Document:

EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  

BAUSCH HEALTH COMPANIES INC. 

$1,000,000,000 6.125% SENIOR SECURED NOTES DUE 2027 
  

 
 INDENTURE

 DATED AS OF FEBRUARY 10, 2022 
  

 
 THE BANK OF NEW
YORK MELLON, 
 AS TRUSTEE, REGISTRAR AND PAYING AGENT 

AND THE NOTES COLLATERAL AGENTS PARTY HERETO 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 	 	ARTICLE 1	  	 	 
			
	 	 	DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	 
	 Section 1.1
	 	 Definitions
	  	 	1	 
	 Section 1.2
	 	 Other Definitions
	  	 	31	 
	 Section 1.3
	 	 Rules of Construction
	  	 	32	 
			
	 	 	ARTICLE 2	  	 	 
			
	 	 	THE SECURITIES	  	 	 
			
	 Section 2.1
	 	 Form and Dating
	  	 	33	 
	 Section 2.2
	 	 Execution and Authentication
	  	 	34	 
	 Section 2.3
	 	 Registrar and Paying Agent
	  	 	34	 
	 Section 2.4
	 	 Paying Agent to Hold Money in Trust
	  	 	35	 
	 Section 2.5
	 	 Noteholder Lists
	  	 	35	 
	 Section 2.6
	 	 Transfer and Exchange
	  	 	35	 
	 Section 2.7
	 	 Replacement Notes
	  	 	36	 
	 Section 2.8
	 	 Outstanding Notes
	  	 	36	 
	 Section 2.9
	 	 Treasury Notes
	  	 	37	 
	 Section 2.10
	 	 Temporary Notes
	  	 	37	 
	 Section 2.11
	 	 Cancellation
	  	 	37	 
	 Section 2.12
	 	 Legend; Additional Transfer and Exchange Requirements
	  	 	37	 
	 Section 2.13
	 	 CUSIP, Common Code and ISIN Numbers
	  	 	39	 
			
	 	 	ARTICLE 3	  	 	 
			
	 	 	REDEMPTION AND PURCHASES	  	 	 
			
	 Section 3.1
	 	 Right to Redeem
	  	 	39	 
	 Section 3.2
	 	 Selection of Notes to Be Redeemed
	  	 	39	 
	 Section 3.3
	 	 Notice of Redemption
	  	 	40	 
	 Section 3.4
	 	 Effect of Notice of Redemption
	  	 	41	 
	 Section 3.5
	 	 Deposit of Redemption Price
	  	 	41	 
	 Section 3.6
	 	 Notes Redeemed in Part
	  	 	41	 
	 Section 3.7
	 	 Optional Redemption
	  	 	41	 
	 Section 3.8
	 	 Purchase of Notes at Option of the Holder Upon Change of Control
	  	 	42	 
	 Section 3.9
	 	 Effect of Change of Control Purchase Notice
	  	 	44	 
	 Section 3.10
	 	 Deposit of Change of Control Purchase Price
	  	 	44	 
	 Section 3.11
	 	 Notes Purchased in Part
	  	 	45	 
	 Section 3.12
	 	 Compliance with Securities Laws upon Purchase of Notes
	  	 	45	 
	 Section 3.13
	 	 Repayment to the Company
	  	 	45	 
	 Section 3.14
	 	 Offer to Purchase by Application of Excess Proceeds
	  	 	45	 
	 Section 3.15
	 	 Special Mandatory Redemption
	  	 	47	 
			
	 	 	ARTICLE 4	  	 	 
			
	 	 	COVENANTS	  	 	 
			
	 Section 4.1
	 	 Payment of Notes
	  	 	47	 

  
 -i- 

							
	 	 	 	  	Page	 
	 Section 4.2
	 	 Maintenance of Office or Agency
	  	 	48	 
	 Section 4.3
	 	 Reports
	  	 	48	 
	 Section 4.4
	 	 Compliance Certificates
	  	 	49	 
	 Section 4.5
	 	 Further Instruments and Acts
	  	 	49	 
	 Section 4.6
	 	 Maintenance of Corporate Existence
	  	 	49	 
	 Section 4.7
	 	 Changes in Covenants When Notes Rated Investment Grade
	  	 	49	 
	 Section 4.8
	 	 Restricted Payments
	  	 	49	 
	 Section 4.9
	 	 Incurrence of Indebtedness and Issuance of Preferred Stock
	  	 	53	 
	 Section 4.10
	 	 [Reserved].
	  	 	56	 
	 Section 4.11
	 	 Liens
	  	 	56	 
	 Section 4.12
	 	 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	56	 
	 Section 4.13
	 	 Transactions with Affiliates
	  	 	58	 
	 Section 4.14
	 	 Asset Sales
	  	 	59	 
	 Section 4.15
	 	 Additional Note Guarantees
	  	 	62	 
	 Section 4.16
	 	 Designation of Restricted and Unrestricted Subsidiaries
	  	 	62	 
	 Section 4.17
	 	 Business Activities
	  	 	63	 
	 Section 4.18
	 	 Limitation on Bausch + Lomb Contributions, Transfers and Dispositions.
	  	 	63	 
	 Section 4.19
	 	 Stay, Extension and Usury Laws
	  	 	63	 
	 Section 4.20
	 	 Notice of Default
	  	 	64	 
	 Section 4.21
	 	 Payment of Additional Amounts
	  	 	64	 
	 Section 4.22
	 	 After-Acquired Property
	  	 	66	 
	 Section 4.23
	 	 Additional Material Real Estate Assets
	  	 	67	 
	 Section 4.24
	 	 No Impairment of the Security Interests
	  	 	67	 
			
	 	 	ARTICLE 5	  	 	 
			
	 	 	MERGER, CONSOLIDATION OR SALE OF ASSETS	  	 	 
			
	 Section 5.1
	 	 Merger, Consolidation or Sale of Assets
	  	 	68	 
	 Section 5.2
	 	 Successor Substituted
	  	 	69	 
			
	 	 	ARTICLE 6	  	 	 
			
	 	 	DEFAULT AND REMEDIES	  	 	 
			
	 Section 6.1
	 	 Events of Default
	  	 	69	 
	 Section 6.2
	 	 Acceleration
	  	 	71	 
	 Section 6.3
	 	 Other Remedies
	  	 	72	 
	 Section 6.4
	 	 Waiver of Defaults and Events of Default
	  	 	72	 
	 Section 6.5
	 	 Control by Majority
	  	 	72	 
	 Section 6.6
	 	 Limitations on Suits
	  	 	73	 
	 Section 6.7
	 	 Rights of Holders to Receive Payment
	  	 	73	 
	 Section 6.8
	 	 Collection Suit by Trustee
	  	 	73	 
	 Section 6.9
	 	 Trustee May File Proofs of Claim
	  	 	73	 
	 Section 6.10
	 	 Priorities
	  	 	73	 
	 Section 6.11
	 	 Undertaking for Costs
	  	 	74	 
			
	 	 	ARTICLE 7	  	 	 
			
	 	 	TRUSTEE	  	 	 
			
	 Section 7.1
	 	 Duties of Trustee
	  	 	74	 
	 Section 7.2
	 	 Rights of Trustee
	  	 	75	 
	 Section 7.3
	 	 Individual Rights of Trustee
	  	 	76	 
	 Section 7.4
	 	 Trustee’s Disclaimer
	  	 	76	 
	 Section 7.5
	 	 Notice of Default or Events of Default
	  	 	76	 

  
 -ii- 

							
	 	 	 	  	Page	 
	 Section 7.6
	 	 [Reserved]
	  	 	76	 
	 Section 7.7
	 	 Compensation and Indemnity
	  	 	76	 
	 Section 7.8
	 	 Replacement of Trustee
	  	 	77	 
	 Section 7.9
	 	 Successor Trustee by Merger, Etc.
	  	 	77	 
	 Section 7.10
	 	 Eligibility; Disqualification
	  	 	78	 
	 Section 7.11
	 	 Preferential Collection of Claims Against the Company
	  	 	78	 
	 Section 7.12
	 	 Collateral Documents; Intercreditor Agreements
	  	 	78	 
			
	 	 	ARTICLE 8	  	 	 
			
	 	 	DEFEASANCE; SATISFACTION AND	  	 	 
	 	 	DISCHARGE OF INDENTURE	  	 	 
			
	 Section 8.1
	 	 Satisfaction and Discharge of Indenture
	  	 	78	 
	 Section 8.2
	 	 Legal Defeasance
	  	 	79	 
	 Section 8.3
	 	 Covenant Defeasance
	  	 	80	 
	 Section 8.4
	 	 Application of Trust Money
	  	 	81	 
	 Section 8.5
	 	 Repayment to the Company
	  	 	81	 
	 Section 8.6
	 	 Reinstatement
	  	 	81	 
			
	 	 	ARTICLE 9	  	 	 
			
	 	 	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  	 	 
			
	 Section 9.1
	 	 Without Consent of Holders
	  	 	82	 
	 Section 9.2
	 	 With Consent of Holders
	  	 	83	 
	 Section 9.3
	 	 Notice of Amendment, Supplement or Waiver
	  	 	84	 
	 Section 9.4
	 	 Revocation and Effect of Consents
	  	 	84	 
	 Section 9.5
	 	 Notation on or Exchange of Notes
	  	 	84	 
	 Section 9.6
	 	 Trustee to Sign Amendments, Etc.
	  	 	84	 
	 Section 9.7
	 	 Effect of Supplemental Indentures
	  	 	84	 
			
	 	 	ARTICLE 10	  	 	 
			
	 	 	NOTE GUARANTEES	  	 	 
			
	 Section 10.1
	 	 Note Guarantees
	  	 	84	 
	 Section 10.2
	 	 Execution and Delivery of Note Guarantees
	  	 	86	 
	 Section 10.3
	 	 Limitation on Note Guarantor Liability
	  	 	86	 
	 Section 10.4
	 	 Merger and Consolidation of Note Guarantors
	  	 	86	 
	 Section 10.5
	 	 Release
	  	 	86	 
			
	 	 	ARTICLE 11	  	 	 
			
	 	 	MISCELLANEOUS	  	 	 
			
	 Section 11.1
	 	 Certain Trust Indenture Act Sections
	  	 	87	 
	 Section 11.2
	 	 Notices
	  	 	87	 
	 Section 11.3
	 	 Communications by Holders With Other Holders
	  	 	90	 
	 Section 11.4
	 	 Certificate and Opinion of Counsel as to Conditions Precedent
	  	 	90	 
	 Section 11.5
	 	 Record Date for Vote or Consent of Holders
	  	 	90	 
	 Section 11.6
	 	 Rules by Trustee, Paying Agent and Registrar
	  	 	90	 
	 Section 11.7
	 	 Legal Holidays
	  	 	90	 
	 Section 11.8
	 	 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial
	  	 	91	 
	 Section 11.9
	 	 No Adverse Interpretation of Other Agreements
	  	 	91	 

  
 -iii- 

							
	 	 	 	  	Page	 
	 Section 11.10
	 	 No Recourse Against Others
	  	 	91	 
	 Section 11.11
	 	 Successors
	  	 	91	 
	 Section 11.12
	 	 Multiple Counterparts; Execution
	  	 	91	 
	 Section 11.13
	 	 Separability
	  	 	91	 
	 Section 11.14
	 	 Table of Contents, Headings, etc.
	  	 	91	 
	 Section 11.15
	 	 Calculations in Respect of the Notes
	  	 	92	 
	 Section 11.16
	 	 Agent for Service and Waiver of Immunities
	  	 	92	 
	 Section 11.17
	 	 Judgment Currency
	  	 	93	 
	 Section 11.18
	 	 Foreign Currency Equivalent
	  	 	93	 
	 Section 11.19
	 	 Usury Savings Clause
	  	 	93	 
	 Section 11.20
	 	 Interest Act (Canada)
	  	 	93	 
	 Section 11.21
	 	 Tax Matters
	  	 	94	 
			
	 	 	ARTICLE 12	  	 	 
			
	 	 	COLLATERAL	  	 	 
			
	 Section 12.1
	 	 Collateral Documents
	  	 	94	 
	 Section 12.2
	 	 Release of Collateral
	  	 	95	 
	 Section 12.3
	 	 Suits to Protect the Collateral
	  	 	97	 
	 Section 12.4
	 	 Authorization of Receipt of Funds by the Trustee Under the Collateral Documents
	  	 	97	 
	 Section 12.5
	 	 Purchaser Protected
	  	 	97	 
	 Section 12.6
	 	 Powers Exercisable by Receiver or Trustee
	  	 	97	 
	 Section 12.7
	 	 Release Upon Termination of the Company’s Obligations
	  	 	97	 
	 Section 12.8
	 	 Notes Collateral Agents
	  	 	98	 
			
	 	 	ARTICLE 13	  	 	 
			
	 	 	PARALLEL DEBT	  	 	 
			
	 Section 13.1
	 	 Purpose; Governing Law
	  	 	104	 
	 Section 13.2
	 	 Parallel Debt (The Netherlands, Poland, Japan, Slovenia)
	  	 	104	 
	 Section 13.3
	 	 Parallel Debt (France)
	  	 	105	 
	 Section 13.4
	 	 Parallel Debt (Hungary)
	  	 	105	 
	 Section 13.5
	 	 Parallel Debt and Collateral (Germany)
	  	 	106	 
	 Section 13.6
	 	 [Reserved]
	  	 	107	 
	 Section 13.7
	 	 Parallel Debt (Belgium)
	  	 	107	 
	 Section 13.8
	 	 Parallel Debt (Mexico)
	  	 	108	 
	 Section 13.9
	 	 Parallel Debt (Switzerland)
	  	 	109	 
	 Section 13.10
	 	 Additional Parallel Debt Provisions
	  	 	109	 

 EXHIBITS 
  

	EXHIBIT	 A        -    FORM OF NOTE 

	EXHIBIT	 B        -    FORM OF GUARANTEE

	EXHIBIT	 C        -    FORM OF CERTIFICATE FROM ACQUIRING
INSTITUTIONAL ACCREDITED INVESTOR 

	EXHIBIT	 D        -    FORM OF CANADIAN NOTE GUARANTEE

  
 -iv- 

 THIS INDENTURE dated as of February 10, 2022 is among Bausch Health Companies Inc., a
corporation continued under the laws of the Province of British Columbia (the “Company”), the Note Guarantors party hereto, The Bank of New York Mellon (“BNY Mellon”), a New York banking corporation, not in its
individual capacity but solely as Trustee, Registrar, and Paying Agent (the “Trustee”), BNY Mellon, as a notes collateral agent (together with certain of its branches, affiliates and agents party hereto) and TMF Group New York, LLC
(“TMF”), a corporation organized under the laws of the State of Delaware, as a notes collateral agent. 
 In consideration
of the premises and the purchase of the Notes by the Holders thereof, all parties agree as follows for the benefit of the other and for the equal and ratable benefit of the registered Holders of the Company’s Notes. 

ARTICLE 1 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
 Section 1.1 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 initially be issued in a denomination equal to the principal amount of the Notes sold in reliance on Rule 144A.

 “Acquired Debt” means, with respect to any specified Person: 

(1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of
such specified Person and which is not satisfied in full at such time, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Subsidiary of, such specified
Person; and 
 (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

“Additional Notes” means the additional principal amount of Notes (other than the Initial Notes) that the Company may issue
from time to time under this Indenture in accordance with Section 2.1(c) of this Indenture as part of the same series of Notes issued on the date hereof other than Notes issued in exchange for, or replacement of outstanding Notes. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control
with” have correlative meanings. 
 “After-Acquired Property” means property (other than Excluded Assets) that is
intended to be Collateral acquired by the Company or a Note Guarantor (including property of a Person that becomes a new Note Guarantor after the Issue Date) that is not automatically subject to a perfected security interest under the Collateral
Documents; provided that, while any obligations under the Credit Agreement are outstanding, After-Acquired Property shall not include any asset or property that is not pledged to secure the obligations under the Credit Agreement. 

“Agent” means any Registrar or Paying Agent. 

“Applicable Premium” means, with respect to the Notes, as determined by the Company, the greater of: 

(1) 1.0% of the then outstanding principal amount of such Notes, and 

 (2) (a) the present value of all remaining required interest and principal
payments due on such Notes and all premium payments relating to such Notes assuming a redemption date of February 1, 2024, computed using a discount rate equal to the Treasury Rate plus 50 basis points, minus 

(b) the then outstanding principal amount of such Notes, minus 

(c) accrued interest paid on the date of redemption. 

“Applicable Procedures” means, with respect to any transfer or exchange of beneficial ownership interests in the Global
Notes, the rules and procedures of the Depositary, Euroclear and Clearstream, in each case to the extent applicable, to such transfer or exchange. 

“Asset Sale” means: 

(1) the sale, lease, conveyance or other disposition of any assets, property or rights outside of the ordinary course of
business; provided that the sale, conveyance or other disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole will be governed by Section 3.8 and/or Section 5.1 hereof
and not by the provisions of Section 4.14 hereof; and 
 (2) the issuance of Equity Interests by any of the
Company’s Restricted Subsidiaries or the sale of Equity Interests in any of its Restricted Subsidiaries, in each case other than directors’ qualifying shares. 

Notwithstanding the preceding, none of the following items will be deemed to be an Asset Sale: 

(1) any single transaction or series of related transactions that involves assets having a Fair Market Value of less than
$100.0 million; 
 (2) a transfer of assets between or among the Company and its Restricted Subsidiaries; 

(3) an issuance of Equity Interests by a Restricted Subsidiary of the Company to the Company or to another Restricted
Subsidiary of the Company; 
 (4) any sale of receivables in connection with a Qualified Securitization Transaction; 

(5) the sale or other disposition of cash or Cash Equivalents; 

(6) a Restricted Payment or Permitted Investment that is permitted by Section 4.8 hereof; 

(7) the license or sublicense of intellectual property or other general intangibles and licenses, leases or subleases of other
property which do not materially interfere with the business of the Company and its Restricted Subsidiaries, taken as a whole, determined in good faith by the Company; 

(8) the sale, exchange or other disposition of obsolete, worn out, uneconomical or surplus assets, including any such
intellectual property; 
 (9) the sale, lease, conveyance or other disposition to the extent required by, or made pursuant
to, customary buy/sell arrangements between joint venture parties set forth in joint venture arrangements and similar binding agreements; 

(10) foreclosures on, or condemnation of, assets and the surrender or waiver of contract rights or the settlement, release or
surrender of contract, tort or other claims; 

  
 -2- 

 (11) sales, transfers or other dispositions of assets for consideration at
least equal to the Fair Market Value of the assets sold or disposed of, but only if the consideration received consists of property or assets (other than cash, except to the extent used as a bona fide means of equalizing the value of the property or
assets involved in the swap transaction; provided, however, that cash does not exceed 10% of the sum of the amount of the cash and the Fair Market Value of the assets received or given) of a nature or type that are used in a business
having property or assets of a nature or type or engaged in a Permitted Business (or Capital Stock of a Person whose assets consist of assets of the type described in this clause (11)); and 

(12) dispositions in connection with any Permitted Bond Hedge Transaction, any Permitted Warrant Transaction or any Packaged
Right. 
 “Attributable Debt” in respect of a sale and leaseback transaction means, at the time of determination, the
present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction including any period for which such lease has been extended or may, at the option of the
lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 

“Bankruptcy Law” means any of Title 11 of the United States Code, the BIA, the CCAA, the WURA and the CBCA, and any other
applicable insolvency, corporate arrangement or restructuring or other similar law of any jurisdiction including any law of any jurisdiction permitting a debtor to obtain a stay or a compromise of the claims of its creditors against it. 

“Bausch + Lomb Business” means the Company’s global eye health business as described in the Bausch + Lomb Registration
Statement. 
 “Bausch + Lomb Designation Date” means the date on which the Company designates the Bausch + Lomb Entities as
Unrestricted Subsidiaries under this Indenture and the indentures governing the Existing Notes. 
 “Bausch + Lomb Entities”
means 1261229 B.C. Ltd., or such other entity that holds Equity Interests of Bausch + Lomb Corporation (or any parent thereof), together with Bausch + Lomb Corporation and its subsidiaries that together constitute the Bausch + Lomb Business. 

“Bausch + Lomb IPO” means any transaction or series of related transactions including any acquisition by, or combination or
other similar transaction with, a special purpose acquisition company that results in any of the Equity Interests of Bausch + Lomb Corporation or such other entity that operates the Bausch + Lomb Business being publicly traded on any U.S. national
securities exchange or over-the-counter market or any analogous exchange or market, or any recognized securities exchange, in Canada, Ireland, the United Kingdom or any
country in the European Union. 
 “Bausch + Lomb Registration Statement” means the Registration Statement on Form S-1 relating to the Bausch + Lomb IPO at the time it is declared effective by the U.S. Securities and Exchange Commission. 

“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person”
will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage
of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 
 “BHA”
means Bausch Health Americas, Inc., a Delaware corporation, and its successors. 
 “BIA” means the Bankruptcy and
Insolvency Act (Canada). 
 “Board of Directors” means: 

(1) with respect to a company or corporation, the board of directors of the company or corporation or any committee thereof
duly authorized to act on behalf of such board; 

  
 -3- 

 (2) with respect to a partnership, the Board of Directors of the general
partner of the partnership or any committee thereof duly authorized to act on behalf of such board; and 
 (3) with respect
to any other Person, the board or committee of such Person serving a similar function. 
 “Business Day” means each day
that is not a Legal Holiday. 
 “Canadian Note Guarantee” means each Guarantee of the obligations with respect to the Notes
issued by each Canadian Note Guarantor pursuant to the terms of this Indenture and substantially in the form of Exhibit D. 

“Canadian Note Guarantor” means each Note Guarantor that is organized under the laws of Canada or any province or territory
thereof. 
 “Capital Lease Obligations” means, at the time any determination is to be made, the amount of the liability in
respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 

“Capital Markets Indebtedness” means any Indebtedness consisting of bonds, debentures, notes or other similar debt securities
issued in (a) a public offering registered under the Securities Act, (b) a private placement to institutional investors that is resold in accordance with Rule 144A or Regulation S under the Securities Act, whether or not it includes
registration rights entitling the holders of such debt securities to registration thereof with the SEC or (c) a private placement to institutional investors. For the avoidance of doubt, the term “Capital Markets Indebtedness” does not
include any Indebtedness under the Credit Agreement, Indebtedness incurred in connection with a sale and leaseback transaction, Indebtedness incurred in the ordinary course of business of the Company, Capital Lease Obligations or recourse transfer
of any financial asset or any other type of Indebtedness incurred in a manner not customarily viewed as a “securities offering.” 

“Capital Stock” means: 

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

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited); and 
 (4) any other interest or participation (including,
without limitation, quotas) that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Cash Equivalents” means: 

(1) securities issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality
thereof (provided, that the full faith and credit of the U.S. is pledged in support thereof) having repricings or maturities of not more than one year from the date of acquisition; 

(2) certificates of deposit and time deposits with maturities of one year or less from the date of acquisition, bankers’
acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any U.S. commercial bank having capital and surplus in excess of $500.0 million; 

(3) repurchase obligations with a term of not more than 14 days for underlying securities of the types described in clauses
(1) and (2) above entered into with any financial institution meeting the qualifications specified in clause (2) above; 

  
 -4- 

 (4) commercial paper having a rating of at least “P-2” or better from Moody’s or at least “A-2” or better from S&P, or carrying an equivalent rating by an internationally recognized rating agency
and, in each case, maturing within one year after the date of acquisition; 
 (5) auction-rate, corporate and municipal
securities, in each case (x) having either short-term debt ratings of at least “P-2” or better from Moody’s or at least “A-2” or better
from S&P or long-term senior debt ratings of “A2” or better from Moody’s or at least “A” or better from S&P, or carrying an equivalent rating by an internationally recognized rating agency, (y) having repricings
or maturities of not more than one year from the date of acquisition and (z) which are classifiable as cash and cash equivalents under GAAP; 

(6) money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses
(1) through (5) of this definition; or 
 (7) in the case of the Company or any Foreign Subsidiary: 

(a) direct obligations of the sovereign nation, or any agency thereof, in which the Company or such Foreign Subsidiary is
organized or is conducting business or in obligations fully and unconditionally guaranteed by such sovereign nation, or any agency thereof; provided, that such obligations have repricings or maturities of not more than one year from the date
of acquisition and are used by the Company or such Foreign Subsidiary in accordance with normal investment practices for cash management in investments of the type analogous to clauses (1) through (5) above; or 

(b) investments of the type and maturity described in clauses (1) through (5) above of foreign obligors, which investments
or obligors have ratings described in such clauses or equivalent ratings from internationally recognized rating agencies; provided, that such investments are used by the Company or such Foreign Subsidiary in accordance with normal investment
practices for cash management in investments of the type analogous to clauses (1) through (5) above. 
 “CBCA” means
the Canada Business Corporations Act. 
 “CCAA” means the Companies’ Creditors Arrangement Act (Canada).

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

(1) any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the Beneficial Owner,
other than by way of merger or consolidation of the Company, of shares of the Company’s Voting Stock representing 50% or more of the total voting power of all of the Company’s outstanding Voting Stock; 

(2) the Company consolidates with, or merges with or into, another Person, or the Company, directly or indirectly, sells,
assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries, taken as a whole (other than by way of merger or consolidation), in one or a series of
related transactions, or any Person consolidates with, or merges with or into, the Company, in any such event other than pursuant to a transaction in which the Persons that Beneficially Owned the shares of the Company’s Voting Stock immediately
prior to such transaction Beneficially Own at least a majority of the total voting power of all outstanding Voting Stock (other than Disqualified Stock) of the surviving or transferee Person; or 

(3) the holders of the Company’s Capital Stock approve any plan or proposal for the liquidation or dissolution of the
Company (whether or not otherwise in compliance with this Indenture). 

  
 -5- 

 Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of
Control if (1) the Company becomes a direct or indirect wholly-owned Subsidiary of a holding company and (2) (a) the direct or indirect holders of the Voting Stock of the ultimate parent holding company immediately following that transaction
are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (b) no “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the Beneficial Owner of
50% or more of the total voting power of the Voting Stock of such ultimate parent holding company. 
 “Clearstream” means
Clearstream Banking, société anonyme, Luxembourg. 
 “Collateral” means all of the assets and properties
subject to Liens granted by the Company or any Note Guarantor in favor of any Notes Collateral Agent for the benefit of the Trustee and the Holders. 

“Collateral Agent” means the Notes Collateral Agent or the Credit Agreement Collateral Agent, as applicable. 

“Collateral Documents” means the First Lien Intercreditor Agreement and the security documents pursuant to which the Company
and the Note Guarantors grant Liens in favor of the relevant Notes Collateral Agent to secure Obligations under this Indenture and the Notes. 

“Company” means the party named as such in the first paragraph of this Indenture until a successor replaces it pursuant to
the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Company. 
 “Consolidated
Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period plus (without duplication): 

(1) taxes paid and any provision for taxes, including income, profits, capital, foreign, federal, state, local, Canadian
federal and provincial, sales, franchise and similar taxes, property taxes, foreign withholding taxes and foreign unreimbursed value added taxes (including penalties and interest related to any such tax or arising from any tax examination, and
including pursuant to any tax sharing arrangement or as a result of any tax distribution) of such Person and its Restricted Subsidiaries paid or accrued during the relevant period; plus 

(2) Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that any such expense was
deducted in computing such Consolidated Net Income; plus 
 (3) any restructuring charges or expenses (which, for the
avoidance of doubt, shall include retention, severance, systems establishment costs, excess pension charges, contract termination costs and costs to consolidate facilities and relocate employees), to the extent that any such charge or expense was
deducted in computing such Consolidated Net Income; plus 
 (4) fees and expenses in connection with any proposed or
actual issuance of any Indebtedness or Equity Interests, or any proposed or actual acquisitions, Investments, Asset Sales or divestitures permitted to be incurred under this Indenture; plus 

(5) depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that
were paid in a prior period), and other non-cash charges or expenses (including impairment charges and other write-offs of intangible assets and goodwill, but excluding amortization of a prepaid cash expense
that was paid in a prior period to the extent added back in such prior period) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation, amortization and other
non-cash charges or expenses were deducted in computing such Consolidated Net Income; provided, that if any such non-cash charge or expense (or any portion
thereof) represents an accrual or reserve for any potential cash items in any future period, (i) the Company may elect not to add back such non-cash charge in the then-current period and instead add back
such amount to a following period, and (ii) to the extent the Company elects to add back such non-cash charge, the cash payment in respect thereof in such future period shall be subtracted from
Consolidated Cash Flow to the same extent in such future period; plus 
  

  
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 (6) pro forma “run rate” cost savings, operating expense
reductions, operational improvements and cost synergies (collectively, “Expected Cost Savings”) (net of actual amounts realized) that are reasonably identifiable, factually supportable and projected by the Company in good faith to
result from actions that have been taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of such Person) related to any permitted asset sale, acquisition (including the
commencement of activities constituting a business line), combination, Investment, disposition (including the termination or discontinuance of activities constituting a business line), operating improvement, restructuring, cost savings initiative,
any similar initiative (including the effect of arrangements or efficiencies from the shifting of production of one or more products from one manufacturing facility to another) and/or specified transaction, in each case prior to, on or after the
Issue Date (any such operating improvement, restructuring, cost savings initiative or similar initiative or specified transaction, a “Cost Saving Initiative”) (in each case, calculated on a pro forma basis as though such Expected
Cost Savings and/or Cost Saving Initiative had been realized in full on the first day of such period); provided, that the results of such Expected Cost Savings and/or Cost Saving Initiatives are projected by the Company in good faith
to result from actions that have been taken or with respect to which steps have been taken or are expected to be taken (in the good faith determination of the Company) within 24 months after the date of any such operating improvement, restructuring,
cost savings initiative or similar initiative or specified transaction; provided further, that the aggregate amount added to or included in Consolidated Cash Flow pursuant to this clause (6) shall not, for any four quarter period,
exceed an amount equal to 25% of Consolidated Cash Flow for such period, calculated after giving effect to any such add-backs or inclusion; plus 

(7) Milestone Payments and Upfront Payments; plus 

(8) any expense or charge for extraordinary, unusual or non-recurring expenses or
charges (including costs of, and payments of, litigation expenses, actual or prospective legal settlements, fines, judgments or orders to the extent deducted in calculating Consolidated Net Income); minus 

(9) non-cash items increasing such Consolidated Net Income for such period, other than
the accrual of revenue in the ordinary course of business, in each case, on a consolidated basis and determined in accordance with GAAP. 

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

(1) the Net Income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity
method of accounting will be included only to the extent of the amount of dividends or distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person; 

(2) solely for purposes of Section 4.8 hereof, the Net Income of any Restricted Subsidiary (other than any Note Guarantor)
will be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that has not
been obtained or cannot be obtained other than pursuant to customary filings) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation
applicable to that Restricted Subsidiary or its stockholders; 
 (3) the cumulative effect of a change in accounting
principles will be excluded; 

  
 -7- 

 (4) any unrealized net gain or loss resulting in such period from Hedging
Obligations or other derivative instruments will be excluded; 
 (5) any expense or charge attributable to the disposition of
discontinued operations will be excluded; 
 (6) non-cash goodwill or asset
impairment charge and any non-cash compensation expense recorded from grants of stock, stock appreciation or similar rights, stock options, restricted stock or other rights to officers, directors, employees or
consultants of such Person or any of its Restricted Subsidiaries will be excluded; 
 (7) any amortization expense incurred
during such period with respect to products acquired by the Company or any of its Subsidiaries that are used or useful in a Permitted Business will be excluded; 

(8) any gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with:
(a) any Asset Sale; or (b) the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Restricted Subsidiaries will be excluded; 

(9) any (i) extraordinary, nonrecurring or unusual gain or loss, together with any related provision for taxes on such
extraordinary, nonrecurring or unusual gain or loss will be excluded and/or (ii) any charge associated with and/or payment of any actual or prospective legal settlement, fine, judgment or order, including ordinary legal expenses related thereto
(in the case of this clause (ii) (other than with respect to ordinary legal expenses), not to exceed in any fiscal year, $500.0 million, with unused amounts carried forward to the immediately succeeding fiscal year, provided that such
amount carried forward shall not exceed $500.0 million and such carried over amounts shall be deemed first applied in such succeeding fiscal year) will be excluded; 

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

(11) any purchase accounting effects including adjustments to inventory, property and equipment, software and other intangible
assets and deferred revenue in component amounts required or permitted by GAAP and related authoritative pronouncements (including the effects of such adjustments pushed down to the Restricted Subsidiaries), as a result of any consummated
acquisition, or the amortization or write-off of any amounts thereof (including any write-off of in process research and development) will be excluded; 

(12) to the extent covered by insurance and actually reimbursed, or, so long as the Company has made a determination that there
exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (a) not denied by the applicable carrier in writing within 90 days and (b) in fact reimbursed within 365 days
of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with respect to liability or casualty events or business interruption; provided that (x) if net income
is increased as a result of any amounts received from an insurer in respect of such a liability, casualty event or business interruption and the right to be so reimbursed was used in a prior period to increase Consolidated Net Income pursuant to
this clause (12), such amounts received shall be excluded from Consolidated Net Income and (y) to the extent the actual reimbursement received is less than the expected reimbursement amount excluded in a prior period pursuant to this clause
(12), Consolidated Net Income shall be reduced by the difference in the period in which such lower actual reimbursement amounts are received or in which a final judgment of a court of competent jurisdiction is made that the Company is entitled to no
reimbursement; 

  
 -8- 

 (13) any charges incurred (a) in connection with any transaction (in
each case, regardless of whether consummated), whether or not permitted under this Indenture, including any issuance and/or incurrence of Indebtedness and/or any issuance and/or offering of Equity Interest, any Investment, any acquisition, any
disposition, any recapitalization, any merger, consolidation or amalgamation, becoming a standalone company, any option buyout or any repayment, redemption, refinancing, amendment or modification of Indebtedness (including any amortization or write-off of debt issuance or deferred financing costs, premiums and prepayment penalties) or any similar transaction and/or (b) in connection with any public offering (whether or not consummated) will be
excluded; and 
 (14) charges attributable to the undertaking and/or implementation of new initiatives, business optimization
activities, cost savings initiatives (including Cost Saving Initiatives), cost rationalization programs, operating expense reductions and/or cost synergies and/or similar initiatives and/or programs (including in connection with any integration,
restructuring or transition, any reconstruction, decommissioning, recommissioning or reconfiguration of fixed assets for alternative uses, any office or facility opening and/or pre-opening), including the
following: any inventory optimization program and/or any curtailment, any business optimization charge, any restructuring charge (including any charge relating to any tax restructuring), any charge relating to the closure or consolidation of any
office or facility (including but not limited to rent termination costs, moving costs and legal costs), any systems implementation charge, any severance charge, any one time compensation charge, any charge relating to rights fee arrangements
(including any early terminations thereof), any charge relating to any strategic initiative or contract, any signing charge, any charge relating to any entry into new markets or contracts (including, without limitation, any renewals, extensions or
other modifications thereof) or new product introductions or exiting a market, contract or product, any retention or completion charge or bonus, any recruiting charge, any lease run-off charge, any expansion
and/or relocation charge, any charge associated with any modification or curtailment to any pension and post-retirement employee benefit plan (including any settlement of pension liabilities), any software or other intellectual property development
charge, any charge associated with new systems design, any implementation charge, any transition charge, any charge associated with improvements to IT or accounting functions, losses related to temporary decreases in work volume and expenses related
to maintaining underutilized personnel, any project startup charge, any charge in connection with new operations, any charge in connection with unused warehouse space, any charge relating to a new contract, any consulting charge and/or any corporate
development charge will be excluded. 
 “Consolidated Total Assets” means, as of any date of determination, the total
assets shown on the consolidated quarterly or annual balance sheet of the Company and its Restricted Subsidiaries as of the most recent date for which such a quarterly or annual balance sheet is available, determined on a consolidated basis in
accordance with GAAP (and in the case of any determination relating to any incurrence of Indebtedness or Investment, on a pro forma basis). In addition, “Consolidated Total Assets” will be calculated in a manner consistent with the
definition of “Fixed Charge Coverage Ratio” to give effect to transactions that occurred after the date of the most recent quarterly or annual balance sheet date. 

“Convertible Indebtedness” means Indebtedness of the Company or any Restricted Subsidiary (which may be guaranteed by the
Company or any Restricted Subsidiary) permitted to be incurred hereunder that is either (a) convertible into or exchangeable for Equity Interests of the Company (and cash in lieu of fractional shares) or cash (in an amount determined by
reference to the price of such Equity Interests or a market measure of such Equity Interests), or a combination thereof, or (b) sold as units with call options, warrants or rights to purchase (or substantially equivalent derivative
transactions) that are exercisable for Equity Interests (other than Disqualified Stock) of the Company or cash (in an amount determined by reference to the price of such Equity Interests). 

“Corporate Trust Office” means the designated office of the Trustee at which at any particular time its corporate trust
business shall be administered which office at the date of the execution of this Indenture is located at 240 Greenwich Street, Floor 7E, New York, New York 10286, Attention: Corporate Trust Administration or at any other time at such other address
as the Trustee may designate from time to time by notice to the Company. 

  
 -9- 

 “Covered Jurisdiction” means the jurisdiction of organization of the
Company or the applicable Guarantor and in the case of the Company or any Guarantor organized in the United States or Canada, any other state or province thereof, as applicable. 

“Credit Agreement” means the Fourth Amended and Restated Credit and Guaranty Agreement, dated as of June 1, 2018, as
amended by that certain First Incremental Amendment, dated as of November 27, 2018, as in effect on the Issue Date (as it may be further amended, restated, replaced, supplemented or otherwise modified from time to time), among the Company,
certain subsidiaries of the Company, as guarantors, the lenders party thereto from time to time, JPMorgan Chase Bank, N.A. and Goldman Sachs Lending Partners LLC, as issuing banks and Barclays Bank PLC, as administrative agent and collateral agent,
together with the related documents thereto (including any guarantees and security documents), and in each case as amended, extended, renewed, restated, supplemented or otherwise modified (in whole or in part, and without limitation as to amount,
terms, conditions, covenants and other provisions) from time to time, and any agreement or instrument (and related documents) governing Indebtedness incurred to refinance or replace, in whole or in part, the borrowings and commitments then
outstanding or permitted to be outstanding under such facilities or a successor facility, whether by the same or any other bank, institutional lender, purchaser, investor, trustee or agent or group thereof. 

“Credit Agreement Collateral Agent” means Barclays Bank PLC in its capacity as collateral agent under the Credit Agreement
(together with its permitted successors and assigns). 
 “Credit Facilities” means the facilities under the Credit
Agreement and includes one or more other debt facilities, credit agreements, commercial paper facilities, indentures or other agreements, in each case with banks, institutional lenders, purchasers, investors, trustees or agents providing for
revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables), letters of credit or other extensions
of credit or other Indebtedness, in each case including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and in each case as amended, extended, renewed, restated, supplemented or
otherwise modified (in whole or in part, and without limitation as to amount, terms, conditions, covenants and other provisions) from time to time, and any agreement or instrument (and related documents) governing Indebtedness incurred to refinance
or replace, in whole or in part, the borrowings and commitments then outstanding or permitted to be outstanding under such facilities or a successor facility, whether by the same or any other bank, institutional lender, purchaser, investor, trustee
or agent or group thereof. 
 “Custodian” means any receiver, trustee, assignee, liquidator, sequestrator,
receiver-manager, custodian, administrative receiver, administrator or similar official under any Bankruptcy Law. 

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

 “Definitive Notes” means Notes that are in substantially the form attached hereto as Exhibit A
and that do not include the information to which footnotes 1, 5, 6 and 8 thereof apply. 
 “Depositary” means with respect
to the Notes issuable or issued in whole or in part in global form, DTC, including any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provisions of this Indenture. 

“Derivative Instrument” means, with respect to a Person, any contract, instrument or other right to receive payment or
delivery of cash or other assets to which such Person or any Affiliate of such Person that is acting in concert with such Person in connection with such Person’s investment in the Notes (other than a Regulated Bank or a Screened Affiliate) is a
party (whether or not requiring further performance by such Person), the value and/or cash flows of which (or any material portion thereof) are materially affected by the value and/or performance of the Notes and/or the creditworthiness of the
Company and/or any one or more of the Note Guarantors (the “Performance References”). 

  
 -10- 

 “Designated Noncash Consideration” means noncash consideration received by
the Company or one of its Restricted Subsidiaries in connection with an Asset Sale that is designated by the Company as Designated Noncash Consideration, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of
such Designated Noncash Consideration, which cash and Cash Equivalents shall be considered Net Proceeds received as of such date and shall be applied pursuant to Section 4.14 hereof. 

“Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is
convertible, or for which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the
option of the holder thereof, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because
the holders of the Capital Stock have the right to require the Company or a Restricted Subsidiary to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock if the terms of
such Capital Stock provide that the Company or such Restricted Subsidiary may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.8 hereof. 

“Dollar Equivalent” of any amount means, at the time of determination thereof, 

(1) if such amount is expressed in U.S. dollars, such amount, or 

(2) if such amount is expressed in any other currency, the equivalent of such amount in U.S. dollars determined by using the
rate of exchange as published in The Wall Street Journal in the “Exchange Rates” column under the heading “Currency Trading” on the date no later than two Business Days prior to such determination or, if such rate is
unavailable, as quoted by a nationally recognized investment bank in New York, New York, selected by the Company, at 11:00 a.m. (New York City time) on the date of determination (or, if such date is not a Business Day, the last Business Day prior
thereto) to prime banks in New York, in either case for the spot purchase in the New York currency exchange market of such amount of U.S. dollars with such currency. 

“Domestic Subsidiary” means any Restricted Subsidiary that was formed under the laws of the United States or any state
thereof or the District of Columbia. 
 “Drug Acquisition” means any acquisition (including any license or any acquisition
of any license) solely or primarily of all or any portion of the rights in respect of one or more drugs or pharmaceutical products, whether in development or in market (including related intellectual property rights), but not of Equity Interests in
any Person or any operating business unit. 
 “DTC” means The Depository Trust Company. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock and any Packaged Rights). 
 “Equity Offering”
means a public or private offering of Equity Interests (other than Disqualified Stock). 
 “Euroclear” means Euroclear Bank
S.A./N.V. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder, as in effect from time to time. 
 “Excluded Account” shall mean any Deposit Account, Securities
Account or Commodity Account (each such term as defined in the UCC) (a) the funds in which are used, in the ordinary course of business, solely for the payment of salaries and wages, workers’ compensation, pension benefits and similar
expenses or taxes related thereto, (b) maintained as a zero-balance account (the entire balance of which is swept at the end of each Business 

  
 -11- 

 
Day to an account subject to the Credit Agreement Collateral Agent’s control) that is a disbursement account, (c) maintained solely as a fiduciary account or other account maintained
solely to secure obligations of the Company and its Subsidiaries where such obligations and the Liens on such account are permitted by clauses (4), (5), (10) or (23) of the definition of Permitted Liens and (d) so long as the Credit
Agreement is outstanding, that constitutes an “Excluded Account” (or equivalent term) under the Credit Agreement collateral documents. 

“Excluded Assets” shall mean certain property excluded from the Collateral, including: 

(1) any lease, license, contract or agreement to which any Grantor is a party, and any of its rights or interest thereunder, if
and to the extent that a security interest is prohibited by or in violation of (i) any law, rule or regulation applicable to such Grantor, or (ii) a term, provision or condition of any such lease, license, contract or agreement (unless
such law, rule, regulation, term, provision or condition would be rendered ineffective with respect to the creation of the security interest hereunder pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law
(including the Bankruptcy Code, the PPSA or the Civil Code of Quebec or principles of equity); provided, however, that the Collateral shall include (and such security interest shall attach) immediately at such time as the contractual
or legal prohibition shall no longer be applicable and to the extent severable, shall attach immediately to any portion of such lease, license, contract or agreement not subject to the prohibitions specified in clause (i) or (ii) above;
provided further that the exclusions referred to in this clause (1) shall not include any proceeds of any such lease, license, contract or agreement unless such proceeds result in the consequences described in this clause (1) after
giving effect to the first proviso in this clause (1); 
 (2) any Excluded Securities; 

(3) any “intent to use” application for registration of a trademark filed pursuant to Section 1(b) of the Lanham
Act, 15 U.S.C. § 1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d) of the Lanham Act or an “Amendment to Allege Use” pursuant to Section 1 of the Lanham Act with respect thereto,
solely to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of any registration that issues from such intent to use application under
applicable Federal law; 
 (4) any motor vehicles and any other asset subject to certificates of title to the extent that a
Lien thereon cannot be perfected by the filing of financing statements or similar filings under the UCC, PPSA or the Civil Code of Quebec in the applicable Grantor’s jurisdiction of organization or, if applicable, where such asset is situated;

 (5) any Letter-of-Credit Rights (other
than any Letter-of-Credit-Rights constituting a Supporting Obligation (as defined in the UCC) for a receivable or other Collateral in which any Notes Collateral Agent
has a valid and perfected security interest); 
 (6) Excluded Accounts; 

(7) any assets owned by the Company or any Guarantor on the date hereof or hereafter acquired and any proceeds thereof that are
subject to a Lien securing Indebtedness permitted to be incurred pursuant to this Indenture to the extent and for so long as the contract or other agreement in which such Lien is granted (or the documentation providing for applicable purchase money
Indebtedness) validly prohibits the creation of any other Lien on such assets and proceeds; 
 (8) any property or assets in
circumstances where the cost, burden or consequences (including adverse tax consequences) of obtaining or perfecting a security interest in such property or assets, as determined in good faith by the Company in writing, are excessive in relation to
the practical benefit to the Holders of the Notes afforded in this Indenture; provided that, if the Credit Agreement is then outstanding, the same determination is made in respect of the Lien on such assets securing the Credit Agreement; 

  
 -12- 

 (9) any property constituting or that is the proceeds of aircraft, aircraft
engines, satellites, ships or railroad rolling stock (unless any such property or assets are pledged as collateral in respect of the Credit Agreement); 

(10) Rule 3-16 Capital Stock; and 

(11) so long as the Credit Agreement is outstanding, any asset that is not pledged to secure obligations arising in respect of
the Credit Agreement (whether pursuant to the terms of the Credit Agreement (and any related documents) or as a result of any determination made thereunder, or by amendment, waiver or otherwise). 

“Excluded Contribution” means the aggregate amount of cash or Cash Equivalents or the fair market value of other assets or
property (as determined by the Company in good faith, but excluding any amounts that are applied to increase the basket set forth in Section 4.8(a)(3) hereof) received by the Company or any of its Restricted Subsidiaries after the Issue Date
from: 
 (1) contributions in respect of Equity Interests (other than Disqualified Stock or any amounts or other assets
received from the Company or any of its Restricted Subsidiaries), and 
 (2) the sale of Equity Interests of the Company or
any of its Restricted Subsidiaries (other than (x) to the Company or any Restricted Subsidiary of the Company or (y) pursuant to any management equity plan or stock option plan or any other management or employee benefit plan), 

in each case, designated as an Excluded Contribution pursuant to an Officers’ Certificate on or promptly after the date the relevant
capital contribution is made or the relevant proceeds are received, as the case may be, and which are excluded from the calculation of the basket set forth in Section 4.8(a)(3) hereof. 

No portion of the aggregate net cash proceeds received by the Company from either the Bausch + Lomb IPO or the Solta IPO shall be, or shall be
eligible to be designated as, an Excluded Contribution. 
 “Excluded Security” shall mean (i) any Equity Interest or
other security representing voting Equity Interests in a First-Tier Foreign Subsidiary in excess of, or other than, 65% of all voting Equity Interests in such First-Tier Foreign Subsidiary, (ii) any interest in a joint venture or non-wholly owned Subsidiary to the extent and for so long as the attachment of the security interest created hereby therein would violate any joint venture agreement, organizational document, shareholders agreement
or equivalent agreement relating to such joint venture or non-wholly owned Subsidiary; provided that Equity Interests in Subsidiaries of the Company the minority interest in which is held by management,
directors or employees of the Company or its Subsidiaries or consists of rolled-over equity shall not be considered Excluded Securities, (iii) any Equity Interest the pledge of which in support of the Obligations is otherwise prohibited by
applicable law, (iv) any Equity Interest in the entities listed on Schedule 1.1 to the Security Agreement solely to the extent that the transfer or assignment of such Equity Interest is prohibited by contractual requirements applicable to the
Grantor holding such Equity Interest, including the requirements of the organizational documents of the issuer of such Equity Interest; provided that the Equity Interest in any such entity shall no longer constitute an Excluded Security for
purposes of this Indenture if at any time the prohibitions on transfer or assignment of such Equity Interest are no longer applicable to such Person and (v) any Equity Interest that constitutes an “Excluded Security” (or equivalent
term) under the Credit Agreement collateral documents. 
 “Exclusive License” means any license to develop, commercialize,
sell, market and promote any drug or pharmaceutical, surgical, medical or aesthetic product (the “Licensed Property”) with a term greater than five (5) years (unless terminable prior to such time without material penalty or
premium by the licensor) and which provides for exclusive rights to develop, commercialize, sell, market and promote such Licensed Property within the United States; provided that an “Exclusive License” shall not include
(a) any license to import, export, distribute or sell any such Licensed Property (as applicable) on an exclusive basis within any particular geographic region or territory, (b) any licenses, which may be exclusive, to manufacture or
package any such Licensed Property (as applicable), (c) any license to manufacture, use, offer for sale or sell any authorized generic version of such Licensed Property (as applicable) and (d) any license in connection with any companion
diagnostics. 

  
 -13- 

 “Existing Indebtedness” means Indebtedness of the Company and its
Restricted Subsidiaries (other than Indebtedness incurred under Section 4.9(b)(i) or (xx) hereof) in existence on the date of this Indenture, until such amounts are repaid. 

“Existing Notes” means the Existing Senior Notes and Existing Secured Notes. 

“Existing Secured Notes” means the Company’s outstanding 5.500% Senior Secured Notes due 2025, 5.750% Senior Secured
Notes due 2027 and 4.875% Senior Secured Notes due 2028. 
 “Existing Senior Notes” means (x) BHA’s outstanding
9.25% Senior Notes due 2026 and 8.500% Senior Notes due 2027 and (y) the Company’s outstanding 6.125% Senior Notes due 2025, 9.000% Senior Notes due 2025, 7.000% Senior Notes due 2028, 5.000% Senior Notes due 2028, 7.250% Senior Notes due
2029, 6.250% Senior Notes due 2029, 5.000% Senior Notes due 2029, 5.250% Senior Notes due 2030 and 5.250% Senior Notes due 2031. 

“Fair Market Value” means the price that could be negotiated in an arm’s-length
transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction, determined in good faith by (i) a responsible financial or accounting officer of
the Company with respect to valuations not in excess of $750.0 million and (ii) the Board of Directors of the Company with respect to valuations equal to or in excess of $750.0 million, as applicable. 

“Fall Away Event” means such time as the Notes shall have an Investment Grade Rating and the Company shall have delivered to
the Trustee an Officers’ Certificate certifying that the foregoing condition has been satisfied. 
 “Final Maturity
Date” means February 1, 2027. 
 “First Lien Intercreditor Agreement” means that certain First Lien
Intercreditor Agreement, dated as of March 21, 2017, by and among the collateral agents and trustee under the Existing Secured Notes and the Credit Agreement Collateral Agent, as supplemented by a Joinder No. 1 to the First Lien
Intercreditor Agreement dated October 17, 2017, by a Joinder No. 2 to the First Lien Intercreditor Agreement dated November 21, 2017, by a Joinder No. 3 to the First Lien Intercreditor Agreement dated June 1, 2018, by a
Joinder No. 4 to the First Lien Intercreditor Agreement dated as of March 8, 2019, by a Joinder No. 5 to the First Lien Intercreditor Agreement dated as of June 8, 2021, and by a Joinder No. 6 to the First Lien Intercreditor
Agreement dated the date hereof and as the same may be further amended, amended and restated, supplemented, modified or replaced from time to time. 

“First Lien Notes Secured Parties” means the Trustee, the Notes Collateral Agents and the Holders of the Notes. 

“First Priority Credit Obligations” means any and all amounts payable under or in respect of any Credit Agreement as amended,
restated, supplemented, waived, replaced, restructured, repaid, refunded, refinanced or otherwise modified from time to time, in each case, to the extent secured by a first priority security interest in the Collateral. 

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

“First Priority Notes Obligations” means all Obligations of the Company and the Note Guarantors under or in respect of the
Notes, this Indenture and the Collateral Documents. 
 “First Priority Obligations” means (i) the First Priority
Credit Obligations, (ii) the First Priority Notes Obligations, (iii) all obligations of the Company and the Note Guarantors under or in respect of the Existing Secured Notes and the guarantees thereof and the indenture and security
documents with respect thereto and (iv) any other Obligations secured by First Priority Liens on the Collateral and subject to the First Lien Intercreditor Agreement that are permitted to be incurred and secured by such Lien pursuant to this
Indenture. 

  
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 “First-Tier Foreign Subsidiary” means a Foreign Subsidiary that is a direct
Subsidiary of (x) BHA or (y) any Note Guarantor that is a Domestic Subsidiary of BHA. 
 “Fixed Charge Coverage
Ratio” means, with respect to any specified Person for any period, the ratio of the Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of
its Restricted Subsidiaries incurs, assumes, Guarantees, repays, repurchases or redeems any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems preferred stock subsequent to the commencement of the period
for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge
Coverage Ratio will be calculated giving pro forma effect to such incurrence, assumption, Guarantee, repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds
therefrom as if the same had occurred at the beginning of the applicable four-quarter reference period. 
 To the extent the Company elects
pursuant to an Officers’ Certificate delivered to the Trustee to treat all or any portion of the commitment under any Indebtedness as being incurred prior to the actual incurrence thereof pursuant to Section 4.9(e) hereof, the Company
shall deem all or such portion of such commitment of such Indebtedness, as applicable, as having been incurred and to be outstanding for purposes of calculating the Fixed Charge Coverage Ratio for any period in which the Company makes any such
election and for any subsequent period until such commitments or such Indebtedness, as applicable, are no longer outstanding. 
 In
addition, for purposes of calculating the Fixed Charge Coverage Ratio: 
 (1) acquisitions that have been made by the
specified Person or any of its Restricted Subsidiaries, including through consolidations or mergers and including any related financing transactions, during the four-quarter reference period or subsequent to such reference period and on or prior to
the Calculation Date will be given pro forma effect as if they had occurred on the first day of the four-quarter reference period and Consolidated Cash Flow for such reference period will be calculated (x) on a pro forma basis in accordance
with Regulation S-X promulgated by the SEC and, in addition, (y) to give effect to any Pro Forma Cost Savings; 

(2) the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations
or businesses disposed of prior to the Calculation Date, will be excluded; and 
 (3) the Fixed Charges attributable to
discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the Calculation Date, will be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be
obligations of the specified Person or any of its Restricted Subsidiaries following the Calculation Date. 
 “Fixed
Charges” means, with respect to any specified Person for any period, the sum, without duplication, of: 
 (1) the
consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued, including, without limitation, amortization of debt issuance costs and original issue discount,
non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to
Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net of the effect of all payments made or received pursuant to Interest Rate Hedging
Obligations; plus 
 (2) the consolidated interest of such Person and its Restricted Subsidiaries that was capitalized
during such period; plus 

  
 -15- 

 (3) any interest expense on Indebtedness of another Person that is
Guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries; plus 

(4) all dividends, whether paid or accrued and whether or not in cash, on any Disqualified Stock or any series of preferred
stock of such Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the Company (other than Disqualified Stock) or to the Company or a Restricted Subsidiary of the Company, in
each case, on a consolidated basis and determined in accordance with GAAP; minus 
 (5) the consolidated interest
income of such Person and its Restricted Subsidiaries for such period; minus 
 (6) amortization of deferred financing
fees, debt issuance costs, commissions, fees and expenses and expensing of any financing fees. 
 “Foreign Subsidiary”
means a Restricted Subsidiary that is not organized or existing under the laws of the United States of America or any state or territory thereof or the District of Columbia or is a Restricted Subsidiary of such Foreign Subsidiary. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment
of the accounting profession, as in effect on January 30, 2015. 
 “Global Note Legend” means the legend set forth in
Exhibit A hereof, as applicable, which is required to be placed on all Global Notes issued under this Indenture. 

“Global Notes” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and
the Private Placement Legend deposited with or on behalf of, and registered in the name of, the Depositary or its nominee. 

“Government Securities” means, as applicable, (i) direct non-callable
obligations of, or guaranteed by, the United States of America for the timely payment of which guarantee or obligations the full faith and credit of the U.S. is pledged and (ii) direct non-callable
obligations of, or guaranteed by, a member state of the European Union for the timely payment of which guarantee or obligations the full faith and credit of the government of such member state is pledged. 

“Grantor” has the meaning given to such term (or any equivalent term, such as pledgor or mortgagor) in the applicable
Collateral Documents. 
 “Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection
in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness.

 “Hedging Obligations” means, with respect to any specified Person: 

(1) Interest Rate Hedging Obligations; and 

(2) the obligations of such Person under agreements or arrangements designed to protect such Person against fluctuations in
currency exchange rates; 
 provided that no obligation in respect of any Packaged Right, Permitted Bond Hedge Transaction or Permitted Warrant
Transaction shall, in each case, constitute a Hedging Obligation. 

  
 -16- 

 “Holder” or “Noteholder” means the Person in whose name a
Note is registered on the Registrar’s books. 
 “Indebtedness” means, with respect to any specified Person, any
indebtedness of such Person, whether or not contingent (without duplication): 
 (1) in respect of borrowed money; 

(2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect
thereof); 
 (3) in respect of banker’s acceptances; 

(4) representing Capital Lease Obligations or Attributable Debt in respect of sale and leaseback transactions; 

(5) representing the balance deferred and unpaid of the purchase price of any property, which balance is (a) due more than
twelve months from the date of incurrence of the obligation in respect thereof or (b) evidenced by a note or similar written instrument, and except any such balance that constitutes an accrued expense or trade payable; or 

(6) representing net payment obligations under any Hedging Obligations, 

if and to the extent any of the preceding items (other than letters of credit, Attributable Debt and Hedging Obligations) would appear as a liability upon a
balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes (x) all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such
Indebtedness is assumed by the specified Person), the amount of such obligation being deemed to be the lesser of the Fair Market Value of such asset and the amount of the obligation so secured and (y) to the extent not otherwise included, the
Guarantee by the specified Person of any Indebtedness of any other Person. 
 Notwithstanding the foregoing, in connection with the purchase
by a Person or any of its Restricted Subsidiaries of any business, the term “Indebtedness” will exclude indemnification or post-closing payment adjustments or earn-out or similar obligations to which
the seller may become entitled to the extent such payment is determined by a final closing balance sheet, working capital calculation or other similar method or such payment depends on the performance of such business after the closing;
provided, however, that, at the time of closing, the amount of any such payment is not determinable or is of a contingent nature and, to the extent such payment thereafter becomes fixed and finally determined, the amount is paid within
60 days thereafter. 
 The amount of any Indebtedness outstanding as of any date will be: 

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

(2) the principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past
due, in the case of any other Indebtedness. 
 “Indenture” means this Indenture as amended or supplemented from time to
time pursuant to the terms of this Indenture. 
 “Initial Notes” means the $1,000,000,000 aggregate principal amount of
Notes issued on the date hereof. 

  
 -17- 

 “Interest Rate Hedging Obligations” means, with respect to any specified
Person, the obligations of such Person under: 
 (1) interest rate swap agreements, interest rate cap agreements and interest
rate collar agreements; and 
 (2) other agreements or arrangements designed to protect such Person against fluctuations in
interest rates. 
 “Investment Grade Rating” means a rating of Baa3 or better by Moody’s or BBB- or better by S&P (or its equivalent under any successor rating categories of Moody’s or S&P) (or, in each case, if such Rating Agency ceases to rate the Notes for reasons outside of the control of
the Company, the equivalent investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency). 

“Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons
(including Affiliates) in the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, travel and similar advances to officers and employees made in the ordinary course of business),
purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If (i) the
Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no
longer a Restricted Subsidiary of the Company or (ii) a Restricted Subsidiary of the Company is redesignated as an Unrestricted Subsidiary, the Company will be deemed to have made an Investment on the date of any such sale, disposition or
redesignation equal to the Fair Market Value of the Company’s Investments in such Subsidiary that were not sold or disposed of in an amount determined as provided in Section 4.8(c) hereof. For the avoidance of doubt, acquisitions of or
licenses for products or assets used or useful in a Permitted Business do not constitute Investments. 
 “Issue Date” means
February 10, 2022, the date of the initial issuance of the Notes under this Indenture. 
 “Letter-of-Credit Rights” has the meaning given to such term in the UCC. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge (fixed and/or floating), security interest or
encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other
agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the UCC or PPSA (or equivalent statutes) of any jurisdiction. 

“Long Derivative Instrument” means a Derivative Instrument (i) the value of which generally increases, and/or the
payment or delivery obligations under which generally decrease, with positive changes to the Performance References and/or (ii) the value of which generally decreases, and/or the payment or delivery obligations under which generally increase,
with negative changes to the Performance References. 
 “LTM Consolidated Cash Flow” means Consolidated Cash Flow of the
Company measured for the most recent four consecutive full fiscal quarters ending on or prior to the date of determination for which internal financial statements are available at such time, with such pro forma adjustments as are consistent with
those set forth in the definition of “Fixed Charge Coverage Ratio.” 
 “Material Real Estate Asset” means any “fee-owned” Real Estate Asset located in the United States or Canada, and the improvements thereto, that (together with such improvements) has a fair market value (as determined by the Company in good
faith after taking into account any liabilities with respect thereto that impact such fair market value) in excess of $50,000,000 (a) as of the Issue Date, with respect to any Real Estate Asset owned by the Company or any Note Guarantor as of the
Issue Date, or (b) as of the date of acquisition thereof, with respect to any Real Estate Asset acquired by the Company or any Note Guarantor after the Issue Date. 

  
 -18- 

 “Milestone Payments” means payments made under contractual arrangements in
connection with any permitted acquisition or similar Investment to sellers (or licensors) of the assets or Equity Interests acquired (or licensed) therein based on the achievement of specified revenue, profit or other performance targets (financial
or otherwise). 
 “Moody’s” means Moody’s Investors Service, Inc., or any successor to the rating agency business
thereof. 
 “Net Income” means, with respect to any specified Person, the net income (loss) of such Person, determined in
accordance with GAAP and before any reduction in respect of preferred stock dividends. 
 “Net Proceeds” means the
aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any
non-cash consideration received in any Asset Sale), net of the direct costs relating to such Asset Sale, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and
any relocation expenses incurred as a result of the Asset Sale, taxes paid or payable as a result of the Asset Sale, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements, and amounts
required to be applied to the repayment of Indebtedness, other than Pari Passu Indebtedness under the Credit Agreement, secured by a Lien on the asset or assets that were the subject of such Asset Sale and any reserve for adjustment in respect of
the sale price of such asset or assets established in accordance with GAAP. 
 “Net Short” means, with respect to a Holder
or beneficial owner, as of a date of determination, either (i) the value of its Short Derivative Instruments exceeds the sum of (x) the value of its Notes plus (y) the value of its Long Derivative Instruments as of such date of
determination or (ii) it is reasonably expected that such would have been the case were a Failure to Pay or Bankruptcy Credit Event (each as defined in the 2014 International Swaps and Derivatives Association, Inc. Credit Derivatives
Definitions) to have occurred with respect to the Company or any Note Guarantor immediately prior to such date of determination. 

“Non-Guarantor Subsidiary” means a Restricted Subsidiary that is not a Note
Guarantor. 
 “Non-Recourse Debt” means Indebtedness: 

(1) as to which none of the Company or any of its Restricted Subsidiaries (a) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise, or (c) constitutes the lender; 

(2) no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement
action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness (other than the Notes) of the Company or any of its Restricted Subsidiaries to declare a default on such other
Indebtedness or cause the payment of the Indebtedness to be accelerated or payable prior to its Stated Maturity; and 
 (3)
as to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of the Company or any of its Restricted Subsidiaries. 

“Non-U.S. Person” means a Person who is not a U.S. Person. 

“Note Guarantee” means each Guarantee of the obligations with respect to the Notes issued by a Subsidiary of the Company
pursuant to the terms of this Indenture. 
 “Note Guarantor” means each Subsidiary of the Company that becomes a guarantor
of the Notes pursuant to the terms of this Indenture. 
 “Notes” means any of the Company’s 6.125% Senior
Secured Notes due 2027 (individually, a “Note”), as amended or supplemented from time to time, that are issued under this Indenture. 

  
 -19- 

 “Notes Collateral Agents” means BNY Mellon, The Bank of New York Mellon,
London Branch, The Bank of New York Mellon, Hong Kong Branch, BTA Institutional Services Australia Limited, BNY Mellon Corporate Trustee Services Limited and TMF (together with those persons who become respective notes collateral agents pursuant to
the terms of this Indenture), acting severally and not jointly. TMF may perform its duties and exercise its rights and powers hereunder and under the applicable Collateral Documents by or through any TMF
Sub-Agent, and, accordingly, whenever reference herein is made to the Note Collateral Agents (and/or in singular form, to a or the “Notes Collateral Agent”), such reference shall be deemed to
include the TMF Sub-Agents, to the extent applicable. 
 “Notes Documents” means
this Indenture, the Notes, the Note Guarantees and the Collateral Documents. 
 “Obligations” means any principal,
interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness (including interest, fees, and expenses accruing on or after the filing of any petition in
bankruptcy or for reorganization relating to the Company or a Note Guarantor, whether or not a claim for such post-petition interest, fees, or expenses is allowed or allowable in such proceedings). 

“Offering Memorandum” means the Offering Memorandum dated January 27, 2022, with respect to the Notes. 

“Officer” means the Chairman of the Board, the Chief Executive Officer, the President, any Vice President, the Chief
Financial Officer, the Controller, Treasurer, the Secretary or any Assistant Controller, Assistant Treasurer or Assistant Secretary of the Company. 

“Officers’ Certificate” means a certificate signed by two Officers; provided, however, that for purposes
of Section 4.4 hereof, “Officers’ Certificate” means a certificate signed by the principal executive officer, principal financial officer or principal accounting officer of the Company and by one other Officer. 

“Opinion of Counsel” means a written opinion from legal counsel reasonably acceptable to the Trustee. The counsel may be an
employee of or counsel to the Company. 
 “Packaged Rights” means warrants, options or other rights to acquire shares of
any class of the Equity Interests of the Company or a Restricted Subsidiary (whether settled in Equity Interests, cash or any combination thereof), regardless of the issuer of such warrants, options or other rights, that are initially issued as a
unit with Indebtedness of the Company or any Restricted Subsidiary (which may be guaranteed by the Note Guarantors, the Company or any Restricted Subsidiary) permitted to be incurred hereunder, even if such Indebtedness is separable from such
warrants, options or other rights by a holder thereof. 
 “Parallel Debt” means in relation to an Underlying Debt an
obligation to pay to a Notes Collateral Agent and/or Trustee (as applicable) an amount equal to (and in the same currency as) the amount of the Underlying Debt. 

“Pari Passu Indebtedness” means Indebtedness of the Company or a Note Guarantor that is secured equally and ratably by Liens
on the Collateral having the same priority as the Liens securing the Notes or the Note Guarantees; provided that an authorized representative of the holders of such Indebtedness shall be a party to the First Lien Intercreditor Agreement. 

“Participant” means, a member of, or participant or account holder in, DTC, Euroclear and/or Clearstream. 

“Permitted Asset Swap” means the substantially concurrent purchase and sale or exchange of assets used or useful in a
Permitted Business or a combination of such assets and cash or Cash Equivalents between the Company or any of its Restricted Subsidiaries and another Person; provided that any cash or Cash Equivalents received must be applied in accordance
with Section 4.14 hereof. 

  
 -20- 

 “Permitted Bond Hedge Transaction” means any bond hedge or call or capped
call option (or similar transaction) on the Company’s Equity Interests in connection with the issuance of any Convertible Indebtedness; provided that the purchase price for such Permitted Bond Hedge Transaction, less the proceeds received from
the sale of any related Permitted Warrant Transaction, does not exceed the net proceeds received from the sale of such Convertible Indebtedness. 

“Permitted Business” means any business conducted by the Company and its Restricted Subsidiaries on the Issue Date and any
business that is in the judgment of the Company reasonably related, ancillary or complementary to the business of the Company and its Restricted Subsidiaries on the Issue Date or a natural extension thereof. 

“Permitted Investments” means: 

(1) any Investment in the Company or in a Restricted Subsidiary of the Company; 

(2) any Investment in cash and Cash Equivalents; 

(3) any Investment by the Company or any Subsidiary of the Company in a Person, if as a result of such Investment: 

(a) such Person becomes a Restricted Subsidiary of the Company; or 

(b) such Person is merged or consolidated with or into, or transfers or conveys substantially all of its assets to, or is
liquidated into, the Company or a Restricted Subsidiary of the Company; 
 and, in each case, any Investment held by such Person;
provided, that such Investment was not acquired by such Person in contemplation of such acquisition, merger, consolidation, transfer, conveyance or liquidation; 

(4) any Investment made as a result of the receipt of non-cash consideration from an
Asset Sale that was made pursuant to and in compliance with Section 4.14 hereof; 
 (5) any Investments made solely in
exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Company; 
 (6) (i) any Investments
received in compromise of obligations owed to the Company or any of its Restricted Subsidiaries created in the ordinary course of business, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of
any trade creditor or customer or in satisfaction of judgments and (ii) Investments by the Company or any of its Restricted Subsidiaries in a Securitization Special Purpose Entity or any Investment by a Securitization Special Purpose Entity in
any other Person, in each case, in connection with a Qualified Securitization Transaction; 
 (7) receivables owing to the
Company or any Restricted Subsidiary of the Company if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms (which trade terms may include such concessionary trade terms as the
Company or any such Restricted Subsidiary deems reasonable under the circumstances), and other Investments to the extent such Investments consist of prepaid expenses, negotiable instruments held for collection and lease, utility and workers’
compensation, performance and other similar deposits made in the ordinary course of business by the Company or any Restricted Subsidiary; 

(8) Investments represented by Hedging Obligations; 

  
 -21- 

 (9) Investments in existence on the date of this Indenture and any
extension, modification or renewal of any such Investments, but only to the extent such extension, modification or renewal does not involve additional advances, contributions or other Investments of cash or other assets or other increases thereof
(other than as a result of the accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities, in each case, pursuant to the terms
of such Investment as in effect on the date of this Indenture); 
 (10) payroll, travel and similar advances to cover matters
that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; 

(11) loans and advances to officers, directors and employees in the ordinary course of business in the aggregate amount
outstanding at any one time not to exceed $25.0 million; 
 (12) Investments in a Permitted Joint Venture or
Unrestricted Subsidiary, when taken together with all other Investments made pursuant to this clause (12) that are at the time outstanding, not to exceed the greater of (x) $675.0 million and (y) 2.5% of Consolidated Total Assets; 

(13) other Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made
and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (13) that are at the time outstanding, not to exceed the greater of (x) $2.0 billion and (y) 7.5% of
Consolidated Total Assets; 
 (14) Permitted Bond Hedge Transactions; and 

(15) additional Investments so long as, after giving pro forma effect thereto, the Total Leverage Ratio of the Company would be
no higher than 5.50 to 1.0. 
 “Permitted Joint Venture” means any joint venture (which may be in the form of a limited
liability company, partnership, corporation or other entity) in which the Company or any of its Restricted Subsidiaries is a joint venturer; provided, however, that the joint venture is engaged solely in a Permitted Business. 

“Permitted Liens” means: 

(1) Liens securing Indebtedness and other Obligations under Credit Facilities that were or will be permitted by the terms of
this Indenture to be incurred under Section 4.9(b)(i), (xvii) or (xx) hereof; 
 (2) Liens in favor of the Company
or any Note Guarantor; 
 (3) Liens on property of a Person existing at the time such Person is merged with or into or
consolidated with or is acquired by the Company or any Subsidiary of the Company; provided, that such Liens were not incurred in contemplation of such merger, consolidation or acquisition and do not extend to any assets other than those of
the Person merged into, consolidated with or acquired by the Company or the Subsidiary; 
 (4) Liens on property existing at
the time of acquisition of the property by the Company or any Subsidiary of the Company, provided that such Liens were not incurred in contemplation of such acquisition; 

(5) Liens to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other obligations of
a like nature incurred in the ordinary course of business; 
 (6) Liens to secure Indebtedness (including Capital Lease
Obligations) permitted by Section 4.9(b)(iv) or Section 4.9(b)(v) hereof, covering only the assets acquired with such Indebtedness (and improvements or accessions thereto); 

  
 -22- 

 (7) Liens existing on the date of this Indenture and Liens securing the
Existing Secured Notes; 
 (8) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or
that are being contested in good faith by appropriate proceedings promptly instituted and diligently concluded, provided, that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor; 

(9) (i) Liens securing Hedging Obligations and (ii) Liens existing under or by reason of Indebtedness or other contractual
requirements of a Securitization Special Purpose Entity or any Standard Securitization Undertaking, in each case in respect of this subclause (ii) in connection with a Qualified Securitization Transaction; 

(10) Liens arising by reason of deposits necessary to obtain standby letters of credit in the ordinary course of business; 

(11) Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Indenture; provided,
however, that: 
 (a) the new Lien shall be limited to all or part of the same property and assets that secured or,
under the written agreements pursuant to which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof); and 

(b) the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (x) the outstanding
principal amount or, if greater, committed amount, of the Permitted Refinancing Indebtedness and (y) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or
replacement; 
 (12) Liens of the Company or any Restricted Subsidiary of the Company with respect to obligations that do not
exceed the greater of (x) $350.0 million and (y) 1.25% of Consolidated Total Assets at any one time outstanding; 
 (13)
survey title exceptions, title defects, encumbrances, easements, reservations of, or rights of others for, rights of way, sewers, electric lines, telegraph or telephone lines and other similar purposes or zoning or other restrictions as to the use
of real property not materially interfering with the business of the Company and its Restricted Subsidiaries taken as a whole; 

(14) Liens arising by operation of law in favor of landlords, mechanics, carriers, warehousemen, materialmen, laborers,
employees, suppliers or the like, incurred in the ordinary course of business for sums which are not yet delinquent or are being contested in good faith by negotiations or by appropriate proceedings which suspend the collection thereof; 

(15) Liens arising out of judgments, decrees, orders or awards in respect of which the Company or a Restricted Subsidiary of
the Company shall in good faith be prosecuting an appeal or proceedings for review which appeal or proceedings shall not have been finally terminated, or if the period within which such appeal or proceedings may be initiated shall not have expired;

 (16) Liens securing the Notes issued on the Issue Date and the Note Guarantees with respect thereto; 

(17) Liens securing one or more local working capital facilities of Foreign Subsidiaries, so long as such Liens do not extend
to the assets of any Person other than such foreign Restricted Subsidiaries; 

  
 -23- 

 (18) (a) Liens on assets of Foreign Subsidiaries securing Indebtedness
incurred by Foreign Subsidiaries pursuant to Section 4.9(b)(xiii) hereof and (b) Liens on assets of Non-Guarantor Subsidiaries securing Indebtedness incurred by
Non-Guarantor Subsidiaries; 
 (19) Liens imposed pursuant to licenses, sublicenses,
leases and subleases which do not materially interfere with the ordinary conduct of the business of the Company and its Restricted Subsidiaries taken as a whole; 

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

(21) customary restrictions on, or options, contracts or other agreements for, transfers of assets contained in agreements
related to any sale of assets pending such sale; provided that such restrictions apply only to the assets to be sold and such sale is otherwise permitted by this Indenture; 

(22) Liens securing obligations to the Trustee arising under this Indenture and similar Liens in favor of trustees, agents and
representatives arising under instruments governing Indebtedness permitted to be incurred under this Indenture; 
 (23) Liens
on trusts, cash or Cash Equivalents or other funds in connection with the defeasance (whether by covenant or legal defeasance), discharge or redemption of Indebtedness, pending consummation of a strategic transaction, or similar obligations;
provided that such defeasance, discharge or redemption is otherwise permitted by this Indenture; 
 (24) Liens to
secure any Indebtedness permitted to be incurred pursuant to Section 4.9, provided that, (a) in the case of this clause (a), at the time of its incurrence and after giving pro forma effect thereto, the Secured Leverage Ratio would
be no greater than 3.50 to 1.0; and to the extent such Liens are on Collateral, an authorized representative of the Holders of such Indebtedness and the Notes Collateral Agents shall execute a joinder to the First Lien Intercreditor Agreement (in
the form attached thereto) as a holder of Pari Passu Indebtedness or (b) such Liens rank junior to the Liens securing the Notes and Note Guarantees pursuant to a customary intercreditor agreement pursuant to which such representative shall
agree with the representatives of the Notes and Note Guarantees and other Pari Passu Indebtedness that the Liens securing such Indebtedness are subordinated to the Liens securing obligations under the Notes and the Note Guarantees; and 

(25) Liens on assets not constituting Collateral securing obligations in an aggregate outstanding principal amount not to
exceed the greater of $600.0 million and 2.0% of Consolidated Total Assets. 
 In the event that a Permitted Lien meets the criteria of
more than one of the types of Permitted Liens (at the time of incurrence or at a later date), the Company in its sole discretion may divide, classify or from time to time reclassify all or any portion of such Permitted Lien in any manner that
complies with this definition and such Permitted Lien shall be treated as having been made pursuant only to the clause or clauses of the definition of “Permitted Lien” to which such Permitted Lien has been classified or reclassified. 

“Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries issued in
exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness); provided, that: 

(1) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the
principal amount (or accreted value, if applicable) of the Indebtedness extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued interest on the Indebtedness and the amount of all expenses and premiums incurred in connection
therewith); 

  
 -24- 

 (2) such Permitted Refinancing Indebtedness has a final maturity date later
than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; 

(3) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is contractually subordinated in
right of payment to the Notes, such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and is subordinated in right of payment to, the Notes on terms at least as favorable to the Holders of Notes as
those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and 

(4) if the Indebtedness being refinanced is Indebtedness of the Company or a Note Guarantor, such Permitted Refinancing
Indebtedness is also Indebtedness of the Company or a Note Guarantor. 
 “Permitted Warrant Transaction” means any call
option, warrant or right to purchase (or similar transaction), on the Company’s or a Restricted Subsidiary’s Equity Interests, regardless of the issuer or seller thereof, issued substantially concurrently with any purchase of a related
Permitted Bond Hedge Transaction. 
 “Person” means any individual, corporation, partnership, joint venture, association,
joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 
 “PPSA”
means the Personal Property Security Act (Ontario); provided, however, if the validity, attachment, perfection (or opposability), effect of perfection or of non-perfection or priority of a
Notes Collateral Agent’s security interest in any Collateral are governed by the personal property security laws or laws relating to personal or movable property of any jurisdiction in Canada other than the Province of Ontario, PPSA shall
include those personal property security laws or laws relating to personal or movable property in such other jurisdiction for the purpose of the provisions hereof relating to such validity, attachment, perfection (or opposability), effect of
perfection or of non-perfection or priority and for the definitions related to such provisions. 

“Principal” or “principal” of a debt security, including the Notes, means the principal of the security
plus, when appropriate, the premium, if any, on the security. 
 “Pro Forma Cost Savings” means, without duplication, with
respect to any period, the reductions in costs and other operating improvements or operating synergies with respect to an acquisition that are reasonably identifiable, factually supportable, reasonably attributable to the action specified and
reasonably anticipated to result from such actions; provided, that the relevant actions have been taken or initiated and the benefits resulting therefrom are anticipated to be realized within 18 months of the date of such acquisition
(including, for the avoidance of doubt, actions that will be taken or initiated so long as the benefits resulting therefrom are anticipated to be realized within 18 months of the date of such acquisition), as if all such reductions in costs and
other operating improvements or operating synergies had been effected as of the beginning of such period, decreased by any recurring incremental expenses incurred or to be incurred during such four-quarter period in order to achieve such reduction
in costs. Pro Forma Cost Savings described in the preceding sentence shall be calculated in good faith by a responsible financial or accounting officer of the Company and shall be accompanied by a certificate delivered to the Trustee from the
Company’s chief financial officer that generally outlines the specific actions taken or expected to be taken and the net cost reductions and other operating improvements or operating synergies achieved or expected to be achieved from each such
action and certifies that such cost reductions and other operating improvements or synergies meet the criteria set forth in the preceding sentence. 

“Qualified Securitization Transaction” means any transaction or series of transactions that may be entered into by the
Company or any of its Restricted Subsidiaries pursuant to which the Company or such Restricted Subsidiary may sell, convey, grant a security interest in or otherwise transfer to a Securitization Special Purpose Entity, and such Securitization
Special Purpose Entity may sell, convey, grant a security interest in or otherwise transfer to any other Person, any Securitization Program Assets (whether now existing or arising in the future). 

  
 -25- 

 “Rating Agency” means (1) each of Moody’s and S&P and
(2) if Moody’s or S&P ceases to rate the Notes for reasons outside of the control of the Company, a nationally recognized statistical rating organization under the Exchange Act selected by the Company as a replacement agency for
Moody’s or S&P, as the case may be. 
 “Real Estate Asset” means, at any time of determination, any interest (fee,
leasehold or otherwise) then owned by the Company or any Note Guarantor in any real property. 
 “Redemption Date” or
“redemption date” means the date specified for redemption of the Notes in accordance with the terms thereof and this Indenture. 

“Regulated Bank” means a commercial bank with a consolidated combined capital surplus of at least $5,000,000,000 that is
(i) a U.S. depository institution the deposits of which are insured by the Federal Deposit Insurance Corporation; (ii) a corporation organized under section 25A of the U.S. Federal Reserve Act of 1913; (iii) a branch, agency or commercial
lending company of a foreign bank operating pursuant to approval by and under the supervision of the Board of Governors under 12 CFR part 211; (iv) a non-U.S. branch of a foreign bank managed and controlled by
a U.S. branch referred to in clause (iii); or (v) any other U.S. or non-U.S. depository institution or any branch, agency or similar office thereof supervised by a bank regulatory authority in any
jurisdiction. 
 “Regulation S” means Regulation S under the Securities Act or any successor to such regulation. 

“Regulation S-X” means Regulation S-X under
the Securities Act or any successor to such regulation. 
 “Regulation S 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 initially be issued in a denomination
equal to the principal amount of the Notes sold in reliance on Regulation S. 
 “Restricted Global Note” means a permanent
Global Note that is substantially in the form of Exhibit A attached hereto that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on
behalf of and registered in the name of the Depositary or a nominee of the Depositary, representing Notes that bear the Legend. 

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

“Restricted Note” means a Note required to bear the restricted legend set forth in the form of Notes set forth in Exhibit
A of this Indenture. 
 “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an
Unrestricted Subsidiary. For the avoidance of doubt, BHA shall at all times be considered a Restricted Subsidiary of the Company. 

“Rule 3-16 Capital Stock” means any Capital Stock of any Subsidiary, in the event
that Rule 3-16 of Regulation S-X requires or is amended, modified or interpreted by the SEC to require (or is replaced with another rule or regulation, or any other law,
rule or regulation is adopted, which would require) the filing with the SEC (or any other governmental agency) of separate financial statements of the Company or any such Subsidiary due to the fact that such Subsidiary’s Capital Stock secures
the Notes and the Note Guarantees, provided that such Capital Stock shall automatically be deemed (in accordance with the terms of the applicable Collateral Document) not to be part of the Collateral securing the Notes and Note Guarantees
only to the extent necessary to not be subject to such requirement. 
 “Rule 144” means Rule 144 promulgated under the
Securities Act or any successor to such rule. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act or any
successor to such rule. 
 “Rule 903” means Rule 903 promulgated under the Securities Act. 

  
 -26- 

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

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

“Screened Affiliate” means any Affiliate of a Holder (i) that makes investment decisions independently from such Holder
and any other Affiliate of such Holder that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder and any other Affiliate of such Holder that is not a Screened Affiliate and such screens
prohibit the sharing of information with respect to the Company or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or any other Affiliate of such Holder that is acting in concert with such Holder in connection
with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or any other Affiliate of such Holder that is acting in concert with such Holder in connection with its
investment in the Notes. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Secured Leverage Ratio” means the ratio of (i) the Total Consolidated Indebtedness of the Company and its Restricted
Subsidiaries that is secured by a Lien on the Collateral (unless such Lien is junior to the Lien securing the Notes and the Note Guarantees) or on other assets of the Company and its Restricted Subsidiaries, after giving effect to all incurrences
and repayments of Indebtedness on the relevant transaction date (net of unrestricted cash and Cash Equivalents of the Company and its Restricted Subsidiaries as of such date), provided that in the event the Company proposes to incur
Indebtedness pursuant to clauses (i) and (xx) of Section 4.9(b) hereof on the same day, Indebtedness incurred under clause (i) on that date shall not be included in the calculation of the Secured Leverage Ratio for purposes of the
calculation to be made pursuant to such clause (xx) on such date or clause (24) of the definition of “Permitted Liens” on such date (but shall, for the avoidance of doubt, be included in any and all subsequent calculations of the
Secured Leverage Ratio to the extent then outstanding and secured) to (ii) Consolidated Cash Flow of the Company for the most recent four consecutive full fiscal quarters for which internal financial statements are available ending on or prior
to the transaction date. In addition, the “Secured Leverage Ratio” will be calculated in a manner consistent with the definition of “Fixed Charge Coverage Ratio” to give effect to transactions that would require pro forma
adjustments to such ratio. 
 To the extent the Company elects pursuant to an Officers’ Certificate delivered to the Trustee to treat
all or any portion of the commitment under any Indebtedness as being incurred prior to the actual incurrence thereof pursuant to Section 4.9(e) hereof, the Company shall deem all or such portion of such commitment of such Indebtedness, as
applicable, as having been incurred and to be outstanding for purposes of calculating the Secured Leverage Ratio for any period in which the Company makes any such election and for any subsequent period until such commitments or such Indebtedness,
as applicable, are no longer outstanding. 
 “Secured Party Claim” means any amount which the Company or any Note Guarantor
owes to a First Lien Notes Secured Party under or in connection with the Notes Documents. 
 “Securities Act” means the
U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time. 

“Securitization Program Assets” means (i) all receivables customarily transferred in connection with asset
securitization transactions by the Company or any of its Restricted Subsidiaries pursuant to documents relating to any Qualified Securitization Transaction, (ii) all rights arising under the documentation governing or related to receivables
(including rights in respect of Liens securing such receivables and other credit support in respect of such receivables), any proceeds of such receivables and any lockboxes or accounts in which such proceeds are deposited, spread accounts and other
similar accounts (and any amounts on deposit therein) established in connection with a Qualified Securitization Transaction, any warranty, indemnity, dilution and other intercompany claim arising out of the documents relating to such Qualified
Securitization Transaction and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitizations involving accounts receivable and (iii) all collections
(including recoveries) and other proceeds of the assets described in the foregoing clauses (i) and (ii). 

  
 -27- 

 “Securitization Special Purpose Entity” means a Person (including, without
limitation, a Restricted Subsidiary) created in connection with the transactions contemplated by a Qualified Securitization Transaction, which Person engages in no activities and holds no assets other than those incidental to such Qualified
Securitization Transaction. 
 “Security Agreement” means that certain U.S. Pledge and Security Agreement, dated as of the
Issue Date, by and among each of the Note Guarantors party thereto and BNY Mellon, in its capacity as Collateral Agent (or its successor). 

“Separation Agreements” means the agreements pursuant to which the separation of the Bausch + Lomb Business will be effected
as described in the Bausch + Lomb Registration Statement, including but not limited to the Master Separation Agreement and the Transition Services Agreements (as such terms are defined in the Bausch + Lomb Registration Statement). 

“Shared Collateral” shall have the meaning given to such term in the First Lien Intercreditor Agreement. 

“Short Derivative Instrument” means a Derivative Instrument (i) the value of which generally decreases, and/or the
payment or delivery obligations under which generally increase, with positive changes to the Performance References and/or (ii) the value of which generally increases, and/or the payment or delivery obligations under which generally decrease,
with negative changes to the Performance References. 
 “Significant Subsidiary” means any Subsidiary of the Company that
would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated by the SEC, as such regulation is in effect on the date
hereof. 
 “Solta” means Solta Medical Corporation or any other Restricted Subsidiary of the Company constituting the
direct holding company of Solta Medical Corporation (provided that such direct holding company was established for such purpose and does not operate any other business). 

“Solta Business” means the Company’s global aesthetic medical device business. 

“Solta IPO” means the initial public offering of the Equity Interests of Solta Medical Corporation or such other entity that
operates the Solta Business. 
 “Standard Securitization Undertakings” means all representations, warranties, covenants,
indemnities, performance guarantees and servicing obligations entered into by the Company or any Subsidiary (other than a Securitization Special Purpose Entity) which are customary in connection with any Qualified Securitization Transaction. 

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

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

  
 -28- 

 “TIA” means the Trust Indenture Act of 1939, as amended, and the rules and
regulations thereunder as in effect on the date of this Indenture, except to the extent any amendment to the Trust Indenture Act expressly provides for application of the Trust Indenture Act as in effect on another date. 

“TMF Sub-Agent” means one or more of TMF’s Subsidiaries, Affiliates, or
attorneys including, but not limited to, TMF Colombia Ltda., TMF Magyarország Könyvelő és Szolgáltató Korlátolt Felelősségű Társaság, TMF Management (Ireland) Limited, TMF
Group Limited (Japan), TMF RUS Ltd., TMF Process Outsourcing, S de R.L. de C.V., TMF Corporate Services New Zealand Limited, TMF Poland Spółka z ograniczoną odpowiedzialnością, TMF RUS Ltd., TMF Services SA, TMF Sweden AB,
TMF Services SA. 
 “Total Consolidated Indebtedness” means Indebtedness consisting of Indebtedness for borrowed money,
Capital Lease Obligations, letters of credit (only to the extent of any unreimbursed drawings thereunder), debt obligations evidenced by promissory notes and similar instruments and Guarantees in respect of any of the foregoing. 

“Total Leverage Ratio” means the ratio of (i) Total Consolidated Indebtedness of the Company and its Restricted
Subsidiaries, after giving effect to all incurrences and repayments of Indebtedness on the transaction date (net of unrestricted cash and Cash Equivalents of the Company and its Restricted Subsidiaries as of such date), to (ii) Consolidated
Cash Flow of the Company and its Restricted Subsidiaries for the most recent four consecutive full fiscal quarters for which internal financial statements are available ending on or prior to the transaction date. In addition, the “Total
Leverage Ratio” will be calculated in a manner consistent with the definition of “Fixed Charge Coverage Ratio” to give effect to transactions that would require pro forma adjustments to such ratio. 

To the extent the Company elects pursuant to an Officers’ Certificate delivered to the Trustee to treat all or any portion of the
commitment under any Indebtedness as being incurred prior to the actual incurrence thereof pursuant to Section 4.9(e) hereof, the Company shall deem all or such portion of such commitment of such Indebtedness, as applicable, as having been
incurred and to be outstanding for purposes of calculating the Total Leverage Ratio for any period in which the Company makes any such election and for any subsequent period until such commitments or such Indebtedness, as applicable, are no longer
outstanding. 
 “Treasury Rate” means, with respect to the Notes, the rate per annum equal to the yield to maturity at the
time of computation of U.S. Treasury securities with a constant maturity most nearly equal to the period from such date of redemption to February 1, 2024, provided, however, that if the period from such date of redemption to
February 1, 2024 is not equal to the constant maturity of a U.S. Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest
one-twelfth of a year) from the weekly average yields of U.S. Treasury securities for which such yields are given, except that if the period from such date of redemption to February 1, 2024 is less than
one year, the weekly average yield on actually traded U.S. Treasury securities adjusted to a constant maturity of one year shall be used. The Company shall obtain the Treasury Rate. 

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

“Trustee” means The Bank of New York Mellon, a New York banking corporation, until a successor replaces it in accordance with
the provisions of this Indenture, and thereafter means the successor. 
 “UCC” or “Uniform Commercial
Code” means the Uniform Commercial Code as the same may be in effect from time to time in the State of New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it applies to any item or
items of Collateral. 

  
 -29- 

 “Underlying Debt” means in relation to the Company or any Note Guarantor
and at any time, each obligation (whether present or future, actual or contingent) owing by the Company or such Note Guarantor to a First Lien Notes Secured Party under this Indenture, the Notes or the Collateral Documents (including for the
avoidance of doubt any change or increase in those obligations pursuant to or in connection with any amendment or supplement or restatement or novation of this Indenture, the Notes or any Collateral Document, in each case whether or not anticipated
as of the date of this Indenture) excluding the Company’s or such Note Guarantor’s Parallel Debt or German Parallel Debt, as applicable. 

“Unrestricted Subsidiary” means (1) BAUSCH HEALTH LLC (Belarus), (2) Oceana Therapeutics Limited, (3) PharmaSwiss,
trgovsko in proizvodno podjete, d.o.o., (4) Wirra Holdings Pty Limited (Australia) and (5) any other Subsidiary of the Company that is designated by the Board of Directors of the Company as an Unrestricted Subsidiary pursuant to a board
resolution, but only to the extent that such Subsidiary: 
 (1) has no Indebtedness other than
Non-Recourse Debt; 
 (2) is not party to any agreement, contract, arrangement or
understanding with the Company or any Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding are not materially less favorable to the Company or such Restricted Subsidiary, in each case,
taken as a whole, than those that might be obtained at the time from Persons who are not Affiliates of the Company; 
 (3) is
a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial
condition or to cause such Person to achieve any specified levels of operating results; and 
 (4) has not Guaranteed or
otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its Restricted Subsidiaries. 
 Any
designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a certified copy of the board resolution giving effect to such designation and an Officers’ Certificate
certifying that such designation complied with the preceding conditions and was permitted by Section 4.8 hereof. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will
thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date, and, if such Indebtedness is not
permitted to be incurred as of such date under Section 4.9 hereof, the Company will be in default of such covenant. The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary;
provided, that such designation will be deemed to be an incurrence of Indebtedness and, if applicable, related Liens by a Restricted Subsidiary of the Company of any outstanding Indebtedness and, if applicable, related Liens of such
Unrestricted Subsidiary and such designation will only be permitted if (1) such Indebtedness and, if applicable, related Liens are permitted under Section 4.9 hereof and, if applicable, Section 4.11 hereof (other than clause
(3) under the definition of “Permitted Liens”), calculated, if applicable, on a pro forma basis as if such designation had occurred at the beginning of the four-quarter reference period; and (2) no Default or Event of Default
would be in existence following such designation. 
 Notwithstanding anything herein to the contrary, Solta may not be designated as an
Unrestricted Subsidiary. 
 “Upfront Payments” means any upfront or similar payments made in connection with any drug or
pharmaceutical product research and development or collaboration arrangements or the closing of any Drug Acquisition. 
 “Vice
President” when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title “vice president.” 

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

  
 -30- 

 “Weighted Average Life to Maturity” means, when applied to any Indebtedness
at any date, the number of years obtained by dividing: 
 (1) the sum of the products obtained by multiplying (a) the
amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by 
 (2)
the then outstanding principal amount of such Indebtedness. 
 “WURA” means the
Winding-Up and Restructuring Act (Canada). 
 Section 1.2 Other Definitions. 

 

			
	 TERM
	  	 DEFINED IN
SECTION

	“Acceptable Commitment”	  	4.14(b)
	“Additional Amounts”	  	4.21(a)
	“Affiliate Transaction”	  	4.13(a)
	“Agent Members”	  	2.1(b)
	“Agreed Guarantee Principles”	  	4.15
	“Applicable Collateral Limitations”	  	4.22
	“Asset Sale Offer”	  	4.14(c)/3.14
	“Authorized Agent”	  	11.16
	“Authorized Officers”	  	11.2
	“Belgian Guarantor”	  	13.7(a)
	“Benefited Party”	  	10.1(b)
	“Change in Tax Law”	  	3.7(e)
	“Change of Control Offer”	  	3.8(b)
	“Change of Control Purchase Date”	  	3.8(b)
	“Change of Control Purchase Notice”	  	3.8(c)
	“Change of Control Purchase Price”	  	3.8(a)
	“Company Notice”	  	3.8(b)
	“Company Order”	  	2.2
	“Corresponding Debt”	  	13.3(b)/13.5(b)
	“Cost Saving Initiative”	  	1.1
	“Covenant Defeasance”	  	8.3
	“Declined Asset Sale Proceeds”	  	8.3
	“Directing Holder”	  	6.2
	“Electronic Means”	  	11.2
	“Event of Default”	  	6.1
	“Excess Proceeds”	  	4.14(c)
	“Expected Cost Savings”	  	1.1
	“FATCA”	  	4.21(b)(vii)
	“Fixed Amounts”	  	11.15(c)
	“French Security Documents”	  	13.3
	“French Parallel Debt”	  	13.3(a)
	“Foreign Security Agreements”	  	13.2(a)
	“German Parallel Debt”	  	13.5(b)
	“incur”	  	4.9(a)
	“Incurrence-Based Amounts”	  	11.15(c)
	“Initial Lien”	  	4.11
	“Instructions”	  	11.2
	“Judgment Currency”	  	11.17
	“Legal Defeasance”	  	8.2

  
 -31- 

			
	 TERM
	  	 DEFINED IN
SECTION

	“Legal Holiday”	  	11.7
	“Legend”	  	2.12(a)
	“Licensed Property”	  	1.1
	“Noteholder Direction”	  	6.2
	“Notice of Default”	  	6.1
	“Offer Amount”	  	3.14
	“Offer Period”	  	3.14
	“Parallel Debt Undertaking”	  	13.7(b)
	“Paying Agent”	  	2.3
	“Payment Default”	  	6.1(e)
	“Payor”	  	4.21(a)
	“Performance References”	  	1.1
	“Permitted Debt”	  	4.9(b)
	“position Representation”	  	6.2
	“Purchase Date”	  	3.14
	“Redemption Notice Date”	  	3.15(b)
	“Registrar”	  	2.3
	“Regulation 803 Reimbursement”	  	4.21(d)
	“Relevant Taxing Jurisdiction”	  	4.21(a)
	“Restricted Amount”	  	4.14(b)
	“Restricted Payments”	  	4.8(a)
	“Retained Asset Sale Proceeds”	  	4.14(b)
	“Special Mandatory Redemption Date”	  	3.15(b)
	“Special Mandatory Redemption Event”	  	3.15(a)
	“Special Mandatory Redemption Price”	  	3.15(a)
	“Tax”	  	4.21(a)

 Section 1.3 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) words in the singular include the plural, and words in the plural include the singular; 

(D) provisions apply to successive events and transactions; 

(E) the term “merger” includes a statutory share exchange and the term “merged” has a correlative meaning;

 (F) the masculine gender includes the feminine and the neuter; 

(G) references to agreements and other instruments include subsequent amendments thereto; 

(H) “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision; 
 (I) references to ratings by Moody’s or S&P shall include any
successor equivalent ratings if either Moody’s or S&P changes its ratings scale subsequent to the date of this Indenture; 

  
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 (J) except as otherwise provided for herein, the Notes will be treated as a
single class for all purposes under this Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase; and 

(K) a reference to a statute includes all regulations made pursuant to such statute and, unless otherwise specified, the
provisions of any statute or regulation which amends, revises, restates, supplements or supersedes any such statute or any such regulation. 

ARTICLE 2 
 THE SECURITIES 

Section 2.1 Form and Dating. The Notes and the Trustee’s certificate of authentication with respect thereto shall be
substantially in the form set forth in Exhibit A, which are incorporated in and made part of this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. The Company
shall provide any such notations, legends or endorsements to the Trustee in writing. The Notes shall be in a minimum denomination of $2,000 and integral multiples of $1,000 in excess thereof. Each Note shall be dated the date of its authentication.
The Notes are being offered and sold by the Company in transactions exempt from, or not subject to, the registration requirements of the Securities Act. 

(a) Restricted Global Notes. All of the Notes are initially being offered and sold to (i) qualified institutional
buyers as defined in Rule 144A in reliance on Rule 144A under the Securities Act or (ii) outside the United States to persons other than U.S. persons in reliance upon Regulation S under the Securities Act, and shall be issued initially in the
form of one or more 144A Global Notes and Regulation S Global Notes, respectively, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, as custodian for the depositary, DTC, and registered in the
name of its nominee, Cede & Co., duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of the Restricted Global Notes may from time to time be increased or decreased by
adjustments made on the records of the Notes Custodian as hereinafter provided, subject in each case to compliance with the Applicable Procedures. 

(b) Form of Notes. Notes issued in global form shall be substantially in the form of Exhibit A (including the
Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Definitive Notes shall be substantially in the form of Exhibit A attached hereto (but without the
Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent such of the outstanding Notes as shall be specified therein and each shall provide that
it shall represent 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 shall be made by the Trustee or the Notes Custodian,
at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.12 hereof and shall be made on the records of the Trustee and the Depositary. 

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

  
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 (c) Additional Notes. Subject to compliance with the provisions of
Sections 4.9 and 4.11 hereof, the Company may issue Additional Notes in an unlimited amount under this Indenture. 
 (d)
Regulation S Global Notes. Global Notes offered and sold in reliance on Regulation S shall initially be represented by one or more Regulation S Global Notes, substantially in the form of Exhibit A with such
applicable legends as are provided in Exhibit A. The Regulation S Global Notes will be deposited, upon issuance, on behalf of the purchasers of the Notes represented thereby with the Trustee, as custodian for the Depositary
and registered in the name of the Depositary or the nominee of the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided. 

The aggregate principal amount of the Regulation S Global Notes may from time to time be increased or decreased by adjustments
made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 

(e) Book Entry Provisions. The Company shall execute and the Trustee shall, in accordance with this Section 2.1(e),
authenticate and deliver initially one or more Global Notes that (i) shall be registered in the name of the applicable Depositary or its nominee, (ii) shall be delivered by the Trustee to the applicable Depositary or pursuant to the
applicable Depositary’s instructions and (iii) shall bear legends substantially in the form of the first paragraph of Exhibit A attached hereto. 

Section 2.2 Execution and Authentication. An Officer of the Company shall sign the Notes for the Company by manual or facsimile
signature. Typographic and other minor errors or defects in any such facsimile signature shall not affect the validity or enforceability of any Note which has been authenticated and delivered by the Trustee. 

If an Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid
nevertheless. 
 A Note shall not be valid until an authorized signatory of the Trustee manually or electronically signs the certificate of
authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 The
Trustee shall authenticate and make available for delivery the Notes for original issue in an initial aggregate principal amount of $1,000,000,000 and Additional Notes as contemplated by Section 2.1(c) hereof, upon receipt of a written order of
the Company signed by an Officer of the Company (a “Company Order”). The Company Order shall specify the amount of Notes to be authenticated and shall provide that all such Notes will be represented by a Restricted Global Note and
the date on which such issue of Notes is to be authenticated. The aggregate principal amount of Notes outstanding at any time may not exceed the applicable amounts in the foregoing sentence, except as provided in Sections 2.1(c) and 2.7 hereof. 

The Trustee shall act as the initial authenticating agent. Thereafter, the Trustee may appoint an authenticating agent acceptable to the
Company to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent shall have
the same rights as an Agent to deal with the Company or an Affiliate of the Company. 
 The Notes shall be issuable only in registered form
without coupons and only in minimum denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof. 

Section 2.3 Registrar and Paying Agent. The Company shall maintain one or more offices or agencies where Notes may be presented
for registration of transfer or for exchange (each, a “Registrar”), one or more offices or agencies where Notes may be presented for payment (each, a “Paying Agent”) and one or more offices or agencies where notices
and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company will at all times maintain a Paying Agent, Registrar and an office or agency where notices and demands to or upon the Company in respect of the
Notes and this Indenture may be served in the Borough of Manhattan in the City of New York. 

  
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 The Company shall enter into an appropriate agency agreement with any Agent not a party to
this Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of any Agent not a party to this Indenture. If the Company fails to maintain a
Registrar, Paying Agent or agent for service of notices and demands in any place required by this Indenture, or fail to give the foregoing notice, the Trustee shall act as such. The Company or any Affiliate of the Company may act as Paying Agent
(except for the purposes of Section 4.1 and Article 8). 
 The Company hereby initially designates the Trustee as Paying Agent,
Registrar and Notes Custodian, and the office or agency of the Trustee in the Borough of Manhattan, The City of New York (which shall initially be the office located at 240 Greenwich Street, New York, NY 10286) as one such office or agency of the
Company for each of the aforesaid purposes. 
 The Company may change the Paying Agents or Registrar in its sole discretion without prior
notice to the Holders. 
 Section 2.4 Paying Agent to Hold Money in Trust. Prior to 11:00 a.m., New York City time, on each due
date of the principal of or interest on any Notes, the Company shall deposit with a Paying Agent a sum sufficient to pay such principal or interest, if any, so becoming due. A Paying Agent shall hold in trust for the benefit of Noteholders or the
Trustee all money held by the Paying Agent for the payment of principal of or interest on the Notes, and shall notify the Trustee of any default by the Company (or any other obligor on the Notes) in making any such payment. If the Company or an
Affiliate of the Company acts as Paying Agent, the Company or such Affiliate shall, before 11:00 a.m., New York City time, on each due date of the principal of or interest on any Notes, segregate the money and hold it as a separate trust fund. The
Company at any time may require a Paying Agent to pay all money held by it to the Trustee, and the Trustee may at any time during the continuance of any Default, upon written request to a Paying Agent, require such Paying Agent to pay forthwith to
the Trustee all sums so held in trust by such Paying Agent. Upon doing so, the Paying Agent (other than the Company) shall have no further liability for the money. For the avoidance of doubt, in no event shall any Paying Agent (unless the Company or
an Affiliate of the Company is acting as Paying Agent) be required to advance funds for any payment on the Notes hereunder or to make any such payment until the Paying Agent has actually received such funds from the Company. 

Section 2.5 Noteholder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list
available to it of the names and addresses of Noteholders. If the Trustee is not the Registrar, the Company shall furnish to the Trustee on or 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 Noteholders. 
 Section 2.6
Transfer and Exchange. 
 (a) Subject to compliance with any applicable additional requirements contained in Section 2.12
hereof, when a Note is presented to a Registrar with a request to register a transfer thereof or to exchange such Note for an equal principal amount of Notes of other authorized denominations, the Registrar shall register the transfer or make the
exchange as requested; provided, however, that every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by an assignment form and, if applicable, a transfer certificate in the
form(s) included in Exhibit A and Exhibit C, as applicable, and in form satisfactory to the Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing. To permit
registration of transfers and exchanges, upon surrender of any Note for registration of transfer or exchange at an office or agency maintained pursuant to Section 2.3 hereof, the Company shall execute and the Trustee shall authenticate Notes of
a like aggregate principal amount at the Registrar’s request. Any exchange or transfer shall be without charge, except that the Company or the Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto, and provided, that this sentence shall not apply to any exchange pursuant to Section 2.10, 2.12(a), 3.6, 3.11 or 9.5 hereof. 

  
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 Neither the Company, any Registrar nor the Trustee shall be required to exchange or register
a transfer of any Notes or portions thereof in respect of which a Change of Control Purchase Notice or a notice in connection with an Asset Sale Offer has been delivered and not withdrawn by the Holder thereof (except, in the case of the purchase of
a Note in part, the portion thereof not to be purchased). 
 All Notes issued upon any transfer or exchange of Notes shall be valid
obligations of the Company, evidencing the same debt and entitled to the same benefits under this Indenture, as the Notes surrendered upon such transfer or exchange. 

(b) Any Registrar appointed pursuant to Section 2.3 hereof shall provide to the Trustee such information as the Trustee may reasonably
require in connection with the delivery by such Registrar of Notes upon transfer or exchange of Notes. 
 (c) Each Holder of a Note 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, state,
Canadian federal, provincial or territorial securities law. 
 Section 2.7 Replacement Notes. If any mutilated Note is
surrendered to the Company, a Registrar or the Trustee, or the Company, a Registrar and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note, and there is delivered to the Company, the applicable Registrar
and the Trustee such security or indemnity as will be required by them to save each of them harmless, then, in the absence of notice to the Company, such Registrar or the Trustee that such Note has been acquired by a bona fide purchaser, the Company
shall execute, and upon its written request the Trustee shall authenticate and deliver, in exchange for any such mutilated Note or in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and principal amount, bearing a number
not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and
payable, or is about to be purchased by the Company pursuant to Article 3, the Company in its discretion may, instead of issuing a new Note, pay or purchase such Note, as the case may be. 

Upon the issuance of any new Notes under this Section 2.7, the Company may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the reasonable fees and expenses of the Trustee or the Registrar) in connection therewith. 

Every new Note issued pursuant to this Section 2.7 in lieu of any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all benefits of this Indenture equally and proportionately with any
and all other Notes duly issued hereunder. 
 The provisions of this Section 2.7 are (to the extent lawful) exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

Section 2.8 Outstanding Notes. Notes outstanding at any time are all Notes authenticated by the Trustee, except for those canceled
by it, those delivered to it for cancellation or surrendered for transfer or exchange and those described in this Section 2.8 as not outstanding. 

If a Note is replaced pursuant to Section 2.7 hereof, it ceases to be outstanding unless the Company receives proof satisfactory to it
that the replaced Note is held by a bona fide purchaser. 
 If a Paying Agent (other than the Company or an Affiliate of the Company) holds
on a Redemption Date, Change of Control Purchase Date or the Final Maturity Date money sufficient to pay the principal of (including premium, if any) and interest on Notes (or portions thereof) payable on that date, then on and after such Redemption
Date, Change of Control Purchase Date or the Final Maturity Date, as the case may be, such Notes (or portions thereof, as the case may be) shall cease to be outstanding and interest on them shall cease to accrue. 

  
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 Subject to the restrictions contained in Section 2.9 hereof, a Note does not cease to
be outstanding because the Company or an Affiliate of the Company holds the Note. 
 Section 2.9 Treasury Notes. In determining
whether the Holders of the required principal amount of Notes have concurred in any notice, direction, waiver or consent, Notes owned by the Company or any other obligor on the Notes or by any Affiliate of the Company or of such other obligor shall
be disregarded, except that, for purposes of determining whether the Trustee shall be protected in relying on any such notice, direction, waiver or consent, only Notes which a Trust Officer of the Trustee actually knows are so owned shall be so
disregarded. Notes so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to the Notes and that the pledgee is neither the
Company nor any other obligor on the Notes or any Affiliate of the Company or of such other obligor. 
 Section 2.10 Temporary
Notes. Until Definitive Notes are ready for delivery, the Company may prepare and execute, and, upon receipt of a Company Order, the Trustee shall authenticate and deliver, temporary Notes. Temporary Notes shall be substantially in the form of
Definitive Notes but may have variations that the Company with the consent of the Trustee considers appropriate for temporary Notes. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate and deliver Definitive
Notes in exchange for temporary Notes. 
 Section 2.11 Cancellation. The Company at any time may deliver Notes to the Trustee
for cancellation. The Registrar and the Paying Agent shall forward to the Trustee or its agent any Notes surrendered to them for transfer, exchange, payment or conversion. The Trustee and no one else shall cancel, in accordance with its standard
procedures, all Notes surrendered for transfer, exchange, payment, conversion or cancellation and shall deliver the canceled Notes to the Company. All Notes which are purchased or otherwise acquired by the Company or any of its Subsidiaries prior to
the Final Maturity Date of such Notes may be delivered to the Trustee for cancellation or resold. The Company may not hold or resell such Notes or issue any new Notes to replace any Notes delivered for cancellation 

Section 2.12 Legend; Additional Transfer and Exchange Requirements. 

(a) If Notes are issued upon the transfer, exchange or replacement of Notes subject to restrictions on transfer and bearing the legends set
forth on the form of Notes attached hereto as Exhibit A (collectively, the “Legend”), or if a request is made to remove the Legend on a Note, the Notes so issued shall bear the Legend, or the Legend shall
not be removed, as the case may be, unless there is delivered to the Company such satisfactory evidence, which shall include an opinion of counsel if requested by the Company, as may be reasonably required by the Company, that neither the Legend nor
the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144 under the Securities Act or that such Notes are not “restricted” within the meaning of Rule 144 under the
Securities Act; provided that no such evidence need be supplied in connection with the sale of such Note pursuant to a registration statement that is effective at the time of such sale. Upon (i) provision of satisfactory evidence if
requested, or (ii) notification by the Company to the Trustee and Registrar of the sale of such Note pursuant to a registration statement that is effective at the time of such sale, the Trustee, at the written direction of the Company, shall
authenticate and deliver a Note that does not bear the Legend. If the Legend is removed from the face of a Note and the Note is subsequently held by an Affiliate of the Company, the Legend shall be reinstated. 

(b) A Global Note may not be transferred, in whole or in part, to any Person other than the Depositary or a nominee or any successor thereof,
and no such transfer to any such other Person may be registered; provided that the foregoing shall not prohibit any transfer of a Note that is issued in exchange for a Global Note but is not itself a Global Note; provided
further that in no event shall a beneficial interest in a Regulation S Global Note be transferred to a U.S. Person prior to the receipt by the Registrar of any certificates required pursuant to Regulation S, as determined by the Company. No
transfer of a Note to any Person shall be effective under this Indenture or the Notes unless and until such Note has been registered in the name of such Person. Notwithstanding any other provisions of this Indenture or the Notes, transfers of a
Global Note, in whole or in part, shall be made only in accordance with this Section 2.12. 

  
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 (c) Subject to the succeeding paragraph, every Note shall be subject to the restrictions on
transfer provided in the Legend. Whenever any Restricted Note is presented or surrendered for registration of transfer or for exchange for a Note registered in a name other than that of the Holder, such Note must be accompanied by a certificate in
substantially the form set forth in Exhibit A dated the date of such surrender and signed by the Holder of such Note, as to compliance with such restrictions on transfer. The Registrar shall not be required to accept for
such registration of transfer or exchange any Note not so accompanied by a properly completed certificate. 
 (d) The restrictions imposed
by the Legend upon the transferability of any Note shall cease and terminate when such Note has been sold pursuant to an effective registration statement under the Securities Act or transferred in compliance with Rule 144 under the Securities Act
(or any successor provision thereto) or, if earlier, upon the expiration of the holding period applicable to sales thereof under Rule 144(d)(1)(ii) under the Securities Act (or any successor provision). Any Note as to which such restrictions on
transfer shall have expired in accordance with their terms or shall have terminated may, upon a surrender of such Note for exchange to the Registrar in accordance with the provisions of this Section 2.12 (accompanied, in the event that such
restrictions on transfer have terminated by reason of a transfer in compliance with Rule 144 or any successor provision, by, if requested by the Company or the Registrar, an opinion of counsel reasonably acceptable to the Company and addressed to
the Company to the effect that the transfer of such Note has been made in compliance with Rule 144 or such successor provision), be exchanged for a new Note, of like tenor, series and aggregate principal amount, which shall not bear the restrictive
Legend. The Company shall inform the Trustee of the effective date of any registration statement registering any Notes under the Securities Act. The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith in
accordance with the aforementioned opinion of counsel or registration statement. 
 (e) As used in this Section 2.12, the term
“transfer” encompasses any sale, pledge, transfer, hypothecation or other disposition of any Note. 
 (f) The provisions of
clauses (iii), (iv) and (v) below shall apply only to Global Notes: 
 (i) Notwithstanding any other provisions of this
Indenture or the Notes, a Global Note shall not be exchanged in whole or in part for a Note registered in the name of any Person other than the Depositary or one or more nominees thereof, provided that a Global Note may be exchanged for Notes
registered in the names of any person designated by the Depositary in the event that (A) the Depositary has notified the obligors that it is unwilling or unable to continue as Depositary for such Global Note and the Company fails to appoint a
successor Depositary or (B) an Event of Default has occurred and is continuing with respect to the Notes. Any Global Note exchanged pursuant to clause (A) above shall be so exchanged in whole and not in part, and any Global Note exchanged
pursuant to clause (B) above may be exchanged in whole or from time to time in part as directed by the applicable Depositary. Any Note issued in exchange for a Global Note or any portion thereof shall be a Global Note; provided that any
such Note so issued that is registered in the name of a Person other than the applicable Depositary or a nominee thereof shall not be a Global Note. 

(ii) Notes issued in exchange for a Global Note or any portion thereof shall be issued in definitive, fully registered form,
without interest coupons, shall have an aggregate principal amount equal to that of such Global Note or portion thereof to be so exchanged, shall be registered in such names and shall be in such authorized denominations as the Depositary shall
designate and shall bear the applicable legends provided for herein. Any Global Note to be exchanged in whole shall be surrendered by the Depositary to the Trustee, as Registrar. With regard to any Global Note to be exchanged in part, either such
Global Note shall be so surrendered for exchange or, if the Trustee is acting as custodian for the Depositary or its nominee with respect to such Global Note, the principal amount thereof shall be reduced, by an amount equal to the portion thereof
to be so exchanged, by means of an appropriate adjustment made on the records of the Trustee. Upon any such surrender or adjustment, the Trustee shall authenticate and deliver Notes issuable on such exchange to or upon the order of the Depositary or
an authorized representative thereof. 

  
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 (iii) Subject to the provisions of clause (v) below, the registered
Holder may grant proxies and otherwise authorize any Person, including Agent Members and persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 

(iv) In the event of the occurrence of any of the events specified in clause (i) above, the obligors will promptly make
available to the Trustee a reasonable supply of applicable Definitive Notes in definitive, fully registered form, without interest coupons. 

(v) Neither Agent Members nor any other Persons on whose behalf Agent Members may act shall have any rights under this
Indenture with respect to any Global Note registered in the name of the Depositary or any nominee thereof, or under any such Global Note, and the Depositary or such nominee, as the case may be, may be treated by the Company, the Trustee and any
agent of the Company or the Trustee as the absolute owner and holder of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee
from giving effect to any written certification, proxy or other authorization furnished by the Depositary or such nominee, as the case may be, or impair, as between the Depositary, its Agent Members and any other Person on whose behalf an Agent
Member may act, the operation of customary practices of such Persons governing the exercise of the rights of a holder of any Note. 

(vi) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Agent Members or beneficial owners in any Global Note) other than to require delivery of
such certificates and other documentation or evidence as are expressly required by, and to do so as and when expressly required by, the terms or this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof. 
 (g) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the
Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the equivalent procedures of Clearstream shall be applicable to transfers of beneficial interests in Global Notes that are held by Participants through
Euroclear or Clearstream. 
 Section 2.13 CUSIP, Common Code and ISIN Numbers. The Company in issuing the Notes may use one or
more “CUSIP” and “ISIN” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” and “ISIN” numbers in notices of purchase as a convenience to Holders; provided that any such notice
may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a purchase and that reliance may be placed only on the other identification numbers printed on the Notes,
and any such purchase shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the “CUSIP” and “ISIN” numbers applicable to the Notes. 

ARTICLE 3 
 REDEMPTION AND
PURCHASES 
 Section 3.1 Right to Redeem. The Company, at its option, may redeem the Notes in accordance with the provisions of
Sections 3.7 and 3.8(g) hereof. 
 If the Company elects to redeem the Notes, it shall notify the Trustee at least 15 days prior to the
Redemption Date (unless a shorter notice period shall be satisfactory to the Trustee) of the Redemption Date, the aggregate principal amount of the Notes to be redeemed and the Section of this Indenture pursuant to which such Notes are being
redeemed. 
 Section 3.2 Selection of Notes to Be Redeemed. The Company will give not less than 10 days’ nor more than 60
days’ notice of any redemption. If the Company elects to redeem less than all of the outstanding Notes, the Notes will be selected for redemption as follows: 

  
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 (i) in accordance with the procedures of The Depository Trust Company and in
compliance with the requirements of the applicable stock exchange to the extent the Notes are held in the form of Global Notes; or 

(ii) on a pro rata basis, by lot or by such method as the Trustee deems fair and appropriate to the extent the Notes are
held in the form of Definitive Notes. 
 In the event of a partial redemption by lot, the particular Notes to be redeemed will be selected,
unless otherwise provided herein, not less than 10 nor more than 60 days prior to the Redemption Date from the outstanding Notes not previously called for redemption. 

The Notes and portions of the Notes selected for redemption will be in amounts of $2,000 or whole multiples of $1,000 except that if all of
the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes
called for redemption also apply to portions of Notes called for redemption. 
 Section 3.3 Notice of Redemption. At least 10
days but not more than 60 days before a Redemption Date, the Company shall send, or shall cause to be sent, a notice of redemption by first-class mail (postage prepaid) or otherwise transmit in accordance with applicable procedures of DTC to the
Trustee and to each Holder of Notes to be redeemed. 
 The notice shall identify the Notes to be redeemed and shall state: 

 

	 	•	 	 the aggregate principal amount of the Notes to be redeemed; 

 

	 	•	 	 the Redemption Date (which shall be a Business Day); 

 

	 	•	 	 the redemption price; 

  

	 	•	 	 the name and address of the Paying Agent; 

 

	 	•	 	 that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

  

	 	•	 	 if fewer than all the outstanding Notes are to be redeemed, the certificate numbers, if any, and principal
amounts of the particular Notes to be redeemed; 

  

	 	•	 	 that, unless the Company defaults in the deposit of the redemption price, interest on Notes called for redemption
will cease to accrue on and after the Redemption Date; 

  

	 	•	 	 the Section of this Indenture pursuant to which the Notes are being redeemed; 

 

	 	•	 	 the CUSIP numbers of the Notes; and 

 

	 	•	 	 any conditions precedent to such redemption. 

At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense, provided,
that the Company makes such request at least three Business Days prior to the date by which such notice of redemption must be given to Holders in accordance with this Section 3.3. Redemption notices may be given more than 60 days prior to a
Redemption Date if the notice is issued in connection with a defeasance of the Notes pursuant to Sections 8.3 or 8.4 or a satisfaction and discharge of this Indenture with respect to the Notes pursuant to Section 8.1. If a redemption is subject
to satisfaction of one or more conditions precedent, the applicable redemption notice shall describe such condition, and if applicable, shall state that, in the Company’s discretion, the Redemption Date may be delayed until such time as any or
all such conditions shall be satisfied, without the requirement of an additional notice period to the Holders, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been
satisfied by the Redemption Date, or by the Redemption Date as so delayed. The Trustee shall have no responsibility for calculating the redemption price. 

  
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 Section 3.4 Effect of Notice of Redemption. Once notice of redemption is given
and any conditions set forth therein have been satisfied, Notes called for redemption become due and payable on the Redemption Date and at the redemption price stated in the notice. Upon surrender to the Paying Agent, such Notes shall be paid at the
redemption price stated in the notice. 
 On and after the Redemption Date, unless the Company defaults in the deposit of the redemption
price and subject to satisfaction of any conditions precedent, interest will cease to accrue on the Notes or any portion of the Notes called for redemption, and all other rights of the Holder will terminate other than the right to receive the
redemption price, without interest from the Redemption Date, on surrender of the Notes. 
 Section 3.5 Deposit of Redemption
Price. Prior to 11:00 a.m. (New York City time) on the Redemption Date, the Company shall deposit with the Paying Agent (or the Trustee) money sufficient to pay the redemption price (as calculated by the Company) on all Notes to be redeemed on
that date. 
 Section 3.6 Notes Redeemed in Part. Upon surrender of a Note that is redeemed in part, the Company shall execute
and the Trustee shall authenticate and deliver to the Holder, without service charge, a new Note in an authorized denomination equal in principal amount to, and in exchange for, the unredeemed portion of the Note surrendered. 

Section 3.7 Optional Redemption. 

(a) At any time prior to February 1, 2024, the Company may on any one or more occasions redeem up to 40% of the aggregate principal
amount of the Notes (including Notes issued after the Issue Date, if any) issued under this Indenture at a redemption price of 106.125% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the redemption date,
with the net cash proceeds of one or more Equity Offerings; provided that: 
 (1) at least 60% of the aggregate
principal amount of the Notes (including Notes issued after the Issue Date, if any) issued under this Indenture remains outstanding immediately after the occurrence of such redemption (excluding the Notes held by the Company and its Subsidiaries);
and 
 (2) the redemption occurs within 180 days of the date of the closing of such Equity Offering. 

(b) On or after February 1, 2024, the Company may redeem all or a part of the Notes upon not less than 10 nor more than 60 days’
notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest on the Notes redeemed, to, but not including, the applicable redemption date, if redeemed during the twelve-month period
beginning on February 1 of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2024
	  	 	103.063	% 
	 2025
	  	 	101.531	% 
	 2026 and thereafter
	  	 	100.000	% 

 (c) In addition, at any time prior to February 1, 2024, the Company may redeem the Notes, in whole or in
part, at a redemption price equal to the principal amount of the Notes redeemed plus the Applicable Premium plus accrued and unpaid interest to, but not including, the date of redemption. The Company shall calculate the redemption price, including
any Applicable Premium. 

  
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 (d) In connection with any optional redemption of the Notes, any such redemption may, at the
Company’s discretion, be subject to one or more conditions precedent. If a redemption is subject to satisfaction of one or more conditions precedent, the applicable redemption notice shall describe such condition, and if applicable, shall state
that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, without the requirement of an additional notice period to the Holders, or such redemption may not occur and
such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption Date, or by the Redemption Date as so delayed. 

(e) If the Company or any Note Guarantor becomes obligated to pay, on the next date on which any amount will be payable with respect to the
Notes, any Additional Amounts as a result of (i) any amendment to, or change in, the laws or regulations of a Relevant Taxing Jurisdiction (as defined in Section 4.21 herein), which amendment or change is publicly announced and becomes
effective after January 27, 2022 (or, if the applicable Relevant Taxing Jurisdiction became a Relevant Taxing Jurisdiction on a date after January 27, 2022, after such later date) or (ii) any amendment to, or change in, an official
written interpretation or application of such laws or regulations (including by virtue of a holding by a court of competent jurisdiction) which amendment or change is publicly announced and becomes effective after January 27, 2022 (or, if the
applicable Relevant Taxing Jurisdiction became a Relevant Taxing Jurisdiction on a date after January 27, 2022, after such later date) (each of the foregoing clauses (i) and (ii), a “Change in Tax Law”) and the Company or
the applicable Note Guarantor cannot avoid any such payment obligation by taking reasonable measures available to it (including making payment through a paying agent located in another jurisdiction, but not including the substitution of an obligor
if the Company would be required to pay Additional Amounts), the Company may, at its option, redeem the Notes then outstanding, in whole but not in part, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid
interest, if any, to, but not including, the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), provided, however, that if such right
to redeem is triggered by the obligation of a Note Guarantor to pay Additional Amounts, such right to redeem will apply only if the payment giving rise to such obligation cannot be made by the Company or another Note Guarantor without the obligation
to pay Additional Amounts. Notice of the Company’s intent to redeem the Notes shall not be given until the Company delivers to the Trustee an opinion of tax counsel to the effect that there has been such Change in Tax Law which would entitle
the Company to redeem the Notes hereunder and an Officers’ Certificate to the effect that the Company or the applicable Note Guarantor cannot avoid its obligation to pay Additional Amounts by taking reasonable measures available to it. The
foregoing provisions shall apply mutatis mutandis to any successor Person to the Company or the applicable Note Guarantor, after such successor Person becomes a party to this Indenture, with respect to a Change in Tax Law that is publicly
announced and becomes effective after such successor Person becomes a party to this Indenture. 
 (f) Any redemption pursuant to this
Section 3.7 shall be made pursuant to the provisions of Sections 3.1 through 3.6 hereof. 
 (g) In connection with any redemption under
this Section 3.7, the Company shall deliver to the Trustee an Officers’ Certificate and Opinion of Counsel to the effect that all conditions precedent in this Indenture to the redemption have been complied with. 

Section 3.8 Purchase of Notes at Option of the Holder Upon Change of Control. 

(a) If at any time that Notes remain outstanding there shall occur a Change of Control, the Notes shall be purchased by the Company at the
option of the Holders, as of the Change of Control Purchase Date, at a purchase price equal to 101% of the principal amount of the Notes, together with accrued and unpaid interest, including interest on any unpaid overdue interest, if any, to, but
excluding, the Change of Control Purchase Date (the “Change of Control Purchase Price”), subject to satisfaction by or on behalf of any Holder of the requirements set forth in subsection (c) of this Section 3.8. 

(b) Within 30 days after the occurrence of a Change of Control with respect to the Notes, the Company shall transmit a written notice
(“Company Notice”) of the Change of Control to the Trustee and to each Holder of Notes (and to beneficial owners as required by applicable law) pursuant to which the Company shall make an offer (a “Change of Control
Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at the Change of Control Purchase Price. The notice shall include the form of a Change of
Control Purchase Notice to be completed by the Holder, shall describe the transaction or transactions that constitute the Change of Control and shall state: 

  
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 (i) that the Change of Control Offer is being made pursuant to this
Section 3.8 and that all Notes tendered will be accepted for payment; 
 (ii) the date by which the Change of Control
Purchase Notice pursuant to this Section 3.8 must be given; 
 (iii) the purchase date, which date shall be no earlier
than 30 days and no later than 60 days after the date the Company Notice is mailed (the “Change of Control Purchase Date”); 

(iv) the Change of Control Purchase Price; 

(v) the Holder’s right to require the Company to purchase the Notes; 

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

(vii) that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Change of Control
Offer will cease to accrue interest after the Change of Control Purchase Date; 
 (viii) the procedures that the Holder must
follow to exercise rights under this Section 3.8; and 
 (ix) the procedures for withdrawing a Change of Control
Purchase Notice, including a form of notice of withdrawal. 
 If any of the Notes is in the form of a Global Note, then the Company shall
modify such notice to the extent necessary to accord with the procedures of the Depositary applicable to the repurchase of Global Notes. 

(c) A Holder may exercise its rights specified in subsection (a) of this Section 3.8 upon delivery of a written notice (which shall
be in substantially the form included in Exhibit A hereto, as applicable, and which may be delivered by letter, overnight courier, hand delivery, facsimile transmission or in any other written form and, in the case of
Global Notes, may be delivered electronically or by other means in accordance with the Depositary’s customary procedures) of the exercise of such rights (a “Change of Control Purchase Notice”) to any Paying Agent at any time
prior to the close of business on the Business Day next preceding the Change of Control Purchase Date. 
 The delivery of such Note to any
Paying Agent (together with all necessary endorsements) at the office of such Paying Agent shall be a condition to the receipt by the Holder of the Change of Control Purchase Price therefor. 

The Company shall purchase from the Holder thereof, pursuant to this Section 3.8, a portion of a Note if the principal amount of such
portion is $2,000 or an integral multiple of $1,000 in excess thereof. Provisions of this Indenture that apply to the purchase of all of a Note pursuant to Sections 3.8 through 3.13 also apply to the purchase of such portion of such Note. 

Notwithstanding anything herein to the contrary, any Holder delivering to a Paying Agent the Change of Control Purchase Notice contemplated by
this subsection (c) shall have the right to withdraw such Change of Control Purchase Notice in whole or in a portion thereof that is a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof at any time prior to the close
of business on the Business Day next preceding the Change of Control Purchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 3.9 hereof. 

A Paying Agent shall promptly notify the Company of the receipt by it of any Change of Control Purchase Notice or written withdrawal thereof.

  
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 Anything herein to the contrary notwithstanding, in the case of Global Notes, any Change of
Control Purchase Notice may be delivered or withdrawn and such Notes may be surrendered or delivered for purchase in accordance with the Applicable Procedures as in effect from time to time. 

(d) The Company will not be required to make a Change of Control Offer upon a Change of Control with respect to the Notes if (1) a third
party makes the Change of Control Offer with respect to the Notes in the manner, at the times and otherwise in compliance with the requirements applicable to a Change of Control Offer made by the Company set forth in subsection (b) of this
Section 3.8 and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer, (2) notice of redemption with respect to the Notes has been given pursuant to Sections 3.1 or 3.7 hereof, unless and until there is
a default in payment of the applicable redemption price, or (3) after giving effect to such Change of Control, (i) no Default or Event of Default has occurred and is continuing, (ii) the Change of Control transaction has been approved
by the Board of Directors of the Company, and (iii) the Notes have received an Investment Grade Rating. In addition, a Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a
definitive agreement is in place for the Change of Control at the time of launching the Change of Control Offer. 
 (e) The Company will
publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Purchase Date. 
 (f)
The provisions under this Indenture relative to the Company’s obligation to make an offer to repurchase the Notes as a result of a Change of Control (including any required notice period) may be waived or modified with respect to the Notes with
the written consent of the Holders of a majority in principal amount of the Notes, including after the entry into an agreement that would result in the need to make a Change of Control Offer. 

(g) In the event that Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw
such Notes in a Change of Control Offer and the Company purchases all of the Notes validly tendered and not withdrawn by such Holders, within 60 days of such purchase, the Company will have the right, upon not less than 10 days’ nor more than
60 days’ prior notice, to redeem all of the Notes that remain outstanding following such purchase at a redemption price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest on the Notes to, but excluding, the
date of redemption. Any redemption pursuant to this Section 3.8(g) shall be made pursuant to the provisions of Sections 3.1 through 3.6 hereof. 

Section 3.9 Effect of Change of Control Purchase Notice. Upon receipt by any Paying Agent of the Change of Control Purchase Notice
specified in Section 3.8(c) hereof, the Holder of the Note in respect of which such change of Control Purchase Notice was given shall (unless such Change of Control Purchase Notice is withdrawn as specified below) thereafter be entitled to
receive the Change of Control Purchase Price with respect to such Note. Such Change of Control Purchase Price shall be paid to such Holder promptly following the later of (a) the Change of Control Purchase Date with respect to such Note
(provided the conditions in Section 3.8(c) hereof have been satisfied) and (b) the time of delivery of such Note to a Paying Agent by the Holder thereof in the manner required by Section 3.8(c) hereof. 

A Change of Control Purchase Notice may be withdrawn by means of a written notice (which may be delivered by mail, overnight courier, hand
delivery, facsimile transmission or in any other written form and, in the case of Global Notes, may be delivered electronically or by other means in accordance with the Depositary’s customary procedures) of withdrawal delivered by the Holder to
a Paying Agent at any time prior to the close of business on the Business Day immediately preceding the Change of Control Purchase Date, specifying the principal amount of the Note or portion thereof (which must be a principal amount of $2,000 or an
integral multiple of $1,000 in excess thereof) with respect to which such notice of withdrawal is being submitted. 
 Section 3.10
Deposit of Change of Control Purchase Price. Prior to 11:00 a.m., New York City time on the Change of Control Purchase Date, the Company shall deposit with the Trustee or with a Paying Agent (other than the Company or an Affiliate of the
Company) an amount of money (in immediately available funds if deposited on such Change of Control Purchase Date) sufficient to pay the aggregate Change of Control Purchase Price of all the Notes or portions thereof that are to be purchased as of
such Change of Control Purchase Date. The manner in which the deposit required by this Section 3.10 is made by the Company shall be at the option of the Company, provided that such deposit shall be made in a manner such that the Trustee
or a Paying Agent shall have immediately available funds on the Change of Control Purchase Date. 

  
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 If a Paying Agent holds, in accordance with the terms hereof, money sufficient to pay the
Change of Control Purchase Price of any Note for which a Change of Control Purchase Notice has been tendered and not withdrawn in accordance with this Indenture then, on the Change of Control Purchase Date, interest will cease to accrue on such
Notes or any portion of such Notes as to which a Change of Control Purchase Notice has been tendered and not withdrawn in accordance with this Indenture and all other rights of the Holder of such Notes will terminate other than the right to receive
the Change of Control Purchase Price, without interest from the Change of Control Purchase Date, on surrender of such Notes. 

Section 3.11 Notes Purchased in Part. Any Note that is to be purchased only in part shall be surrendered at the office of a Paying
Agent, and promptly after the Change of Control Purchase Date 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 such authorized denomination or
denominations as may be requested by such Holder, in aggregate principal amount equal to, and in exchange for, the portion of the principal amount of the Note so surrendered that is not purchased. 

Section 3.12 Compliance with Securities Laws upon Purchase of Notes. In connection with any offer to purchase or purchase of Notes
under Section 3.8 hereof, the Company shall (a) comply with Rule 14e-1 (or any successor to such Rule), if applicable, under the Exchange Act, and (b) otherwise comply with all United States
federal and state securities laws and Canadian federal, provincial and territorial securities laws in connection with such offer to purchase or purchase of Notes, all so as to permit the rights of the Holders and obligations of the Company under
Sections 3.8 through 3.11 hereof to be exercised in the time and in the manner specified therein. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions of this Article 3, the Company
will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Article 3 by virtue of such conflict. 

Section 3.13 Repayment to the Company. To the extent that the aggregate amount of cash deposited by the Company pursuant to
Section 3.10 with respect to any Notes hereof exceeds the aggregate Change of Control Purchase Price (including interest thereon) of the Notes or portions thereof that the Company is obligated to purchase, then promptly after the Change of
Control Purchase Date, and upon request, the Trustee or a Paying Agent, as the case may be, shall return any such excess cash to the Company. 

Section 3.14 Offer to Purchase by Application of Excess Proceeds. In the event that, pursuant to Section 4.14 hereof, the
Company is required to commence an offer to all Holders to purchase Notes (“Asset Sale Offer”), it shall follow the procedures specified below. 

The Asset Sale Offer shall be made to all Holders of Notes and all holders of other Pari Passu Indebtedness containing provisions similar to
those set forth in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets. The Asset Sale Offer shall remain open for a period of at least 20 Business Days following its commencement and not more than 30
Business Days, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than three Business Days after the termination of the Offer Period (the “Purchase Date”), the
Company shall apply a portion of the Excess Proceeds as calculated pursuant to Section 4.14 hereof (the “Offer Amount”) to the purchase of Notes and such other Pari Passu Indebtedness (on a pro rata basis, if applicable) or, if
less than the Offer Amount has been tendered, all of such Notes and other Pari Passu Indebtedness tendered in response to the Asset Sale Offer. Payment for any Notes so purchased shall be made in the same manner as interest payments are made. 

Upon the commencement of an Asset Sale Offer, the Company shall send, by first-class mail, a notice to the Trustee and each of the applicable
Holders. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The notice, which will govern the terms of the Asset Sale Offer, will state: 

  
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 (1) that the Asset Sale Offer is being made pursuant to this
Section 3.14 and Section 4.14 hereof and the length of time the Asset Sale Offer will remain open; 
 (2) the Offer
Amount, the purchase price and the Purchase Date; 
 (3) that with respect to any Notes, any Note not tendered or accepted
for payment will continue to accrue interest; 
 (4) that, unless the Company defaults in making such payment, any Note
accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest after the Purchase Date; 
 (5) that,
with respect to any Notes, Holders electing to have a Note purchased pursuant to an Asset Sale Offer may elect to have such Notes purchased in a principal amount of $2,000 (or in integral multiples of $1,000 in excess thereof) only; 

(6) that Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be required to surrender the Note,
with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry transfer, to the Company, the Depositary, if appointed by the Company, or a Paying Agent at the address specified
in the notice at least three days before the Purchase Date; 
 (7) that Holders shall be entitled to withdraw their election
if the Company or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for
purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 
 (8) that, if the
aggregate principal amount of any Notes and other Pari Passu Indebtedness surrendered in connection with the Asset Sale Offer exceeds the Offer Amount, the Company shall select Notes and other Pari Passu Indebtedness to be purchased on a pro rata
basis based on the principal amount of Notes and such other Pari Passu Indebtedness surrendered (with such adjustments as may be deemed appropriate by the Company so that only such Notes in denominations of $2,000 (or integral multiples of $1,000 in
excess thereof), will be purchased); and 
 (9) that Holders of any Notes whose Notes were purchased only in part will be
issued new Notes equal in principal amount to the unpurchased portion of such Notes surrendered (or transferred by book-entry transfer). 

On or before the Purchase Date, the Company shall, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the
Offer Amount of the applicable Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all such Notes tendered, and shall deliver to the Trustee an Officers’ Certificate stating
that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.14. The Company, the Depositary or the Paying Agent, as the case may be, shall promptly (but in any case not later than
five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of Notes tendered by such Holder and accepted by the Company for purchase, and the Company shall promptly issue a new Note, and the
Trustee, upon written request from the Company, shall authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or
delivered by the Company to the Holder thereof. The Company shall publicly announce the results of the Asset Sale Offer on or as soon as practicable after the Purchase Date. 

Other than as specifically provided in this Section 3.14, any purchase pursuant to this Section 3.14 shall be made pursuant to the
provisions of Sections 3.1 through 3.6 hereof. 

  
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 Section 3.15 Special Mandatory Redemption. 

(a) If (i) the Bausch + Lomb IPO has not occurred on or prior to August 15, 2022 or (ii) if, prior to such date, the Company
notifies the Trustee in writing that it will not pursue the Bausch + Lomb IPO, the Notes shall be redeemed in whole at a special mandatory redemption price (the “Special Mandatory Redemption Price”) equal to 100% of the principal
amount of the Notes, plus accrued and unpaid interest thereon, if any, from the Issue Date or the most recent interest payment date, as applicable, to, but excluding, the Special Mandatory Redemption Date (as defined below). Each of the events
specified in clauses (i) and (ii) above is a “Special Mandatory Redemption Event.” 
 (b) Upon the occurrence of a
Special Mandatory Redemption Event, the Company shall promptly (but in no event later than five Business Days following such Special Mandatory Redemption Event) notify the Trustee in writing (such date of notification, the “Redemption Notice
Date”), that the Notes are to be redeemed on the fifth Business Day following the Redemption Notice Date (such date, the “Special Mandatory Redemption Date”), in each case in accordance with this Indenture. The Company or,
upon receipt of written instruction from the Company accompanied by an Officers’ Certificate, the Trustee, on the Redemption Notice Date shall notify Holders in accordance with this Indenture that all of the outstanding Notes shall be redeemed
at the Special Mandatory Redemption Price on the Special Mandatory Redemption Date automatically and without any further action by the Holders of the Notes. Prior to 11:00 a.m. (New York City time) on the Special Mandatory Redemption Date, the
Company shall deposit with the Trustee funds sufficient to pay the Special Mandatory Redemption Price (as calculated by the Company) for the Notes redeemed on such date. If such deposit is made as provided above, the Notes will cease to bear
interest on and after the Special Mandatory Redemption Date and Holders of the Notes only right will be to receive the Special Mandatory Redemption Price for their Notes (except, until the Notes are redeemed on the Special Mandatory Redemption Date,
the obligations of the Note Guarantors with respect to the payment of Additional Amounts as described in Section 4.21 of this Indenture). 

(c) Notwithstanding anything to the contrary set forth herein, the Bausch + Lomb IPO shall be permitted and shall not constitute a Default.

 (d) Notwithstanding anything to the contrary in this Indenture, to the extent any provisions pursuant to this Section 3.15 conflict
with the provisions of Sections 3.1 through 3.7 hereof, the provisions of this Section 3.15 shall prevail. 
 ARTICLE 4 

COVENANTS 
 Section 4.1
Payment of Notes. The Company shall promptly make all payments in respect of the Notes on the dates and in the manner provided in the Notes and this Indenture. An installment of principal or interest shall be considered paid on the date it is
due if the Paying Agent (other than the Company) holds by 11:00 a.m., New York City time, on that date money, deposited by the Company or an Affiliate thereof, sufficient to pay the installment. Except in the case of a redemption, a Change of
Control Offer or an Asset Sale Offer, accrued and unpaid interest on any Note that is payable, and is punctually paid or duly provided for, on any interest payment date shall be paid to the Person in whose name that Note is registered at the close
of business on the record date for such interest at the office or agency of the Company maintained for such purpose. The Company shall (in immediately available funds), to the fullest extent permitted by law, pay interest on overdue principal
(including premium, if any) and overdue installments of interest from the original due date to the date paid, at the rate applicable to the Note, which interest shall be payable on demand. 

The Company will make payments in respect of the Notes represented by the Global Notes (including principal, premium, if any, and interest) by
wire transfer of immediately available funds to the accounts specified by the Holder of the Global Note. The Company will make all payments of principal, interest and premium, if any, with respect to Definitive Notes by wire transfer of immediately
available funds to the accounts specified by the Holders of the Definitive Notes, in the case of a Holder holding an aggregate principal amount of Notes of $1,000,000 or more, or, if no such account is specified or in the case of a Holder holding an
aggregate principal amount of Notes of less than $1,000,000, by mailing a check to each such Holder’s registered address. All payments shall be made in immediately available funds in U.S. dollars. Payments to any Holder holding an aggregate
principal amount of Notes in excess of $1,000,000 shall be made by wire transfer in immediately available funds to an account maintained by such Holder in the United States, if such Holder has provided wire transfer instructions to the Company at
least 10 Business Days prior to the payment date. Any wire transfer instructions received by the Trustee will remain in effect until revoked by the Holder. 

  
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 Section 4.2 Maintenance of Office or Agency. 

(a) The Company shall maintain in the United States of America, an office or agency (which may be an office of the Trustee or an affiliate of
the Trustee, Registrar or co registrar) where Notes may be surrendered for payment, registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company
shall give prompt written notice to the Trustee of 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 Corporate Trust Office of the Trustee. 

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

(c) The Company hereby designates the offices of the Trustee set forth in Section 2.3 hereof as one such office or agency of the Company.

 Section 4.3 Reports. 

(a) Whether or not required by the SEC’s rules and regulations, so long as any Notes are outstanding, the Company shall furnish (to the
extent not publicly available on the SEC’s EDGAR system) to the Trustee and the Holders of Notes and post on the Company’s website (in a format that is accessible to Holders of Notes as well as prospective Holders of Notes), within the
time periods specified in the SEC’s rules and regulations: 
 (i) all quarterly and annual reports that would be
required to be filed with the SEC on Forms 10-Q and 10-K if the Company were required to file such reports; and 

(ii) all current reports that would be required to be filed with the SEC on Form 8-K if
the Company were required to file such reports. 
 All such reports shall be prepared in all material respects in accordance with all of the
rules and regulations applicable to such reports (other than consolidating financial information required by Rule 3-10 or 3-16 of Regulation S-X or any comparable provision so long as the Company complies with Section 4.3(d)). Each annual report on Form 10-K shall include a report on the Company’s
consolidated financial statements by the Company’s independent registered public accountants. In addition, the Company shall file a copy of each of the reports referred to in clauses (i) and (ii) above with the SEC for public availability
within the time periods specified in the rules and regulations applicable to such reports (unless the SEC will not accept such a filing or the Company is no longer subject to the periodic reporting requirements of the Exchange Act for any reason)
and make such information available to securities analysts and prospective investors upon request. 
 (b) If, at any time, the Company is no
longer subject to the periodic reporting requirements of the Exchange Act for any reason, and regardless of whether it continues to file reports with the SEC, the Company shall nevertheless continue making the reports specified in
Section 4.3(a) hereof available to the Holders of the Notes, prospective investors and securities analysts by posting such information on its website. While the Company remains subject to the periodic reporting requirements of the Exchange Act,
the Company agrees that it shall not take any action for the purpose of causing the SEC not to accept any such filings. If, notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the Company shall post the
reports referred to in Section 4.3(a) hereof on its website within the time periods that would apply if the Company were required to file those reports with the SEC. 

  
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 (c) The Company further agrees that, for so long as any Notes remain outstanding, at any
time it is not required to file the reports required by Section 4.3(a) or (b) hereof with the SEC, it shall furnish to the Holders and to securities analysts and prospective investors, upon their request, the information required to be
delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 (d) The quarterly and annual financial information required by Sections
4.3(a) and (b) hereof shall include a reasonably detailed presentation, either on the face of the financial statements, in the footnotes of the financial statements or in Management’s Discussion and Analysis of Financial Condition and
Results of Operations that discloses the total assets, liabilities, revenues and income from operations of Subsidiaries of the Company that do not Guarantee the Notes. The Trustee shall not be responsible for determining whether this clause 4.3(d)
has been satisfied, nor shall it have any liability in connection therewith. 
 (e) 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 Officers’ Certificates). 

(f) Notwithstanding anything herein to the contrary, in the event that the Company fails to comply with its obligation to file or provide such
information, documents and reports as required by this Section 4.3, the Company will be deemed to have cured such Default with respect to the Notes for purposes of Section 6.1(d) upon the filing or provision of all such information,
documents and reports required hereunder prior to the expiration of 90 days after written notice to the Company of such failure from the Trustee or the Holders of at least 25% of the principal amount of the Notes. 

Section 4.4 Compliance Certificates. The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year of
the Company (beginning with the fiscal year ending December 31, 2022), an Officers’ Certificate as to the signer’s knowledge of the Company’s compliance with all conditions and covenants on their part contained in this Indenture
and stating whether or not the signer knows of any Default or Event of Default. If such signer knows of such a Default or Event of Default, the Officers’ Certificate shall describe the Default or Event of Default and the efforts to remedy the
same. For the purposes of this Section 4.4, compliance shall be determined without regard to any grace period or requirement of notice provided pursuant to the terms of this Indenture. 

Section 4.5 Further Instruments and Acts. Upon request of the Trustee, the Company will execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 

Section 4.6 Maintenance of Corporate Existence. Subject to Article 5 hereof, the Company will do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate existence and the corporate existence of each Restricted Subsidiary; provided, however, that the Company shall not be required to preserve the corporate existence of
any Restricted Subsidiary if (a) the Board of Directors or management of the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and the Restricted Subsidiaries, taken as a
whole, and that the loss thereof is not adverse in any material respect to the Holders of the Notes, (b) if a Subsidiary is to be dissolved or merged or consolidated in compliance with this Indenture or (c) such Subsidiary has no assets.

 Section 4.7 Changes in Covenants When Notes Rated Investment Grade. In the event of the occurrence of a Fall Away Event with
respect to the Notes (and notwithstanding the failure of the Company subsequently to maintain an Investment Grade Rating with respect to such Notes), the provisions of Sections 4.8, 4.9, 4.12, 4.13, 4.14 and 4.18 hereof and clause (iv) of
Section 5.1(a) hereof will no longer be applicable to the Notes. 
 Section 4.8 Restricted Payments. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: 

  
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 (i) declare or pay any dividend or make any other payment or distribution on
account of the Company’s or any of its Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to
the direct or indirect holders of the Company’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the
Company or to the Company or a Restricted Subsidiary of the Company); 
 (ii) purchase, redeem or otherwise acquire or retire
for value (including, without limitation, in connection with any merger or consolidation involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company; 

(iii) purchase, redeem, defease or otherwise acquire or retire for value, prior to scheduled maturity, scheduled repayment or
scheduled sinking fund payment, any Indebtedness of the Company or any Note Guarantor that is contractually subordinated in right of payment to the Notes or a Note Guarantee, except (i) from the Company or a Restricted Subsidiary of the Company
or (ii) the purchase, redemption, defeasance or other acquisition or retirement of any such Indebtedness made in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of
the date of such purchase, redemption, defeasance or other acquisition or retirement; or 
 (iv) make any Restricted
Investment 
 (all such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted
Payments”), unless, at the time of and after giving effect to such Restricted Payment: 
 (1) no Default or Event of
Default has occurred and is continuing or would occur as a consequence of such Restricted Payment; 
 (2) the Company would,
at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Fixed Charge Coverage Ratio test or Total Leverage Ratio test set forth in Section 4.9(a) hereof; and 

(3) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its
Restricted Subsidiaries after January 30, 2015 (excluding Restricted Payments permitted by clauses (ii) through (ix), (xi), (xii), (xiii) and (xiv) of Section 4.8(b)), is less than the sum, without duplication, of: 

(A) an amount (which shall not be less than zero) equal to 50% of the Consolidated Net Income of the Company for the period
(taken as one accounting period) from October 1, 2014 to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment, plus 

(B) 100% of the aggregate net cash proceeds (or the fair market value of assets) received by the Company since January 30,
2015 as a contribution to its common equity capital or from the issue or sale of Equity Interests of the Company (other than Excluded Contributions or Disqualified Stock) or from the issue or sale of convertible or exchangeable Disqualified Stock or
convertible or exchangeable debt securities of the Company that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Stock or debt securities) sold to a Subsidiary of the Company), plus

 (C) to the extent that any Restricted Investment that was made after January 30, 2015 is sold for cash or otherwise
liquidated or repaid for cash, the lesser of (i) the cash return of capital with respect to such Restricted Investment (less the cost of disposition, if any) or (ii) the initial amount of such Restricted Investment, plus 

  
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 (D) to the extent that any Unrestricted Subsidiary of the Company is
redesignated as a Restricted Subsidiary after January 30, 2015, the lesser of (i) the Fair Market Value of the Company’s Investment in such Subsidiary as of the date of such redesignation or (ii) such Fair Market Value as of the
date on which such Subsidiary was originally designated as an Unrestricted Subsidiary, plus 
 (E) $3.7 billion,
plus 
 (F) Declined Asset Sale Proceeds or Retained Asset Sale Proceeds. 

(b) The preceding provisions shall not prohibit: 

(i) the payment of any dividend within 60 days after the date of declaration of the dividend, if at the date of declaration the dividend
payment would have complied with the provisions of this Indenture (it being understood that the amount of any such dividend shall be included in the aggregate amount of Restricted Payments determined in Section 4.8(a)(3) only once and not as
separate Restricted Payments made at both declaration and payment); 
 (ii) any Restricted Payment made in exchange for, or in an amount
equal to the net cash proceeds of, the substantially concurrent sale (other than to the Company or a Restricted Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock); provided, that an amount equal to
such Restricted Payment will be excluded from clause (3)(B) of Section 4.8(a) hereof; 
 (iii) the defeasance, redemption, repurchase or
other acquisition or retirement of subordinated Indebtedness of the Company or any Note Guarantor with the net cash proceeds from, or in exchange for, an incurrence of Permitted Refinancing Indebtedness; 

(iv) the payment of any dividend or any other payment or distribution by a Restricted Subsidiary of the Company to the holders of its Equity
Interests of any class on a pro rata basis to the holders of such class; 
 (v) so long as no Default or Event of Default has occurred and is
continuing, the repurchase, redemption or other acquisition or retirement for value of Equity Interests of the Company or any Restricted Subsidiary of the Company held by any present or former employee, director, officer or consultant of, or service
provider to, the Company or any of its Restricted Subsidiaries pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement (including, for the avoidance of doubt, any principal and
interest payable on any notes issued by the Company in connection with any such repurchase, retirement or other acquisition), or any stock subscription or shareholder agreement; provided that the aggregate amount of Restricted Payments made
under this clause (v) shall not exceed in any calendar year $25.0 million (with unused amounts for any year being carried over to the next succeeding year, but not to any subsequent year, with the permitted amount for each year being used
prior to any amount carried over from the previous year); provided further that such amount in any calendar year may be increased by an amount not to exceed: 

(i) the cash proceeds of key man life insurance policies received by the Company or its Restricted Subsidiaries after the Issue
Date; less 
 (ii) the amount of any Restricted Payments previously made with the cash proceeds described in subclause
(i) of this clause (v); 
 (vi) payments to holders of Equity Interests (or to the holders of Indebtedness that is convertible into or
exchangeable for Equity Interests upon such conversion or exchange) in lieu of the issuance of fractional shares; 

  
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 (vii) repurchases of Equity Interests deemed to occur in connection with the
exercise or vesting of stock options or similar instruments to the extent necessary to pay withholding or similar taxes related to such exercise or vesting of stock options or similar instruments; 

(viii) the making of additional Restricted Payments in an amount not to exceed the portion, if any, of the Excluded
Contributions on such date that the Company elects to apply to this clause (viii) (plus, without duplication of amounts referred to in this clause (viii), in an amount equal to the Net Proceeds from a disposition of property or assets acquired after
the Issue Date, if the acquisition of such property or assets was financed with Excluded Contributions up to the amount of such Excluded Contributions); 

(ix) repurchases or retirement for value of Equity Interests deemed to occur upon exercise of stock options or warrants if such
Equity Interests represent a portion of the exercise price of such options or warrants; 
 (x) the repurchase, redemption or
other acquisition or retirement for value of any subordinated Indebtedness or Disqualified Stock pursuant to provisions similar to those described under Section 3.8 and Section 4.14; provided that, prior thereto, all Notes tendered
by Holders in connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed or acquired for value; 

(xi) so long as no Default or Event of Default has occurred and is continuing, the declaration and payment of dividends to
holders of any class or series of Disqualified Stock of the Company or its Restricted Subsidiaries issued in accordance with Section 4.9; 

(xii) so long as no Default or Event of Default has occurred and is continuing, other Restricted Payments; provided,
however, that if the Total Leverage Ratio as of the date of any Restricted Payment to be made pursuant to this clause (xii) is greater than or equal to 5.0 to 1.0, such Restricted Payment shall be permitted to be made pursuant to this
clause (xii) only if the amount of such Restricted Payment, when taken together with the amount of all other Restricted Payments previously made pursuant to this clause (xii) when the Total Leverage Ratio was greater than or equal to 5.0
to 1.0, does not exceed the greater of (x) $750.0 million and (y) 2.5% of Consolidated Total Assets in the aggregate; 

(xiii) the distribution, as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Company or a
Restricted Subsidiary by, Unrestricted Subsidiaries; and 
 (xiv) any payments or deliveries in connection with (a) a
Permitted Bond Hedge Transaction or (b) Permitted Warrant Transaction or Packaged Rights (i) by delivery of shares of the Company’s Equity Interests (other than Disqualified Stock) or (ii) otherwise, to the extent of a payment or
delivery received from a Permitted Bond Hedge Transaction (whether such payment or delivery on the Permitted Warrant Transaction is effected by netting, set-off or otherwise). 

(c) The amount of all Restricted Payments (other than cash) shall be the Fair Market Value (determined, for purposes of this Section 4.8,
by the Company or, in the case of any asset(s) valued in excess of $750.0 million, by the Board of Directors of the Company) on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by the Company
or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. For purposes of determining compliance with this Section 4.8, in the event that a Restricted Payment meets the criteria of more than one of the categories
described in clauses (i) through (xiv) of clause (b) of this Section 4.8, including Section 4.8(a) or the definition of “Permitted Investment,” the Company will be permitted to classify such Restricted Payment and later
reclassify all or a portion of such Restricted Payment in any manner that complies with this Section 4.8. In addition, a Restricted Payment need not be permitted solely by reference to one provision permitting such Restricted Payment but may be
permitted in part by one such provision and in part by one or more other provisions of this Section 4.8 permitting such Restricted Payment. 

  
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 (d) Notwithstanding any other provision of this Indenture, no portion of the aggregate net
cash proceeds received by the Company from the Bausch + Lomb IPO or the Solta IPO will increase the amount provided under Section 4.8(a)(3)(B). 

Section 4.9 Incurrence of Indebtedness and Issuance of Preferred Stock. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or otherwise (collectively, “incur”), with respect to any Indebtedness (including Acquired Debt), and the Company shall not issue any Disqualified Stock and
shall not permit any of its Restricted Subsidiaries to issue any Disqualified Stock or preferred stock; provided, however, that the Company or any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) or issue
Disqualified Stock and any Restricted Subsidiary may issue preferred stock if (x) the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial statements are available
immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or preferred stock is issued would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the
net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Stock or preferred stock had been issued, as the case may be, at the beginning of such four-quarter period or (y) the Total Leverage Ratio on the
date on which such additional Indebtedness is incurred or such Disqualified Stock or preferred stock is issued would have been no higher than 6.5 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds
therefrom), giving effect to the incurrence of the additional Indebtedness, Disqualified Stock or preferred stock. 
 (b) Subsection
(a) of this Section 4.9 shall not prohibit the incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”): 

(i) the incurrence by the Company and its Restricted Subsidiaries of Indebtedness under Credit Facilities in an aggregate
principal amount at any one time outstanding under this clause (i) not to exceed (a) $1,250.0 million plus (b) the greater of (x) $1,500.0 million and (y) 39.0% of LTM Consolidated Cash Flow (measured at the time of such
incurrence); 
 (ii) the incurrence by the Company and its Restricted Subsidiaries of the Existing Indebtedness, including
the Existing Notes; 
 (iii) the incurrence by the Company and the Note Guarantors of Indebtedness represented by the Initial
Notes (including the Note Guarantees and any future Note Guarantees); 
 (iv) the incurrence by the Company or any of its
Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, in an aggregate amount, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause
(iv), not to exceed the greater of (x) $275.0 million and (y) 1.0% of Consolidated Total Assets at any time outstanding; 

(v) mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of
the purchase price or cost of construction or improvement of property, plant or equipment used in the business of the Company or any Restricted Subsidiary of the Company, in an aggregate principal amount, including all Permitted Refinancing
Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (v), not to exceed the greater of (x) $675.0 million and (y) 2.5% of Consolidated Total Assets at any time outstanding; 

(vi) the incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for,
or the net proceeds of which are used to refund, refinance or replace, Indebtedness (other than intercompany Indebtedness) that was permitted by this Indenture to be incurred under Section 4.9(a) hereof or clauses (ii), (iii), (xii), (xiv) or
(xxi) of this Section 4.9(b) or this clause (vi) or, solely to the extent of the excess (if any) of the amount of Indebtedness incurred and outstanding under clause (xx) of this Section 4.9(b) prior to the applicable
refinancing over the maximum aggregate amount permitted to be incurred and outstanding under clause (xx) of this Section 4.9(b) at the time of such refinancing, clause (xx) of this Section 4.9(b); 

  
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 (vii) the incurrence by the Company or any of its Restricted Subsidiaries of
intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries; provided, however, that: 

(A) if the Company or a Note Guarantor is the obligor on such Indebtedness and the obligee is not the Company or another Note
Guarantor, such Indebtedness must be expressly subordinated (without regard to security interest) to the prior payment in full in cash of all Obligations with respect to the Notes; and 

(B) (i) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a
Person other than the Company or a Restricted Subsidiary of the Company and (ii) any sale or other transfer of any such Indebtedness to a Person that is not either the Company or a Restricted Subsidiary of the Company shall be deemed, in each
case, to constitute an incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that is not permitted by this clause (vii); 

(viii) (i) the incurrence by the Company or any of its Restricted Subsidiaries of Hedging Obligations that are incurred
and not for speculative purposes and (ii) the incurrence by a Securitization Special Purpose Entity of Indebtedness in a Qualified Securitization Transaction that is without recourse to the Company or to any other Restricted Subsidiary of the
Company or their assets (other than Standard Securitization Undertakings); 
 (ix) the Guarantee by the Company or any
Restricted Subsidiary of the Company of Indebtedness of the Company or any Restricted Subsidiary that was permitted to be incurred under this Section 4.9 (other than the Note Guarantees); provided that if the Indebtedness being
guaranteed is subordinated to or pari passu with the Notes or any Note Guarantee, then the Guarantee shall be subordinated to the same extent as the Indebtedness guaranteed (without regard to security interest); 

(x) the accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any
Indebtedness in the form of additional Indebtedness with the same terms, and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock will not be deemed to be an incurrence of
Indebtedness or an issuance of Disqualified Stock for purposes of this Section 4.9; provided, in each such case, that the amount thereof is included in Fixed Charges of the Company as accrued; 

(xi) obligations in respect of performance and surety bonds and completion guarantees or similar obligations provided by the
Company or any Restricted Subsidiary of the Company in each case in the normal course of business (whether or not consistent with past practice); 

(xii) the incurrence by the Company or any of its Restricted Subsidiaries of Acquired Debt; provided, however,
that on the date of acquisition and after giving effect thereto on a pro forma basis, (i) the Fixed Charge Coverage Ratio of the Company (A) would be at least 2.0 to 1.0 or (B) would be equal to or greater than such Fixed Charge
Coverage Ratio immediately prior to such acquisition or (ii) the Total Leverage Ratio of the Company (A) would be no higher than 6.5 to 1.0 or (B) would be equal to or lower than such Total Leverage Ratio immediately prior to such
acquisition; 
 (xiii) the incurrence by any Foreign Subsidiary or other
Non-Guarantor Subsidiary of Indebtedness in an aggregate principal amount at any time outstanding, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness
incurred pursuant to this clause (xiii), not to exceed the greater of (x) $675.0 million or (y) 2.5% of Consolidated Total Assets; 

  
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 (xiv) Indebtedness of the Company or any Restricted Subsidiary incurred in
connection with or in contemplation of, or to provide all or any portion of the funds or credit support utilized to consummate, the acquisition by the Company or any Restricted Subsidiary of the Company of property used or useful in a Permitted
Business (whether through the direct purchase of assets or the purchase of Capital Stock of, or merger or consolidation with, any Person owning such assets); provided, however, on the date of such incurrence and after giving effect
thereto on a pro forma basis, (i) the Fixed Charge Coverage Ratio of the Company (A) would be at least 2.0 to 1.0 or (B) would be equal to or greater than such Fixed Charge Coverage Ratio immediately prior to such incurrence or
(ii) the Total Leverage Ratio of the Company (A) would be no higher than 6.5 to 1.0 or (B) would be equal to or lower than such Total Leverage Ratio immediately prior to such incurrence; 

(xv) Indebtedness incurred by the Company or any of its Restricted Subsidiaries constituting reimbursement obligations with
respect to letters of credit issued in the ordinary course of business, including letters of credit in respect of workers’ compensation claims, death, disability or other employee benefits or property, casualty or liability insurance or
self-insurance, or other Indebtedness with respect to reimbursement-type obligations regarding workers’ compensation claims; provided, however, that upon the drawing of such letters of credit or the incurrence of such
Indebtedness, such obligations are reimbursed within 30 days following such drawing or incurrence; 
 (xvi) Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds, provided that such Indebtedness is extinguished within five Business Days of notice of its
incurrence; 
 (xvii) Indebtedness of the Company or any of its Restricted Subsidiaries supported by a letter of credit
issued pursuant to the Credit Facilities, in a principal amount not in excess of the stated amount of such letter of credit; 

(xviii) Indebtedness of the Company or any of its Restricted Subsidiaries consisting of (i) the financing of insurance
premiums or (ii) take-or-pay or similar obligations contained in supply arrangements, in each case, incurred in the ordinary course of business; 

(xix) the incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness in an aggregate principal
amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (xix), not to exceed the greater of (x)
$1,000.0 million and (y) 3.75% of Consolidated Total Assets; 
 (xx) the incurrence by the Company or any of its
Restricted Subsidiaries of Indebtedness secured by a Lien under Credit Facilities in an aggregate principal amount such that, on a pro forma basis (including a pro forma application of the proceeds therefrom), the Secured Leverage Ratio would not
exceed 3.50 to 1.00; 
 (xxi) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness of the
Company and/or any Restricted Subsidiary in an aggregate outstanding principal amount not to exceed 100% of the amount of any capital contributions or other proceeds received by the Company or any Restricted Subsidiary (a) from the issuance or
sale of its Equity Interests (other than Disqualified Stock) or (b) in the form of any cash contribution, plus the fair market value, as determined by the Company in good faith, of Cash Equivalents, marketable securities or other property
received by the Company or any Restricted Subsidiary from the issuance and sale of its Equity Interests (other than Disqualified Stock) or a contribution to the capital of the Company or any Restricted Subsidiary (including through consolidation,
amalgamation or merger), in each case after the Issue Date, and in each case other than (w) any proceeds received from the sale of Equity Interests to, or contributions from, the Company or any of its Restricted Subsidiaries, (x) to the
extent the relevant proceeds have otherwise been applied to make Restricted Payments hereunder, (y) any Excluded Contribution and (z) any of the aggregate net cash proceeds received by the Company from either the Bausch + Lomb IPO or the
Solta IPO; and 

  
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 (xxii) the incurrence of Indebtedness of any joint venture or Indebtedness
of the Company or any Restricted Subsidiary incurred on behalf of any joint venture or any guarantees by the Company or any Restricted Subsidiary of Indebtedness of any joint venture in an aggregate outstanding principal amount for all such
Indebtedness not to exceed at any time the greater of $350.0 million and 1.25% of Consolidated Total Assets. 
 (c) The Company shall
not, and shall not permit any Note Guarantor to, incur any Indebtedness (including Permitted Debt) that is contractually subordinated in right of payment to any other Indebtedness of the Company or the Note Guarantors unless such Indebtedness is
also contractually subordinated in right of payment to the Notes on substantially identical terms; provided, however, that no Indebtedness of the Company or the Note Guarantors shall be deemed to be contractually subordinated in right
of payment to any other Indebtedness of the Company or any Note Guarantor solely by virtue of being unsecured or having a junior lien priority. 

(d) For purposes of determining compliance with this Section 4.9, in the event that an item of proposed Indebtedness meets the criteria of
more than one of the categories of Permitted Debt described in clauses (i) through (xxii) of Section 4.9(b) hereof, or is entitled to be incurred pursuant to subsection (a) of this Section 4.9, the Company shall be permitted to
classify such item of Indebtedness on the date of its incurrence, or later reclassify from time to time all or a portion of such item of Indebtedness, in any manner that complies with this Section 4.9. Indebtedness permitted by this
Section 4.9 need not be permitted solely by reference to one clause permitting such Indebtedness but may be permitted in part by one such clause and in part by one or more other clauses of this Section 4.9 permitting such Indebtedness.
Indebtedness under Credit Facilities outstanding on the Issue Date will be deemed to have been incurred on such date in reliance on the exception provided by clause (xx) of Section 4.9(b) hereof. 

(e) In addition, for purposes of determining compliance with this Section 4.9, the Company or the applicable Restricted Subsidiary may,
pursuant to an Officers’ Certificate delivered to the Trustee, elect to treat all or any portion of the commitment under any Indebtedness (including with respect to any revolving loan commitment) as being incurred at the time of such
commitment, in which case any subsequent incurrence of Indebtedness under such commitment shall not be deemed to be an incurrence at such subsequent time. 

Section 4.10 [Reserved]. 

Section 4.11 Liens. The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly,
create, incur, assume or suffer to exist any Lien (except a Permitted Lien) of any kind (any such Lien, the “Initial Lien”) on any asset now owned or hereafter acquired; except in the case of any assets that do not constitute
Collateral, any Initial Lien if the Notes or the Note Guarantees are secured equally and ratably with (or prior to) the obligations secured by such Initial Lien. 

Any Lien created for the benefit of Holders pursuant to the last clause of the preceding paragraph shall provide by its terms that such Lien
shall be automatically and unconditionally released and discharged, without any action on the part of the Holders, upon the release and discharge of the Initial Lien. 

Section 4.12 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or
become effective any consensual encumbrance or restriction on the ability of any such Restricted Subsidiary to: 
 (i) pay
dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries or pay any indebtedness owed to the Company or any of its Restricted Subsidiaries; 

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

  
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 (iii) transfer any of its properties or assets to the Company or any of its
Restricted Subsidiaries. 
 (b) The restrictions set forth in Section 4.12(a) hereof shall not apply to encumbrances or restrictions
existing under or by reason of: 
 (i) agreements, including agreements governing Existing Indebtedness as in effect on the
date of this Indenture and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of those agreements, provided that the amendments, modifications, restatements, renewals,
increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Company, not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in
those agreements on the date of this Indenture; 
 (ii) this Indenture, the Notes, the Note Guarantees and the Collateral
Documents; 
 (iii) any encumbrance or restriction pursuant to Credit Facilities incurred under clause (i) or (xx) of
Section 4.9(b) hereof; 
 (iv) applicable law, rule, regulation or order, approval, license, permit or similar
restriction, including under contracts with foreign governments or agencies thereof entered into in the ordinary course of business; 

(v) any instrument governing Indebtedness, Capital Stock or assets of a Person acquired by the Company or any of its Restricted
Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness was incurred, or such Capital Stock was issued, in connection with or in contemplation of such acquisition), which encumbrance or restriction is not
applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired and any amendments, modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings of those agreements provided that the amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Company, not materially
more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements on the date of the acquisition, provided that, in the case of Indebtedness, such Indebtedness was
permitted to be incurred under Section 4.9 hereof; 
 (vi) customary
non-assignment provisions in leases, contracts and licenses entered into in the ordinary course of business; 

(vii) purchase money obligations for property that impose restrictions on that property of the nature described in clause
(iii) of Section 4.12(a) hereof; 
 (viii) any agreement for the sale or other disposition of a Restricted
Subsidiary that restricts distributions, transfers, loans or advances by that Restricted Subsidiary pending its sale or other disposition; 

(ix) Permitted Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such
Permitted Refinancing Indebtedness are not, in the good faith judgment of the Company, materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced; 

(x) Permitted Liens securing Indebtedness that limit the right of the debtor to dispose of the assets subject to such Liens;

  
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 (xi) customary provisions in joint venture agreements, asset sale
agreements, stock sale agreements and other similar agreements entered into with the approval of the Board of Directors of the Company or otherwise in the ordinary course of business; 

(xii) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary
course of business; 
 (xiii) restrictions in agreements or instruments which prohibit the payment or making of dividends or
other distributions other than on a pro rata basis; 
 (xiv) contractual requirements of a Securitization Special Purpose
Entity in connection with a Qualified Securitization Transaction; provided that such restrictions apply only to such Securitization Special Purpose Entity; and 

(xv) any agreement or instrument governing Indebtedness or preferred stock permitted to be incurred subsequent to the Issue
Date pursuant to Section 4.9 hereof which encumbrances or restrictions (x) are not, in the good faith judgment of the Company, materially more restrictive, taken as a whole, than those contained in this Indenture or (y) will not, in
the good faith judgment of the Company, affect the ability of the Company to make anticipated payments of principal, interest or premium on the Notes. 

Section 4.13 Transactions with Affiliates. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or
otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any
Affiliate (each, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $100.0 million, unless: 

(i) the Affiliate Transaction is on terms that are no less favorable, taken as a whole, to the Company or the relevant
Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person, as determined by the Company in good faith; and 

(ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in
excess of $750.0 million, such Affiliate Transaction has been approved by a majority of the disinterested members of the Board of Directors of the Company. 

(b) The following items shall be deemed not to be Affiliate Transactions and, therefore, will not be subject to the provisions of
Section 4.13(a) hereof: 
 (i) any employment agreement or benefit or similar plan entered into by the Company or any of
its Restricted Subsidiaries in the ordinary course of business of the Company or such Restricted Subsidiary; 
 (ii)
transactions between or among the Company and/or its Restricted Subsidiaries; 
 (iii) transactions with a Person that is an
Affiliate of the Company solely because the Company owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person; 

(iv) the payment of reasonable compensation and fees to, and the provision of customary indemnities to, current or former
officers, directors, employees or consultants of the Company or any of its Restricted Subsidiaries; 
 (v) issuances or sales
of Equity Interests (other than Disqualified Stock) of the Company to Affiliates or employees of or consultants to the Company; 

  
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 (vi) Restricted Payments that are permitted by the provisions of
Section 4.8 hereof and Permitted Investments; 
 (vii) transactions effected pursuant to agreements in effect on the
date of this Indenture and any amendment, modification or replacement to such agreement (so long the as amendment, modification or replacement is not, in the good faith judgment of the Company, materially more disadvantageous to the Company or such
Restricted Subsidiary, taken as a whole, than the terms of those agreements in effect on the date of this Indenture); 

(viii) [reserved]; 

(ix) transactions with a Permitted Joint Venture in which the Company or any Restricted Subsidiary holds or acquires an
ownership interest (whether by way of Capital Stock or otherwise) so long as the terms of any such transactions, in the good faith judgment of the Company, are not materially less favorable, taken as a whole, to the Company or such Restricted
Subsidiary than they are to other joint venture partners; 
 (x) any agreement that grants registration and other customary
rights in connection therewith or otherwise to the direct or indirect security holders of the Company or any Restricted Subsidiary (and the performance of such agreements); 

(xi) transactions with Affiliates solely in their capacity as Holders of Indebtedness or Capital Stock of the Company or any of
its Restricted Subsidiaries, where such Affiliates receive the same consideration as non-Affiliates in such transactions; 

(xii) transactions affected as part of a Qualified Securitization Transaction; and 

(xiii) transactions in which the Company or any Restricted Subsidiary, as the case may be, delivers to the Trustee a copy of a
letter from an accounting, appraisal or investment banking firm of national standing addressed to the Company stating that such transaction meets the requirements of Section 4.13(a)(i). 

Section 4.14 Asset Sales. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 

(i) the Company (or its Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at
least equal to the Fair Market Value (determined, for purposes of this clause (i), by the Company or, in the case of any asset(s) valued in excess of $750.0 million, by the Board of Directors of the Company) of the assets or Equity Interests
issued or sold or otherwise disposed of; and 
 (ii) except in the case of a Permitted Asset Swap, at least 75% of the
consideration received in the Asset Sale by the Company or such Restricted Subsidiary is in the form of cash or Cash Equivalents. For purposes of this provision, each of the following will be deemed to be cash: 

(A) any liabilities, as shown on the Company’s most recent consolidated balance sheet, of the Company or any Restricted
Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes and the Note Guarantees) (i) that are assumed by the transferee of any such assets pursuant to an agreement that releases the
Company or such Restricted Subsidiary from further liability or (ii) that are discharged by the transferee in a transaction pursuant to which neither the Company nor any Restricted Subsidiary has any liability following such Asset Sale; 

  
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 (B) any securities, notes or other obligations received by the Company or
any such Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into cash within 180 days after the consummation of the applicable Asset Sale, to the extent of the cash received in that conversion;

 (C) any Designated Noncash Consideration having an aggregate Fair Market Value that, when taken together with all other
Designated Noncash Consideration previously received and then outstanding, does not exceed at the time of the receipt of such Designated Noncash Consideration (with the Fair Market Value of each item of Designated Noncash Consideration being
measured at the time received and without giving effect to subsequent changes in value) the greater of $800.0 million or 3.0% of Consolidated Total Assets; and 

(D) future payments to be made in cash or Cash Equivalents owed to the Company or a Restricted Subsidiary in the form of
licensing, royalty, earnout or Milestone Payment (or similar deferred cash payments). 
 (b) Within 450 days after the receipt of any Net
Proceeds from an Asset Sale, the Company or the applicable Restricted Subsidiary may apply an amount equal to those Net Proceeds: 

(i) to repay (x) Indebtedness and other Obligations under the Credit Agreement and, if the Indebtedness repaid under the
Credit Agreement is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto, (y) Indebtedness and other Obligations under the Notes or any Pari Passu Indebtedness (other than the Credit Agreement) and, if the
Pari Passu Indebtedness being repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto (provided that if such Net Proceeds are applied to repay such Pari Passu Indebtedness under this clause (y), the
Company shall equally and ratably reduce obligations under the Notes in accordance with Section 3.7 hereof, through privately negotiated transactions or open market purchases (in each case, provided that such purchases are at or above
100% of the principal amount thereof), or by making an offer (in accordance with Section 4.14(c)) to all Holders to purchase, at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, the pro rata
principal amount of Notes) or (z) other Indebtedness of a Non-Guarantor Subsidiary, so long as the relevant assets were assets of such Subsidiary; 

(ii) to acquire all or substantially all of the assets of, or a majority of the Voting Stock of, another Permitted Business or
the minority interest in any Permitted Business; 
 (iii) to make payments with respect to the acquisition or license of
intellectual property rights that are used in a Permitted Business; 
 (iv) to make a capital expenditure in or that is
useful in a Permitted Business; 
 (v) to retire Notes (x) pursuant to Section 3.7 hereof, (y) through
privately negotiated transactions or open market purchases or (z) by making an offer to purchase Notes in accordance with Section 4.14(c); or 

(vi) to acquire other assets (other than cash and Cash Equivalents) that are used or useful in a Permitted Business; 

provided that (1) a binding commitment to apply any Net Proceeds from an Asset Sale as set forth in clauses (ii), (iii), (iv) or (vi) of this
Section 4.14(b) shall be treated as a permitted application of the Net Proceeds from the date of such commitment so long as the Company or such Restricted Subsidiary enters into such commitment with the good faith expectation that such Net
Proceeds will be applied to satisfy such commitment within 180 days of the end of such 450-day period (an “Acceptable Commitment”) and, in the event any Acceptable Commitment is later
cancelled or terminated for any reason before the Net Proceeds are applied in connection therewith, then the Company or such Restricted Subsidiary shall be permitted to apply the Net Proceeds in any manner set forth above before the expiration of
such 180-day period and, in the event the Company or such Restricted Subsidiary fails to do 

  
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so, then such Net Proceeds shall constitute Excess Proceeds and (2) the Company may elect to deem certain expenditures that would otherwise be permissible reinvestments but that occurred
prior to the receipt of the applicable Net Proceeds as having been reinvested in accordance with the provisions of this Section 4.14, but only to the extent such deemed expenditure shall have been made no earlier than the earlier of the
execution of a definitive agreement with respect to such Asset Sale or the consummation thereof. 
 Notwithstanding anything in this
Section 4.14 to the contrary, the Company shall not be required to apply any amount that would otherwise be required to be applied pursuant to this Section 4.14 to the extent that the Asset Sale (x) is consummated by any Foreign
Subsidiary for so long as the Company determines in good faith that the repatriation to the Company of any such amount would be prohibited or delayed (beyond the time period during which such application is otherwise required to be made pursuant
hereto) under any requirement of law or conflict with the fiduciary duties of such Foreign Subsidiary’s directors, or result in, or could reasonably be expected to result in, a material risk of personal or criminal liability for any officer,
director, employee, manager, member of management or consultant of such Foreign Subsidiary (including on account of financial assistance, corporate benefit, thin capitalization, capital maintenance or similar considerations); it being understood and
agreed that (i) solely within 365 days following the event giving rise to the relevant Net Proceeds, the Company shall take all commercially reasonable actions required by applicable requirements of law to permit such repatriation and, to the
extent applicable, would no longer conflict with the fiduciary duties of such director, or result in, or be reasonably expected to result in, a material risk of personal or criminal liability for the Persons described above, in either case, and
(ii) if such repatriation is permitted or would no longer so conflict, within 365 days following the event giving rise to the relevant Net Proceeds, the relevant Foreign Subsidiary will promptly repatriate the relevant Net Proceeds, and the
repatriated Net Proceeds will be promptly (and in any event not later than two Business Days after such repatriation) applied (net of additional taxes payable or reserved against such Net Proceeds, as a result thereof, in each case by the Company or
the Company’s Subsidiaries, and any Affiliates or indirect or direct equity owners of the foregoing) as required above, or (y) generates Net Proceeds that are received by any joint venture for so long as the Company determines in good
faith that the distribution of such Net Proceeds would be prohibited under the organizational documents (or any relevant shareholders’ or similar agreement) governing such joint venture; it being understood that if the relevant prohibition
ceases to exist within the 365-day period following the event giving rise to the relevant Net Proceeds, the relevant joint venture will promptly distribute the Net Proceeds, as the case may be, and the Net
Proceeds, as the case may be, will be promptly (and in any event not later than ten Business Days after such distribution) applied (net of additional taxes payable or reserved against as a result thereof) as set forth above. In addition, if the
Company determines in good faith that the repatriation (or other intercompany distribution) to the Company of any amounts required to be applied as set forth above would result in material and adverse tax consequences for the Company or any of its
subsidiaries, Affiliates or indirect or direct equity owners, taking into account any foreign tax credit or benefit actually realized in connection with such repatriation (such amount, a “Restricted Amount”), as determined by the
Company in good faith, the amount the Company shall be required to apply as set forth above shall be reduced by the Restricted Amount; provided that to the extent that the repatriation (or other intercompany distribution) of any Net Proceeds from
the relevant Foreign Subsidiary would no longer have a material and adverse tax consequence within the 365-day period following the event giving rise to the Net Proceeds, an amount equal to the Net Proceeds
not previously applied pursuant to this Section 4.14 shall be so applied. 
 Notwithstanding Sections 4.14(a) and 4.14(b), the Company
and its Restricted Subsidiaries will not be required to apply an amount equal to any Net Proceeds in accordance with this Section 4.14 except to the extent that the aggregate Net Proceeds from all Asset Sales which are not applied in accordance
with this Section 4.14 in any calendar year exceeds the greater of $200.0 million or 1.0% of Consolidated Total Assets at the time of receipt of such Net Proceeds (any amount less than such threshold, “Retained Asset Sale
Proceeds”). Pending application of an amount equal to Net Proceeds pursuant to this Section 4.14, the Company or a Restricted Subsidiary may temporarily reduce revolving credit borrowings or otherwise invest the Net Proceeds in any
manner that is not prohibited by this Indenture. 
 (c) Any Net Proceeds from Asset Sales that are not applied or invested as provided in
Section 4.14(b) hereof shall constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds in any calendar year exceeds the greater of $200.0 million or 1.0% of Consolidated Total Assets, the Company shall
make an offer (an “Asset Sale Offer”) to all Holders of Notes and all holders of other Pari Passu Indebtedness to purchase the maximum principal amount of Notes and such other Pari Passu Indebtedness that may be purchased out of the

  
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amount of such Excess Proceeds. The offer price in any Asset Sale Offer shall be equal to 100% of principal amount plus accrued and unpaid interest to, but not including, the date of purchase,
and shall be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer (“Declined Asset Sale Proceeds”), the Company and its Restricted Subsidiaries may use the amount of such Excess Proceeds for any
purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and other Pari Passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Company shall select the Notes and such
other Pari Passu Indebtedness to be purchased on a pro rata basis. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 

(d) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations
conflict with the Asset Sale provisions of this Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under the Asset Sale provisions of this Indenture by
virtue of such compliance. 
 Section 4.15 Additional Note Guarantees. 

(a) To the extent any one of the Company’s Subsidiaries that is not a Note Guarantor as of the Issue Date Guarantees any Indebtedness of
the Company or any Guarantor under any syndicated Credit Facility or Capital Markets Indebtedness as of the Issue Date, the Company shall use commercially reasonable efforts to cause such Subsidiary to execute and deliver to the Trustee a notation
of Note Guarantee substantially in the form of Exhibit B hereto (subject to the Agreed Guarantee Principals) or, in the case that such Subsidiary of the Company is a Canadian Note Guarantor, a Canadian Note Guarantee, pursuant to which such
Subsidiary shall unconditionally Guarantee, on a senior secured basis, all of the Company’s obligations under the Notes and this Indenture on the terms set forth in this Indenture and, if applicable, the Canadian Note Guarantee, within 120 days
after the Issue Date. Thereafter, such Subsidiary shall be a Note Guarantor for all purposes hereof until such Note Guarantee is released in accordance herewith. 

(b) If any one of the Company’s Subsidiaries that is not a Note Guarantor Guarantees any Indebtedness of the Company or any Guarantor
under any syndicated Credit Facility or Capital Markets Indebtedness after the Issue Date, that Subsidiary shall (i) execute and deliver to the Trustee a supplemental indenture in form reasonably satisfactory to the Trustee and a notation of
Note Guarantee substantially in the form of Exhibit B hereto or, in the case that such Subsidiary of the Company is a Canadian Note Guarantor, a Canadian Note Guarantee, pursuant to which such Subsidiary shall
unconditionally Guarantee, on a senior secured basis, all of the Company’s obligations under the Notes and this Indenture on the terms set forth in this Indenture and, if applicable, the Canadian Note Guarantee, and (ii) deliver to the
Trustee an Opinion of Counsel that such supplemental indenture and notation of Note Guarantee or, if applicable, Canadian Note Guarantee, has been duly authorized, executed and delivered by such Subsidiary and constitutes a legal, valid, binding and
enforceable obligation of such Subsidiary. Thereafter, such Subsidiary shall be a Note Guarantor for all purposes hereof until such Note Guarantee is released in accordance herewith. 

Notwithstanding the foregoing, the supplemental indenture and notation of Note Guarantee may be modified in respect of any Note Guarantor
organized outside of the United States of America as necessary or appropriate to (1) comply with applicable law, (2) avoid any general legal limitations such as general statutory limitations, financial assistance, corporate benefit,
“thin capitalization” rules, retention of title claims or similar matters or (3) avoid a conflict with the fiduciary duties of such company’s directors, contravention of any legal prohibition or regulatory condition, or the
material risk of personal or criminal liability for any officers or directors (collectively referred to as “Agreed Guarantee Principles”), in each case as determined by the Company in its sole discretion. 

Section 4.16 Designation of Restricted and Unrestricted Subsidiaries. 

(a) The Company’s Board of Directors may designate any Restricted Subsidiary (other than BHA) to be an Unrestricted Subsidiary if that
designation would not cause a Default. Any designation of a Subsidiary as an Unrestricted Subsidiary will be deemed to be a designation of each of such entity’s Subsidiaries as Unrestricted 

  
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Subsidiaries. Following the Issue Date, if a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments (calculated after
giving effect to any concurrent transactions) owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary shall be deemed to be an Investment made as of the time of the designation and will reduce
the amount available for Restricted Payments under Section 4.8 hereof or under one or more of the clauses of the definition of “Permitted Investments,” as determined by the Company. That designation will only be permitted if the
Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Company’s Board of Directors may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary
if the redesignation would not cause a Default; provided that such redesignation will be deemed to be an incurrence of Indebtedness and, if applicable, an incurrence of related Liens by a Restricted Subsidiary of the Company of any
outstanding Indebtedness and, if applicable, related Liens of such Unrestricted Subsidiary and such redesignation will only be permitted if such Indebtedness and, if applicable, related Liens are permitted under Section 4.9 hereof and, if
applicable, Section 4.11 hereof (other than clause (3) under the definition of “Permitted Liens”), calculated, if applicable, on a pro forma basis as if such designation had occurred at the beginning of the four-quarter reference
period. 
 (b) Notwithstanding the foregoing or any other provision of this Indenture, in addition to the conditions set forth in clause
(a) above and otherwise applicable to the designation of Restricted Subsidiaries to be Unrestricted Subsidiaries, the designation of any Bausch + Lomb Entity as an Unrestricted Subsidiary hereunder shall be permitted only to the extent that
such Bausch + Lomb Entity shall have been substantially concurrently designated as an “Unrestricted Subsidiary” under the Credit Agreement. 

(c) Notwithstanding anything herein to the contrary, Solta may not be designated as an Unrestricted Subsidiary. 

Section 4.17 Business Activities. The Company shall not, and shall not permit any of its Restricted Subsidiaries to, engage in any
business other than Permitted Businesses, except to such extent as would not be material to the Company and its Restricted Subsidiaries, taken as a whole. 

Section 4.18 Limitation on Bausch + Lomb Contributions, Transfers and Dispositions. 

(a) Notwithstanding anything to the contrary set forth in Section 4.8 of this Indenture, from and after the Bausch + Lomb Designation
Date and for so long as the Bausch + Lomb Entities remain Unrestricted Subsidiaries, the Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, contribute any business unit, line of business or
product line (or, in each case, the material assets thereof, including material intellectual property related thereto if such material intellectual property is contributed by way of a transfer of actual legal title or an Exclusive License) to any
Bausch + Lomb Entity except: 
 (i) pursuant to the transactions described in the Bausch + Lomb Registration Statement under
the headings “The Separation and the Distribution” and “Certain Relationships and Related Party Transactions,” including, without limitation, pursuant to the Separation Agreements; 

(ii) for the contribution of any business unit, line of business or product line or material assets that primarily relates to
the Bausch + Lomb Business; or 
 (iii) any such contribution of business units, lines of business or product lines or
material assets having a Fair Market Value (measured at the time of the applicable contribution) of no greater than $75.0 million in the aggregate; provided that in each case the Company will deliver to the Trustee an Officers’ Certificate
to the effect that such excepted contribution was made in accordance with the provisions of the Indenture and the Separation Agreements. 

Section 4.19 Stay, Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it shall not at
any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company from paying all or any portion of the principal of,
premium, if any, or interest on the Notes as contemplated herein, 

  
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wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture, and the Company (to the extent it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law and covenant that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every
such power as though no such law had been enacted. 
 Section 4.20 Notice of Default. In the event that any Default or Event of
Default under Section 6.1 hereof shall occur, the Company shall give prompt written notice of such Default or Event of Default to the Trustee, after it becomes aware of the same. 

Section 4.21 Payment of Additional Amounts. 

(a) All payments made by or on behalf of the Company under or with respect to the Notes, or by or on behalf of any Note Guarantor under or
with respect to any Note Guarantee (each such Person, a “Payor”) will be made free and clear of any withholding or deduction for or on account of any tax, duty, levy, impost, assessment or other governmental charge of whatever
nature (collectively, “Tax”) imposed or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor makes any payment on the
Notes or its Note Guarantee or any department or political subdivision of any of the foregoing (each, a “Relevant Taxing Jurisdiction”), unless the Payor (or an applicable withholding agent) is required to withhold or deduct Taxes
by law. If the Payor (or an applicable withholding agent) is required by law to withhold or deduct any amount for or on account of Taxes of a Relevant Taxing Jurisdiction from any payment made under or with respect to any Notes or Note Guarantee,
the Payor, subject to the exceptions listed below, will pay additional amounts (“Additional Amounts”) as may be necessary to ensure that the net amount received by each Holder or beneficial owner of the Notes after such withholding
or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder) will not be less than the amount the Holder or beneficial owner would have received if such Taxes had not been required to be so withheld or
deducted. 
 (b) A Payor will not, however, pay Additional Amounts to a Holder or beneficial owner of Notes: 

(i) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the existence of any
present or former connection between the Holder or beneficial owner (or between a fiduciary, settler, beneficiary, member or shareholder of, or possessor of a power over, such Holder or beneficial owner, if such Holder or beneficial owner is an
estate, trust, partnership or corporation) and the Relevant Taxing Jurisdiction (other than any connection resulting solely from the acquisition, ownership, holding or disposition of Notes, the receipt of payments thereunder or under any Note
Guarantee and/or the exercise or enforcement of rights under any Notes or any Note Guarantee); 
 (ii) to the extent the
Taxes giving rise to such Additional Amounts would not have been imposed but for the failure of the Holder or beneficial owner of Notes, following the Company’s or the Payor’s written request addressed to the Holder, to the extent such
Holder or beneficial owner is legally eligible to do so, to comply with any certification, identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing
Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not
resident in the Relevant Taxing Jurisdiction); 
 (iii) with respect to any estate, inheritance, gift, sales, transfer,
capital gains, excise or personal property tax or any similar Taxes; 
 (iv) to the extent the Taxes giving rise to such
Additional Amounts would not have been imposed but for the presentation by the Holder or beneficial owner of any Note, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and
payable or the date on which payment thereof is duly provided for, whichever occurs later; 

  
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 (v) to the extent the Taxes giving rise to such Additional Amounts would not
have been imposed but for the Holder or beneficial owner not dealing at arm’s length, within the meaning of the Income Tax Act (Canada), with such Payor; 

(vi) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for such Holder or
beneficial owner being, or not dealing at arm’s length (within the meaning of the Income Tax Act (Canada)) with, a “specified shareholder” of the Company as defined in subsection 18(5) of the Income Tax Act
(Canada) for purposes of the thin capitalization rules in the Income Tax Act (Canada); 
 (vii) to the extent the
Taxes giving rise to such Additional Amounts are U.S. federal withholding taxes imposed pursuant to Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (the “Code”), as in effect on the date hereof (or any
amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations, official interpretations or administrative authority promulgated thereunder and any agreements entered
into pursuant to Section 1471(b)(1) of the Code as in effect on the date hereof (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), and, for the avoidance of doubt, any
intergovernmental agreement (and related legislation, rules or practices) implementing the foregoing (taken together, “FATCA”), except to the extent that such Taxes result from a failure of any Paying Agent to comply with FATCA; or

 (viii) any combination of items (i), (ii), (iii), (iv), (v), (vi) and (vii). 

Additional Amounts also shall not be paid with respect to any payment on the Notes or any Note Guarantee to a beneficial owner who is a
fiduciary, a partnership (or entity treated as a partnership for tax purposes) or anyone other than the sole beneficial owner of that payment to the extent that payment would be required by the laws of the Relevant Taxing Jurisdiction to be included
in the income, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a member of that partnership or a beneficial owner who would not have been entitled to the Additional Amounts had that beneficiary, settlor, member or
interest holder been the beneficial owner. 
 (c) The Payor or applicable withholding agent will (i) make any such withholding or
deduction required by applicable law and (ii) timely remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. The Payor, or the applicable withholding agent, will make reasonable efforts to obtain
certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes. The Payor, or the applicable withholding agent, will provide to the Trustee, within a reasonable
time after the date the payment of any Taxes so deducted or withheld are due pursuant to applicable law, either a certified copy of tax receipts evidencing such payment, or, if such tax receipts are not reasonably available to the Payor, such other
documentation that provides reasonable evidence of such payment by the Payor. 
 (d) Where Tax is payable pursuant to Regulation 803 of the
Income Tax Act (Canada) by a Holder or beneficial owner of the Notes in respect of any amount payable under the Notes or any Note Guarantee to the Holder (other than by reason of a transfer of the Notes to a person resident in Canada with
whom the transferor does not deal at arm’s length for the purposes of such Act), but no Additional Amount is paid in respect of such Tax, the Payor will pay as or on account of interest to the Holder an amount equal to such Tax (a
“Regulation 803 Reimbursement”) plus an amount equal to any Tax required to be paid by the Holder or beneficial owner as a result of such Regulation 803 Reimbursement within 45 days after receiving from the Holder a notice
containing reasonable particulars of the Tax so payable, provided such Holder or beneficial owner would have been entitled to receive Additional Amounts on account of such Tax (and only to the extent of such Additional Amounts that such
Holder or beneficial owner would have been entitled to receive) but for the fact that it is payable otherwise than by deduction or withholding from payments made under or with respect to the Notes or any Note Guarantee. 

(e) Prior to the date on which the payment of any Additional Amounts are due, the Payor will deliver to the Trustee an Officers’
Certificate stating that such Additional Amounts will be payable on the applicable payment date, and setting forth the amounts so payable, and will set forth such other information necessary to enable the Trustee (or applicable paying agent) to pay
such Additional Amounts to Holders on the payment date. Any such 

  
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Officers’ Certificate will be delivered at least two Business Days in advance of when the payments in question are required to be made (unless a shorter period of time is acceptable to the
Trustee in its reasonable discretion). The Payor will promptly publish a notice in accordance with Section 11.2 hereof stating that such Additional Amounts will be payable and describing the obligation to pay such amounts. 

(f) The Payors, jointly and severally, will reimburse the Holders or beneficial owners of Notes, upon written request of such Holder or
beneficial owner of Notes and certified proof of payment for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or beneficial owner in connection with payments made under or with respect
to the Notes or any Note Guarantee; and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or beneficial owner after such
reimbursement will not be less than the net amount such Holder or beneficial owner would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed, provided,
however, that the indemnification obligation provided for in this Section 4.21(f) shall not extend to Taxes imposed for which the Holder or beneficial owner of the Notes would not have been eligible to receive payment of Additional
Amounts hereunder by virtue of clauses (i) through (viii) of Section 4.21(b) hereof, or to the extent such Holder or beneficial owner received Additional Amounts with respect to such payments. 

(g) In addition, the Payor will pay any stamp, issue, registration, court, documentary, excise or other similar taxes, charges and duties,
including interest and penalties with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes or any Note Guarantee or any other document or instrument
referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction at any time as a result of, or in connection with, (i) any payments made pursuant to the Notes or any Note Guarantee or any other such
document or instrument referred to thereunder and/or (ii) the enforcement of the Notes or any Note Guarantee or any other such document or instrument referred to thereunder. 

(h) The obligations described under this Section 4.21 will survive any termination, defeasance or discharge of this Indenture and will
apply mutatis mutandis to any successor Person, to any Payor and to any jurisdiction in which such successor is organized, carrying on business or is otherwise resident for Tax purposes or any jurisdiction from or through which payment is
made by such successor or its respective agents. 
 (i) Whenever this Indenture refers to, in any context, the payment of principal,
premium, if any, interest or any other amount payable under or with respect to any Note or under any Note Guarantee, such reference includes the payment of Additional Amounts or other payments that would be payable pursuant to this
Section 4.21, if applicable. 
 Section 4.22 After-Acquired Property. 

(a) Promptly following (but so long as the Credit Agreement is outstanding in no circumstance sooner than required with respect to the Credit
Agreement) the acquisition by the Company or any Note Guarantor of any After-Acquired Property or upon any new Subsidiary becoming a Note Guarantor, the Company or such Note Guarantor shall, subject to the limitations set forth herein, including the
remaining clauses below, (i) provide a Lien over such property consistent with the Liens granted over similar property in the applicable jurisdiction (or in the case of any jurisdiction where no Liens were previously granted, to the extent
customary and reasonably achievable under applicable local law) (or, in the case of a new Note Guarantor, all of its property (other than Excluded Assets) consistent with the Liens granted over similar property in the applicable jurisdiction (or in
the case of any jurisdiction where no Liens were previously granted, to the extent customary and reasonably achievable under applicable local law)) in favor of the Notes Collateral Agents and (ii) execute and deliver such mortgages, deeds of
trust, security instruments, financing statements and certificates as shall be necessary to vest in the relevant Notes Collateral Agent a perfected security interest, subject only to Permitted Liens, in such After-Acquired Property or in the
Collateral of such Note Guarantor and to have such After-Acquired Property or such Collateral (but subject to the limitations set forth in the Collateral Documents) added to the Collateral, and thereupon all provisions of this Indenture relating to
the Collateral shall be deemed to relate to such After-Acquired Property or Collateral to the same extent and with the same force and effect, and deliver certificates and Opinions of Counsel consistent with the ones delivered in the applicable
jurisdiction in connection with other Collateral Documents or in the case of any 

  
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jurisdiction where no Liens were previously granted, such certificates and Opinions of Counsel as are customary in such jurisdiction; provided, however, that if granting such
security interest in such After-Acquired Property or Collateral requires the consent of a third party, to the extent such actions are also taken with respect to the Credit Agreement, the Company will use commercially reasonable efforts to obtain
such consent with respect to the security interest for the benefit of the Trustee and the relevant Notes Collateral Agent on behalf of the Holders of the Notes; provided further, however, that if such third party does not consent to
the granting of such security interest after the use of such commercially reasonable efforts, the Company or such Note Guarantor, as the case may be, will not be required to provide such security interest. 

(b) Notwithstanding anything in this Indenture or the Collateral Documents to the contrary, in addition to the other exceptions and
limitations described in the Collateral Documents, and notwithstanding any action that is taken in favor of the lenders under the Credit Agreement, in no event shall the Company or any Note Guarantor be required to (x) create any security
interests in assets located, titled, registered or filed outside of the Covered Jurisdictions or to perfect such security interests, (y) deliver (A) control agreements, (B) landlord waivers, (C) bailee letters, (D) other similar
third party documents, or (E) security agreements, pledge agreements, or share charge (or mortgage) agreements (or similar agreements) governed under the laws of a jurisdiction other than the Covered Jurisdictions or (z) take any other
action not taken pursuant to the Credit Agreement (so long as it is outstanding). In addition, in no event shall the Company or any Note Guarantor be required to grant liens or take any action to perfect liens on any real estate other than Material
Real Estate Assets. 
 (c) Notwithstanding anything in this Indenture or the Collateral Documents to the contrary, so long as the Credit
Agreement or the Existing Secured Notes are outstanding, the Company and the Note Guarantors will not be required to grant liens on any asset in any jurisdiction where such assets can be pledged to only one secured party pursuant to local laws
governing such collateral or local practice applicable to such collateral. 
 (d) Notwithstanding anything in this Indenture or the
Collateral Documents to the contrary, the Company and the Note Guarantors will not be required to (i) perfect by control any security interest in deposit accounts, securities accounts, commodities accounts or similar accounts or
(ii) perfect a security interest in any asset if such asset does not constitute “Collateral” (or an equivalent term)under the Credit Agreement security documents or where the Company and the Note Guarantors are not required to take
such actions under the Credit Agreement security documents. 
 (e) Any Collateral Document may provide that the amount recoverable in
respect of the Collateral provided by the Note Guarantors will be limited as necessary to (1) prevent such Collateral from being in breach of any applicable law, (2) avoid any general legal limitations such as general statutory
limitations, financial assistance, corporate benefit, “thin capitalization” rules, retention of title claims or similar matters or (3) avoid a conflict with the fiduciary duties of such company’s officers or directors,
contravention of any legal prohibition or regulatory condition, or the material risk of personal or criminal liability for any officers or directors, in each case as determined by the Company in its sole discretion. 

(f) The limitations set forth in clauses (b) through (e) above are referred to as the “Applicable Collateral
Limitations.” 
 Section 4.23 Additional Material Real Estate Assets. In the event that the Company or any Note
Guarantor acquires a Material Real Estate Asset or a Real Estate Asset owned or leased on the Issue Date becomes a Material Real Estate Asset and such interest has not otherwise been made subject to the Lien of the Collateral Documents in favor of
any Notes Collateral Agent, for the benefit of First Lien Notes Secured Parties, then the Company or such Note Guarantor shall, subject to the Applicable Collateral Limitations, promptly take all such actions and execute and deliver, or cause to be
executed and delivered, all such mortgages, documents, instruments and agreements necessary to make such Lien a valid and perfected first priority security interest (subject to Permitted Liens) in such Material Real Estate Asset and deliver such
Opinions of Counsel and certificates as are customary in such jurisdictions. 
 Section 4.24 No Impairment of the Security
Interests. Except as otherwise permitted under this Indenture (including, for the avoidance of doubt, pursuant to a transaction otherwise permitted by this Indenture), the First Lien Intercreditor Agreement and the Collateral Documents, none of
the Company nor any of the Note Guarantors shall be permitted to take any action, or knowingly omit to take any action, which action or omission would have the result of materially impairing the security interest with respect to the Collateral for
the benefit of the Trustee, the Notes Collateral Agents and the Holders of the Notes. 

  
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 ARTICLE 5 

MERGER, CONSOLIDATION OR SALE OF ASSETS 

Section 5.1 Merger, Consolidation or Sale of Assets. 

(a) The Company shall not, directly or indirectly: (1) consolidate, amalgamate or merge with or into another Person (whether or not the
Company is the surviving Person) or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries, taken as a whole, in one or more related
transactions, to another Person, unless: 
 (i) either (x) the Company is the surviving Person; or (y) the Person
formed by or surviving any such consolidation, amalgamation or merger (if other than the Company) or to which such sale, assignment, transfer, conveyance or other disposition has been made is organized and validly existing under the laws of the
U.S., any state of the U.S. or the District of Columbia or under the laws of Canada or any province thereof, any member state of the European Union as in effect on the Issue Date, Bermuda, Cayman Islands, any Channel Island or Switzerland
(provided that if such entity is not a corporation, a co-obligor of the Notes is a corporation); 

(ii) the Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Company) or the Person
to which such sale, assignment, transfer, conveyance or other disposition has been made expressly assumes all the obligations of the Company under the Notes, this Indenture and the applicable Collateral Documents pursuant to agreements reasonably
satisfactory to the Trustee; 
 (iii) immediately after such transaction, no Default or Event of Default exists; 

(iv) either (a) the Company or the Person formed by or surviving any such consolidation, amalgamation or merger (if other
than the Company), or to which such sale, assignment, transfer, conveyance or other disposition has been made shall, on the date of such transaction after giving pro forma effect thereto and any related financing transactions as if the same had
occurred at the beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test or Total Leverage Ratio test set forth in Section 4.9(a) hereof or
(b) the Company or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Company) or to which such sale, assignment, transfer, conveyance or other disposition has been made would, on the date of
such transaction after giving pro forma effect thereto and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period, have a Fixed Charge Coverage Ratio for such Person and its
Restricted Subsidiaries that would be equal to or greater than such ratio for such Person and its Restricted Subsidiaries immediately prior to such action or have a Total Leverage Ratio for such Person and its Restricted Subsidiaries that would be
equal to or lower than such ratio for such Person and its Restricted Subsidiaries immediately prior to such action; and 

(v) the Company has delivered to the Trustee an Officers’ Certificate stating that such consolidation, amalgamation,
merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, complies with this Article and that all conditions precedent herein provided for relating to such
transaction have been complied with. 
 (b) The Company may not, directly or indirectly, lease all or substantially all of its properties or
assets, in one or more related transactions, to any other Person. 
 (c) The Company will not permit any Note Guarantor to, directly or
indirectly, (1) consolidate, amalgamate or merge with or into another Person; or (2) sell, assign, transfer, convey or otherwise dispose (collectively, “dispose”) of all or substantially all of its properties or assets, in
one or more related transactions, to another Person unless: 

  
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 (i) except in the case of a Note Guarantor (x) that has disposed of all
or substantially all of its assets, whether through a merger, amalgamation, consolidation or sale of Capital Stock or assets or (y) that, as a result of the disposition of all or a portion of its Capital Stock, ceases to be a Subsidiary of the
Company, in both cases in compliance with Section 4.14 hereof, the resulting, surviving or transferee Person (if not such Note Guarantor) shall expressly assume, by a guarantee agreement and applicable Collateral Documents in a form reasonably
satisfactory to the Trustee, all the obligations of such Note Guarantor under its Note Guarantee; and 
 (ii) immediately
after such transaction, no Default or Event of Default exists. 
 Notwithstanding the foregoing: (A) any Restricted Subsidiary may
consolidate or amalgamate with, merge into or transfer all or part of its properties and assets to the Company or any Note Guarantor and (B) the Company may merge or amalgamate with an Affiliate of the Company solely for the purpose of
reincorporating the Company in another jurisdiction within the United States of America, any state thereof or the District of Columbia, or Canada or any province thereof, any member state of the European Union as in effect on the Issue Date,
Bermuda, Cayman Islands, any Channel Island, Singapore or Switzerland or converting the Company into a limited liability company organized under the United States of America, any state thereof or the District of Columbia, or Canada or any province
thereof, any member state of the European Union as in effect on the Issue Date, Bermuda, Cayman Islands, any Channel Island, Singapore or Switzerland (provided that a co-obligor of the Notes is a
corporation). 
 Section 5.2 Successor Substituted. Upon any consolidation of the Company with, or merger or amalgamation of the
Company into, any other Person or any conveyance, transfer or lease of all or substantially all of the properties and assets of the Company in accordance with Section 5.1 hereof, the successor Person formed by such consolidation or into which
the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had
been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Notes. 

ARTICLE 6 
 DEFAULT AND REMEDIES

 Section 6.1 Events of Default. Each of the following is an “Event of Default” with respect to the Notes:

 (a) default in the payment of any principal of (including, without limitation, any premium, if any, on) of the Notes when
the same becomes due and payable (whether at maturity, upon a Redemption Date, Change of Control Purchase Date, Purchase Date or otherwise); 

(b) default in the payment of any interest payable on Notes when the same becomes due and payable and the Default continues for
a period of 30 days; 
 (c) failure by the Company or any of its Restricted Subsidiaries 

(i) to comply with any of the provisions of Sections 3.8, 3.14, 3.15 or 4.14 of this Indenture, which failure remains uncured
for 30 days after written notice to the Company from the Trustee or to the Company and the Trustee from the Holders of at least 25% in principal amount of the Notes; or 

(ii) to comply with the provisions described in Section 5.1 of this Indenture; 

  
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 (d) the Company or any of its Restricted Subsidiaries fails to comply with any of the other
covenants contained in the Notes, the Collateral Documents or this Indenture and the Default continues for 60 days (or 90 days in the case of the provisions of Section 4.3) after written notice to the Company from the Trustee or to the Company
and the Trustee from the Holders of at least 25% in aggregate principal amount of the Notes then outstanding; 
 (e) default under any
mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is Guaranteed by the
Company or any of its Restricted Subsidiaries) whether such Indebtedness or Guarantee now exists, or is created after the date of this Indenture, if that default: 

(i) is caused by a failure to pay principal when due on such Indebtedness within any applicable grace period provided in such
Indebtedness (a “Payment Default”); or 
 (ii) results in the acceleration of such Indebtedness prior to its
express maturity, 
 and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such
Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $250.0 million or more; 

(f) failure by the Company or any of its Restricted Subsidiaries to pay final non-appealable judgments
aggregating in excess of $250.0 million, which judgments are not paid, discharged, stayed or subject to insurance for a period of 60 days after becoming final; 

(g) any Note Guarantee by a Significant Subsidiary ceases to be in full force and effect in all material respects (except as contemplated by
the terms thereof) or any Note Guarantor that is a Significant Subsidiary denies or disaffirms such Note Guarantor’s obligations under this Indenture or any Note Guarantee and such Default continues for 10 days after receipt of the notice as
specified in this Indenture; 
 (h) unless such Liens have been released in accordance with the provisions of the applicable Collateral
Documents, liens with respect to all or substantially all of the Collateral cease to be valid or enforceable, or the Company shall assert or any Note Guarantor shall assert, in any pleading in any court of competent jurisdiction, that any such
security interests are invalid or unenforceable and, in the case of any such Note Guarantor, the Company fails to cause such Note Guarantor to rescind such assertions within 30 days after the Company has actual knowledge of such assertions; 

(i) the Company, any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would
constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law: 
 (i) commences a voluntary
case or proceeding; 
 (ii) consents to the entry of an order for relief against it in an involuntary case or proceeding;

 (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; and 

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

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

(ii) appoints a Custodian of the Company, any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of the Company, any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that,
taken together, would constitute a Significant Subsidiary; or 
 (iii) orders the liquidation of the Company, any Restricted
Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; 
 and
in each case the order or decree described in this clause (j) remains unstayed and in effect for 60 consecutive days. 
 Any notice
given pursuant to Section 6.1(d) hereof must be in writing and must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” When any Default under this Section 6.1 is cured, it
ceases. 
 Section 6.2 Acceleration. If an Event of Default (other than an Event of Default specified in clause (i) or (j)
of Section 6.1 hereof with respect to the Company) with respect to the Notes occurs and is continuing, the Trustee may, by notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding may, by
notice to the Company and the Trustee, declare all unpaid principal to the date of acceleration on the Notes then outstanding (if not then due and payable) to be due and payable upon any such declaration, and the same shall become and be immediately
due and payable. If an Event of Default specified in clause (i) or (j) of Section 6.1 hereof with respect to the Company occurs, all unpaid principal (including, without limitation, any premium, if any, then outstanding), and accrued
interest, if any, on the Notes then outstanding shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. The Holders of a majority in aggregate principal amount of
Notes then outstanding by notice to the Trustee may rescind an acceleration and its consequences if (a) all existing Events of Default, other than the nonpayment of the principal of Notes which has become due solely by such declaration of
acceleration, have been cured or waived; (b) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and (c) all payments due to the Trustee and any predecessor Trustee under Section 7.7
hereof in respect of the Notes have been made. No such rescission shall affect any subsequent default or impair any right consequent thereto. 

Notwithstanding anything to the contrary set forth above, a notice of Default may not be given with respect to any action taken, and reported
publicly or to Holders, more than two years prior to such notice of Default. 
 Any notice of Default, notice of acceleration or instruction
to the Trustee to provide a notice of Default, notice of acceleration or take any other action (a “Noteholder Direction”) provided by any one or more Holders (other than any Holder that is a Regulated Bank) (each a
“Directing Holder”) must be accompanied by a written representation from each such Holder to the Company and the Trustee that such Holder is not (or, in the case such Holder is DTC or its nominee, that such Holder is being
instructed solely by beneficial owners that have represented to such Holder that they are not) Net Short (a “Position Representation”), which representation, in the case of a Noteholder Direction relating to a notice of Default
shall be deemed repeated at all times until the resulting Event of Default is cured or otherwise ceases to exist or the Notes are accelerated. In addition, each Directing Holder must, at the time of providing a Noteholder Direction, covenant to
provide the Company with such other information as the Company may reasonably request from time to time in order to verify the accuracy of such Holder’s Position Representation within five Business Days of request therefor (a
“Verification Covenant”). In any case in which the Holder is DTC or its nominee, any Position Representation or Verification Covenant required hereunder shall be provided by the beneficial owner of such Notes in lieu of DTC or its
nominee. If, following the delivery of a Noteholder Direction, but prior to the acceleration of the Notes, the Company determines in good faith that there is a reasonable basis to believe a Directing Holder providing such Noteholder Direction was,
at any relevant time, in 

  
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breach of its Position Representation and provides to the Trustee evidence that the Company has filed papers with a court of competent jurisdiction seeking a determination that such Directing
Holder was, at such time, in breach of its Position Representation, and seeking to invalidate any Event of Default that resulted from the applicable Noteholder Direction, the cure period with respect to such Event of Default shall be automatically
stayed pending a final and non-appealable determination of a court of competent jurisdiction on such matter. If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the
Company provides to the Trustee an Officer’s Certificate stating that a Directing Holder failed to satisfy its Verification Covenant, the cure period with respect to any Event of Default that resulted from the applicable Noteholder Direction
shall be automatically stayed pending satisfaction of such Verification Covenant. Any breach of the Position Representation shall result in such Holder’s participation in such Noteholder Direction being disregarded; and, if, without the
participation of such Holder, the percentage of the Notes held by the remaining Holders that provided such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab
initio, with the effect that such Event of Default shall be deemed never to have occurred. In addition, for the avoidance of doubt, this paragraph shall not apply to any Holder that is a Regulated Bank; provided that if a Regulated Bank is a
Directing Holder or a beneficial owner directing DTC, it shall provide a written representation to the Company that it is a Regulated Bank. 

For the avoidance of doubt, the Trustee shall be entitled to conclusively rely without liability on any Noteholder Direction delivered to it
in accordance with this Indenture, shall have no duty to inquire as to or investigate the accuracy of any Position Representation, enforce compliance with any Verification Covenant, verify any statements in any Officer’s Certificate delivered
to it, or otherwise make calculations, investigations or determinations with respect to Derivative Instruments, Net Shorts, Long Derivative Instruments, Short Derivative Instruments or otherwise and shall have no liability for ceasing to take any
action or staying any remedy. The Trustee shall have no liability to the Company, any Holder or any other Person in acting in good faith on a Noteholder Direction or taking no action in good faith with respect thereto, or for determining whether any
Holder has delivered a Position Representation, such Position Representation conforms with the requirements of this Indenture or any other agreement or any Holder is a Regulated Bank. 

Section 6.3 Other Remedies. If an Event of Default occurs and is continuing in respect of the Notes, the Trustee may, but shall
not be obligated to, pursue any available remedy by proceeding at law or in equity to collect the payment of the principal of or interest on the Notes or to enforce the performance of any provision of such Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Noteholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any
other remedy. All available remedies are cumulative to the extent permitted by law. 
 Section 6.4 Waiver of Defaults and Events of
Default. Subject to Sections 6.7 and 9.2 hereof, the Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may waive an existing Default or Event of Default and its consequences, except a
Default or Event of Default in the payment of the principal of, premium, if any, or interest on any Notes when due or any Default or Event of Default in respect of any provision of this Indenture or the Notes which, under Section 9.2 hereof,
cannot be modified or amended without the consent of the Holder of each Note affected (with respect to any Notes held by a non-consenting Holder). When a Default or Event of Default is waived, it is cured and
ceases. 
 Section 6.5 Control by Majority. The Holders of a majority in aggregate principal amount of the Notes then
outstanding may direct the time, method and place of conducting any proceeding for exercising any remedy or power available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that
it determines, in consultation with its counsel conflicts with law or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of another Holder of Notes or the Trustee, or that may involve the Trustee in personal
liability unless the Trustee is offered indemnity satisfactory to it; provided, however, that the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 

  
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 Section 6.6 Limitations on Suits. A Holder may not pursue any remedy with
respect to this Indenture or the Notes (except actions for payment of overdue principal, premium, if any, or interest) unless: 

(a) the Holder gives to the Trustee written notice of a continuing Event of Default; 

(b) the Holders of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the
Trustee to pursue the remedy; 
 (c) such Holder or Holders offer to the Trustee reasonable indemnity satisfactory to the
Trustee against any loss, liability or expense; 
 (d) the Trustee does not comply with the request within 60 days after
receipt of the request and the offer of indemnity; and 
 (e) no direction inconsistent with such written request has been
given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Notes. 

Section 6.7 Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, with respect to the
Notes, the contractual right of any Holder of a Note to receive payment of the principal of, or interest on such Note, on or after the respective due dates expressed in such Note and this Indenture and to bring suit for the enforcement of any such
payment on or after such respective dates, is absolute and unconditional and shall not be impaired or affected without the consent of the Holder. 

Section 6.8 Collection Suit by Trustee. If an Event of Default in the payment of principal or interest specified in clause
(a) or (b) of Section 6.1 hereof occurs and is continuing with respect to the Notes, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or another obligor on the Notes for the whole
amount of principal and accrued interest remaining unpaid, together with, to the extent that payment of such interest is lawful, interest on overdue principal and overdue installments of interest, in each case at a rate equal to the interest rate
then in effect on such Note and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

Section 6.9 Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings
relative to the Company (or any other obligor on the Notes), its creditors or its property and shall be entitled and empowered to collect and receive any money or other property payable or deliverable on any such claims and to distribute the same,
and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee
any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7 hereof, and to the extent that such payment of the
reasonable compensation, expenses, disbursements and advances in any such proceedings shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, money,
securities and other property which the Holders may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee
to authorize or consent to, or, on behalf of any Holder, to authorize, accept or adopt any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding. 
 Section 6.10 Priorities. If the Trustee collects any money
pursuant to this Article 6, including upon realization of the Collateral, but subject to the First Lien Intercreditor Agreement, it shall pay out the money in the following order: 

First, to the Trustee for amounts due under Section 7.7 hereof; 

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

Third, to the extent of any excess of such proceeds to the payment to or upon the order of the applicable Grantor or to
whosoever 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 6.10. 
 Section 6.11 Undertaking for Costs. In
any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an
undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of
the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit made by the Trustee, a suit by a Holder pursuant to Section 6.7 hereof, or a suit by Holders of more than 10% in aggregate principal amount of
the Notes then outstanding. 
 ARTICLE 7 

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

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

(A) the Trustee need perform only those duties as are specifically set forth in this Indenture and no others; and 

(B) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. The Trustee, however, shall examine any certificates and opinions which by any provision
hereof are specifically required to be delivered to the Trustee to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated
therein). 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act, or its own
willful misconduct, except that: 
 (A) this paragraph does not limit the effect of subsection (b) of this
Section 7.1; 
 (B) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer,
unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (C) the Trustee shall not be
liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.5 hereof. 

(d) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder or in the exercise of any of its rights or powers unless the Trustee shall have received satisfactory indemnity in its opinion against potential costs and liabilities incurred by it relating thereto. 

  
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 (e) Every provision of this Indenture that in any way relates to the Trustee is subject to
subsections (a), (b), (c) and (d) of this Section 7.1. 
 (f) The Trustee shall not be liable for interest on any money received
by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

Section 7.2 Rights of Trustee. Subject to Section 7.1 hereof: 

(a) The Trustee may rely conclusively on any document believed by it to be genuine and to have been signed or presented by the
proper person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or
refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel (or both), which shall conform to Section 11.4(b) hereof. The Trustee shall not be liable for any action it takes or omits to take in good faith in
reliance on such Officers’ Certificate or Opinion of Counsel. 
 (c) The Trustee may act through its agents and shall
not be responsible for the misconduct or negligence of any agent appointed with due care. 
 (d) The Trustee shall not be
liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers. 

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

(f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it
in compliance with such request or direction. 
 (g) The Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(h) The Trustee shall not be deemed to have notice of any Default or Event of Default unless written notice of any event which
is in fact such a default is received by a responsible Trust Officer of the Trustee at the Corporate Trust Office, and such notice references the Notes and this Indenture. The Trustee shall not be responsible for monitoring the value of any
collateral that is released from the Liens hereunder. 
 (i) The rights, privileges, protections, immunities and benefits
given to BNY Mellon as Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, BNY Mellon in each of its capacities hereunder, including as Notes Collateral Agent, and to each agent,
custodian and other Person employed to act hereunder. 

  
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 (j) In no event shall the Trustee be responsible or liable for special,
punitive, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of
action. 
 (k) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, any epidemics, pandemics or similar outbreaks of infectious disease, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee
shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 7.3 Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of
Notes and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. However, the Trustee is subject to Sections 7.10 and 7.11 hereof.

 Section 7.4 Trustee’s Disclaimer. The Trustee makes no representation as to the validity or adequacy of
this Indenture or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes, and it shall not be responsible for any statement in the Notes other than its certificate of authentication. 

Section 7.5 Notice of Default or Events of Default. If a Default or an Event of Default occurs and is continuing and if a Trust
Officer of the Trustee has received written notice of such Default or Event of Default at its Corporate Trust Office and such notice references the Notes and this Indenture, the Trustee shall notify each Noteholder of the Default or Event of Default
within 90 days after it is known by the Trustee. However, the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding notice is in the interests of Noteholders, except in the case
of a Default or an Event of Default in payment of the principal (including premium, if any) of or interest on any Note. 
 Section 7.6
[Reserved]. 
 Section 7.7 Compensation and Indemnity. The Company shall pay to the Trustee from time to time such
compensation (as agreed to from time to time by the Company and the Trustee in writing) for its services (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust). The Company
shall reimburse the Trustee upon request for all reasonable disbursements, expenses and advances incurred or made by it. Such expenses may include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

Each of the Company and each Guarantor, jointly and severally, shall indemnify the Trustee or any predecessor Trustee (which for purposes of
this Section 7.7 shall include its officers, directors, employees and agents) for, and hold it harmless against, any and all loss, liability or expense including taxes (other than taxes based upon, measured by or determined by the income of the
Trustee), (including reasonable legal fees and expenses) incurred by it in connection with the acceptance or administration of its duties under this Indenture or any action or failure to act as authorized or within the discretion or rights or powers
conferred upon the Trustee hereunder or thereunder including the reasonable costs and expenses of the Trustee and its counsel in defending itself against any claim or liability in connection with the exercise or performance of any of its powers or
duties hereunder or thereunder. The Trustee shall notify the Company promptly of any claim asserted against the Trustee for which it may seek indemnity. The Company need not pay for any settlement effected without its prior written consent, which
shall not be unreasonably withheld. 
 The Company need not reimburse the Trustee for any expense or indemnify it against any loss or
liability determined by a court of competent jurisdiction to have been caused by its own gross negligence or willful misconduct. 

  
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 To secure the Company’s payment obligations in this Section 7.7, the Trustee shall
have a senior claim to which the Notes are hereby made subordinate on all money or property held or collected by the Trustee, except such money or property held in trust to pay the principal of and interest on the Notes. The obligations of the
Company under this Section 7.7 shall survive the satisfaction and discharge of this Indenture or the resignation or removal of the Trustee. 

When the Trustee incurs expenses or renders services after an Event of Default specified in clause (i) or (j) of Section 6.1 hereof
occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law to the extent permitted by law. The provisions of this Section shall survive the termination of this Indenture.

 Section 7.8 Replacement of Trustee. The Trustee may resign by so notifying the Company. The Holders of a majority in
aggregate principal amount of the Notes then outstanding may remove the Trustee by so notifying the Trustee. The Company may remove the Trustee if: 

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

(b) the Trustee is adjudged a bankrupt or an insolvent; 

(c) a Custodian or other public officer takes charge of the Trustee or its property; or 

(d) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of the Trustee for any reason, the Company shall promptly appoint a
successor Trustee. The resignation or removal of a Trustee shall not be effective until a successor Trustee shall have delivered the written acceptance of its appointment as described below. 

If a successor Trustee does not take office within 45 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company
or the Holders of 10% in principal amount of the Notes then outstanding may petition any court of competent jurisdiction for the appointment of a successor Trustee at the expense of the Company. 

If the Trustee fails to comply with Section 7.10 hereof, any Holder may petition any court of competent jurisdiction for the removal of
the Trustee and the appointment of a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company. Immediately after that, the retiring Trustee, upon payment of its charges hereunder, shall transfer all property held by it as Trustee of the Notes to the successor Trustee and be released from its obligations
(exclusive of any liabilities that the retiring Trustee may have incurred while acting as Trustee) hereunder, 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 of the Notes under this Indenture. A successor Trustee shall mail notice of its succession to each affected Holder. 

A retiring Trustee shall not be liable for the acts or omissions of any successor Trustee after its succession. 

Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof
shall continue for the benefit of the retiring Trustee. 
 Section 7.9 Successor Trustee by Merger, Etc. If the Trustee
consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust assets (including the administration of this Indenture) to, another corporation, the resulting, surviving or transferee corporation, without any
further act, shall be the successor Trustee, provided such transferee corporation shall qualify and be eligible under Section 7.10 hereof. Such successor Trustee shall promptly mail notice of its succession to the Company and each
affected Holder. 

  
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 Section 7.10 Eligibility; Disqualification. The Trustee shall always satisfy the
requirements of paragraphs (1), (2) and (5) of TIA Section 310(a). The Trustee (or its parent holding company) shall have a combined capital and surplus of at least $50,000,000. If at any time the Trustee shall cease to satisfy any such
requirements, it shall resign immediately in the manner and with the effect specified in this Article 7. The Trustee shall be subject to the provisions of TIA Section 310(b). 

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

Section 7.12 Collateral Documents; Intercreditor Agreements. By their acceptance of the Notes, the Holders hereby authorize and
direct the Trustee and Notes Collateral Agents, as the case may be, to execute and deliver the First Lien Intercreditor Agreement (and any other applicable intercreditor agreements referred to herein from time to time) and any other Collateral
Documents in which the Trustee or the Notes Collateral Agents, as applicable, is named as a party, including any Collateral Documents executed after the Issue Date. It is hereby expressly acknowledged and agreed that, in doing so, the Trustee and
the Notes Collateral Agents are (a) expressly authorized to make the representations attributed to Holders in any such agreements and (b) not responsible for the terms or contents of such agreements, or for the validity or enforceability
thereof, or the sufficiency thereof for any purpose. Whether or not so expressly stated therein, in entering into, or taking (or forbearing from) any action under, the First Lien Intercreditor Agreements (or any other applicable intercreditor
agreements referred to herein from time to time) or any other Collateral Documents, the Trustee and the Notes Collateral Agents each shall have all of the rights, immunities, indemnities and other protections granted to it under this Indenture (in
addition to those that may be granted to it under the terms of such other agreement or agreements). Each of the Holders by acceptance of the Notes agrees that upon the Notes Collateral Agents’ entry into the First Lien Intercreditor Agreement,
the Holders shall be subject to and bound by the provisions of the First Lien Intercreditor Agreement in their capacity as holders of Senior Class Debt and Additional First Lien Secured Parties (as each such term is defined in the First Lien
Intercreditor Agreement). 
 ARTICLE 8 

DEFEASANCE; SATISFACTION AND 

DISCHARGE OF INDENTURE 

Section 8.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes
and all Note Guarantees and Liens on Collateral securing the Notes will be released, and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture and
release of such Guarantees and Liens, when 
 (a) either 

(i) all Notes theretofore authenticated and delivered (other than (i) Notes which have been destroyed, lost or stolen and
which have been replaced or paid as provided in Section 2.7 hereof and (ii) Notes for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company as provided in Section 8.5 hereof) have been
delivered to the Trustee for cancellation; or 
 (ii) all Notes not theretofore delivered to the Trustee for cancellation
have become due and payable by reason of the mailing or transmission of a notice of redemption or otherwise or will become due and payable within one year and the Company has irrevocably deposited or caused to be irrevocably deposited cash in U.S.
dollars, non-callable Government Securities or a combination thereof with the Trustee or a Paying Agent (other than the Company or any of their Affiliates) as trust funds in trust for the purpose of and in an
amount sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for principal, premium, if any, and accrued interest to
the date of maturity or redemption, provided that with respect to any redemption that requires the payment of the Applicable Premium, the amount deposited shall be 

  
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sufficient for purpose of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated by the Company as of the date of the notice of
redemption, with any Applicable Premium deficit only required to be deposited with the Trustee on or prior to the date of redemption; 

(b) no Default or Event of Default has occurred and is continuing on the date of the deposit or will occur as a result of the
deposit and the deposit will not result in a breach or violation of or constitute a default under, any other instrument to which the Company is a party or by which the Company is bound, and as to which the rights of the other parties thereto are
senior to those of the Holders; 
 (c) the Company has paid or caused to be paid all other sums payable hereunder by the
Company; 
 (d) the Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward payment
of the Notes at maturity or Redemption Date, as the case may be; and 
 (e) the Company has delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein relating to the satisfaction and discharge of this Indenture have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7 hereof
shall survive and, if cash in U.S. dollars, non-callable Government Securities or a combination thereof shall have been deposited with the Trustee pursuant to subclause (ii) of clause (a) of this
Section, the provisions of Sections 2.3, 2.4, 2.5, 2.6, 2.7, 2.12, 4.2 and 7.8, this Article 8 and Section 11.5, shall survive until the Notes have been paid in full. 

Section 8.2 Legal Defeasance. The Company and the Note Guarantors shall be deemed to have paid and will be discharged from any and
all obligations in respect of this Indenture and the Notes and the related Note Guarantees and have Liens on the Collateral securing the Notes released on the date of the deposit referred to in clause (a) of this Section 8.2, and the
provisions of this Indenture shall no longer be in effect (“Legal Defeasance”), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same, except for the following provisions, which
shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of outstanding Notes to receive solely from the trust fund described in clause (a) below payments in respect of the principal of, premium, if any,
and interest on the Notes when such payments are due, (ii) the Company’s obligations with respect to the Notes under Article 2 and Section 4.2 hereof, (iii) the rights, powers, trusts, duties, indemnities and immunities of the
Trustee hereunder, including, without limitation, Section 7.7 hereof and the Company’s obligations in connection therewith and (iv) this Section 8.2. Subject to compliance with this Section 8.2, the Company may exercise its
option under this Section 8.2 notwithstanding the prior exercise of its option under Section 8.3 hereof. The following conditions shall apply to Legal Defeasance: 

(a) the Company shall have irrevocably deposited with the Trustee, in trust, for the benefit of the Holders of the Notes, cash
in U.S. dollars, Government Securities, or a combination thereof, in such amounts as shall be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, or interest and premium, if any, on
the outstanding Notes on the Stated Maturity or on the applicable Redemption Date, as the case may be, and the Company must specify whether the Notes are being defeased to their Stated Maturity or to a particular Redemption Date; 

(b) the Company shall have delivered to the Trustee an Opinion of Counsel (based on a ruling received from or published by the
United States Internal Revenue Service or a change in the applicable U.S. federal income tax law since the date of this Indenture) in the United States reasonably acceptable to the Trustee to the effect that the beneficial owners of the outstanding
Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such Legal Defeasance had not occurred; 

  
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 (c) the Company shall have delivered to the Trustee either (i) an
Opinion of Counsel in Canada reasonably acceptable to the Trustee to the effect that, based upon Canadian law then in effect and having regard to any applicable proposed amendments thereto which have been publicly announced prior to the date of such
defeasance, the beneficial owners of the outstanding Notes will not recognize income, gain or loss for Canadian federal, provincial or territorial or other tax purposes, as a result of such Legal Defeasance and will be subject to Canadian taxes on
the same amounts and in the same manner and at the same time as would have been the case if such Legal Defeasance had not occurred or (ii) a ruling directed to the Trustee received from tax authorities of Canada to the same effect as the
Opinion of Counsel described in clause (i) above; 
 (d) no Default or Event of Default shall have occurred and be
continuing on the date of such deposit (other than a Default or an Event of Default resulting from the borrowing of funds to be applied to such deposit); 

(e) the Legal Defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement or
instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; and 

(f) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent relating to the Legal Defeasance have been complied with. 
 After any such irrevocable deposit, the Trustee upon
request shall acknowledge in writing the discharge of the Company’s obligations under the Notes and this Indenture except for those surviving obligations in the immediately preceding paragraph. 

Notwithstanding the foregoing, the Opinion of Counsel required by Section 8.2(b) hereof with respect to a Legal Defeasance need not be
delivered if all Notes not theretofore delivered to the Trustee for cancellation (1) have become due and payable or (2) shall become due and payable upon maturity or redemption within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 
 Section 8.3 Covenant
Defeasance. The Company may omit to comply with any term, provision or condition set forth in clause (iv) of Section 5.1(a) hereof, and the Company and its Restricted Subsidiaries may omit to comply with any term, provision or
condition set forth in Section 3.8, Section 4.3, Sections 4.8 through 4.17 hereof and any breach of clauses (c), (d), (e), (f) or (g) of Section 6.1 hereof, or with respect to Significant Subsidiaries only, clauses (i) or
(j) under Section 6.1 hereof shall be deemed not to be an Event of Default and all Guarantees and Liens shall be released on the date of deposit referred to in clause (a) of this Section 8.3 (“Covenant Defeasance”),
if in each case: 
 (a) the Company shall have irrevocably deposited with the Trustee, in trust, for the benefit of the
Holders of the Notes, cash in U.S. dollars, Government Securities, or a combination thereof, in such amounts as shall be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, or
interest and premium, if any, on the outstanding Notes on the Stated Maturity or on the applicable Redemption Date, as the case may be, and the Company must specify whether the Notes are being defeased to their Stated Maturity or to a particular
Redemption Date; 
 (b) the Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably
acceptable to such Trustee confirming that the beneficial owners of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if the Covenant Defeasance had not occurred; 

  
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 (c) the Company shall have delivered to the Trustee either (i) an
Opinion of Counsel in Canada reasonably acceptable to the Trustee, to the effect that, based upon Canadian law then in effect and having regard to any applicable proposed amendments thereto which have been publicly announced prior to the date of
such defeasance, the beneficial owners of the outstanding Notes will not recognize income, gain or loss for Canadian federal, provincial or territorial or other tax purposes, as a result of such Covenant Defeasance and will be subject to Canadian
taxes on the same amounts and in the same manner and at the same time as would have been the case if such Covenant Defeasance had not occurred or (ii) a ruling directed to the Trustee received from tax authorities of Canada to the same effect
as the Opinion of Counsel described in clause (i) above; 
 (d) no Default or Event of Default shall have occurred and
be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit); 

(e) the Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any material agreement
or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; and 

(f) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent relating to the Covenant Defeasance have been complied with. 
 If the funds deposited with the Trustee to effect
Covenant Defeasance are insufficient to pay the principal of and interest on the Notes when due, then the obligations of the Company and the Note Guarantors under this Indenture will be revived and no such defeasance will be deemed to have occurred.

 Notwithstanding the foregoing, the Opinion of Counsel required by Section 8.3(b) hereof with respect to a Covenant Defeasance need
not be delivered if all Notes not theretofore delivered to the Trustee for cancellation (1) have become due and payable or (2) shall become due and payable upon maturity or redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 
 Section 8.4
Application of Trust Money. Subject to the provisions of Section 8.5 hereof, the Trustee or a Paying Agent shall hold in trust, for the benefit of the Holders, all money deposited with it pursuant to Section 8.1, 8.2 or 8.3 hereof
and shall apply the deposited money in accordance with this Indenture and the Notes to the payment of the principal of and interest on the Notes. 

Section 8.5 Repayment to the Company. The Trustee and each Paying Agent shall promptly pay to the Company upon request any excess
money (i) deposited with them pursuant to Section 8.1, 8.2 or 8.3 hereof and (ii) held by them at any time. 
 The Trustee
and each Paying Agent shall pay to the Company upon request any money held by them for the payment of principal or interest that remains unclaimed for two years after a right to such money has matured; provided, however, that the
Trustee or such Paying Agent, before being required to make any such payment, may at the expense of the Company cause to be mailed to each Holder entitled to such money notice that such money remains unclaimed and that after a date specified
therein, which shall be at least 30 days from the date of such mailing, any unclaimed balance of such money then remaining will be repaid to the Company. After payment to the Company, Holders entitled to money must look to the Company for payment as
general creditors unless an applicable abandoned property law designates another person. 
 Section 8.6 Reinstatement. If the
Trustee or any Paying Agent is unable to apply any money in accordance with Section 8.5 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Company’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1, 8.2 or 8.3 hereof until such time as the Trustee or
such Paying Agent is permitted to apply all such money or Government Securities in accordance with Section 8.4 hereof; provided, however, that if the Company has made any payment of the principal of or interest on any Notes
because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive any such payment from the money or Government Securities held by the Trustee or such Paying Agent. 

  
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 ARTICLE 9 

AMENDMENTS, SUPPLEMENTS AND WAIVERS 

Section 9.1 Without Consent of Holders. The Company and the Trustee may amend or supplement this Indenture and any Collateral
Document with respect to the Notes without notice to or consent of any Holder of Notes: 
 (a) to comply with
Section 5.1 hereof; 
 (b) to cure any ambiguity, defect or inconsistency; 

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

(d) to provide for the assumption of the Company’s or any Note Guarantor’s obligations to Holders of Notes in the
case of a consolidation or merger or sale of all or substantially all of the Company’s or a Note Guarantor’s assets; 

(e) to make any change that would provide any additional rights or benefits to the Holders of Notes or that does not adversely
affect the legal rights under this Indenture of any such Holder of Notes; 
 (f) to comply with requirements of the SEC in
order to effect or maintain the qualification of this Indenture under the TIA; 
 (g) to conform the text of this Indenture,
the Notes, the Note Guarantees or the Collateral Documents to any provision of the section of the Offering Memorandum captioned “Description of the Notes”; 

(h) to provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the
date hereof; 
 (i) to add additional Note Guarantees with respect to the Notes or to confirm and evidence the release,
termination or discharge of any Note Guarantee with respect to such Notes when such release, termination or discharge is permitted under this Indenture; 

(j) to secure the Notes or the Note Guarantees or to add additional assets as Collateral; 

(k) to release Collateral from the Lien pursuant to this Indenture, the Collateral Documents and the First Lien Intercreditor
Agreement when permitted or required by this Indenture, the Collateral Documents or the First Lien Intercreditor Agreement; or 

(l) to appoint a successor Trustee. 

In addition, the Company, the Trustee and the Notes Collateral Agents may amend the First Lien Intercreditor Agreement and the Collateral
Documents to provide for the addition of any creditors or obligations to such agreements to the extent a pari passu lien for the benefit of such creditor is permitted by the terms of this Indenture and may enter into an intercreditor
agreement with creditors for whom a junior lien on the Collateral is to be granted, provided the Company delivers an Officers’ Certificate to the Trustee and Notes Collateral Agents certifying that the terms thereof are customary and
that the Trustee and the Notes Collateral Agents are authorized to enter into an intercreditor agreement. Upon delivery of the aforementioned Officers’ Certificate, the Trustee and the Notes Collateral Agents may request an opinion of counsel
stating that they are authorized to enter into an intercreditor agreement. 

  
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 Section 9.2 With Consent of Holders. The Company and the Trustee may amend or
supplement this Indenture, the Notes and the Collateral Documents with the written consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding (including, without limitation, consents obtained in
connection with a purchase of, or tender offer or exchange offer for, Notes). The Holders of at least a majority in aggregate principal amount of the Notes then outstanding may waive compliance in a particular instance by the Company with any
provision of this Indenture, such Notes or the Collateral Documents without notice to any Holder (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes). However,
notwithstanding the foregoing but subject to Section 9.4 hereof, without the written consent of each Holder of Notes affected hereby, an amendment, supplement or waiver, including a waiver pursuant to Section 6.4 hereof, may not (with
respect to any Notes held by a non-consenting Holder): 
 (a) reduce the principal
amount of such Notes whose Holders must consent to an amendment, supplement or waiver; 
 (b) reduce the principal of or
change the Stated Maturity of any such Note or alter the provisions with respect to the redemption of such Notes (excluding, for the avoidance of doubt, provisions relating to Sections 3.8, 3.14 and 4.14 hereof); 

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

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

(e) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of such
Notes to receive payments of principal of, or interest or premium, if any, on such Notes; 
 (f) waive a redemption payment
with respect to any such Note (excluding, for the avoidance of doubt, a payment required by Sections 3.8, 3.14 and 4.14 hereof); 

(g) impair the right to institute suit for the enforcement of any payment on or with respect to such Notes; 

(h) modify the Note Guarantees with respect to such Notes in any manner adverse to the Holders of such Notes; or 

(i) make any change in the preceding amendment and waiver provisions with respect to the Notes; 

provided that the written consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding shall be required.

 In addition, except as set forth in Section 10.5 hereof, without the consent of Holders of at least
662⁄3% in principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or
exchange offer for, Notes), (i) no amendment or supplement may release the Note Guarantees with respect to the Notes and (ii) no amendment or supplement may modify any Collateral Documents or the provisions in this Indenture dealing with
Collateral or the Collateral Documents to the extent that such amendment or supplement would have the effect of releasing all or substantially all of the Liens securing the Notes (except as permitted by the terms of this Indenture and the Collateral
Documents) or change or alter the priority of the security interests in the Collateral (unless otherwise expressly permitted hereunder). 

It shall not be necessary for the consent of the Holders under this Section 9.2 to approve the particular form of any proposed amendment,
supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 

  
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 Section 9.3 Notice of Amendment, Supplement or Waiver. After an amendment,
supplement or waiver under Section 9.1 or Section 9.2 becomes effective, the Company shall mail to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver. 

Section 9.4 Revocation and Effect of Consents. Until an amendment, supplement or waiver becomes effective, a consent to it by a
Holder is a continuing consent by the Holder and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such
Holder or subsequent Holder may revoke the consent as to its Note or portion of a Note if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes effective. 

After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it makes a change described in any of clauses
(a) through (i) of Section 9.2 hereof. In that case the amendment, supplement or waiver shall bind each Holder of a Note who has consented to it and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the
consenting Holder’s Note. 
 Section 9.5 Notation on or Exchange of Notes. If an amendment, supplement or waiver changes
the terms of a Note, the Trustee may require the Holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note about the changed terms and return it to the Holder. Alternatively, if the Company or the
Trustee so determines, the Company in exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. 

Section 9.6 Trustee to Sign Amendments, Etc. The Trustee shall sign any amendment or supplemental indenture authorized pursuant to
this Article 9 if the amendment or supplemental indenture does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, in its sole discretion, but need not sign it. In signing or refusing to
sign such amendment or supplemental indenture, the Trustee shall be provided with and, subject to Section 7.1 hereof, shall be fully protected in relying upon, an Opinion of Counsel and an Officers’ Certificate stating that such amendment
or supplemental indenture is authorized or permitted by this Indenture and all conditions precedent in this Indenture to such execution have been complied with. The Company may not sign an amendment or supplemental indenture until its Board of
Directors approves it in writing. 
 Section 9.7 Effect of Supplemental Indentures. Upon the execution of any supplemental
indenture under this Article 9, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Notes theretofore or thereafter authenticated and
delivered hereunder shall be bound thereby. 
 ARTICLE 10 

NOTE GUARANTEES 

Section 10.1 Note Guarantees. 

(a) Each of the Note Guarantors, jointly and severally, hereby unconditionally Guarantees (and subject in each case to the Agreed Guarantee
Principles set forth in any notation of Note Guarantee, supplemental indenture, or as contemplated by Section 4.15(b) hereof) to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns,
irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder that: (i) the due and punctual payment of principal, premium and interest on the Notes shall be promptly paid
in full when due, whether at maturity, by acceleration, redemption or otherwise, (ii) the due and punctual payment of interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Company to
the Holders or the Trustee under this Indenture or any Note shall be promptly paid in full or performed, all in accordance with the terms hereof and thereof, and (iii) in case of any extension of time of payment or renewal of any Notes or any
of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration pursuant to Section 6.2 hereof or otherwise. Failing
payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Note Guarantors shall be jointly and severally obligated to pay the same immediately. Each Note Guarantor shall agree that this is a Guarantee of
payment and not a Guarantee of collection. 

  
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 (b) Each of the Note Guarantors hereby agrees that its obligations with regard to its
Guarantee shall be joint and several, unconditional, irrespective of the validity or enforceability of the Notes or the obligations of the Company under this Indenture, the absence of any action to enforce the same, the recovery of any judgment
against the Company or any other obligor with respect to this Indenture, the Notes or the obligations of the Company under this Indenture or the Notes, any action to enforce the same or any other circumstances (other than complete performance) which
might otherwise constitute a legal or equitable discharge or defense of a Note Guarantor. Each Note Guarantor further, to the extent permitted by law, hereby waives and relinquishes all claims, rights and remedies accorded by applicable law to
guarantors and agrees not to assert or take advantage of any such claims, rights or remedies, including but not limited to: (i) any right to require any of the Trustee, the Holders or the Company (each a “Benefited Party”), as
a condition of payment or performance by such Note Guarantor, to (A) proceed against the Company, any other guarantor (including any other Note Guarantor) of the obligations under the Note Guarantees or any other person, (B) proceed
against or exhaust any security held from the Company, any such other guarantor or any other person, (C) proceed against or have resort to any balance of any deposit account or credit on the books of any Benefited Party in favor of the Company
or any other person, or (D) pursue any other remedy in the power of any Benefited Party whatsoever; (ii) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of the Company including any
defense based on or arising out of the lack of validity or the unenforceability of the obligations under the Note Guarantees or any agreement or instrument relating thereto or by reason of the cessation of the liability of the Company from any cause
other than payment in full of the obligations under the Note Guarantees; (iii) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more
burdensome than that of the principal; (iv) any defense based upon any Benefited Party’s errors or omissions in the administration of the obligations under the Note Guarantees, except behavior which amounts to bad faith; (v) (A) any
principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of the Note Guarantees and any legal or equitable discharge of such Note Guarantor’s obligations hereunder and under its Note Guarantee,
(B) the benefit of any statute of limitations affecting such Note Guarantor’s liability hereunder and under its Note Guarantee or the enforcement hereof and thereof, (C) any rights to set-offs,
recoupments and counterclaims and (D) promptness, diligence and any requirement that any Benefited Party protect, secure, perfect or insure any security interest or lien or any property subject thereto; (vi) notices, demands,
presentations, protests, notices of protest, notices of dishonor and notices of any action or inaction, including acceptance of the Note Guarantees, notices of default under the Notes or any agreement or instrument related thereto, notices of any
renewal, extension or modification of the obligations under the Note Guarantees or any agreement related thereto, and notices of any extension of credit to the Company and any right to consent to any thereof; (vii) to the extent permitted under
applicable law, the benefits of any “One Action” rule; and (viii) any defenses or benefits that may be derived from or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict with the
terms of the Note Guarantees. Except as set forth in Section 10.5 hereof, each Note Guarantor covenants that its Note Guarantee shall not be discharged except by complete performance of the obligations contained in its Note Guarantee and this
Indenture. 
 (c) If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Note Guarantors or any
custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Note Guarantors, any amount paid to either the Trustee or such Holder, any Guarantee, to the extent theretofore discharged, shall be reinstated
in full force and effect. 
 (d) Each Note Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the
Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Note Guarantor shall further agree that, as between the Note Guarantors, on the one hand, and the Holders and the Trustee, on
the other hand, (i) the maturity of the obligations guaranteed hereby may be accelerated as provided in Section 6.2 hereof for the purposes of any Guarantee, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby and (ii) in the event of any declaration of acceleration of such obligations as provided in Section 6.2 hereof, such obligations (whether or not due and payable) shall forthwith
become due and payable by the Note Guarantors for the purpose of any such Guarantee. The Note Guarantors shall have the right to seek contribution from any non-paying Note Guarantor so long as the exercise of
such right does not impair the rights of the Holders under the applicable Guarantee. 

  
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 Section 10.2 Execution and Delivery of Note Guarantees. To evidence its
Guarantee set forth in Section 10.1 hereof, each Note Guarantor hereby agrees that a notation of such Note Guarantee substantially in the form of Exhibit B hereto (as modified to reflect Agreed Guarantee Principles to
the extent contemplated by Section 4.15(b) hereof) or, in the case of a Note Guarantor organized under the laws of Canada or any province or territory thereof, a Canadian Note Guarantee, shall be endorsed by an officer of such Note Guarantor,
which notation shall be applicable to each Note authenticated and delivered by the Trustee, and that this Indenture shall be executed on behalf of such Note Guarantor by any of its Officers. Each of the Note Guarantors, jointly and severally, hereby
agrees that its Guarantee set forth in Section 10.1 hereof shall remain in full force and effect notwithstanding any failure to endorse a notation of such Note Guarantee. If an officer or Officer whose signature is on this Indenture or on the
Note Guarantee of a Note Guarantor no longer holds that office at the time the Trustee authenticates a Note, the Note Guarantee of such Note Guarantor shall be valid nevertheless. The delivery of any Note by the Trustee, after the authentication
thereof hereunder, shall constitute due delivery of the Note Guarantees set forth in this Indenture on behalf of the Note Guarantors. 

Section 10.3 Limitation on Note Guarantor Liability. Each Note Guarantor confirms, and by its acceptance of Notes, each Holder
hereby confirms, that it is the intention of all such parties that any Guarantee of such Note Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar applicable law to the extent applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee and the Holders irrevocably agree, and the Note Guarantors irrevocably agree, that the obligations of such
Note Guarantor under this Article 10 shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Note Guarantor that are relevant under such laws, and after giving
effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Note Guarantor in respect of the obligations of such other Note Guarantor under this Article 10, result in the obligations of such Note
Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance. 
 Section 10.4 Merger and Consolidation of
Note Guarantors. 
 (a) In case of any sale or other disposition, consolidation, amalgamation, merger, sale or conveyance and upon the
assumption by the successor person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants
and conditions of this Indenture to be performed by the Note Guarantor, such successor person shall succeed to and be substituted for the Note Guarantor with the same effect as if it had been named herein as a Note Guarantor. Such successor person
thereupon may cause to be signed any or all of the Note Guarantees to be endorsed upon all of the Notes available hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All the Note Guarantees so issued
shall in all respects have the same legal rank and benefit under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Note Guarantees had been issued at the date
of the execution hereof. 
 (b) Except as set forth in Articles 4 and 5 hereof, and notwithstanding clause (a) of this
Section 10.4, nothing contained in this Indenture or in any of the Notes shall prevent any consolidation, amalgamation or merger of a Note Guarantor with or into another Person, or shall prevent any sale or conveyance of the property of a Note
Guarantor as an entirety or substantially as an entirety. 
 Section 10.5 Release. 

(a) In the event (i) of a sale or other disposition of all or substantially all of the assets of any Note Guarantor, by way of merger,
amalgamation, consolidation or otherwise, or a sale or other disposition of all the Equity Interests of any Note Guarantor, then held by the Company and its Restricted Subsidiaries to a person that is not (either before or after giving effect to
such transactions) a Subsidiary of the Company, in each case so long as such sale or other disposition is permitted by this Indenture, including without limitation Section 4.14 hereof, (ii) of a designation by the Company of any Restricted
Subsidiary that is a Note Guarantor as an Unrestricted Subsidiary in 

  
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accordance with the definition thereof or in the event that such Note Guarantor ceases to be a Restricted Subsidiary, in each case, in accordance with the provisions of this Indenture, upon
effectiveness of such designation or when it first ceases to be a Restricted Subsidiary, respectively, (iii) in the case of any Note Guarantee issued on the Issue Date (or required but issued thereafter pursuant to Section 4.15(a) above),
upon the release or discharge of the Note Guarantee by such Note Guarantor in respect of the Credit Agreement, and in any other case upon the release or discharge of any Note Guarantee in respect of any Indebtedness that resulted in the issuance
after the Issue Date of the Note Guarantee by such Note Guarantor or (iv) the Company discharges the Notes and its Obligations under this Indenture under Section 8.1 hereof or exercises its legal or covenant defeasance options under
Section 8.2 or 8.3 hereof, respectively, with respect to the Notes, such Note Guarantor shall be released and relieved of any obligations under its Note Guarantee without any further action being required by the Trustee or any Holder. If
the Company discharges this Indenture under Section 8.1 hereof or exercises its legal or covenant defeasance options under Section 8.2 or 8.3 hereof, respectively, the Company and each Note Guarantor shall be released and relieved of any
obligations under its Note Guarantee without any further action being required by the Trustee or any Holder. 
 (b) Upon delivery by the
Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the provisions of this Indenture, including without limitation Sections
4.8 and 4.14 hereof, the Trustee shall execute any documents reasonably required in order to evidence the release of any Note Guarantor from its obligations under its Guarantee. 

(c) Any Note Guarantor not released from its obligations under its Note Guarantee shall remain liable for the full amount of principal of and
interest on the Notes and for the other obligations of any Note Guarantor under this Indenture as provided in this Article 10. 
 ARTICLE 11

 MISCELLANEOUS 

Section 11.1 Certain Trust Indenture Act Sections. The Company shall comply with Sections 314(a)(4), 314(c) and 314(e) of the TIA.
No other provision of the TIA shall apply except where otherwise specifically provided. 
 Section 11.2 Notices. Any demand,
authorization notice, request, consent or communication shall be given in writing and delivered in person or mailed by first-class mail, postage prepaid, addressed as follows or transmitted by facsimile transmission or email (confirmed by delivery
in person or mail by first-class mail, postage prepaid, or by guaranteed overnight courier) to the following facsimile numbers or emails: 

If to the Company, to: 
 Bausch
Health Companies Inc. 
 400 Somerset Corporate Boulevard 

Bridgewater, NJ 08807 

Attention: Corporate Secretary 

Facsimile No.: (949) 461-6661 

With a copy to: 
 Davis
Polk & Wardwell LLP 
 450 Lexington Avenue 

New York, New York 10017 

Attention: Michael Kaplan and Marcel Fausten 

Facsimile No.: (212) 701-5111 

  
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 If to the Trustee, to: 

The Bank of New York Mellon 

240 Greenwich Street, Floor 7E 

New York, New York 10286 
 Attn:
Corporate Trust Administration 
 Facsimile No.: (212) 815-5366 

Email: lisa.sollitto@bnymellon.com and timothy.burke@bnymellon.com 

If to the Notes Collateral Agent, to: 

The Bank of New York Mellon 

240 Greenwich Street, Floor 7E 

New York, New York 10286 
 Attn:
Corporate Trust Administration 
 Facsimile No.: (212) 815-5366 

Email: lisa.sollitto@bnymellon.com and timothy.burke@bnymellon.com 

The Bank of New York Mellon, Hong Kong Branch 

c/o The Bank of New York Mellon 

240 Greenwich Street, Floor 7E 

New York, New York 10286 
 Attn:
Corporate Trust Administration 
 Facsimile No.: (212) 815-5366 

Email: lisa.sollitto@bnymellon.com and timothy.burke@bnymellon.com 

The Bank of New York Mellon, London Branch 

c/o The Bank of New York Mellon 

240 Greenwich Street, Floor 7E 

New York, New York 10286 
 Attn:
Corporate Trust Administration 
 Facsimile No.: (212) 815-5366 

Email: lisa.sollitto@bnymellon.com and timothy.burke@bnymellon.com 

BTA Institutional Services Australia Limited 

c/o The Bank of New York Mellon 

240 Greenwich Street, Floor 7E 

New York, New York 10286 
 Attn:
Corporate Trust Administration 
 Facsimile No.: (212) 815-5366 

Email: lisa.sollitto@bnymellon.com and timothy.burke@bnymellon.com 

BNY Mellon Corporate Trustee Services Limited 

c/o The Bank of New York Mellon 

240 Greenwich Street, Floor 7E 

New York, New York 10286 
 Attn:
Corporate Trust Administration 
 Facsimile No.: (212) 815-5366 

Email: lisa.sollitto@bnymellon.com and timothy.burke@bnymellon.com 

  
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 TMF Group New York, LLC (or any TMF Sub-Agent) 

48 Wall Street, 27th Floor 
 New
York, NY 10005 
 Attn: Janice Nelson 

Telephone: (212) 346-9014 

Facsimile No.: (212) 346-9012 

Such notices or communications shall be effective when received. 

For the avoidance of any doubt, unless otherwise specified in the applicable Collateral Documents, to the extent any notice is required to be
sent to a TMF Sub-Agent under this Indenture, the delivery of such notice shall be effective when sent to such TMF Sub-Agent “care of” TMF Group New York, LLC,
using the above details. 
 The Company, any Notes Collateral Agent or the Trustee by notice to the other may designate additional or
different addresses for subsequent notices or communications. 
 Any notice or communication mailed to a Holder shall be mailed by
first-class mail or delivered by an overnight delivery service to it at its address shown on the register kept by the Registrar, or, in the case of DTC (including its nominee, as applicable), transmitted in accordance with applicable procedures of
DTC. 
 Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other
Holders. If a notice or communication to a Holder is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 

The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”), given
pursuant to this Indenture and related documents and delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions
(“Authorized Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever a person is to be added or deleted from the listing. If the Company elects to
give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling. The Company understands and agrees that
the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided
to the Trustee have been sent by such Authorized Officer. The Company shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Company and all Authorized Officers are solely responsible
to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly
from their reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Company agrees: (i) to assume all risks arising out of the use of Electronic
Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections
and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Company; (iii) that the security procedures (if
any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of
any compromise or unauthorized use of the security procedures. “Electronic Means” shall mean the following communications methods: e-mail, facsimile transmission, secure electronic transmission
containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for use in connection with its services hereunder. 

Notwithstanding anything to the contrary contained herein, as long as the Notes are in the form of a Global Note, notice to the Holders of
such Notes may be made electronically in accordance with procedures of the Depositary. 

  
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 Section 11.3 Communications by Holders With Other Holders. Noteholders may
communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and any other person shall have the protection of TIA Section 312(c).

 Section 11.4 Certificate and Opinion of Counsel as to Conditions Precedent. 

(a) Upon any request or application by the Company to the Trustee to take any action under this Indenture other than the initial issuance of
the Notes and the Note Guarantees, the Company shall furnish to the Trustee at the request of the Trustee: 
 (A) an
Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent (including any covenants, compliance with which constitutes a condition precedent), if any, provided for in this Indenture relating to the proposed
action have been complied with; and 
 (B) an Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent (including any covenants, compliance with which constitutes a condition precedent) have been complied with. 
 (b) Each
Officers’ Certificate and Opinion of Counsel with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

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

(B) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (C) a statement that, in the opinion of such person, he or she has
made such examination or investigation as is necessary to enable him or her 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; 

provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of
public officials. 
 Section 11.5 Record Date for Vote or Consent of Holders. The Company (or, in the event deposits have been
made pursuant to Section 8.1, 8.2 or 8.3 hereof, the Trustee) may set a record date for purposes of determining the identity of Holders of Notes entitled to vote or consent to any action by vote or consent authorized or permitted under this
Indenture, which record date shall not be more than thirty (30) days prior to the date of the commencement of solicitation of such action. Notwithstanding the provisions of Section 9.4 hereof, if a record date is fixed, those persons who
were Holders of Notes at the close of business on such record date (or their duly designated proxies), and only those persons, shall be entitled to take such action with respect to the Notes by vote or consent or to revoke any vote or consent
previously given, whether or not such persons continue to be Holders of Notes after such record date. 
 Section 11.6 Rules by
Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules (not inconsistent with the terms of this Indenture) for action by or at a meeting of Holders. Any Registrar or Paying Agent may make reasonable rules for its functions.

 Section 11.7 Legal Holidays. A “Legal Holiday” is a Saturday, Sunday, or a day on which state or federally
chartered banking institutions in New York, New York, Montreal, Canada or, if applicable, the state in which the Corporate Trust Office is located are not required to be open. If a payment date, including any Redemption Date, Purchase Date, Change
of Control Purchase Date and Final Maturity Date, is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period on such payment. If an interest record date
is a Legal Holiday, the record date shall not be affected. 

  
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 Section 11.8 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.

 (a) Unless specifically noted herein, this Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the
State of New York, without regard to principles of conflicts of laws. 
 (b) The Company irrevocably submits to the non-exclusive jurisdiction of any New York State or United States Federal court sitting in The City of New York over any suit, action or proceeding arising out of or relating to this Indenture. The Company
irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding brought in such a court and any claim that any such suit, action or proceeding
brought in such a court has been brought in an inconvenient forum. 
 (c) EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 11.9 No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture, loan or
debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 11.10 No Recourse Against Others. All liability described in paragraph 13 of the Form of the Notes attached hereto as
Exhibit A of any director, officer, incorporator, employee or shareowner, as such, of the Company or any Note Guarantor is waived and released. 

Section 11.11 Successors. All agreements of the Company in this Indenture and the Notes shall bind their successors. All
agreements of the Trustee in this Indenture shall bind its successor. 
 Section 11.12 Multiple Counterparts; Execution. The
parties may sign multiple counterparts of this Indenture. Each signed counterpart shall be deemed an original, but all of them together represent the same agreement. The words “execution,” signed,” “signature,” and words of
like import in this Indenture or in any other certificate, agreement or document related to this Indenture shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation,
“pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract
or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the
fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other applicable law, including, without limitation, any
state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. 
 Section 11.13 Separability. In
case any provisions in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 11.14 Table of Contents, Headings, etc. The table of contents and headings of the Articles and Sections of this Indenture
have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

  
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 Section 11.15 Calculations in Respect of the Notes. 

(a) The Company shall make all calculations under this Indenture and the Notes in good faith. In the absence of manifest error, such
calculations shall be final and binding on all Holders. The Company shall provide a copy of such calculations to the Trustee as required hereunder. 

(b) Notwithstanding anything to the contrary herein (including in connection with any calculation made on a pro forma basis), if the terms of
this Indenture require (1) compliance with any financial ratio or financial test (including, without limitation, any Secured Leverage Ratio test, any Total Leverage Ratio test and/or any Fixed Charge Coverage Ratio test) and/or any cap
expressed as a percentage of Consolidated Total Assets or Consolidated Cash Flow, (2) the absence of a Default or Event of Default (or any type of default or event of default) or (3) compliance with any basket or other condition, as a
condition to (a) the consummation of any transaction (including in connection with any acquisition or similar Investment or the assumption or incurrence of Indebtedness), and/or (b) the making of any Restricted Payment, the determination
of whether the relevant condition is satisfied may be made, at the election of the Company, (i) in the case of any acquisition or similar Investment or any Asset Sale and any transaction related thereto, at the time of (or on the basis of the
financial statements for the most recently ended four quarter period available at the time of) either (x) the execution of the definitive agreement with respect to such acquisition, Investment or Asset Sale (or, solely in connection with an
acquisition to which the United Kingdom City Code on Takeovers and Mergers applies, the date on which a “Rule 2.7 Announcement” of a firm intention to make an offer) or (y) the consummation of such acquisition, Investment or Asset
Sale, (ii) in the case of any Restricted Payment, at the time of (or on the basis of the financial statements for the most recently ended four quarter period available at the time of) (x) the declaration of such Restricted Payment or
(y) the making of such Restricted Payment, in each case, after giving effect to the relevant acquisition or similar Investment and/or Restricted Payment or other transaction on a pro forma basis (including, in each case, giving effect to the
relevant transaction, any relevant Indebtedness (including the intended use of proceeds thereof) and, at the election of the Company, giving pro forma effect to other prospective “limited conditionality” acquisitions or similar Investments
for which definitive agreements have been executed), and no Default or Event of Default shall be deemed to have occurred solely as a result of an adverse change in such financial ratio or test occurring after the time such election is made (but any
subsequent improvement in the applicable financial ratio or test may be utilized by the Company or any Restricted Subsidiary). For the avoidance of doubt, if the Company shall have elected the option set forth in this paragraph in respect of any
transaction, then the Company or its applicable Restricted Subsidiary shall be permitted to consummate such transaction even if any applicable test or condition shall cease to be satisfied subsequent to the Company’s election of such option.

 (c) Notwithstanding anything to the contrary herein, unless the Company otherwise elects, with respect to any amounts incurred or
transactions entered into (or consummated) in reliance on a provision of this Indenture that does not require compliance with a financial ratio or financial test (including any Secured Leverage Ratio test, any Total Leverage Ratio test and/or any
Fixed Charge Coverage Ratio test) (any such amounts, the “Fixed Amounts”) substantially concurrently with any amounts incurred or transactions entered into (or consummated) in reliance on a provision of this Indenture that requires
compliance with a financial ratio or financial test (including any Secured Leverage Ratio test, any Total Leverage Ratio test and/or any Fixed Charge Coverage Ratio test) (any such amounts, the “Incurrence-Based Amounts”), it is
understood and agreed that (A) the incurrence of the Incurrence-Based Amount shall be calculated first without giving effect to any Fixed Amount but giving full pro forma effect to the use of proceeds of such Fixed Amount and the related
transactions and (B) the incurrence of the Fixed Amount shall be calculated thereafter. Unless the Company elects otherwise, the Company shall be deemed to have used amounts under an Incurrence-Based Amount then available to the Company prior
to utilization of any amount under a Fixed Amount then available to the Company. 
 Section 11.16 Agent for Service and Waiver of
Immunities. By the execution and delivery of this Indenture, the Company and each Note Guarantor that is not a Domestic Subsidiary does, and with respect to any entity that becomes a Note Guarantor after the date hereof and is not a Domestic
Subsidiary, within 10 days of becoming a Note Guarantor, as applicable, will, (i) acknowledge that they will designate and appoint Bausch Health US, LLC, 400 Somerset Corporate Boulevard, Bridgewater, New Jersey 08807, or another Person
satisfactory to the Trustee (the “Authorized Agent”), as their authorized agent upon whom process may be served in any suit or proceeding arising out of or relating to this Indenture or the Notes that may be instituted in any
federal or state court in the State of New York or brought under federal or state securities laws, and acknowledge that the Authorized Agent has accepted such designation, (ii) submit to the jurisdiction of any such court in any such suit or
proceeding, and (iii) agree that service of process upon the Authorized Agent and written notice of said service to the Company 

  
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or the Note Guarantor that is not a Domestic Subsidiary, as applicable, in accordance with Section 11.2 hereof shall be deemed effective service of process in any such suit or proceeding.
The Company and each Note Guarantor that is not a Domestic Subsidiary further agrees to take any reasonable action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation
and appointment of the Authorized Agent in full force and effect so long as any of the Notes shall be outstanding; provided, however, that the Company and each Note Guarantor that is not a Domestic Subsidiary, as applicable, may, by
written notice to the Trustee, designate such additional or alternative agent for service of process under this Section 11.16 that (i) maintains an office located in the Borough of Manhattan, The City of New York, in the State of New York,
(ii) is either (x) counsel for the Company or such Note Guarantor, as applicable or (y) a corporate service company which acts as agent for service of process for other persons in the ordinary course of its business and
(iii) agrees to act as agent for service of process in accordance with this Section 11.16. Such written notice shall identify the name of such agent for process and the address of the office of such agent for process in the Borough of
Manhattan, The City of New York, State of New York. Upon the written request of any Holder, the Trustee shall deliver a copy of such notice to such Holder. 

Section 11.17 Judgment Currency. The Company and each Note Guarantor shall indemnify each Holder and each Person, if any, who
controls any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any loss incurred by such party as a result of any judgment or order being given or made against the Company or any Note
Guarantor for any U.S. dollar amount due under this Indenture and such judgment or order being expressed and paid in a currency (the “Judgment Currency”) other than U.S. dollars and as a result of any variation as between
(i) the rate of exchange at which the U.S. dollar amount is converted into the Judgment Currency for the purpose of such judgment or order and (ii) the spot rate of exchange in The City of New York at which such party on the date of
payment of such judgment or order is able to purchase U.S. dollars with the amount of the Judgment Currency actually received by such party if such party had utilized such amount of Judgment Currency to purchase U.S. dollars upon such party’s
receipt thereof. The foregoing indemnity shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term “spot rate of exchange” shall include any premiums and costs of exchange payable in
connection with the purchase of, or conversion into, U.S. dollars. 
 Section 11.18 Foreign Currency Equivalent. For purposes of
determining compliance with any U.S. dollar-denominated restriction or amount, the U.S. dollar equivalent principal amount of any amount denominated in a foreign currency will be the Dollar Equivalent calculated on the date the Indebtedness was
incurred or other transaction was entered into; provided, that if any Permitted Refinancing Indebtedness denominated in a currency other than U.S. dollars is incurred to refinance Indebtedness denominated in the same currency, and such
refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated on the date of such refinancing, such Permitted Refinancing Indebtedness shall be deemed not to exceed the principal amount of such Indebtedness
being refinanced. Notwithstanding any other provision in this Indenture, no restriction or amount will be exceeded solely as a result of fluctuations in the exchange rate of currencies. In no event will the Trustee or the Paying Agent be responsible
for obtaining exchange rates or otherwise effecting currency conversions or calculations. 
 Section 11.19 Usury Savings Clause.
If any provision of this Indenture or any Note would obligate the Company to make any payment of or on account of interest or other amount in an amount or calculated at a rate which would result in a receipt by any Holder of interest at a criminal
rate (as such term is construed under the Criminal Code (Canada)), then notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case
may be, as would not so result in a receipt by such Holder of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate of interest required to be paid to such
Holder, and (2) thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid to such Holder which would constitute “interest” for purposes of Section 347 of the Criminal Code (Canada). 

Section 11.20 Interest Act (Canada). For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of
interest or fees to which the rates of interest or fees provided for in this Indenture and any Note (and stated herein or therein, as applicable, to be computed on the basis of a 360 day year or any other period of time less than a calendar year)
are equivalent are the rates so provided for multiplied by the actual number of days in the applicable calendar year and divided by 360 or the actual number of days in such other period of time, respectively.

  
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Each of the Company and each Note Guarantor confirms that it understands and acknowledges that it is and will be able to calculate the rate of interest applicable under this Indenture and any
Note based on the methodology for calculating per annum rates provided for under this Indenture or the Notes. Each of the Company and each Note Guarantor confirms that it agrees not to plead or assert, whether by way of defense or otherwise, in any
proceeding relating to this Indenture or any Note, that the interest payable under this Indenture or any Note and the calculation thereof has not been adequately disclosed to the Company or Note Guarantor, as applicable, whether pursuant to
Section 4 of the Interest Act (Canada) or any other applicable law or legal principle. 
 Section 11.21 Tax Matters. Each
of the parties hereto agree to cooperate and to provide the other with such information as each may have in its possession to enable the determination of whether any payments pursuant to this Indenture are subject to the withholding requirements
described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official interpretations thereof (“Applicable Law”). The Trustee
shall be entitled to make any withholding or deduction from payments under this Indenture to the extent necessary to comply with Applicable Law. Nothing in the immediately preceding sentence shall be construed as obligating the Trustee to make any
“gross up” payment or similar reimbursement in connection with a payment in respect of which amounts are so withheld or deducted or affecting a Payor’s obligation to make any payments of Additional Amount pursuant to Section 4.21
of this Indenture. The terms of this Section shall survive the termination of this Indenture. 
 ARTICLE 12 

COLLATERAL 
 Section 12.1
Collateral Documents. 
 (a) The due and punctual payment of the principal of, premium and interest (including Additional Amounts, if
any) on the Notes when and as the same shall be due and payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of, premium and interest on the Notes and
performance of all other Obligations of the Company and the Note Guarantors to the Holders or the Trustee under this Indenture, the Notes, the Note Guarantees and the Collateral Documents, according to the terms hereunder or thereunder, shall be
secured as provided in the Collateral Documents, which define the terms of the Liens that secure the Obligations, subject to the terms of the First Lien Intercreditor Agreement. The Trustee and the Company hereby acknowledge and agree that the Notes
Collateral Agents hold the Collateral in trust for the benefit of the Holders and the Trustee and pursuant to the terms of this Indenture, the Collateral Documents and the First Lien Intercreditor Agreement. Each Holder, by accepting a Note, and
each beneficial owner of an interest in a Note, consents and agrees to the terms of the Collateral Documents (including the provisions providing for the possession, use, release and foreclosure of Collateral) and the First Lien Intercreditor
Agreement as the same may be in effect or may be amended from time to time in accordance with their terms and this Indenture and the First Lien Intercreditor Agreement, and authorizes and directs each Notes Collateral Agent to enter into the
Collateral Documents and the First Lien Intercreditor Agreement and to perform its obligations and exercise its rights thereunder in accordance therewith. Subject to the Applicable Collateral Limitations, the Company shall deliver to each Notes
Collateral Agent copies of all documents required to be filed pursuant to the Collateral Documents to which such Notes Collateral Agent is a party, and will do or cause to be done all such acts and things as may be reasonably required by the next
sentence of this Section 12.1, to provide to the Notes Collateral Agents the security interest in the Collateral contemplated hereby and/or by the Collateral Documents or any part thereof, as from time to time constituted, so as to render the
same available for the security and benefit of this Indenture and of the Notes secured hereby, according to the intent and purposes herein expressed. Subject to the Applicable Collateral Limitations, the Company shall, and shall cause the
Subsidiaries of the Company to, take any and all actions and make all filings (including the filing of UCC or PPSA financing statements, continuation statements and amendments thereto (or analogous procedures under the applicable laws in the
relevant Covered Jurisdiction)) required to cause the Collateral Documents to create and maintain, as security for the First Priority Notes Obligations of the Company and the Note Guarantors to the First Lien Notes Secured Parties, a valid and
enforceable perfected Lien and security interest in and on all of the Collateral (subject to the terms of the First Lien Intercreditor Agreement and the Collateral Documents), in favor of the Notes Collateral Agents for the benefit of the Holders
and the Trustee subject to no Liens other than Permitted Liens. 

  
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 (b) To the extent any assets owned by the Company or any Note Guarantor on the Issue Date
(other than Excluded Assets) are not subject to a valid Lien in favor of a Notes Collateral Agent on or prior to the Issue Date or subject to a Lien in favor of a Notes Collateral Agent that is not perfected on or prior to the Issue Date, the
Company and the Note Guarantors shall use their commercially reasonable efforts to enter into Collateral Documents to create such Liens (including all Collateral Documents governed by the laws of each Covered Jurisdiction, except where pursuant to
laws governing such assets or local practice applicable to such assets, such assets that were pledged to the Credit Agreement Collateral Agent are not capable of being pledged to a Notes Collateral Agent at the same time) and have all such Liens and
any Liens created but not perfected (including by appropriate filings with the United States Patent and Trademark Office and United States Copyright Office) on or prior to the Issue Date perfected, subject to any limitations set forth in this
Indenture and the Collateral Documents, including the Applicable Collateral Limitations, within 120 days after the Issue Date. 
 (c)
Notwithstanding any provision hereof to the contrary, the provisions of this Article 12 are qualified in their entirety by the Applicable Collateral Limitations and neither the Company nor any Note Guarantor shall be required pursuant to this
Indenture or any Collateral Document to take any action limited by the Applicable Collateral Limitations. 
 Section 12.2 Release of
Collateral. 
 (a) The Liens securing the Notes will be automatically released, all without delivery of any instrument or performance of
any act by any party, at any time and from time to time as provided by this Section 12.2. Upon such release, subject to the terms of the Collateral Documents, all rights in the released Collateral securing First Priority Notes Obligations shall
revert to the Company and the Note Guarantors, as applicable. The Collateral shall be released from the Lien and security interest created by the Collateral Documents and the Trustee (subject to its receipt of an Officers’ Certificate and
Opinion of Counsel as provided below) shall execute documents evidencing such release, and instruct the applicable Notes Collateral Agent in writing to execute, as applicable, the same at the Company’s sole cost and expense, under one or more
of the following circumstances: 
 (i) in whole upon: 

(A) payment in full of the principal of, together with accrued and unpaid interest (including Additional Amounts, if any) on,
the Notes and all other Obligations under this Indenture, the Note Guarantees and the Collateral Documents (for the avoidance of doubt, other than contingent Obligations in respect of which no claims have been made) that are due and payable at or
prior to the time such principal, together with accrued and unpaid interest, are paid; 
 (B) satisfaction and discharge of
this Indenture with respect to the Notes as set forth under Section 8.1; or 
 (C) a Legal Defeasance or Covenant
Defeasance of this Indenture with respect to the Notes as set forth under Sections 8.2 or 8.3 hereof, as applicable; 
 (ii)
in whole or in part, with the consent of Holders of the Notes in accordance with Article 9 of this Indenture; 
 (iii) in
part, as to any asset: 
 (A) (I) constituting Collateral that is sold or otherwise disposed of by the Company or any of
the Note Guarantors to any Person that is not the Company or a Note Guarantor in a transaction permitted by this Indenture (to the extent of the interest sold or disposed of), or 

(II) constituting Shared Collateral, in accordance with the provisions of the First Lien Intercreditor Agreement, 

(B) that is held by a Note Guarantor that ceases to be a Note Guarantor, 

  
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 (C) that becomes an Excluded Asset, including so long as the Credit
Agreement is outstanding, any asset that is not pledged to secure obligations arising in respect of the Credit Agreement (whether pursuant to the terms of the Credit Agreement (and any related documents) or as a result of any determination made
thereunder, or by amendment, waiver or otherwise), or 
 (D) that is otherwise released in accordance with, and as expressly
provided for by the terms of, this Indenture, the First Lien Intercreditor Agreement and the Collateral Documents, 
 provided that,
in the case of clause (iii)(A)(II), the proceeds of such Shared Collateral shall be applied in accordance with the First Lien Intercreditor Agreement. 

(b) In addition, the Notes shall be automatically released from the Liens securing the Notes, all without delivery of any instrument or
performance of any act by any party, at any time and from time to time as provided by this Section 12.2 and the Trustee (subject to its receipt of an Officers’ Certificate and Opinion of Counsel as provided below) shall execute documents
evidencing such release, and instruct the applicable Notes Collateral Agent in writing to execute, as applicable, the same at the Company’s sole cost and expense, under one or more of the following circumstances: 

(i) in whole upon: 

(A) payment in full of the principal of, together with accrued and unpaid interest (including Additional Amounts, if any) on,
the Notes and all other Obligations under this Indenture, the Note Guarantees and the Collateral Documents in respect of the Notes (for the avoidance of doubt, other than contingent Obligations in respect of which no claims have been made) that are
due and payable at or prior to the time such principal, together with accrued and unpaid interest, are paid; 
 (B)
satisfaction and discharge of this Indenture with respect to the Notes as set forth under Section 8.1; or 
 (C) a Legal
Defeasance or Covenant Defeasance of this Indenture with respect to the Notes as set forth under Sections 8.2 or 8.3 hereof, as applicable; or 

(ii) in whole or in part, with the consent of Holders of the Notes in accordance with Article 9 of this Indenture. 

(c) With respect to any release of Collateral or release of the Notes from the Liens securing the Notes, upon receipt of an Officers’
Certificate and an Opinion of Counsel stating that all conditions precedent under this Indenture and the Collateral Documents and the First Lien Intercreditor Agreement, as applicable, to such release have been met and that it is permitted for the
Trustee and/or a Notes Collateral Agent to execute and deliver the documents requested by the Company in connection with such release, and any necessary or proper instruments of termination, satisfaction, discharge or release prepared by the
Company, the Trustee shall, or shall cause the applicable Notes Collateral Agent to, execute, deliver or acknowledge (at the Company’ expense) such instruments or releases (whether electronically or in writing) to evidence, and shall do or
cause to be done all other acts reasonably necessary to effect, in each case as soon as reasonably practicable, the release, without recourse, representation or warranty of any kind, and discharge of any Collateral or any Notes permitted to be
released pursuant to this Indenture or the Collateral Documents or the First Lien Intercreditor Agreement. Neither the Trustee nor any Notes Collateral Agent shall be liable for any such release undertaken in reliance upon any such Officers’
Certificate or Opinion of Counsel, and notwithstanding any term hereof or in any Collateral Document or in the First Lien Intercreditor Agreement to the contrary, but without limiting any automatic release provided hereunder or under any Collateral
Document, the Trustee and each Notes Collateral Agent shall not be under any obligation to release any such Lien and security interest, or execute and deliver any such instrument of release, satisfaction, discharge or termination, unless and until
it receives such Officers’ Certificate and Opinion of Counsel. 

  
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 Section 12.3 Suits to Protect the Collateral. Subject to the provisions of
Article 7 hereof and the Collateral Documents and the First Lien Intercreditor Agreement, the Trustee, without the consent of the Holders, on behalf of the Holders, following the occurrence of an Event of Default that is continuing, may or
may instruct the applicable Notes Collateral Agent in writing to take all actions it reasonably determines are necessary in order to: 

(a) enforce any of the terms of the Collateral Documents; and 

(b) collect and receive any and all amounts payable in respect of the Obligations hereunder. 

Subject to the provisions of the Collateral Documents and the First Lien Intercreditor Agreement, the Trustee and each Notes Collateral Agent shall have power
to institute and to maintain such suits and proceedings as the Trustee may deem expedient to prevent any impairment of the Collateral by any acts which may be unlawful or in violation of any of the Collateral Documents or this Indenture, and such
suits and proceedings as the Trustee may determine to preserve or protect its interests and the interests of the Holders in the Collateral. Nothing in this Section 12.3 shall be considered to impose any such duty or obligation to act on the
part of the Trustee or any Notes Collateral Agent. 
 Section 12.4 Authorization of Receipt of Funds by the Trustee Under the
Collateral Documents. Subject to the provisions of the First Lien Intercreditor Agreement, the Trustee is authorized to receive any funds for the benefit of the Holders distributed under the Collateral Documents, and to make further
distributions of such funds to the Holders according to the provisions of this Indenture. 
 Section 12.5 Purchaser Protected.
In no event shall any purchaser or other transferee in good faith of any property or asset purported to be released hereunder be bound to ascertain the authority of a Notes Collateral Agent or the Trustee to execute the release or to inquire as to
the satisfaction of any conditions required by the provisions hereof for the exercise of such authority or to see to the application of any consideration given by such purchaser or other transferee; nor shall any purchaser or other transferee of any
property, asset or rights permitted by this Article 12 to be sold be under any obligation to ascertain or inquire into the authority of the Company or the applicable Note Guarantor to make any such sale or other transfer. 

Section 12.6 Powers Exercisable by Receiver or Trustee. In case the Collateral shall be in the possession of a receiver or
trustee, lawfully appointed, the powers conferred in this Article 12 upon the Company or a Note Guarantor with respect to the release, sale or other disposition of such property or asset may be exercised by such receiver or trustee, and an
instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of the Company or a Note Guarantor or of any Officer or Officers thereof required by the provisions of this Article 12; and if the Trustee
shall be in the possession of the Collateral under any provision of this Indenture, then such powers may be exercised by the Trustee. 

Section 12.7 Release Upon Termination of the Company’s Obligations. In the event that the Company delivers to
the Trustee an Officers’ Certificate certifying that (i) payment in full of the principal of, together with accrued and unpaid interest on, the Notes and all other First Priority Notes Obligations that are due and payable at or prior to
the time such principal, together with accrued and unpaid interest, are paid or (ii) the Company shall have exercised its Legal Defeasance option or their Covenant Defeasance option, in each case in compliance with the provisions of
Section 8.2 or 8.3 hereof, as applicable, and an Opinion of Counsel stating that all conditions precedent to the execution and delivery of such notice by the Trustee have been satisfied, the Trustee shall deliver to the Company and the Notes
Collateral Agents a notice, in form reasonably satisfactory to the Notes Collateral Agents, stating that the Trustee, on behalf of the Holders, disclaims and gives up any and all rights it has in or to the Collateral solely on behalf of the Holders
of the Notes without representation, warranty or recourse (other than with respect to funds held by the Trustee pursuant to Section 8.2 or 8.3 hereof, as applicable), and any rights it has under the Collateral Documents solely on behalf of the
Holders of the Notes and upon receipt by the Notes Collateral Agents of such notice, the Notes Collateral Agents shall be deemed not to hold a Lien in the Collateral on behalf of the Trustee and shall execute and deliver all documents and do or
cause to be done (at the expense of the Company) all acts reasonably requested by the Company to release, without recourse, representation or warranty of any kind, and discharge such Lien as soon as is reasonably practicable. 

  
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 Section 12.8 Notes Collateral Agents. 

(a) The Company and each of the Holders by acceptance of the Notes, and each beneficial owner of an interest in a Note, hereby designates and
appoints each Notes Collateral Agent as its agent under this Indenture, the Collateral Documents and the First Lien Intercreditor Agreement and the Company directs and authorizes and each of the Holders by acceptance of the Notes hereby irrevocably
authorizes each Notes Collateral Agent to take such action on its behalf under the provisions of this Indenture, the Collateral Documents and the First Lien Intercreditor Agreement and to exercise such powers and perform such duties as are expressly
delegated to the Notes Collateral Agents by the terms of this Indenture, the Collateral Documents and the First Lien Intercreditor Agreement, and consents and agrees to the terms of the First Lien Intercreditor Agreement and each Collateral
Document, as the same may be in effect or may be amended, restated, supplemented or otherwise modified from time to time in accordance with their respective terms or the terms of this Indenture. Each Notes Collateral Agent agrees to act as such on
the express conditions contained in this Section 12.8. The provisions of this Section 12.8 are solely for the benefit of the Notes Collateral Agents and the TMF Sub-Agents and none of the Trustee,
any of the Holders nor any of the Grantors shall have any rights as a third party beneficiary of any of the provisions contained herein unless expressly extended to them. Each Holder agrees that any action taken by any Notes Collateral Agent in
accordance with the provision of this Indenture, the First Lien Intercreditor Agreement and/or the applicable Collateral Documents, and the exercise by any Notes Collateral Agent of any rights or remedies set forth herein and therein shall be
authorized and binding upon all Holders. Notwithstanding any provision to the contrary contained elsewhere in this Indenture, the Collateral Documents and the First Lien Intercreditor Agreement, the duties of the Notes Collateral Agents shall be
ministerial and administrative in nature, and no Notes Collateral Agent shall have any duties or responsibilities, except those expressly set forth herein and in the other Notes Documents to which the applicable Notes Collateral Agent is a party,
nor shall any Notes Collateral Agent have or be deemed to have any trust or other fiduciary relationship with the Trustee, any Holder or any Grantor, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be
read into this Indenture, the Collateral Documents and the First Lien Intercreditor Agreement or otherwise exist against any Notes Collateral Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” in
this Indenture with reference to the Notes Collateral Agents is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of
market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. 
 (b) Each
Notes Collateral Agent may perform any of its duties under this Indenture, the Collateral Documents or the First Lien Intercreditor Agreement by or through receivers, agents, employees,
attorneys-in-fact or with respect to any specified Person, such Person’s Affiliates, and the respective officers, directors, employees, agents, advisors and attorneys-in-fact of such Person and its Affiliates, (a “Related Person”) and shall be entitled to advice of counsel concerning all matters pertaining to such
duties, and shall be entitled to act upon, and shall be fully protected in taking action in reliance upon any advice or opinion given by legal counsel. No Notes Collateral Agent shall be responsible for the negligence or willful misconduct of any
receiver, agent, employee, attorney-in-fact or Related Person that it selects as long as such selection was made in good faith. 

(c) No Notes Collateral Agent nor any of their respective Related Persons shall (i) be liable for any action taken or omitted to be taken
by any of them under or in connection with this Indenture or the transactions contemplated hereby (except for its own gross negligence or willful misconduct) or under or in connection with any Collateral Document or the First Lien Intercreditor
Agreement or the transactions contemplated thereby (except for its own gross negligence or willful misconduct), or (ii) be responsible in any manner to any of the Trustee or any Holder for any recital, statement, representation, warranty,
covenant or agreement made by the Company or any other Grantor or Affiliate of any Grantor, or any Officer or Related Person thereof, contained in this Indenture, or any other Notes Documents, or in any certificate, report, statement or other
document referred to or provided for in, or received by the applicable Notes Collateral Agent under or in connection with, this Indenture, the Collateral Documents or the First Lien Intercreditor Agreement, or the validity, effectiveness,
genuineness, enforceability or sufficiency of this Indenture, the Collateral Documents or the First Lien Intercreditor Agreement, or for any failure of any Grantor or any other party to this Indenture, the Collateral Documents or the First Lien
Intercreditor Agreement to perform its obligations hereunder or thereunder. No Notes Collateral Agent nor any of their respective Related Persons shall be under any obligation to the Trustee or any Holder to ascertain or to inquire as to the
observance or performance of any of the agreements contained in, or conditions of, this Indenture, the Collateral Documents or the First Lien Intercreditor Agreement or to inspect the properties, books, or records of any Grantor or any
Grantor’s Affiliates. 

  
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 (d) Each Notes Collateral Agent shall be entitled (in the absence of bad faith) to rely, and
shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile, certification, telephone message, statement, or other communication, document or conversation (including those
by telephone or e-mail) believed by it to be genuine and correct and to have been signed, sent, or made by the proper Person or Persons, and upon advice and statements of legal counsel (including, without
limitation, counsel to the Company or any other Grantor), independent accountants and/or other experts and advisors selected by such Notes Collateral Agent. No Notes Collateral Agent shall be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, or other paper or document. Unless otherwise expressly required hereunder or pursuant to any Collateral
Document, each Notes Collateral Agent shall be fully justified in failing or refusing to take any action under this Indenture, the Collateral Documents or the First Lien Intercreditor Agreement unless it shall first receive such written advice or
concurrence of the Trustee or the Holders of a majority in aggregate principal amount of the Notes as it determines and, if it so requests, it shall first be indemnified to its satisfaction by the Holders against any and all liability and expense
which may be incurred by it by reason of taking or continuing to take any such action. Each Notes Collateral Agent shall in all cases be fully protected from claims by any Holders in acting, or in refraining from acting, under this Indenture, the
Collateral Documents or the First Lien Intercreditor Agreement in accordance with a request, direction, instruction or consent of the Trustee or the Holders of a majority in aggregate principal amount of the then outstanding Notes and such request
and any action taken or failure to act pursuant thereto shall be binding upon all of the Holders. 
 (e) No Notes Collateral Agent shall be
deemed to have knowledge or notice of the occurrence of any Default or Event of Default, unless a Trust Officer of such Notes Collateral Agent shall have received written notice from the Trustee or the Company referring to this Indenture, describing
such Default or Event of Default and stating that such notice is a “notice of default.” Such Notes Collateral Agent shall take such action with respect to such Default or Event of Default as may be requested by the Trustee in accordance
with Article 6 or the Holders of a majority in aggregate principal amount of the Notes (subject to this Section 12.8). 
 (f)
Each Notes Collateral Agent may resign at any time by notice to the Trustee and the Company, such resignation to be effective upon the acceptance of a successor agent to its appointment as Notes Collateral Agent. If any Notes Collateral Agent
resigns under this Indenture, the Company shall appoint a successor collateral agent. If no successor collateral agent is appointed prior to the intended effective date of the resignation of such Notes Collateral Agent (as stated in the notice of
resignation), the Trustee, at the direction of the Holders of a majority of the aggregate principal amount of the Notes then outstanding, may appoint, subject to the consent of the Company (which shall not be unreasonably withheld and which shall
not be required during a continuing Event of Default), a successor collateral agent. If no successor collateral agent is appointed and consented to by the Company pursuant to the preceding sentence within thirty (30) days after the intended
effective date of resignation (as stated in the notice of resignation) such Notes Collateral Agent shall be entitled to petition a court of competent jurisdiction to appoint a successor. Upon the acceptance of its appointment as successor collateral
agent hereunder, such successor collateral agent shall succeed to all the rights, powers and duties of the retiring Notes Collateral Agent, and the term “Notes Collateral Agents” shall mean such successor collateral agent, and the retiring
Notes Collateral Agent’s appointment, powers and duties as a Notes Collateral Agent shall be terminated. After the retiring Notes Collateral Agent’s resignation hereunder, the provisions of this Section 12.8 (and Section 7.7)
shall continue to inure to its benefit and the retiring Notes Collateral Agent shall not by reason of such resignation be deemed to be released from liability as to any actions taken or omitted to be taken by it while it was a Notes Collateral Agent
under this Indenture. 
 (g) The Company and each of the Holders by its acceptance of the Notes, and each beneficial owner of an interest in
a Note, hereby authorizes (i) the Trustee and each Notes Collateral Agent, respectively, to appoint co-Notes Collateral Agents, sub-agents and other additional
Notes Collateral Agents (and, in each case, appointment of such person shall be reflected in documentation, which the Trustee and each Notes Collateral Agent are hereby authorized to enter into) and (ii) TMF to perform its duties and exercise
its rights and powers hereunder and in connection with the Collateral by or through the TMF Sub-Agents acting under the applicable Collateral Documents. Except as otherwise explicitly provided herein or in the
Collateral Documents or the First Lien 

  
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Intercreditor Agreement, no Notes Collateral Agent nor any of its respective officers, directors, employees or agents or other Related Persons shall be liable for failure to demand, collect or
realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any other Person or to take any other action whatsoever with regard to the Collateral
or any part thereof. Each Notes Collateral Agent shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither any Notes Collateral Agent nor any of their respective officers, directors,
employees or agents shall be responsible for any act or failure to act hereunder, except for its own gross negligence or willful misconduct. 

(h) Each Notes Collateral Agent is authorized and directed to (i) enter into the Collateral Documents to which it is party, whether
executed on or after the Issue Date, (ii) enter into the First Lien Intercreditor Agreement, (iii) make the representations of the Holders set forth in the Collateral Documents and First Lien Intercreditor Agreement, (iv) bind the
Holders on the terms as set forth in the Collateral Documents and the First Lien Intercreditor Agreement and (v) perform and observe its obligations under the Collateral Documents and the First Lien Intercreditor Agreement. 

(i) [Reserved]. 
 (j) If
applicable, each Notes Collateral Agent is each Holder’s agent for the purpose of perfecting the Holders’ security interest in assets which, in accordance with Article 9 of the UCC can be perfected only by possession. Should the Trustee
obtain possession of any such Collateral, upon request from the Company, the Trustee shall notify the Notes Collateral Agents thereof and promptly shall deliver such Collateral to the applicable Notes Collateral Agent or otherwise deal with such
Collateral in accordance with the Notes Collateral Agents’ instructions. 
 (k) No Notes Collateral Agent shall have any obligation
whatsoever to the Trustee or any of the Holders to assure that the Collateral exists or is owned by any Grantor or is cared for, protected, or insured or has been encumbered, or that such Notes Collateral Agent’s Liens have been properly or
sufficiently or lawfully created, perfected, protected, maintained or enforced or are entitled to any particular priority, or to determine whether all or the Grantor’s property constituting collateral intended to be subject to the Lien and
security interest of the Collateral Documents has been properly and completely listed or delivered, as the case may be, or the genuineness, validity, marketability or sufficiency thereof or title thereto, or to exercise at all or in any particular
manner or under any duty of care, disclosure, or fidelity, or to continue exercising, any of the rights, authorities, and powers granted or available to the Notes Collateral Agents pursuant to this Indenture, any Collateral Document or the First
Lien Intercreditor Agreement other than pursuant to the instructions of the Trustee or the Holders of a majority in aggregate principal amount of the Notes or as otherwise provided in the Collateral Documents, it being understood and agreed that in
respect of the Collateral, or any act, omission, or event related thereto, no Notes Collateral Agent shall have any other duty or liability whatsoever to the Trustee or any Holder or any other Notes Collateral Agent as to any of the foregoing. 

(l) If the Company or any Note Guarantor (i) incurs any obligations in respect of First Priority Obligations at any time when no First
Lien Intercreditor Agreement is in effect or at any time when Indebtedness constituting First Priority Obligations entitled to the benefit of an existing First Lien Intercreditor Agreement is concurrently retired, or incurs any other obligations
permitted hereunder and required to be subject to an intercreditor agreement, and (ii) delivers to the Notes Collateral Agents an Officers’ Certificate so stating and requesting the Notes Collateral Agents to enter into an intercreditor
agreement (on substantially the same terms as the First Lien Intercreditor Agreement) in favor of a designated agent or representative for the holders of the First Priority Obligations so incurred, or on reasonable and customary terms with respect
to any other such intercreditor agreement, the Notes Collateral Agents and the Trustee (as applicable) shall (and are hereby authorized and directed to) enter into such intercreditor agreement (at the sole expense and cost of the Company, including
legal fees and expenses of the Notes Collateral Agents), bind the Holders on the terms set forth therein and perform and observe its obligations thereunder. 

(m) If the Company or any Note Guarantor (i) incurs any obligations in respect of Indebtedness on which a junior lien on the Collateral is
to be granted, and (ii) delivers to the Notes Collateral Agents an Officers’ Certificate so stating and requesting the Notes Collateral Agents to enter into an intercreditor agreement with a designated agent or representative for the
holders of such Indebtedness or other obligations so incurred, and stating that such intercreditor agreement is on customary terms (as determined by the Company), the Notes Collateral Agents and the Trustee (as applicable) shall (and are hereby
authorized and directed to) enter into such intercreditor agreement (at the sole expense and cost of the Company, including legal fees and expenses of the Notes Collateral Agents), bind the Holders on the terms set forth therein and perform and
observe its obligations thereunder. 

  
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 (n) No provision of this Indenture, the First Lien Intercreditor Agreement or any Collateral
Document shall require any Notes Collateral Agent (or the Trustee) to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or thereunder or to take or omit to take any action
hereunder or thereunder or take any action at the request or direction of Holders (or the Trustee in the case of a Notes Collateral Agent) unless it shall have first received indemnity satisfactory to the applicable Notes Collateral Agent against
potential costs and liabilities incurred by such Notes Collateral Agent relating thereto. Notwithstanding anything to the contrary contained in this Indenture, the First Lien Intercreditor Agreement or the Collateral Documents, in the event any
Notes Collateral Agent is entitled or required to commence an action to foreclose or otherwise exercise its remedies to acquire control or possession of the Collateral, such Notes Collateral Agent shall not be required to commence any such action or
exercise any remedy or to inspect or conduct any studies of any property under the mortgages or take any such other action if such Notes Collateral Agent has determined that such Notes Collateral Agent may incur personal liability as a result of the
presence at, or release on or from, the Collateral or such property, of any hazardous substances unless such Notes Collateral Agent has received security or indemnity from the Holders in an amount and in a form all satisfactory to such Notes
Collateral Agent in its sole discretion, protecting such Notes Collateral Agent from all such liability. Each Notes Collateral Agent shall at any time be entitled to cease taking any action described in this paragraph (m) if it no longer
reasonably deems any indemnity, security or undertaking from the Company or the Holders to be sufficient. 
 (o) Each Notes Collateral Agent
(i) shall not be liable for any action taken or omitted to be taken by it in connection with this Indenture, the First Lien Intercreditor Agreement and the Collateral Documents or instrument referred to herein or therein, except to the extent
that any of the foregoing are found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from its own gross negligence or willful misconduct, (ii) shall not be liable
for interest on any money received by it except as such Notes Collateral Agent may agree in writing with the Company (and money held in trust by such Notes Collateral Agent need (a) shall be held uninvested without liability for interest,
unless otherwise agreed in writing, (b) shall be held in a non-interest bearing trust account and (c) not be segregated from other funds except to the extent required by law) and (iii) may
consult with counsel of its selection and the advice or opinion of such counsel as to matters of law shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it in good faith and
in accordance with the advice or opinion of such counsel. The grant of permissive rights or powers to each Notes Collateral Agent shall not be construed to impose duties to act. 

(p) No Notes Collateral Agent nor the Trustee shall be liable for delays or failures in performance resulting from acts beyond its control.
Such acts shall include but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations superimposed after the fact, fire, communication line failures, computer viruses, power failures, earthquakes or
other disasters. Neither any Notes Collateral Agent nor the Trustee shall be liable for any indirect, special, punitive, incidental or consequential damages (included but not limited to lost profits) whatsoever, even if it has been informed of the
likelihood thereof and regardless of the form of action. 
 (q) No Notes Collateral Agent assumes any responsibility for any failure or delay
in performance or any breach by the Company or any other Grantor under this Indenture, the First Lien Intercreditor Agreement and the Collateral Documents. No Notes Collateral Agent shall be responsible to the Holders or any other Person for any
recitals, statements, information, representations or warranties contained in any Notes Documents or in any certificate, report, statement, or other document referred to or provided for in, or received by any Notes Collateral Agent under or in
connection with, this Indenture, the First Lien Intercreditor Agreement or any Collateral Document; the execution, validity, genuineness, effectiveness or enforceability of the First Lien Intercreditor Agreement and any Collateral Documents of any
other party thereto; the genuineness, enforceability, collectability, value, sufficiency, location or existence of any Collateral, or the validity, effectiveness, enforceability, sufficiency, extent, perfection or priority of any Lien therein; the
validity, enforceability or collectability of any Obligations; the assets, liabilities, financial condition, results of operations, business, creditworthiness or legal status of any obligor; or for any failure of any obligor to perform its
Obligations under this Indenture, the First Lien Intercreditor 

  
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Agreement and the Collateral Documents. No Notes Collateral Agent shall have any obligation to any Holder or any other Person to ascertain or inquire into the existence of any Default or Event of
Default, the observance or performance by any obligor of any terms of this Indenture, the First Lien Intercreditor Agreement, the Credit Agreement or the Collateral Documents, or the satisfaction of any conditions precedent contained in this
Indenture, the First Lien Intercreditor Agreement or any Collateral Documents. No Notes Collateral Agent shall be required to initiate or conduct any litigation or collection or other proceeding under this Indenture, the First Lien Intercreditor
Agreement and the Collateral Documents unless expressly set forth hereunder or thereunder. Without limiting its obligations as expressly set forth herein, each Notes Collateral Agent shall have the right at any time to seek instructions from the
Holders with respect to the administration of the Notes Documents. 
 (r) The parties hereto and the Holders hereby agree and acknowledge
that the Notes Collateral Agents shall not assume, be responsible for or otherwise be obligated for any liabilities, claims, causes of action, suits, losses, allegations, requests, demands, penalties, fines, settlements, damages (including
foreseeable and unforeseeable), judgments, expenses and costs (including but not limited to, any remediation, corrective action, response, removal or remedial action, or investigation, operations and maintenance or monitoring costs, for personal
injury or property damages, real or personal) of any kind whatsoever, pursuant to any environmental law as a result of this Indenture, the First Lien Intercreditor Agreement, the Collateral Documents or any actions taken pursuant hereto or thereto.
Further, the parties hereto and the Holders hereby agree and acknowledge that in the exercise of its rights under this Indenture, the First Lien Intercreditor Agreement and the Collateral Documents, a Notes Collateral Agent may hold or obtain
indicia of ownership primarily to protect the security interest of such Notes Collateral Agent in the Collateral and that any such actions taken by such Notes Collateral Agent shall not be construed as or otherwise constitute any participation in
the management of such Collateral. However, if the Notes Collateral Agent is required to acquire title to an asset pursuant to this Indenture which in the Notes Collateral Agent’s reasonable discretion may cause the Notes Collateral Agent to be
considered an “owner or operator” under the provisions of the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), 42 U.S.C. §9601, et seq., or otherwise cause the Notes Collateral Agent to
incur liability under CERCLA or any equivalent federal, state or local law, the Notes Collateral Agent reserves the right, instead of taking such action, to either resign as the Notes Collateral Agent or arrange for the transfer of the title or
control of the asset to a court-appointed receiver. Neither any Notes Collateral Agent nor the Trustee shall be liable to the Company, the Guarantors or any other Person for any environmental claims or contribution actions under any federal, state
or local law, rule or regulation by reason of a Notes Collateral Agent or the Trustee’s actions and conduct as authorized, empowered and directed hereunder or relating to the discharge, release or threatened release of hazardous materials into
the environment. If at any time it is necessary, in connection with an exercise of remedies, for property to be possessed, owned, operated or managed by any Person (including any Notes Collateral Agent or the Trustee) other than the Company or the
Guarantors, a majority in interest of Holders shall direct the Notes Collateral Agent or the Trustee to appoint an appropriately qualified Person (excluding the Notes Collateral Agent or the Trustee) who they shall designate to possess, own, operate
or manage, as the case may be, the property. 
 (s) Upon the receipt by the applicable Notes Collateral Agent of an Officers’
Certificate and an Opinion of Counsel, such Notes Collateral Agent is hereby authorized to execute and enter into, and shall execute and enter into, without the further consent of any Holder or the Trustee, any Collateral Document to be executed
after the Issue Date. Such Officers’ Certificate and an Opinion of Counsel shall (i) state that it is being delivered to such Notes Collateral Agent pursuant to this Section 12.8(s), and (ii) instruct such Notes Collateral Agent
to execute and enter into such Collateral Document. Any such execution of a Collateral Document shall be at the direction and expense of the Company, upon delivery to such Notes Collateral Agent of an Officers’ Certificate and an Opinion of
Counsel stating that all conditions precedent (if any) to the execution and delivery of the Collateral Document have been satisfied. The Holders, by their acceptance of the Notes, hereby authorize and direct each Notes Collateral Agent to execute
such Collateral Documents. 
 (t) Subject to the provisions of the applicable Collateral Documents and the First Lien Intercreditor
Agreement, each Holder, by acceptance of the Notes, agrees that each Notes Collateral Agent shall execute and deliver the First Lien Intercreditor Agreement and the Collateral Documents to which it is a party and all agreements, documents and
instruments incidental thereto (including any releases permitted hereunder), and act in accordance with the terms thereof. For the avoidance of doubt, the Notes Collateral Agents shall not be required to exercise discretion under this Indenture, the
First Lien Intercreditor Agreement or the Collateral Documents and shall not be required to make or give any determination, consent, approval, request or direction without the written direction of the Holders of a majority in aggregate principal
amount of the then outstanding Notes or the Trustee, as applicable, except as otherwise expressly provided for herein or in any Collateral Document. 

  
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 (u) After the occurrence of an Event of Default, the Trustee, acting at the direction of the
Holders of a majority of the aggregate principal amount of the Notes then outstanding, may direct the Notes Collateral Agents in connection with any action required or permitted by this Indenture, the Collateral Documents or the First Lien
Intercreditor Agreement. 
 (v) Each Notes Collateral Agent is authorized to receive any funds for the benefit of itself, the Trustee and the
Holders distributed under the Collateral Documents or the First Lien Intercreditor Agreement and to the extent not prohibited under the First Lien Intercreditor Agreement, for turnover to the Trustee to make further distributions of such funds to
itself, the Trustee and the Holders in accordance with the provisions of Section 6.10 hereof and the other provisions of this Indenture. 

(w) Subject to the terms of the Collateral Documents, in each case that a Notes Collateral Agent may or is required hereunder or under any
other Notes Document to take any action (an “Action”), including without limitation to make any determination, to give consents, to exercise rights, powers or remedies, to release or sell Collateral or otherwise to act hereunder or
under any other Notes Document, the Notes Collateral Agents may seek direction from the Holders of a majority in aggregate principal amount of the then outstanding Notes. Each Notes Collateral Agent shall not be liable with respect to any Action
taken or omitted to be taken by it in accordance with the direction from the Holders of a majority in aggregate principal amount of the then outstanding Notes. Subject to the terms of the Collateral Documents, if a Notes Collateral Agent shall
request direction from the Holders of a majority in aggregate principal amount of the then outstanding Notes with respect to any Action, such Notes Collateral Agent shall be entitled to refrain from such Action unless and until such Notes Collateral
Agent shall have received direction from the Holders of a majority in aggregate principal amount of the then outstanding Notes, and such Notes Collateral Agent shall not incur liability to any Person by reason of so refraining. 

(x) Notwithstanding anything to the contrary in this Indenture or any other Notes Document, in no event shall any Notes Collateral Agent or the
Trustee be responsible for, or have any duty or obligation with respect to, the recording, filing, registering, perfection, protection or maintenance of the security interests or Liens intended to be created by this Indenture or the other Notes
Documents (including without limitation the filing or continuation of any UCC or PPSA financing or continuation statements or similar documents or instruments (or analogous procedures under the applicable laws in the relevant Covered Jurisdiction),
nor shall any Notes Collateral Agent or the Trustee be responsible for, and neither the Notes Collateral Agents nor the Trustee makes any representation regarding, the validity, effectiveness or priority of any of the Collateral Documents or the
security interests or Liens intended to be created thereby. Additionally, neither any Notes Collateral Agent nor the Trustee shall be responsible for providing, maintaining, monitoring or preserving insurance on or the payment of taxes with respect
to any of the Collateral. 
 (y) Before a Notes Collateral Agent acts or refrains from acting in each case at the request or direction of the
Company, the Note Guarantors, or the Trustee, it may require an Officers’ Certificate and an Opinion of Counsel, which shall conform to the provisions of Section 11.4 hereof. Each Notes Collateral Agent shall not be liable for any action
it takes or omits to take in good faith in reliance on such certificate or opinion. 
 (z) Notwithstanding anything to the contrary contained
herein, each Notes Collateral Agent shall act pursuant to the instructions of the Holders and/or the Trustee solely with respect to the Collateral Documents and the Collateral. 

(aa) The Company shall pay compensation to, reimburse expenses of and indemnify each Notes Collateral Agent in accordance with Section 7.7
hereof. Accordingly, the reference to the “Trustee” in Section 6.10, Section 7.7 and Section 7.8 hereof shall be deemed to include the reference to the Notes Collateral Agents and Section 7.7 of this Indenture shall
apply mutatis mutandis to the Notes Collateral Agents in their capacity as such, provided that for the purposes of this Section 12.8(aa), any reference to the negligence of the Trustee in 7.7 shall be deemed to be references to the gross
negligence of the Notes Collateral Agents. 

  
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 (bb) The Company and each of the Holders by acceptance of the Notes acknowledges and directs
that the benefits, indemnities, privileges, protections, and rights of each Notes Collateral Agent shall extend to (and may be claimed directly or by the applicable Notes Collateral Agent on behalf of) each
sub-agent and each TMF Sub-Agent (and TMF, by its signature below, acknowledges the same on behalf of and for the benefit of each TMF
Sub-Agent), as the case may be. 
 (cc) Beyond the exercise of reasonable care in the custody
thereof, neither any Notes Collateral Agent nor the Trustee shall have duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior
parties or any other rights pertaining thereto. Any Notes Collateral Agent shall be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which
it accords its own property and shall not be liable or responsible for any loss or diminution in the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Notes
Collateral Agent in good faith. 
 (dd) Neither any Notes Collateral Agent nor the Trustee shall be responsible for the existence,
genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any of any action or omission to act on its part
hereunder, except to the extent such action or omission constitutes gross negligence or willful misconduct on the part of the Notes Collateral Agent, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein,
for the validity of the title of the applicable Grantor to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. 

ARTICLE 13 
 PARALLEL DEBT 

Section 13.1 Purpose; Governing Law. This Article 13 is included in this Indenture solely for the purpose of ensuring the
validity and effect of certain security rights governed by the laws of the Netherlands, Poland, Japan, Slovenia, France, Hungary, Germany, Belgium, Mexico and Switzerland, granted pursuant to the applicable Collateral Documents and, for the
avoidance of doubt, shall not limit the rights and remedies provided to the First Lien Notes Secured Parties by the other provisions hereof and of any of the other Notes Documents. Moreover, the provisions of Section 13.4 hereof shall be
governed by the laws of Hungary. 
 Section 13.2 Parallel Debt (The Netherlands, Poland, Japan, Slovenia). 

(a) Notwithstanding anything to the contrary contained in this Indenture and the Collateral Documents and for the purpose of the security
rights granted and to be granted under or pursuant to the Collateral Documents governed by the laws of The Netherlands, the laws of Poland, the laws of Japan and the laws of Slovenia (the “Foreign Security Agreements”), the Company
and each Note Guarantor that is a party to the Foreign Security Agreements undertake to pay to any Notes Collateral Agent, in its individual capacity as creditor in its own right and not as agent, representative or trustee, as a separate independent
obligation to such Notes Collateral Agent, the amount of its Parallel Debt. Moreover, the security rights contemplated by the applicable Foreign Security Agreements are granted in favor of the applicable Notes Collateral Agent in its individual
capacity and not as agent, representative or trustee of the Holders of the Notes, as security for its claims under the Parallel Debt and consequently such Notes Collateral Agent becoming the sole security beneficiary of such security rights. 

(b) No person shall be obligated to pay any amount representing Parallel Debt unless and until a corresponding amount of the Underlying Debt
shall have become due and payable. 
 (c) To the extent any amount is paid to and received by the applicable Notes Collateral Agent in
payment of the Parallel Debt, the total amount due and payable in respect of the Underlying Debt shall be decreased as if such amount were received by the First Lien Notes Secured Parties or any of them in payment of the corresponding Underlying
Debt. 

  
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 Section 13.3 Parallel Debt (France). For the purpose of any Collateral Document
or Lien governed by the laws of France (the “French Security Documents”) and all security interest created thereunder: 

(a) Notwithstanding any other provision of this Indenture, the Company and each Note Guarantor hereby irrevocably and
unconditionally undertakes to pay to the applicable Notes Collateral Agent, as creditor in its own right and not as representative of the other First Lien Notes Secured Parties, sums equal to and in the currency of each amount payable by the Company
and each such Note Guarantor to each of the First Lien Notes Secured Parties under this Indenture, the Notes and each of the Collateral Documents as and when that amount falls due for payment under this Indenture, the Notes or the relevant
Collateral Document (the “French Parallel Debt”). 
 (b) The Company and each Note Guarantor and each Notes
Collateral Agent acknowledge that the obligations of the Company and each Note Guarantor under paragraph (a) above are several and are separate and independent from, and shall not in any way limit or affect, the corresponding obligations of the
Company or that Note Guarantor, as applicable, to any First Lien Notes Secured Party under this Indenture, the Notes or any Collateral Document (as used in this Section 13.3, its “Corresponding Debt”) nor shall the amounts for
which the Company and each Note Guarantor is liable under the French Parallel Debt be limited or affected in any way by its Corresponding Debt; provided that: 

(i) the French Parallel Debt of the Company and each Note Guarantor shall be decreased to the extent that its Corresponding
Debt has been irrevocably paid or (in the case of guarantee obligations) discharged; 
 (ii) the Corresponding Debt of the
Company and each Note Guarantor shall be decreased to the extent that its French Parallel Debt has been irrevocably paid or (in the case of guarantee obligations) discharged; and 

(iii) the amount of the French Parallel Debt of the Company or a Note Guarantor shall at all times be equal to the amount of
its Corresponding Debt. 
 (c) For the purpose of this Section 13.3, each Notes Collateral Agent acts in its own name
and not as a trustee, and its claims in respect of the French Parallel Debt shall not be held on trust. The Collateral granted under the French Security Documents to the applicable Notes Collateral Agent pursuant to the provisions of this
Section 13.3 is granted to such Notes Collateral Agent in its capacity as creditor of the French Parallel Debt and shall not be held on trust. 

(d) All moneys received or recovered by any Notes Collateral Agent pursuant to this Section 13.3, and all amounts received
or recovered by any Notes Collateral Agent from or by the enforcement of any Collateral granted under the French Security Documents, shall be applied in accordance with this Indenture. 

(e) For the purpose of any vote taken under this Indenture or any Collateral Document, no Notes Collateral Agent shall be
regarded as having any participation or commitment other than those which it has, if any, in its capacity as a Holder. 
 Section 13.4
Parallel Debt (Hungary). The Trustee and each First Lien Notes Secured Party (other than the Notes Collateral Agents) hereby authorizes and appoints the applicable Notes Collateral Agent to accept, manage and enforce, as its representative
(in Hungarian: “bizományos” or, after the entry into force of Act V of 2013 on the new Hungarian civil code (the “New Hungarian Civil Code”), “zálogjogosulti
bizományos”) any charge based Collateral granted to such Notes Collateral Agent in relation to this Indenture and the Collateral Documents and to act and execute on its behalf in such capacity, subject to the terms of
the Guarantee entered into by a Note Guarantor incorporated under the laws of Hungary, amendments or releases of, accessions and alterations to, and to carry out similar dealings with regard to this Indenture or any Collateral Document governed by
the laws of Hungary or entered into by a Note Guarantor incorporated under the laws of Hungary. For the purposes of the New Hungarian Civil Code, (i) this provision constitutes the agreement of all First Lien Notes Secured Parties

  
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regarding the authorization and appointment of the applicable Notes Collateral Agent as “zálogjogosulti bizományos” for enforcing, managing and administering any
charge based Collateral entered into by a Guarantor incorporated under the laws of Hungary (for the purposes of, and as envisaged by, Article 5:96.§ (1) of the New Hungarian Civil Code); (ii) in case there are discrepancies (including
inter alia matters pertaining to sharing, settlement, flow of funds and rights of Notes Collateral Agents) not expressly regulated by Hungarian law between the regulations of Article 5:96.§ (1) of the New Hungarian Civil Code and
this Indenture, the terms of this Indenture shall prevail to the extent permitted by law; and (iii) as permitted by Regulation (EC) No 593/2008 of 17 June 2008, this Section 13.4 shall be governed by Hungarian law. Each Notes
Collateral Agent hereby accepts and the Note Guarantors hereby acknowledge such appointment as of the date hereof. 
 Section 13.5
Parallel Debt and Collateral (Germany). For the purposes of any Collateral Document or Lien granted to a First Lien Notes Secured Party (including any Notes Collateral Agent) and governed by the laws of the Federal Republic of Germany: 

(a) The Company and each Note Guarantor hereby irrevocably and unconditionally undertake to pay to the applicable Notes
Collateral Agent as creditor in its own right and not as a representative of the other First Lien Notes Secured Parties amounts equal to the respective Underlying Debt. 

(b) The Company and each Note Guarantor and each Notes Collateral Agent acknowledge that the obligations of the Company and
each Note Guarantor under paragraph (a) above are several and are separate and independent from, and shall not in any way limit or affect, the Underlying Debt (as used in this Section 13.5, its “Corresponding Debt”) nor
shall the amounts for which the Company and each Note Guarantor is liable under paragraph (a) above (its “German Parallel Debt”) be limited or affected in any way by its Corresponding Debt provided that: 

(i) No Notes Collateral Agent shall demand payment with regard to the German Parallel Debt of the Company and each Note
Guarantor to the extent that the Company or such Note Guarantor’s Corresponding Debt has been irrevocably paid or (in the case of guarantee obligations) discharged; and 

(ii) a First Lien Notes Secured Party shall not demand payment with regard to the Corresponding Debt of the Company and each
Note Guarantor to the extent that the Company or such Note Guarantor’s Parallel Debt has been irrevocably paid or (in the case of guarantee obligations) discharged. 

(c) For the purpose of this Section 13.5(c), each Notes Collateral Agent acts in its own name and not as a trustee, and
its claims in respect of the German Parallel Debt shall not be held on trust. The Liens granted under this Indenture and the Collateral Documents to any Notes Collateral Agent to secure the German Parallel Debt is granted to such Notes Collateral
Agent in its capacity as creditor of the German Parallel Debt and shall not be held on trust. 
 (d) All monies received or
recovered by any Notes Collateral Agent pursuant to this Section 13.5 (Parallel Debt (Germany)), and all amounts received or recovered by any Notes Collateral Agent from or by the enforcement of any Lien granted to secure the German Parallel
Debt, shall be applied in accordance with this Indenture. 
 (e) Without limiting or affecting any Notes Collateral
Agent’s rights against the Company and the Note Guarantors (whether under this Section 13.5 or under any other provision of this Indenture or any Collateral Document), the Company and each Note Guarantor acknowledge that: 

(i) nothing in this Section 13.5 shall impose any obligation on any Notes Collateral Agent to advance any sum to the
Company or any Note Guarantor or otherwise under this Indenture or any Collateral Document, except in its capacity, if any, as a Holder; and 

  
 -106- 

 (ii) for the purpose of any vote taken under this Indenture or any
Collateral Document, no Notes Collateral Agent shall be regarded as having any participation or commitment other than those which it has in its capacity, if any, as a Holder. 

(f) For the purposes of any German Security (where “German Security” means any security interest created under
the Collateral Documents governed by German law) in addition to the provision set out in this Indenture, the specific provisions set out in this paragraph (f) of this Section 13.5 shall be applicable. In the case of any inconsistency, the
provisions set out in this paragraph (f) of this Section 13.5 shall prevail. The provisions set out in this paragraph (f) of this Section 13.5 shall not constitute a trust pursuant to the laws of the State of New York but a
fiduciary relationship (Treuhand) within the meaning of German law. 
 (i) Any German Security which is solely
constituted by accessory (akzessorische) security interests, the relevant Notes Collateral Agent shall administer and, as the case may be, enforce or release that German Security in the name of and for and on behalf of the First Lien Notes
Secured Parties and shall hold, administer and, as the case may be, enforce or release that German Security in its own name on the basis of its own rights under this Section 13.5 (Parallel Debt and Collateral (Germany). 

(ii) It is hereby acknowledged that each Notes Collateral Agent (being released from any restrictions imposed by
Section 181 German Civil Code (Bürgerliches Gesetzbuch) and/or similar restrictions applicable pursuant to any other law) is hereby instructed and authorized (with the right of sub delegation) to act as agent (Stellvertreter)
of the First Lien Notes Secured Parties (other than that Notes Collateral Agent) and in particular (without limitation) to enter into and amend any documents evidencing German Security and to make and accept all declarations and take all
actions it considers necessary or useful in connection with any German Security on behalf of that First Lien Notes Secured Party. Each Notes Collateral Agent shall further be entitled to enforce or release any German Security, to perform any rights
and obligations under any documents evidencing German Security and to execute new and different documents evidencing or relating to the German Security. 

Section 13.6 [Reserved]. 

Section 13.7 Parallel Debt (Belgium). 

(a) For the purpose of this Section 13.7, “Corresponding Obligations” means, with respect to each Note Guarantor incorporated
under the laws of Belgium (each, a “Belgian Guarantor”), any Note Guarantor’s obligations and liabilities (whether present or future, actual or contingent, and whether incurred jointly or severally, and whether as principal,
guarantor or in some other capacity) to the Trustee or one or more Holders (or any of their successors, transferees or assigns) (i) under or in connection with this Indenture or the Collateral Documents (but, for the avoidance of doubt,
excluding the Parallel Debt Undertaking (as defined below)), as the same may be amended, supplemented, extended or restated from time to time (including by way of novation), however fundamental any amendment, supplement, extension or restatement may
be, including (without affecting the generality of the foregoing) a change of purpose of any facility or the addition of any facility, or (ii) in connection with any other Indebtedness as the Notes Collateral Agents (acting on instructions of
all Holders) and the Company may agree from time to time. 
 (b) Each Belgian Guarantor irrevocably and unconditionally undertakes to pay to
the applicable Notes Collateral Agent amounts equal to the Corresponding Obligations as they may exist from time to time (each, a “Parallel Debt Undertaking”). Each Parallel Debt Undertaking will become due and payable at the same
time as the Corresponding Obligations become due and payable. 
 (c) The rights of each Notes Collateral Agent under this Section 13.7
are several and independent from any right that a Holder may have under this Indenture or the Collateral Documents. Each Notes Collateral Agent may therefore enforce performance of the Parallel Debt Undertaking in its own name as an independent and
separate right. This includes any suit, execution, enforcement of security, recovery of guarantees and applications for and voting in respect of any kind of insolvency proceeding. 

  
 -107- 

 (d) An amount paid by a Belgian Guarantor to any Notes Collateral Agent in respect of the
Parallel Debt Undertaking will discharge the liability of such Belgian Guarantor under the Corresponding Obligations in an equal amount. 

(e) The aggregate amount outstanding under the Parallel Debt Undertaking will never exceed the aggregate amount outstanding under the
Corresponding Obligations. 
 (f) Each Collateral Agent acts under this Indenture and the Collateral Documents as a creditor under the
Parallel Debt Undertaking. 
 Section 13.8 Parallel Debt (Mexico). For the purpose of any Collateral Document or Lien governed
by the laws of Mexico (the “Mexican Security Documents”) and all security interests created thereunder: 

(a) Notwithstanding any other provision of this Indenture, the Company and each Note Guarantor hereby irrevocably and
unconditionally undertakes to pay to the applicable Notes Collateral Agent, as creditor in its own right and not as representative of the other First Lien Notes Secured Parties, sums equal to and in the currency of each amount payable by the Company
and each such Note Guarantor to each of the First Lien Notes Secured Parties under this Indenture, The Notes and each of the Collateral Documents as and when that amount falls due for payment under this Indenture, the Notes or the relevant
Collateral Document (the “Mexican Parallel Debt”) 
 (b) The Company and each Note Guarantor and each Notes
Collateral Agent acknowledge that the obligations of the Company and each Note Guarantor under paragraph (a) above are several and are separate and independent from, and shall not in any way limit or affect, the corresponding obligations of the
Company or that Note Guarantor, as applicable, to any First Lien Notes Secured Party under this Indenture, the Notes or any Collateral Document (as used in this Section 13.8, its “Corresponding Debt”) nor shall the amounts for
which the Company and each Note Guarantor is liable under the Mexican Parallel Debt be limited or affected in any way by its Corresponding Debt; provided that: 

(i) The Mexican Parallel Debt of the Company and each Note Guarantor shall be decreased to the extent that its Corresponding
Debt has been irrevocably paid or (in the case of guarantee obligations) discharged; 
 (ii) The Corresponding Debt of the
Company and each Note Guarantor shall be decreased to the extent that its Mexican Parallel Debt has been irrevocably paid or (in the case of guarantee obligations) discharged; 

(iii) The Mexican Parallel Debt will become due and payable at the same time as the Corresponding Debt becomes due and payable;
and 
 (iv) The aggregate amount outstanding under the Mexican Parallel Debt will never exceed the aggregate amount
outstanding under the Corresponding Debt. 
 (c) For the purpose of this Section 13.8, each Notes Collateral Agent acts
in its own name and not as a trustee, and its claims in respect of the Mexican Parallel Debt shall not be held on trust. The Collateral granted under the Mexican Security Documents to the applicable Notes Collateral Agent pursuant to the provisions
of this Section 13.8 is granted to such Notes Collateral Agent in its capacity as creditor of the Mexican Parallel Debt and shall not be held on trust. 

(d) All moneys received or recovered by any Notes Collateral Agent pursuant to this Section 13.8, and all amounts received
or recovered by any Notes Collateral Agent from or by the enforcement of any Collateral granted under the Mexican Security Documents, shall be applied in accordance with this Indenture. 

  
 -108- 

 (e) For the purpose of any vote taken under this Indenture or any Collateral
Document, no Notes Collateral Agent shall be regarded as having any participation or commitment other than those which it has, if any, in its capacity as a Holder. 

Section 13.9 Parallel Debt (Switzerland). For the purpose of any Collateral Document or Lien governed by the laws of Switzerland
(the “Swiss Security Documents”) and all security interests created thereunder: 
 (a) Notwithstanding any
other provision of this Indenture, the Company and each Note Guarantor hereby irrevocably and unconditionally undertakes to pay to the applicable Notes Collateral Agent, as creditor in its own right and not as representative of the other First Lien
Notes Secured Parties, amounts equal to and in the currency of each Payable Amount as and when that Payable Amount falls due for payment under this Indenture, the Notes or the relevant Collateral Document (the “Swiss Parallel
Debt”). For the purpose of this Section 13.9, “Payable Amount” means in relation to the Company or a Note Guarantor, any amount payable by the Company or such Note Guarantor to each of the First Lien Notes Secured
Parties under this Indenture, the Notes and each of the Collateral Documents, but excluding any amounts of parallel debt payable by the Company or such Note Guarantor pursuant to this Article 13. 

(b) The Company and each Note Guarantor and each Notes Collateral Agent acknowledge that the obligations of the Company and
each Note Guarantor under paragraph (a) above are several and are separate and independent from, and shall not in any way limit or affect, the corresponding obligations of the Company or that Note Guarantor, as applicable, to any First Lien
Notes Secured Party under this Indenture, the Notes or any Collateral Document (as used in this Section 13.9, its “Corresponding Debt”) nor shall the amounts for which the Company and each Note Guarantor is liable under the
Swiss Parallel Debt be limited or affected in any way by its Corresponding Debt; provided that: 
 (i) the Swiss
Parallel Debt of the Company and of each Note Guarantor shall be decreased to the extent that its Corresponding Debt has been irrevocably paid or (in the case of guarantee obligations) discharged; 

(ii) the Corresponding Debt of the Company and of each Note Guarantor shall be decreased to the extent that its Swiss Parallel
Debt has been irrevocably paid or (in the case of guarantee obligations) discharged; and 
 (iii) the amount of the Swiss
Parallel Debt of the Company or, respectively, a Note Guarantor shall at all times be equal to the amount of its Corresponding Debt. 

(c) All monies received or recovered by any Notes Collateral Agent pursuant to this Section 13.9, and all amounts received
or recovered by any Notes Collateral Agent from or by the enforcement of any Collateral granted under the Swiss Security Documents, shall be applied in accordance with this Indenture. 

(d) For the purpose of any vote taken under this Indenture, the Notes or any Collateral Document, no Notes Collateral Agent
shall be regarded as having any participation or commitment other than those which it has, if any, in its capacity as a Holder. 

Section 13.10 Additional Parallel Debt Provisions. In the case of any Note Guarantor that becomes a Note Guarantor after the Issue
Date and is located in a jurisdiction where Parallel Debt provisions are customary or required, the Company, the Note Guarantors and the Trustee are hereby authorized to provide for Parallel Debt, in customary form (as determined by the Company in
its sole discretion) in the supplemental indenture with respect to such Guarantor’s guarantee. The Trustee and the Company, without the consent of any Holder, may also incorporate into this Indenture additional Parallel Debt provisions as
necessary to address After-Acquired Property in any jurisdiction where no assets are pledged by a guarantor organized therein on the Issue Date. 

  
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 [SIGNATURE PAGES FOLLOW] 

 

  
 -110- 

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

			
	BAUSCH HEALTH COMPANIES INC.
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title: Senior Vice President, Treasurer

 [Signature Page to Indenture] 

 
			
	GUARANTORS:
	
	BAUSCH HEALTH AMERICAS, INC.
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	 Title:   Vice President, Capital Markets,

            Treasury

 [Signature Page to Indenture] 

 
			
	GUARANTORS:
	
	ALDEN OPTICAL LABORATORIES, INC.
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title: Vice President, Treasurer
	
	BAUSCH & LOMB AMERICAS INC.
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title: Senior Vice President and Treasurer
	
	BAUSCH & LOMB INCORPORATED
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title: Vice President, Treasurer
	
	BAUSCH & LOMB SOUTH ASIA, INC.
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title: Vice President, Treasurer
	
	 MEDICIS PHARMACEUTICAL

CORPORATION

		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title: Vice President, Treasurer

 [Signature Page to Indenture] 

 
			
	OCEANSIDE PHARMACEUTICALS, INC.
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title: Vice President, Treasurer
	
	ORAPHARMA, INC.
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title: Vice President and Treasurer
	
	PRECISION DERMATOLOGY, INC.
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title: Vice President, Treasurer
	
	SALIX PHARMACEUTICALS, LTD.
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title: Vice President, Treasurer
	
	SANTARUS, INC.
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title: Vice President, Treasurer

 [Signature Page to Indenture] 

 
			
	SOLTA MEDICAL, INC.
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title: Vice President, Treasurer
	
	BAUSCH HEALTH US, LLC
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	 Title: Vice President, Capital Markets,

Treasury

	
	VRX HOLDCO LLC
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title: Treasurer

 [Signature Page to Indenture] 

 
			
	SALIX PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Jeremy M. Lipshy

		 	Name: Jeremy M. Lipshy
		 	Title: Senior Vice President, Tax

 [Signature Page to Indenture] 

					
	 Signed by
 Bausch & Lomb
(Australia) Pty Limited
 (ACN 000 222 408)
 in accordance with
section 127 of the
 Corporations Act 2001 by two directors:
	 		  	
			
	 /s/ Avinesh Prasad
	 	                    	  	 /s/ William N. Woodfield

	Signature of director	 		  	Signature of director
			
	Avinesh Prasad	 		  	William N. Woodfield
	  
	 		  	  

	Name of director (please print)	 		  	Name of director (please print)
			
	 Signed by
 Bausch & Lomb
Australia Holdings Proprietary Limited
 (ACN 654 184 442)

in accordance with section 127 of the
 Corporations Act
2001 by two directors:
	 		  	
	 /s/ Avinesh Prasad
	 		  	 /s/ William N. Woodfield

	Signature of director	 		  	Signature of director
	Avinesh Prasad	 		  	William N. Woodfield
	  
	 		  	  

	Name of director (please print)	 		  	Name of director (please print)

 [Signature Page to Indenture] 

					
	 Signed by
 Bausch Health Australia Pty
Ltd
 (ACN 154 341 367)
 in accordance with section 127 of
the
 Corporations Act 2001 by two directors:
	 	 
 

 

                    
	  	
			
	 /s/ Avinesh Prasad
	 		  	 /s/ William N. Woodfield

	Signature of director	 		  	Signature of director
	Avinesh Prasad	 		  	William N. Woodfield
	  
	 		  	  

	Name of director (please print)	 		  	Name of director (please print)

 [Signature Page to Indenture] 

 
			
	BAUSCH & LOMB PHARMA SA
		
	By:	 	 /s/ Pierre Guibourg

		 	Name: Pierre Guibourg
		 	Title: Director

 [Signature Page to Indenture] 

 
			
	VALEANT CANADA GP LIMITED
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title: Vice President, Treasurer
	
	 VALEANT CANADA S.E.C./VALEANT CANADA LP
  

By: Valeant Canada GP Limited, its general partner

		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title: Vice President, Treasurer
	
	V-BAC HOLDING CORP.
		
	By:	 	 /s/ Jeremy M. Lipshy

		 	Name: Jeremy M. Lipshy
		 	Title: Vice President
	
	BAUSCH HEALTH, CANADA INC.
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title: Vice President, Treasurer
	
	BAUSCH + LOMB CORPORATION
		
	By:	 	 /s/ D. Alexander Matheson

		 	Name: D. Alexander Matheson
		 	Title: Senior Vice President, Assistant General Counsel

 [Signature Page to Indenture] 

 
			
	HUMAX PHARMACEUTICAL S.A.
		
	By:	 	 /s/ Luis Alejandro Mendez Madriz

		 	Name: Luis Alejandro Mendez Madriz
		 	Title:   Legal Representative

 [Signature Page to Indenture] 

 
			
	BAUSCH HEALTH TRADING DWC-LLC
		
	By:	 	 /s/ Sanjeeb Denis Rose

		 	Name: Sanjeeb Denis Rose
		 	Title: General Manager
		
	By:	 	 /s/ Mahmoud Farhana

		 	Name: Mahmoud Farhana
		 	Title: Manager

 [Signature Page to Indenture] 

 
	
	 Executed by BAUSCH & LOMB U.K. LIMITED,

acting by:

	
	 /s/ William N. Woodfield

	Director
	
	 Name of director: William Norman Woodfield
 in
the presence of:

	
	 /s/ Michelle Stypulkoski

	Name of witness: Michelle Stypulkoski

 [Signature Page to Indenture] 

 
			
	LABORATOIRE CHAUVIN S.A.S.
		
	By:	 	 /s/ Pierre Guibourg

		 	Name: Pierre Guibourg
		 	Title:   President
	
	BAUSCH & LOMB FRANCE S.A.S.
		
	By:	 	 /s/ Pierre Guibourg

		 	Name: Pierre Guibourg
		 	Title:   President

 [Signature Page to Indenture] 

 
			
	DR. GERHARD MANN CHEM.-PHARM. FABRIK GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title:   Managing Director
	
	BAUSCH & LOMB GMBH
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title:   Managing Director
	
	B L E P HOLDING GMBH
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title:   Managing Director
	
	TECHNOLAS PERFECT VISION GMBH
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title:   Managing Director

 [Signature Page to Indenture] 

 
			
	BAUSCH & LOMB (HONG KONG) LIMITED
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title:   Director

 [Signature Page to Indenture] 

 
			
	BAUSCH HEALTH HUNGARY LLC
		
	By:	 	 /s/ Tamás Miklós Cseh

		 	Name: Tamás Miklós Cseh
		 	Title:   Managing Director
		
	By:	 	 /s/ János András Nánay, dr.

		 	Name: János András Nánay, dr.
		 	Title:   Managing Director

 [Signature Page to Indenture] 

 
			
	BAUSCH HEALTH IRELAND LIMITED
		
	By:	 	 /s/ Michael Kennan

		 	Name: Michael Kennan
		 	Title: Director
	
	BAUSCH + LOMB IRELAND LIMITED
		
	By:	 	 /s/ Michael Kennan

		 	Name: Michael Kennan
		 	Title: Director
	
	BAUSCH HEALTH HOLDCO LIMITED
		
	By:	 	 /s/ Michael Kennan

		 	Name: Michael Kennan
		 	Title: Director
	
	SOLTA MEDICAL IRELAND LIMITED
		
	By:	 	 /s/ Michael Kennan

		 	Name: Michael Kennan
		 	Title: Director

 [Signature Page to Indenture] 

 
			
	BAUSCH & LOMB-IOM S.P.A.
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title:   Director

 [Signature Page to Indenture] 

 
			
	B.L.J. COMPANY, LTD.
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title:   Director

 [Signature Page to Indenture] 

 
			
	VALEANT FINANCE LUXEMBOURG S.À R.L.
		
	By:	 	 /s/ Franck Deconinck

		 	Name: Franck Deconinck
		 	Title:   Authorized Signatory

 [Signature Page to Indenture] 

 
			
	BAUSCH & LOMB MEXICO, S.A. DE C.V.
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title:   Senior Vice President and Treasurer
	
	BAUSCH & LOMB MEXICO HOLDINGS, S.A. DE C.V.
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title:   Senior Vice President and Treasurer

 [Signature Page to Indenture] 

 
			
	BAUSCH+LOMB OPS B.V.
		
	By:	 	 /s/ Patrick Emanuel Petrus Jacobus Gunther

		 	Name: Patrick Emanuel Petrus Jacobus Gunther
		 	Title:   Attorney-in-fact
	
	BAUSCH+LOMB NETHERLANDS B.V.
		
	By:	 	 /s/ Patrick Emanuel Petrus Jacobus Gunther

		 	Name: Patrick Emanuel Petrus Jacobus Gunther
		 	Title:   Attorney-in-fact
	
	BAUSCH+LOMB DUTCH HOLDINGS B.V.
		
	By:	 	 /s/ Patrick Emanuel Petrus Jacobus Gunther

		 	Name: Patrick Emanuel Petrus Jacobus Gunther
		 	Title:   Attorney-in-fact

 [Signature Page to Indenture] 

 
			
	PRZEDSIĘBIORSTWO FARMACEUTYCZNE JELFA S.A.
		
	By:	 	 /s/ Waldemar Stępień

		 	Name: Waldemar Stępień
		 	Title:   President of the Management Board
		
	By:	 	 /s/ Ryszard Bukowski

		 	Name: Ryszard Bukowski
		 	Title:   Member of the Management Board
	
	BAUSCH HEALTH POLAND SPÓLKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ
		
	By:	 	 /s/ Cornelis Jan Heiman

		 	Name: Cornelis Jan Heiman
		 	Title:   Member of the Management Board
	
	ICN POLFA RZESZÓW S.A.
		
	By:	 	 /s/ Tadeusz Pietrasz

		 	Name: Tadeusz Pietrasz
		 	Title:   President of the Management Board

 [Signature Page to Indenture] 

 
			
	 Bausch Health LLC
 (previously known
as VALEANT LLC)

		
	By:	 	 /s/ Dzmitry Khatsko

		 	Name: Dzmitry Khatsko
		 	Title:   General Director
	
	Bausch RUMO LLC
		
	By:	 	 /s/ Vladimir Gudkov

		 	Name: Vladimir Gudkov
		 	Title:   General Director

 [Signature Page to Indenture] 

 
			
	BAUSCH & LOMB NORDIC AB
		
	By:	 	 /s/ William N. Woodfield

		 	Name: William N. Woodfield
		 	Title:   Director

 [Signature Page to Indenture] 

 
			
	PHARMASWISS SA
		
	By:	 	 /s/ Matthias Courvoisier

		 	Name: Matthias Courvoisier
		 	Title:   Director
	
	BAUSCH & LOMB SWISS AG
		
	By:	 	 /s/ Matthias Courvoisier

		 	Name: Matthias Courvoisier
		 	Title:   Member of the Board of Directors

 [Signature Page to Indenture] 

			
	THE BANK OF NEW YORK MELLON, AS TRUSTEE
		
	By:	 	 /s/ Latoya S. Elvin

		 	Name: Latoya S. Elvin
		 	Title:   Vice President

 [Signature Page to Indenture] 

 
			
	THE BANK OF NEW YORK MELLON, AS NOTES COLLATERAL AGENT
		
	By:	 	 /s/ Latoya S. Elvin

		 	Name: Latoya S. Elvin
		 	Title:   Vice President

 [Signature Page to Indenture] 

 
			
	THE BANK OF NEW YORK MELLON, LONDON BRANCH, AS NOTES COLLATERAL AGENT
		
	By:	 	 /s/ Marco Thuo

		 	Name: Marco Thuo
		 	Title: Attorney-in-Fact

 [Signature Page to Indenture] 

 
			
	THE BANK OF NEW YORK MELLON, HONG KONG BRANCH, AS NOTES COLLATERAL AGENT
		
	By:	 	 /s/ Michael Cheng

		 	Name: Michael Cheng
		 	Title: Vice President

 [Signature Page to Indenture] 

 
			
	BTA INSTITUTIONAL SERVICES AUSTRALIA LIMITED, AS NOTES COLLATERAL AGENT
		
	By:	 	 /s/ Andrea Ruver

		 	Name: Andrea Ruver
		 	Title: Vice President

 [Signature Page to Indenture] 

 
			
	BNY MELLON CORPORATE TRUSTEE SERVICES LIMITED, AS NOTES COLLATERAL AGENT
		
	By:	 	 /s/ Marco Thuo

		 	Name: Marco Thuo
		 	Title: Attorney-in-Fact

 [Signature Page to Indenture] 

 
			
	TMF GROUP NEW YORK, LLC, AS NOTES COLLATERAL AGENT
		
	By:	 	 /s/ Albert Fioravanti

		 	Name: Albert Fioravanti
		 	Title: Managing Director

 [Signature Page to Indenture] 

 EXHIBIT A 

BAUSCH HEALTH COMPANIES INC. 

6.125% SENIOR SECURED NOTES DUE 2027 

[FORM OF FACE OF NOTE] 
 [UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY 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 IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES 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.]1 

[THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), 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), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT OR (C) IT IS AN ACCREDITED INVESTOR (AS
DEFINED IN RULE 501(a)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”)), (2) AGREES THAT IT WILL NOT PRIOR TO THE FIRST ANNIVERSARY OF THE ORIGINAL ISSUANCE OF THIS 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) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR THAT,
PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER- DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS NOTE (THE FORM OF WHICH
LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS NOTE), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE
144 UNDER THE SECURITIES ACT (IF AVAILABLE), (F) 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 (G) 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 

 

	1 	 Include only if the Note is a Global Note. 

  
 A-1 

 
TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS NOTE WITHIN ONE YEAR AFTER THE ORIGINAL ISSUANCE OF THIS NOTE, IF THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR, THE
HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM,
OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 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.]2 
 [THIS NOTE AND ANY RELATED DOCUMENTATION MAY BE AMENDED
OR SUPPLEMENTED FROM TIME TO TIME TO MODIFY THE RESTRICTIONS ON RESALES AND OTHER TRANSFERS OF THIS NOTE TO REFLECT ANY CHANGE IN APPLICABLE LAW OR REGULATION (OR THE INTERPRETATION THEREOF) OR IN PRACTICES RELATING TO THE RESALE OR TRANSFER OF
RESTRICTED SECURITIES GENERALLY. THE HOLDER OF THIS NOTE SHALL BE DEEMED BY THE ACCEPTANCE OF THIS NOTE TO HAVE AGREED TO ANY SUCH AMENDMENT OR SUPPLEMENT.]3 

[CANADIAN RESALE LEGEND 
 UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS NOTE OR A BENEFICIAL INTEREST HEREIN MUST NOT TRADE THIS NOTE OR THE BENEFICIAL INTEREST HEREIN BEFORE THE DATE THAT IS 4 MONTHS AND A DAY AFTER FEBRUARY 10, 2022.]4 
  
  

 
  

	2 	 Include only if the Note is a Restricted Note. 

	3 	 Include only if the Note is a Restricted Note. 

	4 	 Include until no longer necessary under Canadian securities laws. 

  
 A-2 

 BAUSCH HEALTH COMPANIES INC. 

CUSIP: 144A: 071734 AP2, Reg. S: C07885 AK9 
  

			
	ISIN: 144A: US071734AP21, Reg. S: USC07885AK93	  	No. [ ]

 6.125% SENIOR SECURED NOTES DUE 2027 

Bausch Health Companies Inc., a corporation continued under the laws of the Province of British Columbia (the “Company,”
which term shall include any successor corporation under the Indenture referred to on the reverse hereof) promises to pay to ______________________________ or its registered assigns, the principal sum of ________________________ Dollars
($__________) on February 1, 2027 [or such greater or lesser amount as is indicated on the Schedule of Exchanges of Notes on the other side of this Note]5 and to pay interest thereon as
provided on the other side of this Note. 
 Interest Payment Dates: February 1 and August 1, beginning August 1, 2022. 

Record Dates: January 15 and July 15. 

Additional provisions of this Note are set forth on the other side of this Note. 

 
  

	5 	 Include only if the Note is a Global Note. 

  
 A-3 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	BAUSCH HEALTH COMPANIES INC.
		
	By:	 	
                 

		 	Name:
		 	Title:

  
 A-4 

			
	 Trustee’s Certificate of Authentication: This is one of the Notes referred to in the within- mentioned Indenture for the
6.125% Senior Secured Notes due 2027.

	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	              

	        Authorized Signatory
	
	Dated: _________________________________

  
 A-5 

 [FORM OF REVERSE SIDE OF NOTE] 

BAUSCH HEALTH COMPANIES INC. 

6.125% SENIOR SECURED NOTES DUE 2027 
  

	1.	 INTEREST 

The Company shall pay interest on this Note semiannually in arrears on February 1 and August 1, each an “interest payment
date,” of each year, commencing on August 1, 2022, at the rate per annum specified in the title of this Note. Interest shall accrue from and including February 10, 2022 or else the most recent interest payment date to which
interest had been paid or duly provided for to but excluding the date on which such interest is paid. Interest on this Note will be computed on the basis of a 360-day year of twelve 30-day months. 
 The Company shall, (in immediately available funds) to the fullest extent permitted by
law, pay interest on overdue principal (including premium, if any) and overdue installments of interest from the original due date to the date paid, at the rate applicable to this Note, which interest shall be payable on demand. 

The interest so payable and punctually paid or duly provided for on any interest payment date will be paid to the Person in whose name this
Note is registered at the close of business on January 15 and July 15 preceding such interest payment date (the “Record Date”) except as provided in the Indenture. Payment of the principal of (and premium, if any) and
interest on this Note will be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts and as otherwise provided in the Indenture. 

 

	2.	 METHOD OF PAYMENT 

[The Company will make payments in respect of this Note (including principal, premium, if any, interest) by wire transfer of immediately
available funds to the accounts specified by the Holder.]6 [The Company will make all payments of principal, interest and premium, if any, with respect to this Note by wire transfer of immediately
available funds to the accounts specified by the Holders, in the case of a Holder holding an aggregate principal amount of Notes of $1,000,000 or more, or, if no such account is specified or in the case of a Holder holding an aggregate principal
amount of Notes of less than $1,000,000, by mailing a check to each such Holder’s registered address.]7 All payments shall be made in immediately available funds in such coin or currency of
the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments to any Holder holding an aggregate principal amount of Notes in excess of $1,000,000 shall be made by wire transfer in
immediately available funds to an account maintained by such Holder in the United States, if such Holder has provided wire transfer instructions to the Company at least 10 Business Days prior to the payment date. Any wire transfer instructions
received by the Trustee will remain in effect until revoked by the Holder. Notwithstanding the foregoing, so long as this Note is registered in the name of a Depositary or its nominee, all payments hereon shall be made by wire transfer of
immediately available funds to the account of the Depositary or its nominee. 
  

	3.	 PAYING AGENT AND REGISTRAR 

Initially, The Bank of New York Mellon (the “Trustee”) will act as Paying Agent and Registrar. The Company may change any
Paying Agent or Registrar without notice to the Holder. The Company or any of their Subsidiaries may, subject to certain limitations set forth in the Indenture, act as Paying Agent or Registrar. 

 
  

	6 	 Include only if the Note is a Global Note. 

	7 	 Include only if the Note is a Definitive Note. 

  
 A-6 

	4.	 INDENTURE, LIMITATIONS 

This Note is one of a duly authorized issue of Notes of the Company designated as its 6.125% Senior Secured Notes due 2027 (the
“Notes”), issued under an Indenture dated as of February 10, 2022 (together with any supplemental indentures thereto, the “Indenture”), among the Company, the Note Guarantors, the Trustee and the Notes
Collateral Agents. The terms of this Note include those stated in the Indenture. This Note is subject to all such terms, and the Holder of this Note is referred to the Indenture and said Act for a statement of them. Capitalized terms used and not
defined herein have the meanings assigned to such terms in the Indenture. 
 The Company shall be entitled to issue Additional Notes
pursuant to Section 2.1(c) of the Indenture. 
  

	5.	 OPTIONAL REDEMPTION; PURCHASE OF NOTES AT OPTION OF HOLDER; OFFER TO PURCHASE BY APPLICATION OF EXCESS
PROCEEDS; SPECIAL MANDATORY REDEMPTION 

 (a) Optional Redemption. The Notes are redeemable at the option of the
Company at the prices, and upon the terms and conditions, set forth in Section 3.7 of the Indenture. 
 (b) Purchase of Notes at
Option of Holder. If there is a Change of Control, the Company shall be required to make an offer (a “Change of Control Offer”) to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof)
of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest thereon, if any, to, but excluding, the date of purchase. Within 30 days following any Change of Control, the
Company shall transmit a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture. 

(c) Offer to Purchase by Application of Excess Proceeds. After the Company or a Restricted Subsidiary consummates any Asset Sale, the
Company may be required to purchase Notes, as further specified in the Indenture. 
 (d) Special Mandatory Redemption. Upon the
occurrence of a Special Mandatory Redemption Event, the Company will be required to redeem the Notes at the price, and upon the terms and conditions, set forth in Section 3.15 of the Indenture. 

(e) Notice of Redemption. Notice of redemption will be given at least 10 days but not more than 60 days before the redemption date to
each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On and after
the redemption date, subject to satisfaction of any conditions precedent, interest ceases to accrue on Notes or portions thereof called for redemption. 
  

	6.	 DENOMINATIONS, TRANSFER, EXCHANGE, CANCELLATION 

The Notes are 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 or other governmental charges that
may be imposed in relation thereto by law or permitted by the Indenture. 
 All Notes surrendered for payment, registration of transfer or
exchange or conversion will, if surrendered to the Company or any of its other Agents with respect to the Notes, be delivered to the Trustee. The Trustee will promptly cancel all Notes delivered to it. No Notes will be authenticated in exchange for
any Notes cancelled, except as provided in the Indenture. 
  

	7.	 PERSONS DEEMED OWNERS 

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

  
 A-7 

	8.	 GUARANTEES, COLLATERAL 

This Note is guaranteed, as set forth in the Indenture, and is secured by Liens on certain Collateral as specified in the Indenture and the
Collateral Documents. 
  

	9.	 UNCLAIMED MONEY 

If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent will pay the money back to the
Company at its written request, subject to applicable unclaimed property law. After that, Holders entitled to money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person. 

 

	10.	 AMENDMENT, SUPPLEMENT AND WAIVER 

Subject to certain exceptions, the Indenture (with respect to the Notes) or the Notes may be amended or supplemented with the consent of the
Holders of at least a majority in aggregate principal amount of the then outstanding Notes, and an existing default or Event of Default and its consequence or compliance with any provision of the Indenture or the Notes may be waived in a particular
instance with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding. Without the consent of or notice to any Holder, the Company and the Trustee may amend or supplement the Indenture (with respect to
the Notes) or the Notes to, among other things, cure any ambiguity, defect or inconsistency or make any other change that does not adversely affect the rights of any Holder. 

In addition, except as set forth under Article 10 of the Indenture, without the consent of Holders of at least 66 2/3% in principal amount of
the Notes then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), no amendment or supplement may release the Note Guarantees and the Collateral. 

 

	11.	 SUCCESSOR ENTITY 

When a successor corporation assumes all the obligations of its predecessor under the Notes and the Indenture in accordance with the terms and
conditions of the Indenture, the predecessor corporation (except in certain circumstances specified in the Indenture) shall be released from those obligations. 
  

	12.	 DEFAULTS AND REMEDIES 

If an Event of Default, as defined in the Indenture, occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount
of the Notes may declare all the Notes to be due and payable. If a bankruptcy or insolvency default with respect to the Company occurs and is continuing, the Notes automatically become due and payable. Holders may not enforce the Indenture or the
Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of a majority in principal amount of the Notes then outstanding
may direct the Trustee in its exercise of remedies. 
  

	13.	 TRUSTEE DEALINGS WITH THE COMPANY 

The Bank of New York Mellon, the Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from
and perform services for the Company or an Affiliate of the Company and may otherwise deal with the Company or an Affiliate of the Company as if it were not the Trustee. 
  

	14.	 NO RECOURSE AGAINST OTHERS 

A director, officer, incorporator, employee or shareowner, as such, of the Company or any Note Guarantor shall not have any liability for any
obligations of the Company or any Note Guarantor under the Notes or the Indenture nor for any claim based on, in respect of or by reason of such obligations or their creation. The Holder of this Note by accepting this Note waives and releases all
such liability. The waiver and release are part of the consideration for the issuance of this Note. 

  
 A-8 

	15.	 AUTHENTICATION 

This Note shall not be valid until the Trustee or an authenticating agent manually or electronically signs the certificate of authentication on
the other side of this Note. 
  

	16.	 ABBREVIATIONS AND DEFINITIONS 

Customary abbreviations may be used in the name of the Holder or an assignee, such as: TEN COM (= tenants 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 UGMA (= Uniform Gifts to Minors Act). 
  

	17.	 INDENTURE TO CONTROL; GOVERNING LAW 

In the case of any conflict between the provisions of this Note and the Indenture, the provisions of the Indenture shall control. This Note
shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to principles of conflicts of law. 

The Company will furnish to any Holder, upon written request and without charge, a copy of the Indenture. Requests may be made to: Bausch
Health Companies Inc., 400 Somerset Corporate Boulevard, Bridgewater, New Jersey 08807, Telephone: (905) 286-3000, Attention: Investor Relations. 

  
 A-9 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 
  

					
	  

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

	  

	  

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

	
	agent to transfer this Note on the books of the Company. The agent may substitute another to act for him or her.
		  		  	Your Signature:
		  		  	  

	Date:	  	  
	  	(Sign exactly as your name appears on the other side of this Note)

 *Signature guaranteed by: 
 By:
                                        
                                         
                
  

	*	 The signature must be guaranteed by an institution which is a member of one of the following recognized
signature guaranty programs: (i) the Securities Transfer Agent Medallion Program (STAMP); (ii) the New York Stock Exchange Medallion Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or (iv) such other guaranty program
acceptable to the Trustee. 

  
 A-10 

 OPTION TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 3.8 or Section 4.14 of the Indenture, check the appropriate box
below: 
 ☐ Section 3.8
                                ☐ Section 4.14 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 3.8 or Section 4.14 of the Indenture, state the
amount you elect to have purchased: 
 $
                                         
            
 Date:
                                         
    
  

			
	Your Signature:
	
	  

	(Sign exactly as your name appears on the face of this Note)
	Tax Identification No.:	 	  

 Signature Guarantee*:  

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

  
 A-11 

 SCHEDULE OF EXCHANGES OF NOTES8 

The following exchanges, repurchases or conversions of a part of this Global Note have been made: 

 

							
	 PRINCIPAL AMOUNT
 OF THIS GLOBAL

NOTE FOLLOWING
 SUCH DECREASE DATE

OF EXCHANGE

(OR INCREASE)
	  	 AUTHORIZED

SIGNATORY OF
 NOTES

CUSTODIAN
	  	 AMOUNT OF DECREASE

IN PRINCIPAL AMOUNT
 OF THIS
GLOBAL
 NOTE
	  	 AMOUNT OF INCREASE

IN PRINCIPAL AMOUNT
 OF THIS
GLOBAL
 NOTE

  

 

	8 	 This schedule should be included only if the Note is a Global Note. 

  
 A-12 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR REGISTRATION 

OF TRANSFER OF RESTRICTED SECURITIES9 

Re: 6.125% Senior Secured Notes due 2027 (the “Notes”) of Bausch Health Companies Inc. (the “Company”). 

This certificate relates to $___________________ principal amount of Notes owned in (check applicable box) 

☐ book-entry or ☐ definitive form by____________________ (the “Transferor”). 

The Transferor has requested a Registrar or the Trustee to exchange or register the transfer of such Notes. 

In connection with such request and in respect of each such Note, the Transferor does hereby certify that the Transferor is familiar with
transfer restrictions relating to the Notes as provided in Section 2.12 of the Indenture dated as of February 10, 2022 among Bausch Health Companies Inc., the Note Guarantors party thereto, The Bank of New York Mellon, as trustee and a
notes collateral agent and TMF Group New York, LLC, as a notes collateral agent (the “Indenture”), and the transfer of such Note is in accordance with any applicable securities laws of any state and is being made pursuant to an
effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”) (check applicable box) or the transfer or exchange, as the case may be, of such Note does not require registration under the
Securities Act because (check applicable box): 
  

	 	☐	 Such Note is being transferred pursuant to an effective registration statement under the Securities Act.

  

	 	☐	 Such Note is being acquired for the Transferor’s own account, without transfer. 

 

	 	☐	 Such Note is being transferred to the Company or a Subsidiary (as defined in the Indenture) of the Company.

  

	 	☐	 Such Note is being transferred to a person the Transferor reasonably believes is a “qualified
institutional buyer” (as defined in Rule 144A or any successor provision thereto (“Rule 144A”) under the Securities Act) that is purchasing for its own account or for the account of a “qualified institutional buyer,”
in each case to whom notice has been given that the transfer is being made in reliance on such Rule 144A, and in each case in reliance on Rule 144A. 

  

	 	☐	 Such Note is being transferred pursuant to and in compliance with an exemption from the registration
requirements under the Securities Act in accordance with Rule 144 (or any successor thereto) (“Rule 144”) under the Securities Act. 

  

	 	☐	 Such Note is being transferred to a Non-U.S. Person in an offshore
transaction in compliance with Rule 904 of Regulation S under the Securities Act (or any successor thereto). 

  

	 	☐	 Such Note is being transferred to an institutional “accredited investor” (as defined in Rule
501(a)(1), (2), (3) or (7) of the Securities Act) that has provided a letter addressed to the Company, in the form of Exhibit C attached to the Indenture, containing certain representations and agreements.

  

							
	Date:
                                      
                          	 		 		 	  
 (Insert Name of
Transferor)

  
  

	9 	 This certificate should be included only if this Note is a Restricted Note. 

  
 A-13 

 EXHIBIT B 

FORM OF GUARANTEE 
 [Name of Note
Guarantor] and its successors under the Indenture, jointly and severally with any other Note Guarantors, hereby irrevocably and unconditionally (i) guarantee the due and punctual payment of the principal of, premium, if any, and interest on the
Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on the overdue principal of and interest, if any, on the Notes, to the extent lawful, and the due and punctual performance of all other
obligations of Bausch Health Companies Inc. (the “Company”) to the Holders or the Trustee, all in accordance with the terms set forth in Article 10 of the Indenture and (ii) in case of any extension of time of payment or
renewal of any Notes or any of such other obligations, guarantee that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.
Capitalized terms used herein have the meanings assigned to them in the Indenture unless otherwise indicated. 
 No stockholder, officer,
director or incorporator, as such, past, present or future, of [name of Note Guarantor] shall have any personal liability under this Note Guarantee by reason of his, her or its status as such stockholder, officer, director or incorporator. This Note
Guarantee shall be binding upon [name of Note Guarantor] and its successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any
Holder or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions hereof. 

This Note Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Note upon which this Note
Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual or electronic signature of one of its authorized officers. 

THE TERMS OF ARTICLE 10 OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE. 

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

 

			
	[NAME OF NOTE GUARANTOR]
		
	By:	 	      

		 	Name:
		 	Title:

  
 B-1 

 EXHIBIT C 

FORM OF CERTIFICATE FROM ACQUIRING 

INSTITUTIONAL ACCREDITED INVESTOR 
 Bausch Health
Companies Inc. 
 400 Somerset Corporate Boulevard 

Bridgewater, NJ 08807 
 Attention: General Counsel 

Facsimile No.: (949) 461-6609 
  

	 	Re:	 ☐      6.125% SENIOR SECURED NOTES DUE 2027 

CUSIP: 144A: 071734 AP2, Reg. S: C07885 AK9 

ISIN: 144A: US071734AP21, Reg. S: USC07885AK93 

Dear Sirs: 
 Reference is hereby made to the
Indenture, dated as of February 10, 2022 (the “Indenture”), among Bausch Health Companies Inc., as issuer (the “Company”), the Note Guarantors party thereto, The Bank of New York Mellon, N.A., as the Trustee
and a Notes Collateral Agent and TMF Group New York, LLC, as a Notes Collateral Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

In connection with our proposed purchase of $___________________ aggregate principal amount of 6.125% Senior Secured Notes due 2027 (the
“Notes”), we confirm that: 
 1. We understand that any subsequent transfer of the Notes or any interest therein is subject
to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such restrictions and
conditions and the United States Securities Act of 1933, as amended (the “Securities Act”). 
 2. We understand that the
offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any
accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will do so only (A) to the Company or any of its subsidiaries, (B) in accordance with Rule 144A under the Securities Act
to a “qualified institutional buyer” (as defined therein), (C) inside the United States to an institutional “accredited investor” (as defined below) purchasing for its own account or for the account of another institutional
accredited investor that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter substantially in the form of this letter, (D) pursuant to the provisions of 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 acceptable to the Company) or (F) pursuant to an effective
registration statement under the Securities Act, and we further agree to provide to any person purchasing the Notes from us in a transaction meeting the requirements of clauses (A) through (F) of this paragraph a notice advising such purchaser
that resales thereof are restricted as stated herein. 
 3. We understand that, on any proposed resale of the Notes or beneficial interest
therein, we will be required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We
further understand that the Notes purchased by us will bear a legend to the foregoing effect. 
 4. We are an institutional “accredited
investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our
investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 

  
 C-1 

 5. We are acquiring the Notes or beneficial interest therein purchased by us for our own
account or for one or more accounts (each of which is an institutional “Accredited Investor”) as to each of which we exercise sole investment discretion. 

You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
 Dated: 

 

			
	[Insert Name of Accredited Investor]
		
	By:	 	      

		 	Name:
		 	Title:

  
 C-2 

 EXHIBIT D 

FORM OF CANADIAN NOTE GUARANTEE 

Re: ☐ 6.125% SENIOR SECURED NOTES DUE 2027 

            CUSIP: 144A: 071734 AP2, Reg. S: C07885 AK9 

                    ISIN: 144A:
US071734AP21, Reg. S: USC07885AK93 
 THIS CANADIAN NOTE GUARANTEE (as amended, restated, modified, renewed or extended from time to time,
and including, for the avoidance of any doubt, the preamble and recitals hereto, this “Canadian Note Guarantee”), is executed and delivered as of ● by ● (“Guarantor”) in favour of The Bank of New York
Mellon, as the Trustee, Registrar and Paying Agent, for the benefit of each Holder (together with the Trustee, collectively, the “Beneficiaries”). 

RECITALS: 
  

	A.	 Reference is made to that Indenture dated as of February 10, 2022 among Bausch Health Companies Inc., a
corporation continued under the laws of the Province of British Columbia (the “Company”), the Trustee and the Notes Collateral Agents (as amended, supplemented, restated, extended, renewed, or replaced from time to time, the
“Indenture”). 

  

	B.	 Guarantor is an Affiliate of the Company, and, as such, will benefit by virtue of the financial accommodations
extended to the Company pursuant to the Indenture. 

 THEREFORE, Guarantor agrees as follows: 

Section 1. 

Definitions and Principles of Interpretation 

1.1. Definitions. 
 All capitalized terms used and not
defined elsewhere in this Canadian Note Guarantee, and all capitalized terms used and not defined in the provisions incorporated by reference into this Canadian Note Guarantee, shall have the meanings ascribed to them in the Indenture (such meanings
to be determined as if such terms were to be interpreted in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable in the Province of Ontario) and shall be incorporated by reference into this Canadian Note
Guarantee, and the following words and terms have the meanings set out below: 
 “Guaranteed Obligations” has the meaning
given to it in Section 2.1(a). 
 “Indenture” has the meaning given to it in the recitals to this Canadian Note
Guarantee. 
 1.2. Certain Rules of Interpretation. 
 In
this Canadian Note Guarantee: 
  

	(a)	 Governing Law – This Canadian Note Guarantee (including terms incorporated by reference to the
Indenture) is a contract made under and shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable in the Province of Ontario. 

 

	(b)	 Headings – Headings of Articles and Sections are inserted for convenience of reference only and
shall not affect the construction or interpretation of this Canadian Note Guarantee. 

  
 Schedule A-1 

	(c)	 Including – Where the word “including” or “includes” is used in this Canadian
Note Guarantee, it means “including (or includes) without limitation.” 

  

	(d)	 No Strict Construction – The language used in this Canadian Note Guarantee is the language chosen
by the parties to express their mutual intent, and no rule of strict construction shall be applied against any party. 

  

	(e)	 Number and Gender – Unless the context otherwise requires, words importing the singular include the
plural and vice versa and words importing gender include all genders. 

  

	(f)	 Statutory references – A reference to a statute includes all regulations made pursuant to such
statute and, unless otherwise specified, the provisions of any statute or regulation which amends, revises, restates, supplements or supersedes any such statute or any such regulation. 

 

	(g)	 Time – Time is of the essence in the performance of Guarantor’s obligations under this
Canadian Note Guarantee. 

 Section 2. 

GUARANTEE 
 2.1. Guarantee of the
Obligations. 
  

	(a)	 Guarantor hereby unconditionally Guarantees to each Holder of a Note authenticated and delivered by the Trustee
and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Company thereunder that: (i) the due and punctual payment of principal, premium and
interest on the Notes shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, (ii) the due and punctual payment of interest on the overdue principal of and interest on the Notes, if any, if
lawful, and all other obligations of the Company to the Holders or the Trustee under the Indenture or any Note shall be promptly paid in full or performed, all in accordance with the terms thereof, and (iii) in case of any extension of time of
payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration pursuant to
Section 6.2 of the Indenture or otherwise (collectively, the “Guaranteed Obligations”). Guarantor agrees that this Canadian Note Guarantee is a guarantee of payment and not a guarantee of collection. Failing payment when due of
any Guaranteed Obligations for whatever reason, Guarantor shall be obligated to pay the same immediately. 

  

	(b)	 Guarantor hereby agrees that its obligations with regard to its Canadian Note Guarantee shall be unconditional,
irrespective of the validity or enforceability of the Notes or the obligations of the Company under the Indenture, the absence of any action to enforce the same, the recovery of any judgment against the Company or any other obligor with respect to
the Indenture, the Notes or the obligations of the Company under the Indenture or the Notes, any action to enforce the same or any other circumstances (other than complete performance) which might otherwise constitute a legal or equitable discharge
or defense of a guarantor. Guarantor further, to the extent permitted by applicable law, hereby waives and relinquishes all claims, rights and remedies accorded by applicable law to guarantors and shall agree not to assert or take advantage of any
such claims, rights or remedies, including but not limited to: (i) any right to require any Beneficiary, as a condition of payment or performance by Guarantor, to (A) proceed against the Company, any other guarantor (including any other
Note Guarantor) of the Guaranteed Obligations or any other person, (B) proceed against or exhaust any security held from the Company, any such other guarantor or any other person, (C) proceed against or have resort to any balance of any
deposit account or credit on the books of any Beneficiary in favour of the Company or any other person, or (D) pursue any other remedy in the power of any Beneficiary whatsoever; (ii) any defense arising by reason of the incapacity, lack
of authority or any disability or other defense of the Company including any defense based on or arising out of the lack of validity or the unenforceability of the Guaranteed Obligations or any agreement or instrument relating thereto or by reason
of the cessation of the liability of the Company from any cause 

  
 Schedule A-2 

	 	
other than payment in full of the Guaranteed Obligations; (iii) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in
amount nor in other respects more burdensome than that of the principal; (iv) any defense based upon any Beneficiary’s errors or omissions in the administration of the Guaranteed Obligations, except behavior which amounts to bad faith;
(v) (A) any principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this Canadian Note Guarantee and any legal or equitable discharge of Guarantor’s obligations hereunder and under this
Canadian Note Guarantee, (B) the benefit of any statute of limitations affecting Guarantor’s liability hereunder or the enforcement hereof, (C) any rights to set-offs, recoupments and
counterclaims and (D) promptness, diligence and any requirement that any Beneficiary protect, secure, perfect or insure any security interest or lien or any property subject thereto; (vi) notices, demands, presentations, protests, notices
of protest, notices of dishonor and notices of any action or inaction, including acceptance of this Canadian Note Guarantee, notices of default under the Notes or any agreement or instrument related thereto, notices of any renewal, extension or
modification of the Guaranteed Obligations or any agreement related thereto, and notices of any extension of credit to the Company and any right to consent to any thereof; and (vii) any defenses or benefits that may be derived from or afforded
by law which limit the liability of or exonerate guarantors or sureties, or which may conflict with the terms of this Canadian Note Guarantee. 

  

	(c)	 If any Holder or the Trustee is required by any court or otherwise to return to the Company, any Note Guarantor
or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or any Note Guarantor, any amount paid to either the Trustee or such Holder, this Canadian Note Guarantee, to the extent theretofore discharged,
shall be reinstated in full force and effect. 

  

	(d)	 Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in
respect of any obligations guaranteed hereby until payment in full of all Guaranteed Obligations. Guarantor further agrees that, as between Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of the
Guaranteed Obligations may be accelerated as provided in Section 6.2 of the Indenture for the purposes of this Canadian Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
Guaranteed Obligations and (ii) in the event of any declaration of acceleration of such obligations as provided in Section 6.2 of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by
Guarantor for the purpose of this Canadian Note Guarantee. Guarantor shall not exercise any right to seek contribution from any non-paying Note Guarantor if the exercise of such right impairs the rights of the
Holders under the Note Guarantees. 

 2.2. Merger and Consolidation of Guarantors 

 

	(a)	 In case of any sale or other disposition, consolidation, merger, amalgamation or conveyance (to the extent
required under the Indenture) and upon the assumption by the successor person on terms and conditions satisfactory to the Trustee of the obligations of Guarantor under this Canadian Note Guarantee, and the due and punctual performance of all of the
covenants and conditions of the Indenture to be performed by Guarantor, such successor person shall succeed to and be substituted for Guarantor under this Canadian Note Guarantee with the same effect as if it had been named herein as Guarantor.

  

	(b)	 Except as set forth in Articles 4 and 5 of the Indenture, and notwithstanding clause (a) of this
Section 2.2, nothing contained in the Indenture or in any of the Notes shall prevent any consolidation, merger or amalgamation of a Note Guarantor with or into another Person, or shall prevent any sale or conveyance of the property of a Note
Guarantor as an entirety or substantially as an entirety. 

 2.3. Release 

 

	(a)	 In the event (i) of a sale or other disposition of all or substantially all of the assets of any
Guarantor, by way of merger, amalgamation, consolidation or otherwise, or a sale or other disposition of all the Equity Interests of any Guarantor, then held by the Company and its Restricted Subsidiaries to a person that is not (either before or
after giving effect to such transactions) a Subsidiary of the Company, in each case so long as such sale or other disposition is permitted by the Indenture, including without limitation Section 4.14

  
 Schedule A-3 

 
thereof, (ii) of a designation by the Company of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in accordance with the definition thereof or in the event that
such Guarantor ceases to be a Restricted Subsidiary, in each case, in accordance with the provisions of the Indenture, upon effectiveness of such designation or when it first ceases to be a Restricted Subsidiary, respectively, (iii) in the case
of any Canadian Note Guarantee issued on the Issue Date (or required but issued thereafter pursuant to Section 4.15(a) of the Indenture), upon the release or discharge of the Canadian Note Guarantee by such Guarantor in respect of the Credit
Agreement, and in any other case upon the release or discharge of any Canadian Note Guarantee in respect of any Indebtedness that resulted in the issuance after the Issue Date of the Canadian Note Guarantee by such Guarantor or (iv) the Company
discharges the Notes and its Obligations under the Indenture under Section 8.1 thereof or exercises its legal or covenant defeasance options under Section 8.2 or 8.3 thereof, respectively, with respect to the Notes or, in the case of a
sale or other disposition of all or substantially all of the assets of Guarantor, the Person acquiring such property, shall be released and relieved of any obligations under this Canadian Note Guarantee without any further action being required by
the Trustee or any Holder. 
  

	(b)	 Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the
effect that such sale or other disposition was made by the Company in accordance with the provisions of the Indenture, including without limitation Sections 4.8 and 4.14 thereof, the Trustee shall execute any documents reasonably required in order
to evidence the release of Guarantor from its obligations under this Canadian Note Guarantee. 

 Section 3.

 Miscellaneous 
 3.1.
Limitations Act, 2002 (Ontario) 
 Any and all limitation periods provided for in the Limitations Act, 2002 (Ontario), as
amended from time to time, or any other applicable law limiting the time for which an action may be commenced shall be excluded from application to the obligations of Guarantor hereunder to the fullest extent permitted by such Act or
applicable law. 
 3.2. Usury Savings Clause 
 If any
provision of this Canadian Note Guarantee, the Indenture or any Note would obligate any Canadian Note Guarantor to make any payment of or on account of interest or other amount in an amount or calculated at a rate which would result in a receipt by
any Holder of interest at a criminal rate (as such term is construed under the Criminal Code (Canada)), then notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum
amount or rate of interest, as the case may be, as would not so result in a receipt by such Holder of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows: (1) firstly, by reducing the amount or rate
of interest required to be paid to such Holder, and (2) thereafter, by reducing any fees, commissions, premiums and other amounts required to be paid to such Holder which would constitute “interest” for purposes of Section 347 of
the Criminal Code (Canada). 
 3.3. Interest Act (Canada) 

For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of interest or fees to which the rates of interest or fees provided
for in this Canadian Note Guarantee, the Indenture or the Notes (and stated herein or therein, as applicable, to be computed on the basis of a 360 day year or any other period of time less than a calendar year) are equivalent are the rates so
provided for multiplied by the actual number of days in the applicable calendar year and divided by 360 or the actual number of days in such other period of time, respectively. 

The Guarantor confirms that it understands and acknowledges that it is and will be able to calculate the rate of interest applicable under this Canadian Note
Guarantee, the Indenture or the Notes based on the methodology for calculating per annum rates provided for under this Canadian Note Guarantee, the Indenture or the Notes. The Guarantor confirms that it agrees not to plead or assert, whether by way
of defense or otherwise, in any proceeding relating to this Canadian Note Guarantee, the Indenture or the Notes, that the interest payable under this Canadian Note Guarantee, the Indenture or the Notes and the calculation thereof has not been
adequately disclosed to the Guarantor, whether pursuant to Section 4 of the Interest Act (Canada) or any other applicable law or legal principle. 

  
 Schedule A-4 

 3.4. Counterparts; Execution 

This Canadian Note Guarantee may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and
delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same agreement. Delivery of an executed counterpart of this Canadian Note Guarantee by facsimile or other similar method of
electronic transmission (including by way of email attachment) shall be equally as effective as delivery of an original executed counterpart of this Canadian Note Guarantee. 

3.5. Severability 
 If, in any jurisdiction, any provision
of this Canadian Note Guarantee or its application to any party or circumstance is restricted, prohibited or unenforceable, such provision shall, as to that jurisdiction, be ineffective only to the extent of such restriction, prohibition or
unenforceability without invalidating the remaining provisions of this Canadian Note Guarantee and without affecting the validity or enforceability of such provision in any other jurisdiction or without affecting its application to other parties or
circumstances. 
 3.6. Notices 
 All notices and other
communications hereunder shall be in writing and shall be mailed, sent, or delivered in accordance with the terms of the Indenture. 
 3.7. Successors

 This Canadian Note Guarantee shall be binding upon Guarantor and its successors and shall inure to the benefit of the successors of the Beneficiaries.

 3.8. Judgment Currency 
 Guarantor shall indemnify
each Holder and each Person, if any, who controls any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any loss incurred by such party as a result of any judgment or order being given
or made against Guarantor for any U.S. dollar amount due under this Canadian Note Guarantee and such judgment or order being expressed and paid in a currency (the “Judgment Currency”) other than U.S. dollars and as a result of any
variation as between (i) the rate of exchange at which the U.S. dollar amount is converted into the Judgment Currency for the purpose of such judgment or order and (ii) the spot rate of exchange in The City of New York at which such
party on the date of payment of such judgment or order is able to purchase U.S. dollars with the amount of the Judgment Currency actually received by such party if such party had utilized such amount of Judgment Currency to purchase U.S. dollars
upon such party’s receipt thereof. Any amount due from Guarantor under this Section 3.8 shall be due as a separate debt and shall not be affected by such judgment or order as aforesaid. The term “spot rate of exchange” shall
include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, U.S. dollars. 
 3.9. Payment of Additional
Amounts 
  

	(a)	 All payments made under or with respect to this Canadian Note Guarantee by Guarantor will be made free and
clear of any withholding or deduction for or on account of any tax, duty, levy, impost, assessment or other governmental charge of whatever nature (collectively, “Tax”) imposed or levied by or on behalf of Canada or any other
jurisdiction in which Guarantor is organized, resident or doing business for tax purposes or from or through which Guarantor makes any payment on the Canadian Note Guarantee or any department or political subdivision thereof (each, a
“Relevant Taxing Jurisdiction”), unless Guarantor (or an applicable withholding agent) is required to withhold or deduct Taxes by law. If Guarantor (or an 

  
 Schedule A-5 

 
applicable withholding agent) is required by law to withhold or deduct any amount for or on account of Taxes of a Relevant Taxing Jurisdiction from any payment made under or with respect to this
Canadian Note Guarantee, Guarantor, subject to the exceptions listed below, will pay additional amounts (“Additional Amounts”) as may be necessary to ensure that the net amount received by each Holder or beneficial owner of the
Notes after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder) will not be less than the amount the Holder or beneficial owner would have received if such Taxes had not been
required to be so withheld or deducted. 
 (b) Guarantor will not, however, pay Additional Amounts to a Holder or beneficial owner of Notes: 

 

	 	(i)	 to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the
existence of any present or former connection between the Holder or beneficial owner (or between a fiduciary, settler, beneficiary, member or shareholder of, or possessor of a power over, such Holder or beneficial owner, if such Holder or beneficial
owner is an estate, trust, partnership or corporation) and the Relevant Taxing Jurisdiction (other than any connection resulting solely from the acquisition, ownership, holding or disposition of Notes, the receipt of payments thereunder or under
this Canadian Note Guarantee and/or the exercise or enforcement of rights under any Notes or this Canadian Note Guarantee); 

  

	 	(ii)	 to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the failure
of the Holder or beneficial owner of Notes, following Guarantor’s written request addressed to the Holder, to the extent such Holder or beneficial owner is legally eligible to do so, to comply with any certification, identification, information
or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, Taxes
imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction); 

 

	 	(iii)	 with respect to any estate, inheritance, gift, sales, transfer, capital gains, excise or personal property tax
or any similar Taxes; 

  

	 	(iv)	 to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the
presentation by the Holder or beneficial owner of any Note, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided
for, whichever occurs later; 

  

	 	(v)	 to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the Holder
or beneficial owner not dealing at arm’s length, within the meaning of the Income Tax Act (Canada), with the Company or Guarantor; 

  

	 	(vi)	 to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for such Holder
or beneficial owner being, or not dealing at arm’s length (within the meaning of the Income Tax Act (Canada)) with, a “specified shareholder” of the Company as defined in subsection 18(5) of the Income Tax Act
(Canada) for purposes of the thin capitalization rules in the Income Tax Act (Canada); 

  

	 	(vii)	 to the extent the Taxes giving rise to such Additional Amounts are United States federal withholding tax
imposed pursuant to Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (the “Code”) as in effect on the date hereof (or any amended or successor version that is substantively comparable and not materially more
onerous to comply with), any current or future regulations, official interpretations or administrative authority promulgated thereunder and any agreements entered into pursuant to Section 1471(b)(1) of the Code as in effect on the date hereof
(or any amended or successor version that is substantively comparable and not materially more onerous to comply with), and, for the avoidance of doubt, any intergovernmental agreement (and related legislation, rules or practices) implementing the
foregoing (taken together, “FATCA”), except to the extent that such Taxes result from a failure of any Paying Agent to comply with FATCA; and 

  
 Schedule A-6 

 (viii) any combination of items (i), (ii), (iii), (iv), (v), (vi) and (vii). 

Additional Amounts also shall not be paid with respect to any payment on a Note to a beneficial owner who is a fiduciary, a partnership (or
entity treated as a partnership for tax purposes), or anyone other than the sole beneficial owner of that payment to the extent that payment would be required by the laws of the Relevant Taxing Jurisdiction to be included in the income, for tax
purposes, of a beneficiary or settlor with respect to the fiduciary, a member of that partnership, or a beneficial owner who would not have been entitled to the Additional Amounts had that beneficiary, settlor, member or interest holder been the
beneficial owner. 
  

	(c)	 Guarantor or applicable withholding agent will (i) make any such withholding or deduction required by
applicable law and (ii) timely remit the full amount deducted or withheld to the Relevant Taxing Jurisdiction in accordance with applicable law. Guarantor will make reasonable efforts to obtain certified copies of tax receipts evidencing the
payment of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes. Guarantor will provide to the Trustee, within a reasonable time after the date the payment of any Taxes so deducted or withheld are due pursuant
to applicable law, either a certified copy of tax receipts evidencing such payment, or, if such tax receipts are not reasonably available to Guarantor, such other documentation that provides reasonable evidence of such payment by Guarantor.

  

	(d)	 Where Tax is payable pursuant to Regulation 803 of the Income Tax Act (Canada) by a Holder or beneficial
owner of the Notes in respect of any amount payable under the Canadian Note Guarantee to the Holder (other than by reason of a transfer of the Notes to a person resident in Canada with whom the transferor does not deal at arm’s length for the
purposes of such Act), but no Additional Amount is paid in respect of such Tax, Guarantor will pay as or on account of interest to the Holder an amount equal to such Tax (a “Regulation 803 Reimbursement”) plus an amount equal to any
Tax required to be paid by the Holder or a beneficial owner as a result of such Regulation 803 Reimbursement within 45 days after receiving from the Holder a notice containing reasonable particulars of the Tax so payable, provided such Holder
or beneficial owner would have been entitled to receive Additional Amounts on account of such Tax (and only to the extent of such Additional Amounts that such Holder or beneficial owner would have been entitled to receive) but for the fact that it
is payable otherwise than by deduction or withholding from payments made under or with respect to the Canadian Note Guarantee. 

  

	(e)	 Prior to the date on which the payment of any Additional Amounts are due, the Guarantor will deliver to the
Trustee such Additional Amounts payable, together with an Officers’ Certificate setting forth the Additional Amounts, stating that such Additional Amounts will be payable on the applicable payment date and setting forth such other information
necessary to enable the Trustee to pay such Additional Amounts to Holders on the applicable payment date. Any such Officers’ Certificate will be delivered to the Trustee at least two Business Days in advance of when the payments in question are
required to be made (unless a shorter period of time is acceptable to the Trustee in its reasonable discretion). Guarantor will promptly publish a notice in accordance with Section 11.2 of the Indenture stating that such Additional Amounts will
be payable and describing the obligation to pay such amounts. 

  

	(f)	 Guarantor will reimburse the Holders or beneficial owners of Notes, upon written request of such Holder or
beneficial owner of Notes and certified proof of payment for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or beneficial owner in connection with payments made under or with respect
to this Canadian Note Guarantee; and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or beneficial owner after such
reimbursement will not be less than the net amount such Holder or beneficial owner would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed, provided,
however, that the indemnification obligation provided for in this Section 3.9(f) shall not extend to Taxes imposed for which the Holder or beneficial owner of the Notes would not have been eligible to receive payment of Additional
Amounts hereunder by virtue of clauses (i) through (viii) of Section 3.9(b) hereof, or to the extent such Holder or beneficial owner received Additional Amounts with respect to such payments. 

  
 Schedule A-7 

	(g)	 In addition, Guarantor will pay any stamp, issue, registration, court, documentary, excise or other similar
taxes, charges and duties, including interest and penalties with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of this Canadian Note Guarantee or any other
document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction at any time as a result of, or in connection with, (i) any payments made pursuant to any Guarantee or any other such
document or instrument referred to thereunder and/or (ii) the enforcement of this Canadian Note Guarantee or any other such document or instrument referred to thereunder. 

 

	(h)	 Obligations described under this Section 3.9 will survive any termination, defeasance or discharge of the
Indenture and will apply mutatis mutandis to any successor Person to Guarantor and to any jurisdiction in which such successor is organized, doing business or is otherwise resident for Tax purposes or any jurisdiction from or through which
payment is made by such successor or its respective agents. 

  

	(i)	 Whenever this Canadian Note Guarantee refers to, in any context, the payment of principal, premium, if any,
interest or any other amount payable under or with respect to any Note or under this Canadian Note Guarantee, such reference includes the payment of Additional Amounts or other payments that would be payable pursuant to this Section 3.9, if
applicable. 

 - remainder of page intentionally left blank - 

  
 Schedule A-8 

 IN WITNESS WHEREOF, Guarantor has executed and delivered this Guarantee as of the
first date written above. 
  

			
	●, as Canadian Note Guarantor
		
	By:	 	  

		 	Name:
		 	Title:

  
 Schedule A-9Document

Exhibit 10.22

OFFICE LEASE
THIS OFFICE LEASE is executed this _____ day of December, 2021 (the “Effective Date”), by and between SVT PERIMETER SIX, L.P., a Delaware limited partnership (“Landlord”), and CHANNELADVISOR CORPORATION, a Delaware corporation (“Tenant”).
ARTICLE 1 - LEASE OF PREMISES
Section 1.01.  Basic Lease Provisions and Definitions.
(a)    Leased Premises (shown outlined on Exhibit A attached hereto): the entire sixth (6th) floor (as depicted on said Exhibit A) of the building commonly known as “Perimeter Six” (the “Building”), located at 1010 Sync Street, Morrisville, North Carolina, within Perimeter Park (the “Park”).
(b)    Rentable Area: Relative to the Leased Premises, approximately 33,509 square feet on the 6th floor of the Building known as Suite 600, and relative to the Building, approximately 195,118 rentable square feet. 
(c)    Tenant’s Proportionate Share: 17.17% (based on 33,509 rentable square feet within the Leased Premises divided by 195,118 rentable square feet within the Building).
(d)    Minimum Annual Rent and Monthly Rental Installments: 
												
	Time Period	Minimum Annual Rent Per Square Foot Per Annum	Minimum Annual Rent for Time Period	Monthly Rental Installments
	

Months 1 – 12*
Months 13 – 24 
Months 25 – 36
Months 37 – 48
Months 49 – 60
Months 61 – 72
Month 73 – 84
Month 85 – 96
Month 97 – expiration of initial Lease Term
	

$0.00#
$30.77
$31.62
$32.49
$33.38
$34.30
$35.24
$36.21
$37.21
	

 $0.00#
 $1,031,071.93 
 $1,059,554.58 
 $1,088,707.41 
 $1,118,530.42 
 $1,149,358.70 
 $1,180,857.16 
 $1,213,360.89 
 $1,246,869.89^ 
	

$0.00#
$85,922.66  
 $88,296.22
$90,725.62  
 $93,210.87
$95,779.89  
 $98,404.76
$101,113.41
$103,905.82^

*    “Months” refer to monthly periods commencing on the Rent Commencement Date.
#    Subject to the provisions in Section 3.01 below regarding the Abatement Period.
^    The amount shown reflects twelve (12) months. If the Rent Commencement Date is not the first day of a calendar month and the final Month of the Lease Term is automatically extended to include the remaining partial calendar month following the date on which the Lease Term would otherwise expire (pursuant to Section 1.01(h) below), Tenant shall pay Minimum Annual Rent relative to such partial calendar month (at the same rate and on a prorated basis) in addition to the amount shown.

(e)    Abated Payments: $1,003,594.56 (i.e., twelve (12) months at the annualized rate of $29.95 per square foot of Rentable Area of the Leased Premises). 
(f)    Base Year: 2023.     

(g)    Commencement Date: The earlier of (i) the October 1, 2022, or (ii) the date on which Tenant occupies and begins conducting business in the Leased Premises. The Commencement Date shall be confirmed by the Letter of Understanding attached hereto and incorporated herein as Exhibit C.
(h)    Rent Commencement Date: October 1, 2022, as same may be extended for Landlord Delay pursuant to terms of Exhibit C. The Rent Commencement Date shall be confirmed by the Letter of Understanding attached hereto and incorporated herein as Exhibit C.
(i)    Lease Term: The period beginning on the Commencement Date and ending upon the expiration or earlier termination of the term of this Lease. The initial Lease Term shall begin on the Commencement Date and expire at 11:59 pm on September 30, 2031. 
(j)    Security Deposit: $0.00.
(k)    Broker(s): TP Triangle, LLC representing Landlord and Jones Lang LaSalle Brokerage, Inc. representing Tenant.
(l)    Permitted Use: General office use. 
(m)    Address for notices and payments are as follows:
LANDLORD NOTICES TO:

Landlord:    SVT Perimeter Six, L.P. 
c/o Starwood Capital Group
1255 23rd Street NW, Suite 674
Washington, DC 20037
Attention:  Andres Panza

With a
copy to:    Vanderbilt Office Properties, LLC
625 W. Adams, Suite 1715
Chicago, Illinois 60601
                
With a 
copy to:    Trinity Partners, LLC
3020 Carrington Mill Boulevard, Suite 425
Morrisville, North Carolina 27560

WITH PAYMENTS TO LANDLORD TO:

If by ACH or Wire:
SVT Perimeter Six, L.P.
c/o BMO Harris Bank NA
Routing # 071000288
Acct # 401-512-9

TENANT NOTICES TO:

Tenant:    ChannelAdvisor Corporation 
3025 Carrington Mill Boulevard
Morrisville, North Carolina 27560
Attention:  Kathy Twiddy

(n)    Guarantor(s): None.
(o)    Allowance: $2,848,265.00 (i.e., $85.00 per square foot of Rentable Area in the Leased Premises).
(p)    Soft Cost Allowance: $335,090.00 (i.e., $10.00 per square foot of Rentable Area in the Leased Premises), which amount is included as part of (and not in addition to) the Allowance and subject to the limitations of Exhibit B.
(q)    Test Fit Allowance: $5,026.35 (i.e., approximately $0.15 per square foot of Rentable Area in the Lease Premises), which amount is in addition to the Allowance and subject to the limitations of Exhibit B.
EXHIBITS
Exhibit A - Leased Premises
Exhibit B - Tenant Improvements 
Exhibit B-1 - Base Building Condition
Exhibit C - Letter of Understanding
Exhibit D - Intentionally Deleted
Exhibit E - Rules and Regulations
Exhibit F - Memorandum
Exhibit G - Form of SNDA 
Exhibit H - HVAC Specification
Exhibit I - Janitorial Specification
Exhibit J - Superior Rights
Exhibit K - Food Truck Requirements

Section 1.02.  Lease of Premises. Landlord hereby leases to Tenant and Tenant hereby leases from Landlord the Leased Premises, under the terms and conditions herein, together with a non-exclusive right, in common with others, to use the following (collectively, the “Common Areas”): the areas of the Building and the underlying land and improvements thereto owned by Landlord that are designed for use in common by all tenants of the Building and their respective employees, agents, customers, invitees and others. In connection with Tenant’s use of the Leased Premises and Common Areas, Landlord shall make the following Park amenities available for use by Tenant only if and to the extent Landlord has the right to make the same available to tenants of the Building, subject to the terms of the applicable documentation governing use of same, from time to time (including, without limitation, charges applicable to the use of same): fitness center, conference facilities, café and walking trails.

Section 1.03.    Measurement; Remeasurement. Within thirty (30) days after receipt of the Final Documents evidencing substantial completion of the Tenant Improvements, Landlord, at Landlord’s expense, will cause a third party architect to measure the rentable square footage, usable square footage, and resulting Rentable Area of the Leased Premises (with the usable square footage to be measured in accordance with the then-current BOMA standards, and the Rentable Area being calculated by applying a core factor of sixteen percent (16%)) and submit the findings to Tenant. The parties shall use good faith efforts to agree upon the usable square footage of the Leased Premises within ten (10) business days following the submission of such findings to Tenant. In the event that the parties cannot agree upon the usable square footage within the ten (10) business day period referenced in the preceding sentence, either party shall be entitled to submit the matter to an unaffiliated third party architect reasonably selected by such submitting party (which architect and his or her current or former firm shall not have done business with Landlord or Tenant or their respective principals in the prior three (3) years, unless approved, in writing by the non-submitting party) (the “Arbitration Architect”), with the decision of the Arbitration Architect being binding on the parties. Promptly following the parties’ mutual agreement or the determination by the Arbitration Architect, as applicable, the parties shall enter into an amendment to this Lease confirming any revisions to the Rentable Area of the Leased Premises and all calculations in this Lease that are dependent thereon (e.g., Minimum Annual Rent, Allowance, etc.).
ARTICLE 2 - TERM AND POSSESSION
Section 2.01.  Term. The Commencement Date, the Rent Commencement Date, and Lease Term shall be as set forth in Sections 1.01(g), 1.01(h) and 1.01(i) above, provided however the Rent Commencement Date (as well as any other dates that may be affected by its change) may be extended in the event of a Landlord Delay (as defined in Exhibit C) subject to the terms of Exhibit C. Landlord agrees that if Tenant is not in Default, Tenant shall at all times during the Lease Term, have the peaceable and quiet enjoyment of possession of the Leased Premises without any manner of hindrance from Landlord or any persons lawfully claiming under Landlord.
Section 2.02.  Construction of Tenant Improvements. Tenant has personally inspected the Leased Premises and accepts the same “AS IS” without representation or warranty by Landlord of any kind, except for latent defects in the Base Building Condition not known by Tenant or as otherwise expressly set forth herein. Tenant shall construct and install all leasehold improvements to the Leased Premises (collectively, the “Tenant Improvements”) in accordance with Exhibit B attached hereto and made a part hereof. Promptly following the Commencement Date and the Rent Commencement Date, Tenant shall execute Landlord’s Letter of Understanding in substantially the form attached hereto as Exhibit C and made a part hereof, acknowledging, among other things, the actual Commencement Date and Rent Commencement Date. If, within ten (10) days of receipt of Landlord’s Letter of Understanding, Tenant fails to (i) execute and deliver same to Landlord or (ii) notify Landlord in writing of any requested revisions, all of the terms set forth in Landlord’s Letter of Understanding, including, without limitation, the dates provided therein, shall be deemed true and incorporated into this Lease. 

Section 2.03.  Surrender of the Leased Premises. Upon the expiration or earlier termination of this Lease, Tenant shall, at its sole cost and expense, immediately (a) surrender the Leased Premises to Landlord in broom-clean condition and in good order, condition and repair, (b) remove from the Leased Premises or where located (i) Tenant’s Property (as defined in Section 8.01 below), (ii) all data and communications equipment, wiring and cabling (including above ceiling, below raised floors and behind walls) and (iii) any alterations required to be removed pursuant to Section 7.03 below (excluding the initial Tenant Improvements; provided, however, that any kitchen or dining improvements must be removed at Tenant’s expense), and (c) repair any damage caused by any such removal and restore the Leased Premises to the condition existing upon the Commencement Date, reasonable wear and tear, damage by casualty or condemnation, and repairs and maintenance that are the responsibility of Landlord as expressly set forth in this Lease excepted. All of Tenant’s Property that is not removed within ten (10) business days following Landlord’s written demand therefor shall be conclusively deemed to have been abandoned and Landlord shall be entitled to dispose of such property at Tenant’s cost without incurring any liability to Tenant. This Section 2.03 shall survive the expiration or any earlier termination of this Lease.
Section 2.04.  Holding Over. If Tenant retains possession of the Leased Premises after the expiration or earlier termination of this Lease, Tenant shall be a tenant at sufferance. Tenant’s occupancy shall be subject to all the terms and provisions of this Lease, and Tenant shall (a) pay an amount (on a per month basis without reduction for partial months during the holdover) equal to (1) 125% (relative to the initial three (3) months of any such holdover) or (2) 150% (relative to the period from and after the initial three (3) months of any such holdover) of the Monthly Rental Installment and 100% of the Additional Rent (as defined in Section 3.03(a)) due for the period immediately preceding the holdover; (b) if a holdover continues for more than one hundred and twenty (120) days following written notice from Landlord (which notice may be delivered at any time on or after the commencement of such holdover period), Tenant shall be liable to Landlord for (i) any payment or rent concession that Landlord may be required to make to any tenant obtained by Landlord for all or any part of the Leased Premises (a “New Tenant”) in order to induce such New Tenant not to terminate its lease by reason of the holding-over by Tenant, and (ii) the loss of the benefit of the bargain if any New Tenant shall terminate its lease by reason of the holding-over by Tenant; and (c) indemnify Landlord against all claims for damages by any New Tenant. No holdover by Tenant or payment by Tenant after the termination of this Lease shall be construed to extend the Lease Term or prevent Landlord from immediate recovery of possession of the Leased Premises by summary proceedings or otherwise, and this Section 2.04 shall in no way constitute consent by Landlord to any holding over by Tenant upon the expiration or earlier termination of this Lease, nor limit Landlord’s remedies in such event.
ARTICLE 3 - RENT
Section 3.01.  Base Rent. Tenant shall pay to Landlord the Minimum Annual Rent in the Monthly Rental Installments in advance, without demand, deduction or offset, on the Rent Commencement Date and on or before the first day of each and every calendar month thereafter during the Lease Term. The Monthly Rental Installments for partial calendar months shall be prorated. Tenant shall be responsible for delivering the Monthly Rental Installments to the payment address set forth in Section 1.01(m) above in accordance with this Section 3.01.

Notwithstanding contrary provisions that may be contained in this Lease, between the Commencement Date and the date that is twelve (12) months after the Rent Commencement Date (the “Abatement Period”), Landlord will forbear the obligation of Tenant to pay Minimum Annual Rent in an amount equal to the Abated Payments (as set forth in Section 1.01(e)) and Tenant’s Proportionate Share of Operating Expenses. The foregoing agreement by Landlord has been made relying on Tenant’s agreement to perform all of its obligations under the Lease as and when required hereby. As a result, in the event that a Default (as defined in Article 13) occurs under this Lease, in addition to Landlord’s other remedies which may be available to Landlord under this Lease or Applicable Law, Tenant shall reimburse Landlord an amount equal to the Unamortized Amount (as defined below) within ten (10) days following Tenant’s receipt of a written invoice therefor. The term “Unamortized Amount” refers to the result obtained by multiplying the Abated Payments by a fraction, the numerator of which is the number of months which remain or would have remained during the Lease Term following the date of the Default, the denominator being the total number of months in the Lease Term, less the number of months in the Abatement Period. Tenant shall have the right to convert a portion of the Abated Payments up to an amount equal to $752,695.92 into Allowance by providing written notice of such election to Landlord (the “Abatement/Allowance Notice”) prior to the earlier to occur of (i) the Commencement Date, and (ii) receipt of all Final Documents (as defined in Exhibit B attached hereto). Such Abatement/Allowance Notice to Landlord shall provide the exact amount of Abated Payments that is being converted to Allowance. Upon timely receipt of such Abatement/Allowance Notice by Landlord, the Allowance shall be increased, the Abated Payments shall be correspondingly decreased, and the Abatement Period shall be adjusted accordingly. For illustration purposes only, if the Tenant elects to convert $752,695.92 of Abated Payments into Allowance, the Abatement Period shall be adjusted to mean the first three (3) months of the Lease Term immediately following the Rent Commencement Date and the total Abated Payments shall be adjusted to mean $250,898.64.
Section 3.02.  Annual Operating Expense Adjustment Definitions.
(a)    “Annual Operating Expense Adjustment” shall mean the amount of Tenant’s Proportionate Share of Operating Expenses for a particular calendar year.

(b)    “Operating Expenses” shall mean the amount of all of Landlord’s costs and expenses paid or incurred in operating, repairing, replacing and maintaining the Building and the Common Areas in good, first-class condition and repair for a particular calendar year (including, in the event that the Building is less than fully leased and occupied, all additional costs and expenses that Landlord reasonably determines that it would have paid or incurred during such year if the Building had been fully leased and occupied; furthermore, if the Building’s occupancy is deemed substantially full in any calendar year, all costs and expenses paid or incurred during that year will be recoverable from the tenants of the Building), including by way of illustration and not limitation, the following: all Real Estate Taxes (as hereinafter defined), insurance premiums and deductibles; water, sewer, electrical and other utility charges other than the separately billed electrical and other charges paid by Tenant as provided in this Lease (or other tenants in the Building); service and other charges incurred in the repair, replacement, operation and maintenance of the elevators and the heating, ventilation and air-conditioning system; costs associated with providing fitness, conference or food service facilities, if any; cleaning and other janitorial services; tools and supplies; repair costs; landscape maintenance costs; access patrols; license, permit and inspection fees; management fees (which shall not exceed 4% of the gross rents for the Building); administrative fees; supplies, costs, wages and related employee benefits payable for the management, maintenance and operation of the Building; maintenance, repair and replacement of the driveways, parking and sidewalk areas (including snow and ice removal), landscaped areas, and lighting; costs paid or incurred by Landlord in bringing the Building or the Common Areas into compliance with Applicable Laws (as defined in Section 5.02(a)) enacted after the effective date of this Lease; and maintenance and repair costs, dues, fees and assessments incurred under any covenants or charged by any owners association, all of the forgoing as may be limited by the terms of this Lease. The cost of any Operating Expenses that are capital in nature shall be amortized over the useful life of the improvement (as reasonably determined by Landlord), and only the amortized portion shall be included in Operating Expenses. In the event Landlord changes a policy by adding a service to the Building that was not provided in the Base Year, there shall be an assumed charge added to the Base Year calculation for purposes of that service (for example, in the event Landlord adds a full time, dedicated security guard to the Building following the Base Year, there shall be an assumed cost of such security guard added to the calculation of the Base Year amount). Notwithstanding the foregoing, Operating Expenses shall not include the following:
(i)    costs incurred in connection with or directly related to Landlord’s initial construction and development of the Building and the Park;

(ii)    legal and other fees, so-called “take over” or “buy-out” obligations, advertising expenses, and other costs incurred in connection with the original leasing of the Building or Park, or future releasing of the Building or Park or disputes with tenants;

(iii)    any items not otherwise excluded to the extent Landlord is reimbursed by insurance (or would have been reimbursed by insurance if Landlord had carried the insurance required by this Lease) or otherwise compensated, including direct reimbursement by any tenant;

(iv)    a bad debt loss, rent loss, or reserves for bad debts or rent loss, or any other reserve for anticipated future expenses;

(v)    costs representing amounts paid to an affiliate of Landlord for services or materials that are materially in excess of the amounts that would have been paid in the absence of such relationship;

(vi)    all interest or penalties incurred as a result of Landlord’s failure to pay any costs as the same become due, except resulting from the failure of Tenant to pay rent in a timely manner;

(vii)    the costs incurred to test, survey, cleanup, contain, abate, remove, or otherwise remedy asbestos-containing materials or other materials from the Building or Common Areas that have been classified as “Hazardous Substances” under Environmental Laws (as defined under Section 15.01(a)  of the Lease) as of the date of this Lease;

(viii)    all ground lease rent payable by Landlord;

(ix)    rentals for items (except when needed in connection with normal repairs and maintenance of permanent systems or in the event of an emergency) that, if purchased rather than rented, would constitute a capital item that is specifically excluded (excluding, however, equipment not affixed to the Building that is used in providing janitorial or similar services);

(x)    costs, including permit, license and inspection costs, incurred with respect to the installation of tenants’ or other occupants’ improvements in the Building or incurred in renovating or otherwise improving, decorating, painting or redecorating vacant space for tenants or other occupants of the Building;

(xi)    depreciation, amortization and interest payments, except as provided herein and except on materials, tools, supplies and vendor-type equipment purchased by Landlord to enable Landlord to supply services Landlord might otherwise contract for with a third party where such depreciation, amortization and interest payments would otherwise have been included in the charge for such third party’s services, all as determined in accordance with generally accepted accounting principles, consistently applied, and when depreciation or amortization is permitted or required, the items shall be amortized over its reasonably anticipated useful life;

(xii)    marketing costs including, without limitation, leasing commissions, attorneys’ fees in connection with the negotiation and preparation of letters, deal memos, letters of intent, leases, subleases and/or assignments, space planning costs, and other costs and expenses incurred in connection with lease, sublease and/or assignment negotiations and transactions with present or prospective tenants or other occupants of the Building;

(xiii)    expenses in connection with services or other benefits that are not offered to Tenant or for which Tenant is charged for directly but that are provided to another tenant or occupant of the Building free of charge;

(xiv)    costs incurred by Landlord due to (A) the violation by Landlord or any tenant other than Tenant of the terms and conditions of any lease of space in the Building or (B) disputes by and among Landlord or any other tenant or the Building or lenders for the Building; 

(xv)    interest, principal, points and fees on debts or amortization on any mortgage or mortgages or any other debt instrument encumbering the Building;

(xvi)    Landlord’s general corporate overhead and general corporate administrative expenses;

(xvii)    the cost of any electric power used by any tenant in the Building for which any tenant directly contracts with the local public service company or of which any tenant is separately metered or submetered and pays Landlord directly; provided, however, that if any tenant in the Building contracts directly for electric power service or is separately metered or submetered during any portion of the relevant period, the total electric power costs for the Building shall be “grossed up” to reflect what those costs would have been had each tenant in the Building used the Building-standard amount of electric power;

(xviii)    services and utilities provided and costs incurred in connection with the operation of any retail and restaurant operations in the Building (if any), except to the extent the square footage of such operations are included in the rentable square feet of the Building and do not exceed the services and utility costs which would have been incurred had the retail and/or restaurant space been used for general office purposes;

(xix)    tax penalties and late charges incurred as a result of Landlord’s failure to make payments and/or to file any tax or informational returns when due; 

(xx)    costs arising from Landlord’s charitable or political contributions;

(xxi)    costs arising from defects in the base, shell or core of the Building parking areas or improvements installed by Landlord or the repair thereof; 

(xxii)    costs for sculpture, paintings or other objects of art;

(xxiii)    costs (including in connection therewith all attorneys’ fees and costs of settlement judgments and payments in lieu thereof) arising from claims, disputes or potential disputes in connection with potential or actual claims, litigation or arbitrations pertaining to Landlord and/or the Building that are not associated with Landlord’s reasonable, good faith attempts to reduce a component of Operating Expenses; 

(xxiv)    costs associated with the operation of the business of the partnership or entity that constitutes Landlord as the same are distinguished from the costs of operation of the Building including partnership accounting and legal matters, costs of defending any lawsuits with any mortgagee (except as the actions of Tenant may be in issue), and costs of syndicating;

(xxv)    costs incurred in connection with causing the Building to comply with handicap, life, fire and safety codes or other Applicable Laws in effect prior to the Effective Date;

(xxvi)    salaries, wages or other compensation paid to officers or executives of Landlord above the level of portfolio manager for the Park in their respective capacities;

(xxvii)    costs arising from earthquake insurance to the extent coverage exceed the coverage carried by landlord of other buildings comparable to the Building;

(xxviii)    federal and state income and franchise taxes of Landlord or any other such taxes not in the nature of real estate taxes, except taxes on rent which shall be paid directly by Tenant or included in Operating Expenses; and

(xxix)    any reserves for future expenditures not yet incurred.

 (c)    “Tenant’s Proportionate Share of Operating Expenses” shall mean an amount equal to the product of Tenant’s Proportionate Share multiplied by an amount equal to (i) Operating Expenses incurred during or properly chargeable to the calendar year in question, less (ii) Operating Expenses incurred during or properly chargeable to the Base Year, provided that such amount shall not be less than zero.
Notwithstanding anything herein to the contrary, commencing with calendar year 2024 and each calendar year during the initial Lease Term thereafter, it is understood and agreed that for purposes of calculating Tenant’s Proportionate Share of Operating Expenses in any calendar year during the initial Lease Term (for purposes of this Section, the “Remaining Term”), the maximum amount of Controllable Operating Expenses (as defined below) included in Operating Expenses for any calendar year from and after 2024 during the Remaining Term shall be limited to the actual amount of Controllable Operating Expenses paid or incurred by Landlord on account of or in calendar year 2023 (annualized to reflect charges that would have been incurred for an entire calendar year), increased on a cumulative, compounding basis at five percent (5%) per annum through the applicable calendar year. Commencing with the second full calendar year of any renewal or extension term exercised by Tenant hereunder and each calendar year during such renewal or extension term (for purposes of this Section, the “Remaining Applicable Renewal Term”), the maximum amount of Controllable Operating Expenses included in Operating Expenses for any calendar year from and after the first full calendar year during the applicable renewal or extension term during the Remaining Applicable Renewal Term shall be limited to the actual amount of Controllable Operating Expenses paid or incurred by Landlord on account of or in such first full calendar year during the applicable renewal or extension term, increased on a cumulative, compounding basis at five percent (5%) per annum through the applicable calendar year. Tenant shall remain fully liable in each year for the whole amount of Tenant’s Proportionate Share of Operating Expenses that are not Controllable Operating Expenses. In the event that the cap applies to limit Tenant’s Proportionate Share of Operating Expenses attributable to Controllable Operating Expenses for any calendar year, the excluded amount shall be carried forward to succeeding calendar years and recaptured by Landlord so long as the foregoing limit on the increase in the portion of Operating Expenses attributable to Controllable Operating Expenses is not exceeded in any such succeeding year such that amounts that could not be included in Operating Expenses during such prior years may be re-captured by Landlord. For the purposes of this Section, “Controllable Operating Expenses” means all Operating Expenses exclusive of charges for administration/management fees, security, utilities, insurance, compliance with Applicable Laws going into effect following the Commencement Date, taxes and assessments, snow and ice removal, increases in minimum wage which directly affect operating expenses, and storm-related cleanup.
(d)    “Real Estate Taxes” shall mean any form of real estate tax or assessment or service payments in lieu thereof, any state franchise taxes assessed on tangible property, and any license fee, commercial rental tax, improvement bond or other similar charge or tax (other than inheritance, personal income or estate taxes) imposed upon the Building or Common Areas, or against Landlord’s business of leasing the Building, by any authority having the power to so charge or tax, together with costs and expenses of contesting the validity or amount of the Real Estate Taxes. The amount included in Operating Expenses for Real Estate Taxes for the Base Year will be the amount of Real Estate Taxes that would be incurred if the Building had been fully occupied and fully assessed for the entire calendar year.

Section 3.03.  Payment of Additional Rent.
(a)    Any amount required to be paid by Tenant hereunder (in addition to Minimum Annual Rent) and any charges or expenses incurred by Landlord on behalf of Tenant under the terms of this Lease shall be considered “Additional Rent” payable in the same manner and upon the same terms and conditions as the Minimum Annual Rent reserved hereunder, except as set forth herein to the contrary. Any failure on the part of Tenant to pay such Additional Rent when and as the same shall become due shall entitle Landlord to the remedies available to it for non-payment of Minimum Annual Rent.
(b)    In addition to the Minimum Annual Rent specified in this Lease, commencing as of January 1, 2024, Tenant shall pay to Landlord as Additional Rent for the Leased Premises, in each calendar year or partial calendar year during the Lease Term, an amount equal to the Annual Operating Expense Adjustment for such calendar year. Landlord shall estimate the Annual Operating Expense Adjustment annually, and written notice thereof shall be given to Tenant prior to the beginning of each calendar year. Tenant shall pay to Landlord each month, at the same time the Monthly Rental Installment is due, an amount equal to one-twelfth (1/12) of the estimated Annual Operating Expense Adjustment. Tenant shall be responsible for delivering the Additional Rent to the payment address set forth in Section 1.01(l) above in accordance with this Section 3.03. If Operating Expenses increase during a calendar year, Landlord may increase the estimated Annual Operating Expense Adjustment during such year by giving Tenant written notice to that effect, and thereafter Tenant shall pay to Landlord, in each of the remaining months of such year, an amount equal to the amount of such increase in the estimated Annual Operating Expense Adjustment divided by the number of months remaining in such year. Within a reasonable time after the end of each calendar year, Landlord shall prepare and deliver to Tenant a statement showing the actual Annual Operating Expense Adjustment. Within thirty (30) days after receipt of the aforementioned statement, Tenant shall pay to Landlord, or Landlord shall credit against the next rent payment or payments due from Tenant, as the case may be, the difference between the actual Annual Operating Expense Adjustment for the preceding calendar year and the estimated amount paid by Tenant during such year. This Section 3.03 shall survive the expiration or any earlier termination of this Lease.
Section 3.04.  Late Charges. Tenant acknowledges that Landlord shall incur certain additional unanticipated administrative and legal costs and expenses if Tenant fails to pay timely any payment required hereunder. Therefore, in addition to the other remedies available to Landlord hereunder, if any payment required to be paid by Tenant to Landlord hereunder shall become overdue, such unpaid amount shall bear interest from the due date thereof to the date of payment at the prime rate of interest, as reported in the Wall Street Journal (the “Prime Rate”), plus four percent (4%) per annum. Notwithstanding the foregoing, relative to the first (1st) failure to timely pay such sums in any twelve (12) month period, no late charge shall be due and payable if Tenant makes full payment within five (5) business days after receipt of written notice of such delinquency (i.e., Landlord shall not be required to provide written notice of delinquency more than one (1) time in any twelve (12) month period during the Lease Term).

Section 3.05. Audit Rights. Tenant shall have the right to inspect records of Landlord which are reasonably necessary for Tenant to conduct a review of the Operating Expenses for the Base Year and for each calendar year thereafter. Landlord shall make such records for the Base Year and each calendar year thereafter available to Tenant and its representatives electronically or during normal business hours at the office of the property manager designated by Landlord (which shall be within a reasonable vicinity of the Building). Subject to the foregoing, any such inspection shall be subject to the following conditions: (i) such inspection must be commenced within one hundred and eighty (180) days following Tenant’s receipt of an Annual Operating Expense Adjustment (or Tenant’s right to such inspection shall be waived) except that for the Operating Statement for the Base Year, such inspection must be commenced within one hundred eighty (180) days following Tenant’s receipt of the Operating Statement for the second (2nd) calendar year after the Base Year, and only one (1) such inspection may be performed with respect to any calendar year, (ii) Tenant shall provide Landlord with at least fifteen (15) days’ prior written notice of such inspection, (iii) any such inspection shall be performed on a non-contingency basis, (iv) any such inspection shall be conducted at the office of the property manager designated by Landlord and shall be conducted during normal business hours, (v) any such inspection shall be at the sole cost and expense of Tenant (provided, however, that if Tenant’s inspection (or the below audit) reveals that Tenant has been overcharged by more than four percent (4%), then (a) Landlord shall pay up to $2,000.00 of Tenant’s reasonable third party costs and expenses actually incurred in connection with such review) and (b) Tenant shall be entitled to inspect and review Operating Expenses for any of the immediately preceding three (3) calendar years to the extent same have not been previously inspected, notwithstanding the limitations otherwise set forth in sub-section (i) above, (vi) in no event shall Tenant’s rights hereunder relieve Tenant of its obligation to pay all amounts due as and when provided in this Lease, (vii) Tenant agrees that it will not disclose, but will keep in strict confidence, the information furnished to Tenant by Landlord, but nothing herein shall prohibit Tenant from making such disclosures as necessary to Tenant’s employees, agents, attorneys, accountants, subtenants (and prospective subtenants) and assignees (and prospective assignees) and otherwise as necessary to prosecute its claim or to comply with Applicable Laws; and (viii) in no event shall Tenant be entitled to conduct such inspection if Tenant is then in Default with respect to its obligations under this Lease. In the event Landlord disputes the results of Tenant’s inspection, and the parties cannot in good faith agree upon the actual applicable charges, such matter shall be submitted to an independent certified public accountant mutually acceptable to Landlord and Tenant, whose determination of the actual charges shall be binding. The cost of such independent audit shall be borne by the party whose determination of Operating Expenses was further from the determination made by the independent auditor. Following the final resolution of Tenant’s inspection, Tenant shall pay to Landlord or Landlord shall credit Tenant’s account (or, if such adjustment occurs at the end of the Lease Term, pay to Tenant), as the case may be, within thirty (30) days of the final resolution, the amount of any excess or deficiency. This Section 3.05 shall survive the expiration or any earlier termination of this Lease.

ARTICLE 4 -– INTENTIONALLY OMITTED
ARTICLE 5 - OCCUPANCY AND USE
Section 5.01.  Use. Tenant shall use the Leased Premises for the Permitted Use and for no other purpose without the prior written consent of Landlord.
Section 5.02.  Covenants of Tenant Regarding Use.
(a)    Tenant shall (i) use and maintain the Leased Premises and conduct its business thereon in a safe, careful, reputable and lawful manner, (ii) comply with all covenants that encumber the Building and all laws, rules, regulations, codes, orders, ordinances, directions and requirements of any governmental authority or agency, now in force or which may hereafter be in force, including, without limitation, those which shall impose upon Landlord or Tenant any duty with respect to or triggered by a change in the use or occupation of, or any improvement or alteration to, the Leased Premises (collectively, “Applicable Laws”), and (iii) comply with and obey all reasonable directions, rules and regulations of Landlord, including the Building Rules and Regulations attached hereto as Exhibit E and made a part hereof, as may be modified from time to time by Landlord on reasonable notice to Tenant and so long as such modifications do not materially, adversely affect Tenant’s ability to (i) operate for the Permitted Use within the Leased Premises or (ii) access the Leased Premises. Tenant shall promptly provide Landlord with copies of any notices it receives regarding an alleged violation of the foregoing. Notwithstanding the foregoing, Tenant shall not be required to perform capital improvements at its sole expense unless required to comply with Applicable Laws relating to the Leased Premises solely as a result of Tenant’s particular use or manner of use or improvements or alterations installed by Tenant.
(b)    Tenant shall not do or permit anything to be done in or about the Leased Premises that will in any way cause a nuisance, obstruct or interfere with the rights of other tenants or occupants of the Building or injure or annoy them. Landlord shall not be responsible to Tenant for the non-performance by any other tenant or occupant of the Building of any of Landlord’s directions, rules and regulations, but agrees that any enforcement thereof shall be done uniformly. Tenant shall not use the Leased Premises, nor allow the Leased Premises to be used, for any purpose or in any manner that would (i) invalidate any policy of insurance now or hereafter carried by Landlord on the Building, or (ii) increase the rate of premiums payable on any such insurance policy unless Tenant reimburses Landlord for any increase in premium charged.

Section 5.03.  Landlord’s Rights Regarding Use. Without limiting any of Landlord’s rights specified elsewhere in this Lease (a) Landlord shall have the right at any time, without notice to Tenant, to control, change or otherwise alter the Common Areas in such manner as it deems necessary or proper so long as any such control, change or alteration does not materially and adversely affect Tenant’s ability to operate for the Permitted Use within the Leased Premises for the Permitted Use, or prevent Tenant’s ability to access its allotment of parking spaces granted pursuant to Section 16.11 below and (b) Landlord, its agents, employees and contractors and any mortgagee of the Building shall have the right to enter any part of the Leased Premises, unescorted, at reasonable times upon twenty-four (24) hours’ prior notice (except in the event of an emergency or for routine repairs, maintenance, or other services that Landlord is required to provide hereunder, in which case no notice shall be required) for the purposes of examining or inspecting the same (including, without limitation, testing to confirm Tenant’s compliance with this Lease), showing the same to prospective purchasers, mortgagees or, during the final twelve (12) months of the Lease Term, tenants, and making such repairs, alterations or improvements to the Leased Premises or the Building as Landlord may deem necessary or desirable. Landlord shall incur no liability to Tenant for such entry (unless resulting from the gross negligence or willful misconduct of Landlord or its agents, employees or contractors), nor shall such entry constitute an eviction of Tenant or a termination of this Lease or entitle Tenant to any abatement of rent therefor. In addition, Landlord has the right at any time to (i) change the name, number or designation by which the Building is commonly known, or (ii) alter the Building to change the arrangement or location of entrances or passageways, doors and doorways, and corridors, elevators, stairs, toilets, or other public parts of the Building without any such acts constituting an actual or constructive eviction and without incurring any liability to Tenant, so long as such changes do not deny Tenant reasonable access to the Leased Premises. Landlord shall use reasonable efforts to minimize interference with Tenant’s use and occupancy of the Leased Premises during the making of such changes or alterations or entry to the Lease Premises, provided that Landlord shall have no obligation to employ contractors or labor at overtime or other premium pay rates or to incur any other overtime costs or additional expenses whatsoever.
Section 5.04.  Food Trucks. In addition, Tenant shall be entitled, upon at least seventy-two (72) hours’ prior written notice to Landlord, at Tenant’s sole cost and expense, to coordinate food trucks and similar food vendors to the Building initially in the location shown on Exhibit K attached hereto, or in such other location designated by Landlord from time to time, and in accordance with reasonable requirements and restrictions imposed by Landlord from time to time. Any such food truck or food vendor operating on the Land at the invitation of Tenant shall be deemed a contractor of Tenant for all purposes under this Lease and shall provide to Landlord original certificates (in form and amounts reasonably satisfactory to Landlord) evidencing the insurance requirements set forth on Exhibit K attached hereto and naming Landlord as an additional insured prior to entering the Land. If any food truck is deemed by Landlord to have unreasonably loud generators or otherwise emanates objectionable noise, odors, fumes, dust or vapors, Landlord will reserve the right to relocate or remove said food trucks and/or impose additional requirements on said food trucks so as not to disturb other occupants of the Building or Land.

ARTICLE 6 - UTILITIES AND OTHER BUILDING SERVICES
Section 6.01.  Services to be Provided. Landlord shall at all times operate the Building in a manner consistent with other comparable first class, suburban office buildings located in the RTP/Airport submarket (“Comparable Buildings”). Provided Tenant is not in default, Landlord shall furnish to Tenant, except as noted below, the following utilities and other services to the extent reasonably necessary for Tenant’s use of the Leased Premises for the Permitted Use, or as may be required by law or directed by governmental authority:
(a)    Heating, ventilation and air-conditioning as set forth on Exhibit H between the hours of 8:00 a.m. and 6:00 p.m. Monday through Friday and, upon forty-eight (48) hours prior written request from Tenant (email being sufficient), 9:00 a.m. to 1:00 p.m. on Saturday of each week except on New Year’s Day, Martin Luther King Jr. Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day (“Holidays”);
(b)    Electrical current not to exceed four (4) watts per square foot;
(c)    Water in the Common Areas for lavatory and drinking purposes;
(d)    Automatic elevator service;
(e)    Cleaning and janitorial service in the Leased Premises and Common Areas in accordance with the janitorial specification attached hereto as Exhibit I on Monday through Friday of each week except Holidays; provided, however, Tenant shall be responsible for carpet cleaning other than routine vacuuming; 
(f)    Washing of exterior windows at intervals reasonably established by Landlord;
(g)    Replacement of all lamps, bulbs, starters and ballasts in the Building standard lighting fixtures as required from time to time as a result of normal usage. Tenant shall be entitled to install LED lighting within the Leased Premises, but the repair and replacement of LED fixtures and the replacement of LED bulbs shall be Tenant’s responsibility;
(h)    Maintenance of the Common Areas, including the removal of rubbish, ice and snow; 
(i)    Access to the Building twenty-four (24) hours per day, seven (7) days per week, and three hundred sixty-five (365) days a year using the Security System as described in Section 16.20; and 
(j)    “Drive-by” surveillance security between 6:00 p.m. and 1:00 a.m.; provided, however, that Landlord shall have the right, in Landlord’s reasonable discretion, to alter the times such surveillance security is provided, based on the needs in the Park. Tenant acknowledges and agrees that Landlord shall not provide guards or other security protection for the Leased Premises and that any and all other security protection shall be the sole responsibility of Tenant. 

Section 6.02.  Additional Services.  
(a)    If Tenant requests utilities or building services in addition to those identified above, or if Tenant uses any of the above utilities or services in frequency, scope, quality or quantity substantially greater than that which Landlord determines is normally required by other tenants in the Building, then Landlord shall use reasonable efforts to attempt to furnish Tenant with such additional utilities or services. In the event Landlord is able to and does furnish such additional utilities or services, the costs thereof (which shall be deemed to mean the cost that Tenant would have incurred had Tenant contracted directly with the utility company or service provider) shall be borne by Tenant, who shall reimburse Landlord monthly for the same as Additional Rent. The cost to be charged by Landlord to Tenant hereunder for heating, ventilation and air-conditioning service used by Tenant during times other than those hours set forth in Section 6.01(a) above shall be $50.00 per hour for each floor or portion thereof which is served by such heating, ventilation and air-conditioning service (i.e., $50.00 multiplied by the number of hours multiplied by the number of floors affected), subject to increases in such hourly rate from time to time during the Lease Term to reimburse Landlord for increases in the cost to Landlord of electricity consumed in providing the heating, ventilation and air-conditioning service. Landlord shall also have the right to submeter or separately meter the Leased Premises at Tenant’s cost, and Tenant shall pay such utilities based on the submeter or separate meter. 
(b)    If any lights, density of staff, machines or equipment used by Tenant in the Leased Premises materially affect the temperature otherwise maintained by the Building’s air-conditioning system or generate substantially more heat in the Leased Premises than that which would normally be generated by other tenants in the Building or by tenants in Comparable Buildings, then Landlord shall provide written notice to Tenant, with documentation that evidences that Tenant is responsible for the issue, in which case Tenant shall be afforded a reasonable opportunity to remedy such matter. If Tenant does not remedy such matter, Landlord shall have the right to install any machinery or equipment that Landlord considers reasonably necessary in order to restore the temperature balance between the Leased Premises and the rest of the Building, including, without limitation, equipment that modifies the Building’s air-conditioning system. All costs expended by Landlord to install any such machinery and equipment and any additional costs of operation and maintenance in connection therewith shall be borne by Tenant, who shall reimburse Landlord for the same as Additional Rent.

Section 6.03. Interruption of Services. Tenant acknowledges and agrees that any one or more of the utilities or other services identified in Sections 6.01 or 6.02 or otherwise hereunder may be interrupted by reason of accident, emergency or other causes beyond Landlord’s control, or may be discontinued or diminished temporarily by Landlord or other persons until certain repairs, alterations or improvements can be made (any, a “Service Interruption”). Landlord shall make diligent efforts to repair such Service Interruptions in a timely manner. In the event Landlord temporarily discontinues or diminishes any such services, it shall endeavor to provide twenty-four (24) hours’ prior notice of such intended action to Tenant. Except as provided below, Landlord shall not be liable in damages or otherwise for any Service Interruption and no Service Interruption shall entitle Tenant to terminate this Lease or withhold sums due hereunder. Notwithstanding anything to the contrary contained in this Lease, if, as a result of a Service Interruption which is not caused in whole or in part by Tenant or Tenant’s employees, guests, agents, contractors or subcontractors, Tenant’s use of all or a material portion of the Leased Premises is untenable (meaning that Tenant is unable to use, and actually does not use, such space in the normal course of its business for the Permitted Use) for more than five (5) consecutive business days (other than as necessary for business exigencies such as accessing documentation and materials, ensuring operation and/or protection of critical systems and equipment and securing confidential information and performing such functions as Tenant deems reasonably necessary for business continuity or to meet contractual obligations (collectively, “Business Exigencies”)), then Minimum Annual Rent shall abate proportionately with respect to the portion of the Leased Premises rendered untenantable on a per diem basis for each day after such five (5) business-day period during which such portion of the Leased Premises remains untenantable. Such abatement shall be Tenant’s sole remedy for Landlord’s failure to restore service as set forth above, and Tenant shall not be entitled to damages (consequential or otherwise) as a result thereof. Tenant’s abatement rights shall continue through the earlier of (i) the date the applicable condition is cured to an extent that Tenant’s use of all or a material portion of the Leased Premises is no longer materially, adversely affected or curtailed, or (ii) the date Tenant recommences occupancy of the Leased Premises (or the relevant portion thereof) for the conduct of business therein (other than Business Exigencies) or (iii) termination of this Lease. The foregoing provisions shall not apply in the event (a) the relevant circumstance or condition is the result of the wrongful acts or omissions of Tenant or Tenant’s employees, agents, subtenants or contractors, (b) Tenant is in Default under the terms of this Lease, or (c) the applicable Service Interruption is caused, in whole or in part by a Casualty.   
ARTICLE 7 - REPAIRS, MAINTENANCE AND ALTERATIONS
Section 7.01.  Repair and Maintenance of Building. Landlord shall make all necessary repairs and replacements to the roof, exterior walls (including glass), exterior doors, exterior windows, common corridors, elevators, utility, sprinkler service and electrical and plumbing lines and air conditioning and heating systems located outside the Leased Premises but which serve the Leased Premises on a non-exclusive basis, parking areas and other Common Areas, and Landlord shall keep the Building in a clean and neat condition and in good, first-class condition and repair. The cost of such repairs, replacements and maintenance shall be included in Operating Expenses to the extent provided in Section 3.02; provided however, to the extent any such repairs, replacements or maintenance are required because of the negligence, misuse or default of Tenant, its employees, agents, contractors, customers or invitees, or are made at the specific request of Tenant, Landlord shall make such repairs at Tenant’s sole expense, in which case Tenant shall reimburse Landlord for all costs and expenses incurred by Landlord in making such repair as Additional Rent within ten (10) days of Landlord’s delivery of applicable invoices therefor. In addition to the foregoing maintenance and repair obligations, Landlord shall repair any latent defects in workmanship or materials in the Building that adversely impact the Leased Premises or Tenant’s use thereof during the one (1) year period following the date the Commencement Date. Landlord agrees to promptly repair or replace any such latent defects during the foregoing one (1) year period provided Tenant gives Landlord written notice of such latent defect not later than the expiration of such one (1) year period.  

Section 7.02.  Repair and Maintenance of Leased Premises. Tenant shall keep and maintain the Leased Premises in good condition and repair, other than with respect to repairs that are Landlord’s responsibility pursuant to Section 7.01. If Tenant fails to perform such repair and maintenance obligations, beyond any applicable notice and cure periods, Landlord shall make such repairs or perform such maintenance at Tenant’s sole expense, in which case Tenant shall reimburse Landlord for all costs and expenses incurred by Landlord in making such repairs or performing such maintenance as Additional Rent within ten (10) days of Landlord’s delivery of applicable invoices therefor. Tenant’s repair and maintenance obligations include, without limitation, repairs to: (a) floor coverings; (b) interior partitions; (c) doors; (d) the interior side of demising walls; (e) electronic, fiber, phone and data cabling and related equipment that is installed by or for the exclusive benefit of Tenant; and (f) all alterations performed by Tenant. Tenant shall be solely responsible for any repair or replacement with respect to Tenant’s Property (as defined in Section 8.01 below) located in the Leased Premises, the Building or the Common Areas. Nothing in this Article 7 shall obligate Landlord or Tenant to repair normal wear and tear to any paint, wall covering or carpet in the Leased Premises. 
Section 7.03.  Alterations. Tenant shall not permit alterations in or to the Leased Premises unless and until Landlord has approved the plans therefor in writing, which consent shall not be unreasonably withheld, conditioned or delayed provided same are office standard alterations (in Landlord’s discretion); provided, however, that Tenant shall have the right to make alterations to the Leased Premises, without obtaining Landlord’s prior written consent provided that (a) such alterations do not exceed One Hundred Thousand and No/100 Dollars ($100,000.00) in cost in any one instance; (b) such alterations are non-structural and non-mechanical in nature and do not affect or adversely impact the Buildings HVAC, plumbing or life safety systems; (c) such alterations do not require a construction permit or other similar governmental approvals; (d) Tenant provides Landlord with prior written notice of its intention to make such alterations, stating in reasonable detail the nature, extent and estimated cost of such alterations, together with the plans and specifications for the same (if the alterations are of a type for which plans and specifications are generated), to the extent applicable, and (e) at Landlord’s option, if communicated to Tenant at the time Tenant notifies Landlord that Tenant wishes to make the alterations, Tenant must remove such alterations and restore the Leased Premises upon termination of this Lease. As a condition of such approval, Landlord may require Tenant to remove the alterations and restore the Leased Premises upon termination of this Lease; otherwise, all such alterations shall at Landlord’s option become a part of the realty and the property of Landlord and shall not be removed by Tenant. Notwithstanding anything contained herein to the contrary, Tenant shall have no obligation hereunder to remove the Tenant Improvements or any other alterations or improvements that have been made by Tenant with the express written consent of Landlord, unless, at the time of granting such consent, Landlord has expressly required the removal of any such proposed alterations or improvements as a condition to granting such consent. Tenant shall ensure that all alterations shall be made in accordance with all Applicable Laws, regulations and building codes, in a good and workmanlike manner and of quality equal to or better than the original construction of the Building. No person shall be entitled to any lien derived through or under Tenant for any labor or material furnished to the Leased Premises, and nothing in this Lease shall be construed to constitute Landlord’s consent to the creation of any lien. If any lien is filed against the Leased Premises for work claimed to have been done for or materials claimed to have been furnished to Tenant, Tenant shall cause such lien to be discharged of record within thirty (30) days after filing. Tenant shall indemnify Landlord from all costs, losses, expenses and attorneys’ fees in connection with any construction or alteration and any related lien. Tenant shall have the right to select its own general contractor, with Landlord’s approval, to perform all work on any future alterations to the Leased Premises.

Section 7.04.  Supplemental Cooling and Fire Suppression. In the event Tenant installs and uses a supplemental HVAC system and related equipment to serve the Leased Premises in addition to the HVAC provided by Landlord under Section 6.02 above (the “Supplemental HVAC”), Tenant shall be responsible for all non-base Building costs related to any Supplemental HVAC or non-base building fire suppression systems for the Leased Premises. Tenant shall have the right to operate the Supplemental HVAC twenty-four (24) hours a day, seven (7) days a week. Tenant shall be solely responsible, at its cost and expense, for the maintenance, repair and replacement (if necessary) of any Supplemental HVAC. Tenant shall operate and maintain any Supplemental HVAC in accordance with all applicable federal, state and local laws and regulations. In no event shall any Supplemental HVAC exhaust into the Building plenum. Tenant shall also be responsible for the actual cost incurred by Landlord for the electricity and the water, if applicable, to operate any Supplemental HVAC. Upon expiration or earlier termination of the Lease, Tenant shall remove any Supplemental HVAC and repair any and all damage to the Leased Premises and/or the Building caused by such removal. It is expressly understood and agreed by Landlord and Tenant that (a) Tenant shall be entitled to install the Supplemental HVAC on the roof of the Building, (b) the plans for any such installation shall be approved by Landlord in writing prior to installation, (c) Tenant shall be solely responsible for the cost of any such installation, and (d) the installation of any Supplemental HVAC on the roof of the Building shall be further subject to the conditions contained in Section 16.19 below relating to the roof of the Building.  
Section 7.05.Compliance with Law. 
(a)    Existing Governmental Regulations. If any federal, state or local laws, ordinances, orders, rules, regulations or requirements (collectively, “Governmental Requirements”) in existence as of the Effective Date require an alteration or modification of the Leased Premises (a “Code Modification”) and such Code Modification (i) is not made necessary as a result of the specific use being made by Tenant of the Leased Premises (as distinguished from an alteration or improvement which would be required to be made by the owner of any office building comparable to the Building irrespective of the use thereof by any particular occupant), and (ii) is not made necessary as a result of any alteration of the Leased Premises by Tenant, such Code Modification shall be performed by Landlord, at Landlord’s sole cost and expense.
(b)    Governmental Regulations — Landlord Responsibility. If, as a result of one or more Governmental Requirements that are not in existence as of the Effective Date, it is necessary from time to time during the Lease Term, to perform a Code Modification to the Building or the Common Areas that (i) is not made necessary as a result of the specific use being made by Tenant of Leased Premises (as distinguished from an alteration or improvement which would be required to be made by the owner of any office building comparable to the Building irrespective of the use thereof by any particular occupant), and (ii) is not made necessary as a result of any alteration of the Leased Premises by Tenant, such Code Modification shall be performed by Landlord and the amortized cost thereof shall be included in Operating Expenses to the extent permitted under Section 3.02, without being subject to the cap on Controllable Operating Expenses described in Section 3.02 above.
(c)    Governmental Regulations — Tenant Responsibility. If, as a result of one or more Governmental Requirements, it is necessary from time to time during the Lease Term to perform a Code Modification to the Building or the Common Areas that is made necessary as a result of the specific use being made by Tenant of the Leased Premises (as distinguished from an alteration or improvement which would be required to be made by the owner of any office building comparable to the Building irrespective of the use thereof by any particular occupant) or as a result of any alteration of the Leased Premises by Tenant, such Code Modification shall be the sole and exclusive responsibility of Tenant in all respects; provided, however, that Tenant shall have the right to retract its request to perform a proposed alteration in the event that the performance of such alteration would trigger the requirement for a Code Modification.

ARTICLE 8 - INDEMNITY AND INSURANCE
Section 8.01.  Release. All of Tenant’s trade fixtures, merchandise, inventory, special fire protection equipment, telecommunication and computer equipment, supplemental air conditioning equipment, kitchen equipment and all other personal property in or about the Leased Premises, the Building or the Common Areas, which is deemed to include the trade fixtures, merchandise, inventory and personal property of others located in or about the Leased Premises or Common Areas at the invitation, direction or acquiescence (express or implied) of Tenant (all of which property shall be referred to herein, collectively, as “Tenant’s Property”), shall be and remain at Tenant’s sole risk. Landlord shall not be liable to Tenant or to any other person for, and Tenant hereby releases Landlord (and its affiliates, property managers and mortgagees) from, (a) any and all liability for theft or damage to Tenant’s Property, and (b) any and all liability for any injury to Tenant or its employees, agents, contractors, guests and invitees in or about the Leased Premises, the Building or the Common Areas, except to the extent of personal injury caused directly by the negligence or willful misconduct of Landlord, its agents, employees or contractors or Landlord’s breach of this Lease. Nothing contained in this Section 8.01 shall limit (or be deemed to limit) the waivers contained in Section 8.06 below. In the event of any conflict between the provisions of Section 8.06 below and this Section 8.01, the provisions of Section 8.06 shall prevail. This Section 8.01 shall survive the expiration or earlier termination of this Lease.
Section 8.02.  Indemnification by Tenant. Tenant shall protect, defend, indemnify and hold Landlord, its trustees, members, principals, beneficiaries, partners, officers, shareholders, directors, agents, employees, licensees, invitees, representatives, property managers, mortgagees and contractors (collectively, “Landlord Related Parties”) of all tiers harmless from and against any and all claims, damages, demands, penalties, costs, liabilities, losses, and expenses (including reasonable attorneys’ fees and expenses at the trial and appellate levels) to the extent (a) arising out of or relating to any act, omission, negligence, or willful misconduct of Tenant or Tenant’s agents, employees, contractors, customers or invitees in or about the Leased Premises, the Building or the Common Areas, (b) arising out of or relating to any of Tenant’s Property, or (c) arising out of any other act or occurrence within the Leased Premises, in all such cases except to the extent of personal injury caused directly by the negligence or willful misconduct of Landlord, its agents, employees or contractors or Landlord’s breach of this Lease. Nothing contained in this Section 8.02 shall limit (or be deemed to limit) the waivers contained in Section 8.06 below. In the event of any conflict between the provisions of Section 8.06 below and this Section 8.02, the provisions of Section 8.06 shall prevail. This Section 8.02 shall survive the expiration or earlier termination of this Lease.
Section 8.03.  Indemnification by Landlord. Landlord shall protect, defend, indemnify and hold Tenant, its agents, employees and contractors of all tiers harmless from and against any and all claims, damages, demands, penalties, costs, liabilities, losses and expenses (including reasonable attorneys’ fees and expenses at the trial and appellate levels) to the extent arising out of or relating to any negligence or willful misconduct of Landlord or Landlord’s agents, employees or contractors or Landlord’s breach of this Lease. Nothing contained in this Section 8.03 shall limit (or be deemed to limit) the waivers contained in Section 8.06 below. In the event of any conflict between the provisions of Section 8.06 below and this Section 8.03, the provisions of Section 8.06 shall prevail. This Section 8.03 shall survive the expiration or earlier termination of this Lease.
Section 8.04.  Tenant’s Insurance. 
(a)    During the Lease Term (and any period of early entry or occupancy or holding over by Tenant, if applicable), Tenant shall maintain the following types of insurance, in the amounts specified below:

(i)    Liability Insurance. Commercial General Liability Insurance, ISO Form CG 00 01, or its equivalent, covering Tenant’s use of the Leased Premises against claims for bodily injury or death or property damage, which insurance shall be primary and non-contributory and shall provide coverage on an occurrence basis with a per occurrence limit of not less than $5,000,000 for each policy year, which limit may be satisfied by any combination of primary and excess or umbrella per occurrence policies.
(ii)    Property Insurance. Special Form Insurance in the amount of the full replacement cost of Tenant’s Property (including, without limitation, alterations or additions performed by Tenant pursuant hereto, including those improvements, if any, made pursuant to Section 2.02 above), which insurance shall waive coinsurance limitations.
(iii)    Worker’s Compensation Insurance. Worker’s Compensation insurance in amounts required by Applicable Law; provided, if there is no statutory requirement for Tenant, Tenant shall still obtain Worker’s Compensation insurance coverage.
(iv)    Business Interruption Insurance. Business Interruption Insurance with limits not less than an amount equal to two (2) years rent hereunder with pandemic coverage as part of business interruption so long as such coverage is available at commercially reasonable rates. Notwithstanding the foregoing, Tenant may elect not to carry Business Interruption Insurance; provided, however, that in such event Tenant shall release Landlord from any and all liability arising during the Lease Term that would have been covered by such Business Interruption Insurance had Tenant elected to carry such coverage.
(v)    Automobile Insurance. Comprehensive Automobile Liability Insurance insuring bodily injury and property damage arising from all owned, non-owned and hired vehicles, if any, with minimum limits of liability of $1,000,000 combined single limit, per accident.
(b)    All insurance required to be carried by Tenant hereunder shall (i) be issued by one or more insurance companies reasonably acceptable to Landlord, licensed to do business in the State of North Carolina and having an AM Best’s rating of A IX or better, and (ii) provide that said insurance shall not be materially changed, canceled or permitted to lapse on less than thirty (30) days’ prior written notice to Landlord. In addition, Tenant shall name Landlord, Landlord’s managing agent, and any mortgagee requested by Landlord, as additional insureds under its commercial general liability, excess and umbrella policies (but only to the extent of the limits required hereunder). On or before the Commencement Date (or the date of any earlier entry or occupancy by Tenant), and thereafter, within seven (7) days prior to the expiration of each such policy, Tenant shall furnish Landlord with certificates of insurance in the form of ACORD 25 (or other evidence of insurance reasonably acceptable to Landlord), evidencing all required coverages, and that with the exception of Worker’s Compensation insurance, such insurance is primary and non-contributory. Upon Tenant’s receipt of a request from Landlord, Tenant shall provide Landlord with copies of all insurance policies, including all endorsements, evidencing the coverages required hereunder. If Tenant fails to carry such insurance and furnish Landlord with such certificates of insurance or copies of insurance policies (if applicable), Landlord may obtain such insurance on Tenant’s behalf and Tenant shall reimburse Landlord upon demand for the cost thereof as Additional Rent. Landlord reserves the right from time to time to require Tenant to obtain higher minimum amounts or different types of insurance if it becomes customary for other landlords of similar buildings in the area to require similar sized tenants in similar businesses to carry insurance of such higher minimum amounts or of such different types.

(c)    Notwithstanding anything to the contrary contained herein, Tenant may self-insure with respect to the policies of insurance provided for in this Section 8.04, with the exception of Commercial General Liability Insurance, provided that (i) Tenant has in effect a program of “self-insurance” insuring Tenant as a named insured against such risk, which program complies with any and all Applicable Laws regarding self-insurance in the State of North Carolina, (ii) Landlord shall be reasonably satisfied as to the financial strength of Tenant as determined by the “tangible net worth” of Tenant, (iii) Tenant agrees upon Landlord’s reasonable request to provide Landlord with financial information reasonably sufficient to allow Landlord to evaluate Tenant’s tangible net worth and ability to meet the insurance criteria set forth in this Section 8.04 of the Lease, (iv) Tenant agrees to indemnify and hold harmless Landlord from and against any loss, cost, damage, expense (including reasonable attorneys’ fees and court costs), claim, cause of action or liability that Landlord may incur that would have been covered by the insurance policies replaced by the self-insurance, (v) such self-insurance shall not affect the non-liability of Landlord described in this Lease, and (vi) Landlord, Landlord’s managing agent and any mortgagee appears as additional covered parties on the Certificate of Coverage for liability under the self-insurance program for an amount consistent with the requirements set forth in this Section 8.04.  Landlord shall have the benefits of such self-insurance to the same extent as if Tenant had otherwise obtained policies of insurance for the risks required to be insured under this Lease. For purposes hereof, “tangible net worth” is defined as the excess of the value of tangible assets (i.e., assets excluding those which are intangible such as goodwill, patents and trademarks) over liabilities. Tenant shall deliver to Landlord notice in writing of the required coverages which it is self-insuring setting forth the amount, limits and scope of the self-insurance with respect to each type of coverage self-insured. This provision is personal to ChannelAdvisor Corporation (“ChannelAdvisor”) and shall automatically terminate if all or any portion of this Lease is assigned by ChannelAdvisor unless such assignment is to a Permitted Transferee and ChannelAdvisor guarantees any insurance obligations that are self-insured by Tenant hereunder. 
Section 8.05.  Landlord’s Insurance. During the Lease Term, Landlord shall maintain the following types of insurance, in the amounts specified below (the cost of which shall be included in Operating Expenses):
(a)    Liability Insurance. Commercial General Liability Insurance, ISO Form CG 00 01, or its equivalent, covering the Common Areas against claims for bodily injury or death and property damage, which insurance shall be primary and non-contributory and shall provide coverage on an occurrence basis with a per occurrence limit of not less than $5,000,000 for each policy year, which limit may be satisfied by any combination of primary and excess or umbrella per occurrence policies.
(b)    Property Insurance. Special Form Insurance in the amount of the full replacement cost of the Building, but excluding the Tenant Improvements, Tenant’s Property and any other items required to be insured by Tenant pursuant to Section 8.04 above. 
Section 8.06.  Waiver of Subrogation. Notwithstanding anything contained in this Lease to the contrary, Landlord (and its affiliates, property managers and mortgagees) and Tenant (and its affiliates) hereby waive any rights each may have against the other on account of any loss of or damage to their respective property, the Leased Premises, its contents, or other portions of the Building or Common Areas arising from any risk which is required to be insured against by Sections 8.04(a)(ii), 8.04(a)(iii), and 8.05(b) above. The special form property insurance policies and worker’s compensation insurance policies maintained by Landlord and Tenant as provided in this Lease shall include an endorsement containing an express waiver of any rights of subrogation by the insurance company against Landlord and Tenant, as applicable.

ARTICLE 9 - CASUALTY
Section 9.01.  Notice of Casualty. Tenant shall give prompt notice to Landlord if all or any portion of the Leased Premises becomes untenantable by fire or other casualty to the Leased Premises (collectively a “Casualty”). In the event of such Casualty, Landlord, by notice to Tenant within ninety (90) days after the date of such Casualty, shall have the right to terminate this Lease if: (1) the Leased Premises have been materially damaged and there is less than two (2) years of the Lease Term remaining on the date of the Casualty; (2) any mortgagee requires that the insurance proceeds be applied to the payment of the mortgage debt; or (3) a material uninsured loss to the Building or Leased Premises occurs. If this Lease is so terminated, (a) the Lease Term shall expire upon the date set forth in Landlord’s notice, which shall not be less than thirty (30) days after such notice is given, and Tenant shall vacate the Leased Premises and surrender the same to Landlord no later than the date set forth in the notice, (b) Tenant’s liability for rent shall cease as of the date of the Casualty, (c) any prepaid rental amounts for any period after the date of the Casualty shall be refunded by Landlord to Tenant, and (d) Landlord shall be entitled to collect all insurance proceeds of policies held by Landlord or Tenant providing coverage for alterations and other improvements to the Leased Premises. Landlord shall retain such proceeds from Tenant’s insurance only to the extent that Landlord performed or paid for covered alterations and improvements, whether by contribution, offset or otherwise, and the balance of such proceeds, if any, shall be paid to Tenant.
Section 9.02.  Restoration. If this Lease is not terminated, Landlord shall promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Landlord’s reasonable control, restore the Leased Premises and Common Areas to the condition of the Building described in Exhibit B-1 attached hereto and incorporated herein by reference (“Base Building Condition”). Tenant shall be responsible for constructing and installing the Tenant Improvements within the Leased Premises in accordance with this Exhibit B (i.e., excluding the Tenant Improvements or any alterations installed by Tenant pursuant to this Lease). Such restoration shall be to substantially the same condition that existed prior to the Casualty, except for modifications required by Applicable Laws or any other modifications to the Common Areas deemed desirable by Landlord. In no event shall Landlord be required to spend more for the restoration than the proceeds received by Landlord (or that would have been received by Landlord had it carried the insurance required hereunder). Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant occasioned by damage by fire or other casualty or the repair thereof. Landlord will not carry insurance of any kind on Tenant’s Property, and shall not be obligated to restore or repair any damage to Tenant’s Property. Provided that Tenant is not then in default, during any period of time that all or a material portion of the Leased Premises is rendered untenantable as a result of a Casualty, rent shall abate for the portion of the Leased Premises that is untenantable and not used by Tenant. Landlord shall have the right to adapt the restoration of the Leased Premises as contemplated by this Section 9.02 to comply with Applicable Laws then in effect. 

Section 9.03.  Additional Termination Rights. In addition to Landlord’s rights under Section 9.01, if the Leased Premises are totally damaged or are rendered wholly untenantable, or if the Building is so damaged that in Landlord’s opinion, substantial alteration, demolition, or reconstruction of the Building is required (whether or not the Leased Premises are so damaged or rendered untenantable), then in either of such events, Landlord may, not later than ninety (90) days following the date of the damage, give Tenant a notice terminating this Lease. If this Lease is so terminated, (a) the Lease Term shall expire upon the date set forth in Landlord’s notice, which shall not be less than thirty (30) days after such notice is given, and Tenant shall vacate the Leased Premises and surrender the same to Landlord no later than the date set forth in the notice, (b) Tenant’s liability for rent shall cease as of the date of the damage, (c) any prepaid rent for any period after the date of the damage shall be refunded by Landlord to Tenant, and (d) Landlord shall be entitled to collect all insurance proceeds of policies held by Landlord or Tenant providing coverage for alterations and other improvements to the Leased Premises. Landlord shall retain such proceeds from Tenant’s insurance only to the extent that Landlord performed or paid for such alterations and improvements, whether by contribution, offset or otherwise, and the balance of such proceeds, if any, shall be paid to Tenant.
Section 9.04. Tenant Termination Rights. In the event of such Casualty, Landlord shall endeavor to provide Tenant written notice of its estimated time to complete any necessary repair and restoration to the Leased Premises and the Common Areas of the Building within ninety (90) days following such Casualty. In such case, Tenant, by written notice to Landlord within thirty (30) days after receipt of such notice (provided, such period shall be extended for any delays in Landlord’s delivery of the repair and restoration estimate), shall have the right to terminate this Lease by written notice to Landlord if: (1) the Leased Premises have been materially damaged and there is less than two (2) years of the Lease Term remaining on the date of the Casualty; or (2) the Leased Premises are totally damaged or are rendered wholly untenantable, and Landlord’s estimated time to complete the repair and restoration of the Leased Premises and Common Areas is longer than two hundred ten (210) days from the date of such Casualty. In addition, Tenant, by written notice to Landlord prior to the date that Landlord actually completes the repair and restoration of the Leased Premises and Common Areas of the Building to an extent that same are tenantable by Tenant, shall have the right to terminate this Lease by written notice to Landlord if such repair and restoration is not completed within one hundred eighty (180) days following the date Landlord delivers its repair and restoration estimate (provided, such period shall be extended for any delays incurred due to Force Majeure Matters). If this Lease is so terminated, (a) the Lease Term shall expire upon the date set forth in Tenant’s notice, which shall not be less than thirty (30) days after such notice is given, and Tenant shall vacate the Leased Premises and surrender the same to Landlord no later than the date set forth in the notice, (b) Tenant’s liability for Rent shall cease as of the date of the Casualty, (c) any prepaid rental amounts for any period after the date of the Casualty shall be refunded by Landlord to Tenant, and (d) Landlord shall be entitled to collect all insurance proceeds of policies held by Landlord or Tenant providing coverage for alterations and other improvements to the Leased Premises. Landlord shall retain such proceeds from Tenant’s insurance only to the extent that Landlord performed or paid for covered alterations and improvements, whether by contribution, offset or otherwise, and the balance of such proceeds, if any, shall be paid to Tenant.

ARTICLE 10 - EMINENT DOMAIN
If all or any substantial part of the Building or Common Areas shall be acquired by the exercise of eminent domain, Landlord may terminate this Lease by giving written notice to Tenant on or before the date possession thereof is so taken. If all or any part of the Leased Premises shall be acquired by the exercise of eminent domain so that the Leased Premises shall become impractical for Tenant to use for the Permitted Use, Tenant may terminate this Lease by giving written notice to Landlord as of the date possession thereof is so taken. All damages awarded shall belong to Landlord; provided, however, that Tenant may assert a separate claim for dislocation damages if such amount is not subtracted from Landlord’s award.
ARTICLE 11 - ASSIGNMENT AND SUBLEASE
Section 11.01.  Assignment and Sublease.
(a)    Tenant shall not assign this Lease or sublet the Leased Premises in whole or in part without Landlord’s prior written consent (and which approval shall be deemed given if Landlord does not initially respond to Tenant’s request within ten (10) business days, and such failure continues for an additional ten (10) days following receipt of a second notice from Tenant). In the event of any permitted assignment or subletting, Tenant shall remain primarily liable hereunder. Any extension, expansion, rights of first offer, rights of first refusal or other options granted to Tenant under this Lease shall be rendered void and of no further force or effect except as may be otherwise specifically set forth in this Lease to the contrary. The acceptance of rent from any other person shall not be deemed to be a waiver of any of the provisions of this Lease or to be a consent to the assignment of this Lease or the subletting of the Leased Premises. Any assignment or sublease consented to by Landlord shall not relieve Tenant (or its assignee) from obtaining Landlord’s consent to any subsequent assignment or sublease.
(b)    Landlord’s consent shall not be unreasonably withheld, conditioned or delayed. By way of example and not limitation, Landlord shall be deemed to have reasonably withheld consent to a proposed assignment or sublease if in Landlord’s opinion (i) the Leased Premises are or are likely to be in any way materially adversely affected; (ii) the business reputation of the proposed assignee or subtenant is not in keeping with the first-class nature of the Building; (iii) the financial worth of the proposed assignee is insufficient to meet the obligations hereunder; or (iv) the prospective assignee or subtenant is a governmental entity or is a current tenant in any building located within the Park that is then owned by Landlord or an affiliate of Landlord or is a bona-fide third party prospective tenant with respect to the Building or another building within the Park owned by Landlord or an affiliate of Landlord in which Landlord (or its affiliate) has comparable space available to meet the needs of the applicable prospective tenant, and from whom Landlord or an affiliate of Landlord has received a proposal or submitted a proposal to within one-hundred and eighty (180) days of the date of Tenant’s request to assign or sublease. Landlord further expressly reserves the right to refuse to give its consent to any subletting if the proposed rent is publicly advertised to be less than the then current rent for similar premises in the Building. If Landlord refuses to give its consent to any (i) proposed assignment or (ii) subletting for all or substantially all of the remaining term or for more than fifty percent (50%) of the Leased Premises, Landlord may, at its option, within thirty (30) days after receiving a request to consent, terminate this Lease (which termination, if in connection with a sublease shall apply only to the portion of the Leased Premises subject to such sublease)  by giving Tenant thirty (30) days prior written notice of such termination, whereupon each party shall be released from all further obligations and liability hereunder, except those which expressly survive the termination of this Lease.

(c)    If Tenant shall make any assignment or sublease (other than to a Permitted Transferee), with Landlord’s consent, for a rental in excess of the rent payable under this Lease, Tenant shall pay to Landlord fifty percent (50%) of any excess net rental (after deducting actual and reasonable expenses incurred by Tenant in entering into any such assignment or sublease) upon receipt. Tenant agrees to pay Landlord $1,500.00 upon demand by Landlord for reasonable accounting and attorneys’ fees incurred in conjunction with the processing and documentation of any requested assignment, subletting or any other hypothecation of this Lease or Tenant’s interest in and to the Leased Premises as consideration for Landlord’s consent.
  Permitted Transfer. Notwithstanding anything to the contrary contained in Section 11.01 above, Tenant shall have the right, without Landlord’s consent, but upon notice to Landlord given within ten (10) days of the earlier to occur of consummation of the transaction or when such notice would otherwise be permissible under law and the documents pursuant to which the transaction is being consummated, to (a) sublet all or part of the Leased Premises to any related corporation or other entity which controls Tenant, is controlled by Tenant or is under common control with Tenant; (b) assign all or any part of this Lease to any related corporation or other entity which controls Tenant, is controlled by Tenant, or is under common control with Tenant, or to a successor entity into which or with which Tenant is merged or consolidated or which acquires substantially all of Tenant’s assets or property; or (c) effectuate any public offering of Tenant’s stock on the New York Stock Exchange or in the NASDAQ over the counter market; provided, however, that in the event of a transfer pursuant to clause (a) or (b), after such transaction the Tenant’s tangible net worth is not less than $50,000,000; and provided further that such successor entity assumes all of the obligations and liabilities of Tenant (any such entity is hereinafter referred to as a “Permitted Transferee”; and any transfer to a Permitted Transferee is hereinafter referred to as a “Permitted Transfer”). For the purpose of this Article 11 (i) “control” shall mean voting control — via legal, beneficial or equitable ownership; a voting agreement; or otherwise — of securities of (or other interest in) the organization having at least fifty-one percent (51%) of the ownership and voting power of the organization’s board of directors or comparable governing body and (ii) “tangible net worth” shall mean the excess of the value of tangible assets (i.e., assets excluding those which are intangible such as goodwill, patents and trademarks) over liabilities. Any such transfer shall not relieve Tenant of its obligations under this Lease. Nothing in this paragraph is intended to nor shall permit Tenant to transfer its interest under this Lease as part of a fraud or subterfuge to intentionally avoid its obligations under this Lease (for example, transferring its interest to a shell corporation that subsequently files a bankruptcy), and any such transfer shall constitute a Default hereunder. A change in control of Tenant resulting from a merger, consolidation, or a transfer of partnership or membership interests, a stock transfer, or any sale of substantially all of the assets of Tenant shall be deemed a Permitted Transfer if after any such transaction the tangible net worth of Tenant is not less than $50,000,000. Any change of control of Tenant that does not meet the requirements set forth herein shall be deemed an assignment or transfer that requires Landlord’s prior written consent pursuant to Section 11.01 above.   
ARTICLE 12 - TRANSFERS BY LANDLORD
Section 12.01.  Sale of the Building. Landlord shall have the right to sell the Building at any time during the Lease Term, subject only to the rights of Tenant hereunder; and such sale shall operate to release Landlord from liability hereunder with respect to obligations arising from and after the date of such conveyance.

Section 12.02.  Estoppel Certificate. Within fifteen (15) days following receipt of a written request from Landlord, but not more than one (1) time per year, other than in connection with a sale or financing or other capital event, Tenant shall execute and deliver to Landlord, without cost to Landlord, an estoppel certificate in such form as Landlord may reasonably request certifying (a) that this Lease is in full force and effect and unmodified or stating the nature of any modification, (b) the date to which rent has been paid, (c) that there are not, to Tenant’s knowledge, any uncured defaults or specifying such defaults if any are claimed, and (d) any other matters or state of facts reasonably required respecting the Lease. Such estoppel may be relied upon by Landlord and by any purchaser or mortgagee of the Building.
Section 12.03.  Subordination. This Lease is and shall be expressly subject and subordinate at all times to the lien of any present or future mortgage or deed of trust encumbering fee title to the Leased Premises. If any such mortgage or deed of trust be foreclosed, upon request of the mortgagee or beneficiary, as the case may be, Tenant will attorn to the purchaser at the foreclosure sale. The foregoing provisions are declared to be self-operative and no further instruments shall be required to effect such subordination and/or attornment; provided, however, that subordination of this Lease to any present or future mortgage or trust deed shall be conditioned upon the mortgagee, beneficiary, or purchaser at foreclosure, as the case may be, agreeing that Tenant’s occupancy of the Leased Premises and other rights under this Lease shall not be disturbed by reason of the foreclosure of such mortgage or trust deed, as the case may be, so long as Tenant is not in default under this Lease. Within fifteen (15) days following receipt of a written request from Landlord, Tenant shall execute and deliver to Landlord, without cost, any instrument that Landlord deems reasonably necessary or desirable to confirm the subordination of this Lease. Prior to or promptly following the execution of this Lease, Landlord shall use commercially reasonable efforts to cause the current mortgagee relative to the Leased Premises to execute and deliver a subordination, non-disturbance and attornment agreement (“SNDA”) in the form attached hereto as Exhibit G; provided, however, Tenant shall be responsible, at Tenant’s expense, for recording such SNDA in the appropriate real estate records and, if requested by Landlord, terminating such SNDA of record upon the expiration or earlier termination of this Lease.
ARTICLE 13 - DEFAULT AND REMEDY
Section 13.01.  Default. The occurrence of any of the following shall be a “Default”:
(a)    Tenant fails to pay any Monthly Rental Installments or Additional Rent within five (5) days after the same is due (meaning that Tenant would not be in Default provided Landlord has received any particular Monthly Rental Installment or Additional Rent on the sixth (6th) day after such payment is due). Notwithstanding the foregoing, Landlord shall provide Tenant with a written courtesy notice of such delinquency and Tenant shall have an additional five (5) days to cure such Default; provided, however, that Landlord shall not be required to give such courtesy notice more than two (2) times in any consecutive twelve (12) month period.
(b)    Tenant fails to perform or observe any other term, condition, covenant or obligation required under this Lease for a period of thirty (30) days after written notice thereof from Landlord; provided, however, that if the nature of Tenant’s default is such that more than thirty (30) days are reasonably required to cure, then such default shall be deemed to have been cured if Tenant commences such performance within said thirty (30) day period and thereafter diligently completes the required action within a reasonable time.
(c)    Reserved.
(d)    Tenant shall assign or sublet all or a portion of the Leased Premises in contravention of the provisions of Article 11 of this Lease.

(e)    All or substantially all of Tenant’s assets in the Leased Premises or Tenant’s interest in this Lease are attached or levied under execution (and Tenant does not discharge the same within sixty (60) days thereafter); a petition in bankruptcy, insolvency or for reorganization or arrangement is filed by or against Tenant (and Tenant fails to secure a stay or discharge thereof within sixty (60) days thereafter); Tenant is insolvent and unable to pay its debts as they become due; Tenant makes a general assignment for the benefit of creditors; Tenant takes the benefit of any insolvency action or law; the appointment of a receiver or trustee in bankruptcy for Tenant or its assets if such receivership has not been vacated or set aside within thirty (30) days thereafter; or, dissolution or other termination of Tenant’s corporate charter if Tenant is a corporation.
Section 13.02.  Remedies. Upon the occurrence of any Default, Landlord shall have the following rights and remedies, in addition to those stated elsewhere in this Lease and those allowed by law or in equity, any one or more of which may be exercised without further notice to Tenant:
(a)    Landlord may re-enter the Leased Premises and cure any Default of Tenant, and Tenant shall reimburse Landlord as Additional Rent for any costs and expenses that Landlord thereby incurs; and Landlord shall not be liable to Tenant for any loss or damage that Tenant may sustain by reason of Landlord’s action.
(b)    Landlord may terminate this Lease by giving Tenant notice of termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination and all rights of Tenant under this Lease and in and to the Leased Premises shall terminate. Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Leased Premises to Landlord on the date specified in such notice. Furthermore, Tenant shall be liable to Landlord for the unamortized balance of any leasehold improvement allowance and brokerage fees paid in connection with the Lease.
(c)    Without terminating this Lease, Landlord may terminate Tenant’s right to possession of the Leased Premises, and thereafter, neither Tenant nor any person claiming under or through Tenant shall be entitled to possession of the Leased Premises. In such event, Tenant shall immediately surrender the Leased Premises to Landlord, and Landlord may re-enter the Leased Premises and dispossess Tenant and any other occupants of the Leased Premises by any lawful means and may remove their effects, without prejudice to any other remedy that Landlord may have. Upon termination of possession, Landlord may re-let all or any part of the Leased Premises as the agent of Tenant for a term different from that which would otherwise have constituted the balance of the Lease Term and for rent and on terms and conditions different from those contained herein, whereupon Tenant shall be immediately obligated to pay to Landlord an amount equal to (i) the excess, if any, discounted at the Prime Rate, of the rent provided for herein less the rent provided for in any lease covering a subsequent re-letting of the Leased Premises, for the period which would otherwise have constituted the balance of the Lease Term had this Lease not been terminated (said period being referred to herein as the “Remaining Term”), (ii) the costs of recovering possession of the Leased Premises and all other expenses, loss or damage incurred by Landlord by reason of Tenant’s Default (“Default Damages”), which shall include, without limitation, expenses of preparing the Leased Premises for re-letting, demolition, repairs, tenant finish improvements, brokers’ commissions and attorneys’ fees, and (iii) all unpaid Minimum Annual Rent and Additional Rent that accrued prior to the date of termination of possession, plus any interest and late fees due hereunder (the “Prior Obligations”). Neither the filing of any dispossessory proceeding nor an eviction of personalty in the Leased Premises shall be deemed to terminate the Lease.

(d)    Landlord may terminate this Lease and recover from Tenant all damages Landlord may incur by reason of Tenant’s default, including, without limitation, an amount which, at the date of such termination is equal to the sum of the following: (i) the value of the excess, if any, discounted at the Prime Rate, of (A) the Minimum Annual Rent, Additional Rent and all other sums that would have been payable hereunder by Tenant for the Remaining Term, less (B) the aggregate reasonable rental value of the Leased Premises for the Remaining Term, as determined by a real estate broker licensed in the State of North Carolina who has at least ten (10) years of experience, (ii) all of Landlord’s Default Damages, and (iii) all Prior Obligations. Landlord and Tenant acknowledge and agree that the payment of the amount set forth in clause (i) above shall not be deemed a penalty, but shall merely constitute payment of liquidated damages, it being understood that actual damages to Landlord are extremely difficult, if not impossible, to ascertain. It is expressly agreed and understood that all of Tenant’s liabilities and obligations set forth in this subsection (d) shall survive termination.
(e)    With or without terminating this Lease, declare immediately due and payable the sum of the following: (i) the present value, discounted at the Prime Rate, of all Minimum Annual Rent and Additional Rent due and coming due under this Lease for the entire Remaining Term (as if by the terms of this Lease they were payable in advance), (ii) all Default Damages, and (iii) all Prior Obligations, whereupon Tenant shall be obligated to pay the same to Landlord; provided, however, that such payment shall not be deemed a penalty or liquidated damages, but shall merely constitute payment in advance of all Minimum Annual Rent and Additional Rent payable hereunder throughout the Remaining Term, and provided further, however, that upon Landlord receiving such payment, Tenant shall be entitled to receive from Landlord all rents received by Landlord from other assignees, tenants and subtenants on account of said Leased Premises during the Remaining Term (but only to the extent that the monies to which Tenant shall so become entitled do not exceed the entire amount actually paid by Tenant to Landlord pursuant to this subsection (e)), less all Default Damages of Landlord incurred but not yet reimbursed by Tenant.
(f)    Landlord may sue for injunctive relief or to recover damages for any loss resulting from the Default, provided however, in no event, however, shall Tenant be liable to Landlord for any consequential damages (except as expressly provided herein) or punitive damages.
(g)    If Landlord has terminated this Lease or Tenant’s right to possession, Landlord agrees to use commercially reasonable efforts to mitigate its damages. Landlord shall be required only to use reasonable efforts to mitigate, which shall not exceed such efforts as Landlord generally uses to lease other space in the Building. Landlord will not be deemed to have failed to mitigate if Landlord leases any other portions of the Building before reletting all or any portion of the Leased Premises. Landlord shall not be deemed to have failed to mitigate if it incurs Default Damages. 

Section 13.03.  Landlord’s Default and Tenant’s Remedies.  
(a)    Landlord shall be in default if it fails to perform any term, condition, covenant or obligation required under this Lease for a period of thirty (30) days after written notice thereof from Tenant to Landlord; provided, however, that if the term, condition, covenant or obligation to be performed by Landlord is such that it cannot reasonably be performed within thirty (30) days, such default shall be deemed to have been cured if Landlord commences such performance within said thirty-day period and thereafter diligently undertakes to complete the same within a reasonable time period. Upon the occurrence of any such default, Tenant may sue for injunctive relief or to recover damages for any loss directly resulting from the breach, but Tenant shall not be entitled to terminate this Lease or withhold, offset or abate any sums due. In no event, however, shall Landlord be liable to Tenant for any consequential or punitive damages. Tenant acknowledges and agrees that this Lease will not be impacted in the event of external changes that make Tenant’s business less profitable or more difficult.
(b)    Notwithstanding any contrary term or provision in this Lease, if (i) any circumstance or condition exists under this Lease which will, if not cured by Landlord within the applicable period afforded to Landlord under this Lease, constitute a default of Landlord hereunder (a “Landlord Default Condition”), (ii) Landlord has not begun and pursued with reasonable diligence the cure of such Landlord Default Condition within thirty (30) days (“Landlord’s Cure Period”) of receipt by Landlord and each Landlord mortgagee of written notice from Tenant of the relevant Landlord Default Condition (provided, however, if the cure of any such Landlord Default Condition cannot reasonably be completed within such thirty (30) day period but such Landlord Default Condition is curable and Landlord diligently commences the cure of such matter within the thirty (30) day period, Landlord’s Cure Period shall be extended as may be reasonably required (but in no event more than an additional thirty (30) days) to allow Landlord to complete the cure of such matter, so long as Landlord continues to diligently prosecute such cure to completion during such additional period), (iii) such Landlord Default Condition renders all or a material portion of the Leased Premises untenantable for the conduct of Tenant’s business therein and Tenant ceases to use the relevant portion(s) of the Leased Premises, (iv) such default is not the result of a Force Majeure Matter or any acts or omissions of Tenant or any employee, officer, contractor, agent or affiliate of Tenant, and following the expiration of Landlord’s Cure Period, Tenant delivers notice to Landlord and each mortgagee of Tenant’s intent to pursue its self-help remedies under this Section 13.03 the following terms and provisions shall be applicable:

(i)    Without waiving or releasing Landlord from any obligation hereunder, Tenant may (but is under no obligation to) take reasonable action to cure the Landlord Default Condition; and if Tenant elects to take action to cure the Landlord Default Condition, the applicable time period allowed for Landlord to cure such Landlord Default Condition under Section 13.03 herein shall be “tolled” for the period of time that Tenant is attempting to cure such Landlord Default Condition. Provided, however, and notwithstanding the foregoing or any other term or provision herein to the contrary: (i) Tenant must undertake any such curative action in good faith. An example of Tenant failing to act in good faith would be undertaking an action that Tenant knows will not mitigate, cure or correct the Landlord Default Condition; (ii) if Tenant’s proposed curative action will affect the Building’s electrical, plumbing, HVAC or mechanical system or any structural component of the Building, Tenant shall use Landlord’s applicable Building contractor for such system or component, unless such contractor is unwilling or unable to perform such work or is substantially more costly than another qualified contractor, in which event Tenant may utilize the services of another qualified, licensed and insured contractor (subject to Landlord’s prior written approval, not to be unreasonably withheld, conditioned or delayed); (iii) all work undertaken by Tenant to cure the Landlord Default Condition must be completed in a good and workmanlike manner and in accordance with all applicable statutes, laws, ordinances, rules and regulations; (iv) in connection with any curative action taken by Tenant, Tenant shall use commercially-reasonable efforts to minimize interference with the rights of other tenants to use their respective premises in the Building.
(ii)    If Tenant incurs expenses in attempting to cure a Landlord Default Condition pursuant to this Section 13.03(b), Landlord shall reimburse Tenant for the costs so incurred. Such costs must be reasonably documented and copies of such documentation must be delivered to Landlord with the above-referenced written demand for reimbursement. If Landlord fails to reimburse Tenant or give Tenant notice of objection to such reimbursement within sixty (60) days of said notice and Tenant sends Landlord an additional written notice advising Landlord of such failure, Tenant shall have the right to offset said reimbursement from no more than twenty percent (20%) of Monthly Rental Installments payable by Tenant to Landlord until Tenant is fully reimbursed. In no event, however, shall Landlord be liable to Tenant for any consequential or punitive damages. 
Section 13.04.  Limitation of Landlord’s Liability. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS LEASE, THE LIABILITY OF LANDLORD (AND OF ANY SUCCESSOR LANDLORD) SHALL BE LIMITED TO LANDLORD’S (AND ANY SUCCESSOR TO LANDLORD) INTEREST IN THE BUILDING. TENANT SHALL LOOK SOLELY TO LANDLORD’S INTEREST IN THE BUILDING FOR THE RECOVERY OF ANY JUDGMENT OR AWARD AGAINST LANDLORD OR ANY LANDLORD RELATED PARTY. NEITHER LANDLORD NOR ANY LANDLORD RELATED PARTY SHALL BE PERSONALLY LIABLE FOR ANY JUDGMENT OR DEFICIENCY, AND IN NO EVENT SHALL LANDLORD OR ANY LANDLORD RELATED PARTY BE LIABLE TO TENANT FOR ANY LOST PROFIT, DAMAGE TO OR LOSS OF BUSINESS OR ANY FORM OF SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGE. BEFORE FILING SUIT FOR AN ALLEGED DEFAULT BY LANDLORD, TENANT SHALL GIVE LANDLORD AND THE MORTGAGEE(S) WHOM TENANT HAS BEEN NOTIFIED HOLD MORTGAGES NOTICE AND REASONABLE TIME TO CURE THE ALLEGED DEFAULT.

Section 13.05.  Nonwaiver of Defaults. Neither party’s failure nor delay in exercising any of its rights or remedies or other provisions of this Lease shall constitute a waiver thereof or affect its right thereafter to exercise or enforce such right or remedy or other provision. No waiver of any default shall be deemed to be a waiver of any other default. Landlord’s receipt of less than the full rent due shall not be construed to be other than a payment on account of rent then due, nor shall any statement on Tenant’s check or any letter accompanying Tenant’s check be deemed an accord and satisfaction. No act or omission by Landlord or its employees or agents during the Lease Term shall be deemed an acceptance of a surrender of the Leased Premises, and no agreement to accept such surrender shall be valid unless in writing and signed by Landlord.
Section 13.06.  Attorneys’ Fees. If either party defaults in the performance or observance of any of the terms, conditions, covenants or obligations contained in this Lease and the non-defaulting party obtains a judgment against the defaulting party, then the defaulting party agrees to reimburse the non-defaulting party for reasonable attorneys’ fees incurred in connection therewith. In addition, if a monetary Default shall occur and Landlord engages outside counsel to exercise its remedies hereunder, and then Tenant cures such monetary Default, Tenant shall pay to Landlord, on demand, all expenses incurred by Landlord as a result thereof, including reasonable attorneys’ fees, court costs and expenses actually incurred.
Section 13.07. Waiver of Landlord’s Lien. Landlord does hereby agree to waive any statutory lien on Tenant’s Property granted to Landlord that is secured by Tenant’s trade fixtures, equipment, inventory or other personal property located at the Leased Premises.
ARTICLE 14 - LANDLORD’S RIGHT TO RELOCATE TENANT
Landlord shall have no right to relocate Tenant for any reason.
ARTICLE 15 -TENANT’S RESPONSIBILITY REGARDING 
ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES
Section 15.01.  Environmental Definitions.
(a)    “Environmental Laws” shall mean all present or future federal, state and municipal laws, ordinances, rules and regulations applicable to the environmental and ecological condition of the Leased Premises, and the rules and regulations of the Federal Environmental Protection Agency and any other federal, state or municipal agency or governmental board or entity having jurisdiction over the Leased Premises.
(b)    “Hazardous Substances” shall mean those substances included within the definitions of “hazardous substances,” “hazardous materials,” “toxic substances” “solid waste” or “infectious waste” under Environmental Laws and petroleum products.
Section 15.02.  Restrictions on Tenant. Tenant shall not cause or permit the use, generation, release, manufacture, refining, production, processing, storage or disposal of any Hazardous Substances on, under or about the Leased Premises, or the transportation to or from the Leased Premises of any Hazardous Substances, except as necessary and appropriate for its Permitted Use in which case the use, storage or disposal of such Hazardous Substances shall be performed in compliance with the Environmental Laws.

Section 15.03.  Notices, Affidavits, Etc. Tenant shall immediately (a) notify Landlord of (i) any violation by Tenant, its employees, agents, representatives, customers, invitees or contractors of any Environmental Laws on, under or about the Leased Premises, or (ii) the presence or suspected presence of any Hazardous Substances on, under or about the Leased Premises, and (b) deliver to Landlord any notice received by Tenant relating to (a)(i) and (a)(ii) above from any source. Tenant shall execute affidavits, representations and the like within five (5) days of Landlord’s request therefor concerning Tenant’s best knowledge and belief regarding the presence of any Hazardous Substances on, under or about the Leased Premises.
Section 15.04.  Tenant’s Indemnification. Tenant shall indemnify Landlord and Landlord’s managing agent from any and all claims, losses, liabilities, costs, expenses and damages, including attorneys’ fees, costs of testing and remediation costs, incurred by Landlord in connection with any breach by Tenant of its obligations under this Article 15. The covenants and obligations under this Article 15 shall survive the expiration or earlier termination of this Lease.
Section 15.05.  Existing Conditions. Notwithstanding anything contained in this Article 15 to the contrary, Tenant shall not have any liability to Landlord under this Article 15 resulting from any conditions existing, or events occurring, or any Hazardous Substances existing or generated, at, in, on, under or in connection with the Leased Premises prior to the Commencement Date of this Lease (or any earlier occupancy of the Leased Premises by Tenant) except to the extent Tenant exacerbates the same.
Section 15.06.  Landlord Requirements. Landlord shall comply with all laws applicable to Hazardous Substances. Landlord represents and warrants to Tenant that, to the best of Landlord’s actual knowledge, Landlord has received no notice of any Hazardous Substances located in the Building or the land on which it is situated (the “Land”) in violation of applicable Environmental Laws. Other than Hazardous Substances which are Tenant’s responsibility, as described above, if any Hazardous Substances are discovered on the Land or in the Building, Landlord shall be obligated to remove, or cause to be removed, such Hazardous Substances to the extent required by applicable Environmental Laws at Landlord’s cost but included in Operating Expenses unless such Hazardous Substances were introduced to the Land or the Building as a result of Landlord’s gross negligence or intentional misconduct, in which event the costs Landlord incurs to remove such Hazardous Substance shall not be included in Operating Expenses.  
ARTICLE 16 -MISCELLANEOUS
Section 16.01.  Benefit of Landlord and Tenant. This Lease shall inure to the benefit of and be binding upon Landlord and Tenant and their respective successors and assigns.
Section 16.02.  Governing Law. This Lease shall be governed in accordance with the laws of the State of North Carolina.
Section 16.03.  Force Majeure. Landlord and Tenant (except with respect to the payment of any monetary obligation) shall be excused for the period of any delay in the performance of any obligation hereunder when such delay is occasioned by causes beyond its control, including but not limited to work stoppages, boycotts, slowdowns or strikes; civil disorder; shortages of materials, equipment, labor or energy; epidemic, pandemic or other public health crisis, including without limitation, COVID-19; unusual weather conditions; or acts or omissions of governmental or political bodies (collectively, “Force Majeure Matters”); provided notice of any claimed delays due to Force Majeure Matters is provided within thirty (30) days of the date the party claiming delay first becomes aware of the event giving rise to such claim.

Section 16.04.  Examination of Lease. Submission of this instrument by Landlord to Tenant for examination or signature does not constitute an offer by Landlord to lease the Leased Premises. This Lease shall become effective, if at all, only upon the execution by and delivery to both Landlord and Tenant.
Section 16.05.  Indemnification for Leasing Commissions. The parties hereby represent and warrant that the only real estate brokers involved in the negotiation and execution of this Lease are the Brokers and that no other party is entitled, as a result of the actions of the respective party, to a commission or other fee resulting from the execution of this Lease. Each party shall indemnify the other from any and all liability for the breach of this representation and warranty on its part and shall pay any compensation to any other broker or person who may be entitled thereto. Landlord shall pay the commission due Brokers based on this Lease pursuant to separate agreements between Landlord and Brokers.
Section 16.06.  Notices. Any notice required or permitted to be given under this Lease or by law shall be deemed to have been given if it is written and delivered in person or by overnight courier or mailed by certified mail, postage prepaid, to the party who is to receive such notice at the address specified in Section 1.01(l). If sent by overnight courier, the notice shall be deemed to have been given one (1) day after sending. If mailed, the notice shall be deemed to have been given on the date that is three (3) business days following mailing. Either party may change its address by giving written notice thereof to the other party.
Section 16.07.  Partial Invalidity; Complete Agreement. If any provision of this Lease shall be held to be invalid, void or unenforceable, the remaining provisions shall remain in full force and effect. This Lease represents the entire agreement between Landlord and Tenant covering everything agreed upon or understood in this transaction. There are no oral promises, conditions, representations, understandings, interpretations or terms of any kind as conditions or inducements to the execution hereof or in effect between the parties. No change or addition shall be made to this Lease except by a written agreement executed by Landlord and Tenant.
Section 16.08.  Financial Statements.  
(a)    During the Lease Term and any extensions thereof, Tenant shall provide to Landlord, on an annual basis within sixty (60) days following the end of Tenant’s fiscal year and upon Landlord’s written request therefor (such requests shall not be made more than one (1) time in any calendar year, unless in connection with a sale or financing transaction relative to the Building or any interest of Landlord therein), a copy of Tenant’s most recent financial statements prepared as of the end of Tenant’s fiscal year. Such financial statements shall be signed by Tenant or an officer of Tenant, if applicable, who shall attest to the truth and accuracy of the information set forth in such statements, or if the Minimum Annual Rent hereunder exceeds $100,000.00, said statements shall be certified and audited. All financial statements provided by Tenant to Landlord hereunder shall be prepared in conformity with generally accepted accounting principles, consistently applied. Landlord agrees that it shall maintain the confidentiality of such financial statements during the Lease Term; provided, however, Landlord may disclose the contents of the financial statements to (a) officers and employees of Landlord and those agents, attorneys and consultants of Landlord reasonably requiring access, (b) actual or prospective lenders, purchasers, investors or shareholders of Landlord, (c) any entity or agency required by law, or (d) any entity or agency which is reasonably necessary to protect Landlord’s interest in any action, suit or proceeding brought by or against Landlord and relating to the subject matter of this Lease.
(b)    Notwithstanding the foregoing, Tenant shall not be required to deliver any financial information required by Section 16.08, so long as the Tenant hereunder is a publicly-traded company and such financial information is available to Landlord through readily available public service.

Section 16.09.Representations and Warranties.
(a)    Tenant hereby represents and warrants that (i) Tenant is duly organized, validly existing and in good standing (if applicable) in accordance with the laws of the State under which it was organized; (ii) Tenant is authorized to do business in the State where the Building is located; and (iii) the individual(s) executing and delivering this Lease on behalf of Tenant has been properly authorized to do so, and such execution and delivery shall bind Tenant to its terms.
(b)    Landlord hereby represents and warrants that (i) Landlord is duly organized, validly existing and in good standing (if applicable) in accordance with the laws of the State under which it was organized; (ii) Landlord is authorized to do business in the State where the Building is located; and (iii) the individual(s) executing and delivering this Lease on behalf of Landlord has been properly authorized to do so, and such execution and delivery shall bind Landlord to its terms.
Section 16.10.  Signage. Landlord, at its cost and expense, shall provide Tenant with Building standard signage on the main Building directory and at the entrance to the Leased Premises. Any changes requested by Tenant to the initial directory or suite signage shall be made at Tenant’s sole cost and expense and shall be subject to Landlord’s approval. Landlord may install such other signs, advertisements, notices or tenant identification information on the Building directory, tenant access doors or other areas of the Building, as it shall deem necessary or proper. Tenant shall not place any exterior signs on the Leased Premises or interior signs visible from the exterior of the Leased Premises without the prior written consent of Landlord. Notwithstanding any other provision of this Lease to the contrary, Landlord may immediately remove any sign(s) placed by Tenant in violation of this Section 16.10.
Following the Effective Date, Landlord agrees to file an application with the Town of Morrisville pursuant to the Town of Morrisville Unified Development Ordinance for a variance that would permit Landlord to install a second (2nd) monument sign on the Land with Tenant’s name and logo (the “Second Monument Sign”) and to use commercially reasonable efforts to pursue such variance from the Town of Morrisville with the goal to obtain approval of the variance and install the Second Monument Sign on or before the Commencement Date. If the Town of Morrisville grants such variance, Landlord shall, at Landlord’s cost and expense, construct, design and install the Second Monument Sign and install Tenant’s name and logo on the Second Monument Sign in size and font reasonably acceptable to Tenant. If the Town of Morrisville denies the variance or places commercially unreasonable conditions on the approval of same in Landlord’s discretion, then in lieu of Landlord’s obligation to pursue the Second Monument Sign, Landlord shall promptly install Tenant’s name (of the same size and font of other tenants of the Building) on the existing monument sign currently located on the Land (the “Alternate Monument Sign”) at Landlord’s cost and expense. 
If at any time during the Lease Term (a) Relias Learning LLC relinquishes or otherwise loses its right to prevent additional signage on the exterior of the Building (the “Relias Façade Signage”) and (b) Applicable Laws permit the installation of signage on the exterior of the Building in addition to the Relias Façade Signage (or if the Relias Façade Signage is no longer present on the exterior of the Building, in lieu of such signage), then Tenant, at its sole cost and expense, may install Tenant’s name and logo in a mutually agreeable location on the exterior of the Building (the “Façade Sign”). In addition, Tenant, at its cost and expense, shall be entitled to install signage in any elevator lobby of a full floor of the Building that Tenant leases hereunder (the “Elevator Sign”).  

The Façade Sign, Elevator Sign, the Second Monument Sign or Alternate Monument Sign (collectively, “Tenant’s Signage”) shall all be installed in accordance with the standard criteria for the Building and Perimeter Park, all Applicable Laws and all ordinances and regulations applicable to the Building and shall be subject to Landlord’s prior written approval as to its location; size; configuration; lettering; content; materials; if Landlord is responsible for the same, cost (relative to the panel containing Tenant’s name on the Second Monument Sign or Alternate Monument Sign, as applicable); and method of attachment. Upon the expiration or earlier termination of the Lease Term, Tenant shall be required, at Tenant’s expense, to remove Tenant’s Signage. Tenant shall not be entitled to grant or assign to any third party (other than a Permitted Transferee of Tenant’s rights under this Lease) the right to install Tenant’s Signage without Landlord’s prior written consent (which consent may be granted or withheld in Landlord’s discretion). Tenant shall maintain, at Tenant’s sole cost and expense, all Tenant’s Signage in a first class manner and condition at all times during the term of the Lease.  
Section 16.11.  Parking. Tenant shall be entitled to the non-exclusive use of the parking spaces designated for the Building by Landlord. Tenant agrees (i) not to overburden the parking facilities, (ii) to cooperate with Landlord and other tenants in the use of the parking facilities and (iii) that, notwithstanding the immediately preceding grammatical sentence, Tenant and Tenant’s guests and invitees shall not, at any given time, be entitled to use more than four and one-half (4.5) parking spaces for each one thousand (1,000) square feet of Rentable Area of the Leased Premises. As part of Tenant’s parking allotment, Tenant’s employees shall have the right to use, in common with other tenants of the Building on a first-come first-served basis, not less than four (4) electric vehicle charging stations installed by Landlord from time to time to serve tenants of the Building. In the event Tenant is determined to be overburdening the parking facilities, Landlord shall be entitled (but not required) to monitor or restrict use of the parking facilities at Tenant’s expense. There will be no assigned parking unless Landlord, in its sole discretion, deems such assigned parking advisable. No vehicle may be repaired or serviced in the parking area and any vehicle brought into the parking area by Tenant, or any of Tenant’s employees, contractors or invitees, and deemed abandoned by Landlord will be towed and all costs thereof shall be borne by the Tenant. All driveways, ingress and egress, and all parking spaces are for the joint use of all tenants. There shall be no parking permitted on any of the streets or roadways located within the Park. In addition, Tenant agrees that its employees will not park in the spaces designated visitor parking.
Section 16.12.  Memorandum. This Lease shall not be recorded, but in connection with Tenant’s execution of the Letter of Understanding, Landlord shall complete that memorandum of lease attached hereto as Exhibit F (the “Memorandum”) and shall cause the Memorandum to be executed and delivered to Tenant for recording. Landlord agrees that Tenant may cause the Memorandum to be recorded at Tenant’s expense. 
Section 16.13.  Time. Time is of the essence of each term and provision of this Lease.
Section 16.14.  Patriot Act. Each of Landlord and Tenant, each as to itself; hereby represents its compliance and its agreement to continue to comply with all applicable anti-money laundering laws, including, without limitation, the USA Patriot Act, and the laws administered by the United States Treasury Department’s Office of Foreign Assets Control, including, without limitation, Executive Order 13224 (the “Executive Order”). Each of Landlord and Tenant further represents (such representation to be true throughout the Lease Term) (i) that it is not, and it is not owned or controlled directly or indirectly by any person or entity, on the SDN List published by the United States Treasury Department’s Office of Foreign Assets Control and (ii) that it is not a person otherwise identified by government or legal authority as a person with whom a U.S. Person is prohibited from transacting business. As of the Effective Date, a list of such designations and the text of the Executive Order are published under the internet website address www.ustreas.gov/offices/enforcement/ofac. The provisions of this Section 16.14 shall survive the expiration or earlier termination of this Lease. 

Section 16.15. Confidentiality. Landlord and Tenant agree, on behalf of themselves and their respective employees, agents, contractors, consultants, partners, affiliates, assignees and subtenants, not to disclose the terms of this Lease to any third party except (i) legal counsel to such party, (ii) as to Tenant, any assignee of Tenant’s interest in this Lease or any subtenant of Tenant relative to the Leased Premises (or any portion thereof), (iii) any actual or proposed purchaser, investor or mortgagee or their brokers and other agents, (iv) as required by Applicable Law or by subpoena or other similar legal process, (v) for financial reporting purposes (including without limitation, the preparation of financial statements) or as otherwise reasonably required for the operation of business or (vi) with respect to matters set forth in the Memorandum of Lease.
Section 16.16.  Relocation Reimbursement. In addition to the other allowances granted herein, following the Rent Commencement Date, Landlord shall reimburse Tenant in an amount not to exceed One Hundred Fifty Thousand and No/100 Dollars ($150,000.00) for documented and reasonable third party costs incurred by Tenant in relocating to the Leased Premises at the start of the Lease Term and preparing the same for Tenant’s occupancy (collectively, “Relocation Costs”) within thirty (30) days following Landlord’s receipt of a written request for reimbursement accompanied by paid invoices evidencing such Relocation Costs. In the event Tenant fails to submit to Landlord a written request for reimbursement of Relocation Costs accompanied by paid invoices evidencing such costs as required by this Section 16.16 prior to the date that is twelve (12) months following the Rent Commencement Date, then Tenant shall be deemed to have waived any right to be reimbursed for Relocation Costs pursuant to this Section 16.16 and in such event, and as of such date, this Section 16.16 shall be deemed null and void and of no further force and effect. 
Section 16.17. Option to Renew.  
(a)     Provided that (i) this Lease is in full force and effect as of the date of the Renewal Notice (as defined below) and as of the then scheduled expiration of the Lease Term; (ii) Tenant is not then in Default under this Lease as of the dates referred to in clause (i) above; and (iii) Tenant has not sublet nor assigned (except pursuant to a Permitted Transfer) more than fifty percent (50%) of the Rentable Area of the Leased Premises as originally defined on the Effective Date, Tenant shall have the option (each a “Renewal Option”) to extend the Lease Term for the entire Leased Premises for two (2) periods of five (5) years each (each a “Renewal Term”) commencing on the date immediately following the then-scheduled expiration of the initial Lease Term. Tenant may exercise each option by delivering written notice (the “Renewal Notice”) to Landlord not less than twelve (12) months prior to the then-scheduled expiration of the initial Lease Term. The Renewal Term, if properly exercised by Tenant as set forth herein, shall each constitute an extension of the Lease Term and shall be upon all of the same terms and conditions then in effect under this Lease, except that (i) there shall be no further option to renew or extend the Lease Term during the Renewal Term except for any then remaining Renewal Option, and (ii) Minimum Annual Rent for each Renewal Term shall be payable at a rate per annum equal to the Fair Market Rental (as defined below) for the Leased Premises for the Renewal Term and (iii) the Base Year for the Renewal Term shall be updated to be no earlier than the calendar year in which the then-current Lease Term (i.e., prior to the exercise of the applicable Renewal Term) is scheduled to expire. If Tenant shall duly and timely exercise Tenant’s right to extend the Lease Term for a Renewal Term pursuant to the terms hereof, all of the applicable references in this Lease to the Lease Term shall be deemed to include such Renewal Term. During each Renewal Term, Tenant shall continue to pay Tenant’s Proportionate Share of Operating Expenses without interruption.

(b)    If Tenant shall timely deliver the Renewal Notice to Landlord, then not later than twenty (20) days after the date the Renewal Notice is delivered, Landlord shall notify Tenant of Landlord’s determination of the Fair Market Rental. For purposes of the foregoing, the “Fair Market Rental” shall be the rental rate charged for premises of comparable size and condition as the Leased Premises in the Raleigh - Durham, North Carolina, office market, taking into consideration the location and quality of the Building, term of lease, and any material economic differences between the terms of this Lease and the terms of any comparable lease (including improvement or refurbishment allowances, architectural fees, brokerage commissions and any other relevant cash and non-cash incentives, inducements, concessions and other relevant factors). If Tenant delivers to Landlord a written objection to Landlord’s calculation of the Fair Market Rental within ten (10) days after Tenant’s receipt of Landlord’s determination of the Fair Market Rental, and the parties cannot agree on the Fair Market Rental within twenty (20) days after Tenant’s written objection, then Tenant may retract its exercise of its option to extend, or Tenant may choose arbitration to determine the Fair Market Rental. If Tenant chooses arbitration, Tenant shall give Landlord written notice of its desire to seek arbitration within five (5) business days after expiration of such twenty (20) day period (“Arbitration Notice”). Within ten (10) days after Tenant provides Landlord with its Arbitration Notice, the parties shall each appoint an appraiser to determine the Fair Market Rental for the Leased Premises. Each appraiser so selected shall be an MAI appraiser or a licensed real estate broker, each having at least ten (10) years prior experience in the appraisal or leasing of comparable space in the metropolitan area in which the Leased Premises are located and with a working knowledge of current rental rates and practices. If the two appraisers cannot agree upon the Fair Market Rental for the Leased Premises within twenty (20) days after their appointment, then, within five (5) days after the expiration of such twenty (20) day period, the two appraisers shall select a third appraiser meeting the above criteria. Once the third appraiser has been selected as provided for above, each of the initial appraisers shall deliver its determination of the Fair Market Rental to the third appraiser, and such third appraiser shall within ten (10) days after its appointment select the determination made by one of the initial two appraisers that most closely approximates the third appraiser’s own determination of the Fair Market Rental. The determination of the Fair Market Rental selected by the third appraiser shall be used as the Minimum Annual Rent for the Renewal Term and shall be binding on both Landlord and Tenant. Landlord and Tenant shall each bear the cost of its appraiser and shall share the cost of the third. If Tenant delivers a written objection to Landlord’s calculation of the Fair Market Rental within the 10-day time period referenced above but fails to provide the Arbitration Notice as provided above, then Tenant’s exercise of its option to extend shall be deemed retracted.
(c)    Following the determination of Fair Market Rental, Landlord and Tenant will mutually execute, acknowledge and deliver an amendment to this Lease setting forth the Minimum Annual Rent for the Renewal Term, the Renewal Term commencement date, and the new expiration of the Lease Term; provided, the failure of either party to execute and deliver such an amendment shall not affect the rights of the parties under this Lease relating to the Renewal Term.
(d)    Tenant’s right to extend the Lease Term for the Renewal Term shall automatically terminate and become null, void and of no force and effect upon the earlier to occur of (i) the termination of this Lease by Landlord or pursuant to this Lease or Applicable Law, (ii) the termination or surrender of Tenant’s right to possession of the Leased Premises or any portion thereof, or (iii) the failure of Tenant to timely and properly deliver the Renewal Notice to Landlord.
Section 16.18.  Right of First Refusal. Provided that (i) Tenant is not then in Default under this Lease (and that no circumstance then exists which, with the lapse of time and without being corrected or cured, will constitute a default of Tenant under this Lease), and (ii) Tenant has not (except pursuant to a Permitted Transfer) assigned this Lease or sublet more than fifty percent (50%) of the Rentable Area of the Leased Premises as originally defined on the Effective Date, Tenant shall, during the Lease Term, have a right of first refusal to lease any space located within the Building, subject to the terms below (the “First Refusal Space”). Tenant’s first refusal rights relative to the First Refusal Space are subject to the following terms and conditions:

(a)    Offer by Landlord. If Landlord receives a written bona fide offer or proposal after the Effective Date from a prospective tenant for the lease of part or all of the First Refusal Space (which may be in the form of a non-binding “letter of intent” or similar document) that Landlord intends to accept, prior to entering into any lease with such prospective tenant, Landlord shall notify Tenant of the prospective lease (and of Landlord’s receipt from the prospective tenant of a written offer or proposal relating thereto which is acceptable to Landlord), and such notification from Landlord to Tenant also shall identify all of the space to be leased, the effective rent commencement date, the term of the proposed lease, the rental rate, the terms of any options to renew or expansion rights and all other material economic terms and conditions provided for in the third party’s offer or proposal (the “ROFR Notice”). Provided, however, Landlord shall not be required to notify Tenant of the identity of the prospective tenant. Tenant shall have ten (10) business days after such notification is delivered to Tenant by Landlord (the “Tenant Response Period”) to elect (by so notifying Landlord in writing) to lease all (but not less than all) of the space described in the ROFR Notice on all of the same terms and conditions (including, without limitation, rental rate, tenant improvements allowance and term of lease) as set forth in the ROFR Notice. 
(b)    Tenant’s Election of Rights. If Tenant elects, pursuant to subsection (a) above, to lease from Landlord all of the space encompassed by the prospective tenant’s offer or proposal, Tenant and Landlord shall proceed diligently and in good faith to finalize and execute a lease amendment for such purpose within thirty (30) business days after the expiration of the Tenant Response Period, the terms of such amendment will be consistent with the terms set forth in the ROFR Notice.
(c)    Tenant’s Failure to Exercise Rights. If Tenant elects not to lease from Landlord the space described in the ROFR Notice (as evidenced either by Tenant’s written notice to Landlord to that effect or by Tenant’s failure to respond to Landlord within the Tenant Response Period), or Landlord and Tenant are unable to timely finalize and execute a lease amendment within the thirty (30) day period referenced above, then, in either such event, Landlord shall be entitled, at any time within six (6) months after the expiration of the Tenant Response Period (without triggering any further rights of Tenant under this Section 16.18), to enter into a lease agreement with the prospective tenant or any other party relative to all or any portion of the space described in the ROFR Notice so long as the net effective rent (taking into account all relevant economic factors) in such lease is not less than ninety-five percent (95%) of the net effective rent in the initial proposal that Tenant failed to accept, in which case all of Tenant’s first refusal rights under this Section 16.18 shall immediately and automatically terminate relative to such portion or all (as the case may be) of the First Refusal Space that Landlord so leases. If Tenant elects not to lease from Landlord the space described in the ROFR Notice (as evidenced either by Tenant’s written notice to Landlord to that effect or by Tenant’s failure to respond to Landlord within the Tenant Response Period), and Landlord does not enter into a lease agreement with the prospective tenant or another party relative to all or any portion of the space encompassed by the prospective tenant’s offer or proposal within six (6) months after the expiration of the Tenant Response Period, Tenant’s first refusal rights under this Section 16.18 shall be revived in full with regard to the relevant portion or all (as the case may be) of the First Refusal Space. If Landlord does enter into a lease agreement with a third party for the First Refusal Space as aforesaid, and such lease terminates or expires during the Lease Term, Landlord shall not thereafter re-lease such First Refusal Space to a new tenant (i.e., a tenant other than the tenant whose lease is expiring) without again complying with the terms of this Section 16.18.
(d)    Currently Vacant Space. Notwithstanding any term or provision in this Section 16.18 to the contrary, Tenant’s first refusal rights under this Section 16.18 shall not apply relative to the leasing by Landlord to third parties of those portions of the First Refusal Space that are vacant as of the execution of this Lease. Therefore, Landlord shall be entitled to enter into one or more leases with respect to any portion(s) of the First Refusal Space that is(are) vacant as of the execution of this Lease with such third parties on such terms as Landlord elects without triggering any first refusal rights of Tenant under this Section 16.18.

(e)    Superior Rights. All rights of Tenant under this Section 16.18 are subject and subordinate to all prior rights previously granted by Landlord to other tenants in the Building, as more specifically set forth on Exhibit J hereto (the “Superior Rights”). Landlord shall be entitled to enter into any extension or renewal of the lease of any tenant holding Superior Rights in the Building relative to the First Refusal Space (regardless of whether such lease expressly provides for such extension or renewal right) without triggering any rights of Tenant under this Section 16.18. 
(f)    Additional Terms. Notwithstanding anything set forth herein to the contrary, as a condition precedent to Tenant’s exercise of its right to lease the First Refusal Space, the Lease Term relative to the existing Leased Premises shall be extended as needed (but in no event shortened) to make the same co-terminus with the lease term for the First Refusal Space leased by Tenant. If the Lease Term is extended relative to the existing Leased Premises in accordance with this grammatical paragraph, the Minimum Annual Rent for the existing Leased Premises for such extended portion of the Lease Term shall be increased to equal the greater of (i) the Minimum Annual Rent that would have been applicable had such extension been included in the original Lease Term (with corresponding annual increases each year), or (ii) the Minimum Annual Rent (expressed on a rentable per square foot basis) for the First Refusal Space.
Section 16.19. Roof Rights.
(a)    Roof Area. “Roof Area” shall mean the surface of the roof of the Building.
(b)    Dish. “Dish” shall mean two (2) satellite dishes and related equipment.
(c)    License of Roof Area. Provided (i) Tenant is not in Default under the Lease, (ii) Tenant complies with all zoning and other municipal and county rules and regulations, and all applicable restrictions of record, and (iii) Landlord, in its sole discretion, has space available on the Roof Area, Tenant shall have the right, at its own cost and expense and subject to the terms hereof, to install, operate and maintain the Dish on the Roof Area, so long as the Dish is used exclusively for Tenant’s use and not sold to or utilized in any manner by a third party. Tenant shall be solely responsible for obtaining any necessary permits and licenses required to install and operate the Dish. Copies of such permits and licenses shall be provided to Landlord.
(d)    Installation of the Dish. 
(i)    The size, location, design and manner of installation of the Dish and all related wiring shall be designated and approved by Landlord. Landlord, in its sole discretion, may require Tenant to install screening around the Dish. After obtaining Landlord’s written approval, Tenant shall have reasonable access to the roof for installation and maintenance of the Dish and shall have the right to install all reasonable wiring related thereto. Unless otherwise approved by Landlord in writing, however, in no event shall Tenant be permitted to penetrate the roof membrane in connection with the installation or maintenance of the Dish. Tenant shall be responsible for repairing any damages caused by the installation or maintenance of the Dish.

(ii)    Tenant shall use the roofing company specified by Landlord to perform any work affecting the roof, provided the costs charged by such roofer are competitive with charges for similar services within the same geographic region. All cable runs, conduit and sleeving shall be installed in a good and workmanlike manner. Cables and transmission lines shall be routed and attached in accordance with current, state of the art industry practices. The Dish shall be identified with permanently marked, weather proof tags at the following locations: (A) each dish bracket; (B) at the transmission line building entry point; (C) at the interior wall feed through or any other transmission line exit point; and (D) at any transmitter combiner, duplexer, or multifed receive port. In addition, all Tenant telephone blocks, demarcs, and cables shall be clearly identified with Tenant’s name, type of line, and circuit number.
(iii)    Tenant shall install, operate and maintain the Dish in accordance with all federal, state and local laws and regulations. Prior to installation of the Dish, Tenant shall confirm that its installer carries sufficient insurance coverage.
(e)    Roof Work. If, during the Lease Term, as same may be extended, Landlord needs to perform maintenance work to Landlord’s equipment on the roof of the Building or repair or replace the roof of the Building (“Roof Work”), Tenant agrees to cooperate and work with Landlord (at Tenant’s sole cost and expense) to achieve said Roof Work. Landlord agrees to provide at least thirty (30) days’ notice to Tenant of Landlord’s intention to perform said work; except in the case of emergency Roof Work, in which case Landlord shall give as much notice as possible under the circumstances. Such Roof Work may require the relocation of any portion of the Dish at Tenant’s sole cost and expense or Tenant’s installation of temporary equipment. Moreover, if a temporary relocation of the Dish is required to accommodate the Roof Work, Landlord agrees to exercise commercially reasonable efforts to identify a technically feasible alternative location for the relocation portion of the Dish that will not impede the Roof Work. Notwithstanding the foregoing, Landlord does not warrant and represent that an alternative location will be available and, consequently, Landlord’s obligation to provide such alternative location is subject to the availability of such space. Under no circumstances shall Landlord be liable to Tenant for any consequential damages as a result of such relocation, including, but not limited to, loss of business income or opportunity. Notwithstanding the foregoing, Tenant shall move the Dish back to its original location after the Roof Work is completed unless the parties agree to utilize the relocated area permanently.
(f)    Emergencies. Notwithstanding the foregoing, if an emergency situation exists which Landlord reasonably determines, in its sole discretion, to be attributable to the Dish, Landlord shall immediately notify Tenant verbally, who shall act diligently and expediently to remedy the emergency situation. Should Tenant fail to so remedy the emergency situation or should Landlord reasonably determine that the response time by Tenant is not adequate given the nature of the emergency, Landlord may then shut down the Dish and Tenant shall have no recourse against Landlord as a result of such action.
(g)    Removal of the Dish upon Termination. Following any termination or expiration of the Lease, Tenant shall remove the Dish from the Building. In performing such removal, Tenant shall restore the Roof Area and any personal property and fixtures thereon to as good a condition as existed prior to the installation or placement of the Dish, reasonable wear and tear excepted. If Tenant fails to remove the Dish within ten (10) days after expiration or earlier termination of the Lease, Landlord may remove and dispose of the Dish and Tenant shall reimburse Landlord for the costs of such removal and restoration of the Roof Area. Moreover, Landlord may deem the Dish abandoned, in which event the Dish shall become Landlord’s property. This subsection (g) shall survive the expiration or earlier termination of the Lease.
(h)    Utilities. Tenant shall be responsible for obtaining and paying for all utilities to operate the Dish.

(i)    Indemnification. Any language in the Lease notwithstanding, Landlord shall not be liable and Tenant shall indemnify, defend and hold Landlord harmless from and against any and all liability, damages (including but not limited to personal injury, death, or property damages), costs and expenses (including, without limitation, attorneys’ fees actually incurred, without regard to statutory interpretation) incurred by Landlord arising from any Dish related cause whatsoever, including those arising from the installation, use, maintenance and removal thereof.
Section 16.20.  Access; Tenant’s Security System.  
(a)    Tenant, its employees, and its invitees shall have access to the Leased Premises (including elevator service) by a code or card access system seven (7) days a week, twenty-four (24) hours a day. Tenant shall receive an allotment of five (5) access codes or cards for each one thousand (1,000) square feet of Rentable Area of the Leased Premises (the “Access Card Allotment”). Landlord shall bear the cost of each such code or card up to the Access Card Allotment, provided Tenant shall pay to Landlord (as Additional Rent, within thirty (30) days after Tenant receives an invoice therefor) Ten and No/100 Dollars ($10.00) for each access code or card in excess of the Access Card Allotment or any replacement code or card which is issued to Tenant during the Lease Term, subject to increases in such amount from time to time during the Lease Term to reimburse Landlord for increases in the cost to Landlord of providing such access codes or cards. Tenant shall have the option to register its invitees with Landlord. Landlord, however, shall have no liability to Tenant, its employees, agents, invitees or licensees for losses due to theft or burglary or for damages done by unauthorized persons on the Leased Premises, and Landlord shall not be required to insure against any such losses, except in either case to the extent due to Landlord’s negligence or willful misconduct. Tenant shall cooperate fully with Landlord’s efforts to maintain controlled access to the Building and shall follow all regulations promulgated by Landlord with respect thereto.
(b)    Tenant shall have the right, subject to the terms and conditions of this Lease at Tenant’s sole cost and expense, to install and implement a Tenant-controlled security system which provides security measures to and within the Leased Premises that is compatible with (i.e., utilizes the same access cards as) the Building’s security system (the “Security System”); provided that, without limiting the requirements set forth in this Lease, (A) Tenant shall comply with all applicable legal requirements in connection with the installation, implementation and monitoring of such Security System; (B) the Security System shall not adversely affect the mechanical or utility systems which serve the Leased Premises or Building, including any security or access systems for the Building, or the structural integrity of the Building; and (C) Landlord and its designees shall continue to have access to the Leased Premises as set forth in the Lease. In no event shall Tenant have the right to connect Tenant’s Security System to the security or access systems for the Building.
(SIGNATURES CONTAINED ON THE FOLLOWING PAGES)

IN WITNESS WHEREOF, the parties hereto have executed this Lease as of the day and year first above written.
						
	

Dated: _____________________
	LANDLORD:

SVT PERIMETER SIX L.P.,
a Delaware limited partnership

By:    VPTC Management Partners, LLC, a Delaware limited liability company, its Authorized Signatory

    By:                     
    
    Printed:                 

    Title: ________________________

	
		

[SIGNATURES CONTINUED ON THE FOLLOWING PAGE]

						
	

Dated: _____________________
	TENANT:

CHANNELADVISOR CORPORATION,
a Delaware corporation

By:                     
    
Printed:                 

Title: ________________________

EXHIBIT A

FLOOR PLAN OF LEASED PREMISES 

EXHIBIT B

TENANT IMPROVEMENTS

1.    Landlord’s Obligations. Tenant has personally inspected the Leased Premises and accepts the same in its “AS IS” condition without representation or warranty by Landlord of any kind and with the understanding that Landlord shall have no responsibility with respect thereto, except as otherwise expressly set forth in the Lease. 
2.    Preparation of CDs. Promptly following the date hereof, Tenant will work with a space planner selected by Tenant and reasonably acceptable to Landlord to develop a test fit plan (a “Test Fit”) for the Leased Premises depicting Tenant’s proposed layout of the space. Such Test Fit will be prepared at Tenant’s sole cost and expense; provided, upon mutual approval of the Space Plan (as defined below), Landlord will reimburse Tenant for the cost of the Test Fit up to a maximum amount equal to the Test Fit Allowance. Promptly following approval of the Test Fit, Tenant will work with a space planner selected by Tenant and reasonably acceptable to Landlord to develop a space plan for the Leased Premises that is reasonably acceptable to Landlord (the “Space Plan”). Tenant shall deliver the Space Plan to Landlord within twenty (20) days after the date of this Lease. Landlord shall review and accept or reject such Space Plan within five (5) business days after receipt thereof. Following Landlord’s approval with respect to the Space Plan, Tenant shall, at Tenant’s sole cost and expense, prepare and submit to Landlord a set of permittable construction drawings (the “CDs”) covering the Tenant Improvements, which shall be in material accordance with the Space Plan. Landlord shall not be obligated to approve any improvements that would materially alter the exterior appearance or basic nature of the Building or the Building systems. Landlord shall have five (5) business days after receipt of the CDs in which to review the CDs and in which to give Tenant written notice of its approval of the CDs or its requested changes to the CDs. If Landlord requests any changes to the CDs, Tenant shall make such changes and shall, within thirty (30) days of its receipt of Landlord’s requested changes (if any), submit the revised portion of the CDs to Landlord. Landlord shall have five, (5) business days after receipt of the revised CDs in which to review said revised CDs and in which to give to Tenant written notice of its approval of the revised CDs or its requested changes thereto. This process shall continue until such time, if at all, that Landlord approves the CDs in accordance with this paragraph. Tenant shall at all times in its preparation of the CDs, and of any revisions thereto, act reasonably and in good faith. Landlord shall at all times in its review of the CDs, and any revisions thereto, act reasonably and in good faith. In no event shall Landlord’s approval of the CDs be deemed a representation that same comply with Applicable Laws.
3.    Contractor. Construction shall be performed by a reputable general contractor that Tenant shall select from an approved interiors contractor list to be provided by Landlord or such other contractor as may be approved by Landlord in its reasonable discretion. The general contractor chosen by Tenant to complete the Tenant Improvements is referred to herein as “Tenant’s General Contractor.” Notwithstanding the foregoing, Tenant shall be required to use Landlord’s contractor(s) for any of the Tenant Improvements that affects the structural portions of the Building, impacts or causes alterations to the mechanical systems serving the Building, or requires any penetration of the roof of the Building. The following terms and provisions shall apply with regard to Tenant’s General Contractor and the qualifications of Tenant’s General Contractor:
(a)    The terms of any agreement to install the Tenant Improvements shall be governed by a separate construction contract signed by Tenant and Tenant’s General Contractor, and the construction contract shall be prepared using the applicable AIA contract form for such projects. A true and complete copy of such construction contract (and all subsequent amendments thereto) shall be delivered by Tenant to Landlord promptly after the execution thereof. 

(b)    Tenant shall not commence (or cause or permit to be commenced) the construction of the Tenant Improvements until all aspects of the CDs have been approved (or deemed approved)  in writing by Landlord, until Tenant has obtained Landlord’s written consent to commence construction of the Tenant Improvements and until Tenant’s General Contractor has delivered to Landlord original certificates (in form and amounts reasonably satisfactory to Landlord) of the general contractor’s “builder’s risk” and general liability insurance policies naming Landlord as an additional insured with limits of not less than $5,000,000. Such insurance policies must be issued by and binding upon an insurance company reasonably approved by Landlord; and such certificates of insurance must state that the issuing insurance company will not cancel the coverage, fail to renew the coverage or change the coverage in a manner that would cause Tenant to no longer be in compliance with Tenant’s insurance obligations under this Lease without first giving at least thirty (30) days prior written notice to Landlord. Further, Tenant shall cause such builder’s risk and general liability insurance coverage naming Tenant’s General Contractor as the insured and naming Landlord as an additional insured to be maintained in full force and effect during the entire period the Tenant Improvements are being performed. Additionally, Tenant shall cause Tenant’s General Contractor to maintain workers’ compensation insurance and all other insurance coverages (if any) that are required by Applicable Law and shall, if requested by Landlord, promptly provide to Landlord reasonable documentary evidence of such additional insurance coverage(s).
4.    Contractor Requirements. With regard to the activities of Tenant’s General Contractor and Tenant’s subcontractors in the Building and the Leased Premises, the following terms and provisions shall apply:
(a)    Tenant’s General Contractor shall have a construction superintendent at the Leased Premises at all times during which construction activities are taking place therein, and Tenant shall cause Tenant’s General Contractor and Tenant’s subcontractors to conduct their activities in the Building and the Leased Premises in such a manner as not to impede or delay the completion of improvements in any other portions of the Building, including in other tenant space, and in such a manner as not to interfere with the business activities of other tenants in the Building.
(b)    Tenant and Tenant’s General Contractor shall be responsible for the repair, replacement and clean-up of any damage caused to the Building by Tenant’s General Contractor and Tenant’s subcontractors.
(c)    Tenant shall cause Tenant’s General Contractor to coordinate the delivery of all materials and supplies to the Building and the Leased Premises with Landlord’s Building manager or general contractor. Furthermore, Tenant shall cause Tenant’s General Contractor to store all materials and supplies and to contain all construction operations within the Leased Premises and such other areas (if any) as Landlord may specifically permit from time to time.
(d)    Tenant shall cause Tenant’s General Contractor to promptly remove all trash, construction debris and surplus construction materials from the Leased Premises and to properly dispose of such trash, construction debris and surplus construction materials at a location reasonably acceptable to Landlord and in compliance with all applicable statutes, laws, ordinances and codes. 

5.    Early Entry. To the extent permitted by Applicable Laws, Tenant shall have the right, at its own risk and at no additional cost, to enter the Leased Premises from and after April 1, 2022, in order to install fixtures and otherwise prepare the Leased Premises for occupancy, which right shall expressly exclude making any structural modifications. (Tenant hereby acknowledging that the Commencement Date and the Rent Commencement Date will be adjusted pursuant to the terms set forth in the Lease Summary in the event Tenant begins conducting business in the Leased Premises). During any entry prior to the Commencement Date (i) Tenant shall comply with all terms and conditions of this Lease other than the obligation to pay rent, (ii) Tenant shall cause its personnel and contractors to comply with the terms and conditions of Landlord’s rules of conduct (which Landlord agrees to furnish to Tenant upon request), (iii) Tenant shall not commence any such pre-Commencement Date entry prior to delivering evidence that Tenant has procured the insurance policies required of Tenant pursuant to the terms of the Lease, (iv) Tenant shall indemnify Landlord against any loss or liability arising therefrom (except to the extent due to the negligence or willful misconduct of Landlord or its employees, agents or contractors), (v) during such early possession, Tenant shall bear the burden of the risk of loss of Tenant’s personal property, trade fixtures and equipment, whether by theft, casualty or otherwise, and (vi) Tenant must coordinate all such pre-Commencement Date entry into the Leased Premises with Landlord’s property manager. Tenant shall be responsible for obtaining all applicable permits and inspections relating to any such entry by Tenant. During any entry prior to the Commencement Date, Landlord, at its sole cost, shall provide electricity, HVAC services, elevator access, and parking for the contractors. 
6.    Construction of the Tenant Improvements. Landlord shall, at no expense to Landlord, assist Tenant in obtaining construction and occupancy permits. Upon obtaining all necessary permits for the construction of the Tenant Improvements and the necessary approvals from Landlord (as set forth above), Tenant may commence construction of the Tenant Improvements. The construction shall be performed by or on behalf of Tenant in a good and workmanlike manner and in compliance with all Applicable Laws. 
7.    Allowance. Landlord shall reimburse Tenant for the “hard costs” incurred related to the Tenant Improvements, up to an amount equal to the Allowance (as defined in Section 1.01). The agreements of Landlord and Tenant regarding the Allowance are as follows:
(a)    In the event the costs and expenses associated with the Tenant Improvements exceed the Allowance, such excess costs shall be borne solely by Tenant and shall be paid in full by Tenant prior to delinquency.
(b)    Landlord shall make up to six (6) disbursements of the Allowance in accordance with the pay applications provided by Tenant’s General Contractor, certified by Tenant’s architect or its representative (or, if the cost is not related to the design or construction of the Tenant Improvements, by an authorized representative of Tenant) and approved by Landlord (such approval not to be unreasonably withheld, conditioned or delayed). All disbursements, except for the final disbursement shall be in amounts not less than $300,000. The first such disbursement shall be made upon Tenant’s completion of construction of fifty percent (50%) of the Tenant Improvements (based on projected costs). The final disbursement shall be paid upon completion of the Tenant Improvements and Landlord’s receipt of all Final Documents (as defined below). Provided, Landlord’s obligation to make such disbursements shall be subject to the following conditions:
(i)    Landlord shall not be obligated to make any disbursements of the Allowance prior to Tenant’s delivery to Landlord of (A) evidence of Tenant’s receipt of all necessary permits required to commence construction of the Tenant Improvements and (B) a final, complete copy of the CDs, as agreed to by Landlord and Tenant.
(ii)    Landlord shall not be obligated to make more than one (1) disbursement of the Allowance in any calendar month.

(iii)    Landlord shall not be obligated to make any disbursement of the Allowance until Landlord receives current Supporting Documents (as defined herein) or Final Documents, as applicable. Landlord shall pay applicable disbursements to Tenant on or before the date that is the later of: (A) thirty (30) days following Landlord’s receipt of a valid request for disbursement of the Allowance and all appropriate Supporting Documents or Final Documents, as applicable, and (B) the date that is two (2) business days immediately following the day on which Landlord receives the corresponding loan disbursement from its mortgagee(s) for purposes of the Allowance (in no event to exceed forty-five (45) days following Landlord’s receipt of the documentation referenced in the foregoing clause (A)). The obligation of Landlord to make each such disbursement of the Allowance is subject to the condition precedent that, on the date of such disbursement, no event has occurred and is continuing which constitutes a Default of Tenant under the Lease. After disbursement of the Allowance (or any portion thereof) by Landlord to Tenant, Tenant shall be solely responsible for disbursement to Tenant’s General Contractor, subcontractors, architect, engineers and material suppliers of payments for the cost of designing, planning and constructing the Tenant Improvements. As used herein, the term “Supporting Documents” shall mean, with respect to each disbursement (excluding the final disbursement) of the Allowance hereunder:
(1)    an affidavit signed by Tenant’s General Contractor affirming that all subcontractors, laborers, artisans, mechanics and material suppliers engaged in or supplying labor or materials for the design, planning and construction of the Tenant Improvements have been or will be (with payment of the relevant installment) paid in full prior to delinquency, with the exception only of labor and materials supplied to complete “punch list” items;
(2)    a waiver of liens with respect to the Leased Premises, the Building and the underlying property, executed by Tenant’s General Contractor and, if obtainable on the condition that they not be delivered and released except upon payment to Tenant’s General Contractor, a waiver of liens executed by all subcontractors, laborers, artisans, mechanics and material suppliers engaged in or supplying labor or materials for the design, planning and construction of the Tenant Improvements who has filed an unexpired notice to a properly appointed lien agent under Chapter 44-A, Article 2, of the North Carolina General Statutes; provided, however, if a claim of lien or a lien has been filed by any such subcontractor, laborer, artisan, mechanic or material supplier, Tenant shall bond of otherwise obtain an unconditional waiver of such lien before Landlord shall be obligated to disburse the relevant installment of the Allowance; and
(3)    AIA documents G702 and G703 or their equivalents.
(iv)    As used herein, the term “Final Documents” shall mean:
(1)    a copy of the certificate of occupancy for the Leased Premises issued by the appropriate governmental authority adequate to support occupancy of the Leased Premises (provided if such certificate of occupancy is temporary in nature, Tenant shall be obligated to diligently take all steps necessary to secure the issuance of the permanent certificate of occupancy for the Leased Premises, a copy of which shall be promptly delivered by Tenant to Landlord);
(2)    a written certification signed by an authorized, responsible representative of Tenant certifying (A) an itemized statement of the final, actual costs and expenses incurred by Tenant with respect to the work performed and the materials provided in connection with the design, planning and construction of the Tenant Improvements, together with a true and complete copy of all relevant invoices from subcontractors to Tenant’s General Contractor and from Tenant’s General Contractor to Tenant therefor, and (B) that all such costs and expenses either have been or will be (with payment of the Allowance) paid in full prior to delinquency;

(3)    an affidavit signed by Tenant’s General Contractor affirming that all subcontractors, laborers, artisans, mechanics and material suppliers engaged in or supplying labor or materials for the design, planning and construction of the Tenant Improvements have been or will be (with payment of the Allowance) paid in full prior to delinquency, with the exception only of labor and materials supplied to complete “punch list” items;
(4)    final “as-built” plans of the Tenant Improvements;
(5)    a waiver of liens with respect to the Leased Premises, the Building and the underlying property executed by Tenant’s General Contractor and, if obtainable on the condition that they not be delivered and released except upon payment to Tenant’s General Contractor, a waiver of liens executed by all subcontractors, laborers, artisans, mechanics and material suppliers engaged in or supplying labor or materials for the design, planning and construction of the Tenant Improvements who has filed an unexpired notice to a properly appointed lien agent under Chapter 44-A, Article 2, of the North Carolina General Statutes; provided, however, if a claim of lien or a lien has been filed by any such subcontractor, laborer, artisan, mechanic or material supplier, Tenant shall obtain an unconditional waiver of such lien before Landlord shall be obligated to disburse the Allowance; and
(6)    AIA documents G702 and G703 or their equivalents.
(c)    Notwithstanding the foregoing, if any portion of the Allowance remains unused following the completion of the Tenant Improvements and Landlord’s receipt of the Final Documents, Tenant shall be entitled to request, by written notice to Landlord, reimbursement from Landlord for certain documented, third party “soft costs,” including those costs associated with moving, cabling and installing furniture, fixtures and equipment in the Leased Premises; provided, however, Landlord shall only be required to reimburse Tenant an amount equal to the lesser of: (i) such unused portion of the Allowance or (ii) the Soft Cost Allowance (as defined in Section 1.01). In no event shall Tenant be entitled to use any unused portion of the Allowance to offset Minimum Annual Rent or any other charges payable by Tenant under the Lease.
(d)    Any portion of the Allowance remaining unapplied on the date that is twelve (12) months following the Commencement Date shall be retained by Landlord.
8.    Fee. Tenant shall hire JLL – Project & Development Services to manage the construction of the Tenant Improvements and Landlord shall be entitled to a construction supervision fee in an amount equal to one percent (1%) of the costs relating to the construction of the Tenant Improvements (the “Fee”). At Landlord’s option, the Fee shall either be (i) applied against the Allowance, or (ii) billed to Tenant (in which case Tenant shall pay the Fee to Landlord within ten (10) days following Landlord’s delivery of an invoice to Tenant). 

9.    Landlord Delay. Subject to the terms of this Section 9, a “Landlord Delay” means delays in completing the Tenant Improvements attributable solely to Landlord, including, without limitation, (i) Landlord’s failure to act or respond within any time period required by Exhibit B or Exhibit B-1, (ii) Landlord’s failure to provide services or access to the Leased Premises to Tenant’s General Contractor to the extent required hereby and subject to the terms and conditions of this Lease applicable to Tenant’s General Contractor (iii) modifications to the CDs or the Tenant Improvements required by errors in the Base Building plans and specifications provided to Tenant, (iv) defects in the Base Building Condition; or (v) any other wrongful and intentional act or omission of Landlord that actually delays completion of the Tenant Improvements, provided written notice of any claimed Landlord Delay is provided by Tenant to Landlord within five (5) business days after first learning of the events giving rise to the potential delay, and Landlord is afforded three (3) business days after receipt of such notice to cure or otherwise eliminate the cause of the applicable delay. If Landlord fails to cure or otherwise eliminate the cause of the applicable delay within three (3) business days after Landlord’s receipt of notice thereof from Tenant, then notwithstanding anything to the contrary set forth in this Lease, as Tenant’s sole and exclusive remedy for the Landlord Delay, the Rent Commencement Date shall be extended one (1) day for each day of documented Landlord Delay beyond such three (3) business day cure period.
10.    Utilities and Hours. Tenant’s contractors shall be allowed to utilize, and Landlord shall make available to Tenant and Tenant contractor, at no charge, the Building loading dock, freight elevators (if any), power, water, chilled water and other existing utility facilities as necessary and required in connection with the construction of Tenant Improvements in the Leased Premises. Tenant contractor shall not be charged for the use of any freight elevators or hoist in the performance of Tenant Improvements. Tenant’s representatives shall have the right to enter the Leased Premises during normal working hours to construct the Tenant Improvements. After hours, Tenant may arrange for site access from Landlord at no additional cost.

EXHIBIT B-1
BASE BUILDING CONDITION

The Premises is in Generation 1 / Shell condition and will be delivered as-is.

						
	Floor to Floor Height	Approximately 13’6”
	Ceiling Height 	Approximately 9’0”
	Exterior Walls	Steel Frame, Curtainwall, and Architectural Precast
	Structural Steel	Wide flange columns and beams
	Floor Load	80 lbs psf
	Roof Load	20 lbs psf
	Roofing	Mechanically attached .45 mil TPO with R-30 insulation
	Perimeter Drywall	Metal stud framing and insulation
	Window Treatments	1” horizontal blinds
	Electrical	Base building lines stubbed at Premises demising
	Phone / Data	Base building lines stubbed at Premises demising
	Plumbing	Base building lines stubbed at Premises demising
	HVAC	Base building lines stubbed at Premises demising
	Ceiling Tile / Grid	None
	Interior Lighting	None

EXHIBIT C

LETTER OF UNDERSTANDING

SVT Perimeter Six, L.P.
c/o Starwood Capital Group
1255 23rd Street NW, Suite 675
Washington, DC 20037
Attention:  Andres Panza

With a copy to:    

Vanderbilt Office Properties, LLC
c/o CA - Ventures
Vanderbilt Office Properties, LLC
625 W. Adams, Suite 1715
Chicago, Illinois 60601

RE:    Lease Agreement between SVT Perimeter Six, L.P., a Delaware limited partnership (“Landlord”), and ChannelAdvisor Corporation (“Tenant”), for the Leased Premises located at 1010 Sync Street, Morrisville, North Carolina (the “Leased Premises”), within the Perimeter Park, dated __________ (the “Lease”).

Dear _________________________:
The undersigned, on behalf of Tenant, certifies to Landlord as follows:
1.    The Commencement Date under the Lease is    _______________________.
2.    The rent commencement date is _______________________.
3.    The expiration date of the Lease is _______________________.
4.    The Lease (including amendments or guaranty, if any) is the entire agreement between Landlord and Tenant as to the leasing of the Leased Premises and is in full force and effect.
5.    Landlord has completed the improvements designated as Landlord’s obligation under the Lease (excluding punch list items as agreed upon by Landlord and Tenant), if any, and Tenant has accepted the Leased Premises as of the Commencement Date.
6.    To the best of the undersigned’s knowledge, there are no uncured events of default by either Tenant or Landlord under the Lease.
IN WITNESS WHEREOF, the undersigned has caused this Letter of Understanding to be executed this ______ day of ____________, 20__.
[EXHIBIT ONLY — NOT FOR SIGNATURE]

EXHIBIT D

INTENTIONALLY DELETED

EXHIBIT E

RULES AND REGULATIONS

1.    The sidewalks, entrances, passages, courts, elevators, vestibules, stairways, corridors or halls shall not be obstructed or used for any purpose other than ingress and egress. Landlord shall control the Common Areas.
2.    No awnings or other projections shall be attached to the outside walls of the Building. No curtains, blinds, shades or screens shall be attached to or hung in, or used in connection with, any window or door of the Leased Premises other than Landlord standard window coverings without Landlord’s prior written approval. All electric ceiling fixtures hung in offices or spaces along the perimeter of the Building must be fluorescent, of a quality, type, design and tube color approved by Landlord. Neither the interior nor the exterior of any windows shall be coated or otherwise sunscreened without written consent of Landlord.
3.    No sign, advertisement, notice or handbill shall be exhibited, distributed, painted or affixed by any tenant on, about or from any part of the Leased Premises, the Building or in the Common Areas including the parking area without the prior written consent of Landlord. In the event of the violation of the foregoing by any tenant, Landlord may remove or stop same without any liability, and may charge the expense incurred in such removal or stopping to tenant. The lobby directory will be provided exclusively for the display of the name and location of tenants only, and Landlord reserves the right to exclude any other names therefrom. Nothing may be placed on the exterior of corridor walls or corridor doors other than Landlord’s standard lettering.
4.    The sashes, sash doors, windows, and doors that reflect or admit light and air into halls, passageways or other public places in the Building shall not be covered or obstructed by tenant.
5.    The sinks and toilets and other plumbing fixtures shall not be used for any purpose other than those for which they were constructed, and no sweepings, rubbish, rags, or other substances shall be thrown therein. All damages resulting from any misuse of the fixtures shall be borne by the tenant who, or whose subtenants, assignees or any of their servants, employees, agents, visitors or licensees shall have caused the same.
6.    No tenant shall mark, paint, drill into, or in any way deface any part of the Leased Premises or the Building (except for nails for the display of artwork). No boring, cutting or stringing of wires or laying of any floor coverings shall be permitted, except as and to the extent permitted by the Lease. Landlord shall direct electricians as to where and how telephone or data cabling are to be introduced. The location of telephones, call boxes and other office equipment affixed to the Leased Premises shall be subject to the approval of Landlord.
7.    No bicycles, vehicles, birds or animals of any kind (except seeing eye dogs) shall be brought into or kept in or about the Leased Premises, and no cooking shall be done or permitted by any tenant on the Leased Premises, except microwave and/or toaster-oven cooking, and the preparation of coffee, tea, hot chocolate and similar items for tenants and their employees. No tenant shall cause or permit any unusual or objectionable odors to be produced in or permeate from the Leased Premises.
8.    No rollerblades, bicycles, vehicles of any kind, or skateboards (including, without limitation, so-called hover boards) shall be used or operated in or about the Leased Premises.

9.    The Leased Premises shall not be used for manufacturing or for the storage of merchandise except as such storage may be incidental to the permitted use of the Leased Premises. No tenant shall occupy or permit any portion of the Leased Premises to be occupied as an office for the manufacture or sale of liquor, narcotics, or tobacco in any form, or as a medical office, or as a barber or manicure shop, or a dance, exercise or music studio, or any type of school or daycare or copy, photographic or print shop or an employment bureau without the express written consent of Landlord. The Leased Premises shall not be used for lodging or sleeping or for any immoral or illegal purpose.
10.    No tenant shall make, or permit to be made any unseemly, excessive or disturbing noises or disturb or interfere with occupants of this or neighboring buildings or premises or those having business with them, whether by the use of any musical instrument, radio, phonograph, unusual noise, or in any other way. No tenant shall throw anything out of doors, windows or down the passageways.
11.    No tenant, subtenant or assignee nor any of its servants, employees, agents, visitors or licensees, shall at any time bring or keep upon the Leased Premises any flammable, combustible or explosive fluid, chemical or substance or firearm.
12.    No additional locks or bolts of any kind shall be placed upon any of the doors or windows by any tenant, nor shall any changes be made to existing locks or the mechanism thereof. Each tenant must upon the termination of its tenancy, return to Landlord all keys of doors, offices, and toilet rooms, either furnished to, or otherwise procured by, such tenant and in the event of the loss of keys so furnished, such tenant shall pay to Landlord the cost of replacing the same or of changing the lock or locks opened by such lost key if Landlord shall deem it necessary to make such changes. 
13.    No tenant shall overload the floors of the Leased Premises. All damage to the floor, structure or foundation of the Building due to improper positioning of storage items or materials shall be repaired by Landlord at the sole cost and expense of tenant, who shall reimburse Landlord immediately therefor upon demand. All removals or the carrying in or out of any safes, freight, furniture, or bulky matter of any description must take place during the hours that Landlord shall reasonably determine from time to time. The moving of safes or other fixtures or bulky matter of any kind must be done upon previous notice to Landlord and under Landlord’s supervision, and the persons employed by any tenant for such work must be acceptable to Landlord. Landlord reserves the right to inspect all safes, freight or other bulky articles to be brought into the Building and to exclude from the Building all safes, freight or other bulky articles which violate any of these Rules and Regulations or the Lease of which these Rules and Regulations are a part. Landlord reserves the right to prescribe the weight and position of all safes, which must be placed upon supports approved by Landlord to distribute the weight.
14.    Landlord shall have the right to prohibit any advertising by any tenant that, in Landlord’s opinion, tends to impair the reputation of the Building or its desirability as an office location and, upon written notice from Landlord, such tenant shall refrain from or discontinue such advertising.

15.    The business hours for the Building shall be 8 a.m. to 6 p.m. Monday through Friday and 8 a.m. to 1 p.m. on Saturday, excluding Holidays. Landlord reserves the right to require all persons entering the Building between the hours of 6:00 p.m. and 8:00 a.m. and at all hours on Saturday, Sunday and Holidays to register with Landlord’s security personnel. Each tenant shall be responsible for all persons entering the Building at tenant’s invitation, express or implied. Landlord shall in no case be liable for damages for any error with regard to the admission to or exclusion from the Building of any person. In case of an invasion, mob riot, public excitement or other circumstances rendering such action advisable in Landlord’s opinion, Landlord reserves the right without any abatement of rent to require all persons to vacate the Building and to prevent access to the Building during the continuance of the same for the safety of the tenants and the protection of the Building and the property in the Building.
16.    No tenant shall purchase janitorial or maintenance or other like services, from any person or persons not approved by Landlord. Any persons employed by any tenant to do janitorial work or other work in the Leased Premises shall, while in the Building and outside of the Leased Premises, be subject to and under the control and direction of Landlord (but not as an agent or servant of Landlord), and tenant shall be responsible for all acts of such persons.
17.    Canvassing, soliciting and peddling in the Building are prohibited, and each tenant shall report and otherwise cooperate to prevent the same.
18.    All office equipment of any electrical or mechanical nature shall be placed by tenant in the Leased Premises in settings that will, to the maximum extent possible, absorb or prevent any vibration, noise and annoyance.
19.    No air-conditioning unit or other similar apparatus shall be installed or used by any tenant without the written consent of Landlord.
20.    There shall not be used in any space, or in the public halls of the Building, either by any tenant or others, any hand trucks except those equipped with rubber tires and rubber side guards.
21.    The scheduling of tenant move-ins shall be before or after normal business hours and on weekends, subject to the reasonable discretion of Landlord.
22.    The Building is a smoke-free Building. Smoking is strictly prohibited within the Building. Smoking shall only be allowed in areas designated as a smoking area by Landlord. Tenant and its employees, representatives, contractors or invitees shall not smoke within the Building or throw cigar or cigarette butts or other substances or litter of any kind in or about the Building, except in receptacles for that purpose. Landlord may, at its sole discretion, impose a charge against monthly rent of $50.00 per violation by tenant or any of its employees, representatives, contractors or invitees, of this smoking policy.
23.    Tenants will insure that all doors are securely locked, and water faucets, electric lights and electric machinery are turned off before leaving the Building.

24.    Parking spaces associated with the Building are intended for the exclusive use of passenger automobiles. Except for intermittent deliveries, no vehicles other than passenger automobiles may be parked in a parking space without the express written permission of Landlord. Tenant, its employees, customers, invitees and guests shall, when using the parking facilities in and around the Building, observe and obey all signs regarding fire lanes and no-parking and driving speed zones and designated handicapped and visitor spaces, and when parking always park between the designated lines. Landlord reserves the right to tow away, at the expense of the owner, any vehicle which is improperly parked or parked in a no-parking zone or in a designated handicapped area, and any vehicle which is left in any parking lot in violation of the foregoing regulation. All vehicles shall be parked at the sole risk of the owner, and Landlord assumes no responsibility for any damage to or loss of vehicles except to the extent arising out of the negligence or willful misconduct of Landlord, the managing agent or any of their respective partners, directors, officers, agents or employees.
25.    Tenant shall be responsible for and cause the proper disposal of medical waste, including hypodermic needles, created by its employees.
26.    In the event Tenant connects equipment directly to a water supply, Tenant shall ensure that such equipment is plumbed with braided or copper lines. Without limiting the generality of the foregoing, polymer plastic lines are not permitted for any plumbing performed by Tenant or its agents within the Building and Leased Premises.
It is Landlord’s desire to maintain in the Building and Common Areas the highest standard of dignity and good taste consistent with comfort and convenience for tenants. Any action or condition not meeting this high standard should be reported directly to Landlord. Landlord reserves the right to make such other and further rules and regulations as in its judgment may from time to time be necessary for the safety, care and cleanliness of the Building and Common Areas, and for the preservation of good order therein.

EXHIBIT F

MEMORANDUM

						
	Prepared by and Return to:	

STATE OF NORTH CAROLINA

WAKE COUNTY
MEMORANDUM OF LEASE

THIS MEMORANDUM OF LEASE (the “Memorandum”) is by and between SVT PERIMETER SIX, L.P., a Delaware limited partnership (“Landlord”), and CHANNELADVISOR CORPORATION, a Delaware corporation (“Tenant”).
    
WHEREAS, Landlord and Tenant entered into a Lease Agreement effective as of ________________, 2022 (the “Lease”), for the Leased Premises defined below.

NOW, THEREFORE, the parties enter into this Memorandum in order to reflect the following:
1.    Landlord hereby demises and leases to Tenant, and Tenant hereby accepts and rents from Landlord, approximately 33,509 of space more particularly described in the Lease (the “Leased Premises”) located at 1010 Sync Street, Morrisville, North Carolina 27560, within Perimeter Park. The Building is located on the parcel of real property described on Exhibit A hereto.
2.    The initial Lease Term of the Lease shall be approximately one hundred eight (108) months, commencing on _________________. 
3.    Tenant has the option to extend the Lease Term for the entire Leased Premises for two (2) periods of five (5) years in accordance with the terms of Section 16.17 of the Lease.
4.    Tenant has a right of first refusal to lease any space located within the Building, subject to existing tenant’s rights in accordance with the terms of Section 16.18 of the Lease.

The provisions set forth in the unrecorded Lease are incorporated in this Memorandum by reference. This Memorandum is not a complete summary of the Lease, and the provisions contained herein will not be construed to interpret the terms thereof. In the event of a conflict between this Memorandum and the unrecorded Lease, the Lease will control. Upon the expiration or earlier termination of the Lease, this Memorandum will automatically terminate and Landlord shall be entitled to record a notice of that termination on its own signature. Landlord shall be deemed to be Tenant’s attorney-in-fact (which power of attorney shall be irrevocable and coupled with an interest) for purposes of executing and recording that termination notice. This Memorandum may be executed in any number of counterparts, each of which shall constitute an original and all of which shall constitute but one and the same document.

[EXHIBIT ONLY — NOT FOR SIGNATURE]

IN WITNESS WHEREOF, Landlord and Tenant have executed this Memorandum effective as of the date of recordation.

LANDLORD:

SVT PERIMETER SIX, L.P.,
a Delaware limited partnership

By:    VPTC Management Partners, LLC, a     Delaware limited liability company, its     Authorized Signatory

    By:                              
    Printed:                          
    Title:                              

STATE OF NORTH CAROLINA

COUNTY OF ________________

    I certify that the following person personally appeared before me this day, acknowledging that s/he voluntarily signed the foregoing document for the purpose stated therein and in the capacity indicated:  _________________, as _____________________________ of VPTC Management Partners, LLC, the Authorized Signatory of SVT PERIMETER SIX, L.P.   

Date: ____________, 2021                                       

________________________________________
Official Signature of Notary
________________________________________
Insert name of Notary, printed or typed

(OFFICIAL SEAL)            My Commission Expires:  ___________________

TENANT:

CHANNELADVISOR CORPORATION,
a Delaware corporation            
    
By:                            
Name:                             
Title:                             

STATE OF NORTH CAROLINA

WAKE COUNTY

    I certify that the following person personally appeared before me this day, acknowledging that s/he voluntarily signed the foregoing document for the purpose stated therein and in the capacity indicated:  _________________, as _____________________________ of CHANNELADVISOR CORPORATION.

Date: ____________, 2022                                       

________________________________________
Official Signature of Notary
________________________________________
Insert name of Notary, printed or typed

(OFFICIAL SEAL)            My Commission Expires:  ___________________
 

EXHIBIT A TO MEMORANDUM OF LEASE
LEGAL DESCRIPTION
Lying and being situate in Wake County, North Carolina, and being more particularly described as follows:

EXHIBIT G

FORM SNDA

THIS INSTRUMENT PREPARED BY
AND AFTER RECORDING RETURN TO:
Katten Muchin Rosenman LLP 
550 S. Tryon Street, Suite 2900 
Charlotte, North Carolina 28205 
Attention:  Charles A. Pettigrew, Esq.
SUBORDINATION,
NON-DISTURBANCE, AND ATTORNMENT AGREEMENT
THIS SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT (this “Agreement”), dated this ______ day of __________, 2021, between CHANNELADVISOR CORPORATION, a Delaware corporation (“Tenant”), and BMO HARRIS BANK N.A., as lender (“Lender”).
R E C I T A L S:
A.    Tenant is the lessee under that certain lease between Tenant and SVT PERIMETER SIX, L.P., a Delaware limited partnership (“Landlord”), dated __________ ___, 2021, (the lease and all amendments thereto are hereinafter referred to as the “Lease”), covering approximately 33,509 square feet of space in Landlord’s building known as “Perimeter Six” and located at 1010 Sync Street, Morrisville, North Carolina, and legally described in Schedule 1 attached hereto and made a part hereof (the “Property”).
B.    Lender has made a loan (the “Loan”) to Landlord which is secured, in part, by the lien of a mortgage executed and delivered by Landlord to Lender encumbering the Property (the “Mortgage”) and an assignment of all leases of and rents from the Property.
C.    As a condition to entering into the Lease, Tenant requires that Lender enter into this Agreement.
NOW, THEREFORE, in consideration of the covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
I.    The Lease and all terms thereof, including, without limitation, any options to purchase, rights of first refusal, and any similar rights, are and shall be subject and subordinate to the Mortgage, and to all amendments, modifications, replacements and extensions thereof, to the full extent of the principal, interest, fees, expenses and all other amounts secured thereby.
II.    In the event Lender elects to foreclose the Mortgage, Lender will not join Tenant in summary or foreclosure proceedings unless required by applicable law (and then only to the extent so required) as long as Tenant is not in default under the Lease beyond any applicable notice and cure periods set forth in the Lease.

III.    In the event that Lender shall succeed to the interest of Landlord under the Lease, and provided there exists no default by Tenant under the Lease beyond any applicable notice and cure period, Lender agrees that Lender (or its designee or nominee taking title to the Property) shall not disturb or otherwise interfere with Tenant’s possession of the leased premises for the unexpired term of the Lease, provided that Lender (or such nominee or designee) shall not be:
A.    liable for any act or omission of Landlord or any prior landlord under the Lease (without, however, excusing Lender (or other successor landlord) from the obligation to cure any ongoing landlord default that is curable by Lender and that Tenant has provided Lender written notice of);
B.    subject to any claims, offsets or defenses which Tenant might have against Landlord or any prior landlord;
C.    bound by any rent or additional rent which Tenant might have paid for more than the current month to Landlord or any prior landlord;
D.    bound by any amendment, modification, or assignment of the Lease made without Lender’s prior written consent; or
E.    liable for any security deposit Tenant might have paid to Landlord or any prior landlord, except to the extent Lender has actually received said security deposit (or a reserve to cover said security deposit).
IV.    Upon Lender’s succeeding to Landlord’s interest under the Lease, Tenant covenants and agrees to attorn to Lender or a purchaser at a foreclosure or trustee’s sale, to recognize such successor landlord as Tenant’s landlord under the Lease, and to be bound by and perform all of the obligations and conditions imposed upon Tenant by the Lease. If requested by Lender or any subsequent owner, Tenant shall execute a new lease with Lender or its designee or nominee, for a term equal to the remaining term of the Lease and otherwise containing the same provisions and covenants of the Lease. If the Lender (or its designee or nominee taking title to the Property) acquires title to the Property by foreclosure of the Mortgage, by deed in lieu or otherwise, Lender agrees that, in each case subject to Section 3 hereof and provided there exists no default by Tenant under the Lease beyond any applicable notice and cure period, Lender (or its designee or nominee taking title to the Property) shall not disturb or otherwise interfere with Tenant’s possession of the leased premises for the unexpired term of the Lease and the Lease shall continue in full force and effect as if it were a direct lease between the Tenant and the Lender (or such designee or nominee) upon all the terms, covenants, conditions and agreements set forth in the Lease and this Agreement.
V.    Prior to terminating the Lease due to a default by Landlord thereunder, Tenant agrees to notify Lender of such default and give Lender the opportunity to cure such default within thirty (30) days of Lender’s receipt of such notice (or, if such default cannot reasonably be cured within such thirty (30) day period, Lender shall have such longer time as may be necessary to cure the default, not to exceed an additional one hundred twenty (120) days); provided that Lender commences the cure within such period and diligently pursues the cure thereafter.

VI.    Any notice, election, communication, request or other document or demand required or permitted under this Agreement shall be (i) delivered in person, (ii) mailed, postage prepaid, either by registered or certified mail, return receipt requested, or (iii) by overnight express carrier, paid by the sending party, addressed in each case as follows:
If to Tenant (prior to occupancy):
ChannelAdvisor Corporation 
3025 Carrington Mill Boulevard
Morrisville, North Carolina 27560
Attention: ___________

If to Tenant (following occupancy):
1010 Sync Street
Morrisville, North Carolina 27560
Suite 600
Attn:  _______________________

If to Lender:
BMO Harris Bank N.A. 
111 W. Monroe Street, 
Chicago, Illinois 60603 
Attn:  Scott Morris
BMO Harris Bank N.A. 
111 West Monroe Street 
Chicago, Illinois 60603 
Attention:  Portfolio Manager/Perimeter 6
with a copy to:
Katten Muchin Rosenman LLP 
525 West Monroe Street 
Chicago, Illinois 60661-3693 
Attention:  David R. Dlugie, Esq.
Reference: (382255-58)

or to any other address for such party in the United States of America as it shall designate in a written notice to the other party hereto. All notices sent pursuant to the terms of this Paragraph shall be deemed received (i) if personally delivered, then on the date of delivery, (ii) if sent by overnight, express carrier, then on the next federal banking day immediately following the day sent, or (iii) if sent by registered or certified mail, then on the earlier of the third federal banking day following the day sent or when actually received.
VII.    This Agreement shall be binding upon and inure to the benefit of the respective heirs, personal representatives, successors and assigns of the parties hereto.
VIII.    This Agreement can be modified only in writing duly executed by both parties.

IX.    This Agreement constitutes the entire agreement between Lender and Tenant regarding the subordination of the Lease to the Mortgage and the rights and obligations of Tenant and Lender as to the subject matter of this Agreement. Any inconsistency between the Lease and the provisions of this Agreement shall be resolved in favor of this Agreement. Individuals signing this Agreement on behalf of a party hereto represent and warrant that they are authorized to bind that party.
X.    This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina.
XI.    Upon full and indefeasible repayment of the Loan and the release of the Mortgage by Lender, this Agreement shall automatically terminate and be of no further force and effect.
XII.    This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original but all of which when taken together shall constitute one agreement.

[EXHIBIT ONLY — NOT FOR SIGNATURE]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first above written.
TENANT:

CHANNELADVISOR CORPORATION, a Delaware corporation

By:  _____________________________
Name:  ___________________________
Its:  ______________________________

STATE OF ___________________    )
)ss.
COUNTY OF _________________    )

The foregoing instrument was acknowledged before me this _______ day of __________ 2021, by ______________________, the _________________________________ of CHANNELADVISOR CORPORATION, a Delaware corporation, on behalf of said entity.
WITNESS may hand and official seal.
_________________________________________
Notary Public

My commission Expires:  ____________________

LENDER:

BMO HARRIS BANK N.A.,
a national banking association

By:  _________________________________
Name:  _______________________________
Its:  __________________________________

STATE OF ___________________    )
)ss.
COUNTY OF _________________    )
The foregoing instrument was acknowledged before me this _______ day of __________ 2021, by ______________________, the ___________________ of BMO HARRIS BANK N.A., a national banking association, on behalf of said national banking association.
WITNESS may hand and official seal.
_________________________________________
Notary Public

[SEAL]    My commission Expires:  ____________________

SCHEDULE 1
Legal Description
Real property in the City of Morrisville, County of Wake, State of North Carolina, described as follows:
PARCEL I:
BEING ALL OF LOT 6 CONTAINING 11.5825 ACRES, MORE OR LESS, AS SHOWN ON THAT CERTAIN PLAT ENTITLED "RECOMBINATION PLAT FOR PROPERTIES OF SVT PERIMETER TWO, L.P. & SVT PERIMETER SIX, L.P." PREPARED BY BASS, NIXON & KENNEDY, INC. AND RECORDED IN BOOK OF MAPS 2017, PAGES 1546-1547, WAKE COUNTY REGISTRY.
PARCEL II:
TOGETHER WITH THE NON-EXCLUSIVE EASEMENTS AS CREATED BY THE DECLARATION OF PROTECTIVE COVENANTS, CONDITIONS, RESTRICTIONS, RESERVATIONS AND EASEMENTS FOR PERIMETER PARK PHASE II DATED JUNE 30, 2005, AND RECORDED JULY 1, 2005 IN BOOK 11448, PAGE 815, WAKE COUNTY REGISTRY, AS AMENDED, FOR INGRESS AND EGRESS OVER THE COMMON AREA (AS DEFINED THEREIN).
PARCEL III:
TOGETHER WITH THE PERPETUAL, NON-EXCLUSIVE AND UNOBSTRUCTED EASEMSNTS GRANTED BY THAT CERTAIN EASEMENT DECLARATION AND SUBDIVISION EXEMPTION PLAT RECORDED IN BOOK OF MAPS 2017 AT PAGE 18-22 IN THE WAKE COUNTY REGISTRY, NORTH CAROLINA.
PARCEL IV:
TOGETHER WITH THE PERPETUAL AND NON-EXCLUSIVE AND RIGHT-OF-WAY GRANTED IN THAT CERTAIN EASEMENT AGREEMENT RECORDED IN BOOK 16701 AT PAGE 874-886 IN WAKE COUNTY REGISTRY, NORTH CAROLINA.
PARCEL V:
TOGETHER WITH THE PERPETUAL AND NON-EXCLUSIVE INGRESS/EGRESS CROSS ACCESS AGREEMENT RECORDED IN BOOK OF MAPS 2017 AT PAGE 1547 IN THE WAKE COUNTY REGISTRY, NORTH CAROLINA.

EXHIBIT H

HVAC SPECIFICATION

        The Building Standard heating, ventilating and air conditioning system shall meet the following design conditions, at the stated outside design conditions, based on seven (7) persons per 1000 square feet:

        1.    Summer: Outdoor conditions 92 degrees Fahrenheit dry bulb, 75 degrees Fahrenheit wet bulb; indoor conditions 78 degrees Fahrenheit dry bulb, 50% relative humidity at design condition.

        2.    Winter: Outdoor conditions minus 20 degrees Fahrenheit dry bulb; indoor conditions 72 degrees Fahrenheit dry bulb.

        The following dates shall constitute “Holidays” as said term is used in this Lease:

        (1)    New Year’s Day 
        (2)    Memorial Day 
        (3)    Independence Day 
        (4)    Labor Day 
        (5)    Thanksgiving Day 
        (6)    Christmas 
        (7)    Any other holiday recognized and taken by tenants occupying at least one half (1/2) of the Rentable Area of office space of the Building.

If in the case of any holiday described in (1) through (7) above, a different day shall be observed than the respective day above described, then that day which constitutes the day observed by national banks in Raleigh, North Carolina, on account of such holiday shall constitute the holiday under this Lease.

EXHIBIT I 

JANITORIAL SPECIFICATIONS

EXHIBIT J

SUPERIOR RIGHTS
 

Relias Learning, LLC has a ROFR on all vacant space in the building, including the Leased Premises

EXHIBIT K

FOOD TRUCK REQUIREMENTS

I. Initial Food Truck Location, subject to adjustment from time to time in Landlord’s discretion

II.  Food Truck Insurance Requirements

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