Document:

swbku-ex105_64.htm

Exhibit 10.5

 

SECURITIES SUBSCRIPTION AGREEMENT

This Securities Subscription Agreement (this “Agreement”), effective as of October 8, 2020, is made and entered into by and between Switchback II Corporation, a Cayman Islands exempted company (the “Company”), and NGP Switchback II, LLC, a Delaware limited liability company (the “Buyer”).

RECITALS:

WHEREAS, the Buyer wishes to subscribe for and purchase from the Company an aggregate of 7,906,250 Class B Ordinary Shares (as defined below, the “Shares”), up to 1,031,250 of which are subject to forfeiture by the Buyer to the extent that the underwriters of the initial public offering (“IPO”) of the Company’s units do not fully exercise their over-allotment option (the “Over-allotment Option”). The Company wishes to issue and sell the Shares to the Buyer, on the terms and subject to the conditions set forth in this Agreement.

AGREEMENT:

NOW, THEREFORE, in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I
DEFINITIONS

The terms defined in this Article I shall have for all purposes of this Agreement the respective meanings set forth below:

“Agreement” shall have the meaning set forth in the preamble to this Agreement.

“Buyer” shall have the meaning set forth in the preamble to this Agreement.

“Class A Ordinary Shares ” shall mean the Class A Ordinary Shares, $0.0001 par value per share, of the Company.

“Class B Ordinary Shares” shall mean the Class B Ordinary Shares, $0.0001 par value per share, of the Company. Pursuant to the Company’s memorandum and articles of association, as amended to the date hereof, Class B Ordinary Shares will automatically convert into Class A Ordinary Shares on a one-for-one basis, subject to adjustment, upon the terms and conditions set forth therein.

“Closing” shall have the meaning set forth in Section 2.3 of this Agreement.

“Closing Date” shall have the meaning set forth in Section 2.3 of this Agreement.

“Company” shall have the meaning set forth in the preamble to this Agreement.

“Consent” means any consent, approval, notification, waiver, or other similar action that is necessary or convenient.

“forfeiture” means the shares of the Company being forfeited shall take effect as surrenders for no consideration of such shares as a matter of Cayman Islands law.

“Governmental Body” shall mean any legislature, agency, bureau, branch, department, division, commission, court, tribunal or other similar recognized organization or body of any federal, state, county, municipal, local or foreign government or other similar recognized organization or body exercising similar powers or authority.

“Law” shall mean any law (statutory, common or otherwise), constitution, ordinance, rule, regulation, executive order or other similar authority enacted, adopted, promulgated or applied by any Governmental Body.

 

 

 

“Lien” shall mean a mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance, charge, restriction, lien (statutory or otherwise, including, without limitation, any lien for taxes), security interest, preference, participation interest, priority or security agreement or preferential arrangement of any kind or nature whatsoever, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing and the filing of any document under the law of any applicable jurisdiction to evidence any of the foregoing, other than (i) statutory, mechanics’ or other Liens incurred in the Company’s ordinary course of business or (ii) Liens for taxes incurred but not yet due.

“Order” shall mean an order, ruling, decision, award, judgment, injunction or other similar determination or finding by, before or under the supervision of any Governmental Body or arbitrator.

“Permit” shall mean a permit, license, certificate, waiver, notice or similar authorization.

“Purchase Price” shall have the meaning set forth in Section 2.2 of this Agreement.

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

“Securities Act” shall mean the United States Securities Act of 1933, as amended, or any successor federal statute, and the applicable rules and regulations promulgated and in effect from time to time thereunder.

“Shares” shall have the meaning set forth in the recitals to this Agreement. Unless the context otherwise requires, as used in this Agreement “Shares” shall be deemed to include any Class A Ordinary Shares issued upon conversion of the Class B Ordinary Shares comprising the Shares.

ARTICLE II
PURCHASE OF THE SHARES

Section 2.1Purchase and Sale of the Shares. Subject to the terms and conditions hereof and in reliance upon the representations and warranties of the parties contained or incorporated by reference herein, simultaneous with the execution hereof, the Company shall sell and issue to the Buyer, and the Buyer shall subscribe for and purchase from the Company, subject to forfeiture, the Shares, in consideration of the payment of the Purchase Price noted herein. Upon issuance of the Shares, the Buyer hereby forfeits to the Company the one Class B Ordinary Share held in the Buyer’s name in the register of members of the Company following the incorporation of the Company.

Section 2.2Purchase Price. As payment in full for the Shares being subscribed for and purchased under this Agreement, simultaneous with the execution hereof, the Buyer shall pay $25,000 to the Company by wire transfer of immediately available funds or by such other method as may be reasonably acceptable to the Company (the “Purchase Price”).

Section 2.3Closing. The closing of the subscription and issue of the Shares (the “Closing”) shall be held on the date of this Agreement (“Closing Date”) at the offices of Vinson & Elkins L.L.P., 1001 Fannin Street, Suite 2500, Houston, Texas 77002, or such other place as may be agreed upon by the parties hereto.

Section 2.4Closing Deliveries. All actions taken at the Closing shall be deemed to have been taken simultaneously.

(a)Buyer Deliveries. At the Closing, the Buyer shall deliver to the Company the Purchase Price.

(b)Company Deliveries. At the Closing, or within a reasonable time after the Closing but in no event later than thirty (30) days after the Closing, the Company shall issue the Shares and shall register, or arrange for the registration of, the Shares in the Company’s register of members.

Section 2.5Further Assurances. The parties hereto shall execute and deliver such additional documents and take such additional actions as any party reasonably may deem to be practical and necessary in order to consummate the transactions contemplated by this Agreement.

 

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Section 2.6Legend. Although the Company does not currently intend to issue certificates evidencing the Shares, if any certificates are issued each such certificate shall be stamped or otherwise imprinted with a legend in substantially the following form:

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.”

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SET FORTH IN THE LETTER AGREEMENT BY AND BETWEEN THE COMPANY AND THE SPONSOR. COPIES OF SUCH AGREEMENT MAY BE OBTAINED FROM THE COMPANY AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE.”

ARTICLE III
REPRESENTATIONS AND WARRANTIES OF THE BUYER

The Buyer represents and warrants that the statements contained in this Article III are correct and complete as of the date of this Agreement.

Section 3.1Organization and Good Standing. The Buyer is a limited liability company duly organized, validly existing, and in good standing under the laws of the state of Delaware.

Section 3.2Power and Authority; Enforceability. This Agreement constitutes the legal, valid, and binding obligation of the Buyer, enforceable against the Buyer in accordance with its terms. The Buyer has full entity power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The Buyer has taken all actions necessary to authorize the execution and delivery of this Agreement, the performance of its obligations hereunder and the consummation of the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by, and is enforceable against, the Buyer.

Section 3.3Investment Representations.

(a)The Buyer is an “accredited investor” as defined in Rule 501 of Regulation D under the Securities Act.

(b)The Buyer has received, has thoroughly read, is familiar with and understands the contents of this Agreement.

(c)The Buyer hereby acknowledges that an investment in the Shares involves certain significant risks. The Buyer acknowledges that there is a substantial risk that it will lose all or a portion of its investment and that it is financially capable of bearing the risk of such investment for an indefinite period of time. The Buyer has no need for liquidity in its investment in the Shares for the foreseeable future and is able to bear the risk of that investment for an indefinite period. The Buyer understands that there presently is no public market for the Shares and none is anticipated to develop in the foreseeable future. The Buyer’s present financial condition is such that the Buyer is under no present or contemplated future need to dispose of any portion of the Shares subscribed for hereby to satisfy any existing or contemplated undertaking, need or indebtedness. The Buyer’s overall commitment to investments which are not readily marketable is not disproportionate to its net worth and the investment in the Company will not cause such overall commitment to become excessive.

(d)The Buyer acknowledges that the Shares have not been and will not be registered under the Securities Act, or any state securities act, and are being sold on the basis of exemptions from registration under the Securities Act and applicable state securities acts, except those state securities acts that require registration of the Shares thereunder. Reliance on such exemptions, where applicable, is predicated in part on the accuracy of the Buyer’s representations and warranties set forth herein. The Buyer acknowledges and hereby agrees that the Shares will not be transferable under any circumstances unless the Buyer either registers the Shares in accordance with federal and state securities laws or finds and complies with an available exemption under such laws. Accordingly, the Buyer hereby acknowledges that there can be no assurance that it will be able to liquidate its investment in the Company.

 

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(e)There are substantial risk factors pertaining to an investment in the Company. The Buyer acknowledges that it has read the information set forth above regarding certain of such risks and is familiar with the nature and scope of all such risks, including, without limitation, risks arising from the fact that the Company is an entity with limited operating history and financial resources; and the Buyer is fully able to bear the economic risks of such investment for an indefinite period, and can afford a complete loss thereof.

(f)The Buyer has been given the opportunity to (i) ask questions of and receive answers from the Company and its designated representatives concerning the terms and conditions of the offering, the Company and the business and financial condition of the Company and (ii) obtain any additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to assist the Buyer in evaluating the advisability of the purchase of the Shares and an investment in the Company. The Buyer further represents and warrants that, prior to signing this Agreement, it has asked such questions, received such answers and obtained such information as it has deemed necessary or advisable to evaluate the merits and risks of the purchase of the Shares and an investment in the Company. The Buyer is not relying on any oral representation made by any person as to the Company or its operations, financial condition or prospects.

(g)The Buyer understands that no federal, state or other governmental authority has made any recommendation, findings or determination relating to the merits of an investment in the Company.

ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF THE COMPANY

Section 4.1Incorporation and Good Standing. The Company is a Cayman Islands exempted company duly incorporated, validly existing, and in good standing under the laws of the Cayman Islands.

Section 4.2Power and Authority; Enforceability. This Agreement constitutes the legal, valid, and binding obligation of the Company, enforceable against the Company in accordance with its terms. The Company has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The Company has taken all actions necessary to authorize the execution and delivery of this Agreement, the performance of its obligations hereunder, and the consummation of the transactions contemplated hereby. This Agreement has been duly authorized, executed, and delivered by, and is enforceable against, the Company.

Section 4.3No Violation; Necessary Approvals. Neither the execution and delivery of this Agreement by the Company, nor the consummation or performance by the Company of any of transactions contemplated hereby, will: (a) with or without notice or lapse of time, constitute, create or result in a breach or violation of, default under, loss of benefit or right under or acceleration of performance of any obligation required under any Law, Order, contract or Permit to which the Company is a party or by which it is bound or any of its assets are subject, or any provision of the Company’s organizational documents as in effect on the Closing Date, (b) result in the imposition of any lien, claim or encumbrance upon any assets owned by the Company; (c) require any Consent under any contract or organizational document to which the Company is a party or by which it is bound; or (d) require any Permit under any Law or Order other than (i) required filings, if any, with the SEC and (ii) notifications or other filings with state or federal regulatory agencies after the Closing that are necessary or convenient and do not require approval of the agency as a condition to the validity of the transactions contemplated hereunder; or (e) trigger any rights of first refusal, preferential purchase or similar rights with respect to any of the Shares.

Section 4.4Authorization of the Shares. The Shares have been duly authorized and, when issued in accordance with this Agreement and the memorandum and articles of association of the Company, and registered in the Company’s register of members, the Shares will be duly and validly issued as fully paid and non-assessable Class B Ordinary Shares and will be free and clear of all Liens and claims, other than restrictions on transfer imposed by the Securities Act and applicable state securities laws.

ARTICLE V
FORFEITURE OF SHARES

Section 5.1Partial or No Exercise of the Over-allotment Option. In the event the Over-allotment Option is not exercised in full, the Buyer acknowledges and agrees that it (or, if applicable, it and/or any transferees of Shares) shall forfeit any and all rights to such number of Shares (up to an aggregate of 1,031,250 Shares (as such amount 

 

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may be adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) and pro rata based upon the percentage of the Over-allotment Option exercised) such that immediately following such forfeiture, the Buyer (and all other initial shareholders of the Company prior to the IPO, if any) will own an aggregate number of Shares equal to 20% of the issued and outstanding Shares immediately following the IPO.

Section 5.2 Termination of Rights as Shareholder. If any of the Shares are forfeited in accordance with this Article V, then after such time the Buyer (or its successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such action as is appropriate to cancel such forfeited Shares.

ARTICLE VI
MISCELLANEOUS

Section 6.1Entire Agreement. This Agreement, together with the certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby.

Section 6.2Successors. All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors.

Section 6.3Assignments. Except as otherwise provided herein, no party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party. Any purported assignment in violation of this Section 5.3 shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee.

Section 6.4Waiver of Jury Trial. THE PARTIES HERETO EACH HEREBY AGREE TO WAIVE THE RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL ACTIONS THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THE TRANSACTIONS, INCLUDING, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THE PARTIES HERETO EACH ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP AND THAT THEY WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE WAIVER WILL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO. IN THE EVENT OF AN ACTION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY A COURT.

Section 6.5Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument.

Section 6.6Headings. The article and section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation of this Agreement.

Section 6.7Governing Law. This Agreement, the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of Delaware, without giving effect to its choice of laws principles.

 

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Section 6.8Amendments. This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by the parties hereto.

Section 6.9Severability. The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to any party hereto or to any circumstance, is adjudged by a Governmental Body, arbitrator, or mediator not to be enforceable in accordance with its terms, the parties hereto agree that the Governmental Body, arbitrator, or mediator making such determination will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced.

Section 6.10Expenses. Except as otherwise expressly provided in this Agreement, each party hereto will bear its own costs and expenses incurred in connection with the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of agents, representatives, financial advisors, legal counsel and accountants.

Section 6.11Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. Any reference to any federal, state, local, or foreign Law will be deemed also to refer to Law as amended and all rules and regulations promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,” and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.

Section 6.12Waiver. No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising because of any prior or subsequent occurrence.

[Signature page follows]

 

 

 

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IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the date first set forth above.

 

	
COMPANY:

	
 
	
 
	
 

	
SWITCHBACK II Corporation

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Jim Mutrie

	
Name:
	
 
	
Jim Mutrie

	
Title:
	
 
	
Chief Executive Officer

 

	
BUYER:

	
 
	
 
	
 

	
NGP Switchback II, LLC

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Jim Mutrie

	
Name:
	
 
	
Jim Mutrie

	
Title:
	
 
	
Chief Executive Officer

 

 

[Signature Page to Securities Subscription Agreement]Exhibit 4.1

 

Execution Copy

 

 

 

ENLINK MIDSTREAM, LLC

 

as Issuer,

 

ENLINK MIDSTREAM PARTNERS, LP

 

as Initial Guarantor,

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

as Trustee

 

INDENTURE

 

Dated as of December 17, 2020

 

5.625% Senior Notes due 2028

 

 

 

     

     

    

 

Table of Contents

  

	 		Page
	 		 
	ARTICLE I
    DEFINITIONS AND INCORPORATION BY REFERENCE 	1
	 		 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	10
	Section 1.03	Trust Indenture
    Act Not Applicable	10
	Section 1.04	Rules of
    Construction	10
	Section 1.05	Record Dates
    for Action by Holders	11
	 		 
	ARTICLE II
    NOTES	11
	 		 
	Section 2.01	Forms Generally	11
	Section 2.02	Execution of
    Notes	11
	Section 2.03	Authentication
    and Delivery of Notes	12
	Section 2.04	Registrar and
    Paying Agent; Holder Lists	13
	Section 2.05	Paying Agent
    to Hold Money in Trust	13
	Section 2.06	Registration
    of Transfer and Exchange	14
	Section 2.07	Temporary Notes	22
	Section 2.08	Mutilated, Destroyed,
    Lost or Stolen Notes	23
	Section 2.09	Cancellation
    of Surrendered Notes	23
	Section 2.10	Provisions of
    the Indenture and Notes for the Sole Benefit of the Parties and the Holders	23
	Section 2.11	Defaulted Interest	23
	Section 2.12	CUSIP and ISIN
    Numbers	24
	 		 
	ARTICLE III
    REDEMPTION OF NOTES 	24
	 		 
	Section 3.01	Notice of Redemption;
    Selection of Notes	24
	Section 3.02	Payment of Notes
    Called for Redemption	25
	Section 3.03	Optional Redemption	25
	Section 3.04	Purchase of Notes	26
	 		 
	ARTICLE IV
    COVENANTS	26
	 		 
	Section 4.01	Payment of Principal
    of, and Premium, If Any, and Interest on, Notes	26
	Section 4.02	Maintenance of
    Offices or Agencies for Registration of Transfer, Exchange and Payment of Notes	26
	Section 4.03	Appointment to
    Fill a Vacancy in the Office of Trustee	27
	Section 4.04	[Reserved]	27
	Section 4.05	SEC Reports;
    Financial Statements	27
	Section 4.06	Compliance Certificate	27
	Section 4.07	Further Instruments
    and Acts	28
	Section 4.08	Existence	28
	Section 4.09	Limitation on
    Liens	28
	Section 4.10	Restriction on
    Sale-Leasebacks	28
	Section 4.11	Change of Control
    Offer	29
	Section 4.12	Future Subsidiary
    Guarantors	30
	Section 4.13	Waiver of Certain
    Covenants	30
	 		 
	ARTICLE V
    [RESERVED]	30
	 		 
	ARTICLE VI
    REMEDIES OF THE TRUSTEE AND HOLDERS IN EVENT
    OF DEFAULT 	30
	 		 
	Section 6.01	Events of Default	30
	Section 6.02	Collection of
    Debt by Trustee, etc	32

 

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	Section 6.03	Application
    of Money Collected by Trustee	32
	Section 6.04	Limitation on
    Suits by Holders	33
	Section 6.05	Remedies Cumulative;
    Delay or Omission in Exercise of Rights Not a Waiver of Default	33
	Section 6.06	Rights of Holders
    of Majority in Principal Amount of Notes to Direct Trustee and to Waive Default	33
	Section 6.07	Trustee to Give
    Notice of Defaults Known to It, but May Withhold Such Notice in Certain Circumstances	33
	Section 6.08	Requirement of
    an Undertaking to Pay Costs in Certain Suits under the Indenture or Against the Trustee	34
	 		 
	ARTICLE VII
    CONCERNING THE TRUSTEE	34
	 		 
	Section 7.01	Certain Duties
    and Responsibilities	34
	Section 7.02	Certain Rights
    of Trustee	35
	Section 7.03	Trustee Not Liable
    for Recitals in Indenture or in Notes	36
	Section 7.04	Trustee, Paying
    Agent, or Registrar May Own Notes	36
	Section 7.05	Money Received
    by Trustee to Be Held in Trust	36
	Section 7.06	Compensation
    and Reimbursement	36
	Section 7.07	Right of Trustee
    to Rely on an Officers’ Certificate Where No Other Evidence Specifically Prescribed	36
	Section 7.08	Replacement of
    Trustee	36
	Section 7.09	Successor Trustee
    by Merger	37
	Section 7.10	Eligibility;
    Disqualification	38
	Section 7.11	Compliance with
    Tax Laws	38
	 		 
	ARTICLE VIII
    CONCERNING THE HOLDERS	38
	 		 
	Section 8.01	Evidence of Action
    by Holders	38
	Section 8.02	Proof of Execution
    of Instruments and of Holding of Notes	38
	Section 8.03	Who May Be
    Deemed Owner of Notes	38
	Section 8.04	Instruments Executed
    by Holders Bind Future Holders	38
	 		 
	ARTICLE IX
    SUPPLEMENTAL INDENTURES	39
	 		 
	Section 9.01	Purposes for
    Which Supplemental Indenture May Be Entered into Without Consent of Holders	39
	Section 9.02	Modification
    of Indenture with Consent of Holders of Notes	40
	Section 9.03	The Trustee to
    Sign Supplemental Indentures etc.	40
	Section 9.04	Effect of Supplemental
    Indentures	40
	Section 9.05	Notes May Bear
    Notation of Changes by Supplemental Indentures	41
	 		 
	ARTICLE X
    CONSOLIDATION, MERGER, SALE OR CONVEYANCE 	41
	 		 
	Section 10.01	Consolidations
    and Mergers of the Company	41
	Section 10.02	Rights and Duties
    of Successor Company	41
	 		 
	ARTICLE XI
    SATISFACTION AND DISCHARGE OF INDENTURE;
    DEFEASANCE; UNCLAIMED MONEY 	42
	 		 
	Section 11.01	[Reserved]	42
	Section 11.02	Satisfaction
    and Discharge of Indenture; Defeasance	42
	Section 11.03	Conditions of
    Defeasance	42
	Section 11.04	Application of
    Trust Money	43
	Section 11.05	Repayment to
    Company	43
	Section 11.06	Indemnity for
    U.S. Government Obligations	43
	Section 11.07	Reinstatement	43

 

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	ARTICLE XII
    [RESERVED] 	44
	 		 
	ARTICLE XIII
    MISCELLANEOUS PROVISIONS 	44
	 		 
	Section 13.01	Successors and
    Assigns of Company Bound by Indenture	44
	Section 13.02	Acts of Board,
    Committee, or Officer of Successor Company Valid	44
	Section 13.03	Required Notices
    or Demands	44
	Section 13.04	Indenture and
    Notes to Be Construed in Accordance with the Laws of the State of New York	44
	Section 13.05	Officers’
    Certificate and Opinion of Counsel to Be Furnished upon Application or Demand by the Company	45
	Section 13.06	Payments Due
    on Legal Holidays	45
	Section 13.07	Computation of
    Interest	45
	Section 13.08	Rules by
    Trustee, Paying Agent, and Registrar	45
	Section 13.09	No Recourse Against
    Others	45
	Section 13.10	Severability	45
	Section 13.11	Effect of Headings	45
	Section 13.12	Indenture May Be
    Executed in Counterparts	45
	 		 
	ARTICLE XIV
    GUARANTEE	46
	 		 
	Section 14.01	Unconditional
    Guarantee	46
	Section 14.02	Limitation on
    Subsidiary Guarantors’ Liability	47
	Section 14.03	Execution and
    Delivery	47
	Section 14.04	Release of Subsidiary
    Guarantors from Guarantee	47
	Section 14.05	Subsidiary Guarantor
    Contribution	48

  

EXHIBITS

 

	Exhibit A	FORM OF
    NOTE	 
	Exhibit B	FORM OF CERTIFICATE
    OF TRANSFER	 
	Exhibit C	FORM OF CERTIFICATE
    EXCHANGE	 
	Exhibit D	FORM OF SUPPLEMENTAL
    INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS	 

 

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THIS INDENTURE dated
as of December 17, 2020 is among EnLink Midstream, LLC, a Delaware limited liability company (the “Company”),
EnLink Midstream Partners, LP, a Delaware limited partnership (the “Initial Guarantor”), and Wells Fargo Bank,
National Association, a national banking association, as trustee (the “Trustee”).

 

RECITALS

 

WHEREAS, the Company
and the Initial Guarantor have duly authorized the execution and delivery of this Indenture to provide for the issuance of the
Company’s notes to be designated as the “5.625% Senior Notes due 2028” (the “Notes”).

 

WHEREAS, the Company
and the Initial Guarantor are members of the same consolidated group of companies, and the Initial Guarantor will derive direct
and indirect economic benefit from the issuance of the Notes. Accordingly, the Initial Guarantor has duly authorized the execution
and delivery of this Indenture to provide for its full, unconditional, and joint and several guarantee of the Notes to the extent
provided in or pursuant to this Indenture.

 

WHEREAS, all things
necessary to make this Indenture a valid agreement of the Company and the Initial Guarantor, in accordance with its terms, have
been done.

 

NOW, THEREFORE,
THIS INDENTURE WITNESSETH

 

That in order to declare
the terms and conditions upon which the Notes are authenticated, issued, and delivered, and in consideration of the premises, and
of the purchase and acceptance of the Notes by the Holders thereof, the Company, the Initial Guarantor, and the Trustee covenant
and agree with one other, for the benefit of the respective Holders from time to time of the Notes, as follows:

 

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01         Definitions.

 

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

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, “control” when used with respect to
any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract, or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing. The Trustee may request and may conclusively rely upon an Officers’ Certificate
to determine whether any Person is an Affiliate of any specified Person.

 

“Agent”
means any Registrar or paying agent.

 

“Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and
procedures of the Depositary that apply to such transfer or exchange.

 

“Attributable
Debt,” when used with respect to any Sale-Leaseback Transaction (as defined in Section 4.10 hereof), means, as at
the time of determination, the present value (discounted at the rate set forth or implicit in the terms of the lease included in
such transaction) of the total obligations of the lessee for rental payments (other than amounts required to be paid on account
of property taxes, maintenance, repairs, insurance, assessments, utilities, operating and labor costs, and other items that do
not constitute payments for property rights) during the remaining term of the lease included in such Sale-Leaseback Transaction
(including any period for which such lease has been extended). In the case of any lease that is terminable by the lessee upon the
payment of a penalty or other termination payment, such amount shall be the lesser of the amount determined assuming termination
upon the first date such lease may be terminated (in which case the amount shall also include the amount of the penalty or termination
payment, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may
be so terminated) or the amount determined assuming no such termination.

 

    	 	1	 

     

    

 

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

 

“Board of
Directors” means the board of directors of the Managing Member or any authorized committee of the board of directors
of the Managing Member or any directors and/or officers of the Managing Member to whom such board of directors or such committee
shall have duly delegated its authority to act hereunder. If the Company shall change its form of entity to (i) a corporation,
the references to the board of directors of the Managing Member shall mean the board of directors of the Company or (ii) a
limited partnership, the references to the board of directors of the Managing Member shall mean the board of directors of the general
partner of the Company.

 

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

 

The term “capital
stock” of any Person means and includes any and all shares, rights to purchase, warrants or options (whether or not currently
exercisable), participations, or other equivalents of or interests in (however designated) the equity (which includes, but is not
limited to, common stock, preferred stock, partnership, limited liability company, and joint venture interests) of such Person
(excluding any debt securities that are convertible into, or exchangeable for, such equity).

 

“Change of
Control” means the occurrence of any of the following after the date of the Indenture:

 

(1)          the
direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger, amalgamation or consolidation),
in one or a series of related transactions, of all or substantially all of the Company’s assets and the assets of its Subsidiaries
taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the
Exchange Act) other than one or more Permitted Holders or any employee benefit plan of the Company or one of its Subsidiaries (and
any Person acting in its capacity as a trustee, agent, or other fiduciary or administrator of such plan);

 

(2)          the
consummation of any transaction (including, without limitation, any merger, amalgamation or consolidation) the result of which
is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange
Act), other than a Permitted Holder, becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under
the Exchange Act), directly or indirectly, of more than 50% of the Voting Stock of the Company or the Managing Member, measured
by voting power rather than percentage of interests, provided that (x) so long as the Company is a Subsidiary of the Managing
Member, no Person shall be deemed to be or become a beneficial owner of more than 50% of the total voting power of the Voting Stock
of the Company unless such Person shall be or become a beneficial owner of more than 50% of the total voting power of the Voting
Stock of the Managing Member and (y) any Voting Stock of which any Permitted Holder is the beneficial owner shall not in any
case be included in the calculation of any Voting Stock of which any such Person first referred to in this clause is the beneficial
owner; or

 

(3)          the
adoption by the Company’s unitholders of a plan relating to the liquidation or dissolution of the Company.

 

“Change of
Control Triggering Event” means the occurrence of both a Change of Control and a Ratings Event. Notwithstanding the foregoing,
no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless
and until such Change of Control has actually been consummated.

 

“Clearstream”
means Clearstream Banking, S.A.

 

“Company”
means the Person named as the “Company” in the first paragraph of this instrument until a successor Person replaces
it pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person
(including a Successor Company).

 

    	 	2	 

     

    

 

“Company Request”
and “Company Order” mean, respectively, a written request or order signed in the name of the Company by the
Chairman of the Board of Directors, the President, any Executive Vice President, any Senior Vice President, or a Vice President
of the Managing Member, and by the Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the Secretary, or
an Assistant Secretary of the Managing Member, and delivered to the Trustee, or if the Company shall change its form of entity
to other than a limited liability company, by Persons or officers, members, agents, and others holding positions comparable to
those of the foregoing nature, as applicable.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable
to the remaining term of the Notes to be redeemed (calculated as if the maturity date of the Notes was the Par Call Date) that
would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of the Notes (calculated as if the maturity date of the Notes was
the Par Call Date).

 

“Comparable
Treasury Price” means, with respect to any Redemption Date for the Notes, (1) the average of four Reference Treasury
Dealer Quotations for such Redemption Date after excluding the highest and lowest of all of the Reference Treasury Dealer Quotations
or (2) if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

 

“Consolidated
Net Tangible Assets” means, at any date of determination, the total amount of assets of the Company and its consolidated
Subsidiaries after deducting therefrom:

 

(1)            all
current liabilities (excluding (A) any current liabilities that by their terms are extendable or renewable at the option of
the obligor thereon to a time more than twelve months after the time as of which the amount thereof is being computed, and (B) current
maturities of long-term debt); and

 

(2)            the
value (net of any applicable reserves) of all goodwill, trade names, trademarks, patents, and other like intangible assets, all
as set forth, or on a pro forma basis would be set forth, on the consolidated balance sheet of the Company and its consolidated
Subsidiaries for the Company’s most recently completed fiscal quarter for which financial statements have been filed with
the SEC, prepared in accordance with generally accepted accounting principles.

 

“Credit Agreement”
means the Revolving Credit Agreement, dated as of December 11, 2018, among the Company, Bank of America, N.A., as Administrative
Agent, and the other agents and lenders party thereto, as amended, restated, or otherwise modified from time to time, and any successor
or replacement agreement with banks or other financial institutions that provides for revolving loans to the Company or the Initial
Guarantor.

 

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

 

“Debt”
of any Person at any date means any obligation created or assumed by such Person for the repayment of borrowed money and any guarantee
thereof.

 

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

 

“Definitive
Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06
hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and
shall not have the “Schedule of Increases or Decreases in Global Note” attached thereto.

 

“Depositary”
means The Depository Trust Company, New York, New York, or any successor thereto registered as a clearing agency under the Exchange
Act or other applicable statute or regulations.

 

“Dollar”
or “$” means such currency of the United States as at the time of payment is legal tender for the payment of
public and private debts.

 

“Euroclear”
means Euroclear Bank S.A./N.V., as operator of the Euroclear system.

 

    	 	3	 

     

    

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and any successor statute.

 

“Fitch”
means Fitch Ratings, Ltd.

 

“GAAP”
means generally accepted accounting principles in the United States, as in effect from time to time.

 

“Global Note”
means a Note in global form deposited with or on behalf of and registered in the name of the Depositary or its nominee, substantially
in the form of Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule of Increases
or Decreases in Global Note” attached thereto, issued in accordance with Section 2.01 hereof.

 

“Global Note
Legend” means the legend set forth in Section 2.06(f) hereof, which is required to be placed on all Global
Notes issued under this Indenture.

 

The term “guarantee”
means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Debt or other obligation of
any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person (a) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Debt or other obligation of such other Person (whether arising by
virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities, or services, to take-or-pay,
or to maintain financial statement conditions or otherwise) or (b) entered into for purposes of assuring in any other manner
the obligee of such Debt or other obligation of the payment thereof or to protect such obligee against loss in respect thereof
(in whole or in part); provided, however, that the term “guarantee” shall not include endorsements for collection or
deposit in the ordinary course of business. The term “guarantee” used as a verb has a corresponding meaning.

 

“Holder,”
 “Holder of Notes”, or other similar terms means, a Person in whose name a Note is registered in the Notes Register
(as defined in Section 2.04(a)).

 

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

 

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

 

“Initial Guarantor”
has the meaning set forth in the recitals to this Indenture.

 

“Investment
Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s);
a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P); and a rating of BBB-
or better by Fitch (or its equivalent under any successor rating category of Fitch) or the equivalent investment grade credit rating
from any replacement agent selected by the Company in accordance with the definition of “Rating Agencies.”

 

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

 

“Lien”
means, with respect to any asset, any mortgage, lien, security interest, pledge, charge, or other encumbrance of any kind in respect
of such asset, whether or not filed, recorded or otherwise perfected under applicable law.

 

“Managing
Member” means EnLink Midstream Manager, LLC, a Delaware limited liability company, and its successors as managing member
of the Company.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Offering
Memorandum” means the Company’s offering memorandum, dated December 14, 2020, relating to the offering of
the Notes issued on the date of the Indenture.

 

    	 	4	 

     

    

 

“Officer”
means, with respect to a Person, the Chairman of the Board of Directors, the President, any Executive Vice President, any Senior
Vice President, any Vice President, the Treasurer, any Assistant Treasurer, Controller, Secretary, Assistant Secretary, or any
Assistant Vice President of such Person. If the Company shall change its form of entity to other than a limited liability company,
any reference herein to an Officer of the Managing Member shall be deemed to include such Officer of the Company (or of the applicable
governing Person of the Company).

 

“Officers’
Certificate” means a certificate signed by two Officers of the Managing Member.

 

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

 

“Outstanding,”
means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture, except:

 

(1)            Notes
theretofore canceled by the Trustee or delivered to the Trustee for cancellation;

 

(2)            Notes
for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any paying agent
(other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own paying
agent) for the Holders of Notes; provided, that, if such Notes are to be redeemed, notice of such redemption has been duly given
pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and

 

(3)            Notes
which have been paid pursuant to Section 2.08 or in exchange for or in lieu of which other Notes have been authenticated and
delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee
proof satisfactory to it that such Notes are held by a bona fide purchaser in whose hands such Notes are valid obligations of the
Company;

 

provided, however, that in determining
whether the Holders of the requisite principal amount of the Outstanding Notes have given any request, demand, authorization, direction,
notice, consent, or waiver hereunder, Notes owned by the Company or any other obligor upon the Notes or any Subsidiary of the Company
or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee
shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, or waiver, only Notes which
a Trust Officer actually knows to be so owned shall be so disregarded. Notes so owned which have been pledged in good faith may
be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with
respect to such Notes and that the pledgee is not the Company or any other obligor upon the Notes or a Subsidiary of the Company
or of such other obligor.

 

“Par Call
Date” means July 15, 2027.

 

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

 

“Permitted
Holder” means each of Global Infrastructure Partners III-A/B, L.P., Global Infrastructure Partners III-C Intermediate,
L.P., Global Infrastructure Partners III-C2 Intermediate, L.P., Global Infrastructure Partners III-C Stetson AIV, L.P. and each
of their Affiliates, and any funds, partnerships or other investment vehicles controlled by them or their Affiliates. Any “person”
or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) whose acquisition of beneficial
ownership constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance with the requirements
of this Indenture will thereafter, together with its Affiliates, constitute an additional Permitted Holder.

 

“Permitted
Liens” means:

 

(1)            liens
upon rights-of-way for pipeline purposes;

 

    	 	5	 

     

    

 

(2)            easements,
rights-of-way, restrictions, and other similar encumbrances affecting real property and encumbrances consisting of zoning restrictions,
easements, licenses, restrictions on the use of real property, or minor imperfections in title thereto and which do not in the
aggregate materially adversely affect the value of the properties encumbered thereby or materially impair their use in the operation
of the business of the Company and its Subsidiaries;

 

(3)            rights
reserved to or vested by any provision of law in any municipality or public authority to control or regulate any of the properties
of the Company or any Subsidiary or the use thereof or the rights and interests of the Company or any Subsidiary therein, in any
manner under any and all laws;

 

(4)            rights
reserved to the grantors of any properties of the Company or any Subsidiary, and the restrictions, conditions, restrictive covenants,
and limitations, in respect thereto, pursuant to the terms, conditions, and provisions of any rights-of-way agreements, contracts,
or other agreements therewith;

 

(5)            any
statutory or governmental lien or lien arising by operation of law, or any mechanics’, repairmen’s, materialmen’s,
suppliers’, carriers’, landlords’, warehousemen’s, or similar lien (including liens on property in the
possession of storage facilities, pipelines, or barges) incurred in the ordinary course of business which is not more than sixty
(60) days past due or which is being contested in good faith by appropriate proceedings, if necessary, and any undetermined lien
which is incidental to construction, development, improvement, or repair;

 

(6)            any
right reserved to, or vested in, any municipality or public authority by the terms of any right, power, franchise, grant, license,
permit, or by any provision of law, to purchase or recapture or to designate a purchaser of, any property;

 

(7)            liens
for taxes and assessments which are (a) for the then current year, (b) not at the time delinquent, or (c) delinquent
but the validity or amount of which is being contested at the time by the Company or any of its Subsidiaries in good faith by appropriate
proceedings;

 

(8)            banker’s
liens, rights of set-off, or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository
institution and arising in the ordinary course of business;

 

(9)            liens
on deposits required by any Person with whom the Company or any Subsidiary enters into forward contracts, futures contracts, swap
agreements, or other commodities contracts in the ordinary course of business and in accordance with established risk management
policies and liens of, or to secure performance of, leases, other than capital leases;

 

(10)          any
lien in favor of the Company or any Subsidiary;

 

(11)          any
lien upon any property or assets of the Company or any Subsidiary in existence on the date hereof;

 

(12)          any
lien incurred in the ordinary course of business in connection with workmen’s compensation, unemployment insurance, temporary
disability, social security, retiree health, or similar laws or regulations or to secure obligations imposed by statute or governmental
regulations or to secure letters of credit with respect thereto;

 

(13)          liens
in favor of any Person to secure obligations under provisions of any letters of credit, bank guarantees, bonds, or surety obligations
required or requested by any governmental authority or in connection with any contract or statute, provided that such obligations
do not constitute Debt; or any lien upon or deposits of any assets to secure performance of bids, trade contracts, surety, stay,
customs, and appeal bonds, performance and return-of money bonds, bankers’ acceptance facilities, leases or statutory obligations,
and other obligations of a like nature incurred in the ordinary course of business or to secure letters of credit with respect
thereto;

 

(14)          any
lien upon any property or assets created at the time of acquisition of such property or assets by the Company or any of its Subsidiaries
or within one year after such time to secure all or a portion of the purchase price for such property or assets or debt incurred
to finance such purchase price, whether such debt was incurred prior to, at the time of or within one year after the date of such
acquisition;

 

    	 	6	 

     

    

 

(15)          any
lien upon any property or assets to secure all or part of the cost of construction, development, repair, or improvements thereon
or to secure Debt incurred prior to, at the time of, or within one year after completion of such construction, development, repair,
or improvements or the commencement of full operations thereof (whichever is later), to provide funds for any such purpose;

 

(16)          any
lien upon any property or assets existing thereon at the time of the acquisition thereof by the Company or any of its Subsidiaries
and any lien upon any property or assets of a Person existing thereon at the time such Person becomes a Subsidiary of the Company
by acquisition, merger, or otherwise; provided that, in each case, such lien only encumbers the property or assets so acquired
or owned by such Person at the time such Person becomes a Subsidiary and any additions thereto, proceeds thereof, and property
in replacement or substitution thereof;

 

(17)          liens
imposed by law or order as a result of any proceeding before any court or regulatory body that is being contested in good faith,
and liens which secure a judgment or other court-ordered award or settlement as to which the Company or the applicable Subsidiary
has not exhausted its appellate rights;

 

(18)          any
extension, renewal, refinancing, refunding, or replacement (or successive extensions, renewals, refinancing, refunding, or replacements)
of liens, in whole or in part, referred to in clauses (1) through (17) above; provided, however, that any such extension,
renewal, refinancing, refunding, or replacement lien shall be limited to the property or assets covered by the lien extended, renewed,
refinanced, refunded, or replaced and that the obligations secured by any such extension, renewal, refinancing, refunding, or replacement
lien shall be in an amount not greater than the amount of the obligations secured by the lien extended, renewed, refinanced, refunded,
or replaced and any expenses of the Company or its Subsidiaries (including any premium) incurred in connection with such extension,
renewal, refinancing, refunding, or replacement; or

 

(19)          any
lien resulting from the deposit of moneys or evidence of Debt in trust for the purpose of defeasing Debt of the Company or any
of its Subsidiaries.

 

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

 

“Primary Treasury
Dealer” means a U.S. government securities dealer in the United States.

 

“Principal
Property” means, whether owned or leased on the date hereof or thereafter acquired:

 

(1)            any
pipeline assets of the Company or any of its Subsidiaries, including any related facilities employed in the gathering, transportation,
distribution, storage or marketing of natural gas, refined petroleum products, natural gas liquids and petrochemicals, that are
located in the United States of America or any territory or political subdivision thereof; and

 

(2)            any
processing, compression, treating, blending, or manufacturing plant or terminal owned or leased by the Company or any of its Subsidiaries
that is located in the United States or any territory or political subdivision thereof, except in the case of either of the preceding
clause (1) or this clause (2):

 

(a)          any
such assets consisting of inventories, furniture, office fixtures and equipment (including data processing equipment), vehicles
and equipment used on, or useful with, vehicles; and

 

(b)         any
such assets which, in the opinion of the Board of Directors are not material in relation to the activities of the Company and its
Subsidiaries taken as a whole.

 

“Principal
Subsidiary” means any Subsidiary owning or leasing, directly or indirectly through ownership in another Subsidiary, any
Principal Property.

 

“Private Placement
Legend” means the legend set forth in Section 2.06(f) hereof to be placed on all Notes issued under this Indenture,
except where otherwise permitted by the provisions of this Indenture.

 

    	 	7	 

     

    

 

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

 

“Quotation
Agent” means the Reference Treasury Dealer appointed by the Company.

 

“Rating Agencies”
means each of Moody’s, S&P and Fitch; and if any of Moody’s, S&P or Fitch ceases to rate the Notes or fails
to make a rating of the Notes, as the case may be, publicly available for reasons outside of the Company’s control, a “nationally
recognized statistical rating organization” as defined in Section 3(a)(62) under the Exchange Act selected by the Company
as a replacement agency for any or all of Moody’s, S&P or Fitch, as the case may be.

 

“Ratings Event”
means (i) the ratings on the Notes are downgraded by one or more gradations (including gradations within ratings categories
as well as between rating categories) and immediately following such downgrading, the Notes are rated below Investment Grade or
(ii) a withdrawal of the rating of the Notes, in either case by any two Rating Agencies on any date during the period commencing
upon the earlier of (a) the occurrence of a Change of Control and (b) the first public announcement by the Company of
the occurrence of any Change of Control or the Company’s intention to effect a Change of Control and ending 60 days following
consummation of such Change of Control; provided, however, that a particular reduction in rating will not be deemed to have occurred
in respect of a particular Change of Control (and thus will not constitute a Change of Control Triggering Event) if the Rating
Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform
the Trustee in writing at the Company’s or the Trustee’s request that the reduction was the result, in whole or in
part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether
or not the applicable Change of Control has occurred at the time of such reduction in rating); provided, further, that no Change
of Control Triggering Event shall occur if following such downgrade, the ratings of the Notes by two or more Rating Agencies are
equal to or better than their respective ratings on the date hereof.

 

“Redemption
Date” means the date fixed for redemption of any Notes by or pursuant to this Indenture.

 

“Reference
Treasury Dealer” means each of (a) BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities
LLC and their respective successors that are Primary Treasury Dealers, provided that, if at any time any of the foregoing is not
a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury Dealer, and (b) one other Primary
Treasury Dealer selected by the Company.

 

“Reference
Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average,
as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as
a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding the Redemption Date.

 

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

 

“Regulation
S Global Note” means a Global Note in the form of Exhibit A hereto bearing the Global Note Legend and the
Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued
in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903.

 

“Regulation
S Legend” means the legend set forth in Section 2.06(f) hereof to be placed on all Regulation S Global Notes
issued under this Indenture, except where otherwise permitted by the provisions of this Indenture.

 

“Restricted
Definitive Note” means a Definitive Note bearing, or that is required to bear, the Private Placement Legend.

 

“Restricted
Global Note” means a Global Note bearing, or that is required to bear, the Private Placement Legend.

 

“Restricted
Period” means the “distribution compliance period” as defined in Regulation S.

 

    	 	8	 

     

    

 

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

 

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

 

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

 

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

 

“S&P”
means S&P Global Ratings, a division of S&P Global Inc.

 

“SEC”
means the Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended, and any successor statute.

 

“Stated Maturity”
means the date specified in the Notes as the fixed date on which the payment of principal is due and payable.

 

“Subsidiary”
means, as to any Person, (1) any corporation, association, or other business entity (other than a partnership or limited liability
company) of which more than 50% of the outstanding capital stock having ordinary voting power is at the time owned or controlled,
directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person, (2) a partnership (whether
general or limited) in which such Person or a Subsidiary of such Person is, at the date of determination, a general partner of
such partnership, but only if such Person, directly or by one or more Subsidiaries of such Person, or a combination thereof, controls
such partnership on the date of determination, or (3) any other Person in which such Person, one or more Subsidiaries of such
Person, or a combination thereof, directly or indirectly, at the date of determination, has (i) a majority ownership interest
or (ii) the power to elect or direct the election of directors with a majority of the voting power of the board of directors
(or other governing body) of such Person or the sole member or managing member of such Person, as applicable.

 

“Subsidiary
Guarantors” means the Initial Guarantor and each other Subsidiary of the Company that guarantees the Notes pursuant to
the terms of this Indenture, but only so long as the Initial Guarantor or such other Subsidiary is a guarantor of the Notes on
the terms provided for in this Indenture.

 

“Term Loan”
means the Term Loan Agreement, dated as of December 11, 2018, among the Initial Guarantor, Bank of America, N.A., as Administrative
Agent, the other agents and lenders party thereto, and pursuant to the New Borrower Joinder and Assumption Agreement, dated as
of January 25, 2019, the Company, and as further amended, restated, or supplemented from time to time, and any successor or
replacement agreement with banks or other financial institutions that provides for one or more term loans to the Company or the
Initial Guarantor.

 

“TIA”
means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§77aaa-77bbbb), as in effect on the date of this Indenture
as originally executed and, to the extent required by law, as amended.

 

“Treasury
Rate” means, with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent yield to maturity
of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate will be calculated by, or
on behalf of, the Company on the third Business Day preceding any Redemption Date.

 

“Trustee”
initially means Wells Fargo Bank, National Association and any other Person or Persons appointed as such from time to time pursuant
to Section 7.08, and, subject to the provisions of Article VII, includes its or their successors and assigns.

 

“Trust Officer”
means any officer or assistant officer of the Trustee assigned by the Trustee to administer its corporate trust matters.

 

    	 	9	 

     

    

 

“United States”
means the United States of America (including the States and the District of Columbia), its territories, its possessions, and other
areas subject to its jurisdiction.

 

“Unrestricted
Definitive Notes” means one or more Definitive Notes that do not and are not required to bear the Private Placement Legend.

 

“Unrestricted
Global Note” means a permanent Global Note, substantially in the form of Exhibit A attached hereto, that
bears the Global Note Legend and that is deposited with or on behalf of and registered in the name of the Depositary, representing
Notes that do not bear the Private Placement Legend.

 

“U.S. Government
Obligations” means direct obligations of the United States of America, obligations on which the payment of principal
and interest is fully guaranteed by the United States of America, or obligations or guarantees for the payment of which the full
faith and credit of the United States of America is pledged.

 

“Voting Stock”
of any specified Person as of any date means the capital stock of such Person that is at the time entitled (without regard to the
occurrence of any contingency) to vote in the election of (i) such Person’s directors, managers, trustees or other persons
serving in a similar capacity for such entity or (ii) the directors, managers, trustees or other persons serving in a similar
capacity of the sole member, managing member or general partner of such Person.

 

Section 1.02         Other
Definitions.

 

	Term	 	Defined in Section	 
	“Change of Control Offer”	 	 	4.11	 
	“Change of Control Payment”	 	 	4.11	 
	“Change of Control Payment Date”	 	 	4.11	 
	“covenant defeasance option”	 	 	11.02	 
	“Defaulted Interest”	 	 	2.11	 
	“Event of Default”	 	 	6.01	 
	“Excluded Subsidiary”	 	 	4.09	 
	“Funding Guarantor”	 	 	14.05	 
	“Guarantee”	 	 	14.01	 
	“legal defeasance option”	 	 	11.02	 
	“liens”	 	 	4.09	 
	“Notes Register”	 	 	2.04	 
	“Registrar”	 	 	2.04	 
	“Sale-Leaseback Transaction”	 	 	4.10	 
	“Successor Company”	 	 	10.01	 

 

Section 1.03         Trust
Indenture Act Not Applicable. This Indenture is not qualified under the TIA nor subject to the terms of the TIA except
with respect to provisions of the TIA expressly referred to herein.

 

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

 

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

 

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

 

(c)            “or”
is not exclusive;

 

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

 

(e)            provisions
apply to successive events and transactions; and

 

    	 	10	 

     

    

 

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

 

Section 1.05         Record
Dates for Action by Holders. If the Company shall solicit from the Holders of the Notes any action (including the making of
any demand or request, the giving of any direction, notice, consent, or waiver, or the taking of any other action), the Company
may, at its option, by resolution of the Board of Directors, fix in advance a record date for the determination of Holders of
the Notes entitled to take such action, but the Company shall have no obligation to do so. Any such record date shall be fixed
at the Company’s discretion. If such a record date is fixed, such action may be sought or given before or after the record
date, but only the Holders of the Notes of record at the close of business on such record date shall be deemed to be Holders of
the Notes for the purpose of determining whether Holders of the requisite proportion of Outstanding Notes have authorized or agreed
or consented to such action, and for that purpose the Outstanding Notes shall be computed as of such record date. No such consent
shall be valid or effective for more than 120 days after such record date unless the consent of the Holders of the percentage
in aggregate principal amount of the Notes specified in this Indenture shall have been received within such 120-day period.

 

ARTICLE II

NOTES

 

Section 2.01
         Forms Generally. The Notes and the Trustee’s certificates of authentication
shall be substantially in the form of Exhibit A hereto. The Notes may have notations, legends, or endorsements required
by law, stock exchange rule, or usage. Each Note will be dated the date of its authentication. The Notes shall be in denominations
of $2,000 and integral multiples of $1,000 in excess thereof. The terms and provisions contained in the Notes shall constitute,
and are hereby expressly made, a part of this Indenture and to the extent applicable, the Company, the Initial Guarantor 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.

 

Global Notes will be
substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of
Increases or Decreases in Global Note” attached thereto). Definitive Notes will be substantially in the form of Exhibit A
hereto (but without the Global Note Legend thereon and without the “Schedule of Increases or Decreases in Global Note”
attached thereto). Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide
that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate
principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect
exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate
principal amount of outstanding Notes represented thereby will be made by the Trustee, in accordance with instructions given by
the Holder thereof as required by Section 2.06 hereof.

 

Definitive Notes shall
be printed, lithographed or engraved on steel engraved borders, or may be produced in any other manner, all as determined by the
officers executing such Notes, as evidenced by their execution of such Notes.

 

Section 2.02         Execution
of Notes. The Notes shall be signed on behalf of the Company by the Chairman of the Board of Directors, the President, or
a Vice President of the Managing Member and, if the seal of the Managing Member is reproduced thereon, it shall be attested by
its Secretary, an Assistant Secretary, a Treasurer, or an Assistant Treasurer. Such signatures upon the Notes may be the manual,
facsimile or PDF transmission signatures of such authorized officers and may be imprinted or otherwise reproduced on the Notes.
The seal of the Managing Member, if any, may be in the form of a facsimile or PDF transmission thereof and may be impressed, affixed,
imprinted, or otherwise reproduced on the Notes.

 

Only Notes as shall
bear thereon a certificate of authentication substantially in the form of Exhibit A hereto, signed manually by the
Trustee, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the
Trustee upon any Note executed by the Managing Member on behalf of the Company shall be conclusive evidence that the Note so authenticated
has been duly authenticated and delivered hereunder.

 

    	 	11	 

     

    

 

In case any officer
of the Managing Member who shall have signed any of the Notes shall cease to be such officer before the Notes so signed shall have
been authenticated and delivered by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and
delivered or disposed of as though the Person who signed such Notes had not ceased to be such officer of the Managing Member; and
any Notes may be signed on behalf of the Managing Member by such Persons as, at the actual date of the execution of such Notes,
shall be the proper officers of the Managing Member, although at the date of such Notes or of the execution of this Indenture any
such Person was not such officer.

 

Section 2.03         Authentication
and Delivery of Notes. The Trustee shall authenticate and deliver: (1) on the date hereof, one or more Global Notes for
original issue in an aggregate principal amount of $500,000,000 and (2) if and when issued, additional Notes, in each case
upon a Company Order. Such order shall specify the amount of the Notes to be authenticated and the date on which the issue of
such Notes is to be authenticated and whether the Notes are to be Global Notes or Definitive Notes and whether they are to bear
the Private Placement Legend. In authenticating such Notes, and accepting the additional responsibilities under this Indenture
in relation to such Notes, the Trustee shall be entitled to receive, and (subject to Section 7.01) shall be fully protected
in relying upon:

 

(a)            a
copy of any resolution or resolutions of the Board of Directors, certified by the Secretary or Assistant Secretary of the Managing
Member, authorizing the terms of issuance of the Notes;

 

(b)            an
executed supplemental Indenture, if any;

 

(c)            an
Officers’ Certificate; and

 

(d)            an
Opinion of Counsel prepared in accordance with Section 13.05 which shall also state:

 

(i)            that
the Notes, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance
with their terms except as the enforceability thereof may be limited by bankruptcy, insolvency, or similar laws affecting the enforcement
of creditors’ rights generally and rights of acceleration and the availability of equitable remedies may be limited by equitable
principles of general applicability;

 

(ii)            that
the Company has the limited liability company (or such other applicable) power to issue the Notes and has duly taken all necessary
limited liability company (or such other applicable) action with respect to such issuance;

 

(iii)            that
the issuance of the Notes will not contravene the organizational documents of the Company or result in any material violation of
any of the terms or provisions of any law or regulation or of any material indenture, mortgage, or other agreement known to such
counsel by which the Company is bound;

 

(iv)            that
authentication and delivery of the Notes and the execution and delivery of any supplemental Indenture will not violate the terms
of this Indenture; and

 

(v)            such
other matters as the Trustee may reasonably request.

 

The Trustee shall have
the right to decline to authenticate and deliver any Notes under this Section 2.03 if the Trustee, being advised by counsel,
determines that such action may not lawfully be taken or if the Trustee in good faith by its board of directors or trustees, executive
committee, or a trust committee of directors, trustees, or officers (or any combination thereof) shall determine that such action
would expose the Trustee to personal liability to existing Holders.

 

The Trustee may appoint
an authenticating agent reasonably acceptable to the Company 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 any Registrar, paying agent,
or agent for service of notices and demands.

 

    	 	12	 

     

    

 

Section 2.04         Registrar
and Paying Agent; Holder Lists

 

(a)            The
Company shall keep or cause to be kept a register for the Notes (the “Notes Register”), in which, subject to
such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and the transfer of Notes
as provided in Section 2.06. At all reasonable times, the Notes Register shall be open for inspection by the Trustee. Subject
to Section 2.06, upon due presentment for registration of transfer of any Notes at any office or agency to be maintained by
the Company in accordance with the provisions of Section 4.02, the Company shall execute and the Trustee shall authenticate
and deliver in the name of the transferee or transferees a new Note or Notes of authorized denominations for a like aggregate principal
amount. In no event may Notes be issued as, or exchanged for, bearer securities. Unless and until otherwise determined by the Company,
the Notes Register shall be kept at the corporate trust office of the Trustee referred to in Section 13.03 and, for this purpose,
the Trustee shall be designated “Registrar.”

 

(b)            The
Company shall keep or cause to be kept an office or agency where Notes may be presented for payment. The Company may appoint one
or more additional paying agents. The term “paying agent” includes any additional paying agent. The Company may change
any paying agent without notice to any Holder. The Company will notify the Trustee in writing of the name and address of any paying
agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as paying agent, the Trustee shall
act as such. The Company or any of its Subsidiaries may act as paying agent.

 

(c)            The
Company initially appoints The Depository Trust Company to act as Depositary with respect to the Global Notes. The Company initially
appoints the Trustee to act as the Registrar and paying agent at the address set forth in Section 4.02.

 

(d)            The
Trustee will 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 Company will furnish to the Trustee at least seven 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 of Notes.

 

Section 2.05         Paying
Agent to Hold Money in Trust.

 

(a)            The
Company shall cause each paying agent, if any, other than the Trustee, to execute and deliver to the Trustee an instrument in which
such agent shall agree with the Trustee, subject to the provisions of this Section 2.05,

 

(i)            that
it will hold all sums held by it as such agent for the payment of the principal of, and premium, if any, or interest on, the Notes
(whether such sums have been paid to it by the Company or by any other obligor on the Notes) in trust for the benefit of the Holders
of the Notes;

 

(ii)            that
it will give the Trustee notice of any failure by the Company (or by any other obligor on the Notes) to make any payment of the
principal of, and premium, if any, or interest on, the Notes when the same shall be due and payable; and

 

(iii)            that
it will at any time during the continuance of an Event of Default, upon the written request of the Trustee, forthwith pay to the
Trustee all sums so held by it as such agent.

 

(b)            If
the Company shall act as its own paying agent, it will, by 11:00 a.m., New York City time, on each due date of the principal
of, and premium, if any, or interest on, the Notes, set aside, segregate and hold in trust for the benefit of the Holders of the
Notes a sum sufficient to pay such principal, premium, if any, or interest so becoming due. The Company will promptly notify the
Trustee of any failure by the Company to take such action or the failure by any other obligor on the Notes to make any payment
of the principal of, and premium, if any, or interest on, the Notes when the same shall be due and payable.

 

    	 	13	 

     

    

 

(c)           Anything
in this Section 2.05 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction
and discharge of this Indenture, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by it or
any paying agent, as required by this Section 2.05, such sums to be held by the Trustee upon the same trusts as those upon
which such sums were held by the Company or such paying agent.

 

(d)           Whenever
the Company shall have one or more paying agents, it will, prior to each due date of the principal of, and premium, if any, or
interest on, the Notes, deposit with any such paying agent a sum sufficient to pay the principal, premium, or interest so becoming
due, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless any such paying agent is the Trustee)
the Company will promptly notify the Trustee of its action or failure so to act.

 

(e)           Anything
in this Section 2.05 to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section 2.05
is subject to the provisions of Section 11.05.

 

Section 2.06           Registration
of Transfer and Exchange.

 

(a)           Transfer
and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any
such nominee to a successor Depositary or a nominee of such successor Depositary. Global Notes also may be exchanged or replaced,
in whole, as provided in Section 2.08. Owners of beneficial interests in Global Notes shall not be entitled to receive Definitive
Notes unless:

 

(1)            the
Company delivers to the Trustee and the Registrar notice from the Depositary that it is unwilling or unable to continue to act
as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary
is not appointed by the Company within 90 days; or

 

(2)            there
has occurred and is continuing an Event of Default and the Depositary notifies the Trustee of its decision to exchange the Global
Notes for Definitive Notes; provided that in no event shall the Regulation S Global Notes be exchanged by the Company for Definitive
Notes prior to the expiration of the Restricted Period.

 

Upon the occurrence
of any of the events in clause (1) or (2) above, Definitive Notes shall be issued in such names and authorized denominations
as the Depositary shall instruct the Trustee and the Registrar in accordance with the Applicable Procedures. Neither the Company,
the Subsidiary Guarantors, the Trustee nor the Registrar will be liable for any delay by the Depositary in identifying the owners
of beneficial interests in a Global Note, and each of the Company, the Subsidiary Guarantors, the Trustee and the Registrar may
conclusively rely on, and will be protected in relying on, instructions from the Depositary for all purposes of this Indenture.

 

(b)           Transfer
and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes
shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Transfers
of beneficial interests in the Global Notes also shall require compliance with either subparagraph (1) or (2) below,
as applicable, as well as one or more of the other following provisions of this Section 2.06, as applicable:

 

(1)            Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons
who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer
restrictions set forth in the Private Placement Legend. Beneficial interests in any Unrestricted Global Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in such Unrestricted Global Note. No written orders or
instructions shall be required to be delivered to the Registrar to effect the transfers described in the preceding sentence of
this Section 2.06(b)(1).

 

    	 	14	 

     

    

 

(2)           All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial
interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to
the Registrar either:

 

(A)          (i)           a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the
beneficial interest to be transferred or exchanged; and

 

(ii)          instructions
given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with
such increase; or

 

(B)          (i)           a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred
or exchanged; and

 

(ii)          instructions
given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be
registered to effect the transfer or exchange referred to in Section 2.06(b)(2)(B)(i) above.

 

Upon satisfaction
of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture, the Notes
or otherwise applicable under the Securities Act, the principal amount of each relevant Global Note shall be adjusted pursuant
to Section 2.06(g).

 

(3)           Transfer
of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred
to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies
with the requirements of Section 2.06(b)(2) above and the Registrar receives the following:

 

(A)           if
the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and

 

(B)           if
the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof.

 

(4)           Transfer
and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in the Unrestricted Global Note.
A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted
Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global
Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives
the following:

 

(A)           if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial
interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including
the certifications in item (1)(a) thereof; or

 

(B)           if
the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder
in the form of Exhibit B hereto, including the certifications in item (4) thereof;

 

    	 	15	 

     

    

 

and, in each
such case set forth in this Section 2.06(b)(4), if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act.

 

If any such transfer
is effected pursuant to subparagraph (A) or (B) above at a time when an Unrestricted Global Note has not yet been issued,
the Company shall issue and, upon receipt of a Company Order in accordance with Section 2.03 hereof, the Trustee shall authenticate
one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests
transferred pursuant to subparagraph (A) or (B) above.

 

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

 

(c)           Transfer
or Exchange of Beneficial Interests for Definitive Notes.

 

(1)           Beneficial
Interests in Restricted Global Notes to Restricted Definitive Notes. If any of the conditions set forth in Section 2.06(a) hereof
have been met and if any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest
for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of
a Restricted Definitive Note, then, upon receipt by the Registrar of the following documentation:

 

(A)           if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted
Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item
(2)(a) thereof;

 

(B)           if
such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (1) thereof; or

 

(C)           if
such beneficial interest is being transferred to a non-U.S. Person in an offshore transaction in accordance with Rule 904,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof,

 

then, upon
satisfaction of the conditions set forth in Section 2.06(b)(2)(B), the Registrar shall cause the aggregate principal amount
of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g), and the Company shall execute and the
Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate form and
principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this
Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the
holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or
Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered.
Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall
bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. Notwithstanding Sections
2.06(c)(1)(A) and (C), a beneficial interest in the Regulation S Global Note may not be exchanged for a Definitive Note or
transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to the expiration of the Restricted Period,
except in the case of a transfer pursuant to Rule 144A or Regulation S (other than a transfer pursuant to Rule 904).

 

    	 	16	 

     

    

 

(2)           Beneficial
Interests in Restricted Global Notes to Unrestricted Definitive Notes. If any of the conditions set forth in Section 2.06(a) hereof
have been met and a holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for
an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of
an Unrestricted Definitive Note only if the Registrar receives the following:

 

(A)           if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted
Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item
(1)(b) thereof; or

 

(B)           if
the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B
hereto, including the certifications in item (4) thereof;

 

and, in each
such case set forth in this Section 2.06(c)(2), if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act.

 

(3)           Beneficial
Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any of the conditions set forth in Section 2.06(a) with
respect to the issuance of Definitive Notes has been met and any holder of a beneficial interest in an Unrestricted Global Note
proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes
delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2)(B),
the Registrar shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g),
and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive
Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) shall
be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest
shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee
shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange
for a beneficial interest pursuant to this Section 2.06(c)(3) shall not bear the Private Placement Legend.

 

(d)           Transfer
and Exchange of Definitive Notes for Beneficial Interests.

 

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

 

(A)           if
the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof;

 

(B)           if
such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (1) thereof; or

 

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

 

    	 	17	 

     

    

 

the Trustee
shall cancel the Restricted Definitive Note, the Registrar shall increase or cause to be increased the aggregate principal amount
of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A
Global Note, and in the case of clause (C) above, the Regulation S Global Note.

 

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

 

(A)           if
the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof;
or

 

(B)           if
the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of
a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto,
including the certifications in item (4) thereof;

 

and, in each
such case set forth in this Section 2.06(d)(2), if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act.

 

Upon satisfaction
of the conditions of either of the subparagraphs in this Section 2.06(d)(2), the Trustee shall cancel the Definitive Notes
and the Registrar shall increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note.

 

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

 

If any such
exchange or transfer from a Definitive Note to a beneficial interest in an Unrestricted Global Note is effected at a time when
an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of a Company Order in accordance
with Section 2.03, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal
to the principal amount of Definitive Notes so transferred.

 

(e)           Transfer
and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s
compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive
Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the
Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed
by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional
certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e).

 

(1)           Restricted
Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered in the
name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following:

 

(A)           if
the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item (1) thereof;

 

    	 	18	 

     

    

 

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

 

(C)           if
the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the certifications required by item (3) thereof.

 

(2)           Restricted
Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof for
an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted
Definitive Note if the Registrar receives the following:

 

(A)           if
the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate
from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or

 

(B)           if
the Holder of such Restricted Definitive Note proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including
the certifications in item (4) thereof;

 

and, in each
such case set forth in this Section 2.06(e)(2), if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable
to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act.

 

(3)           Unrestricted
Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person
who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer,
the Registrar shall register the Unrestricted Definitive Note pursuant to the instructions from the Holder thereof.

 

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

 

(1)           Private
Placement Legend.

 

(A)           Except
as permitted by subparagraph (B) below or as otherwise agreed between the Company and the Holder, each Global Note and each
Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear a legend in substantially the following
form:

 

THIS NOTE HAS
NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS
OF ANY STATE OR OTHER JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE
ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT
IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S.
PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES
THAT IT WILL NOT WITHIN [IN THE CASE OF RULE 144A NOTES: ONE YEAR OR SUCH SHORTER TIME UNDER APPLICABLE LAW] [IN THE CASE OF REGULATION
S NOTES: 40 DAYS] AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF
THE COMPANY WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE) RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO
THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH
RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 903 OR
RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES
ACT (IF AVAILABLE), (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND
BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS), OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT, AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY
TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S.
PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

 

    	 	19	 

     

    

 

BY ITS ACQUISITION
OF THIS NOTE, THE HOLDER THEREOF REPRESENTS AND WARRANTS THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE
OR HOLD THIS NOTE (OR ANY INTEREST IN THIS NOTE) CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I
OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN, INDIVIDUAL RETIREMENT
ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR ANY GOVERNMENTAL PLAN, CHURCH PLAN, NON-U.S. PLAN, OR OTHER PLAN SUBJECT TO FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR
REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR AN ENTITY WHOSE UNDERLYING
ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION, HOLDING
AND SUBSEQUENT DISPOSITION OF THIS NOTE (OR ANY INTEREST IN THIS NOTE) WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR
LAWS.

 

(B)           Notwithstanding
the foregoing, any Global Note or Definitive Note issued pursuant to subparagraph (b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2) or
(e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private
Placement Legend.

 

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

 

THIS GLOBAL
NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE REGISTRAR MAY MAKE
SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, AND (III) THIS GLOBAL NOTE
MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.09 OF THE INDENTURE.

 

UNLESS AND
UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF
THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK)
(“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

    	 	20	 

     

    

 

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

 

BY ITS ACQUISITION
HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON, AND IS
ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.

 

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

 

(h)           General
Provisions Relating to Transfers and Exchanges.

 

(1)            To
permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate or cause to be authenticated
Global Notes and Definitive Notes, as applicable, upon the Company’s order or at the Registrar’s request.

 

(2)            No
service charge shall be made for any exchange or registration of transfer of Notes (except as provided by Section 2.09), but
the Company may require payment of a sum sufficient to cover any tax, fee, assessment, or other governmental charge that may be
imposed in relation thereto, other than those expressly provided in this Indenture to be made at the Company’s own expense
(or without expense or without charge to the Holders).

 

(3)            All
Notes issued in exchange for or upon transfer of Notes shall be the valid obligations of the Company, evidencing the same debt,
and entitled to the same benefits under this Indenture as the Notes surrendered for such exchange or transfer.

 

(4)            None
of the Company, the Trustee, or the Registrar shall be required (A) to issue, to register the transfer of, or to exchange
any Notes during a period beginning at the opening of business 15 days before the day of sending of a notice of redemption under
Section 3.01 and ending at the close of business on such day, (B) to register the transfer of or to exchange any Notes
so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, or (C) to
register the transfer of or to exchange a Note between the record date and the next succeeding interest payment date.

 

    	 	21	 

     

    

 

(5)            Prior
to the due presentation for registration of transfer of any Note, the Company, the Subsidiary Guarantors, the Trustee, any paying
agent, or any Registrar may deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for
the purpose of receiving payment of or on account of the principal of, and premium, if any, and interest on, such Note and for
all other purposes whatsoever, whether or not such Note is overdue, and none of the Company, the Subsidiary Guarantors, the Trustee,
any paying agent, or any Registrar shall be affected by notice to the contrary.

 

(6)            The
Trustee shall authenticate or cause to be authenticated Global Notes and Definitive Notes upon receipt of a Company Order in accordance
with the definition thereof and the other provisions of Section 2.03 to the extent applicable.

 

(7)            All
certifications, certificates, and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06
to effect a registration of transfer or exchange may be submitted by facsimile or PDF transmission.

 

(8)            The
Trustee shall have no obligation or duty to monitor, determine, or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Global Note or Definitive Note
other than to require delivery of such certificates and other documentation or evidence as is 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 conformity with the express requirements hereof. The Trustee may rely and shall be fully protected in relying upon information
furnished by the Depositary with respect to its members, participants and any beneficial owners.

 

(9)            Neither
the Trustee nor any Agent shall have any responsibility or liability for any actions taken or not taken by the Depositary. Each
Holder agrees to indemnify the Company 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.

 

(10)          None
of the Company, the Subsidiary Guarantors, the Trustee, any agent of the Trustee, any paying agent, or any Registrar will have
any responsibility or liability for any aspect of the records relating to, or payments made on account of, beneficial ownership
interests of a Global Note or for maintaining, supervising, or reviewing any records relating to such beneficial ownership interests.

 

Section 2.07           Temporary
Notes. Pending the preparation of Definitive Notes, the Company may execute and the Trustee shall authenticate and deliver
temporary Notes (printed, lithographed, photocopied, typewritten, or otherwise produced) of any authorized denomination, and substantially
in the form of the Definitive Notes, in registered form with such omissions, insertions, and variations as may be appropriate
for temporary Notes, all as may be determined by the Company with the concurrence of the Trustee. Temporary Notes may contain
such reference to any provisions of this Indenture as may be appropriate. Every temporary Note shall be executed by the Company
and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the
definitive Notes.

 

If temporary Notes
are issued, the Company will cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive
Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency
of the Company, without charge to the Holder thereof, except as provided in Section 2.06 in connection with a transfer. Upon
surrender for cancellation of any one or more temporary Notes, the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a like principal amount of definitive Notes of authorized denominations and of like tenor. Until so
exchanged, temporary Notes shall in all respects be entitled to the same benefits under this Indenture as definitive Notes.

 

Upon any exchange of
a portion of a temporary Global Note for a Global Note or for the individual Notes represented thereby pursuant to Section 2.06
or this Section 2.07, the temporary Global Note shall be endorsed by the Trustee to reflect the reduction of the principal
amount evidenced thereby, whereupon the principal amount of such temporary Global Note shall be reduced for all purposes by the
amount to be exchanged and endorsed.

 

    	 	22	 

     

    

 

Section 2.08           Mutilated,
Destroyed, Lost or Stolen Notes. If (a) any mutilated Note is surrendered to the Trustee at its corporate trust office
or (b) the Company and the Trustee receive evidence to their satisfaction of the destruction, loss, or theft of any Note,
and there is delivered to the Company and the Trustee such security or indemnity as may be required by them to save each of them
and any paying agent harmless, and neither the Company nor the Trustee receives notice that such Note has been acquired by a protected
purchaser, then the Company shall execute and, upon a Company Order, the Trustee shall authenticate and deliver, in exchange for
or in lieu of any such mutilated, destroyed, lost, or stolen Note, a new Note of like principal amount, bearing a number not contemporaneously
Outstanding. Upon the issuance of any substituted Note, the Company or the Trustee may require the payment of a sum sufficient
to cover any tax, fee, assessment, or other governmental charge that may be imposed in relation thereto and any other expenses
connected therewith. In case any Note which has matured or is about to mature or which has been called for redemption shall become
mutilated or be destroyed, lost, or stolen, the Company may, instead of issuing a substituted Note, pay or authorize the payment
of the same (without surrender thereof except in the case of a mutilated Note) if the applicant for such payment shall furnish
the Company and the Trustee with such security or indemnity as either may require to save it harmless from all risk, however remote,
and, in case of destruction, loss, or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss,
or theft of such Note and of the ownership thereof.

 

Every substituted
Note issued pursuant to the provisions of this Section 2.08 by virtue of the fact that any Note is destroyed, lost, or stolen
shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost, or stolen Note
shall be found at any time, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and
all other Notes duly issued hereunder. All Notes shall be held and owned upon the express condition that the foregoing provisions
are exclusive with respect to the replacement or payment of mutilated, destroyed, lost, or stolen Notes, and shall preclude any
and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect
to the replacement or payment of negotiable instruments or other securities without their surrender.

 

Section 2.09           Cancellation
of Surrendered Notes. All Notes surrendered for payment, redemption, registration of transfer, or exchange shall, if surrendered
to the Company or any paying agent or a Registrar, be delivered to the Trustee for cancellation by it, or if surrendered to the
Trustee, shall be canceled by it, and no Notes shall be issued in lieu thereof except as expressly permitted by any of the provisions
of this Indenture. All canceled Notes held by the Trustee shall be destroyed (subject to the record retention requirements of
the Exchange Act) and certification of their destruction delivered to the Company upon written request from time to time. On request
of the Company, the Trustee shall deliver to the Company canceled Notes held by the Trustee. If the Company shall acquire any
of the Notes, however, such acquisition shall not operate as a redemption or satisfaction of the Debt represented thereby unless
and until the same are delivered or surrendered to the Trustee for cancellation. The Company may not issue new Notes to replace
Notes it has redeemed, paid, or delivered to the Trustee for cancellation.

 

Section 2.10           Provisions
of the Indenture and Notes for the Sole Benefit of the Parties and the Holders. Nothing in this Indenture or in the Notes,
expressed or implied, shall give or be construed to give to any Person, other than the parties hereto, the Holders or any Registrar
or paying agent, any legal or equitable right, remedy, or claim under or in respect of this Indenture, or under any covenant,
condition, or provision herein contained; all its covenants, conditions, and provisions being for the sole benefit of the parties
hereto, the Holders and any Registrar and paying agents.

 

Section 2.11           Defaulted
Interest. Any interest on the Notes which is payable, but is not punctually paid or duly provided for, on the dates and in
the manner provided in the Notes and in this Indenture (herein called “Defaulted Interest”) shall forthwith
cease to be payable to the Holder thereof on the relevant record date by virtue of having been such Holder, and such Defaulted
Interest may be paid by the Company, at its election in each case, as provided in clause (i) or (ii) below:

 

(i)             The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes are registered at the close
of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner.
The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Note and the
date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate
amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such
deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the payment
of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment
and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify
the Company of such special record date and, in the name and at the expense of the Company, shall cause notice of the proposed
payment of such Defaulted Interest and the special record date therefor to be sent to each Holder thereof at its address as it
appears in the Notes Register, not less than 10 days prior to such special record date. Notice of the proposed payment of such
Defaulted Interest and the special record date therefor having been so sent, such Defaulted Interest shall be paid to the Persons
in whose names the Notes are registered at the close of business on such special record date.

 

    	 	23	 

     

    

 

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

 

Section 2.12           CUSIP
and ISIN Numbers. The Company in issuing the Notes may use “CUSIP” and corresponding “ISIN” numbers
(if then generally in use), and, if so, the Trustee shall use “CUSIP” and corresponding “ISIN” numbers
in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as
to the accuracy of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance
may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by
any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the “CUSIP”
and “ISIN” numbers.

 

ARTICLE III

REDEMPTION OF NOTES

 

Section 3.01           Notice
of Redemption; Selection of Notes. In case the Company shall desire to exercise the right to redeem all or any part of the
Notes, by resolution of the Board of Directors or a supplemental Indenture, the Company shall fix a date for redemption and shall
give notice of such redemption at least 15 and not more than 60 days prior to the date fixed for redemption to the Holders of
Notes, in the manner provided in Section 13.03; provided, however, such notice may be given more than 60 days prior to the
Redemption Date if the notice is given in connection with a satisfaction and discharge pursuant to Section 11.02(a). The
notice if given in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder
receives such notice. In any case, failure to give such notice or any defect in the notice to the Holder of any Notes shall not
affect the validity of the proceedings for the redemption of any other Notes.

 

Each such notice of
redemption shall specify (i) the Redemption Date, (ii) the redemption price (or the method of calculating such redemption
price), (iii) the name and address of the paying agent where payment will be made upon presentation and surrender of such
Notes, (iv) that any interest accrued to the Redemption Date will be paid as specified in said notice, (v) conditions,
if any, regarding the redemption of the Notes, (vi) that, unless otherwise specified in such notice, if the Company defaults
in making such redemption payment, the paying agent is prohibited from making such payment pursuant to the terms of this Indenture,
(vii) that on and after said Redemption Date, unless any conditions to the redemption described in the notice are not satisfied,
any interest thereon or on the portions thereof to be redeemed will cease to accrue, and (viii) that no representation is
made as to the correctness or accuracy of the CUSIP or ISIN number, if any, listed in such notice or printed on the Notes. If less
than all the Notes are to be redeemed at any time, the notice of redemption shall specify the Notes to be redeemed. In case any
Note is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed
and shall state that on and after the Redemption Date, upon surrender of such Note, a new Note, or Notes in principal amount equal
to the unredeemed portion thereof, will be issued.

 

At least five days
before giving of any notice of redemption, unless the Trustee consents to a shorter period, the Company shall give written notice
to the Trustee of the Redemption Date and the principal amount of Notes to be redeemed. Such notice shall be accompanied by an
Officers’ Certificate and an Opinion of Counsel from the Company to the effect that such redemption will comply with the
conditions herein, and such notice may be revoked at any time prior to the giving of a notice of redemption to the Holders pursuant
to this Section 3.01. Any redemption and notice thereof may, in the Company’s discretion, be subject to the satisfaction
of one or more conditions precedent. If fewer than all the Notes are to be redeemed, the record date relating to such redemption
shall be selected by the Company and given in writing to the Trustee, which record date shall be not less than 10 days after the
date of notice to the Trustee.

 

    	 	24	 

     

    

 

By 11:00 a.m.,
New York City time, on the Redemption Date, the Company shall deposit with the Trustee or with a paying agent (or, if the Company
is acting as its own paying agent, segregate and hold in trust) an amount of money in Dollars sufficient to pay the redemption
price of such Notes or any portions thereof that are to be redeemed on that date, together with any interest accrued to the Redemption
Date.

 

If less than all the
Notes are to be redeemed, the Trustee shall select no more than 60 days prior to the Redemption Date, on a pro rata basis, by
lot or by such other method as in its sole discretion it shall deem appropriate (or, in the case of Global Notes, by such method
as the Depositary may require), the Notes or portions thereof to be redeemed; provided that no partial redemption of a Note will
occur if such redemption would reduce the principal amount of such Note to less than $2,000. In any case where more than one Note
is registered in the same name, the Trustee in its discretion may treat the aggregate principal amount so registered as if it
were represented by one Note. The Trustee shall promptly notify the Company in writing of the Notes selected for redemption and,
in the case of any Notes selected for partial redemption, the principal amount thereof to be redeemed. If any Note called for
redemption shall not be so paid upon surrender thereof on such Redemption Date, the principal, premium, if any, and interest shall
bear interest until paid from the Redemption Date at the rate borne by the Notes.

 

Section 3.02           Payment
of Notes Called for Redemption. If notice of redemption has been given as provided in Section 3.01, and if the conditions,
if any, for the redemption have been satisfied, the Notes or portions of Notes with respect to which such notice has been given
shall become due and payable on the date and at the address of the paying agent stated in such notice at the applicable redemption
price, together with any interest accrued to the Redemption Date, and on and after said date (unless the Company shall default
in the payment of such Notes at the applicable redemption price, together with any interest accrued to said date) any interest
on the Notes or portions of Notes so called for redemption shall cease to accrue. On presentation and surrender of such Notes
at the address of the paying agent in said notice specified, said Notes or the specified portions thereof shall be paid and redeemed
by the Company at the applicable redemption price, together with any interest accrued thereon to the Redemption Date.

 

Any Note that is to
be redeemed only in part shall be surrendered to the paying agent with, if the Company, the Registrar, or the Trustee so requires,
due endorsement by, or a written instrument of transfer in form satisfactory to the Company, the Registrar, and the Trustee duly
executed by, the Holder thereof or his attorney duly authorized in writing, and the Company shall execute, and 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 aggregate principal amount equal to and in exchange for the unredeemed portion of the principal
of the Note so surrendered; except that if a Global Note is so surrendered, the Company shall execute, and the Trustee shall authenticate
and deliver to the Depositary for such Global Note, without service charge, a new Global Note in a denomination equal to and in
exchange for the unredeemed portion of the principal of the Global Note so surrendered. In the case of a Note providing appropriate
space for such notation, at the option of the Holder thereof, the Trustee, in lieu of delivering a new Note or Notes as aforesaid,
may make a notation on such Note of the payment of the redeemed portion thereof.

 

Section 3.03           Optional
Redemption.

 

(a)            Prior
to the Par Call Date, the Notes are redeemable, at the option of the Company, at any time in whole, or from time to time in part,
at a redemption price equal to the greater of: (i) 100% of the principal amount of the Notes to be redeemed; or (ii) the
sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed that would
be due if the Notes matured on the Par Call Date (exclusive of interest accrued to, but excluding, the Redemption Date) discounted
to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury
Rate plus 50 basis points; plus, in either case, accrued and unpaid interest to, but excluding, the Redemption Date.

 

    	 	25	 

     

    

 

(b)            At
any time on or after the Par Call Date, the Notes are redeemable, at the option of the Company, in whole or in part, at a redemption
price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but excluding, the
Redemption Date.

 

(c)            The
Company shall deliver to the Trustee an Officers’ Certificate with respect to the actual redemption price of the Notes in
connection with a redemption under Section 3.03(a), including the applicable Treasury Rate, which the Company will calculate,
or cause to be calculated, on the third Business Day preceding the Redemption Date.

 

(d)            Notwithstanding
the foregoing, in connection with any tender offer for, or other offer to purchase, the Notes, including a Change of Control Offer,
if Holders of not less than 90% of the aggregate principal amount of the Outstanding Notes are validly tendered and not withdrawn
in such tender offer (or Change of Control Offer or other offer to purchase) and the Company (or the third party making the Change
of Control Offer) purchases all of the Notes validly tendered and not withdrawn by such Holders, the Company will have the right,
upon not less than 15 nor more than 60 days’ prior notice, given not more than 30 days following the expiration date of such
tender offer (or Change of Control Offer or other offer to purchase), to redeem all of the Notes that remain outstanding following
such purchase at a redemption price equal to the price paid to each other Holder (excluding any early tender, incentive or similar
fee) in such tender offer (or Change of Control Offer or other offer to purchase), plus, to the extent not included in the tender
payment (or payment pursuant to the Change of Control Offer or other offer to purchase), accrued and unpaid interest, if any, on
the Notes that remain Outstanding to, but excluding, the Redemption Date (subject to the right of Holders on the relevant record
date to receive interest due on an interest payment date that has accrued on or prior to the Redemption Date).

 

Section 3.04           Purchase
of Notes. The Company and any Affiliate of the Company may, subject to applicable law, at any time purchase or otherwise acquire
Notes in the open market or by private agreement. Any such acquisition shall not operate as or be deemed for any purpose to be
a redemption of the Debt represented by such Notes. Any Notes purchased or acquired by the Company may be delivered to the Trustee
for cancellation and, upon such delivery, the Debt represented thereby shall be deemed to be satisfied. Section 2.09 shall
apply to all Notes so delivered.

 

ARTICLE IV

COVENANTS

 

Section 4.01           Payment
of Principal of, and Premium, If Any, and Interest on, Notes. The Company will duly and punctually pay or cause to be
paid the principal of, and premium, if any, and interest on, the Notes at the place, at the respective times and in the manner
provided herein and in the Notes. Each installment of interest on the Notes (other than those represented by a Global Note) may
at the Company’s option be paid by mailing checks for such interest payable to the Person entitled thereto to the address
of such Person as it appears on the Notes Register, or at the option of the Holder, be paid by wire transfer of immediately available
funds to any account maintained in the United States, provided such Holder has requested such method of payment on or prior to
the applicable record date and provided timely wire transfer instructions to the paying agent.

 

Principal of and premium
and interest on the Notes shall be considered paid on the date due if, by 11:00 a.m., New York City time, on such date the
Trustee or any paying agent holds in accordance with this Indenture money sufficient to pay all principal, premium, and interest
then due.

 

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

 

Section 4.02           Maintenance
of Offices or Agencies for Registration of Transfer, Exchange and Payment of Notes. The Company will maintain in New York,
New York and in any other place of payment for the Notes an office or agency where the Notes may be presented or surrendered for
payment. Initially, such office or agency shall be the office of the Trustee at 150 East 42nd Street, 40th Floor, MAC Jo161-40345,
New York, New York 10017. The Company shall also maintain an office or agency where the Notes may be surrendered for transfer
or exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. Initially,
such office or agency shall be the office of the Trustee referred to in Section 13.03. The Company will give prompt written
notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall
fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices, and demands may be made or served at the office of the Trustee referred to in Section 13.03, and the
Company hereby appoints the Trustee as its agent to receive all presentations, surrenders, notices, and demands.

 

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The Company may also
from time to time designate different or additional offices or agencies to be maintained for such purposes, and may from time to
time rescind any such designation; provided, however, that no such designation or rescission shall in any manner relieve the Company
of its obligations described in the preceding paragraph. The Company will give prompt written notice to the Trustee of any such
additional designation or rescission of designation and any change in the location of any such different or additional office or
agency.

 

Section 4.03     Appointment
to Fill a Vacancy in the Office of Trustee. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee,
will appoint, in the manner provided in Section 7.08, a Trustee, so that there shall at all times be a Trustee hereunder
with respect to the Notes.

 

Section 4.04     [Reserved].

 

Section 4.05     SEC
Reports; Financial Statements.

 

(a)            The
Company shall, so long as any of the Notes are Outstanding, (i) during such time as it is subject to the reporting requirements
of the Exchange Act, file with the Trustee, within 15 days after it files the same with the SEC, unless such reports are available
on the SEC’s EDGAR filing system (or any successor thereto), copies of the annual reports and the information, documents,
and other reports which it is required to file with the SEC pursuant to the Exchange Act; and (ii) during such time as it
is not subject to the reporting requirements of the Exchange Act, file with the Trustee, within 15 days after it would have been
required to file the same with the SEC, financial statements, including any notes thereto (and with respect to annual reports,
an auditors’ report by a firm of established national reputation) and a Management’s Discussion and Analysis of Financial
Condition and Results of Operations, both comparable to what it would have been required to file with the SEC had it been subject
to the reporting requirements of the Exchange Act.

 

(b)            The
Company shall provide the Trustee with a sufficient number of copies of all reports and other documents and information that the
Trustee may be required to deliver to Holders under this Section. The Company shall be deemed to have complied with the previous
sentence to the extent that such information, documents, and reports are filed with the SEC via EDGAR (or any successor electronic
delivery procedure).

 

(c)            The
Trustee shall have no obligation to determine whether or not such annual reports and the information, documents, and other reports
have been filed with the SEC. Delivery of such reports, information, and documents to the Trustee is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable
from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on an Officers’ Certificate).

 

Section 4.06     Compliance
Certificate.

 

(a)            The
Company shall, so long as any of the Notes are Outstanding, deliver to the Trustee, within 120 days after the end of each fiscal
year of the Company, an Officers’ Certificate, on behalf of itself and each of the Subsidiary Guarantors, stating that a
review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision
of the signing Officers of the Managing Member with a view to determining whether each of the Company and the Subsidiary Guarantors
has kept, observed, performed, and fulfilled its obligations under this Indenture, and further stating, as to each such Officer
signing such certificate, that to the best of his knowledge each of the Company and the Subsidiary Guarantors has kept, observed,
performed, and fulfilled each and every covenant contained in this Indenture and that no Default or Event of Default exists (or,
if a Default or Event of Default exists, describing all such existing Defaults or Events of Default of which such Officer may have
knowledge and what action the Company or any Guarantor is taking or proposes to take with respect thereto).

 

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(b)            The
Company shall, so long as any of the Notes are Outstanding, deliver to the Trustee within 30 days after the occurrence of any Default
or Event of Default under this Indenture, an Officers’ Certificate specifying such Default or Event of Default, the status
thereof and what curative action the Company is taking or proposes to take with respect thereto.

 

Section 4.07     Further
Instruments and Acts. The Company will, upon request of the Trustee, execute and deliver such further instruments and do such
further acts as may reasonably be necessary or proper to carry out more effectually the purposes of this Indenture.

 

Section 4.08     Existence.
Except as permitted by Article X hereof, the Company shall do or cause to be done all things necessary to preserve and keep
in full force and effect its existence.

 

Section 4.09     Limitation
on Liens. The Company shall not, nor shall it permit any of its Principal Subsidiaries to, create, assume, or incur any mortgage,
lien, security interest, pledge, charge, or other encumbrance (“liens”) upon any Principal Property or upon any capital
stock of any Principal Subsidiary, whether owned on the date hereof or thereafter acquired, to secure any Debt of the Company
or any other Person (other than the Notes), without in any such case making effective provisions whereby all of the outstanding
Notes are secured equally and ratably with, or prior to, such Debt so long as such Debt is so secured.

 

Notwithstanding the
foregoing, the Company may, and may permit any of its Principal Subsidiaries to, create, assume, incur, or suffer to exist without
securing the Notes (a) any Permitted Lien, (b) any lien upon any Principal Property or capital stock of a Principal Subsidiary
to secure Debt of the Company or any other Person, provided that the aggregate principal amount of all Debt then outstanding secured
by such lien and all similar liens under this clause (b), together with all Attributable Debt from Sale-Leaseback Transactions
(excluding Sale-Leaseback Transactions permitted by clauses (1) through (4), inclusive, of Section 4.10 hereof), does
not exceed 15% of Consolidated Net Tangible Assets, or (c) any lien upon (i) any Principal Property that was not owned
by the Company or any of its Subsidiaries on the date hereof or (ii) the capital stock of any Principal Subsidiary that owns
no Principal Property that was owned by the Company or any of its Subsidiaries on the date hereof, in each case owned by a Subsidiary
of the Company (an “Excluded Subsidiary”) that (A) is not, and is not required to be, a Subsidiary Guarantor
and (B) has not granted any liens on any of its property securing Debt with recourse to the Company or any Subsidiary of the
Company other than such Excluded Subsidiary or any other Excluded Subsidiary.

 

Section 4.10     Restriction
on Sale-Leasebacks. The Company will not, and will not permit any Principal Subsidiary to, engage in the sale or transfer
by the Company or any of its Principal Subsidiaries of any Principal Property to a Person (other than the Company or a Principal
Subsidiary) and the taking back by the Company or its Principal Subsidiary, as the case may be, of a lease of such Principal Property
(a “Sale-Leaseback Transaction”), unless:

 

(1)      such
Sale-Leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property subject
thereto or the date of the completion of construction, development, or substantial repair or improvement, or commencement of full
operations on such Principal Property, whichever is later;

 

(2)      the
Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years;

 

(3)      the
Company or such Principal Subsidiary would be entitled to incur Debt secured by a lien on the Principal Property subject thereto
in a principal amount equal to or exceeding the Attributable Debt from such Sale-Leaseback Transaction without equally and ratably
securing the Notes; or

 

(4)      the
Company or such Principal Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied
an amount not less than the Attributable Debt from such Sale-Leaseback Transaction to (a) the prepayment, repayment, redemption,
reduction, or retirement of any Debt of the Company or any of its Subsidiaries that is not subordinated to the Notes or any Guarantee,
or (b) the expenditure or expenditures for Principal Property used or to be used in the ordinary course of business of Company
or its Subsidiaries.

 

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Notwithstanding the
foregoing, the Company may, and may permit any Principal Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted
by clauses (1) through (4), inclusive, of the preceding paragraph provided that the Attributable Debt from such Sale-Leaseback
Transaction, together with the aggregate principal amount of outstanding Debt (other than the Notes) secured by liens permitted
by clause (b) of the second paragraph of Section 4.09 hereof, does not exceed 15% of Consolidated Net Tangible Assets.

 

Section 4.11     Change
of Control Offer.

 

(a)            Upon
the occurrence of a Change of Control Triggering Event, unless the Company has exercised its right to redeem the Notes in whole
by giving irrevocable notice to the Trustee in accordance with Article III of this Indenture, each Holder of the Notes will
have the right to require the Company to purchase all or a portion (equal to $2,000 or an integral multiple of $1,000 in excess
thereof) of such Holder’s Notes at a cash purchase price equal to 101% of the principal amount thereof, plus accrued and
unpaid interest to, but excluding, the date of purchase (the “Change of Control Payment”), subject to the rights
of Holders of the Notes on the relevant record date to receive interest due on the related interest payment date that has accrued
on or prior to the date of purchase.

 

Within 30 days following
any Change of Control Triggering Event, the Company will send a notice to each Holder describing the transaction or transactions
that constitute the Change of Control Triggering Event and offering to repurchase Notes (the “Change of Control Offer”),
which notice will govern the terms of the Change of Control Offer, stating:

 

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

 

(2)     the
circumstances regarding such Change of Control Triggering Event;

 

(3)     the
purchase date which shall be no earlier than 15 days nor later than 60 days from the date such notice is sent (such date, the “Change
of Control Payment Date”); and

 

(4)     the
instructions that a Holder must follow in order to have its Notes purchased.

 

Holders of notes electing
to have notes repurchased pursuant to a Change of Control Offer will be required to surrender their Notes, with the form entitled
 “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer their Notes by book-entry transfer,
to the paying agent at the address specified in the notice prior to the close of business on the third Business Day prior to the
Change of Control Payment Date.

 

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 those laws and regulations are applicable in connection with the repurchase of the notes as a result of a Change of Control
Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Triggering
Event 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 this Section 4.11 by virtue of such compliance.

 

(b)            On
the Change of Control Payment Date, the Company will, to the extent lawful, accept for payment all Notes or portions of Notes properly
tendered pursuant to the Change of Control Offer. Unless deposited before the Change of Control Payment Date, the Company will
promptly thereafter on the Change of Control Payment Date deposit with the paying agent an amount equal to the Change of Control
Payment in respect of all Notes or portions of Notes properly tendered and deliver, or cause to be delivered, to the Trustee the
Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions
of notes being purchased. On the Change of Control Payment Date, the paying agent will promptly mail to each Holder of Notes properly
tendered the Change of Control Payment for such Notes (or, if all the Notes are then in global form, it will make such payment
through the facilities of DTC), and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry)
to each holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided, that
each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Company will publicly
announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date.

 

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(c)           The
Company will not be required to make a Change of Control Offer if (x) a third party makes the Change of Control Offer in the
manner, at the times and otherwise in compliance with the requirements of a Change of Control Offer made by the Company, and such
third party purchases all of the notes properly tendered and not withdrawn under its Change of Control Offer or (y) a notice
of optional redemption of the Notes has been given in accordance with Section 3.01 of this Indenture. Notwithstanding anything
to the contrary in this Section 4.11, a Change of Control Offer may be made in advance of a Change of Control Triggering Event,
with the obligation to pay and the timing of payment conditional upon the occurrence of a Change of Control Triggering Event, if
a definitive agreement is in place for the Change of Control at the time of the making of such Change of Control Offer.

 

Section 4.12     Future
Subsidiary Guarantors. If any Subsidiary of the Company that is not then a Subsidiary Guarantor guarantees, or becomes a guarantor
or co-obligor, of the Credit Agreement or the Term Loan, then the Company shall cause such Subsidiary to promptly execute and
deliver to the Trustee a supplemental indenture to this Indenture, in substantially in the form attached hereto as Exhibit D,
providing for the Guarantee by such Subsidiary of the Company’s obligations under the Notes in accordance with Article XIV
herein.

 

Section 4.13     Waiver
of Certain Covenants. The Company and the Subsidiary Guarantors may, subject to Section 6.04 of this Indenture, omit
in any particular instance to comply with any covenant, if, before or after the time for such compliance, the Holders of at least
a majority in principal amount of the Outstanding Notes, waive such compliance in such instance with such covenant, but no such
waiver shall extend to or affect such covenant except to the extent so expressly waived, and, until such waiver shall become effective,
the obligations of the Company and the Subsidiary Guarantors and the duties of the Trustee in respect of any such covenant shall
remain in full force and effect.

 

ARTICLE V

[RESERVED]

 

This Article V
has been intentionally omitted.

 

ARTICLE VI

REMEDIES OF THE TRUSTEE AND HOLDERS IN EVENT OF DEFAULT

 

Section 6.01     Events
of Default. Each of the following is an “Event of Default”:

 

(a)            default
in the payment of any installment of interest upon the Notes as and when the same shall become due and payable, and continuance
of such default for a period of 30 days; or

 

(b)           default
in the payment of the principal of or premium, if any, on the Notes as and when the same shall become due and payable, whether
at Stated Maturity, upon redemption, by declaration, upon required repurchase, or otherwise; or

 

(c)            failure
on the part of the Company or any Subsidiary Guarantor, duly to observe or perform any other of the covenants or agreements on
the part of the Company or any Subsidiary Guarantor, in this Indenture (other than a covenant a default in the performance of which
is elsewhere in this Section specifically dealt with), continuing for a period of 60 days after the date on which written
notice specifying such failure and requiring the Company or the Subsidiary Guarantor, to remedy the same shall have been given,
to the Company or the Subsidiary Guarantor, by the Trustee or to the Company or the Subsidiary Guarantor, and the Trustee by the
Holders of at least 25% in aggregate principal amount of the Notes at the time Outstanding; or

 

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(d)            the
Company or any of the Subsidiary Guarantors, pursuant to or within the meaning of any Bankruptcy Law,

 

(i)       commences
a voluntary case;

 

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

 

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

 

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

 

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

 

(i)       is
for relief against the Company or any of the Subsidiary Guarantors, as debtor in an involuntary case;

 

(ii)      appoints
a Custodian of the Company or any of the Subsidiary Guarantors, or a Custodian for all or substantially all of the property of
the Company, or if applicable, any of the Subsidiary Guarantors; or

 

(iii)    orders
the liquidation of the Company or any of the Subsidiary Guarantors, and the order or decree remains unstayed and in effect
for 60 days; or

 

(f)            if
the Guarantee of any Subsidiary Guarantor ceases to be in full force and effect (except as otherwise provided in this Indenture)
or is declared null and void in a judicial proceeding or any Subsidiary Guarantor denies or disaffirms its obligations under this
Indenture or such Guarantee;

 

then and in each and every case that an
Event of Default described in clause (a), (b), (c) or (f) occurs and is continuing, unless the principal of, premium,
if any, and interest on all the Notes shall have already become due and payable, either the Trustee or the Holders of not less
than 25% in aggregate principal amount of the Notes then Outstanding hereunder, by notice in writing to the Company (and to the
Trustee if given by Holders), may declare the entire principal of, premium, if any, and accrued and unpaid interest on all the
Notes to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable,
anything in this Indenture or in the Notes contained to the contrary notwithstanding. If an Event of Default described in clause
(d) or (e) occurs, then and in each and every such case, unless the principal of and interest on all the Notes shall
have become due and payable, the entire principal of, premium, if any, and accrued and unpaid interest on all the Notes then Outstanding
hereunder shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee
or any Holders, anything in this Indenture or in the Notes contained to the contrary notwithstanding.

 

The Holders of a majority
in aggregate principal amount of the Notes by written notice to the Trustee may rescind an acceleration and its consequences if
the rescission would not conflict with any judgment or decree of a court of competent jurisdiction already rendered and if all
existing Events of Default have been cured or waived except nonpayment of principal, premium, if any, or interest that has become
due solely because of acceleration. Upon any such rescission, the parties hereto shall be restored respectively to their several
positions and rights hereunder, and all rights, remedies, and powers of the parties hereto shall continue as though no such proceeding
had been taken.

 

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Section 6.02     Collection
of Debt by Trustee, etc. If an Event of Default occurs and is continuing, the Trustee, in its own name and as trustee
of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection
of the sums so due and unpaid or enforce the performance of any provision of the Notes or this Indenture, and may prosecute any
such action or proceedings to judgment or final decree, and may enforce any such judgment or final decree against any of the Subsidiary
Guarantors or the Company or any other obligor upon the Notes (and collect in the manner provided by law out of the property of
any of the Subsidiary Guarantors or the Company or any other obligor upon the Notes wherever situated the money adjudged or decreed
to be payable). In case there shall be pending proceedings for the bankruptcy or for the reorganization of any of the Subsidiary
Guarantors or the Company or any other obligor upon the Notes under any Bankruptcy Law, or in case a Custodian shall have been
appointed for its property, or in case of any other similar judicial proceedings relative to any of the Subsidiary Guarantors
or the Company or any other obligor upon the Notes, its creditors, or its property, the Trustee, irrespective of whether the principal
of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the
Trustee shall have made any demand pursuant to the provisions of this Section 6.02, shall be entitled and empowered, by intervention
in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal, premium, if any, and
interest owing and unpaid in respect of the Notes, and to file such other papers or documents as may be necessary or advisable
in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee, its agents, attorneys,
and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee except
as a result of its negligence or bad faith) and of the Holders thereof allowed in any such judicial proceedings relative to any
of the Subsidiary Guarantors or the Company, or any other obligor upon the Notes, its creditors, or its property, and to collect
and receive any money or other property payable or deliverable on any such claims, and to distribute all amounts received with
respect to the claims of such Holders and of the Trustee on their behalf, and any receiver, assignee, or trustee in bankruptcy
or reorganization is hereby authorized by each of such Holders to make payments to the Trustee, and, in the event that the Trustee
shall consent to the making of payments directly to such Holders, to pay to the Trustee such amount as shall be sufficient to
cover reasonable compensation to the Trustee, its agents, attorneys, and counsel, and all other reasonable expenses and liabilities
incurred, and all advances made, by the Trustee except as a result of its negligence or bad faith.

 

All rights of action
and of asserting claims under this Indenture or the Notes may be enforced by the Trustee without the possession of any Notes, or
the production thereof in any trial or other proceedings relative thereto, and any such action or proceedings instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment (except for any amounts payable
to the Trustee pursuant to Section 7.06) shall be for the ratable benefit of the Holders of all the Notes.

 

In case of an Event
of Default hereunder the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture
by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either
at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained
in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable
right vested in the Trustee by this Indenture or by law.

 

Section 6.03     Application
of Money Collected by Trustee. Any money or other property collected by the Trustee pursuant to Section 6.02 shall be
applied, in the order following, at the date or dates fixed by the Trustee for the distribution of such money or other property,
upon presentation of the several Notes in respect of which money or other property have been collected, and the notation thereon
of the payment, if only partially paid, and upon surrender thereof if fully paid:

 

FIRST: To the payment
of all money due the Trustee pursuant to Section 7.06;

 

SECOND: In case the
principal of the Outstanding Notes shall not have become due, to Holders of Notes for amounts due and unpaid on the Notes for principal,
premium 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: The remainder,
if any, shall be paid to any of the Subsidiary Guarantors or the Company, as applicable, its successors or assigns, or to whomsoever
may be lawfully entitled to receive the same, or as a court of competent jurisdiction may direct. The Trustee may fix a record
date and payment date for any payment to Holders pursuant to this Section 6.03. At least 15 days before such record date,
the Company shall send to each Holder and the Trustee a notice that states the record date, the payment date, and amount to be
paid.

 

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Section 6.04     Limitation
on Suits by Holders. No Holder of Notes shall have any right by virtue or by availing of any provision of this Indenture to
institute any action or proceeding at law or in equity or in bankruptcy or otherwise, upon or under or with respect to this Indenture,
or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless such Holder previously shall have given
to the Trustee written notice of an Event of Default and of the continuance thereof and unless the Holders of not less than 25%
in aggregate principal amount of the Outstanding Notes shall have made written request upon the Trustee to institute such action
or proceedings in respect of such Event of Default in its own name as Trustee hereunder and shall have offered to the Trustee
such indemnity or security as is satisfactory to it against the costs (including court costs), expenses, and liabilities to be
incurred therein or thereby, and the Trustee, for 60 days after its receipt of such notice, request, and offer of indemnity or
security shall have failed to institute any such action or proceedings and no direction inconsistent with such written request
shall have been given to the Trustee pursuant to Section 6.06; it being understood and intended, and being expressly covenanted
by the Holder of every Note with every other Holder and the Trustee, that no one or more Holders shall have any right in any manner
whatever by virtue or by availing of any provision of this Indenture to affect, disturb, or prejudice the rights of any Holders,
or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Indenture,
except in the manner herein provided and for the equal, ratable, and common benefit of all such Holders. For the protection and
enforcement of the provisions of this Section 6.04, each and every Holder and the Trustee shall be entitled to such relief
as can be given either at law or in equity.

 

Notwithstanding any
other provision in this Indenture, however, the right of any Holder of the Notes to receive payment of the principal of, and premium,
if any, and interest on, the Notes, on or after the respective due dates expressed in the Notes, and to institute 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 6.05     Remedies
Cumulative; Delay or Omission in Exercise of Rights Not a Waiver of Default. All powers and remedies given by this Article VI
to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof
or of any other powers and remedies available to the Trustee or the Holders, by judicial proceedings or otherwise, to enforce
the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the Trustee
or of any Holder to exercise any right or power accruing upon any Default occurring and continuing as aforesaid, shall impair
any such right or power, or shall be construed to be a waiver of any such Default or an acquiescence therein; and, subject to
the provisions of Section 6.04, every power and remedy given by this Article VI or by law to the Trustee or to the Holders
may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders.

 

Section 6.06     Rights
of Holders of Majority in Principal Amount of Notes to Direct Trustee and to Waive Default. The Holders of not less than a
majority in aggregate principal amount of the Notes at the time Outstanding shall have the right to direct the time, method, and
place of conducting any proceeding for any remedy available to the Trustee, or exercising any right, trust, or power conferred
on the Trustee; provided, however, that such direction shall not be otherwise than in accordance with law and the provisions of
this Indenture, and that subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow
any such direction if the Trustee being advised by counsel shall determine that the action so directed may not lawfully be taken
or is inconsistent with any provision of this Indenture, or if the Trustee shall by a responsible officer or officers determine
that the action so directed would involve it in personal liability or would be unduly prejudicial to Holders of Notes not taking
part in such direction; and provided, further, however, that nothing contained in this Indenture shall impair the right of the
Trustee to take any action deemed proper by the Trustee and which is not inconsistent with such direction by such Holders. The
Holders of not less than a majority in aggregate principal amount of the Notes at the time Outstanding may on behalf of the Holders
of all the Notes waive any past Default or Event of Default and its consequences, except a Default or Event of Default in the
payment of the principal of, and premium, if any, or interest on, any of the Notes and a Default or Event of Default in respect
of a provision that under Section 9.02 cannot be amended without the consent of each Holder affected thereby. In case of
any such waiver, such Default shall cease to exist, any Event of Default arising therefrom shall be deemed to have been cured
for every purpose of this Indenture, and the Subsidiary Guarantors, the Company, the Trustee, and the Holders of the Notes shall
be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or
other Default or Event of Default or impair any right consequent thereon.

 

Section 6.07    Trustee
to Give Notice of Events of Default Known to It, but May Withhold Such Notice in Certain Circumstances. The Trustee shall,
within 90 days after the occurrence of an Event of Default known to it, give to the Holders thereof, in the manner provided in
Section 13.03, notice of all such Events of Default known to the Trustee, unless such Events of Default shall have been cured
or waived before the giving of such notice; provided, that, except in the case of a Default in the payment of the principal of,
or premium, if any, or interest on, any of the Notes, the Trustee shall be protected in withholding such notice if and so long
as the board of directors, the executive committee, or a committee of directors or responsible officers, of the Trustee in good
faith determines that the withholding of such notice is in the interests of the Holders thereof.

 

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Section 6.08     Requirement
of an Undertaking to Pay Costs in Certain Suits under the Indenture or Against the Trustee. All parties to this Indenture
agree, and each Holder of Notes by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion
require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any
action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of
such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section 6.08 shall not apply to any suit instituted by the Trustee, to any suit
instituted by any Holder, or group of Holders, holding in the aggregate more than 25 percent in principal amount of the Outstanding
Notes or to any suit instituted by any Holder for the enforcement of the payment of the principal of, or premium, if any, or interest
on, any Note on or after the due date for such payment expressed in such Note.

 

ARTICLE VII

CONCERNING THE TRUSTEE

 

Section 7.01     Certain
Duties and Responsibilities. The Trustee, prior to the occurrence of an Event of Default and after the curing or waiving of
all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture. In case an Event of Default has occurred (which has not been cured or waived), the Trustee shall exercise
such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as
a prudent person would exercise or use under the circumstances in the conduct of his own affairs.

 

No provision of this
Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act,
its own bad faith, or its own willful misconduct, except that:

 

(a)            this
paragraph shall not be construed to limit the effect of the first paragraph of this Section 7.01;

 

(b)            prior
to the occurrence of an Event of Default and after the curing or waiving of all Events of Default which may have occurred:

 

(i)      the
duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the Trustee shall
not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no
implied covenants or obligations shall be read into this Indenture against the Trustee;

 

(ii)     in
the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they
conform to the requirements of this Indenture;

 

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

 

(iv)    the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders of not less than a majority in aggregate principal amount of the 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, under this Indenture.

 

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None of the provisions
of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any personal financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it.

 

Whether or not therein
expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection
to the Trustee shall be subject to the provisions of this Section.

 

Section 7.02     Certain
Rights of Trustee. Except as otherwise provided in Section 7.01:

 

(a)            the
Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, or other paper or document (whether in its
original or facsimile or PDF transmission form) believed by it to be genuine and to have been signed or presented by the proper
party or parties;

 

(b)            any
request, direction, order, or demand of the Company mentioned herein shall be sufficiently evidenced by a Company Order or Company
Request (unless other evidence in respect thereof be herein specifically prescribed); and any resolution of the Board of Directors
may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Managing Member;

 

(c)            the
Trustee may consult with counsel, and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance with such
advice or Opinion of Counsel;

 

(d)            the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order,
or direction of any of the Holders of Notes pursuant to the provisions of this Indenture, unless such Holders shall have offered
to the Trustee security or indemnity satisfactory to it against the costs, expenses, and liabilities which may be incurred therein
or thereby;

 

(e)            the
Trustee shall not be liable for any action taken or omitted by it in good faith which it believes to be authorized or within the
discretion or rights or powers conferred upon it by this Indenture;

 

(f)            prior
to the occurrence of an Event of Default and after the curing of all Events of Default which may have occurred, 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, approval, or other paper or document, unless requested in writing
to do so by the Holders of a majority in aggregate principal amount of the then Outstanding Notes; provided, however, that if the payment
within a reasonable time to the Trustee of the costs, expenses, or liabilities likely to be incurred by it in the making of such
investigation is not, in the opinion of the Trustee, reasonably assured to the Trustee by the security afforded to it by the terms
of this Indenture, the Trustee may require reasonable indemnity against such costs, expenses, or liabilities as a condition to
so proceeding, and the reasonable expense of every such investigation shall be paid by the Company or, if paid by the Trustee,
shall be repaid by the Company upon demand;

 

(g)            the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
by it with due care hereunder;

 

(h)            if
any property other than cash shall at any time be subject to a Lien in favor of the Holders, the Trustee, if and to the extent
authorized by a receivership or bankruptcy court of competent jurisdiction or by the supplemental instrument subjecting such property
to such Lien, shall be entitled to make advances for the purpose of preserving such property or of discharging tax Liens or other
prior Liens or encumbrances thereon; and

 

(i)            the
Trustee shall not be deemed to have notice of any Event of Default unless written notice of such Event of Default is received by
a Trust Officer at the corporate trust office of the Trustee, and such notice references the Notes and this Indenture.

 

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Section 7.03     Trustee
Not Liable for Recitals in Indenture or in Notes. The recitals contained herein and in the Notes (except the Trustee’s
certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for
the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the
Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Notes,
and perform its obligations hereunder. The Trustee shall not be accountable for the use or application by the Company of any of
the Notes or of the proceeds thereof.

 

Section 7.04     Trustee,
Paying Agent, or Registrar May Own Notes. The Trustee or any paying agent or Registrar, in its individual or any other
capacity, may become the owner or pledgee of Notes may otherwise deal with the Company with the same rights it would have if it
were not Trustee, paying agent, or Registrar. However, in the event that the Trustee acquires any conflicting interest (as such
term is defined in the TIA) after an Event of Default hereunder has occurred and is continuing, it must eliminate such conflict
within 90 days or resign.

 

Section 7.05     Money
Received by Trustee to Be Held in Trust. Subject to the provisions of Section 11.05, all money received by the Trustee
shall, until used or applied as herein provided, be held in trust for the purposes for which it was received, but need not be
segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any
money received by it hereunder. So long as no Event of Default shall have occurred and be continuing, all interest allowed on
any such money shall be paid from time to time to the Company upon a Company Order.

 

Section 7.06     Compensation
and Reimbursement. The Company covenants and agrees to pay in Dollars to the Trustee from time to time, and the Trustee shall
be entitled to, reasonable compensation for all services rendered by it hereunder (which shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust), including, without limitation, paying agent and Registrar,
and, except as otherwise expressly provided herein, the Company will pay or reimburse in Dollars the Trustee upon its request
for all reasonable expenses, disbursements, and advances incurred or made by the Trustee in accordance with any of the provisions
of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents, attorneys, and counsel
and of all Persons not regularly in its employ), including, without limitation, Section 6.02, except any such expense, disbursement,
or advances which arises from its negligence or willful misconduct or lack of good faith. The Company also covenants to indemnify
and defend the Trustee for, and to hold it harmless against, any loss, liability, or expense incurred without negligence, willful
misconduct, or lack of good faith on the part of the Trustee, arising out of or in connection with the acceptance or administration
of this trust or trusts hereunder, including the reasonable costs and expenses of defending itself against any claim of liability
in connection with the exercise or performance of any of its powers or duties hereunder. The obligations of the Company under
this Section 7.06 to compensate and indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements,
and advances shall constitute additional Debt hereunder and shall survive the satisfaction and discharge of this Indenture and
the resignation or removal of the Trustee. The Company and the Holders agree that such additional Debt shall be secured by a Lien
prior to that of the Notes upon all property and funds held or collected by the Trustee, as such, except funds held in trust for
the payment of principal of, and premium, if any, or interest on, the Notes.

 

When the Trustee incurs
expenses or renders services after an Event of Default specified in Section 6.01(d) or (e) occurs, the expenses
and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.

 

Section 7.07     Right
of Trustee to Rely on an Officers’ Certificate Where No Other Evidence Specifically Prescribed. Except as otherwise
provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary
or desirable that a matter be proved or established prior to taking or suffering or omitting any action hereunder, such matter
(unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on
the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the
Trustee and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the
Trustee for any action taken, suffered, or omitted by it under the provisions of this Indenture upon the faith thereof.

 

Section 7.08     Replacement
of Trustee. The Trustee may resign at any time by giving notice to the Company. The Holders of a majority in principal amount
of the Notes may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Company may at any time
remove the Trustee by giving the Trustee written notice of removal and thereupon appoint a successor trustee, provided that (i) no
Default exists at time of such removal, (ii) such Trustee was not appointed by the Holders pursuant to this Section 7.08,
and (iii) the corporate trust business of the successor Trustee is of nationally recognized standing. The Company shall remove
the Trustee if:

 

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

 

(ii)     the
Trustee is adjudged bankrupt or insolvent;

 

(iii)    a
Custodian takes charge of the Trustee or its property; or

 

(iv)    the
Trustee otherwise becomes incapable of acting.

 

If the Trustee resigns,
is removed by the Company or by the Holders of a majority in principal amount of the Notes, and such Holders do not reasonably
promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event
being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. No resignation or removal
of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor
Trustee in accordance with the applicable requirements of this Section 7.08.

 

A successor Trustee
shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the resignation or
removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers, and duties
of the Trustee under this Indenture. The successor Trustee shall send a notice of its succession to Holders of Notes. The retiring
Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in
Section 7.06.

 

If a successor Trustee
does not take office within 60 days after the retiring Trustee gives notice of resignation or is removed, the retiring Trustee
or the Holders of 25% in principal amount of the Notes may petition any court of competent jurisdiction for the appointment of
a successor Trustee. If the Trustee fails to comply with Section 7.10, any Holder of Notes may petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

Notwithstanding the
replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.06 shall continue
for the benefit of the retiring Trustee.

 

In the case of the
appointment hereunder of a successor Trustee, the Company, any retiring Trustee, and each successor Trustee shall execute and deliver
an Indenture supplemental hereto that shall add to or change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein
or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring,
or successor Trustee shall be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered
by any other such Trustee.

 

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

 

In case at the time
such successor or successors to the Trustee by merger, conversion, or consolidation shall succeed to the trusts created by this
Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate
of authentication of any predecessor Trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes
shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor
hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which
it is anywhere in the Notes or in this Indenture, provided that the certificate of the Trustee shall have.

 

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Section 7.10     Eligibility;
Disqualification. There will at all times be a Trustee hereunder that is a corporation organized and doing business under
the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee
power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus
of at least $50,000,000 as set forth in its most recent published annual report of condition. No obligor upon the Notes or Person
directly or indirectly controlling, controlled by, or under common control with such obligor shall serve as Trustee for the Notes.

 

Section 7.11     Compliance
with Tax Laws. The Trustee hereby agrees to comply with all U.S. Federal income tax information reporting and withholding
requirements applicable to it with respect to payments of premium (if any) and interest on the Notes, whether acting as Trustee,
Registrar, paying agent, or otherwise with respect to the Notes.

 

ARTICLE VIII

CONCERNING THE HOLDERS

 

Section 8.01     Evidence
of Action by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage in aggregate principal
amount of the Notes may take action (including the making of any demand or request, the giving of any direction, notice, consent,
or waiver, or the taking of any other action) the fact that at the time of taking any such action the Holders of such specified
percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed
by Holders in Person or by agent or proxy appointed in writing, (b) by the record of the Holders voting in favor thereof
at any meeting of Holders duly called and held in accordance with the provisions of this Indenture, (c) by a combination
of such instrument or instruments and any such record of such a meeting of Holders, or (d) in the case of Notes evidenced
by a Global Note, by any electronic transmission or other message, whether or not in written format, that complies with the Depositary’s
Applicable Procedures.

 

Section 8.02     Proof
of Execution of Instruments and of Holding of Notes. Subject to the provisions of Sections 7.01, 7.02 and 13.08, proof of
the execution of any instrument by a Holder or his agent or proxy shall be sufficient if made in accordance with such reasonable
rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The
ownership of Notes shall be proved by the Notes Register or by a certificate of the Registrar. The Trustee may require such additional
proof of any matter referred to in this Section 8.02 as it shall deem necessary.

 

Section 8.03     Who
May Be Deemed Owner of Notes. Prior to due presentment for registration of transfer of any Notes, the Company, the Subsidiary
Guarantors, the Trustee, any paying agent, and any Registrar may deem and treat the Person in whose name any Note shall be registered
upon the books of the Company as the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding
any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of
and premium, if any, and interest on such Note and for all other purposes, and neither the Company nor the Subsidiary Guarantors
nor the Trustee nor any paying agent nor any Registrar shall be affected by any notice to the contrary; and all such payments
so made to any such Holder for the time being, or upon his order, shall be valid and, to the extent of the sum or sums so paid,
effectual to satisfy and discharge the liability for money payable upon any such Note.

 

None of the Company,
the Subsidiary Guarantors, the Trustee or any agent of the Trustee, any paying agent, or any Registrar will have any responsibility
or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Global
Note or for maintaining, supervising, or reviewing any records relating to such beneficial ownership interests, or for any action
taken or any failure to act by the Depositary including, without limitation, any failure of the owner of a beneficial interest
in Notes to receive any payments or notices provided hereunder or for the selection of beneficial interests in such Notes to be
redeemed.

 

Section 8.04     Instruments
Executed by Holders Bind Future Holders. At any time prior to (but not after) the evidencing to the Trustee, as provided in
Section 8.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Notes specified
in this Indenture in connection with such action and subject to the following paragraph, any Holder of a Note which is shown by
the evidence to be included in the Notes the Holders of which have consented to such action may, by filing written notice with
the Trustee at its corporate trust office and upon proof of holding as provided in Section 8.02, revoke such action so far
as concerns such Note. Except as aforesaid any such action taken by the Holder of any Note shall be conclusive and binding upon
such Holder and upon all future Holders and owners of such Note and of any Note issued upon transfer thereof or in exchange or
substitution therefor, irrespective of whether or not any notation in regard thereto is made upon such Note or such other Notes.
Any action taken by the Holders of the percentage in aggregate principal amount of the Notes specified in this Indenture in connection
with such action shall be conclusively binding upon the Company, the Subsidiary Guarantors, the Trustee, and the Holders of all
the Notes.

 

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ARTICLE
IX
 SUPPLEMENTAL INDENTURES

 

Section 9.01          Purposes
for Which Supplemental Indenture May Be Entered into Without Consent of Holders. The Company, the Subsidiary Guarantors,
and the Trustee may from time to time and at any time, without the consent of Holders, enter into an Indenture or Indentures supplemental
hereto for one or more of the following purposes:

 

(a)            to
evidence the succession pursuant to Article X of another Person to the Company, or successive successions, and the assumption
by the Successor Company (as defined in Section 10.01) of the covenants, agreements, and obligations of the Company in this
Indenture and in the Notes;

 

(b)            to
surrender any right or power herein conferred upon the Company or the Subsidiary Guarantors, to add to the covenants of the Company
or the Subsidiary Guarantors such further covenants, restrictions, conditions, or provisions for the protection of the Holders
as the Board of Directors shall consider to be for the protection of the Holders, and to make the occurrence, or the occurrence
and continuance, of a Default in any of such additional covenants, restrictions, conditions, or provisions a Default or an Event
of Default permitting the enforcement of all or any of the several remedies provided in this Indenture; provided, that in respect
of any such additional covenant, restriction, condition, or provision, such supplemental Indenture may provide for a particular
period of grace after Default (which period may be shorter or longer than that allowed in the case of other Defaults) or may provide
for an immediate enforcement upon such Default or may limit the remedies available to the Trustee upon such Default or may limit
the right of the Holders of a majority in aggregate principal amount of the Notes to waive such default;

 

(c)            to
cure any ambiguity or omission or to correct or supplement any provision contained herein, in any supplemental Indenture or in
the Notes that may be defective or inconsistent with any other provision contained herein, in any supplemental Indenture, or in
the Notes;

 

(d)            to
conform the text to any provision of the “Description of Notes” in the Offering Memorandum to the extent that such
provision was intended to be a verbatim recitation of a provision set forth in this Indenture or any amendment or supplement hereto,
which intent will be established by an Officers’ Certificate;

 

(e)            to
reflect the release of any Subsidiary Guarantor in accordance with Article XIV;

 

(f)             to
add Subsidiary Guarantors or to secure the Notes or a Guarantee;

 

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

 

(h)            to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee and to add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee.

 

Any supplemental Indenture
authorized by the provisions of this Section 9.01 may be executed by the Company, the Subsidiary Guarantors, and the Trustee
without the consent of the Holders of the Notes at the time Outstanding, notwithstanding any of the provisions of Section 9.02.

 

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Section 9.02           Modification
of Indenture with Consent of Holders of Notes. Without notice to any Holder but with the consent (evidenced as provided in
Section 8.01) of the Holders of not less than a majority in aggregate principal amount of the Outstanding Notes (including
consents obtained in connection with a tender offer or exchange offer for the Notes), the Company and the Subsidiary Guarantors,
when authorized by resolutions of the Board of Directors, and the Trustee may from time to time and at any time enter into an
Indenture or Indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of any supplemental Indenture or of modifying in any manner the rights of the Holders
of the Notes; provided, that no such supplemental Indenture, without the consent of the Holders of each Note so affected, shall:

 

(a)            reduce
the percentage in principal amount of the Notes whose Holders must consent to an amendment;

 

(b)            reduce
the rate of or extend the time for payment of interest on the Notes;

 

(c)            reduce
the principal of or extend the Stated Maturity of the Notes;

 

(d)            reduce
the premium payable upon the redemption of the Notes or change the time at which the Notes may or shall be redeemed in accordance
with Article III;

 

(e)            make
the Notes payable in currency other than the Dollar;

 

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

 

(g)            release
any security that may have been granted in respect of the Notes or a Guarantee;

 

(h)            make
any change in Section 6.06 or this Section 9.02; or

 

(i)             except
as provided in Section 11.02(b) or 14.04, release any of the Subsidiary Guarantors or modify a Guarantee in any manner
adverse to the Holders.

 

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

 

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

 

Section 9.03           The
Trustee to Sign Supplemental Indentures etc.. The Trustee will sign any amended or supplemental indenture authorized pursuant
to this Article IX, but shall not be obligated to enter into any such supplemental indenture which affects the Trustee’s
own rights, duties, or immunities under this Indenture or otherwise. In executing any amended or supplemental indenture, the Trustee,
subject to Sections 7.01 and 7.02 hereof, will be entitled to receive, and will be fully protected in relying upon, in addition
to the documents required by Section 13.05 hereof, an Officers’ Certificate and an Opinion of Counsel stating that
the execution of such amended or supplemental indenture is authorized or permitted by this Indenture.

 

Section 9.04           Effect
of Supplemental Indentures. Upon the execution of any supplemental Indenture pursuant to the provisions of this Article IX,
this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations
of rights, obligations, duties, and immunities under this Indenture of the Trustee, the Company, the Subsidiary Guarantors, and
the Holders shall thereafter be determined, exercised, and enforced hereunder subject in all respects to such modifications and
amendments, and all the terms and conditions of any such supplemental Indenture shall be and be deemed to be part of the terms
and conditions of this Indenture for any and all purposes.

 

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Section 9.05          Notes
May Bear Notation of Changes by Supplemental Indentures. Notes authenticated and delivered after the execution of any
supplemental Indenture pursuant to the provisions of this Article IX may, and shall if required by the Trustee, bear a notation
in form approved by the Trustee as to any matter provided for in such supplemental Indenture. New Notes so modified as to conform,
in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture contained in any such supplemental
Indenture may be prepared and executed by the Company, authenticated by the Trustee, and delivered in exchange for the Notes then
Outstanding. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment.

 

ARTICLE
X
 CONSOLIDATION, MERGER, SALE OR CONVEYANCE

 

Section 10.01         Consolidations
and Mergers of the Company. The Company shall not consolidate or amalgamate with or merge with or into any Person, or sell,
convey, transfer, lease, or otherwise dispose of all or substantially all its assets to any Person, whether in a single transaction
or a series of related transactions, unless: (a) either (i) the Company shall be the surviving Person in the case of
a merger or (ii) the resulting, surviving, or transferee Person if other than the Company (the “Successor Company”),
shall be a partnership, limited liability company, or corporation organized and existing under the laws of the United States,
any State thereof, or the District of Columbia and the Successor Company shall expressly assume, by an Indenture supplemental
hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, all the obligations of the Company under this
Indenture and the Notes; (b) immediately after giving effect to such transaction or series of transactions (and treating
any Debt which becomes an obligation of the Successor Company or any Subsidiary of the Successor Company as a result of such transaction
or series of transactions as having been incurred by the Successor Company or such Subsidiary at the time of such transaction),
no Default or Event of Default would occur or be continuing; (c) if the Company is not the continuing Person, then each Subsidiary
Guarantor, unless it has become the Successor Company, shall confirm that its Guarantee shall continue to apply to the obligations
under the Notes and this Indenture; and (d) the Company shall have delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger, or disposition and such supplemental Indenture
(if any) comply with this Indenture.

 

Section 10.02         Rights
and Duties of Successor Company. In case of any consolidation, amalgamation, or merger where the Company is not the continuing
Person, or disposition of all or substantially all of the assets of the Company in accordance with Section 10.01, the Successor
Company shall succeed to and be substituted for the Company with the same effect as if it had been named herein as the respective
party to this Indenture, and the predecessor entity shall be released from all liabilities and obligations under this Indenture
and the Notes, except that no such release will occur in the case of a lease of all or substantially all of the assets of the
Company. The Successor Company thereupon may cause to be signed, and may issue either in its own name or in the name of the Company,
any or all the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee;
and, upon the order of the Successor Company, instead of the Company, and subject to all the terms, conditions, and limitations
in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Notes which previously shall have been signed
and delivered by the officers of the Managing Member on behalf of the Company to the Trustee for authentication, and any Notes
which the Successor Company thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so
issued shall in all respects have the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter
issued in accordance with the terms of this Indenture as though all such Notes had been issued at the date of the execution hereof.

 

In case of any such
consolidation, amalgamation, merger, sale, or other disposition such changes in phraseology and form (but not in substance) may
be made in the Notes thereafter to be issued as may be appropriate.

 

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ARTICLE
XI
 SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE; UNCLAIMED MONEY

 

Section 11.01         [Reserved].

 

Section 11.02         Satisfaction
and Discharge of Indenture; Defeasance.

 

(a)           (i) If
at any time the Company shall have delivered to the Trustee for cancellation all Notes theretofore authenticated and delivered
(other than any Notes which shall have been destroyed, lost, or stolen and which shall have been replaced or paid as provided
in Section 2.08 and Notes for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company
as provided in Section 11.05) or (ii) all Notes not theretofore delivered to the Trustee for cancellation shall have
become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within
one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and (1) the Company shall
irrevocably deposit with the Trustee as trust funds money, U.S. Government Obligations, or a combination thereof sufficient to
pay at Stated Maturity, or upon redemption all Notes not theretofore delivered to the Trustee for cancellation, including principal
and premium, if any, and interest due or to become due on such date of Stated Maturity or Redemption Date, as the case may be,
and (2) the Company shall deliver to the Trustee a certificate to the effect described in Section 11.03(b) hereof,
and if in the case described in either of the preceding clauses (i) and (ii) the Company shall also pay or cause to
be paid all other sums then due and payable hereunder by the Company, then this Indenture shall cease to be of further effect,
and the Trustee, on demand of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel and at
the cost and expense of the Company, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture.

 

(b)           Subject
to Sections 11.02(c), 11.03, and 11.07, the Company at any time may terminate all its obligations under the Notes and this Indenture
(“legal defeasance option”) or the operation of (x) the covenants set forth in Sections 4.09, 4.10 and 4.11, (y) Sections
6.01(c) (except to the extent covenants or agreements referenced in Section 6.01(c) remain applicable) and 6.01(f),
and (z), as they relate to the Subsidiary Guarantors only, Sections 6.01(d) and (e) (“covenant defeasance option”).
If the Company exercises either its legal defeasance option or its covenant defeasance option, the Guarantee will terminate and
be automatically released and discharged and any security that may have been granted in respect of the Notes shall be automatically
released. The Company may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option.

 

If the Company exercises
its legal defeasance option, payment of the Notes may not be accelerated because of an Event of Default. If the Company exercises
its covenant defeasance option, payment of the Notes may not be accelerated because of an Event of Default specified in Sections
6.01(c) and (f) and, with respect to the Subsidiary Guarantors only, Sections 6.01(d) and (e).

 

Upon satisfaction of
the conditions set forth herein and upon request of the Company, the Trustee shall acknowledge in writing the discharge of those
obligations that the Company terminates.

 

(c)           Notwithstanding
clauses (a) and (b) above, the Company’s obligations in Sections 2.05, 2.06, 2.08, 4.02, 4.05(a), 4.06(a), 7.06,
11.05, 11.06, and 11.07 shall survive until the Notes have been paid in full. Thereafter, the Company’s obligations in Sections
7.06, 11.05, and 11.06 shall survive.

 

Section
11.03        Conditions of Defeasance. The Company may exercise its legal
defeasance option or its covenant defeasance option only if:

 

(a)           the
Company irrevocably deposits in trust with the Trustee money, U.S. Government Obligations, or a combination thereof for the payment
of principal of, and premium, if any, and interest on, the Notes to Stated Maturity or redemption, as the case may be;

 

(b)           the
Company delivers to the Trustee a certificate from a nationally recognized firm of independent accountants expressing their opinion
that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus
any deposited money without investment will provide cash at such times and in such amounts as will be sufficient to pay the principal,
premium, if any, and interest when due on all the Notes to Stated Maturity or redemption, as the case may be;

 

(c)           91
days pass after the deposit is made and during the 91-day period no Default specified in Section 6.01(d) or (e) with
respect to the Company occurs which is continuing at the end of the period;

 

(d)           no
Default has occurred and is continuing on the date of such deposit and after giving effect thereto;

 

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

 

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(f)             the
Company delivers to the Trustee an Opinion of Counsel to the effect that the trust resulting from the deposit does not constitute,
or is qualified as, a regulated investment company under the Investment Company Act of 1940;

 

(g)            in
the event of the legal defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel stating that the
Company has received from the Internal Revenue Service a ruling, or since the date of this Indenture there has been a change in
the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm
that, the Holders of Notes will not recognize income, gain, or loss for federal income tax purposes as a result of such defeasance
and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such defeasance had not occurred;

 

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

 

(i)             the
Company delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent
to the defeasance and discharge of the Notes as contemplated by this Article XI have been complied with.

 

Before or after a deposit,
the Company may make arrangements satisfactory to the Trustee for the redemption of Notes at a future date in accordance with Article III.

 

Section
11.04        Application of Trust Money. The Trustee shall hold in trust money
or U.S. Government Obligations deposited with it pursuant to this Article XI. It shall apply the deposited money and the
money from U.S. Government Obligations through any paying agent and in accordance with this Indenture to the payment of
principal of, and premium, if any, and interest on, the Notes.

 

Section
11.05        Repayment to Company. The Trustee and any paying agent
shall promptly turn over to the Company upon request any excess money or securities held by them at any time.

 

Subject to any applicable
abandoned property law, the Trustee and any paying agent shall pay to the Company upon request any money held by them for the payment
of principal, premium, or interest that remains unclaimed for two years and, thereafter, Holders entitled to such money must look
to the Company for payment as general creditors.

 

Section 11.06         Indemnity
for U.S. Government Obligations. The Company shall pay and shall indemnify the Trustee and the Holders against any tax, fee,
or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on
such U.S. Government Obligations.

 

Section 11.07         Reinstatement.
If the Trustee or any paying agent is unable to apply any money or U.S. Government Obligations in accordance with this Article XI
by reason of any legal proceeding or by reason of any order or judgment of any court or government authority enjoining, restraining,
or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Notes shall be revived
and reinstated as though no deposit had occurred pursuant to this Article XI until such time as the Trustee or any paying
agent is permitted to apply all such money or U.S. Government Obligations in accordance with this Article XI.

 

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ARTICLE XII

[RESERVED]

 

This Article XII
has been intentionally omitted.

 

ARTICLE XIII

MISCELLANEOUS PROVISIONS

 

Section 13.01         Successors
and Assigns of Company Bound by Indenture. All the covenants, stipulations, promises, and agreements in this Indenture contained
by or in behalf of the Company, the Subsidiary Guarantors, or the Trustee shall bind their respective successors and assigns,
whether so expressed or not.

 

Section 13.02        Acts
of Board, Committee, or Officer of Successor Company Valid. Any act or proceeding authorized or required by any provision
of this Indenture to be done or performed by any of the Board of Directors, committee of the Board of Directors, or officer of
the Managing Member on behalf of the Company shall and may be done and performed with like force and effect by the like board,
committee, or officer of any Successor Company.

 

Section 13.03         Required
Notices or Demands. Any notice or communication by the Company, the Subsidiary Guarantors, or the Trustee to the others is
duly given if in writing (in the English language) and delivered in Person or mailed by registered or certified mail (return receipt
requested), telecopier, or overnight air courier guaranteeing next day delivery, to the other’s address:

 

If to the Company or any of the Subsidiary Guarantors:

 

EnLink Midstream, LLC

1722 Routh Street, Suite 1300

Dallas, Texas 75201

Attention:  Chief Financial Officer

Telecopy No.: (214) 721-9299

 

If to the Trustee:

Wells Fargo Bank, National Association

MAC Z3094-063

1 Independent Drive, Suite 620

Jacksonville, Florida 32202

Attention: Corporate Trust Services

Telecopy No.: (866) 558-8345

 

The Company, the Subsidiary
Guarantors, or the Trustee by notice to the others may designate additional or different addresses for subsequent notices or communications.

 

All notices and communications
shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being
deposited in the mail, postage prepaid, if mailed; on the first Business Day on or after being sent, if telecopied or the sender
receives confirmation of successful transmission; and the next Business Day after timely delivery to the courier, if sent by overnight
air courier guaranteeing next day delivery.

 

When the Notes are
in certificated form, any notice or communication to a Holder will be mailed by first class mail, certified or registered, return
receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the
Registrar. When the Notes are in the form of Global Notes, any notice or communication to a Holder shall be sent to the Holder
electronically pursuant to the Applicable Procedures of the Depositary and the Trustee. Failure to mail or send a notice or communication
as provided herein to a Holder or any defect in it will not affect its sufficiency with respect to other Holders.

 

Section
13.04         Indenture and Notes to Be Construed in Accordance with the Laws
of the State of New York. THIS INDENTURE, THE NOTES AND THE GUARANTEE SHALL BE DEEMED TO BE NEW YORK CONTRACTS, AND FOR
ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE.

 

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Section 13.05         Officers’
Certificate and Opinion of Counsel to Be Furnished upon Application or Demand by the Company. Upon any application or demand
by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the
Trustee an Officers’ Certificate stating that all covenants and conditions precedent provided for in this Indenture relating
to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such
covenants and conditions precedent have been complied with, except that in the case of any such application or demand as to which
the furnishing of such document is specifically required by any provision of this Indenture relating to such particular application
or demand, no additional certificate or opinion need be furnished.

 

Each certificate or
opinion provided for in this Indenture and delivered to the Trustee 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 has
made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant
or condition has been complied with, and (d) a statement as to whether or not, in the opinion of such Person, such condition
or covenant has been complied with.

 

Section 13.06         Payments
Due on Legal Holidays. In any case where the date of maturity of interest on or principal of and premium, if any, on the Notes
shall not be a Business Day at any place of payment, then payment of interest or principal and premium, if any, need not be made
on such date at such place of payment, but may be made on the next succeeding Business Day at such place of payment with the same
force and effect as if made on the date of maturity, and no interest shall accrue for the period after such date. If a record
date is not a Business Day, the record date shall not be affected.

 

Section 13.07         Computation
of Interest. Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months.

 

Section 13.08         Rules by
Trustee, Paying Agent, and Registrar. The Trustee may make reasonable rules for action by or a meeting of Holders. The
Registrar and any paying agent may make reasonable rules for their functions.

 

Section 13.09         No
Recourse Against Others. None of the Managing Member nor any director, officer, employee, incorporator, manager or member,
or other owner of equity of the Managing Member, the Company, or any Subsidiary Guarantor, as such, will have any liability for
any obligations of the Subsidiary Guarantors or the Company under the Notes, this Indenture, or any Guarantee or for any claim
based on, in respect of, or by reason of, such obligations or their creation. By accepting a Note, each Holder shall waive and
release all such liability. The waiver and release shall be part of the consideration for the issue of the Notes.

 

Section 13.10         Severability.
In case any provision in this Indenture or the Notes shall be invalid, illegal, or unenforceable, the validity, legality, and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 13.11         Effect
of Headings. The article and section headings herein and in the Table of Contents are for convenience only and shall not affect
the construction hereof.

 

Section 13.12         Indenture
May Be Executed in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be
an original; but such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart
of this Indenture by facsimile or electronic transmission shall be equally as effective as delivery of an original executed counterpart
of this Indenture. Any party delivering an executed counterpart of this Indenture by facsimile or electronic transmission also
shall deliver an original executed counterpart of this Indenture, but the failure to deliver an original executed counterpart
shall not affect the validity, enforceability, and binding effect of this Indenture.

 

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ARTICLE
XIV
 GUARANTEE

 

Section
14.01         Unconditional Guarantee.

 

(a)            [Reserved].

 

(b)            For
value received, each of the Subsidiary Guarantors hereby fully, unconditionally, and absolutely guarantees (the “Guarantee”)
to the Holders and to the Trustee the due and punctual payment of the principal of, and premium, if any, and interest on the Notes
and all other amounts due and payable under this Indenture and the Notes by the Company, when and as such principal, premium, if
any, interest, and other amounts shall become due and payable, whether at the Stated Maturity or by declaration of acceleration,
call for redemption, or otherwise, according to the terms of the Notes and this Indenture, subject to the limitations set forth
in Section 14.02.

 

(c)            Failing
payment when due of any amount guaranteed pursuant to its Guarantee, for whatever reason, each of the Subsidiary Guarantors will
be jointly and severally obligated to pay the same immediately. The Guarantee hereunder is intended to be a general, unsecured,
senior obligation of each of the Subsidiary Guarantors and will rank pari passu in right of payment with all Debt of such Subsidiary
Guarantor that is not, by its terms, expressly subordinated in right of payment to the Guarantee. Each of the Subsidiary Guarantors
hereby agrees that its obligations hereunder shall be full, unconditional, and absolute, irrespective of the validity, regularity,
or enforceability of the Notes, its Guarantee (including the Guarantee of any other Subsidiary Guarantor), or this Indenture, the
absence of any action to enforce the same, any waiver or consent by the Trustee or any Holder of the Notes with respect to any
provisions hereof or thereof, the recovery of any judgment against the Company or any other Subsidiary Guarantor, or any action
to enforce the same or any other circumstances which might otherwise constitute a legal or equitable discharge or defense of any
of the Subsidiary Guarantors. Each of the Subsidiary Guarantors hereby agrees that in the event of a default in payment of the
principal of, or premium, if any, or interest on the Notes, whether at the Stated Maturity or by declaration of acceleration, call
for redemption, or otherwise, legal proceedings may be instituted by the Trustee on behalf of the Holders or, subject to Section 6.04,
by the Holders, on the terms and conditions set forth in this Indenture, directly against such Subsidiary Guarantor to enforce
its Guarantee without first proceeding against the Company or any other Subsidiary Guarantor.

 

(d)           The
obligations of each of the Subsidiary Guarantors under this Article XIV shall be as aforesaid full, unconditional, and absolute
and shall not be impaired, modified, released, or limited by any occurrence or condition whatsoever, including, without limitation,
(A) any compromise, settlement, release, waiver, renewal, extension, indulgence, or modification of, or any change in, any
of the obligations and liabilities of the Company or any of the Subsidiary Guarantors contained in Notes or this Indenture, (B) any
impairment, modification, release, or limitation of the liability of the Company, any of the Subsidiary Guarantors, or any of their
estates in bankruptcy, or any remedy for the enforcement thereof, resulting from the operation of any present or future provision
of any applicable Bankruptcy Law, as amended, or other statute or from the decision of any court, (C) the assertion or exercise
by the Company, any of the Subsidiary Guarantors, or the Trustee of any rights or remedies under the Notes or this Indenture or
their delay in or failure to assert or exercise any such rights or remedies, (D) the assignment or the purported assignment
of any property as security for the Notes, including all or any part of the rights of the Company or any of the Subsidiary Guarantors
under this Indenture, (E) the extension of the time for payment by the Company or any of the Subsidiary Guarantors of any
payments or other sums or any part thereof owing or payable under any of the terms and provisions of the Notes or this Indenture
or of the time for performance by the Company or any of the Subsidiary Guarantors of any other obligations under or arising out
of any such terms and provisions or the extension or the renewal of any thereof, (F) the modification or amendment (whether
material or otherwise) of any duty, agreement, or obligation of the Company or any of the Subsidiary Guarantors set forth in this
Indenture, (G) the voluntary or involuntary liquidation, dissolution, sale, or other disposition of all or substantially all
of the assets, marshaling of assets, and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, arrangement, composition, or readjustment of, or other similar proceeding affecting, the Company or any of the
Subsidiary Guarantors or any of their respective assets, or the disaffirmance of the Notes, the Guarantee, or this Indenture in
any such proceeding, (H) the release or discharge of the Company or any of the Subsidiary Guarantors from the performance
or observance of any agreement, covenant, term, or condition contained in any of such instruments by operation of law, (I) the
unenforceability of the Notes, any other Guarantee, or this Indenture, or (J) any other circumstances (other than payment
in full or discharge of all amounts guaranteed pursuant to the Guarantee) which might otherwise constitute a legal or equitable
discharge of a surety or guarantor.

 

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(e)            Each
of the Subsidiary Guarantors hereby (A) waives diligence, presentment, demand of payment, filing of claims with a court in
the event of the merger, insolvency, or bankruptcy of the Company or any of the other Subsidiary Guarantors, and all demands whatsoever,
(B) acknowledges that any agreement, instrument, or document evidencing its Guarantee may be transferred and that the benefit
of its obligations hereunder shall extend to each holder of any agreement, instrument, or document evidencing the Guarantee without
notice to it, and (C) covenants that its Guarantee will not be discharged except by complete performance of the Guarantee.
Each of the Subsidiary Guarantors further agrees that if at any time all or any part of any payment theretofore applied by any
Person to its Guarantee is, or must be, rescinded or returned for any reason whatsoever, including, without limitation, the insolvency,
bankruptcy, or reorganization of the Company or any of the other Subsidiary Guarantors, the Guarantee shall, to the extent that
such payment is or must be rescinded or returned, be deemed to have continued in existence notwithstanding such application, and
the Guarantee shall continue to be effective or be reinstated, as the case may be, as though such application had not been made.

 

(f)             Each
of the Subsidiary Guarantors shall be subrogated to all rights of the Holders and the Trustee against the Company in respect of
any amounts paid by such Subsidiary Guarantor pursuant to the provisions of this Indenture, provided, however, that such Subsidiary
Guarantor, shall not be entitled to enforce or to receive any payments arising out of, or based upon, such right of subrogation
until all of the Notes and each Guarantee shall have been paid in full or discharged.

 

Section 14.02         Limitation
on Subsidiary Guarantors’ Liability. Each Subsidiary Guarantor and by its acceptance hereof each Holder of a Note entitled
to the benefits of a Guarantee hereby confirm that it is the intention of all such parties that the guarantee by such Subsidiary
Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes of any federal or state law.
To effectuate the foregoing intention, the Holders of a Note entitled to the benefits of a Guarantee and the Subsidiary Guarantors
hereby irrevocably agree that the obligations of each Subsidiary Guarantor under its Guarantee shall be limited to the maximum
amount as will, after giving effect to all other contingent and fixed liabilities of such Subsidiary Guarantor and to any collections
from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary
Guarantor under its Guarantee, result in the obligations of such Subsidiary Guarantor under its Guarantee not constituting a fraudulent
conveyance or fraudulent transfer under federal or state law.

 

Section 14.03         Execution
and Delivery. To evidence its Guarantee set forth in Section 14.01 hereof, each Subsidiary Guarantor hereby agrees that
this Indenture (or, in the case of each Subsidiary Guarantor that becomes a party hereto after the date hereof, a supplemental
indenture in the form of Exhibit D) shall be executed on behalf of such Subsidiary Guarantor by one of its authorized
Officers. Each Subsidiary Guarantor hereby agrees that its Guarantee set forth in Section 14.01 hereof shall remain in full
force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. If an Officer
whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates the Note, the Guarantee
of such Subsidiary Guarantor shall be valid nevertheless. The delivery of any Note by the Trustee, after the authentication thereof
hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Subsidiary Guarantors.

 

Section 14.04         Release
of Subsidiary Guarantors from Guarantee.

 

(a)            Notwithstanding
any other provisions of this Indenture, the Guarantee of any Subsidiary Guarantor may be released upon the terms and subject to
the conditions set forth in Section 11.02(b) and in this Section 14.04. Provided that no Default shall have occurred
and shall be continuing under this Indenture, any Guarantee incurred by a Subsidiary Guarantor pursuant to this Article XIV
shall be unconditionally released and discharged (i) automatically upon (A) any sale, exchange, or transfer, whether
by way of merger or otherwise, to any Person that is not an Affiliate of the Company, of all of the Company’s direct or indirect
limited liability company or other equity interests in such Subsidiary Guarantor (provided such sale, exchange or transfer is not
prohibited by this Indenture) or (B) the merger of such Subsidiary Guarantor into the Company or any other Subsidiary Guarantor
or the liquidation and dissolution of such Subsidiary Guarantor (in each case to the extent not prohibited by this Indenture) or
(ii) upon delivery of a written notice of such release or discharge by the Company to the Trustee, upon the release and discharge
of all guarantees or other obligations of such Subsidiary Guarantor with respect to the obligations of the Company or its Subsidiaries
under the Credit Agreement and the Term Loan, as applicable.

 

    47

     

    

 

(b)           The
Trustee shall deliver an appropriate instrument evidencing any release of a Subsidiary Guarantor from its Guarantee upon receipt
of a Company Request accompanied by an Officers’ Certificate and an Opinion of Counsel to the effect that the Subsidiary
Guarantor is entitled to such release in accordance with the provisions of this Indenture. Any Subsidiary Guarantor not so released
shall remain liable for the full amount of principal of and premium, if any, and interest on the Notes entitled to the benefits
of such Guarantee as provided in this Indenture, subject to the limitations of Section 14.02.

 

(c)            If
at any time following any release of the Guarantee of any Subsidiary Guarantor pursuant to Section 14.04(a)(ii), such Subsidiary
Guarantor again becomes a guarantor or co-obligor of the Credit Agreement or the Term Loan, then such Subsidiary Guarantor shall
again guarantee the Company’s obligations under the Notes and the Company shall cause such Subsidiary Guarantor to promptly
execute and deliver a supplemental indenture to this Indenture, in substantially in the form attached hereto as Exhibit D,
providing for the Guarantee by such Subsidiary Guarantor of the Company’s obligations under the Notes in accordance with
Article XIV herein.

 

Section 14.05         Subsidiary
Guarantor Contribution. In order to provide for just and equitable contribution among the Subsidiary Guarantors, the Subsidiary
Guarantors hereby agree, inter se, that in the event any payment or distribution is made by any Subsidiary Guarantor (a “Funding
Guarantor”) under its Guarantee, such Funding Guarantor shall be entitled to a contribution from each other Subsidiary
Guarantor (if any) in a pro rata amount based on the net assets of each Subsidiary Guarantor (including the Funding Guarantor)
for all payments, damages, and expenses incurred by that Funding Guarantor in discharging the Company’s obligations with
respect to the Notes or any other Subsidiary Guarantor’s obligations with respect to its Guarantee.

 

[Remainder of This Page Intentionally
Left Blank.]

 

    48

     

    

 

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

 

	 	ISSUER:
	 	 
	 	ENLINK MIDSTREAM, LLC
	 	 
	 	By:	EnLink Midstream Manager, LLC
	 	 	its managing member
	 	 
	 	By:	/s/ Pablo G. Mercado
	 	Name:	Pablo G. Mercado
	 	Title:	Executive Vice President and
	 	 	Chief Financial Officer
	 	 
	 	INITIAL GUARANTOR:
	 	 
	 	ENLINK MIDSTREAM PARTNERS, LP
	 	 
	 	By:	EnLink Midstream GP, LLC,
	 	 	its general partner
	 	 	 
	 	By:	/s/ Pablo G. Mercado
	 	Name:	Pablo G. Mercado
	 	Title:	Executive Vice President and
	 	 	Chief Financial Officer

 

[Signature
Page to Indenture]

 

    

     

    

 

	 	TRUSTEE:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	By:	/s/ Patrick T. Giordano
	 	Name:	Patrick T. Giordano
	 	Title:	Vice President

 

[Signature
Page to Indenture]

 

     

     

    

 

Exhibit A

 

FORM OF NOTE

 

[FACE OF NOTE]

 

[Insert the Global Note Legend, if applicable
pursuant to the provisions of the Indenture]

 

[Insert the Private Placement Legend, if
applicable pursuant to the provisions of the Indenture]

 

[Insert the Regulation S Legend, if applicable
pursuant to the provisions of the Indenture]

 

	No. ______________	$________________
	 	CUSIP: ________________
	 	ISIN: ________________

 

ENLINK MIDSTREAM, LLC

 

5.625% SENIOR NOTES DUE 2028

 

ENLINK MIDSTREAM, LLC,
a Delaware limited liability company (the “Company,” which term includes any successor under the Indenture hereinafter
referred to), for value received, hereby promises to pay to Cede & Co.* or its registered assigns, the principal
sum of _________________________ U.S. Dollars ($___________), [or such greater or lesser principal sum as is shown on the attached
Schedule of Increases and Decreases in Global Note],* on January 15, 2028 in such coin and currency of the United
States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest
thereon at an annual rate of 5.625% payable on January 15 and July 15 of each year, to the person in whose name the Note
is registered at the close of business on the record date for such interest, which shall be the preceding January 1 or July 1
(each, a “Regular Record Date”), respectively, payable commencing on July 15, 2021.

 

Reference is made to
the further provisions of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have the same
effect as though fully set forth at this place.

 

The statements in the
legends set forth in this Note are an integral part of the terms of this Note and by acceptance hereof the Holder of this Note
agrees to be subject to, and bound by, the terms and provisions set forth in each such legend.

 

This Note is issued
in respect of a series of Notes of an initial aggregate principal amount of $500,000,000 designated as the 5.625% Senior Notes
due 2028 of the Company and is governed by the Indenture dated as of December 17, 2020 (the “Indenture”), duly
executed and delivered by the Company, as issuer, EnLink Midstream Partners, LP, a Delaware limited partnership (the “Initial
Guarantor”), as guarantor, and Wells Fargo Bank, National Association, as trustee (the “Trustee”). The terms
of the Indenture are incorporated herein by reference. [This Note shall in all respects be entitled to the same benefits as Definitive
Notes under the Indenture.]*

 

This Note shall not
be valid or become obligatory for any purpose until the Trustee’s Certificate of Authentication hereon shall have been manually
signed by the Trustee under the Indenture.

 

*To be included in
a Global Note

 

    	 	A-1	 

     

    

 

Exhibit A

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed by its sole Managing Member.

 

Dated:

 

	 	ENLINK MIDSTREAM, LLC
	 	 
	 	By:	EnLink Midstream Manager, LLC,
	 	 	its managing member
	 	 
	 	 
	 	By:	                    
	 	Name:	 
	 	Title:	 

 

    	 	A-2	 

     

    

 

Exhibit A

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION:

 

This is one of the
Notes referred to in the within-mentioned Indenture.

 

	WELLS FARGO BANK, NATIONAL ASSOCIATION,	 
	as Trustee	 
	 	 	 
	 	 	 
	By:	                	 
	 	Authorized Signatory	 

 

    	 	A-3	 

     

    

 

Exhibit A

 

[REVERSE OF NOTE]

 

ENLINK MIDSTREAM, LLC

 

5.625% SENIOR NOTES DUE 2028

 

		1.	Interest.

 

The Company promises
to pay interest on the principal amount of this Note at the rate of 5.625% per annum.

 

The Company will pay
interest semi-annually on January 15 and July 15 of each year (each an “Interest Payment Date”), commencing
July 15, 2021. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest
has been paid on the Notes, from December 17, 2020. Interest will be computed on the basis of a 360-day year consisting of
twelve 30-day months. The Company shall pay interest (including post-petition interest in any proceeding under any applicable Bankruptcy
Law) on overdue installments of interest (without regard to any applicable grace period) and on overdue principal and premium,
if any, from time to time on demand at the same rate per annum, in each case to the extent lawful.

 

		2.	Method of Payment.

 

The Company shall pay
interest on the Notes (except Defaulted Interest) to the persons who are the registered Holders at the close of business on the
Regular Record Date immediately preceding the Interest Payment Date. Any such interest not so punctually paid or duly provided
for (“Defaulted Interest”) may be paid to the persons who are registered Holders at the close of business on a special
record date for the payment of such Defaulted Interest, or in any other lawful manner not inconsistent with the requirements of
any securities exchange on which such Notes may then be listed if such manner of payment shall be deemed practicable by the Trustee,
as more fully provided in the Indenture. The Company shall pay principal, premium, if any, and interest in such coin or currency
of the United States of America as at the time of payment shall be legal tender for payment of public and private debts. Payments
in respect of a Global Note (including principal, premium, if any, and interest) will be made by wire transfer of immediately available
funds to the accounts specified by the Depositary. Payments in respect of Definitive Notes (including principal, premium, if any,
and interest) will be made at the office or agency of the Company maintained for such purpose in New York, New York, which initially
will be at the corporate trust office of the Trustee located at 150 East 42nd Street, 40th Floor, New York, New York 10017, Attention:
Corporate Trust, or, at the option of the Company, payment of interest may be made by check mailed to the Holders on the relevant
record date at their addresses set forth in the register of Holders maintained by the Registrar or at the option of the Holder,
payment of interest on Definitive Notes will be made by wire transfer of immediately available funds to any account maintained
in the United States, provided such Holder has requested such method of payment on or prior to the applicable record date and provided
timely wire transfer instructions to the paying agent. The Holder must surrender this Note to a paying agent to collect payment
of principal.

 

		3.	Paying Agent and Registrar.

 

Initially, Wells Fargo
Bank, National Association will act as paying agent and Registrar. The Company may change any paying agent or Registrar at any
time upon notice to the Trustee and the Holders. The Company or any of its Subsidiaries may act as paying agent or Registrar.

 

		4.	Indenture.

 

This Note is one of
a duly authorized issue of Notes of the Company issued under the Indenture.

 

Capitalized terms herein
are used as defined in the Indenture unless otherwise defined herein. The Notes are subject to all the terms stated in the Indenture,
and Holders of Notes are referred to the Indenture for a statement of them. The Notes are general unsecured obligations of the
Company limited to an initial aggregate principal amount of $500,000,000; provided, however, that the authorized aggregate principal
amount of the Notes may be increased from time to time as provided in the Indenture.

 

    	 	A-4	 

     

    

 

Exhibit A

 

		5.	Redemption.

 

Prior to the July 15,
2027 (the “Par Call Date”), the Notes are redeemable, at the option of the Company, at any time in whole, or from time
to time in part, at a redemption price equal to the greater of: (i) 100% of the principal amount of the Notes to be redeemed;
or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed
that would be due if the Notes matured on the Par Call Date (exclusive of interest accrued to, but excluding, the Redemption Date)
discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable
Treasury Rate plus 50 basis points; plus, in either case, accrued and unpaid interest to, but excluding, the Redemption Date.

 

At any time on or after
the Par Call Date, the Notes are redeemable, at the option of the Company, in whole or in part, at a redemption price equal to
100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but excluding, the Redemption Date.

 

Notices of redemption
shall be sent at least 15 days but not more than 60 days before the Redemption Date to each Holder whose Notes are to be redeemed.
Unless the Company defaults in payment of the redemption price, on and after the Redemption Date interest ceases to accrue on Notes
or portions thereof called for redemption.

 

The Company shall deliver
to the Trustee an Officers’ Certificate with respect to the actual redemption price of the Notes in connection with a redemption
thereof, including the applicable Treasury Rate, which the Company will calculate, or caused to be calculated, on the third Business
Day preceding the Redemption Date.

 

The Notes are also
subject to the optional redemption provision set forth in Section 3.03(d) of the Indenture and certain offers to repurchase
the Notes upon the occurrence of certain Change of Control Triggering Events as set forth in Section 4.11 of the Indenture.

 

Except as set forth
above, the Notes will not be redeemable prior to their Stated Maturity and will not be entitled to the benefit of any sinking fund.

 

		6.	Denominations; Transfer; Exchange.

 

The Notes are to be
issued in registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. A Holder
may register the transfer of, or exchange, Notes in accordance with the Indenture. The Registrar may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by
the Indenture.

 

		7.	Person Deemed Owner.

 

The registered Holder
of a Note may be treated as the owner of it for all purposes.

 

		8.	Amendment; Supplement; Waiver.

 

Subject to certain
exceptions, the Indenture may be amended or supplemented, and any existing Event of Default or compliance with any provision may
be waived, with the consent of the Holders of a majority in principal amount of the Outstanding Notes. Without consent of any Holder
of a Note, the parties thereto may amend or supplement the Indenture to, among other things, cure any ambiguity or omission, to
correct any defect or inconsistency, or to make any other change that does not adversely affect the rights of any Holder of a Note.
Any such consent or waiver by the Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding
upon such Holder and upon all future Holders and owners of this Note and any Notes which may be issued in exchange or substitution
herefor, irrespective of whether or not any notation thereof is made upon this Note or such other Notes.

 

    	 	A-5	 

     

    

 

Exhibit A

 

		9.	Defaults and Remedies.

 

Certain events of bankruptcy
or insolvency are Events of Default that will result in the principal amount of the Notes, together with premium, if any, and accrued
and unpaid interest thereon, becoming due and payable immediately upon the occurrence of such Events of Default. If any other Event
of Default with respect to the Notes occurs and is continuing, then in every such case the Trustee or the Holders of not less than
25% in aggregate principal amount of the Notes then outstanding may declare the principal amount of all the Notes, together with
premium, if any, and accrued and unpaid interest thereon, to be due and payable immediately in the manner and with the effect provided
in the Indenture. Notwithstanding the preceding sentence, however, if at any time after such a declaration of acceleration has
been made, the Holders of a majority in aggregate principal amount of the outstanding Notes, by written notice to the Trustee,
may rescind such acceleration and its consequences if the rescission would not conflict with any judgment or decree of a court
of competent jurisdiction already rendered and if all existing Events of Default with respect to the Notes have been cured or waived
except nonpayment of principal, premium, if any, or interest that has become due solely by the declaration of acceleration. No
such rescission shall affect any subsequent default or shall impair any right consequent thereon. Holders of Notes may not enforce
the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity or security satisfactory to it
before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of a majority in aggregate principal amount
of the Notes then outstanding may direct the Trustee in its exercise of any trust or power.

 

		10.	Trustee Dealings with Company.

 

The Trustee under the
Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes, subject to any conflicting interest
as set forth in Section 7.04 of the Indenture, and may otherwise deal with the Company with the same rights it would have
as if it were not the Trustee.

 

		11.	Authentication.

 

This Note shall not
be valid until the Trustee signs the certificate of authentication on the other side of this Note.

 

		12.	Abbreviations and Defined Terms.

 

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

 

		13.	CUSIP Numbers.

 

Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed
on the Notes as a convenience to the Holders of the Notes. No representation is made as to the accuracy of such number as printed
on the Notes and reliance may be placed only on the other identification numbers printed hereon.

 

		14.	Absolute Obligation.

 

No reference herein
to the Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of, premium, if any, and interest on this Note in the manner, at the respective times,
at the rate and in the coin or currency herein prescribed.

 

		15.	No Recourse.

 

None of the Managing
Member nor any director, officer, employee, incorporator, manager, or unitholder or other owner of equity of the Managing Member,
the Company, or any Subsidiary Guarantor, as such, will have any liability for any obligations of the Subsidiary Guarantors or
the Company under the Notes, the Indenture, or any Guarantee or for any claim based on, in respect of, or by reason of, such obligations
or their creation. By accepting the Notes, each Holder will waive and release all such liability. The waiver and release are part
of the consideration for issuance of the Notes.

 

    	 	A-6	 

     

    

 

Exhibit A

 

		16.	Governing Law.

 

This Note shall be
construed in accordance with and governed by the laws of the State of New York.

 

		17.	Guarantee.

 

The Notes are fully
and unconditionally guaranteed on an unsecured, unsubordinated basis by the Initial Guarantor as set forth in Article XIV
of the Indenture, and under certain circumstances set forth in the Indenture one or more Subsidiaries of the Company may be required
to join in such Guarantee.

 

    	 	A-7	 

     

    

 

Exhibit A

 

ABBREVIATIONS

 

The following abbreviations, when used
in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

	TEN COM - as tenants in common	
        UNIF GIFT MIN ACT –

        (Cust.)

	 	 
	TEN ENT - as tenants by entireties	
        Custodian for:

        (Minor)

	 	 
	JT TEN - as joint tenants with right of survivorship and not as tenants in common	
        Under Uniform Gifts to Minors Act of

        (State)

 

Additional abbreviations may also be used
though not in the above list.

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned hereby
sell(s), assign(s), and transfer(s) unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

 

Please print or type name and address including
postal zip code of assignee:

 

 

the within Note and all rights thereunder,
hereby irrevocably constituting and appointing to transfer said Note on the books of the Company, with full power of substitution
in the premises.

 

 

	Dated:	Registered Holder:

 

    	 	A-8	 

     

    

 

Exhibit A

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect
to have this Note purchased by the Company pursuant to Section 4.11 of the Indenture, sign and complete this form.

 

If you want to elect
to have only part of this Note purchased by the Company pursuant to Section 4.11 of the Indenture, state the amount you elect
to have purchased:

 

$_______________

 

 

	Dated:	Registered Holder:

 

    	 	A-9	 

     

    

 

Exhibit A

 

SCHEDULE OF INCREASES OR DECREASES

IN GLOBAL NOTE*

 

The following increases or decreases in
this Global Note have been made:

 

	Date of Exchange	 	Amount of Decrease
 in Principal Amount
 of this Global
 Note	 	Amount of Increase
 in Principal Amount
 of this Global
 Note	 	Principal Amount of
 this Global Note
 Following Such
 Decrease (or Increase) 	 	Signature of
 Authorized Officer of
 Trustee or Depositary 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

* To be included in a Global
Note.

 

    	 	A-10	 

     

    

 

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

EnLink Midstream, LLC

1722 Routh Street, Suite 1300

Dallas, Texas 75201

Attention:  Chief Financial Officer:

 

Wells Fargo Bank, National Association

MAC Z3094-063

1 Independent Drive, Suite 620

Jacksonville, Florida 32202

Attention: Corporate Trust Services

 

		Re:	5.625%
Senior Notes due 2028

 

Reference is hereby
made to the Indenture, dated as of December 17, 2020 (the “Indenture”), among EnLink Midstream, LLC, a
Delaware limited liability company (the “Company”), the Subsidiary Guarantors (as defined in the Indenture),
and Wells Fargo Bank, National Association, as trustee (the “Trustee”). Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.

 

_______________ (the
 “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto,
in the principal amount of $___________ in such Note[s] or interests (the “Transfer”), to _______________ (the
 “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby
certifies that:

 

[CHECK ALL THAT APPLY]

 

1.            [
] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT 144A GLOBAL NOTE OR RELEVANT DEFINITIVE NOTE
PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States
Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies
that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing
the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises
sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning
of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable
blue sky securities laws of any state of the United States.

 

2.            [
] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT REGULATION S GLOBAL NOTE OR RELEVANT DEFINITIVE
NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904
under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made
to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States
or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United
States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and
neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United
States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(a) of
Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted
Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person. Upon consummation of the
proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on Transfer enumerated in the Indenture and the Securities Act.

 

3.            [
] CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT DEFINITIVE NOTE PURSUANT TO ANY
PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer
restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and
in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly
the Transferor hereby further certifies that (check one):

 

    B-1

     

    

 

EXHIBIT B

 

(a)            [
] such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; or

 

(b)            [
] such Transfer is being effected to the Company or a Subsidiary thereof; or

 

(c)            [
] such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with
the prospectus delivery requirements of the Securities Act.

 

4.            [
] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE
NOTE.

 

(a)            [
] CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144
under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted
Definitive Notes and in the Indenture.

 

(b)            [
] CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903
or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable
blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of
the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will
no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global
Notes, on Restricted Definitive Notes and in the Indenture.

 

(c)            [
] CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with
an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904
and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any
State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and
in the Indenture.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Company.

 

		[INSERT NAME OF TRANSFEROR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	Dated:	 	 	 

  

    B-2

     

    

 

EXHIBIT B

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

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

 

[CHECK ONE OF (a) OR (b)]

 

		(a)	[        ] a beneficial interest in the:

 

		(i)	[        ] 144A Global Note (CUSIP: 29336T AC4), or

 

		(ii)	[        ] Regulation S Global Note (CUSIP: U26790 AB8), or

 

		(b)	[        ] a Restricted Definitive Note.

 

		2.	After the Transfer the Transferee will hold:

 

[CHECK ONE]

 

		(a)	[        ] a beneficial interest in the:

 

		(i)	[        ] 144A Global Note (CUSIP: 29336T AC4), or

 

		(ii)	[        ] Regulation S Global Note (CUSIP: U26790 AB8), or

 

		(iii)	[        ] Unrestricted Global Note, (CUSIP: ________); or

 

		(b)	[        ] a Restricted Definitive Note; or

 

		(c)	[        ] an Unrestricted Definitive Note, in accordance with the terms of the Indenture.

 

    B-3

     

    

 

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

 

EnLink Midstream, LLC

1722 Routh Street, Suite 1300

Dallas, Texas 75201

Attention:  Chief Financial Officer

 

Wells Fargo Bank, National Association

MAC Z3094-063

1 Independent Drive, Suite 620

Jacksonville, Florida 32202

Attention: Corporate Trust Services

 

		Re:	5.625%
Senior Notes due 2028

 

Reference is hereby
made to the Indenture, dated as of December 17, 2020 (the “Indenture”), among EnLink Midstream, LLC, a
Delaware limited liability company (the “Company”), the Subsidiary Guarantors (as defined in the Indenture),
and Wells Fargo Bank, National Association, as trustee (the “Trustee”). Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.

 

_________________ (the
 “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal
amount of $__________ in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner
hereby certifies that:

 

(1)          EXCHANGE
OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN AN UNRESTRICTED GLOBAL NOTE.

 

(a)            [        ]
CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE.
In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest
in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as
amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest
in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the
United States.

 

(b)            [        ]
CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby
certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired
in compliance with any applicable blue sky securities laws of any state of the United States.

 

(c)            [        ]
CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with
the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner
hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant
to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest
is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

    C-1

     

    

 

EXHIBIT C

 

(d)            [        ]
CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Owner’s Exchange
of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive
Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities
Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with
any applicable blue sky securities laws of any state of the United States.

 

(2)          EXCHANGE
OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN RESTRICTED GLOBAL NOTES.

 

(a)            [        ]
CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal
amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without
transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note
issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Definitive Note and in the Indenture and the Securities Act.

 

(b)            [        ]
CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the
Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] [ ] 144A Global Note [ ]
Regulation S Global Note, with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and
in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed
Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities
Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Company and are dated __________.

 

		[INSERT NAME OF TRANSFEROR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	Dated:	 	 	 

 

    C-2

     

    

 

EXHIBIT D

 

FORM OF SUPPLEMENTAL INDENTURE

 

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 

This Supplemental Indenture
(this “Supplemental Indenture”), dated as of ___________________, 20___, is among _________________________
(the “Guaranteeing Subsidiary”), EnLink Midstream, LLC, a Delaware limited liability company (the “Company”),
the other Guarantors (as defined in the Indenture referred to herein), and Wells Fargo Bank, National Association, as trustee under
the Indenture referred to below (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Company
has executed and delivered to the Trustee an Indenture, dated as of December 17, 2020 (the “Indenture”),
among the Company, EnLink Midstream Partners, LP, a Delaware limited partnership, as guarantor, and the Trustee, providing for
the issuance by the Company of a series of Notes designated as the “5.625% Senior Notes due 2028” (the “Notes”);

 

WHEREAS, the Indenture
provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture
pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s obligations under the
Notes in accordance with Section 4.12 and Article XIV of the Indenture and on the terms and conditions set forth herein
(the “Note Guarantee”); and

 

WHEREAS, pursuant to
Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

 

NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the
parties hereto mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

 

1.            Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2.            Agreement
to Guarantee. The Guaranteeing Subsidiary hereby provides the Note Guarantee on the terms and subject to the conditions set
forth in the Indenture including but not limited to Article XIV of the Indenture.

 

3.            No
Recourse Against Others. No past, present or future director, officer, partner, member, employee, incorporator, manager or
unit holder or other owner of equity interests of the Guaranteeing Subsidiary, as such, shall have any liability for any obligations
of the Company or any Guaranteeing Subsidiary under the Notes, any Note Guarantees, the Indenture, or this Supplemental Indenture
or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting
a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.
Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the Securities and
Exchange Commission that such a waiver is against public policy.

 

4.            Governing
Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

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

 

6.            Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

7.            The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of
this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the
Guaranteeing Subsidiary and the Company.

 

(Signature page follows.)

 

    D-1

     

    

 

EXHIBIT D

 

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

 

		[Guaranteeing Subsidiary]
	 	 	 
	 	By:	 
	 	Name:	             
	 	Title:	 

 

		ENLINK MIDSTREAM, LLC
	 	 
	 	By: EnLink Midstream Manager, LLC, its Managing Member
	 	 	 
	 	By:	             
	 	Name:	 
	 	Title:	 

 

		[Existing Subsidiary Guarantors]
	 	 	 
	 	By:	 
	 	Name:	             
	 	Title:	 

 

		WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By:	 
	 	Name:	             
	 	Title:	 

 

    D-2

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