”
means property that is intended to be Collateral acquired by the Company or a Guarantor that is not automatically subject to a
perfected security interest under the Collateral Documents, which the Company or such Guarantor will provide a First Priority Lien
over such property (or, in the case of a new Guarantor, such of its property) in favor of the Security Agent and deliver certain
certificates and opinions in respect thereof, all as and to the extent required by this Indenture, the Intercreditor Agreement
or the Collateral Documents.

“AI” means an “accredited
investor” as described in Rule 501(a)(4) under the Securities Act.

    	-2-

    	 

    

“Alternative Currency”
means any currency (other than Dollars) that is a lawful currency (other than Dollars) that is readily available and freely transferable
and convertible into Dollars (as determined in good faith by the Company).

“Applicable Premium”
means the greater of (A) 1.0% of the principal amount of such Note and (B) on any Redemption Date, the excess (to the extent positive)
of:

(a)         
the present value at such Redemption Date of (i) the redemption price of such Note at February 10, 2024 (such redemption
price (expressed in percentage of principal amount) being set forth in the table under ‎Section
5.7(d) (excluding accrued but unpaid interest, if any)), plus (ii) all required interest payments due on such Note to and including
such date set forth in clause (i) (excluding accrued but unpaid interest, if any), computed upon the Redemption Date using a discount
rate equal to the Applicable Treasury Rate at such Redemption Date plus 50 basis points; over

(b)         
the outstanding principal amount of such Note;

in each case, as calculated by the Company or on behalf of
the Company by such Person as the Company shall designate. Neither the Trustee nor the Paying Agent shall have any duty to calculate
or verify the calculations of the Applicable Premium.

“Applicable Treasury Rate”
means the weekly average for each Business Day during the most recent week that has ended at least two Business Days prior to the
Redemption Date of the yield to maturity at the time of computation of United States Treasury securities with a constant maturity
(as compiled and published in the Federal Reserve Statistical Release H.15 (or, if such statistical release is not so published
or available, any publicly available source of similar market data selected by the Company in good faith)) most nearly equal to
the period from the Redemption Date to February 10, 2024; provided, however, that if the period from the Redemption
Date to February 10, 2024 is not equal to the constant maturity of a United States Treasury security for which a yield is given,
the Applicable Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the
yields of United States Treasury securities for which such yields are given, except that if the period from the Redemption Date
to such applicable date 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.

“Asset Disposition”
means:

(a)         
the voluntary sale, conveyance, transfer or other disposition, whether in a single transaction or a series of related transactions,
of property or assets (including by way of a Sale and Leaseback Transaction) of the Company or any of the Restricted Subsidiaries
(in each case other than Capital Stock of the Company) (each referred to in this definition as a “disposition”);
or

(b)         
the issuance or sale of Capital Stock of any Restricted Subsidiary (other than Preferred Stock or Disqualified Stock of
Restricted Subsidiaries issued in compliance with ‎Section 3.2 hereof or directors’
qualifying shares and shares issued to

    	-3-

    	 

    

foreign nationals as required under applicable law), whether
in a single transaction or a series of related transactions;

in each case, other than:

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

(2)       a
disposition of cash, Cash Equivalents or Investment Grade Securities;

(3)       a
disposition of inventory or other assets (including Settlement Assets) in the ordinary course of business or consistent with past
practice or held for sale or no longer used in the ordinary course of business, including any disposition of disposed, abandoned
or discontinued operations;

(4)       a
disposition of obsolete, worn out, uneconomic, damaged or surplus property, equipment or other assets or property, equipment or
other assets that are no longer economically practical or commercially desirable to maintain or used or useful in the business
of the Company and the Restricted Subsidiaries whether now or hereafter owned or leased or acquired in connection with an acquisition
or used or useful in the conduct of the business of the Company and the Restricted Subsidiaries (including by ceasing to enforce,
allowing the lapse, abandonment or invalidation of or discontinuing the use or maintenance of or putting into the public domain
any intellectual property that is, in the reasonable judgment of the Company or the Restricted Subsidiaries, no longer used or
useful, or economically practicable to maintain, or in respect of which the Company or any Restricted Subsidiary determines in
its reasonable judgment that such action or inaction is desirable);

(5)       transactions
permitted under ‎Section 4.1 hereof or a transaction that
constitutes a Change of Control;

(6)       an
issuance of Capital Stock by a Restricted Subsidiary to the Company or to another Restricted Subsidiary or as part of or pursuant
to an equity incentive or compensation plan approved by the Board of Directors of the Company;

(7)       any
dispositions of Capital Stock, properties or assets in a single transaction or series of related transactions with a fair market
value (as determined in good faith by the Company) of less than $20.0 million;

(8)       any
Restricted Payment that is permitted to be made, and is made, under ‎Section
3.3 and the making of any Permitted Payment or Permitted Investment or, solely for purposes of ‎Section
3.5(a)(3) asset sales, the proceeds of which are used to make such Restricted Payments or Permitted Investments;

    	-4-

    	 

    

(9)       dispositions
in connection with a Permitted Redomiciliation so long as such Permitted Redomiciliation is not undertaken in a manner with the
purpose of circumventing the provisions of Section 3.5 and solely to the extent that such dispositions are required to be made
to effect the transactions contemplated under such Permitted Redomiciliation or Permitted Liens;

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

(11)       conveyances,
sales, transfers, licenses or sublicenses or other dispositions of intellectual property, software or other general intangibles
and licenses, sub-licenses, leases or subleases of other property, in each case, in the ordinary course of business or consistent
with past practice or pursuant to a research or development agreement in which the counterparty to such agreement receives a license
in the intellectual property or software that result from such agreement;

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

(13)       foreclosure,
condemnation or any similar action with respect to any property or other assets;

(14)       the
sale or discount (with or without recourse, and on customary or commercially reasonable terms and for credit management purposes)
of accounts receivable or notes receivable arising in the ordinary course of business or consistent with past practice, or the
conversion or exchange of accounts receivable for notes receivable;

(15)       any
issuance or sale of Capital Stock in, or Indebtedness or other securities of, an Unrestricted Subsidiary or any other disposition
of Capital Stock, Indebtedness or other securities of an Unrestricted Subsidiary or an Immaterial Subsidiary;

(16)       any
disposition of Capital Stock of a Restricted Subsidiary pursuant to an agreement or other obligation with or to a Person (other
than the Company or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired, or from whom such Restricted Subsidiary
acquired its business and assets (having been newly formed in connection with such acquisition), made as part of such acquisition
and, in each case, comprising all or a portion of the consideration in respect of such sale or acquisition;

(17)       (i)
dispositions of property to the extent that such property is exchanged for credit against the purchase price of similar replacement
property that is promptly purchased, (ii) dispositions of property to the extent that the proceeds of such disposition are promptly
applied to the purchase price of such

    	-5-

    	 

    

replacement property (which replacement property is
actually promptly purchased), and (iii) to the extent allowable under Section 1031 of the Code, any exchange of like property (excluding
any boot thereon) for use in a Similar Business;

(18)       any
disposition of Securitization Assets or Receivables Assets, or participations therein, in connection with any Qualified Securitization
Financing or Receivables Facility for Securitization Refinancing Indebtedness, or the disposition of an account receivable in connection
with the collection or compromise thereof in the ordinary course of business or consistent with past practice;

(19)       any
financing transaction with respect to property constructed, acquired, replaced, repaired or improved (including any reconstruction,
refurbishment, renovation and/or development of real property) by the Company or any Restricted Subsidiary after the Issue Date,
including Sale and Leaseback Transactions and asset securitizations, permitted by this Indenture;

(20)       dispositions
of Investments in joint ventures or similar entities to the extent required by, or made pursuant to customary buy/sell arrangements
between, the parties to such joint venture set forth in joint venture arrangements and similar binding arrangements

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

(22)       the
unwinding of any Cash Management Services or Hedging Obligations.

In the event that a transaction (or any
portion thereof) meets the criteria of a permitted Asset Disposition and would also be a Permitted Investment or an Investment
permitted under ‎Section 3.3 hereof, the Company, in its sole
discretion, will be entitled to divide and classify such transaction (or a portion thereof) as an Asset Disposition and/or one
or more of the types of Permitted Investments or Investments permitted under ‎Section
3.3 hereof.

“Associate” means
(i) any Person engaged in a Similar Business of which the Company or the Restricted Subsidiaries are the legal and beneficial owners
of between 20% and 50% of all outstanding Voting Stock and (ii) any joint venture entered into by the Company or any Restricted
Subsidiary.

“Bankruptcy Law” means
Title 11 of the United States Code or similar federal, state or foreign law for the relief of debtors.

“Board of Directors”
means (i) with respect to the Company or any corporation, the board of directors or managers, as applicable, of the corporation,
or any duly authorized committee thereof; (ii) with respect to any partnership, the board of directors

    	-6-

    	 

    

or other governing body of the general partner, as applicable,
of the partnership or any duly authorized committee thereof; (iii) with respect to a limited liability company, the managing member
or members or any duly authorized controlling committee thereof; and (iv) with respect to any other Person, the board or any duly
authorized committee of such Person serving a similar function. Whenever any provision requires any action or determination to
be made by, or any approval of, a Board of Directors, such action, determination or approval shall be deemed to have been taken
or made if approved by a majority of the directors on any such Board of Directors (whether or not such action or approval is taken
as part of a formal board meeting or as a formal board approval). Unless the context requires otherwise, Board of Directors means
the Board of Directors of the Company.

“Business Day” means
each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York, United States, London,
United Kingdom, the jurisdiction in which the Company is organized, or in the jurisdiction of the place of payment are authorized
or required by law to close.

“Business Successor”
means (i) any former Subsidiary of the Company and (ii) any Person that, after the Issue Date, has acquired, merged or consolidated
with a Subsidiary of the Company (that results in such Subsidiary ceasing to be a Subsidiary of the Company), or acquired (in one
transaction or a series of transactions) all or substantially all of the property and assets or business of a Subsidiary or assets
constituting a business unit, line of business or division of a Subsidiary of the Company.

“Capital Stock” of
any Person means any and all shares of, rights to purchase or acquire, warrants, options or depositary receipts for, or other equivalents
of, or partnership or other interests in (however designated), equity of such Person, including any Preferred Stock, but excluding
any debt securities convertible into, or exchangeable for, such equity.

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

“Cash Equivalents”
means:

(1)       (a)
Dollars, Canadian dollars, Swiss Francs, United Kingdom pounds, Euro or any national currency of any member state of the European
Union; or (b) any other foreign currency held by the Company and its Restricted Subsidiaries in the ordinary course of business;

(2)       securities
issued or directly and fully Guaranteed or insured by the United States of America, Canadian, Swiss or United Kingdom governments,
a member state of

    	-7-

    	 

    

the European Union on the Issue Date or, in each case, any
agency or instrumentality thereof (provided that the full faith and credit of such country or such member state is pledged
in support thereof), with maturities of 24 months or less from the date of acquisition;

(3)       certificates
of deposit, time deposits, eurodollar time deposits, overnight bank deposits or bankers’ acceptances having maturities of
not more than one year from the date of acquisition thereof issued by any lender or by any bank or trust company (a) whose commercial
paper is rated at least “A-2” or the equivalent thereof by S&P or at least “P-2” or the equivalent
thereof by Moody’s (or if at the time neither is issuing comparable ratings, then a comparable rating of another Nationally
Recognized Statistical Rating Organization) or (b) (in the event that the bank or trust company does not have commercial paper
which is rated) having combined capital and surplus in excess of $100.0 million;

(4)       repurchase
obligations for underlying securities of the types described in clauses (2), (3) and (7) entered into with any bank meeting the
qualifications specified in clause (3) above;

(5)       securities
with maturities of one year or less from the date of acquisition backed by standby letters of credit issued by any Person referenced
in clause (3) above;

(6)       commercial
paper and variable or fixed rate notes issued by a bank meeting the qualifications specified in clause (3) above (or by the parent
company thereof) maturing within one year after the date of creation thereof or any commercial paper and variable or fixed rate
note issued by, or guaranteed by a corporation rated at least (A) “A-1” or higher by S&P or “P-1” or
higher by Moody’s (or, if at the time, neither is issuing comparable ratings, then a comparable rating of another Nationally
Recognized Statistical Rating Organization selected by the Company) maturing within two years after the date of creation thereof
or (B) “A-2” or higher by S&P or “P-2” or higher by Moody’s (or, if at the time, neither is issuing
comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization selected by the Company)
maturing within one year after the date of creation thereof, or, in each case, if no rating is available in respect of the commercial
paper or variable or fixed rate notes, the issuer of which has an equivalent rating in respect of its long-term debt;

(7)       marketable
short-term money market and similar securities having a rating of at least “P-2” or “A-2” from either S&P
or Moody’s, respectively (or, if at the time, neither is issuing comparable ratings, then a comparable rating of another
Nationally Recognized Statistical Rating Organization selected by the Company), and, in each case, maturing within 24 months after
the date of creation or acquisition;

(8)       readily
marketable direct obligations issued by any state, province, commonwealth or territory of the United States of America, Canada,
Switzerland, the United Kingdom, any member state of the European Union on the Issue Date or any political subdivision, taxing
authority or public instrumentality thereof, in each case,

    	-8-

    	 

    

having one of the two highest Ratings Categories obtainable
from either Moody’s or S&P (or, if at the time, neither is issuing comparable ratings, then a comparable rating of another
Nationally Recognized Statistical Rating Organization selected by the Company) with maturities of not more than two years from
the date of creation or acquisition;

(9)       readily
marketable direct obligations issued by any foreign government or any political subdivision, taxing authority or public instrumentality
thereof, in each case, having one of the two highest Ratings Categories obtainable by S&P or Moody’s (or, if at the time,
neither is issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization
selected by the Company) with maturities of not more than two years from the date of acquisition;

(10)       Investments
with average maturities of 12 months or less from the date of acquisition in money market funds rated within the three highest
Ratings Categories by S&P or Moody’s (or, if at the time, neither is issuing comparable ratings, then a comparable rating
of another Nationally Recognized Statistical Rating Organization selected by the Company);

(11)       with
respect to each of the Company and its Subsidiaries: (i) obligations of the national government of the country in which the Company
or such Subsidiary, as applicable, maintains its chief executive office and principal place of business provided such country is
a member of the Organization for Economic Cooperation and Development, in each case, maturing within one year after the date of
investment therein, (ii) certificates of deposit of, bankers acceptance of, or time deposits with, any commercial bank which is
organized and existing under the laws of the country in which the Company or such Subsidiary, as applicable, maintains its chief
executive office and principal place of business provided such country is a member of the Organization for Economic Cooperation
and Development, and whose short-term commercial paper rating from S&P is at least “A-2” or the equivalent thereof
or from Moody’s is at least “P-2” or the equivalent thereof (any such bank being an “Approved Foreign
Bank”), and, in each case, with maturities of not more than 270 days from the date of acquisition and (iii) the equivalent
of demand deposit accounts which are maintained with an Approved Foreign Bank;

(12)       Indebtedness
or Preferred Stock issued by Persons with a rating of “BBB-” or higher from S&P or “Baa3” or higher
from Moody’s (or, if at the time, neither is issuing comparable ratings, then a comparable rating of another Nationally Recognized
Statistical Rating Organization selected by the Company) with maturities of 24 months or less from the date of acquisition;

(13)       bills
of exchange issued in the United States of America, Canada, Switzerland, the United Kingdom, a member state of the European Union
on the Issue Date or Japan eligible for rediscount at the relevant central bank and accepted by a bank (or any dematerialized equivalent);

    	-9-

    	 

    

(14)       investments
in money market funds access to which is provided as part of “sweep” accounts maintained with any bank meeting the
qualifications specified in clause (3) above;

(15)       investments
in industrial development revenue bonds that (i) “re-set” interest rates not less frequently than quarterly, (ii) are
entitled to the benefit of a remarketing arrangement with an established broker dealer and (iii) are supported by a direct pay
letter of credit covering principal and accrued interest that is issued by any bank meeting the qualifications specified in clause
(3) above;

(16)       investments
in pooled funds or investment accounts consisting of investments in the nature described in the foregoing clause (15);

(17)       Cash
Equivalents or instruments similar to those referred to in clauses (1) through (16) above denominated in Dollars or any Alternative
Currency;

(18)       interests
in any investment company, money market, enhanced high yield fund or other investment fund which invests 90% or more of its assets
in instruments of the types specified in clauses (1) through (17) above; and

(19)       for
purposes of clause (2) of the definition of “Asset Disposition,” any marketable securities portfolio owned by the Company
and its Subsidiaries on the Issue Date.

In the case of Investments made in a
country outside the United States of America, Cash Equivalents shall also include (i) investments of the type and maturity described
in clauses (1) through (19) above of foreign obligors, which Investments or obligors (or the parents of such obligors) have ratings
described in such clauses or equivalent ratings from comparable foreign rating agencies and (ii) other short-term investments utilized
in accordance with normal investment practices for cash management in investments analogous to the foregoing investments in clauses
(1) through (19) and in this paragraph.

Notwithstanding the foregoing, Cash Equivalents
shall include amounts denominated in currencies other than those set forth in clause (1) above; provided that such amounts
are converted into any currency listed in clause (1) as promptly as practicable and in any event within 10 Business Days following
the receipt of such amounts. For the avoidance of doubt, any items identified as Cash Equivalents under this definition (other
than clause (19) above) will be deemed to be Cash Equivalents for all purposes under this Indenture regardless of the treatment
of such items under IFRS.

“Cash Management Services”
means any of the following to the extent not constituting a line of credit (other than an overnight draft facility that is not
in default): automated clearing house transactions, treasury, depository, credit or debit card, purchasing card, stored value card,
electronic fund transfer services and/or cash management services, including, without limitation, controlled disbursement services,
overdraft facilities, foreign exchange facilities, deposit and other accounts and merchant

    	-10-

    	 

    

services or other cash management arrangements in the ordinary
course of business or consistent with past practice.

“Change of Control”
means:

(1)       the
Company becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written
notice or otherwise) any “person” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act as in effect
on the Issue Date), other than one or more Permitted Holders, is or becomes the “beneficial owner” (as defined in Rule
13d-3 and 13d-5 of the Exchange Act as in effect on the Issue Date) of more than 50% of the total voting power of the Voting Stock
of the Company; provided that (x) so long as the Company is a Subsidiary of any Parent Entity, no person shall be deemed to be
or become a beneficial owner of more than 50% of the total voting power of the Voting Stock of the Company unless such person shall
be or become a beneficial owner of more than 50% of the total voting power of the Voting Stock of such Parent Entity (other than
a Parent Entity that is a Subsidiary of another Parent) and (y) any Voting Stock of which any Permitted Holder is the beneficial
owner shall not in any case be included in any Voting Stock of which any such person is the beneficial owner; or

(2)       the
sale or transfer, in one or a series of related transactions, of all or substantially all of the assets of the Company and its
Restricted Subsidiaries, taken as a whole, to a Person (other than the Company or any of its Restricted Subsidiaries or one or
more Permitted Holders) and any “person” (as defined in clause (1) above), other than one or more Permitted Holders,
is or becomes the “beneficial owner” (as so defined) of more than 50% of the total voting power of the Voting Stock
of the transferee Person in such sale or transfer of assets, as the case may be; provided that (x) so long as the transferee
Person is a Subsidiary of any Parent Entity, no person shall be deemed to be or become a beneficial owner of more than 50% of the
total voting power of the Voting Stock of the transferee Person unless such person shall be or become a beneficial owner of more
than 50% of the total voting power of the Voting Stock of such Parent Entity (other than a Parent Entity that is a Subsidiary of
another Parent) and (y) any Voting Stock of which any Permitted Holder is the beneficial owner shall not in any case be included
in any Voting Stock of which any such person is the beneficial owner.

Notwithstanding the preceding or any
provision of Section 13d-3 of the Exchange Act; (i) a Person or group shall not be deemed to beneficially own Voting Stock subject
to a stock or asset purchase agreement, merger agreement, option agreement, warrant agreement or similar agreement (or voting or
option or similar agreement related thereto) until the consummation of the acquisition of the Voting Stock in connection with the
transactions contemplated by such agreement; (ii) if any group includes one or more Permitted Holders, the issued and outstanding
Voting Stock of the Company or transferee Person owned, directly or indirectly, by any Permitted Holders that are part of such
group shall not be treated as being beneficially owned by such group or any other member of such group for purposes of determining
whether a Change of Control has occurred; (iii) a person or group will not be deemed to beneficially own the Voting Stock of another
Person as a result of its ownership of Voting Stock or other securities of such other

    	-11-

    	 

    

Person’s parent entity (or related contractual rights)
unless it owns 50% or more of the total voting power of the Voting Stock entitled to vote for the election of directors of such
parent entity having a majority of the aggregate votes on the board of directors (or similar body) of such parent entity and (iv)
the right to acquire Voting Stock (so long as such person does not have the right to direct the voting of the Voting Stock subject
to such right) or any veto power in connection with the acquisition or disposition of Voting Stock will not cause a party to be
a beneficial owner.

“Change of Control Repurchase
Event” means the occurrence of both a Change of Control and a Ratings Event.

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

“Collateral” means
all of the assets and properties subject or purported to be subject to Liens in favor of the Security Agent for the benefit of
the Trustee and the Holders, including the First Priority Liens in (i) 100% of the Capital Stock of the Company and of each of
the Guarantors and Atento Argentina S.A., (ii) the bank accounts of Atento Teleservicios España S.A.U. that were subject
to Security (as defined in the Credit Agreement) under the Existing Security Documents (as defined in the Credit Agreement) and
(iii) the bank accounts in Mexico in respect of certain Guarantors organized under the laws of Mexico that were subject to Security
(as defined in the Credit Agreement) under the Existing Security Documents (as defined in the Credit Agreement), in each case,
subject to Section 12.2 hereof.

“Collateral Documents”
means, collectively, any security agreements, hypothecs, intellectual property security agreements, mortgages, collateral assignments,
security agreement supplements, pledge agreements, bonds or any similar agreements, guarantees and each of the other agreements,
instruments or documents that creates or purports to create a Lien or guarantee in favor of the Security Agent for its benefit
and the benefit of the Trustee and the Holders of the Notes, in all or any portion of the Collateral, as amended, extended, renewed,
restated, refunded, replaced, refinanced, supplemented, modified or otherwise changed from time to time.

“Company” means Atento
Luxco 1 and not any of its Subsidiaries.

“Consolidated Depreciation and
Amortization Expense” means, with respect to any Person for any period, the total amount of depreciation and amortization
expense, including amortization or write-off of (i) intangibles and non-cash organization costs, (ii) deferred financing fees or
costs and (iii) capitalized expenditures, customer acquisition costs and incentive payments, conversion costs and contract acquisition
costs, the amortization of original issue discount resulting from the issuance of Indebtedness at less than par and amortization
of favorable or unfavorable lease assets or liabilities, of such Person and the Restricted Subsidiaries for such period on a consolidated
basis and otherwise determined in accordance with IFRS and any write down of assets or asset value carried on the statement of
financial position.

    	-12-

    	 

    

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

(1)       increased
(without duplication) by:

(a)       provision
for taxes based on income, profits, revenue or capital, including, without limitation, federal, state, provincial, territorial,
local, foreign, unitary, excise, property, franchise and similar taxes and foreign withholding and similar taxes of such Person
paid or accrued during such period, including any penalties and interest relating to any tax examinations (including, without limitation,
any additions to such taxes, and any penalties and interest with respect thereto), deducted (and not added back) in computing Consolidated
Net Income; plus

(b)       Fixed
Charges of such Person for such period (including (x) net losses on any Hedging Obligations or other derivative instruments entered
into for the purpose of hedging interest rate, currency or commodities risk, (y) bank fees and (z) costs of surety bonds in connection
with financing activities, plus amounts excluded from the definition of “Consolidated Interest Expense” pursuant to
clauses (t) through (z) in clause (1) thereof), to the extent the same were deducted (and not added back) in calculating such Consolidated
Net Income; plus

(c)       Consolidated
Depreciation and Amortization Expense of such Person for such period to the extent the same were deducted (and not added back)
in computing Consolidated Net Income; plus

(d)       any
fees, costs, expenses or charges (other than Consolidated Depreciation and Amortization Expense) related to any actual, proposed
or contemplated Equity Offering, acquisition, disposition or recapitalization, in each case, whether or not consummated, to the
extent the same were deducted (and not added back) in computing Consolidated Net Income; plus

(e) the amount of any restructuring
charge, accrual or reserve (and adjustments to existing reserves), or of any non-recurring loss, charge or expense, in each case,
if identified, disclosed or described in a report delivered in accordance with Section 3.10(a)(1) or Section 3.10(a)(2)) or if
an adjustment of the nature used in the calculations of “Adjusted EBITDA” (non-GAAP) as set forth in “Summary—Summary
Historical Financial and Operating Data” contained in the Offering Circular applied in good faith to the extent such adjustments
continue to be applicable during the relevant period, that is deducted (and not added back) in such period in computing Consolidated
Net Income; plus

(f)       any
other non-cash charges, write-downs, expenses, losses or items reducing Consolidated Net Income for such period including any impairment
charges or the impact of purchase accounting (provided that to the extent any such non-cash charge, write-down or item represents
an accrual or reserve for a cash expenditure for a future period then the cash payment in such future period shall

    	-13-

    	 

    

be subtracted from Consolidated EBITDA when paid) or
other items classified by the Company as special items less other non-cash items of income increasing Consolidated Net Income (excluding
any such non-cash item of income to the extent it represents a receipt of cash in any future period); plus

(g)       any
costs or expense incurred by the Company or a Restricted Subsidiary pursuant to any management equity plan or stock option plan
or any other management or employee benefit plan or agreement, any severance agreement or any stock subscription or shareholder
agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of the Company or
Net Cash Proceeds of an issuance of Capital Stock (other than Disqualified Stock) of the Company solely to the extent that such
Net Cash Proceeds are excluded from the calculation set forth in Section 3.3(a)(iii) hereof; plus

(h)       the
amount of any minority interest expense consisting of Subsidiary income attributable to minority equity interests of third parties
in any non-wholly owned Subsidiary; plus

(i)       any
net pension or other post-employment benefit costs representing amortization of unrecognized prior service costs, actuarial losses,
including amortization of such amounts arising in prior periods, amortization of the unrecognized net obligation (and loss or cost)
and any other items of a similar nature; plus

(j)       any
non-cash losses realized in such period in connection with adjustments to any employee benefit plan due to changes in actuarial
assumptions, valuation or studies; and

(2)       decreased
(without duplication) by non-cash gains increasing Consolidated Net Income of such Person for such period, excluding any non-cash
gains to the extent they represent the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA
in any prior period.

“Consolidated First Lien Secured
Leverage Ratio” means, as of any date of determination, the ratio of (x) the sum of (a) Consolidated Net Indebtedness
secured by a Lien (other than Junior Priority Obligations or any other Lien that is junior to the Lien securing the Notes) as of
such date and (b) the Reserved Indebtedness Amount as of such date to (y) LTM EBITDA, in each case, with such pro forma adjustments
as are consistent with the pro forma adjustments set forth in the definition of “Fixed Charge Coverage Ratio”; provided
that, solely for the purpose of Consolidated First Lien Secured Leverage Ratio in Section 3.2(b)(1), all Indebtedness incurred
in reliance on such clause shall be deemed to be Consolidated Net Indebtedness secured by a Lien (other than a Junior Priority
Obligation or any Lien that is junior to the Lien securing the Notes) as of such date and shall be included in clause (a) above.

    	-14-

    	 

    

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

(1)       consolidated
interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted (and not
added back) in computing Consolidated Net Income (including (a) amortization of original issue discount or premium resulting from
the issuance of Indebtedness at less than par, (b) all commissions, discounts and other fees and charges owed with respect to letters
of credit or bankers acceptances, (c) non-cash interest payments (but excluding any non-cash interest expense attributable to the
movement in the mark to market valuation of any Hedging Obligations or other derivative instruments pursuant to IFRS), (d) the
interest component of Capitalized Lease Obligations, (e) net payments, if any, pursuant to interest rate Hedging Obligations with
respect to Indebtedness and (f) Securitization Fees, and excluding (t) penalties and interest relating to taxes, (u) any additional
cash interest owing pursuant to any registration rights agreement, (v) accretion or accrual of discounted liabilities other than
Indebtedness, (w) any expense resulting from the discounting of any Indebtedness in connection with the application of recapitalization
accounting or purchase accounting in connection with any acquisition, (x) amortization or write-off of deferred financing fees,
debt issuance costs, debt discount or premium, terminated hedging obligations and other commissions, financing fees and expenses
and original issue discount with respect to Indebtedness borrowed under the Credit Agreement and, adjusted, to the extent included,
to exclude any refunds or similar credits received in connection with the purchasing or procurement of goods or services under
any purchasing card or similar program, (y) any expensing of bridge, commitment and other financing fees and (z) interest with
respect to Indebtedness of any parent of such Person appearing upon the statement of financial position of such Person solely by
reason of push-down accounting under IFRS); plus

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

(3)       interest
income for such period.

For purposes of this definition, interest
on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be the
rate of interest implicit in such Capitalized Lease Obligation in accordance with IFRS.

“Consolidated Net Income”
means, with respect to any Person for any period, the net income (loss) of such Person and the Restricted Subsidiaries for such
period determined on a consolidated basis on the basis of IFRS before any reduction in respect of Preferred Stock dividends; provided,
however, that there will not be included in such Consolidated Net Income:

(1)       any
net income (loss) of any Person if such Person is not a Restricted Subsidiary (including any net income (loss) from investments
recorded in such Person under the equity method of accounting), except that the Company’s equity in the net income of any
such Person for such period will be included in such Consolidated Net

    	-15-

    	 

    

Income up to the aggregate amount of cash or Cash Equivalents
actually distributed or that (as determined in good faith by a responsible financial or chief accounting officer of the Company)
could have been distributed by such Person during such period to the Company or a Restricted Subsidiary as a dividend or other
distribution or return on investment (subject, in the case of a dividend or other distribution or return on investment to a Restricted
Subsidiary, to the limitations contained in clause (2) below);

(2)       solely
for the purpose of determining the amount available for Restricted Payments under ‎Section
3.3(a)‎(iii)‎(A)
hereof, any net income (loss) of any Restricted Subsidiary (other than the Company and the Guarantors) if such Restricted Subsidiary
is subject to restrictions, directly or indirectly, on the payment of dividends or the making of distributions by such Restricted
Subsidiary, directly or indirectly, to the Company or a Guarantor by operation of the terms of such Restricted Subsidiary’s
articles, charter or any agreement, instrument, judgment, decree, order, statute or governmental rule or regulation applicable
to such Restricted Subsidiary or its shareholders (other than (a) restrictions that have been waived or otherwise released, (b)
restrictions pursuant to the Credit Agreement, the Notes, or this Indenture and (c) restrictions specified in ‎Section
3.4(b)(14)(i) hereof), except that the Company’s equity in the net income of any such Restricted Subsidiary for such period
will be included in such Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents actually distributed or
that (as determined in good faith by a responsible financial or chief accounting officer of the Company) could have been distributed
by such Restricted Subsidiary during such period to the Company or another Restricted Subsidiary as a dividend or other distribution
(subject, in the case of a dividend to another Restricted Subsidiary, to the limitation contained in this clause);

(3)       any
gain (or loss), together with any related provisions for taxes on any such gain (or the tax effect of any such loss), realized
upon the sale or other disposition of any asset (including pursuant to any Sale and Leaseback Transaction) or disposed or discontinued
operations of the Company or any Restricted Subsidiaries which is not sold or otherwise disposed of in the ordinary course of business
(as determined in good faith by a responsible financial or chief accounting officer of the Company);

(4)       any
extraordinary, exceptional or unusual loss, charge or expense;

(5)       the
cumulative effect of a change in law, regulation or accounting principles;

(6)       any
(i) non-cash compensation charge or expense arising from any grant of stock, stock options or other equity based awards and any
non-cash deemed finance charges in respect of any pension liabilities or other provisions or on the re-valuation of any benefit
plan obligation and (ii) income (loss) attributable to deferred compensation plans or trusts;

(7)       all
deferred financing costs written off and premiums paid or other expenses incurred directly in connection with any early extinguishment
of Indebtedness and any net gain (loss) from any write-off or forgiveness of Indebtedness;

    	-16-

    	 

    

 

(8)       any
unrealized foreign currency translation increases or decreases or transaction gains or losses in respect of Indebtedness of any
Person denominated in a currency other than the functional currency of such Person, including those related to currency remeasurements
of Indebtedness (including any net loss or gain resulting from Hedging Obligations for currency exchange risk) or other obligations
of the Company or any Restricted Subsidiary owing to the Company or any Restricted Subsidiary and any unrealized foreign exchange
gains or losses relating to translation of assets and liabilities denominated in foreign currencies;

(9)       any
unrealized or realized gain or loss due solely to fluctuations in currency values and the related tax effects, determined in accordance
with IFRS;

(10)       any
recapitalization accounting or purchase accounting effects, including, but not limited to, adjustments to inventory, property and
equipment, software and other intangible assets and deferred revenue in component amounts required or permitted by IFRS and related
authoritative pronouncements (including the effects of such adjustments pushed down to the Company and the Restricted Subsidiaries),
as a result of any consummated acquisition, or the amortization or write-off of any amounts thereof (including any write-off of
in process research and development);

(11)       any
impairment charge, write-off or write-down, including impairment charges, write-offs or write-downs related to intangible assets,
long-lived assets, goodwill, investments in debt or equity securities (including any losses with respect to the foregoing in bankruptcy,
insolvency or similar proceedings) and the amortization of intangibles arising pursuant to IFRS;

(12)       effects
of adjustments to accruals and reserves during a period relating to any change in the methodology of calculating reserves for returns,
rebates and other chargebacks (including government program rebates); and

(13)       any
net gain (or loss) from disposed, abandoned or discontinued operations and any net gain (or loss) on disposal of disposed, discontinued
or abandoned operations.

Consolidated Net Income shall also include
the line items “Cashflow/Net investment hedge” and “Tax effect of hedge” from Other comprehensive income/loss,
and exclude such amounts reclassified to net income (loss), in each case, for the applicable period of such Person and the Restricted
Subsidiaries for such period determined on a consolidated basis on the basis of IFRS.

In addition, to the extent included in
the Consolidated Net Income of such Person and the Restricted Subsidiaries, notwithstanding anything to the contrary in the foregoing,
Consolidated Net Income shall not include (i) any expenses and charges either (x) that are reimbursed under indemnification or
other reimbursement provisions in connection with any investment or any sale, conveyance, transfer or other disposition of assets
permitted hereunder or (y) in respect of which, and so long as, the Company has

    	-17-

    	 

    

made a determination that there exists reasonable evidence
that such amounts will in fact be reimbursed under such provisions and only to the extent that such amounts are (A) not denied
by the applicable payor in writing within 180 days and (B) in fact reimbursed within 365 days of the date of such evidence (with
a deduction for any amount so added back to the extent not so reimbursed within 365 days) and (ii) expenses with respect to liability
or casualty events or business interruption to the extent covered by insurance (including business interruption insurance) and
either (x) actually reimbursed or (y) so long as the Company has made a determination that there exists reasonable evidence that
such amounts will in fact be reimbursed by the insurer and only to the extent that such amounts are (A) not denied by the applicable
carrier in writing within 180 days and (B) in fact reimbursed within 365 days of the date of such evidence (with a deduction for
any amount so added back to the extent not so reimbursed within 365 days).

“Consolidated Net Indebtedness”
means, as of any date of determination, (a) the aggregate principal amount of Indebtedness for borrowed money (excluding Indebtedness
with respect to Cash Management Services, intercompany Indebtedness and Subordinated Indebtedness as of such date), plus (b) the
aggregate principal amount of Capitalized Lease Obligations, Purchase Money Obligations and unreimbursed drawings under letters
of credit of the Company and its Restricted Subsidiaries outstanding on such date, plus (c) the aggregate principal amount of securitization
transactions, minus (d) the aggregate amount of cash and Cash Equivalents included on the consolidated statement of financial position
of the Company and its Restricted Subsidiaries as of the end of the most recent fiscal period for which consolidated financial
statements of the Company are available (which may be internal consolidated financial statements) (provided that the cash proceeds
of any proposed Incurrence of Indebtedness shall not be included in this clause (d) for purposes of calculating the Consolidated
Net Leverage Ratio or Consolidated First Lien Secured Leverage Ratio, as applicable), with such pro forma adjustments as are consistent
with the pro forma adjustments set forth in the definition of “Fixed Charge Coverage Ratio.”

“Consolidated Net Leverage Ratio”
means, as of any date of determination, the ratio of (x) the sum of (a) Consolidated Net Indebtedness as of such date and (b) the
Reserved Indebtedness Amount as of such date to (y) LTM EBITDA with such pro forma adjustments as are consistent with the pro forma
adjustments set forth in the definition of “Fixed Charge Coverage Ratio.”

“Contingent Obligations”
means, with respect to any Person, any obligation of such Person guaranteeing in any manner, whether directly or indirectly, any
operating lease, dividend or other obligation that does not constitute Indebtedness (“primary obligations”)
of any other Person (the “primary obligor”), including any obligation of such Person, whether or not contingent:

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

(2)       to
advance or supply funds:

    	-18-

    	 

    

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

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

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

“Controlled Investment Affiliate”
means, as to any Person, any other Person, which directly or indirectly is in control of, is controlled by, or is under common
control with such Person and is organized by such Person (or any Person controlling such Person) primarily for making direct or
indirect equity or debt investments in the Company and/or other companies.

“Credit Agreement”
means the Super Senior Revolving Credit Facilities Agreement dated August 8, 2017 entered into by and among the Company, the other
borrowers party thereto, the guarantors, BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA
Bancomer, as the original issuing bank, and Banco Bilbao Vizcaya Argentaria S.A., as agent of the other finance parties, and each
lender from time to time party thereto, together with the related documents thereto (including the revolving loans thereunder,
any letters of credit and reimbursement obligations related thereto, any Guarantees and security documents), as amended, extended,
renewed, restated, refunded, replaced, refinanced, supplemented, modified or otherwise changed (in whole or in part, and without
limitation as to amount, terms, conditions, covenants and other provisions) from time to time, and any one or more agreements (and
related documents) governing Indebtedness, including indentures, incurred to refinance, substitute, supplement, replace or add
to (including increasing the amount available for borrowing or adding or removing any Person as a borrower, issuer or guarantor
thereunder, in whole or in part), the borrowings and commitments then outstanding or permitted to be outstanding under such Credit
Agreement or one or more successors to the Credit Agreement or one or more new credit agreements.

“Credit Facility”
means, with respect to the Company or any of its Subsidiaries, one or more debt facilities, indentures or other arrangements (including
the Credit Agreement or commercial paper facilities and overdraft facilities) with banks, other financial institutions or investors
providing for revolving credit loans, term loans, notes, receivables financing (including through the sale of receivables to such
institutions or to special purpose entities formed to borrow from such institutions against such receivables), letters of credit
or other Indebtedness, in each case, as amended, restated, modified, renewed, refunded, replaced, restructured, refinanced, repaid,
increased or extended in whole or in part from time to time (and whether in whole or in part and whether or not with the original
administrative agent and lenders or another administrative agent or agents or other banks or institutions and whether provided
under the original credit agreement or one or more other credit or other agreements, indentures, financing agreements or otherwise)
and, in each case, including all agreements,

    	-19-

    	 

    

instruments and documents executed and delivered pursuant
to or in connection with the foregoing (including any notes and letters of credit issued pursuant thereto and any Guarantee and
collateral agreement, patent and trademark security agreement, mortgages or letter of credit applications and other Guarantees,
pledges, agreements, security agreements and collateral documents). Without limiting the generality of the foregoing, the term
“Credit Facility” shall include any agreement or instrument (1) changing the maturity of any Indebtedness Incurred
thereunder or contemplated thereby, (2) adding Subsidiaries of the Company as additional borrowers or guarantors thereunder, (3)
increasing the amount of Indebtedness Incurred thereunder or available to be borrowed thereunder or (4) otherwise altering the
terms and conditions thereof.

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

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

“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; provided that
any Default that results solely from the taking of an action that would have been permitted but for the continuation of a previous
Default will be deemed to be cured if such previous Default is cured prior to becoming an Event of Default.

“Definitive Notes”
means certificated Notes.

“Depositary” means,
with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in ‎Section
2.3 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 (as determined in good faith by the Company) of non-cash consideration received by the Company or any
of the Restricted Subsidiaries in connection with an Asset Disposition that is so designated as Designated Non-Cash Consideration
pursuant to an Officer’s Certificate delivered to the Trustee, setting forth the basis of such valuation, less the amount
of cash or Cash Equivalents received in connection with a subsequent payment, redemption, retirement, sale or other disposition
of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash Consideration will no longer be considered
to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of in compliance
with ‎Section 3.5 hereof.

“Designated Preferred Stock”
means Preferred Stock of the Company or a Parent Entity (other than Disqualified Stock) that is issued for cash (other than to
the Company or a Subsidiary of the Company or an employee stock ownership plan or trust

    	-20-

    	 

    

established by the Company or any such Subsidiary for the
benefit of their employees to the extent funded by the Company or such Subsidiary) and that is designated as “Designated
Preferred Stock” pursuant to an Officer’s Certificate of the Company at or prior to the issuance thereof, the Net Cash
Proceeds of which are excluded from the calculation set forth in Section 3.3(a)(iii)(C) hereof.

“Disinterested Director”
means, with respect to any Affiliate Transaction, a member of the Board of Directors having no material direct or indirect financial
interest in or with respect to such Affiliate Transaction. A member of the Board of Directors shall be deemed not to have such
a financial interest by reason of such member’s holding Capital Stock of the Company or any options, warrants or other rights
in respect of such Capital Stock.

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

(1)       matures
or is mandatorily redeemable for cash or in exchange for Indebtedness pursuant to a sinking fund obligation or otherwise; or

(2)       is
or may become (in accordance with its terms) upon the occurrence of certain events or otherwise redeemable or repurchasable for
cash or in exchange for Indebtedness at the option of the holder of the Capital Stock in whole or in part,

in each case, on or prior to the earlier of (a) the Stated
Maturity of the Notes or (b) the date on which there are no Notes outstanding; provided, however, that (i) only the
portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at
the option of the holder thereof prior to such date will be deemed to be Disqualified Stock and (ii) any Capital Stock that would
constitute Disqualified Stock solely because the holders thereof have the right to require the Company to repurchase such Capital
Stock upon the occurrence of a change of control or asset sale (howsoever defined or referred to) shall not constitute Disqualified
Stock if any such redemption or repurchase obligation is subject to compliance by the relevant Person with ‎Section
3.3 hereof; provided, however, that if such Capital Stock is issued to any future, current or former employee, director,
officer, manager, contractor or consultant (or their respective Controlled Investment Affiliates (excluding the Permitted Holders
(but not excluding any future, current or former employee, director, officer, manager, contractor or consultant)) or Immediate
Family Members), of the Company, any of its Subsidiaries, any Parent Entity or any other entity in which the Company or a Restricted
Subsidiary has an Investment and is designated in good faith as an “affiliate” by the Board of Directors (or the compensation
committee thereof) or any other plan for the benefit of current, former or future employees (or their respective Controlled Investment
Affiliates or Immediate Family Members) of the Company or its Subsidiaries or by any such plan to such employees (or their respective
Controlled Investment Affiliates or Immediate Family Members), such Capital Stock shall not constitute Disqualified Stock solely
because it may be required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory or regulatory
obligations.

    	-21-

    	 

    

“Dollars” or “$”
means the lawful currency of the United States of America.

“DTC” means The Depository
Trust Company or any successor securities clearing agency.

“Equity Offering”
means (x) a sale of Capital Stock (other than through the issuance of Disqualified Stock or Designated Preferred Stock or through
an Excluded Contribution) or other securities of the Company or any Parent Entity other than (a) offerings registered on Form S-8
(or any successor form) under the Securities Act or any similar offering in other jurisdictions and (b) issuances of Capital Stock
to any Subsidiary of the Company or (y) a cash equity contribution to the Company.

“Euro” means the single
currency of participating member states of the economic and monetary union as contemplated in the Treaty on European Union.

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

“Excluded Contribution”
means Net Cash Proceeds or property or assets received by the Company as capital contributions to the equity (other than through
the issuance of Disqualified Stock or Designated Preferred Stock) of the Company after the Issue Date or from the issuance or sale
(other than to a Restricted Subsidiary or an employee stock ownership plan or trust established by the Company or any Subsidiary
of the Company for the benefit of their employees to the extent funded by the Company or any Restricted Subsidiary) of Capital
Stock (other than Disqualified Stock or Designated Preferred Stock) of the Company, in each case, to the extent designated as an
Excluded Contribution pursuant to an Officer’s Certificate of the Company.

“Existing Local Lines”
means (i) the financing agreement entered into on March 13, 2020 between Atento Brasil S.A. and Banco Itau, (ii) the bank credit
certificate entered into on April 7, 2020 between Atento Brasil S.A. and Banco Santander, (iii) the financing agreement entered
into on June 12, 2020 between Atento Brasil S.A. and Banco De Lage Landen, (iv) the credit agreement entered into on August 26,
2020 between Atento Brasil S.A. and Banco ABC Brasil, (v) the bank credit certificate entered into on September 9, 2020 between
Atento Brasil S.A. and Banco do Brasil and (vi) the bank credit certificate entered into on December 15, 2020 between Atento Brasil
S.A. and Banco ABC Brasil.

“fair market value”
may be conclusively established by means of an Officer’s Certificate or resolutions of the Board of Directors of the Company
setting out such fair market value as determined by such Officer or such Board of Directors in good faith.

“FATCA” means Sections
1471 through 1474 of the Code as of the date of this Indenture (or any amended or successor version that is substantively comparable
thereto), any current or future Treasury regulations thereunder or other official administrative interpretations thereof, any agreements
entered into pursuant to current Section 1471(b)(1) of the Code as of the date this Indenture (or any amended or successor version
described above) and any intergovernmental agreements implementing the foregoing.

    	-22-

    	 

    

“First Priority Credit Obligations”
means (i) any and all amounts payable under or in respect of any Credit Facility and the other Credit Facility Documents as amended,
restated, supplemented, waived, replaced, restructured, repaid, refunded, refinanced or otherwise modified from time to time (including
after termination of the Credit Agreement), including principal, premium (if any), interest (including Post-Petition Interest accruing
on or after the filing of any petition in bankruptcy or for reorganization relating to the Company whether or not a claim for Post-Petition
Interest is allowed in such proceedings), fees, charges, expenses, reimbursement obligations, guarantees and all other amounts
payable thereunder or in respect of, in each case, Incurred as Indebtedness under clauses (1)(a)(i) and clause (1)(b), in respect
of clause (1)(a)(i), of Section 3.2(b) to the extent secured by a Permitted Lien incurred or deemed incurred to secure Indebtedness
under the Credit Facilities constituting First Priority Obligations pursuant to clause (19) of the definition of “Permitted
Liens” and (ii) all other Obligations of the Company or any of its Restricted Subsidiaries in respect of Hedging Obligations.

“First Priority Liens”
means all Liens that secure the First Priority Obligations.

“First Priority Notes Obligations”
means all Obligations of the Company and the Guarantors under the Notes, this Indenture, the Note Guarantees and the Collateral
Documents.

“First Priority Obligations”
means (i) the First Priority Credit Obligations, (ii) all First Priority Notes Obligations and any Pari Passu Secured Obligations
and (iii) any and all amounts payable under or in respect of any Future First Lien Indebtedness.

“Fitch” means Fitch
Ratings, Inc. or any of its successors or assigns that is a Nationally Recognized Statistical Rating Organization.

“Fixed Charge Coverage Ratio”
means, with respect to any Person on any determination date, the ratio of Consolidated EBITDA of such Person for the most recent
four consecutive fiscal quarters ending immediately prior to such determination date (the “reference period”)
for which consolidated financial statements are available (which may be internal consolidated financial statements) to the Fixed
Charges of such Person for the reference period. In the event that the Company or any Restricted Subsidiary Incurs, assumes, Guarantees,
redeems, defeases, retires or extinguishes any Indebtedness (other than Indebtedness incurred under any revolving credit facility
unless such Indebtedness has been permanently repaid and has not been replaced) has caused any Reserved Indebtedness Amount to
be deemed to be Incurred during such period or issues or redeems Disqualified Stock or Preferred Stock subsequent to the commencement
of the reference period but prior to or simultaneously with the event for which the calculation of the Fixed Charge Coverage Ratio
is made (the “Fixed Charge Coverage Ratio Calculation Date”), then the Fixed Charge Coverage Ratio shall be
calculated giving pro forma effect to such Incurrence, deemed Incurrence, assumption, Guarantee, redemption, defeasance, retirement
or extinguishment of Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if the same had
occurred at the beginning of the applicable four-quarter period; provided, however, that for purposes of the pro
forma calculation under ‎Section 3.2(a) hereof such calculation
shall not give

    	-23-

    	 

    

effect to any Indebtedness Incurred on such determination
date pursuant to ‎Section 3.2(b) (other than Indebtedness
Incurred pursuant to clause (5) thereof).

For purposes of making the computation
referred to above, any Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and disposed operations
that have been made by the Company or any of the Restricted Subsidiaries, during the reference period or subsequent to the reference
period and on or prior to or simultaneously with the Fixed Charge Coverage Ratio Calculation Date shall be calculated on a pro
forma basis assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and disposed
or discontinued operations (and the change in any associated fixed charge obligations and the change in Consolidated EBITDA resulting
therefrom) had occurred on the first day of the reference period. If since the beginning of such period any Person that subsequently
became a Restricted Subsidiary or was merged or amalgamated with or into the Company or any of the Restricted Subsidiaries since
the beginning of such period shall have made any Investment, acquisition, disposition, merger, amalgamation, consolidation or disposed
or discontinued operation that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio
shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, merger, amalgamation,
consolidation or disposed operation had occurred at the beginning of the reference period.

For purposes of this definition, whenever
pro forma effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a responsible financial
or chief accounting officer of the Company (including cost savings and synergies). If any Indebtedness bears a floating rate of
interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on
the Fixed Charge Coverage Ratio Calculation Date had been the applicable rate for the entire reference period (taking into account
any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to accrue
at an interest rate reasonably determined by a responsible financial or accounting officer of the Company to be the rate of interest
implicit in such Capitalized Lease Obligation in accordance with IFRS. For purposes of making the computation referred to above,
interest on any Indebtedness under a revolving credit facility computed with a pro forma basis shall be computed based upon the
average daily balance of such Indebtedness during the reference period except as set forth in the first paragraph of this definition.
Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate,
a eurocurrency interbank offered rate, or other rate, shall be determined to have been based upon the rate actually chosen, or
if none, then based upon such optional rate chosen as the Company may designate.

“Fixed Charges” means,
with respect to any Person for any period, the sum of:

(1)       Consolidated
Interest Expense of such Person for such Period;

(2)       all
cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of Preferred Stock of any
Restricted Subsidiary of such Person during such period; and

    	-24-

    	 

    

(3)       all
cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of Disqualified Stock during
this period.

“Future First Lien Indebtedness”
means any Indebtedness of the Company and/or the Guarantors that is either a First Priority Credit Obligation or Pari Passu Secured
Obligation, as permitted by this Indenture; provided that (i) the trustee, agent or other authorized representative for the holders
of such Indebtedness (other than in the case of Additional Notes) shall execute a joinder to the Intercreditor Agreement and (ii)
the Company shall designate such Indebtedness as “Additional First Priority Credit Obligations” or “Additional
Pari Passu Secured Obligations” as applicable, under the Intercreditor Agreement.

“Future First Lien Obligations”
means Obligations in respect of Future First Lien Indebtedness.

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

“Governmental Authority”
means any nation, sovereign or government, any state, province, territory or other political subdivision thereof, and any entity
or authority exercising executive, legislative, judicial, regulatory, self-regulatory or administrative functions of or pertaining
to government, including a central bank or stock exchange.

“Grantors” means the
Company and the Guarantors.

“Group” means Atento
S.A. and its Subsidiaries.

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

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

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

provided, however, that the term “Guarantee”
will not include (x) endorsements for collection or deposit in the ordinary course of business or consistent with past practice
and (y) standard contractual indemnities or product warranties provided in the ordinary course of business, and provided further
that the amount of any Guarantee shall be deemed to be the lower of (i) an amount equal to the stated or determinable amount of
the primary obligation in respect of which such Guarantee is made and (ii) the maximum amount for which such guaranteeing Person
may be liable pursuant to the terms of the

    	-25-

    	 

    

instrument embodying such Guarantee or, if such Guarantee
is not an unconditional guarantee of the entire amount of the primary obligation and such maximum amount is not stated or determinable,
the amount of such guaranteeing Person’s maximum reasonably anticipated liability in respect thereof as determined by such
Person in good faith. The term “Guarantee” used as a verb has a corresponding meaning.

“Guarantor” means
any Restricted Subsidiary that Guarantees the Notes, until such Note Guarantee is released in accordance with the terms of this
Indenture.

“Hedging Obligations”
means, with respect to any Person, the obligations of such Person under any interest rate swap agreement, interest rate cap agreement,
interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange
contracts, currency swap agreement or similar agreement providing for the transfer or mitigation of interest rate, commodity price
or currency risks either generally or under specific contingencies.

“Holder” means each
Person in whose name the Notes are registered on the Registrar’s books, which shall initially be the nominee of DTC.

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

“IFRS” means the International
Financial Reporting Standards (formerly International Accounting Standards) endorsed from time to time by the International Accounting
Standards Board or any variation thereof with which the Company or its Restricted Subsidiaries are, or may be, required to comply,
as in effect on the 2017 Notes Issue Date or, with respect to ‎Section
3.10 hereof, as in effect from time to time. Except as otherwise set forth in this Indenture, all ratios and calculations based
on IFRS contained in this Indenture shall be computed in accordance with IFRS as in effect on the 2017 Notes Issue Date. At any
time after the Issue Date, the Company may elect to establish that IFRS shall mean the IFRS as in effect on or prior to the date
of such election; provided that any such election, once made, shall be irrevocable. At any time after the Issue Date, the Company
may elect to apply GAAP accounting principles in lieu of IFRS and, upon any such election, references herein to IFRS shall thereafter
be construed to mean GAAP (except as otherwise provided in this Indenture), including as to the ability of the Company to make
an election pursuant to the previous sentence; provided that any such election, once made, shall be irrevocable; provided, further,
that any calculation or determination in this Indenture that require the application of IFRS for periods that include fiscal quarters
ended prior to the Company’s election to apply GAAP shall remain as previously calculated or determined in accordance with
IFRS; provided, further again, that the Company may only make such election if it also elects to report any subsequent financial
reports required to be made by the Company in GAAP. The Company shall give written notice of any such election made in accordance
with this definition to the Trustee.

“Immaterial Subsidiary”
means, at any date of determination, each Restricted Subsidiary of the Company that (i) has not guaranteed any other Indebtedness
of the

    	-26-

    	 

    

Company and (ii) has Total Assets and revenues of less than
5.0% of Total Assets and consolidated revenues, respectively, of the Company and its Restricted Subsidiaries and, together with
all other Immaterial Subsidiaries (as determined in accordance with IFRS), has Total Assets and revenues of less than 10.0% of
Total Assets and consolidated revenues, respectively, of the Company and its Restricted Subsidiaries, and LTM EBITDA less than
10.0% of LTM EBITDA, in each case, measured at the end of the most recent fiscal period for which consolidated financial statements
are available (which may be internal consolidated financial statements) and for the period of four fiscal quarters then ended,
in each case, on a pro forma basis giving effect to any acquisitions or dispositions of companies, division or lines of business
since such statement of financial position date or the start of such four quarter period, as applicable, and on or prior to the
date of acquisition of such Subsidiary.

“Immediate Family Members”
means, with respect to any individual, such individual’s child, stepchild, grandchild or more remote descendant, parent,
stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and
daughter-in-law (including adoptive relationships) and any trust, partnership or other bona fide estate-planning vehicle
the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any
of the foregoing individuals or any donor-advised fund of which any such individual is the donor.

“Incur” means issue,
create, assume, enter into any Guarantee of, incur, extend or otherwise become liable for; provided, however, that
any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger,
amalgamation, consolidation, acquisition or otherwise) will be deemed to be Incurred by such Restricted Subsidiary at the time
it becomes a Restricted Subsidiary and the terms “Incurred” and “Incurrence” have meanings correlative
to the foregoing and any Indebtedness pursuant to any revolving credit or similar facility shall only be “Incurred”
at the time any funds are borrowed thereunder.

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

(1)       the
principal of indebtedness of such Person for borrowed money;

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

(3)       all
reimbursement obligations of such Person in respect of letters of credit, bankers’ acceptances or other similar instruments
(the amount of such obligations being equal at any time to the aggregate then undrawn and unexpired amount of such letters of credit
or other instruments plus the aggregate amount of drawings thereunder that have not been reimbursed) (except to the extent such
reimbursement obligations relate to trade payables and such obligations are satisfied within 30 days of Incurrence);

    	-27-

    	 

    

(4)       the
principal component of all obligations of such Person to pay the deferred and unpaid purchase price of property (except trade payables
or similar obligations, including accrued expenses owed to a trade creditor), which purchase price is due more than one year after
the date of placing such property in service or taking final delivery and title thereto;

(5)       Capitalized
Lease Obligations of such Person;

(6)       the
principal component of all obligations, or liquidation preference, of such Person with respect to any Disqualified Stock or, with
respect to any Restricted Subsidiary, any Preferred Stock (but excluding, in each case, any accrued dividends);

(7)       the
principal component of all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness
is assumed by such Person; provided, however, that the amount of such Indebtedness will be the lesser of (a) the fair market value
of such asset at such date of determination (as determined in good faith by the Company) and (b) the amount of such Indebtedness
of such other Persons;

(8)       Guarantees
by such Person of the principal component of Indebtedness of the type referred to in clauses (1), (2), (3), (4), (5) and (9) of
other Persons to the extent Guaranteed by such Person;

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

(10)       to
the extent not otherwise included in this definition, the amount of obligations outstanding under the legal documents entered into
as part of a securitization transaction or series of transactions that would be characterized as principal if such transaction
were structured as a secured lending transaction rather than as a purchase outstanding relating to a securitization transaction
or series of transactions;

with respect to clauses (1), (2), (4) and (5) above, if and
to the extent that any of the foregoing Indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability
upon a statement of financial position (excluding the footnotes thereto)
of such Person prepared in accordance with IFRS; provided, that Indebtedness of any Parent Entity appearing upon the statement
of financial position of the Company solely by reason of push-down accounting under IFRS shall be excluded.

The amount of Indebtedness of any Person
at any time in the case of a revolving credit or similar facility shall be the total amount of funds borrowed and then outstanding.
The amount of any Indebtedness outstanding as of any date shall be (a) the accreted value thereof in the case of any Indebtedness
issued with original issue discount and (b) the principal amount of Indebtedness, or liquidation preference thereof, in the case
of any other Indebtedness. Indebtedness shall be calculated without giving effect to the effects of Topic No. 815 and related interpretations
to the extent such effects would

    	-28-

    	 

    

otherwise increase or decrease an amount of Indebtedness
for any purpose under this Indenture as a result of accounting for any embedded derivatives created by the terms of such Indebtedness.

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

(i)       Contingent
Obligations Incurred in the ordinary course of business or consistent with past practice, other than Guarantees or other assumptions
of Indebtedness;

(ii)       Cash
Management Services;

(iii)       any
lease, concession or license of property (or Guarantee thereof) which would be considered an operating lease under IFRS as in effect
on the 2017 Notes Issue Date or any prepayments of deposits received from clients or customers in the ordinary course of business
or consistent with past practice;

(iv)       obligations
under any license, permit or other approval (or Guarantees given in respect of such obligations) incurred prior to the Issue Date
or in the ordinary course of business or consistent with past practice;

(v)       in
connection with the purchase by the Company or any Restricted Subsidiary of any business, any post-closing payment adjustments
to which the seller may become entitled to the extent such payment is determined by a final closing statement of financial position
or such payment depends on the performance of such business after the closing; provided, however, that, at the time
of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined,
the amount is paid in a timely manner;

(vi)       for
the avoidance of doubt, any obligations in respect of workers’ compensation claims, early retirement or termination obligations,
pension fund obligations or contributions or similar claims, obligations or contributions or social security or wage Taxes;

(vii)       Indebtedness
of any Parent Entity appearing on the statement of financial position of the Company solely by reason of push down accounting under
IFRS;

(viii)       Capital
Stock (other than Disqualified Stock or, with respect to any Restricted Subsidiary, any Preferred Stock); or

(ix)       amounts
owed to dissenting stockholders pursuant to applicable law (including in connection with, or as a result of, exercise of appraisal
rights and the settlement of any claims or action (whether actual, contingent or potential)), pursuant to or in connection with
a consolidation, merger or transfer of all or substantially all of the assets of the Company and its Restricted Subsidiaries, taken
as a whole, that complies with ‎Section 4.1.

    	-29-

    	 

    

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

“Independent Financial Advisor”
means an accounting, appraisal, investment banking firm or consultant to Persons engaged in Similar Businesses of nationally recognized
standing; provided, however, that such firm or appraiser is not an Affiliate of the Company.

“Initial Notes” has
the meaning ascribed to it in the second introductory paragraph of this Indenture.

“Initial Guarantors”
means, collectively, Atento Brasil S.A., Atento México Holdco, S. de R.L. de C.V. and Atento Teleservicios España,
S.A.U.

“Initial Purchasers”
means Banco BTG Pactual S.A.―Cayman Branch, Goldman Sachs & Co. LLC, Itau BBA USA Securities, Inc., Morgan Stanley &
Co. LLC, BCP Securities, LLC, XP Investimentos Corretora de Câmbio, Títulos e Valores S.A. and Barrington Research
Associates, Inc.

“Institutional Investors”
means HPS Investment Partners, GIC and Farallon Capital Management and Affiliates and funds or partnerships or other investment
vehicles or Subsidiaries managed or advised by any of them or any of their respective Affiliates (other than any operating portfolio
companies of any of the foregoing).

“Intercreditor Agreement”
means the Intercreditor Agreement dated August 8, 2017, among, inter alios, the Company, the Security Agent, the agent under
the Credit Agreement, to which the Trustee will accede on the Issue Date, as amended, restated or replaced from time to time.

“Investment” means,
with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of any advances,
loans or other extensions of credit (other than advances or extensions of credit to customers, suppliers, directors, officers or
employees of any Person in the ordinary course of business or consistent with past practice, and excluding any debt or extension
of credit represented by a bank deposit other than a time deposit) or capital contribution to (by means of any transfer of cash
or other property to others or any payment for property or services for the account or use of others), or the Incurrence of a Guarantee
of any obligation of, or any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by, such
other Persons and all other items that are or would be classified as investments on a statement of financial position prepared
on the basis of IFRS; provided, however, that endorsements of negotiable instruments and documents in the ordinary
course of business or consistent with past practice will not be deemed to be an Investment. If the Company or any Restricted Subsidiary
issues, sells or otherwise disposes of any Capital Stock of a Person that is a Restricted Subsidiary such that, after giving effect
thereto, such Person is no longer a Restricted Subsidiary, any Investment by the Company or any Restricted Subsidiary in such Person
remaining after giving effect thereto will be deemed to be a new Investment at such time.

    	-30-

    	 

    

For purposes of Sections ‎3.3
and ‎3.20 hereof:

(1)       “Investment”
will include the portion (proportionate to the Company’s equity interest in a Restricted Subsidiary to be designated as an
Unrestricted Subsidiary) of the fair market value of the net assets of such Restricted Subsidiary at the time that such Restricted
Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary
as a Restricted Subsidiary, the Company will be deemed to continue to have a permanent “Investment” in an Unrestricted
Subsidiary in an amount (if positive) equal to (a) the Company’s “Investment” in such Subsidiary at the time
of such redesignation less (b) the portion (proportionate to the Company’s equity interest in such Subsidiary) of the fair
market value of the net assets (as determined by the Company) of such Subsidiary at the time that such Subsidiary is so re-designated
a Restricted Subsidiary; and

(2)       any
property transferred to or from an Unrestricted Subsidiary will be valued at its fair market value at the time of such transfer,
in each case, as determined in good faith by the Company.

“Investment Grade Securities”
means:

(1)       securities
issued or directly and fully Guaranteed or insured by the United States or Canadian government or any agency or instrumentality
thereof (other than Cash Equivalents);

(2)       securities
issued or directly and fully guaranteed or insured by a member of the European Union, United Kingdom, Switzerland, Norway, or any
agency or instrumentality thereof (other than Cash Equivalents);

(3)       debt
securities or debt instruments with a rating of “A-” or higher from Fitch or S&P or “A3”
or higher by Moody’s or the equivalent of such rating by such rating organization or, if no rating of Moody’s, Fitch
or S&P then exists, the equivalent of such rating by any other Nationally Recognized Statistical Ratings Organization, but
excluding any debt securities or instruments constituting loans or advances among the Company and its Subsidiaries; and

(4)       investments
in any fund that invests exclusively in investments of the type described in clauses (1), (2) and (3) above which fund may also
hold cash and Cash Equivalents pending investment or distribution.

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

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

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

(3)       a
rating of “BBB-” or higher from Fitch,

    	-31-

    	 

    

or the equivalent of such rating by such rating organization
or, if no rating of S&P Moody’s or Fitch then exists, the equivalent of such rating by any other Nationally Recognized
Statistical Ratings Organization selected by the Company.

“Issue Date” means
February 10, 2021.

“Junior Priority Obligations”
means other Indebtedness of the Company and/or the Guarantors that is secured by Liens on the Collateral ranking junior in priority
to the Liens securing the Notes as permitted by this Indenture and is designated by the Company as Junior Priority Indebtedness.

“Lien” means any mortgage,
pledge, security interest, encumbrance, lien, hypothecation or charge of any kind (including any conditional sale or other title
retention agreement or lease in the nature thereof); provided that in no event shall an operating lease be deemed to constitute
a Lien.

“LTM EBITDA” means
Consolidated EBITDA of the Company measured for the period of the most recent four consecutive fiscal quarters ending prior to
the date of such determination for which consolidated financial statements of the Company are available (which may be internal
consolidated financial statements), in each case, with such pro forma adjustments giving effect to such Indebtedness, acquisition,
disposition, merger, amalgamation, consolidation or Investment, as applicable, since the start of such four quarter period and
as are consistent with the pro forma adjustments set forth in the definition of “Fixed Charge Coverage Ratio.”

“Management Advances”
means loans or advances made to, or Guarantees with respect to loans or advances made to, directors, officers, employees, contractors
or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members) of any Parent Entity, the Company
or any Restricted Subsidiary:

(1)       (a)
in respect of travel, entertainment or moving related expenses Incurred in the ordinary course of business or consistent with past
practice or (b) for purposes of funding any such person’s purchase of Capital Stock (or similar obligations) of the Company,
its Subsidiaries or any Parent Entity with (in the case of this clause (1)(b)) the approval of the Board of Directors;

(2)       in
respect of moving related expenses Incurred in connection with any closing or consolidation of any facility or office; or

(3)       not
exceeding $10.0 million and 5% of LTM EBITDA in the aggregate outstanding at the time of Incurrence.

“Management Stockholders”
means the members of management of the Company (or any Parent Entity) or its Subsidiaries who are holders of Capital Stock of the
Company or of any Parent Entity on the Issue Date.

“Market Capitalization”
means an amount equal to (i) the total number of issued and outstanding shares of common Capital Stock of the Company or any Parent
Entity on

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the date of the declaration of a Restricted Payment permitted
pursuant to ‎Section 3.3(b)(10) hereof multiplied by (ii)
the arithmetic mean of the closing prices per share of such common Capital Stock on the principal securities exchange on which
such common Capital Stock are traded for the 30 consecutive trading days immediately preceding the date of declaration of such
Restricted Payment.

“MidCo” means Atalaya
Luxco Midco, the direct parent company of the Company, or any successor or assign thereto.

“Moody’s” means
Moody’s Investors Service, Inc. or any of its successors or assigns that is a Nationally Recognized Statistical Rating Organization.

“Nationally Recognized Statistical
Rating Organization” means a nationally recognized statistical rating organization within the meaning of Section 3(a)(62)
of the Exchange Act.

“Net Available Cash”
from an Asset Disposition means cash payments received (including any cash payments received by way of deferred payment of principal
pursuant to a note or installment receivable or otherwise and net proceeds from the sale or other disposition of any securities
received as consideration, but only as and when received, but excluding any other consideration received in the form of assumption
by the acquiring person of Indebtedness or other obligations relating to the properties or assets that are the subject of such
Asset Disposition or received in any other non-cash form) therefrom, in each case, net of:

(1)       all
legal, accounting, investment banking, title and recording tax expenses, commissions and other fees and expenses Incurred, and
all Taxes paid, reasonably estimated to be actually payable or accrued as a liability under IFRS (including, for the avoidance
of doubt, any income, withholding and other Taxes payable as a result of the distribution of such proceeds to the Company and after
taking into account any available tax credits or deductions and any tax sharing agreements), as a consequence of such Asset Disposition,
including distributions for Related Taxes;

(2)       all
payments made on any Indebtedness other than Junior Priority Obligations which is secured by any assets subject to such Asset Disposition,
in accordance with the terms of any Lien upon such assets, or which by applicable law be repaid out of the proceeds from such Asset
Disposition;

(3)       all
distributions and other payments required to be made to minority interest holders (other than any Parent Entity, the Company or
any of its respective Subsidiaries) in Subsidiaries or joint ventures as a result of such Asset Disposition;

(4)       the
deduction of appropriate amounts required to be provided by the seller as a reserve, on the basis of IFRS, against any liabilities
associated with the assets disposed of in such Asset Disposition and retained by the Company or any Restricted Subsidiary after
such Asset Disposition; and

    	-33-

    	 

    

(5)       any
funded escrow established pursuant to the documents evidencing any such sale or disposition to secure any indemnification obligations
or adjustments to the purchase price associated with any such Asset Disposition.

“Net Cash Proceeds,”
with respect to any issuance or sale of Capital Stock, means the cash proceeds of such issuance or sale net of attorneys’
fees, accountants’ fees, underwriters’ or placement agents’ fees, listing fees, discounts or commissions and
brokerage, consultant and other fees and charges actually Incurred in connection with such issuance or sale and net of Taxes paid
or reasonably estimated to be actually payable as a result of such issuance or sale (including, for the avoidance of doubt, any
income, withholding and other Taxes payable as a result of the distribution of such proceeds to the Company and after taking into
account any available tax credit or deductions and any tax sharing agreements, and including distributions for Related Taxes).

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

“Non-U.S. Person”
means a Person who is not a U.S. Person (as defined in Regulation S).

“Note Documents” means
the Notes (including Additional Notes), the Note Guarantees and this Indenture.

“Notes” has the meaning
ascribed to it in the second introductory paragraph of this Indenture.

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

“Obligations” means
any principal, interest (including Post-Petition Interest and fees accruing on or after the filing of any petition in bankruptcy
or for reorganization relating to the Company or any Guarantor whether or not a claim for Post-Petition Interest or fees is allowed
in such proceedings), penalties, fees, indemnifications, reimbursements (including, without limitation, reimbursement obligations
with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation
governing any Indebtedness.

“Offering Circular”
means the final offering circular, dated February 3, 2021, relating to the offering by the Company of $500,000,000 aggregate principal
amount of 8.000% first lien senior secured notes due 2026 and any future offering circular relating to Additional Notes.

“Officer” means, with
respect to any Person, (1) the Chairman of the Board of Directors, the Chief Executive Officer, any director, the President, the
Chief Financial Officer, any Vice President, the Treasurer, any Assistant Treasurer, any Managing Director, the Secretary or any
Assistant Secretary (a) of such Person or (b) if such Person is owned or managed by a single entity, of such entity, or (2) any
other individual designated as an “Officer” for the purposes of this Indenture by the Board of Directors of such Person.

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“Officer’s Certificate”
means, with respect to any Person, a certificate signed by one Officer of such Person.

“Opinion of Counsel”
means a written opinion from legal counsel who is reasonably satisfactory to the Trustee. The counsel may be an employee of or
counsel to the Company or its Subsidiaries.

“Other Collateral Secured Obligations”
means any and all amounts payable under or in respect of any Indebtedness, including principal, premium (if any), interest (including
interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company whether or
not a claim for Post-Petition Interest is allowed in such proceedings), fees, charges, expenses, reimbursement obligations, guarantees
and all other amounts payable thereunder or in respect of, in each case, (x) secured by a Permitted Lien (other than First Priority
Credit Obligations) and (y) such related Lien shall rank on a pari passu basis or a junior basis to the Lien securing the Obligations
under the Notes, the Note Guarantees and this Indenture.

“Parent” means Atento
S.A., a public limited liability company (société anonyme) incorporated under the laws of the Grand Duchy
of Luxembourg and an indirect parent entity of the Company, or any successor or assign thereto.

“Parent Entity” means
any direct or indirect parent of the Company.

“Parent Entity Expenses”
means:

(1)       costs
(including all legal, accounting and other professional fees and expenses) Incurred by any Parent Entity in connection with reporting
obligations under or otherwise Incurred in connection with compliance with applicable laws, rules or regulations of any governmental,
regulatory or self-regulatory body or stock exchange, this Indenture or any other agreement or instrument relating to the Notes,
the Guarantees or any other Indebtedness of the Company or any Restricted Subsidiary, including in respect of any reports filed
or delivered with respect to the Securities Act, Exchange Act or the respective rules and regulations promulgated thereunder;

(2)       customary
indemnification obligations of any Parent Entity owing to directors, officers, employees or other Persons under its articles, charter,
by-laws, partnership agreement or other organizational documents or pursuant to written agreements with any such Person to the
extent relating to the Company and its Subsidiaries;

(3)       obligations
of any Parent Entity in respect of director and officer insurance (including premiums therefor) to the extent relating to the Company
and its Subsidiaries;

(4)       (x)
general corporate overhead expenses, including all legal, accounting and other professional fees and expenses and (y) other operational
expenses of any Parent Entity related to the ownership or operation of the business of the Company or any of the Restricted Subsidiaries;

    	-35-

    	 

    

(5)       any
Taxes and other fees and expenses required to maintain such Parent Entity’s corporate existence and to provide for other
ordinary course operating costs, including customary salary, bonus and other benefits payable to, and indemnities provided on behalf
of, offices and employees of such Parent Entity;

(6)       expenses
Incurred by any Parent Entity in connection with (i) any offering, sale, conversion or exchange of Capital Stock or Indebtedness
where the net proceeds of such offering or sale are intended to be received by or contributed to the Company or a Restricted Subsidiary
and (ii) any related compensation paid to officers, directors and employees of such Parent Entity; and

(7)       amounts
to finance Investments that would otherwise be permitted to be made pursuant to ‎Section
3.3 hereof if made by the Company or a Restricted Subsidiary; provided, that (A) such Restricted Payment shall be made substantially
concurrently with the closing of such Investment, (B) such direct or indirect parent company shall, immediately following the closing
thereof, cause (1) all property acquired (whether assets or Capital Stock) to be contributed to the capital of the Company or one
of the Restricted Subsidiaries or (2) the merger, consolidation or amalgamation of the Person formed or acquired into the Company
or one of the Restricted Subsidiaries (to the extent not prohibited by ‎Section
4.1 hereof) in order to consummate such Investment, (C) such direct or indirect parent company and its Affiliates (other than the
Company or a Restricted Subsidiary) receives no consideration or other payment in connection with such transaction except to the
extent the Company or a Restricted Subsidiary could have given such consideration or made such payment in compliance with this
Indenture and such consideration or other payment is included as a Restricted Payment under this Indenture, (D) any property received
by the Company shall not increase amounts available for Restricted Payments pursuant to ‎Section
3.3(a)‎(iii) hereof and (E) such Investment shall be deemed
to be made by the Company or such Restricted Subsidiary pursuant to another provision of Section 3.3 or pursuant to the definition
of “Permitted Investments.”

“Pari Passu Indebtedness”
means Indebtedness of the Company which ranks equally in right of payment to the Notes or of any Guarantor if such Indebtedness
ranks equally in right of payment to the Guarantees of the Notes.

“Pari Passu Secured Obligations”
means Other Collateral Secured Obligations for which the Lien securing such Other Collateral Secured Obligations ranks on a parity
basis to the Lien securing the Obligations under the Notes, the Note Guarantees and this Indenture.

“Paying Agent” means
any Person authorized by the Company to pay the principal of (and premium, if any) or interest on any Note on behalf of the Company.

“Permitted Asset Swap”
means the concurrent purchase and sale or exchange of assets used or useful in a Similar Business or a combination of such assets
and cash, Cash Equivalents between the Company or any of the Restricted Subsidiaries and another Person; provided that any cash
or Cash Equivalents received in excess of the value of any

    	-36-

    	 

    

cash or Cash Equivalents sold or exchanged must be applied
in accordance with Section 3.5 hereof.

“Permitted Holders”
means, collectively, (i) the Institutional Investors, (ii) any one or more Persons, together with such Persons’ Affiliates,
whose beneficial ownership 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 or in respect of which a Change of Control Offer is not required to be made
because a Ratings Event did not occur prior to the expiry of the applicable Ratings Decline Period, (iii) the Management Stockholders,
(iv) any Person who is acting solely as an underwriter in connection with a public or private offering of Capital Stock of any
Parent Entity or the Company, acting in such capacity and (v) any group (within the meaning of Section 13(d)(3) or Section 14(d)(2)
of the Exchange Act or any successor provision) of which any of the foregoing are members; provided that, in the case of such group
and without giving effect to the existence of such group or any other group, Persons referred to in subclauses (i) through (iv),
collectively, have beneficial ownership of more than 50% of the total voting power of the Voting Stock of the Company or any Parent
Entity held by such group.

“Permitted Investment”
means (in each case, by the Company or any of the Restricted Subsidiaries):

(1)       Investments
in (a) a Restricted Subsidiary (including the Capital Stock of a Restricted Subsidiary) or the Company or (b) a Person (including
the Capital Stock of any such Person) that will, upon the making of such Investment, become a Restricted Subsidiary;

(2)       Investments
in another Person if such Person is engaged in any Similar Business and as a result of such Investment such other Person is merged,
amalgamated, consolidated or otherwise combined with or into, or transfers or conveys all or substantially all its assets to, the
Company or a Restricted Subsidiary;

(3)       Investments
in cash, Cash Equivalents or Investment Grade Securities;

(4)       Investments
in receivables owing to the Company or any Restricted Subsidiary created or acquired in the ordinary course of business or consistent
with past practice;

(5)       Investments
in payroll, travel, entertainment, moving related and similar advances to cover matters that are expected at the time of such advances
ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business or consistent
with past practice;

(6)       Management
Advances;

(7)       Investments
received in settlement of debts created in the ordinary course of business or consistent with past practice and owing to the Company
or any Restricted Subsidiary or in exchange for any other Investment or accounts receivable held by the

    	-37-

    	 

    

Company or any such Restricted Subsidiary, or as a result
of foreclosure, perfection or enforcement of any Lien, or in satisfaction of judgments or pursuant to any plan of reorganization
or similar arrangement including upon the bankruptcy or insolvency of a debtor or otherwise with respect to any secured Investment
or other transfer of title with respect to any secured Investment in default;

(8)       Investments
made as a result of the receipt of non-cash consideration from a sale or other disposition of property or assets, including an
Asset Disposition;

(9)       Investments
existing or pursuant to agreements or arrangements in effect on the Issue Date and any modification, replacement, renewal or extension
thereof; provided that the amount of any such Investment may not be increased except (a) as required by the terms of such Investment
as in existence on the Issue Date or (b) as otherwise permitted under this Indenture;

(10)       Hedging
Obligations, which transactions or obligations are Incurred in compliance with ‎Section
3.2 hereof;

(11)       pledges
or deposits with respect to leases or utilities provided to third parties in the ordinary course of business or Liens otherwise
described in the definition of “Permitted Liens” or made in connection with Liens permitted under ‎Section
3.6 hereof;

(12)       any
Investment to the extent made using Capital Stock of the Company (other than Disqualified Stock) or Capital Stock of any Parent
Entity as consideration;

(13)       any
transaction to the extent constituting an Investment that is permitted and made in accordance with ‎Section
3.8(b) hereof (except those described in Sections ‎3.8(b)(1),
‎(3), ‎(6),
‎(7), ‎(8),
‎(9), ‎(12),
‎(14), ‎(22)
and ‎(25));

(14)       Investments
consisting of purchases and acquisitions of inventory, supplies, materials and equipment or licenses or leases of intellectual
property or services, in any case, in the ordinary course of business and in accordance with this Indenture;

(15)       (i)
Guarantees of Indebtedness not prohibited by ‎Section 3.2
hereof and (other than with respect to Indebtedness) guarantees, keepwells and similar arrangements in the ordinary course of business,
and (ii) performance guarantees with respect to obligations that are permitted by this Indenture;

(16)       Investments
consisting of earnest money deposits required in connection with a purchase agreement, or letter of intent, or other acquisitions
to the extent not otherwise prohibited by this Indenture;

(17)       Investments
of a Restricted Subsidiary acquired after the Issue Date or of an entity merged or amalgamated into the Company or merged or amalgamated
into or consolidated with a Restricted Subsidiary after the Issue Date to the extent that such Investments were not made in contemplation
of or in connection with such acquisition,

    	-38-

    	 

    

merger, amalgamation or consolidation and were in existence
on the date of such acquisition, merger, amalgamation or consolidation;

(18)       Investments
consisting of licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons;

(19)       contributions
to a “rabbi” trust for the benefit of employees or other grantor trust subject to claims of creditors in the case of
a bankruptcy of the Company;

(20)       Investments
in joint ventures and similar entities and Unrestricted Subsidiaries having an aggregate fair market value, when taken together
with all other Investments made pursuant to this clause that are at the time outstanding, not to exceed the greater of $15.0 million
and 10% of LTM EBITDA at the time of such Investment (with the fair market value of each Investment being measured at the time
made and without giving effect to subsequent changes in value), plus the amount of any returns (including dividends, payments,
interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) in respect of such Investments
(without duplication for purposes of ‎Section 3.3 of any amounts
applied pursuant to ‎Section 3.3(a)‎(iii))
with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in
value; provided, however, that if any Investment pursuant to this clause is made in any Person that is not the Company or a Restricted
Subsidiary at the date of the making of such Investment and such person becomes the Company or a Restricted Subsidiary after such
date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) or (2) above and shall cease to have
been made pursuant to this clause for so long as such Person continues to be the Company or a Restricted Subsidiary;

(21)       additional
Investments having an aggregate fair market value, taken together with all other Investments made pursuant to this clause (21)
that are at that time outstanding, not to exceed the greater of $60.0 million and 35% of LTM EBITDA (with the fair market value
of each Investment being measured at the time made and without giving effect to subsequent changes in value), plus the amount of
any returns (including dividends, payments, interest, distributions, returns of principal, profits on sale, repayments, income
and similar amounts) in respect of such Investments (without duplication for purposes of ‎Section
3.3 of any amounts applied pursuant to ‎Section 3.3(a)‎(iii))
with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in
value; provided, however, that if any Investment pursuant to this clause is made in any Person that is not the Company or a Restricted
Subsidiary at the date of the making of such Investment and such person becomes the Company or a Restricted Subsidiary after such
date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) or (2) above and shall cease to have
been made pursuant for so long as such Person continues to be the Company or a Restricted Subsidiary;

(22)       (i)
Investments arising in connection with a Qualified Securitization Financing or Receivables Facility for Securitization Refinancing
Indebtedness and (ii) distributions or payments of Securitization Fees and purchases of Securitization Assets or

    	-39-

    	 

    

Receivables Assets in connection with a Qualified Securitization
Financing or Receivables Facility for Securitization Refinancing Indebtedness;

(23)       Investments
in connection with the Transactions;

(24)       repurchases
of Notes;

(25)       Investments
by an Unrestricted Subsidiary entered into prior to the day such Unrestricted Subsidiary is redesignated as a Restricted Subsidiary
under ‎Section 3.20; and

(26)       guaranty
and indemnification obligations arising in connection with surety bonds issued in the ordinary course of business or consistent
with past practice;

(27)       Investments
consisting of purchases and acquisitions of assets or services in the ordinary course of business or consistent with past practice
or made in the ordinary course of business or consistent with past practice in connection with obtaining, maintaining or renewing
client contacts and loans or advances made to distributors in the ordinary course of business or consistent with past practice;

(28)       Investments
in prepaid expenses, negotiable instruments held for collection and lease, utility and workers compensation, performance and similar
deposits entered into as a result of the operations of the business in the ordinary course of business or consistent with past
practice;

(29)       Investments
in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection of deposit and Article
4 customary trade arrangements with customers consistent with past practices; and

(30)       transactions
entered into in order to consummate a Permitted Tax Restructuring.

“Permitted Jurisdiction”
means any member state of the European Union, the United Kingdom, the United States of America, any state of the United States
or the District of Columbia, Canada or any province of Canada, Brazil, Norway, or Switzerland.

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

(1)       Liens
on assets or property of a Restricted Subsidiary that is not a Guarantor securing Indebtedness and other Obligations of any Restricted
Subsidiary that is not a Guarantor;

(2)       pledges,
deposits or Liens under workmen’s compensation laws, payroll taxes, unemployment insurance laws, social security laws or
similar legislation, or insurance related obligations (including pledges or deposits securing liability to insurance carriers under
insurance or self-insurance arrangements), or in connection with bids, tenders, completion guarantees, contracts (other than for
borrowed money) or leases, or to secure utilities, licenses, public or statutory obligations, or to secure the performance

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of bids, trade contracts, government contracts and leases,
statutory obligations, surety, stay, indemnity, judgment, customs, appeal or performance bonds, guarantees of government contracts,
return-of-money bonds, bankers’ acceptance facilities (or other similar bonds, instruments or obligations), obligations in
respect of letters of credit, bank guarantees or similar instruments that have been posted to support the same, or as security
for contested taxes or import or customs duties or for the payment of rent, or other obligations of like nature, in each case,
Incurred in the ordinary course of business or consistent with past practice;

(3)       Liens
with respect to outstanding motor vehicle fines and Liens imposed by law, including carriers’, warehousemen’s, mechanics’,
landlords’, materialmen’s, repairmen’s, construction contractors’ or other like Liens, in each case, for
sums not yet overdue for a period of more than 60 days or that are bonded or being contested in good faith by appropriate proceedings;

(4)       Liens
for Taxes, assessments or governmental charges which are not overdue for a period of more than 60 days or which are being contested
in good faith by appropriate proceedings; provided that appropriate reserves required pursuant to IFRS (or other applicable accounting
principles) have been made in respect thereof;

(5)       encumbrances,
charges, ground leases, easements (including reciprocal easement agreements), survey exceptions, restrictions, encroachments, protrusions,
by-law, regulation, zoning restrictions or reservations of, or rights of others for, licenses, rights of way, sewers, electric
lines, telegraph and telephone lines and other similar purposes, or zoning, building codes or other restrictions (including minor
defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental to the conduct
of the business of the Company and the Restricted Subsidiaries or to the ownership of their properties, including servicing agreements,
development agreements, site plan agreements, subdivision agreements, facilities sharing agreements, cost sharing agreement and
other agreements, which do not in the aggregate materially adversely affect the value of said properties or materially impair their
use in the operation of the business of the Company and the Restricted Subsidiaries;

(6)       Liens
(a) on assets or property of the Company or any Restricted Subsidiary securing Hedging Obligations (which may have priority in
respect of the proceeds from enforcement of the Collateral and distressed disposals as First Priority Credit Obligations) or Cash
Management Services permitted under this Indenture; (b) that are contractual rights of set-off or, in the case of clause (i) or
(ii) below, other bankers’ Liens (i) relating to treasury, depository and cash management services or any automated clearing
house transfers of funds in the ordinary course of business and not given in connection with the issuance of Indebtedness, (ii)
relating to pooled deposit or sweep accounts to permit satisfaction of overdraft or similar obligations incurred in the ordinary
course of business of the Company or any Subsidiary or (iii) relating to purchase orders and other agreements entered into with
customers of the Company or any Restricted Subsidiary in the ordinary course of business; (c) on cash accounts securing Indebtedness
and other Obligations permitted to be Incurred under ‎Section
3.2(b)(8)(e) with financial institutions; (d) encumbering reasonable customary initial deposits and

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margin deposits and similar Liens attaching to commodity
trading accounts or other brokerage accounts incurred in the ordinary course of business, consistent with past practice and not
for speculative purposes; and/or (e) (i) of a collection bank arising under Section 4-210 of the UCC on items in the course of
collection and (ii) in favor of a banking institution arising as a matter of law encumbering deposits (including the right of set-off)
arising in the ordinary course of business in connection with the maintenance of such accounts and (iii) arising under customary
general terms of the account bank in relation to any bank account maintained with such bank and attaching only to such account
and the products and proceeds thereof, which Liens, in any event, do not secure any Indebtedness;

(7)       leases,
licenses, subleases and sublicenses of assets (including real property and intellectual property rights), in each case, entered
into in the ordinary course of business;

(8)       Liens
securing or otherwise arising out of judgments, decrees, attachments, orders or awards not giving rise to an Event of Default so
long as (a) any appropriate legal proceedings which may have been duly initiated for the review of such judgment, decree, order
or award have not been finally terminated, (b) the period within which such proceedings may be initiated has not expired or (c)
no more than 60 days have passed after (i) such judgment, decree, order or award has become final or (ii) such period within which
such proceedings may be initiated has expired;

(9)       Liens
(i) on assets or property of the Company or any Restricted Subsidiary for the purpose of securing Capitalized Lease Obligations
or Purchase Money Obligations, or securing the payment of all or a part of the purchase price of, or securing Indebtedness or other
Obligations Incurred to finance or refinance the acquisition, improvement or construction of, assets or property acquired or constructed
in the ordinary course of business; provided that (a) the aggregate principal amount of Indebtedness secured by such Liens
is otherwise permitted to be Incurred under this Indenture and (b) any such Liens may not extend to any assets or property of the
Company or any Restricted Subsidiary other than assets or property acquired, improved, constructed or leased with the proceeds
of such Indebtedness and any improvements or accessions to such assets and property and (ii) any interest or title of a lessor
under any operating lease;

(10)       Liens
perfected or evidenced by UCC financing statement filings, including precautionary UCC financing statements, (or similar filings
in other applicable jurisdictions) regarding operating leases entered into by the Company and the Restricted Subsidiaries in the
ordinary course of business;

(11)       Liens
existing on the Issue Date, excluding Liens securing the Credit Agreement;

(12)       Liens
on property, other assets or shares of stock of a Person at the time such Person becomes a Restricted Subsidiary (or at the time
the Company or a Restricted Subsidiary acquires such property, other assets or shares of stock, including any

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acquisition by means of a merger, amalgamation, consolidation
or other business combination transaction with or into the Company or any Restricted Subsidiary), including, in any such case,
in connection with a Permitted Redomiciliation; provided, however, that such Liens are not created, Incurred or assumed
in anticipation of or in connection with such other Person becoming a Restricted Subsidiary (or such acquisition of such property,
other assets or stock) or such Permitted Redomiciliation, as applicable; provided, further, that such Liens are limited
to all or part of the same property, other assets or stock (plus improvements, accession, proceeds or dividends or distributions
in connection with the original property, other assets or stock) that secured (or, under the written arrangements under which such
Liens arose, could secure) the obligations to which such Liens relate;

(13)       Liens
on assets or property of the Company or any Restricted Subsidiary securing Indebtedness or other Obligations of the Company or
such Restricted Subsidiary owing to the Company or another Restricted Subsidiary, or Liens in favor of the Company or any Restricted
Subsidiary;

(14)       Liens
securing Indebtedness or Refinancing Indebtedness Incurred to refinance Indebtedness that was previously so secured, and permitted
to be secured under this Indenture; provided that (i) any such Lien is limited to all or part of the same property or assets (plus
improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured (or, under the written arrangements
under which the original Lien arose, could secure) the Indebtedness or other Obligations being refinanced (which, in the case of
Indebtedness (other than Securitization Refinancing Indebtedness) that is refinancing Securitization Refinancing Indebtedness,
that was initially incurred in respect of Indebtedness classified under clause (13) of Section 3.2(b), will apply as if such Indebtedness
is Refinancing Indebtedness in respect of the Indebtedness that was initially refinanced by the Securitization Refinancing Indebtedness,
as determined by the Company in good faith) or is in respect of property that is or could be the security for or subject to a Permitted
Lien hereunder and (ii) in the case of any Indebtedness secured by any Collateral, the holders of such Indebtedness, or their duly
appointed agent, shall become a party to the Intercreditor Agreement;

(15)       (a)
mortgages, liens, security interests, restrictions, encumbrances or any other matters of record that have been placed by any government,
statutory or regulatory authority, developer, landlord or other third party on property over which the Company or any Restricted
Subsidiary has easement rights or on any leased property and subordination or similar arrangements relating thereto and (b) any
condemnation or eminent domain proceedings affecting any real property;

(16)       any
encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any joint venture or similar
arrangement pursuant to any joint venture or similar agreement;

(17)       Liens
on property or assets under construction (and related rights) in favor of a contractor or developer or arising from progress or
partial payments by a third party relating to such property or assets;

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

(19)       Liens
on the Collateral securing Indebtedness and other Obligations in respect of Credit Facilities, including any letter of credit facility
relating thereto, under ‎Section 3.2(b)(1); provided
that (A) in the case of Liens securing any Indebtedness constituting First Priority Obligations, the holders of such Indebtedness,
or their duly appointed agent, shall become a party to the Intercreditor Agreement, (B) in the case of Liens securing any Junior
Priority Indebtedness, the holders of such Junior Priority Indebtedness, or their duly appointed agent, shall become a party to
an intercreditor agreement with the Security Agent on terms that are customary for such financings as determined by the Company
in good faith reflecting the subordination of such Liens to the liens securing the Notes and (C) Indebtedness incurred under clauses
(1)(a)(i) and clause (1)(b), in respect of clause (1)(a)(i), of Section 3.2(b) may have priority in respect of the proceeds from
enforcement of the Collateral and distressed disposals as First Priority Credit Obligations;

(20)       [Reserved]

(21)       Liens
securing Indebtedness and other Obligations under clause (7), (12) or (15) (provided that, in the case of clause (15), such Liens
are limited to all or part of the equipment acquired with the proceeds of such Indebtedness) of ‎Section
3.2(b);

(22)       Liens
securing Indebtedness and other Obligations of any Non-Guarantor covering only assets of such Subsidiary, which do not constitute
Collateral;

(23)       Liens
on Capital Stock or other securities or assets of any Unrestricted Subsidiary that secure Indebtedness of such Unrestricted Subsidiary;

(24)       any
security granted over the marketable securities portfolio described in clause (19) of the definition of “Cash Equivalents”
in connection with the disposal thereof to a third party;

(25)       Liens
on (i) goods the purchase price of which is financed by a documentary letter of credit issued for the account of the Company or
any Restricted Subsidiary or Liens on bills of lading, drafts or other documents of title arising by operation of law or pursuant
to the standard terms of agreements relating to letters of credit, bank guarantees and other similar instruments and (ii) specific
items of inventory of other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’
acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory
or other goods;

(26)       Liens
on equipment of the Company or any Restricted Subsidiary and located on the premises of any client or supplier in the ordinary
course of business;

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(27)       Liens
on assets or securities deemed to arise in connection with and solely as a result of the execution, delivery or performance of
contracts to sell such assets or securities if such sale is otherwise permitted by this Indenture;

(28)       Liens
arising by operation of law or contract on insurance policies and the proceeds thereof to secure premiums thereunder, and Liens,
pledges and deposits in the ordinary course of business securing liability for premiums or reimbursement or indemnification obligations
of (including obligations in respect of letters of credit or bank guarantees for the benefits of) insurance carriers;

(29)       Liens
solely on any cash earnest money deposits made in connection with any letter of intent or purchase agreement permitted hereunder;

(30)       Liens
(i) on cash advances in favor of the seller of any property to be acquired in an Investment permitted pursuant to Permitted Investments
to be applied against the purchase price for such Investment, and (ii) consisting of an agreement to sell any property in an asset
sale permitted under ‎Section 3.5, in each case, solely to
the extent such Investment or asset sale, as the case may be, would have been permitted on the date of the creation of such Lien;

(31)       Liens
on property and assets other than the Collateral securing Indebtedness and other Obligations in an aggregate principal amount not
to exceed the greater of (a) $145.0 million and (b) 12.5% of Total Assets at the time Incurred;

(32)       Liens
then existing with respect to assets of an Unrestricted Subsidiary on the day such Unrestricted Subsidiary is redesignated as a
Restricted Subsidiary as described under ‎Section 3.20;

(33)       Liens
on property and assets constituting Collateral securing Indebtedness and other Obligations permitted under the first paragraph
and clauses (2) (to the extent such Guarantee is in respect of Indebtedness otherwise permitted to be secured on the Collateral),
(4)(a), (4)(b) (to the extent secured on the Issue Date), (5), (10) and (13) of the second paragraph of the covenant described
under ‎Section 3.2; provided that (i) in the case of
Liens Incurred pursuant to this clause (33) securing any Indebtedness incurred under the first paragraph or clauses (5), (10) and
(13) of the second paragraph of the covenant described under Section 3.2 constituting First Priority Obligations or Pari Passu
Indebtedness secured by any Collateral, at the time of Incurrence and after giving pro forma effect thereto, the Consolidated First
Lien Secured Leverage Ratio would be no greater than 3.5 to 1.0, (ii) the holders of any Indebtedness secured on the Collateral
constituting First Priority Obligations, or their duly appointed agent, shall become a party to the Intercreditor Agreement and
(iii) in the case of Liens securing Junior Priority Indebtedness, the holders of such Junior Priority Indebtedness or their duly
appointed agent, shall become a party to an intercreditor agreement with the Security Agent on terms that are customary for such
financings as determined by the Company in good faith reflecting the subordination of such Liens to the Liens securing the Notes;

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(34)       Liens
deemed to exist in connection with Investments in repurchase agreements permitted by ‎Section
3.2 provided that such Liens do not extend to any assets other than those that are the subject of such repurchase agreement;

(35)       Liens
arising in connection with a Qualified Securitization Financing or a Receivables Facility that is Securitization Refinancing Indebtedness;

(36)       Settlement
Liens;

(37)       Liens
securing any Obligations in respect of the Notes issued on the Issue Date, this Indenture or the Collateral Documents, excluding,
for the avoidance of doubt, Additional Notes;

(38)       Liens
on the Collateral in favor of any Security Agent for the benefit of the Holders relating to such Security Agent’s administrative
expenses with respect to the Collateral;

(39)       rights
of recapture of unused real property in favor of the seller of such property set forth in customary purchase agreements and related
arrangements with any government, statutory or regulatory authority;

(40)       the
rights reserved to or vested in any Person or government, statutory or regulatory authority by the terms of any lease, license,
franchise, grant or permit held by the Company or any Restricted Subsidiary or by a statutory provision, to terminate any such
lease, license, franchise, grant or permit, or to require annual or periodic payments as a condition to the continuance thereof;

(41)       restrictive
covenants affecting the use to which real property may be put;

(42)       Liens
or covenants restricting or prohibiting access to or from lands abutting on controlled access highways or covenants affecting the
use to which lands may be put; provided that such Liens or covenants do not interfere with the ordinary conduct of the business
of the Company or any Restricted Subsidiary; or

(43)       Liens
arising in connection with any Permitted Tax Restructuring.

In the event that a Permitted Lien meets
the criteria of more than one of the types of Permitted Liens (at the time of incurrence or at a later date), the Company in its
sole discretion may divide, classify or from time to time reclassify all or any portion of such Permitted Lien in any manner that
complies with this Indenture and such Permitted Lien shall be treated as having been made pursuant only to the clause or clauses
of the definition of “Permitted Lien” to which such Permitted Lien has been classified or reclassified.

“Permitted Redomiciliation”
means (i) any amalgamation, demerger, merger, consolidation, reorganization or any other action by the Company, any Parent Entity,
Atalaya Luxco 2, S.à r.l. or any Affiliate of the Company incorporated in the Grand Duchy of Luxembourg as of the Issue
Date with or into any Affiliate of the Company or

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any Person if, immediately following such transaction, the
voting power of the Voting Stock of such Person is beneficially owned by substantively the same holders of the voting power of
the Voting Stock of the Company immediately prior to such transaction in substantively the same proportion as held by such holders
immediately prior to such transaction, (ii) any redomiciliation, legal migration, corporate reconstruction, reincorporation or
any other action of the Company, any Parent Entity, Atalaya Luxco 2, S.à r.l. or any Affiliate of the Company incorporated
in the Grand Duchy of Luxembourg as of the Issue Date or (iii) any direct or indirect sale, transfer or other disposition of property
or other assets (including Capital Stock) by the Company, any Parent Entity, Atalaya Luxco 2, S.à r.l. or any Affiliate
of the Company incorporated in the Grand Duchy of Luxembourg as of the Issue Date to the Company, any Affiliate of the Company
or any Person if, immediately following such transaction, the voting power of the Voting Stock of such Person is beneficially owned
by substantively the same holders of the voting power of the Voting Stock of the Company immediately prior to such transaction
in substantively the same proportion as held by such holders immediately prior to such transaction or (iv) any action incidental
to effecting the transactions set forth in clauses (i) to (iii), so long as, in each of (i), (ii), (iii) or (iv), the purpose of
such transaction is, directly or indirectly, to change the legal domicile of the Company, any Parent Entity, Atalaya Luxco 2, S.à
r.l. or any Affiliate of the Company incorporated in the Grand Duchy of Luxembourg as of the Issue Date to a Permitted Jurisdiction,
reincorporate the Company, any Parent Entity, Atalaya Luxco 2, S.à r.l. or any Affiliate of the Company incorporated in
the Grand Duchy of Luxembourg as of the Issue Date in a Permitted Jurisdiction, change the legal form of the Company, any Parent
Entity, Atalaya Luxco 2, S.à r.l. or any Affiliate of the Company incorporated in the Grand Duchy of Luxembourg as of the
Issue Date, or otherwise change the jurisdiction that the Company, any Parent Entity, Atalaya Luxco 2, S.à r.l. or any Affiliate
of the Company incorporated in the Grand Duchy of Luxembourg as of the Issue Date is organized and existing under to a Permitted
Jurisdiction.

“Permitted Tax Distribution”
means (a) if and for so long as the Company is a member of a group filing a consolidated or combined tax return with any Parent,
any dividends or other distributions to fund any income Taxes for which such Parent Entity is liable up to an amount not to exceed
with respect to such Taxes the amount of any such Taxes that the Company and its Subsidiaries would have been required to pay on
a separate company basis or on a consolidated basis calculated as if the Company and its Subsidiaries had paid Tax on a consolidated,
combined, group, affiliated or unitary basis on behalf of an affiliated group consisting only of the Company and its Subsidiaries;
and (b) for any taxable year (or portion thereof) ending after the Issue Date for which the Company is treated as a disregarded
entity, partnership, or other flow-through entity for U.S. federal, state, provincial, territorial, and/or local income Tax purposes,
the payment of dividends or other distributions to the direct or indirect owner or owners of equity of the Company in an aggregate
amount equal to each of the direct or indirect owners’ Tax Amount. Each direct or indirect owner’s “Tax Amount”
is the product of (i) the aggregate taxable income of the Company and its Subsidiaries allocated to such owner for U.S. federal
income tax purposes for such taxable year (or portion thereof) and (ii) the highest combined marginal federal, state and/or local
income tax rate applicable to an

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individual residing in California or New York, New York (whichever
is higher for the relevant taxable year or portion thereof).

“Permitted Tax Restructuring”
means any reorganizations and other activities related to tax planning and tax reorganization entered into prior to, on or after
the date hereof so long as such Permitted Tax Restructuring is not materially adverse to the holders of the Notes (as determined
by the Company in good faith).

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

“Post-Closing Guarantors”
means, collectively, Atento Atención y Servicios, S.A. de C.V., Atento Servicios, S.A. de C.V., Atento Impulsa, S.A.U.,
Atento Servicios Técnicos y Consultoría, S.A.U., Atento Servicios Auxiliares de Contact Center S.A.U., Atento Colombia
S.A., Teleatento del Perú S.A.C. and Atento Holding Chile S.A.

“Post-Petition Interest”
means any interest or entitlement to fees or expenses or other charges that accrue after the commencement of any bankruptcy or
insolvency proceeding, whether or not allowed or allowable as a claim in any such bankruptcy or insolvency proceeding.

“Predecessor Note”
of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular
Note; and, for the purposes of this definition, any Note authenticated and delivered under ‎Section
2.11 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same debt as the
mutilated, destroyed, lost or stolen Note.

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

“Purchase Money Obligations”
means any Indebtedness Incurred to finance or refinance the acquisition, leasing, construction or improvement of property (real
or personal) or assets (including Capital Stock), and whether acquired through the direct acquisition of such property or assets
or the acquisition of the Capital Stock of any Person owning such property or assets, or otherwise.

“Qualified Securitization Financing”
means any Securitization Facility that meets the following conditions: (i) the Board of Directors shall have determined in good
faith that such Securitization Facility (including financing terms, covenants, termination events and other provisions) is in the
aggregate economically fair and reasonable to the Company and its Restricted Subsidiaries, (ii) all sales of Securitization Assets
and related assets by the Company or any Restricted Subsidiary to the Securitization Subsidiary or any other Person are made for
fair consideration (as determined in good faith by the

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Company) and (iii) the financing terms, covenants, termination
events and other provisions thereof shall be fair and reasonable terms (as determined in good faith by the Company) and may include
Standard Securitization Undertakings.

“QIB” means any “qualified
institutional buyer” as such term is defined in Rule 144A.

“Rating Agencies”
means Moody’s and Fitch or if no rating of Moody’s or Fitch is publicly available, as the case may be, the equivalent
of such rating of S&P or by any other Nationally Recognized Statistical Ratings Organization selected by the Company.

“Ratings Categories”
means:

(a)         
with respect to Moody’s, any of the following categories: Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C and D (or equivalent
successor categories); and

(b)         
with respect to Fitch, any of the following categories: AAA, AA, A, BBB, BB, B, CCC, CC, C and RD/D (or equivalent successor
categories).

“Ratings Decline Period”
means the period that (i) begins on the earlier of (a) a Change of Control or (b) the first public notice of the intention by the
Company to effect a Change of Control and (ii) ends 60 days following the consummation of such Change of Control; provided, that
such period will be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade
by any of the Rating Agencies.

“Ratings Event” means
(x) a downgrade by one or more gradations (including gradations within Ratings Categories as well as between categories) or withdrawal
of the rating of the Notes within the Ratings Decline Period by one or more Rating Agencies if the applicable Rating Agency shall
have put forth a statement to the effect that such downgrade is attributable in whole or in part to the applicable Change of Control
and (y) the Notes do not have an Investment Grade Status from any Rating Agency.

“Receivables Assets”
means (a) any accounts receivable owed to the Company or a Restricted Subsidiary subject to a Receivables Facility and the proceeds
thereof and (b) all collateral securing such accounts receivable, all contracts and contract rights, guarantees or other obligations
in respect of such accounts receivable, all records with respect to such accounts receivable and any other assets customarily transferred
together with accounts receivable in connection with a non-recourse accounts receivable factoring arrangement.

“Receivables Facility”
means an arrangement between the Company or a Subsidiary and a commercial bank or an Affiliate thereof pursuant to which (a) the
Company or such Subsidiary, as applicable, sells (directly or indirectly) to such commercial bank (or such Affiliate) Receivables
Assets and (b) the obligations of the Company or such Restricted Subsidiary, as applicable, thereunder are non-recourse (except
for Securitization Repurchase Obligations) to the Company and such Subsidiary and (c) the financing terms, covenants, termination
events and other provisions thereof

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shall be on market terms (as determined in good faith by
the Company) and may include Standard Securitization Undertakings, and shall include any guaranty in respect of such arrangements.

“Redemption Date”
means, when used with respect to any Note to be redeemed, the date fixed for such redemption pursuant to this Indenture.

“refinance” means
refinance, refund, replace, renew, repay, modify, restate, defer, substitute, supplement, reissue, resell, extend or increase (including
pursuant to any defeasance or discharge mechanism) and the terms “refinances,” “refinanced” and “refinancing”
as used for any purpose in this Indenture shall have a correlative meaning.

“Refinancing Indebtedness”
means Indebtedness that is Incurred to refund, refinance, replace, exchange, renew, repay or extend (including pursuant to any
defeasance or discharge mechanism) any Indebtedness (or unutilized commitment in respect of Indebtedness) existing on the Issue
Date or Incurred (or established) in compliance with this Indenture (including Indebtedness of the Company that refinances Indebtedness
of any Restricted Subsidiary and Indebtedness of any Restricted Subsidiary that refinances Indebtedness of the Company or another
Restricted Subsidiary) including Indebtedness that refinances Refinancing Indebtedness, and Indebtedness Incurred pursuant to a
commitment that refinances any Indebtedness or unutilized commitment; provided, however, that:

(1)       (a)
such Refinancing Indebtedness has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred which
is not less than the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being
refunded or refinanced; and (b) to the extent such Refinancing Indebtedness refinances Subordinated Indebtedness, Disqualified
Stock or Preferred Stock, such Refinancing Indebtedness is Subordinated Indebtedness, Disqualified Stock or Preferred Stock, respectively,
and, in the case of Subordinated Indebtedness, is subordinated to the Notes on terms at least as favorable to the Holders as those
contained in the documentation governing the Indebtedness being refinanced;

(2)       Refinancing
Indebtedness shall not include:

(i)       Indebtedness,
Disqualified Stock or Preferred Stock of a Subsidiary of the Company that is not a Guarantor that refinances Indebtedness, Disqualified
Stock or Preferred Stock of the Company or a Guarantor; or

(ii)       Indebtedness,
Disqualified Stock or Preferred Stock of the Company or a Restricted Subsidiary that refinances Indebtedness, Disqualified Stock
or Preferred Stock of an Unrestricted Subsidiary; and

(3)       such
Refinancing Indebtedness is Incurred in an aggregate principal amount (or if issued with original issue discount, an aggregate
issue price) that is equal to or less than the sum of (x) the aggregate principal amount (or if issued with original issue discount,
the aggregate accreted value) then outstanding (plus fees and expenses, including premiums, accrued and unpaid interest and defeasance
costs) of the

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Indebtedness being Refinanced, plus (y) an amount equal to
any unutilized commitment relating to the Indebtedness being refinanced or otherwise then outstanding under a Credit Facility or
other financing arrangement being refinanced to the extent the unutilized commitment being refinanced could be drawn in compliance
with ‎Section 3.2 immediately prior to such refinancing, plus
(z) fees, underwriting discounts, accrued and unpaid interest, premiums (including tender premiums) and other costs and expenses
(including original issue discount, upfront fees and similar fees) Incurred or payable in connection with such refinancing;

provided, that (x) clause (1) above will not apply
to any extension, replacement, refunding, refinancing, renewal or defeasance of any Credit Facilities or Secured Indebtedness and
(y) clause (2) above will only apply to any extension, replacement, refunding, refinancing, renewal or defeasance of any Securitization
Refinancing Indebtedness if such Securitization Refinancing Indebtedness was initially incurred in respect of Indebtedness classified
under the first paragraph or clauses (4)(a), (4)(b), (4)(c), (5) or (10) of Section 3.2(b) and in such cases clause (2) above will
apply as if the Refinancing Indebtedness is being incurred in respect of the Indebtedness that was initially extended, replaced,
refunded, refinanced, renewed or defeased by the Securitization Refinancing Indebtedness, as determined by the Company in good
faith.

Refinancing Indebtedness in respect of
any Credit Facility or any other Indebtedness may be Incurred from time to time after the termination, discharge or repayment of
any such Credit Facility or other Indebtedness.

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

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

“Related Taxes” means:

(1)       any
Taxes, including sales, use, transfer, rental, ad valorem, value added, stamp, property, consumption, franchise, license,
capital, registration, business, customs, net worth, gross receipts, excise, occupancy, intangibles or similar Taxes and other
fees and expenses (other than (x) Taxes measured by income and (y) withholding Taxes), required to be paid (provided such
Taxes are in fact paid) by any Parent Entity by virtue of its:

(a)       being
organized or having Capital Stock outstanding (but not by virtue of owning stock or other equity interests of any corporation or
other entity other than, directly or indirectly, the Company or any of the Company’s Subsidiaries) or otherwise maintain
its existence or good standing under applicable law;

(b)       being
a holding company parent, directly or indirectly, of the Company or any Subsidiaries of the Company;

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(c)       receiving
dividends from or other distributions in respect of the Capital Stock of, directly or indirectly, the Company or any of the Company’s
Subsidiaries; or

(d)       having
made any payment in respect to any of the items for which the Company is permitted to make payments to any Parent Entity pursuant
to ‎Section 3.3; and

(2)       any
Permitted Tax Distribution.

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

“Restricted Notes”
means Initial Notes and Additional Notes bearing one of the restrictive legends described in ‎Section
2.1(d).

“Restricted Notes Legend”
means the legend set forth in ‎Section 2.1(d)(1) and, in the
case of the Temporary Regulation S Global Note, the legend set forth in ‎Section
2.1(d)(2).

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

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

“S&P” means S&P
Global Ratings or any of its successors or assigns that is a Nationally Recognized Statistical Rating Organization.

“Sale and Leaseback Transaction”
means any arrangement providing for the leasing by the Company or any of the Restricted Subsidiaries of any real or tangible personal
property, which property has been or is to be sold or transferred by the Company or such Restricted Subsidiary to a third Person
in contemplation of such leasing.

“SEC” means the U.S.
Securities and Exchange Commission or any successor thereto.

“Secured Indebtedness”
means any Indebtedness secured by a Lien other than Indebtedness with respect to Cash Management Services.

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

“Securitization Asset”
means (a) any accounts receivable, mortgage receivables, loan receivables, royalty, franchise fee, license fee, patent or other
revenue streams and other rights to payment or related assets and the proceeds thereof and (b) all collateral securing such receivable
or asset, all contracts and contract rights, guarantees or other obligations in respect of such receivable or asset, lockbox accounts
and records with respect to such account or asset and any other assets customarily transferred (or in respect

    	-52-

    	 

    

of which security interests are customarily granted) together
with accounts or assets in connection with a securitization, factoring or receivable sale transaction.

“Securitization Facility”
means any of one or more securitization, financing, factoring or sales transactions, as amended, supplemented, modified, extended,
renewed, restated or refunded from time to time, pursuant to which the Company or any of the Restricted Subsidiaries sells, transfers,
pledges or otherwise conveys any Securitization Assets (whether now existing or arising in the future) to a Securitization Subsidiary
or any other Person.

“Securitization Fees”
means any fees or interest paid to purchasers or lenders providing the financing in connection with a securitization transaction,
factoring agreement or other similar agreement, including any such amount paid by discounting the face amount of Securitization
Asset or Receivables Asset or participation interest therein transferred in connection with a securitization transaction, factoring
agreement or other similar arrangement, regardless of whether any such transaction is structured as on-balance sheet or off-balance
sheet or through a Restricted Subsidiary or an Unrestricted Subsidiary.

“Securitization Refinancing
Indebtedness” means one or more Qualified Securitization Financing, which is non-recourse other than Standard Securitization
Undertakings, or Receivables Facilities, the proceeds of which are applied to refund, refinance, replace, exchange, renew, repay
or extend (including pursuant to any defeasance or discharge mechanism) any Indebtedness incurred under (i) clause (1) of Section
3.2(b) or (ii) the first paragraph or clauses (4) (other than clause (4)(e)), (5), (10) or (13) of Section 3.2(b) that, in the
case of this clause (ii), is either (x) secured by a Lien (other than Junior Priority Obligations or any other Lien that is junior
to the Lien securing the Notes) or (y) Incurred by a Non-Guarantor, including Securitization Refinancing Indebtedness that refunds,
refinances, replaces, exchanges, renews, repays or extends other Securitization Refinancing Indebtedness.

“Securitization Repurchase Obligation”
means any obligation of a seller of Securitization Assets or Receivables Assets in a Qualified Securitization Financing or a Receivables
Facility to repurchase or otherwise make payments with respect to Securitization Assets arising as a result of a breach of a representation,
warranty or covenant or otherwise, including as a result of a receivable or portion thereof becoming subject to any asserted defense,
dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event
relating to the seller.

“Securitization Subsidiary”
means any Subsidiary of the Company, in each case, formed for the purpose of and that solely engages in one or more Qualified Securitization
Financings or Receivables Facilities and other activities reasonably related thereto or another Person formed for this purpose.

“Security Agent” means
Wilmington Trust (London) Limited in its capacity as “Collateral Agent” or “Security Agent” under this
Indenture, under the Intercreditor

    	-53-

    	 

    

Agreement and under the Collateral Documents, or any successor
or assign thereto in such capacities.

“Settlement” means
the transfer of cash or other property with respect to any credit or debit card charge, check or other instrument, electronic funds
transfer, or other type of paper-based or electronic payment, transfer, or charge transaction for which a Person acts as a processor,
remitter, funds recipient or funds transmitter in the ordinary course of its business.

“Settlement Asset”
means any cash, receivable or other property, including a Settlement Receivable, due or conveyed to a Person in consideration for
a Settlement made or arranged, or to be made or arranged, by such Person or an Affiliate of such Person.

“Settlement Indebtedness”
means any payment or reimbursement obligation in respect of a Settlement Payment.

“Settlement Lien”
means any Lien relating to any Settlement or Settlement Indebtedness (and may include, for the avoidance of doubt, the grant of
a Lien in or other assignment of a Settlement Asset in consideration of a Settlement Payment, Liens securing intraday and overnight
overdraft and automated clearing house exposure, and similar Liens).

“Settlement Payment”
means the transfer, or contractual undertaking (including by automated clearing house transaction) to effect a transfer, of cash
or other property to effect a Settlement.

“Settlement Receivable”
means any general intangible, payment intangible, or instrument representing or reflecting an obligation to make payments to or
for the benefit of a Person in consideration for a Settlement made or arranged, or to be made or arranged, by such Person.

“Significant Subsidiary”
means any Restricted Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02(w)(2) of
Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the Issue Date.

“Similar Business”
means (a) any businesses, services or activities engaged in by the Company or any of its Subsidiaries or any Associates on the
Issue Date and (b) any businesses, services and activities engaged in by the Company or any of its Subsidiaries or any Associates
that are related, complementary, incidental, ancillary or similar to any of the foregoing or are extensions or developments of
any thereof.

“Standard Securitization Undertakings”
means representations, warranties, covenants, guarantees and indemnities entered into by the Company or any Subsidiary of the Company
which the Company has determined in good faith to be customary in a Securitization Facility or Receivables Facility, including
those relating to the servicing of the assets of a Securitization Subsidiary, it being understood that any Securitization

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Repurchase Obligation shall be deemed to be a Standard Securitization
Undertaking or, in the case of a Receivables Facility, a non-credit related recourse accounts receivable factoring arrangement.

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

“Subordinated Indebtedness”
means, with respect to any person, any Indebtedness (whether outstanding on the Issue Date or thereafter Incurred) which is expressly
subordinated in right of payment to the Notes pursuant to a written agreement.

“Subsidiary” means,
with respect to any Person:

(1)       any
corporation, association, or other business entity (other than a partnership, joint venture, limited liability company or similar
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 of determination owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof;
or

(2)       any
partnership, joint venture, limited liability company or similar entity of which:

(a)       more
than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests,
as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that
Person or a combination thereof whether in the form of membership, general, special or limited partnership interests or otherwise;
and

(b)       such
Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity.

“Taxes” means all
present and future taxes, levies, imposts, deductions, charges, duties and withholdings and any charges of a similar nature (including
interest, penalties and other liabilities with respect thereto) that are imposed by any government or other taxing authority.

“Total Assets” means,
as of any date, the total consolidated assets of the Company and the Restricted Subsidiaries on a consolidated basis, as shown
on the most recent consolidated statement of financial position of the Company and the Restricted Subsidiaries, determined on a
pro forma basis in a manner consistent with the pro forma basis contained in the definition of “Fixed Charge Coverage Ratio.”

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“Transaction Expenses”
means any fees or expenses incurred or paid by the Company or any Restricted Subsidiary in connection with the Transactions.

“Transactions” means,
collectively, (i) issuance of the Notes, (ii) the refinancing of the Company’s existing 6.125% Senior Secured Notes due 2022,
in whole or in part, (iii) any other related transactions, in each case, as described in this offering circular and (iv) the payment
of any Transaction Expenses.

“Trustee” means Wilmington
Trust, National Association in its capacity as “Trustee” under this Indenture or any successor or assign thereto in
such capacity.

“Trust Indenture Act”
or “TIA” means the Trust Indenture Act of 1939, as amended.

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

“UCC” means the Uniform
Commercial Code as in effect from time to time in the State of New York; provided, however, that at any time, if
by reason of mandatory provisions of law, any or all of the perfection or priority of a security agent’s security interest
in any item or portion of the collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the
State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such other
jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating
to such provisions.

“Unrestricted Subsidiary”
means:

(1)       any
Subsidiary of the Company that at the time of determination is an Unrestricted Subsidiary (as designated by the Company in the
manner provided below); and

(2)       any
Subsidiary of an Unrestricted Subsidiary.

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

(1)       such
Subsidiary or any of its Subsidiaries does not own any Capital Stock of the Company or any other Subsidiary of the Company which
is not a Subsidiary of the Subsidiary to be so designated or otherwise an Unrestricted Subsidiary; and

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(2)       such
designation and the Investment, if any, of the Company in such Subsidiary complies with ‎Section
3.3 hereof.

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

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

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness, Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained
by dividing:

(1)       the
sum of the products of the number of years from the date of determination to the date of each successive scheduled principal payment
of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by
the amount of such payment, by

(2)       the
sum of all such payments.

“Wholly Owned Subsidiary”
means a Subsidiary of the Company, all of the Capital Stock of which is owned by the Company or a Guarantor.

Section 1.2.        
Other Definitions.

	Term	Defined in Section
	Additional Amounts	‎3.23(a)
	Additional Restricted Notes	‎2.1(b)
	Affiliate Transaction	‎3.8(a)
	Agent Members	‎2.1(g)(2)
	Asset Disposition Offer	‎3.5(b)
	Asset Sale Payment Date	‎3.5(f)(2)
	Authenticating Agent	‎2.2
	Automatic Exchange	‎2.6(e)

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	Automatic Exchange Date	‎2.6(e)
	Automatic Exchange Notice	‎2.6(e)
	Automatic Exchange Notice Date	‎2.6(e)
	bankruptcy provisions	‎6.1(a)(5)(F)
	Change of Control Offer	‎3.9(a)
	Change of Control Payment	‎3.9(a)
	Change of Control Payment Date	‎3.9(a)
	Clearstream	‎2.1(b)
	Company Order	‎2.2
	Covenant Defeasance	‎8.3
	cross acceleration provision	‎6.1(a)(4)(B)
	Defaulted Interest	‎2.15
	Euroclear	‎2.1(b)
	Event of Default	‎6.1
	Excess Proceeds	‎3.5(b)
	Global Notes	‎2.1(b)
	Guaranteed Obligations	‎10.1
	Initial Agreement	‎3.4(b)
	Institutional Accredited Investor Global Note	‎2.1(b)
	Institutional Accredited Investor Notes	‎2.1(b)
	judgment default provision	‎6.1(a)(7)
	Legal Defeasance	‎8.2
	Legal Holiday	‎13.8
	Notes Register	‎2.3
	payment default	‎6.1(a)(4)(A)
	Permanent Regulation S Global Note	‎2.1(b)
	Permitted Payments	‎3.3(b)
	protected purchaser	‎2.11
	Redemption Date	‎5.7(a)
	Refunding Capital Stock	‎3.3(b)
	Registrar	‎2.3
	Regulation S Global Note	‎2.1(b)
	Regulation S Notes	‎2.1(b)
	Related Person	‎12.9(b)
	Relevant Tax Jurisdiction	‎3.23(a)
	Resale Restriction Termination Date	‎2.6(b)
	Reserved Indebtedness Amount	‎3.2
	Restricted Global Note	‎2.6(e)
	Restricted Payment	‎3.3(a)
	Restricted Period	‎2.1(b)
	Reversion Date	‎3.19(b)
	Rule 144A Global Note	‎2.1(b)
	Rule 144A Notes	‎2.1(b)
	security default provisions	‎6.1(a)(10)
	Collateral Document Order	‎12.9(s)

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	Special Interest Payment Date	‎2.15(a)
	Special Record Date	‎2.15(a)
	Successor Company	‎4.1(a)(1)
	Suspended Covenants	‎3.19(a)
	Suspension Period	‎3.19(b)
	Taxes	‎3.23(a)
	Temporary Regulation S Global Note	‎2.1(b)
	Unrestricted Global Note	‎2.6(e)

 

Section 1.3.        
TIA. For the avoidance of doubt, the Trust Indenture Act is not applicable to this Indenture.

Section 1.4.        
Rules of Construction. Unless the context otherwise requires:

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

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

(3)         
“or” is not exclusive;

(4)         
“including” means including without limitation;

(5)         
words in the singular include the plural and words in the plural include the singular;

(6)         
“will” shall be interpreted to express a command;

(7)         
the principal amount of any non-interest bearing or other discount security at any date shall be the principal amount thereof
that would be shown on a statement of financial position of the issuer dated such date prepared in accordance with IFRS;

(8)         
the principal amount of any preferred stock shall be (i) the maximum liquidation value of such preferred stock or (ii) the
maximum mandatory redemption or mandatory repurchase price with respect to such preferred stock, whichever is greater;

(9)         
all amounts expressed in this Indenture or in any of the Notes in terms of money refer to the lawful currency of the United
States of America;

(10)         
the words “herein,” “hereof” and “hereunder” and other words of similar import refer
to this Indenture as a whole and not to any particular Article, Section or other subdivision;

(11)         
unless otherwise specifically indicated, the term “consolidated” with respect to any Person refers to such Person
consolidated with its Restricted

    	-59-

    	 

    

Subsidiaries, and excludes from such consolidation
any Unrestricted Subsidiary as if such Unrestricted Subsidiary were not an Affiliate of such Person;

(12)         
For the purposes of ‎Section 6.1(a)(6)(D), in respect of Parent,
the making of a declaration that the affairs of Parent are en etat de désastre shall be deemed to be similar relief
granted under foreign law;

(13)         
any reference to the “Intercreditor Agreement” shall be deemed to also refer to any “Additional Intercreditor
Agreement,” if applicable; and

(14)         
unless otherwise provided in this Indenture or in any Note, the words “execute,” “execution,” “signed,”
and “signature” and words of similar import used in or related to any document to be signed in connection with this
Indenture, any Note or any of the transactions contemplated hereby (including amendments, waivers, consents and other modifications)
shall be deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same
legal effect, validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system,
as applicable, to the fullest extent and as provided for in any applicable law, including the Federal Electronic Signatures in
Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other similar state laws based
on the Uniform Electronic Transactions Act.

Article
II

The Notes

Section 2.1.        
Form, Dating and Terms.

(a)         
The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited. The Initial
Notes issued on the date hereof will be in an aggregate principal amount of $500,000,000. In addition, the Company may, from time
to time, issue Additional Notes in accordance with the provisions of this Indenture. Furthermore, Notes may be authenticated and
delivered upon registration of transfer, exchange or in lieu of, other Notes pursuant to Sections ‎2.2,
‎2.6, ‎2.11, ‎2.13,
‎5.6 or ‎9.5, in connection
with an Asset Disposition Offer pursuant to ‎Section 3.5 or in connection with
a Change of Control Offer pursuant to ‎Section 3.9.

Notwithstanding anything to the contrary
contained herein, the Company may not issue any Additional Notes, unless such issuance is in compliance with Sections ‎3.2
and ‎3.6.

With respect to any Additional Notes,
the Company shall set forth in (i) an Officer’s Certificate or (ii) one or more indentures supplemental hereto, the following
information:

(A)             
the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture;

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(B)             
 the issue price and the issue date of such Additional Notes, including the date from which interest shall accrue; and

(C)             
whether such Additional Notes shall be Restricted Notes.

In authenticating and delivering Additional
Notes, the Trustee shall be entitled to receive and shall be fully protected in relying upon, in addition to the Opinion of Counsel
and Officer’s Certificate required by ‎Section 13.4,
an Opinion of Counsel as to the due authorization, execution, delivery, validity and enforceability of such Additional Notes.

The Initial Notes and the Additional
Notes shall be considered collectively as a single class for all purposes of this Indenture; provided that any Additional
Notes will not be issued with the same CUSIP, ISIN, Common Code or other identifying number as the Initial Notes unless such Additional
Notes are fungible with the Initial Notes for U.S. federal income tax purposes. Holders of the Initial Notes and the Additional
Notes will vote and consent together on all matters to which such Holders are entitled to vote or consent as one class, and none
of the Holders of the Initial Notes and the Additional Notes shall have the right to vote or consent as a separate class on any
matter to which such Holders are entitled to vote or consent.

(b)         
The Initial Notes are being offered and sold by the Company pursuant to a Purchase Agreement, dated February 3, 2021, among
the Company, the Initial Guarantors and Banco BTG Pactual S.A.—Cayman Branch, Goldman Sachs & Co. LLC, Itau BBA USA Securities,
Inc. and Morgan Stanley & Co. LLC , as representatives of the several Initial Purchasers. The Initial Notes and any Additional
Notes (if issued as Restricted Notes) (the “Additional Restricted Notes”) will be resold initially only to (A)
QIBs in reliance on Rule 144A and (B) Non-U.S. Persons in reliance on Regulation S. Such Initial Notes and Additional Restricted
Notes may thereafter be transferred to, among others, QIBs, purchasers in reliance on Regulation S, AIs and IAIs in accordance
with Rule 501 under the Securities Act, in each case, in accordance with the procedure described herein. Additional Notes offered
after the date hereof may be offered and sold by the Company from time to time pursuant to one or more purchase agreements in accordance
with applicable law.

Initial Notes and Additional Restricted
Notes offered and sold to QIBs in the United States of America in reliance on Rule 144A (the “Rule 144A Notes”)
shall be issued in the form of a permanent global Note substantially in the form of Exhibit A, which is hereby incorporated by
reference and made a part of this Indenture, including appropriate legends as set forth in Sections ‎2.1(d)
and ‎2.1(e) (the “Rule 144A Global Note”),
deposited with the Notes Custodian, as custodian for DTC, duly executed by the Company and authenticated by the Trustee as hereinafter
provided. The Rule 144A Global Note may be represented by more than one certificate, if so required by DTC’s rules regarding
the maximum principal amount to be represented by a single certificate. The aggregate principal amount of the Rule 144A Global
Note may, from time to time, be increased or decreased by adjustments made on the records of the Notes Custodian, as custodian
for DTC or its nominee, as hereinafter provided.

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Initial Notes and any Additional Restricted
Notes offered and sold outside the United States of America (the “Regulation S Notes”) in reliance on Regulation
S shall initially be issued in the form of a temporary global Note (the “Temporary Regulation S Global Note”).
Beneficial interests in the Temporary Regulation S Global Note will be exchanged for beneficial interests in a corresponding permanent
global Note substantially in the form of Exhibit A including appropriate legends as set forth in Sections ‎2.1(d)
and ‎2.1(e) (the “Permanent Regulation S Global Note”
and, together with the Temporary Regulation S Global Note, each a “Regulation S Global Note”) within a reasonable
period after the expiration of the Restricted Period (as defined below) upon delivery of the certification contemplated by ‎Section
2.7. Each Regulation S Global Note will be deposited upon issuance with, or on behalf of, the Notes Custodian as custodian for
DTC in the manner described in this ‎Article II for credit
to the respective accounts of the purchasers (or to such other accounts as they may direct), including, but not limited to, accounts
at Euroclear Bank S.A./N.V. (“Euroclear”) or Clearstream Banking, société anonyme (“Clearstream”).
Prior to the 40th day after the later of the commencement of the offering of the Initial Notes and the Issue Date (such period
through and including such 40th day, the “Restricted Period”), interests in the Temporary Regulation S Global
Note may only be transferred to Non-U.S. Persons pursuant to Regulation S, unless exchanged for interests in a Global Note in accordance
with the transfer and certification requirements described herein.

Investors may hold their interests in
the Regulation S Global Note through organizations other than Euroclear or Clearstream that are participants in DTC’s system
or directly through Euroclear or Clearstream, if they are participants in such systems, or indirectly through organizations which
are participants in such systems. If such interests are held through Euroclear or Clearstream, Euroclear and Clearstream will hold
such interests in the applicable Regulation S Global Note on behalf of their participants through customers’ securities accounts
in their respective names on the books of their respective depositaries. Such depositaries, in turn, will hold such interests in
the applicable Regulation S Global Note in customers’ securities accounts in the depositaries’ names on the books of
DTC.

The Regulation S Global Note may be represented
by more than one certificate, if so required by DTC’s rules regarding the maximum principal amount to be represented by a
single certificate. The aggregate principal amount of the Regulation S Global Note may, from time to time, be increased or decreased
by adjustments made on the records of the Trustee, as custodian for DTC or its nominee, as hereinafter provided.

Initial Notes and Additional Restricted
Notes resold to IAIs (the “Institutional Accredited Investor Notes”) in the United States of America shall be
issued in the form of a permanent global Note substantially in the form of Exhibit A including appropriate legends as set forth
in Sections ‎2.1(d) and ‎2.1(e)
(the “Institutional Accredited Investor Global Note”) deposited with the Notes Custodian, as custodian for DTC,
duly executed by the Company and authenticated by the Trustee as hereinafter provided. The Institutional Accredited Investor Global
Note may be represented by more than one certificate, if so required by DTC’s rules regarding the maximum principal amount
to be represented by a single certificate. The aggregate principal amount of the Institutional

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Accredited Investor Global Note may, from time to time, be
increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC or its nominee, as hereinafter provided.

Initial Notes and Additional Restricted
Notes resold to AIs in the United States of America shall be issued in the form of a Definitive Note substantially in the form
of Exhibit A including the legend as set forth in ‎Section
2.1(f) (an “Accredited Investor Note”).

The Rule 144A Global Note, the Regulation
S Global Note and the Institutional Accredited Investor Global Note are sometimes collectively herein referred to as the “Global
Notes.”

The principal of (and premium, if any)
and interest on the Notes shall be payable at the office or agency of the Paying Agent designated by the Company maintained for
such purpose (which shall initially be the office of the Trustee maintained for such purpose), or at such other office or agency
of the Company as may be maintained for such purpose pursuant to ‎Section
2.3; provided, however, that, at the option of the Paying Agent, each installment of interest may be paid by (i)
check mailed to addresses of the Persons entitled thereto as such addresses shall appear on the Notes Register or (ii) wire transfer
to an account located in the United States maintained by the payee, subject to the last sentence of this paragraph. Payments in
respect of Notes represented by a Global Note (including principal, premium, if any, and interest) will be made by wire transfer
of immediately available funds to the accounts specified by DTC. Payments in respect of Notes represented by Definitive Notes (including
principal, premium, if any, and interest) held by a Holder of at least $1,000,000 aggregate principal amount of Notes represented
by Definitive Notes will be made in accordance with the Notes Register or by wire transfer to a U.S. dollar account maintained
by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee
or the Paying Agent to such effect designating such account no later than 15 days immediately preceding the relevant due date for
payment (or such other date as the Trustee may accept in its discretion).

The Notes may have notations, legends
or endorsements required by law, stock exchange rule or usage, in addition to those set forth on Exhibit A and in Sections ‎2.1(d),
‎2.1(e) and ‎2.1(f).
The Company shall approve any notation, endorsement or legend on the Notes. Each Note shall be dated the date of its authentication.
The terms of the Notes set forth in Exhibit A are part of the terms of this Indenture and, to the extent applicable, the Company,
the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to be bound by such terms.

(c)         
Denominations. The Notes shall be in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

(d)         
Restrictive Legends. Unless and until (i) an Initial Note or an Additional Note issued as a Restricted Note is sold
under an effective registration statement or (ii) the Company and the Trustee receive an Opinion of Counsel reasonably satisfactory

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to the Company to the effect that neither such legend nor
the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act:

(1)         
the Rule 144A Global Note, the Regulation S Global Note, the Institutional Accredited Investor Global Note and the Accredited
Investor Global Note shall bear the following legend on the face thereof:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, NEITHER
THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE, HEREOF
(1) REPRESENTS THAT (I) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (“QIB”) (AS DEFINED IN RULE 144A
UNDER THE SECURITIES ACT (“RULE 144A”)), (II) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE
TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (III) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR”
(AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) UNDER REGULATION D PROMULGATED UNDER THE SECURITIES ACT) (“IAI”)
AND (2) AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE
YEAR (IN THE CASE OF RULE 144A SECURITIES) AFTER THE LATER OF THE ISSUE DATE OF THIS SECURITY (OR ANY ADDITIONAL NOTES) 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
OR ANY ADDITIONAL NOTE) OR 40 DAYS (IN THE CASE OF REGULATION S SECURITIES), 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, TO A PERSON IT REASONABLY BELIEVES IS A QIB THAT PURCHASES FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS
AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT,
(E) TO AN IAI THAT IS AN IAI ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR

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THE ACCOUNT OF ANOTHER IAI, IN EACH CASE, IN A MINIMUM
PRINCIPAL AMOUNT OF 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 RULE 144 OF THE SECURITIES ACT OR 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 CLAUSE (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION
AND/OR OTHER INFORMATION SATISFACTORY TO THE COMPANY. THIS LEGEND WILL BE REMOVED UPON REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE.

(2)         
the Temporary Regulation S Global Note shall bear the following additional legend on the face thereof:

THIS SECURITY IS A TEMPORARY GLOBAL NOTE. PRIOR TO
THE EXPIRATION OF THE RESTRICTED PERIOD APPLICABLE HERETO, BENEFICIAL INTERESTS HEREIN MAY NOT BE HELD BY ANY PERSON OTHER THAN
(1) A NON-U.S. PERSON OR (2) A U.S. PERSON THAT PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES
ACT. BENEFICIAL INTERESTS HEREIN ARE NOT EXCHANGEABLE FOR PHYSICAL NOTES OTHER THAN A PERMANENT GLOBAL NOTE IN ACCORDANCE WITH
THE TERMS OF THE INDENTURE. TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION S UNDER THE SECURITIES ACT.

(e)         
Global Note Legend.

Each Global Note, whether or not an Initial
Note, shall bear the following legend on the face thereof:

UNLESS THIS GLOBAL NOTE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW
YORK, TO THE COMPANY OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

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TRANSFERS OF THIS GLOBAL NOTE SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

(f)         
AI Note Legend.

Each Accredited Investor Note shall bear
the following legend on the face thereof:

THIS SECURITY HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR
OTHER JURISDICTION, NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, SUCH REGISTRATION.

THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE,
HEREOF (1) REPRESENTS THAT IT IS IT IS AN “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(A)(4) UNDER REGULATION D PROMULGATED
UNDER THE SECURITIES ACT) AND (2) AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES,
TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”)
THAT IS ONE YEAR (IN THE CASE OF RULE 144A SECURITIES) AFTER THE LATER OF THE ISSUE DATE OF THIS SECURITY (OR ANY ADDITIONAL NOTES)
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 OR ANY ADDITIONAL NOTE) OR 40 DAYS (IN THE CASE OF REGULATION S SECURITIES), 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 (“RULE 144A”), TO A PERSON
IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A (“QIB”) THAT
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1),(2),(3)
OR (7) UNDER REGULATION D PROMULGATED UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE SECURITY
FOR

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ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL
ACCREDITED INVESTOR, IN EACH CASE, IN A MINIMUM PRINCIPAL AMOUNT OF 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 RULE 144 OF THE
SECURITIES ACT OR 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 CLAUSE (D), (E) OR (F) TO REQUIRE THE DELIVERY
OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO THE COMPANY. THIS LEGEND WILL BE REMOVED UPON
REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

(g)         
Book Entry Provisions. This ‎Section 2.1(g) shall apply only to
Global Notes deposited with the Notes Custodian, as custodian for DTC.

(1)         
Each Global Note initially shall (x) be registered in the name of DTC or the nominee of DTC, (y) be delivered to the Notes
Custodian for DTC and (z) bear legends as set forth in ‎Section 2.1(e).
Transfers of a Global Note (but not a beneficial interest therein) will be limited to transfers thereof in whole, but not in part,
to DTC, its successors or its respective nominees, except as set forth in Section 2.1(g)(3) and ‎2.1(h).
If a beneficial interest in a Global Note is transferred or exchanged for a beneficial interest in another Global Note, the Notes
Custodian will (x) record a decrease in the principal amount of the Global Note being transferred or exchanged equal to the principal
amount of such transfer or exchange and (y) record a like increase in the principal amount of the other Global Note. Any beneficial
interest in one Global Note that is transferred to a Person who takes delivery in the form of an interest in another Global Note,
or exchanged for an interest in another Global Note, will, upon transfer or exchange, cease to be an interest in such Global Note
and become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer and exchange restrictions,
if any, and other procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest.

(2)         
Members of, or participants in, DTC (“Agent Members”) shall have no rights under this Indenture with
respect to any Global Note held on their behalf by DTC or by the Notes Custodian as the custodian of DTC or under such Global Note,
and DTC may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global
Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent
of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by DTC or
impair, as between DTC and its Agent Members, the operation of customary practices of DTC governing the exercise of the rights
of a holder of a beneficial interest in any Global Note.

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(3)         
 In connection with any transfer of a portion of the beneficial interest in a Global Note pursuant to ‎Section
2.1(h) to beneficial owners who are required to hold Definitive Notes, the Notes Custodian shall reflect on its books and records
the date and a decrease in the principal amount of such Global Note in an amount equal to the principal amount of the beneficial
interest in the Global Note to be transferred, and the Company shall execute, and the Trustee shall authenticate and make available
for delivery, one or more Definitive Notes of like tenor and amount.

(4)         
In connection with the transfer of an entire Global Note to beneficial owners pursuant to ‎Section
2.1(h), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and
the Trustee shall authenticate and make available for delivery, to each beneficial owner identified by DTC in exchange for its
beneficial interest in such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations.

(5)         
The registered Holder of a Global Note may grant proxies and otherwise authorize any person, including Agent Members and
persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture
or the Notes.

(6)         
Any Holder of a Global Note shall, by acceptance of such Global Note, agree that transfers of beneficial interests in such
Global Note may be effected only through a book entry system maintained by (i) the Holder of such Global Note (or its agent) or
(ii) any holder of a beneficial interest in such Global Note, and that ownership of a beneficial interest in such Global Note shall
be required to be reflected in a book entry.

(h)         
Definitive Notes. Except as provided below, owners of beneficial interests in Global Notes will not be entitled to
receive Definitive Notes. Definitive Notes shall be transferred to all beneficial owners in exchange for their beneficial interests
in a Global Note if (A) DTC notifies the Company that it is unwilling or unable to continue as Depositary for the Global Note or
DTC ceases to be a clearing agency registered under the Exchange Act, at a time when DTC is required to be so registered in order
to act as Depositary, and, in each case, the Company fails to appoint a successor depositary within 90 days of such notice or (B)
there shall have occurred and be continuing an Event of Default with respect to the Notes under this Indenture and DTC shall have
requested in writing the issuance of Definitive Notes. In the event of the occurrence of any of the events specified in the second
preceding sentence or in clause (A) or (B) of the preceding sentence, the Company shall promptly make available to the Trustee
a reasonable supply of Definitive Notes. In addition, any Note transferred to an affiliate (as defined in Rule 405 under the Securities
Act) of the Company or evidencing a Note that has been acquired by an affiliate in a transaction or series of transactions not
involving any public offering must, until one year after the last date on which either the Company or any affiliate of the Company
was an owner of the Note, be in the form of a Definitive Note and bear the legend regarding transfer restrictions in ‎Section
2.1(d). If required to do so

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pursuant to any applicable law or regulation, beneficial
owners may also obtain Definitive Notes in exchange for their beneficial interests in a Global Note upon written request in accordance
with DTC’s and the Registrar’s procedures.

(1)         
Any Definitive Note delivered in exchange for an interest in a Global Note pursuant to ‎Section
2.1(g) shall, except as otherwise provided by ‎Section 2.6(d), bear the
applicable legend regarding transfer restrictions applicable to the Global Note set forth in ‎Section
2.1(d).

(2)         
If a Definitive Note is transferred or exchanged for a beneficial interest in a Global Note, the Trustee will (x) cancel
such Definitive Note, (y) record an increase in the principal amount of such Global Note equal to the principal amount of such
transfer or exchange and (z) in the event that such transfer or exchange involves less than the entire principal amount of the
canceled Definitive Note, the Company shall execute, and the Trustee shall authenticate and make available for delivery, to the
transferring Holder a new Definitive Note representing the principal amount not so transferred.

(3)         
If a Definitive Note is transferred or exchanged for another Definitive Note, (x) the Trustee will cancel the Definitive
Note being transferred or exchanged, (y) the Company shall execute, and the Trustee shall authenticate and make available for delivery,
one or more new Definitive Notes in authorized denominations having an aggregate principal amount equal to the principal amount
of such transfer or exchange to the transferee (in the case of a transfer) or the Holder of the canceled Definitive Note (in the
case of an exchange), registered in the name of such transferee or Holder, as applicable, and (z) if such transfer or exchange
involves less than the entire principal amount of the canceled Definitive Note, the Company shall execute, and the Trustee shall
authenticate and make available for delivery to the Holder thereof, one or more Definitive Notes in authorized denominations having
an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Definitive Notes, registered in
the name of the Holder thereof.

(4)         
Notwithstanding anything to the contrary in this Indenture, in no event shall a Definitive Note be delivered upon exchange
or transfer of a beneficial interest in the Temporary Regulation S Global Note prior to the end of the Restricted Period.

Section 2.2.        
Execution and Authentication. One Officer of the Company shall sign the Notes for the Company by manual, facsimile,
PDF or other electronic signature. If the Officer whose signature is on a Note no longer holds that office at the time the Trustee
authenticates the Note, the Note shall be valid nevertheless.

A Note shall not be valid until an authorized
officer of the Trustee manually authenticates the Note. The signature of the Trustee on a Note shall be conclusive evidence that
such Note has been duly and validly authenticated and issued under this Indenture. A Note shall be dated the date of its authentication.

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At any time and from time to time after
the execution and delivery of this Indenture, the Trustee shall authenticate and make available for delivery: (1) Initial Notes
for original issue on the Issue Date in an aggregate principal amount of $500,000,000, (2) subject to the terms of this Indenture,
Additional Notes for original issue in an unlimited principal amount and (3) under the circumstances set forth in ‎Section
2.6(e), Initial Notes in the form of an Unrestricted Global Note, in each case, upon a written order of the Company signed by one
Officer (the “Company Order”). Such Company Order shall specify whether the Notes will be in the form of Definitive
Notes or Global Notes, the amount of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated,
the holder of the Notes and whether the Notes are to be Initial Notes or Additional Notes.

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

In case the Company or any Guarantor,
pursuant to ‎Article IV or ‎Section
10.2, as applicable, shall be consolidated or merged with or into any other Person or shall convey, transfer, lease or otherwise
dispose of its properties and assets substantially as an entirety to any Person, and the successor Person resulting from such consolidation,
or surviving such merger, or into which the Company or any Guarantor shall have been merged, or the Person which shall have received
a conveyance, transfer, lease or other disposition as aforesaid, shall have executed an indenture supplemental hereto with the
Trustee pursuant to ‎Article IV, any of the Notes authenticated
or delivered prior to such consolidation, merger, conveyance, transfer, lease or other disposition may (but shall not be required),
from time to time, at the request of the successor Person, be exchanged for other Notes executed in the name of the successor Person
with such changes in phraseology and form as may be appropriate to reflect such successor Person, but otherwise in substance of
like tenor as the Notes surrendered for such exchange and of like principal amount; and the Trustee, upon the Company Order of
the successor Person, shall authenticate and make available for delivery Notes as specified in such order for the purpose of such
exchange. If Notes shall at any time be authenticated and delivered in any new name of a successor Person pursuant to this ‎Section
2.2 in exchange or substitution for or upon registration of transfer of any Notes, such successor Person, at the option of the
Holders but without expense to them, shall provide for the exchange of all Notes at the time outstanding for Notes authenticated
and delivered in such new name.

Section 2.3.        
Registrar and Paying Agent. 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 Registrar shall keep a register of the Notes and of their transfer and exchange (the “Notes Register”).
The Company may have one or more co-registrars and

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one or more additional paying agents. The term “Paying
Agent” includes any additional paying agent and the term “Registrar” includes any co-registrar.

The Company shall enter into an appropriate
agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions
of this Indenture that relate to such agent. The Company shall notify the Trustee in writing of the name and address of each such
agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate
compensation therefor pursuant to ‎Section 7.7. The Company
or any Guarantor may act as Paying Agent, Registrar or transfer agent.

The Company initially appoints The Depository
Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. The Company initially appoints
the Trustee as the Registrar and Paying Agent for the Notes and the Company may remove any Registrar or Paying Agent without prior
notice to the Holders, but upon written notice to such Registrar or Paying Agent and to the Trustee; provided, however,
that no such removal shall become effective until (i) acceptance of any appointment by a successor as evidenced by an appropriate
agreement entered into by the Company and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee
and the passage of any waiting or notice periods required by DTC procedures or (ii) written notification to the Trustee that the
Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with clause (i) above. The
Registrar or Paying Agent may resign at any time upon written notice to the Company and the Trustee.

Section 2.4.        
Paying Agent to Hold Money in Trust. Prior to 10:00 a.m. New York City time, on each due date of the principal of,
premium, if any, or interest on any Note is due and payable, the Company shall deposit with the Paying Agent a sum sufficient in
immediately available funds to pay such principal, premium or interest when due. The Company shall require the Paying Agent (other
than the Trustee) to agree in writing that such Paying Agent shall hold in trust for the benefit of Holders or the Trustee all
money held by such Paying Agent for the payment of principal of, premium, if any, or interest on the Notes (whether such assets
have been distributed to it by the Company or other obligors on the Notes), shall notify the Trustee in writing of any default
by the Company or any Guarantor in making any such payment and shall during the continuance of any default by the Company (or any
other obligor upon the Notes) in the making of any payment in respect of the Notes, upon the written request of the Trustee, forthwith
deliver to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Notes together with a full accounting
thereof. If the Company or a Subsidiary of the Company acts as the Paying Agent, it shall segregate the money held by it as Paying
Agent and hold it as a separate trust fund. The Company at any time may require a Paying Agent (other than the Trustee) to pay
all money held by it to the Trustee and to account for any funds or assets disbursed by such Paying Agent. Upon complying with
this ‎Section 2.4, the Paying Agent (if other than the Company or a Subsidiary
of the Company) shall have no further liability for the money delivered to the Trustee. Upon any bankruptcy, reorganization or
similar proceeding with respect to any of the Company, the Trustee shall serve as Paying Agent for the Notes.

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Section 2.5.        
Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list
available to it of the names and addresses of Holders. If the Trustee is not the Registrar, the Company, on their own behalf and
on behalf of each of the Guarantors, shall furnish or cause the Registrar to furnish to the Trustee, in writing at least five
Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such
form and as of such date as the Trustee may reasonably require of the names and addresses of Holders.

Section 2.6.        
Transfer and Exchange.

(a)         
General transfers and exchanges. A Holder may transfer a Note (or a beneficial interest therein) to another Person
or exchange a Note (or a beneficial interest therein) for another Note or Notes of any authorized denomination by presenting to
the Trustee a written request therefor stating the name of the proposed transferee or requesting such an exchange, accompanied
by any certification, opinion or other document required by this ‎Section 2.6.
The Trustee will promptly register any transfer or exchange that meets the requirements of this ‎Section
2.6 by noting the same in the Notes Register maintained by the Trustee for the purpose, and no transfer or exchange will be effective
until it is registered in such Notes Register. The transfer or exchange of any Note (or a beneficial interest therein) may only
be made in accordance with this ‎Section 2.6 and Sections ‎2.1(g)
and ‎2.1(h), as applicable, and, in the case of a Global Note (or a beneficial
interest therein), the applicable rules and procedures of DTC, Euroclear and Clearstream. The Trustee shall refuse to register
any requested transfer or exchange that does not comply with this paragraph.

(b)         
Transfers of Rule 144A Notes and Institutional Accredited Investor Notes. The following provisions shall apply with
respect to any proposed registration of transfer of a Rule 144A Note or an Institutional Accredited Investor Note prior to the
date that is one year after the later of the date of its original issue and the last date on which the Company or any Affiliate
of the Company was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”):

(1)         
a registration of transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest therein
to a QIB shall be made upon the representation of the transferee in the form as set forth on the reverse of the Note that it is
purchasing for its own account or an account with respect to which it exercises sole investment discretion and that it and any
such account is a “qualified institutional buyer” within the meaning of Rule 144A, and is aware that the sale to it
is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned
has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor
is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A; provided
that no such written representation or other written certification shall be required in connection with the transfer of a beneficial
interest in the Rule 144A Global Note to a transferee in the form of a beneficial

    	-72-

    	 

    

interest in that Rule 144A Global Note in accordance
with this Indenture and the applicable procedures of DTC.

(2)         
a registration of transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest therein
to an IAI or an AI shall be made upon receipt by the Registrar or its agent of a certificate substantially in the form set forth
in ‎Section 2.8 or ‎Section
2.10, respectively, from the proposed transferee and the delivery of an Opinion of Counsel, certification and/or other information
satisfactory to the Company; and

(3)         
a registration of transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest therein
to a Non-U.S. Person shall be made upon receipt by the Registrar or its agent of a certificate substantially in the form set forth
in ‎Section 2.9 from the proposed transferee and the delivery of an Opinion
of Counsel, certification and/or other information satisfactory to the Company.

(c)         
Transfers of Regulation S Notes. The following provisions shall apply with respect to any proposed transfer of a
Regulation S Note prior to the expiration of the Restricted Period:

(1)         
a transfer of a Regulation S Note or a beneficial interest therein to a QIB shall be made upon the representation of the
transferee, in the form of assignment on the reverse of the certificate, that it is purchasing the Note for its own account or
an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified
institutional buyer” within the meaning of Rule 144A, is aware that the sale to it is being made in reliance on Rule 144A
and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule
144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations
in order to claim the exemption from registration provided by Rule 144A;

(2)         
a transfer of a Regulation S Note or a beneficial interest therein to an IAI or an AI shall be made upon receipt by the
Registrar or its agent of a certificate substantially in the form set forth in ‎Section
2.8 or ‎Section 2.10, respectively, from the proposed transferee and the
delivery of an Opinion of Counsel, certification and/or other information satisfactory to the Company; and

(3)         
a transfer of a Regulation S Note or a beneficial interest therein to a Non-U.S. Person shall be made upon receipt by the
Registrar or its agent of a certificate substantially in the form set forth in ‎Section
2.9 hereof from the proposed transferee and receipt by the Registrar or its agent of an Opinion of Counsel, certification and/or
other information satisfactory to the Company.

    	-73-

    	 

    

After the expiration of the Restricted
Period, interests in the Regulation S Note may be transferred in accordance with applicable law without requiring the certification
set forth in Sections ‎2.8, ‎2.9,
‎2.10 or any additional certification.

(d)         
Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes not bearing a Restricted Notes Legend,
the Registrar shall deliver Notes that do not bear a Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes
bearing a Restricted Notes Legend, the Registrar shall deliver only Notes that bear a Restricted Notes Legend unless (x) an Initial
Note is being transferred pursuant to an effective registration statement, (y) Initial Notes are being exchanged for Notes that
do not bear the Restricted Notes Legend in accordance with ‎Section 2.6(e) or
(z) there is delivered to the Registrar an Opinion of Counsel satisfactory to the Company stating that neither such legend nor
the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act. Any
Additional Notes sold in a registered offering shall not be required to bear the Restricted Notes Legend.

(e)         
Automatic Exchange from Global Note Bearing Restricted Notes Legend to Global Note Not Bearing Restricted Notes Legend.
Upon the Company’s satisfaction that the Restricted Notes Legend shall no longer be required in order to maintain compliance
with the Securities Act, beneficial interests in a Global Note bearing the Restricted Notes Legend (a “Restricted Global
Note”) may be automatically exchanged into beneficial interests in a Global Note not bearing the Restricted Notes Legend
(an “Unrestricted Global Note”) without any action required by or on behalf of the Holder (the “Automatic
Exchange”) at any time on or after the date that is the 366th calendar day after (x) with respect to the Notes issued
on the Issue Date, the Issue Date or (y) with respect to Additional Notes, if any, the issue date of such Additional Notes, or,
in each case, if such day is not a Business Day, on the next succeeding Business Day (the “Automatic Exchange Date”).
Upon the Company’s satisfaction that the Restricted Notes Legend shall no longer be required in order to maintain compliance
with the Securities Act, the Company shall (i) provide written notice to DTC and the Trustee at least fifteen (15) calendar days
prior to the Automatic Exchange Date, instructing DTC to exchange all of the outstanding beneficial interests in a particular Restricted
Global Note to the Unrestricted Global Note, which the Company shall have previously otherwise made eligible for exchange with
DTC, (ii) provide prior written notice (the “Automatic Exchange Notice”) to each Holder at such Holder’s
address appearing in the register of Holders at least fifteen (15) calendar days prior to the Automatic Exchange Date (the “Automatic
Exchange Notice Date”), which notice must include (1) the Automatic Exchange Date, (2) the section of this Indenture
pursuant to which the Automatic Exchange shall occur, (3) the “CUSIP” number of the Restricted Global Note from which
such Holder’s beneficial interests will be transferred and (4) the “CUSIP” number of the Unrestricted Global
Note into which such Holder’s beneficial interests will be transferred, and (iii) on or prior to the Automatic Exchange Date,
deliver to the Trustee for authentication one or more Unrestricted Global Notes, duly executed by the Company, in an aggregate
principal amount equal to the aggregate principal amount of Restricted Global Notes to be exchanged into such Unrestricted Global
Notes.

    	-74-

    	 

    

Notwithstanding anything to the contrary
in this ‎Section 2.6(e), during the fifteen (15) calendar
day period prior to the Automatic Exchange Date, no exchanges other than pursuant to this ‎Section
2.6(e) shall be permitted without the prior written consent of the Company. As a condition to any Automatic Exchange, the Company
shall provide, and the Trustee shall be entitled to conclusively rely upon, an Officer’s Certificate and Opinion of Counsel
to the Company to the effect that the Automatic Exchange shall be effected in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Restricted Notes Legend shall no longer be required in order to maintain compliance with
the Securities Act and that the aggregate principal amount of the particular Restricted Global Note is to be transferred to the
particular Unrestricted Global Note by adjustment made on the records of the Notes Custodian, as custodian for the Depositary to
reflect the Automatic Exchange. Upon such exchange of beneficial interests pursuant to this ‎Section
2.6(e), the aggregate principal amount of the Global Notes shall be increased or decreased by adjustments made on the records of
the Notes Custodian, as custodian for the Depositary, to reflect the relevant increase or decrease in the principal amount of such
Global Note resulting from the applicable exchange. The Restricted Global Note from which beneficial interests are transferred
pursuant to an Automatic Exchange shall be cancelled following the Automatic Exchange.

(f)         
Retention of Written Communications. The Registrar shall retain copies of all letters, notices and other written
communications received pursuant to ‎Section 2.1 or this ‎Section
2.6. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at
any reasonable time upon the giving of reasonable prior written notice to the Registrar.

(g)         
Obligations with Respect to Transfers and Exchanges of Notes. To permit registrations of transfers and exchanges,
the Company shall, subject to the other terms and conditions of this ‎Article
II, execute and the Trustee shall authenticate Definitive Notes and Global Notes at the Company’s and Registrar’s written
request.

No service charge shall be made to a
Holder for any registration of transfer or exchange, but the Company may require the Holder to pay a sum sufficient to cover any
transfer tax assessments or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments
or similar governmental charges payable upon exchange or transfer pursuant to Sections ‎2.2,
‎2.6, ‎2.11,
‎2.13, ‎5.6
or ‎9.5).

The Company (and the Registrar) shall
not be required to register the transfer of or exchange of any Note (x) for a period beginning (i) 15 calendar days before the
sending of a notice of an offer to repurchase or redeem Notes and ending at the close of business on the day of such sending or
(ii) 15 calendar days before an interest payment date and ending on such interest payment date or (y) called for redemption, except
the unredeemed portion of any Note being redeemed in part.

Prior to the due presentation for registration
of transfer of any Note, the Company, the Trustee, the Paying Agent or the Registrar may deem and treat the person in whose name
a Note is registered as the owner of such Note for the purpose of receiving payment of principal of, premium, if any, and (subject
to paragraph 2 of the

    	-75-

    	 

    

forms of Notes attached hereto as Exhibits A, B and C) interest
on such Note and for all other purposes whatsoever, including without limitation the transfer or exchange of such Note, whether
or not such Note is overdue, and none of the Company, the Trustee, the Paying Agent or the Registrar shall be affected by notice
to the contrary.

Any Definitive Note delivered in exchange
for an interest in a Global Note pursuant to ‎Section 2.1(h)
shall, except as otherwise provided by ‎Section 2.6(d), bear
the applicable legend regarding transfer restrictions applicable to the Definitive Note set forth in ‎Section
2.1(d).

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

(h)         
No Obligation of the Trustee. (1) The Trustee shall have no responsibility or obligation to any beneficial owner
of a Global Note, a member of, or a participant in, DTC or other Person with respect to the accuracy of the records of DTC or its
nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery
to any participant, member, beneficial owner or other Person (other than DTC) of any notice (including any notice of redemption
or purchase) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to such
Notes. All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Notes
shall be given or made only to or upon the order of the registered Holders (which shall be DTC or its nominee in the case of a
Global Note). The rights of beneficial owners in any Global Note shall be exercised only through DTC subject to the applicable
rules and procedures of DTC. The Trustee may rely and shall be fully protected in relying upon information furnished by DTC with
respect to its members, participants and any beneficial owners.

Neither the Trustee nor the Registrar
shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between
or among DTC participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates
and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of
this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. None
of the Trustee, the Registrar or any of their respective agents shall have any responsibility for any actions taken or not taken
by DTC.

Section 2.7.        
Form of Certificate to be Delivered upon Termination of Restricted Period.

[Date]

    	-76-

    	 

    

Atento Luxco 1

1, rue Hildegard Von Bingen

L-1282 Luxembourg

Grand Duchy of Luxembourg

Attention: Fredj Laouiti

Facsimile: +352 48 18 28 3461

With copy to: Shay Chor (email: shay.chor@atento.com)

Wilmington Trust, National Association

Corporate Capital Markets

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402-1544

Attention: Atento Administrator

Facsimile: (612) 217-5651

with a copy to:

Sidley Austin LLP

70 St Mary Axe

London, EC3A 8BE

Attention: Alan G. Grinceri

Facsimile: +44 20 7626 7937

Re:Atento Luxco 1 (the “Company”).

   8.000% Senior Secured
Notes due 2026 (the “Notes”)

Ladies and Gentlemen:

This letter relates to Notes represented
by a temporary global Note (the “Temporary Regulation S Global Note”). Pursuant to ‎Section
2.1 of the Indenture dated as of February 10, 2021 relating to the Company’s Notes (the “Indenture”),
we hereby certify that the persons who are the beneficial owners of $[      ] principal amount of
Notes represented by the Temporary Regulation S Global Note are persons outside the United States to whom beneficial interests
in such Notes could be transferred in accordance with Rule 904 of Regulation S promulgated under the Securities Act of 1933, as
amended (“Regulation S”). Accordingly, you are hereby requested to issue a permanent Regulation S Global Note
representing the undersigned’s interest in the principal amount of Notes represented by the Temporary Regulation S Global
Note, all in the manner provided by the Indenture. We certify that we [are][are not] an Affiliate of the Company.

The Trustee and the Company are entitled
to conclusively rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in
this letter have the meanings set forth in Regulation S.

    	-77-

    	 

    

 

	
        Very truly yours,

        [Name of Transferor]

	By:	 
	 	Authorized Signature

 

Section 2.8.        
Form of Certificate to be Delivered in Connection with Transfers to IAIs.

[Date]

Atento Luxco 1

1, rue Hildegard Von Bingen

L-1282 Luxembourg

Grand Duchy of Luxembourg

Attention: Fredj Laouiti

Facsimile: +352 48 18 28 3461

With copy to: Shay Chor (email: shay.chor@atento.com)

[Wilmington Trust, National Association

Corporate Capital Markets

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402-1544

Attention: Atento Administrator

Facsimile: (612) 217-5651]

Re:Atento Luxco 1 (the “Company”).

Ladies and Gentlemen:

This certificate is delivered to request
a transfer of $[            ] principal amount of the 8.000% Senior
Secured Notes due 2026 (the “Notes”) of Atento Luxco 1 (the “Company”).

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

Name: ___________________________________

Address: _________________________________

Taxpayer ID Number: _______________________

The undersigned represents and warrants
to you that:

    	-78-

    	 

    

1.              
 We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities
Act of 1933, as amended (the “Securities Act”)) purchasing for our own account or for the account of such an
institutional “accredited investor” at least $250,000 principal amount of the Notes, and we are acquiring the Notes
not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such
knowledge and experience in financial and business matters as to be capable of evaluating the merits and risk of our investment
in the Notes and we invest in or purchase securities similar to the Notes in the normal course of our business. We and any accounts
for which we are acting are each able to bear the economic risk of our or its investment.

2.              
We understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold
except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are
purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date that is one year after the later of the date
of original issue and the last date on which the Company or any affiliate of the Company was the owner of such Notes (or any predecessor
thereto) (the “Resale Restriction Termination Date”) only (a) to the Company, (b) pursuant 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 (“Rule 144A”) in a transaction complying with the requirements of Rule 144A, to
a person we reasonably believe is a “qualified institutional buyer” under Rule 144A (a “QIB”) that
is purchasing for its own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance
on Rule 144A, (d) pursuant to offers and sales to non-U.S. persons that occur outside the United States within the meaning of Regulation
S under the Securities Act, (e) to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2),
(3) or (7) under the Securities Act that is an institutional accredited investor purchasing for its own account or for the account
of another institutional “accredited investor,” in each case, in a minimum principal amount of Notes of $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 Rule 144 of the Securities Act or another available exemption from the registration requirements of the
Securities Act, subject, in each of the foregoing cases, to any requirement of law that the disposition of our property or the
property of such investor account or accounts be at all times within our or their control and in compliance with any applicable
state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date.
If any resale or other transfer of the Notes is proposed to be made pursuant to clause (e) above prior to the Resale Restriction
Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Company
and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor”
(within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and that it is acquiring such Notes for investment
purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee
reserve the right prior to any offer, sale or other transfer prior to the Resale Termination Date of the Notes pursuant to clauses
(d), (e) or (f) above to require the

    	-79-

    	 

    

delivery of an opinion of counsel, certifications and/or
other information satisfactory to the Registrar and the Company.

3.              
We [are][are not] an Affiliate of the Company.

	 
	TRANSFEREE:	 
	 
	By:	 
	 	 	 

 

Section 2.9.        
Form of Certificate to be Delivered in Connection with Transfers Pursuant to Regulation S.

[Date]

Atento Luxco 1

1, rue Hildegard Von Bingen

L-1282 Luxembourg

Grand Duchy of Luxembourg

Attention: Fredj Laouiti

Facsimile: +352 48 18 28 3461

With copy to: Shay Chor (email: shay.chor@atento.com)

Wilmington Trust, National Association

Corporate Capital Markets

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402-1544

Attention: Atento Administrator

Facsimile: (612) 217-5651

Re:Atento Luxco 1 (the “Company”).

   8.000% Senior Secured
Notes due 2026 (the “Notes”)

Ladies and Gentlemen:

In connection with our proposed sale
of $[         ] aggregate principal amount of the Notes, we confirm that such sale
has been effected pursuant to and in accordance with Regulation S (“Regulation S”) under the United States Securities
Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that:

(a)            
the offer of the Notes was not made to a person in the United States;

    	-80-

    	 

    

(b)            
 either (i) at the time the buy order was originated, the transferee was outside the United States or we and any person
acting on our behalf reasonably believed that the transferee was outside the United States or (ii) the transaction was executed
in, on or through the facilities of a designated offshore securities market and neither we nor any person acting on our behalf
knows that the transaction has been pre-arranged with a buyer in the United States;

(c)            
no directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(a)(2) or
Rule 904(a)(2) of Regulation S, as applicable; and

(d)            
the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

In addition, if the sale is made during
a restricted period and the provisions of Rule 903(b)(2), Rule 903(b)(3) or Rule 904(b)(1) of Regulation S are applicable thereto,
we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b)(2), Rule 903(b)(3) or Rule
904(b)(1), as the case may be.

We also hereby certify that we [are][are
not] an Affiliate of the Company and, to our knowledge, the transferee of the Notes [is][is not] an Affiliate of the Company.

The Trustee and the Company are entitled
to conclusively rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in
this certificate have the meanings set forth in Regulation S.

	
        Very truly yours,

        [Name of Transferor]

	By:	 
	 	Authorized Signature

 

Section 2.10.    
Form of Certificate to be Delivered in Connection with Transfers to AIs.

[Date]

Atento Luxco 1

1, rue Hildegard Von Bingen

L-1282 Luxembourg

Grand Duchy of Luxembourg

Attention: Fredj Laouiti

Facsimile: +352 48 18 28 3461

    	-81-

    	 

    

With copy to: Shay Chor (email: shay.chor@atento.com)

Wilmington Trust, National Association

Corporate Capital Markets

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402-1544

Attention: Atento Administrator

Facsimile: (612) 217-5651

Re:Atento Luxco 1 (the “Company”).

Ladies and Gentlemen:

This certificate is delivered to request
a transfer of $[         ] principal amount of the 8.000% Senior Secured Notes due
2026 (the “Notes”) of the Company.

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

Name:______________________________

Address:____________________________

Taxpayer ID Number:__________________

The undersigned represents and warrants
to you that:

1.              
I am an “accredited investor” (as defined in Rule 501(a)(4) under the U.S. Securities Act of 1933, as amended
(the “Securities Act”)) and I am acquiring the Notes not with a view to, or for offer or sale in connection
with, any distribution in violation of the Securities Act. I have such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risk of my investment in the Notes and I invest in or purchase securities similar
to the Notes in the normal course of my business. I am able to bear the economic risk of my investment.

2.              
I understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold
except as permitted in the following sentence. I agree on my own behalf to offer, sell or otherwise transfer such Notes prior to
the date that is one year after the later of the date of original issue and the last date on which the Company or any affiliate
of the Company was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”)
only (a) to the Company, (b) pursuant 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 (“Rule 144A”) in
a transaction complying with the requirements of Rule 144A, to a person I reasonably believe is a “qualified institutional
buyer” under Rule 144A (a “QIB”) that is purchasing for its own account or for the account of a QIB and
to whom notice is given that the transfer is being made in reliance on Rule 144A, (d)

    	-82-

    	 

    

pursuant to offers and sales to non-U.S. persons that occur
outside the United States within the meaning of Regulation S under the Securities Act, (e) to an institutional “accredited
investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is an institutional accredited
investor purchasing for its own account or for the account of another institutional “accredited investor,” in each
case, in a minimum principal amount of Notes of $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 Rule 144 of the Securities Act or another
available exemption from the registration requirements of the Securities Act, subject, in each of the foregoing cases, to any requirement
of law that the disposition of our property or the property of such investor account or accounts be at all times within our or
their control and in compliance with any applicable state securities laws. The foregoing restrictions on resale will not apply
subsequent to the Resale Restriction Termination Date. Each purchaser acknowledges that the Company and the Registrar reserve the
right prior to any offer, sale or other transfer prior to the Resale Termination Date of the Notes pursuant to clauses (d), (e)
or (f) above to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Company.

3.              
I understand and acknowledge that upon the issuance thereof, and until such time as the same is no longer required under
applicable requirements of the Securities Act or state securities laws, the Notes that I acquire will be certificated Notes that
will bear, and all certificates issued in exchange therefor or in substitution thereof will bear, a restrictive legend set forth
in ‎Section 2.1(d) of this Indenture.

4.              
I am an Affiliate of the Company.

	 
	TRANSFEREE:	 
	 
	By:	 
	 	 	 

 

Section 2.11.    
Mutilated, Destroyed, Lost or Stolen Notes.

If a mutilated Note is surrendered to
the Registrar or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Company shall issue
and the Trustee shall authenticate a replacement Note if the requirements of Section 8 -405 of the UCC are met, such that the Holder
(a) satisfies the Company and the Trustee that such Note has been lost, destroyed or wrongfully taken within a reasonable time
after such Holder has notice of such loss, destruction or wrongful taking and the Registrar has not registered a transfer prior
to receiving such notification, (b) makes such request to the Company and the Trustee prior to the Note being acquired by a protected
purchaser as defined in Section 8-303 of the UCC (a “protected purchaser”) and (c) satisfies any other reasonable
requirements of the Trustee; provided, however, if after the

    	-83-

    	 

    

delivery of such replacement Note, a protected purchaser
of the Note for which such replacement Note was issued presents for payment or registration such replaced Note, the Trustee and/or
the Company shall be entitled to recover such replacement Note from the Person to whom it was issued and delivered or any Person
taking therefrom, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor
to the extent of any loss, damage, cost or expense incurred by the Company or the Trustee in connection therewith. Such Holder
shall furnish an indemnity bond sufficient in the judgment of the (i) Trustee to protect the Trustee and (ii) the Company to protect
the Company, the Trustee, the Paying Agent and the Registrar, from any loss which any of them may suffer if a Note is replaced,
and, in the absence of notice to the Company, any Guarantor or the Trustee that such Note has been acquired by a protected purchaser,
the Company shall execute, and upon receipt of a Company Order, the Trustee shall authenticate and make available for delivery,
in exchange for any such mutilated Note or in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and principal
amount, bearing a number not contemporaneously outstanding.

In case any such mutilated, destroyed,
lost or stolen Note has become or is about to become due and payable, the Company in their discretion may, instead of issuing a
new Note, pay such Note.

Upon the issuance of any new Note under
this ‎Section 2.11, the Company may require that such Holder
pay a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses
(including the fees and expenses of counsel and of the Trustee) in connection therewith.

Subject to the proviso in the initial
paragraph of this ‎Section 2.11, every new Note issued pursuant
to this ‎Section 2.11, in lieu of any mutilated, destroyed,
lost or stolen Note shall constitute an original additional contractual obligation of the Company, any Guarantor (if applicable)
and any other obligor upon the Notes, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable
by anyone, and shall be entitled to all benefits of this Indenture equally and proportionately with any and all other Notes duly
issued hereunder.

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

Section 2.12.    
Outstanding Notes. Notes outstanding at any time are all Notes authenticated by the Trustee except for those cancelled
by it, those delivered to it for cancellation, those paid pursuant to ‎Section
2.11 and those described in this Section 2.12 as not outstanding. A Note does not cease to be outstanding in the event the Company
or an Affiliate of the Company holds the Note; provided, however, that (i) for purposes of determining which are
outstanding for consent or voting purposes hereunder, the provisions of ‎Section
13.6 shall apply and (ii) in determining whether the Trustee shall be protected in making a determination whether the Holders of
the requisite principal amount of outstanding Notes are present at a meeting of Holders of Notes for quorum purposes or have consented
to or voted in favor of any request, demand, authorization,

    	-84-

    	 

    

direction, notice, consent, waiver, amendment or modification
hereunder, or relying upon any such quorum, consent or vote, only Notes which a Trust Officer of the Trustee actually knows to
be held by the Company or an Affiliate of the Company shall not be considered outstanding.

If a Note is replaced pursuant to ‎Section
2.11 (other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustee and the Company
receive proof satisfactory to them that the replaced Note is held by a protected purchaser. A mutilated Note ceases to be outstanding
upon surrender of such Note and replacement pursuant to ‎Section
2.11.

If the Paying Agent segregates and holds
in trust, in accordance with this Indenture, on a Redemption Date or maturity date, money sufficient to pay all principal, premium,
if any, and accrued interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as
the case may be, and the Paying Agent is not prohibited from paying such money to the Holders on that date pursuant to the terms
of this Indenture, then on and after that date such Notes (or portions thereof) cease to be outstanding and interest on them ceases
to accrue.

Section 2.13.    
Temporary Notes. In the event that Definitive Notes are to be issued under the terms of this Indenture, until such
Definitive Notes are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Notes. Temporary
Notes shall be substantially in the form, and shall carry all rights, of Definitive Notes but may have variations that the Company
consider appropriate for temporary Notes. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate
Definitive Notes. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon
surrender of the temporary Notes at any office or agency maintained by the Company for that purpose and such exchange shall be
without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Company shall execute, and
the Trustee shall, upon receipt of a Company Order, authenticate and make available for delivery in exchange therefor, one or more
Definitive Notes representing an equal principal amount of Notes. Until so exchanged, the Holder of temporary Notes shall in all
respects be entitled to the same benefits under this Indenture as a Holder of Definitive Notes.

Section 2.14.    
Cancellation. The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying
Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee
and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment or cancellation and dispose
of such Notes in accordance with its internal policies and customary procedures (subject to the record retention requirements of
the Exchange Act and the Trustee). If the Company or any Guarantor acquires any of the Notes, such acquisition shall not operate
as a redemption or satisfaction of the Indebtedness represented by such Notes unless and until the same are surrendered to the
Trustee for cancellation pursuant to this ‎Section 2.14. The Company may not
issue new Notes to replace Notes it has paid or delivered to the Trustee for cancellation for any reason other than in connection
with a transfer or exchange.

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At such time as all beneficial interests
in a Global Note have either been exchanged for Definitive Notes, transferred, redeemed, repurchased or canceled, such Global Note
shall be returned by DTC or the applicable Notes Custodian to the Trustee for cancellation or retained and canceled by the Trustee.
At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Definitive Notes, transferred
in exchange for an interest in another Global Note, redeemed, repurchased or canceled, the principal amount of Notes represented
by such Global Note shall be reduced and an adjustment shall be made on the books and records of the Trustee (if it is then the
Notes Custodian for such Global Note) with respect to such Global Note, by the Trustee or the Notes Custodian, to reflect such
reduction.

Section 2.15.    
Payment of Interest; Defaulted Interest. Interest on any Note which is payable, and is punctually paid or duly provided
for, on any interest payment date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered
at the close of business on the regular record date for such payment at the office or agency of the Company maintained for such
purpose pursuant to ‎Section 2.3.

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

(a)         
The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective
Predecessor Notes) are registered at the close of business on a Special Record Date (as defined below) for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount
of Defaulted Interest proposed to be paid on each Note and the date (not less than 30 days after such notice) of the proposed payment
(the “Special Interest Payment Date”), and at the same time the Company shall deposit with the Trustee an amount
of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory
to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such Defaulted Interest as in this ‎Section
2.15(a). Thereupon the Company shall fix a record date (the “Special Record Date”) for the payment of such Defaulted
Interest, which date shall be not more than 20 calendar days and not less than 15 calendar days prior to the Special Interest Payment
Date and not less than 10 calendar days after the receipt by the Trustee of the notice of the proposed payment. The Company shall
promptly notify the Trustee in writing of such Special Record Date, and in the name of the Company, shall cause notice of the proposed
payment of such Defaulted Interest and the Special Record Date and Special Interest Payment Date therefor to be given in the manner
provided for in ‎Section 13.2, not less than 10 calendar days prior to such Special
Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date and Special Interest Payment
Date therefor having been so given, such

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Defaulted Interest shall be paid on the Special Interest
Payment Date to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business
on such Special Record Date and shall no longer be payable pursuant to the provisions in ‎Section
2.15(b).

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

Subject to the foregoing provisions of
this ‎Section 2.15, each Note delivered under this Indenture
upon registration of, transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and
unpaid, and to accrue, which were carried by such other Note.

Section 2.16.    
CUSIP and ISIN Numbers. The Company in issuing the Notes may use “CUSIP” and “ISIN” numbers
and, if so, the Trustee shall use “CUSIP and “ISIN” numbers in notices of redemption or purchase as a convenience
to Holders; provided, however, that any such notice may state that no representation is made as to the correctness
of such numbers either as printed on the Notes or as contained in any notice of a redemption or purchase and that reliance may
be placed only on the other identification numbers printed on the Notes, and any such redemption or purchase shall not be affected
by any defect in or omission of such CUSIP and ISIN numbers. The Company shall promptly notify the Trustee in writing of any change
in the CUSIP and ISIN numbers.

Section 2.17.    
Joint and Several Liability. Except as otherwise expressly provided herein, the Company and the Guarantors shall
be jointly and severally liable for the performance of all obligations and covenants under this Indenture, the Notes and the Collateral
Documents.

Article
III

Covenants

Section 3.1.        
Payment of Notes. The Company shall promptly pay the principal of, premium, if any, and interest on the Notes on
the dates and in the manner provided in the Notes and in this Indenture. Principal, premium, if any, and interest shall be considered
paid on the date due if by 10:00 a.m. Eastern time on such date the Trustee or the Paying Agent holds in accordance with this Indenture
money sufficient to pay all principal, premium, if any, and interest then due and the Trustee or the Paying Agent, as the case
may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture.

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The Company shall pay interest on overdue
principal at the rate specified therefor in the Notes, and it shall pay interest on overdue installments of interest at the same
rate to the extent lawful.

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

Section 3.2.        
Limitation on Indebtedness.

(a)         
The Company will not, and will not permit any of the Restricted Subsidiaries to, Incur any Indebtedness (including Acquired
Indebtedness); provided, however, that the Company and any of the Restricted Subsidiaries may Incur Indebtedness
(including Acquired Indebtedness), if on the date of such Incurrence and after giving pro forma effect thereto (including pro forma
application of the proceeds thereof), (i) the Fixed Charge Coverage Ratio of the Company and the Restricted Subsidiaries is at
least 2.00 to 1.00 and (ii) the Consolidated Net Leverage Ratio of the Company and the Restricted Subsidiaries is not greater than
3.50 to 1.00; provided, further, that Non-Guarantors may not Incur Indebtedness under this paragraph if, after giving
pro forma effect to such Incurrence (including a pro forma application of the net proceeds therefrom), more than an aggregate of
the greater of (a) $45.0 million and (b) 25% of LTM EBITDA of Indebtedness of Non-Guarantors would be outstanding pursuant to this
paragraph at such time.

(b)         
‎Section 3.2(a) will not prohibit the Incurrence of the following Indebtedness
(collectively, the “Permitted Debt”):

(1)         
Indebtedness Incurred under any Credit Facility (including letters of credit or bankers’ acceptances issued or created
under any Credit Facility), and Guarantees in respect of such Indebtedness, up to an aggregate principal amount at the time of
Incurrence not exceeding (a) (i) $65.0 million plus (ii) the greater of $50.0 million and 30% of LTM EBITDA, plus (b) in the case
of any refinancing of any Indebtedness permitted under this clause or any portion thereof, the aggregate amount of fees, underwriting
discounts, accrued and unpaid interest, premiums (including tender premiums) and other costs and expenses (including original issue
discount, upfront fees or similar fees) Incurred or payable in connection with such refinancing;

(2)         
Guarantees by the Company or any Restricted Subsidiary of Indebtedness or other obligations of the Company or any Restricted
Subsidiary so long as the Incurrence of such Indebtedness or other obligations is not prohibited by the terms of this Indenture;

(3)         
Indebtedness of the Company owing to and held by any Restricted Subsidiary or Indebtedness of a Restricted Subsidiary owing
to and held by the Company or any Restricted Subsidiary; provided, however, that:

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(a)       any
subsequent issuance or transfer of Capital Stock or any other event which results in any such Indebtedness being held by a Person
other than the Company or a Restricted Subsidiary, and

(b)       any
sale or other transfer of any such Indebtedness to a Person other than the Company or a Restricted Subsidiary,

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;

(4)         
Indebtedness represented by (a) the Notes (other than any Additional Notes), including any Guarantee thereof, (b) any Indebtedness
(other than Indebtedness Incurred pursuant to clauses (1) and (3) above) outstanding on the Issue Date, and any Guarantees thereof,
(c) Refinancing Indebtedness (including, with respect to the Notes and any Guarantee thereof) Incurred in respect of any Indebtedness
described in this clause (4) or clauses (5) or (10) of this ‎Section 3.2(b)
or Incurred pursuant to ‎Section 3.2(a), (d) Securitization Refinancing
Indebtedness, the proceeds of which is applied to refinance Indebtedness in accordance with the definition thereof (except Indebtedness
Incurred under clauses (1) and (13) of this Section 3.2(b)), in an aggregate principal amount that does not exceed $150.0 million
outstanding at the time of Incurrence less the principal amount of Securitization Refinancing Indebtedness outstanding under clauses
(1) or (13) of this ‎Section 3.2(b), and (e) Management Advances;

(5)         
Indebtedness (x) of the Company or any Restricted Subsidiary Incurred or issued to finance an acquisition or (y) of Persons
that are acquired by the Company or any Restricted Subsidiary or merged into, amalgamated or consolidated with the Company or a
Restricted Subsidiary in accordance with the terms of this Indenture, including in connection with a Permitted Redomiciliation
(so long as such Indebtedness was not Incurred in contemplation of such Permitted Redomiciliation); provided that after giving
effect to such acquisition, merger or consolidation, either:

(i)         
the Company would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to Section 3.2(a) on a pro forma
basis; or

(ii)         
on a pro forma basis the Fixed Charge Coverage Ratio of the Company and the Restricted Subsidiaries would not be lower and
the Consolidated Net Leverage Ratio would not be higher than, in each case, such ratio was immediately prior to such acquisition,
merger, amalgamation or consolidation

(6)         
Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes);

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(7)         
 Indebtedness represented by Capitalized Lease Obligations or Purchase Money Obligations in an aggregate outstanding principal
amount which, when taken together with the principal amount of all other Indebtedness Incurred pursuant to this clause and then
outstanding, does not exceed the greater of (a) $25.0 million and (b) 15% of LTM EBITDA at the time of Incurrence;

(8)         
Indebtedness in respect of (a) workers’ compensation claims, self-insurance obligations, customer guarantees, performance,
indemnity, surety, judgment, appeal, advance payment (including progress premiums), customs, value added or other tax or other
guarantees or other similar bonds, instruments or obligations and completion guarantees and warranties provided by the Company
or a Restricted Subsidiary or relating to liabilities, obligations or guarantees Incurred in the ordinary course of business or
consistent with past practice; (b) the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business or consistent with past practice; provided, however,
that such Indebtedness is extinguished within five Business Days of Incurrence; (c) customer deposits and advance payments (including
progress premiums) received in the ordinary course of business or consistent with past practice from customers for goods or services
purchased in the ordinary course of business or consistent with past practice; (d) letters of credit, bankers’ acceptances,
warehouse receipts, guarantees or other similar instruments or obligations issued or relating to liabilities or obligations Incurred
in the ordinary course of business or consistent with past practice; (e) any customary treasury, depositary, cash management, automatic
clearinghouse arrangements, overdraft protection, credit or debit card, purchase card, electronic funds transfer, cash pooling
or netting or setting off arrangements or similar arrangements in the ordinary course of business or consistent with past practice;
and (f) Settlement Indebtedness;

(9)         
Indebtedness arising from agreements providing for guarantees, indemnification, obligations in respect of earn-outs or other
adjustments of purchase price or, in each case, similar obligations, in each case, Incurred or assumed in connection with the acquisition
or disposition of any business or assets or Person or any Capital Stock of a Subsidiary (other than Guarantees of Indebtedness
Incurred by any Person acquiring or disposing of such business or assets or such Subsidiary for the purpose of financing such acquisition
or disposition); provided that the maximum liability of the Company and the Restricted Subsidiaries in respect of all such
Indebtedness in connection with a disposition shall at no time exceed the gross proceeds, including the fair market value of non-cash
proceeds (measured at the time received and without giving effect to any subsequent changes in value), actually received by the
Company and the Restricted Subsidiaries in connection with such disposition;

(10)         
Indebtedness in an aggregate outstanding principal amount which, when taken together with the principal amount of all other
Indebtedness Incurred pursuant to this clause and then outstanding, will not exceed 100% of the Net Cash Proceeds received by the
Company from the issuance or sale (other than to a

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Restricted Subsidiary) of its Capital Stock or otherwise
contributed to the equity (in each case, other than through the issuance of Disqualified Stock, Designated Preferred Stock or an
Excluded Contribution) of the Company, in each case, subsequent to the Issue Date and any Refinancing Indebtedness in respect thereof;
provided, however, that (i) any such Net Cash Proceeds that are so received or contributed shall not increase the
amount available for making Restricted Payments to the extent the Company and the Restricted Subsidiaries Incur Indebtedness in
reliance thereon and (ii) any Net Cash Proceeds that are so received or contributed shall be excluded for purposes of Incurring
Indebtedness pursuant to this clause to the extent such Net Cash Proceeds or cash have been applied to make Restricted Payments;

(11)         
Indebtedness consisting of promissory notes issued by the Company or any of its Subsidiaries to any future, present or former
employee, director, contractor or consultant of the Company, any of its Subsidiaries or any Parent Entity (or permitted transferees,
assigns, estates, heirs or any spouse or former spouse of such employee, director, contractor or consultant), to finance the purchase
or redemption of Capital Stock of the Company or any Parent Entity that is permitted by ‎Section
3.3;

(12)         
Indebtedness of the Company or any of the Restricted Subsidiaries consisting of (i) the financing of insurance premiums
or (ii) take-or-pay obligations contained in supply arrangements, in each case, Incurred in the ordinary course of business or
consistent with past practice;

(13)         
Indebtedness in an aggregate outstanding principal amount which when taken together with the principal amount of all other
Indebtedness Incurred pursuant to this clause (13) and then outstanding will not exceed the greater of (a)(i) $50.0 million and
(ii) 30% of LTM EBITDA, plus (b) in the case of any refinancing of any Indebtedness permitted under this clause or any portion
thereof, the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, premiums (including tender premiums)
and other costs and expenses (including original issue discount, upfront fees or similar fees) Incurred or payable in connection
with such refinancing;

(14)         
any obligation, or guaranty of any obligation, of the Company or any Restricted Subsidiary to reimburse or indemnify a Person
extending credit to customers of the Company or a Restricted Subsidiary incurred in the ordinary course of business or consistent
with past practice for all or any portion of the amounts payable by such customers to the Person extending such credit;

(15)         
Indebtedness to a customer to finance the acquisition of any equipment necessary to perform services for such customer;
provided that the terms of such Indebtedness are consistent with those entered into with respect to similar Indebtedness prior
to the Issue Date, including that (i) the repayment of such Indebtedness is conditional upon such customer ordering a specific
volume

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of goods and (ii) such Indebtedness does not bear interest
or provide for scheduled amortization or maturity;

(16)         
Indebtedness consisting of local lines of credit, overdraft facilities, working capital facilities and similar arrangements
with an aggregate principal amount not exceeding $50.0 million; and

(17)         
Indebtedness of the Company or any of its Restricted Subsidiaries arising pursuant to any Permitted Tax Restructuring.

(c)         
For purposes of determining compliance with, and the outstanding principal amount of any particular Indebtedness Incurred
pursuant to and in compliance with, this ‎Section 3.2:

(1)         
in the event that all or any portion of any item of Indebtedness meets the criteria of more than one of the types of Indebtedness
described in Sections ‎3.2(a) and ‎3.2(b),
the Company, in its sole discretion, will classify, and may, from time to time, reclassify, such item of Indebtedness and only
be required to include the amount and type of such Indebtedness in Section ‎3.2(a)
or one of the clauses of Section ‎3.2(b);

(2)         
additionally, all or any portion of any item of Indebtedness may later be reclassified as having been Incurred pursuant
to any type of Indebtedness described in Sections ‎3.2(a) and ‎3.2(b)
so long as such Indebtedness is permitted to be Incurred pursuant to such provision and any related Liens are permitted to be Incurred
at the time of reclassification;

(3)         
all Indebtedness committed or outstanding under the Credit Agreement and the Existing Local Lines as of the Issue Date is
deemed Incurred under clauses (1)(a) and (16), respectively, of Section 3.2(b) and cannot be reclassified notwithstanding clauses
(1) and (2) above;

(4)         
Securitization Refinancing Indebtedness may only be Incurred under clauses (1), (4)(d) or (13) of Section 3.2(b);

(5)         
in the case of any Refinancing Indebtedness, when measuring the outstanding amount of such Indebtedness such amount shall
not include the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, premiums (including, without limitation,
tender premiums) and other costs and expenses (including, without limitation, original issue discount, upfront fees or similar
fees) Incurred or payable in connection with such refinancing;

(6)         
Guarantees of, or obligations in respect of letters of credit, bankers’ acceptances or other similar instruments relating
to, or Liens securing, Indebtedness that is otherwise included in the determination of a particular amount of Indebtedness shall
not be included;

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(7)         
 the principal amount of any securitization transaction or series of securitization transactions is the amount of obligations
outstanding under the legal documents entered into as part of such transaction that would be characterized as principal if such
transaction were structured as a secured lending transaction rather than as a purchase relating to such transaction or series of
transactions;

(8)         
if obligations in respect of letters of credit, bankers’ acceptances or other similar instruments are Incurred pursuant
to any Credit Facility and are being treated as Incurred pursuant to of ‎Section
3.2(a) or ‎Section 3.2(b) and the letters of credit, bankers’ acceptances
or other similar instruments relate to other Indebtedness, then such other Indebtedness shall not be included;

(9)         
the principal amount of any Disqualified Stock of the Company or a Restricted Subsidiary, or Preferred Stock of a Restricted
Subsidiary, will be equal to the greater of the maximum mandatory redemption or repurchase price (not including, in either case,
any redemption or repurchase premium) or the liquidation preference thereof;

(10)         
Indebtedness permitted by this ‎Section 3.2 need not be permitted
solely by reference to one provision permitting such Indebtedness but may be permitted in part by one such provision and in part
by one or more other provisions of this ‎Section 3.2 permitting such Indebtedness;

(11)         
in the event that the Company or a Restricted Subsidiary enters into or increases commitments under a revolving credit facility
or enters into any commitment to Incur or issue Indebtedness, Disqualified Stock or Preferred Stock or commits to Incur any Lien
pursuant to clause (33) of the definition of “Permitted Liens,” the incurrence or issuance thereof for all purposes
under this Indenture, including without limitation for purposes of calculating the Fixed Charge Coverage Ratio, the Consolidated
First Lien Secured Leverage Ratio or the Consolidated Net Leverage Ratio, as applicable, or usage of clauses (1) through (17) of
Section ‎3.2(b) (if any) for borrowings and reborrowings thereunder (and
including issuance and creation of letters of credit and bankers’ acceptances thereunder) will, at the Company’s option,
either (a) be determined on the date of such revolving credit facility or such entry into or increase in commitments (assuming
that the full amount thereof has been borrowed as of such date) or other Indebtedness, Disqualified Stock or Preferred Stock, and,
if such Fixed Charge Coverage Ratio, the Consolidated First Lien Secured Leverage Ratio or the Consolidated Net Leverage Ratio,
as applicable, test or other provision of this Indenture is satisfied with respect thereto at such time, any borrowing or reborrowing
thereunder (and the issuance and creation of letters of credit and bankers’ acceptances thereunder) will be permitted under
this Section 3.2 irrespective of the Fixed Charge Coverage Ratio, the Consolidated First Lien Secured Leverage Ratio or the Consolidated
Net Leverage Ratio, as applicable, or other provision of this Indenture at the time of any borrowing or reborrowing (or issuance
or creation of letters of credit or bankers’ acceptances thereunder) (the committed amount permitted to be borrowed or reborrowed
(and the issuance and

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creation of letters of credit and bankers’ acceptances)
on a date pursuant to the operation of this clause (a) shall be the “Reserved Indebtedness Amount” as of such date
for purposes of the Fixed Charge Coverage Ratio, the Consolidated First Lien Secured Leverage Ratio or the Consolidated Net Leverage
Ratio, as applicable) or (b) be determined on the date such amount is borrowed pursuant to any such facility or increased commitment,
and, in each case, the Company may revoke such determination at any time and from time to time;

(12)         
in the event that the Company or a Restricted Subsidiary (x) incurs Indebtedness to finance an acquisition or (y) assumes
Indebtedness of Persons that are acquired by the Company or any Restricted Subsidiary or merged into the Company or a Restricted
Subsidiary in accordance with the terms of this Indenture, the date of determination of the Fixed Charge Coverage Ratio, the Consolidated
First Lien Secured Leverage Ratio or the Consolidated Net Leverage Ratio, as applicable, shall, at the option of the Company, be
(a) the date that a definitive agreement for such acquisition is entered into and the Fixed Charge Coverage Ratio, the Consolidated
First Lien Secured Leverage Ratio or the Consolidated Net Leverage Ratio, as applicable, shall be calculated giving pro forma effect
to such acquisition and any actions or transactions related thereto (including acquisitions, Investments, the Incurrence or issuance
of Indebtedness, Disqualified Stock or Preferred Stock and the use of proceeds thereof) consistent with the definition of the Fixed
Charge Coverage Ratio, the Consolidated First Lien Secured Leverage Ratio or the Consolidated Net Leverage Ratio, as applicable,
and, for the avoidance of doubt, (A) if any such ratios are exceeded as a result of fluctuations in such ratio (including due to
fluctuations in the Consolidated EBITDA of the Company or the target company) at or prior to the consummation of the relevant acquisition,
such ratios will not be deemed to have been exceeded as a result of such fluctuations solely for purposes of determining whether
such acquisition and any related transactions are permitted hereunder and (B) such ratios shall not be tested at the time of consummation
of such acquisition or related transactions; provided, further, that if the Company elects to have such determinations
occur at the time of entry into such definitive agreement, (i) any such transaction shall be deemed to have occurred on the date
the definitive agreement is entered into and to be outstanding thereafter for purposes of calculating any ratios under this Indenture
after the date of such agreement and before the earlier of the date of consummation of such acquisition or the date such agreement
is terminated or expires without consummation of such acquisition and (ii) to the extent any covenant baskets were utilized in
satisfying any covenants, such baskets shall be deemed utilized until the earlier of the date of consummation of such acquisition
or the date such agreement is terminated or expires without consummation of such acquisition, but any calculation of Consolidated
EBITDA for purposes of other incurrences of Indebtedness or Liens or making of Restricted Payments (not related to such acquisition)
shall not reflect such acquisition until it has been consummated or (b) the date such Indebtedness is Incurred or assumed;

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(13)         
 notwithstanding anything in this Section 3.2 to the contrary, in the case of any Indebtedness incurred to refinance Indebtedness
initially incurred in reliance on a clause of Section 3.2(b) measured by reference to a percentage of LTM EBITDA at the time of
Incurrence, if such refinancing would cause the percentage of LTM EBITDA restriction to be exceeded if calculated based on the
percentage of LTM EBITDA on the date of such refinancing, such percentage of LTM EBITDA restriction shall not be deemed to be exceeded
so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being
refinanced, plus premiums (including tender premiums), defeasance, costs and fees in connection with such refinancing; and

(14)         
the amount of Indebtedness issued at a price that is less than the principal amount thereof will be equal to the amount
of the liability in respect thereof determined on the basis of IFRS.

(d)         
Accrual of interest, accrual of dividends, the accretion of accreted value, the accretion or amortization of original issue
discount, the payment of interest in the form of additional Indebtedness, the payment of dividends in the form of additional shares
of Preferred Stock or Disqualified Stock or the reclassification of commitments or obligations not treated as Indebtedness due
to a change in IFRS, will not be deemed to be an Incurrence of Indebtedness for purposes of this ‎Section
3.2.

(e)         
If at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary, any Indebtedness of such Subsidiary shall be
deemed to be Incurred by a Restricted Subsidiary as of such date (and, if such Indebtedness is not permitted to be Incurred as
of such date under this ‎Section 3.2, the Company shall be in default of this
‎Section 3.2).

(f)         
For purposes of determining compliance with any Dollar-denominated restriction on the Incurrence of Indebtedness, the Dollar
equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency
exchange rate in effect on the date such Indebtedness was Incurred, in the case of term debt, or first committed, in the case of
revolving credit debt; provided, that if such Indebtedness is Incurred to refinance other Indebtedness denominated in a
foreign currency, 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 refinancing Indebtedness does not exceed (a) the principal amount
of such Indebtedness being refinanced plus (b) the aggregate amount of fees, underwriting discounts, accrued and unpaid interest,
premiums (including, without limitation, tender premiums) and other costs and expenses (including, without limitation, original
issue discount, upfront fees or similar fees) Incurred or payable in connection with such refinancing.

(g)         
Notwithstanding any other provision of this ‎Section 3.2, the maximum
amount of Indebtedness that the Company or a Restricted Subsidiary may Incur pursuant to this ‎Section
3.2 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal amount
of any Indebtedness Incurred to

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refinance other Indebtedness, if Incurred in a different
currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies
in which such Refinancing Indebtedness is denominated that is in effect on the date of such refinancing.

(h)         
The Company will not, and will not permit any Guarantor to, directly or indirectly, Incur any Indebtedness (including Acquired
Indebtedness) that is subordinated or junior in right of payment to any Indebtedness of the Company or such Guarantor, as the case
may be, unless such Indebtedness is expressly subordinated in right of payment to the Notes or such Guarantor’s Note Guarantee
to the extent and in the same manner as such Indebtedness is subordinated to other Indebtedness of the Company or such Guarantor,
as the case may be.

(i)         
For the avoidance of doubt, (i) unsecured Indebtedness shall not be treated as subordinated or junior to Secured Indebtedness
merely because it is unsecured and (ii) senior Indebtedness shall not be treated as subordinated or junior to any other senior
Indebtedness merely because it has a junior priority with respect to the same collateral or the effect of a payment waterfall or
is secured by different collateral or because it is guaranteed by different obligors.

Section 3.3.        
Limitation on Restricted Payments.

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

(1)         
declare or pay any dividend or make any distribution on or in respect of the Company’s or any Restricted Subsidiary’s
Capital Stock (including, without limitation, any such payment in connection with any merger or consolidation involving the Company
or any of the Restricted Subsidiaries) except:

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

(ii)         
dividends or distributions payable to the Company or a Restricted Subsidiary (and, in the case of the Company or any such
Restricted Subsidiary making such dividend or distribution, to holders of its Capital Stock other than the Company or another Restricted
Subsidiary on no more than a pro rata basis);

(2)         
purchase, repurchase, redeem, retire or otherwise acquire or retire for value any Capital Stock of the Company or any Parent
Entity held by Persons other than the Company or a Restricted Subsidiary;

(3)         
make any principal payment on, or purchase, repurchase, redeem, defease or otherwise acquire or retire for value, prior
to scheduled maturity, scheduled repayment or scheduled sinking fund payment, any Subordinated

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Indebtedness (it being understood that payments of
regularly scheduled interest shall be permitted) other than (i) any such purchase, repurchase, redemption, defeasance or other
acquisition or retirement in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in
each case, due within one year of the date of purchase, repurchase, redemption, defeasance or other acquisition or retirement and
(ii) any Indebtedness Incurred pursuant to ‎Section 3.2(b)(3)); or

(4)         
make any Restricted Investment;

(any such dividend, distribution, purchase, redemption, repurchase,
defeasance, other acquisition, retirement or Restricted Investment referred to in clauses (1) through (4) are referred to herein
as a “Restricted Payment”), if at the time the Company or such Restricted Subsidiary makes such Restricted Payment:

(i)         
a Default shall have occurred and be continuing (or would immediately thereafter result therefrom);

(ii)         
the Company is not able to Incur an additional $1.00 of Indebtedness pursuant to ‎Section
3.2(a) immediately after giving effect, on a pro forma basis, to such Restricted Payment; or

(iii)         
the aggregate amount of such Restricted Payment and all other Restricted Payments made subsequent to the Issue Date (and
not returned or rescinded) (including Permitted Payments made pursuant to ‎Section 3.3(b)(1)
(without duplication), (10) and (22) but excluding all other Restricted Payments permitted by ‎Section
3.3(b)) would exceed the sum of (without duplication):

(A)         
50% of Consolidated Net Income for the period (treated as one accounting period) from the first day of the first fiscal
quarter in which the Issue Date occurs to the end of the most recent fiscal quarter ending prior to the date of such Restricted
Payment for which consolidated financial statements of the Company are available, which may be internal consolidated financial
statements (or, in the case such Consolidated Net Income is a deficit, minus 100% of such deficit);

(B)         
100% of the aggregate amount of cash, and the fair market value of property or assets or marketable securities, received
by the Company from the issue or sale of its Capital Stock or as the result of a merger or consolidation with another Person subsequent
to the Issue Date or otherwise contributed to the equity (in each case other than through the issuance of Disqualified Stock or
Designated Preferred Stock) of the Company or a Restricted Subsidiary (including the aggregate

    	-97-

    	 

    

principal amount of any Indebtedness of the Company
or a Restricted Subsidiary contributed to the Company or a Restricted Subsidiary for cancellation) or that becomes part of the
capital of the Company or a Restricted Subsidiary through consolidation or merger subsequent to the Issue Date (other than (x)
Net Cash Proceeds or property or assets or marketable securities received from an issuance or sale of such Capital Stock to a Restricted
Subsidiary or an employee stock ownership plan or trust established by the Company or any Subsidiary of the Company for the benefit
of their employees to the extent funded by the Company or any Restricted Subsidiary, (y) cash or property or assets or marketable
securities to the extent that any Restricted Payment has been made from such proceeds in reliance on ‎Section
3.3(b)(6), and (z) Excluded Contributions);

(C)         
100% of the aggregate amount of cash, and the fair market value of property or assets or marketable securities, received
by the Company or any Restricted Subsidiary from the issuance or sale (other than to the Company or a Restricted Subsidiary or
an employee stock ownership plan or trust established by the Company or any Subsidiary of the Company for the benefit of their
employees to the extent funded by the Company or any Restricted Subsidiary) by the Company or any Restricted Subsidiary subsequent
to the Issue Date of any Indebtedness, Disqualified Stock or Designated Preferred Stock that has been converted into or exchanged
for Capital Stock of the Company (other than Disqualified Stock or Designated Preferred Stock) plus, without duplication, the amount
of any cash, and the fair market value of property or assets or marketable securities, received by the Company or any Restricted
Subsidiary upon such conversion or exchange;

(D)         
100% of the aggregate amount received in cash and the fair market value, as determined in good faith by the Company, of
marketable securities or other property received by means of: (i) the sale or other disposition (other than to the Company or a
Restricted Subsidiary) of Restricted Investments made by the Company or the Restricted Subsidiaries and repurchases and redemptions
of such Restricted Investments from the Company or the Restricted Subsidiaries and repayments of loans or advances, and releases
of guarantees, which constitute Restricted Investments by the Company or the Restricted Subsidiaries, in each case, after the Issue
Date; or (ii) the sale (other than to the Company or a Restricted Subsidiary) of the stock of an Unrestricted Subsidiary or a distribution
from an Unrestricted Subsidiary (other than to the extent of the amount of the Investment that constituted a Permitted Investment
or was

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made under ‎Section
3.3(b)(17) and will increase the amount available under the applicable clause of the definition of “Permitted Investment”
or ‎Section 3.3(b)(17), as the case may be) or a dividend from a Person that
is not a Restricted Subsidiary after the Issue Date;

(E)         
in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the merger, amalgamation or
consolidation of an Unrestricted Subsidiary into the Company or a Restricted Subsidiary or the transfer of all or substantially
all of the assets of an Unrestricted Subsidiary to the Company or a Restricted Subsidiary after the Issue Date, the fair market
value of the Investment in such Unrestricted Subsidiary (or the assets transferred), as determined in good faith by the Company
at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary or at the time of such merger, amalgamation
or consolidation or transfer of assets (after taking into consideration any Indebtedness associated with the Unrestricted Subsidiary
so designated or merged, amalgamated or consolidated or Indebtedness associated with the assets so transferred), other than to
the extent of the amount of the Investment that constituted a Permitted Investment or was made under ‎Section
3.3(b)(17) and will increase the amount available under the applicable clause of the definition of “Permitted Investment”
or ‎Section 3.3(b)(17), as the case may be; and

(F)         
any returns, profits, distributions and similar amounts received on account of a Restricted Investment made in reliance
upon this first paragraph (up to the amount of the original Investment).

(b)         
‎Section 3.3(a) will not prohibit any of the following (collectively,
“Permitted Payments”):

(1)         
the payment of any dividend or distribution within 60 days after the date of declaration thereof, if at the date of declaration
such payment would have complied with the provisions of this Indenture or the redemption, repurchase or retirement of Indebtedness
if, at the date of any redemption notice, such payment would have complied with the provisions of this Indenture as if it were
and is deemed at such time to be a Restricted Payment at the time of such notice;

(2)         
(a) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Capital Stock (“Treasury
Capital Stock”) or Subordinated Indebtedness made by exchange (including any such exchange pursuant to the exercise of
a conversion right or privilege in connection with which cash is paid in lieu of the issuance of fractional shares) for, or out
of the proceeds of the substantially concurrent sale of, Capital Stock of the Company

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(other than Disqualified Stock or Designated Preferred
Stock) (“Refunding Capital Stock”) or a substantially concurrent contribution to the equity (other than through
the issuance of Disqualified Stock or Designated Preferred Stock or through an Excluded Contribution) of the Company; provided,
however, that to the extent so applied, the Net Cash Proceeds, or fair market value of property or assets or of marketable securities,
from such sale of Capital Stock or such contribution will be excluded from ‎Section
3.3(a)(iii); and (b) if immediately prior to the retirement of Treasury Capital Stock, the declaration and payment of dividends
thereon was permitted under clause (13) of this ‎Section 3.3(b), the declaration
and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to
redeem, repurchase, retire or otherwise acquire any Capital Stock of a Parent Entity) in an aggregate amount per year no greater
than the aggregate amount of dividends per annum that were declarable and payable on such Treasury Capital Stock immediately prior
to such retirement;

(3)         
any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Indebtedness made by
exchange for, or out of the proceeds of the substantially concurrent sale of, Refinancing Indebtedness permitted to be Incurred
pursuant to ‎Section 3.2;

(4)         
any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Preferred Stock of the Company or
a Restricted Subsidiary made by exchange for or out of the proceeds of the substantially concurrent sale of Preferred Stock of
the Company or a Restricted Subsidiary, as the case may be, that, in each case, is permitted to be Incurred pursuant to ‎Section
3.2;

(5)         
any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Indebtedness or Disqualified
Stock or Preferred Stock of a Restricted Subsidiary:

(i)         
from Net Available Cash to the extent permitted under ‎Section 3.5, but only
if the Company shall have first complied with the terms described under ‎Section 3.5
and purchased all Notes tendered pursuant to any offer to repurchase all the Notes required thereby, prior to purchasing, repurchasing,
redeeming, defeasing or otherwise acquiring or retiring such Subordinated Indebtedness, Disqualified Stock or Preferred Stock;
or

(ii)         
to the extent required by the agreement governing such Subordinated Indebtedness, Disqualified Stock or Preferred Stock,
following the occurrence of (i) a Change of Control (or other similar event described therein as a “change of control”)
or (ii) an Asset Disposition (or other similar event described therein as an “asset disposition” or “asset
sale”) but only if the Company shall have first complied with the terms described under ‎Section
3.9 or ‎Section 3.5, as

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applicable, and purchased all Notes tendered pursuant
to the offer to repurchase all the Notes required thereby, prior to purchasing, repurchasing, redeeming, defeasing or otherwise
acquiring or retiring such Subordinated Indebtedness, Disqualified Stock or Preferred Stock; or

(iii)         
consisting of Acquired Indebtedness (other than Indebtedness Incurred (A) to provide all or any portion of the funds utilized
to consummate the transaction or series of related transactions pursuant to which such Person became a Restricted Subsidiary or
was otherwise acquired by the Company or a Restricted Subsidiary or (B) otherwise in connection with or contemplation of such acquisition);

(6)         
a Restricted Payment to pay for the purchase, repurchase, retirement or other acquisition or retirement for value of Capital
Stock (other than Disqualified Stock) of the Company or of any Parent Entity held by, or to grant such purchased Capital Stock
to, any future, present or former employee, director or consultant of the Company, any of its Subsidiaries or of any Parent Entity
(or permitted transferees, assigns, estates, trusts, heirs or any spouse or former spouse of such employee, director, contractor
or consultant) either pursuant to any management equity plan or stock option plan or any other management or employee benefit plan
or agreement or upon the termination of such employee, director, contractor or consultant’s employment or directorship; provided,
however, that the aggregate Restricted Payments made under this clause (6) do not exceed $10.0 million in any calendar year (with
unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum of $15.0 million in any
fiscal year); provided further that such amount in any calendar year may be increased by an amount not to exceed:

(i)         
the cash proceeds from the sale of Capital Stock (other than Disqualified Stock or Designated Preferred Stock or Excluded
Contributions) of the Company and, to the extent contributed to the capital of the Company (other than through the issuance of
Disqualified Stock or Designated Preferred Stock or an Excluded Contribution), Capital Stock of any Parent Entity, in each case,
to members of management, directors, managers or consultants of the Company, any of its Subsidiaries or any Parent Entity that
occurred after the Issue Date, to the extent the cash proceeds from the sale of such Capital Stock have not otherwise been applied
to the payment of Restricted Payments by virtue of ‎Section 3.3(a)(iii); plus

(ii)         
the cash proceeds of key man life insurance policies received by the Company and the Restricted Subsidiaries after the Issue
Date; less

(iii)         
the amount of any Restricted Payments made in previous calendar years pursuant to clauses (i) and (ii) of this clause (6);

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and provided further that (i) cancellation of Indebtedness
owing to the Company or any Restricted Subsidiary from any future, present or former members of management, directors, employees,
managers, contractors or consultants of the Company or Restricted Subsidiaries or any Parent Entity in connection with a repurchase
of Capital Stock of the Company or any Parent Entity will not be deemed to constitute a Restricted Payment for purposes of this
‎Section 3.3 or any other provision of this Indenture and
(ii) the repurchase of Capital Stock deemed to occur upon the exercise of options, warrants or similar instruments if such Capital
Stock represents all or a portion of the exercise price thereof or payments, in lieu of the issuance of fractional Capital Stock
or withholding to pay other taxes payable in connection therewith, in the case of each of clauses (i) and (ii), will not be deemed
to constitute a Restricted Payment for purposes of this Section 3.3 or any other provision of this Indenture;

(7)         
the declaration and payment of dividends on Disqualified Stock or Preferred Stock of a Restricted Subsidiary, Incurred in
accordance with the terms of ‎Section 3.2;

(8)         
payments made or expected to be made by the Company or any Restricted Subsidiary in respect of withholding or similar taxes
payable upon exercise of Capital Stock by any future, present or former employee, director, officer, contractor or consultant (or
their respective Controlled Investment Affiliates or Immediate Family Members) of the Company or any Restricted Subsidiary or any
Parent Entity and purchases, repurchases, redemptions, defeasances or other acquisitions or retirements of Capital Stock deemed
to occur upon the exercise, conversion or exchange of stock options, appreciation rights, warrants or other rights in respect thereof
if such Capital Stock represents a portion of the exercise price thereof and payments in respect of withholding or similar taxes
payable upon exercise or vesting thereof;

(9)         
dividends, loans, advances or distributions to any Parent Entity or other payments by the Company or any Restricted Subsidiary
in amounts equal to (without duplication):

(i)         
the amounts required for any Parent Entity to pay any Parent Entity Expenses or any Related Taxes;

(ii)         
amounts constituting or to be used for purposes of making payments to the extent specified in Sections ‎3.8(b)(2),
‎3.8(b)(3), ‎3.8(b)(5), ‎3.8(b)(11),
and ‎3.8(b)(12); and

(iii)         
up to $2.5 million per calendar year;

(10)         
(a) the declaration and payment by the Company of, dividends or distributions on the common stock or common equity interests
of the Company or any Parent Entity (and any equivalent declaration and payment of a distribution of any security exchangeable
for such common stock or common equity interests to the extent required by the terms of any such exchangeable securities and any

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Restricted Payment to any such Parent Entity to fund
the payment by such Parent Entity of dividends on such entity’s Capital Stock), in an amount in any fiscal year not to exceed
6% of Market Capitalization or (b) in lieu of all or a portion of the dividends permitted by clause (10)(a), repurchases of the
Company’s or any Parent Entity’s Capital Stock (and any equivalent declaration and payment of a distribution of any
security exchangeable for such common stock or common equity interests to the extent required by the terms of any such exchangeable
securities and any Restricted Payment to any such Parent Entity to fund the payment by such Parent Entity of dividends on such
entity’s Capital Stock) for aggregate consideration that, when take together with dividends permitted by clause (10)(a),
does not exceed the amount contemplated by clause (10)(a);

(11)         
payments by the Company, or loans, advances, dividends or distributions to any Parent Entity to make payments, to holders
of Capital Stock of the Company or any Parent Entity in lieu of the issuance of fractional shares of such Capital Stock; provided,
however, that any such payment, loan, advance, dividend or distribution shall not be for the purpose of evading any limitation
of this ‎Section 3.3 or otherwise to facilitate any dividend or other
return of capital to the holders of such Capital Stock (as determined in good faith by the Company);

(12)         
Restricted Payments that are made with Excluded Contributions;

(13)         
(i) the declaration and payment of dividends on Designated Preferred Stock of the Company issued after the Issue Date; (ii)
the declaration and payment of dividends to a Parent Entity in an amount sufficient to allow the Parent Entity to pay dividends
to holders of its Designated Preferred Stock issued after the Issue Date; and (iii) the declaration and payment of dividends on
Refunding Capital Stock that is Preferred Stock; provided, however, that, in the case of clauses (i) and (ii), the
amount of all dividends declared or paid to a Person pursuant to such clauses shall not exceed the cash proceeds received by the
Company or the aggregate amount contributed in cash to the equity of the Company (other than through the issuance of Disqualified
Stock or an Excluded Contribution of the Company), from the issuance or sale of such Designated Preferred Stock; provided further,
in the case of clauses (i), (ii) and (iii), that for the most recently ended four fiscal quarters for which consolidated financial
statements are available (which may be internal financial statements) immediately preceding the date of issuance of such Designated
Preferred Stock or declaration of such dividends on such Refunding Capital Stock, after giving effect to such payment on a pro
forma basis the Company would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the test set forth in
‎Section 3.2(a);

(14)         
distributions, by dividend or otherwise, or other transfer or disposition of shares of Capital Stock, of equity interests
in, or Indebtedness owed to the Company or a Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries,
substantially all the assets of which are cash and Cash Equivalents) or proceeds thereof;

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(15)         
 distributions or payments of Securitization Fees, sales contributions and other transfers of Securitization Assets or Receivables
Assets and purchases of Securitization Assets or Receivables Assets pursuant to a Securitization Repurchase Obligation, in each
case, in connection with a Qualified Securitization Financing or Receivables Facility;

(16)         
any Restricted Payment made in connection with the Transactions and any costs and expenses (including all legal, accounting
and other professional fees and expenses) related thereto or used to fund amounts owed to Affiliates in connection with the Transactions
(including dividends to any Parent Entity to permit payment by such Parent Entity of such amounts);

(17)         
Restricted Payments (including loans or advances) in an aggregate amount outstanding at the time made not to exceed the
greater of $30.0 million and 17.5% of LTM EBITDA at such time;

(18)         
mandatory redemptions of Disqualified Stock issued as a Restricted Payment or as consideration for a Permitted Investment;

(19)         
payments or distributions to dissenting stockholders pursuant to applicable law (including in connection with, or as a result
of, exercise of appraisal rights and the settlement of any claims or action (whether actual, contingent or potential)), pursuant
to or in connection with a consolidation, merger or transfer of all or substantially all of the assets of the Company and its Restricted
Subsidiaries, taken as a whole, that complies with ‎Section 4.1 hereof;

(20)         
Restricted Payments to a Parent Entity to finance Investments that would otherwise be permitted to be made pursuant to this
Section 3.3 if made by the Company; provided that (a) such Restricted Payment shall be made substantially concurrently with the
closing of such Investment, (b) such Parent Entity shall, promptly following the closing thereof, cause (1) all property acquired
(whether assets or Capital Stock) to be contributed to the capital of the Company or one of its Restricted Subsidiaries or (2)
the merger or amalgamation of the Person formed or acquired into the Company or one of its Restricted Subsidiaries (to the extent
not prohibited by ‎Section 4.1) to consummate such Investment, (c) such
Parent Entity and its Affiliates (other than the Company or a Restricted Subsidiary) receives no consideration or other payment
in connection with such transaction except to the extent the Company or a Restricted Subsidiary could have given such consideration
or made such payment in compliance with this Indenture, (d) any property received by the Company shall not increase amounts available
for Restricted Payments pursuant to clause (c) of the preceding paragraph and (e) such Investment shall be deemed to be made by
the Company or such Restricted Subsidiary pursuant to another provision of this ‎Section
3.3(b) (other than pursuant to ‎Section 3.3(b)(12) hereof) or pursuant
to the definition of “Permitted Investments” (other than pursuant to ‎Section
3.3(b)(12) thereof);

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(21)         
 investments or other Restricted Payments in an aggregate amount not to exceed an amount equal to the sum of Total Leverage
Excess Proceeds and Declined Excess Proceeds; and

(22)         
Restricted Payments made in connection with a Permitted Redomiciliation so long as such Permitted Redomiciliation is not
undertaken in a manner with the purpose of circumventing the provisions of this ‎Section
3.3 and solely to the extent that such Restricted Payments are required to be made to effect the transactions contemplated under
such Permitted Redomiciliation.

(c)         
For purposes of determining compliance with this ‎Section 3.3, in the
event that a Restricted Payment (or portion thereof) meets the criteria of more than one of the categories of Permitted Payments
described in clauses (1) through (22) of ‎Section 3.3(b), or is permitted pursuant
to ‎Section 3.3(a), and/or one or more of the clauses contained in the definition
of “Permitted Investments,” the Company will be entitled to classify such Restricted Payment or Investment (or portion
thereof) on the date of its payment or later reclassify (based on circumstances existing on the date of such reclassification)
such Restricted Payment or Investment (or portion thereof) in any manner that complies with this ‎Section
3.3, including as an Investment pursuant to one or more of the clauses contained in the definition of “Permitted Investments.”

(d)         
The amount of all Restricted Payments (other than cash) shall be the fair market value on the date of such Restricted Payment
of the asset(s) or securities proposed to be paid, transferred or issued by the Company or such Restricted Subsidiary, as the case
may be, pursuant to such Restricted Payment. The fair market value of any cash Restricted Payment shall be its face amount, and
the fair market value of any non-cash Restricted Payment, property or assets other than cash shall be determined conclusively by
the Company acting in good faith.

(e)         
Unrestricted Subsidiaries may use value transferred from the Company and its Restricted Subsidiaries in a Permitted Investment
to purchase or otherwise acquire Indebtedness or Capital Stock of the Company, any Parent Entity or any of the Company’s
Restricted Subsidiaries, and to transfer value to the holders of the Capital Stock or any Parent Entity and to Affiliates thereof,
and such purchase, acquisition, or transfer will not be deemed to be a “direct or indirect” action by the Company or
its Restricted Subsidiaries.

(f)         
For the avoidance of doubt, this Section 3.3 shall not restrict the making of any “AHYDO catch-up payment” with
respect to, and required by the terms of, any Indebtedness of the Company or any of its Restricted Subsidiaries permitted to be
Incurred under this Indenture.

Section 3.4.        
Limitation on Restrictions on Distributions from Restricted Subsidiaries.

    	-105-

    	 

    

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

(1)         
pay dividends or make any other distributions in cash or otherwise on its Capital Stock or pay any Indebtedness or other
obligations owed to the Company or any Restricted Subsidiary;

(2)         
make any loans or advances to the Company or any Restricted Subsidiary; or

(3)         
sell, lease or transfer any of its property or assets to the Company or any Restricted Subsidiary;

provided that (x) the priority of any Preferred Stock
in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock
and (y) the subordination of (including the application of any standstill requirements to) loans or advances made to the Company
or any Restricted Subsidiary to other Indebtedness Incurred by the Company or any Restricted Subsidiary shall not be deemed to
constitute such an encumbrance or restriction.

(b)         
‎Section 3.4(a) shall not prohibit:

(1)         
any encumbrance or restriction pursuant to (a) any Credit Facility or (b) any other agreement or instrument, in each case,
in effect at or entered into on the Issue Date;

(2)         
any encumbrance or restriction pursuant to this Indenture, the Notes, the Note Guarantees, the Collateral Documents and
the Intercreditor Agreement;

(3)         
any encumbrance or restriction pursuant to applicable law, rule, regulation or order;

(4)         
any encumbrance or restriction pursuant to an agreement or instrument of a Person or relating to any Capital Stock or Indebtedness
of a Person, entered into on or before the date on which such Person was acquired by or merged, consolidated or otherwise combined
with or into the Company or any Restricted Subsidiary, or was designated as a Restricted Subsidiary or on which such agreement
or instrument is assumed by the Company or any Restricted Subsidiary in connection with an acquisition of assets (other than Capital
Stock or Indebtedness Incurred as consideration in, or to provide all or any portion of the funds utilized to consummate, the transaction
or series of related transactions pursuant to which such Person became a Restricted Subsidiary or was acquired by the Company or
was merged, consolidated or otherwise combined with or into the Company or any Restricted Subsidiary or entered into in contemplation
of or in connection with such transaction) and outstanding on such date; provided that, for the purposes of this clause,
if another Person is the Successor Company, any

    	-106-

    	 

    

Subsidiary thereof or agreement or instrument of such
Person or any such Subsidiary shall be deemed acquired or assumed by the Company or any Restricted Subsidiary when such Person
becomes the Successor Company;

(5)         
any encumbrance or restriction:

(i)         
that restricts in a customary manner the subletting, assignment or transfer of any property or asset that is subject to
a lease, license or similar contract or agreement, or the assignment or transfer of any lease, license or other contract or agreement;

(ii)         
contained in mortgages, pledges, charges or other security agreements permitted under this Indenture and the Collateral
Documents or securing Indebtedness of the Company or a Restricted Subsidiary permitted under this Indenture and the Collateral
Documents to the extent such encumbrances or restrictions restrict the transfer or encumbrance of the property or assets subject
to such mortgages, pledges, charges or other security agreements;

(iii)         
restrictions or conditions contained in any trading, netting, operating, construction, service, supply, purchase, sale or
other agreement to which the Company or any of its Restricted Subsidiaries is a party entered into in the ordinary course of business
or consistent with past practice; provided that such agreement prohibits the encumbrance of solely the property or assets of the
Company or such Restricted Subsidiary that are subject to such agreement, the payment rights arising thereunder or the proceeds
thereof and does not extend to any other asset or property of the Company or such Restricted Subsidiary or the assets or property
of another Restricted Subsidiary; or

(iv)         
pursuant to customary provisions restricting dispositions of real property interests set forth in any reciprocal easement
agreements of the Company or any Restricted Subsidiary;

(6)         
any encumbrance or restriction pursuant to Purchase Money Obligations and Capitalized Lease Obligations permitted under
this Indenture and the Collateral Documents, in each case, that impose encumbrances or restrictions on the property so acquired;

(7)         
any encumbrance or restriction imposed pursuant to an agreement entered into for the direct or indirect sale or disposition
to a Person of all or substantially all the Capital Stock or assets of the Company or any Restricted Subsidiary (or the property
or assets that are subject to such restriction) pending the closing of such sale or disposition;

(8)         
customary provisions in leases, licenses, shareholder agreements, joint venture agreements and other similar agreements,
organizational documents and instruments;

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(9)         
 encumbrances or restrictions arising or existing by reason of applicable law or any applicable rule, regulation or order,
or required by any regulatory authority;

(10)         
any encumbrance or restriction on cash or other deposits or net worth imposed by customers under agreements entered into
in the ordinary course of business or consistent with past practice;

(11)         
any encumbrance or restriction pursuant to Hedging Obligations;

(12)         
other Indebtedness, Disqualified Stock or Preferred Stock of Non-Guarantors permitted to be Incurred or issued subsequent
to the Issue Date pursuant to ‎Section 3.2 that impose restrictions solely
on the Non-Guarantors party thereto or their Subsidiaries;

(13)         
restrictions created in connection with any Qualified Securitization Financing or Receivables Facility that, in the good
faith determination of the Company, are necessary or advisable to effect such Securitization Facility or Receivables Facility;

(14)         
any encumbrance or restriction arising pursuant to an agreement or instrument relating to any Indebtedness permitted to
be Incurred subsequent to the Issue Date pursuant to ‎Section 3.2 if the
encumbrances and restrictions contained in any such agreement or instrument taken as a whole are not materially less favorable
to the Holders than (i) the encumbrances and restrictions contained in the Credit Agreement, together with the security documents
associated therewith as in effect on the Issue Date or (ii) in comparable financings (as determined in good faith by the Company)
and where, in the case of clause (ii), either (a) the Company determines at the time of entry into such agreement or instrument
that such encumbrances or restrictions will not adversely affect, in any material respect, the Company’s ability to make
principal or interest payments on the Notes or (b) such encumbrance or restriction applies only during the continuance of a default
relating to such agreement or instrument;

(15)         
any encumbrance or restriction existing by reason of any lien permitted under ‎Section
3.6; or

(16)         
any encumbrance or restriction pursuant to an agreement or instrument effecting a refinancing of Indebtedness Incurred pursuant
to, or that otherwise refinances, an agreement or instrument referred to in clauses (1) to (15) of this ‎Section
3.4(b) or this clause (16) (an “Initial Agreement”) or contained in any amendment, supplement or other modification
to an agreement referred to in clauses (1) to (15) of this ‎Section 3.4(b)
or this clause (16); provided, however, that the encumbrances and restrictions with respect to such Restricted Subsidiary contained
in any such agreement or instrument are no less favorable in any material respect to the Holders taken as a whole than the encumbrances
and restrictions contained in the Initial Agreement or Initial Agreements to which

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such refinancing or amendment, supplement or other
modification relates (as determined in good faith by the Company).

Section 3.5.        
Limitation on Sales of Assets and Subsidiary Stock.

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

(1)         
the Company or such Restricted Subsidiary, as the case may be, receives consideration (including by way of relief from,
or by any other Person assuming responsibility for, any liabilities, contingent or otherwise) at least equal to the fair market
value (such fair market value to be determined on the date of contractually agreeing to such Asset Disposition), as determined
in good faith by the Company, of the shares and assets subject to such Asset Disposition (including, for the avoidance of doubt,
if such Asset Disposition is a Permitted Asset Swap);

(2)         
in any such Asset Disposition, or series of related Asset Dispositions (except to the extent the Asset Disposition is a
Permitted Asset Swap), at least 75% of the consideration from such Asset Disposition, together with all other Asset Dispositions
since the Issue Date (on a cumulative basis) (including by way of relief from, or by any other Person assuming responsibility for,
any liabilities, contingent or otherwise) received by the Company or such Restricted Subsidiary, as the case may be, is in the
form of cash or Cash Equivalents; and

(3)         
an amount equal to 100% of the Net Available Cash from such Asset Disposition is applied:

(i)         
to the extent the Company or any Restricted Subsidiary, as the case may be, elects (or is required by the terms of any Indebtedness),
(A) to prepay, repay or purchase any Indebtedness of a Non-Guarantor (in each case, other than Indebtedness owed to the Company
or any Restricted Subsidiary) or any Secured Indebtedness secured by a First Priority Lien, including Indebtedness under the Credit
Agreement (or any Indebtedness that refinances the Credit Agreement in respect thereof) or the Notes (including by open market
purchases, negotiated transactions or tender offers) within 450 days from the later of (1) the date of such Asset Disposition and
(2) the receipt of such Net Available Cash; provided, however, that, notwithstanding the foregoing, the Net Available
Cash from an Asset Disposition of Collateral may not be applied pursuant to clause (i) of this paragraph to prepay, repay or purchase
any unsecured Indebtedness or Secured Indebtedness other than in accordance with the Intercreditor Agreement; provided further,
that, in connection with any prepayment, repayment or purchase of Indebtedness pursuant to this clause (i), the Company or such
Restricted Subsidiary will retire such Indebtedness and will cause the related commitment (if

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any) to be reduced in an amount equal to the principal
amount so prepaid, repaid or purchased; (B) to prepay, repay or purchase Pari Passu Indebtedness; or (C) to make an Asset Disposition
Offer;

(ii)         
to the extent the Company or any Restricted Subsidiary elects, to invest in or commit to invest in Additional Assets (including
by means of an investment in Additional Assets by a Restricted Subsidiary equal to the amount of Net Available Cash received by
the Company or another Restricted Subsidiary) within 450 days from the later of (i) the date of such Asset Disposition and (ii)
the receipt of such Net Available Cash; provided, however, that a binding agreement shall be treated as a permitted application
of Net Available Cash from the date of such commitment with the good faith expectation that an amount equal to Net Available Cash
will be applied to satisfy such commitment within 180 days of such commitment (an “Acceptable Commitment”) and,
in the event of any Acceptable Commitment is later cancelled or terminated for any reason before such amount is applied in connection
therewith, the Company or such Restricted Subsidiary enters into another Acceptable Commitment (a “Second Commitment”)
within 180 days of such cancellation or termination; provided further that if any Second Commitment is later cancelled or
terminated for any reason before such amount is applied, then such Net Available Cash shall constitute Excess Proceeds; and

(iii)         
to the extent of the balance of such Net Available Cash after application in accordance with clauses (a) and (b) above (the
aggregate of any such amounts, “Declined Excess Proceeds”), to fund (to the extent consistent with any other
applicable provision of this Indenture) any general corporate purpose (including but not limited to the repurchase, repayment or
other acquisition or retirement of any Subordinated Obligations and the making of other Restricted Payments);

provided that, (1) pending the final application of
the amount of any such Net Available Cash in accordance with clause (i), (ii) or (iii) in ‎Section
3.5(a)(3) above, the Company and its Restricted Subsidiaries may temporarily reduce Indebtedness or otherwise use such Net Available
Cash in any manner not prohibited by this Indenture; (2) the Company (or any Restricted Subsidiary, as the case may be) may elect
to invest in Additional Assets prior to receiving the Net Available Cash attributable to any given Asset Disposition (provided
that such investment shall be made no earlier than the earliest of written notice to the Trustee of the relevant Asset Disposition,
execution of a definitive agreement for the relevant Asset Disposition, and consummation of the relevant Asset Disposition) and
deem the amount so invested to be applied pursuant to and in accordance with clause (b) above with respect to such Asset Disposition;
and (3) the foregoing percentage in this Section 3.5(a)(3) shall be reduced to 50% if the Consolidated Net Leverage Ratio would
be equal to or less than 2.75 to 1.00 after giving pro forma effect to any application of such Net Available Cash as set forth
in this Section 3.5(a)(3) (any Net Available Cash in respect of Asset Dispositions not required to be

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applied in accordance with this clause (3) as a result of
the application of this proviso shall collectively constitute “Total Leverage Excess Proceeds”).

(b)         
The amount of any Net Available Cash from Asset Dispositions that is not applied or invested or committed to be applied
or invested as provided in the preceding paragraph will be deemed to constitute “Excess Proceeds” (excluding all Total
Leverage Excess Proceeds) under this Indenture. On the 451st day after the later of (x) an Asset Disposition or (y) the receipt
of such Net Available Cash, or earlier if the Company elects, if the aggregate amount of Excess Proceeds under this Indenture exceeds
(i) $30.0 million in the case of a single transaction or series of related transactions or (ii) $45.0 million aggregate amount
in any fiscal year, the Company will within 10 Business Days be required to make an offer (“Asset Disposition Offer”)
to all Holders of Notes issued under this Indenture and, to the extent the Company elects, to all holders of other outstanding
Pari Passu Indebtedness, to purchase the maximum principal amount of Notes and any such Pari Passu Indebtedness to which the Asset
Disposition Offer applies that may be purchased out of the Excess Proceeds, at an offer price in respect of the Notes in an amount
equal to 100% of the principal amount of the Notes and Pari Passu Indebtedness, in each case, plus accrued and unpaid interest
to, but not including, the date of purchase, in accordance with the procedures set forth in this Indenture or the agreements governing
the Pari Passu Indebtedness, as applicable, and, with respect to the Notes, in minimum denominations of $2,000 and in integral
multiples of $1,000 in excess thereof. The Company will deliver notice of such Asset Disposition Offer electronically or by first
class mail, with a copy to the Trustee, the Paying Agent and each Holder of Notes at the address of such Holder appearing in the
Notes Register or otherwise in accordance with the applicable procedures of DTC, describing the transaction or transactions that
constitute the Asset Disposition and offering to repurchase the Notes for the specified purchase price on the date specified in
the notice, which date will be no earlier than 15 days and no later than 60 days from the date such notice is delivered, pursuant
to the procedures required by this Indenture and described in such notice. The Company may satisfy the foregoing obligations with
respect to any Net Available Cash from an Asset Disposition by making an Asset Disposition Offer with respect to all Net Available
Cash prior to the expiration of the relevant 450 days (or such longer period provided above) or with respect to any unapplied Excess
Proceeds.

(c)         
To the extent that the aggregate amount of Notes and Pari Passu Indebtedness so validly tendered and not properly withdrawn
pursuant to an Asset Disposition Offer is less than the Excess Proceeds, the Company may use any remaining Excess Proceeds for
any purpose not prohibited by this Indenture. If the aggregate principal amount of the Notes surrendered in any Asset Disposition
Offer by Holders and other Pari Passu Indebtedness surrendered by holders or lenders, collectively, exceeds the amount of Excess
Proceeds, the Company shall allocate the Excess Proceeds among the Notes and Pari Passu Indebtedness to be purchased on a pro rata
basis on the basis of the aggregate principal amount of tendered Notes and Pari Passu Indebtedness provided that no Notes or other
Pari Passu Indebtedness will be selected and purchased in an unauthorized denomination. Upon completion of any Asset Disposition
Offer, the amount of Excess Proceeds shall be reset at zero. Additionally, the Company may, at its option, make an Asset Disposition
Offer using proceeds from any Asset Disposition at

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any time after the consummation of such Asset Disposition.
Upon consummation or expiration of any Asset Disposition Offer, any remaining Net Available Cash shall not be deemed Excess Proceeds
and the Company may use such Net Available Cash for any purpose not prohibited by this Indenture.

(d)         
To the extent that any portion of Net Available Cash payable in respect of the Notes is denominated in a currency other
than Dollars, the amount thereof payable in respect of the Notes shall not exceed the net amount of funds in Dollars that is actually
received by the Company upon converting such portion into Dollars.

(e)         
For the purposes of ‎Section 3.5(a)(2) hereof, the following will be deemed
to be cash:

(i)            
the assumption by the transferee of Indebtedness or other liabilities, contingent or otherwise, of the Company or a Restricted
Subsidiary reflected (or, if no such statement of financial position is available, that would be reflected) on the most recent
statement of financial position or the footnotes thereto (other than Subordinated Indebtedness of the Company or a Guarantor) and
the release of the Company or such Restricted Subsidiary from all liability on such Indebtedness or other liability in connection
with such Asset Disposition;

(ii)            
securities, notes or other obligations received by the Company or any Restricted Subsidiary from the transferee that are
converted by the Company or such Restricted Subsidiary into cash or Cash Equivalents within 180 days following the closing of such
Asset Disposition;

(iii)            
Indebtedness of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Disposition,
to the extent that the Company and each other Restricted Subsidiary are released from any Guarantee of payment of such Indebtedness
in connection with such Asset Disposition;

(iv)            
consideration consisting of Indebtedness of the Company (other than Subordinated Indebtedness) received after the Issue
Date from Persons who are not the Company or any Restricted Subsidiary; and

(v)            
any Designated Non-Cash Consideration received by the Company or any Restricted Subsidiary in such Asset Dispositions having
an aggregate fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this ‎Section
3.5 that is at that time outstanding, not to exceed the greater of $30.0 million and 17.5% of LTM EBITDA (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).

(f)         
Upon the commencement of an Asset Disposition Offer, the Company shall send, or cause to be sent, a notice to the Trustee
and to each Holder at its registered address, or deliver otherwise in accordance with the applicable procedures of the Depositary.
The notice shall contain all instructions and materials necessary to enable

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such Holder to tender Notes pursuant to the Asset Disposition
Offer. Any Asset Disposition Offer shall be made to all Holders. The notice, which shall govern the terms of the Asset Disposition
Offer, shall state:

(1)         
that the Asset Disposition Offer is being made pursuant to this ‎Section
3.5 and that, to the extent lawful, all Notes tendered and not withdrawn shall be accepted for payment (unless prorated);

(2)         
the Asset Disposition payment amount, the Asset Disposition offered price, and the date on which Notes tendered and accepted
for payment shall be purchased, which date shall be at least 15 days and not later than 60 days from the date such notices are
sent (the “Asset Sale Payment Date”);

(3)         
that any Notes not tendered or accepted for payment shall continue to accrue interest in accordance with the terms thereof;

(4)         
that, unless the Company default in making such payment, any Notes accepted for payment pursuant to the Asset Disposition
Offer shall cease to accrue interest on and after the Asset Sale Payment Date;

(5)         
that Holders electing to have any Notes purchased pursuant to any Asset Disposition Offer shall be required to surrender
the Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the
Paying Agent at the address specified in the notice at least three Business Days before the Asset sale Payment Date;

(6)         
that Holders shall be entitled to withdraw their election if the Paying Agent receives, not later than two Business Days
prior to the Asset Sale Payment Date, a notice 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 its election to have such Note purchased;

(7)         
that if the aggregate principal amount of Notes surrendered by Holders exceeds the Asset Disposition payment amount, the
Company shall select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by
the Company so that only Notes in minimum denominations of $2,000 or integral multiples of $1,000 in excess thereof shall be purchased);
and

(8)         
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).

(g)         
If the Asset Sale Payment Date is on or after a 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 Asset Disposition Offer.

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(h)         
 On the Asset Sale Payment Date, the Company will, to the extent permitted by law,

(1)         
accept for payment all Notes issued by it or portions thereof properly tendered pursuant to the Asset Disposition Offer,

(2)         
deposit with the Paying Agent an amount equal to the aggregate Asset Disposition payment in respect of all Notes or portions
thereof so tendered, and

(3)         
deliver, or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officer’s
Certificate to the Trustee stating that such Notes or portions thereof have been tendered to and purchased by the Company.

(i)         
To the extent that the provisions of any securities laws or regulations, including Rule 14e-1 under the Exchange Act, conflict
with the provisions of this Indenture, the Company will comply with the applicable securities laws, rules and regulations and shall
not be deemed to have breached its obligations under this Indenture by virtue thereof.

(j)         
The provisions of this Indenture relative to the Company’s obligation to make an offer to repurchase the Notes as
a result of an Asset Disposition may be waived or modified with the written consent of the Holders of a majority in principal amount
of the Notes then outstanding.

Section 3.6.        
Limitation on Liens. The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly,
create, Incur or permit to exist any Lien (each, an “Initial Lien”) that secures obligations under any Indebtedness
or any related guarantee, on any asset or property of the Company or any Restricted Subsidiary, unless:

(1)         
in the case of Initial Liens securing Collateral, such Initial Lien is a Permitted Lien, or

(2)         
in the case of Initial Liens on any asset or property that is not Collateral, (i) the Notes (or a Note Guarantee in the
case of Liens of a Guarantor) are equally and ratably secured, with (or on a senior basis to, in the case such Initial Lien secures
any Subordinated Indebtedness) the obligations secured by such Initial Lien until such time as such obligations are no longer secured
by a Lien or (ii) such Initial Lien is a Permitted Lien.

Any Lien created for the benefit of the
Trustee, the Security Agent and the Holders pursuant to the preceding sentence shall provide by its terms that such Lien shall
be automatically and unconditionally released and discharged upon the release and discharge of the Initial Lien.

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With respect to any Lien securing Indebtedness
that was permitted to secure such Indebtedness at the time of the Incurrence of such Indebtedness, such Lien shall also be permitted
to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any increase
in the amount of such Indebtedness in connection with any accrual of interest, the accretion of accreted value, the amortization
of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms, accretion of original
issue discount or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations
in the exchange rate of currencies or increases in the value of property securing Indebtedness.

Section 3.7.        
Limitation on Guarantees.

(a)         
The Company will not permit any of its Wholly Owned Subsidiaries that are Restricted Subsidiaries (and non-Wholly Owned
Subsidiaries if such non-Wholly Owned Subsidiaries guarantee other capital markets debt securities of the Company), other than
a Guarantor to Guarantee the payment of (i) any syndicated Credit Facility permitted under ‎Section
3.2(b)(1) or (ii) capital markets debt securities of the Company or any other Guarantor unless:

(1)         
such Restricted Subsidiary within 60 days (i) executes and delivers a supplemental indenture to this Indenture providing
for a Guarantee by such Restricted Subsidiary, except that with respect to a guarantee of Indebtedness of the Company or any Guarantor,
if such Indebtedness is by its express terms subordinated in right of payment to the Notes or such Guarantor’s Guarantee,
any such guarantee by such Restricted Subsidiary with respect to such Indebtedness shall be subordinated in right of payment to
such Guarantee substantially to the same extent as such Indebtedness is subordinated to the Notes or such Guarantor’s Guarantee
of the Notes and (ii) to the extent any of such Guarantor’s assets would constitute Collateral, executes and delivers a supplement
or joinder to the Collateral Documents or new Collateral Documents and takes all actions required thereunder to perfect the Liens
created thereunder; provided that if such Indebtedness is by its express terms subordinated in right of payment to the Notes
or such Guarantor’s Note Guarantee, any such Guarantee by such Restricted Subsidiary with respect to such Indebtedness shall
be subordinated in right of payment to such Note Guarantee with respect to the Notes substantially to the same extent as such Indebtedness
is subordinated to the Notes or such Guarantor’s Guarantee of the Notes; and

(2)         
such Restricted Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights
of reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary as a result
of any payment by such Restricted Subsidiary under its Guarantee until payment in full of Obligations under this Indenture;

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provided that this ‎Section
3.7 shall not be applicable (i) to any guarantee of any Restricted Subsidiary that existed at the time such Person became a Restricted
Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary, or (ii)
in the event that the Guarantee of the Company’s obligations under the Notes or this Indenture by such Subsidiary would not
be permitted under applicable law.

(b)         
The Company may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to be a Guarantor
to become a Guarantor, in which case, such Subsidiary shall not be required to comply with the 60-day period described in Section
3.7(a)(1).

(c)         
If any Guarantor becomes an Immaterial Subsidiary, the Company shall have the right, by execution and delivery of a supplemental
indenture to the Trustee, to cause such Immaterial Subsidiary to cease to be a Guarantor, subject to the requirement described
in the first paragraph above that such Subsidiary shall be required to become a Guarantor if it ceases to be an Immaterial Subsidiary
(except that if such Subsidiary has been properly designated as an Unrestricted Subsidiary it shall not be so required to become
a Guarantor or execute a supplemental indenture); provided, further, that such Immaterial Subsidiary shall not be
permitted to Guarantee the Credit Agreement or other Indebtedness of the Company or the other Guarantors, unless it again becomes
a Guarantor.

Section 3.8.        
Limitation on Affiliate Transactions.

(a)         
The Company shall not, and shall not permit any Restricted Subsidiary to enter into or conduct any transaction (including
the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate of the Company (an “Affiliate
Transaction”) involving aggregate value in excess of $10.0 million, unless:

(1)         
the terms of such Affiliate Transaction taken as a whole are not materially less favorable to the Company or such Restricted
Subsidiary, as the case may be, than those that could be obtained in a comparable transaction at the time of such transaction or
the execution of the agreement providing for such transaction in arm’s length dealings with a Person who is not such an Affiliate;
and

(2)         
in the event such Affiliate Transaction involves an aggregate value in excess of $25.0 million, the terms of such transaction
have been approved by a majority of the members of the Board of Directors of the Company.

Any Affiliate Transaction shall be deemed
to have satisfied the requirements set forth in ‎Section 3.8(a)(2)if
such Affiliate Transaction is approved by a majority of the Disinterested Directors of the Company, if any.

(b)         
‎Section 3.8(a) shall not apply to:

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(1)         
 any Restricted Payment permitted to be made pursuant to ‎Section
3.3 or any Permitted Investment;

(2)         
any issuance or sale of Capital Stock, options, other equity-related interests or other securities, or other payments, awards
or grants in cash, securities or otherwise pursuant to, or the funding of, or entering into, or maintenance of, any employment,
consulting, collective bargaining or benefit plan, program, agreement or arrangement, related trust or other similar agreement
and other compensation arrangements, options, warrants or other rights to purchase Capital Stock of the Company, any Restricted
Subsidiary or any Parent Entity, restricted stock plans, long-term incentive plans, stock appreciation rights plans, participation
plans or similar employee benefits or consultants’ plans (including valuation, health, insurance, deferred compensation,
severance, retirement, savings or similar plans, programs or arrangements) or indemnities provided on behalf of officers, employees,
directors or consultants approved by the Board of Directors of the Company, in each case, in the ordinary course of business or
consistent with past practice;

(3)         
any Management Advances and any waiver or transaction with respect thereto;

(4)         
(a) any transaction between or among the Company and any Restricted Subsidiary (or entity that becomes a Restricted Subsidiary
as a result of such transaction), or between or among Restricted Subsidiaries and (b) any merger, amalgamation or consolidation
with any Parent Entity; provided that such Parent Entity shall have no material liabilities and no material assets other
than cash, Cash Equivalents and the Capital Stock of the Company and such merger, amalgamation or consolidation is otherwise permitted
under this Indenture;

(5)         
the payment of compensation, fees and reimbursement of expenses to, and customary indemnities (including under customary
insurance policies) and employee benefit and pension expenses provided on behalf of, directors, officers, contractors, consultants,
distributors or employees of the Company, any Parent Entity or any Restricted Subsidiary (whether directly or indirectly and including
through any Controlled Investment Affiliate of such directors, officers, contractors, consultants, distributors or employees);

(6)         
the entry into and performance of obligations of the Company or any of the Restricted Subsidiaries under the terms of any
transaction arising out of, and any payments pursuant to or for purposes of funding, any agreement or instrument in effect as of
or on the Issue Date, as these agreements and instruments may be amended, modified, supplemented, extended, renewed or refinanced
from time to time in accordance with the other terms of this ‎Section
3.8 or to the extent not more disadvantageous to the Holders in any material respect;

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(7)         
 any transaction effected as part of a Qualified Securitization Financing or Receivables Facility, any disposition or acquisition
of Securitization Assets, Receivables Assets or related assets in connection with any Qualified Securitization Financing or Receivables
Facility;

(8)         
transactions with customers, clients, joint venture partners, suppliers, contractors, distributors or purchasers or sellers
of goods or services, in each case, in the ordinary course of business or consistent with past practice, which are fair to the
Company or the relevant Restricted Subsidiary in the reasonable determination of the Board of Directors of the Company or the senior
management of the Company or the relevant Restricted Subsidiary, or are on terms no less favorable than those that could reasonably
have been obtained at such time from an unaffiliated party;

(9)         
any transaction between or among the Company or any Restricted Subsidiary and any Person that is an Affiliate of the Company
or an Associate or similar entity solely because the Company or a Restricted Subsidiary or any Affiliate of the Company or a Restricted
Subsidiary owns an equity interest in or otherwise controls such Affiliate, Associate or similar entity;

(10)         
issuances or sales of Capital Stock (other than Disqualified Stock or Designated Preferred Stock) of the Company or options,
warrants or other rights to acquire such Capital Stock and the granting of registration and other customary rights (and the performance
of the related obligations) in connection therewith or any contribution to capital of the Company or any Restricted Subsidiary;

(11)         
(a) payments by the Company or any Restricted Subsidiary to any Parent Entity (whether directly or indirectly), including
to its affiliates or its designees, of annual management, consulting, monitoring, refinancing, transaction, subsequent transaction
exit fees, advisory fees and related costs and expenses and indemnitees in connection therewith and any termination fees (including
any such cash lump sum or present value fee upon the consummation of a corporate event, including an initial public offering) and
(b) customary payments by the Company or any Restricted Subsidiary to any Parent Entity for financial advisory, financing, underwriting
or placement services or in respect of other investment banking activities, including in connection with acquisitions or divestitures,
which payments are approved in the case of each of clauses (a) and (b) by a majority of the Board of Directors of the Company in
good faith;

(12)         
payment to any Parent Entity of all out-of-pocket expenses Incurred by such Parent Entity in connection with its direct
or indirect investment in the Company and its Subsidiaries;

(13)         
the Transactions and the payment of all costs and expenses (including all legal, accounting and other professional fees
and expenses) related to the Transactions;

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(14)         
 transactions in which the Company or any Restricted Subsidiary, as the case may be, delivers to the Trustee a letter from
an Independent Financial Advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial
point of view or meets the requirements of Section 3.8;

(15)         
the existence of, or the performance by the Company or any Restricted Subsidiary of its obligations under the terms of,
any equityholders agreement (including any registration rights agreement or purchase agreements related thereto) to which it is
party as of the Issue Date and any similar agreement that it may enter into thereafter; provided, however, that the
existence of, or the performance by the Company or any Restricted Subsidiary of its obligations under any future amendment to the
equityholders’ agreement or under any similar agreement entered into after the Issue Date will only be permitted under this
clause to the extent that the terms of any such amendment or new agreement are not otherwise disadvantageous to the Holders in
any material respect;

(16)         
any purchases by the Company’s Affiliates of Indebtedness or Disqualified Stock of the Company or any of their Restricted
Subsidiaries the majority of which Indebtedness or Disqualified Stock is purchased by Persons who are not the Company’s Affiliates;
provided that such purchases by the Company’s Affiliates are on the same terms as such purchases by such Persons who
are not the Company’s Affiliates;

(17)         
(i) investments by Affiliates in securities of the Company or any of the Restricted Subsidiaries (and payment of reasonable
out-of-pocket expenses incurred by such Affiliates in connection therewith) so long as the investment is being offered by the Company
or such Restricted Subsidiary generally to other non-affiliated third party investors on the same or more favorable terms and (ii) payments
to Affiliates in respect of securities of the Company or any of the Restricted Subsidiaries contemplated in subclause (17)(i) or
that were acquired from Persons other than the Company and the Restricted Subsidiaries, in each case, in accordance with the terms
of such securities;

(18)         
payments by any Parent Entity, the Company and the Restricted Subsidiaries pursuant to any tax sharing agreements or other
equity agreements in respect of Related Taxes among any such Parent Entity, the Company and the Restricted Subsidiaries on customary
terms to the extent attributable to the ownership or operation of the Company and its Subsidiaries;

(19)         
payments, Indebtedness and Disqualified Stock (and cancellation of any thereof) of the Company and its Restricted Subsidiaries
and Preferred Stock (and cancellation of any thereof) of any Restricted Subsidiary to any future, current or former employee, director,
officer, contractor or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Company,
any of its Subsidiaries or any of its Parent Entities pursuant to any management equity plan or stock option plan or any other
management or

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employee benefit plan or agreement or any stock subscription
or shareholder agreement; and any employment agreements, stock option plans and other compensatory arrangements (and any successor
plans thereto) and any supplemental executive retirement benefit plans or arrangements with any such employees, directors, officers,
contractors or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members) that are, in each
case, approved by the Company in good faith;

(20)         
employment and severance arrangements between the Company or its Restricted Subsidiaries and their respective officers,
directors, contractors, consultants, distributors and employees in the ordinary course of business or entered into in connection
with the Transactions;

(21)         
any transition services arrangement, supply arrangement or similar arrangement entered into in connection with or in contemplation
of the disposition of assets or Capital Stock in any Restricted Subsidiary permitted under ‎Section
3.5 hereof or entered into with any Business Successor, in each case, that the Company determines in good faith is either fair
to the Company or otherwise on customary terms for such type of arrangements in connection with similar transactions;

(22)         
transactions entered into by an Unrestricted Subsidiary with an Affiliate prior to the day such Unrestricted Subsidiary
is redesignated a Restricted Subsidiary under ‎Section 3.20 and pledges
of Capital Stock of Unrestricted Subsidiaries;

(23)         
any lease entered into between the Company or any Restricted Subsidiary, as lessee, and any Affiliate of the Company, as
lessor, which is approved by a majority of the Disinterested Directors;

(24)         
intellectual property licenses in the ordinary course of business;

(25)         
payments to or from, and transactions with, any joint venture in the ordinary course of business or consistent with past
practice (including any cash management activities related thereto);

(26)         
the payment of costs and expenses related to registration rights and customary indemnities provided to shareholders under
any shareholder agreement; and

(27)         
any Permitted Redomiciliation or Permitted Tax Restructuring.

Section 3.9.        
Change of Control.

(a)         
If a Change of Control Repurchase Event occurs, unless the Company has previously or substantially concurrently therewith
delivered a redemption notice with respect to all the outstanding Notes under ‎Section
5.7, the Company shall make an offer to purchase all of the Notes pursuant to the offer described below (the “Change of

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Control Offer”) at a price in cash (the “Change
of Control Payment”) equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any,
to, but excluding, the date of repurchase; provided that if the repurchase date is on or after the record date and on or
before the corresponding interest payment date, then Holders in whose name the Notes are registered at the close of business on
such record date will receive interest on the repurchase date. Within 30 days following any Change of Control Repurchase Event,
the Company will deliver or cause to be delivered a notice of such Change of Control Offer, electronically in accordance with the
applicable procedures of DTC in the case of global notes or by first-class mail, with a copy to the Trustee, to each Holder of
Notes at the address of such Holder appearing in the Notes Register or otherwise in accordance with the applicable procedures of
DTC, describing the transaction or transactions that constitute the Change of Control Repurchase Event and with the following information:

(1)         
that a Change of Control Offer is being made pursuant to this ‎Section
3.9, and that all Notes properly tendered pursuant to such Change of Control Offer will be accepted for payment by the Company;

(2)         
the purchase price and the purchase date, which will be no earlier than 30 days nor later than 60 days from the date such
notice is delivered (the “Change of Control Payment Date”);

(3)         
that any Note not properly tendered will remain outstanding and continue to accrue interest;

(4)         
that unless the Company default in the payment of the Change of Control Payment, all Notes accepted for payment pursuant
to the Change of Control Offer will cease to accrue interest, on the Change of Control Payment Date;

(5)         
that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender such
Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying
Agent specified in the notice at the address specified in the notice prior to the close of business on the third Business Day preceding
the Change of Control Payment Date;

(6)         
that Holders will be entitled to withdraw their tendered Notes and their election to require the Company to purchase such
Notes; provided that the Paying Agent receives, not later than the close of business on the second Business Day prior to
the expiration date of the Change of Control Offer, a telegram, facsimile transmission or letter setting forth the name of the
Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered
Notes and its election to have such Notes purchased;

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(7)         
 that Holders whose Notes are being purchased only in part will be issued new Notes and such new Notes will be equal in
principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must be equal to at
least $2,000 or any integral multiple of $1,000 in excess of $2,000;

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

(9)         
the other instructions, as determined by the Company, consistent with this ‎Section
3.9, that a Holder must follow.

The Paying Agent will promptly deliver
to each Holder of the Notes tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and
mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion
of the Notes surrendered, if any; provided that each such new Note will be in a principal amount of $2,000 or an integral
multiple of $1,000 in excess thereof. The Company will publicly announce the results of the Change of Control Offer on or as soon
as practicable after the Change of Control Payment Date.

If the Change of Control Payment Date
is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest, if
any, will be paid on the relevant interest payment date to the Person in whose name a Note is registered at the close of business
on such record date.

(b)         
On the Change of Control Payment Date, the Company will, to the extent permitted by law,

(1)         
accept for payment all Notes issued by it or portions thereof properly tendered pursuant to the Change of Control Offer,

(2)         
deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all Notes or portions
thereof so tendered, and

(3)         
deliver, or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officer’s
Certificate to the Trustee stating that such Notes or portions thereof have been tendered to and purchased by the Company.

(c)         
The Company will not be required to make a Change of Control Offer following a Change of Control Repurchase Event if (i)
a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set
forth in this Indenture 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 or (ii) a notice of redemption of all outstanding Notes has been given pursuant
to ‎Section 5.7 hereof, unless and until there is a default in the payment of

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the redemption price on the applicable Redemption Date or
the redemption is not consummated due to the failure of a condition precedent contained in the applicable redemption notice to
be satisfied. Notwithstanding anything to the contrary in this ‎Section 3.9,
a Change of Control Offer may be made in advance of a Change of Control Repurchase Event, conditional upon such Change of Control
Repurchase Event.

(d)         
Notwithstanding anything to the contrary in this Indenture, in connection with any tender offer for the Notes, including
a Change of Control Offer or Asset Disposition Offer, if Holders of not less than 90% in aggregate principal amount of the outstanding
Notes validly tender and do not withdraw such Notes in such tender offer and the Company, or any third party making such a tender
offer in lieu of the Company, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Company or such
third party will have the right upon not less than 15 nor more than 60 days’ prior written notice, given not more than 30
days following such purchase date, to redeem all Notes that remain outstanding following such purchase at a redemption price equal
to the price offered to each other Holder in such tender offer plus, to the extent not included in the tender offer payment, accrued
and unpaid interest, if any, thereon, to, but not including, the date of such redemption.

(e)         
While the Notes are in global form and the Company make an offer to purchase all of the Notes pursuant to the Change of
Control Offer, a Holder may exercise its option to elect for the purchase of the Notes through the facilities of DTC, subject to
its rules and regulations.

(f)         
To the extent that the provisions of any securities laws, rules or regulations, including Rule 14e-1 under the Exchange
Act, conflict with the provisions of this Indenture, the Company will comply with the applicable securities laws and regulations
and shall not be deemed to have breached its obligations described in this Indenture by virtue thereof.

(g)         
The provisions of this Indenture relative to the Company’s obligation to make an offer to repurchase the Notes as
a result of a Change of Control Repurchase Event may be waived or modified with the written consent of the Holders of a majority
in principal amount of the then outstanding Notes.

Section 3.10.    
Reports.

(a)         
So long as any Notes are outstanding, the Company will furnish to the Trustee, within 15 days after the time periods specified
below:

(1)         
within 120 days after the end of each fiscal year, (i) information regarding the Company and its consolidated subsidiaries
with a level and type of detail that is substantially comparable in all material respects to information in the section of the
2019 20-F entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations”; (ii)
pro forma statement of operations and statement of financial position information of the Company, together with explanatory footnotes,
for any material acquisitions, dispositions or

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recapitalizations on a consolidated basis that have
occurred since the beginning of the most recently completed fiscal year as to which such annual report relates (unless such pro
forma information has been provided in a previous report pursuant to clause (2) or (3) below) (provided that such pro forma financial
information will be provided only to the extent available without unreasonable expense); (iii) the audited consolidated statement
of financial position of the Company as at the end of the most recent two fiscal years and audited consolidated statements of operations
and statements of cash flow of the Company for the most recent three fiscal years, including appropriate footnotes to such financial
statements, for and as at the end of such fiscal years and the report of the independent auditors on the financial statements;
(iv) a description of the management and shareholders of the Company, all material affiliate transactions and a description of
all material debt instruments; and (v) a description of material risk factors and material subsequent events; provided that the
information described in clauses (iv) and (v) may be provided in the footnotes to the audited financial statements

(2)         
within 60 days after the end of each of the first three fiscal quarters of each fiscal year, quarterly reports of the Company
containing the following information: (i) the Company’s unaudited condensed consolidated statement of financial position
as at the end of such quarter and unaudited condensed consolidated statements of operations and cash flow for the most recent quarter
and year to date periods ending on the unaudited condensed statements of financial position date and the comparable prior year
periods, together with condensed footnote disclosure; (ii) pro forma statement of operations and statement of financial position
information of the Company, together with explanatory footnotes, for any material acquisitions, dispositions or recapitalizations
on a consolidated basis that have occurred since the beginning of the most recently completed fiscal quarter as to which such quarterly
report relates (provided that such pro forma financial information will be provided only to the extent available without unreasonable
expense); (iii) information regarding the Company and its consolidated subsidiaries with a level and type of detail that is substantially
comparable in all material respects to information in the 2020 Third Quarter 6-K; (iv) a discussion of changes in material debt
instruments since the most recent report; and (v) material subsequent events and any material changes to the risk factors disclosed
in the most recent annual or quarterly report; provided that the information described in clauses (iv) and (v) may be provided
in the footnotes to the audited financial statements; and

(3)         
promptly after the occurrence of a material event that the Company announces publicly or any acquisition, disposition or
restructuring, merger or similar transaction that is material to the Company and the Restricted Subsidiaries, taken as a whole,
or a senior executive officer or director changes at the Company or a change in auditors of the Company, a report containing a
description of such event.

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provided, however, for the avoidance of doubt,
that the Company shall not be required to (i) comply with Regulation G under the Exchange Act or Item 10(e) of Regulation S-K with
respect to any “non-GAAP” financial information contained therein, (ii) provide any information that is not otherwise
similar to information currently included or incorporated by reference in the offering circular or (iii) provide separate financial
statements or other information contemplated by Rule 3-09, Rule 3-10 or Rule 3-16 of Regulation S-X, or, in each case, any successor
provisions or any schedules required by Regulation S-X. In addition, notwithstanding the foregoing, the Company will not be required
to (i) comply with Sections 302, 906 and 404 of the Sarbanes-Oxley Act of 2002, as amended, or (ii) otherwise furnish any information,
certificates or reports required by Items 307, 308 or 402 of Regulation S-K. To the extent any such information is not so filed
or furnished, as applicable, within the time periods specified above and such information is subsequently filed or furnished, as
applicable, the Company will be deemed to have satisfied its obligations with respect thereto at such time and any Default with
respect thereto shall be deemed to have been cured; provided that such cure shall not otherwise affect the rights of the
Holders under ‎Section 6.1 if Holders of at least 30% in principal
amount of the outstanding Notes have declared the principal, premium, if any, interest and any other monetary obligations on all
the outstanding Notes to be due and payable immediately and such declaration shall not have been rescinded or cancelled prior to
such cure. In addition, to the extent not satisfied by the foregoing, the Company will agree that, for so long as any Notes are
outstanding, it will furnish to Holders and to securities analysts and prospective investors, upon their request, the information
required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

(b)         
All financial statement information shall be prepared in accordance with IFRS as in effect on the date of such report or
financial statement (or otherwise on the basis of IFRS as then in effect), except as may otherwise be described in such information;
provided, however, that the reports set forth in clauses (1), (2) and (3) above may, in the event of a change in IFRS, present
earlier periods on a basis that applied to such periods. The reports set forth above will not be required to contain any reconciliation
to U.S. generally accepted accounting principles.

(c)         
Substantially concurrently with the furnishing or making such information available to the Trustee pursuant to ‎Section
3.10(a), the Company shall also use its commercially reasonable efforts to post copies of such information required by ‎Section
3.10(a) on a website (which may be nonpublic, password protected and may be maintained by the Company or a third party) to which
access will be given to Holders, prospective investors in the Notes (which prospective investors shall be limited to “qualified
institutional buyers” within the meaning of Rule 144A of the Securities Act or non-U.S. persons (as defined in Regulation
S under the Securities Act) that certify their status as such to the reasonable satisfaction of the Company), and securities analysts
and market making financial institutions that are reasonably satisfactory to the Company; provided, however, that the Company may
deny access to any competitively sensitive information otherwise to be provided pursuant to this Section 3.10 to any such Holder,
prospective investor, security analyst or market maker that is a competitor (or an Affiliate of a competitor) of the Company and
its Subsidiaries, to the extent that the Company determines in good faith that the provision of such information to such Person
would be

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competitively harmful to the Company and its Subsidiaries.
To the extent the Company determines in good faith that it cannot make such reports available in the manner described in the preceding
sentence after the use of its commercially reasonable efforts, the Company shall furnish such reports to the Holders, upon their
request. The Company may condition the delivery of any such reports to such Holders, prospective investors in the Notes and securities
analysts and market making financial institutions on the agreement of such Persons to (i) treat all such reports (and the information
contained there) and information as confidential, (ii) not use such reports (and the information contained therein) and information
for any purpose other than their investment or potential investment in the Notes and (iii) not publicly disclose any such reports
(and the information contained therein) and information.

(d)         
The Company will also hold quarterly conference calls for the Holders of the Notes, prospective investors in the Notes and
securities analysts and market making financial institutions to discuss financial information for the previous quarter (it being
understood that such quarterly conference call may be the same conference call as with the Company’s (or, as applicable,
any of any Parent Entity’s) equity investors and analysts). The conference call will be following the last day of each fiscal
quarter of the Company and not later than 20 Business Days from the time that the Company distributes the financial information
as set forth in ‎Section 3.10(a). No fewer than two days prior to the conference
call, the Company will issue a press release or otherwise announce the time and date of such conference call and providing instructions
for Holders, prospective investors in the Notes, securities analysts and market making financial institutions to obtain access
to such call.

(e)         
For purposes this Section 3.10, an acquisition or disposition shall be deemed to be material if the entity or business acquired
or disposed of represents greater than 20% of the Company’s (i) Consolidated Net Income or Consolidated EBITDA for the most
recent four quarters for which annual or quarterly financial reports are available or (ii) consolidated assets as of the last
day of the most recent quarter for which annual or quarterly financial reports are available.

(f)         
If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries and such Unrestricted Subsidiaries hold
in the aggregate more than 10.0% of the Total Assets of the Company, then the annual and quarterly financial information required
by clauses (1) and (2) of this Section 3.10(a) will include a reasonably detailed presentation, either on the face of the financial
statements or in the footnotes thereto, and in “Management’s Discussion and Analysis of Financial Condition and Results
of Operations,” of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate
from the financial condition and results of operations of the Unrestricted Subsidiaries of the Company.

(g)         
The Company may satisfy its obligations under ‎Section 3.10 with respect
to financial information relating to the Company by furnishing financial information relating to a Parent Entity; provided that
the same is accompanied by consolidating information that explains in reasonable detail the differences between the information
relating to such Parent Entity (and other direct or indirect Parent Entities included in such

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information, if any), on the one hand, and the information
relating to the Company and its Restricted Subsidiaries on a standalone basis, on the other hand. For the avoidance of doubt, the
consolidating information referred to in the proviso in the preceding sentence need not be audited.

(h)         
Notwithstanding anything to the contrary set forth above, if the Company or any Parent Entity has furnished the Holders
of Notes (with a copy to the Trustee) or filed with the SEC the reports described in the preceding paragraphs with respect to the
Company or any Parent Entity, the Company shall be deemed to be in compliance with this Section 3.10; provided that the Trustee
shall have no obligation to monitor whether any such filings have been made.

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

Section 3.11.    
Maintenance of Office or Agency.

The Company will maintain an office or
agency where the Notes will be payable and where, if applicable, the Notes may be surrendered for registration of transfer or exchange
and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be made. The corporate trust
office of the Trustee, which initially shall be located at Wilmington Trust, National Association, Corporate Capital Markets, 50
South Sixth Street, Suite 1290, Minneapolis, MN 55402-1544, Attention: Atento Administrator, shall be such office or agency of
the Company unless the Company shall designate and maintain some other office or agency for one or more of such purposes. The Company
will give prompt written notice to the Trustee of any change in the location of any such office or agency. 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
and surrenders may be made at the corporate trust office of the Trustee, and the Company hereby appoint the Trustee as its agent
to receive all such presentations and surrenders.

The Company may also from time to time
designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and
may, from time to time, rescind any such designation. The Company will give prompt written notice to the Trustee of any such designation
or rescission and any change in the location of any such other office or agency. The office of the Trustee shall not be an office
or agency of the Company for service of process on the Company or any Guarantor.

Section 3.12.    
Corporate Existence. Except as otherwise provided in this ‎Article
III, ‎Article IV and ‎Section
10.2(b) and subject to the ability of the Company or any of the Restricted Subsidiaries to convert (or similar action) to another
form of legal entity under

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the laws of the jurisdiction under which the Company or such
Subsidiary then exists, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect
their corporate existence, as applicable, and the corporate, partnership, limited liability company or other existence of each
Restricted Subsidiary; provided, however, that the Company shall not be required to preserve the corporate, partnership, limited
liability company or other existence of any Restricted Subsidiary if the respective Board of Directors or, with respect to a Restricted
Subsidiary that is not a Significant Subsidiary (or group of Restricted Subsidiaries that taken together would not be a Significant
Subsidiary), senior management of the Company determine that the preservation thereof is no longer desirable in the conduct of
the business of the Company and each of its Restricted Subsidiaries, taken as a whole, and that the loss thereof is not, and will
not be, disadvantageous in any material respect to the Holders.

Section 3.13.    
Payment of Taxes. The Company shall pay or discharge or cause to be paid or discharged, before the same shall become
delinquent, all material taxes, assessments and governmental charges levied or imposed upon the Company or any Subsidiary; provided,
however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment,
charge or claim the amount, applicability or validity of which is being contested in good faith by appropriate proceedings and
for which appropriate reserves, if necessary (in the good faith judgment of management of the Company), are being maintained in
accordance with IFRS or where the failure to effect such payment will not be disadvantageous to the Holders.

Section 3.14.    
[Reserved].

Section 3.15.    
Compliance Certificate. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year
of the Company an Officer’s Certificate, the signers of which shall be the Chief Executive Officer, Chief Financial Officer
or the Treasurer of the Company, stating that in the course of the performance by the signer of his or her duties as an Officer
of the Company he or she would normally have knowledge of any Default or Event of Default and whether or not the signer knows of
any Default or Event of Default that occurred during the previous fiscal year; provided that no such Officer’s Certificate
shall be required for any fiscal year ended prior to the Issue Date. If such Officer does have such knowledge, the certificate
shall describe the Default or Event of Default, its status and the action the Company is taking or proposes to take with respect
thereto.

Section 3.16.    
Further Instruments and Acts. Upon request of the Trustee or as necessary to comply with future developments or requirements,
the Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper
to carry out more effectively the purpose of this Indenture.

Section 3.17.    
[Reserved].

Section 3.18.    
Statement by Officers as to Default. The Company shall deliver to the Trustee, as soon as possible and in any event
within 30 days after the Company

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becomes aware of the occurrence of any Default or Event of
Default, an Officer’s Certificate setting forth the details of such Event of Default or Default, its status and the actions
which the Company is taking or propose to take with respect thereto.

Section 3.19.    
Suspension of Certain Covenants.

(a)         
Following the first day: (1) the Notes have achieved Investment Grade Status; and (2) no Default or Event of Default has
occurred and is continuing under this Indenture, then, beginning on that day and continuing until the Reversion Date (as defined
below), the Company and the Restricted Subsidiaries will not be subject to Sections ‎3.2,
‎3.3, ‎3.4, ‎3.5,
‎3.7, ‎3.8 and ‎4.1(a)(3)(collectively,
the “Suspended Covenants”).

(b)         
In addition, any future obligation to grant further Note Guarantees shall be released. All such further obligation to grant
Note Guarantees shall be reinstated upon the Reversion Date. If at any time the Notes cease to have such Investment Grade Status,
then the Suspended Covenants will thereafter be reinstated as if such covenants had never been suspended (the “Reversion
Date”) and be applicable pursuant to the terms of this Indenture (including in connection with performing any calculation
or assessment to determine compliance with the terms of this Indenture), unless and until the Notes subsequently attain Investment
Grade Status (in which event the Suspended Covenants shall no longer be in effect for such time that the Notes maintain an Investment
Grade Status); provided, however, that no Event of Default or breach of any kind shall be deemed to exist under this Indenture,
the Notes or the Note Guarantees with respect to the Suspended Covenants based on, and none of the Company or any of its Subsidiaries
shall bear any liability for, any actions taken or events occurring during the Suspension Period, or any actions taken at any time
pursuant to any contractual obligation arising prior to the Reversion Date, regardless of whether such actions or events would
have been permitted if the applicable Suspended Covenants remained in effect during such period. The period of time between the
date of suspension of the covenants and the Reversion Date is referred to as the “Suspension Period.”

(c)         
On the Reversion Date, all Indebtedness Incurred during the Suspension Period will be deemed to have been outstanding on
the Issue Date, so that it is classified as permitted under ‎Section 3.2(b)(4)(b).
On and after the Reversion Date, all Liens created during the Suspension Period will be considered Permitted Liens. Calculations
made after the Reversion Date of the amount available to be made as Restricted Payments under ‎Section
3.3 will be made as though ‎Section 3.3 had been in effect since the Issue Date
and prior to, but not during the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will not
reduce the amount available to be made as Restricted Payments under ‎Section
3.3(a). On and after each Reversion Date, the Company and its Subsidiaries will be permitted to consummate the transactions contemplated
by any contract entered into during the Suspension Period, so long as such contract and such consummation would have been permitted
during such Suspension Period.

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(d)         
 The Trustee shall have no duty to monitor the ratings of the Notes, shall not be deemed to have any knowledge of the ratings
of the Notes and shall have no duty to notify Holders if the Notes achieve Investment Grade Status.

Section 3.20.    
Designation of Restricted and Unrestricted Subsidiaries.

(a)         
The Company may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not cause
an Event of Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate fair market value of
all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted
Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted
Payments pursuant to ‎Section 3.3 or under one or more clauses of the definition
of Permitted Investments, as determined by the Company. That designation will only be permitted if the Investment would be permitted
at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Company may redesignate
any Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation would not cause a Default.

(b)         
Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing
with the Trustee an Officer’s Certificate certifying that such designation complies with the preceding conditions and was
permitted by ‎Section 3.3. If, at any time, any Unrestricted Subsidiary would
fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary
for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary
as of such date and, if such Indebtedness is not permitted to be Incurred as of such date under ‎Section
3.2, the Company will be in default under ‎Section 3.2.

(c)         
The Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such
designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of any outstanding Indebtedness of such
Unrestricted Subsidiary, and such designation will only be permitted if (1) such Indebtedness is permitted under ‎Section
3.2 (including pursuant to clause (b)(5) thereof treating such redesignation as an acquisition for the purposes of such clause),
calculated on a pro forma basis as if such designation had occurred at the beginning of the applicable reference period; and (2)
no Default or Event of Default would be in existence following such designation. Any such designation by the Company shall be evidenced
to the Trustee by filing with the Trustee an Officer’s Certificate certifying that such designation complies with the preceding
conditions.

Section 3.21.    
[Reserved].

Section 3.22.    
After-Acquired Property. From and after the Issue Date, upon the acquisition by the Company or any Guarantor of any
After-Acquired Property, the Company or such Guarantor shall execute and deliver such security instruments, financing statements
and certificates, accompanied by Opinions of Counsel, as shall be

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necessary to vest in the Security Agent a perfected security
interest, subject only to Permitted Liens, in such After-Acquired Property and to have such After-Acquired Property (but subject
to certain limitations, if applicable, including under ‎Article XII) added to
the Collateral, and thereupon all provisions of this Indenture relating to the Collateral shall be deemed to relate to such After-Acquired
Property to the same extent and with the same force and effect; provided, however, that if granting such first priority security
interest in such After-Acquired Property requires the consent of a third party, the Company shall use commercially reasonable efforts
to obtain such consent with respect to the first priority interest for the benefit of the Trustee and the Security Agent on behalf
of the Holders of the Notes; provided further, however, that if such third party does not consent to the granting of such first
priority security interest after the use of such commercially reasonable efforts, the Company or such Guarantor, as the case may
be, shall not be required to provide such security interest.

Section 3.23.    
Additional Amounts.

(a)         
All payments that the Company makes under or with respect to the Notes, and that any Guarantor makes under or with respect
to any Note Guarantee, will be made free and clear of and without withholding or deduction for, or on account of, any present or
future tax, duty, levy, assessment or other governmental charge, including any related interest, penalties or additions to tax
(“Taxes”), unless such withholding or deduction of such Taxes is then required by law. If any such deduction
or withholding for, or on account of, any Taxes imposed or levied by or on behalf of (1) any jurisdiction in which either the Company
or any Guarantor is incorporated or organized, engaged in business for tax purposes or resident for tax purposes, or any political
subdivision thereof or therein or (2) any jurisdiction from or through which payment is made by or on behalf of the Company or
any such Guarantor, or any political subdivision thereof or therein (each, a “Relevant Tax Jurisdiction”) will
at any time be required to be made in respect of any payments made by the Company or any such Guarantor under or with respect to
the Notes or any Guarantee, including payments of principal, redemption price, interest or premium, the Company or any such Guarantor,
as applicable, will pay such additional amounts (the “Additional Amounts”) as may be necessary in order that
the net amounts received by each Holder in respect of such payments after such withholding or deduction by the applicable withholding
agent (including any such withholding or deduction from such Additional Amounts) will equal the respective amounts that would have
been received by each Holder in respect of such payments in the absence of such withholding or deduction; provided, however, that
no Additional Amounts will be payable with respect to:

(1)         
any Taxes, to the extent such Taxes would not have been imposed but for the existence of any actual or deemed present or
former connection between the Holder or the beneficial owner of the Notes and the Relevant Tax Jurisdiction (including being a
resident of such jurisdiction for Tax purposes), other than any connection arising solely from the ownership or disposition of
such Note, the enforcement of such Note or any Note Guarantee or the receipt of any payments under or with respect to such Note
or a Note Guarantee;

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(2)         
 any Tax imposed on or with respect to any payment by the Company or a Guarantor to the Holder if such Holder is a fiduciary
or partnership or person other than the sole beneficial owner of such payment to the extent that Taxes would not have been imposed
on such payment had the beneficiary, partner or other beneficial owner directly held the Note; provided that there is no
material cost or commercial or legal restriction to transferring the notes to the beneficiary, partner or other beneficial owner;

(3)         
any Taxes to the extent such Taxes were imposed as a result of the presentation (where presentation is required in order
to receive payment) of a Note for payment more than 30 days after the relevant payment is first made available for payment to the
Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the
last day of such 30 day period);

(4)         
any estate, inheritance, gift, sales, transfer, personal property or similar Taxes;

(5)         
any Taxes imposed by the United States, any state thereof or the District of Columbia, or any subdivision thereof, including
U.S. federal withholding taxes and any Taxes under FATCA;

(6)         
any Taxes payable other than by deduction or withholding from payments under or with respect to a Note or any Note Guarantee
of such Note;

(7)         
any Taxes to the extent such Taxes are imposed or withheld by reason of the failure of the Holder or beneficial owner of
Notes to comply with any timely reasonable written request of the Company or the Guarantors, as applicable, addressed to the Holder
or beneficial owner to satisfy any certification, identification, information or other reporting requirements, whether required
by statute, treaty, regulation or administrative practice of a Relevant Tax Jurisdiction, as a precondition to exemption from,
or reduction in the rate of deduction or withholding of, Taxes imposed by the Relevant Tax Jurisdiction (including, without limitation,
a certification that the Holder or beneficial owner is not resident in the Relevant Tax Jurisdiction), but, in each case, only
to the extent the Holder or beneficial owner is legally eligible to provide such certification or documentation;

(8)         
any tax imposed by virtue of the so-called Luxembourg Relibi Law dated December 23, 2005 as amended; or

(9)         
any combination of items (1) through (8) above.

(b)         
In addition to the foregoing, each of the Company and the Guarantors will also pay the Holder for any present or future
stamp, issue, registration, court or documentary Taxes, or any other excise or property Taxes, duties or similar levies (including
related penalties, interest and additions to Tax with respect thereto), except for any Luxembourg registration duties (droits
d’enregistrement) payable due to registration

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of the Indenture, the Notes, any Note Guarantee or any other
such document or instrument when such registration is or was not required to maintain or preserve the rights of any Holder under
such document, which are levied by any Relevant Tax Jurisdiction (for the avoidance of doubt, excluding the United States, any
state thereof or the District of Columbia or any political subdivision thereof or therein) on the execution, delivery, issuance,
or registration of this Indenture, the Notes, any Note Guarantee or any other document or instrument referred to therein, or the
receipt of any payments under or with respect to, or enforcement of, this Indenture, the Notes, any Note Guarantee or any other
such document or instrument. Neither the Company nor a Guarantor will, however, pay any such amounts that are imposed on or result
from a sale or other transfer or disposition of a note by a Holder or a beneficial owner and that would not have been imposed or
resulted but for the existence of any actual or deemed present or former connection between such Holder or beneficial owner of
the Note and the Relevant Tax Jurisdiction, other than any connection arising solely from the ownership or disposition of such
Note, the enforcement of such Note or any Note Guarantee or the receipt of any payments under or with respect to such Note or a
Note Guarantee and limited, solely to the extent of such taxes and similar charges or levies that arise from the receipt of any
payments of principal or interest on the Notes, to any such taxes or similar charges or levies that are not excluded under clauses
(1) through (9) above.

(c)         
If the Company or any Guarantor becomes aware that it will be obligated to pay Additional Amounts with respect to any payment
under or with respect to the Notes or any Note Guarantee, the Company or such Guarantor, as applicable, will deliver to the Trustee
on a date that is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises less
than 30 days prior to that payment date, in which case the Company or the Guarantors, as applicable, shall deliver to the Trustee
promptly thereafter) an Officer’s Certificate stating the fact that Additional Amounts will be payable and the amount estimated
to be so payable. The Officer’s Certificate must also set forth any other information reasonably necessary to enable the
Paying Agent to pay such Additional Amounts to Holders on the relevant payment date. The Trustee shall be entitled to rely solely
on such Officer’s Certificate as conclusive proof that such payments are necessary.

(d)         
The Company or the Guarantor, as applicable, will make all withholdings and deductions required by law to be withheld or
deducted by it and will remit the full amount deducted or withheld to the relevant Tax authority in accordance with applicable
law. The Company or the Guarantor, as applicable, will use its reasonable efforts to obtain Tax receipts from each relevant Tax
authority evidencing the payment of any Taxes so deducted or withheld. The Company or the Guarantor, as applicable, will furnish
to the Trustee (or to a Holder or beneficial owner upon written request), within a reasonable time after the date the payment of
any Taxes so deducted or withheld is made, certified copies of Tax receipts evidencing payment by or Company or the Guarantor,
as applicable, or if, notwithstanding such entity’s efforts to obtain receipts, receipts are not obtained, other evidence
of payments by such entity.

(e)         
Whenever in this Indenture there is referred to, in any context, the payment of principal, interest, premium, redemption
price or other amounts with respect to any

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Note, such reference shall be deemed to include the payment
of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.

(f)         
The above obligations will survive any termination, defeasance or discharge of this Indenture, any transfer by a Holder
or beneficial owner of its Notes, and will apply, mutatis mutandis, to any successor Persons to the Company or the Guarantors,
as applicable, and to any jurisdiction in which any successor Person to the Company or the Guarantors, as applicable, is incorporated
or organized, engaged in business for tax purposes or resident for tax purposes or any jurisdiction from or through which payment
is made by or on behalf of such Person on any Note, Note Guarantee, and any political subdivision thereof or therein.

Section 3.24.    
Post-Closing Guarantors. The Company shall cause each Post-Closing Guarantor to provide a Note Guarantee within 45
Business Days following the Issue Date, it being understood that in the event that the Company shall fail to cause any Post-Closing
Guarantor to provide any Guarantee within 45 Business Days following the Issue Date and such failure to cause is due solely to
governmental restrictions imposed as a consequence of the COVID-19 pandemic, such 45 Business Day period shall be extended such
that it ends 30 days after the first Business Day after the cessation of the governmental restrictions imposed as a consequence
of the COVID-19 pandemic.

Section 3.25.    
Impairment of Security Interest.

(a)         
The Company shall not, and shall not permit any Restricted Subsidiary to, take or omit to take any action that would have
the result of materially impairing the security interest with respect to the Collateral (it being understood that the Incurrence
of Permitted Liens shall under no circumstances be deemed to materially impair the security interest with respect to the Collateral)
for the benefit of the Security Agent, the Trustee and the Holders, and the Company shall not, and shall not permit any Restricted
Subsidiary to, grant to any Person other than the Security Agent, for the benefit of the Trustee and the Holders and the other
beneficiaries described in the Collateral Documents, any Lien over any of the Collateral that is prohibited by Section 3.6; provided
that the Company and its Restricted Subsidiaries may Incur Permitted Liens and the Collateral may be discharged, transferred or
released in accordance with the Indenture, the Intercreditor Agreement, any Additional Intercreditor Agreement or the applicable
Collateral Documents.

(b)         
Notwithstanding Section 3.25(a), nothing in this Section 3.25 shall restrict the discharge and release of any Liens in accordance
with this Indenture, the Intercreditor Agreement and any Additional Intercreditor Agreement. Subject to the foregoing, the Collateral
Documents may be amended, extended, renewed, restated, supplemented or otherwise modified or released (followed by an immediate
retaking of a Lien of at least equivalent ranking over the same assets (or, in the case of a Permitted Redomiciliation, substantively
equivalent assets)) to (i) cure any ambiguity, omission, defect or inconsistency therein; (ii) provide for Permitted Liens; (iii)
add to the Collateral; (iv) undertake a Permitted Redomiciliation; or (v) make any other change thereto that does

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not adversely affect the Holders in any material respect.
Subject to the foregoing, except where contemplated or otherwise permitted by this Indenture, the Intercreditor Agreement or any
Additional Intercreditor Agreement, no Collateral Document may be amended, extended, renewed, restated or otherwise modified or
released (followed by an immediate retaking of a Lien of at least equivalent ranking over the same assets), unless contemporaneously
with such amendment, extension, renewal, restatement or modification or release (followed by an immediate retaking of a Lien of
at least equivalent ranking over the same assets), the Company delivers to the Security Agent and the Trustee, either (1) a solvency
opinion, in form and substance reasonably satisfactory to the Security Agent and the Trustee, from an independent financial advisor
or appraiser or investment bank of international standing which confirms the solvency of the Company and its Subsidiaries, taken
as a whole, after giving effect to any transactions related to such amendment, extension, renewal, restatement, supplement, modification
or release (followed by an immediate retaking of a Lien of at least equivalent ranking over the same assets), (2) a certificate
from the chief financial officer or the Board of Directors of the relevant Person which confirms the solvency of the person granting
Liens after giving effect to any transactions related to such amendment, extension, renewal, restatement, supplement, modification
or replacement, or (3) an opinion of counsel (subject to any qualifications customary for this type of opinion of counsel), in
form and substance reasonably satisfactory to the Security Agent and the Trustee, confirming that, after giving effect to any transactions
related to such amendment, extension, renewal, restatement, supplement, modification or release (followed by an immediate retaking
of a lien of at least equivalent ranking over the same assets), the Lien or Liens created under the Collateral Document, so amended,
extended, renewed, restated, supplemented, modified or released and replaced are valid and perfected Liens not otherwise subject
to any limitation, imperfection or new hardening period, in equity or at law, that such Lien or Liens were not otherwise subject
to immediately prior to such amendment, extension, renewal, restatement, supplement, modification or replacement and to which the
new Indebtedness secured by the Permitted Lien is not subject. In the event that the Company and its Restricted Subsidiaries comply
with the requirements of this Section 3.25, the Trustee and the Security Agent shall (subject to customary protections and indemnifications)
consent to such amendments without the need for instructions from the Holders; provided that the Company or a Restricted Subsidiary
may only direct the Trustee and the Security Agent to enter into any amendment to the extent such amendment does not impose any
personal obligations or liabilities on the Trustee or Security Agent or, in the opinion of the Trustee or Security Agent, adversely
affect their respective rights, duties, liabilities, indemnities or immunities under this Indenture or the Intercreditor Agreement
or any Additional Intercreditor Agreement.

Section 3.26.    
Amendments to the Intercreditor Agreement and Additional Intercreditor Agreements.

(a)         
In connection with the Incurrence of any Indebtedness by the Company or any of its Restricted Subsidiaries that is permitted
to share the Collateral, the Trustee and the Security Agent shall, at the request of the Company, enter into with the Company,
the relevant Restricted Subsidiaries and the holders of such Indebtedness (or their duly authorized representatives) one or more
intercreditor agreements or deeds (including a

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restatement, replacement, amendment or other modification
of the Intercreditor Agreement) (an “Additional Intercreditor Agreement”), on substantially the same terms as
the Intercreditor Agreement (or terms that are not materially less favorable to the Holders) and substantially similar as applies
to sharing of the proceeds of security and enforcement of security, priority and release of security; provided that such Additional
Intercreditor Agreement will not impose any personal obligations on the Trustee or Security Agent or, in the opinion of the Trustee
or Security Agent, adversely affect the personal rights, duties, liabilities, indemnification or immunities of the Trustee or the
Security Agent under this Indenture or the Intercreditor Agreement. In connection with the foregoing, the Company shall furnish
to the Trustee and the Security Agent such documentation in relation thereto as it may reasonably require. A reference to the Intercreditor
Agreement in this Indenture will also include any Additional Intercreditor Agreement.

(b)         
In relation to the Intercreditor Agreement, the Trustee shall consent on behalf of the holders of the Notes to the payment,
repayment, purchase, repurchase, defeasance, acquisition, retirement or redemption of any obligations subordinated to the Notes
thereby; provided that such transaction would comply with Section 3.3.

(c)         
At the written direction of the Company and without the consent of Holders, the Trustee and the Security Agent shall from
time to time enter into one or more amendments to the Intercreditor Agreement or any Additional Intercreditor Agreement to: (1)
cure any ambiguity, omission, defect or inconsistency of any such agreement, (2) increase the amount or types of Indebtedness (including
subordinated Indebtedness) covered by the Intercreditor Agreement or any Additional Intercreditor Agreement that may be Incurred
by the Company or its Restricted Subsidiaries that is subject to the Intercreditor Agreement or any Additional Intercreditor Agreement
(provided that such Indebtedness is Incurred in compliance with this Indenture), (3) add Guarantors or other Restricted Subsidiaries
to the Intercreditor Agreement or any Additional Intercreditor Agreement, (4) further secure the Notes (including Additional Notes),
(5) make provision for equal and ratable pledges of the Collateral to secure Additional Notes (provided that such Additional Notes
are permitted to be secured by the Collateral under this Indenture) or to implement any Permitted Liens, (6) implement changes
incidental or consequential to or to facilitate a Permitted Redomiciliation or (7) make any other change to any such agreement
that does not adversely affect the Holders of Notes in any material respect. The Company shall not otherwise direct the Trustee
or Security Agent to enter into any amendment to the Intercreditor Agreement or any Additional Intercreditor Agreement without
the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding, except as otherwise permitted
below under Article IX or as permitted by the terms of such Intercreditor Agreement or any Additional Intercreditor Agreement,
and the Company may only direct the Trustee or Security Agent to enter into any amendment to the extent such amendment does not
impose any personal obligations on the Trustee or Security Agent or, in the opinion of the Trustee or Security Agent, adversely
affect their respective rights, duties, liabilities or immunities under this Indenture or the Intercreditor Agreement or any Additional
Intercreditor Agreement. Each Holder, by accepting a Note, shall be deemed to have agreed to and accepted and to have authorized
the Trustee and the Security Agent to enter into any amendment

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referenced in this Section 3.26(c) and any Additional Intercreditor
Agreement on each Holder’s behalf.

Article
IV

Successor Company; Successor Person

Section 4.1.        
Merger and Consolidation.

(a)         
The Company will not consolidate with or merge with or into, or convey, transfer or lease all or substantially all its assets,
in one transaction or a series of related transactions, to any Person, unless:

(1)         
the resulting, surviving or transferee Person (the “Successor Company”) will be a Person organized and
existing under the laws of any member state of the European Union, the United Kingdom, the United States of America, any State
of the United States or the District of Columbia, Canada or any province of Canada, Brazil, Norway or Switzerland and the Successor
Company (if not the Company) will expressly assume, by supplemental indenture and any necessary supplements or joinders to the
Collateral Documents, executed and delivered to the Trustee and Security Agent, all the obligations of the Company under the Notes,
this Indenture and the Collateral Documents, and if such Successor Company is not a corporation, a co-obligor of the Notes is a
corporation organized or existing under such laws;

(2)         
immediately after giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the applicable
Successor Company or any Subsidiary of the applicable Successor Company as a result of such transaction as having been Incurred
by the applicable Successor Company or such Subsidiary at the time of such transaction), no Event of Default shall have occurred
and be continuing;

(3)         
immediately after giving effect to such transaction, either (i) the applicable Successor Company would be able to Incur
at least an additional $1.00 of Indebtedness pursuant to ‎Section 3.2(a),
or (ii) (a) the Fixed Charge Coverage Ratio of the Company and its Restricted Subsidiaries would not be lower than it was immediately
prior to giving effect to such transaction and (b) the Consolidated Net Leverage Ratio of the Company and its Restricted Subsidiaries
would not be higher than it was immediately prior to giving effect to such transaction; and

(4)         
the Company shall have delivered to the Trustee and the Security Agent an Officer’s Certificate and an Opinion of
Counsel, each to the effect that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this
Indenture and an Opinion of Counsel to the effect that such supplemental indenture (if any) is a legal and binding agreement enforceable
against the Successor Company; provided that in giving an Opinion of Counsel,

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counsel may rely on an Officer’s Certificate
as to any matters of fact, including as to satisfaction of Sections ‎4.1(a)(2)
and.‎4.1(a)(3).

(b)         
The Successor Company will succeed to, and be substituted for, and may exercise every right and power of, the Company under
the Notes, this Indenture and the Collateral Documents.

(c)         
Notwithstanding Sections ‎4.1(a)(2), 4.1(a)(3) and ‎4.1(a)(4)
(which do not apply to transactions referred to in this sentence), (i) the Company may consolidate or otherwise combine with, merger
into or transfer all or part of its properties and assets to a Guarantor, (ii) any Restricted Subsidiary may consolidate or otherwise
combine with, merge into or transfer all or part of its properties and assets to the Company or a Guarantor, (iii) any Restricted
Subsidiary may consolidate or otherwise combine with, merge into or transfer all or part of its properties and assets to any other
Restricted Subsidiary and (iv) the Company and its Restricted Subsidiaries may complete any Permitted Tax Restructuring. Notwithstanding
Sections ‎4.1(a)(2) and.‎4.1(a)(3)
(which do not apply to the transactions referred to in this sentence), the Company may undertake a Permitted Redomiciliation.

(d)         
The foregoing provisions (other than the requirements of ‎Section 4.1(a)(2))
shall not apply to the creation of a new Subsidiary as a Restricted Subsidiary.

(e)         
No Guarantor may

(1)         
consolidate with or merge with or into any Person, or

(2)         
sell, convey, transfer or dispose of, all or substantially all its assets, in one transaction or a series of related transactions,
to any Person, or

(3)         
permit any Person to merge with or into such Guarantor, unless

(i)         
(A) the other Person is the Company or any Restricted Subsidiary that is Guarantor or becomes a Guarantor concurrently with
the transaction; or

(B)         
either (x) the Company or a Guarantor is the continuing Person or (y) the resulting, surviving or transferee Person expressly
assumes by supplemental indenture and any necessary supplements or joinders to the Collateral Documents all of the obligations
of the Guarantor under its Note Guarantee, this Indenture and the Collateral Documents; and

(C)         
immediately after giving effect to the transaction, no Event of Default has occurred and is continuing; or

(ii)         
the transaction constitutes a sale or other disposition (including by way of consolidation or merger) of the Guarantor or
the

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sale or disposition of all or substantially all the
assets of the Guarantor (in each case, other than to the Company or a Restricted Subsidiary) otherwise permitted by this Indenture.

Article
V

Redemption of Notes

Section 5.1.        
Notices to Trustee.

If the Company elect to redeem Notes
pursuant to the optional redemption provisions of ‎Section
5.7 hereof, it must furnish to the Trustee, at least 15 days but not more than 60 days before a Redemption Date, an Officer’s
Certificate setting forth:

(1)         
the clause of this Indenture pursuant to which the redemption shall occur;

(2)         
the Redemption Date;

(3)         
the principal amount of Notes to be redeemed; and

(4)         
the redemption price.

The Company may cancel any optional redemption
referenced in such Officer’s Certificate at any time prior to notice of redemption being sent to any Holder and thereafter
shall be null and void.

Section 5.2.        
Selection of Notes to Be Redeemed or Purchased.

If less than all of the Notes are to
be redeemed or purchased in an Asset Disposition Offer pursuant to ‎Section
3.5 at any time, the Trustee will select the Notes for redemption or purchase in compliance with the requirements of the principal
securities exchange, if any, on which such Notes are listed, as certified to the Trustee by the Company, and in compliance with
the applicable requirements of DTC in the case of Global Notes, or if such Notes are not so listed or such exchange prescribes
no method of selection and such Notes are not held through DTC or DTC prescribes no method of selection, on a pro rata basis, subject
to adjustments so that no Note in an unauthorized denomination remains outstanding after such redemption; provided, however,
that no Note of $2,000 in aggregate principal amount or less shall be redeemed in part.

Section 5.3.        
Notice to Redemption.

(a)         
At least 15 days but not more than 60 days before a Redemption Date, the Company will send or cause to be sent (by first-class
mail or electronically), a notice of redemption to each Holder whose Notes are to be redeemed at the address of such Holder appearing
in the Notes Register or otherwise in accordance with the procedures of DTC, except that redemption notices may be delivered more
than 60 days prior to a Redemption Date if the notice is issued in connection with a legal or covenant defeasance

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of the Notes or a satisfaction and discharge of this Indenture
pursuant to Articles ‎VIII or ‎XI
hereof.

The notice will identify the Notes (including
the CUSIP or ISIN number) to be redeemed and will state:

(1)         
the Redemption Date;

(2)         
the redemption price;

(3)         
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 upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued
upon cancellation of the original Note;

(4)         
the name and address of the Paying Agent;

(5)         
that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

(6)         
that, unless the Company default in making such redemption payment, interest, if any, on Notes called for redemption ceases
to accrue on and after the Redemption Date;

(7)         
the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being
redeemed;

(8)         
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; and

(9)         
any conditions to redemption.

(b)         
If any Note is to be redeemed in part only, the notice of redemption that relates to that Note shall state the portion of
the principal amount thereof to be redeemed, in which case a portion of the original Note will be issued in the name of the Holder
thereof upon cancellation of the original Note. In the case of a Global Note, an appropriate notation will be made on such Note
to decrease the principal amount thereof to an amount equal to the unredeemed portion thereof. Subject to the terms of the applicable
redemption notice (including any conditions contained therein), Notes called for redemption become due on the date fixed for redemption.
On and after the Redemption Date, unless the Company defaults in the payment of the redemption price, interest ceases to accrue
on Notes or portions of them called for redemption.

(c)         
At the Company’s request, the Trustee will give the notice of redemption in the Company’s names and at their
expense; provided, however, that the Company has delivered to the Trustee at least five (5) Business Days prior to
the date that such notice of redemption is to be delivered to Holders (or such shorter period as the Trustee may

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agree), an Officer’s Certificate requesting that the
Trustee give such notice and setting forth the information to be stated in such notice as provided in ‎Section
5.3(a) in the form of such notice.

Section 5.4.        
Effect of Notice of Redemption. Notice of any redemption of the Notes may, at the Company’s discretion, be
given prior to the completion of a transaction (including an Equity Offering (in the case of redemption pursuant to ‎Section
5.7(b) hereof), an incurrence of Indebtedness, a Change of Control (in the case of purchase pursuant to ‎Section
3.9 hereof) or other transaction) and any redemption notice may, at the Company’s discretion, be subject to one or more conditions
precedent, including, but not limited to, completion of a related transaction. If such redemption or purchase is so subject to
satisfaction of one or more conditions precedent, such notice shall describe each such condition, and if applicable, shall state
that, in the Company’s discretion, the Redemption Date may be delayed until such time as any or all such conditions shall
be satisfied, or such redemption or purchase may not occur and such notice may be rescinded in the event that any or all such conditions
shall not have been satisfied by the Redemption Date, or by the Redemption Date as so delayed. In addition, the Company may provide
in such notice that payment of the redemption price and performance of the Company’s obligations with respect to such redemption
may be performed by another Person.

Section 5.5.        
Deposit of Redemption or Purchase Price. Prior to 10:00 a.m. Eastern Time on the redemption or purchase date, the
Company will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price of and
accrued interest, if any, on, all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly
return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary
to pay the redemption or purchase price of, and accrued interest, if any, on, all Notes to be redeemed or purchased.

If the Company complies with the provisions
of the preceding paragraph, on and after the redemption or purchase date, interest, if any, will cease to accrue on the Notes or
the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date
but on or prior to the related interest payment date, then any accrued and unpaid interest up to the Redemption Date shall be paid
on the Redemption Date to the Person in whose name such Note was registered at the close of business on such record date. If any
Note called for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure of the Company
to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until
such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case, at the rate provided
in the Notes and in ‎Section 3.1 hereof.

Section 5.6.        
Notes Redeemed or Purchased in Part. Upon surrender of a Note that is redeemed or purchased in part, the Company
will issue and, upon receipt of a Company Order, the Trustee will authenticate for the Holder at the expense of the Company a new
Note equal in principal amount to the unredeemed or unpurchased

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portion of the Note surrendered; provided, that each
such new Note will be in a principal amount of $2,000 or integral multiple of $1,000 in excess thereof.

Section 5.7.        
Optional Redemption.

(a)         
At any time prior to February 10, 2024, the Company may redeem the Notes in whole or in part, at its option, upon not less
than 15 nor more than 60 days’ prior notice , with a copy to the Trustee, to each Holder of the Notes to the address of such
Holder appearing in the Notes Register, at a redemption price (expressed as percentages of principal amount of the Notes to be
redeemed) equal to 100% of the principal amount of such Notes redeemed plus the Applicable Premium as of, and accrued and unpaid
interest, if any, to but excluding the Redemption Date, subject to the rights of Holders of the Notes on the relevant record date
to receive interest due on the relevant interest payment date.

(b)         
At any time and from time to time prior to February 10, 2024, the Company may redeem Notes with the Net Cash Proceeds received
by the Company from any Equity Offering at a redemption price equal to 108.000% plus accrued and unpaid interest, if any, to, but
excluding, the Redemption Date, in an aggregate principal amount for all such redemptions not to exceed 40% of the original aggregate
principal amount of the Notes (including Additional Notes); provided that (1) in each case the redemption takes place not
later than 180 days after the closing of the related Equity Offering, and (2) not less than 50% of the original aggregate principal
amount of the Notes issued under this Indenture remains outstanding immediately thereafter, excluding Notes held by the Company
or any of the Restricted Subsidiaries, unless all such Notes are redeemed substantially concurrently. The Trustee shall select
the Notes to be purchased in the manner described under Section 5.2.

(c)         
Except pursuant to clauses (a) and (b) of this ‎Section 5.7 or as otherwise
set forth below, the Notes will not be redeemable at the Company’s option prior to February 10, 2024. The Company will not,
however, be prohibited from acquiring the Notes by means other than a redemption, whether pursuant to a tender offer, open market
purchase or otherwise, so long as the acquisition does not violate the terms of this Indenture.

(d)         
At any time and from time to time on or after February 10, 2024, the Company may redeem the Notes in whole or in part, upon
not less than 15 nor more than 60 days’ notice, with a copy to the Trustee, to each Holder of the Notes to the address of
such Holder appearing in the Notes Register at a redemption price equal to the percentage of principal amount set forth below plus
accrued and unpaid interest, if any, on the Notes redeemed, to, but excluding, the applicable Redemption Date, if redeemed during
the twelve-month period beginning on February 10 of the year indicated below:

	
        Year
	
        Percentage

	2024	104.000%
	2025 and thereafter	102.000%

 

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(e)         
 If the optional Redemption Date is on or after a record date and on or before the corresponding interest payment date,
the accrued and unpaid interest up to, but excluding, the Redemption Date will be paid on the Redemption Date to the Holder in
whose name the Note is registered at the close of business on such record date in accordance with the applicable procedures of
DTC, and no additional interest will be payable to Holders whose Notes will be subject to redemption by the Company.

(f)         
Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions
thereof called for redemption on the applicable Redemption Date.

(g)         
The Company may, at its option, redeem the Notes, in whole but not in part, at any time upon not less than 15 days’
nor more than 60 days’ written notice to the Holders of the Notes and the Trustee (which notice shall be given in accordance
with the provisions of Sections ‎5.1 through ‎5.6),
at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the date fixed
for redemption (a “Tax Redemption Date”), premium, if any, and all Additional Amounts, if any, then due and
which will become due on the Tax Redemption Date as a result of the redemption or otherwise, if the Company determines that the
Company or any Guarantor (including, in each case, a successor entity) is, or on the next date on which any amount would be payable
in respect of the Notes, would be obligated to pay Additional Amounts in respect of the Notes pursuant to the terms and conditions
thereof, which the Company or Guarantor or successor entity (as the case may be) cannot avoid by the use of reasonable measures
available to it (including, without limitation, making payment through a payment agent located in another jurisdiction), as a result
of:

(1)         
any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of any Relevant Tax Jurisdiction
affecting taxation which becomes effective on or after the Issue Date or, in the case of a Relevant Tax Jurisdiction that did not
become a Relevant Tax Jurisdiction until after the Issue Date, the date on which such Relevant Tax Jurisdiction became a Relevant
Tax Jurisdiction under this Indenture; or

(2)         
any change in, or amendment to, the official written application, administration, or interpretation of the laws, regulations
or rulings of any Relevant Tax Jurisdiction (including by virtue of a holding, judgment, or order by a court of competent jurisdiction
or change in published practice or revenue guidance), on or after the Issue Date or, in the case of a Relevant Tax Jurisdiction
that did not become a Relevant Tax Jurisdiction until after the Issue Date, the date on which such Relevant Tax Jurisdiction became
a Relevant Tax Jurisdiction under this Indenture (each of the foregoing clauses (1) and (2), a “Change in Tax Law”).

Prior to the sending of any notice of
redemption pursuant to this ‎Section 5.7(g), the Company will deliver to the
Trustee:

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(1)         
 an Officer’s Certificate stating that the Company is entitled to effect such redemption and setting forth a statement
of facts showing that the conditions precedent to the right of the Company to so redeem have occurred (including that such obligation
to pay such Additional Amounts cannot be avoided by the Company taking reasonable measures available to it); and

(2)         
a written opinion of independent legal counsel of recognized standing qualified under the laws of the Relevant Tax Jurisdiction
to the effect that the Company is or would be obligated to pay such Additional Amounts as a result of a Change in Tax Law.

The Trustee will accept, and shall be
entitled to rely on, such Officer’s Certificate and opinion as sufficient evidence of the satisfaction of the conditions
precedent described above, without further inquiry, in which event it will be conclusive and binding on the Holders.

Notwithstanding the foregoing, the Company
may not redeem the Notes under this ‎Section 5.7(g) if the Change in Tax Law
obliging the Company to pay Additional Amounts was (i) officially announced by the Relevant Tax Jurisdiction’s tax authority
or a court or (ii) validly enacted into law by the Relevant Tax Jurisdiction, in each case, prior to the Issue Date or, in the
case of a Relevant Tax Jurisdiction that did not become a Relevant Tax Jurisdiction until after the Issue Date, the date on which
such Relevant Tax Jurisdiction became a Relevant Tax Jurisdiction under this Indenture.

Notwithstanding the foregoing, no such
notice of redemption will be given (a) earlier than 90 days prior to the earliest date on which the Company would be obliged to
make such payment of Additional Amounts or withholding if a payment in respect of the Notes were then due and (b) unless, at the
time such notice is given, the obligation to pay Additional Amounts remains in effect.

The provisions of this ‎Section
5.7(g) shall apply mutatis mutandis to any successor Person, after such successor Person becomes a party to this Indenture,
with respect to a Change in Tax Law occurring after the time such successor Person becomes a party to this Indenture.

(h)         
Any redemption pursuant to this ‎Section 5.7 shall be made pursuant to
the provisions of Sections ‎5.1 through ‎5.6.

Section 5.8.        
Mandatory Redemption. The Company is not required to make mandatory redemption payments or sinking fund payments
with respect to the Notes; provided, however, that under certain circumstances, the Company may be required to offer
to purchase Notes under ‎Section 3.5 and ‎Section
3.9. The Company and its Affiliates, may, from time to time, seek to purchase the Company’s outstanding debt securities or
loans, including the Notes, in privately negotiated or open market transactions, by tender offer or otherwise.

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Article
VI

Defaults and Remedies

Section 6.1.        
Events of Default.

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

(1)         
default in any payment of interest on any Note when due and payable, continued for 30 days;

(2)         
default in the payment of the principal amount of or premium, if any, on any Note issued under this Indenture when due at
its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise;

(3)         
failure by the Company or any Guarantor to comply for 60 days after written notice by the Trustee on behalf of the Holders
or by the Holders of 30% in aggregate principal amount of the outstanding Notes with any agreement or obligation contained in this
Indenture or the Collateral Documents; provided that in the case of a failure to comply with this Indenture provisions described
under ‎Section 3.10 hereof, such period of continuance of such default
or breach shall be 180 days after written notice described in this clause has been given;

(4)         
default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by the Company or any Significant Subsidiary (or group of Restricted Subsidiaries
that, taken together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries)
would constitute a Significant Subsidiary) (or the payment of which is Guaranteed by the Company or any Significant Subsidiary
(or group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Company
and its Restricted Subsidiaries) would constitute a Significant Subsidiary) other than Indebtedness owed to the Company or a Restricted
Subsidiary whether such Indebtedness or Guarantee now exists, or is created after the date hereof, which default:

(A)         
is caused by a failure to pay principal of such Indebtedness, at its stated final maturity (after giving effect to any applicable
grace periods) provided in such Indebtedness (“payment default”); or

(B)         
results in the acceleration of such Indebtedness prior to its stated final maturity (the “cross acceleration provision”);

and, in each case, the principal amount of any such Indebtedness,
together with the principal amount of any other such Indebtedness under which there has been a payment default of principal at
its stated final maturity (after giving effect to any applicable grace

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periods) or the maturity of which has been so accelerated,
aggregates to $50.0 million or more at any one time outstanding;

(5)         
the Company or a Significant Subsidiary (or group of Restricted Subsidiaries that, taken together (as of the latest audited
consolidated financial statements for the Company and the Restricted Subsidiaries), would constitute a Significant Subsidiary);

(A)         
commences a voluntary case or proceeding;

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

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

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

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

(F)         
takes any comparable action under any foreign laws relating to insolvency (collectively, the “bankruptcy provisions”);

(6)         
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

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

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

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

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

(7)         
failure by the Company or a Significant Subsidiary (or group of Restricted Subsidiaries that, taken together (as of the
latest audited consolidated financial statements for the Company and the Restricted Subsidiaries) would constitute a Significant
Subsidiary), to pay final judgments aggregating in excess of $50.0 million other than any judgments covered by indemnities provided
by, or insurance policies issued by, reputable and creditworthy companies, which final judgments remain unpaid, undischarged and
unstayed for a period of more than 60 days after such judgment becomes final, and in the event such judgment is covered by insurance,
an enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed (the “judgment
default provision”);

(8)         
any Guarantee of the Notes by a Significant Subsidiary ceases to be in full force and effect, other than in accordance with
the terms of this Indenture or a Guarantor denies or disaffirms its obligations under its Guarantee, other than in accordance with
the terms thereof or upon release of such Guarantee in accordance with this Indenture; or

(9)         
unless such Liens have been released in accordance with the provisions of the Collateral Documents, First Priority Liens
with respect to all or substantially all of the Collateral cease to be valid or enforceable, or the Company shall assert or any
Guarantor shall assert, in any pleading in any court of competent jurisdiction, that any such security interest is invalid or unenforceable
and, in the case of any such Guarantor, the Company fails to cause such Guarantor to rescind such assertions within 30 days after
the Company has actual knowledge of such assertions.

(b)         
Notwithstanding the foregoing, a Default under Sections ‎6.1(a)(4) or
‎6.1(a)(7) will not constitute an Event of Default until the Trustee or the Holders
of 30% in principal amount of the outstanding Notes notify the Company of the Default and, with respect to Section ‎6.1(a)(7)the
Company does not cure such Default within the time specified in Section ‎6.1(a)(7),
after receipt of such notice.

Section 6.2.        
Acceleration.

(a)         
If an Event of Default (other than an Event of Default described in Sections ‎6.1(a)(5)
and ‎6.1(a)(6) in respect of the Company) occurs and is continuing, the Trustee
by written notice to the Company or the Holders of at least 30% in principal amount of the outstanding Notes by written notice
to the Company and the Trustee may declare the principal of and accrued and unpaid interest, if any, on all the Notes to be due
and payable. Upon such a declaration, such principal and accrued and unpaid interest, if any, will be due and payable immediately.

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In the event of any Event of Default
specified in ‎Section 6.1(a)(4), such Event of Default and
all consequences thereof shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders,
if within 30 days after such Event of Default arose:

(1)         
(x)the Indebtedness that gave rise to such Event of Default shall have been discharged in full; or

(y)       the
holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default;
or

(z)       if
the default that is the basis for such Event of Default has been remedied or cured; and

(2)         
(a)the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent
jurisdiction; and

(b)       all
existing Events of Default, except nonpayment of principal, premium or interest, if any, on the Notes that became due solely because
of the acceleration of the Notes, have been cured or waived.

(b)         
If an Event of Default described in Sections ‎6.1(a)(5) and ‎6.1(a)(6)
with respect to the Company occurs and is continuing, the principal of, and accrued and unpaid interest, if any, on all the Notes
will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders.

(c)         
If a Default for a failure to report or failure to deliver a required certificate in connection with another Default (the
“Initial Default”) occurs, then at the time such Initial Default is cured, such Default for a failure to report
or failure to deliver a required certificate in connection with another Default that resulted solely because of that Initial Default
will also be cured without any further action and (ii) any Default or Event of Default for the failure to comply with the time
periods prescribed in ‎Section 3.10 hereof or otherwise to deliver any notice
or certificate pursuant to any other provision of this Indenture shall be deemed to be cured upon the delivery of any such report
required by such covenant or such notice or certificate, as applicable, even though such delivery is not within the prescribed
period specified in this Indenture

Section 6.3.        
Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy by proceeding
at law or in equity to collect the payment of principal of, premium, if any, or interest, if any, on the Notes or to enforce the
performance of any provision of the Notes or this Indenture.

The Trustee may maintain a proceeding
even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee
or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute
a waiver of or acquiescence in

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the Event of Default. No remedy is exclusive of any other
remedy. All available remedies are cumulative.

Section 6.4.        
Waiver of Past Defaults. The Holders of a majority in principal amount of the then outstanding Notes by written notice
to the Trustee may, on behalf of all of the Holders, (a) waive, by their consent (including, without limitation, consents obtained
in connection with a purchase of, or tender offer or exchange offer for, Notes), a past or an existing Default or Event of Default
and its consequences under this Indenture except (i) a Default or Event of Default in the payment of the principal or interest
which may only be waived with the consent of each affected Holder or (ii) a Default or Event of Default in respect of a provision
that under ‎Section 9.2 cannot be amended without the consent of each Holder
affected and (b) rescind any acceleration with respect to the Notes and its consequences if (1) such rescission would not conflict
with any judgment or decree of a court of competent jurisdiction, (2) all existing Events of Default have been cured or waived
except nonpayment of principal, premium, if any, interest, if any, that has become due solely because of the acceleration, (3)
to the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which
has become due otherwise than by such declaration of acceleration, has been paid, (4) the Company have paid the Trustee its compensation
and reimbursed the Trustee for its reasonable expenses, disbursements and advances and (5) in the event of the cure or waiver of
an Event of Default of the type described in clause (4) of ‎Section 6.1(a), the
Trustee shall have received an Officer’s Certificate and an Opinion of Counsel stating that such Event of Default has been
cured or waived. No such rescission shall affect any subsequent Default or impair any right consequent thereto. When a Default
or Event of Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or Event
of Default or impair any consequent right.

Section 6.5.        
Control by Majority. Subject to the terms of the Intercreditor Agreement, the Holders of a majority in principal
amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to
the Trustee or the Security Agent or of exercising any trust or power conferred on the Trustee or the Security Agent. However,
the Trustee may refuse to follow any direction that conflicts with law or this Indenture or the Notes or, subject to Sections ‎7.1
and ‎7.2, that the Trustee determines is unduly prejudicial to the rights of
other Holders or would involve the Trustee in personal liability (it being understood that the Trustee does not have an affirmative
duty to ascertain whether or not any actions are unduly prejudicial to such Holders); provided, however, that the
Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any
such action hereunder, the Trustee and the Security Agent shall be entitled to indemnification satisfactory to each of them against
all fees, losses, liabilities and expenses (including attorney’s fees and expenses) caused by taking or not taking such action.

Section 6.6.        
Limitation on Suits. Subject to ‎Section 6.7, no Holder may pursue
any remedy with respect to this Indenture or the Notes unless:

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(1)         
 such Holder has previously given the Trustee written notice that an Event of Default is continuing;

(2)         
Holders of at least 30% in principal amount of the outstanding Notes have requested in writing the Trustee to pursue the
remedy;

(3)         
such Holders have offered in writing and, if requested, provided to the Trustee security or indemnity satisfactory to the
Trustee against any loss, liability or expense;

(4)         
the Trustee has not complied with such request within 60 days after the receipt of the written request and the offer of
security or indemnity; and

(5)         
the Holders of a majority in principal amount of the outstanding Notes have not given the Trustee a written direction that,
in the opinion of the Trustee, is inconsistent with such request within such 60-day period.

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

Section 6.7.        
Rights of Holders to Receive Payment. Subject to the Intercreditor Agreement, the right of any Holder to receive
payment of principal of, premium, if any, or interest, if any, on the Notes held by such Holder, on or after the respective due
dates expressed or provided for in the Notes, or to bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such Holder.

Section 6.8.        
Collection Suit by Trustee. If an Event of Default specified in Sections ‎6.1(a)(1)
or ‎6.1(a)(2) occurs and is continuing, the Trustee may recover judgment in its
own name and as trustee of an express trust against the Company for the whole amount then due and owing (together with interest
on any unpaid interest, if any, to the extent lawful) and the amounts provided for in ‎Section
7.7.

Section 6.9.        
Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may
be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative
to the Company, their Subsidiaries or its or their respective creditors or properties and, unless prohibited by law or applicable
regulations, may be entitled and empowered to participate as a member of any official committee of creditors appointed in such
matter and may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions,
and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the
event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any

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amount due it for the compensation, expenses, disbursements
and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under ‎Section
7.7.

No provision of this Indenture shall
be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Trustee to vote
in respect of the claim of any Holder in any such proceeding.

Section 6.10.    
Priorities.

(a)         
Subject to the provisions of the Intercreditor Agreement and the Collateral Documents, if the Trustee collects any money
or property pursuant to this ‎Article VI it shall pay out the money or property
in the following order:

FIRST: to the Trustee and Security Agent
for amounts due to it under ‎Section 7.7;

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

THIRD: to the Company, or to the extent
the Trustee collects any amount for any Guarantor, to such Guarantor.

(b)         
The Trustee may fix a record date and payment date for any payment to Holders pursuant to this ‎Section
6.10. At least 15 days before such record date, the Company shall send or cause to be sent to each Holder and the Trustee a notice
that states the record date, the payment date and amount to be paid.

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

Article
VII

Trustee

Section 7.1.        
Duties of Trustee.

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

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

(1)         
the Trustee undertakes to perform such duties and only such duties as are specifically set forth as duties of the Trustee
in this Indenture, the Notes, the Collateral Documents or the Intercreditor Agreement and no implied covenants or obligations shall
be read into this Indenture against the Trustee; and

(2)         
in the absence of gross negligence or willful misconduct 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, opinions or orders furnished to the
Trustee and conforming to the requirements of this Indenture or the Notes, as the case may be. However, in the case of any such
certificates or opinions which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall
examine such certificates and opinions to determine whether or not they conform to the requirements of this Indenture or the Notes,
as the case may be (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

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

(1)         
this paragraph does not limit the effect of paragraph (b) of this ‎Section
7.1;

(2)         
the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that
the Trustee was grossly negligent in ascertaining the pertinent facts;

(3)         
the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to ‎Section 6.5; and

(4)         
no provision of this Indenture or the Notes shall require the Trustee to expend or risk its own funds or otherwise incur
financial liability in the performance of any of its duties hereunder or thereunder or in the exercise of any of its rights or
powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it.

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

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

(f)         
Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of this ‎Section 7.1.

Section 7.2.        
Rights of Trustee. Subject to ‎Section 7.1:

(a)         
The Trustee may conclusively rely on and shall be fully protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, judgment, order or other paper or document
(whether in its original, facsimile or other electronic form) reasonably 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. The Trustee shall receive
and retain financial reports and statements of the Company as provided herein, but shall have no duty to review or analyze such
reports or statements to determine compliance with covenants or other obligations of the Company.

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

(c)         
The Trustee may execute any of the trusts and powers hereunder or perform any duties hereunder either directly or by or
through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent or attorney appointed
with due care by it hereunder.

(d)         
The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized
or within its rights or powers conferred upon it by this Indenture.

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

(f)         
The Trustee shall not be deemed to have notice of any Default or Event of Default or whether any entity or group of entities
constitutes a Significant Subsidiary unless a Trust Officer of the Trustee has actual knowledge thereof or unless written notice
of any event which is in fact such a Default or of any such Significant Subsidiary is received by the Trustee at the corporate
trust office of the Trustee specified in ‎Section 3.11, and such notice references
the Notes and this Indenture.

(g)         
The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be indemnified, are extended to, and

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shall be enforceable by, the Trustee in each of its capacities
hereunder, the Security Agent and to each agent, custodian and other Person employed to act hereunder.

(h)         
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or the Notes
at the request, order or direction of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall
have offered, and if requested, provided, to the Trustee security or indemnity satisfactory to it against the costs, expenses and
liabilities which may be incurred therein or thereby.

(i)         
The Trustee shall not be deemed to have knowledge of any fact or matter unless such fact or matter is actually known to
a Trust Officer of the Trustee.

(j)         
Whenever in the administration of this Indenture or the Notes the Trustee shall deem it desirable that a matter be proved
or established prior to taking, suffering or omitting any action hereunder or thereunder, the Trustee (unless other evidence be
herein specifically prescribed) may, in the absence of gross negligence or willful misconduct on its part, conclusively rely upon
an Officer’s Certificate.

(k)         
The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, report, notice, request, direction, consent, judgment, order, bond, debenture, coupon or other paper or
document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may
see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine, during
business hours and upon reasonable notice, the books, records and premises of the Company and the Restricted Subsidiaries, personally
or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason
of such inquiry or investigation.

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

(m)         
The Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals and/or
titles of officers authorized at such time to take specified actions pursuant to this Indenture or the Notes.

(n)         
In no event shall the Trustee be liable to any Person for special, punitive, indirect, consequential or incidental loss
or damage of any kind whatsoever (including, but not limited to, lost profits), even if the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.

(o)         
Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall
be sufficient if signed by one Officer of the Company.

(p)         
The permissive rights of the Trustee to act hereunder shall not be construed as an obligation or duty.

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(q)         
 The Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals
and titles of officers authorized at such times to take specified actions pursuant to this Indenture.

(r)         
The Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with any direction of the Holders of a majority in aggregate principal amount of the then outstanding Notes permitted to be given
by them under this Indenture.

Section 7.3.        
Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Company, the Guarantors or their Affiliates with the same rights it would have if it were
not Trustee. Any Paying Agent, Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Trustee
must comply with Section ‎7.10. In addition, the Trustee shall be permitted to
engage in transactions with the Company; provided, however, that if the Trustee acquires any conflicting interest,
the Trustee must (i) eliminate such conflict within 90 days of acquiring such conflicting interest, (ii) apply to the SEC for permission
to continue acting as Trustee or (iii) resign.

Section 7.4.        
Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity
or adequacy of this Indenture or the Notes, shall not be accountable for the Company’s use of the proceeds from the sale
of the Notes, shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee
or any money paid to the Company pursuant to the terms of this Indenture and shall not be responsible for any statement of the
Company in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s
certificate of authentication.

Section 7.5.        
Notice of Defaults. If a Default or Event of Default occurs and is continuing and if a Trust Officer is informed
in writing thereof by the Company, the Trustee shall send electronically or by first class mail to each Holder at the address set
forth in the Notes Register notice of the Default or Event of Default within 60 days after being notified by the Company. Except
in the case of a Default or Event of Default in payment of principal of, or premium, if any, or interest, if any, on any Note (including
payments pursuant to the optional redemption or required repurchase provisions of such Note), the Trustee may withhold the notice
if and so long as it in good faith determines that withholding the notice is in the interests of Holders.

Section 7.6.        
[Reserved].

Section 7.7.        
Compensation and Indemnity. The Company shall pay to the Trustee from time to time compensation for its services
hereunder and under the Notes as the Company and the Trustee shall from time to time agree in writing. 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 upon
request for all reasonable out of pocket expenses incurred or made by it, including, but not limited to, costs of collection, costs
of preparing reports, certificates and other documents, costs of preparation and

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mailing of notices to Holders. Such expenses shall include
the reasonable compensation and expenses, disbursements and advances of the agents, counsel, accountants and experts of the Trustee.
The Company and the Guarantors, jointly and severally, shall indemnify the Trustee, its officers, directors, employees and agents
against any and all fees, loss, liability, damages, claims or expense, including taxes (other than taxes based upon the income
of the Trustee) (including reasonable attorneys’ and agents’ fees and expenses) incurred by it without willful misconduct
or gross negligence, as determined by a final, non-appealable order of a court of competent jurisdiction, on its part in connection
with the administration of this trust and the performance of its duties hereunder and under the Notes, including the fees, costs
and expenses of enforcing this Indenture (including this ‎Section 7.7) and the
Notes and of defending itself against any claims (whether asserted by any Holder, the Company, any Guarantor or otherwise). The
Trustee shall notify the Company promptly of any claim for which it may seek indemnity of which it has received written notice.
Failure by the Trustee to so notify the Company shall not relieve the Company of their obligations hereunder. The Company shall
defend the claim and the Trustee shall provide reasonable cooperation at the Company’s expense in the defense. The Trustee
and the Security Agent may each have separate counsel and the Company shall pay the fees and expenses of such counsel; provided
that the Company shall not be required to pay the fees and expenses of such separate counsel if it assumes the Trustee’s
defense, and, in the reasonable judgment of outside counsel to the Trustee, there is no conflict of interest between the Company
and the Trustee in connection with such defense; provided further that, the Company shall be required to pay the reasonable
fees and expenses of such counsel in evaluating such conflict.

To secure the Company’s payment
obligations in this ‎Section 7.7, the Trustee shall have a
lien prior to the Notes on all money or property held or collected by the Trustee other than money or property held in trust to
pay principal of and interest on particular Notes. Such lien shall survive the satisfaction and discharge of this Indenture. The
Trustee’s respective right to receive payment of any amounts due under this ‎Section
7.7 shall not be subordinate to any other liability or Indebtedness of the Company.

The Company’s payment obligations
pursuant to this ‎Section 7.7 shall survive the discharge
of this Indenture or the resignation or removal of the Trustee pursuant to ‎Section
7.8. Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee incurs fees, expenses
or renders services after the occurrence of a Default specified in ‎Section
6.1(a)(5) or ‎6.1(a)(6), the fees and expenses (including
the reasonable fees and expenses of its counsel) are intended to constitute expenses of administration under any Bankruptcy Law.

Section 7.8.        
Replacement of Trustee. The Trustee may resign at any time by so notifying the Company in writing not less than 30
days prior to the effective date of such resignation. The Holders of a majority in principal amount of the Notes may remove the
Trustee by so notifying the removed Trustee in writing not less than 30 days prior to the effective date of such removal and may
appoint a successor Trustee with the Company’s written consent, which consent will not be unreasonably withheld. The Company
shall remove the Trustee if:

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(1)         
 the Trustee acquires a conflict of interest that is not eliminated;

(2)         
the Trustee fails to comply with ‎Section 7.10 hereof;

(3)         
the Trustee is adjudged bankrupt or insolvent;

(4)         
a receiver or other public officer takes charge of the Trustee or its property; or

(5)         
the Trustee otherwise becomes incapable of acting.

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

A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the resignation or removal of the retiring
Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall, at the expense of
the Company, promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in
‎Section 7.7.

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

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

Notwithstanding the replacement of the
Trustee pursuant to this ‎Section 7.8, the Company’s
obligations under ‎Section 7.7 shall continue for the benefit
of the retiring Trustee. The predecessor Trustee shall have no liability for any action or inaction of any successor Trustee.

Section 7.9.        
Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Trustee.

In case at the time such successor or
successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture, any of
the Notes shall have been authenticated but not delivered, any such successor to the

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Trustee may adopt the certificate of authentication of any
predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated,
any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the
successor to the Trustee; provided that the right to adopt the certificate of authentication of any predecessor Trustee
or authenticate Notes in the name of any predecessor Trustee shall only apply to its successor or successors by merger, consolidation
or conversion.

Section 7.10.    
Eligibility; Disqualification. This Indenture shall always have a Trustee. The Trustee shall have a combined capital
and surplus of at least $100 million as set forth in its most recent published annual report of condition.

Section 7.11.    
[Reserved].

Section 7.12.    
Trustee’s Application for Instruction from the Company. Any application by the Trustee for written instructions
from the Company may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee
under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee
shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application
on or after the date specified in such application (which date shall not be less than three Business Days after the date any Officer
of the Company actually receives such application, unless any such Officer shall have consented in writing to any earlier date)
unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written
instructions in response to such application specifying the action to be taken or omitted.

Section 7.13.    
Collateral Documents; Intercreditor Agreement. By their acceptance of the Notes, the Holders hereby authorize and
direct the Trustee and Security Agent, as the case may be, to execute and deliver the Intercreditor Agreement and any other Collateral
Documents in which the Trustee or the Security Agent, as applicable, is named as a party, including any Collateral Documents executed
after the Issue Date, and in the case of the Trustee, to authorize the Security Agent to take any action permitted under the Notes
Documents. It is hereby expressly acknowledged and agreed that, in doing so, the Trustee and the Security Agent are (a) expressly
authorized to make the representations attributed to Holders in any such agreements and (b) not responsible for the terms or contents
of such agreements, or for the validity or enforceability thereof, or the sufficiency thereof for any purpose. Whether or not
so expressly stated therein, in entering into, or taking (or forbearing from) any action under, the Intercreditor Agreement or
any other Collateral Documents, the Trustee and the Security Agent each shall have all of the rights, immunities, indemnities
and other protections granted to it under this Indenture (in addition to those that may be granted to it under the terms of such
other agreement or agreements).

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Article
VIII

Legal Defeasance and Covenant Defeasance

Section 8.1.        
Option to Effect Legal Defeasance or Covenant Defeasance; Defeasance. The Company may, at its option and at any time,
elect to have either Sections ‎8.2 or ‎8.3
hereof be applied to all outstanding Notes upon compliance with the conditions set forth in this ‎Article
VIII.

Section 8.2.        
Legal Defeasance and Discharge. Upon the Company’s exercise under ‎Section
8.1 hereof of the option applicable to this ‎Section 8.2, the Company and each
of the Guarantors will, subject to the satisfaction of the conditions set forth in ‎Section
8.4 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes (including the Note
Guarantees) on the date the conditions set forth in ‎Section 8.4 are satisfied
(hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors
will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Note Guarantees),
which will thereafter be deemed to be “outstanding” only for the purposes of ‎Section
8.5 hereof and the other Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all of their
other obligations under such Notes, the Note Guarantees, this Indenture and the Collateral Documents (and the Trustee, on written
demand of and at the expense of the Company, shall execute such instruments reasonably requested by the Company acknowledging the
same) and to have cured all then existing Events of Default, except for the following provisions which will survive until otherwise
terminated or discharged hereunder:

(1)         
the rights of Holders of Notes issued under this Indenture to receive payments in respect of the principal of, premium,
if any, and interest, if any, on the Notes when such payments are due solely out of the trust referred to in ‎Section
8.4 hereof;

(2)         
the Company’s obligations with respect to the Notes under ‎Article
II concerning issuing temporary Notes, registration of such Notes, mutilated, destroyed, lost or stolen Notes and ‎Section
3.11 hereof concerning the maintenance of an office or agency for payment and money for security payments held in trust;

(3)         
the rights, powers, trusts, duties and immunities of the Trustee and the Company’s or Guarantors’ obligations
in connection therewith; and

(4)         
this ‎Article VIII with respect to provisions relating to Legal
Defeasance.

Subject to compliance with this ‎Section
8.2, the Company may exercise its option under this ‎Section
8.2 notwithstanding the prior exercise of its option under ‎Section
8.3 hereof.

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Section 8.3.        
Covenant Defeasance. Upon the Company’s exercise under ‎Section
8.1 hereof of the option applicable to this ‎Section 8.3, the Company and each
of the Guarantors will, subject to the satisfaction of the conditions set forth in ‎Section
8.4 hereof, be released from each of their obligations under the covenants contained in Sections ‎3.2,
‎3.3, ‎3.4, ‎3.5,
‎3.6, ‎3.7, ‎3.8,
‎3.9, ‎3.10, ‎3.19,
‎3.20, 3.22, ‎3.23, 3.25 and
‎Section 4.1 (except ‎Section
4.1(a)(1) and ‎4.1(a)(2)) hereof with respect to the outstanding Notes on and
after the date the conditions set forth in ‎Section 8.4 hereof are satisfied
(hereinafter, “Covenant Defeasance”), and the Notes will 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 will continue to be deemed “outstanding” for all other purposes hereunder. For this purpose,
Covenant Defeasance means that, with respect to the outstanding Notes and Note Guarantees, the Company and the Guarantors may
omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference
in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a
Default or an Event of Default under ‎Section 6.1 hereof, but, except as specified
in this Section, the remainder of this Indenture and such Notes and Note Guarantees will be unaffected thereby. In addition, upon
the Company’s exercise under ‎Section 8.1 hereof of the option applicable
to this ‎Section 8.3, subject to the satisfaction of the conditions set forth
in ‎Section 8.4 hereof, Sections ‎6.1(a)(3)
(solely with respect to the defeased covenants listed above) (with respect only to Significant Subsidiaries), ‎6.1(a)(4),
‎6.1(a)(5) (with respect only to Significant Subsidiaries), ‎6.1(a)(6)
(with respect only to a Guarantor that is a Significant Subsidiary or any group of Guarantors that taken together would constitute
a Significant Subsidiary, ‎6.1(a)(7) and 6.1(a)(8) hereof shall not constitute
Events of Default.

Section 8.4.        
Conditions to Legal or Covenant Defeasance. In order to exercise either Legal Defeasance or Covenant Defeasance under
either Sections ‎8.2 or ‎8.3
hereof:

(1)         
the Company must irrevocably deposit with the Trustee, in trust (the “Defeasance Trust”), for the benefit
of the Holders, cash in Dollars or U.S. Government Obligations or a combination thereof for the payment of principal, and premium,
if any, and interest, if any, due on the Notes issued under this Indenture on the stated maturity date or on the applicable Redemption
Date, as the case may be, and the Company must specify whether such Notes are being defeased to maturity or to a particular Redemption
Date; provided, that upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall
be sufficient for purposes of the Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable
Premium calculated as of the date of the notice of redemption, with any deficit as of the date of redemption (any such amount,
the “Applicable Premium Deficit”) only required to be deposited with the Trustee on or prior to the date of
redemption. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee at least
two (2) Business Days prior to the deposit of such

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Applicable Premium Deficit that confirms that such
Applicable Premium Deficit shall be applied toward such redemption;

(2)         
in the case of Legal Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel, subject to customary
assumptions and exclusions confirming that;

(A)           
the Company has received from, or there has been published by, the United States Internal Revenue Service a ruling; or

(B)           
since the issuance of such Notes, there has been a change in the applicable U.S. federal income tax law;

in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, subject to customary assumptions and exclusions, the beneficial owners of the Notes, in
their capacity as such, will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal
Defeasance and will be subject to U.S. federal income tax on the same amounts and in the same manner, and at the same times as
would have been the case if such Legal Defeasance had not occurred;

(3)         
in the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that, subject to customary assumptions and exclusions, the beneficial owners of the Notes, in their capacity as such, will not
recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject
to U.S. federal income tax on the same amounts and in the same manner and at the same times as would have been the case if such
Covenant Defeasance had not occurred;

(4)         
no Default or Event of Default (other than that resulting from borrowing funds to be applied to make such deposit and the
granting of Liens in connection therewith) shall have occurred and be continuing on the date of such deposit;

(5)         
such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under
the Credit Facilities or any other material agreement or instrument (other than this Indenture) to which, the Company or any Guarantor
is a party or by which the Company or any Guarantor is bound;

(6)         
the Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by
the Company with the intent of defeating, hindering, delaying, defrauding or preferring any creditors of the Company; and

(7)         
the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion
of Counsel may be subject to customary assumptions and exclusions), each stating that all conditions

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precedent provided for or relating to Legal Defeasance
or Covenant Defeasance, as the case may be, have been complied with.

Section 8.5.        
Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions. Subject to ‎Section
8.6 hereof, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying
trustee, collectively for purposes of this ‎Section 8.5, the “Trustee”)
pursuant to ‎Section 8.4 hereof in respect of the outstanding Notes will 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, if any, and interest, but such money
need not be segregated from other funds except to the extent required by law.

The Company will pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations deposited pursuant
to ‎Section 8.4 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.

Notwithstanding anything in this ‎Article
VIII to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the Company any money
or U.S. Government Obligations held by it as provided in ‎Section
8.4 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 the opinion delivered under ‎Section
8.4(1) 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 8.6.        
Repayment to the Company. 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, premium, if any, or interest has become due and payable shall be paid to the Company on their written request unless
an abandoned property law designates another Person or (if then held by the Company) will be discharged from such trust; and the
Holder of such Note will thereafter be permitted to look only to the Company for payment thereof unless an abandoned property law
designates another Person, 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, will thereupon cease; provided, however, that the Trustee or such Paying Agent,
before being required to make any such repayment, shall at the expense of the Company cause to be published once, in The New York
Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified
therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money
then remaining will be repaid to the Company.

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Section 8.7.        
Reinstatement. If the Trustee or Paying Agent is unable to apply any money or U.S. dollars or U.S. Government Obligations
in accordance with Sections ‎8.2 or ‎8.3
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 and the Guarantors’ obligations under this Indenture and
the Notes and the Note Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Sections ‎8.2
or ‎8.3 hereof until such time as the Trustee or Paying Agent is permitted to
apply all such money in accordance with Sections ‎8.2 or ‎8.3
hereof, as the case may be; provided, however, that, if the Company make any payment of principal of, premium, if
any, or interest on, any Note following the reinstatement of its obligations, the Company will be subrogated to the rights of
the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying
Agent.

Article
IX

Amendments

Section 9.1.        
Without Consent of Holders. Notwithstanding ‎Section 9.2 of this
Indenture, the Company, any Guarantor (with respect to its Note Guarantee or this Indenture), if applicable, the Trustee and the
Security Agent may amend, supplement or modify the Note Documents, the Collateral Documents or the Intercreditor Agreement, without
the consent of any Holder, to:

(1)         
cure any ambiguity, omission, mistake, defect, error or inconsistency, conform any provision to any provision under the
heading “Description of the Notes” in the Offering Circular or reduce the minimum denomination of the Notes;

(2)         
provide for the assumption by a successor Person of the obligations of the Company or a Guarantor under any Note Document,
any Collateral Document or the Intercreditor Agreement;

(3)         
provide for uncertificated Notes in addition to or in place of certificated Notes;

(4)         
add to the covenants or provide for a Note Guarantee for the benefit of the Holders or surrender any right or power conferred
upon the Company or any Restricted Subsidiary;

(5)         
make any change (including changing the CUSIP or other identifying number on any Notes) that does not adversely affect the
rights of any Holder in any material respect;

(6)         
at the Company’s election, comply with any requirement of the SEC in connection with the qualification of this Indenture
under the Trust Indenture Act, if such qualification is required;

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(7)         
 make such provisions as necessary (as determined in good faith by the Company) for the issuance of Additional Notes;

(8)         
provide for any Restricted Subsidiary to provide a Note Guarantee in accordance with ‎Section
3.2, to add Guarantees with respect to the Notes, to add security to or for the benefit of the Notes, or to confirm and evidence
the release, termination, discharge or retaking of any Guarantee or Lien with respect to or securing the Notes when such release,
termination, discharge or retaking is provided for under this Indenture, the Collateral Documents or the Intercreditor Agreement,
as applicable;

(9)         
evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee pursuant to the requirements
hereof or to provide for the accession by the Trustee to any Note Document, any Collateral Document or the Intercreditor Agreement;

(10)         
make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this
Indenture, including, without limitation, to facilitate the issuance and administration of Notes; provided, however,
that (i) compliance with this Indenture as so amended would not result in Notes being transferred in violation of the Securities
Act or any other applicable securities law and (ii) such amendment does not adversely affect the rights of Holders to transfer
Notes in any material respect;

(11)         
mortgage, pledge, hypothecate or grant any other Lien in favor of the Security Agent for its benefit and the benefit of
the Trustee, the Holders of the Notes and the holders of any Future First Lien Indebtedness, as additional security for the payment
and performance of all or any portion of the First Priority Notes Obligations, in any property or assets, including any which are
required to be mortgaged, pledged or hypothecated, or in which a Lien is required to be granted to or for the benefit of the Trustee
or the Security Agent pursuant to this Indenture, the Intercreditor Agreement, the Collateral Documents or otherwise;

(12)         
provide for the release of Collateral from the Lien pursuant to this Indenture, the Collateral Documents and the Intercreditor
Agreement when permitted or required by the Collateral Documents, this Indenture or the Intercreditor Agreement; or

(13)         
secure any Future First Lien Indebtedness, Junior Priority Obligations or First Priority Obligations to the extent permitted
under this Indenture, the Collateral Documents and the Intercreditor Agreement.

Subject to ‎Section
9.2 upon the request of the Company, or amendment or supplement to the Notes Documents, the Intercreditor Agreement or any other
Collateral Documents, and upon receipt by the Trustee and the Security Agent, as applicable, of the documents described in Sections
‎9.6 and ‎13.4
hereof, the Trustee and the Security Agent, if applicable, will join with the Company and the Guarantors, if applicable, in the

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execution of such amended or supplemental indenture or supplement
to the Notes Documents, the Intercreditor Agreement or any other Collateral Documents unless such amended or supplemental indenture
directly affects the Trustee’s or the Security Agent’s own rights, duties or immunities under this Indenture or otherwise,
in which case the Trustee or Security Agent may in its discretion, but will not be obligated to, enter into such amended or supplemental
indenture or supplement to the Notes Documents, the Intercreditor Agreement or any other Collateral Documents.

After an amendment or supplement under
this ‎Section 9.1 becomes effective, the Company shall send
to Holders a notice briefly describing such amendment or supplement. The failure to give such notice to all Holders, or any defect
therein, shall not impair or affect the validity of an amendment or supplement. The filing of such notice or supplement with the
SEC shall constitute the giving of such notice.

Section 9.2.        
With Consent of Holders.

(a)         
Except as provided in this ‎Section 9.2 and subject to the Intercreditor
Agreement, the Company, the Guarantors, the Trustee and the Security Agent, as applicable, may amend or supplement the Note Documents
with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding and issued under
this Indenture, including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Notes, and, subject to Sections ‎6.4 and ‎6.7
hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of,
premium, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or
compliance with any provision of the Note Documents may be waived with the consent of the Holders of a majority in aggregate principal
amount of the then outstanding Notes issued under this Indenture (including consents obtained in connection with a purchase of
or tender offer or exchange offer for Notes). ‎Section 2.12 hereof and ‎Section
13.6 hereof shall determine which Notes are considered to be “outstanding” for the purposes of this ‎Section
9.2.

Upon the request of the Company, and
upon the filing with the Trustee and the Security Agent (if applicable) of evidence of the consent of the Holders of Notes as aforesaid,
and upon receipt by the Trustee and the Security Agent, as applicable, of the documents described in Sections ‎9.6
and ‎13.4 hereof, the Trustee and the Security Agent, if applicable,
will join with the Company and the Guarantors, if applicable, in the execution of such amended or supplemental indenture or amendment
or supplement to the other Note Documents unless such amended or supplemental indenture or amendment or supplement to the other
Note Documents directly affects the Trustee’s or the Security Agent’s own rights, duties or immunities under this Indenture
or otherwise, in which case the Trustee and the Security Agent, if applicable, may in their discretion, but will not be obligated
to, enter into such amended or supplemental indenture or amendment or supplement to the other Note Documents.

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(b)         
 Subject to the Intercreditor Agreement, without the consent of each Holder of Notes affected, an amendment, supplement
or waiver may not, with respect to any Notes issued thereunder and held by a nonconsenting Holder:

(1)         
reduce the principal amount of such Notes whose Holders must consent to an amendment;

(2)         
reduce the stated rate of or extend the stated time for payment of interest on any such Note (other than Sections ‎3.5
and ‎3.9);

(3)         
reduce the principal of or extend the Stated Maturity of any such Note (other than Sections ‎3.5
and ‎3.9);

(4)         
reduce the premium payable upon the redemption of any such Note or change the time at which any such Note may be redeemed,
in each case, as set forth in ‎Section 5.7;

(5)         
make any such Note payable in currency other than that stated in such Note;

(6)         
impair the right of any Holder to institute suit for the enforcement of any payment of principal of and interest on such
Holder’s Notes on or after the due dates therefor;

(7)         
waive a Default or Event of Default with respect to the nonpayment of principal, premium or interest (except pursuant to
a rescission of acceleration of the Notes by the Holders of at least a majority in principal amount of such Notes and a waiver
of the payment default that resulted from such acceleration); or

(8)         
make any change in the amendment or waiver provisions which require the Holders’ consent described in this ‎Section
9.2.

In addition, without the consent of the
Holders of at least two-thirds in aggregate principal amount of the Notes then outstanding, no amendment or waiver may:

(1)         
release all or substantially all of the Collateral from the Lien of this Indenture and the Collateral Documents with respect
to the Notes; or

(2)         
make any change in the provisions of the Intercreditor Agreement or this Indenture dealing with the application of proceeds
of Collateral that would adversely affect the Holders of the Notes in any material respect.

It shall not be necessary for the consent
of the Holders under this Indenture to approve the particular form of any proposed amendment, supplement or waiver of any Note
Document, but it shall be sufficient if such consent approves the substance thereof. A consent to any amendment, supplement or
waiver under this Indenture by any Holder

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of the Notes given in connection with a tender or exchange
of such Holder’s Notes will not be rendered invalid by such tender or exchange.

After an amendment or supplement under
this ‎Section 9.2 becomes effective, the Company shall send
to Holders a notice briefly describing such amendment or supplement. The failure to give such notice to all Holders, or any defect
therein, shall not impair or affect the validity of an amendment or supplement. The filing of such notice or supplement with the
SEC shall constitute the giving of such notice.

Section 9.3.        
[Reserved].

Section 9.4.        
Revocation and Effect of Consents and Waivers. Until an amendment, supplement or waiver becomes effective, a consent
to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of
a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made
on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent or waiver as to such Holder’s
Note or portion of its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver
becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every
Holder.

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

Section 9.5.        
Notation on or Exchange of Notes. 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 a Company Order, authenticate new Notes that reflect the amendment, supplement or waiver. Failure to make the appropriate notation
or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.

Section 9.6.        
Trustee and Security Agent to Sign Amendments. The Trustee and Security Agent shall sign any amended or supplemental
indenture or supplement to the Notes Documents, the Intercreditor Agreement or any other Collateral Documents authorized pursuant
to this ‎Article IX if the amendment or supplement does not adversely affect
the rights, duties, liabilities or immunities of the Trustee and Security Agent. In executing any amended or supplemental indenture
or supplement to the Notes Documents, the Intercreditor Agreement or any other Collateral Documents, the Trustee will be entitled
to receive and (subject to Sections ‎7.1 and ‎7.2
hereof) shall be fully

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protected in conclusively relying upon, in addition to the
documents required by ‎Section 13.4 hereof, an Officer’s Certificate and
an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture
and is valid, binding and enforceable against the Company or any Guarantor, as the case may be, in accordance with its terms.

Article
X

Guarantee

Section 10.1.    
Guarantee. Subject to the provisions of this ‎Article X, each of
the Guarantors, Parent and MidCo hereby fully, unconditionally and irrevocably guarantees (the “Note Guarantees”),
as primary obligor and not merely as surety, jointly and severally with each other Guarantor, Parent and MidCo to each Holder of
the Notes, the Trustee and the Security Agent the full and punctual payment when due, whether at maturity, by acceleration, by
redemption or otherwise, of the principal of, premium, if any, and interest on the Notes, fees, expenses, indemnities and all other
obligations and liabilities of the Company under this Indenture (including, without limitation, interest accruing after the filing
of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Company,
any Guarantor, Parent or MidCo whether or not a claim for post filing or post-petition interest is allowed in such proceeding and
the obligations under ‎Section 7.7) (all the foregoing being hereinafter collectively
called the “Guaranteed Obligations”). Each of the Guarantors, Parent and MidCo agrees that the Guaranteed Obligations
will rank equally in right of payment with other Indebtedness of such Guarantor, Parent or MidCo, except to the extent such other
Indebtedness is subordinate to the Guaranteed Obligations, in which case the obligations of the Guarantors, Parent and MidCo under
the Note Guarantees will rank senior in right of payment to such other Indebtedness.

To evidence its Note Guarantee set forth
in this ‎Section 10.1, each of the Guarantors, Parent and
MidCo hereby agrees that this Indenture shall be executed on behalf of such Guarantor, Parent or MidCo by an Officer of such Guarantor,
Parent or MidCo.

Each of the Guarantors, Parent and MidCo
hereby agrees that its Note Guarantee set forth in ‎Section
10.1 hereof shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee
on the Notes.

If an Officer whose signature is on this
Indenture no longer holds that office at the time the Trustee authenticates the Note, the Note Guarantee shall be valid nevertheless.

Each of the Guarantors, Parent and MidCo
further agrees (to the extent permitted by law) that the Guaranteed Obligations may be extended or renewed, in whole or in part,
without notice or further assent from it, and that it will remain bound under this ‎Article
X notwithstanding any extension or renewal of any Guaranteed Obligation.

Each of the Guarantors, Parent and MidCo
waives presentation to, demand of payment from and protest to the Company of any of the Guaranteed Obligations and also

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waives notice of protest for nonpayment. Each of the Guarantors,
Parent and MidCo waives notice of any default under the Notes or the Guaranteed Obligations.

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

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

Each of the Guarantors, Parent and MidCo
agrees that its Note Guarantee herein shall remain in full force and effect until payment in full of all the Guaranteed Obligations
or such Guarantor, Parent or MidCo is released from its Note Guarantee in compliance with ‎Section
10.2, ‎Article VIII or ‎Article
XI. Each of the Guarantors, Parent and MidCo further agrees that its Note Guarantee herein shall continue to be effective or be
reinstated, as the case may be, if at any time payment, or any part thereof, of principal of, premium, if any, interest, if any,
on any of the Guaranteed Obligations is rescinded or must otherwise be restored by any Holder upon the bankruptcy or reorganization
of the Company or otherwise.

In furtherance of the foregoing and not
in limitation of any other right which any Holder has at law or in equity against any Guarantor, Parent or MidCo by virtue hereof,
upon the failure of the Company to pay any of the Guaranteed Obligations when and as the same shall become due, whether at maturity,
by acceleration, by redemption or otherwise, each Guarantor, Parent or MidCo hereby promises to and will, upon receipt of written
demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Trustee on behalf of the Holders an amount
equal to the sum of (i) the unpaid

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amount of such Guaranteed Obligations then due and owing
and (ii) accrued and unpaid interest on such Guaranteed Obligations then due and owing (but only to the extent not prohibited by
law) (including interest accruing after the filing of any petition in bankruptcy or the commencement of any insolvency, reorganization
or like proceeding relating to the Company or any Guarantor, Parent or MidCo whether or not a claim for post filing or post-petition
interest is allowed in such proceeding).

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

Each of the Guarantors, Parent and MidCo
also agrees to pay any and all fees, costs and expenses (including attorneys’ fees and expenses) incurred by the Security
Agent, Trustee or the Holders in enforcing any rights under this Section.

Section 10.2.    
Limitation on Liability; Termination, Release and Discharge.

(a)         
Any term or provision of this Indenture to the contrary notwithstanding, the obligations of each of the Guarantors, Parent
and MidCo hereunder will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities
of such Guarantor, Parent or MidCo and after giving effect to any collections from or payments made by or on behalf of any other
Guarantor, Parent or MidCo in respect of the obligations of such other Guarantor, Parent or MidCo under its Note Guarantee or pursuant
to its contribution obligations under this Indenture, result in the obligations of such Guarantor, Parent or MidCo under its Note
Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal, foreign or state law and not otherwise
being void or voidable under any similar laws affecting the rights of creditors generally.

(b)         
Any Note Guarantee of a Guarantor, Parent or MidCo shall be automatically and unconditionally released and discharged upon:

(1)         
a sale, exchange, transfer or other disposition (including by way of consolidation, merger or amalgamation) of the Capital
Stock of such Guarantor, Parent or MidCo or the sale or disposition of all or substantially all the assets of the Guarantor, Parent
or MidCo to a Person other than to the Company or a Restricted Subsidiary and as otherwise permitted by this Indenture;

(2)         
the designation in accordance with this Indenture of any Guarantor as an Unrestricted Subsidiary or the occurrence of any
event after which any Guarantor is no longer a Restricted Subsidiary;

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(3)         
 the defeasance or discharge of the Notes, as provided in Articles ‎VIII
or ‎XI;

(4)         
to the extent that such Guarantor is not an Immaterial Subsidiary solely due to the operation of clause (i) of the definition
of “Immaterial Subsidiary,” upon the release of the guarantee referred to in such clause;

(5)         
such Guarantor, Parent or MidCo in the case of a Note Guarantee made by any Guarantor, Parent or MidCo (each, an “Other
Guarantee”) as a result of its guarantee of other Indebtedness of the Company or any Guarantor, Parent or MidCo pursuant
to ‎Section 3.7 hereof being released from all of the relevant Indebtedness,
except a release as a result of payment under such Guarantee (it being understood that a release subject to a contingent reinstatement
is still considered a release); or

(6)         
upon the achievement of Investment Grade Status by the Notes; provided that such Note Guarantee shall be reinstated
upon the Reversion Date.

Section 10.3.    
Right of Contribution. Each of the Guarantors, Parent and MidCo hereby agrees that to the extent that any Guarantor,
Parent or MidCo shall have paid more than its proportionate share of any payment made on the obligations under the Note Guarantees,
such Guarantor, Parent or MidCo shall be entitled to seek and receive contribution from and against the Company or any other Guarantor,
Parent or MidCo who has not paid its proportionate share of such payment. The provisions of this ‎Section
10.3 shall in no respect limit the obligations and liabilities of each of the Guarantors, Parent and MidCo to the Trustee and the
Holders and each of the Guarantors, Parent and MidCo shall remain liable to the Trustee and the Holders for the full amount guaranteed
by such Guarantor, Parent or MidCo hereunder.

Section 10.4.    
No Subrogation. Notwithstanding any payment or payments made by each of the Guarantors, Parent and MidCo hereunder,
none of the Guarantors, Parent or MidCo shall be entitled to be subrogated to any of the rights of the Trustee or any Holder against
the Company or any other Guarantor, Parent or MidCo or any collateral security or guarantee or right of offset held by the Trustee
or any Holder for the payment of the Guaranteed Obligations, nor shall any Guarantor, Parent or MidCo seek or be entitled to seek
any contribution or reimbursement from the Company or any other Guarantor, Parent or MidCo in respect of payments made by such
Guarantor, Parent or MidCo hereunder, until all amounts owing to the Trustee and the Holders by the Company on account of the Guaranteed
Obligations are paid in full. If any amount shall be paid to any Guarantor, Parent or MidCo on account of such subrogation rights
at any time when all of the Guaranteed Obligations shall not have been paid in full, such amount shall be held by such Guarantor,
Parent or MidCo in trust for the Trustee and the Holders, segregated from other funds of such Guarantor, Parent or MidCo, and shall,
forthwith upon receipt by such Guarantor, Parent or MidCo, be turned over to the Trustee in the exact form received by such Guarantor,
Parent or MidCo (duly endorsed by such Guarantor, Parent or MidCo to the Trustee, if required), to be applied against the Guaranteed
Obligations.

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Section
10.5.     Guarantee Limitation
Spain. The obligations and liabilities of any Guarantor organized under the laws of Spain expressed to be assumed under this
Indenture shall be deemed not to have been assumed, given or undertaken in respect of, and shall not extend to, any guarantee,
obligation or liability to the extent that the same would constitute financial assistance under articles 143 or 150 of the Reinstated
Text of the Spanish Companies Law (Real Decreto Legislativo 1/2010, de 2 de julio, por el que se aprueba el texto refundido
de la Ley de Sociedades de Capital) or under any other foreign law that is mandatorily applicable to a Guarantor organized
under the laws of Spain. Therefore, the Guarantee granted by any Guarantor organized under the laws of Spain shall expressly exclude
any liabilities that would cause any Guarantor organized under the laws of Spain to breach in any way whatsoever any financial
assistance prohibitions. Such limitations of the liabilities and obligations of any Guarantor organized under the laws of Spain
may have the effect of reducing the amount of the obligations or liabilities assumed to zero.

Article
XI

Satisfaction and Discharge

Section 11.1.    
Satisfaction and Discharge. This Indenture will be discharged and will cease to be of further effect as to all Notes
issued hereunder, when:

(a)         
either:

(1)         
all Notes that have been authenticated and delivered except lost, stolen or destroyed Notes that have been replaced or paid
and Notes for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation;
or

(2)         
all such Notes not theretofore delivered to the Trustee for cancellation (i) have become due and payable by reason of the
making of a notice of redemption or otherwise or (ii) will become due and payable within one year at their Stated Maturity or (iii)
are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company;

(b)         
the Company has deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the
Holders, cash in Dollars or U.S. Government Obligations, or a combination thereof, in an amount sufficient to pay and discharge
the entire indebtedness on the Notes not previously delivered to the Trustee for cancellation, for principal, premium, if any,
and interest to the date of deposit (in the case of Notes that have become due and payable), or to the Stated Maturity or Redemption
Date, as the case may be; provided that upon any redemption that requires the payment of the Applicable Premium, the amount
deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to
the Applicable Premium calculated as of the date of the notice of redemption, with any Applicable Premium Deficit only required
to be deposited with the Trustee on or prior to the date of redemption, and any Applicable Premium Deficit shall be set forth in
an

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Officer’s Certificate delivered to the Trustee at least
two (2) Business Days prior to the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit
shall be applied toward such redemption;

(c)         
the Company has paid or caused to be paid all other sums payable under this Indenture;

(d)         
the Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of such
notes issued hereunder at maturity or the Redemption Date, as the case may be; and

(e)         
the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each stating that all
conditions precedent under this ‎Section 11.1 relating to the satisfaction and
discharge of this Indenture have been complied with; provided that any such counsel may rely on any Officer’s Certificate
as to matters of fact (including as to compliance with Sections ‎11.1(a), ‎11.1(b),
‎11.1(c) and 11.1(d)).

Notwithstanding the satisfaction and
discharge of this Indenture, the provisions of ‎Section 7.7
hereof will survive and, if money has been deposited with the Trustee pursuant to clause (b) of this ‎Section
11.1, the provisions of Sections ‎11.2 and ‎8.6
hereof will survive.

Section 11.2.    
Application of Trust Money. Subject to the provisions of ‎Section
8.6 hereof, all money deposited with the Trustee pursuant to ‎Section 11.1 hereof
shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as their own Paying Agent) as the Trustee may determine, to
the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited
with the Trustee; but such money need not be segregated from other funds except to the extent required by law.

If the Trustee or Paying Agent is unable
to apply any money or U.S. Government Obligations in accordance with ‎Section
11.1 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or Governmental Authority enjoining,
restraining or otherwise prohibiting such application, the Company’s and any Guarantor’s obligations under this Indenture
and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to ‎Section
11.1 hereof; provided that if the Company have made any payment of principal of, premium, if any, or interest on, any Notes
because of 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 or U.S. Government Obligations held by the Trustee or Paying Agent.

Article
XII

Collateral

Section 12.1.    
Collateral Documents. The due and punctual payment of the principal of, premium and interest on the Notes when and
as the same shall be due and

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payable, whether on an interest payment date, at maturity,
by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of, premium and interest on the Notes
and performance of all other Obligations of the Company and the Guarantors to the Holders or the Trustee under this Indenture,
the Notes, the Note Guarantees, the Intercreditor Agreement and the Collateral Documents, according to the terms hereunder or thereunder,
shall be secured as provided in the Collateral Documents, which define the terms of the Liens that secure the Obligations, subject
to the terms of the Intercreditor Agreement. The Trustee and the Company hereby acknowledge and agree that the Security Agent holds
the Collateral in trust for the benefit of itself, the Holders and the Trustee and pursuant to the terms of the Collateral Documents
and the Intercreditor Agreement. Each Holder, by accepting a Note, consents and agrees to the terms of the Collateral Documents
(including the provisions providing for the possession, use, release and foreclosure of Collateral) and the Intercreditor Agreement
as the same may be in effect or may be amended from time to time in accordance with their terms and this Indenture and the Intercreditor
Agreement, and authorizes and directs the Security Agent to enter into the Collateral Documents and the Intercreditor Agreement
and to perform its obligations and exercise its rights thereunder in accordance therewith. The Company shall deliver to the Security
Agent copies of all documents required to be filed pursuant to the Collateral Documents, and will do or cause to be done all such
acts and things as may be reasonably required by the next sentence of this ‎Section
12.1, to assure and confirm to the Security Agent the security interest in the Collateral contemplated hereby, by the Collateral
Documents or any part thereof, as from time to time constituted, so as to render the same available for the security and benefit
of this Indenture and of the Notes secured hereby, according to the intent and purposes herein expressed. The Company shall, and
shall cause the Subsidiaries of the Company to, take any and all actions and make all filings (including the filing of UCC financing
statements, continuation statements and amendments thereto) required to cause the Collateral Documents to create and maintain,
as security for the Obligations of the Company and the Guarantors to the Secured Parties under this Indenture, the Notes, the Note
Guarantees, the Intercreditor Agreement and the Collateral Documents, a valid and enforceable perfected Lien and security interest
in and on all of the Collateral (subject to the terms of the Intercreditor Agreement and the Collateral Documents), in favor of
the Security Agent for the benefit of itself, the Holders and the Trustee subject to no Liens other than Permitted Liens.

Section 12.2.    
Post-Closing Collateral. It is acknowledged and agreed that:

(a)         
on the Issue Date, the Notes and the Note Guarantees will be secured only by a First Priority Lien in 100% of the Capital
Stock of the Company; and

(b)         
the Company shall cause the Notes and the Note Guarantees to be secured by First Priority Liens over all other Collateral
within 120 days following the Issue Date; provided that in the event that the Company shall fail to cause the Notes and
the Notes Guarantees to be secured by a First Priority Lien over any of the other Collateral within 120 days following the Issue
Date and such failure to cause is due solely to governmental restrictions imposed as a consequence of the COVID-19 pandemic, such
120 day period

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shall be extended such that it ends 30 days after the first
Business Day after the cessation of the governmental restrictions imposed as a consequence of the COVID-19 pandemic.

Section 12.3.    
Release of Collateral.

(a)         
Subject to Sections ‎12.3(b) and ‎12.3(c)
hereof, the Liens securing the Notes will be automatically released, and the Trustee (subject to its receipt of an Officer’s
Certificate and Opinion of Counsel as provided below) shall execute documents evidencing such release, or instruct the Security
Agent to execute, and the Security Agent will take any action to effectuate any such release, as applicable, the same at the Company’s
sole cost and expense, under one or more of the following circumstances:

(i)          
in whole upon:

(A)        
payment in full of the principal of, together with accrued and unpaid interest on, the Notes and all other Obligations under
this Indenture, the Note Guarantees and the Collateral Documents that are due and payable at or prior to the time such principal,
together with accrued and unpaid interest, are paid;

(B)        
satisfaction and discharge of this Indenture as set forth under ‎Article
XI; or

(C)        
a Legal Defeasance or Covenant Defeasance of this Indenture as set forth under ‎Article
VIII;

(ii)          
in whole or in part, with the consent of the requisite Holders of the Notes in accordance with ‎Article
IX of this Indenture, including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the
Notes;

(iii)          
in part, as to any asset constituting Collateral:

(A)        
that is sold or otherwise disposed of:

(I)       by
the Company or any Guarantor to any Person that is not the Company or a Guarantor in a transaction permitted by ‎Section
3.5 and by the Collateral Documents (to the extent of the interest sold or disposed of) or otherwise permitted by this Indenture
and the Collateral Documents; or

(II)       in
connection with the taking of an enforcement action in accordance with the Intercreditor Agreement,

(B)        
that is held by a Guarantor that has been released from its Note Guarantee, concurrently with the release of such Note Guarantee;

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(C)         
 that is held by, or is over the Capital Stock of, a Restricted Subsidiary that is designated an Unrestricted Subsidiary;

(D)        
as described under Section 3.25;

(E)        
as described in the second paragraph under Section 3.6; or

(F)       
that is otherwise released in accordance with, and as expressly provided for by the terms of, this Indenture, the Intercreditor
Agreement and the Collateral Documents.

(b)         
With respect to any release of Collateral, upon receipt of an Officer’s Certificate and an Opinion of Counsel each
stating that all conditions precedent under this Indenture and the Collateral Documents and the Intercreditor Agreement, if any,
to such release have been met and that it is proper for the Trustee or Security Agent to execute and deliver the documents requested
by the Company in connection with such release, and any instruments of termination, satisfaction or release prepared by the Company,
the Trustee shall, or shall cause the Security Agent to, execute, deliver or acknowledge (at the Company’s expense) such
instruments or releases to evidence the release of any Collateral permitted to be released pursuant to this Indenture or the Collateral
Documents or the Intercreditor Agreement. Neither the Trustee nor the Security Agent shall be liable for any such release undertaken
in reliance upon any such Officer’s Certificate or Opinion of Counsel, and notwithstanding any term hereof or in any Collateral
Document or in the Intercreditor Agreement to the contrary, the Trustee and the Security Agent shall not be under any obligation
to release any such Lien and security interest, or execute and deliver any such instrument of release, satisfaction or termination,
unless and until it receives such Officer’s Certificate and Opinion of Counsel.

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

Section 12.4.    
Suits to Protect the Collateral.

Subject to the provisions of ‎Article
VII hereof and the Collateral Documents and the Intercreditor Agreement, the Trustee, without the consent of the Holders, on behalf
of the Holders, may or may direct the Security Agent to take all actions it determines in order to:

(a)         
enforce any of the terms of the Collateral Documents; and

(b)         
collect and receive any and all amounts payable in respect of the Obligations hereunder.

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Subject to the provisions of the Collateral
Documents and the Intercreditor Agreement, the Trustee and the Security Agent shall have power to institute and to maintain such
suits and proceedings as the Trustee may determine to prevent any impairment of the Collateral by any acts which may be unlawful
or in violation of any of the Collateral Documents or this Indenture, and such suits and proceedings as the Trustee may determine
to preserve or protect its interests and the interests of the Holders in the Collateral. Nothing in this ‎Section
12.4 shall be considered to impose any such duty or obligation to act on the part of the Trustee or the Security Agent.

Section 12.5.    
Authorization of Receipt of Funds by the Trustee Under the Collateral Documents. Subject to the provisions of the
Intercreditor Agreement, the Trustee is authorized to receive any funds for the benefit of the Holders distributed under the Collateral
Documents, and to make further distributions of such funds to the Holders according to the provisions of this Indenture.

Section 12.6.    
Purchaser Protected. In no event shall any purchaser in good faith of any property purported to be released hereunder
be bound to ascertain the authority of the Security Agent or the Trustee to execute the release or to inquire as to the satisfaction
of any conditions required by the provisions hereof for the exercise of such authority or to see to the application of any consideration
given by such purchaser or other transferee; nor shall any purchaser or other transferee of any property or rights permitted by
this ‎Article XII to be sold be under any obligation to ascertain or inquire
into the authority of the Company or the applicable Guarantor to make any such sale or other transfer.

Section 12.7.    
Powers Exercisable by Receiver or Trustee. In case the Collateral shall be in the possession of a receiver or trustee,
lawfully appointed, the powers conferred in this ‎Article XII upon the Company
or a Guarantor with respect to the release, sale or other disposition of such property may be exercised by such receiver or trustee,
and an instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of the Company or
a Guarantor or of any Officer or Officers thereof required by the provisions of this ‎Article
XII; and if the Trustee shall be in the possession of the Collateral under any provision of this Indenture, then such powers may
be exercised by the Trustee.

Section 12.8.    
Release Upon Termination of the Company’s Obligations. In the event that the Company delivers to the Trustee
an Officer’s Certificate certifying that (i) payment in full of the principal of, together with accrued and unpaid interest
on, the Notes and all other Obligations under this Indenture, the Notes, the Note Guarantees and the Collateral Documents that
are due and payable at or prior to the time such principal, together with accrued and unpaid interest, are paid or (ii) the Company
shall have exercised its Legal Defeasance option or its Covenant Defeasance option, in each case, in compliance with the provisions
of ‎Article VIII, and an Opinion of Counsel stating that all conditions precedent
to the execution and delivery of such notice by the Trustee have been satisfied, the Trustee shall deliver to the Company and the
Security Agent a notice stating that the Trustee, on behalf of the Holders, disclaims and gives up any and all rights it has in
or to the Collateral (other than with respect to funds held by the Trustee pursuant to ‎Article
VIII), and any rights it has under the Collateral Documents, and upon

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receipt by the Security Agent of such notice, the Security
Agent shall be deemed not to hold a Lien in the Collateral on behalf of the Trustee and shall do or cause to be done (at the expense
of the Company) all acts reasonably requested by the Company to release such Lien as soon as is reasonably practicable.

Section 12.9.    
Security Agent.

(a)         
The Trustee and each of the Holders by acceptance of the Notes hereby designates and appoints the Security Agent as its
agent under this Indenture, the Collateral Documents and the Intercreditor Agreement and the Trustee and each of the Holders by
acceptance of the Notes hereby irrevocably authorizes the Security Agent to take such action on its behalf under the provisions
of this Indenture, the Collateral Documents and the Intercreditor Agreement and to exercise such powers and perform such duties
as are expressly delegated to the Security Agent by the terms of this Indenture, the Collateral Documents and the Intercreditor
Agreement, and consents and agrees to the terms of the Intercreditor Agreement and each Collateral Document, as the same may be
in effect or may be amended, restated, supplemented or otherwise modified from time to time in accordance with their respective
terms. The Security Agent agrees to act as such on the express conditions contained in this ‎Section
12.9. The provisions of this ‎Section 12.9 are solely for the benefit of the
Security Agent and none of the Trustee, any of the Holders nor any of the Grantors shall have any rights as a third party beneficiary
of any of the provisions contained herein other than as expressly provided in ‎Section
12.4. Each Holder agrees that any action taken by the Security Agent in accordance with the provision of this Indenture, the Intercreditor
Agreement and the Collateral Documents, and the exercise by the Security Agent of any rights or remedies set forth herein and therein
shall be authorized and binding upon all Holders. Notwithstanding any provision to the contrary contained elsewhere in this Indenture,
the Collateral Documents and the Intercreditor Agreement, the duties of the Security Agent shall be ministerial and administrative
in nature, and the Security Agent shall not have any duties or responsibilities, except those expressly set forth herein and in
the other Note Documents to which the Security Agent is a party, nor shall the Security Agent have or be deemed to have any trust
or other fiduciary relationship with the Trustee, any Holder or any Grantor, and no implied covenants, functions, responsibilities,
duties, obligations or liabilities shall be read into this Indenture, the Collateral Documents and the Intercreditor Agreement
or otherwise exist against the Security Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent”
in this Indenture with reference to the Security Agent is not intended to connote any fiduciary or other implied (or express) obligations
arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended
to create or reflect only an administrative relationship between independent contracting parties.

(b)         
The Security Agent may perform any of its duties under this Indenture, the Collateral Documents or the Intercreditor Agreement
by or through receivers, agents, employees, attorneys-in-fact or with respect to any specified Person, such Person’s Affiliates,
and the respective officers, directors, employees, agents, advisors and attorneys-in-fact of such Person and its Affiliates, (a
“Related Person”) and shall be entitled to advice of counsel concerning all matters pertaining to such duties,
and shall be

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entitled to act upon, and shall be fully protected in taking
action in reliance upon any advice or opinion given by legal counsel. The Security Agent shall not be responsible for the negligence
or willful misconduct of any receiver, agent, employee, attorney-in-fact or Related Person that it selects as long as such selection
was made in good faith.

(c)         
None of the Security Agent or any of its respective Related Persons shall (i) be liable for any action taken or omitted
to be taken by any of them under or in connection with this Indenture or the transactions contemplated hereby (except for its own
gross negligence or willful misconduct as determined by a final nonappeable order of a court of competent jurisdiction) or under
or in connection with any Collateral Document or the Intercreditor Agreement or the transactions contemplated thereby (except for
its own gross negligence or willful misconduct as determined by a final nonappeable order of a court of competent jurisdiction),
or (ii) be responsible in any manner to any of the Trustee or any Holder for any recital, statement, representation, warranty,
covenant or agreement made by the Company or any other Grantor or Affiliate of any Grantor, or any Officer or Related Person thereof,
contained in this Indenture, or any other Note Documents, or in any certificate, report, statement or other document referred to
or provided for in, or received by the Security Agent under or in connection with, this Indenture, the Collateral Documents or
the Intercreditor Agreement, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Indenture, the
Collateral Documents or the Intercreditor Agreement, or for any failure of any Grantor or any other party to this Indenture, the
Collateral Documents or the Intercreditor Agreement to perform its obligations hereunder or thereunder. None of the Security Agent
or any of its respective Related Persons shall be under any obligation to the Trustee or any Holder to ascertain or to inquire
as to the observance or performance of any of the agreements contained in, or conditions of, this Indenture, the Collateral Documents
or the Intercreditor Agreement or to inspect the properties, books, or records of any Grantor or any Grantor’s Affiliates.

(d)         
The Security Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice,
consent, certificate, affidavit, letter, telegram, facsimile, certification, telephone message, statement, or other communication,
document or conversation (including those by telephone or e-mail) believed by it to be genuine and correct and to have been signed,
sent, or made by the proper Person or Persons, and upon advice and statements of legal counsel (including, without limitation,
counsel to the Company or any other Grantor), independent accountants and other experts and advisors selected by the Security Agent.
The Security Agent shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, or other paper or document.
The Security Agent shall be fully justified in failing or refusing to take any action under this Indenture, the Collateral Documents
or the Intercreditor Agreement unless it shall first receive such advice or concurrence of the Trustee or the Holders of a majority
in aggregate principal amount of the Notes as it determines and, if it so requests, it shall first be indemnified to its satisfaction
by the Holders against any and all liability, loss and expense which may be incurred by it by reason of taking or continuing to
take any such action. The Security Agent shall in all cases be fully protected in acting, or in refraining from acting, under this
Indenture, the

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Collateral Documents or the Intercreditor Agreement in accordance
with a request, direction, instruction or consent of the Trustee or the Holders of a majority in aggregate principal amount of
the then outstanding Notes and such request and any action taken or failure to act pursuant thereto shall be binding upon all of
the Holders.

(e)         
The Security Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default,
unless a Trust Officer of the Security Agent shall have received written notice from the Trustee or the Company referring to this
Indenture, describing such Default or Event of Default and stating that such notice is a “notice of default.” The Security
Agent shall take such action with respect to such Default or Event of Default as may be requested by the Trustee in accordance
with ‎Article VI or the Holders of a majority in aggregate principal amount of
the Notes (subject to this ‎Section 12.9).

(f)         
The Security Agent may resign at any time by notice to the Trustee and the Company, such resignation to be effective upon
the acceptance of a successor agent to its appointment as Security Agent. If the Security Agent resigns under this Indenture, the
Company shall appoint a successor security agent. If no successor security agent is appointed prior to the intended effective date
of the resignation of the Security Agent (as stated in the notice of resignation), the Security Agent may appoint, after consulting
with the Trustee, subject to the consent of the Company (which shall not be unreasonably withheld and which shall not be required
during a continuing Event of Default), a successor security agent. If no successor security agent is appointed and consented to
by the Company pursuant to the preceding sentence within thirty (30) days after the intended effective date of resignation (as
stated in the notice of resignation) the Security Agent shall be entitled to petition a court of competent jurisdiction to appoint
a successor. Upon the acceptance of its appointment as successor security agent hereunder, such successor security agent shall
succeed to all the rights, powers and duties of the retiring Security Agent, and the term “Security Agent” shall
mean such successor security agent, and the retiring Security Agent’s appointment, powers and duties as the Security Agent
shall be terminated. After the retiring Security Agent’s resignation hereunder, the provisions of this ‎Section
12.9 (and ‎Section 7.7) shall continue to inure to its benefit and the retiring
Security Agent shall not by reason of such resignation be deemed to be released from liability as to any actions taken or omitted
to be taken by it while it was the Security Agent under this Indenture.

(g)         
Wilmington Trust (London) Limited, in its capacity as security agent under the Intercreditor Agreement shall initially act
as Security Agent and shall be authorized to appoint co-Security Agents as necessary in its sole discretion. Except as otherwise
explicitly provided herein or in the Collateral Documents or the Intercreditor Agreement, neither the Security Agent nor any of
its respective officers, directors, employees or agents or other Related Persons shall be liable for failure to demand, collect
or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose
of any Collateral upon the request of any other Person or to take any other action whatsoever with regard to the Collateral or
any part thereof. The Security Agent shall be accountable only for amounts that it actually receives as a result of the exercise
of such powers, and neither the Security Agent nor any of its officers,

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directors, employees or agents shall be responsible for any
act or failure to act hereunder, except for its own gross negligence or willful misconduct as determined by a final nonappeable
order of a court of competent jurisdiction.

(h)         
The Security Agent is authorized and directed to (i) enter into the Collateral Documents to which it is party, whether executed
on or after the Issue Date, (ii) accede to the Intercreditor Agreement, (iii) make the representations of the Holders set
forth in the Collateral Documents and Intercreditor Agreement, (iv) bind the Holders on the terms as set forth in the Collateral
Documents and the Intercreditor Agreement and (v) perform and observe its obligations under the Collateral Documents and the Intercreditor
Agreement.

(i)         
If at any time or times the Trustee shall receive (i) by payment, foreclosure, set-off or otherwise, any proceeds of Collateral
or any payments with respect to the Obligations arising under, or relating to, this Indenture, except for any such proceeds or
payments received by the Trustee from the Security Agent pursuant to the terms of this Indenture, or (ii) payments from the Security
Agent in excess of the amount required to be paid to the Trustee pursuant to ‎Article
VI, the Trustee shall promptly turn the same over to the Security Agent, in kind, and with such endorsements as may be required
to negotiate the same to the Security Agent such proceeds to be applied by the Security Agent pursuant to the terms of this Indenture,
the Collateral Documents and the Intercreditor Agreement.

(j)         
The Security Agent is each Holder’s agent for the purpose of perfecting the Holders’ security interest in assets
which, in accordance with Article 9 of the UCC can be perfected only by possession. Should the Trustee obtain possession of any
such Collateral, upon request from the Company, the Trustee shall notify the Security Agent thereof and promptly shall deliver
such Collateral to the Security Agent or otherwise deal with such Collateral in accordance with the Security Agent’s instructions
(to the extent applicable).

(k)         
The Security Agent shall have no obligation whatsoever to the Trustee or any of the Holders to assure that the Collateral
exists or is owned by any Grantor or is cared for, protected, or insured or has been encumbered, or that the Security Agent’s
Liens have been properly or sufficiently or lawfully created, perfected, protected, maintained or enforced or are entitled to any
particular priority, or to determine whether all or the Grantor’s property constituting collateral intended to be subject
to the Lien and security interest of the Collateral Documents has been properly and completely listed or delivered, as the case
may be, or the genuineness, validity, marketability or sufficiency thereof or title thereto, or to exercise at all or in any particular
manner or under any duty of care, disclosure, or fidelity, or to continue exercising, any of the rights, authorities, and powers
granted or available to the Security Agent pursuant to this Indenture, any Collateral Document or the Intercreditor Agreement other
than pursuant to the instructions of the Trustee or the Holders of a majority in aggregate principal amount of the Notes or as
otherwise provided in the Collateral Documents, it being understood and agreed that in respect of the Collateral, or any act, omission,
or event related thereto, the

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Security Agent shall have no other duty or liability whatsoever
to the Trustee or any Holder as to any of the foregoing.

(l)         
If the Company or any Guarantor (i) incurs any obligations in respect of First Priority Obligations at any time when the
Intercreditor Agreement nor any other intercreditor agreement is not in effect or at any time when Indebtedness constituting First
Priority Obligations entitled to the benefit of the Intercreditor Agreement is concurrently retired, and (ii) delivers to the Security
Agent an Officer’s Certificate so stating and requesting the Security Agent to enter into an intercreditor agreement (on
substantially the same terms as the Intercreditor Agreement) in favor of a designated agent or representative for the holders of
the First Priority Obligations so incurred, the Security Agent shall (and is hereby authorized and directed to) enter into such
intercreditor agreement (at the sole expense and cost of the Company, including legal fees and expenses of the Security Agent),
bind the Holders on the terms set forth therein and perform and observe its obligations thereunder.

(m)         
If the Company or any Guarantor (i) incurs any obligations in respect of Junior Priority Indebtedness at any time when no
intercreditor agreement is in effect or at any time when Indebtedness constituting Junior Priority Indebtedness entitled to the
benefit of the First Priority/ Second Priority Intercreditor Agreement is concurrently retired, and (ii) delivers to the Security
Agent an Officer’s Certificate so stating and requesting the Security Agent to enter into an intercreditor agreement (on
terms that are customary for such financings as determined by the Company in good faith reflecting the subordination of such Liens
to the Liens secured by the Notes and Note Guarantees) in favor of a designated agent or representative for the holders of the
Junior Priority Indebtedness so incurred, the Security Agent shall (and is hereby authorized and directed to) enter into such intercreditor
agreement (at the sole expense and cost of the Company, including legal fees and expenses of the Security Agent), bind the Holders
on the terms set forth therein and perform and observe its obligations thereunder.

(n)         
No provision of this Indenture, the Intercreditor Agreement or any Collateral Document shall require the Security Agent
(or the Trustee) to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties
hereunder or thereunder or to take or omit to take any action hereunder or thereunder or take any action at the request or direction
of Holders (or the Trustee in the case of the Security Agent) if it shall have received indemnity satisfactory to the Security
Agent against potential costs and liabilities incurred by the Security Agent relating thereto. Notwithstanding anything to the
contrary contained in this Indenture, the Intercreditor Agreement or the Collateral Documents, in the event the Security Agent
is entitled or required to commence an action to foreclose or otherwise exercise its remedies to acquire control or possession
of the Collateral, the Security Agent shall not be required to commence any such action or exercise any remedy or to inspect or
conduct any studies of any property under the mortgages or take any such other action if the Security Agent has determined that
the Security Agent may incur personal liability as a result of the presence at, or release on or from, the Collateral or such property,
of any hazardous substances unless the Security Agent has received security or indemnity from the Holders in an amount and in a
form all satisfactory to the Security Agent in its sole discretion,

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protecting the Security Agent from all such liability. The
Security Agent shall at any time be entitled to cease taking any action described in this clause if it no longer reasonably deems
any indemnity, security or undertaking from the Company or the Holders to be sufficient.

(o)         
The Security Agent (i) shall not be liable for any action taken or omitted to be taken by it in connection with this Indenture,
the Intercreditor Agreement and the Collateral Documents or instrument referred to herein or therein, except to the extent that
any of the foregoing are found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from its
own gross negligence or willful misconduct, (ii) shall not be liable for interest on any money received by it except as the Security
Agent may agree in writing with the Company (and money held in trust by the Security Agent need not be segregated from other funds
except to the extent required by law) and (iii) may consult with counsel of its selection and the advice or opinion of such counsel
as to matters of law shall be full and complete authorization and protection from liability in respect of any action taken, omitted
or suffered by it in good faith and in accordance with the advice or opinion of such counsel. The grant of permissive rights or
powers to the Security Agent shall not be construed to impose duties to act.

(p)         
Neither the Security Agent nor the Trustee shall be liable for delays or failures in performance resulting from acts beyond
its control. Such acts shall include but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental
regulations superimposed after the fact, fire, communication line failures, computer viruses, power failures, earthquakes or other
disasters. Neither the Security Agent nor the Trustee shall be liable for any indirect, special, punitive, incidental or consequential
damages (included but not limited to lost profits) whatsoever, even if it has been informed of the likelihood thereof and regardless
of the form of action.

(q)         
The Security Agent does not assume any responsibility for any failure or delay in performance or any breach by the Company
or any other Grantor under this Indenture, the Intercreditor Agreement and the Collateral Documents. The Security Agent shall not
be responsible to the Holders or any other Person for any recitals, statements, information, representations or warranties contained
in any Note Documents or in any certificate, report, statement, or other document referred to or provided for in, or received by
the Security Agent under or in connection with, this Indenture, the Intercreditor Agreement or any Collateral Document; the execution,
validity, genuineness, effectiveness or enforceability of the Intercreditor Agreement and any Collateral Documents of any other
party thereto; the genuineness, enforceability, collectability, value, sufficiency, location or existence of any Collateral, or
the validity, effectiveness, enforceability, sufficiency, extent, perfection or priority of any Lien therein; the validity, enforceability
or collectability of any Obligations; the assets, liabilities, financial condition, results of operations, business, creditworthiness
or legal status of any obligor; or for any failure of any obligor to perform its Obligations under this Indenture, the Intercreditor
Agreement and the Collateral Documents. The Security Agent shall have no obligation to any Holder or any other Person to ascertain
or inquire into the existence of any Default or Event of Default, the observance or performance by any obligor of any terms of
this Indenture, the Intercreditor Agreement and the Collateral

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Documents, or the satisfaction of any conditions precedent
contained in this Indenture, the Intercreditor Agreement and any Collateral Documents. The Security Agent shall not be required
to initiate or conduct any litigation or collection or other proceeding under this Indenture, the Intercreditor Agreement and the
Collateral Documents unless expressly set forth hereunder or thereunder. The Security Agent shall have the right at any time to
seek instructions from the Holders with respect to the administration of the Note Documents.

(r)         
The parties hereto and the Holders hereby agree and acknowledge that the Security Agent shall not assume, be responsible
for or otherwise be obligated for any liabilities, claims, causes of action, suits, losses, allegations, requests, demands, penalties,
fines, settlements, damages (including foreseeable and unforeseeable), judgments, expenses and costs (including but not limited
to, any remediation, corrective action, response, removal or remedial action, or investigation, operations and maintenance or monitoring
costs, for personal injury or property damages, real or personal) of any kind whatsoever, pursuant to any environmental law as
a result of this Indenture, the Intercreditor Agreement, the Collateral Documents or any actions taken pursuant hereto or thereto.
Further, the parties hereto and the Holders hereby agree and acknowledge that in the exercise of its rights under this Indenture,
the Intercreditor Agreement and the Collateral Documents, the Security Agent may hold or obtain indicia of ownership primarily
to protect the security interest of the Security Agent in the Collateral and that any such actions taken by the Security Agent
shall not be construed as or otherwise constitute any participation in the management of such Collateral.

(s)         
Upon the receipt by the Security Agent and the Trustee of a written request of the Company signed by one Officer of the
Company (a “Collateral Document Order”), the Security Agent and the Trustee are hereby authorized to execute
and enter into, and shall execute and enter into, without the further consent of any Holder, any Collateral Document to be executed
after the Issue Date. Such Collateral Document Order shall (i) state that it is being delivered to the Security Agent and
the Trustee pursuant to, and is a Collateral Document Order referred to in, this ‎Section
12.9(s), and (ii) instruct the Security Agent and the Trustee (if applicable) to execute and enter into such Collateral Document.
Any such execution of a Collateral Document shall be at the direction and expense of the Company, upon delivery to the Security
Agent of an Officer’s Certificate and Opinion of Counsel stating that all conditions precedent to the execution and delivery
of the Collateral Document have been satisfied. The Holders, by their acceptance of the Notes, hereby authorize and direct the
Security Agent to execute such Collateral Documents.

(t)         
Subject to the provisions of the applicable Collateral Documents and the Intercreditor Agreement, each Holder, by acceptance
of the Notes, agrees that the Security Agent shall execute and deliver the Intercreditor Agreement and the Collateral Documents
to which it is a party and all agreements, documents and instruments incidental thereto, and act in accordance with the terms thereof.
For the avoidance of doubt, the Security Agent shall have no discretion under this Indenture, the Intercreditor Agreement or the
Collateral Documents and shall not be required to make or give any determination, consent, approval, request or direction without
the written direction of the

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Holders of a majority in aggregate principal amount of the
then outstanding Notes or the Trustee, as applicable, or as otherwise set forth in the Intercreditor Agreement.

(u)         
After the occurrence of an Event of Default, the Trustee may direct the Security Agent in connection with any action required
or permitted by this Indenture, the Collateral Documents or the Intercreditor Agreement.

(v)         
The Security Agent is authorized to receive any funds for the benefit of itself, the Trustee and the Holders distributed
under the Collateral Documents or the Intercreditor Agreement and to the extent not prohibited under the Intercreditor Agreement,
for turnover to the Trustee to make further distributions of such funds to itself, the Trustee and the Holders in accordance with
the provisions of ‎Section 6.10 hereof and the other provisions of this Indenture.

(w)         
In each case that the Security Agent may or is required hereunder or under any other Note Document to take any action (an
“Action”), including without limitation to make any determination, to give consents, to exercise rights, powers
or remedies, to release or sell Collateral or otherwise to act hereunder or under any other Note Document, the Security Agent may
seek direction from the Holders of a majority in aggregate principal amount of the then outstanding Notes. The Security Agent shall
not be liable with respect to any Action taken or omitted to be taken by it in accordance with the direction from the Holders of
a majority in aggregate principal amount of the then outstanding Notes or as otherwise set forth in the Intercreditor Agreement.
If the Security Agent shall request direction from the Holders of a majority in aggregate principal amount of the then outstanding
Notes with respect to any Action, the Security Agent shall be entitled to refrain from such Action unless and until the Security
Agent shall have received direction from the Holders of a majority in aggregate principal amount of the then outstanding Notes,
and the Security Agent shall not incur liability to any Person by reason of so refraining.

(x)         
Notwithstanding anything to the contrary in this Indenture or any other Note Document, in no event shall the Security Agent
or the Trustee be responsible for, or have any duty or obligation with respect to, the recording, filing, registering, perfection,
protection or maintenance of the security interests or Liens intended to be created by this Indenture or the other Note Documents
(including without limitation the filing or continuation of any UCC financing or continuation statements or similar documents or
instruments), nor shall the Security Agent or the Trustee be responsible for, and neither the Security Agent nor the Trustee makes
any representation regarding, the validity, effectiveness or priority of any of the Collateral Documents or the security interests
or Liens intended to be created thereby.

(y)         
Before the Security Agent acts or refrains from acting in each case at the request or direction of the Company or the Guarantors,
it may require an Officer’s Certificate and an Opinion of Counsel, which shall conform to the provisions of ‎Section
13.5. The Security Agent shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate
or opinion.

    	-185-

    	 

    

(z)         
 Notwithstanding anything to the contrary contained herein, the Security Agent shall act pursuant to the instructions of
the Holders and the Trustee solely with respect to the Collateral Documents and the Collateral, except as otherwise set forth in
the Intercreditor Agreement.

(aa)         
The Company shall pay compensation to, reimburse expenses of and indemnify the Security Agent in accordance with ‎Section
7.7 and the Intercreditor Agreement.

(bb)         
The Security Agent shall be entitled to all of the rights, privileges and immunities of the Security Agent as set forth
in the Intercreditor Agreement, as though fully set forth herein.

Section 12.10. 
Designations. Except as provided in the next sentence, for purposes of the provisions hereof and the Intercreditor
Agreement requiring the Company to designate Indebtedness for the purposes of the term “First Lien Obligations”, “Additional
First Lien Obligations”, “Other First Priority Lien Obligations” (as each such term is defined in the applicable
Intercreditor Agreement), “Junior Priority Indebtedness” or any other such designations hereunder or under the Intercreditor
Agreement, any such designation shall be sufficient if the relevant designation is set forth in writing, signed on behalf of the
Company by an Officer and delivered to the Trustee, the Security Agent and the Security
Agent in accordance with the terms of the Intercreditor Agreement. For all purposes hereof and the Intercreditor Agreement,
the Company hereby designate the Obligations pursuant to the Credit Agreement as “First Lien Obligations” under the
Intercreditor Agreement.

Section 12.11. 
No Impairment of the Security Interests. Except as otherwise permitted under this Indenture, the Intercreditor Agreement
and the Collateral Documents, neither the Company nor any of the Guarantors will be permitted to take any action, or knowingly
omit to take any action, which action or omission would have the result of materially impairing the security interest with respect
to the Collateral for the benefit of the Trustee, the Security Agent and the Holders of the Notes.

Section 12.12. 
Insurance. The Company shall maintain insurance, and cause each of its Restricted Subsidiaries to maintain insurance,
with financially sound and reputable insurers (and the Company shall use commercially reasonable efforts to name the Security Agent
as an additional insured as soon as possible after the Issue Date), with respect to such of its properties, against such risks,
casualties and contingencies and in such types and amounts as are consistent with sound business practice, it being understood
that this Section shall not prevent the use of deductible or excess loss insurance and shall not prevent (i) the Company or any
of their Subsidiaries from acting as a self-insurer or maintaining insurance with another Subsidiary or Subsidiaries of the Company
so long as such action is consistent with sound business practice or (ii) the Company from obtaining and owning insurance policies
covering activities of its Subsidiaries.

    	-186-

    	 

    

Article
XIII

Miscellaneous

Section 13.1.    
[Reserved].

Section 13.2.    
Notices. Any notice, request, direction, consent or communication made pursuant to the provisions of this Indenture
or the Notes shall be in writing and delivered in person, sent by facsimile, sent by electronic mail in pdf format, delivered by
commercial courier service or mailed by first class mail, postage prepaid, addressed as follows:

if to the Company, any Guarantor, Parent or MidCo:

Atento Luxco 1

1, rue Hildegard Von Bingen

L-1282 Luxembourg

Grand Duchy of Luxembourg

Attention: Fredj Laouiti

Facsimile: +352 48 18 28 3461

With copy to: Shay Chor (email: shay.chor@atento.com)

with a copy to:

Sidley Austin LLP

70 St Mary Axe

London, EC3A 8BE

Attention: Alan G. Grinceri

Facsimile: +44 20 7626 7937

if to the Trustee, at its corporate trust office, which
corporate trust office for purposes of this Indenture is at the date hereof located at:

Wilmington Trust, National Association

Corporate Capital Markets

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402-1544

Attention: Atento Administrator

Facsimile: +1 (612) 217-5651

if to the Security Agent:

Wilmington Trust (London) Limited

Third Floor

1 King’s Arms Yard

London

EC2R 7AF

    	-187-

    	 

    

United Kingdom

Attention: Candice De Reyck and Keith Reader (Atento)

The Company, the Trustee or the Security
Agent by written notice to each other may designate additional or different addresses for subsequent notices or communications.

Any notice or communication to the Company,
the Guarantors, Parent or MidCo shall be deemed to have been given or made as of the date so delivered if personally delivered
or if delivered electronically, in pdf format; when receipt is acknowledged, if telecopied; and seven calendar days after mailing
if sent by registered or certified mail, postage prepaid (except that a notice of change of address shall not be deemed to have
been given until actually received by the addressee). Any notice or communication to the Trustee or the Security Agent shall be
deemed delivered upon receipt.

Any notice or communication sent to a
Holder shall be electronically delivered or by first class mail to the Holder at the Holder’s address as it appears in the
Notes Register and shall be sufficiently given if so sent within the time prescribed.

Failure to mail or deliver electronically
a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a
notice or communication is sent in the manner provided above, it is duly given, whether or not the addressee receives it, except
that notices to the Trustee or the Security Agent shall be effective only upon receipt.

Notwithstanding any other provision of
this Indenture or any Note, where this Indenture or any Note provides for notice of any event (including any notice of redemption
or purchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to DTC
(or its designee) pursuant to the standing instructions from DTC or its designee, including by electronic mail in accordance with
applicable DTC procedures.

Section 13.3.    
[Reserved].

Section 13.4.    
Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company or any of the
Guarantors to the Trustee to take or refrain from taking any action under this Indenture, the Notes or the Collateral Documents,
the Company or such Guarantor, as the case may be, shall furnish to the Trustee:

(1)         
an Officer’s Certificate in form satisfactory to the Trustee (which shall include the statements set forth in ‎Section
13.5 hereof) stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture, the
Notes or the Collateral Documents relating to the proposed action have been satisfied; and

(2)         
an Opinion of Counsel in form satisfactory to the Trustee (which shall include the statements set forth in ‎Section
13.5 hereof) stating that, in the

    	-188-

    	 

    

opinion of such counsel, all such conditions precedent
have been satisfied and all covenants have been complied with.

Section 13.5.    
Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant
or condition provided for in this Indenture, the Notes or Collateral Documents shall include:

(1)         
a statement that the individual making such certificate or opinion has read such covenant or condition;

(2)         
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

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

(4)         
a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with.

In giving such Opinion of Counsel, counsel
may rely as to factual matters on an Officer’s Certificate or on certificates of public officials.

Section 13.6.    
When Notes Disregarded. In determining whether the Holders of the required aggregate principal amount of Notes have
concurred in any direction, waiver or consent, Notes owned by the Company, any Guarantor or any Affiliate of them shall be disregarded
and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying
on any such direction, waiver or consent, only Notes which a Trust Officer of the Trustee actually knows are so owned shall be
so disregarded. Also, subject to the foregoing, only Notes outstanding at the time shall be considered in any such determination.

Section 13.7.    
Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by, or at meetings
of, Holders. The Registrar and the Paying Agent may make reasonable rules for their functions.

Section 13.8.    
Legal Holidays. A “Legal Holiday” is a Saturday, a Sunday or other day on which commercial banking
institutions are authorized or required to be closed in New York, New York or the state of the place of payment. If a payment date
or Redemption Date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest
shall accrue on such payment for the intervening period. If a regular record date is a Legal Holiday, the record date shall not
be affected.

Section 13.9.    
Governing Law. THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES AND THE RIGHTS AND DUTIES OF THE PARTIES

    	-189-

    	 

    

HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE CONFLICT OF LAW PRINCIPLES THEREOF.

Section 13.10. 
Jurisdiction. The Company and the Guarantors agree that any suit, action or proceeding against the Company or any
Guarantor brought by any Holder or the Trustee arising out of or based upon this Indenture, the Note Guarantee or the Notes may
be instituted in any state or Federal court in the Borough of Manhattan, New York, New York, and any appellate court from any thereof,
and each of them irrevocably submits to the nonexclusive jurisdiction of such courts in any suit, action or proceeding. The Company
and the Guarantors irrevocably waive, to the fullest extent permitted by law, any objection to any suit, action, or proceeding
that may be brought in connection with this Indenture, the Note Guarantee or the Notes, including such actions, suits or proceedings
relating to securities laws of the United States of America or any state thereof, in such courts whether on the grounds of venue,
residence or domicile or on the ground that any such suit, action or proceeding has been brought in an inconvenient forum. The
Company and the Guarantors agree that final judgment in any such suit, action or proceeding brought in such court shall be conclusive
and binding upon the Company or the Guarantors, as the case may be, and may be enforced in any court to the jurisdiction of which
the Company or the Guarantors, as the case may be, are subject by a suit upon such judgment. Notwithstanding the above, with respect
to any dispute involving a Guarantor incorporated under the laws of the United Mexican States, each of the parties hereto, expressly,
irrevocable and unconditionally agrees to submit for itself and its property, to the exclusive jurisdiction of the courts in the
Borough of Manhattan, New York, New York, and waives any other jurisdiction to which it may be entitled by reason of its present
or future domicile or otherwise.

Section 13.11. 
Waivers of Jury Trial. EACH OF THE COMPANY, THE GUARANTORS, THE TRUSTEE AND THE SECURITY AGENT HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE NOTE GUARANTEES AND FOR ANY COUNTERCLAIM THEREIN.

Section 13.12. 
USA PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act (Title
III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “USA PATRIOT Act”), the Trustee and the Security
Agent, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to
obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an
account. The parties to this Indenture agree that they will provide the Trustee and the Security Agent with such information as
each may request in order to satisfy the requirements of the USA PATRIOT Act.

    	-190-

    	 

    
Section 13.13. 
No Recourse Against Others. No director, member, officer, employee, incorporator or shareholder of the Company or
any of its Subsidiaries or Affiliates, shall have any liability for any obligations of the Company or the Guarantors under the
Notes, the Note Guarantees or this Indenture or for any claim based on, in respect of, or by reason of such obligations or their
creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the
view of the SEC that such a waiver is against public policy.

Section 13.14. 
Successors. All agreements of the Company and each Guarantor in this Indenture and the Notes shall bind their respective
successors. All agreements of the Trustee in this Indenture shall bind its successors.

Section 13.15. 
Multiple Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile
, PDF or other electronic transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto
and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile,
PDF or other electronic format shall be deemed to be their original signatures for all purposes. For the avoidance of doubt, electronic
signatures (for example, DocuSign) shall be deemed to be original signatures for all purposes.

Section 13.16. 
[Reserved].

Section 13.17. 
Table of Contents; Headings. 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 intended to be considered a part hereof and shall
not modify or restrict any of the terms or provisions hereof.

Section 13.18. 
Force Majeure. In no event shall the Trustee or the Security Agent be responsible or liable for any failure or delay
in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control,
including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, epidemics, civil or military disturbances,
nuclear or natural catastrophes or acts of God, interruptions, loss or malfunctions of utilities, communications or computer (software
and hardware) services, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility,
it being understood that the Trustee and the Security Agent shall use reasonable best efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances.

Section 13.19. 
Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

    	-191-

    	 

    
Section 13.20. 
Intercreditor Agreement.

(a)         
Each Holder, by its acceptance of a Note, authorizes (without any further consent of the Holders of the Notes) (a) the Company
to accede to the Intercreditor Agreement, and (b) authorizes and instructs (without any further consent of the Holders of the Notes)
the Trustee to accede to the Intercreditor Agreement as Trustee.

(b)         
Each Holder of the Notes, by accepting such Note, will be deemed to have (i) appointed and authorized the Security Agent
and the Trustee to give effect to the provisions in the Intercreditor Agreement, any Additional Intercreditor Agreements and the
Collateral Documents and perform the duties and exercise the rights, powers and discretions that are specifically given to it under
the Intercreditor Agreement and the Collateral Documents securing such Indebtedness, together with any other incidental rights,
power and discretions; (ii) agreed to be bound by the provisions of the Intercreditor Agreement, any Additional Intercreditor Agreements
and the Collateral Documents; and (iii) irrevocably appointed the Security Agent and the Trustee to act on its behalf to enter
into and comply with the provisions of the Intercreditor Agreement, any Additional Intercreditor Agreements and the Collateral
Documents (including the execution of, and compliance with, any waiver, modification, amendment, renewal or replacement expressed
to be executed by the Trustee or the Security Agent on its behalf).

(c)         
The parties acknowledge and agree that Wilmington Trust (London) Limited is entering into the Intercreditor Agreement in
its capacity as Security Agent thereunder.

(d)         
Notwithstanding anything to the contrary in this Indenture, in the event of any conflict between this Indenture or any other
Note Document and the Intercreditor Agreement, the terms of the Intercreditor Agreement shall govern and control.

Section 13.21. 
Appointment of Agent for Service of Process.

(a)         
By the execution and delivery of this Indenture or any amendment or supplement hereto, each of the Company, each Guarantor,
Parent and MidCo (i) acknowledges that it hereby designates and appoints Contact US Teleservices Inc. (“Authorized
Agent”) currently located at 5959 Northwest Parkway, San Antonio, Texas 78249, as its authorized agent upon which process
may be served in any suit, action or proceeding with respect to, arising out of, or relating to, the Notes, this Indenture or the
Note Guarantees, that may be instituted in any Federal or state court in the State of New York, The City of New York, the Borough
of Manhattan, or brought under Federal or state securities laws or brought by the Trustee (whether in its individual capacity or
in its capacity as Trustee hereunder), and acknowledges that the Authorized Agent has accepted such designation, (ii) submits to
the non-exclusive jurisdiction of any such court in any such suit, action or proceeding, and (iii) agrees that service of process
upon the Authorized Agent shall be deemed in every respect effective service of process upon each of the Company, each Guarantor,
Parent and MidCo, as the case may be, in any such suit, action or proceeding, each of the Company, each Guarantor, Parent and MidCo
further agree to take any and all action, including the execution and filing of any and all such

    	-192-

    	 

    

documents and instruments as may be necessary to continue
such designation and appointment of the Authorized Agent in full force and effect so long as this Indenture shall be in full force
and effect; provided that each of the Company, each Guarantor, Parent and MidCo may and shall (to the extent the Authorized Agent
ceases to be able to be served on the basis contemplated herein), by written notice to the Trustee and the Security Agent, designate
such additional or alternative agents for service of process under this ‎Section
13.21 that (i) maintains an office located in the Borough of Manhattan, The City of New York in the State of New York, (ii) are
either (x) counsel for any of the Company, any Guarantor, Parent and MidCo or (y) a corporate service company which acts as agent
for service of process for other Persons in the ordinary course of its business and (iii) agrees to act as agent for service of
process in accordance with this ‎Section 13.21. Such notice shall identify the
name of such agent for process and the address of such agent for process in the Borough of Manhattan, The City of New York, State
of New York. Upon the written request of any Holder, the Trustee shall deliver such information to such Holder. Notwithstanding
the foregoing, there shall, at all times, be at least one agent for service of process for the Company and the Guarantor appointed
and acting in accordance with this ‎Section 13.21.

(b)         
Each of the Company, each Guarantor, Parent and MidCo further hereby irrevocably consents and agrees to the service of any
and all legal process, summons, notices and documents in any such action, suit or proceeding against them by (i) serving a copy
thereof upon any of the relevant Process Agents specified in clause (a) above, or (ii) or by mailing copies thereof by registered
or certified air mail, postage prepaid, to each of the Company, each Guarantor, Parent or MidCo, at its address specified in or
designated pursuant to this Indenture. Each of the Company, each Guarantor, Parent and MidCo agrees that the failure of any Process
Agent specified in clause (a) above, to give any notice of such service to it shall not impair or affect in any way the validity
of such service or any judgment rendered in any action or proceeding based thereon.

(c)         
Nothing herein shall in any way be deemed to limit the ability of the Trustee or any Holder to serve any such legal process,
summons, notices and documents in any other manner permitted by applicable law or to obtain jurisdiction over any of the Company,
a Guarantor, Parent or MidCo or bring actions, suits or proceedings against them in such other jurisdictions, and in such manner,
as may be permitted by applicable law.

(d)         
Each of the Company, each Guarantor, Parent and MidCo hereby irrevocably and unconditionally waives, to the fullest extent
permitted by law, any objection that it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits
or proceedings arising out of or in connection with this Indenture, the Notes or the Note Guarantees brought in the United States
federal courts located in the County of New York or the courts of the State of New York located in the County of New York and hereby
further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or
proceeding brought in any such court has been brought in an inconvenient forum.

    	-193-

    	 

    

(e)         
 The provisions of this ‎Section 13.21 shall survive any termination of
this Indenture, in whole or in part, and shall survive delivery and payment for the Notes.

Section 13.22. 
Waiver of Immunities. To the extent that the Company or any Guarantor or any of its properties, assets or revenues
may have or may hereafter become entitled to, or have attributed to them, any right of immunity, on the grounds of sovereignty,
from any legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any court, from service of process,
from attachment upon or prior to judgment, or from attachment in aid of execution of judgment, or from execution of judgment, or
other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which
proceedings may at any time be commenced, with respect to their obligations, liabilities or any other matter under or arising out
of or in connection with this Indenture, the Notes or the Note Guarantees, the Company and each Guarantor hereby irrevocably and
unconditionally, to the extent permitted by applicable law, waives and agrees not to plead or claim any such immunity and consents
to such relief and enforcement.

Section 13.23. 
Judgment Currency. The Company and each Guarantor agrees to indemnify the recipient against any loss incurred by
such recipient as a result of any judgment or order being given or made against the Company or any Guarantor for any amount due
hereunder and such judgment or order being expressed and paid in a currency (the “Judgment Currency”) other
than United States dollars and as a result of any variation as between (i) the rate of exchange at which the United States dollar
amount is converted into the Judgment Currency for the purpose of such judgment or order, and (ii) the rate of exchange in The
City of New York at which such party on the date of payment of such judgment or order is able to purchase United States dollars
with the amount of the Judgment Currency actually received by such party if such party had utilized such amount of Judgment Currency
to purchase United States dollars as promptly as practicable upon such party’s receipt thereof. The foregoing indemnity shall
constitute a separate and independent obligation of the Company and each Guarantor and shall continue in full force and effect
notwithstanding any such judgment or order as aforesaid. The term “rate of exchange” shall include any premiums and
costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency.

[Signature on following pages]

 

    	-194-

    	 

    

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

	ATENTO LUXCO 1
	By:	/s/ Jose Antonio de Sousa Azevedo
	 	Name:Jose Antonio de Sousa Azevedo
	 	Title:Director and Authorised Signatory

 

    	[Signature Page to the Indenture]

    	 

    

 

 

	ATENTO BRASIL S.A.
	By:	/s/ Sérgio Passos
	 	Name:Sérgio Passos
	 	Title:Vice Presidente de Finanças

 

 

 

 

 

 

 

	By:	/s/ Dimitrius Rogério de Oliveira
	 	Name:Dimitrius Rogério de Oliveira
	 	Title:Diretor Presidente

 

 

 

    	[Signature Page to the Indenture]

    	 

    

 

 

	ATENTO MÉXICO HOLDCO S. DE R.L. DE C.V. 
	By:	/s/ Elia Santillan Moncayo
	 	Name:Elia Santillan Moncayo
	 	Title:Attorney-in-Fact

 

    	[Signature Page to the Indenture]

    	 

    

 

 

	ATENTO TELESERVICIOS ESPAÑA, S.A.U.

	By:	/s/ Luis Vazquez Espiga
	 	Name:Luis Vazquez Espiga
	 	Title:Authorised Signatory

 

    	[Signature Page to the Indenture]

    	 

    

 

 

	ATENTO S.A.
	By:	/s/ Jose Antonio de Sousa Azevedo
	 	Name:Jose Antonio de Sousa Azevedo
	 	Title:Authorised Signatory

 

    	[Signature Page to the Indenture]

    	 

    

 

 

	ATALAYA LUXCO MIDCO
	By:	/s/ Jose Antonio de Sousa Azevedo
	 	Name: Jose Antonio de Sousa Azevedo
	 	Title:Manager and Authorised Signatory

    	[Signature Page to the Indenture]

    	 

    

 

 

	WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee 
	By:	/s/ Hallie E. Field
	 	Name:Hallie E. Field
	 	Title:Vice President

 

    	[Signature Page to the Indenture]

    	 

    

 

 

	WILMINGTON TRUST (LONDON) LIMITED,

as Security Agent 
	By:	/s/ Candice De Reyck
	 	Name:Candice De Reyck
	 	Title:Vice President

 

 

    	[Signature Page to the Indenture]

    	 

    

EXHIBIT A

[FORM OF FACE OF GLOBAL RESTRICTED NOTE]

[Applicable Restricted Notes Legend]

[Depository Legend, if applicable]

[Temporary Regulation S Legend, if applicable]

	No. [___]	Principal Amount $[___________] [as revised by the Schedule of Increases and Decreases in Global Note attached hereto]1
	 	
        CUSIP NO.

        ISIN NO._________________________

 

ATENTO LUXCO 1

8.000% Senior Secured Notes due 2026

Atento Luxco 1, a public limited liability
company (“société anonyme”) incorporated under the laws of the Grand Duchy of Luxembourg, promises
to pay to [Cede & Co.], or its registered assigns, the principal sum of _______________ Dollars, as revised by the Schedule
of Increases and Decreases in Global Note attached hereto, on February 10, 2026.

Interest Payment Dates: February 10 and
August 10, commencing on August 10, 2021.

Record Dates:  January 26 and
July 26.

Additional provisions of this Note are
set forth on the other side of this Note.

1
Insert in Global Notes only.

    	A-1

    	 

    

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.

	ATENTO LUXCO 1
	By:	 
	 	Name:
	 	Title:

 

    	A-2

    	 

    

 

TRUSTEE CERTIFICATE OF AUTHENTICATION

This Note is one of the Notes referred
to in the within mentioned Indenture.

	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
	By:	 
	 	Authorized signatory
	 	 
	 	 

 

Dated: ____________________

 

    	A-3

    	 

    

 

[FORM OF REVERSE SIDE OF NOTE]

ATENTO LUXCO 1

8.000% Senior Secured Notes due 2026

Capitalized terms used herein and not
defined herein have the meanings ascribed thereto in the Indenture.

1.              
Interest

Atento Luxco 1, a public limited liability
company (“société anonyme”) incorporated under the laws of the Grand Duchy of Luxembourg, promises to
pay interest on the principal amount of this Note at 8.000% per annum from February 10, 2021 until maturity. The Company will pay
interest semiannually in arrears every February 10 and August 10 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 February
10, 2021; provided, that the first Interest Payment Date shall be August 10, 2021. The Company shall pay interest on overdue
principal at the rate specified herein, and it shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent
lawful. Interest on the Notes will be computed on the basis of a 360 day year comprised of twelve 30 day months.

2.              
Method of Payment

By no later than 10:00 a.m. (New York
City time) on the date on which any principal of, premium, if any, and interest on any Note is due and payable, the Company shall
deposit with the Paying Agent a sum sufficient in immediately available funds to pay such principal, premium, interest when due.
Interest on any Note which is payable, and is timely paid or duly provided for, on any Interest Payment Date shall be paid to the
Person in whose name such Note (or one or more Predecessor Notes) is registered at the close of business on the preceding January
26 and July 26 at the office or agency of the Company maintained for such purpose pursuant to ‎Section
2.3 of the Indenture. The principal of (and premium, if any) and interest on the Notes shall be payable at the office or agency
of Paying Agent or Registrar designated by the Company maintained for such purpose (which shall initially be the office of the
Trustee maintained for such purpose), or at such other office or agency of the Company as may be maintained for such purpose pursuant
to ‎Section 2.3 of the Indenture; provided, however,
that, at the option of the Paying Agent, each installment of interest may be paid by (i) check mailed to addresses of the Persons
entitled thereto as such addresses shall appear on the Notes Register or (ii) wire transfer to an account located in the United
States maintained by the payee, subject to the last sentence of this paragraph. Payments in respect of Notes represented by a Global
Note (including principal, premium, if any, and interest) will be made by wire transfer of immediately available funds to the accounts
specified by The Depository Trust Company or any successor depository. Payments in respect of Notes represented by Definitive Notes
(including principal, premium, if any, and interest) held by a Holder of at least $1,000,000 aggregate principal amount of Notes
represented by Definitive Notes

    	A-4

    	 

    

will be made by wire transfer to a U.S. dollar account maintained
by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee
or the Paying Agent to such effect designating such account no later than 15 days immediately preceding the relevant due date for
payment (or such other date as the Trustee may accept in its discretion). If an Interest Payment Date is a Legal Holiday, payment
shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening
period. If a regular record date is a Legal Holiday, the record date shall not be affected.

3.              
Paying Agent and Registrar

The Company initially appoints Wilmington
Trust, National Association, as trustee (the “Trustee”) as Registrar and Paying Agent for the Notes. The Company
may change any Registrar or Paying Agent without prior notice to the Holders. The Company or any Guarantor may act as Paying Agent,
Registrar or transfer agent.

4.              
Indenture

The Company issued the Notes under an
Indenture dated as of February 10, 2021 (as it may be amended or supplemented from time to time in accordance with the terms thereof,
the “Indenture”), among the Company, the Guarantors party thereto and the Trustee and Security Agent. The terms
of the Notes include those stated in the Indenture. The Notes are subject to all terms and provisions of the Indenture, and Holders
are referred to the Indenture for a statement of those terms. In the event of a conflict between the terms of the Notes and the
terms of the Indenture, the terms of the Indenture shall prevail.

5.              
[Reserved]

6.              
Guarantees

To guarantee the due and punctual payment
of the principal, premium, if any, and interest (including post filing or post-petition interest) on the Notes and all other amounts
payable by the Company under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by
acceleration or otherwise, according to the terms of the Notes and the Indenture, the Guarantors will unconditionally guarantee
(and future guarantors, jointly and severally with the Guarantor, will fully and unconditionally Guarantee) such obligations on
a senior basis pursuant to the terms of the Indenture.

7.              
Redemption

(a)            
At any time prior to February 10, 2024, the Company may redeem the Notes in whole or in part, at its option, upon not less
than 15 nor more than 60 days’ prior notice, with a copy to the Trustee, to each Holder of the Notes to the address of such
Holder appearing in the Notes Register, at a redemption price (expressed as percentages of principal amount of the Notes to be
redeemed) equal to 100% of the principal amount of such Notes redeemed plus the Applicable Premium as of, and accrued and unpaid
interest, if any, to but excluding the date

    	A-5

    	 

    

of redemption (the “Redemption Date”),
subject to the rights of Holders of the Notes on the relevant record date to receive interest due on the relevant interest payment
date.

(b)            
At any time and from time to time prior to February 10, 2024, the Company may redeem Notes with the Net Cash Proceeds received
by the Company from any Equity Offering at a redemption price equal to 108.000% plus accrued and unpaid interest, if any, to, but
excluding, the Redemption Date, in an aggregate principal amount for all such redemptions not to exceed 40% of the original aggregate
principal amount of the Notes (including Additional Notes); provided that (1) in each case, the redemption takes place not
later than 180 days after the closing of the related Equity Offering, and (2) not less than 50% of the original aggregate principal
amount of the Notes issued under the Indenture remains outstanding immediately thereafter, excluding Notes held by the Company
or any of the Restricted Subsidiaries, unless all such Notes are redeemed substantially concurrently. The Trustee shall select
the Notes to be purchased in the manner described under Sections ‎5.1 through
‎5.6 of the Indenture.

(c)            
Except pursuant to clauses (a) and (b) of this paragraph 7 or as otherwise set forth below, the Notes will not be redeemable
at the Company’s option prior to February 10, 2024. The Company will not, however, be prohibited from acquiring the Notes
by means other than a redemption, whether pursuant to a tender offer, open market purchase or otherwise, so long as the acquisition
does not violate the terms of the Indenture.

(d)            
At any time and from time to time on or after February 10, 2024, the Company may redeem the Notes in whole or in part, upon
not less than 15 nor more than 60 days’ notice, with a copy to the Trustee, to each Holder of the Notes to the address of
such Holder appearing in the Notes Register (which notice shall be given in accordance with the provisions of Section 5.2 of the
Indenture) at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest,
if any, on the Notes redeemed, to, but excluding, the applicable Redemption Date, if redeemed during the twelve-month period beginning
on February 10 of the year indicated below:

	Year	Percentage
	2024	104.000%
	2025 and thereafter	102.000%

 

(e)            
Notice of any redemption of the Notes may, at the Company’s discretion, be given prior to the completion of a transaction
(including an Equity Offering, an incurrence of Indebtedness, a Change of Control or other transaction) and any redemption notice
may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion
of a related transaction. If such redemption or purchase is so subject to satisfaction of one or more conditions precedent, such
notice shall describe each such condition, and if

    	A-6

    	 

    

applicable, shall state that, in the Company’s
discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption
or purchase may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied
by the Redemption Date, or by the Redemption Date as so delayed. In addition, the Company may provide in such notice that payment
of the redemption price and performance of the Company’s obligations with respect to such redemption may be performed by
another Person.

(f)             
If the optional Redemption Date is on or after a record date and on or before the corresponding interest payment date, the
accrued and unpaid interest up to, but excluding, the Redemption Date will be paid on the Redemption Date to the Holder in whose
name the Note is registered at the close of business on such record date in accordance with the applicable procedures of DTC, and
no additional interest will be payable to Holders whose Notes will be subject to redemption by the Company.

(g)            
Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions
thereof called for redemption on the applicable Redemption Date.

(h)            
The Company may, at its option, redeem the Notes, in whole but not in part, at any time upon not less than 15 days’
nor more than 60 days’ written notice to the Holders of the Notes and the Trustee (which notice shall be given in accordance
with the provisions of Sections ‎5.1 through ‎5.6
of the Indenture), at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon
to the date fixed for redemption (a “Tax Redemption Date”), premium, if any, and all Additional Amounts, if
any, then due and which will become due on the Tax Redemption Date as a result of the redemption or otherwise, if the Company determines
that the Company or any Guarantor (including, in each case, a successor entity) is, or on the next date on which any amount would
be payable in respect of the Notes, would be obligated to pay Additional Amounts in respect of the Notes pursuant to the terms
and conditions thereof, which the Company or Guarantor or successor entity (as the case may be) cannot avoid by the use of reasonable
measures available to it (including, without limitation, making payment through a payment agent located in another jurisdiction),
as a result of:

(i)             
any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of any Relevant Tax Jurisdiction
affecting taxation which becomes effective on or after the Issue Date or, in the case of a Relevant Tax Jurisdiction that did not
become a Relevant Tax Jurisdiction until after the Issue Date, the date on which such Relevant Tax Jurisdiction became a Relevant
Tax Jurisdiction under the Indenture; or

    	A-7

    	 

    

(ii)           
 any change in, or amendment to, the official written application, administration, or interpretation of the laws, regulations
or rulings of any Relevant Tax Jurisdiction (including by virtue of a holding, judgment, or order by a court of competent jurisdiction
or change in published practice or revenue guidance), on or after the Issue Date or, in the case of a Relevant Tax Jurisdiction
that did not become a Relevant Tax Jurisdiction until after the Issue Date, the date on which such Relevant Tax Jurisdiction became
a Relevant Tax Jurisdiction under the Indenture (each of the foregoing clauses (i) and (ii), a “Change in Tax Law”).

(i)             
Any redemption pursuant to this paragraph 7 shall be made pursuant to the provisions of Sections ‎5.1
through ‎5.7 of the Indenture.

The Company is not required to make mandatory
redemption payments or sinking fund payments with respect to the Notes; provided, however, that under certain circumstances,
the Company may be required to offer to purchase Notes under ‎Section
3.5 and ‎Section 3.9 of the Indenture. The Company and its
Affiliates, may, from time to time, seek to purchase the Company’s outstanding debt securities or loans, including the Notes,
in privately negotiated or open market transactions, by tender offer or otherwise.

8.              
Repurchase Provisions

If a Change of Control Repurchase Event
occurs, unless the Company has previously or substantially concurrently therewith delivered a redemption notice with respect to
all the outstanding Notes under ‎Section 5.7, the Company
shall make an offer to purchase all of the Notes pursuant to the offer described below (the “Change of Control Offer”)
at a price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount thereof
plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase; provided that if the repurchase date
is on or after the record date and on or before the corresponding interest payment date, then Holders in whose name the Notes are
registered at the close of business on such record date will receive interest on the repurchase date.

In connection with any tender offer for
the Notes, including a Change of Control Offer or Asset Disposition Offer, if Holders of not less than 90% in aggregate principal
amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Company, or any third
party making such a tender offer in lieu of the Company, purchases all of the Notes validly tendered and not withdrawn by such
Holders, the Company or such third party will have the right upon not less than 15 nor more than 60 days’ prior written notice,
given not more than 30 days following such purchase date, to redeem all Notes that remain outstanding following such purchase at
a redemption price equal to the price offered to each other Holder in such tender offer plus, to the extent not included in the
tender offer payment, accrued and unpaid interest, if any, thereon, to, but not including, the date of such redemption.

Upon certain Asset Sales, the Company
may be required to use the Excess Proceeds from such Asset Sales to offer to offer to purchase the maximum aggregate

    	A-8

    	 

    

principal amount of Notes (that is in minimum denominations
of $2,000 and in integral multiples of $1,000 in excess thereof) and, at the Company’s option, Pari Passu Indebtedness that
may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof,
plus accrued and unpaid interest, if any, to, but not including, the date of purchase, in accordance with the procedures set forth
in ‎Section 3.5 and in ‎Article
V of the Indenture.

9.              
Denominations; Transfer; Exchange

The Notes shall be issuable only in fully
registered form in minimum denominations of principal amount of $2,000 and any integral multiple of $1,000 in excess thereof. A
Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things,
to furnish appropriate endorsements or transfer documents and to pay a sum sufficient to cover any tax and fees required by law
or permitted by the Indenture. The Registrar need not register the transfer of or exchange of any Note (A) for a period beginning
(1) 15 days before the sending of a notice of an offer to repurchase or redeem Notes and ending at the close of business on the
day of such sending or (2) 15 days before an Interest Payment Date and ending on such Interest Payment Date or (B) called for redemption,
except the unredeemed portion of any Note being redeemed in part.

10.           
Persons Deemed Owners

The registered Holder of this Note may
be treated as the owner of it for all purposes.

11.           
[Reserved].

12.           
Discharge and Defeasance

Subject to certain exceptions and conditions
set forth in the Indenture, the Company at any time may terminate some or all of its obligations under the Notes and the Indenture
if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal, premium, if any, interest,
if any, on the Notes to redemption or maturity, as the case may be.

13.           
Amendment, Supplement, Waiver

Subject to certain exceptions contained
in the Indenture, the Indenture, the Notes, the Note Guarantees, the Collateral Documents or the Intercreditor Agreement may be
amended, supplemented or otherwise modified or a Default thereunder may be waived, with the consent of the Holders of a majority
in aggregate principal amount of the outstanding Notes. Without notice to or the consent of any Holder, the Company, the Guarantors,
the Trustee and the Security Agent, as applicable, may amend or supplement the Indenture, the Notes, the Note Guarantees, the Collateral
Documents or the Intercreditor Agreement as provided in the Indenture.

14.           
Defaults and Remedies

    	A-9

    	 

    

If an Event of Default (other than an
Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company or certain Guarantors) occurs
and is continuing, the Trustee by notice to the Company, or the Holders of at least 30% in principal amount of the outstanding
Notes by written notice to the Company and the Trustee, may declare the principal of and accrued and unpaid interest, if any, and
any other monetary obligations on all the Notes to be due and payable immediately. Upon the effectiveness of such declaration,
such principal, accrued and unpaid interest, if any, and other monetary obligations will be due and payable immediately. If a bankruptcy,
insolvency or reorganization of the Company or certain Guarantors occurs and is continuing, the principal of, and accrued and unpaid
interest and any other monetary obligations on all the Notes will become and be immediately due and payable without any declaration
or other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a majority in principal amount
of the then outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences.

15.           
Trustee Dealings with the Company

Subject to certain limitations set forth
in the Indenture, the Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise
deal with the Company, the Guarantors or their Affiliates with the same rights it would have if it were not Trustee. In addition,
the Trustee shall be permitted to engage in transactions with the Company; provided, however, that if the Trustee
acquires any conflicting interest, the Trustee must (i) eliminate such conflict within 90 days of acquiring such conflicting interest,
(ii) apply to the SEC for permission to continue acting as Trustee or (iii) resign.

16.           
No Recourse Against Others

No director, member, officer, employee,
incorporator or shareholder of the Company or any of its Subsidiaries or Affiliates, shall have any liability for any obligations
of the Company or the Guarantors under the Notes, the Note Guarantees or the Indenture or for any claim based on, in respect of,
or by reason of such obligations or their creation. Each Holder by accepting a note waives and releases all such liability. The
waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities
under the federal securities laws and it is the view of the SEC that such a waiver is against public policy.

17.           
Authentication

This Note shall not be valid until an
authorized officer of the Trustee (or an authenticating agent acting on its behalf) manually signs the certificate of authentication
on the other side of this Note.

18.           
Abbreviations

Customary abbreviations may be used in
the name of a Holder or an assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by the entirety), JT TEN

    	A-10

    	 

    

(= joint tenants with rights of survivorship and not as tenants
in common), CUST (= custodian) and U/G/M/A (= Uniform Gift to Minors Act).

19.           
CUSIP and ISIN Numbers

The Company has caused CUSIP and ISIN
numbers, if applicable, to be printed on the Notes and has directed the Trustee to use CUSIP and ISIN numbers, if applicable, in
notices of redemption or purchase as a convenience to Holders. No representation is made as to the correctness of such numbers
either as printed on the Notes or as contained in any notice of redemption or purchase and reliance may be placed only on the other
identification numbers placed on the Notes.

20.           
Governing Law

This Note shall be governed by, and construed
in accordance with, the laws of the State of New York.

The Company will furnish to any Holder
upon written request and without charge to the Holder a copy of the Indenture. Requests may be made to:

Atento Luxco 1

1, rue Hildegard Von Bingen

L-1282 Luxembourg

Grand Duchy of Luxembourg

Attention: Fredj Laouiti

Facsimile: +352 48 18 28 3461

With copy to: Shay Chor (email: shay.chor@atento.com)

21.           
Security

The Note will be secured by the Collateral
on the terms and subject to the conditions set forth in the Indenture and the Collateral Documents. The Security Agent holds the
Collateral in trust for the benefit of itself, the Holders and the Trustee pursuant to the terms of the Collateral Documents and
the Intercreditor Agreement. Each Holder, by accepting this Note, consents and agrees to the terms of the Collateral Documents
(including the provisions providing for the foreclosure and release of Collateral) and the Intercreditor Agreement as the same
may be in effect or may be amended from time to time in accordance with their terms and the Indenture and authorizes and directs
the Security Agent to enter into the Collateral Documents and the Intercreditor Agreement, and to perform their obligations and
exercise its rights thereunder in accordance therewith.

    	A-11

    	 

    

 

ASSIGNMENT FORM

To assign this Note, fill in the form
below:

I or we assign and transfer this Note
to:

(Print or type assignee’s name, address and zip code)

(Insert assignee’s social security or tax I.D. No.)

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

	Date:
 	 	Your Signature: ______________________
 

Signature
Guarantee: ______________________________________________________

(Signature must be guaranteed)

Sign exactly as your name appears on the other side of this Note.

The signature(s) should be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Exchange Act Rule 17Ad 15.

The undersigned hereby certifies that it ☐
is / ☐ is not an Affiliate of the Company and that, to its knowledge, the proposed
transferee ☐ is / ☐ is not
an Affiliate of the Company.

In connection with any transfer or exchange of any of the
Notes evidenced by this certificate occurring prior to the date that is one year after the later of the date of original issuance
of such Notes and the last date, if any, on which such Notes were owned by the Company or any Affiliate of the Company, the undersigned
confirms that such Notes are being:

CHECK ONE BOX BELOW:

		(1)	☐     acquired for the undersigned’s own account, without transfer;
or

		(2)	☐     transferred to the Company; or

		(3)	☐     transferred pursuant to and in compliance with Rule 144A under the Securities
Act of 1933, as amended (the “Securities Act”); or

    	A-12

    	 

    

		(4)	☐     transferred pursuant to an effective registration statement under the
Securities Act; or

		(5)	☐     transferred pursuant to and in compliance with Regulation S under the
Securities Act; or

		(6)	☐     transferred to an institutional “accredited investor” (as
defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or an “accredited investor” (as defined in Rule
501(a)(4) under the Securities Act), that has furnished to the Trustee a signed letter containing certain representations and agreements
(the form of which letter appears as ‎Section 2.8 or ‎2.10
of the Indenture, respectively); or

		(7)	☐     transferred pursuant to another available exemption from the registration
requirements of the Securities Act of 1933, as amended.

 

Unless one of the boxes is checked, the Trustee will refuse
to register any of the Notes evidenced by this certificate in the name of any person other than the registered Holder thereof;
provided, however, that if box (5), (6) or (7) is checked, the Company may require, prior to registering any such
transfer of the Notes, in its sole discretion, such legal opinions, certifications and other information as the Company may reasonably
request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933, as amended, such as the exemption provided by Rule 144 under such Act.

	 
	 
	Signature

 

	Signature Guarantee:	 	 
	 	 	 
	(Signature must be guaranteed)	 	Signature

 

The signature(s) should be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Exchange Act Rule 17Ad 15.

TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED.

The undersigned represents and warrants
that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion
and that it and any such account is a “qualified institutional buyer” within the meaning of

    	A-13

    	 

    

Rule 144A under the Securities Act of 1933, as amended, and
is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding
the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it
is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption
from registration provided by Rule 144A.

	 
	 
	Dated:

 

    	A-14

    	 

    

 

[TO BE ATTACHED TO GLOBAL NOTES]

SCHEDULE OF INCREASES OR DECREASES IN
GLOBAL NOTES

The following increases or decreases
in this Global Note have been made:

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

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	A-15

    	 

    

 

OPTION OF HOLDER TO ELECT PURCHASE

If you elect to have this Note purchased
by the Company pursuant to ‎Section 3.5 or ‎3.9
of the Indenture, check either box:

‎Section
3.5 ☐         ‎Section
3.9 ☐

If you want to elect to have only part
of this Note purchased by the Company pursuant to ‎Section
3.5 or ‎3.9 of the Indenture, state the amount in principal
amount (must be in denominations of $2,000 or an integral multiple of $1,000 in excess thereof): $___________________________________
and specify the denomination or denominations (which shall not be less than the minimum authorized denomination) of the Notes to
be issued to the Holder for the portion of the within Note not being repurchased (in the absence of any such specification, one
such Note will be issued for the portion not being repurchased): _________________.

Date: __________
Your Signature __________________________________________

(Sign exactly as your name appears on the other side of the Note)

Signature
Guarantee: _____________________________________________________

(Signature must be guaranteed)

The signature(s) should be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Exchange Act Rule 17Ad 15.

 

    	A-16

    	 

    

EXHIBIT B

Form of Supplemental Indenture to
Add Guarantors

SUPPLEMENTAL INDENTURE, (this “Supplemental
Indenture”) dated as of [      ], 20[   ], by and among the parties that
are signatories hereto as Guarantors (the “Guaranteeing Subsidiary”), Wilmington Trust, National Association
as Trustee, Wilmington Trust (London) Limited as Security Agent under the Indenture referred to below.

W I T N E S S E T H:

WHEREAS, each of the Company, the Guarantors,
the Trustee and the Security Agent have heretofore executed and delivered an indenture dated as of February 10, 2021 (as amended,
supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an aggregate principal
amount of $500,000,000 of 8.000% Senior Secured Notes due 2026 (the “Notes”) of the Company (as defined in the
Indenture);

WHEREAS, the Indenture provides that
under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee and the Security Agent a supplemental
indenture to which the Guaranteeing Subsidiary shall unconditionally guarantee, on a joint and several basis with the other Guarantors,
all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under
the Indenture (the “Note Guarantee”); and

WHEREAS, pursuant to ‎Section
9.1 of the Indenture, the Company, the Trustee and the Security Agent are authorized to execute and deliver this Supplemental Indenture
to amend or supplement the Indenture, without the consent of any Holder;

NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary,
the Company, the Trustee and the Security Agent mutually covenant and agree for the equal and ratable benefit of the Holders of
the Notes as follows:

Article
I

Definitions

Section 1.1.        
Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recitals
hereto are used herein as therein defined. The words “herein,” “hereof” and “hereby” and other
words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular
section hereof.

    	B-1

    	 

    

Article
II

Agreement to be Bound; Guarantee

Section 2.1.        
Agreement to be Bound. The Guaranteeing Subsidiary hereby becomes a party to the Indenture as a Guarantor and as
such will have all of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture.

Section 2.2.        
Guarantee. The Guaranteeing Subsidiary agrees, on a joint and several basis with all the existing Guarantors, to
fully, unconditionally and irrevocably Guarantee to each Holder of the Notes and the Trustee the Guaranteed Obligations pursuant
to ‎Article X of the Indenture on a senior basis.

Section 2.3.        
Guarantee Limitation. The Guarantee granted herein by the Guaranteeing Subsidiary, which is incorporated in Spain,
shall be deemed to have given only to the extent such Guarantee does not violate the financial assistance rules and limitations
provided in articles 143 or 150 of the Reinstated Text of the Spanish Capital Companies Law (Real Decreto Legislativo 1/2010,
de 2 de julio, por el que se aprueba el texto refundido de la Ley de Sociedades de Capital) or under any other foreign law
that is mandatorily applicable to a Guarantor organized under the laws of Spain. Therefore, the Guarantee granted by the Guaranteeing
Subsidiary shall exclude expressly any liabilities that would cause the Guaranteeing Subsidiary to breach in any way whatsoever
any financial assistance prohibition.

Article
III

Miscellaneous

Section 3.1.        
Notices. All notices and other communications to the Guarantor shall be given as provided in the Indenture to the
Guarantor, at its address set forth below, with a copy to the Company as provided in the Indenture for notices to the Company.

Section 3.2.        
Merger and Consolidation. The Guaranteeing Subsidiary shall not sell or otherwise dispose of all or substantially
all of its assets to, or consolidate with or merge with or into another Person (other than the Company, the Company or any Restricted
Subsidiary that is a Guarantor or becomes a Guarantor concurrently with the transaction) except in accordance with Section 4.1
of the Indenture.

Section 3.3.        
Release of Guarantee. This Note Guarantee shall be released in accordance with ‎Section
10.2 of the Indenture.

Section 3.4.        
Parties. Nothing expressed or mentioned herein is intended or shall be construed to give any Person, firm or corporation,
other than the Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Supplemental
Indenture or the Indenture or any provision herein or therein contained.

Section 3.5.        
Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the
State of New York.

    	B-2

    	 

    
Section 3.6.        
Severability. In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such
provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.

Section 3.7.        
Benefits Acknowledged. The Guaranteeing Subsidiary’s Note Guarantee is subject to the terms and conditions
set forth in the Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the
financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by
it pursuant to this Note Guarantee are knowingly made in contemplation of such benefits.

Section 3.8.        
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.

Section 3.9.        
The Trustee and the Security Agent. Neither the Trustee nor the Security Agent makes any representation or warranty
as to the validity or sufficiency of this Supplemental Indenture or with respect to the recitals contained herein, all of which
recitals are made solely by the other parties hereto.

Section 3.10.    
Counterparts. The parties hereto 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. The exchange of copies of this Supplemental Indenture and
of signature pages by facsimile, PDF or other electronic transmission shall constitute effective execution and delivery of this
Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes.
Signatures of the parties hereto transmitted by facsimile, PDF or other electronic transmission shall be deemed to be their original
signatures for all purposes.

Section 3.11.    
Execution and Delivery. The Guaranteeing Subsidiary agrees that the Note Guarantee shall remain in full force and
effect notwithstanding any failure to endorse on each Note a notation of any such Note Guarantee.

Section 3.12.    
Headings. The headings of the Articles and the Sections in this Supplemental Indenture are for convenience of reference
only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

 

    	B-3

    	 

    

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

	[SUBSIDIARY GUARANTOR],

as a Guarantor
	By:	 
	 	Name:
	 	Title:

 

[ADDRESS FOR NOTICES]

Acknowledged by:

	ATENTO LUXCO 1
	By:	 
	 	Name:
	 	Title:

 

    	[Signature Page to Supplemental Indenture]

    	 

    

 

 

	WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee 
	By:	 
	 	Name:
	 	Title:

 

    	[Signature Page to Supplemental Indenture]

    	 

    

 

 

	WILMINGTON TRUST (LONDON) LIMITED,

in its capacity as security agent under the Intercreditor Agreement, as Security Agent
	By:	 
	 	Name:
	 	Title:

 

 

    	[Signature Page to Supplemental Indenture]

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