Document:

EX-10.6

 Exhibit 10.6 

Execution Version 
 ASSET
REPRESENTATIONS REVIEW AGREEMENT 
 among 

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2017-2, 

Issuer 
 AMERICREDIT FINANCIAL
SERVICES, INC., 
 Servicer 
 and

 CLAYTON FIXED INCOME SERVICES LLC, 

Asset Representations Reviewer 

Dated as of April 11, 2017 

 TABLE OF CONTENTS 
  

							
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 Section 1.1.
	    	Definitions	  	 	1	 
	 Section 1.2.
	    	Additional Definitions	  	 	1	 
	 ARTICLE II ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER
	  	 	2	 
	 Section 2.1.
	    	Engagement; Acceptance	  	 	2	 
	 Section 2.2.
	    	Confirmation of Status	  	 	3	 
	 ARTICLE III ASSET REPRESENTATIONS REVIEW PROCESS
	  	 	3	 
	 Section 3.1.
	    	Asset Review Notices	  	 	3	 
	 Section 3.2.
	    	Identification of Asset Review Receivables	  	 	3	 
	 Section 3.3.
	    	Asset Review Materials	  	 	3	 
	 Section 3.4.
	    	Performance of Asset Reviews	  	 	3	 
	 Section 3.5.
	    	Asset Review Reports	  	 	4	 
	 Section 3.6.
	    	Asset Review Representatives	  	 	4	 
	 Section 3.7.
	    	Dispute Resolution	  	 	5	 
	 Section 3.8.
	    	Limitations on Asset Review Obligations	  	 	5	 
	 ARTICLE IV ASSET REPRESENTATIONS REVIEWER
	  	 	6	 
	 Section 4.1.
	    	Representations and Warranties	  	 	6	 
	 Section 4.2.
	    	Covenants	  	 	7	 
	 Section 4.3.
	    	Fees and Expenses	  	 	8	 
	 Section 4.4.
	    	Limitation on Liability	  	 	9	 
	 Section 4.5.
	    	Indemnification	  	 	9	 
	 Section 4.6.
	    	Right to Audit	  	 	10	 
	 Section 4.7.
	    	Delegation of Obligations	  	 	10	 
	 Section 4.8.
	    	Confidential Information	  	 	10	 
	 Section 4.9.
	    	Security and Safeguarding Information	  	 	13	 
	 ARTICLE V. RESIGNATION AND REMOVAL
	  	 	14	 
	 Section 5.1.
	    	Resignation and Removal of Asset Representations Reviewer	  	 	14	 
	 Section 5.2.
	    	Engagement of Successor	  	 	15	 
	 Section 5.3.
	    	Merger, Consolidation or Succession	  	 	15	 
	 ARTICLE VI OTHER AGREEMENTS
	  	 	15	 
	 Section 6.1.
	    	Independence of Asset Representations Reviewer	  	 	15	 
	 Section 6.2.
	    	No Petition	  	 	16	 
	 Section 6.3.
	    	Limitation of Liability of Owner Trustee	  	 	16	 
	 Section 6.4.
	    	Termination of Agreement	  	 	16	 
	 ARTICLE VII MISCELLANEOUS PROVISIONS
	  	 	16	 
	 Section 7.1.
	    	Amendments	  	 	16	 
	 Section 7.2.
	    	Assignment; Benefit of Agreement; Third Party Beneficiaries	  	 	17	 
	 Section 7.3.
	    	Notices	  	 	17	 
	 Section 7.4.
	    	GOVERNING LAW	  	 	18	 
	 Section 7.5.
	    	Submission to Jurisdiction	  	 	18	 
	 Section 7.6.
	    	No Waiver; Remedies	  	 	18	 
	 Section 7.7.
	    	Severability	  	 	18	 
	 Section 7.8.
	    	Headings	  	 	18	 
	 Section 7.9.
	    	Counterparts	  	 	19	 
		
	 SCHEDULES
	  			
		
	 Schedule A     Representations and Warranties and Procedures to be
Performed
	  			

  
 i 

 ASSET REPRESENTATIONS REVIEW AGREEMENT dated as of April 11, 2017 (this
“Agreement”), among AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2017-2, a Delaware statutory trust (the “Issuer”), AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation
(“AmeriCredit”), in its capacity as Servicer (in such capacity, the “Servicer”) and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company, as Asset Representations Reviewer (the “Asset
Representations Reviewer”). 
 WHEREAS, in the regular course of its business, AmeriCredit purchases retail installment sale
contracts secured by new and used automobiles, light-duty trucks, vans and minivans and utility vehicles from motor vehicle dealers. 

WHEREAS, in connection with a securitization transaction sponsored by AmeriCredit, AmeriCredit sold a pool of Receivables to AFS SenSub Corp.
(the “Seller”) which, in turn, sold those Receivables to the Issuer. 
 WHEREAS, the Issuer has granted a security interest
in the Receivables to the Trust Collateral Agent, for the benefit of the Issuer Secured Parties, pursuant to the Indenture. 
 WHEREAS, the
Issuer has determined to engage the Asset Representations Reviewer to perform reviews of certain Receivables for compliance with the representations and warranties made by AmeriCredit and the Seller about the Receivables in the pool. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties agree as follows. 

ARTICLE I 
 DEFINITIONS 

Section 1.1. Definitions. Capitalized terms that are used but are not otherwise defined in this Agreement have the meanings
assigned to them in the Sale and Servicing Agreement, dated as of April 11, 2017, by and among the Issuer, the Seller, the Servicer and Citibank, N.A., a national banking association, as Trust Collateral Agent. 

Section 1.2. Additional Definitions. The following terms have the meanings given below: 

“Asset Review” means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each
Asset Review Receivable in accordance with Section 3.4. 
 “Asset Review Demand Date” means, for an Asset Review, the
date when the Trust Collateral Agent determines that each of (a) the Delinquency Trigger has occurred and (b) the required percentage of Noteholders has voted to direct an Asset Review under Section 7.2(f) of the Indenture. 

“Asset Review Fee” has the meaning assigned to such term in Section 4.3(b). 

 “Asset Review Materials” means, with respect to an Asset Review and an Asset
Review Receivable, the documents and other materials for each Test listed under “Documents” in Schedule A. 
 “Asset
Review Notice” means the notice from the Trustee to the Asset Representations Reviewer and the Servicer directing the Asset Representations Reviewer to perform an Asset Review. 

“Asset Review Receivable” means, with respect to any Asset Review, each Receivable that is not a Liquidated Receivable and
which the related Obligor failed to make at least 90% of the related Scheduled Receivables Payment by the date on which it was due and, as of the last day of the Collection Period prior to the date the related Asset Review Notice was delivered,
remained unpaid for 60 days or more from the original payment due date. 
 “Asset Review Report” means, with respect to any
Asset Review, the report of the Asset Representations Reviewer prepared in accordance with Section 3.5. 
 “Basic
Documents” has the meaning assigned to such term in Section 1.1 of the Sale & Servicing Agreement. 

“Clayton” means, Clayton Fixed Income Services LLC. 

“Confidential Information” has the meaning assigned to such term in Section 4.8(a). 

“Eligible Asset Representations Reviewer” means a Person that (a) is not an Affiliate of AmeriCredit, the Seller, the
Servicer, the Trustee, the Trust Collateral Agent, the Owner Trustee or any of their Affiliates and (b) was not, and is not an Affiliate of a Person that was, engaged by AmeriCredit or any Underwriter to perform any due diligence on the
Receivables prior to the Closing Date. 
 “Test” has the meaning assigned to such term in Section 3.4(a). 

“Test Complete” has the meaning assigned to such term in Section 3.4(c). 

“Test Fail” has the meaning assigned to such term in Section 3.4(a). 

“Test Pass” has the meaning assigned to such term in Section 3.4(a). 

“Trustee” has the meaning assigned to such term in Section 1.1 of the Sale & Servicing Agreement. 

ARTICLE II 
 ENGAGEMENT OF ASSET
REPRESENTATIONS REVIEWER 
 Section 2.1. Engagement; Acceptance. The Issuer hereby engages Clayton to act as the Asset
Representations Reviewer for the Issuer. Clayton accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement. 

  
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 Section 2.2. Confirmation of Status. The parties confirm that the Asset
Representations Reviewer is not responsible for (a) reviewing the Asset Review Receivables for compliance with the representations and warranties under the Basic Documents, except as described in this Agreement, or (b) determining whether
noncompliance with the representations or warranties constitutes a breach of the Basic Documents. 
 ARTICLE III 

ASSET REPRESENTATIONS REVIEW PROCESS 

Section 3.1. Asset Review Notices. Upon receipt of an Asset Review Notice from the Trustee in the manner set forth in Section
7.2(f) of the Indenture, the Asset Representations Reviewer will start an Asset Review. The Asset Representation Reviewer will have no obligation to start an Asset Review unless and until an Asset Review Notice is received. 

Section 3.2. Identification of Asset Review Receivables. Within ten (10) Business Days of receipt of an Asset Review Notice,
the Servicer will deliver to the Asset Representations Reviewer and the Trustee a list of the related Asset Review Receivables. 

Section 3.3. Asset Review Materials. 

(a) Access to Asset Review Materials. The Servicer will give the Asset Representations Reviewer access to the Asset Review Materials
for all of the Asset Review Receivables within sixty (60) days of receipt of the Asset Review Notice in one or more of the following ways: (i) by providing access to the Servicer’s receivables systems, either remotely or at one of the
properties of the Servicer; (ii) by electronic posting to a password-protected website to which the Asset Representations Reviewer has access; (iii) by providing originals or photocopies at one of the properties of the Servicer where the
Asset Receivable Files are located; or (iv) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove Non-Public Personal Information (as defined
in Section 4.8) from the Asset Review Materials so long as such redaction or removal does not change the meaning or usefulness of the Asset Review Materials for purposes of the Asset Review. 

(b) Missing or Insufficient Asset Review Materials. If any of the Asset Review Materials are missing or insufficient for the Asset
Representations Reviewer to perform any Test, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than twenty (20) days before completing the Asset Review, and the Servicer will have fifteen
(15) days to give the Asset Representations Reviewer access to such missing Asset Review Materials or other documents or information to correct the insufficiency. If the missing or insufficient Asset Review Materials have not been provided by
the Servicer within fifteen (15) days, the parties agree that the Asset Review Receivable will have a Test Fail for the related Test(s) and the Test(s) will be considered completed and the Asset Review Report will indicate the reason for the
Test Fail. 
 Section 3.4. Performance of Asset Reviews. 

(a) Test Procedures. For an Asset Review, the Asset Representations Reviewer will perform for each Asset Review Receivable the
procedures listed under “Procedures to be Performed” in Schedule A for each representation and warranty (each, a “Test”), using the Asset 

  
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Review Materials listed for each such Test in Schedule A. For each Test and Asset Review Receivable, the Asset Representations Reviewer will determine if the Test has been satisfied (a
“Test Pass”) or if the Test has not been satisfied (a “Test Fail”). 
 (b) Asset Review Period. The
Asset Representations Reviewer will complete the Asset Review of all of the Asset Review Receivables within sixty (60) days of receiving access to the Asset Review Materials under Section 3.3(a). However, if additional Asset Review Materials
are provided to the Asset Representations Reviewer in accordance with Section 3.3(b), the Asset Review period will be extended for an additional thirty (30) days. 

(c) Completion of Asset Review for Certain Asset Review Receivables. Following the delivery of the list of the Asset Review Receivables
and before the delivery of the Asset Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if an Asset Review Receivable is paid in full by the related Obligor or purchased from the Issuer by
AmeriCredit, the Seller or the Servicer according to the Basic Documents. On receipt of any such notice, the Asset Representations Reviewer will immediately terminate all Tests of the related Asset Review Receivables and the Asset Review of such
Receivables will be considered complete (a “Test Complete”). In this case, the Asset Review Report will indicate a Test Complete for the related Asset Review Receivables and the related reason. 

(d) Previously Reviewed Receivable. If any Asset Review Receivable was included in a prior Asset Review, the Asset Representations
Reviewer will not perform any Tests on it, but will include the results of the previous Tests in the Asset Review Report for the current Asset Review. 

(e) Termination of Asset Review. If an Asset Review is in process and the Notes will be paid in full on the next Distribution Date, the
Servicer will notify the Asset Representations Reviewer and the Trustee no less than ten (10) days before that Distribution Date. On receipt of the notice, the Asset Representations Reviewer will terminate the Asset Review immediately and will
have no obligation to deliver an Asset Review Report. 
 Section 3.5. Asset Review Reports. Within five (5) days of the end
of the Asset Review period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Issuer, the Servicer and the Trustee an Asset Review Report indicating for each Asset Review Receivable whether there was a Test Pass or a Test
Fail for each Test, or whether the Asset Review Receivable was a Test Complete and the related reason. The Asset Review Report will contain a summary of the Asset Review results to be included in the Issuer’s Form
10-D report for the Collection Period in which the Asset Review Report is received. The Asset Representations Reviewer will ensure that the Asset Review Report does not contain any Non-Public Personal Information. 
 Section 3.6. Asset Review Representatives. 

(a) Servicer Representative. The Servicer will designate one or more representatives who will be available to assist the Asset
Representations Reviewer in performing the Asset Review, including responding to requests and answering questions from the Asset 

  
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Representations Reviewer about access to Asset Review Materials on the Servicer’s receivables systems, obtaining missing or insufficient Asset Review Materials and/or providing clarification
of any Asset Review Materials or Tests. 
 (b) Asset Representations Reviewer Representative. The Asset Representations Reviewer will
designate one or more representatives who will be available to the Issuer and the Servicer during the performance of an Asset Review. 
 (c)
Questions About Asset Review. The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Asset Review Report from the Trustee or the Servicer
until the earlier of (i) the payment in full of the Notes and (ii) one year after the delivery of the Asset Review Report. The Asset Representations Reviewer will have no obligation to respond to questions or requests for clarification
from Noteholders or any other Person and will direct such Persons to submit written questions or requests to the Trustee. 

Section 3.7. Dispute Resolution. If an Asset Review Receivable that was reviewed by the Asset Representations Reviewer is the
subject of a dispute resolution proceeding under Section 3.13 of the Sale and Servicing Agreement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the proceeding. The reasonable out-of-pocket expenses of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses of the requesting party for
the dispute resolution and will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution according to Section 3.13 of the Sale and Servicing Agreement; provided, however,
if such amounts are paid by the Trustee or the Trust Collateral Agent and are not reimbursed by directing Noteholders, the Trustee or Trust Collateral Agent, as applicable, shall be reimbursed by the Issuer pursuant to Section 5.7(a)(ii) of the Sale
and Servicing Agreement without counting toward the calculation of any cap on fees, expenses or indemnities thereunder. If not paid by a party to the dispute resolution, the expenses will be reimbursed by the Issuer according to Section 4.3(d). 

Section 3.8. Limitations on Asset Review Obligations. 

(a) Asset Review Process Limitations. The Asset Representations Reviewer will have no obligation: 

(i) to determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to
direct an Asset Review under the Indenture, and is entitled to rely on the information in any Asset Review Notice delivered by the Trustee; 

(ii) to determine which Receivables are subject to an Asset Review, and is entitled to rely on the lists of Asset Review
Receivables provided by the Servicer; 
 (iii) to obtain or confirm the validity of the Asset Review Materials and no
liability for any errors contained in the Asset Review Materials and will be entitled to rely on the accuracy and completeness of the Asset Review Materials; 

  
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 (iv) to obtain missing or insufficient Asset Review Materials from any party or
any other source; 
 (v) to take any action or cause any other party to take any action under any of the Basic Documents or
otherwise to enforce any remedies against any Person for breaches of representations or warranties about the Asset Review Receivables; 

(vi) to determine the reason for the delinquency of any Asset Review Receivable, the creditworthiness of any Obligor, the
overall quality of any Asset Review Receivable or the compliance by the Servicer with its covenants with respect to the servicing of such Asset Review Receivable; or 

(vii) to establish cause, materiality or recourse for any failed Test as described in Section 3.4. 

(b) Testing Procedure Limitations. The Asset Representations Reviewer will only be required to perform the testing procedures listed
under “Procedures to be Performed” in Schedule A, and will have no obligation to perform additional procedures on any Asset Review Receivable or to provide any information other than an Asset Review Report indicating for each Asset Review
Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Asset Review Receivable was a Test Complete and the related reason. However, the Asset Representations Reviewer may provide additional information about any Asset
Review Receivable that it determines in good faith to be material to the Asset Review. 
 ARTICLE IV 

ASSET REPRESENTATIONS REVIEWER 

Section 4.1. Representations and Warranties. 

(a) Representations and Warranties. The Asset Representations Reviewer represents and warrants to the Issuer as of the date of this
Agreement: 
 (i) Organization and Qualification. The Asset Representations Reviewer is duly organized and validly
existing as a limited liability company in good standing under the laws of Delaware. The Asset Representations Reviewer is qualified as a limited liability company in good standing and has obtained all necessary licenses and approvals in all
jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected
to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

(ii) Power, Authority and Enforceability. The Asset Representations Reviewer has the power and authority to execute,
deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of the Asset
Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable
principles. 

  
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 (iii) No Conflicts and No Violation. The completion of the transactions
contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (A) conflict with, or be a breach or default under, any indenture, agreement, guarantee or similar
agreement or instrument under which the Asset Representations Reviewer is a party, (B) result in the creation or imposition of any Lien on any of the assets of the Asset Representations Reviewer under the terms of any indenture, agreement,
guarantee or similar agreement or instrument, (C) violate the organizational documents of the Asset Representations Reviewer or (D) violate any law or, to the Asset Representations Reviewer’s knowledge, any order, rule or regulation
that applies to the Asset Representations Reviewer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer, in each case, which
conflict, breach, default, Lien or violation would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

(iv) No Proceedings. To the Asset Representations Reviewer’s knowledge, there are no proceedings or investigations
pending or threatened in writing before any court, regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties: (A) asserting the invalidity of this
Agreement, (B) seeking to prevent the completion of any of the transactions contemplated by this Agreement or (C) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Asset
Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement. 

(v) Eligibility. The Asset Representations Reviewer is an Eligible Asset Representations Reviewer. 

(b) Notice of Breach. On discovery by the Asset Representations Reviewer, the Issuer, the Owner Trustee, the Trustee or the Servicer of
a material breach of any of the representations and warranties in Section 4.1(a), the party discovering such breach will give prompt notice to the other parties. 

Section 4.2. Covenants. The Asset Representations Reviewer covenants and agrees that: 

(a) Eligibility. It will notify the Issuer and the Servicer promptly if it is not, or on the occurrence of any action that would result
in it not being, an Eligible Asset Representations Reviewer. 
 (b) Review Systems. It will maintain business process management
and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these systems allow for each Asset Review
Receivable and the related Asset Review Materials to be individually tracked and stored as contemplated by this Agreement. 

  
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 (c) Personnel. It will maintain adequate staff that is properly trained to conduct Asset
Reviews as required by this Agreement. The Asset Representations Reviewer, at its discretion, may utilize the services of third parties, affiliates, and agents (“Agents”) to provide any Asset Review under this Agreement;
provided, however, that the Asset Representations Reviewer has entered into confidentiality agreements with such Agents (or such Agents are otherwise bound by confidentiality obligations) the provisions of which are no less protective
than those set forth in this Agreement. Any such Agent must be approved by Servicer prior to engaging in any Asset Review under this Agreement. The Asset Representations Reviewer shall be responsible to Servicer for the Asset Reviews provided by its
Agents to the same extent as if provided by the Asset Representations Reviewer under this Agreement. Servicer agrees to look solely to the Asset Representations Reviewer and not to any Agent for satisfaction of any claims the Servicer may have
arising out of this Agreement or due to the performance or non-performance of Services. 
 (d)
Changes to Personnel. It will promptly notify Servicer in the event that it undergoes significant management or staffing changes which would negatively impact its ability to fulfill its obligations under this Agreement. 

(e) Maintenance of Asset Review Materials. It will maintain copies of any Asset Review Materials, Asset Review Reports and other
documents relating to an Asset Review, including internal correspondence and work papers, for a period of two years after the termination of this Agreement. 

Section 4.3. Fees and Expenses. 

(a) Annual Fee. The Issuer will, or will cause the Servicer to, pay the Asset Representations Reviewer, as compensation for agreeing to
act as the Asset Representations Reviewer under this Agreement, an annual fee in the amount of $7,500. The annual fee will be paid on the Closing Date and on each anniversary of the Closing Date until this Agreement is terminated, payable pursuant
to the priority of payments in Section 5.7 of the Sale and Servicing Agreement. 
 (b) Asset Review Fee. Following the
completion of an Asset Review and the delivery to the Trustee of the Asset Review Report, or the termination of an Asset Review according to Section 3.4(e), and the delivery to the Servicer of a detailed invoice, the Asset Representations Reviewer
will be entitled to a fee of up to $250 for each Asset Review Receivable for which the Asset Review was started (the “Asset Review Fee”). However, no Asset Review Fee will be charged for any Asset Review Receivable which was
included in a prior Asset Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset Review according to Section 3.4(e). If the detailed invoice is submitted on or before the
first day of a month, the Asset Review Fee will be paid by the Issuer pursuant to the priority of payments in Section 5.7 of the Sale and Servicing Agreement starting on or before the Distribution Date in that month. However, if an Asset Review
is terminated according to Section 3.4(e), the Asset Representations Reviewer must submit its invoice for the Asset Review 

  
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Fee for the terminated Asset Review no later than five (5) Business Days before the final Distribution Date in order to be reimbursed no later than the final Distribution Date. To the extent
that such amounts were not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment by the Servicer of incurred but otherwise unpaid Asset Review Fees.

 (c) Reimbursement of Travel Expenses. If the Servicer provides access to the Asset Review Materials at one of its properties, the
Issuer will, or will cause the Servicer to, reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Asset Review upon receipt of a detailed invoice, payable pursuant to the priority of payments
in Section 5.7 of the Sale and Servicing Agreement. To the extent that such amounts were not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment
by the Servicer of incurred but otherwise unpaid travel expenses. 
 (d) Dispute Resolution Expenses. If the Asset Representations
Reviewer participates in a dispute resolution proceeding under Section 3.7 and its reasonable out-of-pocket expenses it incurs in participating in the proceeding
are not paid by a party to the dispute resolution within ninety (90) days of the end of the proceeding, the Issuer will reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed invoice, payable pursuant to the
priority of payments in Section 5.7 of the Sale and Servicing Agreement. To the extent that such amounts were not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall
be entitled to payment by the Servicer of incurred but otherwise unpaid expenses. 
 Section 4.4. Limitation on Liability. The
Asset Representations Reviewer will not be liable to any person for any action taken, or not taken, in good faith under this Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable for its willful misconduct,
bad faith or negligence in performing its obligations under this Agreement. In no event shall either party be liable to the other party for any incidental, special, indirect, punitive, exemplary or consequential damages. 

Section 4.5. Indemnification  

(a) Indemnification by Asset Representations Reviewer. The Asset Representations Reviewer will indemnify each of the Issuer, the
Seller, the Servicer, the Owner Trustee, the Trust Collateral Agent and the Trustee (both in its individual capacity and in its capacity as Trustee on behalf of the Noteholders) and their respective directors, officers, employees and agents for all
costs, expenses, losses, damages and liabilities resulting from (i) the willful misconduct, fraud, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this Agreement (ii) the Asset
Representations Reviewer’s breach of any of its representations or warranties or other obligations under this Agreement (iii) its breach of confidentiality obligations or (iv) any third party intellectual property claim. The Asset
Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer. 

  
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 (b) Indemnification of Asset Representations Reviewer. The Issuer will, or will cause the
Servicer to, indemnify the Asset Representations Reviewer and its officers, directors, employees and agents, for all costs, expenses, losses, damages and liabilities resulting from the performance of its obligations under this Agreement (including
the costs and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or
negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement. The Issuer acknowledges and agrees that its obligation to indemnify the Asset Representations Reviewer in
accordance with this Agreement shall survive termination of this Agreement. To the extent that such indemnities owed to the Asset Representations Reviewer were not previously paid by the Servicer or any other party, upon receipt of a detailed
invoice, the Asset Representations Reviewer shall be entitled to payment by the Servicer of such incurred but otherwise unpaid indemnities. 

Section 4.6. Right to Audit. During the term of this Agreement and not more than once per year (unless circumstances warrant
additional audits as described below), Servicer may audit the Asset Representations Reviewer’s policies, procedures and records that relate to the performance of the Asset Representation Reviewer under this Agreement to ensure compliance with
this Agreement upon at least 10 business days’ notice. Notwithstanding the foregoing, the parties agree that Servicer may conduct an audit at any time, in the event of (i) audits required by Servicer’s governmental or regulatory
authorities, (ii) investigations of claims of misappropriation, fraud, or business irregularities of a potentially criminal nature, or (iii) Servicer reasonably believes that an audit is necessary to address a material operational problem
or issue that poses a threat to Servicer’s business. 
 Section 4.7. Delegation of Obligations. Subject to the terms of
Section 4.2(c) of this Agreement, the Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Issuer and the Servicer. 

Section 4.8. Confidential Information. 

(a) Definitions. 

(i) In performing its obligations pursuant to this Agreement, the parties may have access to and receive disclosure of certain
Confidential Information about or belonging to the other, including but not limited to marketing philosophy, strategies (including tax mitigation strategies), techniques, and objectives; advertising and promotional copy; competitive advantages and
disadvantages; financial results; technological developments; loan evaluation programs; customer lists; account information, profiles, demographics and Non-Public Personal Information (defined below); credit
scoring criteria, formulas and programs; research and development efforts; any investor, financial, commercial, technical or scientific information (including, but not limited to, patents, copyrights, trademarks, service marks, trade names and
dress, and applications relating to same, trade secrets, software, code, inventions, know-how and similar information) and any and all other business information (hereinafter “Confidential
Information”). 

  
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 (ii) “Non-Public Personal
Information” shall include all Personally Identifiable Financial Information in any list, description or other grouping of consumers/customers, and publicly available information pertaining to them, that is derived using any Personally
Identifiable Financial Information that is not publicly available, and shall further include all Non-Public Personal Information as defined by Federal regulations implementing the Gramm-Leach-Bliley Act, as
amended from time to time, and any state statues or regulations governing this agreement. 
 (iii) “Personally
Identifiable Financial Information” means any information a consumer provides to a party in order to obtain a financial product or service, any information a party otherwise obtains about a consumer in connection with providing a financial
product or service to that consumer, and any information about a consumer resulting from any transaction involving a financial product or service between a party and a consumer. Personally Identifiable Financial Information may include, without
limitation, a consumer’s first and last name, physical address, zip code, e-mail address, phone number, Social Security number, birth date, account number and any information that identifies, or when tied
to the above information may identify, a consumer. 
 (b) Use of Confidential Information. The parties agree that during the term of
this Agreement and thereafter, Confidential Information is to be used solely in connection with satisfying their obligations pursuant to this Agreement, and that a party shall neither disclose Confidential Information to any third party, nor use
Confidential Information for its own benefit, except as may be necessary to perform its obligations pursuant to this Agreement or as expressly authorized in writing by the other party, as the case may be. 

Neither party shall disclose any Confidential Information to any other persons or entities, except on a “need to know” basis and
then only: (i) to their own employees and Agents (as defined below); (ii) to their own accountants and legal representatives, provided that any such representatives shall be subject to subsection (iv) below; (iii) to their own affiliates,
provided that such affiliates shall be restricted in use and redisclosure of the Confidential Information to the same extent as the parties hereto. “Agents”, for purposes of this Section, mean each of the parties’ advisors, directors,
officers, employees, contractors, consultants affiliated entities (i.e., an entity controlling, controlled by, or under common control with a party), or other agents. If and to the extent any Agent of the recipient receive Confidential Information,
such recipient party shall be responsible for such Agent’s full compliance with the terms and conditions of this Agreement and shall be liable for any such Agent’s non-compliance. 

(c) Compelled Disclosure. If a subpoena or other legal process seeking Confidential Information is served upon either party, such party
will, to the extent not prohibited by law, rule or order, notify the other immediately and, to the maximum extent practicable prior to disclosure of any Confidential Information, will, at the other’s request and reasonable expense, cooperate in
any lawful effort to contest the legal validity of such subpoena or other legal process. The restrictions set forth herein shall apply during the term and after the termination of this Agreement. All Confidential Information furnished to
the Asset Representations Reviewer or Servicer, as the case may be, or to which the Asset Representations Reviewer or Servicer gains access in connection with this Agreement, is the respective exclusive property of the disclosing party. 

  
 11 

 (d) Use by Agents, Employees, Subcontractors. The parties shall take reasonable measures
to prevent its Agents, employees and subcontractors from using or disclosing any Confidential Information, except as may be necessary for each party to perform its obligations pursuant to this Agreement. Such measures shall include, but not be
limited to, (i) education of such Agents, employees and subcontractors as to the confidential nature of the Confidential Information; and (ii) securing a written acknowledgment and agreement from such Agents, employees and subcontractors
that the Confidential Information shall be handled only in accordance with provisions no less restrictive than those contained in this Agreement. This provision shall survive termination of this Agreement. 

(e) Remedies. The parties agree and acknowledge that in order to prevent the unauthorized use or disclosure of Confidential
Information, it may be necessary for a party to seek injunctive or other equitable relief, and that money damages may not constitute adequate relief, standing alone, in the event of actual or threatened disclosure of Confidential Information. In
addition, the harmed party shall be entitled to all other remedies available at law or equity including injunctive relief. 
 (f)
Exceptions. Confidential Information shall not include, and this Agreement imposes no obligations with respect to, information that: 

(i) is or becomes part of the public domain other than by disclosure by a Party or its Agents in violation of this Agreement;

 (ii) was disclosed to a Party prior to the Effective Date without a duty of confidentiality; 

(iii) is independently developed by a Party outside of this Agreement and without reference to or reliance on any Confidential
Information of the other Party; or 
 (iv) was obtained from a third party not known after reasonable inquiry to be under a
duty of confidentiality. 
 The foregoing exceptions shall not apply to any Non-Public Personal
Information or Personally Identifiable Financial Information, which shall remain confidential in all circumstances, except as required or permitted to be disclosed by applicable law, statute, or regulation. 

(g) Return of Confidential Information. Subject to Section 4.2(e) of this Agreement, upon the request of a party, the other party shall
return all Confidential Information to the other; provided, however, (i) each party shall be permitted to retain copies of the other party’s Confidential Information solely for archival, audit, disaster recovery, legal and/or
regulatory purposes, and (ii) neither party will be required to search archived electronic back-up files of its computer systems for the other party’s Confidential Information in order to purge the
other party’s Confidential Information from its archived files; provided further, that any Confidential Information so retained will (x) remain subject to the obligations and restrictions contained in this Agreement, (y) will be
maintained in accordance with the retaining party’s document retention policies and procedures, and (z) the retaining party will not use the retained Confidential Information for any other purpose. 

  
 12 

 Section 4.9. Security and Safeguarding Information 

(a) Confidential Information that contains Non-Public Personal Information about customers is subject
to the protections created by the Gramm-Leach-Bliley Act of 1999 (the “Act”) and under the standards for safeguarding Confidential Information, 16 CFR Part 314 (2002) adopted by Federal Trade Commission (“FTC”) (the
“Safeguards Rule”). Additionally, state specific laws may regulate how certain confidential or personal information is safeguarded. The parties agree with respect to the Non-Public Personal
Information to take all appropriate measures in accordance with the Act, and any state specific laws, as are necessary to protect the security of the Non-Public Personal Information and to specifically assure
there is no disclosure of the Non-Public Personal Information other than as authorized under the Act, and any state specific laws, and this Agreement. 

With respect to Confidential Information, including Non-Public Personal Information and Personally
Identifiable Financial Information as applicable, each of the parties agrees that: 
 (i) It will use commercially reasonable
efforts to safeguard and protect the confidentiality of any Confidential Information and agrees, warrants, and represents that it has or will implement and maintain appropriate safeguards designed to safeguard and protect the confidentiality of any
Confidential Information. 
 (ii) It will not disclose or use Confidential Information provided except for the purposes as
set in the Agreement, including as permitted under the Act and its implementing regulations, or other applicable law. 

(iii) It acknowledges that the providing party is required by the Safeguards Rule to take reasonable steps to assure itself
that its service providers maintain sufficient procedures to detect and respond to security breaches, and maintain reasonable procedures to discover and respond to widely-known security failures by its service providers. It agrees to furnish to
the providing party that appropriate documentation to provide such assurance. 
 (iv) It understands that the FTC may, from
time to time, issue amendments to and interpretations of its regulations implementing the provisions of the Act, and that pursuant to its regulations, either or both of the parties hereto may be required to modify their policies and procedures
regarding the collection, use, protection, and/or dissemination of Non-Public Personal Information. Additionally, states may issue amendments to and interpretations of existing regulations, or may issue
new regulations, which both of the parties hereto may be required to modify their policies and procedures. To the extent such regulations are so amended or interpreted, each party hereto agrees to use reasonable efforts to adjust the Agreement in
order to comply with any such new requirements. 
 (v) By the signing of this Agreement, each party certifies that it has a
written, comprehensive information security program that is in compliance with federal and state laws that are applicable to its respective organization and the types of Confidential Information it receives. 

(b) The Asset Representations Reviewer represents and warrants that it has, and will continue to have, adequate administrative, technical, and
physical safeguards designed to (i) 

  
 13 

 
protect the security, confidentiality and integrity of Non-Public Personal Information, (ii) ensure against anticipated threats or hazards to the
security or integrity of Non-Public Personal Information, (iii) protect against unauthorized access to or use of Non-Public Personal Information and
(iv) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan, employee training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection,
data storage protection and data transmission protection) and physical security measures. 
 (c) Asset Representations Reviewer will
promptly notify Servicer in the event it becomes aware of any unauthorized or suspected acquisition of data or Confidential Information that compromises the security, confidentiality or integrity of Servicer’s Confidential Information, whether
internal or external. The disclosure will include the date and time of the breach along with specific information compromised along with the monitoring logs, to the extent then known. The Asset Representations Reviewer will use commercially
reasonable efforts to take remedial action to resolve such breach. 
 (d) The Asset Representations Reviewer will cooperate with and provide
information to the Issuer and the Servicer regarding the Asset Representations Reviewer’s compliance with this Section 4.9. 

ARTICLE V. 
 RESIGNATION AND
REMOVAL 
 Section 5.1. Resignation and Removal of Asset Representations Reviewer. 

(a) Resignation of Asset Representations Reviewer. The Asset Representations Reviewer may not resign as Asset Representations Reviewer,
except: 
 (i) upon determination that (A) the performance of its obligations under this Agreement is no longer
permitted under applicable law and (B) there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under applicable law; or 

(ii) with the consent of the Issuer. 

The Asset Representations Reviewer will give the Issuer and the Servicer sixty (60) days’ prior notice of its resignation. Any
determination permitting the resignation of the Asset Representations Reviewer under subsection (i) above must be evidenced by an Opinion of Counsel delivered to the Issuer, the Servicer, the Owner Trustee, the Trust Collateral Agent and the
Trustee. No resignation of the Asset Representations Reviewer will become effective until a successor Asset Representations Reviewer is in place. 

(b) Removal of Asset Representations Reviewer. The Issuer may remove the Asset Representations Reviewer and terminate all of its rights
and obligations (other than as provided in Section 4.6) under this Agreement (i) if the Asset Representations Reviewer ceases to be an Eligible Asset Representations Reviewer, (ii) on a breach of any of the representations,
warranties, covenants or obligations of the Asset Representations Reviewer contained in this Agreement and (iii) on the occurrence of an Insolvency Event with respect to the Asset Representations Reviewer, by notifying the Asset Representations
Reviewer, the Trustee and the Servicer of the removal. 

  
 14 

 (c) Effectiveness of Resignation or Removal. No resignation or removal of the Asset
Representations Reviewer will become effective until a successor Asset Representations Reviewer is in place. The predecessor Asset Representations Reviewer will continue to perform its obligations under this agreement until a successor asset
Representations Reviewer is in place. 
 Section 5.2. Engagement of Successor. 

(a) Successor Asset Representations Reviewer. Following the resignation or removal of the Asset Representations Reviewer under
Section 5.1, the Issuer will engage as the successor Asset Representations Reviewer a Person that is an Eligible Asset Representations Reviewer. The successor Asset Representations Reviewer will accept its engagement or appointment by executing
and delivering to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement or entering into a new Asset Representations Review Agreement with the Issuer that is on substantially
the same terms as this Agreement. 
 (b) Transition and Expenses. The predecessor Asset Representations Reviewer will cooperate with
the successor Asset Representations Reviewer engaged by the Issuer in effecting the transition of the Asset Representations Reviewer’s obligations and rights under this Agreement. The predecessor Asset Representations Reviewer will pay the
reasonable expenses of the successor Asset Representations Reviewer in transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on the obligations on
receipt of an invoice with reasonable detail of the expenses from the successor Asset Representations Reviewer. 
 Section 5.3.
Merger, Consolidation or Succession. Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party,
(c) which acquires substantially all of the assets of the Asset Representations Reviewer, or (d) succeeding to the business of the Asset Representations Reviewer, which Person is an Eligible Asset Representations Reviewer, will be the
successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the
assumption happens by operation of law). No such transaction will be deemed to release the Asset Representations Reviewer from its obligations under this Agreement. 

ARTICLE VI 
 OTHER AGREEMENTS 

Section 6.1. Independence of Asset Representations Reviewer. The Asset Representations Reviewer will be an independent
contractor and will not be subject to the supervision of the Issuer, the Trust Collateral Agent, the Trustee or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. Unless expressly
authorized by the Issuer, and, with respect to the Owner Trustee, the Owner 

  
 15 

 
Trustee, the Asset Representations Reviewer will have no authority to act for or represent the Issuer, the Trust Collateral Agent, the Trustee or the Owner Trustee and will not be considered an
agent of the Issuer, the Trust Collateral Agent, the Trustee or the Owner Trustee. Nothing in this Agreement will make the Asset Representations Reviewer and any of the Issuer, the Trust Collateral Agent, the Trustee or the Owner Trustee members of
any partnership, joint venture or other separate entity or impose any liability as such on any of them. 
 Section 6.2. No
Petition. Each of the Servicer and the Asset Representations Reviewer, by entering into this Agreement, and the Owner Trustee and the Trustee, by accepting the benefits of this Agreement, agrees that, before the date that is one year and one day
(or, if longer, any applicable preference period) after payment in full of (a) all securities issued by the Seller or by a trust for which the Seller was a Seller or (b) the Notes, it will not start or pursue against, or join any other
Person in starting or pursuing against, the Seller or the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.2 will survive the
termination of this Agreement. 
 Section 6.3. Limitation of Liability of Owner Trustee. It is expressly understood and
agreed by the parties hereto that (i) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of the Issuer, in the exercise of the powers and authority conferred and vested in
it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for
the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein,
all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (iv) Wilmington Trust Company has made no investigation as to the accuracy or completeness of any
representations or warranties made by the Issuer in this Agreement and (v) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents. 

Section 6.4. Termination of Agreement. This Agreement will terminate, except for the obligations under Section 4.6, on the
earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the termination of the Issuer. 

ARTICLE VII 
 MISCELLANEOUS
PROVISIONS 
 Section 7.1. Amendments. 

(a) The parties may amend this Agreement: 

(i) without the consent of the Noteholders, to clarify an ambiguity or to correct or supplement any term of this Agreement that
may be defective or inconsistent with the other terms of this Agreement or to provide for, or facilitate the acceptance of this Agreement by, a successor Asset Representations Reviewer; 

  
 16 

 (ii) without the consent of the Noteholders, if the Servicer delivers an
Officer’s Certificate to the Issuer, the Owner Trustee, the Trust Collateral Agent and the Trustee stating that the amendment will not have a material adverse effect on the Notes; or 

(iii) with the consent of the Noteholders of a majority of the Note Balance of each Class of Notes materially and
adversely affected by the amendment (with each affected Class voting separately, except that all Noteholders of Class A Notes will vote together as a single class). 

(b) Notice of Amendments. The Servicer will give prior notice of any amendment to the Rating Agencies. Promptly after the execution of
an amendment, the Servicer will deliver a copy of the amendment to the Rating Agencies. 
 Section 7.2. Assignment; Benefit of
Agreement; Third Party Beneficiaries. 
 (a) Assignment. Except as stated in Section 5.3, this Agreement may not be assigned
by the Asset Representations Reviewer without the consent of the Issuer and the Servicer. 
 (b) Benefit of the Agreement; Third-Party
Beneficiaries. This Agreement is for the benefit of and will be binding on the parties to this Agreement and their permitted successors and assigns. The Owner Trustee, the Trust Collateral Agent and the Trustee (both in its individual capacity
and in its capacity as Trustee for the benefit of the Noteholders), will be third-party beneficiaries of this Agreement entitled to enforce this Agreement against the Asset Representations Reviewer and the Servicer. No other Person will have any
right or obligation under this Agreement. 
 Section 7.3. Notices. 

(a) Delivery of Notices. All notices, requests, demands, consents, waivers or other communications to or from the parties to this
Agreement must be in writing and will be considered given: 
 (i) on delivery or, for a letter mailed by registered first
class mail, postage prepaid, three (3) days after deposit in the mail; 
 (ii) for a fax, when receipt is confirmed by
telephone, reply email or reply fax from the recipient; 
 (iii) for an email, when receipt is confirmed by telephone or
reply email from the recipient; and 
 (iv) for an electronic posting to a password-protected website to which the recipient
has access, on delivery (without the requirement of confirmation of receipt) of an email to that recipient stating that the electronic posting has occurred. 

  
 17 

 (b) Notice Addresses. Any notice, request, demand, consent, waiver or other communication
will be delivered or addressed as stated in Section 12.3(a) of the Sale and Servicing Agreement or at another address as a party may designate by notice to the other parties. 

Section 7.4. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THIS AGREEMENT AND ALL
MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE, GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 Section 7.5. Submission to
Jurisdiction. Each of the parties hereto hereby irrevocably and unconditionally: 
 (a) submits for itself and, as applicable, its
property, in any legal action relating to this Agreement, the Basic Documents or any other documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general
jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 

(b) consents that any such action may be brought in such courts and waives any objection that it may now or hereafter have to the venue of
such action in any such court or that such action was brought in an inconvenient court and agrees not to plead or claim the same; and 
 (c)
waives, to the fullest extent permitted by law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement, the Basic Documents or the transactions contemplated hereby. 

Section 7.6. No Waiver; Remedies. No party’s failure or delay in exercising any power, right or remedy under this Agreement
will operate as a waiver. No single or partial exercise of any power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies
under this Agreement are in addition to any powers, rights and remedies under law. 
 Section 7.7. Severability. Any provision
of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 7.8. Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall
not define or limit any of the terms or provisions hereof. 

  
 18 

 Section 7.9. Counterparts. This Agreement may be executed in multiple counterparts.
Each counterpart shall be an original regardless of whether delivered in physical or electronic form, and all counterparts will together be one document. 

[Remainder of Page Intentionally Left Blank] 

  
 19 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their respective duly authorized officers as of the day and the year first above written. 
  

			
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2017-2
	
	By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust.

 
			
		
	By:	 	 /s/ Beverly D. Capers

	Name:	 	Beverly D. Capers
	Title:	 	Assistant Vice President

 
			
	
	 AMERICREDIT FINANCIAL SERVICES, INC.,

as Servicer

 
			
		
	By:	 	 /s/ Sheli Fitzgerald

	Name:	 	Sheli Fitzgerald
	Title:	 	Senior Vice President, Corporate Treasury

 
			
	
	 CLAYTON FIXED INCOME SERVICES LLC,

as Asset Representations Reviewer

 
			
		
	By:	 	 /s/ Robert Harris

	Name:	 	Robert Harris
	Title:	 	Secretary

 [Signature Page to Asset Representations Review Agreement] 

 Schedule A 

Representations and Warranties and Procedures to be Performed 

Representation 
 1.
Characteristics of Receivables. Each Receivable (A) was originated (i) by AmeriCredit or (ii) by a Dealer and purchased by AmeriCredit from such Dealer under an existing Dealer Agreement or pursuant to a Dealer Assignment with
AmeriCredit and was validly assigned by such Dealer to AmeriCredit pursuant to a Dealer Assignment, (B) was originated by AmeriCredit or such Dealer for the retail sale of a Financed Vehicle in the ordinary course of AmeriCredit’s or the
Dealer’s business, in each case (i) was originated in accordance with AmeriCredit’s credit policies and (ii) was fully and properly executed by the parties thereto, and (iii) AmeriCredit and, to the best of the Seller’s
and the Servicer’s knowledge, each Dealer had all necessary licenses and permits to originate Receivables in the state where AmeriCredit or each such Dealer was located, (C) contains customary and enforceable provisions such as to render
the rights and remedies of the holder thereof adequate for realization against the collateral security, and (D) has not been amended or collections with respect to which waived, other than as evidenced in the Receivable File or the
Servicer’s electronic records relating thereto. 
 Documents 

Receivable File 
 AmeriCredit’s Policies 

Data Tape 
 Dealer Agreement 

Procedures to be Performed 
  

	 	A.	Origination Entity of Each Receivable 

  

	 	i.	Confirm that the Contract is a retail installment sale contract or promissory note relating to the sale of a motor vehicle. 

  

	 	ii.	Review the Contract and verify it was originated by AmeriCredit or 

  

	 	iii.	Verify that the Receivable was originated by a Dealer and purchased by AmeriCredit 

  

	 	iv.	If the Contract was originated by a Dealer, verify the Receivable File contains a valid Dealer Agreement between the Dealer and AmeriCredit 

 

	 	B.	Receivable originated for Retail Sale of a Financed Vehicle 

  

	 	i.	Review the Contract and verify AmeriCredit’s credit policies were followed. 

  

	 	ii.	Observe the Contract and confirm it was executed by the Buyer, Co-Buyer (if applicable) and the Dealer 

 

	 	iii.	If the Contract was originated by AmeriCredit, review the Receivable File and confirm AmeriCredit had all necessary licenses and permits as required by the state in which it was originated 

 

	 	iv.	If the Contract was originated by a Dealer, confirm the Dealer Agreement contains language confirming the dealer was required to have all necessary licenses and permits and there was no evidence of the contrary

  
 Schedule A -1 

	 	C.	Contract contains customary and enforceable provisions 

  

	 	i.	Review the Contract and verify it contains clauses to render the rights and remedies of the holder adequate for realization against the collateral. 

 

	 	D.	Original Receivable Contract intact 

  

	 	i.	Review the Receivable File and Servicer’s system for any indication of amendments to the Receivable. 

  

	 	ii.	If an amendment is reported, confirm the terms in the contract match the data tape 

  

	 	E.	If steps A through D are confirmed, then Test Pass 

  
 Schedule A -2 

 Representation 

2. Compliance with Law. All requirements of applicable federal, state and local laws, and regulations thereunder (including, without
limitation, usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the
Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Federal Reserve Board’s Regulations “B” and “Z” (including amendments to the Federal Reserve’s Official Staff Commentary to Regulation Z, effective
October 1, 1998, concerning negative equity loans), the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Servicemembers Civil Relief Act, each applicable state Motor Vehicle Retail Installment Sales Act, the Gramm-Leach-Bliley Act
and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and other consumer credit laws and equal credit opportunity and disclosure laws) in respect of the Receivables and the Financed Vehicles, have been complied
with in all material respects. 
 Documents 

Receivable File 
 Sale Contract 

Procedures to be Performed 
  

	 	A.	Confirm the following sections are present on the contract and filled out: 

  

	 	i.	Name and address of Creditor 

  

	 	ii.	APR 

  

	 	iii.	Finance Charge 

  

	 	iv.	Amount Financed 

  

	 	v.	Total of Payments 

  

	 	vi.	Total Sale Price 

  

	 	B.	Confirm a Payment Schedule is present and complete 

  

	 	C.	Confirm there is an itemization of the Amount Financed 

  

	 	D.	Confirm the following disclosure are included in the contract 

  

	 	i.	Prepayment disclosure 

  

	 	ii.	Late Payment Policy including the late charge amount or calculation 

  

	 	iii.	Security Interest disclosure 

  

	 	iv.	Contract Reference 

  

	 	v.	Insurance Requirements 

  

	 	E.	If steps A through D are confirmed, then Test Pass 

  
 Schedule A -3 

 Representation 

3. Binding Obligation. Each Receivable represents the genuine, legal, valid and binding payment obligation of the Obligor thereon,
enforceable by the holder thereof in accordance with its terms, except (A) as enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the enforcement of creditors’ rights generally and by equitable
limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law and (B) as such Receivable may be modified by the application after the Cutoff Date of the
Servicemembers Civil Relief Act, as amended; and, to the best of the Seller’s and the Servicer’s knowledge, all parties to each Receivable had full legal capacity to execute and deliver such Receivable and all other documents related
thereto and to grant the security interest purported to be granted thereby. 
 Documents 

Retail Sale Contract 
 Procedures to be Performed

  

	 	A)	Observe the Contract and confirm it was signed by the Obligor 

  

	 	B)	If confirmed, then Test Pass 

  
 Schedule A -4 

 Representation 

4. Schedule of Receivables. The information set forth in the Schedule of Receivables has been produced from the Electronic Ledger and
was true and correct in all material respects as of the close of business on the Cutoff Date. 
 Documents 

Data Tape 
 Procedures to be Performed 

 

	 	A.	Confirm the Account Number in the Data Tape matches the Account Number listed in the Schedule of Receivables 

  

	 	B.	If confirmed, then Test Pass. 

  
 Schedule A -5 

 Representation 

5. Marking Records. Each of AmeriCredit and the Seller agree that the Receivables have been sold to the Trust pursuant to the Sale and
Servicing Agreement and Granted to the Trust Collateral Agent pursuant to the Indenture. Further, AmeriCredit has indicated in its computer files that the Receivables are owned by the Trust. 

Documents 
 Transaction Documents 

System Reports 
 Procedures to be Performed 

 

	 	A)	Verified through the transaction documents and Schedule of Receivable 

  

	 	B)	Verify AmeriCredit indicates within its computer files that the Receivable is owned by the Trust. 

  

	 	C)	If questions (A) and (B) are confirmed, then Test Pass. 

  
 Schedule A -6 

 Representation 

6. Chattel Paper. The Receivables constitute “tangible chattel paper” or “electronic chattel paper” within the
meaning of the UCC. 
 Documents 
 Receivable
File 
 Imaging System Access 
 Procedures to be
Performed 
  

	 	A.	Receivables constitute “tangible chattel paper” or “electronic chattel paper” 

  

	 	i.	Confirm there is a signature under the appropriate buyer, co-buyer and seller signature lines on the contract 

 

	 	ii.	Confirm the contract reports an amount financed greater than zero 

  

	 	iii.	Confirm there is documentation of a lien against the title of a vehicle 

  

	 	B.	If (i), (ii) and (iii) are confirmed, then Test Pass. 

  
 Schedule A -7 

 Representation 

7. One Original. There is only one original executed copy (or with respect to “electronic chattel paper”, one authoritative
copy) of each Contract. With respect to Contracts that are “electronic chattel paper”, each authoritative copy (a) is unique, identifiable and unalterable (other than with the participation of the Trust Collateral Agent in the case of
an addition or amendment of an identified assignee and other than a revision that is readily identifiable as an authorized or unauthorized revision), (b) has been marked with a legend to the following effect: “Authoritative Copy” and
(c) has been communicated to and is maintained by or on behalf of the Custodian. 
 Documents 

Receivable File 
 E-Vault

 Procedures to be Performed 
  

	 	A)	There is one original executed copy of the Contract or 

  

	 	i)	Ensure that all parties have signed the contract. 

  

	 	ii)	If confirm, it will be a Test Pass. 

  

	 	B)	There is only one authoritative copy of the Receivable with respect to “electronic chattel paper” 

  

	 	i)	Review the authoritative copy of the contract for the Receivable. Verify it is unique, identifiable, and unalterable. 

  

	 	i)	Ensure the authoritative copy has been executed by all parties. 

  

	 	ii)	Ensure in the contract has been marked as an Authoritative Copy. 

  

	 	C)	Ensure the copy has been executed by all parties to AmeriCredit. If all criteria are met, Test Pass. 

  
 Schedule A -8 

 Representation 

8. Not an Authoritative Copy. With respect to Contracts that are “electronic chattel paper”, the Servicer has marked all
copies of each such Contract other than an authoritative copy with a legend to the following effect: “This is not an authoritative copy.” 

Documents 

E-Vault 

Procedures to be Performed 
  

	 	A)	Confirm if there is a single authoritative copy 

  

	 	i)	Identify any and all contracts other than the single authoritative copy. 

  

	 	ii)	Confirm all non-authoritative electronic chattel paper copies are appropriately marked 

  

	 	B)	If confirmed, then Test Pass. 

  
 Schedule A -9 

 Representation 

9. Revisions. With respect to Contracts that are “electronic chattel paper”, the related Receivables have been established in
a manner such that (a) all copies or revisions that add or change an identified assignee of the authoritative copy of each such Contract must be made with the participation of the Trust Collateral Agent and (b) all revisions of the
authoritative copy of each such Contract are readily identifiable as an authorized or unauthorized revision. 
 Documents 

E-Vault 

Procedures to be Performed 
  

	 	A)	Review electronic chattel paper, confirm that related Receivables have been established in the following manner: 

  

	 	i)	All copies of revisions that add or change an identified assignee of the authoritative copy of the Contract contain the signature and/or approval of the Trust Collateral Agent 

 

	 	ii)	All revisions of the authoritative copy are identifiable as authorized or unauthorized 

  

	 	B)	If both of the above tests are confirmed, then Test Pass. 

  
 Schedule A -10 

 Representation 

10. Pledge or Assignment. With respect to Contracts that are “electronic chattel paper”, the authoritative copy of each
Contract communicated to the Custodian has no marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Trust Collateral Agent. 

Documents 

E-Vault 

Procedures to be Performed 
  

	 	A)	Review the authoritative copy of the Contract. 

  

	 	i)	Confirm there is no indication that the Receivable has been pledged, assigned or conveyed to any other Party other than the Trust Collateral Agent 

 

	 	B)	If (i) is confirmed, then Test Pass. 

  
 Schedule A -11 

 Representation 

11. Receivable Files Complete. There exists a Receivable File pertaining to each Receivable. Related documentation concerning the
Receivable, including any documentation regarding modifications of the Contract, will be maintained electronically by the Servicer in accordance with customary policies and procedures. With respect to any Receivables that are tangible chattel paper,
the complete Receivable File for each Receivable currently is in the possession of the Custodian. 
 Documents 

Receivable File 
 Modification Agreements (if applicable) 

Procedures to be Performed 
  

	 	A)	Confirm the Receivable File is Completed 

  

	 	i)	Review Receivable and confirm that there is a corresponding Receivable File. 

  

	 	ii)	Verify all related documents concerning the Receivable are maintained electronically by the Servicer. 

  

	 	iii)	If any Receivables are “tangible chattel paper,” confirm the Custodian has the complete Receivable File for each Receivable 

 

	 	B)	If tests (i), (ii) and (iii) are confirmed, then test passes. 

  
 Schedule A -12 

 Representation 

12. Receivables in Force. No Receivable has been satisfied, or, to the best of the Seller’s and the Servicer’s knowledge,
subordinated or rescinded, and the Financed Vehicle securing each such Receivable has not been released from the lien of the related Receivable in whole or in part. No terms of any Receivable have been waived, altered or modified in any respect
since its origination, except by instruments or documents identified in the Receivable File or the Servicer’s electronic records. 
 Documents

 Receivable File 
 Assignment 

Data Tape 
 Procedures to be Performed 

 

	 	A)	Confirm the Receivable has not been satisfied, subordinated or rescinded 

  

	 	i)	Review Receivable file and confirm there is no indication the Receivable was subordinated or Rescinded 

  

	 	ii)	Confirm there is no indication the Receivable was satisfied prior to the Cutoff date 

  

	 	B)	Confirm there is no evidence the Financed Vehicle has been released from the lien in whole or in part 

  

	 	C)	Confirm there is no indication the terms of the Receivable have been waived, altered or modified since origination, except by instruments or documents identified in the Receivable File or the Servicer’s electronic
records. 

  

	 	D)	If questions (A), (B) and (C) are confirmed, then it will be a Test Pass. 

  
 Schedule A -13 

 Representation 

13. Good Title. Immediately prior to the conveyance of the Receivables to the Trust pursuant to this Agreement, the Seller was the sole
owner thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and delivery of this Agreement by the Seller, the Trust shall have good and indefeasible title to and will be the sole owner of such Receivables, free of
any Lien. The Seller has not taken any action to convey any right to any Person that would result in such Person having a right to payments received under the related Insurance Policies or the related Dealer Agreements or Dealer Assignments or to
payments due under such Receivables. No Dealer has a participation in, or other right to receive, proceeds of any Receivable. 
 Documents

 Receivable File 
 Dealer Agreement 

Procedures to be Performed 
  

	 	A)	Review the Receivable 

  

	 	i)	Confirm the receivable had no lien or claim filed for additional work, labor, or materials. Also, confirm there is no tax lien for this Receivable. 

 

	 	ii)	Confirm that the title documents list AFSI or DBA GM Financial as the sole lien holder and that no other lien holder is listed and has not been sold, assigned, or transferred to any other entity. 

 

	 	B)	If both “i” and “ii” are confirmed, then Test Pass. 

  
 Schedule A -14 

 Representation 

14. Security Interest in Financed Vehicle. Each Receivable created or shall create a valid, binding and enforceable first priority
security interest in favor of AmeriCredit in the Financed Vehicle. The Lien Certificate for each Financed Vehicle shows, or AmeriCredit has commenced procedures that will result in such Lien Certificate which will show, AmeriCredit named (which may
be accomplished by the use of a properly registered DBA name in the applicable jurisdiction) as the original secured party under each Receivable as the holder of a first priority security interest in such Financed Vehicle. Immediately after the
sale, transfer and assignment by the Seller to the Trust, each Receivable will be secured by an enforceable and perfected first priority security interest in the Financed Vehicle in favor of the Trust Collateral Agent as secured party, which
security interest is prior to all other Liens upon and security interests in such Financed Vehicle which now exist or may hereafter arise or be created (except, as to priority, for any lien for taxes, labor or materials affecting a Financed
Vehicle). To the best of the Seller’s and the Servicer’s knowledge, as of the Cutoff Date, there were no Liens or claims for taxes, work, labor or materials affecting a Financed Vehicle which are or may be Liens prior or equal to the Liens
of the related Receivable. 
 Documents 

Receivable File 
 Procedures to be Performed 

 

	 	A)	Confirm first priority for AmeriCredit 

  

	 	i)	Verify that the Receivable has an existing first priority security interest in favor of AmeriCredit or properly registered DBA 

  

	 	ii)	Verify the lien certificate shows or that AmeriCredit has commenced procedures that will result in such Lien Certificate which will show AmeriCredit or a registered DBA as the original secured party under the Receivable

  

	 	B)	Confirm first priority security interest directly after sale, transfer or assignment. 

  

	 	i)	Verify the Receivable has been secured by a security interest in the Financed Vehicle in favor of the Trust Collateral Agent as the secured party. 

 

	 	ii)	Verify the security interest exists prior to all other Liens and security interests in the Financed Vehicle which already exist or could exist later. 

 

	 	iii)	As of the cutoff date, verify that no other Liens or Claims exist affecting the Financed Vehicle that are or may be prior or equal to the Liens of the Receivable. 

 

	 	C)	If (A) and (B) are confirmed, then the test passes. 

  
 Schedule A -15 

 Representation 

15. Receivable Not Assumable. No Receivable is assumable by another Person in a manner which would release the Obligor thereof from such
Obligor’s obligations to the owner thereof with respect to such Receivable. 
 Documents 

Receivable File 
 Procedures to be Performed 

 

	 	A)	Confirm the Receivable is NOT assumable by any Person in a manner that would release the Obligor from their financial obligation to GM Financial. 

 

	 	i)	Review the Contract for language indicating the Receivable is not assumable. 

  

	 	B)	If this is confirmed, then Test Pass. 

  
 Schedule A -16 

 Representation 

16. No Defenses. No Receivable is subject to any right of rescission, setoff, counterclaim or defense, including the defense of usury,
and the operation of any of the terms of any Receivable, or the exercise of any right thereunder, will not render such Receivable unenforceable in whole or in part and no such right has been asserted or threatened with respect to any Receivable.

 Documents 
 Receivable File 

Dealer Agreement 
 Procedures to be Performed 

 

	 	A)	Confirm the Receivable files and documents do NOT have any indication that it is subject to rescission, setoff, counterclaim, or defense that could cause the Receivable to become invalid. 

 

	 	i)	Confirm there is no indication of litigation or attorney involvement in the Receivable file or servicing system 

  

	 	B)	If confirmed, Test Pass. 

  
 Schedule A -17 

 Representation 

17. No Default. There has been no default, breach, or, to the knowledge of the Seller and Servicer, violation or event permitting
acceleration under the terms of any Receivable (other than payment delinquencies of not more than 30 days), and, to the best of the Seller’s and the Servicer’s knowledge, no condition exists or event has occurred and is continuing that
with notice, the lapse of time or both would constitute a default, breach, violation or event permitting acceleration under the terms of any Receivable, and there has been no waiver of any of the foregoing. 

Documents 
 Receivable File 

Data Tape 
 Procedures to be Performed 

 

	 	A)	Confirm that no default status existed or was pending on the receivable as of the cut-off date. 

 

	 	i)	Verify the loan did not have a default, breach, violation or event permitting acceleration under the terms of the receivable. 

  

	 	ii)	Verify that no conditions existed that would permit acceleration of notice that was provided. 

  

	 	iii)	If a condition did exist as specified in part ii, verify that the receivable had a waiver preventing acceleration from one of the aforementioned reasons. 

 

	 	B)	If there parts (i), (ii), and (iii) are confirmed, then Test Pass 

  
 Schedule A -18 

 Representation 

18. Insurance. At the time of an origination of a Receivable by AmeriCredit or a Dealer, each Financed Vehicle is required to be covered
by a comprehensive and collision insurance policy, and each Receivable permits the holder thereof to obtain physical loss and damage insurance at the expense of the Obligor if the Obligor fails to do so. 

Documents 
 Receivable File 

Agreement to Provide Insurance 
 Procedures to be
Performed 
  

	 	A)	Verify the Contract or the Agreement to Provide Insurance requires the Receivable to be covered by a comprehensive and collision insurance policy at the time of origination or that language exists allowing the seller to
obtain physical loss and damage insurance at the expense of the Obligor if the Obligor fails to do so. 

  

	 	B)	If “A” is confirmed, then Test Pass. 

  
 Schedule A -19 

 Representation 

19. Certain Characteristics of the Receivables. 

(A) Each Receivable had a remaining maturity, as of the Cutoff Date, of not less than 3 months and not more than 75 months. 

(B) Each Receivable had an original maturity, as of the Cutoff Date, of not less than 3 months and not more than 75 months.

 (C) Each Receivable had a remaining Principal Balance, as of the Cutoff Date, of at least $250 and not more than $85,000.

 (D) Each Receivable had an Annual Percentage Rate, as of the Cutoff Date, of at least 1% and not more than 33%. 

(E) No Receivable was more than 30 days past due as of the Cutoff Date. 

(F) Each Receivable arose under a Contract that is governed by the laws of the United States or any State thereof. 

(G) Each Obligor had a billing address in the United States as of the date of origination of the related Receivable. 

(H) Each Receivable is denominated in, and each Contract provides for payment in, United States dollars. 

(I) Each Receivable arose under a Contract that is assignable without the consent of, or notice to, the Obligor thereunder, and
does not contain a confidentiality provision that purports to restrict the ability of the Servicer to exercise its rights under the Sale and Servicing Agreement, including, without limitation, its right to review the Contract. Each Receivable
prohibits the sale or transfer of the Financed Vehicle without the consent of the Servicer. 
 (J) Each Receivable arose
under a Contract with respect to which AmeriCredit has performed all obligations required to be performed by it thereunder. 

(K) No automobile related to a Receivable was held in repossession inventory as of the Cutoff Date. 

(L) The Servicer’s records do not indicate that any Obligor was in bankruptcy as of the Cutoff Date. 

(M) No Obligor is the United States of America or any State or any agency, department, subdivision or instrumentality thereof.

  
 Schedule A -20 

 Documents 

Data Tape 
 Receivable File 

Procedures to be Performed 
  

	 	A)	Review the Data Tape and confirm that the remaining maturity date is more than or equal to three months but less than or equal to 75 months from the Cutoff Date. 

 

	 	B)	Review the Data Tape and confirm that the original maturity date is more than or equal to three months but less than or equal to 75 months from the Cutoff Date. 

 

	 	C)	Review the Data Tape and confirm that the remaining principal balance is more than or equal to $250 but less than or equal to $85,000. 

 

	 	D)	Review the Data Tape and confirm that the annual percentage rate is more than or equal to one percent but less than or equal to 33 percent. 

 

	 	E)	Review the Data tape and confirm that the next payment due date was not more than 30 days from the Cutoff Date. 

  

	 	F)	Confirm the following: 

  

	 	i)	The Contract was completed on a US State or Territory automobile contract form 

  

	 	ii)	An “Applicable Law” disclosure is present confirming the contract is governed by Federal and State law 

  

	 	iii)	The test for Compliance with Law representation was passed 

  

	 	iv)	If (i), (ii) and (iii) are confirmed, then then Test Pass 

  

	 	G)	Review the Contract and confirm that the Obligor’s billing address is located within the United States. 

  

	 	H)	Review the Contract and confirm that the payment schedule details are reported in US dollars. 

  

	 	I)	Review the Contract and confirm that the contract is assignable without the consent or notice of the Obligor. 

  

	 	J)	Confirm a Truth in Lending statement appears on the Contract. 

  

	 	K)	Review the Data tape and to confirm that no automobile was held in repossession inventory as of the Cutoff Date 

  

	 	L)	Review the Data tape and to confirm that no Obligor was involved in active bankruptcy as of the Cutoff Date 

  

	 	M)	Review the Contract and confirm that the Obligor is not reported as the United States of America or any State, agency, department or subdivision of the government. 

 

	 	N)	If the test for sections A through M above are all confirmed, then Test Pass 

  
 Schedule A -21 

 Representation 

20. Prepayment. Each Receivable allows for prepayment and partial prepayments without penalty. 

Documents 
 Retail Sale Contract 

Procedures to be Performed 
  

	 	A)	Confirm there is language in the Contract that the borrower is able to pay off the Receivable before the maturity date without being penalized. 

 

	 	B)	If this language is present, Test Pass. 

  
 Schedule A -22EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
 SALEM
MEDIA GROUP, INC. 
 as Issuer 

and 
 THE GUARANTORS PARTY HERETO

  
  

6.750% SENIOR SECURED NOTES DUE 2024 
  

 
 INDENTURE 

DATED AS OF MAY 19, 2017 
  

 
 U.S. BANK
NATIONAL ASSOCIATION 
 as Trustee and Collateral Agent 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE I	 
	
	DEFINITIONS AND INCORPORATION BY REFERENCE	 
			
	 SECTION 1.1
	 	 Definitions
	  	 	1	 
	 SECTION 1.2
	 	 Other Definitions
	  	 	30	 
	 SECTION 1.3
	 	 Rules of Construction
	  	 	30	 
	
	ARTICLE II	 
	
	THE NOTES	 
			
	 SECTION 2.1
	 	 Form and Dating
	  	 	31	 
	 SECTION 2.2
	 	 Execution and Authentication
	  	 	32	 
	 SECTION 2.3
	 	 Registrar; Paying Agent
	  	 	33	 
	 SECTION 2.4
	 	 Paying Agent to Hold Money in Trust
	  	 	33	 
	 SECTION 2.5
	 	 Holder Lists
	  	 	33	 
	 SECTION 2.6
	 	 Book-Entry Provisions for Global Securities
	  	 	34	 
	 SECTION 2.7
	 	 Replacement Notes
	  	 	37	 
	 SECTION 2.8
	 	 Outstanding Notes
	  	 	37	 
	 SECTION 2.9
	 	 Treasury Notes
	  	 	37	 
	 SECTION 2.10
	 	 Temporary Notes
	  	 	38	 
	 SECTION 2.11
	 	 Cancellation
	  	 	38	 
	 SECTION 2.12
	 	 Defaulted Interest
	  	 	38	 
	 SECTION 2.13
	 	 Record Date
	  	 	38	 
	 SECTION 2.14
	 	 Computation of Interest
	  	 	38	 
	 SECTION 2.15
	 	 CUSIP Number
	  	 	39	 
	 SECTION 2.16
	 	 Special Transfer Provisions
	  	 	39	 
	 SECTION 2.17
	 	 Issuance of Additional Notes
	  	 	40	 
	
	ARTICLE III	 
	
	REDEMPTION AND PREPAYMENT	 
			
	 SECTION 3.1
	 	 Notices to Trustee
	  	 	41	 
	 SECTION 3.2
	 	 Selection of Notes to Be Redeemed
	  	 	41	 
	 SECTION 3.3
	 	 Notice of Redemption
	  	 	41	 
	 SECTION 3.4
	 	 Effect of Notice of Redemption
	  	 	42	 
	 SECTION 3.5
	 	 Deposit of Redemption of Purchase Price
	  	 	42	 
	 SECTION 3.6
	 	 Notes Redeemed in Part
	  	 	42	 
	 SECTION 3.7
	 	 Optional Redemption
	  	 	43	 
	 SECTION 3.8
	 	 Mandatory Redemption
	  	 	43	 
	 SECTION 3.9
	 	 Offer to Purchase
	  	 	43	 

  
 -i- 

							
	 	 	 	  	Page	 
	ARTICLE IV	 
	
	COVENANTS	 
			
	 SECTION 4.1
	 	 Payment of Notes
	  	 	44	 
	 SECTION 4.2
	 	 Maintenance of Office or Agency
	  	 	45	 
	 SECTION 4.3
	 	 Provision of Financial Information
	  	 	45	 
	 SECTION 4.4
	 	 Compliance Certificate
	  	 	45	 
	 SECTION 4.5
	 	 Taxes
	  	 	46	 
	 SECTION 4.6
	 	 Stay, Extension and Usury Laws
	  	 	46	 
	 SECTION 4.7
	 	 Limitation on Restricted Payments
	  	 	46	 
	 SECTION 4.8
	 	 Limitation on Dividends and Other Payments Affecting Restricted Subsidiaries
	  	 	49	 
	 SECTION 4.9
	 	 Limitation on Incurrence of Debt
	  	 	51	 
	 SECTION 4.10
	 	 Limitation on Asset Sales
	  	 	51	 
	 SECTION 4.11
	 	 Limitation on Transactions with Affiliates
	  	 	54	 
	 SECTION 4.12
	 	 Limitation on Liens
	  	 	55	 
	 SECTION 4.13
	 	 [Intentionally Omitted]
	  	 	55	 
	 SECTION 4.14
	 	 Offer to Purchase upon Change of Control
	  	 	55	 
	 SECTION 4.15
	 	 Maintenance of Properties and Corporate Existence
	  	 	56	 
	 SECTION 4.16
	 	 Events of Loss
	  	 	56	 
	 SECTION 4.17
	 	 Limitation on Business Activities
	  	 	57	 
	 SECTION 4.18
	 	 Additional Note Guarantees
	  	 	57	 
	 SECTION 4.19
	 	 Limitation on Creation of Unrestricted Subsidiaries
	  	 	58	 
	 SECTION 4.20
	 	 Further Assurances
	  	 	58	 
	
	ARTICLE V	 
	
	SUCCESSORS	 
			
	 SECTION 5.1
	 	 Consolidation, Merger, Conveyance, Transfer or Lease
	  	 	59	 
	 SECTION 5.2
	 	 Successor Person Substituted
	  	 	60	 
	
	ARTICLE VI	 
	
	DEFAULTS AND REMEDIES	 
			
	 SECTION 6.1
	 	 Events of Default
	  	 	61	 
	 SECTION 6.2
	 	 Acceleration
	  	 	63	 
	 SECTION 6.3
	 	 Other Remedies
	  	 	63	 
	 SECTION 6.4
	 	 Waiver of Past Defaults
	  	 	63	 
	 SECTION 6.5
	 	 Control by Majority
	  	 	64	 
	 SECTION 6.6
	 	 Limitation on Suits
	  	 	64	 
	 SECTION 6.7
	 	 Rights of Holders of Notes to Receive Payment
	  	 	64	 
	 SECTION 6.8
	 	 Collection Suit by Trustee
	  	 	64	 
	 SECTION 6.9
	 	 Trustee May File Proofs of Claim
	  	 	65	 
	 SECTION 6.10
	 	 Priorities
	  	 	65	 
	 SECTION 6.11
	 	 Undertaking for Costs
	  	 	66	 

  
 -ii- 

							
	 	 	 	  	Page	 
	ARTICLE VII	 
	
	TRUSTEE	 
			
	 SECTION 7.1
	 	 Duties of Trustee
	  	 	66	 
	 SECTION 7.2
	 	 Rights of Trustee
	  	 	67	 
	 SECTION 7.3
	 	 Individual Rights of Trustee
	  	 	68	 
	 SECTION 7.4
	 	 Trustee’s Disclaimer
	  	 	68	 
	 SECTION 7.5
	 	 Notice of Defaults
	  	 	68	 
	 SECTION 7.6
	 	 [Reserved]
	  	 	69	 
	 SECTION 7.7
	 	 Compensation and Indemnity
	  	 	69	 
	 SECTION 7.8
	 	 Replacement of Trustee
	  	 	70	 
	 SECTION 7.9
	 	 Successor Trustee by Merger, Etc.
	  	 	70	 
	 SECTION 7.10
	 	 Eligibility; Disqualification
	  	 	71	 
	 SECTION 7.11
	 	 Preferential Collection of Claims Against the Issuer
	  	 	71	 
	 SECTION 7.12
	 	 Trustee’s Application for Instructions from the Issuer
	  	 	71	 
	 SECTION 7.13
	 	 Limitation of Liability
	  	 	71	 
	 SECTION 7.14
	 	 Collateral Agent
	  	 	72	 
	 SECTION 7.15
	 	 Co-Trustees; Separate Trustee; Collateral Agent
	  	 	72	 
	
	ARTICLE VIII	 
	
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	 
			
	 SECTION 8.1
	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	73	 
	 SECTION 8.2
	 	 Legal Defeasance
	  	 	73	 
	 SECTION 8.3
	 	 Covenant Defeasance
	  	 	74	 
	 SECTION 8.4
	 	 Conditions to Legal Defeasance or Covenant Defeasance
	  	 	74	 
	 SECTION 8.5
	 	 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous
Provisions
	  	 	75	 
	 SECTION 8.6
	 	 Repayment to Issuer
	  	 	76	 
	 SECTION 8.7
	 	 Reinstatement
	  	 	76	 
	 SECTION 8.8
	 	 Discharge
	  	 	77	 
	
	ARTICLE IX	 
	
	AMENDMENT, SUPPLEMENT AND WAIVER	 
			
	 SECTION 9.1
	 	 Without Consent of Holders of the Notes
	  	 	77	 
	 SECTION 9.2
	 	 With Consent of Holders of Notes
	  	 	79	 
	 SECTION 9.3
	 	 Revocation and Effect of Consents
	  	 	80	 
	 SECTION 9.4
	 	 Notation on or Exchange of Notes
	  	 	80	 
	 SECTION 9.5
	 	 Trustee to Sign Amendments, Etc.
	  	 	80	 
	
	ARTICLE X	 
	
	SECURITY	 
			
	 SECTION 10.1
	 	 Security Documents; Additional Collateral
	  	 	81	 
	 SECTION 10.2
	 	 [Reserved]
	  	 	81	 
	 SECTION 10.3
	 	 Releases of Collateral
	  	 	81	 

  
 -iii- 

							
	 	 	 	  	Page	 
	 SECTION 10.4
	 	 Form and Sufficiency of Release
	  	 	82	 
	 SECTION 10.5
	 	 Possession and Use of Collateral
	  	 	82	 
	 SECTION 10.6
	 	 Purchaser Protected
	  	 	82	 
	 SECTION 10.7
	 	 Authorization of Actions to Be Taken by the Collateral Agent Under the Security Documents
	  	 	83	 
	 SECTION 10.8
	 	 Authorization of Receipt of Funds by the Trustee Under the Security Agreement
	  	 	83	 
	 SECTION 10.9
	 	 Powers Exercisable by Receiver or Collateral Agent
	  	 	83	 
	 SECTION 10.10
	 	 Appointment, Authorization and Rights of U.S. Bank National Association as Collateral
Agent
	  	 	83	 
	
	ARTICLE XI	 
	
	[RESERVED]	 
	
	ARTICLE XII	 
	
	NOTE GUARANTEES	 
			
	 SECTION 12.1
	 	 Note Guarantees
	  	 	85	 
	 SECTION 12.2
	 	 Execution and Delivery of Note Guarantee
	  	 	86	 
	 SECTION 12.3
	 	 Severability
	  	 	87	 
	 SECTION 12.4
	 	 Limitation of Guarantors’ Liability
	  	 	87	 
	 SECTION 12.5
	 	 Guarantors May Consolidate, Etc., on Certain Terms
	  	 	87	 
	 SECTION 12.6
	 	 [Intentionally Omitted]
	  	 	88	 
	 SECTION 12.7
	 	 Release of a Guarantor
	  	 	88	 
	 SECTION 12.8
	 	 Benefits Acknowledged
	  	 	88	 
	 SECTION 12.9
	 	 Future Guarantors
	  	 	88	 
	
	ARTICLE XIII	 
	
	MISCELLANEOUS	 
			
	 SECTION 13.1
	 	 Trust Indenture Act Controls
	  	 	89	 
	 SECTION 13.2
	 	 Notices
	  	 	89	 
	 SECTION 13.3
	 	 Communication by Holders of Notes with Other Holders of Notes
	  	 	90	 
	 SECTION 13.4
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	91	 
	 SECTION 13.5
	 	 Statements Required in Certificate or Opinion
	  	 	91	 
	 SECTION 13.6
	 	 Rules by Trustee and Agents
	  	 	91	 
	 SECTION 13.7
	 	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	91	 
	 SECTION 13.8
	 	 Governing Law
	  	 	91	 
	 SECTION 13.9
	 	 No Adverse Interpretation of Other Agreements
	  	 	92	 
	 SECTION 13.10
	 	 Successors
	  	 	92	 
	 SECTION 13.11
	 	 Severability
	  	 	92	 
	 SECTION 13.12
	 	 Counterpart Originals
	  	 	92	 
	 SECTION 13.13
	 	 Table of Contents, Headings, Etc.
	  	 	92	 
	 SECTION 13.14
	 	 Acts of Holders
	  	 	92	 
	 SECTION 13.15
	 	 Intercreditor Agreement
	  	 	93	 

  
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 EXHIBITS 
  

			
	 Exhibit A
	  	 FORM OF 6.750% SENIOR SECURED NOTE

	 Exhibit B
	  	 FORM OF NOTATIONAL GUARANTEE

	 Exhibit C
	  	 FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO
RULE 144A

	 Exhibit D
	  	 FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION
S

 SCHEDULES 
  

			
	 Schedule A
	  	 Mortgaged Property

	 Schedule B
	  	 Post-Closing Matters

  
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 This Indenture, dated as of May 19, 2017, is by and among Salem Media Group, Inc., a
Delaware corporation (the “Company” or the “Issuer”), the Guarantors (as defined herein) and U.S. Bank National Association., as trustee (in such capacity and not in its individual capacity, the
“Trustee”) and collateral agent (in such capacity and not in its individual capacity, the “Collateral Agent”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the holders of (i) the
Issuer’s 6.750% Senior Secured Notes due 2024 issued on the date hereof that contain the restrictive legend in Exhibit A (the “Initial Notes”) and (ii) Additional Notes (as defined herein) issued from time to time
(together with the Initial Notes, the “Notes”). 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.1    Definitions. 

“ABL Agent” means Wells Fargo Bank, N.A. and its successors and assigns or any other applicable administrative agent or
collateral agent under the ABL Documents or the Credit Agreement. 
 “ABL Credit Documents” means the Credit Agreement, the
other Loan Documents (as defined in the Credit Agreement), and each of the other agreements, documents, and instruments providing for or evidencing any other ABL Obligation and any other document or instrument executed or delivered at any time in
connection with any ABL Obligation (including any intercreditor or joinder agreement among holders of ABL Obligations but excluding documents governing the Hedging Obligations), to the extent such are effective at the relevant time, as each may be
amended, modified, restated, supplemented, replaced or refinanced from time to time. 
 “ABL Documents” means the ABL
Credit Documents and any and all documents governing the Hedging Obligations and Bank Product Obligations secured pursuant to the ABL Credit Documents. 

“ABL Lenders” means the “Lenders” from time to time party to, and as defined in, each Credit Agreement, together
with their respective successors and assigns; provided that the term “ABL Lender” shall in any event also include each letter of credit issuer and swingline lender under each Credit Agreement, including, without limitation, the
“Issuing Bank,” the “Swing Lender” and any “Agent” under (and each as defined in) the Credit Agreement. 

“ABL Obligations” means (i) all Obligations under (and as defined in) each Credit Agreement and under any other document
relating to such Credit Agreement, (ii) all Hedging Obligations secured pursuant to the ABL Credit Documents and owing by the Company or any of its Restricted Subsidiaries to an ABL Lender or affiliate of an ABL Lender, and (iii) all Bank
Product Obligations secured pursuant to the ABL Credit Documents. ABL Obligations shall in any event include: all principal, premium, interest, fees, attorneys fees, costs, charges, expenses, reimbursement obligations, indemnities, guarantees, and
all other amounts payable under or secured by or pursuant to any ABL Credit Document (including, in each case, all amounts (including interest) accruing on or after the commencement of any Insolvency or Liquidation Proceeding relating to the Company
or any Guarantor and all amounts that would have accrued or become due under the terms of the ABL Credit Documents but for the effect of the Insolvency or Liquidation Proceeding and irrespective of whether a claim for all or any portion of such
amounts is allowable or allowed in such Insolvency or Liquidation Proceeding). 

 “Acquired Debt” means Debt of a Person (including an Unrestricted Subsidiary)
existing at the time such Person becomes a Restricted Subsidiary or assumed in connection with the acquisition of assets from such Person. 

“Additional Notes” means Notes (other than the Initial Notes) issued pursuant to Article II hereof and otherwise in
compliance with the provisions of this Indenture. 
 “Affiliate” of any Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such 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 that correspond to the foregoing. For purposes of
this definition, any Person who owns more than 10% of the outstanding Voting Interests of any Person shall be deemed to be an Affiliate of such Person. 

“Agent” means any Registrar, Paying Agent (so long as Trustee serves in such capacity) or
co-registrar. 
 “Applicable Premium” means, as calculated by the Company, with
respect to any Note on any applicable redemption date, the greater of: 
 (1)    1.0% of the then
outstanding principal amount of the Note; and 
 (2)    the excess of: 

(a)    the present value at such redemption date of (i) the Redemption Price of the Note at
June 1, 2020 (such Redemption Price being set forth in the table appearing in Section 3.7(b)) plus (ii) all required interest payments due on the Note through June 1, 2020 (excluding accrued but unpaid interest), computed using a
discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over 

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

The Trustee shall have no duty to calculate or verify the Company’s calculation of the Applicable Premium. 

“Asset Acquisition” means: 

(i)    an Investment by the Company or any Restricted Subsidiary in any other Person pursuant to which such
Person shall become a Restricted Subsidiary, or shall be merged with or into the Company or any Restricted Subsidiary; or 

(ii)    the acquisition by the Company or any Restricted Subsidiary of the assets of any Person which
constitute all or substantially all of the assets of such Person, any division or line of business of such Person or any other properties or assets of such Person other than in the ordinary course of business and consistent with past practices. 

“Asset Sale” means any transfer, conveyance, sale, lease or other disposition (including, dispositions pursuant to any
consolidation or merger) by the Company or any of its Restricted Subsidiaries to any Person (other than to the Company or one or more of its Restricted Subsidiaries) in any single transaction or series of transactions of 

  
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 (i)    Capital Interests in another Person (other than
Capital Interests in the Company or directors’ qualifying shares or shares or interests required to be held by foreign nationals pursuant to local law); or 

(ii)    any other property or assets (other than in the normal course of business, including any sale or
other disposition of obsolete or permanently retired equipment and any sale of inventory in the ordinary course of business); 
 provided, however, that
the term “Asset Sale” shall exclude: 
 (a)    any asset disposition permitted by
Section 5.1 that constitutes a disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole; 

(b)    any transfer, conveyance, sale, lease or other disposition of property or assets, the gross proceeds
of which (exclusive of indemnities) do not exceed, in any one or related series of transactions, $1.0 million; 

(c)    sales or other dispositions of cash or Eligible Cash Equivalents; 

(d)    sales of interests in Unrestricted Subsidiaries; 

(e)    the sale and leaseback of any assets within 90 days of the acquisition thereof; 

(f)    the disposition of assets that, in the good faith judgment of the Board of Directors of the Company,
are no longer used or useful in the business of such entity; 
 (g)    a Restricted Payment or Permitted
Investment that is otherwise permitted by this Indenture; 
 (h)    any
trade-in of equipment in exchange for other equipment in the ordinary course; 

(i)    the creation of a Lien (but not the sale or other disposition of the property subject to such Lien);

 (j)    leases or subleases in the ordinary course of business to third persons not interfering in any
material respect with the business of the Company or any of its Restricted Subsidiaries and otherwise in accordance with the provisions of this Indenture; 

(k)    dispositions of accounts receivable in connection with the collection or compromise thereof in the
ordinary course of business; 
 (l)    licensing of intellectual property in accordance with industry
practice in the ordinary course of business; or 
 (m)    any exchange of assets for assets related to a
Permitted Business of a comparable or greater market value, as determined in good faith by the Company, which in the event of an exchange of assets with a Fair Market Value in excess of (1) $5.0 million shall be evidenced by an Officers’
Certificate and (2) $10.0 million shall be set forth in a resolution approved in good faith by at least a majority of the Board of Directors of the Company. 

  
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 For purposes of this definition, any series of related transactions that, if effected as a single
transaction, would constitute an Asset Sale shall be deemed to be a single Asset Sale effected when the last such transaction which is a part thereof is effected. 

“Asset Sale Offer” means an Offer to Purchase required to be made by the Company pursuant to Section 4.10 to all
Holders. 
 “Average Life” means, as of any date of determination, with respect to any Debt, the quotient obtained by
dividing (i) the sum of the products of (x) the number of years from the date of determination to the dates of each successive scheduled principal payment (including any sinking fund or mandatory redemption payment requirements) of such
Debt multiplied by (y) the amount of such principal payment by (ii) the sum of all such principal payments. 
 “Bank
Product Obligations” means all obligations, liabilities, reimbursement obligations owing from the Company or any of its Restricted Subsidiaries to an ABL Lender or affiliate of an ABL Lender with respect to (a) credit cards (including
commercial cards (including so-called “purchase cards”, “procurement cards” or “p-cards”)), (b) payment card processing services,
(c) debit cards, (d) stored value cards, (e) cash management services (including treasury, depository, return items, overdraft, controlled disbursement, merchant store value cards, e-payables
services, electronic funds transfer, interstate depository network, automatic clearing house transfer (including the Automated Clearing House processing of electronic funds transfers through the direct Federal Reserve Fedline system) and other
customary cash management arrangements), and in each case irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising. 

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

“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act. 
 “Board of Directors” means (i) with respect to the
Company or any Restricted Subsidiary, its board of directors or, other than for purposes of the definition of “Change of Control,” any duly authorized committee thereof; (ii) with respect to any other corporation, the board of
directors of such corporation or any duly authorized committee thereof; and (iii) with respect to any other entity, the board of directors or similar body of the general partner or managers of such entity or any duly authorized committee
thereof. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the
Company or any Restricted Subsidiary to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification and delivered to the Trustee. 

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

“Capital Interests” in any Person means any and all shares, interests (including Preferred Interests), participations or
other equivalents in the equity interest (however designated) in such Person and any rights (other than Debt securities convertible into an equity interest), warrants or options to acquire an equity interest in such Person. 

“Capital Lease Obligations” means any obligation under a lease that is required to be capitalized for financial reporting
purposes in accordance with GAAP; and the amount of Debt represented by such obligation shall be the capitalized amount of such obligations determined in accordance with GAAP; and 

  
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the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee
without payment of a penalty. For purposes of Section 4.12, a Capital Lease Obligation shall be deemed secured by a Lien on the property being leased. 

“Certificated Notes” means Notes that are in the form of Exhibit A attached hereto. 

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

(i)    the acquisition by any “person” or “group” (as such terms are used in Sections
13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders, that is or becomes the “beneficial owner” (as such term is used in Rules 13d-3 and
13d-5 under the Exchange Act, except that for purposes of this clause (i) such person or group or Permitted Holder shall be deemed to have “beneficial ownership” of all shares that any such
person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the Voting Interests in the Company; provided that if such person is a
group of investors which group includes one or more Permitted Holders, the shares of Voting Interests of such Person beneficially owned by the Permitted Holders that are part of such group shall not be counted for purposes of determining whether
this clause (i) is triggered; or 
 (ii)    the Company or any Restricted Subsidiary sells, conveys,
transfers or leases (either in one transaction or a series of related transactions) all or substantially all of the Company’s and its Restricted Subsidiaries’ assets (determined on a consolidated basis) to any Person (other than a Person
that is controlled by any of the Permitted Holders), or the Company merges or consolidates with a Person other than a Restricted Subsidiary of the Company (unless the shareholders holding Voting Interests of the Company immediately prior to such
merger or consolidation control in excess of 50% of the Voting Interests in the surviving Person immediately following such merger or consolidation). 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated thereunder.

 “Collateral” means all of the assets of the Company and the Guarantors, whether real, personal or mixed, with respect to
which a Lien is granted (or purported to be granted) as security for any Secured Obligations (including proceeds and products thereof). 

“Collateral Agent” has the meaning set forth in the preamble to this Indenture until a successor replaces it in accordance
with the applicable provisions of this Indenture and, thereafter, means the successor. 
 “Commission” means the Securities
and Exchange Commission and any successor thereto. 
 “Common Interests” of any Person means Capital Interests in such
Person that do not rank prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to Capital Interests of any other class in such Person. 

“Company” or “Issuer” has the meaning set forth in the preamble hereto until a successor replaces it in
accordance with the applicable provisions of this Indenture and, thereafter, means the successor. 

  
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 “Consolidated Cash Flow” means, with respect to any specified Person for any
period, the Consolidated Net Income of such Person for such period plus, without duplication: 

(i)    an amount equal to any extraordinary loss plus any net loss realized by such Person or any of its
Restricted Subsidiaries in connection with an Asset Sale, to the extent such losses were deducted in computing such Consolidated Net Income; plus 

(ii)    Consolidated Income Tax Expense (other than income tax expense (either positive or negative)
attributable to extraordinary gains or losses), to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus 

(iii)    the Consolidated Interest Expense of such Person and its Restricted Subsidiaries for such period,
to the extent that such Consolidated Interest Expense was deducted in computing such Consolidated Net Income; plus 

(iv)    Consolidated Non-cash Charges, to the extent that such
Consolidated Non-cash Charges were deducted in computing such Consolidated Net Income; plus 

(v)    severance costs and charges and closure costs; plus 

(vi)    any expenses or charges related to the Transactions or any equity offering (whether or not
successful); plus 
 (vii)    non-cash interest expense;
plus 
 (viii)    interest incurred in connection with Investments in discontinued operations;
minus 
 (ix)    non-cash items increasing such
Consolidated Net Income, other than (a) the accrual of revenue in the ordinary course of business and (b) reversals of prior accruals or reserves for cash items previously excluded in the calculation of Consolidated Non-cash Charges. 
 “Consolidated Income Tax Expense” means, with respect to any Person
for any period, the provision for federal, state, local and foreign income taxes of such Person and its Restricted Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP. 

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

(i)    the interest expense of such Person and its Restricted Subsidiaries for such period as determined on
a consolidated basis in accordance with GAAP, including: 
 (a)    any amortization of debt discount;

 (b)    the net cost under non-speculative Hedging Obligations
(including any amortization of discounts); 
 (c)    the interest portion of any deferred payment
obligation; 
 (d)    all commissions, discounts and other fees and charges owed with respect to letters
of credit, bankers’ acceptance financing or similar activities; and 
 (e)    all accrued interest;
plus 

  
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 (ii)    the interest component of Capital Lease Obligations
paid, accrued and/or scheduled to be paid or accrued by such Person and its Restricted Subsidiaries during such period determined on a consolidated basis in accordance with GAAP; plus 

(iii)    the interest expense on any Debt guaranteed by such Person and its Restricted Subsidiaries;
plus 
 (iv)    all capitalized interest of such Person and its Restricted Subsidiaries for such
period; less 
 (v)    interest income of such Person and its Restricted Subsidiaries for such
period; 
 provided, however, that Consolidated Interest Expense will exclude the amortization or
write-off of debt issuance costs and deferred financing fees, commissions, fees and expenses. 

“Consolidated Net Income” means, with respect to any Person, for any period, the consolidated net income (or loss) of such
Person and its Restricted Subsidiaries for such period as determined in accordance with GAAP, adjusted, to the extent included in calculating such net income, by: 

(i)    excluding, without duplication: 

(a)    all extraordinary gains or losses (net of fees and expense relating to the transaction giving rise
thereto), income, expenses or charges; 
 (b)    the portion of net income of such Person and its
Restricted Subsidiaries allocable to minority interest in unconsolidated Persons or Investments in Unrestricted Subsidiaries to the extent that cash dividends or distributions have not or could not have actually been received by such Person or one
of its Restricted Subsidiaries; 
 (c)    gains or losses in respect of any Asset Sales after the Issue
Date by such Person or one of its Restricted Subsidiaries (net of fees and expenses relating to the transaction giving rise thereto), on an after-tax basis; 

(d)    the net income (loss) from any operations disposed of or discontinued after the Issue Date and any
net gains or losses on such disposition or discontinuance, on an after-tax basis; 

(e)    solely for purposes of determining the amount available for Restricted Payments under clause
(c) of the first paragraph of Section 4.7, the net income of any Restricted Subsidiary (other than a Guarantor) of such Person to the extent that the declaration of dividends or similar distributions by that Restricted Subsidiary of that
income is not at the time permitted, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulations applicable to that Restricted Subsidiary or its
stockholders; 
 (f)    any gain or loss realized as a result of the cumulative effect of a change in
accounting principles; 
 (g)    any fees and expenses, including deferred finance costs, paid in
connection with the issuance of the Notes and the entering into of the Credit Agreement contemplated by the Offering Memorandum (including ratings agency fees); 

  
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 (h)    non-cash
compensation expense incurred with any issuance of equity interests to an employee of such Person or any Restricted Subsidiary; and 

(i)    any net after-tax gains or losses attributable to the early
extinguishment of Debt; and 
 (ii)    including, without duplication, dividends from Persons that are
not Restricted Subsidiaries actually received in cash by the Company or any Restricted Subsidiary. 
 “Consolidated Non-cash Charges” means, with respect to any Person for any period, the aggregate depreciation, amortization (including amortization of goodwill and other intangibles) and other non-cash charges and expenses of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person and its Restricted Subsidiaries for such period, determined on a consolidated basis in
accordance with GAAP (excluding any such charges constituting an extraordinary item or loss and excluding any such charges constituting an extraordinary item or loss or any charge which requires an accrual of or a reserve for cash charges for any
future period). 
 “Consolidated Total Debt” means, as of any date of determination, an amount equal to the aggregate
principal amount of all outstanding Debt of the Company and its Restricted Subsidiaries (excluding (x) Hedging Obligations and (y) any undrawn letters of credit issued in the ordinary course of business). 

“Consolidated Total Debt Ratio” means, as of any date of determination (the “Determination Date”), the ratio
of (a) the Consolidated Total Debt of the Company and its Restricted Subsidiaries on the Determination Date to (b) the aggregate amount of Consolidated Cash Flow for the four full fiscal quarters, treated as one period, for which financial
information in respect thereof is available immediately preceding the Determination Date (such four full fiscal quarter period being referred to herein as the “Four Quarter Period”). For purposes of this definition, Consolidated
Total Debt and Consolidated Cash Flow shall be calculated after giving effect on a pro forma basis for the period of such calculation to: 

(i)    the Incurrence of any Debt (other than working capital borrowings under any revolving credit
facility in the ordinary course of business) of the Company or any Restricted Subsidiary (and the application of the proceeds thereof) and any repayment of other Debt (other than working capital borrowings under any revolving credit facility in the
ordinary course of business) occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Determination Date, as if such Incurrence or repayment, as the case may be (and the
application of the proceeds thereof), occurred on the first day of the Four Quarter Period; and 

(ii)    any Asset Sale or Asset Acquisition (including, without limitation, any Asset Acquisition giving
rise to the need to make such calculation as a result of the Company or any Restricted Subsidiary (including any Person who becomes a Restricted Subsidiary as a result of such Asset Acquisition) Incurring Acquired Debt and also including any
Consolidated Cash Flow (including any pro forma expense and cost reductions calculated on a basis in accordance with Regulation S-X under the Exchange Act or including the amount of net cost savings projected
by the Company in good faith to be realized as a result of specified actions taken during such period in connection with acquisitions or dispositions (which cost savings shall be calculated as though such cost savings had been realized on the first
day of such period), net of the amount of actual benefits realized during such period from such actions; provided, that (A) such cost savings are reasonably identifiable and factually supportable and expected to be realized in the twelve month
period commencing after the date of such acquisition or disposition, (B) such cost savings do not amount to greater than $5,000,000 for any Four Quarter Period and (C) the calculation of such

  
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cost savings and their compliance with this definition shall be set forth in a certificate of a Responsible Officer (as defined in the Credit Agreement) delivered to the Trustee, associated in
each case with any such Asset Acquisition, or Asset Sale) occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Determination Date, as if such Asset Sale, or Asset
Acquisition (including the Incurrence of, or assumption or liability for, any such Debt or Acquired Debt) occurred on the first day of the Four Quarter Period; 

provided, that no pro forma effect shall be given to the Incurrence of any Permitted Debt Incurred on such Determination Date or the discharge
on such Determination Date of any Debt from the proceeds of any such Permitted Debt. 
 “Corporate Trust Office” means the
office of the Trustee, or the Collateral Agent, as applicable, at which at any time its corporate trust business related to this Indenture shall be administered, which office at the date hereof is located at U.S. Bank National Association, Global
Corporate Trust Services, 633 West Fifth Street, 24th Floor, Los Angeles, California 90071, Attention: P. Oswald (Salem Media), or such other address as the Trustee or the Collateral Agent, as
applicable, may designate from time to time by written notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee or the Collateral Agent, as applicable (or such other address as such successor Trustee or
the Collateral Agent, as applicable, may designate from time to time by notice to the Holders and the Company). 
 “Credit
Agreement” means one or more debt facilities, including the ABL Documents, among the Company and the other borrowers named therein and the ABL Lenders, together with all related notes, letters of credit, collateral documents, guarantees,
and any other related agreements and instruments executed and delivered in connection therewith, in each case as amended, modified, supplemented, restated, refinanced, refunded or replaced in whole or in part from time to time including by or
pursuant to any agreement or instrument that extends the maturity of any Debt thereunder, or increases the amount of available borrowings or obligations thereunder (whether pursuant to the same agreement or one or more replacement or additional
agreements), or adds Subsidiaries of the Company as additional borrowers, issuers or guarantors thereunder, in each case with respect to such agreement or any successor or replacement agreement and whether by the same or any other agent, lender,
group of lenders, purchasers or debt holders. 
 “Debt” means at any time (without duplication), with respect to any
Person, whether recourse is to all or a portion of the assets of such Person, or non-recourse, the following, if and to the extent the following items (other than clauses (iii), (vi), (vii), (viii) and
(ix) below) would appear as liabilities on a balance sheet of such Person prepared in accordance with GAAP: (i) all indebtedness of such Person for money borrowed or for the deferred purchase price of property, excluding any trade payables
or other current liabilities incurred in the normal course of business and excluding trade accounts payable arising in the ordinary course of business and accrued expenses and any obligations to pay a contingent purchase price as long as such
obligation remains contingent; (ii) all obligations of such Person evidenced by bonds, debentures, notes, or other similar instruments; (iii) all obligations of such Person for the reimbursement of any obligor on any letters of credit
(other than letters of credit that are secured by cash or Eligible Cash Equivalents), bankers’ acceptances or similar facilities (other than obligations with respect to letters of credit securing obligations (other than obligations described
under clauses (i) through (iii) above) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon, or, if and to the extent drawn upon, such drawing is reimbursed no later than the
tenth Business Day following payment on the letter of credit; (iv) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property or assets acquired by such Person (excluding trade
accounts payable arising in the ordinary course of business and accrued expenses and any obligations to pay a contingent purchase price as long as such obligation remains contingent); (v) 

  
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all Capital Lease Obligations of such Person (but excluding obligations under operating leases); (vi) the maximum fixed redemption or repurchase price of Redeemable Capital Interests in such
Person at the time of determination (but excluding any accrued dividends); (vii) net Obligations under any Hedging Obligations of such Person at the time of determination; and (viii) all obligations of the types referred to in clauses
(i) through (vii) of this definition of another Person and all dividends and other distributions of another Person, the payment of which, in either case, (A) such Person has Guaranteed or (B) is secured by any Lien upon the property
or other assets of such Person, even though such Person has not assumed or become liable for the payment of such Debt, dividends or other distributions. For purposes of the foregoing: (a) the maximum fixed repurchase price of any Redeemable
Capital Interests that do not have a fixed repurchase price shall be calculated in accordance with the terms of such Redeemable Capital Interests as if such Redeemable Capital Interests were repurchased on any date on which Debt shall be required to
be determined pursuant to this Indenture; provided, however, that, if such Redeemable Capital Interests are not then permitted to be repurchased, the repurchase price shall be the book value of such Redeemable Capital Interests;
(b) the amount outstanding at any time of any Debt issued with original issue discount is the principal amount of such Debt less the remaining unamortized portion of the original issue discount of such Debt at such time as determined in
conformity with GAAP, but such Debt shall be deemed Incurred only as of the date of original issuance thereof; (c) the amount of any Debt described in clause (viii)(A) above shall be the maximum liability under any such Guarantee; (d) the
amount of any Debt described in clause (viii)(B) above shall be the lesser of (I) the maximum amount of the obligations so secured and (II) the Fair Market Value of such property or other assets; and (e) interest, fees, premium,
expenses and additional payments, if any, will not constitute Debt. 
 Notwithstanding the foregoing, in connection with the purchase by the
Company or any Restricted Subsidiary of any business, the term “Debt” will exclude (x) customary indemnification obligations and (y) post-closing payment adjustments to which the seller may become entitled to the extent such
payment is determined by a final closing balance sheet or such payment is otherwise contingent; provided, however, that such amount would not be required to be reflected on the face of a balance sheet prepared in accordance with GAAP.

 The amount of Debt of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described
above and the maximum liability, upon the occurrence of the contingency giving rise to the obligations, of any contingent obligations at such date; provided, however, that in the case of Debt sold at a discount, the amount of such Debt
at any time will be the accreted value thereof at such time. 
 “Default” means any event that is, or after notice or
passage of time, or both, would be, an Event of Default. 
 “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, until a successor shall have been appointed and become such pursuant to Section 2.6 hereof, and, thereafter,
“Depositary” shall mean or include such successor. 
 “Designated Non-cash
Consideration” means the Fair Market Value of non-cash consideration received by the Company or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate setting forth the basis of such valuation executed by the principal financial officer of the Company and another officer of the Company, less the
amount of cash received in connection with a subsequent sale of, or collection on, such Designated Non-cash Consideration. 

  
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 “Determination Date” has the meaning set forth in the definition of
“Consolidated Total Debt Ratio.” 
 “DTC” means The Depository Trust Company (55 Water Street, New York, New
York). 
 “Eligible Bank” means a bank or trust company that (i) is organized and existing under the laws of the
United States of America, or any state, territory or possession thereof, (ii) as of the time of the making or acquisition of an Investment in such bank or trust company, has combined capital and surplus in excess of $500.0 million and
(iii) the senior Debt of which is rated at least “A-2” by Moody’s or at least “A” by Standard & Poor’s. 

“Eligible Cash Equivalents” means any of the following Investments: (i) securities issued or directly and fully
guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof), maturing not more than one year after the date of acquisition;
(ii) time deposits in and certificates of deposit of any Eligible Bank; provided that such Investments have a maturity date not more than two years after date of acquisition and that the Average Life of all such Investments is one year
or less from the respective dates of acquisition; (iii) repurchase obligations with a term of not more than 180 days for underlying securities of the types described in clause (i) above entered into with any Eligible Bank; (iv) direct
obligations issued by any state of the United States or any political subdivision or public instrumentality thereof; provided that such Investments mature, or are subject to tender at the option of the holder thereof, within 365 days after
the date of acquisition and, at the time of acquisition, have a rating of at least A from Standard & Poor’s or A-2 from Moody’s (or an equivalent rating by any other nationally recognized
rating agency); (v) commercial paper of any Person other than an Affiliate of the Company; provided that such Investments have one of the two highest ratings obtainable from either Standard & Poor’s or Moody’s and mature
within 180 days after the date of acquisition; (vi) overnight and demand deposits in and bankers’ acceptances of any Eligible Bank and demand deposits in any bank or trust company to the extent insured by the Federal Deposit Insurance
Corporation against the Bank Insurance Fund; (vii) money market funds substantially all of the assets of which comprise Investments of the types described in clauses (i) through (vi); and (viii) instruments equivalent to those
referred to in clauses (i) through (vi) above or funds equivalent to those referred to in clause (vii) above denominated in Euros or any other foreign currency comparable in credit quality and tender to those referred to in such clauses
and customarily used by corporations for cash management purposes in jurisdictions outside the United States to the extent reasonably required in connection with any business conducted by any Restricted Subsidiary organized in such jurisdiction, all
as determined in good faith by the Company. 
 “Equity Offering” means (i) an underwritten public equity offering of
Qualified Capital Interests pursuant to an effective registration statement under the Securities Act of the Company, or any direct or indirect parent company of the Company but only to the extent contributed to the Company in the form of Qualified
Capital Interests or (ii) a private equity offering of Qualified Capital Interests of the Company, or any direct or indirect parent company of the Company but only to the extent contributed to the Company in the form of Qualified Capital
Interests, other than any public offerings registered on Form S-8. 
 “ESOP” means
any employee benefit plan adopted and maintained by the Company and any successor plan or other employee benefit plan created to issue participation interests in the common stock of the Company to Company employees, directors and consultants. 

“ESOP Documentation” means collectively, the governing agreements and other documents and instruments of the ESOP, and all
amendments, supplements or other modifications to any of the foregoing, all schedules, exhibits and annexes thereto and all agreements affecting the terms thereof or entered into in connection therewith. 

  
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 “ESOT” means the trust adopted and maintained by the Company pursuant to the
ESOP Documentation and any successor trust or other trust established in connection with the ESOP. 
 “Event of Loss”
means, with respect to any property or asset (tangible or intangible, real or personal) constituting Collateral, any of the following: 

(i)    any loss, destruction or damage of such property or asset; 

(ii)    any institution of any proceeding for the condemnation or seizure of such property or asset or for
the exercise of any right of eminent domain; 
 (iii)    any actual condemnation, seizure or taking by
exercise of the power of eminent domain or otherwise of such property or asset, or confiscation of such property or asset or the requisition of the use of such property or asset; or 

(iv)    any settlement in lieu of clauses (ii) or (iii) above. 

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

“Excluded Property” has the meaning as defined in the Security Agreement. 

“Expiration Date” has the meaning set forth in the definition of “Offer to Purchase.” 

“Fair Market Value” means, with respect to the consideration received or paid in any transaction or series of transactions,
the fair market value thereof, as determined in good faith by the Company, or, in the event of an exchange of assets with a Fair Market Value in excess of $5.0 million, determined in good faith by the Board of Directors of the Company. 

“Foreign Subsidiary” means any Subsidiary of the Company organized under the laws of any jurisdiction other than the United
States of America or any State thereof or the District of Columbia. 
 “Four Quarter Period” has the meaning set forth in
the definition of “Consolidated Total Debt Ratio.” 
 “GAAP” means generally accepted accounting principles in
the United States, consistently applied, as set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board, or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United States, which are in effect as of the Issue Date. 

“Global Note Legend” means the legend identified as such in Exhibit A hereto. 

“Global Notes” means the Notes in global form that are in the form of Exhibit A hereto. 

“Guarantee” means, as applied to any Debt of another Person, (i) a guarantee (other than by endorsement of negotiable
instruments for collection in the normal course of business), direct or indirect, in any manner, of any part or all of such Debt, (ii) any direct or indirect obligation, contingent or otherwise, of a Person guaranteeing or having the effect of
guaranteeing the Debt of any other Person in any manner and (iii) an agreement of a Person, direct or indirect, contingent or otherwise, the practical effect of which is to assure in any way the payment or performance (or payment of damages in
the event of non-performance) of all or any part of such Debt of another Person (and “Guaranteed” and “Guaranteeing” shall have meanings that correspond to the foregoing). 

  
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 “Guarantor” means any Person that executes a Note Guarantee in accordance with
the provisions of this Indenture and its successors and assigns. 
 “Hedging Obligations” of any Person means the
obligations of such Person pursuant to any interest rate agreement, currency agreement or commodity agreement. 
 “Holder”
means a Person in whose name a Note is registered in the security register. 
 “Incur” means, with respect to any Debt or
other obligation of any Person, to create, issue, incur (by conversion, exchange or otherwise), assume, Guarantee or otherwise become liable in respect of such Debt or other obligation or the recording, as required pursuant to GAAP or otherwise, of
any such Debt or other obligation on the balance sheet of such Person; provided, however, for the avoidance of doubt, that a change in GAAP that results in an obligation of such Person that exists at such time becoming Debt shall not
be deemed an Incurrence of such Debt. Debt otherwise Incurred by a Person before it becomes a Subsidiary of the Company shall be deemed to be Incurred at the time at which such Person becomes a Subsidiary of the Company. “Incurrence,”
“Incurred,” “Incurrable” and “Incurring” shall have meanings that correspond to the foregoing. A Guarantee by the Company or a Restricted Subsidiary of Debt Incurred by the Company or a Restricted Subsidiary, as
applicable, shall not be a separate Incurrence of Debt. In addition, the following shall not be deemed a separate Incurrence of Debt: 

(i)    amortization of debt discount or accretion of principal with respect to a non-interest-bearing or other discount security; 
 (ii)    the payment
of regularly scheduled interest in the form of additional Debt of the same instrument or the payment of regularly scheduled dividends on Capital Interests in the form of additional Capital Interests of the same class and with the same terms; 

(iii)    the obligation to pay a premium in respect of Debt arising in connection with the issuance of a
notice of redemption or making of a mandatory offer to purchase such Debt; and 
 (iv)    unrealized
losses or charges in respect of Hedging Obligations. “Indenture” means this Indenture, as amended or supplemented from time to time. “Initial Notes” has the meaning set forth in the preamble hereto. 

“Initial Purchasers” means Wells Fargo Securities, LLC, Barclays Capital Inc., Noble Capital Markets, Inc. and such other
initial purchasers party to the Purchase Agreement entered into in connection with the offer and sale of the Notes on the Issue Date and any similar purchase agreement in connection with any Permitted Additional Pari Passu Obligations. 

“Insolvency or Liquidation Proceeding” means (a) any voluntary or involuntary case or proceeding under the Bankruptcy
Code with respect to the Company or any Guarantor, (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with
respect to the Company or any Guarantor or with respect to a material portion of its respective assets, (c) any liquidation, dissolution, reorganization or winding up of the Company or any Guarantor, whether voluntary or involuntary and whether
or not involving insolvency or bankruptcy, or (d) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of the Company or any Guarantor. 

  
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 “Intercreditor Agreement” means the Intercreditor Agreement dated as of the
Issue Date by and between the ABL Agent and the Collateral Agent as acknowledged by the Issuer and the Guarantors as amended, modified or restated from time to time. 

“Investment” by any Person means any direct or indirect loan, advance (or other extension of credit) or capital contribution
to (by means of any transfer of cash or other property or assets to another Person or any other payments for property or services for the account or use of another Person) another Person, including the following: (i) the purchase or acquisition
of any Capital Interest or other evidence of beneficial ownership in another Person; and (ii) the purchase, acquisition or Guarantee of the obligations of another Person or the issuance of a “keep-well” with respect thereto; but shall
exclude: (a) accounts receivable and other extensions of trade credit on commercially reasonable terms in accordance with normal trade practices; (b) the acquisition of property and assets from suppliers and other vendors in the normal
course of business; and (c) prepaid expenses and workers’ compensation, utility, lease and similar deposits, in the normal course of business. For the avoidance of doubt, any payments pursuant to any Guarantee previously incurred in
compliance with this Indenture shall not be deemed to be Investments by the Company or any of its Restricted Subsidiaries. 
 “Issue
Date” means May 19, 2017. 
 “Issuer” or “Company” has the meaning set forth in the preamble
hereto until a successor replaces it in accordance with the applicable provisions of this Indenture and, thereafter, means the successor. 

“Issuer Order” means any written instruction by the Issuer and executed by an Officer of the Issuer. 

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in The City of New York, the city in which
the principal Corporate Trust Office of the Trustee is located or at a place of payment are authorized or required by law, regulation or executive order to remain closed. If a payment date in a place of payment is a Legal Holiday, payment shall be
made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 

“Lien” means, with respect to any property or other asset, any mortgage, deed of trust, deed to secure debt, pledge,
hypothecation, assignment, deposit arrangement, security interest, lien (statutory or otherwise), charge, easement, encumbrance or other security agreement on or with respect to such property or other asset (including any conditional sale or other
title retention agreement having substantially the same economic effect as any of the foregoing). 
 “Moody’s” means
Moody’s Investors Service, Inc. and any successor to its rating agency business. 
 “Mortgage” means any agreement,
including a mortgage, deed of trust, trust deed, deed to secure debt or any other document creating and evidencing a Lien on and security interest in a Mortgaged Property in favor of or for the benefit of the Collateral Agent, which shall be in form
and substance effective to grant a Lien in favor of or for the benefit of the Collateral Agent enforceable against the Company or applicable Guarantor and creates rights in favor of or for the benefit of the Collateral Agent in respect of the
applicable Mortgaged Property. 
 “Mortgaged Property”: means (a) each real property listed on Schedule A and
(b) each real property, if any, which shall be subject to a Mortgage delivered after the Issue Date pursuant to Section 10.1. 

  
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 “Net Cash Proceeds” means, with respect to Asset Sales of any Person, cash and
Eligible Cash Equivalents received, net of: (i) all reasonable out-of-pocket costs and expenses of such Person incurred in connection with such a sale, including
all legal, accounting, title and recording tax expenses, commissions and other fees and expenses incurred and all federal, state, foreign and local taxes arising in connection with such an Asset Sale that are paid or required to be accrued as a
liability under GAAP by such Person; (ii) amounts provided as a reserve, in accordance with GAAP, against any liabilities under any indemnification obligations associated with such Asset Sale; (iii) all payments made by such Person on any
Debt that is secured by such properties or other assets in accordance with the terms of any Lien upon or with respect to such properties or other assets or that must, by the terms of such Lien or such Debt, or in order to obtain a necessary consent
to such transaction or by applicable law, be repaid to any other Person (other than the Company or a Restricted Subsidiary thereof) in connection with such Asset Sale (other than in the case of Collateral, any Lien which does not rank prior to the
Note Liens); and (iv) all contractually required distributions and other payments made to minority interest holders in Restricted Subsidiaries of such Person as a result of such transaction; provided, however, that: (a) in
the event that any consideration for an Asset Sale (which would otherwise constitute Net Cash Proceeds) is required by (I) contract to be held in escrow pending determination of whether a purchase price adjustment will be made or (II) GAAP
to be reserved against other liabilities in connection with such Asset Sale, such consideration (or any portion thereof) shall become Net Cash Proceeds only at such time as it is released to such Person from escrow or otherwise; and (b) any non-cash consideration received in connection with any transaction, which is subsequently converted to cash, shall become Net Cash Proceeds only at such time as it is so converted. 

“Net Loss Proceeds” means the aggregate cash proceeds received by the Company or any Guarantor in respect of any Event of
Loss, including insurance proceeds, condemnation awards or damages awarded by any judgment, net of the direct cost in recovery of such Net Loss Proceeds (including legal, accounting, appraisal and insurance adjuster fees and any relocation expenses
incurred as a result thereof), amounts required to be applied to the repayment of Debt secured by any Permitted Collateral Lien on the asset or assets that were the subject of such Event of Loss (other than any Lien which does not rank prior to the
Note Liens), and any taxes paid or payable as a result thereof. 
 “Note Custodian” means the Trustee when serving as
custodian for the Depositary with respect to the Global Notes, or any successor entity thereto. 
 “Note Guarantee” means
any guarantee of the Notes by any Guarantor pursuant to this Indenture. 
 “Noteholder Secured Parties” has the meaning
given to the term “Notes Claimholder” in the Intercreditor Agreement, whether or not in effect at such time. 
 “Note
Liens” means all Liens in favor of the Collateral Agent on Collateral securing the Secured Obligations, including, without limitation, any Permitted Additional Pari Passu Obligations. 

“Notes” has the meaning set forth in the preamble to this Indenture. 

“Obligations” means any principal, premium, interest (including any interest, fees and other amounts accruing subsequent to
the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest, fees and other amounts are an allowed claim under applicable state,
federal or foreign law), penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities, and guarantees of payment of such
principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Debt. 

  
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 “Offer” has the meaning set forth in the definition of “Offer to
Purchase.” 
 “Offer to Purchase” means a written offer (the “Offer”) sent by the Company by first
class mail, postage prepaid, to each Holder at his address appearing in the security register on the date of the Offer, offering to purchase up to the aggregate principal amount of Notes set forth in such Offer at the purchase price set forth in
such Offer (as determined pursuant to this Indenture). Unless otherwise required by applicable law, the Offer shall specify an expiration date (the “Expiration Date”) of the Offer to Purchase which shall be, subject to any contrary
requirements of applicable law, not less than 30 days or more than 60 days after the date of mailing of such Offer and a settlement date (the “Purchase Date”) for purchase of Notes within five Business Days after the Expiration
Date. The Company shall notify the Trustee at least 15 days (or such shorter period as is acceptable to the Trustee) prior to the mailing of the Offer of the Company’s obligation to make an Offer to Purchase, and the Offer shall be mailed by
the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company. The Offer shall be prepared by the Company and shall contain all instructions and materials necessary to enable such Holders to tender Notes
pursuant to the Offer to Purchase. The Offer shall also state: 
 (i)    the Section of this Indenture
pursuant to which the Offer to Purchase is being made; 
 (ii)    the Expiration Date and the Purchase
Date; 
 (iii)    the aggregate principal amount of the outstanding Notes offered to be purchased
pursuant to the Offer to Purchase (including, if less than 100%, the manner by which such amount has been determined pursuant to Section 4.10 or 4.16, as applicable) (the “Purchase Amount”); 

(iv)    the purchase price to be paid by the Company for each $1,000 principal amount of Notes accepted for
payment (as specified pursuant to this Indenture) (the “Purchase Price”); 
 (v)    that
the Holder may tender all or any portion of the Notes registered in the name of such Holder and that any portion of a Note tendered must be tendered in a minimum principal amount of $2,000; 

(vi)    the place or places where Notes are to be surrendered for tender pursuant to the Offer to Purchase,
if applicable; 
 (vii)    that, unless the Company defaults in making such purchase, any Note accepted
for purchase pursuant to the Offer to Purchase will cease to accrue interest on and after the Purchase Date, but that any Note not tendered or tendered but not purchased by the Company pursuant to the Offer to Purchase will continue to accrue
interest at the same rate; 
 (viii)    that, on the Purchase Date, the Purchase Price will become due
and payable upon each Note accepted for payment pursuant to the Offer to Purchase; 
 (ix)    that each
Holder electing to tender a Note pursuant to the Offer to Purchase will be required to surrender such Note or cause such Note to be surrendered at the place or places set forth in the Offer prior to the close of business on the Expiration Date (such
Note being, if the Company or the Trustee so requires, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in
writing); 

  
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 (x)    that Holders will be entitled to withdraw all or any
portion of Notes tendered if the Company (or its paying agent) receives, not later than the close of business on the Expiration Date, a facsimile transmission or letter setting forth the name of the Holder, the aggregate principal amount of the
Notes the Holder tendered, the certificate number of the Note the Holder tendered and a statement that such Holder is withdrawing all or a portion of his tender; 

(xi)    that (a) if Notes having an aggregate principal amount less than or equal to the Purchase
Amount are duly tendered and not withdrawn pursuant to the Offer to Purchase, the Company shall purchase all such Notes and (b) if Notes having an aggregate principal amount in excess of the Purchase Amount are tendered and not withdrawn
pursuant to the Offer to Purchase, the Company shall purchase Notes having an aggregate principal amount equal to the Purchase Amount on a pro rata basis (with such adjustments as may be deemed appropriate so that only Notes in minimum denominations
of $2,000 principal amount or integral multiples of $1,000 in excess thereof shall remain outstanding following such purchase); and 

(xii)    if applicable, that, in the case of any Holder whose Note is purchased only in part, the Company
shall execute, and upon receipt of an Issuer Order, the Trustee shall authenticate and deliver to the Holder of such Note without service charge, a new Note or Notes, of any authorized denomination as requested by such Holder in writing, in the
aggregate principal amount equal to and in exchange for the un-purchased portion of the aggregate principal amount of the Notes so tendered. 

“Offering Memorandum” means the Offering Memorandum related to the issuance of the Initial Notes on the Issue Date, dated
May 11, 2017. 
 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer,
the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Assistant Secretary or any Vice-President of such Person. 

“Officers’ Certificate” means a certificate signed by two Officers of the Company or a Guarantor, as applicable, one of
whom must be the principal executive officer, the principal financial officer or the principal accounting officer of the Company or such Guarantor, as applicable. 

“Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an
employee of or counsel to the Company or any Subsidiary of the Company. 
 “Participant” means, with respect to DTC, a
Person who has an account with DTC. 
 “Paying Agent” means any Person authorized by the Issuer to pay the principal of,
premium, if any, or interest on, or redemption, purchase, retirement, defeasance, covenant defeasance or similar payment with respect to, any Notes on behalf of the Issuer. 

“Permitted Additional Pari Passu Obligations” means obligations under any Additional Notes or
other Debt secured on a pari passu basis by the Note Liens; provided that the amount of such obligations does not exceed an amount such that immediately after giving effect to the Incurrence of such Additional Notes or other Debt, as
applicable, and the receipt and application of the proceeds therefrom, the Consolidated Total Debt Ratio of the Company and its Restricted Subsidiaries would be less than or equal to 5.25 to 1.0; provided, further, that (i) the
representative of such Permitted Additional Pari Passu Obligation executes a joinder agreement to the Security Agreement and the Intercreditor Agreement, in each case, in the form attached thereto agreeing to be bound thereby and (ii) the
Company has designated such Debt as “Permitted Additional Pari Passu Obligations” under the Security Agreement and “Permitted Additional Pari Passu Lien Obligations” under the Intercreditor Agreement. 

  
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 “Permitted Business” means any business similar in nature to any business
conducted by the Company and the Restricted Subsidiaries on the Issue Date and any business reasonably ancillary, incidental, complementary or related to the business conducted by the Company and the Restricted Subsidiaries on the Issue Date or a
reasonable extension, development or expansion thereof (including matters related to the ESOP), in each case, as determined in good faith by the Board of Directors of the Company. 

“Permitted Collateral Liens” means: 

(i)    Liens securing the Notes outstanding on the Issue Date, Refinancing Debt with respect to such Notes,
the Guarantees relating thereto and any Obligations with respect to such Notes, Refinancing Debt and Guarantees; 

(ii)    Liens securing Permitted Additional Pari Passu Obligations permitted to be incurred pursuant to
this Indenture and Refinancing Debt with respect to such Permitted Additional Pari Passu Obligations which Liens are granted pursuant to the provisions of the Security Documents; 

(iii)    Liens existing on the Issue Date (other than Liens specified in clause (i) or (ii) above) and
any extension, renewal, refinancing or replacement thereof so long as such extension, renewal, refinancing or replacement does not extend to any other property or asset and does not increase the outstanding principal amount thereof (except by the
amount of any premium or fee paid or payable or original issue discount in connection with such extension, renewal, replacement or refinancing); 

(iv)    Liens described in clauses (ii) (which Liens shall be subject to the Intercreditor Agreement),
(iii), (iv), (v), (vi), (vii), (ix), (x), (xi), (xii), (xiii), (xiv), (xv), (xvi), (xvii), (xviii), (xix), (xx), (xxiv) and (xxv) of the definition of “Permitted Liens”; 

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

(vi)    other Liens (not securing Debt) incidental to the conduct of the business of the Company or any of
its Restricted Subsidiaries, as the case may be, or the ownership of their assets which do not individually or in the aggregate materially adversely affect the value of the property affected thereby or materially impair the use of such property in
the operation of the business of the Company or its Restricted Subsidiaries; 
 (vii)    Liens on the
Collateral in favor of the Collateral Agent relating to the Collateral Agent’s administrative expenses with respect to the Collateral. 

  
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 “Permitted Debt” means: 

(i)    Debt Incurred pursuant to, or letters of credit or bankers’ acceptances issued or created
under, any Credit Agreement in an aggregate principal amount at any one time outstanding not to exceed the greater of (a) $35.0 million and (b) 85% of the value of the book value of account receivables calculated on a consolidated basis and in
accordance with GAAP based on the most recent internal month-end financial statements available to Company immediately preceding the date of the Incurrence; 

(ii)    Debt outstanding under the Notes (excluding any Additional Notes) and contribution, indemnification
and reimbursement obligations owed by the Company or any Guarantor to any of the other of them in respect of amounts paid or payable on such Notes; 

(iii)    Guarantees of the Notes; 

(iv)    Debt of the Company or any Restricted Subsidiary outstanding as of the Issue Date (other than under
clause (i), (ii) or (iii) above or (xvi) below); 
 (v)    Debt owed to and held by the Company
or a Restricted Subsidiary; provided that if such Debt is owed by the Company or a Guarantor to a Restricted Subsidiary that is not a Guarantor, such Debt shall be subordinated to the prior payment in full of the Secured Obligations; 

(vi)    Guarantees Incurred by the Company of Debt of a Restricted Subsidiary otherwise permitted to be
incurred under this Indenture; 
 (vii)    Guarantees by any Restricted Subsidiary of Debt of the Company
or any Restricted Subsidiary, including Guarantees by any Restricted Subsidiary of Debt under the Credit Agreement; provided that (a) such Debt is Permitted Debt or is otherwise Incurred in accordance with Section 4.9 and
(b) such Guarantees are subordinated to the Notes to the same extent as the Debt being guaranteed; 

(viii)    Debt incurred in respect of workers’ compensation claims, self-insurance obligations,
indemnity, bid, performance, warranty, release, appeal, surety and similar bonds, letters of credit for operating purposes and completion guarantees provided or incurred (including Guarantees thereof) by the Company or a Restricted Subsidiary in the
ordinary course of business; 
 (ix)    Debt and other obligations under Hedging Obligations entered into
to protect the Company and the Restricted Subsidiaries from fluctuations in interest rates, commodity prices and currency exchange rates; 

(x)    Debt of the Company or any Restricted Subsidiary pursuant to Capital Lease Obligations and Purchase
Money Debt under this clause (x); provided that the aggregate principal amount of such Debt outstanding at any time may not exceed the greater of $10.0 million and 1.5% of Total Assets in the aggregate; 

(xi)    Debt arising from agreements of the Company or a Restricted Subsidiary providing for
indemnification, contribution, earnout, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or Capital Interests of a Restricted Subsidiary
otherwise permitted under this Indenture; 

  
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 (xii)    the issuance by any of the Company’s Restricted
Subsidiaries to the Company or to any of its Restricted Subsidiaries of shares of preferred stock; provided, however, that: 

(a)    any subsequent issuance or transfer of Capital Interests that results in any such preferred stock
being held by a Person other than the Company or a Restricted Subsidiary; and 
 (b)    any sale or other
transfer of any such preferred stock to a Person that is not either the Company or a Restricted Subsidiary; 
 shall be deemed, in each case,
to constitute an issuance of such preferred stock by such Restricted Subsidiary that was not permitted by this clause (xii); 

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

(xiv)    Debt of the Company or any Restricted Subsidiary not otherwise permitted pursuant to this
definition (including additional Debt under any Credit Agreement), in an aggregate principal amount not to exceed the greater of $15.0 million and 2.0% of Total Assets at any time outstanding; 

(xv)    Acquired Debt Incurred by a Restricted Subsidiary prior to the time that such Restricted Subsidiary
was acquired by or merged into the Company and that was not Incurred in connection with, or in contemplation of, such acquisition or merger in an aggregate amount not to exceed $5.0 million at any time outstanding; 

(xvi)    Refinancing Debt in respect of Debt permitted by clauses (ii), (iii), (iv), (xv) above, this
clause (xvi) or the first paragraph of Section 4.9; 
 (xvii)    Bank Product Obligations; and

 (xviii)    Debt of the Company or any of its Restricted Subsidiaries arising from customary cash
management services or the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business;
provided, however, that such Debt is extinguished within five Business Days of Incurrence. 
 Notwithstanding anything herein
to the contrary, Debt permitted under clause (i) of this definition of “Permitted Debt” shall not constitute “Refinancing Debt” under clause (xvi) of this definition of “Permitted Debt.” 

“Permitted ESOP Transactions” means the redemption or repurchase for value of any Capital Interests of the Company as a
result of distributions by the ESOT to participants in the ESOP to satisfy requirements under applicable law, including Section 401(a)(28) of the Code, and in connection with diversification of participants’ interests, participant hardship
withdrawals or participant loans. 
 “Permitted Holders” means (i) any of Stuart W. Epperson and Edward G. Atsinger
III; (ii) family members or the relatives of the Persons described in clause (i); (iii) any trusts created for the benefit of the Persons described in clauses (i), (ii) or (iv) or any trust for the benefit of any such trust; (iv) in
the event of the incompetence or death of any of the Persons described in clauses (i) and (ii), such Person’s 

  
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estate, executor, administrator, committee or other personal representative or beneficiaries, in each case who at any particular date shall beneficially own or have the right to acquire, directly
or indirectly, Capital Interests of the Company; or (v) the ESOT. 
 “Permitted Investments” means: 

(i)    Investments in existence on the Issue Date; 

(ii)    Investments required pursuant to any agreement or obligation of the Company or a Restricted
Subsidiary, in effect on the Issue Date, to make such Investments; 
 (iii)    Eligible Cash Equivalents;

 (iv)    Investments in property and other assets owned or used by the Company or any Restricted
Subsidiary in the operation of a Permitted Business; 
 (v)    Investments by the Company or any of its
Restricted Subsidiaries in the Company or any Restricted Subsidiary, 
 (vi)    Investments by the
Company or any Restricted Subsidiary in a Person, if as a result of such Investment (a) such Person becomes a Restricted Subsidiary or (b) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys
substantially all of its assets to, or is liquidated or wound up into, the Company or a Restricted Subsidiary; 

(vii)    Hedging Obligations entered into to protect the Company and the Restricted Subsidiaries from
fluctuations in interest rates, commodity prices and currency exchange rates; 
 (viii)    Investments
received in settlement of obligations owed to the Company or any Restricted Subsidiary and as a result of bankruptcy or insolvency proceedings or upon the foreclosure or enforcement of any Lien in favor of the Company or any Restricted Subsidiary;

 (ix)    Investments by the Company or any Restricted Subsidiary (other than in an Affiliate) not
otherwise permitted under this definition, in an aggregate amount not to exceed $20 0 million at any one time outstanding; 

(x)    (a) loans and advances (including for travel and relocation) to employees in an amount not to exceed
$2.0 million in the aggregate at any one time outstanding and (b) loans or advances against, and repurchases of, Capital Interests and options of the Company and its Restricted Subsidiaries held by management and employees in connection
with any stock option, deferred compensation or similar benefit plans approved by the Board of Directors (or similar governing body) and otherwise issued in accordance with the terms of this Indenture; 

(xi)    Investments the payment for which consists solely of Qualified Capital Interests of the Company;

 (xii)    any Investment in any Person to the extent such Investment represents the non-cash portion of the consideration received in connection with an Asset Sale consummated in compliance with Section 4.10 or any other disposition of property not constituting an Asset Sale; 

  
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 (xiii)    payroll, travel 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; 

(xiv)    guarantees by the Company or any Restricted Subsidiary of Debt of the Company or a Restricted
Subsidiary of Debt otherwise permitted by Section 4.9; and 
 (xv)    the issuance of any letter of
credit or similar support for the obligations of any insurance Subsidiary in the ordinary course of business. 
 “Permitted
Liens” means: 
 (i)    Liens existing at the Issue Date; 

(ii)    Liens that secure Obligations (x) incurred pursuant to clause (i) or clause (ix) of
the definition of “Permitted Debt” (including Bank Product Obligations and/or Hedging Obligations owed to a Lender or an Affiliate of a Lender and described as “Bank Product Obligations” or “Hedge Obligations” in the
Intercreditor Agreement) and (y) in respect of Debt permitted by clause (xiv) of the definition of “Permitted Debt”; provided that, in each case, such Liens are subject to the provisions of the Intercreditor Agreement;

 (iii)    any Lien for taxes or assessments or other governmental charges or levies not then due and
payable (or which, if due and payable, are being contested in good faith and for which adequate reserves are being maintained, to the extent required by GAAP and such proceedings have the effect of preventing the forfeiture or sale of the property
or assets subject to any such Lien); 
 (iv)    any carrier’s, warehousemen’s,
materialmen’s, mechanic’s, landlord’s or other similar Liens arising by law for sums not then due and payable after giving effect to any applicable grace period (or which, if due and payable, are being contested in good faith and with
respect to which adequate reserves are being maintained, to the extent required by GAAP and such proceedings have the effect of preventing the forfeiture or sale of the property or assets subject to any such Lien); 

(v)    survey exceptions, encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other similar restrictions as to the use of real properties or
Liens incidental to the conduct of the business of such Person or to the ownership of its properties which were not incurred in connection with Debt and which do not individually or in the aggregate materially adversely affect the value of the
Company or materially impair the operation of the business of such Person; 
 (vi)    pledges or deposits
(a) in connection with workers’ compensation, unemployment insurance and other types of statutory obligations or the requirements of any official body, (b) to secure the performance of tenders, bids, surety or performance bonds,
leases, purchase, construction, sales or servicing contracts and other similar obligations Incurred in the normal course of business consistent with industry practice, (c) to obtain or secure obligations with respect to letters of credit,
Guarantees, bonds or other sureties or assurances given in connection with the activities described in clauses (a) and (b) above, in each case not Incurred or made in connection with the borrowing of money, the obtaining of advances or credit
or the payment of the deferred purchase price of property or services or imposed by ERISA or the Code in connection 

  
 -22- 

 
with a “plan” (as defined in ERISA), or (d) arising in connection with any attachment unless such Liens shall not be satisfied or discharged or stayed pending appeal within 60 days
after the entry thereof or the expiration of any such stay; 
 (vii)    Liens on property of a Person
existing at the time such Person is merged with or into or consolidated with the Company or a Restricted Subsidiary or becomes a Restricted Subsidiary, or on property acquired by the Company or any Restricted Subsidiary (and in each case not created
or Incurred in anticipation of such transaction), including Liens securing Acquired Debt permitted under this Indenture; provided that such Liens are not extended to the property and assets of the Company and its Restricted Subsidiaries other
than the property or assets acquired; 
 (viii)    Liens securing Debt of a Restricted Subsidiary that is
a Guarantor owed to and held by the Company or a Restricted Subsidiary that is a Guarantor thereof; 

(ix)    other Liens (not securing Debt) incidental to the conduct of the business of the Company or any of
its Restricted Subsidiaries, as the case may be, or the ownership of their assets which do not individually or in the aggregate materially adversely affect the value of such assets or materially impair the operation of the business of the Company or
its Restricted Subsidiaries; 
 (x)    Liens to secure any permitted extension, renewal, refinancing or
refunding (or successive extensions, renewals, refinancings or refundings), in whole or in part, of any Debt secured by Liens referred to in the foregoing clauses (i) and (vii); provided that such Liens do not extend to any other
property or assets and the principal amount of the obligations secured by such Liens is not greater than the sum of the outstanding principal amount of the refinanced Debt plus any fees and expenses, including premiums or original issue discount
related to such extension, renewal, refinancing or refunding; 
 (xi)    Liens in favor of customs or
revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods incurred in the ordinary course of business; 

(xii)    licenses of intellectual property granted in the ordinary course of business; 

(xiii)    Liens to secure Capital Lease Obligations or Purchase Money Debt permitted to be incurred
pursuant to clause (x) of the definition of “Permitted Debt” covering only the assets financed by or acquired with such Debt; 

(xiv)    Liens upon specific items of inventory or other goods and proceeds of any Person securing such
Person’s obligation in respect of bankers’ acceptances issued or created in the ordinary course of business for the account of such Person to facilitate the purchase, shipment, or storage of such inventory or other goods; 

(xv)    Liens securing Debt Incurred to finance the construction, purchase or lease of, or repairs,
improvements or additions to, property, plant or equipment of such Person; provided, however, that the Lien may not extend to other property owned by such Person or any of its Restricted Subsidiaries at the time the Lien is Incurred
(other than assets and property affixed or appurtenant thereto and any proceeds thereof), and the Debt (other than any interest thereon) secured by the Lien may not be Incurred more than 180 days after the later of the acquisition, completion of
construction, repair, improvement, addition or commencement of full operation of the property subject to the Lien; 

  
 -23- 

 (xvi)    Liens on property or shares of Capital Interests of
another Person at the time such other Person becomes a Subsidiary of such Person; provided, however, that (a) the Liens may not extend to any other property owned by such Person or any of its Restricted Subsidiaries (other than
assets and property affixed or appurtenant thereto and proceeds thereof) and (b) such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming such a Restricted Subsidiary; 

(xvii)    Liens (a) that are contractual rights of set-off
(i) relating to the establishment of depository relations with banks not given in connection with the issuance of Debt, (ii) relating to pooled deposit or sweep accounts of the Company or any of its Restricted Subsidiaries to permit
satisfaction of overdraft or similar obligations and other cash management activities incurred in the ordinary course of business of the Company and or any of its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements
entered into with customers of the Company or any of its Restricted Subsidiaries in the ordinary course of business and (b) of a collection bank arising under Section 4-210 of the UCC on items in the
course of collection, (Y) encumbering reasonable customary initial deposits and margin deposits and attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business, and (Z) in favor of
banking institutions arising as a matter of law or pursuant to customary account agreements encumbering deposits (including the right of set-off) and which are within the general parameters customary in the
banking industry; 
 (xviii)    Liens securing judgments for the payment of money not constituting an
Event of Default under clause (7) under Section 6.1 of this Indenture so long as such Liens are adequately bonded and any appropriate legal proceedings that may have been duly initiated for the review of such judgment have not been finally
terminated or the period within which such proceedings may be initiated has not expired; 

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

(xx)    leases, subleases, licenses or sublicenses granted to others in the ordinary course of business so
long as such leases, subleases, licenses or sublicenses are subordinate in all respects to the Liens granted and evidenced by the Security Documents and which do not materially interfere with the ordinary conduct of the business of the Company or
any Restricted Subsidiaries and do not secure any Debt; 
 (xxi)    Liens arising from UCC financing
statement filings regarding operating leases entered into by the Company or any Restricted Subsidiary in the ordinary course of business; 

(xxii)    Liens on the assets of a Restricted Subsidiary that is not a Guarantor securing Debt and other
obligations of such Restricted Subsidiary incurred in compliance with this Indenture; 
 (xxiii)    Liens
on the Collateral granted under the Security Documents in favor of the Collateral Agent to secure the Notes, the Guarantees and the Permitted Additional Pari Passu Obligations; 

  
 -24- 

 (xxiv)    Liens securing Debt, as measured by principal
amount, which, when taken together with the principal amount of all other Debt secured by Liens (excluding Liens permitted by clauses (i) though (xxiii) above) at the time of determination, does not exceed the greater of $15.0 million and
2.0% of Total Assets in the aggregate at any one time outstanding; and 
 (xxv)    any extensions,
substitutions, replacements or renewals of the foregoing. 
 “Person” means any individual, corporation, limited liability
company, partnership, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Preferred Interests,” as applied to the Capital Interests in any Person, means Capital Interests in such Person of any class
or classes (however designated) that rank prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to shares of Common Interests in such
Person. 
 “Purchase Agreement” means the purchase agreement dated May 11, 2017 by and among the Company, the
Representative (as defined therein) and the Guarantors named therein. 
 “Purchase Amount” has the meaning set forth in the
definition of “Offer to Purchase.” 
 “Purchase Date” has the meaning set forth in the definition of “Offer
to Purchase.” 
 “Purchase Money Debt” means Debt (i) Incurred to finance the purchase or construction (including
additions and improvements thereto) of any assets (other than Capital Interests) of such Person or any Restricted Subsidiary; and (ii) that is secured by a Lien on such assets where the lender’s sole security is to the assets so purchased
or constructed (and assets or property affixed or appurtenant thereto and any proceeds thereof); and in either case that does not exceed 100% of the cost and to the extent the purchase or construction prices for such assets are or should be included
in “addition to property, plant or equipment” in accordance with GAAP. 
 “Purchase Price” has the meaning set
forth in the definition of “Offer to Purchase.” 
 “Qualified Capital Interests” in any Person means a class of
Capital Interests other than Redeemable Capital Interests. 
 “Redeemable Capital Interests” in any Person means any equity
security of such Person that by its terms (or by terms of any security into which it is convertible or for which it is exchangeable), or otherwise (including the passage of time or the happening of an event), is required to be redeemed, is
redeemable at the option of the holder thereof in whole or in part (including by operation of a sinking fund), or is convertible or exchangeable for Debt of such Person at the option of the holder thereof, in whole or in part, at any time prior to
the Stated Maturity of the Notes; provided that only the portion of such equity security which is required to be redeemed, is so convertible or exchangeable or is so redeemable at the option of the holder thereof before such date will be
deemed to be Redeemable Capital Interests. Notwithstanding the preceding sentence, any equity security that would constitute Redeemable Capital Interests solely because the holders of the equity security have the right to require the Company or any
Restricted Subsidiary to repurchase such equity security upon the occurrence of a change of control or an asset sale will not constitute Redeemable Capital Interests if the terms of such equity security provide that the Company or such Restricted
Subsidiary may not repurchase or redeem any such equity security pursuant to such provisions unless such repurchase or redemption complies with Section 4.7. The amount of Redeemable Capital Interests deemed to be outstanding at any time for
purposes of this Indenture will be the maximum amount that the Company and its Restricted Subsidiaries may become obligated to pay 

  
 -25- 

 
upon the maturity of, or pursuant to any mandatory redemption provisions of, such Redeemable Capital Interests or portion thereof, exclusive of accrued dividends. Notwithstanding anything to the
contrary set forth in this definition, Capital Interests of the Company shall not be deemed to be “Redeemable Capital Interests” solely (i) as a result of the provisions of the Company’s certificate of incorporation requiring the
Company to repurchase such Capital Interests upon such member ceasing to be a member so long as such provisions are not amended in any manner materially adverse to the Holders of Notes, or (ii) because the holders of such Capital Interests have
the right to require the Company or the Company has the obligation to repurchase such Capital Interests pursuant to the terms of the ESOP. 

“Redemption Price” when used with respect to any Note to be redeemed, means the price at which it is to be redeemed pursuant
to this Indenture. 
 “Refinancing Debt” means Debt that refunds, refinances, defeases, renews, replaces or extends any
Debt permitted to be Incurred by the Company or any Restricted Subsidiary pursuant to the terms of this Indenture, whether involving the same or any other lender or creditor or group of lenders or creditors, but only to the extent that 

(i)    the Refinancing Debt is subordinated to the Notes to at least the same extent as the Debt being
refunded, refinanced, defeased, renewed, replaced or extended, if such Debt was subordinated to the Notes, 

(ii)    the Refinancing Debt is scheduled to mature either (a) no earlier than the Debt being
refunded, refinanced or extended or (b) at least 91 days after the maturity date of the Notes, 

(iii)    the Refinancing Debt has a weighted average life to maturity at the time such Refinancing Debt is
Incurred that is equal to or greater than the weighted average life to maturity of the Debt being refunded, refinanced, defeased, renewed, replaced or extended, 

(iv)    such Refinancing Debt is in an aggregate principal amount that is less than or equal to the sum of
(a) the aggregate principal or accreted amount (in the case of any Debt issued with original issue discount, as such) then outstanding under the Debt being refunded, refinanced, defeased, renewed, replaced or extended, (b) the amount of
accrued and unpaid interest, if any, and premiums owed, if any, not in excess of preexisting optional prepayment provisions on such Debt being refunded, refinanced, defeased, renewed, replaced or extended and (c) the amount of reasonable and
customary fees, expenses and costs related to the Incurrence of such Refinancing Debt, and 
 (v)    such
Refinancing Debt shall not include (x) Debt of a Restricted Subsidiary of the Company that is not a Guarantor that refinances Debt of the Company or a Guarantor or (y) Debt of the Company or a Restricted Subsidiary that refinances Debt of
an Unrestricted Subsidiary. 
 “Responsible Officer” means, when used with respect to the Trustee, any officer of the
Trustee within the Corporate Trust Office (or any successor unit or department) of the Trustee responsible for administering this Indenture, and also means, with respect to a particular corporate trust matter relating to this Indenture, any other
officer to whom such matter is referred because of that officer’s knowledge of and familiarity with the particular subject, and means, when used with respect to the Collateral Agent, any officer of the Collateral Agent within the Corporate
Trust Office (or any successor unit or department) of the Collateral Agent responsible for administering this Indenture, and also means, with respect to a particular corporate trust matter relating to this Indenture, any other officer to whom such
matter is referred because of that officer’s knowledge of and familiarity with the particular subject. 

  
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 “Restricted Notes Legend” means the legend identified as such in Exhibit
A hereto. 
 “Restricted Payment” is defined to mean any of the following: 

(i)    any dividend or other distribution declared and paid on the Capital Interests in the Company or on
the Capital Interests in any Restricted Subsidiary of the Company that are held by, or declared and paid to, any Person other than the Company or a Restricted Subsidiary of the Company; provided that the following shall not be
“Restricted Payments”: 
 (a)    dividends, distributions or payments, in each case, made
solely in Qualified Capital Interests in the Company; and 
 (b)    dividends or distributions payable to
the Company or a Restricted Subsidiary of the Company or to other holders of Capital Interests of a Restricted Subsidiary on a pro rata basis; 

(ii)    any payment made by the Company or any of its Restricted Subsidiaries to purchase, redeem, acquire
or retire any Capital Interests in the Company or any of its Restricted Subsidiaries, including any issuance of Debt, in exchange for such Capital Interests or the conversion or exchange of such Capital Interests into or for Debt other than any such
Capital Interests owned by the Company or any Restricted Subsidiary; 
 (iii)    any payment made by the
Company or any of its Restricted Subsidiaries (other than a payment made solely in Qualified Capital Interests in the Company) to redeem, repurchase, defease (including an in substance or legal defeasance) or otherwise acquire or retire for value
(including pursuant to mandatory repurchase covenants), (a) prior to any scheduled maturity, scheduled sinking fund or mandatory redemption payment, Debt of the Company or any Guarantor that is subordinate (whether pursuant to its terms or by
operation of law) in right of payment to the Notes or Note Guarantees (excluding any Debt owed to the Company or any Restricted Subsidiary); except (x) payments of principal in anticipation of satisfying a sinking fund obligation or final
maturity, in each case, within one year of the due date thereof, and (y) any payments in respect of Debt to the extent the issuance of such Debt was a Restricted Payment and (b) any Debt which would have constituted a Restricted Payment
under clause (ii) above; 
 (iv)    any Investment by the Company or a Restricted Subsidiary in any
Person, other than a Permitted Investment; and 
 (v)    any designation of a Restricted Subsidiary as an
Unrestricted Subsidiary; 
 provided that notwithstanding the foregoing clauses (i) through (v), any payments in respect of Debt, if such Debt
was issued prior to the Issue Date or the issuance of such Debt constituted a Restricted Payment under clause (ii) above, shall not be deemed to be Restricted Payments. 

“Restricted Subsidiary” means any Subsidiary that has not been designated as an “Unrestricted Subsidiary” in
accordance with this Indenture. For the avoidance of doubt, on the date hereof all Subsidiaries shall be Restricted Subsidiaries. 

“Secured Obligations” means the Debt Incurred and Obligations under this Indenture, the Notes, the Security Documents and any
Permitted Additional Pari Passu Obligations. 
 “Securities Act” means the Securities Act of 1933, as amended. 

  
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 “Security Agreement” means the security agreement to be dated as of the Issue
Date between the Collateral Agent, the Company and the Guarantors, as amended, modified, restated, supplemented or replaced from time to time in accordance with its terms. 

“Security Documents” means the Security Agreement, the Mortgages, the Intercreditor Agreement and all of the security
agreements, pledges, collateral assignments, and other instruments evidencing or creating or purporting to create any security interests in favor of the Collateral Agent for its benefit and for the benefit of the Trustee and the Holders of the Notes
and the holders of any Permitted Additional Pari Passu Obligations, in all or any portion of the Collateral, as amended, modified, restated, supplemented or replaced from time to time. 

“Significant Subsidiary” has the meaning set forth in Rule 1-02 of Regulation S-X under the Securities Act and Exchange Act, but shall not include any Unrestricted Subsidiary. 

“Standard & Poor’s” means Standard & Poor’s, a division of The McGraw-Hill
Companies, Inc., and any successor to its rating agency business. 
 “Stated Maturity,” when used with respect to
(i) any Note or any installment of interest thereon, means the date specified in such Note as the fixed date on which the principal amount of such Note or such installment of interest is due and payable and (ii) any other Debt or any
installment of interest thereon, means the date specified in the instrument governing such Debt as the fixed date on which the principal of such Debt or such installment of interest is due and payable. 

“Subsidiary” means, with respect to any Person, any corporation, limited or general partnership, trust, association or other
business entity of which an aggregate of at least a majority of the outstanding Capital Interests therein is, at the time, directly or indirectly, owned by such Person and/or one or more Subsidiaries of such Person. 

“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb), as amended. 

“Total Assets” means the total assets of the Company and its Restricted Subsidiaries on a consolidated basis, determined in
accordance with GAAP, as of the last day of the most recently ended fiscal quarter of the Company for which internal financial statements are available. 

“Transactions” means the issuance of the Notes on the Issue Date, the refinancing of the Company’s existing notes and
credit agreement and the entrance into the Credit Agreement and the transactions related thereto. 
 “Transfer Restricted Global
Notes” means a Global Note that is a Transfer Restricted Note. 
 “Transfer Restricted Notes” means Notes that
bear or are required to bear the Restricted Notes Legend. 
 “Treasury Rate” means the weekly average rounded to the
nearest 1/100th of a percentage point (for the most recently completed week for which such information is available as of the date that is 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 Federal Reserve Statistical Release H.15 with respect to each applicable day during such week (or, if such
Statistical Release is no longer published, any publicly available source for similar market data)) most nearly equal to the then remaining term of the Notes to June 1, 2020; provided, however, that if the then remaining term of
the Notes to June 1, 2020 is not equal to the constant maturity of a United States Treasury security for which 

  
 -28- 

 
such yield is given, the Treasury Rate will be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average
yields of United States Treasury securities for which such yields are given, except that if the then remaining term of the Notes to June 1, 2020 is less than one year, the weekly average yield on actually traded United States Treasury
securities adjusted to a constant maturity of one year will be used. In each case, the Company or its agent shall obtain the Treasury Rate. 

“Trustee” has the meaning set forth in the preamble to this Indenture until a successor replaces it in accordance with the
applicable provisions of this Indenture and, thereafter, means the successor. 
 “Trust Monies” means all cash and Eligible
Cash Equivalents received by the Trustee: 
 (1)    upon the release of Collateral from the Lien of this Indenture or
the Security Documents, including all Net Cash Proceeds and Net Loss Proceeds and all moneys received in respect of the principal of all purchase money, governmental and other obligations; 

(2)    pursuant to the Security Documents; 

(3)    as proceeds of any sale or other disposition of all or any part of the Collateral by or on behalf of the Trustee or
any collection, recovery, receipt, appropriation or other realization of or from all or any part of the Collateral pursuant to this Indenture or any of the Security Documents or otherwise; or 

(4)    for application as provided in the relevant provisions of this Indenture or any Security Document or which
disposition is not otherwise specifically provided for in this Indenture or in any Security Document; 
 provided, however,
that Trust Monies shall in no event include any property deposited with the Trustee for any redemption, legal defeasance or covenant defeasance of Notes, for the satisfaction and Discharge of this Indenture or to pay the purchase price of Notes
pursuant to an Offer to Purchase in accordance with the terms of this Indenture and shall not include any cash or other property received or applicable by the Trustee or the Collateral Agent in payment of its fees, expenses and indemnities. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided,
however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Collateral Agent’s security interest in any item or portion of the Collateral is governed by the Uniform Commercial
Code as in effect in a jurisdiction other that the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to such
perfection or priority and for purposes of definitions relating to such provisions. 
 “Unrestricted Global Note” means a
Global Note that is an Unrestricted Note. 
 “Unrestricted Notes” means one or more Notes that do not and are not required
to bear the Restricted Notes Legend. 
 “Unrestricted Subsidiary” means: 

(1)    any Subsidiary designated as such by the Board of Directors of the Company in compliance with
Section 4.19; and 
 (2)    any Subsidiary of an Unrestricted Subsidiary. 

  
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 “Voting Interests” means, with respect to any Person, securities of any class or
classes of Capital Interests in such Person entitling the holders thereof generally to vote on the election of members of the Board of Directors or comparable body of such Person. 

SECTION 1.2    Other Definitions. 
  

			
	 Term
	  	Defined in Section
	“Act”	  	13.14(a)
	“Affiliate Transaction”	  	4.11
	“Agent Members”	  	2.6
	“Change of Control Offer”	  	4.14
	“Change of Control Payment”	  	4.14
	“covenant defeasance”	  	8.3
	“Custodian”	  	6.1
	“defeasance”	  	8.3
	“Discharge”	  	8.8
	“Event of Default”	  	6.1
	“Event of Loss Offer”	  	4.16
	“Excess Loss Proceeds”	  	4.16
	“Excess Proceeds”	  	4.10
	“legal defeasance”	  	8.2
	“Note Register”	  	2.3
	“Offer Amount”	  	3.9
	“QIB”	  	2.1(b)
	“QIB Global Note”	  	2.1(b)
	“redemption date”	  	3.1
	“Registrar”	  	2.3
	“Regulation S”	  	2.1(b)
	“Regulation S Global Note”	  	2.1(b)
	“Rule 144A”	  	2.1(b)
	“Surviving Entity”	  	5.1(i)(a)

 SECTION 1.3    Rules of Construction. 

Unless the context otherwise requires: 

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

(2)    an accounting term not otherwise defined herein has the meaning assigned to it in accordance with
GAAP; 
 (3)    “or” is not exclusive; 

(4)    words in the singular include the plural, and in the plural include the singular; 

(5)    unless otherwise specified, any reference to Section or Article refers to such Section or Article of
this Indenture; 
 (6)    provisions apply to successive events and transactions;

  
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 (7)    references to sections of or rules under the
Securities Act, the Exchange Act or the TIA shall be deemed to include substitute, replacement or successor sections or rules adopted by the Commission from time to time; and 

(8)    “including” means “including without limitation”. 

ARTICLE II 
 THE NOTES 

SECTION 2.1    Form and Dating. 

The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A attached hereto, with
such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note shall be dated
the date of its authentication. The Notes initially shall be issued only in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 

The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Issuer, the
Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this
Indenture, the provisions of this Indenture shall govern and be controlling. 
 (a)    The Notes shall be issued
initially in the form of one or more Global Notes substantially in the form attached as Exhibit A hereto and shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee as custodian for the Depositary, and
registered in the name of the Depositary or a nominee of the Depositary, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided. 

Each Global Note shall represent such of the outstanding Notes as shall be specified therein and each shall provide that it shall represent
the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges, redemptions and
transfers of interests. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee or the Note Custodian, at the direction of the Trustee, in
accordance with written instructions given by the Holder thereof as required by Section 2.6 hereof. 
 Except as set forth in
Section 2.6 hereof, the Global Notes may be transferred, in whole and not in part, only to another nominee of the Depositary or to a successor of the Depositary or its nominee. 

(b)    The Initial Notes are being issued by the Issuer only (i) to “qualified institutional buyers” (as
defined in Rule 144A under the Securities Act (“Rule 144A”)) (“QIBs”) and (ii) in reliance on Regulation S under the Securities Act (“Regulation S”). After such initial offers, Initial Notes
that are Transfer Restricted Notes may be transferred to QIBs, in reliance on Rule 144A, outside the United States pursuant to Regulation S or to the Company, in accordance with Section 2.16. Initial Notes that are offered in reliance on Rule
144A shall be issued in the form of one or more permanent Global Notes substantially in the form set forth in Exhibit A (the “QIB Global Note”) deposited with the Trustee, as Note Custodian, duly executed by the Company and
authenticated by the Trustee as hereinafter provided. Initial Notes that are 

  
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offered in offshore transactions in reliance on Regulation S shall be issued in the form of one or more Global Notes substantially in the form set forth in Exhibit A (the
“Regulation S Global Note”) deposited with the Trustee, as Note Custodian, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The QIB Global Note and the Regulation S Global Note shall each be
issued with separate CUSIP numbers. The aggregate principal amount of each Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee, as Note Custodian. Transfers of Notes between QIBs and to or by
purchasers pursuant to Regulation S shall be represented by appropriate increases and decreases to the respective amounts of the appropriate Global Notes, as more fully provided in Section 2.16. 

(c)    Section 2.1(b) shall apply only to Global Notes deposited with or on behalf of the Depositary. 

The Issuer shall execute and the Trustee shall, upon receipt of an Issuer Order, in accordance with Section 2.1(b) and Section 2.2,
authenticate and deliver the Global Notes that (i) shall be registered in the name of the Depositary or the nominee of the Depositary and (ii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s
instructions or held by the Trustee as custodian for the Depositary. 
 The Trustee shall have no responsibility or obligation to any
Holder, any member of (or a Participant in) DTC or any 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 of any notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to the Notes. 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 in the Notes. 

(d)    Notes issued in certificated form, including Global Notes, shall be substantially in the form of Exhibit A
attached hereto. 
 SECTION 2.2    Execution and Authentication. 

An Officer shall sign the Notes for the Issuer by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be
valid. 
 A Note shall not be valid until authenticated by the manual signature of an authorized signatory of the Trustee. The signature
shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee shall, upon a written Issuer Order
signed by one Officer directing the Trustee to authenticate and deliver the Notes and certifying that (or accompanied by an Officers’ Certificate certifying that) all conditions precedent to the issuance of the Notes contained herein have been
complied with, authenticate Notes for original issue up to the aggregate principal amount stated in paragraph 4 of the Notes. The aggregate principal amount of Notes outstanding at any time may not exceed such amount except as provided in
Section 2.17 hereof. 
 The Trustee may appoint an authenticating agent reasonably acceptable to the Issuer to authenticate Notes.
Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An
authenticating agent has the same rights as an Agent to deal with Holders or the Issuer or an Affiliate of the Issuer. 

  
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 SECTION 2.3    Registrar; Paying Agent. 

The Issuer shall maintain (i) an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and (ii) an office or agency where Notes may be presented for payment to a Paying Agent. The Registrar shall keep a register of the Notes (the “Note Register”) and of their transfer and exchange.
The Issuer may appoint one or more co-registrars and one or more additional paying agents; provided, however, that at all times there shall be only one Note Register. The term
“Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The
Issuer shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. The Issuer or any of its Restricted Subsidiaries may act as Paying Agent or Registrar. 

The Issuer shall enter into an appropriate agency agreement with any Agent not a party to this Indenture. The agreement shall implement the
provisions of this Indenture that relate to such Agent. The Issuer shall notify the Trustee of the name and address of any such Agent. 

The Issuer initially appoints the Trustee to act as the Registrar and Paying Agent and initially appoints the Corporate Trust Office of the
Trustee as the office or agency of the Company for such purposes and as the office or agency of the Company where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served and the Trustee as the agent of the
Issuer to receive such notices and demands. 
 The Issuer initially appoints DTC to act as the Depositary with respect to the Global Notes.

 SECTION 2.4    Paying Agent to Hold Money in Trust. 

The Issuer shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit
of the Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and shall notify the Trustee of any Default by the Issuer in making any such payment. While any such Default
continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other
than the Issuer or a Subsidiary) shall have no further liability for the money. If the Issuer or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying
Agent. Upon the occurrence of events specified in Section 6.1(8) hereof, the Trustee shall serve as Paying Agent for the Notes. In the event that the Paying Agent receives funds in advance of any due date hereunder, the Paying Agent shall be
entitled to invest such funds in the U.S. Bank Money Market Deposit Account or any substantially similar successor account, any earnings on which shall be for the account of the Issuer. 

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
all Holders. If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee at least seven (7) Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and
as of such date as the Trustee may reasonably require of the names and addresses of the Holders, including the aggregate principal amount of the Notes held by each Holder thereof. 

  
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 SECTION 2.6    Book-Entry Provisions for Global Securities. Each
Transfer Restricted Global Note shall (i) be registered in the name of the Depositary for such Global Notes or the nominee of such Depositary, (ii) be delivered to the Trustee as custodian for such Depositary and (iii) bear legends as
required by Section 2.6(e). 
 Members of, or Participants in, the Depositary (“Agent Members”) shall have no rights under
this Indenture with respect to any Global Note held on their behalf by the Depositary, or the Trustee as its custodian, or under the Global Note, and the Depositary 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 the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note. 

(b)    Transfers of a Global Note shall be limited to transfers of such Global Note in whole, but not in part, to the
Depositary, its successors or their respective nominees. Interests of Beneficial Owners in a Global Note may be transferred in accordance with Section 2.16 and the rules and procedures of the Depositary. In addition, Certificated Notes shall be
transferred to all Beneficial Owners in exchange for their beneficial interests if (i) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for the Global Notes or the Depositary ceases to be a
“clearing agency” registered under the Exchange Act and a successor depositary is not appointed by the Company within ninety (90) days of such notice or (ii) an Event of Default of which a Responsible Officer of the Trustee has
actual notice has occurred and is continuing and the Registrar has received a request from the Depositary to issue such Certificated Notes. 

(c)    In connection with the transfer of the entire Global Note to Beneficial Owners pursuant to clause (b) of this
Section, such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall upon receipt of an Issuer Order authenticate and deliver, to each Beneficial Owner identified by the
Depositary in exchange for its beneficial interest in such Global Note an equal aggregate principal amount of Certificated Notes of authorized denominations. 

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

(e)    Legends. The following legends shall appear on the face of all Global Notes and Certificated Notes issued under
this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture: 

(1)    Restricted Notes Legend. Unless and until the Company determines that the following legend
and the related restrictions on transfer are not required in order to maintain compliance with the provisions of the Securities Act and there is delivered to the Trustee an Opinion of Counsel reasonably satisfactory to the Trustee and a letter of
representation of the Company reasonably satisfactory to the Trustee to that effect, each Global Note and each Certificated Note (and all Notes issued in exchange therefor or substitution therefor) shall bear the legend in substantially the
following form: 
 “THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE 

  
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TRANSFERRED EXCEPT (A) (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT
TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (4) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (5) PURSUANT TO ANOTHER EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT (AND BASED ON AN OPINION OF COUNSEL IF THE ISSUER SO REQUESTS) AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.” 

(2)    Global Note Legend. Each Global Note, whether or not a Transfer Restricted Global Note or
Unrestricted Global Note, shall bear a legend in substantially the following form: 
 “THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF
THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS
NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO SALEM MEDIA GROUP, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE 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. 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. 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 SECTION 2.16 OF THE INDENTURE.” 

  
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 (f)    At such time as all beneficial interests in Global Notes have been
exchanged for Certificated Notes, redeemed, repurchased or cancelled, all Global Notes shall be returned to or retained and cancelled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any
beneficial interest in a Global Note is exchanged for Certificated Notes, redeemed, repurchased or cancelled, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global
Note, by the Trustee or the Note Custodian, at the direction of the Trustee, to reflect such reduction. 

(g)    General provisions relating to transfers and exchanges: 

(i)    To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall
authenticate Global Notes and Certificated Notes at the Registrar’s request. 
 (ii)    No service
charge shall be made to a Holder for any registration of transfer, exchange, or redemption, but the Issuer may require payment of a sum sufficient to cover any stamp or transfer tax or similar governmental charge payable in connection therewith
(other than any such stamp or transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.2, 2.10, 3.6, 4.10, 4.14, 4.16 and 9.4 hereto). 

(iii)    All Global Notes and Certificated Notes issued upon any registration of transfer or exchange of
Global Notes or Certificated Notes shall, upon execution by the Company and authentication by the Trustee in accordance with the provisions hereof, be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits
under this Indenture, as the Global Notes or Certificated Notes surrendered upon such registration of transfer or exchange. 

(iv)    The Registrar shall not be required (A) to issue, to register the transfer of or to exchange
Notes during a period beginning at the opening of fifteen (15) days before the day of any selection of Notes for redemption under Section 3.2 hereof and ending at the close of business on the day of selection, (B) to register the
transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, or (C) to register the transfer of or to exchange a Note between a record date and the next
succeeding interest payment date. 
 (v)    Prior to due presentment for the registration of a transfer
of any Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all
other purposes, and neither the Trustee, any Agent nor the Issuer shall be affected by notice to the contrary. 

(vi)    The Trustee shall authenticate Global Notes and Certificated Notes in accordance with the
provisions of Section 2.2 hereof. Except as provided in Section 2.6(b), neither the Trustee nor the Registrar shall authenticate or deliver any Certificated Note in exchange for a Global Note. 

(vii)    Each Holder agrees to provide reasonable indemnity to the Issuer and the Trustee against any
liability that may result from the transfer, exchange or assignment of such Holder’s Note in violation of any provision of this Indenture and/or applicable United States federal or state securities law.

  
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 (viii)    The Trustee shall have no obligation or duty to
monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Agent Members or
Beneficial Owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and
to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 SECTION
2.7    Replacement Notes. 
 If any mutilated Note is surrendered to the Trustee, or the Issuer and the Trustee
receive evidence to their satisfaction of the destruction, loss or theft of any Note, the Issuer shall issue and the Trustee, upon receipt of an Issuer Order, shall authenticate a replacement Note if the Trustee’s requirements are met. If
required by the Trustee or the Issuer, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that
any of them may suffer if a Note is replaced. The Issuer and the Trustee may charge a Holder for their expenses in replacing a Note. 

Every replacement Note is an additional obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
 SECTION 2.8    Outstanding Notes. 

The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those cancelled by it, those delivered to it for
cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.8 as not outstanding. Except as set forth in Section 2.9 hereof, a Note
does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note. 
 If a Note is replaced pursuant to
Section 2.7 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. 

If the principal amount of any Note is considered paid under Section 4.1 hereof, it ceases to be outstanding and interest on it ceases to
accrue. 
 If the Paying Agent (other than the Issuer, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity
date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 

SECTION 2.9    Treasury Notes. 

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 Issuer or by any Affiliate of the Issuer shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only
Notes shown on the register as being owned shall be so disregarded. Notwithstanding the foregoing, Notes that are to be acquired by the Issuer or an Affiliate of the Issuer pursuant to an exchange offer, tender offer or other agreement shall not be
deemed to be owned by such entity until legal title to such Notes passes to such entity. 

  
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 SECTION 2.10    Temporary Notes. 

Until Certificated Notes are ready for delivery, the Issuer may prepare and the Trustee shall, upon receipt of an Issuer Order, authenticate
temporary Notes. Temporary Notes shall be substantially in the form of Certificated Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without unreasonable delay, the Issuer shall prepare and the Trustee shall,
upon receipt of an Issuer Order, authenticate Certificated Notes in exchange for temporary Notes. 
 Holders of temporary Notes shall be
entitled to all of the benefits of this Indenture. 
 SECTION 2.11    Cancellation. 

The Issuer at any time may deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder or which the
Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Trustee upon receipt of an Issuer Order. All Notes surrendered for registration of transfer, exchange or payment, if surrendered to any
Person other than the Trustee, shall be delivered to the Trustee. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation. Subject to Section 2.7 hereof, the
Issuer may not issue new Notes to replace Notes that they have redeemed or paid or that have been delivered to the Trustee for cancellation. All cancelled Notes held by the Trustee shall be disposed of in accordance with its customary practice, and
certification of their disposal delivered to the Issuer upon request. 
 SECTION 2.12    Defaulted Interest. 

If the Issuer defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent
lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, which date shall be at the earliest practicable date but in all events at least five (5) Business Days prior to the payment
date, in each case at the rate provided in the Notes and in Section 4.1 hereof. The Issuer shall fix or cause to be fixed each such special record date and payment date and shall promptly thereafter notify the Trustee in writing of any such
date. At least fifteen (15) days before the special record date, the Issuer (or the Trustee, in the name and at the expense of the Issuer) shall mail or cause to be mailed to Holders a notice that states the special record date, the related
payment date and the amount of such interest to be paid. 
 SECTION 2.13    Record Date. 

The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or
take any other action described in this Section or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, 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 2.14    Computation of Interest. 

Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

  
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 SECTION 2.15    CUSIP Number. 

The Issuer in issuing the Notes may use a “CUSIP” and/or ISIN or other similar number, and if it does so, the Company may use the
CUSIP and/or ISIN or other similar number in notices of redemption or exchange as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP and/or ISIN or
other similar number printed in the notice or on the Notes and that reliance may be placed only on the other identification numbers printed on the Notes. The Issuer shall promptly notify the Trustee of any change in the CUSIP and/or ISIN or other
similar number. 
 SECTION 2.16    Special Transfer Provisions. 

Unless and until the Restricted Notes Legend is no longer required pursuant to Section 2.6(e), the following provisions shall apply: 

(a)    Transfers to QIBs. The following provisions shall apply with respect to the registration of
any proposed transfer of a Transfer Restricted Note (other than pursuant to Regulation S): 
 (i)    The
Registrar shall register the transfer of a Transfer Restricted Note by a Holder to a QIB if such transfer is being made by a proposed transferor who has provided the Registrar with (a) an appropriately completed certificate of transfer in the
form attached to the Note and (b) a letter substantially in the form set forth in Exhibit C hereto. 

(ii)    If the proposed transferee is an Agent Member and the Transfer Restricted Note to be transferred
consists of an interest in the Regulation S Global Note, upon receipt by the Registrar of (x) the items required by paragraph (i) above and (y) instructions given in accordance with the Depositary’s and the Registrar’s
procedures therefor, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the QIB Global Note in an amount equal to the principal amount of the beneficial interest in the Regulation S Global Note
to be so transferred, and the Registrar shall reflect on its books and records the date and an appropriate decrease in the principal amount of such Regulation S Global Note. 

(b)    Transfers Pursuant to Regulation S. The following provisions shall apply with respect to
registration of any proposed transfer of a Transfer Restricted Note pursuant to Regulation S: 

(i)    The Registrar shall register any proposed transfer of a Transfer Restricted Note pursuant to
Regulation S by a Holder upon receipt of (a) an appropriately completed certificate of transfer in the form attached to the Note and (b) a letter substantially in the form set forth in Exhibit D hereto from the proposed transferor.

 (ii)    If the proposed transferee is an Agent Member holding a beneficial interest in a QIB Global
Note and the Transfer Restricted Note to be transferred consists of an interest in a QIB Global Note, upon receipt by the Registrar of (x) the letter, if any, required by paragraph (i) above and (y) instructions in accordance with the
Depositary’s and the Registrar’s procedures therefor, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Regulation S Global Note in an amount equal to the principal amount of the
beneficial interest in the QIB Global Note to be transferred, and the Registrar shall reflect on its books and records the date and an appropriate decrease in the principal amount of the QIB Global Note. 

  
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 (c)    [Intentionally Omitted] 

(d)    [Intentionally Omitted] 

(e)    Restricted Notes Legend. Upon the transfer, exchange or replacement of Unrestricted Notes,
the Registrar shall deliver Unrestricted Notes that do not bear the Restricted Notes Legend. Upon the transfer, exchange or replacement of Transfer Restricted Notes, the Registrar shall deliver only Transfer Restricted Notes that bear the Restricted
Notes Legend unless the Restricted Notes Legend is no longer required by this Section 2.6(e), or the Issuer determines and there is delivered to the Trustee an Opinion of Counsel reasonably satisfactory to the Trustee and a letter of representation
of the Issuer reasonably satisfactory to the Trustee to the effect that neither such legend nor the related restrictions on transfer are required or appropriate in order to ensure that subsequent transfers of the Notes are effected in compliance
with the Securities Act. 
 (f)    General. By its acceptance of any Note bearing the Restricted
Notes Legend, each Holder of such a Note acknowledges receipt of a Transfer Restricted Note with restrictions on transfer of such Note set forth in this Indenture and in the Restricted Notes Legend and agrees that it shall transfer such Note only as
provided in this Indenture until such time as the Restricted Notes Legend is no longer required pursuant to Section 2.6(e) and such Holder exchanges such a Transfer Restricted Note for an Unrestricted Note. The Registrar shall not register a
transfer of any Note unless such transfer complies with the restrictions on transfer of such Note set forth in this Indenture. In connection with any transfer of Notes, each Holder agrees by its acceptance of the Notes to furnish the Registrar or
the Issuer such certifications, legal opinions or other information as either of them may reasonably require to confirm that such transfer is being made pursuant to an exemption from, or a transaction not subject to, the registration requirements of
the Securities Act until such time as the Restricted Notes Legend is no longer required pursuant to Section 2.6(e) and such Holder exchanges such a Transfer Restricted Note for an Unrestricted Note; provided that the Registrar shall not be
required to determine (but may rely on a determination made by the Issuer with respect to) the sufficiency of any such certifications, legal opinions or other information. 

The Registrar shall retain copies of all letters, notices and other written communications received pursuant to this Section 2.16. 

SECTION 2.17    Issuance of Additional Notes. 

The Company shall be entitled to issue Additional Notes under this Indenture that shall have identical terms as the Initial Notes, other than
with respect to the date of issuance, issue price, amount of interest payable on the first interest payment date applicable thereto and any customary escrow provisions, transfer restrictions and any registration rights agreement and additional
interest with respect thereto; provided that such issuance is not otherwise prohibited by the terms of this Indenture, including Section 4.9. The Initial Notes and any Additional Notes shall be, without limitation, treated as a single
class for all purposes under this Indenture. 

  
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 With respect to any Additional Notes, the Company shall set forth in a resolution of its Board of
Directors and in an Officers’ Certificate, a copy of each of which shall be delivered to the Trustee, the following information: 

(1)    the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant
to this Indenture; 
 (2)    the issue price, the Issue Date, the CUSIP number of such Additional Notes,
the first interest payment date and the amount of interest payable on such first interest payment date applicable thereto and the date from which interest shall accrue; and 

(3)    whether such Additional Notes shall be Transfer Restricted Notes. 

ARTICLE III 
 REDEMPTION AND
PREPAYMENT 
 SECTION 3.1    Notices to Trustee. 

If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of Section 3.7 hereof, it shall furnish to the
Trustee, at least forty-five (45) days (or such shorter period as is acceptable to the Trustee) before a date fixed for redemption (the “redemption date”), an Officers’ Certificate setting forth (i) the Section of
this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed and (iv) the Redemption Price. 

SECTION 3.2    Selection of Notes to Be Redeemed. 

If less than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes to be redeemed among the Holders in compliance
with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not so listed, on a pro rata basis, by lot or by such method as the Trustee shall deem fair and appropriate (and in a
manner that complies with applicable legal requirements and, as applicable the procedures of the DTC); provided that no Notes of $2,000 or less shall be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption
that relates to such Note shall state the portion of the principal amount thereof to be redeemed. A new Note in principal amount equal to the unredeemed portion of the original Note will be issued in the name of the Holder thereof upon cancellation
of the original Note. On and after the redemption date, unless the Issuer defaults in the payment of the redemption price, interest shall cease to accrue on Notes or portions of them called for redemption. The Trustee shall make the selection from
the Notes outstanding and not previously called for redemption and shall promptly notify the Issuer in writing of the Notes selected for redemption. The Trustee may select for redemption portions (equal to $1,000 or any integral multiple thereof) of
the principal of the Notes that have denominations larger than $2,000. 
 SECTION 3.3    Notice of Redemption.

 Subject to the provisions of Section 3.9, at least 30 days but not more than 60 days before a redemption date, the Issuer shall mail
or cause to be mailed by first class mail (and, to the extent permitted by applicable procedures or regulations, electronically), a notice of redemption to each Holder whose Notes are to be redeemed at its registered address. 

The notice shall identify the Notes to be redeemed and shall state: 

(1)    the redemption date; 

(2)    the Redemption Price; 

  
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 (3)    if any Note is being redeemed in part, the portion of
the principal amount of such Notes 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 shall be issued upon cancellation of the original Note; 

(4)    the name, telephone number 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 Issuer defaults 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; and 

(8)    that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed
in such notice or printed on the Notes. 
 At the Issuer’s written request, the Trustee shall give the notice of redemption in the
Issuer’s name and at the Issuer’s expense; provided, however, that the Issuer shall have delivered to the Trustee at least 45 days prior to the redemption date (or such shorter period as is acceptable to the Trustee), an
Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in the notices as provided in the preceding paragraph. The notice mailed in the manner herein provided shall be conclusively
presumed to have been duly given whether or not a Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Note shall not affect the validity of the proceeding for the redemption
of any other Note. 
 SECTION 3.4    Effect of Notice of Redemption. 

Once notice of redemption is mailed in accordance with Section 3.3 hereof, Notes called for redemption become irrevocably due and payable
on the redemption date at the Redemption Price plus accrued and unpaid interest, if any, to such date. A notice of redemption may not be conditional. 

SECTION 3.5    Deposit of Redemption of Purchase Price. 

On or before 10:00 a.m. (New York City time) on each redemption date or the date on which Notes must be accepted for purchase pursuant to
Section 4.10, 4.14 or 4.16, the Issuer shall deposit with the Trustee or with the Paying Agent (or, if the Issuer or a Subsidiary of the Issuer is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the Redemption Price
of and accrued and unpaid interest, if any, on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent shall promptly return to the Issuer any money deposited with the Trustee or the Paying Agent by the Issuer in excess
of the amounts necessary to pay the Redemption Price of (including any Applicable Premium), and accrued interest, if any, on, all Notes to be redeemed or purchased, and any outstanding amounts due to the Trustee and the Collateral Agent under
Section 7.7. 
 SECTION 3.6    Notes Redeemed in Part. 

Upon surrender of a Note that is redeemed in part, the Issuer shall issue and, upon receipt of an Issuer Order, the Trustee shall authenticate
for the Holder at the expense of the Issuer a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 

  
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 SECTION 3.7    Optional Redemption. 

(a)    The Notes may be redeemed, in whole or in part, at any time prior to June 1, 2020, at the option of the Issuer,
at a Redemption Price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to but not including, the applicable redemption date (subject to the right of Holders on
the relevant record date to receive interest due on the relevant interest payment date falling on or prior to the redemption date). 

(b)    The Notes are subject to redemption, at the option of the Issuer, in whole or in part, at any time on or after
June 1, 2020, at the Redemption Prices (expressed as percentages of the principal amount to be redeemed) set forth below, plus accrued and unpaid interest, if any, to, but not including, the redemption date (subject to the right of Holders of
record on the relevant regular record date to receive interest due on an interest payment date falling on or prior to the redemption date), if redeemed during the 12-month period beginning on June 1 of
the years indicated: 
  

			
	 Year
	  	Redemption Price
	 2020
	  	103.375%
	 2021
	  	101.688%
	 2022 and thereafter
	  	100.00%

 (c)    Prior to June 1, 2020, the Issuer may, with the net proceeds of one or more
Equity Offerings, redeem up to 35% of the aggregate principal amount of the outstanding Notes (including Additional Notes) at a Redemption Price equal to 106.750% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to,
but not including, the date of redemption; provided that at least 65% of the principal amount of Notes then outstanding (including Additional Notes) remains outstanding immediately after the occurrence of any such redemption (excluding Notes
held by the Company or its Subsidiaries) and that any such redemption occurs within 90 days following the closing of any such Equity Offering. 

(d)    In addition, prior to June 1, 2020, the Issuer may redeem up to 10% of the aggregate original principal amount
of the Notes in any 12-month period, in connection with up to two redemptions in such 12-month period, at a Redemption Price of 103% of the principal amount thereof,
plus accrued and unpaid interest to, but not including, the redemption date. 
 SECTION 3.8    Mandatory
Redemption. 
 Except as set forth under Sections 4.10, 4.14 and 4.16 hereof, the Issuer shall not be required to make mandatory
redemption or sinking fund payments with respect to the Notes. 
 SECTION 3.9    Offer to Purchase. 

In the event that the Issuer shall be required to commence an Offer to Purchase pursuant to an Asset Sale Offer, Event of Loss Offer or a
Change of Control Offer, the Issuer shall follow the procedures specified below. 
 Unless otherwise required by applicable law, an Offer to
Purchase shall specify an Expiration Date of the Offer to Purchase, which shall be, subject to any contrary requirements of applicable law, not less than 30 days or more than 60 days after the date of mailing of such Offer, and a Purchase Date for
purchase of Notes within five Business Days after the Expiration Date. On the Purchase Date, the Company shall purchase the aggregate principal amount of Notes required to be purchased pursuant to Section 4.10, Section 4.14 or
Section 4.16 hereof (the “Offer Amount”), or if less than the Offer Amount has been tendered, all Notes tendered in response to the Offer to Purchase. If the Purchase Date is on or after the

  
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interest record date and on or before the related interest payment date, any accrued and unpaid interest, if any, 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, if any, shall be payable to the Holders who tender Notes pursuant to the Offer to Purchase. The Company shall notify the Trustee at least 15 days (or such shorter period as is acceptable to
the Trustee) prior to the mailing of the Offer of the Company’s obligation to make an Offer to Purchase, and the Offer shall be mailed by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the
Company. The Offer shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Offer to Purchase. 

On or before 10:00 a.m. (New York City time) on each Purchase Date, the Issuer shall irrevocably deposit with the Trustee or Paying Agent (or,
if the Issuer or a Subsidiary of the Issuer is the Paying Agent, shall segregate and hold in trust) in immediately available funds the aggregate purchase price equal to the Offer Amount, together with accrued and unpaid interest, if any, thereon, to
be held for payment in accordance with the terms of this Section 3.9. On the Purchase Date, the Issuer shall, to the extent lawful, (i) accept for payment, on a pro rata basis to the extent necessary in the case of an Asset Sale Offer or
Event of Loss Offer, the Offer Amount of Notes or portions thereof tendered pursuant to the Offer to Purchase, or if less than the Offer Amount has been tendered, all Notes tendered, (ii) deliver or cause the Paying Agent or Depositary, as the
case may be, to deliver to the Trustee Notes so accepted and (iii) deliver to the Trustee an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Issuer in accordance with the terms of this
Section 3.9. The Issuer shall promptly (but in any case not later than three (3) Business Days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and
accepted by the Issuer for purchase, plus any accrued and unpaid interest, if any, thereon, and the Issuer shall promptly issue a new Note, and the Trustee, upon receipt of an Issuer Order, shall authenticate and mail or deliver at the expense of
the Issuer such new Note to such Holder, equal in principal amount to any unpurchased portion of such Holder’s Notes surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Issuer to the Holder thereof. The Issuer
shall publicly announce in a newspaper of general circulation or in a press release provided to a nationally recognized financial wire service the results of the Offer to Purchase on the Purchase Date. 

ARTICLE IV 
 COVENANTS 

SECTION 4.1    Payment of Notes. 

(a)    The Issuer shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates
and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid for all purposes hereunder on the date the Paying Agent, if other than the Issuer or a Subsidiary thereof, holds, as of 10:00 a.m. (New York
City time), money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all such principal, premium, if any, and interest then due. 

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

  
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 SECTION 4.2    Maintenance of Office or Agency. 

The Issuer shall maintain an office or agency (which may be an office of the Trustee or an Affiliate of the Trustee or Registrar) where Notes
may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer shall give prompt written notice to the Trustee of the location,
and any change in the location, of such office or agency. The Issuer hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuer in accordance with Section 2.3 hereof. If at any time the Issuer shall
fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee and the Company
hereby appoints the Trustee its agent to receive all such presentations, surrenders, notices and demands. 
 The Issuer 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 such designations. The Issuer shall give prompt written notice to the Trustee of
any such designation or rescission and of any change in the location of any such other office or agency. 
 SECTION
4.3    Provision of Financial Information. 
 Whether or not required by the rules and regulations of the
Commission, so long as any Notes are outstanding, the Company will, subject to the second succeeding paragraph, file with the Commission (and deliver a copy to the Trustee), within the time periods specified in the Commission’s rules and
regulations that would then be applicable to the Company: 
 (1)    all quarterly and annual reports that
would be required to be filed with the Commission on Forms 10-Q and 10-K if the Company was required to file such reports; and 

(2)    all current reports that would be required to be filed with the Commission on Form 8-K if the Company was required to file such reports. 
 All such reports will be prepared in all material
respects in accordance with all of the rules and regulations applicable to such reports. Each annual report on Form 10-K will include a report on the consolidated financial statements of the Company by the
certified independent accountants of the Company. 
 If, at any time, the Company is no longer subject to the periodic reporting
requirements of the Exchange Act for any reason, the Company will nevertheless continue filing the reports specified in the preceding paragraphs of this covenant with the Commission (and deliver a copy to the Trustee) within the time periods
specified above unless the Commission will not accept such filings. If the Commission will not accept the filings of the Company for any reason, the Company will post the reports referred to in the preceding paragraphs on its website within the time
periods that would apply if the Company was required to file those reports with the Commission. 
 In addition, the Company will furnish to
the Holders of Notes and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

SECTION 4.4    Compliance Certificate. 

The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officers’ Certificate stating that in the
course of the performance by the signers of their duties as Officers 

  
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of the Company they would normally have knowledge of any Default, and further stating, as to each such Officer signing such certificate, that, to his or her knowledge, no Default or Event of
Default has occurred during such period (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with
respect thereto). 
 The Company shall, so long as any of the Notes are outstanding, deliver to the Trustee, forthwith upon becoming aware
of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 

SECTION 4.5    Taxes. 

The Company shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency all material taxes, assessments and governmental
levies, except such as are contested in good faith and by appropriate proceedings and with respect to which appropriate reserves have been taken in accordance with GAAP or where the failure to effect such payment is not adverse in any material
respect to the Holders of the Notes. 
 SECTION 4.6    Stay, Extension and Usury Laws. 

The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and each of the Guarantors (to
the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee,
but shall suffer and permit the execution of every such power as though no such law has been enacted. 
 SECTION
4.7    Limitation on Restricted Payments. 
 The Company will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly, make any Restricted Payment unless, at the time of and after giving effect to the proposed Restricted Payment: 

(a)    no Event of Default shall have occurred and be continuing or will occur as a consequence thereof;

 (b)    after giving effect to such Restricted Payment on a pro forma basis, the Company would
be permitted to Incur at least $1.00 of additional Debt (other than Permitted Debt) pursuant to the provisions described in the first paragraph under Section 4.9; and 

(c)    after giving effect to such Restricted Payment on a pro forma basis, the aggregate amount
expended or declared for all Restricted Payments made on or after the Issue Date (excluding Restricted Payments permitted by clauses (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix) and (xi) of the next succeeding paragraph), shall not exceed
the sum (without duplication) of 
 (1)    100% of the Consolidated Cash Flow (or if Consolidated Cash
Flow shall be a deficit, 100% of such deficit) of the Company for the period (taken as one accounting period) from December 31, 2016 to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are
available at the time of such Restricted Payment less the product of 1.4 times the Company’s Consolidated Interest Expense for the same period, plus 

  
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 (2)    100% of the aggregate net proceeds (including the Fair
Market Value of property other than cash) received by the Company subsequent to the initial issuance of the Notes either (i) as a contribution to its common equity capital or (ii) from the issuance and sale (other than to a Restricted
Subsidiary) of its Qualified Capital Interests, including Qualified Capital Interests issued upon the conversion of Debt or Redeemable Capital Interests of the Company, and from the exercise of options, warrants or other rights to purchase such
Qualified Capital Interests (other than, in each case, Capital Interests or Debt sold to a Subsidiary of the Company), plus 

(3)    100% of the amount by which Debt of the Company is reduced on the Company’s balance sheet upon
the conversion or exchange (other than by a Subsidiary of the Company) subsequent to the initial issuance of the Notes of any Debt of the Company for Qualified Capital Interests of the Company (less the amount of any cash, or the fair value of any
other property, distributed by the Company upon such conversion or exchange), plus 
 (4)    100%
of the net reduction in Investments (other than Permitted Investments), subsequent to the date of the initial issuance of the Notes, in any Person, resulting from (x) payments of interest on Debt, dividends, distributions, redemptions,
repurchases, repayments of loans or advances or other transfers of assets (but only to the extent such interest, dividends, distributions, redemptions, repurchases, repayments or other transfers were made in cash), in each case to the Company or any
Restricted Subsidiary from any Person (including an Unrestricted Subsidiary), (y) the sale or other disposition (other than to the Company or a Restricted Subsidiary) thereof made by the Company and its Restricted Subsidiaries or (z) the
redesignation of any Unrestricted Subsidiary as a Restricted Subsidiary, in each case, not to exceed in the case of any Person the amount of Investments (other than Permitted Investments) previously made by the Company or any Restricted Subsidiary
in such Person. 
 Notwithstanding the foregoing provisions, the Company and its Restricted Subsidiaries may take the following actions;
provided that, in the case of clause (iv) or (ix) below immediately after giving effect to such action, no Event of Default has occurred and is continuing: 

(i)    the payment of any dividend or other distribution on Capital Interests in the Company or a
Restricted Subsidiary within 60 days after declaration thereof if at the declaration date such payment would not have been prohibited by the foregoing provisions of this Section 4.7; 

(ii)    the retirement of any Qualified Capital Interests of the Company by conversion into, or by or in
exchange for, Qualified Capital Interests, or out of net cash proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company) of other Qualified Capital Interests of the Company; 

(iii)    the redemption, defeasance, repurchase or acquisition or retirement for value of any Debt of the
Company or a Guarantor that is subordinate in right of payment to the Notes or the applicable Note Guarantee out of the net cash proceeds of a substantially concurrent issue and sale (other than to a Subsidiary of the Company) of (x) new
subordinated Debt of the Company or such Guarantor, as the case may be, Incurred in accordance with this Indenture or (y) of Qualified Capital Interests of the Company, 

  
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 (iv)    the purchase, redemption, retirement or other
acquisition for value of Capital Interests in the Company held by employees, officers or directors, or by former employees, officers or directors, of the Company or any Restricted Subsidiary (or their estates or beneficiaries under their estates)
upon death, disability, retirement or termination of employment; provided that the aggregate consideration paid for such purchase, redemption, retirement or other acquisition of such Capital Interests does not exceed $3.0 million in any
calendar year; provided that any unused amounts in any calendar year may be carried forward to one or more future periods; provided, further, that the aggregate amount of repurchases made pursuant to this clause (iv) may
not exceed $5.0 million in any calendar year; 
 (v)    repurchase of Capital Interests deemed to
occur upon the exercise of stock options, warrants or other convertible or exchangeable securities to the extent such Capital Interests represent a portion of the exercise price of those stock options, warrants or other convertible or exchangeable
securities; 
 (vi)    the prepayment of intercompany Debt, the Incurrence of which was permitted
pursuant to Section 4.9; 
 (vii)    cash payment, in lieu of issuance of fractional shares in
connection with the exercise of warrants, options or other securities convertible into or exchangeable for the Capital Interests of the Company or a Restricted Subsidiary; 

(viii)    the declaration and payment of dividends to holders of any class or series of Redeemable Capital
Interests of the Company or any Restricted Subsidiary issued or Incurred in compliance with Section 4.9; 

(ix)    upon the occurrence of a Change of Control or an Asset Sale, the defeasance, redemption, repurchase
or other acquisition of any subordinated Debt pursuant to provisions substantially similar to those contained in Section 4.10 and Section 4.14 at a purchase price not greater than 101% of the principal amount thereof (in the case of a
Change of Control) or at a percentage of the principal amount thereof not higher than 100% of the principal amount thereof (in the case of an Asset Sale), plus any accrued and unpaid interest thereon; provided that prior to or
contemporaneously with such defeasance, redemption, repurchase or other acquisition, the Company has made an Offer to Purchase with respect to the Notes and has repurchased all Notes validly tendered for payment and not withdrawn in connection
therewith; 
 (x)    payment of quarterly dividends in an amount not to exceed $2.0 million in any
fiscal quarter, so long as, after giving pro forma effect thereto, the Consolidated Total Debt Ratio would be less than or equal to 6.00 to 1.00; and 

(xi)    other Restricted Payments not in excess of $20.0 million in the aggregate. 

For purposes of this Section 4.7, if any Investment or Restricted Payment would be permitted pursuant to one or more provisions described
above and/or one or more of the exceptions contained in the definition of “Permitted Investments,” the Company may classify such Investment or Restricted Payment in any manner that complies with this Section 4.7 and may later
reclassify any such Investment or Restricted Payment so long as the Investment or Restricted Payment (as so reclassified) would be permitted to be made in reliance on the applicable exception as of the date of such reclassification.

  
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 If any Person in which an Investment is made, which Investment constitutes a Restricted Payment
when made, thereafter becomes a Restricted Subsidiary in accordance with this Indenture, all such Investments previously made in such Person shall no longer be counted as Restricted Payments for purposes of calculating the aggregate amount of
Restricted Payments pursuant to clause (c) of the first paragraph under this Section 4.7 or clause (x) of the second paragraph under this Section 4.7, in each case to the extent such Investments would otherwise be so counted.

 If the Company or a Restricted Subsidiary transfers, conveys, sells, leases or otherwise disposes of an Investment in accordance with
Section 4.10, which Investment was originally included in the aggregate amount expended or declared for all Restricted Payments pursuant to clause (c) of the first paragraph of this Section 4.7, the aggregate amount expended or
declared for all Restricted Payments shall be reduced by the lesser of (i) the Net Cash Proceeds from the transfer, conveyance, sale, lease or other disposition of such Investment or (ii) the amount of the original Investment, in each
case, to the extent originally included in the aggregate amount expended or declared for all Restricted Payments pursuant to clause (c) of the first paragraph of this Section 4.7. 

For purposes of this Section 4.7, if a particular Restricted Payment involves a non-cash payment,
including a distribution of assets, then such Restricted Payment shall be deemed to be an amount equal to the cash portion of such Restricted Payment, if any, plus an amount equal to the Fair Market Value of the
non-cash portion of such Restricted Payment. 
 SECTION 4.8    Limitation on
Dividends and Other Payments Affecting Restricted Subsidiaries. 
 The Company will not, and will not permit any of its
Restricted Subsidiaries to, directly or indirectly, cause or suffer to exist or become effective or enter into any encumbrance or restriction (other than pursuant to this Indenture, law, rules or regulation) on the ability of any Restricted
Subsidiary to (i) pay dividends or make any other distributions on its Capital Interests owned by the Company or any Restricted Subsidiary or pay any Debt or other obligation owed to the Company or any Restricted Subsidiary, (ii) make
loans or advances to the Company or any Restricted Subsidiary thereof or (iii) transfer any of its property or assets to the Company or any Restricted Subsidiary. 

However, the preceding restrictions will not apply to the following encumbrances or restrictions existing under or by reason of: 

(a)    any encumbrance or restriction in existence on the Issue Date, including those required by the
Credit Agreement or any future Debt incurred in compliance with the Credit Agreement (so long as such restrictions are not materially more restrictive, taken as a whole, than the Credit Agreement) and any amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements or refinancings thereof; provided that the amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings, in the good faith
judgment of the Company, are not materially more restrictive, taken as a whole, with respect to such dividend or other payment restrictions than those contained in these agreements on the Issue Date or refinancings thereof; 

(b)    any encumbrance or restriction pursuant to an agreement relating to an acquisition of property, so
long as the encumbrances or restrictions in any such agreement relate solely to the property so acquired (and are not or were not created in anticipation of or in connection with the acquisition thereof); 

  
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 (c)    any encumbrance or restriction which exists with
respect to a Person that becomes a Restricted Subsidiary after the Issue Date, which is in existence at the time such Person becomes a Restricted Subsidiary, but not created in connection with or in anticipation of such Person becoming a Restricted
Subsidiary, and which is not applicable to any Person or the property or assets of any Person other than such Person or the property or assets of such Person becoming a Restricted Subsidiary; 

(d)    any encumbrance or restriction pursuant to an agreement effecting a permitted renewal, refunding,
replacement, refinancing or extension of Debt issued pursuant to an agreement containing any encumbrance or restriction referred to in the foregoing clauses (a) through (c), so long as the encumbrances and restrictions contained in any such
refinancing agreement are no less favorable in any material respect to the Holders than the encumbrances and restrictions contained in the agreements governing the Debt being renewed, refunded, replaced, refinanced or extended in the good faith
judgment of the Board of Directors of the Company; 
 (e)    customary provisions restricting subletting
or assignment of any lease, contract, or license of the Company or any Restricted Subsidiary or provisions in agreements that restrict the assignment of such agreement or any rights thereunder; 

(f)    any restriction on the sale or other disposition of assets or property securing Debt as a result of
a Permitted Lien on such assets or property; 
 (g)    any encumbrance or restriction by reason of
applicable law, rule, regulation or order; 
 (h)    any encumbrance or restriction under this Indenture,
the Notes and the Note Guarantees; 
 (i)    restrictions on cash and other deposits or net worth imposed
by customers under contracts entered into in the ordinary course of business; 
 (j)    provisions with
respect to the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements entered into in the ordinary course of business; 

(k)    any instrument governing Debt or Capital Interests of a Person acquired by the Company or any of the
Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Debt or Capital Interests were incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable
to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; 

(l)    Liens securing Debt otherwise permitted to be incurred under this Indenture, including pursuant to
Section 4.12, that limit the right of the debtor to dispose of the assets subject to such Liens; 

(m)    customary provisions limiting the disposition or distribution of assets or property in joint venture
agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements otherwise permitted by this Indenture, which limitation is applicable only to the assets (including Capital Interests of Subsidiaries)
that are the subject of such agreements; and 

  
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 (n)    restrictions that are not materially more restrictive,
taken as a whole, than customary provisions in comparable financings and, as determined by management of the Company in its reasonable and good faith judgment, will not materially impair the Company’s ability to make payments required under the
Notes. 
 SECTION 4.9    Limitation on Incurrence of Debt. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, Incur any Debt (including Acquired Debt); provided that
the Company and any of its Restricted Subsidiaries that is a Guarantor may Incur Debt (including Acquired Debt) if, immediately after giving effect to the Incurrence of such Debt and the receipt and application of the proceeds therefrom,
(a) the Consolidated Total Debt Ratio would be less than or equal to 5.25 to 1.0, and (b) no Default or Event of Default shall have occurred and be continuing at the time or as a consequence of the Incurrence of such Debt. 

Notwithstanding the first paragraph above, the Company and its Restricted Subsidiaries may Incur Permitted Debt. 

For purposes of determining compliance with this Section 4.9, (x) Debt Incurred under the Credit Agreement on the Issue Date shall
initially be treated as Incurred pursuant to clause (i) of the definition of “Permitted Debt,” (y) the outstanding principal amount of any Debt shall be counted only once such that (without limitation) any obligation arising under any
Guarantees or obligations with respect to letters of credit supporting Debt otherwise included in the determination of such particular amount shall not be included and (z) except as provided above, in the event that an item of Debt meets the
criteria of more than one of the types of Debt described above, including categories of Permitted Debt and the first paragraph of this Section 4.9, the Company, in its sole discretion, shall classify, and from time to time may reclassify, all
or any portion of such item of Debt. 
 The accrual of interest, the accretion or amortization of original issue discount and the payment of
interest on Debt in the forms of additional Debt or payment of dividends on Capital Interests in the forms of additional shares of Capital Interests with the same terms and changes in the amount outstanding due solely to the result of fluctuations
in the exchange rates of currencies will not be deemed to be an Incurrence of Debt or issuance of Capital Interests for purposes of this Section 4.9. 

The Company and any Guarantor will not Incur any Debt that pursuant to its terms is subordinate or junior in right of payment to any Debt
unless such Debt is subordinated in right of payment to the Notes and the Note Guarantees to the same extent; provided that Debt will not be considered subordinate or junior in right of payment to any other Debt solely by virtue of being
unsecured or secured to a greater or lesser extent or with greater or lower priority. 
 SECTION 4.10    Limitation
on Asset Sales. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 

(1)    the Company (or the Restricted Subsidiary, as the case may be) receives consideration at the time of
the Asset Sale at least equal to the Fair Market Value of the assets or Capital Interests issued or sold or otherwise disposed of; 

  
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 (2)    at least 75% of the consideration received in the
Asset Sale by the Company or such Restricted Subsidiary is in the form of cash or Eligible Cash Equivalents. For purposes of this provision, each of the following will be deemed to be cash: 

(a)    any liabilities, as shown on the most recent consolidated balance sheet of the Company or any
Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Note Guarantee) that are assumed by the transferee of any such assets pursuant to a customary assignment and assumption
agreement that releases the Company or such Restricted Subsidiary from further liability; 
 (b)    any
securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into cash within 365 days of their receipt to the extent of the
cash received in that conversion; and 
 (c)    any Designated
Non-cash Consideration received by the Company or any Restricted Subsidiary in such Asset Sale having an aggregate Fair Market Value (when taken together with all other Designated Non-cash Consideration received pursuant to this clause (c)) that does not exceed 5% of Total Assets at the time of receipt of such Designated Non-cash Consideration being
measured at the time it was received and without giving effect to subsequent changes in value; and 

(3)    if such Asset Sale involves the disposition of Collateral, the Company or such Subsidiary has
complied with Article X and the Security Documents. 
 Within 365 days after the receipt of any Net Cash Proceeds from an Asset Sale,
the Company (or the applicable Restricted Subsidiary, as the case may be) may apply such Net Cash Proceeds at its option: 

(1)    to the extent such Net Cash Proceeds constitutes proceeds from the sale of ABL Priority Collateral
(as defined in the Credit Agreement), to repay ABL Obligations; 
 (2)    to make one or more offers to
the holders of the Notes (and, at the option of the Company, the holders of Permitted Additional Pari Passu Obligations) to purchase Notes (and such Permitted Additional Pari Passu Obligations) pursuant to and subject to the conditions contained in
this Indenture; provided, however, that in connection with any prepayment, repayment or purchase of Debt pursuant to this clause (2), the Company or such Restricted Subsidiary shall permanently retire such Debt and shall cause the related
loan commitment (if any) to be permanently reduced in an amount equal to the principal amount so prepaid, repaid or purchased; provided, further, that if the Company or such Restricted Subsidiary shall so reduce any Permitted Additional Pari
Passu Obligations, the Company will offer to equally and ratably reduce Debt under the Notes by making an offer to all holders of Notes to purchase at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest,
the pro rata principal amount of the Notes, such offer to be conducted in accordance with the procedures set forth in the following paragraph but without any further limitation in amount; 

(3)    to acquire assets constituting, or any Capital Interests of, a Permitted Business, if, after giving
effect to any such acquisition of Capital Interests, such assets are owned by the Company or a Restricted Subsidiary or the Person owning such Permitted Business is or becomes a Restricted Subsidiary of the Company; provided that if such Net
Cash Proceeds are received in respect of Collateral, such assets are pledged as Collateral under the Security Documents; 

(4)    to make a capital expenditure in or that is used or useful in a Permitted Business or to make
expenditures for maintenance, repair or improvement of existing properties and assets in accordance with the provisions of this Indenture; provided that if such Net Cash Proceeds are received in respect of Collateral, such assets are pledged
as Collateral under the Security Documents; 

  
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 (5)    to acquire other assets that are not classified as
current assets under GAAP and that are used or useful in a Permitted Business; provided that if such Net Cash Proceeds are received in respect of Collateral, such assets are pledged as Collateral under the Security Documents; or 

(6)    any combination of the foregoing; 

provided that if during such 365-day period the Company or a Restricted Subsidiary enters into a definitive
agreement committing it to apply such Net Cash Proceeds in accordance with the requirements of clause (2), (3) or (4), or any combination thereof, of this paragraph, such 365-day period will be extended up to
an additional 180 days with respect to the amount of Net Cash Proceeds so committed. Pending the final application of any Net Cash Proceeds, the Company may temporarily reduce borrowings under the Credit Agreement. 

Subject to the next succeeding paragraph, any Net Cash Proceeds from Asset Sales that are not applied or invested as provided in the preceding
paragraph of this Section 4.10 will constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $10.0 million (it being understood that the Company may, in its sole discretion, make an Asset Sale
Offer pursuant to this Section 4.10 prior to the time that the aggregate amount of Excess Proceeds exceeds $10 0 million), within thirty days thereof, the Company will make an Asset Sale Offer to all Holders of Notes and (x) in the case of
Net Cash Proceeds from Collateral, to the holders of any other Permitted Additional Pari Passu Obligations containing provisions similar to those set forth in this Section 4.10 with respect to asset sales or (y) in the case of any other
Net Cash Proceeds, to all holders of other Debt ranking pari passu with the Notes containing provisions similar to those set forth in this Section 4.10 with respect to asset sales, in each case equal to the Excess Proceeds. The offer
price in any Asset Sale Offer will be equal to 100% of the principal amount plus accrued and unpaid interest to, but not including, the date of purchase, and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale
Offer, the Company may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture and such remaining amount shall not be added to any subsequent Excess Proceeds for any purpose under this Indenture. If the aggregate
principal amount of Notes and other Permitted Additional Pari Passu Obligations (in the case of Net Cash Proceeds from Collateral) or Notes and other pari passu debt (in the case of any other Net Cash Proceeds) tendered into such Asset Sale
Offer exceeds the amount of Excess Proceeds, the Trustee will select the Notes and the Company or its agent shall select the other Permitted Additional Pari Passu Obligations or other pari passu debt, as the case may be, to be purchased on a
pro rata basis, subject to adjustment to maintain authorized denominations. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. The provisions of Section 3.9 shall apply to any Asset Sale Offer. 

The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other
applicable securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or
regulations conflict with the Asset Sale provisions of this Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Asset Sale provisions of this
Indenture by virtue of such compliance. 

  
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 SECTION 4.11    Limitation on Transactions with Affiliates. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell, lease,
transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of related transactions, contract, agreement, loan, advance or guarantee with, or
for the benefit of, any Affiliate of the Company (each of the foregoing, an “Affiliate Transaction”), unless: 

(i)    such Affiliate Transaction is on terms that are not materially less favorable to the Company or the
relevant Restricted Subsidiary than those that could reasonably have been obtained in a comparable arm’s length transaction by the Company or such Restricted Subsidiary with an unaffiliated party; and 

(ii)    with respect to any Affiliate Transaction or series of related Affiliate Transactions involving
aggregate consideration in excess of $5.0 million, the Company delivers to the Trustee a resolution adopted in good faith by the majority of the Board of Directors of the Company approving such Affiliate Transaction and set forth in an
Officers’ Certificate certifying that such Affiliate Transaction complies with clause (i) above (on which the Trustee may conclusively and exclusively rely). 

The foregoing limitation does not limit, and shall not apply to: 

(1)    Restricted Payments that are permitted by the provisions of this Indenture pursuant to
Section 4.7 and Permitted Investments; 
 (2)    the payment of reasonable and customary fees and
indemnities to members of the Board of Directors of the Company or a Restricted Subsidiary; 
 (3)    the
payment (and any agreement, plan or arrangement relating thereto) of reasonable and customary compensation and other benefits (including retirement, health, option, deferred compensation and other benefit plans) and indemnities to officers and
employees of the Company or any Restricted Subsidiary; 
 (4)    transactions between or among the
Company and/or its Restricted Subsidiaries; 
 (5)    the issuance of Capital Interests (other than
Redeemable Capital Interests) of the Company otherwise permitted hereunder; 
 (6)    any agreement or
arrangement as in effect on the Issue Date and any amendment, extension or modification thereto so long as such amendment, extension or modification is not more disadvantageous to the Holders of the Notes in any material respect; 

(7)    transactions in which the Company delivers to the Trustee a written opinion from a nationally
recognized investment banking accounting or appraisal firm (on which the Trustee may conclusively and exclusively rely) to the effect that the transaction is fair, from a financial point of view, to the Company and any relevant Restricted
Subsidiaries; 
 (8)    any contribution of capital to the Company; 

(9)    the establishment of the ESOT; 

  
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 (10)    Permitted ESOP Transactions; 

(11)    Amendments to the ESOP Documentation that are not materially adverse to the interests of the
Holders; and 
 (12)    transactions with lessors of equipment, customers, clients, suppliers or
purchasers or sellers of goods or services, in each case, in the ordinary course of business on terms that are not materially less favorable to the Company or such Restricted Subsidiary, as the case may be, as determined in good faith by the
Company, than those that could be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate of the Company. 

SECTION 4.12    Limitation on Liens. 

(a)    The Company will not, and will not permit any of its Restricted Subsidiaries, directly or indirectly, to enter into,
create, incur, assume or suffer to exist any Lien of any kind, on or with respect to the Collateral other than Permitted Collateral Liens. 

(b)    Subject to paragraph (a) of this Section 4.12, the Company will not, and will not permit any of its
Restricted Subsidiaries, directly or indirectly, to, enter into, create, incur, assume or suffer to exist any Liens of any kind, other than Permitted Liens, on or with respect to any property or assets now owned or hereafter acquired by the Company
or any of its Restricted Subsidiaries or any interest therein or any income or profits therefrom other than the Collateral without securing the Notes and all other amounts due under this Indenture and the Security Documents (for so long as such Lien
exists) equally and ratably with (or prior to) the obligation or liability secured by such Lien. 
 SECTION
4.13    [Intentionally Omitted]. 
 SECTION 4.14    Offer to Purchase upon Change of
Control. 
 Upon the occurrence of a Change of Control, the Issuer will make an Offer to Purchase (the “Change of Control
Offer”) all of the outstanding Notes at a Purchase Price in cash equal to 101% of the principal amount tendered, together with accrued interest, if any, to but not including the Purchase Date (the “Change of Control
Payment”). For purposes of the foregoing, an Offer to Purchase shall be deemed to have been made if (i) within 30 days following the date of the consummation of a transaction or series of transactions that constitutes a Change of
Control, the Issuer commences an Offer to Purchase all outstanding Notes at the Purchase Price and (ii) all Notes properly tendered pursuant to the Offer to Purchase are purchased on the terms of such Offer to Purchase. 

On the Purchase Date, the Issuer shall, to the extent lawful, (a) accept for payment all Notes or portions thereof properly tendered
pursuant to the Change of Control Offer, (b) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof so tendered and (c) otherwise comply with Section 3.9. 

The Change of Control provisions described above will be applicable whether or not any other provisions of this Indenture are applicable. 

The Issuer shall not be required to make a Change of Control Offer upon a Change of Control if (i) a third party makes the Change of
Control Offer contemporaneously with or upon a Change of Control in the manner, at the times and otherwise in compliance with the requirements set forth herein applicable to a Change of Control Offer made by the Issuer and purchases all Notes
validly tendered and not withdrawn under such Change of Control Offer or (ii) notice of redemption with respect to all outstanding Notes has been given pursuant to Section 3.7(a). 

  
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 To the extent that the provisions of any securities laws or regulations conflict with the Change
of Control provisions of this Indenture, the Issuer will comply with Rule 14e-1 under the Exchange Act and any other applicable securities laws and regulations and no Default or Event of Default shall be
deemed to have occurred as a result of such compliance. 
 In addition, an Offer to Purchase may be made in advance of a Change of Control,
conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of launching the Offer to Purchase. 

In addition, in connection with any Change of Control 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 offer and the Issuer, or any third party making such offer in lieu of the Issuer, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuer or such third
party will have the right upon not less than 10 nor more than 60 days’ prior notice, given not more than 30 days following such purchase date, to redeem all Notes that remain outstanding at a redemption price equal to the price offered to each
other Holder in such offer plus accrued and unpaid interest, if any, thereon, to, but not including, the date of such redemption. 
 SECTION
4.15    Maintenance of Properties and Corporate Existence. 
 Subject to, and in compliance with, the provisions
of Article X and the provisions of the applicable Security Documents, the Company shall cause all material properties used or useful in the conduct of its business or the business of any of the Guarantors to be maintained and kept in good
operating condition, repair and working order (ordinary wear and tear and casualty loss excepted) and supplied with all necessary equipment and shall cause to be made all necessary repairs, renewals, replacements, betterments and improvements
thereto; provided, that the Company shall not be obligated to make such repairs, renewals, replacements, betterments and improvements if the failure to do so would not result in a material adverse effect on the ability of the Company and the
Guarantors to satisfy their obligations under the Notes, the Guarantees, this Indenture and the Security Documents. 
 Subject to Sections
4.14 and 12.5 and Article V hereof, as the case maybe, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the corporate, partnership, limited liability
company or other existence of each of its Subsidiaries in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary and the rights (charter and statutory), licenses
and franchises of the Company and its Subsidiaries; provided that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries, if the loss
thereof is not adverse in any material respect to the Holders. 
 SECTION 4.16    Events of Loss. 

In the event of an Event of Loss resulting in Net Loss Proceeds in excess of $5.0 million, the Company or the affected Restricted
Subsidiary of the Company, as the case may be, may (and to the extent required pursuant to the terms of any lease encumbered by a Mortgage shall) (x) to the extent such Net Loss Proceeds constitute ABL Priority Collateral (as defined in the
Credit Agreement), repay ABL Obligations with or reinvest such Net Loss Proceeds in accordance with the ABL Documents and (y) otherwise apply the Net Loss Proceeds from such Event of Loss to the rebuilding, repair, replacement or construction
of improvements to the property affected by such Event of Loss, or the cost of purchase or 

  
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construction of other assets useful in the business of the Company or its Restricted Subsidiaries with no concurrent obligation to offer to purchase any of the Notes; provided,
however, that the Company delivers to the Trustee within 90 days of such Event of Loss an Officers’ Certificate certifying that the Company applied (or will apply within 365 days after receipt of any anticipated insurance or similar
proceeds) the Net Loss Proceeds in accordance with this sentence. 
 Any Net Loss Proceeds that are not applied or reinvested or not
permitted to be applied or reinvested as provided in the first sentence of this Section 4.16 will be deemed “Excess Loss Proceeds.” When the aggregate amount of Excess Loss Proceeds exceeds $10.0 million, the Company will
make an offer (an “Event of Loss Offer”) to all Holders and to the holders of any other Permitted Additional Pari Passu Obligations containing provisions similar to those set forth in this Indenture with respect to events of loss to
purchase or repurchase the Notes and such other Permitted Additional Pari Passu Obligations with the proceeds from the Event of Loss in an amount equal to the maximum principal amount of Notes and such other Permitted Additional Pari Passu
Obligations that may be purchased out of the Excess Loss Proceeds. The offer price in any Event of Loss Offer will be equal to 100% of the principal amount plus accrued and unpaid interest, if any, to the date of purchase, and will be payable in
cash. If any Excess Loss Proceeds remain after consummation of an Event of Loss Offer, the Company may use such Excess Loss Proceeds for any purpose not otherwise prohibited by this Indenture and the Security Documents and such remaining amount
shall not be added to any subsequent Excess Loss Proceeds for any purpose under this Indenture; provided that any remaining Excess Loss Proceeds shall remain subject to the Lien of the Security Documents. If the aggregate principal amount of
Notes and other Permitted Additional Pari Passu Obligations tendered pursuant to an Event of Loss Offer exceeds the Excess Loss Proceeds, the Trustee will select the Notes and the Company or its agent shall select such other Permitted Additional
Pari Passu Obligations to be purchased on a pro rata basis based on the principal amount tendered, subject to adjustments to maintain authorized denominations. The Company will comply with Section 3.9 in connection with any Event of Loss Offer.

 The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Event of Loss Offer. To the extent that the provisions of any applicable securities laws
or regulations conflict with the Event of Loss 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 under the Event of Loss provisions of
this Indenture by virtue of such compliance. 
 SECTION 4.17    Limitation on Business Activities. 

The Issuer will not, and will not permit any Restricted Subsidiary to, engage in any business other than a Permitted Business, except to the
extent as would not be material to the Company and its Restricted Subsidiaries, taken as a whole. 
 SECTION
4.18    Additional Note Guarantees. 
 After the Issue Date, the Company will cause each of its Restricted
Subsidiaries (other than (x) any Foreign Subsidiary and (y) any Restricted Subsidiary that is prohibited by law from guaranteeing the Notes or that would experience adverse regulatory consequences as a result of providing a guarantee of
the Notes (so long as, in the case of this clause (y), such Restricted Subsidiary has not provided a guarantee of any other Debt of the Company or any Guarantor)) that (A) Incurs Debt in an aggregate principal amount in excess of
$5.0 million (other than Debt permitted to be Incurred pursuant to clauses (v), (viii), (ix), (xi), (xii), (xiii) and (xvii) of the definition of “Permitted Debt”) at any time outstanding or (B) guarantees Debt under a
Credit Agreement or any other Debt (other than pursuant to the Permitted Debt clauses 

  
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referred to above) of the Company or the Guarantors, in each case, to guarantee the Notes and the Company’s other obligations under this Indenture pursuant to a supplemental indenture in
accordance with Article IX of this Indenture. 
 Such Guarantor will also enter into a joinder agreement to the applicable Security
Documents or new Security Documents defining the terms of the security interests that secure payment and performance when due of the Notes and take all actions advisable in the opinion of the Company, as set forth in an Officers’ Certificate
accompanied by an Opinion of Counsel to the Company, to cause the Note Liens created by the Security Agreement and other Security Documents to be duly perfected to the extent required by such agreement in accordance with all applicable law,
including the filing of financing statements in the jurisdictions of incorporation or formation of the Company and the Guarantors. 

SECTION 4.19    Limitation on Creation of Unrestricted Subsidiaries. 

The Company may designate any Subsidiary of the Company to be an “Unrestricted Subsidiary” as provided below, in which event such
Subsidiary and each other Person that is a Subsidiary of such Subsidiary will be deemed to be an Unrestricted Subsidiary. 
 The Company may
designate any Subsidiary to be an Unrestricted Subsidiary unless such Subsidiary owns any Capital Interests of, or owns or holds any Lien on any property of, any other Restricted Subsidiary of the Company; provided that either: 

(x)    the Subsidiary to be so designated has total assets of $1,000 or less; or 

(y)    immediately after giving effect to such designation, the Company could Incur at least $1.00 of
additional Debt (other than Permitted Debt) pursuant to the first paragraph of Section 4.9; 
 provided further that the Company could
make a Restricted Payment or Permitted Investment in an amount equal to the greater of the Fair Market Value or book value of such Subsidiary pursuant to Section 4.7 and such amount is thereafter treated as a Restricted Payment or Permitted
Investment for the purpose of calculating the amount available in connection with Section 4.7. 
 An Unrestricted Subsidiary may be
designated as a Restricted Subsidiary if (i) all the Debt of such Unrestricted Subsidiary could be Incurred pursuant to Section 4.9 and (ii) all the Liens on the property and assets of such Unrestricted Subsidiary could be incurred
pursuant to Section 4.12. 
 SECTION 4.20    Further Assurances. 

The Company will, and will cause each of its existing and future Restricted Subsidiaries to, at their expense, duly execute and deliver, or
cause to be duly executed and delivered, such further agreements, documents and instruments and do or cause to be done such further acts as may be necessary and proper to: 

(1)    effectuate the purposes of this Indenture and the Security Documents; 

(2)    evidence, perfect, maintain and enforce the validity, effectiveness and priority of any of the Note
Liens created, or intended to be created, by the Security Documents; and 
 (3)    ensure the protection
and enforcement of any of the rights granted or intended to be granted to the Trustee under any other instrument executed in connection therewith. 

  
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 ARTICLE V 

SUCCESSORS 
 SECTION
5.1    Consolidation, Merger, Conveyance, Transfer or Lease. 
 The Company will not in any transaction or series
of transactions, consolidate with or merge into any other Person (other than a merger of a Restricted Subsidiary into the Company in which the Company is the continuing Person), or sell, assign, convey, transfer, lease or otherwise dispose of all or
substantially all of the assets of the Company and its Restricted Subsidiaries (determined on a consolidated basis), taken as a whole, to any other Person, unless: 

(i)    either: (a) the Company shall be the continuing Person or (b) the Person (if other than
the Company) formed by such consolidation or into which the Company is merged, or the Person that acquires, by sale, assignment, conveyance, transfer, lease or other disposition, all or substantially all of the property and assets of the Company
(such Person, the “Surviving Entity”), (1) shall be a corporation, partnership, limited liability company or similar entity organized and validly existing under the laws of the United States, any political subdivision thereof or any
state thereof or the District of Columbia, (2) shall expressly assume, by a supplemental indenture, the due and punctual payment of all amounts due in respect of the principal of (and premium, if any) and interest on all the Notes and the
performance of the covenants and obligations of the Company under this Indenture and (3) shall expressly assume the due and punctual performance of the covenants and obligations of the Company under the Security Documents; provided that
at any time the Company or its successor is not a corporation, there shall be a co-issuer of the Notes that is a corporation; 

(ii)    immediately before and immediately after giving effect to such transaction or series of
transactions on a pro forma basis (including any Debt Incurred in connection with or in respect of such transaction or series of transactions), no Default or Event of Default shall have occurred and be continuing or would result therefrom;

 (iii)    immediately after giving effect to any such transaction or series of transactions on a pro
forma basis (including any Debt Incurred or anticipated to be Incurred in connection with or in respect of such transaction or series of transactions) as if such transaction or series of transactions had occurred on the first day of the
determination period, the Company (or the Surviving Entity if the Company is not continuing) could Incur $1.00 of additional Debt (other than Permitted Debt) under the first paragraph of Section 4.9; 

(iv)    the Company delivers, or causes to be delivered, to the Trustee an Officers’ Certificate and
an Opinion of Counsel (on which the Trustee may conclusively and exclusively rely), each stating that such consolidation, merger, sale, conveyance, assignment, transfer, lease or other disposition complies with the requirements of this Indenture;

 (v)    the Surviving Entity causes such amendments, supplements or other instruments to be executed,
delivered, filed and recorded, as applicable, in such jurisdictions as may be required by applicable law to preserve and protect the Lien of the Security Documents on the Collateral owned by or transferred to the Surviving Entity; 

(vi)    the Collateral owned by or transferred to the Surviving Entity shall (a) continue to
constitute Collateral under this Indenture and the Security Documents, (b) be subject to the Lien in favor of the Collateral Agent for the benefit of itself, the Trustee and the Holders of the Notes and (c) not be subject to any Lien other
than Permitted Collateral Liens; and 

  
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 (vii)    the property and assets of the Person which is
merged or consolidated with or into the Surviving Entity, to the extent that they are property or assets of the types which would constitute Collateral under the Security Documents, shall be treated as after-acquired property and the Surviving
Entity shall take such action as may be reasonably necessary to cause such property and assets to be made subject to the Lien of the Security Documents in the manner and to the extent required in this Indenture. 

The preceding clause (iii) will not prohibit: 

(a)    a merger between the Company and a Restricted Subsidiary of the Company; or 

(b)    a merger between the Company and an Affiliate incorporated solely for the purpose of converting the
Company into a corporation organized under the laws of the United States or any political subdivision or state thereof; 
 so long as, in each case, the
amount of Debt of the Company and its Restricted Subsidiaries is not increased thereby, except for Debt incurred in the ordinary course of business to pay fees, expenses and other costs associated with such transaction. 

For all purposes of this Indenture and the Notes, Subsidiaries of any Surviving Entity will, upon such transaction or series of transactions,
become Restricted Subsidiaries or Unrestricted Subsidiaries as provided pursuant to this Indenture and all Debt, and all Liens on property or assets, of the Surviving Entity and its Subsidiaries that was not Debt, or were not Liens on property or
assets, of the Company and its Subsidiaries immediately prior to such transaction or series of transactions shall be deemed to have been Incurred upon such transaction or series of transactions. 

Upon any transaction or series of transactions that are of the type described in, and are effected in accordance with, conditions described in
the immediately preceding paragraphs, the Surviving Entity shall succeed to, and be substituted for, and may exercise every right and power of, the Company, under this Indenture with the same effect as if such Surviving Entity had been named as the
Company therein; and when a Surviving Entity duly assumes all of the obligations and covenants of the Company pursuant to this Indenture and the Notes, except in the case of a lease, the predecessor Person shall be relieved of all such obligations.

 SECTION 5.2    Successor Person Substituted. 

Upon any consolidation or merger, or any sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all of the
assets of the Company in accordance with Section 5.1 hereof, the successor corporation formed by such consolidation or into or with which the Company (and, if necessary, any co-issuer) is merged or to
which such sale, assignment, conveyance, transfer, lease or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the
provisions of this Indenture referring to the “Company” shall refer instead to the successor corporation and not to the Company), and shall exercise every right and power of, the Company under this Indenture with the same effect as if such
successor Person had been named as the Company herein; provided, however, that in the event of a transfer or lease, the predecessor shall not be released from the payment of principal and interest or other obligations on the Notes.

  
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ARTICLE VI 
 DEFAULTS AND REMEDIES 

SECTION 6.1    Events of Default. 

Each of the following constitutes an “Event of Default”: 

(1)    default in the payment in respect of the principal of (or premium, if any, on) any Note at its
maturity (whether at Stated Maturity or upon repurchase, acceleration, optional redemption or otherwise); 

(2)    default in the payment of any interest upon any Note when it becomes due and payable, and
continuance of such default for a period of 30 days; 
 (3)    failure to perform or comply with
Section 5.1; 
 (4)    except as permitted by this Indenture, (i) any Note Guarantee of any
Significant Subsidiary (or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) shall for any reason cease to be in full force and effect and enforceable in accordance with its terms (except as
specifically provided in this Indenture) for a period of 30 days after written notice thereof by the Trustee or the Holders of 25% in principal amount of the outstanding Notes or (ii) the Note Guarantee of any Significant Subsidiary (or any
group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) shall for any reason be asserted by any Guarantor or the Company not to be in full force and effect and enforceable in accordance with its terms; 

(5)    default in the performance, or breach, of (i) any covenant or agreement of the Company or any
Guarantor in this Indenture (other than (x) a covenant or agreement a default in whose performance or whose breach is specifically dealt with in clauses (1), (2), (3) or (4) above or (y) a covenant or agreement contained in
Section 4.3), and continuance of such default or breach for a period of 60 days after written notice thereof has been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal
amount of the outstanding Notes or (ii) any covenant or agreement contained in Section 4.3 and continuance of such default or breach for a period of 120 days after written notice thereof has been given to the Company by the Trustee or to
the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the outstanding Notes; 

(6)    a default or defaults under any bonds, debentures, notes or other evidences of Debt (other than the
Notes) by the Company or any Restricted Subsidiary having, individually or in the aggregate, a principal or similar amount outstanding of at least $15.0 million, whether such Debt now exists or shall hereafter be created, which default or
defaults shall have resulted in the acceleration of the maturity of such Debt prior to its express maturity or shall constitute a failure to pay at least $15.0 million of such Debt when due and payable after the expiration of any applicable
grace period with respect thereto; 
 (7)    the entry against the Company or any Restricted Subsidiary
that is a Significant Subsidiary (or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) of a final judgment or final judgments for the payment of money in an aggregate amount in excess of
$15.0 million, by a court or courts of competent jurisdiction, which judgments remain undischarged, un-waived, unstayed, unbonded or unsatisfied for a period of 60 consecutive days; 

  
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 (8)    (i) the Company, any Restricted Subsidiary that is a
Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law: 

(a)    commences a voluntary case, 

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

(c)    consents to the appointment of a Custodian of it or for all or substantially all of its property,

 (d)    makes a general assignment for the benefit of its creditors, or 

(e)    admits, in writing, its inability generally to pay its debts as they become due; 

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

(a)    is for relief against the Company or any Restricted Subsidiary that is a Significant Subsidiary or
any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, in an involuntary case; 

(b)    appoints a Custodian of the Company or any Restricted Subsidiary that is a Significant Subsidiary or
any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of the Company or any of its Restricted Subsidiaries; or 

(c)    orders the liquidation of the Company or any Restricted Subsidiary that is a Significant Subsidiary
or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary 
 and the order or decree remains
unstayed and in effect for 60 consecutive days; or 
 (9)    (x) with respect to any Collateral having a
fair market value in excess of $15.0 million, individually or in the aggregate, (a) any default or breach by the Company or any Guarantor in the performance of its obligations under the Security Documents or this Indenture which adversely
affects the condition or value of the Collateral or the enforceability, validity, perfection or priority of the Note Liens, taken as a whole in any material respect, and continuance of such default or breach for a period of 60 days after written
notice thereof by the Trustee or the Holders of 25% in principal amount of the outstanding Notes, or (b) any security interest created under the Security Documents or under this Indenture is declared invalid or unenforceable by a court of
competent jurisdiction or (y) the Company or any Guarantor asserts, in any pleading in any court of competent jurisdiction, that any security interest in any Collateral is invalid or unenforceable. 

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

  
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 The Trustee shall not be deemed to have notice of any Event of Default and shall not have any
duty or responsibility in respect thereof unless and until a Responsible Officer of the Trustee has received written notice of such Event of Default or has actual knowledge of such Event of Default. Delivery of reports, information and documents to
the Trustee under Section 4.3 is for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of its covenants hereunder or the existence of an Event of Default (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates, except as otherwise provided herein). 

SECTION 6.2    Acceleration. 

If an Event of Default (other than an Event of Default specified in clause (8) of Section 6.1 with respect to the Company) occurs and
is continuing, then and in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the principal of the Notes and any accrued interest on the Notes to be due and payable
immediately by a notice in writing to the Company (and to the Trustee if given by Holders). 
 In the event of a declaration of acceleration
of the Notes solely because an Event of Default described in clause (6) of Section 6.1 has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically rescinded and annulled if the event of default or
payment default triggering such Event of Default pursuant to clause (6) of Section 6.1 shall be remedied or cured by the Company or a Restricted Subsidiary of the Company or waived by the holders of the relevant Debt within 20 Business
Days after the declaration of acceleration with respect thereto and if the rescission and annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction obtained by the Trustee for the
payment of amounts due on the Notes. 
 If an Event of Default specified in clause (8) of Section 6.1 occurs with respect to the
Company, the principal of and any accrued interest on the Notes then outstanding shall ipso facto become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 

SECTION 6.3    Other Remedies. 

If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if
any, interest on the Notes or to enforce the performance of any provision of the Notes, this Indenture and the Security Documents. 
 The
Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default
shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 

SECTION 6.4    Waiver of Past Defaults. 

The Holders of a majority in aggregate principal amount of the Notes then outstanding by written notice to the Trustee may on behalf of the
Holders of all of the Notes waive any existing Default or Event of Default and its consequences under this Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes (other than as a
result of an acceleration), which shall require the written consent of all of the Holders of the Notes then outstanding. 

  
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 SECTION 6.5    Control by Majority. 

Subject to the terms of the Security Documents and Section 7.2(f), the Holders of a majority in aggregate principal amount of the then
outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust power conferred on it. However, (i) the Trustee may refuse to follow any direction
that conflicts with law or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of other Holders or that may involve the Trustee in personal liability, and (ii) the Trustee may take any other action deemed proper
by the Trustee which is not inconsistent with such direction. 
 SECTION 6.6    Limitation on Suits. 

A Holder may pursue a remedy with respect to this Indenture or the Notes only if: 

(a)    the Holder gives to the Trustee written notice of a continuing Event of Default or the Trustee
receives such notice from the Company; 
 (b)    the Holders of at least 25% in aggregate principal
amount of the then outstanding Notes make a written request to the Trustee to pursue the remedy; 

(c)    such Holder or Holders offer and, if requested, provide to the Trustee indemnity or security
satisfactory to the Trustee against any loss, liability or expense; 
 (d)    the Trustee does not comply
with the request within 60 days after receipt of the request and the offer and, if requested, the provision of such indemnity or security; and 

(e)    during such 60-day period the Holders of a majority in
aggregate principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with the request. 
 A Holder may
not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. 
 SECTION
6.7    Rights of Holders of Notes to Receive Payment. 
 Notwithstanding any other provision of this Indenture,
the right of any Holder to receive payment of principal, premium, if any, and interest on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), 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 Section 6.1(1) or (2) hereof
occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of principal of, premium and interest remaining unpaid on the Notes and interest on
overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel. 

  
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 SECTION 6.9    Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Issuer (or any other obligor
upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other securities or property payable or deliverable upon the conversion or exchange of the Notes or on any such claims
and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee
any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7 hereof. To the extent that the payment of any such
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the
same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of
reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

SECTION 6.10    Priorities. 

Subject to the terms of the Security Documents, any money collected by the Trustee (or received by the Trustee from the Collateral Agent under
any Security Documents) pursuant to this Article VI and any money or other property distributable in respect of the Company’s obligations under this Indenture after an Event of Default shall be applied in the following order, at the date
or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (or premium, if any) or interest, if any, upon presentation of the Notes and the notation thereon of the payment if only partially paid and upon
surrender thereof if fully paid: 
 First: to the Trustee (including any predecessor Trustee) and the Collateral Agent, its
agents and attorneys for amounts due under Section 7.7 hereof, including payment of all reasonable compensation, expense and liabilities incurred, and all advances made, by the Trustee or the Collateral Agent and the costs and expenses of
collection; 
 Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and
interest ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest respectively; and 

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

The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. 

  
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 SECTION 6.11    Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to
Section 6.7 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 
 ARTICLE VII 

TRUSTEE 
 SECTION
7.1    Duties of Trustee. 
 (a)    If an Event of Default has occurred and is continuing, the
Trustee shall exercise such of the rights and powers vested in it by this Indenture and the Security Documents, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the
conduct of his or her own affairs. 
 (b)    Except during the continuance of an Event of Default: 

(i)    the duties of the Trustee shall be determined solely by the express provisions of this Indenture and
the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii)    in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall be under a duty to examine the certificates and
opinions specifically required to be furnished to it to determine whether or not they conform on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts or
conclusions stated therein). 
 (c)    The Trustee may not be relieved from liability for its own negligent action, its
own negligent failure to act, or its own willful misconduct, except that: 
 (i)    this paragraph does
not limit the effect of paragraphs (b) or (e) of this Section 7.1; 
 (ii)    the Trustee shall
not be liable for any error of judgment made in good faith by an officer of the Trustee, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii)    the Trustee shall not be liable with respect to any action it takes or omits to take in good faith
in accordance with a direction received by it pursuant to Section 6.5 hereof or otherwise in accordance with the direction of the Holders of a majority in principal amount of outstanding Notes relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee or the Collateral Agent, under this Indenture or the Security Documents. 

  
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 (d)    Whether or not therein expressly so provided, every provision of this
Indenture or any provision of any Security Document that in any way relates to the Trustee or the Collateral Agent is subject to Sections 7.1 and 7.2 hereof. 

(e)    No provision of this Indenture or the Security Documents shall require the Trustee or the Collateral Agent to
expend or risk its own funds or incur any liability. The Trustee and the Collateral Agent shall be under no obligation to exercise any of their rights and powers under this Indenture or the Security Documents at the request of any Holders, unless
such Holder shall have offered to the Trustee and/or the Collateral Agent, as applicable, security and indemnity satisfactory to each of them against any loss, liability or expense which might be incurred by it in compliance with such request or
direction. 
 (f)    The Trustee shall not be liable for interest on any money received by it except as the Trustee may
agree in writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

SECTION 7.2    Rights of Trustee. 

(a)    The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting on any document
believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in any such document. 

(b)    Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of
Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel of the Trustee’s own choosing and
the Trustee shall be fully protected from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance on the advice or opinion of such counsel or on any Opinion of Counsel. 

(c)    The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence
of any attorney or agent appointed with due care. 
 (d)    The Trustee shall not be liable for any action it takes or
omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. Any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Officers’
Certificate and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution. Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate. 

(e)    Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company
or a Guarantor shall be sufficient if signed by an Officer of the Company or such Guarantor. 
 (f)    The Trustee shall
be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee security and indemnity satisfactory to the Trustee
against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction. 

  
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 (g)    The Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or documents, 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 normal business hours
the books, records and premises of the Company or any Guarantor, 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. 

(h)    The rights, privileges, protections and benefits given to the Trustee, including its rights to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Persons employed to act hereunder or under any Security Document (including the Collateral Agent). 

(i)    The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person
specified as so authorized in any such certificate previously delivered and not superseded. 
 (j)    The permissive
right of the Trustee to take or refrain from taking any actions enumerated in this Indenture or any Security Document shall not be construed as a duty. 

SECTION 7.3    Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any
Affiliate of the Issuer with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 

SECTION 7.4    Trustee’s Disclaimer. 

Neither the Trustee nor the Collateral Agent shall be responsible for or make any representation as to the validity or adequacy of this
Indenture or the Notes, or the existence, genuineness, value or protection of any Collateral (except for the safe custody of Collateral in its possession actually received by it in accordance with the terms hereof) for the legality, effectiveness or
sufficiency of any Security Document, or for the creation, perfection, priority, sufficiency or protection of any Note Lien, and neither shall be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or
upon the Issuer’s direction under any provision of this Indenture, neither shall be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or
recital herein or any statement in the Notes, any statement or recital in any document in connection with the sale of the Notes or pursuant to this Indenture other than the Trustee’s certificate of authentication on the Notes. 

SECTION 7.5    Notice of Defaults. 

If a Default occurs and is continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall mail to Holders a
notice of the Default within 90 days after knowledge by the Trustee. Except in the case of a Default in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as the Trustee in good
faith determines that withholding the notice is in the interests of the Holders. 

  
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 SECTION 7.6    [Reserved]. 

SECTION 7.7    Compensation and Indemnity. 

The Issuer shall pay to the Trustee and the Collateral Agent from time to time reasonable compensation for its acceptance of this Indenture and
services hereunder in accordance with a separate fee agreement. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the Trustee and the Collateral Agent
promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the
Trustee’s and the Collateral Agent’s agents and counsel. 
 The Issuer and the Guarantors, jointly and severally, shall indemnify
the Trustee and the Collateral Agent (which for purposes of this Section 7.7 shall include its officers, directors, stockholders, employees and agents) against any and all claims, damage, losses, liabilities or expenses incurred by it arising
out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Issuer (including this Section 7.7) and defending itself against any
claim (whether asserted by the Issuer or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder except to the extent any such loss, claim, damage, liability or expense may
be attributable to its negligence or willful misconduct. The Trustee (or the Collateral Agent, as the case may be) shall notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the Trustee (or the Collateral Agent, as the
case may be) to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Issuer shall defend the claim and the Trustee (or the Collateral Agent, as the case may be) shall cooperate in the defense. The Trustee (or the
Collateral Agent, as the case may be) may have separate counsel and the Issuer shall pay the reasonable fees and expenses of one such counsel. The Issuer need not pay for any settlement made without its consent, which consent shall not be
unreasonably withheld. 
 The obligations of the Issuer and the Guarantors under this Section 7.7 shall survive the satisfaction and
discharge or termination for any reason of this Indenture or the resignation or removal of the Trustee or the Collateral Agent. 
 To secure
the Issuer’s and the Guarantors’ obligations in this Section 7.7, the Trustee and the Collateral Agent shall have a Lien prior to the Notes on all money or property held or collected by the Trustee or the Collateral Agent, except that
held in trust to pay principal or interest, if any, on particular Notes. Such Lien shall survive the satisfaction and discharge or termination for any reason of this Indenture and the resignation or removal of the Trustee or the Collateral Agent.

 In addition, and without prejudice to the rights provided to the Trustee and the Collateral Agent under any of the provisions of this
Indenture, when the Trustee or the Collateral Agent incurs expenses or renders services after an Event of Default specified in Section 6.1(8) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of
its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 
 “Trustee” for
the purposes of this Section 7.7 shall include any predecessor Trustee and the Trustee in each of its capacities hereunder and each agent, custodian and other person employed to act hereunder or under any Security Document; provided,
however, that the negligence, willful misconduct or bad faith of any Trustee hereunder shall not affect the rights of any other Trustee hereunder. 

The Trustee shall comply with the provisions of TIA § 313(b)(2) to the extent applicable.

  
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 SECTION 7.8    Replacement of Trustee. 

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.8. 
 The Trustee may resign in writing at any time and be discharged from the
trust hereby created by so notifying the Issuer. The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee if: 

(a)    the Trustee fails to comply with Section 7.10 hereof 

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

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuer. 

If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer
or the Holders of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and the duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to the
Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided that all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.7
hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Issuer’s obligations under and the Lien provided for in Section 7.7 hereof shall continue for the benefit of the retiring Trustee. 

SECTION 7.9    Successor Trustee by Merger, Etc. 

If the Trustee, the Collateral Agent or any Agent consolidates, merges or converts into, or transfers all or substantially all of its corporate
trust business to, another Person, the successor Person without any further act shall be the successor Trustee, Collateral Agent or any Agent, as applicable. 

  
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 SECTION 7.10    Eligibility; Disqualification. 

There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trust power and that is subject to supervision or examination by federal or state authorities. The Trustee together with its Affiliates shall at all times have
a combined capital surplus of at least $50.0 million as set forth in its most recent annual report of condition. 
 This Indenture
shall always have a Trustee who satisfies the requirements of TIA §§ 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b) including the provision in § 310(b)(1); provided that there shall be excluded from the
operation of TIA § 310(b)(1) any indenture or indentures under which other securities, or certificates of interest or participation in other securities, of the Issuer or the Guarantors are outstanding if the requirements for exclusion set forth
in TIA § 310(b)(1) are met. 
 SECTION 7.11    Preferential Collection of Claims Against the Issuer. 

The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or
been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 SECTION
7.12    Trustee’s Application for Instructions from the Issuer. 
 Any application by the
Trustee for written instructions from the Issuer 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 twenty Business Days after the date any officer of the Issuer 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    Limitation of Liability. 

In no event shall the Trustee, in its capacity as such, or as Paying Agent or Registrar or in any other capacity hereunder, or the Collateral
Agent, be liable under or in connection with this Indenture for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if the
Trustee or the Collateral Agent has been advised of the possibility thereof and regardless of the form of action in which such damages are sought. Neither the Trustee nor the Collateral Agent shall be responsible or liable for any failure or delay
in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including acts of God; earthquakes; fire; flood; terrorism; wars and other military
disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication services; accidents; labor disputes; acts of civil or military authority and governmental action. The
provisions of this Section 7.13 shall survive satisfaction and discharge or the termination for any reason of this Indenture and the resignation or removal of the Trustee or the Collateral Agent, as the case may be. 

  
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 SECTION 7.14    Collateral Agent. 

The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to, and
shall be enforceable by, the Collateral Agent as if the Collateral Agent were named as the Trustee herein and the Security Documents were named as this Indenture herein. 

SECTION 7.15    Co-Trustees; Separate Trustee; Collateral Agent. 

At any time or times, for the purpose of meeting the legal requirements of any jurisdiction in which any of the Collateral may at the time be
located, the Issuer, the Collateral Agent and the Trustee shall have power to appoint, and, upon the written request of (i) the Trustee or the Collateral Agent or (ii) the holders of at least 25% of the outstanding principal amount at
maturity of the Notes, the Issuer shall for such purpose join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Trustee either to act as co-trustee, jointly with the Trustee, or to act as separate trustee, co-collateral agent, sub-collateral agent or separate collateral
agent of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable,
subject to the other provisions of this Section 7.15. If the Issuer does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case an Event of Default has occurred and is continuing, the Trustee or
the Collateral Agent alone shall have power to make such appointment. 
 Should any written instrument from the Issuer be requested by any co-trustee or separate trustee or co-collateral agent, sub-collateral agent or separate collateral agent so appointed for more fully
confirming to such co-trustee or separate trustee such property, title, right or power, any and all such instruments shall, on request of such co-trustee or separate
trustee or separate collateral agent, be executed, acknowledged and delivered by the Issuer. 
 Any
co-trustee, separate trustee or co-collateral agent, sub-collateral agent or separate collateral agent shall agree in writing to
be and shall be subject to the provisions of the applicable Security Documents as if it were the Trustee or the Collateral Agent, as the case may be, thereunder (and the Trustee or the Collateral Agent, as the case may be, shall continue to be so
subject). 
 Every co-trustee or separate trustee or
co-collateral agent, sub-collateral agent or separate collateral agent shall, to the extent permitted by law, but to such extent only, be appointed subject to the
following terms, namely: 
 (a)    The Notes shall be authenticated and delivered, and all rights,
powers, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder, shall be exercised solely, by the Trustee. 

(b)    The rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect
of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and such co-trustee or separate trustee jointly, or by the Trustee and
such co-collateral agent, sub-collateral agent or separate collateral agent jointly as shall be provided in the instrument appointing such
co-trustee, separate trustee or separate collateral agent, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Trustee shall be incompetent or
unqualified to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed by such co-trustee, separate trustee or
co-collateral agent, sub-collateral agent or separate collateral agent. 

  
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 (c)    The Trustee at any time, by an instrument in writing
executed by it, with the concurrence of the Issuer evidenced by a Board Resolution, may accept the resignation of or remove any co-trustee, separate trustee or
co-collateral agent, sub-collateral agent or separate collateral agent appointed under this Section 7.15, and, in case an Event of Default has occurred and is
continuing, the Trustee shall have power to accept the resignation of, or remove, any such co-trustee, separate trustee or co-collateral agent, sub-collateral agent or separate collateral agent without the concurrence of the Issuer. Upon the written request of the Trustee, the Issuer shall join with the Trustee in the execution, delivery and performance of
all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee, separate trustee or co-collateral agent, sub-collateral agent or separate collateral agent so resigned or removed may be appointed in the manner provided in this Section 7.15. 

(d)    No co-trustee, separate trustee or co-collateral agent, sub-collateral agent or separate collateral agent hereunder shall be liable by reason of any act or omission of the Trustee, or any other such trustee, co-trustee, separate trustee, co-collateral agent, sub-collateral agent or separate collateral agent hereunder. 

(e)    The Trustee shall not be liable by reason of any act or omission of any co-trustee, separate trustee, co-collateral agent, sub-collateral agent or separate collateral agent. 

(f)    Any act of holders delivered to the Trustee shall be deemed to have been delivered to each such co-trustee, separate trustee or co-collateral agent, sub-collateral agent or separate collateral agent, as the case may be. 

ARTICLE VIII 
 LEGAL DEFEASANCE
AND COVENANT DEFEASANCE 
 SECTION 8.1    Option to Effect Legal Defeasance or Covenant Defeasance. 

The Issuer may, at the option of its Board of Directors evidenced by a Board Resolution set forth in an Officers’ Certificate, at any
time, elect to have either Section 8.2 or 8.3 hereof applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII. 

SECTION 8.2    Legal Defeasance. 

Upon the Issuer’s exercise under Section 8.1 hereof of the option applicable to this Section 8.2, the Issuer shall, subject to
the satisfaction of the conditions set forth in Section 8.4 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter,
“legal defeasance”). For this purpose, legal defeasance means that the Issuer shall be deemed to have paid and discharged the entire Debt represented by the outstanding Notes, which shall 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 (a) and (b) below, and to have satisfied all of its other obligations under such Notes and this Indenture (and the
Trustee, on written demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: (a) the rights
of Holders of outstanding Notes to receive payments in respect of the principal of, premium, if any, and interest, if any, on such Notes when such payments are due from the trust referred to in Section 8.4(1); (b) the

  
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Issuer’s obligations with respect to such Notes under Sections 2.2, 2.3, 2.4, 2.5, 2.6, 2.7, 2.10 and 4.2 hereof; (c) the rights, powers, trusts, benefits and immunities of the Trustee,
including under Section 7.7, 8.5 and 8.7 hereof and the Issuer’s obligations in connection therewith; (d) the Company’s rights pursuant to Section 3.7; and (e) the provisions of this Article VIII. Subject to
compliance with this Article VIII, the Issuer may exercise its option under this Section 8.2 notwithstanding the prior exercise of its option under Section 8.3 hereof. 

SECTION 8.3    Covenant Defeasance. 

Upon the Issuer’s exercise under Section 8.1 hereof of the option applicable to this Section 8.3, the Issuer shall, subject to
the satisfaction of the conditions set forth in Section 8.4 hereof, be released from its obligations under the covenants contained in Sections 4.3, 4.4, 4.7, 4.8, 4.9, 4.10, 4.11, 4.12, 4.14, 4.15, 4.17, 4.18, 4.19, 4.20 and 5.1 hereof with
respect to the outstanding Notes on and after the date the conditions set forth below are satisfied (hereinafter, “covenant defeasance” and, together with legal defeasance, “defeasance”), and the Notes shall
thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed
“outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, covenant defeasance means that, with respect to the outstanding Notes, the
Issuer or any of its Subsidiaries 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 above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Issuer’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(3), (4), (5), (6), (7) and (9) hereof shall not constitute Events of Default. 

SECTION 8.4    Conditions to Legal Defeasance or Covenant Defeasance. 

The following shall be the conditions to the application of either Section 8.2 or 8.3 hereof to the outstanding Notes: 

In order to exercise either legal defeasance or covenant defeasance: 

(1)    the Issuer must irrevocably have deposited or caused to be deposited with the Trustee as trust funds
in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to the benefits of the Holders of such Notes: (A) money in an amount, or (B) U.S. government obligations which through
the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than the due date of any payment, money in an amount or (C) a combination thereof, in each case sufficient without
reinvestment, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee to pay and
discharge, the entire indebtedness in respect of the principal of and premium, if any, and interest on such Notes on the Stated Maturity thereof or (if the Issuer has made irrevocable arrangements satisfactory to the Trustee for the giving of notice
of redemption by the Trustee in the name and at the expense of the Issuer) the redemption date thereof, as the case may be, in accordance with the terms of this Indenture and such Notes; 

  
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 (2)    in the case of legal defeasance, the Issuer shall have
delivered to the Trustee an Opinion of Counsel stating that (A) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the date of this Indenture, there has been a change in the
applicable United States federal income tax law, in either case (A) or (B) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Notes will not recognize gain or loss for United States federal income tax
purposes as a result of the deposit, legal defeasance and discharge to be effected with respect to such Notes and will be subject to United States federal income tax on the same amount, in the same manner and at the same times as would be the case
if such deposit, legal defeasance and discharge were not to occur; 
 (3)    in the case of covenant
defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such outstanding Notes will not recognize gain or loss for United States federal income tax purposes as a result of the deposit and
covenant defeasance to be effected with respect to such Notes and will be subject to federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and covenant defeasance were not to occur; 

(4)    no Default or Event of Default with respect to the outstanding Notes shall have occurred and be
continuing at the time of such deposit after giving effect thereto (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien to secure such borrowing); 

(5)    such legal defeasance or covenant defeasance shall not cause the Trustee to have a conflicting
interest within the meaning of the TIA (assuming all Notes are in default within the meaning of the TIA); 

(6)    such legal defeasance or covenant defeasance shall not result in a breach or violation of, or
constitute a default under, any material agreement or material instrument (other than this Indenture) to which the Company is a party or by which the Company is bound; and 

(7)    the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent with respect to such legal defeasance or covenant defeasance have been complied with and such legal or covenant defeasance is authorized and permitted by the terms hereof 

Notwithstanding the foregoing, the Opinion of Counsel required by clause (2) above with respect to a legal defeasance need not to be
delivered if all Notes not theretofore delivered to the Trustee for cancellation (x) have become due and payable, or (y) will become due and payable at Stated Maturity within one year under arrangements satisfactory to the Trustee for the
giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 
 SECTION
8.5    Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.6 hereof, all money and non-callable 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 shall be held
in trust, shall not be invested, 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

  
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Company or any Subsidiary 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 Issuer shall pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable 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. 

Anything in this Article VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon
the written request of the Issuer and be relieved of all liability with respect to any money or non-callable 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 Issuer. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the
Issuer, in trust for the payment of the principal of, premium, if any, or interest, if any, on any Note and remaining unclaimed for one year after such principal and premium, if any, or interest has become due and payable shall be paid to the Issuer
on its written request or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Issuer cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Issuer. 

SECTION 8.7    Reinstatement. 

If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable U.S.
government obligations in accordance with Section 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
obligations of the Issuer under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 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 Section 8.2 or 8.3 hereof, as the case may be; provided, however, that, if the Issuer makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its
obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment ‘from the money held by the Trustee or Paying Agent. 

  
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 SECTION 8.8    Discharge. 

The Issuer and the Guarantors may terminate the obligations under this Indenture (except certain surviving rights of the Trustee and the
Collateral Agent and the Company’s and Guarantors’ obligations with respect thereto) (a “Discharge”) when: 

(1)    either: (A) all Notes theretofore authenticated and delivered have been delivered to the
Trustee for cancellation, or (B) all such Notes not theretofore delivered to the Trustee for cancellation (i) have become due and payable or (ii) will become due and payable within one year or are to be called for redemption within
one year under irrevocable 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, and the Company has irrevocably deposited or caused to be deposited with the
Trustee funds in an amount sufficient to pay and discharge the entire indebtedness on the Notes, not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest to the Stated Maturity or date of redemption;

 (2)    the Issuer has paid or caused to be paid all other sums then due and payable under this
Indenture by the Issuer; 
 (3)    the deposit will not result in a breach or violation of, or constitute
a default under, any other material instrument (other than this Indenture) to which the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound; 

(4)    the Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the
deposited money toward the payment of the Notes at maturity or on the redemption date, as the case may be; and 

(5)    the Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel
reasonably acceptable to the Trustee, each stating that all conditions precedent under this Indenture relating to the Discharge have been complied with and that such Discharge is authorized and permitted by the terms hereof and the Security
Documents. 
 The Issuer may elect, at its option, to have its obligations discharged with respect to the outstanding Notes. Such legal
defeasance means that the Issuer will be deemed to have paid and discharged the entire indebtedness represented by the outstanding Notes, except for: 

(1)    the rights of Holders of such Notes to receive payments in respect of the principal of and any
premium and interest on such Notes when payments are due, 
 (2)    the Issuer’s obligations with
respect to such Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust, 

(3)    the rights, powers, trusts, duties and immunities of the Trustee, 

(4)    the Company’s right of optional redemption, and 

(5)    the defeasance provisions of this Indenture. 

ARTICLE IX 
 AMENDMENT, SUPPLEMENT
AND WAIVER 
 SECTION 9.1    Without Consent of Holders of the Notes. 

Subject to Section 5.3(b) of the Intercreditor Agreement and notwithstanding Section 9.2 of this Indenture, without the consent of any
Holders, the Issuer, the Guarantors, the Trustee and the Collateral 

  
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Agent, at any time and from time to time, may enter into one or more indentures supplemental to this Indenture, the Guarantees and the Security Documents for any of the following purposes: 

(1)    to evidence the succession of another Person to the Company or any Guarantor and the assumption by
any such successor of the covenants of the Company or such Guarantor in this Indenture, the Guarantees, the Security Documents and the Notes; 

(2)    to add to the covenants of the Company for the benefit of the Holders, or to surrender any right or
power herein conferred upon the Issuer; 
 (3)    to add additional Events of Default; 

(4)    to provide for uncertificated Notes in addition to or in place of the Certificated Notes; 

(5)    to evidence and provide for the acceptance of appointment under this Indenture and the Security
Documents by a successor Trustee or Collateral Agent; 
 (6)    to provide for or confirm the issuance of
Additional Notes in accordance with the terms of this Indenture; 
 (7)    to add to the Collateral
securing the Notes, to add a Guarantor or to release a Guarantor in accordance with this Indenture; 

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

(9)    to make any other provisions with respect to matters or questions arising under this Indenture;
provided that such actions pursuant to this clause shall not adversely affect the interests of the Holders in any material respect, as determined in good faith by the Board of Directors of the Company; 

(10)    to conform the text of this Indenture, the Security Documents or the Notes to any provision of the
“Description of Notes” in the Offering Memorandum to the extent that the Trustee has received an Officers’ Certificate stating that such text constitutes an unintended conflict with the description of the corresponding provision in
the “Description of Notes”; 
 (11)    to mortgage, pledge, hypothecate or grant any other Lien
in favor of the Collateral Agent for the benefit of the Trustee on behalf of the Holders of the Notes, as additional security for the payment and performance of all or any portion of the Secured 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 Collateral Agent pursuant to this Indenture, any of the Security Documents or otherwise; 

(12)    to release Collateral from the Lien of this Indenture and the Security Documents when permitted or
required by the Security Documents or this Indenture; or 
 (13)    to secure any Permitted Additional
Pari Passu Obligations under the Security Documents and to subject the same to the terms of the Intercreditor Agreement. 

  
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 SECTION 9.2    With Consent of Holders of Notes. 

Subject to Section 5.3(b) of the Intercreditor Agreement, with the consent of (i) the Holders of not less than a majority in aggregate
principal amount of the outstanding Notes, the Issuer, the Guarantors and the Trustee may enter into an indenture or indentures supplemental to this Indenture (together with the other consents required thereby) for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or the Notes or of modifying in any manner the rights of the Holders of the Notes under this Indenture, including the definitions herein, and
(ii) the holders of not less than a majority in aggregate principal amount of the outstanding Notes and the Permitted Additional Pari Passu Obligations, voting as one class, the Issuer, the Guarantors, the Trustee and the Collateral Agent may
amend or otherwise modify in any manner the Security Documents or the obligations thereunder; provided, however, that no such supplemental indenture, modification or amendment shall, without the consent of the Holder of each
outstanding Note affected thereby: 
 (1)    change the Stated Maturity of any Note or of any installment
of interest on any Note, or reduce the amount payable in respect of the principal thereof or the rate of interest thereon or any premium payable thereon, or reduce the amount that would be due and payable on acceleration of the maturity thereof, or
change the place of payment where, or the coin or currency in which, any Note or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof, or
change the date on which any Notes may be subject to redemption or reduce the Redemption Price therefor, 

(2)    reduce the percentage in aggregate principal amount of the outstanding Notes, the consent of whose
Holders is required for any such supplemental indenture or amendment, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided
for in this Indenture, 
 (3)    modify the obligations of the Company to make Offers to Purchase upon a
Change of Control or from the Excess Proceeds of Asset Sales or Excess Loss Proceeds from an Event of Loss if such modification was done after the occurrence of such Change of Control, Asset Sale or Event of Loss, as applicable, 

(4)    subordinate, in right of payment, the Notes to any other Debt of the Company, 

(5)    modify any of the provisions of this paragraph or provisions relating to waiver of defaults or
certain covenants, except to increase any such percentage required for such actions or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each outstanding Note affected
thereby, or 
 (6)    release any Guarantees required to be maintained under this Indenture (other than
in accordance with the terms of this Indenture). 
 In addition, any amendment to, or waiver of, the provisions of this Indenture or any
Security Document that has the effect of releasing all or substantially all of the Collateral from the Liens securing the Notes other than in accordance with this Indenture and the Security Documents or modifying the Intercreditor Agreement in any
manner adverse in any material respect to the Holders of the Notes will require the consent of the holders of at least 66 2⁄3% in aggregate principal amount of
the Notes and Permitted Additional Pari Passu Obligations then outstanding, voting as one class. 

  
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 The Holders of not less than a majority in aggregate principal amount of the outstanding Notes
may on behalf of the Holders of all the Notes waive any past default under this Indenture and its consequences, except a default: 

(1)    in any payment in respect of the principal of (or premium, if any) or interest on any Notes
(including any Note which is required to have been purchased pursuant to an Offer to Purchase which has been made by the Issuer), or 

(2)    in respect of a covenant or provision hereof which under this Indenture cannot be modified or
amended without the consent of the Holder of each outstanding Note affected. 
 SECTION 9.3    Revocation and Effect
of Consents. 
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent
by the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on the Note. However, any such Holder or subsequent Holder
may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. When an amendment, supplement or waiver becomes effective in accordance with its terms,
it thereafter binds every Holder. 
 The Issuer may, but shall not be obligated to, fix a record date for determining which Holders consent
to such amendment, supplement or waiver. If the Issuer fixes a record date, the record date shall be fixed at (i) the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders furnished for
the Trustee prior to such solicitation pursuant to Section 2.5 hereof or (ii) such other date as the Issuer shall designate. 

SECTION 9.4    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 Issuer in
exchange for all Notes may issue and the Trustee shall authenticate new Notes that reflect the amendment, supplement or waiver. 
 Failure
to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 

After any amendment, supplement or waiver becomes effective, the Company shall mail to Holders a notice briefly describing such amendment,
supplement or waiver. The failure to give such notice shall not affect the validity and effect of such amendment, supplement or waiver. 

SECTION 9.5    Trustee to Sign Amendments, Etc. 

The Trustee and the Collateral Agent shall sign any amended or supplemental indenture authorized pursuant to this Article IX if the
amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee or the Collateral Agent. The Issuer and the Guarantors may not sign an amendment or supplemental indenture until their respective Boards
of Directors approve it. In signing or refusing to sign any amendment or supplemental indenture the Trustee and the Collateral Agent shall be entitled to receive and (subject to Section 7.1 hereof) shall be fully protected in relying upon an
Officers’ Certificate and an Opinion of Counsel stating that the execution of such amendment or supplemental indenture is authorized or permitted by this Indenture and the Security Documents, that all conditions precedent thereto have been met
or waived and that such amendment or supplemental indenture is not inconsistent herewith. 

  
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 ARTICLE X 

SECURITY 
 SECTION
10.1    Security Documents; Additional Collateral. 
 (a)    Security Documents. In
order to secure the due and punctual payment of the Secured Obligations, the Company, the Guarantors, the Collateral Agent and the other parties thereto have simultaneously with the execution of this Indenture entered or, in accordance with the
provisions of Section 4.18, Section 4.20 and this Article X will enter into the Security Documents. 

(b)    Post-Closing Collateral. To the extent not completed prior to the Issue Date, the Issuer or the applicable
Guarantor will take the actions and satisfy the requirements set forth on Schedule B on or prior to the date set forth on Schedule B with respect to each Mortgaged Property listed on Schedule A. At any time that the Company or
any Guarantor shall acquire or own any real property with a fair market value in excess of $2,000,000 which does not constitute Excluded Property and which is not subject to a Mortgage in favor of the Collateral Agent for the benefit of the
Noteholder Secured Parties, the Company or such Guarantor shall within one-hundred eighty (180) days after the acquisition of such real property (or such later date as the ABL Agent may agree with respect
to the corresponding requirement under the ABL Documents), duly execute and deliver to the Collateral Agent counterparts of a Mortgage together with other items set forth in Schedule B, with respect to any such real property. 

SECTION 10.2    [Reserved]. 

SECTION 10.3    Releases of Collateral. 

The Liens securing the Notes and the Guarantees will, automatically and without the need for any further action by any Person be released: 

(a)    in whole or in part, with the consent of the requisite holders in accordance with Article IX,
including consents obtained in connection with a tender offer or exchange offer for, or purchase of, Notes: 

(b)    in whole, upon: 

(i)    Discharge of this Indenture under Section 8.8 hereof; or 

(ii)    a legal defeasance or covenant defeasance of this Indenture under Article VIII hereof; 

(iii)    upon payment in full of principal, interest and all other Obligations on the Notes issued under
this Indenture; 
 (c)    in part, as to any asset constituting Collateral: 

(i)    that is sold or otherwise disposed of by the Company or any of the Guarantors (other than any such
sale to the Company or a Guarantor) in a transaction permitted under Section 4.10 and the Security Documents (to the extent of the interest sold or 

  
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disposed of) or otherwise permitted by this Indenture and the Security Documents, if all other Liens on that asset securing the ABL Obligations and any Permitted Additional Pari Passu Obligations
then secured by that asset (including all commitments thereunder) are released; 
 (ii)    [reserved];

 (iii)    that becomes Excluded Property; or 

(iv)    that is otherwise released in accordance with, and as expressly provided for in accordance with,
the Intercreditor Agreement, this Indenture and the Security Documents. 
 SECTION 10.4    Form and Sufficiency of
Release. 
 In the event that either the Issuer or any Guarantor has sold, exchanged, or otherwise disposed of or proposes to sell,
exchange or otherwise dispose of any portion of the Collateral that, under the terms of this Indenture may be sold, exchanged or otherwise disposed of by the Issuer or any Guarantor, and the Issuer or such Guarantor requests the Trustee or the
Collateral Agent to furnish a written disclaimer, release or quitclaim of any interest in such property under this Indenture, the applicable Guarantee and the Security Documents, upon receipt of an Officers’ Certificate and Opinion of Counsel
to the effect that such release complies with Section 10.3 and specifying the provision in Section 10.3 pursuant to which such release is being made (upon which the Trustee and the Collateral Agent may exclusively and conclusively rely),
the Trustee shall execute, acknowledge and deliver to the Issuer or such Guarantor (or instruct the Collateral Agent to do the same and the Collateral Agent shall execute, acknowledge and deliver) such an instrument in the form provided by the
Issuer, and providing for release without recourse and shall take such other action as the Issuer or such Guarantor may reasonably request and as necessary to effect such release. Before executing, acknowledging or delivering any such instrument,
the Trustee shall be furnished with an Officers’ Certificate and an Opinion of Counsel (on which the Trustee and the Collateral Agent shall be entitled to conclusively and exclusively rely) each stating that such release is authorized and
permitted by the terms hereof and the Security Documents and that all conditions precedent with respect to such release have been complied with. 

SECTION 10.5    Possession and Use of Collateral. 

Subject to the provisions of the Security Documents, the Company and the Guarantors shall have the right to remain in possession and retain
exclusive control of and to exercise all rights with respect to the Collateral (other than monies or U.S. government obligations deposited pursuant to Article VIII, and other than as set forth in the Security Documents and this Indenture), to
operate, manage, develop, lease, use, consume and enjoy the Collateral (other than monies and U.S. government obligations deposited pursuant to Article VIII and other than as set forth in the Security Documents and this Indenture), to alter
or repair any Collateral so long as such alterations and repairs do not impair the Lien of the Security Documents thereon, and to collect, receive, use, invest and dispose of the reversions, remainders, interest, rents, lease payments, issues,
profits, revenues, proceeds and other income thereof. 
 SECTION 10.6    Purchaser Protected. 

No purchaser or grantee of any property or rights purporting to be released shall be bound to ascertain the authority of the Trustee or the
Collateral Agent to execute the release or to inquire as to the existence of any conditions herein prescribed for the exercise of such authority so long as the conditions set forth in Section 10.4 have been satisfied. 

  
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 SECTION 10.7    Authorization of Actions to Be Taken by the Collateral
Agent Under the Security Documents. 
 In acting hereunder and under the Security Documents, the Holders, the Issuer and the Guarantors
agree that the Collateral Agent shall be entitled to the rights, privileges, protections, immunities, indemnities and benefits provided to the Trustee hereunder as if such were provided to the Collateral Agent. Furthermore, each holder of a Note, by
accepting such Note, appoints U.S. Bank National Association as its collateral agent, and consents to the terms of and authorizes and directs the Trustee (in each of its capacities) and the Collateral Agent to enter into and perform the Security
Documents in each of its capacities thereunder and U.S. Bank National Association hereby accepts such appointment. 
 SECTION
10.8    Authorization of Receipt of Funds by the Trustee Under the Security Agreement. 
 Subject to
the terms of the Intercreditor Agreement, the Trustee and the Collateral Agent are authorized to receive any funds for the benefit of Holders distributed under the Security Documents to the Trustee or the Collateral Agent, to apply such funds as
provided in this Indenture and the Security Documents. 
 SECTION 10.9    Powers Exercisable by Receiver or
Collateral Agent. 
 In case the Collateral shall be in the possession of a receiver or trustee, lawfully appointed, the powers conferred
in this Article X upon the Issuer or any Guarantor, as applicable, with respect to the release, sale or other disposition of such property may be exercised by such receiver or trustee, and an instrument signed by such receiver or trustee
shall be deemed the equivalent of any similar instrument of the Issuer or any Guarantor, as applicable, or of any officer or officers thereof required by the provisions of this Article X. 

SECTION 10.10    Appointment, Authorization and Rights of U.S. Bank National Association as Collateral Agent. 

(a)    U.S. Bank National Association is hereby designated and appointed as the Collateral Agent of the Holders under the
Security Documents, and is authorized as the Collateral Agent for such Holders to execute and enter into each of the Security Documents and all other instruments relating to the Security Documents and (i) to take action and exercise such powers
as are expressly required or permitted hereunder and under the Security Documents and all instruments relating hereto and thereto and (ii) to exercise such powers and perform such duties as are in each case, expressly delegated to the
Collateral Agent by the terms hereof and thereof together with such other powers as are reasonably incidental hereto and thereto. 

(b)    Notwithstanding any provision to the contrary elsewhere in this Indenture or the Security Documents, the Collateral
Agent shall not have any duties or responsibilities except those expressly set forth herein or therein or any fiduciary relationship with any Holder, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be
read into this Indenture or any Security Document or otherwise exist against the Collateral Agent. 
 (c)    The
Collateral Agent 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 hereunder or under the Security Documents in good faith and in accordance with the advice or opinion of such counsel. 

  
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 (d)    The Collateral 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 Security 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 acting pursuant to direction from the Trustee or
the Holders of a majority in aggregate principal amount of the Notes or Secured Obligations, as applicable, (iii) shall not be responsible in any manner to any person for any recital, statement, representation, warranty, covenant, agreement or
information made by the Issuer or any Guarantor, or any Officer or related person thereof, contained in this Indenture, or any Security Documents, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Indenture, the
Security Documents or the Intercreditor Agreement, or for any failure of any party to this Indenture, the Security Documents or the Intercreditor Agreement to perform its obligations hereunder or thereunder, and (iv) shall have no obligation
whatsoever to the Trustee or any of the Holders to assure that the Collateral exists or is owned by the Issuer or the Guarantors, or is cared for, protected, or insured or has been encumbered, or that the Collateral Agent’s Liens have been
properly or sufficiently or lawfully created, perfected, protected, maintained or enforced or are entitled to any particular priority. The Collateral Agent does not assume any responsibility for the genuineness, validity, marketability,
enforceability, collectability, value, sufficiency, location or existence of any Collateral or title thereto, 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 Security Documents. 
 (e)    Notwithstanding anything to the
contrary contained herein or in any Security Document, the Collateral Agent shall solely act pursuant to the instructions of the Holders and the Trustee with respect to the Security Documents and the Collateral. The Collateral Agent shall be fully
justified in failing or refusing to take any action under this Indenture, the Security Documents or the Intercreditor Agreement unless it shall first receive such direction, advice or concurrence of the Trustee or the Holders of a majority in
aggregate principal amount of the Notes or Secured Obligations, as applicable, as it determines and, if it so requests, it shall first be indemnified to its satisfaction by the Holders or Noteholder Secured Parties, as applicable, against any and
all loss, liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Indenture, the
Security 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 or Secured Obligations, as
applicable, and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Holders or Noteholder Secured Parties, as applicable. Subject to the provisions of the Security Documents, after the occurrence of
an Event of Default, the Trustee or the Holders of a majority in aggregate principal amount of the Notes may direct the Collateral Agent in connection with any action required or permitted by this Indenture, the Security Documents or the
Intercreditor Agreement. For the avoidance of doubt, the Collateral Agent shall have no discretion under this Indenture, the Intercreditor Agreement or the Security Documents and shall not be required to make or give any determination, consent,
approval, request or direction without the written direction of the Holders of a majority in aggregate principal amount of the then outstanding Notes or Secured Obligations, as applicable, or the Trustee, as applicable. 

(f)    The Collateral Agent shall be entitled to all of the rights, privileges and immunities granted to the Trustee under
Article VII. The Collateral Agent may resign or be removed in accordance with the provisions of Section 7.8. 

  
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 (g)    Notwithstanding anything to the contrary contained in this Indenture,
the Intercreditor Agreement or the Security Documents, in the event the Collateral Agent is entitled or required to commence an action to foreclose or otherwise exercise its remedies to acquire control or possession of the Collateral, the Collateral
Agent shall not be required to commence any such action or exercise any remedy or to inspect or conduct any studies of any property under the mortgages or take any such other action if the Collateral Agent has determined that the Collateral Agent
may incur personal liability as a result of the presence at, or release on or from, the Collateral or such property, of any hazardous substances unless the Collateral Agent has received security or indemnity from the Holders in an amount and in a
form all satisfactory to the Collateral Agent in its sole discretion, protecting the Collateral Agent from all such liability. The Collateral Agent shall at any time be entitled to cease taking any action described in this clause if it no longer
reasonably deems any indemnity, security or undertaking from the Issuer or the Holders to be sufficient. 

(h)    Notwithstanding anything to the contrary in this Indenture or any Security Document, in no event shall the
Collateral Agent 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
Security Documents (including without limitation the filing or continuation of any UCC financing or continuation statements or similar documents or instruments), nor shall the Collateral Agent be responsible for, and the Collateral Agent makes no
representation regarding, the validity, effectiveness or priority of any of the Security Documents or the security interests or Liens intended to be created thereby. 

(i)    The Collateral Agent shall be entitled to compensation, reimbursement and indemnification in accordance with
Section 7.7. 
 (j)    Whether or not expressly stated therein, when acting under any Security Document, the
Collateral Agent shall be entitled to all of the rights, privileges and immunities granted to it under this Indenture. 
 ARTICLE XI 

[RESERVED] 
 ARTICLE XII 

NOTE GUARANTEES 
 SECTION
12.1    Note Guarantees. 
 (a)    Each Guarantor hereby jointly and severally,
unconditionally and irrevocably guarantees the Notes and obligations of the Issuer hereunder and thereunder, and guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee on behalf of such Holder, that:
(i) the principal of and premium, if any and interest on the Notes shall be paid in full when due, whether at Stated Maturity, by acceleration, call for redemption or otherwise (including the amount that would become due but for the operation
of the automatic stay under Section 362(a) of the Bankruptcy Code), together with interest on the overdue principal, if any, and interest on any overdue interest, to the extent lawful, and all other obligations of the Issuer to the Holders, the
Trustee or the Collateral Agent hereunder or thereunder shall be paid in full or performed, all in accordance with the terms hereof and thereof and (ii) in case of any extension of time of payment or renewal of any Notes or of any such other
obligations, the same shall be paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. Each of the Note Guarantees shall be a guarantee of payment and not
of collection. 

  
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 (b)    Each Guarantor hereby agrees that its obligations hereunder shall be
unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, the
recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. 

(c)    Each Guarantor hereby waives the benefits of diligence, presentment, demand for payment, filing of claims with a
court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company or any other Person, protest, notice and all demands whatsoever and covenants that the Note Guarantee of such Guarantor shall
not be discharged as to any Note except by complete performance of the obligations contained in such Note and such Note Guarantee or as provided for in this Indenture. Each of the Guarantors hereby agrees that, in the event of a default in payment
of principal or premium, if any or interest on such Note, whether at its Stated Maturity, by acceleration, call for redemption, purchase or otherwise, legal proceedings may be instituted by the Trustee on behalf of, or by, the Holder of such Note,
subject to the terms and conditions set forth in this Indenture, directly against each of the Guarantors to enforce such Guarantor’s Note Guarantee without first proceeding against the Company or any other Guarantor. Each Guarantor agrees that
if, after the occurrence and during the continuance of an Event of Default, the Trustee or any of the Holders are prevented by applicable law from exercising their respective rights to accelerate the maturity of the Notes, to collect interest on the
Notes, or to enforce or exercise any other right or remedy with respect to the Notes, such Guarantor shall pay to the Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise have been due and payable had such
rights and remedies been permitted to be exercised by the Trustee or any of the Holders. 
 (d)    If any Holder, the
Trustee or the Collateral Agent is required by any court or otherwise to return to the Issuer or any Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to the Issuer or any Guarantor, any amount paid by any
of them to the Trustee, the Collateral Agent or such Holder, the Note Guarantee of each of the Guarantors, to the extent theretofore discharged, shall be reinstated in full force and effect. This paragraph (d) shall remain effective
notwithstanding any contrary action which may be taken by the Trustee, the Collateral Agent or any Holder in reliance upon such amount required to be returned. This paragraph (d) shall survive the termination of this Indenture. 

(e)    Each Guarantor further agrees that, as between each Guarantor, on the one hand, and the Holders, Trustee and the
Collateral Agent, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI hereof for the purposes of the Note Guarantee of such Guarantor, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of such obligations as provided in Article VI hereof, such obligations (whether or not due and
payable) shall forthwith become due and payable by each Guarantor for the purpose of the Note Guarantee of such Guarantor. 
 SECTION
12.2    Execution and Delivery of Note Guarantee. 
 To evidence its Note Guarantee set forth in
Section 12.1, each Guarantor agrees that a notation of such Note Guarantee substantially in the form attached hereto as Exhibit B shall be endorsed on each Note authenticated and delivered by the Trustee. Such notation of Note Guarantee
shall be signed on behalf of such Guarantor by an officer of such Guarantor (or, if an officer is not available, by a board member, director or member, as applicable) on behalf of such Guarantor by manual or facsimile signature. In case the Officer,
board member or director or member of such Guarantor who shall have signed such 

  
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notation of Note Guarantee shall cease to be such Officer, board member, director or member before the Note on which such Note Guarantee is endorsed shall have been authenticated and delivered by
the Trustee, such Note nevertheless may be authenticated and delivered as though the Person who signed such notation of Note Guarantee had not ceased to be such officer, board member, director or member. 

Each Guarantor agrees that its Note Guarantee set forth in Section 12.1 shall remain in full force and effect and apply to all the Notes
notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of any Note Guarantee set forth in this
Indenture on behalf of the Guarantors. 
 The failure to endorse a Note Guarantee shall not affect or impair the validity thereof. 

SECTION 12.3    Severability. 

In case any provision of any Note Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 12.4    Limitation of
Guarantors’ Liability. 
 Each Guarantor and by its acceptance hereof each Holder confirms that it is the intention of
all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or
state law or the provisions of its local law relating to fraudulent transfer or conveyance. To effectuate the foregoing intention, the Trustee, the Holders and Guarantors hereby irrevocably agree that the obligations of such Guarantor under its Note
Guarantee shall be limited to the maximum amount that will not, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from, rights to receive contribution from or payments made
by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Note Guarantee, result in the obligations of such Guarantor under its Note Guarantee constituting a fraudulent transfer or conveyance. 

SECTION 12.5    Guarantors May Consolidate, Etc., on Certain Terms. 

A Guarantor may not sell or otherwise dispose of all or substantially all of its assets, or consolidate with or merge with or into (whether or
not such Guarantor is the Surviving Entity) another Person unless: 
 (1)    immediately after giving
effect to such transactions, no Default or Event of Default exists; and 
 (2)    either: 

(A)    the Person acquiring the property in any such sale or disposition or the Person formed by or
surviving any such consolidation or merger assumes all the obligations of that Guarantor under this Indenture pursuant to a supplemental indenture satisfactory to the Trustee; or 

(B)    the Net Cash Proceeds of any such sale or other disposition of a Guarantor are applied in accordance
with the provisions of Section 4.10 hereof; and 

  
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 (3)    the Company delivers, or causes to be delivered, to
the Trustee an Officers’ Certificate (upon which the Trustee shall be entitled to conclusively and exclusively rely), each stating that such sale, other disposition, consolidation or merger complies with the requirements of this Indenture. 

In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture,
executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Guarantor, such successor
Person shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. All the Note Guarantees so issued shall in all respects have the same legal rank and benefit under this Indenture as the
Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all such Note Guarantees had been issued at the date of the execution hereof. 

Except as set forth in Articles IV and V hereof, and notwithstanding clauses (1) and (2) above, nothing contained in this
Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the Issuer or another Guarantor, or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an
entirety to the Issuer or another Guarantor. 
 SECTION 12.6    [Intentionally Omitted]. 

SECTION 12.7    Release of a Guarantor. 

The Note Guarantee of a Guarantor and such Guarantor’s obligations under the Security Documents will be automatically and unconditionally
released: 
 (a)    in the event of a sale or other transfer (including by way of consolidation or
merger) of Capital Interests in such Guarantor in compliance with Section 4.10 following which such Guarantor ceases to be a Subsidiary; 

(b)    upon the designation of such Guarantor as an Unrestricted Subsidiary in compliance with
Section 4.19; or 
 (c)    in connection with a Discharge, legal defeasance or covenant defeasance
in compliance with Article VIII. 
 Any Guarantor not so released shall remain liable for the full amount of principal and interest
on the Notes as provided in its Note Guarantee. 
 SECTION 12.8    Benefits Acknowledged. 

Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture
and that its guarantee and waivers pursuant to its Note Guarantee are knowingly made in contemplation of such benefits. 
 SECTION
12.9    Future Guarantors. 
 Each Person that is required to become a Guarantor after the Issue Date pursuant to
Section 4.18 shall promptly execute and deliver to the Trustee a supplemental indenture pursuant to which such Person shall become a Guarantor. Concurrently with the execution and delivery of such supplemental indenture, the Company shall
deliver to the Trustee an Opinion of Counsel and an Officers’ Certificate (upon which 

  
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the Trustee shall be entitled to conclusively and exclusively rely) to the effect that such supplemental indenture has been duly authorized, executed and delivered by such Person and that,
subject to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other similar laws relating to creditors’ rights generally and to the principles of equity, whether considered in a proceeding at law or in
equity, the Guarantee of such Guarantor is a legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms and/or to such other matters as the Trustee may reasonably request. 

ARTICLE XIII 
 MISCELLANEOUS 

SECTION 13.1    Trust Indenture Act Controls. 

If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA § 318(c), the imposed duties shall
control. 
 SECTION 13.2    Notices. 

Any notice or communication by the Issuer, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or
mailed by first class mail (registered or certified, return receipt requested), tele-copier or overnight air courier guaranteeing next day delivery, to the others address: 

If to the Issuer or any Guarantor: 

Salem Media Group, Inc. 
 4880
Santa Rosa Road 
 Camarillo, CA 93012 

Facsimile: (805) 384-4505 

Attention: Christopher J. Henderson, General Counsel 

With a copy to: 
 K&L Gates
LLP 
 1 Park Plaza, 12th Floor 

Irvine, CA 92612 
 Facsimile:
(949) 623-4508 
 Attention: David C. Lee 

If to the Trustee and the Collateral Agent: 

U.S. Bank National Association 

Global Corporate Trust Services 

633 West Fifth Street, 24th Floor 

Los Angeles, California 90071 

Facsimile: (213) 615-6197 

Attention: P. Oswald (Salem Media) 

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

  
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 All notices and communications (other than those sent to Holders, the Trustee and the Collateral
Agent) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the next Business
Day after timely delivery to the courier, if sent by overnight air courier promising next Business Day delivery. All notices and communications to the Trustee or the Collateral Agent shall only be deemed to have been duly given upon receipt by a
Responsible Officer of the Trustee or the Collateral Agent, as the case may be. 
 Any notice or communication to a Holder shall be mailed
by first class mail or by overnight air courier promising next Business Day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in TIA § 313(c), to the
extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 

If a notice or communication is mailed or delivered in the manner provided above within the time prescribed, it is duly given, whether or not
the addressee receives it, except in the case of notices or communications given to the Trustee, which shall be effective only upon actual receipt. 

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

The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods; provided, however, that, the Trustee shall have received an incumbency certificate listing persons designated to give such
instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced on or before delivery of any such instructions or directions whenever a person is to be added
or deleted from the listing. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such
instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance
with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to
submit instructions and directions to the Trustee, including the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

Any notice or communication delivered or to be delivered to a Holder of Global Notes shall be delivered in accordance with the applicable
procedures of the Depositary and shall be sufficiently given to it if so delivered within the time prescribed. 
 SECTION
13.3    Communication by Holders of Notes with Other Holders of Notes. 
 Holders may communicate pursuant to TIA
§ 312(b) with other Holders with respect to their rights under this Indenture, the Security Documents or the Notes. The Issuer, the Guarantor, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

  
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 SECTION 13.4    Certificate and Opinion as to Conditions Precedent.

 Upon any request or application by the Issuer to the Trustee to take any action under this Indenture (other than the initial issuance of
the Notes), the Issuer shall furnish to the Trustee upon request: 
 (a)    an Officers’ Certificate
(which shall include the statements set forth in Section 13.5 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been
satisfied; and 
 (b)    an Opinion of Counsel (which shall include the statements set forth in
Section 13.5 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

SECTION 13.5    Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

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

 (b)    a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; 
 (c)    a statement that, in
the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(d)    a statement as to whether or not, in the opinion of such Person, such condition or covenant has been
satisfied. 
 SECTION 13.6    Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions. 
 SECTION 13.7    No Personal Liability of Directors, Officers, Employees
and Stockholders. 
 No director, officer, employee, stockholder, general or limited partner, member or incorporator, past, present or
future, of the Company or any of its Subsidiaries, as such or in such capacity, shall have any personal liability for any obligations of the Issuer under the Notes, any Note Guarantee or this Indenture by reason of his, her or its status as such
director, officer, employee, stockholder, general or limited partner, member or incorporator. 
 SECTION
13.8    Governing Law. 
 THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE,
THE NOTES AND THE NOTE GUARANTEES, IF ANY. The parties to this Indenture each hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of
Manhattan in The City of New York in any action or proceeding arising out of or relating to the Notes, the Note Guarantees or this Indenture, and all such parties hereby irrevocably agree that all claims in respect of such action or proceeding may
be heard and determined in such New York State or federal court and hereby irrevocably waive, to the fullest extent that they may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE NOTE GUARANTEES OR THE
TRANSACTIONS CONTEMPLATED HEREBY. 

  
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 SECTION 13.9    No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 SECTION
13.10    Successors. 
 All agreements of the Issuer and the Guarantors in this Indenture and the Notes and the
Note Guarantees, as applicable, shall bind their respective successors and assigns. All agreements of the Trustee and the Collateral Agent in this Indenture shall bind its successors and assigns. 

SECTION 13.11    Severability. 

In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 13.12    Counterpart
Originals. 
 The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. 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. 
 SECTION 13.13    Table of Contents, Headings,
Etc. 
 The Table of Contents, Cross-Reference Table and headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

SECTION 13.14    Acts of Holders. 

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

  
 -92- 

 
authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to such officer the execution thereof. Where such execution is
by a signer acting in a capacity other than such signer’s individual capacity, such certificate or affidavit shall also constitute sufficient proof of such signer’s authority. The fact and date of the execution of any such instrument or
writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

(b)    The ownership of Notes shall be proved by the Holder list maintained under Section 2.5 hereunder. 

(c)    Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall
bind every future Holder of the same Note and the holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the
Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 
 (d)    If the Issuer shall
solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Issuer may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled
to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Issuer shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver
or other Act may be given before or after such record date, but only the Holders at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of outstanding
Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the outstanding Notes shall be computed as of such record date; provided that no such
authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 

SECTION 13.15    Intercreditor Agreement. 

The Trustee, the Collateral Agent and the Holders are bound by the terms of the Intercreditor Agreement and the other Security Documents. 

SECTION 13.16    USA PATRIOT Act .  

The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee and the Collateral 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
with the Trustee or the Collateral Agent. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee and the Collateral Agent to satisfy the requirements of the USA PATRIOT
Act. 
 [Signatures on following page] 

  
 -93- 

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

			
	SALEM MEDIA GROUP, INC.
		
	By:	 	 /s/ Evan D. Masyr

		 	Name: Evan D. Masyr
		 	Title:   Chief Financial Officer
	
	 AIR HOT, INC.

	 BISON MEDIA, INC.

	 CARON BROADCASTING, INC.

	 COMMON GROUND BROADCASTING, INC.

INSPIRATION MEDIA, INC.

	 NEW INSPIRATION BROADCASTING COMPANY, INC.

NI ACQUISITION CORP.

	 PENNSYLVANIA MEDIA ASSOCIATES, INC.

	 REACH SATELLITE NETWORK, INC.

	 SALEM CONSUMER PRODUCTS, INC.

	 SALEM COMMUNICATIONS HOLDING CORPORATION

SALEM MEDIA OF COLORADO, INC.

	 SALEM MEDIA OF HAWAII, INC.

	 SALEM MEDIA OF KENTUCKY, INC.

	 SALEM MEDIA OF OHIO, INC.

	 SALEM MEDIA OF OREGON, INC.

	 SALEM MEDIA OF TEXAS, INC.

	 SALEM MEDIA OF VIRGINIA, INC.

	 SALEM MEDIA REPRESENTATIVES, INC.

	 SALEM PUBLISHING, INC.

	 SALEM RADIO NETWORK INCORPORATED

	 SALEM RADIO PROPERTIES, INC.

	 SCA LICENSE CORPORATION

	 SOUTH TEXAS BROADCASTING, INC.

	 SRN NEWS NETWORK, INC.

	 SRN STORE, INC.

	
	as Guarantors
		
	By:	 	 /s/ Evan D. Masyr

		 	Name: Evan D. Masyr
		 	Title:   Chief Financial Officer

  
 [Indenture] 

					
	INSPIRATION MEDIA OF TEXAS, LLC
	BY:	 	SCA LICENSE CORPORATION,
		 	its Managing Member
	
	SALEM MEDIA OF ILLINOIS, LLC
	BY:	 	SCA LICENSE CORPORATION,
		 	its Managing Member
	
	SALEM MEDIA OF MASSACHUSETTS, LLC
	BY:	 	SCA LICENSE CORPORATION,
		 	its Managing Member
	
	SALEM MEDIA OF NEW YORK, LLC
	BY:	 	SCA LICENSE CORPORATION,
		 	its Managing Member
	
	SALEM RADIO OPERATIONS, LLC
	BY:	 	SCA LICENSE CORPORATION,
		 	its Managing Member
	
	SALEM SATELLITE MEDIA, LLC
	BY:	 	SCA LICENSE CORPORATION,
		 	its Managing Member
	
	SALEM WEB NETWORK, LLC
	BY:	 	SCA LICENSE CORPORATION,
		 	its Managing Member
	
	SCA-PALO ALTO, LLC
	BY:	 	SCA LICENSE CORPORATION,
		 	its Managing Member
	
	as Guarantors
		
	By:	 	 /s/ Evan D. Masyr

		 	Name:	 	Evan D. Masyr
		 	Title:	 	Chief Financial Officer

  
 [Indenture] 

					
	EAGLE PRODUCTS, LLC
	BY:	 	CARON BROADCASTING, INC.,
		 	its Managing Member
	
	as Guarantor
		
	By:	 	 /s/ Evan D. Masyr

		 	Name:	 	Evan D. Masyr
		 	Title:	 	Chief Financial Officer

  
 [Indenture] 

 
					
	U.S. BANK NATIONAL ASSOCIATION, as Trustee and Collateral Agent
		
	By:	 	 /s/ Paula Oswald

		 	Name:	 	Paula Oswald
		 	Title:	 	Vice President

  
 [Indenture] 

 EXHIBIT A 

FORM OF 6.750% SENIOR SECURED NOTE 

(Face of 6.750% Senior Secured Note) 

6.750% Senior Secured Notes due 2024 
 [Global
Note Legend] 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF A DEPOSITARY OR A SUCCESSOR DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF
THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO SALEM MEDIA GROUP, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE 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. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. 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
SECTION 2.16 OF THE INDENTURE. 
 [Restricted Note Legend] 

THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (4) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (5) PURSUANT 

  
 A-1 

 
TO ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED ON AN OPINION OF COUNSEL IF THE ISSUER SO REQUESTS) AND (B) IN ACCORDANCE WITH ALL APPLICABLE
SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS. 

  
 A-2 

 SALEM MEDIA GROUP, INC. 

6.750% SENIOR SECURED NOTE DUE 2024 
  

			
	No.	  	 INITIAL NOTES CUSIP:
 144A: 794093 AG9

Reg S: U8639U AA0
 INITIAL NOTES ISIN:

144A: US794093AG99
 Reg S: USU8639UAA08

 Salem Media Group, Inc. promises to pay to Cede & Co. or registered assigns, the principal sum of
[        ($        )] [        ($        )] on June 1, 2024. 

Interest Payment Dates: June 1and December 1, beginning December 1, 2017 

Record Dates: May 15 and November 15 

Reference is made to further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Note shall not be entitled to any benefits under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

  
 A-3 

 
					
	SALEM MEDIA GROUP, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 A-4 

			
	
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the 6.750% Senior Secured
 Notes referred to in the
within-mentioned Indenture:
 Dated: May 19, 2017

 
 U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity, but solely as
Trustee

		
	By:	 	  

		 	Authorized Signatory

  
 A-5 

 (Reverse of 6.750% Senior Secured Note) 

6.750% Senior Secured Notes due 2024 

SALEM MEDIA GROUP, INC. 

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

(1)    Interest. Salem Media Group, Inc., a Delaware corporation (“Salem”), promises to pay
interest on the principal amount of this Note (the “Notes”) at the rate of 6.750% per annum. Salem will pay interest in United States dollars (except as otherwise provided herein) semiannually in arrears on June 1 and
December 1, commencing on December 1, 2017, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date to
which interest has been paid or, if no interest has been paid, from and including May 19, 2017. Salem shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to
then applicable interest rate on the Notes to the extent lawful; 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 shall be computed on the basis of a 360-day year comprised of twelve 30-day months. The interest rate on the Notes will
in no event be higher than the maximum rate permitted by New York law as the same may be modified by United States law of general application. 

(2)    Method of Payment. Salem will pay interest on the Notes (except defaulted interest) on the applicable
Interest Payment Date to the Persons who are registered Holders of Notes at the close of business on the May 15 and November 15 preceding the Interest Payment Date, even if such Notes are cancelled after such record date and on or before
such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes shall be payable as to principal, premium and interest at the office or agency of Salem maintained for such purpose
within or without the City and State of New York, or, at the option of Salem, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of
immediately available funds shall be required with respect to principal of, premium, if any, and interest on, all Global Notes and all other Notes the Holders of which shall have provided written wire transfer instructions to Salem and the Paying
Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

Any payments of principal of and interest on this Note prior to Stated Maturity shall be binding upon all future Holders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. The amount due and payable at the maturity of this Note shall be payable only upon presentation and surrender of this Note
at an office of the Trustee or the Trustee’s agent appointed for such purposes. 
 (3)    Paying Agent and
Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, shall act as Paying Agent and Registrar. Salem may change any Paying Agent or Registrar without notice to any Holder. Salem or any of its Restricted
Subsidiaries may act in any such capacity. 
 (4)    Indenture. Salem issued the Notes under an Indenture, dated
as of May 19, 2017 (the “Indenture”), among Salem, the Guarantors, the Trustee and the Collateral Agent. The terms of the Notes include those stated in the Indenture. To the extent the provisions of this Note are
inconsistent with the provisions of the Indenture, the Indenture shall govern. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. The Notes issued on the Issue Date

  
 A-6 

 
are senior Obligations of Salem limited to $255,000,000 in aggregate principal amount, plus amounts, if any, sufficient to pay premium and interest on outstanding Notes as set forth in Paragraph
2 hereof. The Indenture permits the issuance of Additional Notes subject to compliance with certain conditions. 
 The payment of principal
and interest on the Notes is unconditionally guaranteed on a senior basis by the Guarantors. 
 (5)    Optional
Redemption. 
 (a)    The Notes may be redeemed, in whole or in part, at any time prior to June 1, 2020, at the
option of the Company upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each Holder’s registered address, or in the case of global notes, delivered electronically in accordance with the procedures of
the depositary, at a Redemption Price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, but not including, the applicable redemption date (subject to the right
of holders of record on the relevant record date to receive interest due on the relevant interest payment date falling on or prior to the redemption date). 

(b)    The Notes are subject to redemption, at the option of the Company, in whole or in part, at any time on or after
June 1, 2020, upon not less than 30 nor more than 60 days’ notice at the following Redemption Prices (expressed as percentages of the principal amount to be redeemed) set forth below, plus accrued and unpaid interest, if any, to, but not
including, the redemption date (subject to the right of Holders of record on the relevant regular record date to receive interest due on an interest payment date falling on or prior to the redemption date), if redeemed during the 12-month period beginning June 1 of the years indicated: 
  

			
	 Year
	  	Percentage
	 2020
	  	103.375%
	 2021
	  	101.688%
	 2022 and thereafter
	  	100.000%

 (c)    At any time, or from time to time, prior to June 1, 2020, the Company may,
with the net proceeds of one or more Equity Offerings, redeem up to 35% of the aggregate principal amount of the outstanding Notes (including Additional Notes) at a Redemption Price equal to 106.750% of the principal amount of thereof, together with
accrued and unpaid interest thereon, if any, to, but not including, the date of redemption; provided that at least 65% of the principal amount of Notes then outstanding (including Additional Notes) remains outstanding immediately after the
occurrence of any such redemption (excluding Notes held by the Company or its Subsidiaries) and that any such redemption occurs within 90 days following the closing of any such Equity Offering. 

(d)    In addition, prior to June 1, 2020, the Company may redeem up to 10% of the aggregate original principal
amount of the Notes in any 12-month period, in connection with up to two redemptions in such 12-month period, upon not less than 30 nor more than 60 days’ prior
notice mailed by first-class mail to each Holder’s registered address, or in the case of the global notes, delivered electronically in accordance with the procedures of the depositary, at a Redemption Price of 103% of the principal amount
thereof, plus accrued and unpaid interest to, but not including, the redemption date. 
 (6)    Mandatory
Redemption. Except as set forth under Sections 4.10, 4.14 and 4.16 of the Indenture, the Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

  
 A-7 

 (7)    Repurchase at Option of Holder. 

(a)    Upon the occurrence of certain events, the Company may be required to commence an Offer to Purchase pursuant to an
Asset Sale Offer, Event of Loss Offer or a Change of Control Offer. 
 (b)    Holders of the Notes that are the subject
of an Offer to Purchase will receive notice of an Offer to Purchase pursuant to an Asset Sale Offer, Event of Loss Offer or a Change of Control Offer from Salem prior to any related Purchase Date and may elect to have such Notes purchased by
completing the form titled “Option of Holder to Elect Purchase” appearing below. 
 (8)    Notice of
Redemption. Notice of redemption shall be mailed at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 may be
redeemed in part but only in a minimum amount of $2,000 principal amount (and integral multiples of $1,000 in excess thereof), unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date, interest ceases to accrue
on the Notes or portions hereof called for redemption. 
 (9)    Denominations, Transfer, Exchange. The Notes are
in registered form without coupons in initial denominations of $2,000 and any integral multiple of $1,000 in excess thereof. The transfer of the Notes may be registered and the Notes may be exchanged as provided in the Indenture. The Registrar and
the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and Salem may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. Salem need not exchange or
register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, it need not exchange or register the transfer of any Notes for a period of 15 days before a
selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 

(10)    Persons Deemed Owners. The registered holder of a Note may be treated as its owner for all purposes. 

(11)    Amendment, Supplement and Waiver. Subject to the following paragraphs, the Indenture and the Notes may be
amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes, including consents obtained in connection with a purchase of or tender offer or exchange offer for Notes, and
any existing Default or Event of Default or compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes, including consents
obtained in connection with a tender offer or exchange offer for the Notes. 
 Without the consent of any Holders, Salem, the Guarantors,
the Trustee and the Collateral Agent, at any time and from time to time, may enter into one or more indentures supplemental to the Indenture for any of the following purposes: 

(1)    to evidence the succession of another Person to the Company or any Guarantor and the assumption by
any such successor of the covenants of the Company or such Guarantor in the Indenture, the Guarantees, the Security Documents and in the Notes; 

(2)    to add to the covenants of the Company for the benefit of the Holders, or to surrender any right or
power herein conferred upon Salem; 
 (3)    to add additional Events of Default; 

  
 A-8 

 (4)    to provide for uncertificated Notes in addition to or
in place of the Certificated Notes; 
 (5)    to evidence and provide for the acceptance of appointment
under the Indenture and the Security Documents by a successor Trustee or Collateral Agent; 
 (6)    to
provide for or confirm the issuance of Additional Notes in accordance with the terms of the Indenture; 

(7)    to add to the Collateral securing the Notes, to add a Guarantor or to release a Guarantor in
accordance with the Indenture; 
 (8)    to cure any ambiguity, defect, omission, mistake or
inconsistency; 
 (9)    to make any other provisions with respect to matters or questions arising under
the Indenture; provided that such actions pursuant to this clause shall not adversely affect the interests of the Holders in any material respect, as determined in good faith by the Board of Directors of the Company, 

(10)    to conform the text of the Indenture, the Security Documents or the Notes to any provision of the
“Description of Notes” in the Offering Memorandum to the extent that the Trustee has received an Officers’ Certificate stating that such text constitutes an unintended conflict with the description of the corresponding provision in
the “Description of Notes”; 
 (11)    to mortgage, pledge, hypothecate or grant any other Lien
in favor of the Collateral Agent for the benefit of the Trustee on behalf of the Holders of the Notes, as additional security for the payment and performance of all or any portion of the Secured Obligations under the Indenture and the Notes, 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 Collateral Agent pursuant to the Indenture, any of the Security
Documents or otherwise; 
 (12)    to release Collateral from the Lien of the Indenture and the Security
Documents when permitted or required by the Security Documents or the Indenture; or 
 (13)    to secure
any Permitted Additional Pari Passu Obligations under the Security Documents and to subject the same to the terms of the Intercreditor Agreement. 

With the consent of (i) the Holders of not less than a majority in aggregate principal amount of the outstanding Notes, Salem, the
Guarantors, the Trustee and the Collateral Agent may enter into an indenture or indentures supplemental to the Indenture (together with the other consents required thereby) for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of the Indenture or the Notes or of modifying in any manner the rights of the Holders under the Indenture, including the definitions therein, and (ii) the holders of not less than a majority in aggregate
principal amount of the outstanding Notes and the Permitted Additional Pari Passu Obligations, voting as one class, the Issuer, the Guarantors and the Trustee may amend or otherwise modify in any manner the

  
 A-9 

 
Security Documents or the obligations thereunder; provided, however, that no such supplemental indenture, modification or amendment shall, without the consent of the Holder of each
outstanding Note affected thereby: 
 (1)    change the Stated Maturity of any Note or of any installment
of interest on any Note, or reduce the amount payable in respect of the principal thereof or the rate of interest thereon or any premium payable thereon, or reduce the amount that would be due and payable on acceleration of the maturity thereof, or
change the place of payment where, or the coin or currency in which, any Note or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof, or
change the date on which any Notes may be subject to redemption or reduce the Redemption Price therefor, 

(2)    reduce the percentage in aggregate principal amount of the outstanding Notes, the consent of whose
Holders is required for any such supplemental indenture or amendment, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of the Indenture or certain defaults thereunder and their consequences) provided
for in the Indenture, 
 (3)    modify the obligations of the Company to make Offers to Purchase upon a
Change of Control or from the Excess Proceeds of Asset Sales or Excess Loss Proceeds from an Event of Loss if such modification was done after the occurrence of such Change of Control, Asset Sale or Event of Loss, as applicable, 

(4)    subordinate, in right of payment, the Notes to any other Debt of the Company, 

(5)    modify any of the provisions of this paragraph or provisions relating to waiver of defaults or
certain covenants, except to increase any such percentage required for such actions or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the Holder of each outstanding Note affected
thereby, or 
 (6)    release any Guarantees required to be maintained under the Indenture (other than in
accordance with the terms of the Indenture). 
 In addition, any amendment to, or waiver of, the provisions of the Indenture or any Security
Document that has the effect of releasing all or substantially all of the Collateral from the Liens securing the Notes other than in accordance with this Indenture and the Security Documents or modifying the Intercreditor Agreement in any manner
adverse in any material respect to the Holders of the Notes will require the consent of the holders of at least 66 2⁄3% in aggregate principal amount of the
Notes and Permitted Additional Pari Passu Obligations then outstanding, voting as one class. 
 The Holders of not less than a majority in
aggregate principal amount of the outstanding Notes may on behalf of the Holders of all the Notes waive any past default under the Indenture and its consequences, except a default: 

(1)    in any payment in respect of the principal of (or premium, if any) or interest on any Notes
(including any Note which is required to have been purchased pursuant to an Offer to Purchase which has been made by the Issuer), or 

(2)    in respect of a covenant or provision hereof which under the Indenture cannot be modified or amended
without the consent of the Holder of each outstanding Note affected. 

  
 A-10 

 (12)    Defaults and Remedies. Events of Default
include: 
 (1)    default in the payment in respect of the principal of (or premium, if any, on) any
Note at its maturity (whether at Stated Maturity or upon repurchase, acceleration, optional redemption or otherwise); 

(2)    default in the payment of any interest upon any Note when it becomes due and payable, and
continuance of such default for a period of 30 days; 
 (3)    failure to perform or comply with the
provisions described under Section 5.1 of the Indenture; 
 (4)    except as permitted by the
Indenture, (i) any Note Guarantee of any Significant Subsidiary (or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary), shall for any reason cease to be in full force and effect and enforceable
in accordance with its terms (except as specifically provided in the Indenture) for a period of 30 days after written notice thereof by the trustee or the Holders of 25% in principal amount of the outstanding Notes or (ii) the Note Guarantee of
any Significant Subsidiary (or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) shall for any reason be asserted by any Guarantor or the Company not to be in full force and effect and enforceable
in accordance with its terms; 
 (5)    default in the performance, or breach, of any (i) covenant
or agreement of the Company or any Guarantor in the Indenture (other than (x) a covenant or agreement a default in whose performance or whose breach is specifically dealt with in clauses (1), (2), (3) or (4) above or (y) a covenant or
agreement contained in Section 4.3), and continuance of such default or breach for a period of 60 days after written notice thereof has been given to Salem by the Trustee or to Salem and the Trustee by the Holders of at least 25% in aggregate
principal amount of the outstanding Notes or (ii) any covenant or agreement contained in Section 4.3 and continuance of such default or breach for a period of 120 days after written notice thereof has been given to the Company by the
Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the outstanding Notes; 

(6)    a default or defaults under any bonds, debentures, notes or other evidences of Debt (other than the
Notes) by the Company or any Restricted Subsidiary having, individually or in the aggregate, a principal or similar amount outstanding of at least $15.0 million, whether such Debt now exists or shall hereafter be created, which default or
defaults shall have resulted in the acceleration of the maturity of such Debt prior to its express maturity or shall constitute a failure to pay at least $15.0 million of such Debt when due and payable after the expiration of any applicable
grace period with respect thereto; 
 (7)    the entry against the Company or any Restricted Subsidiary
that is a Significant Subsidiary (or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) of a final judgment or final judgments for the payment of money in an aggregate amount in excess of
$15.0 million, by a court or courts of competent jurisdiction, which judgments remain undischarged, unwaived, unstayed, unbonded or unsatisfied for a period of 60 consecutive days; 

(8)    (i) the Company, any Restricted Subsidiary that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law: 

(a)    commences a voluntary case, 

  
 A-11 

 (b)    consents to the entry of an order for relief against
it in an involuntary case, 
 (c)    consents to the appointment of a Custodian of it or for all or
substantially all of its property, 
 (d)    makes a general assignment for the benefit of its creditors,
or 
 (e)    admits, in writing, its inability generally to pay its debts as they become due; or 

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

(a)    is for relief against the Company or any Restricted Subsidiary that is a Significant Subsidiary or
any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, in an involuntary case; 

(b)    appoints a Custodian of the Company or any Restricted Subsidiary that is a Significant Subsidiary or
any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of the Company or any of its Restricted Subsidiaries; 

(c)    orders the liquidation of the Company or any Restricted Subsidiary that is a Significant Subsidiary
or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary and the order or decree remains unstayed and in effect for 60 consecutive days; or 

(9)    (x) with respect to any Collateral having a fair market value in excess of $15.0 million,
individually or in the aggregate, (a) any default or breach by the Company or any Guarantor in the performance of its obligations under the Security Documents or this Indenture which adversely affects the condition or value of the Collateral or
the enforceability, validity, perfection or priority of the Note Liens, taken as a whole in any material respect, and continuance of such default or breach for a period of 60 days after written notice thereof by the Trustee or the Holders of 25% in
principal amount of the outstanding Notes, or (b) any security interest created under the Security Documents or under this Indenture is declared invalid or unenforceable by a court of competent jurisdiction or (y) the Company or any
Guarantor asserts, in any pleading in any court of competent jurisdiction, that any security interest in any Collateral is invalid or unenforceable. 

If an Event of Default (other than an Event of Default specified in clause (8) above with respect to the Company) occurs and is
continuing, then and in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the principal of the Notes and any accrued interest on the Notes to be due and payable
immediately by a notice in writing to the Company (and to the Trustee if given by Holders). 
 In the event of a declaration of acceleration
of the Notes solely because an Event of Default described in clause (6) above has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically rescinded and annulled if the event of default or payment default
triggering such Event of Default pursuant to clause (6) shall be remedied or cured by the Company or a Restricted Subsidiary of the Company or waived by the holders of the relevant Debt within 20 Business Days after the declaration of
acceleration with respect thereto and if the rescission and annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction obtained by the Trustee for the payment of amounts due on the
Notes. 

  
 A-12 

 If an Event of Default specified in clause (8) above occurs with respect to the Company, the
principal of and any accrued interest on the Notes then outstanding shall ipso facto become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 

(13)    Trustee Dealings with Salem. The Trustee, in its individual or any other capacity, may make loans to,
accept deposits from and perform services for Salem, the Guarantors or their respective Affiliates, and may otherwise deal with Salem, the Guarantors or their respective Affiliates, as if it were not the Trustee. 

(14)    No Recourse Against Others. No director, officer, employee, stockholder, general or limited partner, member
or incorporator, past, present or future, of the Company, Salem, the Guarantors or any of their respective Subsidiaries, as such or in such capacity, shall have any personal liability for any obligations of the Issuer under the Notes, any Guarantee
or the Indenture by reason of his, her or its status as such director, officer, employee, stockholder, general or limited partner, member or incorporator. 

(15)    Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or
an authenticating agent. 
 (16)    Abbreviations. Customary abbreviations may be used in the name of a Holder or
an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), TT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

(17)    CUSIP, ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP, ISIN or other similar numbers in notices of redemption as a convenience to the Holders. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

Salem shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 

Salem Media Group, Inc. 
 4880
Santa Rosa Road 
 Camarillo, California 93012 

Facsimile: (805) 384-4505 

Attention: Christopher J. Henderson, General Counsel 

  
 A-13 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 

 
  

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

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
  

			
	 and irrevocably appoint
	 	  

 to transfer this Note on the books of Salem. The agent may substitute another to act for him. 

 

									
	Date:	 	                                     
           	 		 	Your Signature:	 	  

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

  

			
	 Signature guarantee:
	 	  

		 	(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)

  
 A-14 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by Salem pursuant to Sections 4.10 (Asset Sale), 4.14 (Change of Control) or 4.16 (Event of
Loss) of the Indenture, check the box below: 

☐  Section 4.10            ☐  Section 
4.14            ☐  Section 4.16 
 If you want to elect to
have only part of the Note purchased by Salem pursuant to Section 4.10, 4.14 or 4.16 of the Indenture, state the amount you elect to have purchased: $         

 

									
	Date:	 	                                     
           	 		 	Your Signature:	 	  

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

  

			
	 Tax Identification No.:
  
	  	
	 Signature guarantee:
	  	  

		  	(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)

  
 A-15 

 CERTIFICATE TO BE DELIVERED UPON 

EXCHANGE OF TRANSFER RESTRICTED NOTES 
 Salem
Media Group, Inc. 
 4880 Santa Rosa Road 
 Camarillo, CA 93012

 Facsimile: (805) 384-4505 

Attention: Christopher J. Henderson, General Counsel 
 U.S. Bank
National Association 
 Global Corporate Trust Services 
 633
West Fifth Street, 24th Floor 
 Los Angeles, CA 90071 

Facsimile: (213) 615-6197 

Attention: P. Oswald (Salem Media) 
  

			
	Re:	 	 Salem Media Group, Inc.

6.750% Senior Secured Note due 2024

CUSIP #

 Reference is hereby made to that certain Indenture dated May 19, 2017 (the “Indenture”) among Salem
Media Group, Inc. (“Salem”), the Guarantors party thereto and U.S. Bank National Association, as trustee (the “Trustee”). Capitalized terms used but not defined herein shall have the meanings set forth in the
Indenture. 
 This certificate relates to $         principal amount of Notes held in
(check applicable space)      book-entry or      definitive form by the undersigned. 

The undersigned
                     (transferor) (check one box below): 

 

	☐	hereby requests the Registrar to deliver in exchange for its beneficial interest in the Global Note held by the Depositary a Note or Notes in definitive, registered form of authorized denominations and an aggregate
principal amount equal to its beneficial interest in such Global Note (or the portion thereof indicated above), in accordance with Section 2.6 of the Indenture; or 

 

	☐	hereby requests the Trustee to exchange or register the transfer of a Note or Notes to
                     (transferee). 

In connection with any transfer of any of the Notes evidenced by this certificate occurring prior to the expiration of the periods referred to in Rule 144(b)
under the Securities Act of 1933, as amended, the undersigned confirms that such Notes are being transferred in accordance with its terms: 
 CHECK ONE BOX
BELOW: 
 (1)    ☐ to Salem or any of its subsidiaries; or 

(2)    ☐ inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act
of 1933, as amended) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A under the Securities Act of 1933, as amended, in each
case pursuant to and in compliance with Rule 144A thereunder; or 

  
 A-16 

 (3)    ☐ outside the United States in an offshore transaction within the meaning of
Regulation S under the Securities Act of 1933, as amended, in compliance with Rule 904 thereunder. 

  
 A-17 

 Unless one of the boxes is checked, the Registrar will refuse to register any of the Notes evidenced by this
certificate in the name of any person other than the registered holder thereof. 
  

	
	  

	Signature

  

							
	 Signature guarantee:
	 		 	  

		 		 	(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)

 TO BE COMPLETED BY PURCHASER IF (2) 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 Rule 144A under the Securities Act of 1933, as amended (“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 the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

							
		 		 		 	[Name of Transferee]
				
		 		 		 	  

				
	Dated:	 	  
	 		 	

 NOTICE: To be executed by an executive officer 

  
 A-18 

 SCHEDULE OF EXCHANGES OF 6.750% SENIOR SECURED NOTES 

The following exchanges of a part of this Global Note for other 6.750% Senior Secured Notes have been made: 

 

																	
	 Date of Exchange
	  	Amount of Decrease
in Principal Amount
of this Global Note	 	  	Amount of
Increase in
Principal Amount
of this Global Note	 	  	Principal Amount
of this Global Note
Following Such
Decrease (or Increase)	 	  	Signature of
Authorized Officer
of Trustee or 6.750%
Senior Secured Note
Custodian	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  
 A-19 

 EXHIBIT B 

FORM OF NOTATIONAL GUARANTEE 

Each Guarantor listed below (hereinafter referred to as the “Guarantor,” which term includes any successors or assigns under
that certain Indenture, dated as of May 19, 2017, by and among Salem Media Group, Inc. (the “Issuer”), the Guarantors party thereto and the Trustee (as amended and supplemented from time to time, the
“Indenture”) and any additional Guarantors) has guaranteed the Notes and the obligations of the Issuer under the Indenture, which include (i) the due and punctual payment of the principal of, premium, if any, and interest on
the Notes of the Issuer, whether at stated maturity, by acceleration or otherwise, the due and punctual payment of interest on the overdue principal and premium, if any, and (to the extent permitted by law) interest on any interest, if any, on the
Notes, and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the terms set forth in Article XII of the Indenture, (ii) in case of any extension of time of
payment or renewal of any Notes or any such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise, and
(iii) the payment of any and all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or any Holder in enforcing any rights under this Note Guarantee or the Indenture. 

The obligations of each Guarantor to the Holders and to the Trustee pursuant to this Note Guarantee and the Indenture are expressly set forth
in Article XII of the Indenture and reference is hereby made to such Indenture for the precise terms of this Note Guarantee. 
 No
stockholder, employee, officer, director, general or limited partner, member or incorporator, as such, past, present or future of each Guarantor shall have any liability under this Note Guarantee by reason of his or its status as such stockholder,
employee, officer, director, general or limited partner, member or incorporator. 
 This is a continuing Note Guarantee and shall remain in
full force and effect and shall be binding upon each Guarantor and its successors and assigns until full and final payment of all of the Issuer’s obligations under the Notes and Indenture or until released in accordance with the Indenture and
shall inure to the benefit of the successors and assigns of the Trustee and the Holders, and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges herein conferred upon that party shall
automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions hereof. This is a Note Guarantee of payment and not of collectability. 

This Note Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Note upon which this Note
Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized officers. The Obligations of each Guarantor under its Note Guarantee shall be limited to the extent necessary to insure
that it does not constitute a fraudulent conveyance under applicable law. 

  
 B-1 

 THE TERMS OF ARTICLE XII OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE. 

Capitalized terms used herein have the same meanings given in the Indenture unless otherwise indicated. 

  
 B-2 

 Dated as of
                     
  

			
	[GUARANTORS]
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-3 

 EXHIBIT C 

[FORM OF CERTIFICATE TO BE DELIVERED 

IN CONNECTION WITH TRANSFERS PURSUANT TO RULE 144A] 

Salem Media Group, Inc. 
 4880 Santa Rosa Road 

Camarillo, CA 93012 
 Facsimile: (805) 384-4505 
 Attention: Christopher J. Henderson, General Counsel 

U.S. Bank National Association 
 Global Corporate Trust Services

 633 West Fifth Street, 24th Floor 

Los Angeles, CA 90071 
 Facsimile: (213) 615-6197 
 Attention: P. Oswald (Salem Media) 

Re:    Salem Media Group, Inc. (“Salem”) 

6.750% Senior Secured Notes due 2024 (the “Notes”) 

Ladies and Gentlemen: 
 In connection with our
proposed sale of $         aggregate principal amount at maturity of the Notes, we hereby certify that such transfer is being effected pursuant to and in accordance with Rule 144A
(“Rule 144A”) under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we hereby further certify that the Notes are being transferred to a person that we reasonably
believe is purchasing the Notes for its own account, or for one or more accounts with respect to which such person exercises sole investment discretion, and such person and each such account is a “qualified institutional buyer” within the
meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Notes are being transferred in compliance with any applicable blue sky securities laws of any state of the United States. 

You and Salem are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

			
	Very truly yours,
	
	  

		 	[Name of Transferor]
		
	By:	 	  

		 	Authorized Signature

  

			
	Signature guarantee:	  	  

		  	(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)

  
 C-1 

 EXHIBIT D 

[FORM OF CERTIFICATE TO BE DELIVERED 

IN CONNECTION WITH TRANSFERS 

PURSUANT TO REGULATION S] 
 Salem Media Group,
Inc. 
 4880 Santa Rosa Road 
 Camarillo, CA 93012 

Facsimile: (805) 384-4505 

Attention: Christopher J. Henderson, General Counsel 
 U.S. Bank
National Association 
 Global Corporate Trust Services 
 633
West Fifth Street, 24th Floor 
 Los Angeles, CA 90071 

Facsimile: (213) 615-6197 

Attention: P. Oswald (Salem Media) 

Re:    Salem Media Group, Inc. (“Salem”) 

          6.750% Senior Secured Notes due 2024 (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 under the U.S.
Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that: 

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

(2)    either (a) 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 (b) the transaction was executed in, on or through the facilities of a designated
off-shore 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; 

(3)    no directed selling efforts have been made in the United States in contravention of the requirements
of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; and 
 (4)    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) or Rule 904(b) of Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b) or Rule 904(b), as the case may be. 

  
 D-1 

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

 

			
	Very truly yours,
		
		 	  

		 	[Name of Transferor]
		
	By:	 	  

		 	Authorized Signature

  

			
	Signature guarantee:	  	  

		  	(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)

  
 D-2 

 Schedule A 

Mortgaged Property 
  

							
	 Loan Party
	  	 Common Name 
and Address
	  	 Purpose/Use
	  	 Filing Office for

Mortgage

	Salem Radio Properties, Inc.	  	 4880 Santa Rosa Road, Camarillo, CA
  

Ventura County, CA*
	  	Office	  	Ventura County Clerk’s Office
				
	Salem Radio Properties, Inc.	  	 1154-1160 N. King Street, Honolulu (Oahu) HI
  

Honolulu County, HI
	  	Office	  	 State of Hawaii
  

Bureau of Conveyances

				
	Salem Radio Properties, Inc.	  	 1621 Piney Grove Road (aka 4180 Timber Trace Rd), Loganville, GA
  

Walton County, GA
	  	Transmitter	  	Walton County Clerk of the Superior Court - Real Estate Division
				
	Salem Radio Properties, Inc.	  	 Minnis Rd & Farm to Market 902, 
Collinsville, TX
  

Grayson County, TX
	  	Transmitter	  	Grayson County Clerk’s Office
				
	Salem Radio Properties, Inc.	  	 6400 N. Beltline Road, Irving, TX
  

Dallas County, TX*
	  	Office	  	Dallas County Clerk - Recording Division

  

	*	To be encumbered by a second lien on or after the Issue Date as described in the Security Documents. 

  
 Schedule A 

 Schedule B 

Post-Closing Matters 
 Within 180 days
after the Issue Date, the Issuer and the Guarantors shall have used commercially reasonable efforts to deliver to the Collateral Agent each of the following documents with respect to each Mortgaged Property listed on Schedule A: 

(i)    Mortgages. One or more counterparts of Mortgages, duly executed and acknowledged by the
holder of the fee interest in such Mortgaged Property, in favor of the Collateral Agent for its benefit and the benefit of the Noteholder Secured Parties, in proper form for recording in the land records in the jurisdiction in which such Mortgaged
Property is located (the “Land Records”), in form sufficient to create a valid and enforceable mortgage lien on such Mortgaged Property in favor of the Collateral Agent for its benefit and the benefit of the Noteholder Secured
Parties, securing the Obligations, subject only to Permitted Liens; 
 (ii)    Fixture Filings.
Proper fixture filings under the Uniform Commercial Code on Form UCC-1 for filing under the Uniform Commercial Code in the appropriate jurisdictions in which the Mortgaged Properties are located, necessary to
perfect the security interests in fixtures purported to be created by the Mortgages in favor of the Collateral Agent for its benefit and the benefit of the Noteholder Secured Parties; 

(iii)    Counsel Opinions. Opinions addressed to the Collateral Agent for its benefit of
(i) local counsel in each jurisdiction where a Mortgaged Property is located with respect to the enforceability of the Mortgages and other matters customarily included in such opinions and (ii) counsel for the Company regarding due
authorization, execution and delivery of the Mortgages; 
 (iv)    Insurance. Policies or
certificates of insurance covering the Mortgaged Property and any personal property located on such Mortgaged Property of the Company or the Guarantors and naming the Collateral Agent as additional insured (with respect to liability insurance) and
loss payee and mortgagee (with respect to property insurance), bearing endorsements; 
 (v)    Title
Insurance. A lender’s policy of title insurance (or commitment to issue such a policy having the effect of a policy of title insurance) issued by a nationally recognized title insurance company (the “Title Company”)
insuring (or committing to insure) the lien of each applicable Mortgage as valid and enforceable mortgage lien on the Mortgaged Property described therein (each, a “Title Policy”) which insures to the Collateral Agent that such
Mortgage creates a valid and enforceable mortgage lien on such Mortgaged Property, in an amount not less than the fair market value of such Mortgaged Property as reasonably determined, in good faith, by the Company, free and clear of all defects and
encumbrances except Permitted Liens, together with such endorsements as are customary for the transactions of this type or as the Collateral Agent reasonably requests (acting at the direction of the Holders) (to the extent available without a survey
in the applicable jurisdiction where the specific Mortgaged Property is located), including to the extent available at commercially reasonably rates and to the extent not already covered by a 2006 policy jacket, a
“tie-in” or “cluster” endorsement, if available under applicable law (i.e., policies which insure against losses regardless of 

  
 Schedule B 

 
location or allocated value of the insured property up to a stated maximum coverage amount), endorsements on matters relating to usury, first loss, zoning, contiguity, doing business, public road
access, environmental lien, subdivision, separate tax lot, so called comprehensive coverage over covenants and restrictions and for any and all other matters that the Collateral Agent may reasonably request (acting at the direction of the Holders)
and such Title Policy shall not include an exception for mechanics’ liens; 
 (vi)    Other Real
Property Documents. Confirmation from the Title Company that the holder of the fee interest in each Mortgaged Property has delivered to the Title Company such affidavits, certificates, information (including financial data), instruments of
indemnification (including a so-called “gap” indemnification) and other documents as may be reasonably necessary to cause the Title Company to issue the Title Policies and endorsements contemplated
by clause (v) above; 
 (vii)    Real Property Collateral Fees and Expenses. Evidence
of payment by the Company of all Title Policy premiums, search and examination charges, escrow charges and related charges, mortgage recording taxes, fees, charges, costs and expenses required for the recording of the Mortgages, fixture filings and
other documents and issuance of the Title Policies and endorsements contemplated by clause (v) above; 

(viii)    Subordination Agreement. One or more counterparts of the subordination agreement,
acknowledgement of lease assignment, estoppel, attornment and non-disturbance agreement (the “Agreement”), duly executed and acknowledged by the Company and the holder of the leasehold estate
interest in such Mortgaged Property, in favor of the Collateral Agent for its benefit and the benefit of the Noteholder Secured Parties. 

  
 Schedule B

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