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PROMISSORY NOTE

AMOUNT: $180,000.00                                                                       August 1, 2014

FOR VALUE RECEIVED, IIM Global Corporation (hereinafter refer to as the , “Borrower”), promises to pay Penn Investments Inc (hereafter refer to as the  "Lender"), at 5301 Bacara Cove, Lake Mary, Florida 32746, or at such other place as Holder hereof may from time to time designate in writing, the principal sum of One Hundred Eighty Thousand Dollars ($180,000.00), with interest accruing on the unpaid principal at the rate of Fifteen percent (15%) per annum from August 1, 2014 until paid. The aforementioned principal sum represents monies loaned to IIM Global Corporation by Penn Investments Inc to cover the ongoing operational monthly expenses of IIM Global Corporation. The principal and interest under this Promissory Note is payable in full on January 30,2015.This Promissory Note may, in whole or in part, be prepaid without penalty before the maturity date hereof.

Should the “Borrower” default under or otherwise breach this Promissory Note and not cure said default or breach on or before the tenth (10th) day after the Lender gives the Borrower written notice thereof, by personal delivery or certified mailing, all principal remaining unpaid and interest accruing thereon shall, at the option of the lender, become immediately due and payable to the Lender.  Notice shall be deemed given on the date of personal delivery or date of mailing, whichever applies.  No delay or failure in giving notice of said default or breach shall constitute a waiver of the right of the Lender to exercise said right in the event of a subsequent or continuing default or breach.  Furthermore, in the event of such default or breach, the Borrower promises to pay the Lender all collection and/or litigation costs incurred, including reasonable attorney fees and court costs, whether judgment is rendered or not.

This Promissory Note has been entered into and shall be performed in Seminole County, Florida, and shall be construed in accordance with the laws of Florida and any applicable federal statutes or regulations of the United States.  Any claims or disputes concerning this Note shall, be adjudicated in Seminole County, Florida.

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

  

 IIM Global Corporation

                                                  Penn Investments Inc

__/s/ Thomas Szoke ____________________

                           ___/s/ Douglas Solomon ____________

 Signed on behalf of IIM Global Corporation 

Signed on behalf of Penn Investments Inc

 By Thomas Szoke, CTO,Executive-VP & Director

By Douglas Solomon, President & CEOEX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

SENIOR NOTES INDENTURE 
 Dated as
of July 18, 2014 
 Among 

PARAGON OFFSHORE PLC, 
 THE
SUBSIDIARY GUARANTORS LISTED ON THE SIGNATURE PAGES HERETO, 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Trustee 
 and 

DEUTSCHE BANK LUXEMBOURG S.A., 
 as
Paying Agent and Transfer Agent 
 6.75% SENIOR NOTES DUE 2022 

and 
 7.25% SENIOR NOTES DUE 2024

  
  

 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
		
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
			
	 Section 1.01
	  	 Definitions
	  	 	1	  
	 Section 1.02
	  	 Other Definitions
	  	 	30	  
	 Section 1.03
	  	 Rules of Construction
	  	 	31	  
	 Section 1.04
	  	 Incorporation by Reference of Trust Indenture Act
	  	 	32	  
	 Section 1.05
	  	 Acts of Holders
	  	 	32	  
		
	 ARTICLE 2 THE NOTES
	  	 	34	  
			
	 Section 2.01
	  	 Form and Dating; Terms
	  	 	34	  
	 Section 2.02
	  	 Execution and Authentication
	  	 	35	  
	 Section 2.03
	  	 Registrar and Paying Agent
	  	 	36	  
	 Section 2.04
	  	 Paying Agent to Hold Money in Trust
	  	 	36	  
	 Section 2.05
	  	 Holder Lists
	  	 	37	  
	 Section 2.06
	  	 Transfer and Exchange
	  	 	37	  
	 Section 2.07
	  	 Replacement Notes
	  	 	38	  
	 Section 2.08
	  	 Outstanding Notes
	  	 	38	  
	 Section 2.09
	  	 Treasury Notes
	  	 	39	  
	 Section 2.10
	  	 Temporary Notes
	  	 	39	  
	 Section 2.11
	  	 Cancellation
	  	 	39	  
	 Section 2.12
	  	 Defaulted Interest
	  	 	39	  
	 Section 2.13
	  	 CUSIP and ISIN Numbers
	  	 	40	  
		
	 ARTICLE 3 REDEMPTION
	  	 	40	  
			
	 Section 3.01
	  	 Notices to Trustee
	  	 	40	  
	 Section 3.02
	  	 Selection of Notes to Be Redeemed or Purchased
	  	 	40	  
	 Section 3.03
	  	 Notice of Redemption
	  	 	41	  
	 Section 3.04
	  	 Effect of Notice of Redemption
	  	 	42	  
	 Section 3.05
	  	 Deposit of Redemption or Purchase Price
	  	 	42	  
	 Section 3.06
	  	 Notes Redeemed or Purchased in Part
	  	 	43	  
	 Section 3.07
	  	 Optional Redemption
	  	 	43	  
	 Section 3.08
	  	 Mandatory Redemption
	  	 	45	  
	 Section 3.09
	  	 Offers to Repurchase by Application of Excess Proceeds
	  	 	45	  
	 Section 3.10
	  	 Purchase of Notes
	  	 	47	  
		
	 ARTICLE 4 COVENANTS
	  	 	48	  
			
	 Section 4.01
	  	 Payment of Notes
	  	 	48	  
	 Section 4.02
	  	 Maintenance of Office or Agency
	  	 	48	  
	 Section 4.03
	  	 Taxes
	  	 	48	  
	 Section 4.04
	  	 Stay, Extension and Usury Laws
	  	 	49	  
	 Section 4.05
	  	 Corporate Existence
	  	 	49	  
	 Section 4.06
	  	 Reports
	  	 	49	  
	 Section 4.07
	  	 Compliance Certificate
	  	 	50	  
	 Section 4.08
	  	 Restricted Payments
	  	 	51	  

  
 -i- 

							
	 	  	 	  	Page	 
			
	 Section 4.09
	  	 Incurrence of Indebtedness and Issuance of Preferred Stock
	  	 	55	  
	 Section 4.10
	  	 Liens
	  	 	59	  
	 Section 4.11
	  	 Additional Guarantees
	  	 	59	  
	 Section 4.12
	  	 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	59	  
	 Section 4.13
	  	 Designation of Restricted and Unrestricted Subsidiaries
	  	 	62	  
	 Section 4.14
	  	 Transactions with Affiliates
	  	 	62	  
	 Section 4.15
	  	 Offer to Repurchase Upon Change of Control
	  	 	64	  
	 Section 4.16
	  	 Asset Sales
	  	 	67	  
	 Section 4.17
	  	 Effectiveness of Covenants
	  	 	69	  
	 Section 4.18
	  	 Business Activities
	  	 	70	  
	 Section 4.19
	  	 Maintenance of Listing
	  	 	70	  
	 Section 4.20
	  	 Payment of Additional Amounts
	  	 	70	  
		
	 ARTICLE 5 SUCCESSORS
	  	 	73	  
			
	 Section 5.01
	  	 Merger, Consolidation or Sale of All Assets
	  	 	73	  
	 Section 5.02
	  	 Successor Entity Substituted
	  	 	75	  
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	 	75	  
			
	 Section 6.01
	  	 Events of Default and Remedies
	  	 	75	  
	 Section 6.02
	  	 Acceleration
	  	 	78	  
	 Section 6.03
	  	 Other Remedies
	  	 	79	  
	 Section 6.04
	  	 Waiver of Past Defaults
	  	 	79	  
	 Section 6.05
	  	 Control by Majority
	  	 	79	  
	 Section 6.06
	  	 Limitation on Suits
	  	 	79	  
	 Section 6.07
	  	 Rights of Holders to Receive Payment
	  	 	80	  
	 Section 6.08
	  	 Collection Suit by Trustee
	  	 	80	  
	 Section 6.09
	  	 Restoration of Rights and Remedies
	  	 	80	  
	 Section 6.10
	  	 Trustee May File Proofs of Claim
	  	 	80	  
	 Section 6.11
	  	 Priorities
	  	 	81	  
	 Section 6.12
	  	 Undertaking for Costs
	  	 	81	  
		
	 ARTICLE 7 TRUSTEE
	  	 	81	  
			
	 Section 7.01
	  	 Duties of Trustee
	  	 	81	  
	 Section 7.02
	  	 Rights of Trustee
	  	 	82	  
	 Section 7.03
	  	 Individual Rights of Trustee
	  	 	84	  
	 Section 7.04
	  	 Trustee’s Disclaimer
	  	 	84	  
	 Section 7.05
	  	 Notice of Defaults
	  	 	84	  
	 Section 7.06
	  	 Reports by Trustee to Holders of the Notes
	  	 	84	  
	 Section 7.07
	  	 Compensation and Indemnity
	  	 	84	  
	 Section 7.08
	  	 Replacement of Trustee
	  	 	85	  
	 Section 7.09
	  	 Successor Trustee by Merger, etc.
	  	 	86	  
	 Section 7.10
	  	 Eligibility; Disqualification
	  	 	86	  
	 Section 7.11
	  	 Preferential Collection of Claims Against the Company
	  	 	86	  
		
	 ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	87	  
			
	 Section 8.01
	  	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	87	  
	 Section 8.02
	  	 Legal Defeasance and Discharge
	  	 	87	  

  
 -ii- 

							
	 	  	 	  	Page	 
			
	 Section 8.03
	  	 Covenant Defeasance
	  	 	87	  
	 Section 8.04
	  	 Conditions to Legal or Covenant Defeasance
	  	 	88	  
	 Section 8.05
	  	 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions
	  	 	89	  
	 Section 8.06
	  	 Repayment to the Company
	  	 	90	  
	 Section 8.07
	  	 Reinstatement
	  	 	90	  
		
	 ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	90	  
			
	 Section 9.01
	  	 Without Consent of Holders
	  	 	90	  
	 Section 9.02
	  	 With Consent of Holders
	  	 	91	  
	 Section 9.03
	  	 Compliance with Trust Indenture Act
	  	 	93	  
	 Section 9.04
	  	 Revocation and Effect of Consents
	  	 	93	  
	 Section 9.05
	  	 Notation on or Exchange of Notes
	  	 	93	  
	 Section 9.06
	  	 Trustee to Sign Amendments, etc.
	  	 	94	  
	 Section 9.07
	  	 Exchange Notices
	  	 	94	  
		
	 ARTICLE 10 GUARANTEES
	  	 	94	  
			
	 Section 10.01
	  	 Guarantee
	  	 	94	  
	 Section 10.02
	  	 Limitation on Guarantor Liability
	  	 	95	  
	 Section 10.03
	  	 Execution and Delivery
	  	 	96	  
	 Section 10.04
	  	 Subrogation
	  	 	96	  
	 Section 10.05
	  	 Benefits Acknowledged
	  	 	96	  
	 Section 10.06
	  	 Release of Note Guarantees
	  	 	96	  
	 Section 10.07
	  	 Swiss Limitation
	  	 	97	  
	 Section 10.08
	  	 Luxembourg Limitation
	  	 	98	  
		
	 ARTICLE 11 SATISFACTION AND DISCHARGE
	  	 	99	  
			
	 Section 11.01
	  	 Satisfaction and Discharge
	  	 	99	  
	 Section 11.02
	  	 Application of Trust Money
	  	 	100	  
		
	 ARTICLE 12 MISCELLANEOUS
	  	 	100	  
			
	 Section 12.01
	  	 [RESERVED]
	  	 	100	  
	 Section 12.02
	  	 Notices
	  	 	101	  
	 Section 12.03
	  	 Communication by Holders with Other Holders
	  	 	102	  
	 Section 12.04
	  	 Certificate and Opinion as to Conditions Precedent
	  	 	102	  
	 Section 12.05
	  	 Statements Required in Certificate or Opinion
	  	 	103	  
	 Section 12.06
	  	 Rules by Trustee and Agents
	  	 	103	  
	 Section 12.07
	  	 No Personal Liability of Directors, Officers, Employees and Shareholders
	  	 	103	  
	 Section 12.08
	  	 Governing Law
	  	 	103	  
	 Section 12.09
	  	 Waiver of Jury Trial
	  	 	103	  
	 Section 12.10
	  	 Force Majeure
	  	 	104	  
	 Section 12.11
	  	 No Adverse Interpretation of Other Agreements
	  	 	104	  
	 Section 12.12
	  	 Successors
	  	 	104	  
	 Section 12.13
	  	 Severability
	  	 	104	  
	 Section 12.14
	  	 Counterpart Originals
	  	 	104	  
	 Section 12.15
	  	 Table of Contents, Headings, etc.
	  	 	104	  
	 Section 12.16
	  	 Facsimile and PDF Delivery of Signature Pages
	  	 	104	  

  
 -iii- 

							
	 	  	 	  	Page	 
			
	 Section 12.17
	  	 U.S.A. PATRIOT Act
	  	 	105	  
	 Section 12.18
	  	 Payments Due on Non-Business Days
	  	 	105	  
	 Section 12.19
	  	 Consent to Jurisdiction and Service
	  	 	105	  
	 Section 12.20
	  	 Accounting Provisions
	  	 	105	  

  
 -iv- 

			
	Appendix A	  	Provisions Relating to Initial Notes and Additional Notes
		
	Exhibit A-1	  	Form of 2022 Note
	Exhibit A-2	  	Form of 2024 Note
	Exhibit B-1	  	Form of Institutional Accredited Investor Transferee Letter of Representation for 2022 Notes
	Exhibit B-2	  	Form of Institutional Accredited Investor Transferee Letter of Representation for 2024 Notes
	Exhibit C	  	Form of Supplemental Indenture to Be Delivered by Subsequent Guarantors

  
 -v- 

 INDENTURE, dated as of July 18, 2014, among Paragon Offshore plc, a public limited company
incorporated under the laws of England and Wales (together with any successor obligor to its obligations under this Indenture and the Notes pursuant to Article 5, including any Surviving Person following a Redomestication, the
“Company”), the Guarantors listed on the signature pages hereto, Deutsche Bank Trust Company Americas, as Trustee, and Deutsche Bank Luxembourg, S.A., as Paying Agent and Transfer Agent. 

W I T N E S S E T H 

WHEREAS, the Company has duly authorized the creation of and issue of $500,000,000 aggregate principal amount of 6.75% Senior Notes due 2022
(the “2022 notes”) and $580,000,000 aggregate principal amount of 7.25% Senior Notes due 2024 (the “2024 notes” and, together with the 2022 notes, the “Initial Notes”); and 

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

NOW, THEREFORE, the Company, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable
benefit of the Holders of the Notes. 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 
  

	Section 1.01	Definitions. 

 “2022 Applicable Premium” means, with respect to any 2022
note on any redemption date, as calculated by the Company, the greater of: 
 (1) 1.0% of the principal amount of the 2022
note; and 
 (2) the excess, if any, of: 

(a) the present value at such redemption date of (i) the redemption price of the 2022 note at July 15, 2018, (such
redemption price being set forth in the table appearing in Section 3.07(d)) plus (ii) all required interest payments due on the 2022 note through July 15, 2018, (excluding accrued but unpaid interest to the redemption date), computed
using a discount rate equal to the 2022 Treasury Rate as of such redemption date plus 50 basis points; over 
 (b) the
principal amount of the 2022 note. 
 “2024 Applicable Premium” means, with respect to any 2024 Note on any redemption
date, as calculated by the Company, the greater of: 
 (1) 1.0% of the principal amount of the 2024 note; and 

(2) the excess, if any, of: 

(a) the present value at such redemption date of (i) the redemption price of the 2024 note at August 15, 2019, (such
redemption price being set forth in the table appearing in Section 3.07(h)) plus (ii) all required interest payments due on the 2024 note through August 15, 2019, (excluding accrued but unpaid interest to the redemption date),
computed using a discount rate equal to the 2024 Treasury Rate as of such redemption date plus 50 basis points; over 
 (b)
the principal amount of the 2024 note. 

 “2022 Treasury Rate” means, as of any redemption date, the yield to maturity as
of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days
prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to July 15, 2018; provided,
however, that if such period is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Company shall obtain the 2022 Treasury Rate by linear interpolation (calculated to the
nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the redemption date to July 15, 2018, is less than one year, the weekly average
yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 
 “2024
Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical
Release H.15 (519) that has become publicly available at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to
the period from the redemption date to August 15, 2019; provided, however, that if such period is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Company shall
obtain the 2024 Treasury Rate by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the
redemption date to August 15, 2019, is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Accounting Change” means any change in GAAP. 

“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 Restricted
Subsidiary of such specified Person, whether or not such Indebtedness is Incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person; 

(2) Indebtedness assumed by such specified Person in connection with the acquisition of assets from another Person; or 

(3) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person, whether or not such Indebtedness is
Incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person; provided that the amount of any such Acquired Debt shall not exceed the Fair Market
Value of the assets subject to such Lien. 
 Acquired Debt shall be deemed to have been Incurred, with respect to clause (1) above, on
the date such Person is merged with or into or becomes a Restricted Subsidiary and, with respect to clauses (2) and (3) above, on the date of consummation of such acquisition of assets. 

  
 -2- 

 “Additional 2022 Notes” means additional 2022 notes (other than the Initial
Notes) issued from time to time under this Indenture in accordance with Section 2.01 and Section 4.09, whether or not they bear the same CUSIP number. 

“Additional 2024 Notes” means additional 2024 notes (other than the Initial Notes) issued from time to time under this
Indenture in accordance with Section 2.01 and Section 4.09, whether or not they bear the same CUSIP number. 
 “Additional
Notes” means the Additional 2022 Notes and the Additional 2024 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 the 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. 

“Agent” means any Registrar, Paying Agent or Transfer Agent. 

“Asset Sale” means: 

(1) the sale, lease, conveyance, transfer or other disposition (whether in a single transaction or a series of related
transactions) of any property, assets or rights by the Company or any of the Company’s Restricted Subsidiaries; provided that the sale, lease, conveyance, transfer or other disposition (whether in a single transaction or a series of
related transactions) of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole will not be an “Asset Sale,” but will be governed by Section 4.15 and/or Article 5 and not by
Section 4.16; and 
 (2) the issuance of Equity Interests by any of the Company’s Restricted Subsidiaries or the
sale by the Company or any of the Company’s Restricted Subsidiaries of Equity Interests in any of the Company’s Restricted Subsidiaries (other than directors’ qualifying shares or shares required by applicable law to be held by a
Person other than the Company or a Restricted Subsidiary) (whether in a single transaction or a series of related transactions). 

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 $30.0
million; 
 (2) the sale, lease, conveyance or other disposition of assets between or among the Company and its Restricted
Subsidiaries; 
 (3) an issuance or sale of Equity Interests by a Restricted Subsidiary of the Company to the Company or to
another Restricted Subsidiary of the Company; 
 (4) the disposition of inventory which is sold in the ordinary course of
business or the demise, bareboat, time, voyage, other charter, lease or right to use of a Rig in the ordinary course of business; 

  
 -3- 

 (5) the sale, lease, conveyance, transfer or other disposition of products,
services or accounts receivable in the ordinary course of business and any sale or other disposition of damaged, worn-out or obsolete equipment or other assets or of equipment or other assets that is no longer used or useful for their intended
purposes in the ordinary course of business (including the abandonment or other disposition of intellectual property that is, in the reasonable judgment of the Company, no longer economically practicable to maintain or useful in the conduct of the
business of the Company and its Restricted Subsidiaries, taken as whole) or the early termination or unwinding of any Hedging Obligation; 

(6) sales and grants or licenses and sublicenses by the Company or any of its Restricted Subsidiaries of software or
intellectual property in the ordinary course of business; 
 (7) any surrender or waiver of contract rights or the
settlement, release, recovery on or surrender of contract, tort or other claims; 
 (8) the granting of Liens not prohibited
by Section 4.10 and any disposition of assets resulting from the enforcement or foreclosure of any such Permitted Lien; 

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

(10) for purposes of Section 4.16 only, a Permitted Investment or a Restricted Payment that does not violate
Section 4.08; 
 (11) any sale or other disposition of Equity Interests in, or other ownership interests in or assets or
property, including Indebtedness, or other securities of, an Unrestricted Subsidiary; 
 (12) the lease or sublease of any
real property in the ordinary course of business; 
 (13) the trade or exchange by the Company or any Restricted Subsidiary
of any asset for any other asset or assets that are used in a Permitted Business; provided that the Fair Market Value of the asset or assets received by the Company or such Restricted Subsidiary in such trade or exchange (including cash or
Cash Equivalents) is at least equal to the Fair Market Value of the asset or assets disposed of by the Company or such Restricted Subsidiary pursuant to such trade or exchange; and provided, further, that if any cash or Cash Equivalents are
used in such trade or exchange to achieve an exchange of equivalent value, that the amount of such cash and/or Cash Equivalents received shall be deemed proceeds of an “Asset Sale”; 

(14) any disposition of accounts receivable or similar obligations in connection with the compromise, settlement or collection
thereof, including in bankruptcy or similar proceedings; 
 (15) for purposes of Section 4.16(a)(1), the sale, lease,
conveyance or other disposition of assets sold to comply with any divestment requirement imposed in connection with the approval of an acquisition under Hart-Scott-Rodino Act of 1976; 

(16) the sale, lease, conveyance, transfer or other disposition in connection with a Redomestication that satisfies the
Redomestication Exclusion Condition; 
 (17) any other disposition pursuant to the Separation Documents on substantially the
terms described in the Offering Memorandum; and 
 (18) other Asset Sales since the Issue Date, involving assets having a
Fair Market Value not to exceed $100.0 million in the aggregate. 

  
 -4- 

 “Bankruptcy Law” means Title 11, U.S. Code, as amended, or any similar federal,
state or foreign law for the relief of debtors. 
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3
and Rule 13d-5 under the Exchange Act, 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 corresponding meanings. 
 “Board of
Directors” means: 
 (1) with respect to a corporation, the Board of Directors of the corporation or any committee
thereof duly authorized to act on behalf of such Board of Directors; 
 (2) with respect to a partnership, the Board of
Directors of the general partner of the partnership; 
 (3) with respect to a limited liability company, the managing member
or members or any controlling committee of managing members thereof; and 
 (4) 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 Saturday, Sunday or
other day on which banking institutions in New York, New York or another place of payment are authorized or required by law to close. 

“Capital Lease Obligation” 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 and reflected as a liability on a balance sheet prepared in accordance with GAAP, excluding liabilities resulting from a change in GAAP subsequent to the Issue Date, and the Stated
Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 

“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 interests (whether general or limited) or membership interests, respectively; 
 (4) in the case of certain
companies formed or incorporated under the laws of a jurisdiction other than one in the United States (including the Cayman Islands), shares; and 

(5) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or
distributions of assets of, the issuing Person, 
 but excluding from all of the foregoing any debt securities convertible
into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock. 

  
 -5- 

 “Cash Equivalents” means: 

(1) U.S. dollars, euros, pounds sterling or any national currency of any participating member state in the European Union held
from time to time; 
 (2) securities issued or directly and fully Guaranteed or insured by (i) the U.S. government or
any agency or instrumentality of the U.S. government (provided that the full faith and credit of the United States is pledged in support of those securities), (ii) any country that is a member state of the European Union or any agency or
instrumentality thereof or (iii) any foreign country whose sovereign debt has a rating of at least “A1” from Moody’s or at least “A+” from S&P or any agency or instrumentality of such foreign country (or, in either
case, the equivalent of such rating by such organization or, if no rating of Moody’s or S&P then exists, the equivalent of such rating by any nationally recognized rating organization) (provided that the full faith and credit of such
foreign country is pledged in support of those securities), in each case, having maturities of not more than one year from the date of acquisition; 

(3) certificates of deposit, demand deposits and eurodollar time deposits with maturities of one year or less from the date of
acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any lender under either of the Senior Credit Facilities or with any commercial bank having capital and surplus in excess of
$500.0 million (or its equivalent in any other currency) and a Thomson Bank Watch Rating of “B” or better; 
 (4)
readily marketable general obligations issued by any state of the United States or any political subdivision of any such state or any public instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of
acquisition thereof, having a credit rating of “A” or better from either S&P or Moody’s; 
 (5) repurchase
obligations with a term of not more than seven days for underlying securities of the types described in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above;

 (6) commercial paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case,
maturing within one year after the date of acquisition; 
 (7) money market funds at least 95% of the assets of which
constitute Cash Equivalents of the kinds described in clauses (1) through (6) of this definition; and 
 (8) in the
case of Investments by any Restricted Subsidiary of the Company organized or having its principal place of business outside the United States, Investments denominated in the currency of the jurisdiction in which such Restricted Subsidiary is
organized or has its principal place of business which are similar to the items specified in clauses (1) through (7) of this definition. 

“Change of Control” means the occurrence of any of the following after the Issue Date, in each case, excluding any of the
Transactions: 
 (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of
merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries, taken as a whole, to any Person (including any “person” (as that term is
used in Section 13(d)(3) of the Exchange Act)) other than to the Company or a Subsidiary of the Company, which transaction is followed by a Rating Decline within 90 days of the consummation of such transaction; 

  
 -6- 

 (2) the adoption of a plan relating to the liquidation or dissolution of the
Company; 
 (3) the consummation of any transaction (including, without limitation, any merger or consolidation or purchase
of Capital Stock), the result of which is that any Person (including any “person” (as defined above)), other than Noble, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company,
or other Voting Stock into which the Voting Stock of the Company is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares, which occurrence is followed by a Rating Decline within 90 days thereof; or

 (4) the Company consolidates with, or merges with or into any Person, or any Person consolidates with, or merges with or
into, the Company, in such event pursuant to a transaction in which any outstanding Voting Stock of the Company or such other person is converted into or exchanged for cash, securities or other property, other than any such transaction where the
shares of the Voting Stock of the Company outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person immediately after giving effect to such
transaction, which transaction is followed by a Rating Decline within 90 days thereof. 
 Notwithstanding the foregoing, a transaction will
not be deemed to involve a Change of Control if (I)(a) the Company becomes a direct or indirect Wholly-Owned Subsidiary of a Person or directly or indirectly sells, transfers, conveys or otherwise disposes of all or substantially all of the
properties or assets of the Company and its Subsidiaries, taken as a whole, to such Person or a Wholly-Owned Subsidiary thereof and (b) the holders of the Voting Stock of such Person immediately following that transaction are substantially the
same as the holders of the Company’s Voting Stock immediately prior to that transaction or (II) such transaction constitutes a Redomestication. 

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

“Company” has the meaning set forth in the recitals hereto. 

“Consolidated EBITDA” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person
for such period plus, without duplication: 
 (1) provision for taxes based on income or profits of such Person and
its Restricted Subsidiaries for such period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus  

(2) the Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that such Fixed Charges
were deducted in computing such Consolidated Net Income; plus  
 (3) any foreign currency translation losses
(including losses related to currency remeasurements of Indebtedness) of such Person and its Restricted Subsidiaries for such period, to the extent that such losses were taken into account in computing such Consolidated Net Income; plus  

(4) depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that
were paid in a prior period) and other non-cash 

  
 -7- 

 
charges and expenses (excluding any such non-cash charge or expense to the extent that it represents an accrual of or reserve for cash charges or expenses in any future period or amortization of
a prepaid cash charge or expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash charges or expenses were deducted in computing
such Consolidated Net Income; plus  
 (5) if the scheduled completion of any Material Project will occur in the next
12 months, the projected Consolidated EBITDA of the Company attributable to any such Material Project for the first 12-month period following the scheduled completion of such Material Project (such amount to be determined based on the relevant
Satisfactory Drilling Contract, including any expense or cost reductions that have occurred or, in the reasonable judgment of the Company, are reasonably expected to occur); provided that the aggregate amount of such projected Consolidated
EBITDA for all such Material Projects shall not exceed an amount equal to 15% of Consolidated EBITDA in the applicable four-quarter reference period without including any such projected Consolidated EBITDA; plus 

(6) any fees, expenses, charges or losses (other than depreciation or amortization expense) related to any Equity Offering or
other capital markets transaction, acquisition, disposition, recapitalization or the Incurrence of Indebtedness permitted to be Incurred by this Indenture (including a refinancing thereof) (whether or not successful), including such fees, expenses,
charges or losses related to (i) the Transactions and any transactions pursuant to the Separation Documents, (ii) the offering of the Notes and the Senior Credit Facilities and (iii) any amendment or other modification of the
Separation Documents, the Notes, the Senior Credit Facilities or other Indebtedness and, in each case, deducted (and not added back) in computing Consolidated Net Income; minus 

(7) any foreign currency translation gains (including gains related to currency remeasurements of Indebtedness) of such Person
and its Restricted Subsidiaries for such period, to the extent that such gains were taken into account in computing such Consolidated Net Income; minus 

(8) non-cash items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the ordinary
course of business (and excluding any such non-cash item to the extent that it represents the reversal of an accrual or reserve for a potential cash charge or expense that reduced Consolidated EBITDA in a prior period); minus 

(9) the amount of tax benefit based on income or profits of such Person and its Restricted Subsidiaries for such period, to the
extent such benefit was included in the computation of Consolidated Net Income, and plus or minus, as applicable; 

(10) the effects of adjustments (including the effects of such adjustments pushed down to the Company and its Restricted
Subsidiaries) in any line item in such Person’s consolidated financial statements in such period pursuant to GAAP resulting from the application of purchase accounting, 

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 (loss)
of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP and without any reduction in respect of Preferred Stock dividends; provided that, without duplication: 

(1) all extraordinary gains (or losses) and all gains (or losses) realized in connection with any Asset Sale or the disposition
of securities or the early extinguishment of Indebtedness, together with any related provision for taxes on any such gain (or loss), will be excluded; 

  
 -8- 

 (2) 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 similar distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person; 

(3) the net income (but not loss) of any Restricted Subsidiary that is not a 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, 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; 

(4) the cumulative effect of a change in accounting principles will be excluded; and 

(5) non-cash losses and non-cash gains with respect to Hedging Obligations included in the determination of Consolidated Net
Income, including, without limitation, those resulting from the application of Financial Accounting Standards Codification No. 815—Derivatives and Hedging, will be excluded. 

“Consolidated Tangible Assets” means, with respect to any Person as of any date, the amount which, in accordance with GAAP,
would be set forth under the caption “Total Assets” (or any like caption) on a consolidated balance sheet of such Person and its Restricted Subsidiaries determined in accordance with GAAP, less, to the extent included in a
determination of “Total Assets,” and without duplication, all goodwill, patents, tradenames, trademarks, copyrights, franchises, experimental expenses, organization expenses and any other amounts classified as intangible assets in
accordance with GAAP, in each case, calculated on a pro forma basis after giving effect to any transaction given pro forma effect in the definition of “Fixed Charge Coverage Ratio”. 

“Consolidated Total Indebtedness” means, as of any date of determination, without duplication, (a) the sum of
(i) the aggregate outstanding principal amount of Indebtedness for borrowed money which, in accordance with GAAP, would be shown as debt on the consolidated balance sheet of the Company and its Restricted Subsidiaries as of such date, including
obligations under Notes, acceptances and other short-term instruments (but excluding, for the avoidance of doubt, all undrawn amounts under revolving credit facilities and letters of credit) and, without duplication of any amounts included in clause
(a)(i), (ii) (A) the aggregate outstanding principal amount of Capital Lease Obligations of the Company and its Restricted Subsidiaries and (B) the aggregate amount of all outstanding Disqualified Stock of the Company and its
Restricted Subsidiaries and all outstanding Preferred Stock of the Company’s Non-Guarantor Subsidiaries that are Restricted Subsidiaries, in each case, determined on a consolidated basis in accordance with GAAP, minus (b) the sum of
(i) to the extent included in the determination of clause (a) above, any Indebtedness of the type described under clause (7) of the definition of Indebtedness, and (ii) the aggregate amount of unrestricted cash and Cash
Equivalents included on the consolidated balance sheet of the Company and its Restricted Subsidiaries as of such date. 

“continuing” means, with respect to any Default or Event of Default, that such Default or Event of Default has not been cured
or waived. 

  
 -9- 

 “Corporate Trust Office of the Trustee” shall be at the address of the Trustee
specified in Section 12.02 or such other address as to which the Trustee may give notice to the Holders and the Company. 

“Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 

“Debt Facilities” means one or more debt facilities (including, without limitation, the Senior Credit Facilities), commercial
paper facilities or Debt Issuances, in each case, with banks or other institutional lenders or institutional investors 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 borrowings or Debt Issuances, in each case, as amended, restated, modified, renewed, refunded, replaced in any manner (whether
upon or after termination or otherwise) or refinanced (including by means of any capital markets transaction and involving any refinancing that increases the amount of Indebtedness borrowed or issued thereunder) (provided that such increase
in borrowings is permitted under Section 4.09) in whole or in part from time to time. 
 “Debt Issuance” means, with
respect to the Company or any of its Restricted Subsidiaries, one or more issuances after the Issue Date of Indebtedness evidenced by notes, debentures, bonds or other similar securities or instruments. 

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

 “Definitive Note” means a certificated Initial Note or Additional Note (bearing the Restricted Notes Legend if the
transfer of such Note is restricted by applicable law) that does not include the Global Notes Legend. 
 “Depositary”
means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 as the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary hereunder and
having become such pursuant to the applicable provision of this Indenture. 
 “Designated Non-cash Consideration” means the
non-cash consideration received by the Company or one of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate setting forth the Fair Market
Value of such Designated Non-cash Consideration and the basis of such valuation, less the amount of cash and Cash Equivalents received in connection with a subsequent sale, redemption or payment of, on, or with respect to, such Designated Non-cash
Consideration. 
 “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 convertible, putable or exchangeable, in each case, at the option of the holder of the Capital Stock), 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 of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature; provided that only the portion of Capital Stock
which so matures or is mandatorily redeemable, is so convertible, putable or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock; provided, further, that any class
of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified Stock shall not be deemed to be Disqualified Stock so long as such Person satisfies
its obligations with respect thereto solely by the 

  
 -10- 

 
delivery of Capital Stock that is not Disqualified Stock. 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 to repurchase or redeem 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 may not repurchase or redeem any such Capital Stock (and all securities into which it is convertible, putable or exchangeable or for which it is redeemable) pursuant to such provision prior to compliance by the Company with Section 4.15 and
Section 4.16 and such repurchase or redemption complies with Section 4.08. 
 “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). 
 “Equity Offering” means any public sale
of Capital Stock after the Issue Date (other than Disqualified Stock) of the Company on a primary basis, other than (1) issuances to any Subsidiary of the Company and (2) any offering of Equity Interests in connection with a transaction
that is a Change of Control. 
 “Exchange” means the Official List of the Luxembourg Stock Exchange. 

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

“Existing Indebtedness” means all Indebtedness of the Company or any of its Restricted Subsidiaries (other than Indebtedness
under the Senior Credit Facilities) in existence on the Issue Date (including interest accruing (or the accretion of discount) thereon), until such amounts are repaid. 

“Fair Market Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction
not involving distress or necessity of either party, determined in good faith by the Board of Directors of the Company in the case of amounts greater than or equal to $50.0 million and otherwise, by any officer of the Company (unless otherwise
provided in this Indenture), whose determination will be conclusive for all purposes under this Indenture and the Notes. 
 “Fixed
Charge Coverage Ratio” means with respect to any specified Person for any period, the ratio of (1) the Consolidated EBITDA of such Person for such period to (2) the Fixed Charges of such Person for such period. In the event that
the specified Person or any of its Restricted Subsidiaries Incurs, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness (other than ordinary working capital borrowings unless, in connection with any such repayment, the
commitments to lend associated with such borrowings are permanently reduced or canceled) 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, repayment, repurchase, redemption,
defeasance or other discharge of Indebtedness, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the applicable four-quarter reference period. 

In addition, for purposes of calculating the Fixed Charge Coverage Ratio: 

(1) acquisitions of (x) a Person that becomes a Restricted Subsidiary of the Company or shall be merged with or into the
Company or any Restricted Subsidiary of the Company, (y) all or substantially all of the assets of any other Person or any division or line of business of such 

  
 -11- 

 
other Person or (z) a Rig, that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or consolidations, or any Person or any of its
Restricted Subsidiaries acquired by the specified Person or any of its Restricted Subsidiaries and including in each case all related financing transactions (including Incurrence or repayment of Indebtedness) and including increases in ownership of
Restricted Subsidiaries, during the applicable four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date, or that are to be made on 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 the Consolidated EBITDA for such reference period will be calculated giving pro forma effect to any expense and cost reductions or synergies that have occurred or are reasonably
expected to occur within 12 months of the Calculation Date, in good faith by the chief financial or accounting officer of the Company (regardless of whether any of the foregoing could then be reflected in pro forma financial statements in accordance
with Regulation S-X under the Securities Act or any other regulation or policy of the SEC related thereto); 
 (2) the
Consolidated EBITDA attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded; 

(3) the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or
businesses (and ownership interests therein) 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; 
 (4) any Person that is a Restricted Subsidiary of the specified
Person on the Calculation Date will be deemed to have been a Restricted Subsidiary of the specified Person at all times during such four-quarter period; 

(5) any Person that is not a Restricted Subsidiary of the specified Person on the Calculation Date will be deemed not to have
been a Restricted Subsidiary of the specified Person at any time during such four-quarter period; 
 (6) if any Indebtedness
to which pro forma effect is being given bears a floating rate of interest, the interest expense on such Indebtedness will be calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into
account any Hedging Obligation applicable to such Indebtedness if such Hedging Obligation has a remaining term as at the Calculation Date in excess of 12 months); 

(7) interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible
financial or accounting officer of the Company to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP; 

(8) interest on any Indebtedness under any revolving credit facility computed on a pro forma basis shall be computed based upon
(A) the average daily principal balance of such Indebtedness during the applicable period or (B) if such facility was created after the end of the applicable period, the average daily principal balance of such Indebtedness during the
period from the date of creation of such facility to the date of determination, or, if lower, the maximum commitments under such revolving credit facility as of the applicable date of determination; and 

(9) interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar
rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if not, then based upon such optional rate chosen as the Company may designate. 

  
 -12- 

 “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, commissions, discounts and other fees and charges Incurred in respect of letter of credit or bankers’ acceptance financings, and net of the effect of all payments made or received pursuant
to Hedging Obligations in respect of interest rates; plus  
 (2) the consolidated interest expense of such Person and
its Restricted Subsidiaries that was capitalized during such period; plus  
 (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, whether or not such Guarantee or Lien is called upon; plus  

(4) all dividends, whether paid or accrued and whether or not in cash, on any series of Disqualified Stock of such Person or
any of its Restricted Subsidiaries or Preferred Stock of any Restricted Subsidiary of such Person, in each case 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, determined on a consolidated basis in accordance with GAAP. 

Notwithstanding the foregoing, if any lease or other liability is reclassified as Indebtedness or as a Capital Lease Obligation due to a
change in accounting principles after the Issue Date, the interest component of all payments associated with such lease or other liability shall be excluded from Fixed Charges. 

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

  
 -13- 

 “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. When used as a verb, “Guarantee” has a correlative meaning (whether arising by virtue of partnership arrangements or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or
to maintain financial statement conditions or otherwise). 
 “Guarantor” means each Restricted Subsidiary in existence on
the Issue Date that provides a Note Guarantee on the Issue Date (and any other Restricted Subsidiary that thereafter provides a Note Guarantee in accordance with the provisions of this Indenture); provided that upon release or discharge of
such Restricted Subsidiary from its Note Guarantee in accordance with this Indenture, such Restricted Subsidiary ceases to be a Guarantor. 

“Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under: 

(1) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and
interest rate collar agreements entered into with one or more financial institutions and designed to protect the Person or any of its Restricted Subsidiaries entering into the agreement against fluctuations in interest rates, or to otherwise reduce
the cost of borrowing of such Person or any of such Restricted Subsidiaries, with respect to Indebtedness Incurred; 
 (2)
foreign exchange contracts and currency protection agreements entered into with one or more financial institutions and designed to protect the Person or any of its Restricted Subsidiaries entering into the agreement against fluctuations in currency
exchanges rates; 
 (3) any commodity futures contract, commodity swap, commodity option, commodity forward sale or other
similar agreement or arrangement designed to protect against fluctuations in the price of commodities used by that Person or any of its Restricted Subsidiaries at the time; and 

(4) other agreements or arrangements designed to protect such Person or any of its Restricted Subsidiaries against fluctuations
in interest rates, commodity prices or currency exchange rates. 
 “Holder” means a Person in whose name a Note is
registered on the Registrar’s books. 
 “Incur” means issue, create, assume, Guarantee, incur or otherwise become
liable for; provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) will be deemed to be Incurred by
such Restricted Subsidiary at the time it becomes a Restricted Subsidiary; and the terms “Incurred” and “Incurrence” have meanings correlative to the foregoing. 

“Indebtedness” means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and
trade payables), whether or not contingent: 
 (1) in respect of the outstanding principal amount of borrowed money; 

(2) in respect of the outstanding principal amount of indebtedness evidenced by bonds, notes, debentures or similar
instruments; 

  
 -14- 

 (3) all reimbursement obligations of such Person in respect of the principal
amount of letters of credit, excluding letters of credit entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later
than the 30th Business Day following receipt by such Person of a demand for reimbursement following payment on the letter of credit; 

(4) all reimbursement obligations of such Person in respect of the principal amount of banker’s acceptances; 

(5) representing Capital Lease Obligations; 

(6) representing the balance deferred and unpaid of the purchase price of any property (except for accounts payable arising in
the ordinary course of business and other amount which are being contested in good faith and for which reserves in conformity with GAAP have been provided) due more than six months after such property is acquired; 

(7) representing any net obligations under Hedging Obligations; and 

(8) the maximum mandatory redemption or repurchase price (not including, in either case, any redemption or repurchase premium)
of any Disqualified Stock or, with respect to any Non-Guarantor Subsidiary that is a Restricted Subsidiary, any Preferred Stock (but excluding, in each case, any accrued dividends); 

if and to the extent any of the preceding items (other than reimbursement obligations in respect of letters of credit 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 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) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. Indebtedness shall be calculated without giving effect to
the effects of Financial Accounting Standards Codification No. 815–Derivatives and Hedging, and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this
Indenture as a result of accounting for any embedded derivatives created by the terms of such Indebtedness. For purposes of clause (8), the “maximum fixed repurchase price” of any Disqualified Stock or Preferred Stock that does not have a
fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock or Preferred Stock as if such Disqualified Stock or Preferred Stock were purchased on any date on which such Indebtedness shall be required to be
determined pursuant to this Indenture. Furthermore, notwithstanding the foregoing, the following shall not constitute or be deemed “Indebtedness”: 
  

	 	(i)	any Indebtedness which has been defeased in accordance with GAAP or defeased pursuant to the deposit of cash or Cash Equivalents (in an amount sufficient to satisfy all such indebtedness obligations at maturity or
redemption, as applicable, and all payments of interest and premium, if any) in a trust or account created or pledged for the sole benefit of the holders of such Indebtedness, and subject to no other Liens, and the other applicable terms of the
instrument governing such indebtedness; 

  

	 	(ii)	 any obligations arising from agreements of a Person providing for indemnification, Guarantees, adjustment of purchase price, holdbacks, contingent
payment obligations based on a final financial statement or performance of acquired or disposed of assets or similar obligations (other than Guarantees of 

  
 -15- 

	 	
Indebtedness), in each case, Incurred by such Person in connection with the acquisition or disposition of assets (including through mergers, consolidations or otherwise); and 

 

	 	(iii)	taxes, assessments or other similar governmental charges or claims. 

 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; 
 (2) the principal amount of the Indebtedness, in the case of any other
Indebtedness, together with any interest or dividend, that is more than 30 days past due; 
 (3) in respect of Indebtedness
of another Person secured by a Lien on the assets of the specified Person, the lesser of: 
 (a) the Fair Market Value of
such assets at the date of determination; and 
 (b) the amount of the Indebtedness of the other Person; and 

(4) in the case of net obligations in respect of Hedging Obligations, the termination value of the agreement or arrangement
giving rise to such Hedging Obligations that would be payable by the specified Person at such date. 
 Except to the extent
provided in the preceding sentence, the amount of any Indebtedness that is convertible into or exchangeable for Capital Stock of the Company outstanding as of any date, shall be deemed to be equal to the principal and premium, if any, in respect of
such Indebtedness, notwithstanding the provisions of GAAP (including Financial Accounting Standards Codification No. 470-20, Debt with Conversion and Other Options). 

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

“Initial Notes” has the meaning set forth in the recitals hereto. 

“Interest” with respect to the Notes means interest with respect thereto and Additional Amounts, if any. 

“Interest Payment Date” means (a) with respect to the 2022 notes, January 15 and July 15 of each year to the
stated maturity of the 2022 notes and (b) with respect to the 2024 notes, February 15 and August 15 of each year to the stated maturity of the 2024 notes, and shall refer to the Interest Payment Date for both series of Notes, as
applicable. 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s or
BBB- (or the equivalent) by S&P, in each case, with a stable or better outlook. 
 “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), advances or capital contributions (excluding (1) commission, travel and similar advances to
officers and employees made in the ordinary course of business and (2) advances to customers or trade creditors in the ordinary course of business that are recorded as accounts receivable on the balance sheet of such Person or that are
represented by notes receivable), 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

  
 -16- 

 
balance sheet prepared in accordance with GAAP. If the Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted
Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of the Company, the Company will be deemed to have made an Investment on the date of any such sale or
disposition 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 4.08(d). The acquisition by the Company or any Restricted
Subsidiary of the Company of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Company or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held
by the acquired Person in such third Person on the date of such acquisition in an amount determined as provided in Section 4.08(d). Except as otherwise provided in the Indenture, the amount of an Investment will be determined at the time the
Investment is made and without giving effect to subsequent changes in value or write-ups, write-downs or write-offs with respect to such Investment. 

“Issue Date” means the first date on which the Initial Notes are issued under this Indenture. 

“Joint Venture” means any Person that is not a direct or indirect Subsidiary of the Company in which the Company or any of
its Restricted Subsidiaries makes any Investment. 
 “Leverage Ratio” means, as of any date of determination, the ratio of
Consolidated Total Indebtedness on such date to Consolidated EBITDA for the Company’s four fiscal quarter period ending on or immediately prior to such date for which internal financial statements are available, with such pro forma adjustments
to Consolidated Total Indebtedness and Consolidated EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Fixed Charge Coverage Ratio.” 

“Lien” means, with respect to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, charge, security
interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, 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 Uniform Commercial Code (or equivalent statutes) of any jurisdiction, other than a precautionary financing statement
in respect of a lease not intended as a security agreement; provided that in no event shall an operating lease be deemed to constitute a Lien. 

“Limited Guarantee” means a Note Guarantee by a Person organized in Switzerland, Luxembourg and in any other jurisdiction
(except the United States, the Cayman Islands, the Netherlands or Brazil), the amount of which is limited pursuant to the terms of such Note Guarantee in order to comply with applicable requirements of law in the jurisdiction of organization of the
applicable Person with respect to the enforceability of such Note Guarantee. 
 “Material Project” means (a) the
construction of any Rig or (b) any refurbishment, refitting, redesign or other material improvement to an existing Rig for which the aggregate capital cost to the Company and its Restricted Subsidiaries exceeds $65.0 million. 

“Moody’s” means Moody’s Investors Service, Inc., or any successor to the ratings business thereof. 

“Net Proceeds” means the aggregate cash proceeds and the Fair Market Value of any Cash Equivalents received by the Company or
any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash or Cash Equivalents received upon the sale or other 

  
 -17- 

 
disposition of any Designated Non-cash Consideration or other non-cash consideration received in any Asset Sale), net of (1) the direct costs relating to such Asset Sale and the sale or
disposition of such Designated Non-cash Consideration or other non-cash consideration, including, without limitation, legal, accounting and investment banking fees, and sales commissions, severance costs and any relocation expenses Incurred as a
result of such Asset Sale, (2) 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, (3) amounts required to be applied to the
repayment of Indebtedness secured by a Lien on the properties or assets that were the subject of such Asset Sale, or which must by its terms, or in order to obtain a necessary consent to such Asset Sale or by applicable law, be repaid out of the
proceeds from such Asset Sale, (4) payments of unassumed liabilities (not constituting Indebtedness) relating to the assets sold at the time of, or within 30 days after the date of, such Asset Sale, and (5) any amounts to be set aside in
any reserve established in accordance with GAAP or any amount placed in escrow, in either case for adjustment in respect of the sale price of such properties or assets, for indemnification obligations of the Company or any of its Restricted
Subsidiaries in connection with such Asset Sale or for other liabilities associated with such Asset Sale and retained by the Company or any of its Restricted Subsidiaries until such time as such reserve is reversed or such escrow arrangement is
terminated, in which case Net Proceeds shall include only the amount of the reserve so reversed or the amount returned to the Company or its Restricted Subsidiaries from such escrow arrangement, as the case may be. 

“Noble” means Noble Corporation plc, a public limited company incorporated under the laws of England and Wales, and its
successors. 
 “Non-Guarantor Subsidiary” means any Subsidiary that is not a Guarantor. 

“Non-Recourse Debt” means Indebtedness: 

(1) as to which neither the Company nor any of its Restricted Subsidiaries (a) provides any Guarantee or credit support of
any kind (including any undertaking, Guarantee, indemnity, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable as a guarantor or otherwise, in each case, except pursuant to a Lien of the type
permitted by clause (14) in the definition of “Permitted Liens”; and 
 (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 such Indebtedness to be accelerated or payable prior to its Stated Maturity. 

For purposes of determining compliance with Section 4.09, in the event that any Non-Recourse Debt of any of the Company’s
Unrestricted Subsidiaries ceases to be Non-Recourse Debt of such Unrestricted Subsidiary, such event will be deemed to constitute an Incurrence of Indebtedness by a Restricted Subsidiary of the Company. 

“Note Guarantee” means the Guarantee by each Guarantor of the Company’s payment obligations under this Indenture and the
Notes, executed pursuant to the provisions of this Indenture. 
 “Notes” means the Initial Notes and more particularly
means any Note authenticated and delivered under this Indenture. For all purposes of this Indenture, the term “Notes” shall also include any Additional Notes and Notes to be issued or authenticated upon transfer, replacement or
exchange of Notes. 

  
 -18- 

 “Obligations” means any principal, premium, if any, interest, penalties, fees,
indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, payable under the documentation governing any Indebtedness and Guarantees in
respect thereof. 
 “Offering Memorandum” means the offering memorandum dated July 11, 2014 related to the offer and
sale of the Notes. 
 “Officer” means, with respect to any Person, the Chairman of the Board of Directors, any other
Directors, the Chief Executive Officer, the President, the Chief Financial Officer, any Executive Vice President, Senior Vice President or Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of such
Person or, in the event that such Person is a partnership or a limited liability company that has no such officers, a person duly authorized by the general partner, managers, members or a similar body to act on behalf of such Person. 

“Officers’ Certificate” means a certificate signed by two Officers of the Company, one of whom is the principal
executive officer, the principal financial officer, the treasurer or the principal accounting officer. 
 “Opinion of
Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company. 

“Permitted Acquisition Indebtedness” means Indebtedness of the Company or any of its Restricted Subsidiaries to the extent
such Indebtedness was Indebtedness of any other Person existing at the time (a) such Person became a Restricted Subsidiary of the Company, (b) such Person was merged or consolidated with or into the Company or any of its Restricted
Subsidiaries, or (c) assets of such Person were acquired by the Company or any of its Restricted Subsidiaries and such Indebtedness was assumed in connection therewith (excluding any such Indebtedness that is repaid contemporaneously with such
event); provided that on the date such Person became a Restricted Subsidiary of the Company or the date such Person was merged or consolidated with or into the Company or any of its Restricted Subsidiaries, or on the date of such asset
acquisition, as applicable, either 
 (1) immediately after giving effect to such transaction on a pro forma basis as if the
same had occurred at the beginning of the applicable four-quarter period, the Company would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a); or 

(2) immediately after giving effect to such transaction on a pro forma basis as if the same had occurred at the beginning of
the applicable four-quarter period, the Fixed Charge Coverage Ratio of the Company and its Restricted Subsidiaries (determined on a consolidated basis) would be equal to or greater than the Fixed Charge Coverage Ratio of the Company and its
Restricted Subsidiaries (determined on a consolidated basis) immediately prior to such transaction. 
 “Permitted Business”
means any business that is the same as, or reasonably related, ancillary or complementary to, any of the businesses in which the Company and its Restricted Subsidiaries are engaged on the Issue Date, and reasonable extensions thereof, in each case,
as determined in good faith by the Company. 
 “Permitted Foreign Jurisdiction” means each of the Cayman Islands, Bermuda,
Switzerland, the United Kingdom, the Kingdom of the Netherlands, the Grand Duchy of Luxembourg, 

  
 -19- 

 
Ireland, Barbados, the British Virgin Islands, Cyprus or Gibraltar, any other member country of the European Union, or any territory of any of the foregoing, or any other jurisdiction generally
acceptable to institutional lenders under the Senior Credit Facilities, as determined in good faith by the Board of Directors of the Company. 

“Permitted Investment” 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 Restricted 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, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets
to, or is liquidated into, the Company or a Restricted Subsidiary of the Company; 
 (4) any Investment made as a result of
the receipt of non-cash consideration from (a) an Asset Sale that was made pursuant to and in compliance with Section 4.16 or (b) a disposition of assets that does not constitute an Asset Sale; 

(5) any Investment to the extent made in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the
Company; 
 (6) any Investments received (a) in compromise or resolution of, upon satisfaction of judgments with respect
to, (i) obligations of trade creditors or customers that were Incurred in the ordinary course of business of the Company or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the
bankruptcy or insolvency of any trade creditor or customer, or (ii) litigation, arbitration or other disputes; or (b) as a result of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured Investment
in default; 
 (7) Investments represented by Hedging Obligations; 

(8) loans or advances to directors, officers and employees for moving, relocation and travel expenses and other similar
expenditures (other than any loans or advances to any director or executive officer (or equivalent thereof) that would be in violation of Section 402 of the Sarbanes-Oxley Act of 2002), (a) in each case, made in the ordinary course of
business of the Company or any Restricted Subsidiary of the Company (including payroll, travel and entertainment related advances) or (b) to purchase Equity Interests of the Company, which in the case of this clause (b), do not exceed $20.0
million in the aggregate at any one time outstanding; 
 (9) repurchases of the Notes; 

(10) any Guarantee of Indebtedness of the Company or a Restricted Subsidiary permitted to be Incurred by Section 4.09;

 (11) any Investment existing on, or made pursuant to binding commitments existing on, the Issue Date, and any
modifications, renewals or extensions that do not increase the amount of the Investment being modified, renewed or extended (as determined as of such date of 

  
 -20- 

 
modification, renewal or extension) unless the incremental increase in such Investment is otherwise permitted under this Indenture, and any Investment made pursuant to the Separation Documents;

 (12) Investments acquired after the Issue Date as a result of the acquisition by the Company or any Restricted Subsidiary
of the Company of another Person, including by way of a merger, amalgamation or consolidation with or into the Company or any of its Restricted Subsidiaries in a transaction that is not prohibited by Article 5 after the Issue Date, to the extent
that such Investments were not made in contemplation of such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; 

(13) Guarantees by the Company or any of its Restricted Subsidiaries of operating leases (other than Capital Lease Obligations)
or of other obligations that do not constitute Indebtedness, in each case entered into by the Company or any Restricted Subsidiary of the Company in the ordinary course of business; 

(14) Investments in any Person 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 of its Restricted Subsidiaries; 

(15) Investments in Unrestricted Subsidiaries and Joint Ventures made by the Company or any of its Restricted Subsidiaries, in
an aggregate amount (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together will all other Investments made pursuant to this clause (15) and then outstanding, that does
not exceed the greater of (a) $25.0 million and (b) 1.0% of the Company’s Consolidated Tangible Assets; 

(16) Investments pursuant to a retirement restoration plan offered to senior management in an aggregate amount not to exceed
$10.0 million at any time outstanding; and 
 (17) 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 (17) that are at the time outstanding not to exceed the
greater of (a) $100.0 million and (b) 3.0% of the Company’s Consolidated Tangible Assets. 
 In determining whether an
Investment is a Permitted Investment, the Company may allocate all or any portion of any Investment and later reallocate all or any portion of any Investment to one or more of the above clauses (1) through (17) and any of the provisions of
Section 4.08. 
 “Permitted Liens” means: 

(1) Liens on assets of the Company or any of its Restricted Subsidiaries securing Indebtedness and other Obligations under Debt
Facilities that was permitted by the terms of this Indenture to be Incurred pursuant to clause (1) of the definition of Permitted Debt and/or securing Hedging Obligations related thereto and/or securing Obligations with regard to Treasury
Management Arrangements; 
 (2) Liens in favor of the Company or any Restricted Subsidiary; 

  
 -21- 

 (3) Liens on property of a Person existing at the time such Person becomes a
Restricted Subsidiary of the Company or is merged with or into or consolidated with the Company or any Restricted Subsidiary of the Company; provided that such Liens were in existence prior to the contemplation of such Person becoming a
Restricted Subsidiary of the Company or such merger or consolidation and do not extend to any assets (other than improvements thereon, accessions thereto and proceeds thereof) other than those of the Person that becomes a Restricted Subsidiary of
the Company or is merged with or into or consolidated with the Company or any Restricted Subsidiary of the Company; 
 (4)
Liens on property (including Capital Stock) existing at the time of acquisition of the property by the Company or any Subsidiary of the Company; provided that such Liens were in existence prior to such acquisition and not Incurred in
contemplation of, such acquisition; provided, further, that any such Liens may not extend to any other property (other than with respect to the acquired property, improvements thereon, accessions thereto and proceeds thereof) owned by the
Company or any Restricted Subsidiary; 
 (5) Liens to secure the performance of tenders, bids, purchase agreements, or
letters of intent (including earnest money deposits in respect of same) statutory obligations, insurance, surety or appeal bonds, government contracts, leases, workers compensation obligations, unemployment insurance, old age benefits, social
security obligations, performance bonds or other obligations of a like nature Incurred in the ordinary course of business (including Liens to secure letters of credit issued to assure payment of such obligations; provided that such letters of
credit do not constitute Indebtedness); 
 (6) Liens to secure Indebtedness (including Capital Lease Obligations) permitted
by clause (4) of Section 4.09(b) covering only the assets acquired, designed, constructed, installed or improved with, or financed by, such Indebtedness (and improvements thereon, accessions thereto and proceeds thereof); 

(7) Liens existing on the Issue Date or under the Separation Documents (other than Liens Incurred or to be Incurred under the
Senior Credit Facilities); 
 (8) Liens for taxes, assessments or governmental charges or claims that are not more than 90
days past due or which can thereafter be paid without penalty 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) carriers’, warehousemen’s, landlord’s and
mechanics’, workmens’, materialmens’, repairman’s, crews’ wages, maritime, custom, revenue authority or like Liens, in each case, Incurred in the ordinary course of business; 

(10) survey exceptions, easements, servitudes, permits, reservations or similar encumbrances of, or rights of others for,
licenses, rights-of-way, sewers, electric lines, telegraphs, telephone lines, roads, pipelines, transmission lines, transportation lines, distribution lines, removal of gas, oil, coal, metals, steam, minerals, timber or other natural resources and
other similar purposes, or zoning or other restrictions as to the use of real property or defects, irregularities and deficiencies in title that were not Incurred in connection with Indebtedness and that do not in the aggregate materially adversely
affect the value of said properties or materially impair their use in the operation of the business of such Person; 
 (11)
Liens created for the benefit of (or to secure) the Notes (or the Note Guarantees); 

  
 -22- 

 (12) Liens to secure any Permitted Refinancing Indebtedness Incurred to
refinance, refund, replace, amend, extend or modify, as a whole or in part, Indebtedness that was previously so secured pursuant to clauses (3), (4), (6), (7) and this clause (12) and permitted to be Incurred under this Indenture;
provided, however, that: 
 (a) the new Lien is 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 Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged with such Permitted Refinancing Indebtedness and (y) an amount necessary to pay unpaid accrued interest and
premium thereon and any fees and expenses, including premiums and any bona fide amendment, waiver or consent fee, related to such renewal, refunding, refinancing, replacement, defeasance or discharge; 

(13) Liens on insurance policies and proceeds thereof, or other deposits, to secure insurance premium financings; 

(14) Liens on and pledges of the Equity Interests of any Unrestricted Subsidiary or any Joint Venture owned by the Company or
any Restricted Subsidiary of the Company to the extent securing Non-Recourse Debt or other Indebtedness of such Unrestricted Subsidiary or Joint Venture; 

(15) bankers’ Liens, rights of setoff, and other similar Liens, Liens arising out of judgments or awards not constituting
an Event of Default and notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; 

(16) Liens on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or redemption of
Indebtedness; 
 (17) Liens on specific items of inventory or other goods (and the proceeds thereof) of any Person securing
such Person’s obligations in respect of bankers’ acceptances issued or created in the ordinary course of business for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(18) grants of software and other technology licenses in the ordinary course of business; 

(19) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered
into in the ordinary course of business; 
 (20) Liens on property or assets under construction (and related rights) in favor
of a contractor or developer or arising from progress or partial payments by a third party relating to such property or assets; 

(21) Liens created or evidenced by or resulting from financing statements filed by lessors of property (but only with respect
to the property so leased); 

  
 -23- 

 (22) licenses, sublicenses, leases and subleases granted with respect to assets
or properties of the Company and its Restricted Subsidiaries (including the demise, bareboat, time, voyage or other charter, lease or right to use of a Rig), in each case entered into in the ordinary course of business, so long as such licenses,
sublicenses, lease or subleases do not (a) interfere in any material respect with the ordinary conduct of the business of the Company or its Restricted Subsidiaries or (ii) materially impair the use (for its intended purposes) or the value
of the property or assets subject thereto; 
 (23) customary restrictions on assets to be disposed of pursuant to merger
agreements, stock or asset purchase agreements and similar agreements to the extent that such dispositions are permitted under this Indenture; 

(24) Liens securing reimbursement obligations with respect to commercial letters of credit that encumber documents and other
assets relating to such letters of credit and products and proceeds thereof; 
 (25) Liens encumbering deposits made to
secure obligations arising from statutory, regulatory, contractual or warranty requirements of the Company or any of its Restricted Subsidiaries, including rights of offset and setoff; 

(26) Liens arising under this Indenture in favor of the Trustee for its own benefit and similar Liens in favor of other
trustees, agents and representatives arising under instruments governing Indebtedness permitted to be Incurred under this Indenture; provided that such Liens are solely for the benefit of the trustees, agents or representatives in their
capacities as such and not for the benefit of the holders of such Indebtedness; and 
 (27) other Liens Incurred by the
Company or any Restricted Subsidiary of the Company with respect to obligations that do not exceed the greater of (a) $150.0 million and (b) 5.0% of the Company’s Consolidated Tangible Assets at any one time outstanding. 

“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 renew, refund, refinance, replace, defease or discharge, in whole or in part, other Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness) (the
“Refinanced Indebtedness”); provided that: 
 (1) the principal amount (or accreted value, if
applicable, or in the case of Preferred Stock and Disqualified Stock, the amount thereof determined in accordance with the definition thereof) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if
applicable, or in the case of Preferred Stock and Disqualified Stock, the amount thereof determined in accordance with the definition thereof) of the Refinanced Indebtedness (plus all accrued (including, for the purposes of defeasance, future
accrued) interest on, or accrued dividends on, the Refinanced Indebtedness and the amount of all fees and expenses, including premiums, Incurred in connection therewith); 

(2) such Permitted Refinancing Indebtedness (a) has a final maturity date that is later than the final maturity date of
the Refinanced Indebtedness, and has a Weighted Average Life to Maturity at the time such Permitted Refinancing Indebtedness is Incurred equal to or greater than the Weighted Average Life to Maturity of the Refinanced Indebtedness or (b) has a
final maturity date that is more than 90 days after the final maturity date of the Notes; 

  
 -24- 

 (3) if the Refinanced Indebtedness is contractually subordinated in right of
payment to the notes, such Permitted Refinancing Indebtedness is contractually 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 Refinanced
Indebtedness; and 
 (4) if the Company or a Guarantor is the issuer of or otherwise an obligor on the Refinanced
Indebtedness, such Permitted Refinancing Indebtedness is not Incurred (other than by way of a Guarantee) by any Non-Guarantor Subsidiary. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company or government or other entity. 
 “Preferred Stock” means, with
respect to any Person, any Capital Stock in such Person of any class or classes (however designated) that rank prior, as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or
winding up of such Person, to shares of common Capital Stock in such Person. 
 “Qualifying Equity Interests” means Equity
Interests of the Company other than Disqualified Stock. 
 “Rating Agency” means each of S&P and Moody’s or, if
S&P or Moody’s or both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company, which shall be substituted for S&P or
Moody’s or both, as the case may be. 
 “Rating Category” means: 

(1) with respect to S&P, any of the following categories: AAA, AA, A, BBB, BB, B, CCC, CC, C and D (or equivalent successor
categories); and 
 (2) with respect to Moody’s, any of the following categories: Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C and
D (or equivalent successor categories). 
 “Rating Decline” means a decrease in the rating of the Notes by either
Moody’s or S&P by one or more gradations (including gradations within Rating Categories as well as between Rating Categories). In determining whether the rating of the Notes has decreased by one or more gradations, gradations within Rating
Categories, namely + or – for S&P, and 1, 2, and 3 for Moody’s, will be taken into account; for example, in the case of S&P, a rating decline either from BB+ to BB or BB- to B+ will constitute a decrease of one gradation. 

“Record Date” means (a) with respect to the 2022 notes, for the interest payable on any applicable Interest Payment Date
means the January 1 or July 1 (whether or not a Business Day) next preceding such Interest Payment Date and (b) with respect to the 2024 notes, for the interest payable on any applicable Interest Payment Date means the February 1
or August 1 (whether or not a Business Day) next preceding such Interest Payment Date, and shall refer to the Record Dates for both series of Notes, as applicable. 

“Redomestication” means: 

(a) any amalgamation, merger, exchange offer, conversion, consolidation or similar action of the Company with or into any other
Person, or of any other Person with or into the Company, or the direct or indirect sale, conveyance or other disposition (other than by lease) of all or substantially all of the assets of the Company to any other Person, 

  
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 (b) any continuation, discontinuation, domestication, redomestication,
amalgamation, merger, plan or scheme of arrangement, exchange offer, business combination, reincorporation, reorganization consolidation or similar action of the Company, pursuant to the law of the jurisdiction of its organization and of any other
jurisdiction, or 
 (c) the formation of a Person that becomes, as part of the transaction or series of related transactions,
the direct or indirect owner of 100% of the voting Capital Stock (except for directors’ qualifying shares) of the Company (the “New Parent”), 

if as a result thereof: 

(x) in the case of any action specified in clause (a), the entity that is the surviving, resulting or continuing Person in such
merger, amalgamation, conversion, consolidation or similar action, or the transferee in such sale, conveyance or other disposition, 

(y) in the case of any action specified in clause (b), the entity that constituted the Company immediately prior thereto (but
disregarding for this purpose any change in its jurisdiction of organization), or 
 (z) in the case of any action specified
in clause (c), the New Parent, 
 (in any such case described in (a) or (b), the “Surviving Person”) is a corporation
or other entity, validly incorporated or formed and existing in good standing (to the extent the concept of good standing is applicable) under the laws of a Permitted Foreign Jurisdiction, whose outstanding equity securities of each class issued and
outstanding immediately following such action, and giving effect thereto, shall be beneficially owned by substantially the same Persons, in substantially the same percentages, as were the outstanding equity securities of the Company immediately
prior thereto. 
 “Redomestication Exclusion Condition” means the condition that, immediately after giving effect to the
entire series of related steps and transactions taken, or to be taken, as part of any Redomestication, taken as a whole, the Company and its Restricted Subsidiaries, on a consolidated basis, shall not have substantially less assets or, in respect of
any Restricted Payment in connection with such Redomestication, substantially less net worth, in each case, in the good faith determination of the Company (after giving effect to any Restricted Payment, Permitted Investment or Asset Sale consummated
in accordance with this Indenture) that the Company and its Restricted Subsidiaries, on a consolidated basis, had immediately prior to giving effect to such Redomestication. 

“Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the
Trustee having direct responsibility for the administration of this Indenture, or any other officer to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 

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

“Restricted Subsidiary” of a Person means any Subsidiary of such Person that is not an Unrestricted Subsidiary. Unless
otherwise indicated, when used herein, the term “Restricted Subsidiary” shall refer to a Restricted Subsidiary of the Company. 

  
 -26- 

 “Revolving Credit Facility” means that certain Senior Secured Revolving Credit
Agreement, dated as of June 17, 2014, by and among the Company and Paragon International Finance Company, as borrowers, the various lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as the administrative agent thereunder,
including any notes, Guarantees, collateral documents, instruments and other agreements executed in connection therewith, and, in each case, as amended, restated, modified, supplemented, extended, increased, renewed, refunded, replaced in any manner
(whether upon or after termination or otherwise, and whether with the original lenders, investors, agents or otherwise) or refinanced (including by means of any capital markets transaction and involving any refinancing that increases the amount of
Indebtedness borrowed or issued thereunder) in whole or in part from time to time. 
 “Rig” means, collectively, offshore
drilling rigs, including, without limitation, semisubmersibles, drillships, jack-ups, semisubmersible tender assist vessels, floating production storage and offtake vehicles and submersible rigs, owned by the Company and/or any Restricted Subsidiary
of the Company, and, individually, any of such rigs. 
 “S&P” means Standard & Poor’s Financial Services
LLC, or any successor to the ratings business thereof. 
 “Satisfactory Drilling Contract” means any drilling contract (or
any letter of intent with respect thereto) with an initial term of at least six months in form and substance that is reasonably customary in the offshore drilling market, entered into by the Company or any Restricted Subsidiary with a Person
(a) having an Investment Grade Rating or a corporate credit rating equal to or higher than Baa3 (or the equivalent by Moody’s) and BBB- (or the equivalent) by S&P (or with respect to which a letter of credit has been provided),
(b) that has an established record of fulfilling payment obligations in a timely manner with Noble or the Company or any of its Restricted Subsidiaries or (c) that has been approved by the administrative agent under the Revolving Credit
Facility for purposes of determining a “Satisfactory Drilling Contract” (as defined therein). 
 “SEC” means the
U.S. Securities and Exchange Commission or any successor thereto. 
 “Secured Indebtedness” means any Indebtedness of the
Company or any of its Restricted Subsidiaries secured by a Lien on the assets of the Company or any of its Restricted Subsidiaries. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Senior Credit Facilities” means, collectively, the Revolving Credit Facility and the Term Loan Facility.

 “Separation Documents” means the agreements, instruments or other documents entered into in connection with the
Transactions described in the Offering Memorandum, each on substantially the terms described in the Offering Memorandum, and each other agreement, instrument or document incidental thereto. 

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

“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 documentation governing such Indebtedness as of the date of Incurrence thereof (or any later date 

  
 -27- 

 
agreed to by the parties after such date of Incurrence), 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. 
 “Subordinated Indebtedness” means (1) with respect to the Company, any
Indebtedness of the Company which is by its terms subordinated in right of payment to the Notes and (2) with respect to any Guarantor, any Indebtedness of such Guarantor which is by its terms subordinated in right of payment to the Note
Guarantee of such Guarantor under this Indenture. 
 “Subsidiary” means, with respect to any specified Person: 

(1) any corporation, association or other business entity (other than a partnership or limited liability company) of which more
than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) 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); or 
 (2) any partnership (whether general or limited) or limited liability company of which
(a) the sole general partner or member of which is such Person or a Subsidiary of such Person, or (b) if there is more than a single general partner or member, either (x) the only managing general partners or managing members of which
are such Person or one or more Subsidiaries of such Person (or any combination thereof) or (y) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as
applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or
otherwise. 
 “Surviving Person” has the meaning set forth in the definition of “Redomestication”. 

“Swiss Federal Tax Administration” means the Swiss tax authority responsible for levying Swiss Federal Withholding Tax. 

“Swiss Federal Withholding Tax” means the taxes levied pursuant to the Swiss Federal Withholding Tax Act. 

“Swiss Federal Withholding Tax Act” means the Swiss Federal Act on Withholding Tax of 13 October 1965 (Bundesgesetz
über die Verrechnungssteuer vom 13 Oktober 1965), together with the related ordinances, regulations and guidelines, all as amended and applicable from time to time. 

“Term Loan Facility” means that certain senior secured term loan agreement, dated as of the Issue Date, by and among Paragon
Offshore Finance Company, the various lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent thereunder, including any notes, Guarantees, collateral documents, instruments and other agreements executed in
connection therewith, and, in each case, as amended, restated, modified, supplemented, extended, increased, renewed, refunded, replaced in any manner (whether upon or after termination or otherwise, and whether with the original lenders, investors,
agents or otherwise) or refinanced (including by means of any capital markets transaction and involving any refinancing that increases the amount of Indebtedness borrowed or issued thereunder) in whole or in part from time to time 

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

“Transactions” has the definition set forth in the Offering Memorandum. 

“Transfer Restricted Notes” means Definitive Notes and any other Notes that bear or are required to bear the Restricted Notes
Legend. 
 “Treasury Management Arrangement” means any agreement or other arrangement governing the provision of treasury,
depositary, purchasing card or cash management services, including deposit accounts, overdraft, credit or debit card, funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox,
account reconciliation and reporting and trade finance services and other cash management services. 
 “Trustee” means
Deutsche Bank Trust Company Americas, as trustee, until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 

“Unrestricted Subsidiary” means any Subsidiary of the Company that is designated as an Unrestricted Subsidiary pursuant to a
resolution of the Board of Directors, but only to the extent that such Subsidiary: 
 (1) has no Indebtedness other than
Non-Recourse Debt; except any Guarantee given solely to support a pledge by the Company or any of its Restricted Subsidiaries of the Equity Interests of such Unrestricted Subsidiary, which Guarantee is not recourse to the Company or any Restricted
Subsidiary, and except for any Guarantee by the Company or any Restricted Subsidiary in respect of Indebtedness of such Unrestricted Subsidiary that is permitted both as an incurrence of Indebtedness and as an Investment (in each case in any amount
equal to the amount of such Indebtedness to be so Guaranteed) permitted by Section 4.08 and Section 4.09; 
 (2)
except as permitted by Section 4.14, 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 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, except for any pledge of Equity Interests of such Unrestricted Subsidiary to secure Indebtedness of the Company or any of its Restricted Subsidiaries. 

All Subsidiaries of an Unrestricted Subsidiary shall also be Unrestricted Subsidiaries. 

“Voting Stock” of any specified 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. 

  
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 “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. 
 “Wholly-Owned Subsidiary” of a Person means a Subsidiary, all of the Equity Interests of
which (other than directors’ qualifying shares or shares that are required by the applicable laws and regulations of the jurisdiction of organization of such Subsidiary to be owned by the government of such jurisdiction or individual corporate
citizens of such jurisdiction) are owned by such Person or another Wholly-Owned Subsidiary of such Person. 
  

	Section 1.02	Other Definitions. 

  

			
	 Term
	  	 Defined in Section

		
	 “2002 Law”
	  	10.08(b)(1)
	 “Additional Amounts”
	  	4.20(a)
	 “Agent Members”
	  	2.1(c) of Appendix A
	 “Affiliate Transaction”
	  	4.14(a)
	 “Alternate Offer”
	  	4.15(f)
	 “Applicable Procedures”
	  	1.1(a) of Appendix A
	 “Asset Sale Offer”
	  	4.16(d)
	 “Asset Sale Offer Amount”
	  	3.09(b)
	 “Asset Sale Offer Period”
	  	3.09(b)
	 “Asset Sale Purchase Date”
	  	3.09(b)
	 “Authentication Order”
	  	2.02(c)
	 “Change of Control Offer”
	  	4.15(a)
	 “Change of Control Payment”
	  	4.15(a)
	 “Change of Control Purchase Date”
	  	4.15(a)
	 “Clearstream”
	  	1.1(a) of Appendix A
	 “Covenant Defeasance”
	  	8.03
	 “Definitive Notes Legend”
	  	2.2(e) of Appendix A
	 “Distribution Compliance Period”
	  	1.1(a) of Appendix A
	 “ERISA Legend”
	  	2.2(e) of Appendix A
	 “Euroclear”
	  	1.1(a) of Appendix A
	 “Event of Default”
	  	6.01(a)
	 “Excess Proceeds”
	  	4.16(d)
	 “Expiration Date”
	  	1.05(j)
	 “Global Note”
	  	2.1(b) of Appendix A
	 “Global Notes Legend”
	  	2.2(e) of Appendix A
	 “Guaranteed Obligations”
	  	10.01(a)
	 “IAI”
	  	1.1(a) of Appendix A
	 “IAI Global Note”
	  	2.1(b) of Appendix A
	 “Legal Defeasance”
	  	8.02(a)
	 “Luxembourg Guaranteed Obligations”
	  	10.08
	 “Luxembourg Guarantor”
	  	10.08

  
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	 Term
	  	 Defined in Section

		
	 “Maximum Annual Dividend Amount”
	  	4.08(b)
	 “Note Register”
	  	2.03(a)
	 “Pari Passu Indebtedness”
	  	4.16(b)
	 “Payment Default”
	  	6.01(a)
	 “Paying Agent”
	  	2.03(a)
	 “PDF”
	  	12.16
	 “Permitted Debt”
	  	4.09(b)
	 “QIB”
	  	1.1(a) of Appendix A
	 “Registrar”
	  	2.03(a)
	 “Regulation S”
	  	1.1(a) of Appendix A
	 “Regulation S Global Note”
	  	2.1(b) of Appendix A
	 “Regulation S Notes”
	  	2.1(a) of Appendix A
	 “Reinstatement Date”
	  	4.17(b)
	 “Restricted Payments”
	  	4.08(a)
	 “Restricted Notes Legend”
	  	2.2(e) of Appendix A
	 “Rule 144”
	  	1.1(a) of Appendix A
	 “Rule 144A”
	  	1.1(a) of Appendix A
	 “Rule 144A Global Note”
	  	2.1(b) of Appendix A
	 “Rule 144A Notes”
	  	2.1(a) of Appendix A
	 “Successor Company”
	  	5.01(a)
	 “Successor Guarantor”
	  	5.01(c)
	 “Suspended Covenants”
	  	4.17(a)
	 “Suspension Date”

“Suspension Period”
	  	 4.17(a)

4.17(b)

	 “Swiss Guarantor”
	  	10.07(a)
	 “Swiss Restricted Obligations”
	  	10.07(a)
	 “Swiss Maximum Amount”
	  	10.07(a)
	 “Tax Jurisdiction”
	  	4.20(a)
	 “Tax Redemption Date”
	  	3.07(i)
	 “Taxes”
	  	4.20(a)
	 “Transfer Agent”
	  	2.03(a)
	 “Unrestricted Global Note”
	  	1.1(a) of Appendix A
	 “U.S. Person”
	  	1.1(a) of Appendix A

  

	Section 1.03	Rules of Construction. 

 Unless the context otherwise requires: 

(1) a term defined in Section 1.01 or 1.02 has the meaning assigned to it therein, and a term used herein that is defined
in the Trust Indenture Act, either directly or by reference therein, shall have the meaning assigned to it therein; 
 (2) an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
 (3) “or” is not
exclusive; 
 (4) words in the singular include the plural, and words in the plural include the singular; 

  
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 (5) provisions apply to successive events and transactions; 

(6) unless the context otherwise requires, any reference to an “Appendix,” “Article,” “Section,”
“clause,” “Schedule” or “Exhibit” refers to an Appendix, Article, Section, clause, Schedule or Exhibit, as the case may be, of this Indenture; 

(7) the words “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and
not any particular Article, Section, clause or other subdivision; 
 (8) “including” means including without
limitation; 
 (9) references to sections of, or rules under, the Securities Act, the Exchange Act or the Trust Indenture Act
shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time; 

(10) unless otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and
other modifications to such agreements or instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Indenture; and 

(11) in the event that a transaction meets the criteria of more than one category of permitted transactions or listed
exceptions, the Company may classify, divide or reclassify such transaction as it, in its sole discretion, determines. 
  

	Section 1.04	Incorporation by Reference of Trust Indenture Act. 

 Whenever this Indenture refers to a
provision of the Trust Indenture Act as applicable to this Indenture, the provision is incorporated by reference in and made a part of this Indenture. 

The following Trust Indenture Act terms used in this Indenture have the following meanings: 

“Commission” means the SEC; 

“indenture securities” means the Notes; 

“indenture security holder” means a Holder of a Note; 

“indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the Notes and the Note Guarantees means the Company and the Guarantors, respectively, and any
successor obligor upon the Notes and the Note Guarantees, respectively. 
 All other terms used in this Indenture that are defined by the
Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined by SEC rule under the Trust Indenture Act have the meanings so assigned to them. 
  

	Section 1.05	Acts of Holders. 

 (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by 

  
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one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company and the Guarantors. Proof of execution of any such instrument or of a writing appointing
any such agent, or the holding by any Person of a Note, shall be sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive in favor of the Trustee, the Company and the Guarantors, if made in the manner provided in
this Section 1.05. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved (1) by
the affidavit of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the
execution thereof or (2) in any other manner deemed reasonably sufficient by the Trustee. Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute proof of the
authority of the Person executing the same. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient. 

(c) The ownership of Notes shall be proved by the Note Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind every future
Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee, the Company or the Guarantors in
reliance thereon, whether or not notation of such action is made upon such Note. 
 (e) The Company may set a record date for purposes of
determining the identity of Holders entitled to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, or to vote on or consent to any action authorized or
permitted to be taken by Holders; provided that the Company may not set a record date for, and the provisions of this clause shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in
clause (f) below. Unless otherwise specified, if not set by the Company prior to the first solicitation of a Holder made by any Person in respect of any such action, or in the case of any such vote, prior to such vote, any such record date
shall be the later of 30 days prior to the first solicitation of such consent or vote or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation or vote. If any record date is set pursuant to this clause (e),
the Holders on such record date, and only such Holders, shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action (including revocation of any action), whether or not such Holders
remain Holders after such record date; provided that no such action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Notes, or each affected
Holder, as applicable, on such record date. Promptly after any record date is set pursuant to this clause, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to
be given to the Trustee in writing and to each Holder in the manner set forth in Section 12.02. 
 (f) The Trustee may set any day as a
record date for the purpose of determining the Holders entitled to join in the giving or making of (1) any notice of default under Section 6.01(a), (2) any declaration of acceleration referred to in Section 6.02, (3) any
direction referred to in Section 6.05 or (4) any request to pursue a remedy as permitted in Section 6.06. If any record date is set pursuant to this clause, the Holders on such record date, and no other Holders, shall be entitled to
join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; 

  
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provided that no such action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Notes or
each affected Holder, as applicable, on such record date. Promptly after any record date is set pursuant to this clause, the Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action by Holders and the
applicable Expiration Date to be given to the Company and to each Holder in the manner set forth in Section 12.02. 
 (g) Without
limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so
pursuant to such appointment with regard to all or any part of such principal amount. Any notice given or action taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this clause shall have the same
effect as if given or taken by separate Holders of each such different part. 
 (h) Without limiting the generality of the foregoing, a
Holder, including a Depositary that is the Holder of a Global Note, may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this
Indenture to be made, given or taken by Holders, and a Depositary that is the Holder of a Global Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such Depositary’s standing instructions
and customary practices. 
 (i) The Company may fix a record date for the purpose of determining the Persons who are beneficial owners of
interests in any Global Note held by a Depositary entitled under the procedures of such Depositary, if any, to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent,
waiver or other action provided in this Indenture to be made, given or taken by Holders; provided that if such a record date is fixed, only the beneficial owners of interests in such Global Note on such record date or their duly appointed
proxy or proxies shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such beneficial owners remain beneficial owners of interests in such Global Note after
such record date. No such request, demand, authorization, direction, notice, consent, waiver or other action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date. 

(j) With respect to any record date set pursuant to this Section 1.05, the party hereto that sets such record date may designate any day
as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the
other party hereto in writing, and to each Holder of Notes in the manner set forth in Section 12.02, on or prior to both the existing and the new Expiration Date. If an Expiration Date is not designated with respect to any record date set
pursuant to this Section 1.05, the party hereto which set such record date shall be deemed to have initially designated the 90th day after such record date as the Expiration Date with respect thereto, subject to its right to change the
Expiration Date as provided in this clause (j). 
 ARTICLE 2 

THE NOTES 
  

	Section 2.01	Form and Dating; Terms. 

 (a) Provisions relating to the Initial Notes, Additional Notes
and any other Notes issued under this Indenture are set forth in Appendix A, which is hereby incorporated in and expressly made a part of this Indenture. The Notes and the Trustee’s certificate of authentication shall each be

  
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substantially in the form of Exhibit A-1 or Exhibit A-2, as applicable, hereto, which is hereby incorporated in and expressly made a part of this Indenture. The Notes may have notations, legends
or endorsements required by law, rules or agreements with national securities exchanges to which the Company or any Guarantor is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the
Company). Each Note shall be dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

(b) The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited. 

The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture, and the Company,
the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this
Indenture, the provisions of this Indenture shall govern and be controlling. 
 The Notes shall be subject to repurchase by the Company
pursuant to a Change of Control Offer as provided in Section 4.15 or an Asset Sale Offer as provided in Section 4.16, and otherwise as not prohibited by this Indenture. The Notes shall not be redeemable, other than as provided in Article 3. 

Additional Notes ranking pari passu with the Initial Notes may be created and issued from time to time by the Company without notice to
or consent of the Holders and shall be consolidated with and form a single class with the Initial Notes and shall have the same terms as to status, redemption or otherwise (other than issue date, issue price and, if applicable, the first Interest
Payment Date and the first date from which interest will accrue) as the Initial Notes; provided that the Company’s ability to issue Additional Notes shall be subject to the Company’s compliance with Section 4.09; provided,
further, that if any Additional Notes are not fungible with the applicable series of Notes for U.S. Federal income tax purposes, such Additional Notes will be issued as a separate series under this Indenture and will have a separate CUSIP number
and ISIN from the applicable series of Notes. Any Additional Notes shall be issued with the benefit of an indenture supplemental to this Indenture. 
  

	Section 2.02	Execution and Authentication. 

 (a) At least one Officer shall execute the Notes on
behalf of the Company by manual or facsimile signature. If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid. 

(b) A Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated
substantially in the form of Exhibit A-1 or Exhibit A-2, as applicable, attached hereto by the manual signature of an authorized signatory of the Trustee. The signature shall be conclusive evidence that the Note has been duly authenticated
and delivered under this Indenture. 
 (c) On the Issue Date, the Trustee shall, upon receipt of a written order of the Company signed by an
Officer (an “Authentication Order”), authenticate and deliver the Initial Notes. In addition, at any time and from time to time, the Trustee shall, upon receipt of an Authentication Order, authenticate and deliver any Additional
Notes in an aggregate principal amount specified in such Authentication Order for such Additional Notes issued hereunder. 

  
 -35- 

 (d) 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 has the same rights as an Agent to
deal with Holders, the Company or an Affiliate of the Company. 
 (e) The Trustee shall authenticate and make available for delivery upon a
written order of the Company signed by one Officer of the Company (a) Initial Notes for original issue on the Issue Date in an aggregate principal amount of $1,080,000,000, comprised of $500,000,000 aggregate principal amount of 2022 notes and
$580,000,000 aggregate principal amount of 2024 notes, (b) subject to the terms of this Indenture, Additional Notes and (c) any other Unrestricted Global Notes issued in exchange for any of the foregoing in accordance with this Indenture.
Such order shall specify the amount of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated and whether the Notes are to be Initial Notes, Additional Notes or other Unrestricted Global Notes. 

 

	Section 2.03	Registrar and Paying Agent. 

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

(b) The Company initially appoints The Depository Trust Company to act as Depositary with respect to the Global Notes. The Company initially
appoints the Trustee to act as Paying Agent and Registrar for the Notes and to act as Custodian with respect to the Global Notes. The Company initially appoints Deutsche Bank Luxembourg S.A. to act as Paying Agent and Transfer Agent in Luxembourg.

 (c) For so long as the Notes are listed on the Exchange and the rules of the Exchange require, the Company shall publish notice of the
change in a Paying Agent or Registrar in a daily newspaper with general circulation in Luxembourg (which is expected to be the Luxemburger Wurt) or, to the extent and in the manner permitted by the rules, posted on the official website of the
Exchange. 
  

	Section 2.04	Paying Agent to Hold Money in Trust. 

 The Company shall, no later than 11:00 a.m. (New
York City time) on each due date for the payment of principal, premium, if any, and interest on any of the Notes, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held in trust for the Holders entitled to the same, and
(unless such Paying Agent is the Trustee) the Company shall promptly notify the Trustee of its action or failure so to act. The Company shall require each Paying Agent other than the Trustee to agree in writing that such Paying Agent shall hold in
trust for the benefit of Holders or the Trustee all money held by such Paying Agent for the payment of principal, premium, if any, and interest on the Notes, and shall notify the Trustee of any default by the Company in making any such payment.
While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the

  
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Trustee, a Paying Agent shall have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of
the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Notes. 

 

	Section 2.05	Holder Lists. 

 The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with Trust Indenture Act Section 312(b). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at
least two Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders, and the
Company shall otherwise comply with Trust Indenture Act Section 312(a). 
  

	Section 2.06	Transfer and Exchange. 

 (a) The Notes shall be issued in registered form and shall be
transferable only upon the surrender of a Note for registration of transfer and in compliance with Appendix A. 
 (b) To permit
registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request.

 (c) No service charge shall be imposed in connection with any registration of transfer or exchange (other than pursuant to
Section 2.07), but the Holders shall be required to pay any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer
pursuant to Sections 2.10, 3.06, 3.09, 4.15, 4.16, 4.20 and 9.05). 
 (d) All Global Notes and Definitive Notes issued upon any registration
of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon
such registration of transfer or exchange. 
 (e) Neither the Company nor the Registrar shall be required (1) to issue, to register the
transfer of or to exchange any Note during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 and ending at the close of business on the day of selection, (2) to
register the transfer of or to exchange any Note so selected for redemption, or tendered for repurchase (and not withdrawn) in connection with a Change of Control Offer or an Asset Sale Offer, in whole or in part, except the unredeemed or
unpurchased portion of any Note being redeemed or repurchased in part or (3) to register the transfer of or to exchange any Note between a Record Date and the next succeeding Interest Payment Date. 

(f) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the
Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal, premium, if any, and (subject to the Record Date provisions of the Notes) interest on such Notes and for all other
purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
 (g) Upon surrender for
registration of transfer of any Note at the office or agency of the Company designated pursuant to Section 4.02, the Company shall execute, and the Trustee shall authenticate and mail, in the name of the designated transferee or transferees, one or
more replacement Notes of any authorized denomination or denominations of a like aggregate principal amount. 

  
 -37- 

 (h) At the option of the Holder, Notes may be exchanged for other Notes of any authorized
denomination or denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever any Global Notes or Definitive Notes are so surrendered for exchange, the Company shall execute, and
the Trustee shall authenticate and mail, the replacement Global Notes and Definitive Notes which the Holder making the exchange is entitled to in accordance with the provisions of Appendix A. 

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

	Section 2.07	Replacement Notes. 

 If a mutilated Note is surrendered to the Trustee or if a Holder
claims that its Note has been lost, destroyed or wrongfully taken and the Trustee receives evidence to its satisfaction of the ownership and loss, destruction or theft of such Note, the Company shall issue and the Trustee, upon receipt of an
Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are otherwise met. If required by the Trustee or the Company, an indemnity bond must be provided by the Holder that is sufficient in the judgment of the
Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may charge the Holder for the expenses of the Company and the Trustee in
replacing a Note. Every replacement Note is a contractual obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. Notwithstanding the foregoing
provisions of this Section 2.07, in case any mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Note, pay such Note. 

 

	Section 2.08	Outstanding Notes. 

 (a) The Notes outstanding at any time are all the Notes
authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this
Section 2.08 as not outstanding. Except as set forth in Section 2.09, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note; provided that Notes held by the Company or a Subsidiary
of the Company will not be deemed to be outstanding for purposes of Section 3.07(b) and (f). 
 (b) If a Note is replaced pursuant to
Section 2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser, as such term is defined in Section 8-303 of the Uniform Commercial Code in effect in
the State of New York. 
 (c) If the principal amount of any Note is considered paid under Section 4.01, it ceases to be outstanding and
interest on it ceases to accrue from and after the date of such payment. 
 (d) If a Paying Agent (other than the Company, a Subsidiary or
an Affiliate of any thereof) holds, on the maturity date, any redemption date or any date of purchase pursuant to an Asset Sale Offer or a Change of Control Offer, money sufficient to pay Notes payable or to be redeemed or purchased on that date,
then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 

  
 -38- 

	Section 2.09	Treasury Notes. 

 In determining whether the Holders of the requisite principal amount of
Notes have concurred in any direction, waiver or consent, Notes beneficially owned by the Company, or by any Affiliate of the Company, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee
shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee knows are so owned shall be so disregarded. 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 to deliver any such direction, waiver or consent with respect to the Notes and that the pledgee is not the Company or any obligor upon 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 the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of definitive Notes but may have variations that the Company considers appropriate for temporary Notes
and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. Holders and beneficial holders, as the case may be, of
temporary Notes shall be entitled to all of the benefits accorded to Holders, or beneficial holders, respectively, of Notes under this Indenture. 
  

	Section 2.11	Cancellation. 

 The Company at any time may deliver Notes to the Trustee for
cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or the Paying Agent and no one
else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall destroy cancelled Notes in accordance with its customary procedures (subject to the record retention requirement of the
Exchange Act). Certification of the destruction of all cancelled Notes shall, upon the written request of the Company, be delivered to the Company. The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to
the Trustee for cancellation. 
  

	Section 2.12	Defaulted Interest. 

 (a) If the Company defaults in a payment of interest on the Notes,
it shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and
in Section 4.01. The Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of
money equal to the aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in
trust for the benefit of the Persons entitled to such defaulted interest as provided in this Section 2.12. The Trustee shall fix or cause to be fixed each such special record date and payment date; provided that no such special record
date shall be less than ten days prior to the related payment date for such defaulted interest. The Trustee shall promptly notify the Company of such special record date. At least 15 days before the special record date, the Company (or, upon the
written request of the Company, the Trustee in the name and at the expense of the Company) shall mail or deliver by 

  
 -39- 

 
electronic transmission in accordance with the applicable procedures of the Depositary, or cause to be mailed or delivered by electronic transmission in accordance with the applicable procedures
of the Depositary to each Holder a notice that states the special record date, the related payment date and the amount of such interest to be paid. 

(b) Subject to the foregoing provisions of this Section 2.12 and for greater certainty, each Note delivered under this Indenture upon
registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue interest, which were carried by such other Note. 

 

	Section 2.13	CUSIP and ISIN Numbers 

 The Company in issuing the Notes may use CUSIP or ISIN numbers
(if then generally in use) and, if so, the Trustee shall use CUSIP or ISIN numbers in notices of redemption or exchange or in Offers to 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 redemption or exchange or in Offers to Purchase and that reliance may be placed only on the other identification numbers printed on the Notes,
and any such redemption or exchange shall not be affected by any defect in or omission of such numbers. The Company shall as promptly as practicable notify the Trustee in writing of any change in the CUSIP or ISIN numbers. 

ARTICLE 3 
 REDEMPTION 

 

	Section 3.01	Notices to Trustee. 

 If the Company elects to redeem Notes pursuant to
Section 3.07, it shall furnish to the Trustee, at least five Business Days before notice of redemption is required to be mailed or caused to be mailed to Holders pursuant to Section 3.03 (unless a shorter notice shall be agreed to by the
Trustee) but not more than 60 days before a redemption date, an Officers’ Certificate setting forth (1) the Section of this Indenture pursuant to which the redemption shall occur, (2) the redemption date, (3) the principal amount
of the Notes to be redeemed and the series of such Notes to be redeemed and (4) the redemption price, if then ascertainable. 
  

	Section 3.02	Selection of Notes to Be Redeemed or Purchased. 

 (a) If less than all of the Notes of a
series are to be redeemed pursuant to Section 3.07 or purchased, the Trustee shall select the Notes of that series to be redeemed or purchased (1) if the Notes are listed on any national securities exchange, in compliance with the
requirements of the principal national securities exchange on which the Notes are listed or (2) if the Notes are not so listed, on a pro rata basis (or, in the case of Notes issued as Global Notes, based on a method as the Depositary or
its nominee or successor may require, or where such nominee or successor is the Trustee, a method that most nearly approximates pro rata selection as the Trustee deems fair and appropriate) unless otherwise required by law. In the event of
partial redemption or purchase by lot, the particular Notes to be redeemed or purchased shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the then outstanding
Notes of the applicable series not previously called for redemption or purchase. 
 (b) The Trustee shall promptly notify the Company in
writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected shall be in amounts of
$1,000 or integral multiples of $1,000; provided that no Notes of $2,000 in principal amount 

  
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or less shall be redeemed in part. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes
called for redemption or purchase. 
 (c) After the redemption date or purchase date, upon surrender of a Note to be redeemed or purchased
in part only, a new Note or Notes in principal amount equal to the unredeemed or unpurchased portion of the original Note, representing the same Indebtedness to the extent not redeemed or not purchased, shall be issued in the name of the Holder of
the Notes upon cancellation of the original Note (or appropriate book entries shall be made to reflect such partial redemption). 
  

	Section 3.03	Notice of Redemption. 

 (a) Subject to Section 3.09, the Company shall mail or
deliver by electronic transmission in accordance with the applicable procedures of the Depositary, or cause to be mailed (or delivered by electronic transmission in accordance with the applicable procedures of the Depositary) notices of redemption
of Notes not less than 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed pursuant to this Article at such Holder’s registered address or otherwise in accordance with the applicable
procedures of the Depositary, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with Article 8 or Article 11. Notices of redemption may not be conditional. 

(b) The notice shall identify the Notes to be redeemed (including CUSIP and ISIN number, if applicable) and shall state: 

(1) the redemption date; 

(2) the redemption price, including the portion thereof representing any accrued and unpaid interest; provided that in
connection with a redemption under Section 3.07(a) or Section 3.07(e), the notice need not set forth the redemption price but only the manner of calculation thereof; 

(3) if any Note is to be redeemed in part only, the portion of the principal amount of that Note that is to be redeemed; 

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

(5) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(6) that, unless the Company defaults in making such redemption payment or the Paying Agent is prohibited from making such
payment pursuant to the terms of this Indenture, interest on Notes called for redemption ceases to accrue on and after the redemption date; 

(7) the Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and 

(8) that no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, if any, listed in such notice
or printed on the Notes. 
 (c) 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 shall have delivered to the Trustee, at least two Business Days before notice of redemption is required to be sent or caused to be sent

  
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to Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting
forth the information to be stated in such notice as provided in Section 3.03(b). 
 (d) For so long as the Notes are listed on the
Exchange and the rules of the Exchange so require, the Company shall publish notice of redemption on the official website of the Luxembourg Stock Exchange or in a daily newspaper with general circulation in Luxembourg (which is expected to be the
Luxemburger Wort). 
  

	Section 3.04	Effect of Notice of Redemption. 

 Once notice of redemption is mailed in accordance with
Section 3.03, Notes called for redemption become irrevocably due and payable (subject to the provisions of the next succeeding sentence) on the redemption date at the redemption price. Notice of any redemption, including, without limitation,
upon an Equity Offering, may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a related Equity Offering. The notice, if mailed or delivered by electronic transmission in
a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to give such notice or any defect in the notice to the Holder of any Note designated for redemption in
whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. Subject to Section 3.05, on and after the redemption date, interest ceases to accrue on Notes or portions of Notes called for redemption.

  

	Section 3.05	Deposit of Redemption or Purchase Price. 

 (a) No later than 11:00 a.m. (New York City
time) on the redemption or purchase date (or such later time as such date to which the Trustee may reasonably agree), the Company shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price of and
accrued and unpaid interest on all Notes to be redeemed or purchased on that date. If a Note is redeemed or purchased on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest shall be paid
to the Holder of record on such Record Date. The Paying Agent shall promptly mail to each Holder whose Notes are to be redeemed or repurchased the applicable redemption or purchase price thereof and accrued and unpaid interest thereon. The Trustee
or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued and unpaid interest on, all
Notes to be redeemed or purchased. 
 (b) If the Company complies with the provisions of Section 3.05(a), on and after the redemption
or purchase date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption, whether or not such Notes are presented for payment, and the Holders of such Notes shall have no further rights with respect to such Notes
except for the right to receive the redemption or purchase price of, and accrued interests, if any, on such Notes upon surrender of such Notes. If a Note is redeemed or purchased on or after a Record Date but on or prior to the related Interest
Payment Date, then any accrued and unpaid interest to the redemption or purchase date in respect of such Note will be paid on such redemption or purchase date to the Person in whose name such Note is registered at the close of business on such
Record Date. If any Note called for redemption or purchase shall not be so paid upon surrender for redemption or purchase because of the failure of the Company to comply with Section 3.05(a), interest shall be paid on the unpaid principal, from
the redemption or purchase date until such principal is paid, and, to the extent lawful, on any interest accrued to the redemption or purchase date not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section
4.01. 

  
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	Section 3.06	Notes Redeemed or Purchased in Part. 

 Upon surrender of a Note that is redeemed or
purchased in part, the Company shall issue and, upon receipt of an Authentication Order, the Trustee shall promptly authenticate and mail to the Holder (or cause to be transferred by book entry) at the expense of the Company a new Note equal in
principal amount to the unredeemed or unpurchased portion of the Note surrendered representing the same Indebtedness to the extent not redeemed or purchased; provided that each new Note shall be in a principal amount of $2,000 or an integral
multiple of $1,000 in excess thereof. It is understood that, notwithstanding anything in this Indenture to the contrary, only an Authentication Order and not an Opinion of Counsel or Officers’ Certificate is required for the Trustee to
authenticate such new Note. 
  

	Section 3.07	Optional Redemption. 

 (a) At any time prior to July 15, 2018, the Company may on
any one or more occasions redeem all or a part of the 2022 notes, upon notice pursuant to Section 3.03, at a redemption price equal to 100% of the principal amount of the 2022 notes redeemed, plus the 2022 Applicable Premium as of, and accrued
and unpaid interest, if any, to the date of redemption. The Company will (a) determine the 2022 Treasury Rate at least one Business Day prior to the redemption date and (b) prior to such redemption date, file with the Trustee an
Officers’ Certificate setting forth the 2022 Applicable Premium and the 2022 Treasury Rate and showing the calculation of each in reasonable detail. 

(b) At any time prior to July 15, 2017, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount
of the 2022 notes issued under this Indenture (calculated after giving effect to any issuance of Additional 2022 Notes), upon notice pursuant to Section 3.03, at a redemption price equal to 106.75% of the principal amount of the 2022 notes
redeemed, plus accrued and unpaid interest thereon, if any, to the applicable date of redemption, with the net cash proceeds of one or more Equity Offerings by the Company; provided that (1) at least 65% of the aggregate principal amount
of the 2022 notes issued under this Indenture (calculated after giving effect to any issuance of Additional 2022 Notes but excluding 2022 notes held by the Company and its Subsidiaries) remains outstanding immediately after the occurrence of such
redemption (unless all of such 2022 notes are redeemed); and (2) the redemption occurs within 180 days of the date of closing of any such Equity Offering. 

(c) Except pursuant to clause (a) or (b) of this Section 3.07, the 2022 notes shall not be redeemable at the Company’s
option prior to July 15, 2018. 
 (d) On and after July 15, 2018, the Company may on any one or more occasions redeem all or a
part of the 2022 notes, upon notice pursuant to Section 3.03, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest thereon, if any, to the applicable redemption date, if
redeemed during the 12-month period beginning on July 15 of each of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2018
	  	 	103.375	% 
	 2019
	  	 	101.688	% 
	 2020 and thereafter
	  	 	100.000	% 

 (e) At any time prior to August 15, 2019, the Company may on any one or more occasions redeem all or a
part of the 2024 notes, upon notice pursuant to Section 3.03, at a redemption price equal to 100% of the principal amount of the 2024 notes redeemed, plus the 2024 Applicable Premium as of, and accrued and unpaid interest, if any, to the date
of redemption. The Company will (a) determine the 2024 Treasury Rate at least one Business Day prior to the redemption date and (b) prior to such redemption date, file with the Trustee an Officers’ Certificate setting forth the 2024
Applicable Premium and the 2024 Treasury Rate and showing the calculation of each in reasonable detail. 

  
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 (f) At any time prior to August 15, 2017, the Company may on any one or more occasions
redeem up to 35% of the aggregate principal amount of the 2024 notes issued under this Indenture (calculated after giving effect to any issuance of Additional 2024 Notes), upon notice pursuant to Section 3.03, at a redemption price equal to
107.25% of the principal amount of the 2024 notes redeemed, plus accrued and unpaid interest thereon, if any, to the applicable date of redemption, with the net cash proceeds of one or more Equity Offerings by the Company; provided that
(1) at least 65% of the aggregate principal amount of the 2024 notes issued under this Indenture (calculated after giving effect to any issuance of Additional 2024 Notes but excluding 2024 notes held by the Company and its Subsidiaries) remains
outstanding immediately after the occurrence of such redemption (unless all of such 2024 notes are redeemed); and (2) the redemption occurs within 180 days of the date of closing of any such Equity Offering. 

(g) Except pursuant to clause (e) or (f) of this Section 3.07, the 2024 notes shall not be redeemable at the Company’s
option prior to August 15, 2019. 
 (h) On and after August 15, 2019, the Company may on any one or more occasions redeem all or a
part of the 2024 notes, upon notice pursuant to Section 3.03, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest thereon, if any, to the applicable redemption date, if
redeemed during the 12-month period beginning on August 15 of each of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2019
	  	 	103.625	% 
	 2020
	  	 	102.417	% 
	 2021
	  	 	101.208	% 
	 2022 and thereafter
	  	 	100.000	% 

 (i) The Company may redeem the Notes, in whole but not in part, at its discretion at any time, upon notice
pursuant to Section 3.03, at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest, if any, to the date fixed by the Company for redemption (a “Tax Redemption Date”) and all
Additional Amounts, if any, then due and which will become due on the Tax Redemption Date as a result of the redemption or otherwise, if on the next date on which any amount would be payable in respect of the Notes, the Company is or would be
required to pay Additional Amounts, and the Company cannot avoid any such payment obligation by taking reasonable measures available (including, for the avoidance of doubt, the appointment of a new Paying Agent), and the requirement arises as a
result of: 
 (1) any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of the
relevant Tax Jurisdiction affecting taxation, which change or amendment has not been publicly announced before and which becomes effective on or after the date on which the Tax Jurisdiction imposing the relevant withholding or deduction became the
applicable Tax Jurisdiction under this Indenture; or 
 (2) any change in, or amendment to, the existing official position
regarding the application, administration or interpretation of such laws, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction or a change in published practice), which change, amendment, application or
interpretation has not been publicly announced before and becomes effective on or after the date on which the Tax Jurisdiction imposing the relevant withholding or deduction became the applicable Tax Jurisdiction under the Indenture. 

  
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 (j) In the case of Additional Amounts required to be paid as a result of the Company’s
conducting business other than in the place of its organization, such amendment or change must be announced and become effective on or after the date in which the Company began to conduct business giving rise to the relevant withholding or
deduction. 
 (k) The Company will not give any notice of redemption pursuant to clause (i) above earlier than 60 days prior to the
earliest date on which it would be obligated to make such payment or withholding if a payment in respect of the Notes were then due, and at the time such notice is given, the obligation to pay Additional Amounts must remain in effect. Prior to the
publication or, where relevant, mailing of any notice of redemption of the Notes pursuant to the foregoing, the Company will deliver to the Trustee an opinion of independent tax counsel, the choice of such counsel to be subject to the prior written
approval of the Trustee (such approval not to be unreasonably withheld) to the effect that there has been such change or amendment which would entitle the Company to redeem the Notes hereunder. In addition, before the Company publishes or mails
notice of redemption of the Notes, it will deliver to the Trustee an Officers’ Certificate to the effect that it cannot avoid its obligation to pay Additional Amounts by taking reasonable measures available to it. 

(l) The Trustee will accept, and will be entitled to rely solely on, such Officers’ Certificate and Opinion of Counsel as conclusive
proof of the existence and satisfaction of the conditions precedent as described in clause (k) above, in which event such satisfaction of the conditions precedent will be conclusive and binding on the Holders. 

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

 

	Section 3.08	Mandatory Redemption. 

 The Company will not be required to make mandatory redemption or
sinking fund payments with respect to the Notes. 
  

	Section 3.09	Offers to Repurchase by Application of Excess Proceeds. 

 (a) In the event that, pursuant
to Section 4.16, the Company is required to commence an Asset Sale Offer, the Company will follow the procedures specified below. 
 (b) The
Asset Sale Offer will remain open for a period of 20 Business Days following its commencement, except to the extent that a longer period is required by applicable law (the “Asset Sale Offer Period”). No later than five days after
the termination of the Asset Sale Offer Period (the “Asset Sale Purchase Date”), the Company will apply all Excess Proceeds to the purchase of the aggregate principal amount of Notes and, if applicable, Pari Passu Indebtedness (on a
pro rata basis, if applicable) required to be purchased pursuant to Section 4.16 (the “Asset Sale Offer Amount”), or, if less than the Asset Sale Offer Amount of Notes (and, if applicable, Pari Passu Indebtedness) has been so
validly tendered, all Notes and Pari Passu Indebtedness validly tendered in response to the Asset Sale Offer. Payment for any Notes so purchased will be made in the same manner as interest payments on the Notes are made. 

(c) If the Asset Sale Purchase Date is on or after a Record Date and on or before the related Interest Payment Date, any accrued and unpaid
interest to the Asset Sale Purchase Date will be paid on the Asset Sale Purchase Date to the Person in whose name a Note is registered at the close of business on such Record Date, and no additional interest will be payable to Holders who tender
Notes pursuant to the Asset Sale Offer. 

  
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 (d) Upon the commencement of an Asset Sale Offer, the Company shall mail a notice to each of the
Holders or otherwise deliver such notice in accordance with the applicable procedures of the Depositary, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to
the Asset Sale Offer. The Asset Sale Offer shall be made to all Holders and, if required, all Holders of Pari Passu Indebtedness. The notice, which shall govern the terms of the Asset Sale Offer, shall state: 

(1) that an Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.16 and the expiration time of the
Asset Sale Offer Period; 
 (2) the Asset Sale Offer Amount, the purchase price, including the portion thereof representing
any accrued and unpaid interest, and the Asset Sale Purchase Date; 
 (3) that Notes must be tendered in integral multiples
of $1,000 (subject to clause (8) below), and any Note not properly tendered will remain outstanding and will continue to accrue interest; 

(4) that, unless the Company defaults in making the payment, any Note accepted for payment pursuant to the Asset Sale Offer
will cease to accrue interest on and after the Asset Sale Purchase Date; 
 (5) 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” attached to such Note completed, the Paying Agent specified in the notice at the address
specified in the notice prior to the close of business on the third Business Day preceding the Asset Sale Purchase Date; 

(6) that Holders shall be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case
may be, receives at the address specified in the notice, not later than the expiration of the Asset Sale Offer Period, a telegram, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Notes the Holder
tendered for purchase and a statement that such Holder is withdrawing its tendered Notes and its election to have such Note purchased; 

(7) that, if the aggregate principal amount of Notes and Pari Passu Indebtedness surrendered by the holders thereof exceeds the
Asset Sale Offer Amount, then the Notes and such Pari Passu Indebtedness will be purchased on a pro rata basis based on the aggregate accreted value or principal amount, as applicable, of the Notes of each series or such Pari Passu
Indebtedness tendered and the selection of the Notes for purchase shall be made by the Trustee by such method as the Trustee in its sole discretion shall deem to be fair and appropriate (or, in the case of Notes issued as Global Notes, based on a
method as the Depositary or its nominee or successor may require, or where such nominee or successor is the Trustee, a method that most nearly approximates pro rata selection as the Trustee deems fair and appropriate), although no Note having
a principal amount of $2,000 shall be purchased in part; 
 (8) that Holders whose Notes of a particular series were
purchased only in part will be issued new Notes of such series equal in principal amount to the unpurchased portion of the Notes of such series surrendered (the unpurchased portion of the Notes of such series must be equal to $2,000 or an integral
multiple of $1,000 in excess thereof); and 
 (9) the other procedures, as determined by the Company, consistent with this
Section 3.09 that a Holder must follow. 

  
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 (e) On or before the Asset Sale Purchase Date, the Company will, to the extent lawful, accept for
payment, on a pro rata basis to the extent necessary or as otherwise provided in Section 4.16, the Asset Sale Offer Amount of Notes and Pari Passu Indebtedness or portions thereof validly tendered and not properly withdrawn pursuant to
the Asset Sale Offer, or, if less than the Asset Sale Offer Amount has been validly tendered and not properly withdrawn, all Notes and Pari Passu Indebtedness so tendered, in the case of the Notes, in whole number multiples of $1,000;
provided that if, following repurchase of a portion of a Note, the remaining principal amount of such Note outstanding immediately after such repurchase would be less than $2,000, then the portion of such Note so repurchased shall be reduced
so that the remaining principal amount of such Note outstanding immediately after such repurchase is $2,000. The Company will deliver, or cause to be delivered, to the Trustee the Notes so accepted and an Officers’ Certificate stating the
aggregate principal amount of Notes or portions thereof so accepted and that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.09. 

(f) The Paying Agent or the Company, as the case may be, and the Company, with respect to any Pari Passu Indebtedness, will promptly, but in
no event later than five Business Days after termination of the Asset Sale Offer Period, mail or deliver to each tendering Holder or holder or lender of Pari Passu Indebtedness, as the case may be, an amount equal to the purchase price of the Notes
or the Pari Passu Indebtedness so validly tendered and not properly withdrawn by such holder or lender, as the case may be, and accepted by the Company for purchase, and the Company will promptly issue a new Note of the applicable series, and the
Trustee, upon receipt of an Authentication Order, will authenticate and mail or deliver (or cause to be transferred by book-entry) such new Note of the applicable series to such Holder (it being understood that, notwithstanding anything in this
Indenture to the contrary, no Opinion of Counsel or Officers’ Certificate is required for the Trustee to authenticate and mail or deliver such new Note) in a principal amount equal to any unpurchased portion of the Note of such series
surrendered; provided that each such new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. In addition, the Company will take any and all other actions required by the agreements governing the
Pari Passu Indebtedness. Any Note not so accepted will be promptly mailed or delivered by the Company to the Holder thereof. The Company will publicly announce the results of the Asset Sale Offer on or as soon as practicable after the Asset Sale
Purchase Date. 
 (g) The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws
and regulations thereunder to the extent those requirements, 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 this Section 3.09 or Section 4.16 of this Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 3.09 or
Section 4.16 provisions of this Indenture by virtue of such compliance. 
 Other than as specifically provided in this
Section 3.09 or Section 4.16, any purchase pursuant to this Section 3.09 shall be made pursuant to the applicable provisions of Sections 3.01 through 3.06. 
  

	Section 3.10	Purchase of Notes. 

 The Company or any Affiliate of the Company may, subject to applicable law,
at any time purchase or otherwise acquire Notes in the open market or by private agreement. Any such acquisition shall not operate as or be deemed for any purpose to be a redemption of the indebtedness

  
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represented by such Notes. Any Notes purchased or acquired by the Company or an Affiliate may be delivered to the Trustee and, upon such delivery, the indebtedness represented thereby shall be
deemed to be satisfied. Section 2.11 shall apply to all Notes so delivered. 
 ARTICLE 4 

COVENANTS 
  

	Section 4.01	Payment of Notes. 

 (a) The Company will pay, or cause to be paid, the principal,
premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary, holds
as of 11:00 a.m. (New York City) time, on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay the principal, premium, if any, and interest then due. 

(b) The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and
premium, if any, at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest
(without regard to any applicable grace period) at the same rate to the extent lawful. 
  

	Section 4.02	Maintenance of Office or Agency. 

 The Company shall maintain 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 registration of transfer or for exchange and where notices and demands to or upon the Company and the Guarantors 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. 

The Company may also from time to time designate additional offices or agencies where the Notes may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations. The 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. 

The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with
Section 2.03. 
  

	Section 4.03	Taxes. 

 The Company shall pay, and shall cause each of its Restricted Subsidiaries to
pay, prior to delinquency, all taxes, assessments and governmental levies except (a) such as are being contested in good faith and by appropriate negotiations or proceedings or (b) where the failure to effect such payment would not have a
material adverse effect (1) upon the financial condition, business or results of operations of the Company and its Restricted Subsidiaries and (2) on the ability of the Company and its Subsidiaries, taken as a whole, and (3) on the
ability of the Company and its Restricted Subsidiaries, taken as a whole, to perform their respective obligations under the Notes or this Indenture. 

  
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	Section 4.04	Stay, Extension and Usury Laws. 

 The Company and each Guarantor covenants (to the extent
that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may
affect the covenants or the performance of this Indenture; and the Company and each Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to
any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted. 

 

	Section 4.05	Corporate Existence. 

 Subject to Article 5, the Company shall do or cause to be done all
things necessary to preserve and keep in full force and effect (1) its existence and the corporate, partnership, limited liability company or other existence of each of its Restricted Subsidiaries, in accordance with the respective
organizational documents (as the same may be amended from time to time) of the Company or any such Restricted Subsidiary and (2) the material rights (charter and statutory), licenses and franchises of the Company and its Restricted
Subsidiaries; provided that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership, limited liability company or other existence of any of its Restricted Subsidiaries, if the Company
in good faith shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries, taken as a whole. 

 

	Section 4.06	Reports. 

 (a) Whether or not required by the rules and regulations of the SEC, so long
as any Notes are outstanding, the Company will furnish to the Trustee and, upon its prior request, to any Holder (or, to the extent permitted by the SEC, file with the SEC for public availability), within the time periods specified in the SEC’s
rules and regulations that are then applicable to the Company (or, if the Company is not subject to such reporting requirements of the Exchange Act, then within those time periods for filing as are applicable to a filer that is not an
“accelerated filer” as defined in such rules and regulations), taking into account any extension of time, deemed filing date or safe harbor contemplated or provided for by Rule 12b-25, Rule 13a-11(c) and Rule 15d-11(c) under the Exchange
Act or successor provisions: 
 (1) all quarterly and annual reports that would be required to be filed with the SEC on Forms
10-Q (or any successor or comparable form) and 10-K (or any successor or comparable form) if the Company were required to file such reports, including a “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” and, with respect to the annual information only, a report on the annual financial statements by the Company’s certified independent accountants; and 

(2) all current reports that would be required to be filed with the SEC on Form 8-K (or any successor or comparable form) if
the Company were required to file such reports. 
 (b) The Company will be deemed to have furnished such reports to the Trustee and the
Holders if it has filed such reports with the SEC using the EDGAR filing system and such reports are publicly available. The Trustee will have no obligation to determine if and when the Company’s financial statements or reports are publicly
available and accessible electronically. 

  
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 (c) All reports specified in clauses (a)(1) and (a)(2) above will be prepared in all material
respects in accordance with all of the rules and regulations applicable to such reports. 
 (d) If, at any time, the Company is no longer
subject to the periodic reporting requirements of the Exchange Act for any reason, the Company will deliver such information to the Trustee and post the reports referred to in the preceding paragraphs on its website (to which access will be given to
Holders, as applicable) within the time periods specified above. 
 (e) If the Company has designated any of its Subsidiaries as an
Unrestricted Subsidiary, and if any such Unrestricted Subsidiary or group of Unrestricted Subsidiaries, if taken together as one Subsidiary, would constitute a Significant Subsidiary of the Company, then the quarterly and annual financial
information required by this Section 4.06 will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in Management’s Discussion and Analysis of Financial Condition and
Results of Operations, of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Company. 

(f) Delivery of reports, information and documents to the Trustee pursuant to this Section 4.06 is for informational purposes only and
the Trustee’s receipt of them will 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 under this
Indenture (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 (g) The Company will also make
available copies of all reports required by clauses (1) and (2) of Section 4.06(a), if and so long as the Notes are listed on the Exchange and admitted for trading on the Exchange and the rules of the Exchange so require, at the
offices of the Paying Agent or, to the extent and in the manner permitted by such rules, post such reports on the official website of the Exchange. 
  

	Section 4.07	Compliance Certificate. 

 (a) The Company and each Guarantor (to the extent that such
Guarantor is so required under the Trust Indenture Act) will deliver to the Trustee, within 120 days after the end of each fiscal year ending after the Issue Date, a certificate from the principal executive officer, principal financial officer or
principal accounting officer stating that a review of the activities of the Company and its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether the
Company and each Guarantor have kept, observed, performed and fulfilled their obligations under this Indenture, and further stating, as to such Officer signing such certificate, that to the best of his or her knowledge, the Company and each
Guarantor have kept, observed, performed and fulfilled each and every condition and covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions, covenants and conditions of this
Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company and each Guarantor are taking or propose to take with respect
thereto). 
 (b) When any Default or Event of Default has occurred and is continuing under this Indenture, the Company will promptly (which
shall be within ten Business Days following the date on which the Company becomes aware of such Default or Event of Default or receives notice of such Default or Event of Default) send to the Trustee an Officers’ Certificate specifying such
Default or Event of Default, its status and what action the Company is taking or proposes to take with respect thereof. 

  
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	Section 4.08	Restricted Payments. 

 (a) The Company will not, and will not permit any of its
Restricted Subsidiaries to, directly or indirectly: 
 (1) 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 by the Company or any of its Restricted Subsidiaries in connection with any merger or
consolidation involving the Company or any of its Restricted Subsidiaries), except in connection with any Redomestication that satisfies the Redomestication Exclusion Condition (other than (a) dividends or distributions payable in Equity
Interests (other than Disqualified Stock) of the Company, (b) dividends or distributions by a Restricted Subsidiary of the Company, so long as, in the case of any dividend or distribution payable on or in respect of any Equity Interests issued
by a Restricted Subsidiary that is not a Wholly-Owned Subsidiary, the Company or the Restricted Subsidiary holding such Equity Interests receives at least its pro rata share of such dividend or distribution and (c) payments made in respect of
any stock appreciation rights or similar benefits plans); 
 (2) 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; 

(3) make any principal payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any
Subordinated Indebtedness of the Company or any Guarantor (excluding (a) any intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries, (b) the purchase, redemption, defeasance, repurchase or other
acquisition of Subordinated Indebtedness of the Company or any Guarantor purchased, redeemed, defeased or otherwise acquired in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within
one year after the date of purchase, repurchase, redemption, defeasance or acquisition, and (c) any payment of principal at the Stated Maturity thereof); or 

(4) make any Restricted Investment 

(all such payments and other actions set forth in these clauses (1) through (4) of this Section 4.08(a) (other than any exception thereto) being
collectively referred to as “Restricted Payments”), unless, at the time of and immediately after giving effect to such Restricted Payment: 

(A) no Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment;

 (B) 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 set forth in Section 4.09(a); and 

  
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 (C) such Restricted Payment, together with the aggregate amount of all other
Restricted Payments made by the Company and its Restricted Subsidiaries since the Issue Date (excluding Restricted Payments made pursuant to clauses (2), (3), (4), (5), (6), (7), (8), (9), (12), (13) and (14) of Section 4.08(b)), is less
than the sum, without duplication, of: 
 (i) 50% of the Consolidated Net Income of the Company for the period (taken as one
accounting period) from the first day of the fiscal quarter during which the Issue Date occurs 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 (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit); plus  
 (ii)
100% of the aggregate net cash proceeds and the Fair Market Value of (a) marketable securities (other than marketable securities of the Company or a Subsidiary of the Company), (b) Equity Interests of a Person (other than the Company or
any existing Subsidiary of the Company) engaged primarily in a Permitted Business and (c) other assets used or useful in a Permitted Business, in each case, received by the Company or a Restricted Subsidiary since the Issue Date (x) as a
contribution to its common equity capital or from the issue or sale of Qualifying Equity Interests, (y) from the issue or sale of convertible or exchangeable Disqualified Stock of the Company or convertible or exchangeable debt securities of
the Company, in each case, that have been converted into or exchanged for Qualifying Equity Interests of the Company (in the case of clauses (x) or (y), other than net cash proceeds received from an issuance or sale of Qualifying Equity
Interests, convertible or exchangeable Disqualified Stock or debt securities to a Restricted Subsidiary of the Company or to an employee stock ownership plan or similar trust to the extent such issuance or sale to such employee stock ownership plan
or similar trust is financed by loans from or Guaranteed by the Company or any Restricted Subsidiary (unless such loans have been repaid with cash on or prior to the date of determination)) or (z) upon the exercise of any options, warrants or
rights to purchase Qualifying Equity Interests; plus  
 (iii) the amount by which Indebtedness of the Company or its
Restricted Subsidiaries is reduced on the Company’s consolidated balance sheet upon the conversion or exchange (other than Indebtedness held by a Subsidiary of the Company) subsequent to the Issue Date of any Indebtedness of the Company or its
Restricted Subsidiaries convertible or exchangeable for Equity Interests (other than Disqualified Stock) of the Company (less the amount of any cash, or the Fair Market Value of any other property, distributed by the Company upon such conversion or
exchange); plus 
 (iv) the amounts received by the Company or its Restricted Subsidiaries, with respect to any
Restricted Investments made by the Company or any of its Restricted Subsidiaries in any Person after the Issue Date, resulting from: 
  

	 	(x)	repurchases or redemptions of, or returns of capital on, such Restricted Investments by such Person, proceeds realized upon the sale of such Restricted Investment to an unaffiliated purchaser, repayments of loans or
advances or other transfers of assets (including by way of dividend or distribution) by such Person to the Company or any Restricted Subsidiary (other than for reimbursement of tax payments); 

 

	 	(y)	the redesignation of Unrestricted Subsidiaries as Restricted Subsidiaries or the merger or consolidation of an Unrestricted Subsidiary with and into the Company or any of its Restricted Subsidiaries not to exceed the
amount of Investments previously made by the Company or any Restricted Subsidiary in such Unrestricted Subsidiary; or 

  

	 	(z)	 such Person (other than an Unrestricted Subsidiary) becoming a Restricted Subsidiary or being merged or consolidated with the Company or a Restricted
Subsidiary, an amount equal to the amount included as a 

  
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Restricted Investment and on account of the Company’s or any Restricted Subsidiary’s Investment in such Person prior to the time it became a Restricted Subsidiary or the time of such
merger or consolidation, 

 which amount in the case of subclause (x) under this clause (iv) is an
amount equal to the lesser of (I) the initial amount of such Restricted Investment and (II) the cash amount (less any expenses incurred in connection with such transaction) and the Fair Market Value of assets used or useful in a Permitted
Business received by the Company or any Restricted Subsidiary (other than for reimbursement of tax payments); provided, however, that no amount will be included under this clause (iv) to the extent it is already included in
Consolidated Net Income. 
 (b) The provisions of Section 4.08(a) will not prohibit: 

(1) any Restricted Payment made or paid within 60 days after the date of declaration or giving of a redemption notice, as the
case may be, thereof, if at such date of declaration or notice such Restricted Payment would have complied with the provisions of this Indenture (and such payment shall be deemed to be paid on the date of declaration or notice for purposes of any
calculation required by this Section 4.08); 
 (2) the making of any Restricted Payment in exchange for, or out of or
with the net cash proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company) of, Qualifying Equity Interests of the Company or from the substantially concurrent contribution of common equity capital to the Company
(with a sale or contribution being deemed substantially concurrent if such Restricted Payment occurs not more than 120 days after such sale or contribution); provided that the amount of any such net cash proceeds that are utilized for any
such Restricted Payment will not be considered to be net proceeds of Qualifying Equity Interests for purposes of clause (C)(ii) Section 4.08(a) and will not be considered to be net cash proceeds from an Equity Offering for purposes of
Section 3.07; 
 (3) the repurchase, redemption, defeasance or other acquisition or retirement for value of Subordinated
Indebtedness of the Company or any Guarantor with the net cash proceeds from a substantially concurrent Incurrence of, or exchange for, Permitted Refinancing Indebtedness (with an Incurrence of Permitted Refinancing Indebtedness being deemed
substantially concurrent if such repurchase, redemption, defeasance, acquisition or retirement occurs not more than 120 days after such Incurrence); 

(4) any Restricted Payment to any existing or former directors, employees, management or consultants or advisors of the Company
or any Restricted Subsidiary of the Company or their assigns, estates or heirs, in each case, in connection with equity incentive plans, under stock option plans or stock purchase agreements or other agreements to compensate such persons approved by
the Board of Directors of the Company; provided that the Equity Interests with respect to which such Restricted Payments are made were received for services related to, or for the benefit of, the Company and its Restricted Subsidiaries; and
provided, further, that Restricted Payments pursuant to this clause will not exceed $10.0 million in the aggregate during any calendar year (with any unused amounts in any calendar year being carried over to successive calendar years and
added to such amount subject to a maximum of $25.0 million in any calendar year); plus, to the extent not previously applied or included, (i) the net cash proceeds received by the Company or any of its Restricted Subsidiaries from sales
of Equity Interests (other than Disqualified Stock) to directors, employees, management or consultants or advisors of the Company or any Restricted Subsidiary of the Company that occur after the Issue Date (to the

  
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extent such net cash proceeds have not otherwise been applied to the payment of Restricted Payments pursuant to clause (C)(ii) of Section 4.08(a)) and (ii) the net cash proceeds of key man
life insurance policies received by the Company or any of its Restricted Subsidiaries after the Issue Date; provided that the Company may elect to apply all or any portion of the aggregate increase contemplated by clauses (i) and
(ii) above in any calendar year; and provided, further, that cancellation of Indebtedness owing to the Company or any Restricted Subsidiary from any existing or former directors, employees, management or consultants or advisors of the
Company or any Restricted Subsidiary of the Company in connection with the repurchase of Equity Interests of the Company or any Restricted Subsidiary will not be deemed to constitute a Restricted Payment for purposes of this Section 4.08 or any
other provision of this Indenture; 
 (5) the purchase, redemption, defeasance or other acquisition or retirement for value
of Equity Interests deemed to occur upon the exercise or conversion of stock options, warrants, rights to acquire Equity Interests or other convertible securities, to the extent such Equity Interests represent a portion of the exercise or conversion
price thereof; 
 (6) the purchase, redemption, defeasance or other acquisition or retirement for value of Equity Interests
of the Company or any Restricted Subsidiary of the Company held by any current or former officers, directors, employees, management or consultants or advisors of the Company or any of its Restricted Subsidiaries in connection with the exercise or
vesting of any equity compensation (including, without limitation, stock options, restricted stock and phantom stock) in order to satisfy any tax withholding obligation with respect to such exercise or vesting; 

(7) the purchase, redemption, defeasance or other acquisition or retirement of any Subordinated Indebtedness (i) at a
purchase price not greater than 101.0% of the principal amount of such Indebtedness in the event of a Change of Control in accordance with provisions similar to Section 4.15 or (ii) at a purchase price not greater than 100.0% of the
principal amount of such Indebtedness in the event of an Asset Sale in accordance with provisions similar to Section 4.16; provided that, prior to or simultaneously with such purchase, redemption, defeasance or other acquisition or
retirement, the Company (or a third party to the extent permitted by this Indenture) has made the Change of Control Offer or Asset Sale Offer, as applicable, with respect to the Notes as a result of such Change of Control or Asset Sale, as
applicable, and has completed the repurchase or redemption of all Notes validly tendered for payment and not withdrawn in connection with such Change of Control Offer or Asset Sale Offer, as applicable; 

(8) the declaration and payment of regularly scheduled or accrued dividends to holders of any class or series of Disqualified
Stock of the Company or any Restricted Subsidiaries or any class or series of Preferred Stock of any Non-Guarantor Subsidiary that is a Restricted Subsidiary of the Company issued on or after the Issue Date in accordance with the Fixed Charge
Coverage Ratio test set forth in Section 4.09(a), to the extent such dividends are included in the definition of “Fixed Charges”; 

(9) payments of cash, dividends, distributions, advances or other Restricted Payments by the Company or any of its Restricted
Subsidiaries to allow the payment of cash in lieu of the issuance of fractional shares (or to allow for the purchase by the Company or any of its Restricted Subsidiaries of fractional shares) upon the exercise, conversion or exchange of any stock
options, warrants, other rights to purchase Equity Interests or other convertible or exchangeable securities (provided that any such payment is not for the purpose of evading the limitations of this Section 4.08); 

  
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 (10) other Restricted Payments in an aggregate amount since the Issue Date not to
exceed the greater of (i) $50.0 million and (ii) 1.5% of the Company’s Consolidated Tangible Assets determined as of the date of such Restricted Payment; 

(11) other Restricted Payments, so long as the Leverage Ratio of the Company and its Restricted Subsidiaries on a consolidated
basis is no greater than 2.50:1.00, determined on a pro forma basis for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date for which such Restricted Payment is being
made; 
 (12) the declaration and payment of dividends on the Company’s common Equity Interests, not to exceed
(i) within the first calendar year ending after the Issue Date, $93.0 million in the aggregate (such amount or such greater amount to which such amount is increased pursuant to the following subclause (ii), the “Maximum Annual Dividend
Amount”) and (ii) within any subsequent calendar year, (x) the Maximum Annual Dividend Amount for the immediately preceding calendar year plus (y) an amount equal to 10% of the Maximum Annual Dividend Amount for the
immediately preceding calendar year; 
 (13) any Restricted Payments attributable to or arising in connection with,
(i) the Transactions and (ii) any other transactions pursuant to agreements or arrangements in effect on the Issue Date or pursuant to the Separation Documents on substantially the terms described in the Offering Memorandum or any
amendment, modification or supplement thereto or replacement thereof, as long as the terms of such agreement or arrangement, as so amended, modified, supplemented or replaced is not materially more disadvantageous to the Company and its Restricted
Subsidiaries, taken as a whole, than the terms of such agreement or arrangement described in the Offering Memorandum; and 

(14) the repurchase or retirement of Equity Interests of the Company in an aggregate amount not to exceed $20.0 million since
the Issue Date; 
 provided, however, that at the time of, and after giving effect to, any Restricted Payment permitted under
clauses (8), (10) and (11), no Default shall have occurred and be continuing or would occur as a consequence thereof. 
 (c) For
purposes of determining compliance with this Section 4.08, in the event that a Restricted Payment meets the criteria of more than one of the categories of Restricted Payments described in clauses (1) through (14) of
Section 4.08(b) or as a Permitted Investment or pursuant to clause (C) of Section 4.08(a), the Company will be permitted to divide or classify (or later divide, classify or reclassify in whole or in part in its sole discretion) such
Restricted Payment in any manner that complies with this Section 4.08. 
 (d) The amount of all Restricted Payments (other than cash)
will be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by the Company or any Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. 

 

	Section 4.09	Incurrence of Indebtedness and Issuance of Preferred Stock. 

 (a) The Company will not,
and will not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness (including Acquired Debt); provided, however, that the Company and any of its Restricted Subsidiaries may Incur Indebtedness (including
Acquired Debt) if the Fixed Charge Coverage Ratio of the Company and its Restricted Subsidiaries (on a consolidated basis) for 

  
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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 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 at the beginning of such four-quarter period. 

(b) The provisions of Section 4.09(a) will not prohibit the Incurrence of any of the following items (collectively, “Permitted
Debt”): 
 (1) the Incurrence by the Company and any Guarantors of Indebtedness under (and Guarantees in respect of)
one or more Debt Facilities in an aggregate principal amount at any one time outstanding under this clause (1) not to exceed the greater of (i) $1,650.0 million and (ii) the sum of $500.0 million and 25.0% of the Company’s
Consolidated Tangible Assets; 
 (2) the Incurrence by the Company and its Restricted Subsidiaries of the Existing
Indebtedness; 
 (3) the Incurrence by the Company and the Guarantors of Indebtedness represented by the Notes and the
related Note Guarantees (other than any Additional Notes and their related Guarantees); 
 (4) the Incurrence by the Company
or any of its Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, mortgage financings, industrial revenue bonds, purchase money obligations or other Indebtedness, in each case, Incurred for the purpose of financing all
or any part of the purchase price or cost of design, construction, installation or improvement of property, plant or equipment used in the business of the Company or any of its Restricted Subsidiaries, in each case whether through the direct
purchase of such assets or through the purchase of Equity Interests of any Person owning such assets, in an aggregate principal amount, including all Permitted Refinancing Indebtedness Incurred to renew, refund, refinance, replace, defease or
discharge any Indebtedness Incurred pursuant to this clause (4), not to exceed the greater of (i) $300.0 million and (ii) 10.0% of the Company’s Consolidated Tangible Assets at any time outstanding; 

(5) 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 renew, refund, refinance, replace, defease or discharge, in whole or in part, any Indebtedness (other than intercompany Indebtedness) that was permitted by this Indenture to be Incurred under
Section 4.09(a) or clauses (2), (3), this clause (5) or (10) of this Section 4.09(b); 
 (6) 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 is the obligor on such Indebtedness and the payee is not a Guarantor, such Indebtedness must be unsecured
and expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the Notes; 

(B) if a Guarantor is the obligor on such Indebtedness and the payee is not the Company or a Guarantor, such Indebtedness must
be unsecured and expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the Note Guarantee; and 

  
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 (C) (i) any subsequent issuance or transfer of Equity Interests that results in
any such Indebtedness being beneficially held by a Person other than the Company or a Restricted Subsidiary of the Company or (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 will be deemed, in each case, to constitute an Incurrence (as of the date of such issuance, sale or transfer) of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by
this clause (6); 
 (7) the issuance by any of the Company’s Restricted Subsidiaries to the Company or to any of its
Restricted Subsidiaries of shares of Preferred Stock; provided, however, that: 
 (A) any subsequent issuance or
transfer of Equity Interests that results in any such Preferred Stock being held by a Person other than the Company or a Restricted Subsidiary of the Company; and 

(B) any sale or other transfer of any such Preferred Stock to a Person that is not either the Company or a Restricted
Subsidiary of the Company, 
 will be deemed, in each case, to constitute an issuance of such Preferred Stock by such Restricted Subsidiary
that was not permitted by this clause (7); 
 (8) the Incurrence by the Company or any of its Restricted Subsidiaries of
Hedging Obligations in the ordinary course of business and not for speculative purposes; 
 (9) any Guarantee of Indebtedness
of the Company or a Restricted Subsidiary to the extent that the guaranteed Indebtedness was permitted to be Incurred by another provision of this Section 4.09; provided that if the Indebtedness being guaranteed is subordinated or pari
passu with the Notes, the Guarantee must be subordinated or pari passu, as applicable, to the same extent as the Indebtedness guaranteed; 

(10) Permitted Acquisition Indebtedness; 

(11) Indebtedness in respect of workers’ compensation claims, public liability insurance, unemployment insurance,
property, casualty or liability insurance, self-insurance obligations or completion, performance, bid performance, appeal or surety bonds in the ordinary course of business, including Guarantees (not for borrowed money) or obligations with respect
to letters of credit supporting such workers’ compensation claims, public liability insurance, unemployment insurance, property, casualty or liability insurance, self-insurance obligations or completion, performance, bid performance, appeal or
surety bonds; 
 (12) the Incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising from the
honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within five Business Days
of Incurrence; 
 (13) Indebtedness of the Company or any of its Restricted Subsidiaries consisting of the financing of
insurance premiums; 
 (14) Indebtedness of the Company or any of its Restricted Subsidiaries in respect of Treasury
Management Arrangements, Incurred in the ordinary course of business; and 
 (15) the Incurrence by the Company or any of its
Restricted Subsidiaries of additional Indebtedness in an aggregate principal amount at any time outstanding, including all Permitted Refinancing Indebtedness Incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness
Incurred pursuant to this clause (15), not to exceed the greater of (i) $150.0 million and (ii) 5.0% of the Company’s Consolidated Tangible Assets determined as of the date of such Incurrence. 

  
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 (c) For purposes of determining compliance with this Section 4.09, in the event that an item of
Indebtedness, Disqualified Stock or Preferred Stock meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (15) of Section 4.09(b), or is entitled to be Incurred pursuant to Section
4.09(a), the Company will be permitted to divide and classify such item of Indebtedness, Disqualified Stock or Preferred Stock, as applicable, on the date of its Incurrence, or later re-divide and reclassify all or a portion of such item of
Indebtedness, Disqualified Stock or Preferred Stock, as applicable, in any manner that complies with this Section 4.09. Indebtedness under Debt Facilities (including the Senior Credit Facilities, but excluding the Notes and the related Note
Guarantees) outstanding on the Issue Date will be deemed to have been Incurred on such date in reliance on the exception provided by clause (1) of Section 4.09(b) and not Section 4.09(a) or the exception provided by clause (2) of Section
4.09(b), and may not later be reclassified. 
 (d) The accrual of interest or Preferred Stock dividends, 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, the reclassification of Preferred Stock as Indebtedness due to a change in accounting principles, and the payment of
dividends on Preferred Stock or Disqualified Stock in the form of additional shares of the same class of Preferred Stock or Disqualified Stock will not be deemed to be an Incurrence of Indebtedness or an issuance of Preferred Stock or Disqualified
Stock for purposes of this Section 4.09; provided, in each such case, that the amount thereof is included in Fixed Charges of the Company as accrued. 

(e) The reclassification of any lease or other liability of the Company or any of its Restricted Subsidiaries as Indebtedness due to a change
of accounting principles after the Issue Date will not be deemed an Incurrence of Indebtedness for purposes of this Section 4.09. 

(f) For purposes of determining any particular amount of Indebtedness under this Section 4.09, Guarantees or Liens supporting
Indebtedness otherwise included in the determination of such particular amount shall not be included so long as incurred by a Person that could have Incurred such Indebtedness. 

(g) For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S.
dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be utilized, calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of term Indebtedness,
or first committed, in the case of revolving credit Indebtedness; provided that if such Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S.
dollar-dominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-dominated restriction shall be deemed not to have been exceeded so long as the principal
amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. Notwithstanding any other provision of this covenant, the maximum amount of Indebtedness that the Company or any Restricted
Subsidiary may Incur pursuant to this covenant shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values. The principal amount of any Permitted Refinancing Indebtedness, if Incurred in a different
currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Permitted Refinancing Indebtedness is denominated that is in effect on the date of such refinancing.

  
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	Section 4.10	Liens. 

 (a) The Company will not, and will not permit any of its Restricted Subsidiaries
to, directly or indirectly, Incur or otherwise cause or suffer to exist or become effective any Lien of any kind (other than Permitted Liens) upon any of its property or assets, or income or profits therefrom, or assign or convey any right to
receive income therefrom, whether owned on the Issue Date or thereafter acquired, which Lien is securing any Indebtedness, unless contemporaneously with the Incurrence of such Liens (1) in the case of Liens securing Subordinated Indebtedness,
the Notes and the related Note Guarantees are secured by a Lien on such property, assets or proceeds that is senior in priority to such Liens or (2) in all other cases, the Notes and the related Note Guarantees are equally and ratably secured
or are secured by a Lien on such property, assets or proceeds that is senior in priority to such Liens. 
 (b) Any Lien on any property or
assets of the Company or any of its Restricted Subsidiaries created for the benefit of the Holders pursuant to Section 4.10(a) shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged at such time
as there are no other Liens of any kind (other than Permitted Liens) on such property or assets securing Indebtedness. 
  

	Section 4.11	Additional Guarantees. 

 (a) If any Restricted Subsidiary that is a Non-Guarantor
Subsidiary (i) Incurs Indebtedness (including by Guaranteeing Indebtedness) under the Senior Credit Facilities or (ii) Guarantees any Indebtedness in an amount of at least $25.0 million in principal amount of the Company or any Guarantor
after the Issue Date, then that Restricted Subsidiary shall become a Guarantor within 30 days of the date on which it Incurred or Guaranteed such Indebtedness by executing and delivery to the Trustee a supplemental indenture substantially in the
form of Exhibit C hereto. 
 (b) Notwithstanding anything to the contrary contained herein, a Note Guarantee provided pursuant to the terms
hereof by a Restricted Subsidiary of the Company organized in a jurisdiction other than the United States, the Cayman Islands, the Netherlands or Brazil, including a Note Guarantee existing on the Issue Date, may be (or may be modified to become) a
Limited Guarantee if the Company, in consultation with local counsel, makes a reasonable determination that such limitations are required due to legal requirements within such jurisdiction. 

(c) Each Note Guarantee shall be released in accordance with the provisions of Section 10.06. 

 

	Section 4.12	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 

 (a) The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary of the Company
to: 
 (1) pay dividends or make any other distributions on its Capital Stock (or with respect to any other interest or
participation in, or measured by, its profits) to the Company or any of its Restricted Subsidiaries or pay any Indebtedness owed to the Company or any of its Restricted Subsidiaries (it being understood that the priority of any Preferred Stock in
receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on Capital Stock shall not be deemed a restriction on the ability to make dividends or distributions on Capital Stock); 

  
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 (2) make loans or advances to the Company or any of its Restricted Subsidiaries
(it being understood that the subordination of the loans or advances made to the Company or any Restricted Subsidiary to other Indebtedness Incurred by the Company or any Restricted Subsidiary shall not be deemed a restriction on the ability to make
loans or advances); or 
 (3) sell, lease or transfer any of its properties or assets to the Company or any of its Restricted
Subsidiaries (it being understood that such transfers shall not include any type of transfer described in clause (1) or (2) of this Section 4.12(a)). 

(b) Notwithstanding the foregoing, Section 4.12(a) will not apply to encumbrances or restrictions existing under or by reason of: 

(1) agreements (including agreements governing Existing Indebtedness and Debt Facilities (including the Senior Credit
Facilities)) as in effect on the Issue Date and any amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the amendments, restatements, modifications,
renewals, supplements, refundings, replacements or refinancings are 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 Issue Date, as
determined by the Company in its reasonable and good faith judgment; 
 (2) this Indenture, the Notes and the Note Guarantees
and documentation related to each of the foregoing and any amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the amendments, restatements,
modifications, renewals, supplements. refundings, replacements or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in this Indenture, the Notes and
the Note Guarantees and related documentation on the Issue Date, as determined by the Company in its reasonable and good faith judgment; 

(3) agreements or other documents governing other Indebtedness permitted to be Incurred pursuant to Section 4.09 and any
amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that either (A) the provisions relating to such encumbrance or restriction contained in such
agreements or other documents are not materially more restrictive, taken as a whole, as determined by the Company in its reasonable and good faith judgment, than those in effect on the Issue Date or contained in this Indenture, the Notes, the Note
Guarantees or documentation related to the foregoing or (B) any such encumbrance or restriction contained in such agreements or documents does not prohibit (except upon a default or an event of default thereunder) the payment of dividends in a
manner that, as determined by the Company in good faith, would result in the Company being unable to, to make principal and interest payments on the Notes as and when they come due; 

(4) applicable law, rule, regulation, approval, permit or order; 

(5) any agreement or instrument governing Indebtedness or Capital Stock 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 or Capital Stock was Incurred in 

  
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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; provided that, in the case of Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be Incurred; and any amendments, restatements, modifications, renewals,
supplements, refundings, replacements or refinancings of those agreements or instruments; provided that the amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings are not materially more
restrictive, taken as a whole, with respect to such dividend and other payment restrictions, than those contained in those agreements governing such Indebtedness or Capital Stock, as determined by the Company in its reasonable and good faith
judgment; 
 (6) any agreement or instrument relating to property or assets acquired after the Issue Date, so long as such
encumbrance or restriction relates only to the property or assets so acquired and is not and was not created in in anticipation of such acquisition and any amendments, restatements, modifications, renewals, supplements, refundings, replacements or
refinancings of those agreements or instruments; provided that the amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings are not materially more restrictive, taken as a whole, with respect to
such dividend and other payment restrictions than those contained in those agreements or instruments, as determined by the Company in its reasonable and good faith judgment; 

(7) customary non-assignment provisions in contracts, leases, licenses and other agreements entered into in the ordinary course
of business; 
 (8) purchase money obligations for property acquired in the ordinary course of business and Capital Lease
Obligations permitted under this Indenture, in each case, that impose restrictions on the property purchased or leased of the nature described in clause (3) of Section 4.12(a); and any amendments, restatements, modifications, renewals,
supplements, refundings, replacements or refinancings of agreements governing such purchase money obligations or Capital Lease Obligations; provided that the amendments, restatements, modifications, renewals, supplements, refundings,
replacements or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in agreements governing such purchase money obligations or Capital Lease
Obligations, as determined by the Company in its reasonable and good faith judgment; 
 (9) any agreement for the sale or
other disposition of Capital Stock or assets of a Restricted Subsidiary that restricts distributions by that Restricted Subsidiary pending such sale or other disposition; 

(10) in the case of clause (3) of Section 4.12(a), Liens permitted to be Incurred pursuant to Section 4.10, that
limit the right of the debtor to dispose of the assets subject to such Liens; 
 (11) provisions limiting the disposition or
distribution of assets or property in joint venture agreements, partnership agreements, limited liability company agreements, asset sale agreements, sale and leaseback agreements, stock sale agreements and other similar agreements (including
agreements entered into in connection with a Restricted Investment) entered (i) in the ordinary course of business or (ii) into with the approval of the Company’s Board of Directors, which limitation is applicable only to the assets
that are the subject of such agreements; 

  
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 (12) restrictions on cash or other deposits or net worth imposed by customers or
required by insurance, surety or bonding companies, in each case, under contracts entered into in the ordinary course of business; and 

(13) encumbrances or restrictions with respect to property under a charter, lease or other agreement that has been entered into
in the ordinary course for the employment, charter or other hire of such property. 
  

	Section 4.13	Designation of Restricted and Unrestricted Subsidiaries. 

 (a) The Board of Directors of
the Company may designate any Restricted Subsidiary of the Company to be an Unrestricted Subsidiary if that designation would not cause a Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market
Value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce the amount
available for Restricted Payments under Section 4.08 or under one or more clauses of the definition of Permitted Investments, as determined by the Company. That designation will only be permitted if the Investment would be permitted at that
time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Board of Directors of the Company may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation would not cause
a Default. 
 (b) Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing
with the Trustee a certified copy of a resolution of the Board of Directors of the Company giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions and was permitted
by Section 4.08. 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 4.09, 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 of the Company; provided that such designation will be deemed to be an Incurrence of Indebtedness by a
Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary, and such designation will only be permitted if (1) such Indebtedness is permitted pursuant to the Fixed Charge Coverage Ratio test set forth
in Section 4.09(a), calculated on a pro forma basis as if such designation had occurred at the beginning of the applicable reference period; (2) all Liens of such Unrestricted Subsidiary outstanding immediately following such designation
as a Restricted Subsidiary would, if Incurred at such time, have been permitted to be Incurred for all purposes of this Indenture; and (3) no Default or Event of Default would be in existence following such designation. 

 

	Section 4.14	Transactions with Affiliates. 

 (a) The Company will not, and will not permit any of its
Restricted Subsidiaries to, directly or indirectly, make any payment to or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any properties 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 of the Company (each, an “Affiliate Transaction”) involving aggregate payments or consideration to or from the Company or a
Restricted Subsidiary in excess of $25.0 million, unless: 
 (1) the Affiliate Transaction is on terms that are not
materially less favorable to the Company or the relevant Restricted Subsidiary, as the case may be, than those that could 

  
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reasonably be expected to have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person on an arm’s-length basis or, if in the good
faith judgment of the Company’s Board of Directors, no comparable transaction is available with which to compare such Affiliate Transaction, such Affiliate Transaction is otherwise fair to the Company or the relevant Restricted Subsidiary from
a financial point of view; and 
 (2) the Company delivers to the Trustee: 

(A) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration to
or from the Company or a Restricted Subsidiary in excess of $35.0 million but no greater than $50.0 million, an Officers’ Certificate certifying that such Affiliate Transaction or series of related Affiliate Transactions complies with this
Section 4.14; and 
 (B) with respect to any Affiliate Transaction or series of related Affiliate Transactions
involving aggregate consideration in excess of $50.0 million, a resolution of the Board of Directors of the Company set forth in an Officers’ Certificate certifying that such Affiliate Transaction or series of related Affiliate Transactions
complies with this Section 4.14 and that such Affiliate Transaction or series of related Affiliate Transactions has been approved by a majority of the disinterested members of the Board of Directors of the Company. 

(b) Section 4.14(a) will not apply to: 

(1) any employment agreement, severance agreement, consulting agreement, employee benefit plan, officer or director
indemnification agreement or any similar arrangement entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business and payments pursuant thereto; 

(2) transactions between or among the Company and/or its Restricted Subsidiaries; 

(3) transactions with a Person (other than an Unrestricted Subsidiary of the Company) 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; 

(4) payment of customary compensation (including bonuses) to, and the provision of customary indemnity and other benefits
(including pursuant to any employment agreement or any retirement, health, stock option or stock ownership or other benefit plan) on behalf of, officers, directors, employees or consultants of the Company or any of its Restricted Subsidiaries; 

(5) any issuance of Equity Interests (other than Disqualified Stock) of the Company to, or receipt of capital contributions
from, Affiliates of the Company; 
 (6) Restricted Payments that are permitted under Section 4.08 and Permitted Investments
permitted under this Indenture; 
 (7) transactions between the Company or any of its Restricted Subsidiaries and any Person
that would not otherwise constitute an Affiliate Transaction except for the fact that one director of such other Person is also a director of the Company or such Restricted Subsidiary, as applicable; provided that such director abstains from
voting as a director of the Company or such Restricted Subsidiary, as applicable, on any matter involving such other Person; 

  
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 (8) any transaction in which the Company or any of its Restricted Subsidiaries,
as the case may be, delivers to the Trustee a letter from an accounting, appraisal or investment banking firm of national standing stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of view or
that such transaction meets the requirements of clause (1) of Section 4.14(a); 
 (9) transactions with customers,
clients, suppliers, or purchasers or sellers of goods or services, in each case, in the ordinary course of business and otherwise in compliance with the terms of this Indenture; provided that in the reasonable determination of the Board of
Directors or the senior management of the Company, such transactions are on terms not materially less favorable to the Company or the relevant Restricted Subsidiary than those that could reasonably be expected to be obtained in a comparable
transaction at such time on an arm’s-length basis from a Person that is not an Affiliate of the Company; 
 (10) any
transaction where the only consideration paid by the Company or the relevant Restricted Subsidiary is Qualifying Equity Interests of the Company; and 

(11) transactions pursuant to agreements or arrangements in effect on the Issue Date or pursuant to the Separation Documents,
or, in each case, any amendment, modification, or supplement thereto or replacement thereof, as long as such agreement or arrangement, as so amended, modified, supplemented or replaced is not materially more disadvantageous to the Company and the
Restricted Subsidiaries, taken as a whole, than the agreement or arrangement in existence on the Issue Date or, in the case of the Separation Documents, as described in the Offering Memorandum. 

 

	Section 4.15	Offer to Repurchase Upon Change of Control. 

 (a) If a Change of Control occurs, each
Holder will have the right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes pursuant to an offer (a “Change of Control Offer”) on
the terms set forth in this Indenture. In the Change of Control Offer, the Company will offer a payment in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and
unpaid interest, if any, on the Notes repurchased to the date of repurchase, which will be no earlier than 30 days nor later than 60 days from the date such notice is mailed or delivered, as applicable (the “Change of Control Purchase
Date”), subject to the rights of Holders on a Record Date to receive interest due on the Change of Control Purchase Date. Within 30 days following any Change of Control, the Company will send a notice of such Change of Control Offer to each
Holder or otherwise deliver notice in accordance with the applicable procedures of the Depositary, in each case, with a copy to the Trustee, with the following information: 

(1) that a Change of Control Offer is being made pursuant to this Section 4.15, and that all Notes properly tendered pursuant
to such Change of Control Offer will be accepted by the Company; 
 (2) the purchase price and the Change of Control Purchase
Date; 
 (3) that any Note not properly tendered will remain outstanding and continue to accrue interest; 

  
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 (4) that, unless the Company defaults in the payment of the Change of Control
Payment, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on the Change of Control Purchase Date; 

(5) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender such
Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, to the Paying Agent specified in the notice at the address specified in the notice prior to the close of business on the third
Business Day preceding the Change of Control Purchase Date; 
 (6) that Holders will be entitled to withdraw their tendered
Notes and their election to require the Company to purchase such Notes; provided that the Paying Agent receives, not later than the expiration of the Change of Control Offer, a facsimile, transmission or letter setting forth the name of the
Holder, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased; 

(7) if such notice is delivered prior to the occurrence of a Change of Control, stating that the Change of Control Offer is
conditional upon the occurrence of such Change of Control; and 
 (8) the other instructions, as determined by the Company,
consistent with this Section 4.15, that a Holder must follow. 
 The notice, if mailed or otherwise delivered in a manner herein provided,
shall be conclusively presumed to have been given, whether or not the Holder receives such notice. If (A) the notice is mailed in a manner herein provided and (B) any Holder fails to receive such notice or a Holder receives such notice but
it is defective, such Holder’s failure to receive such notice or such defect shall not affect the validity of the purchase of the Notes from all other Holders that properly received such notice without defect. 

(b) Promptly following the expiration of the Change of Control Offer on the Change of Control Purchase Date, the Company will, to the extent
lawful, (1) accept for payment all Notes or portions of Notes (in integral multiples of $1,000) properly tendered and not withdrawn pursuant to the Change of Control Offer, provided that if, following repurchase of a portion of a Note,
the remaining principal amount of such Note outstanding immediately after such repurchase would be less than $2,000, then the portion of such Note so repurchased shall be reduced so that the remaining principal amount of such Note outstanding
immediately after such repurchase is $2,000; (2) deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all Notes or portions of Notes properly tendered and not withdrawn and (3) deliver or
cause to be delivered to the Trustee for cancellation the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company in accordance with this
Section 4.15; 
 (c) Payment of the Change of Control Payment for a Note properly tendered and not withdrawn prior to the expiration of
the Change of Control Offer is conditioned upon delivery of such Note (together with necessary endorsements) to the Paying Agent (whether prior to, on or after the Change of Control Purchase Date), which delivery may be in book-entry form in
accordance with the procedures of the Depositary for Global Notes. The Change of Control Payment for such Note will be made promptly following the later of the Business Day following the Change of Control Purchase Date or the time of delivery of
such Note. 

  
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 (d) In the event that the Company makes a Change of Control Payment, the Paying Agent will
promptly mail (or otherwise deliver in accordance with the applicable procedures of the Depositary) to each Holder of Notes properly tendered and not withdrawn the Change of Control Payment for such Notes (or if all Notes are then in global form,
make such payment through the facilities of Depositary), and the Trustee will promptly authenticate and mail (or otherwise deliver in accordance with the applicable procedures of the Depositary) (or cause to be transferred by book entry) to each
Holder a new Note of the applicable series equal in principal amount to any unpurchased portion of the Notes of such series surrendered, if any; provided, however, that each new Note of such series will be in a principal amount of $2,000 or
an integral multiple of $1,000 in excess of $2,000. 
 (e) If the Change of Control Purchase Date is on or after a Record Date and on or
before the related Interest Payment Date, any accrued and unpaid interest to the Change of Control Purchase Date will be paid on the Change of Control Purchase Date to the Person in whose name a Note is registered at the close of business on such
Record Date. 
 (f) The Company will not be required to make a Change of Control Offer with respect to a series of Notes upon a Change of
Control if (1) a third party makes the Change of Control Offer with respect to such series in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by
the Company and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer, (2) notice of redemption with respect to such series has been given pursuant to this Indenture pursuant to Sections 3.03 and 3.07, unless
and until there is a default in payment of the applicable redemption price or (3) in connection with or in contemplation of any Change of Control, the Company has made an offer to purchase (an “Alternate Offer”) any and all
Notes of such series validly tendered at a cash price equal to or higher than the Change of Control Payment and has purchased all Notes properly tendered in accordance with the terms of the Alternate Offer. Notwithstanding anything to the contrary
contained herein, a Change of Control Offer may be made in advance of a Change of Control, conditioned upon the consummation of such Change of Control, if a definitive agreement is in place for the Change of Control at the time the Change of Control
Offer is made. 
 (g) In the event that not less than 90% of the aggregate principal amount of the then outstanding 2022 notes or 2024
notes, as applicable, are properly tendered and not withdrawn under a Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company as described above, purchases all of such Notes of such series,
the Company will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following the Change of Control Purchase Date to redeem all of the 2022 notes or 2024 notes, as applicable, that remain
outstanding following such purchase at a redemption price equal to the Change of Control Payment plus, to the extent not included in the Change of Control Payment, accrued and unpaid interest on the Notes of such series that remain outstanding, to
the date of redemption. 
 (h) The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent those requirements, laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent that the provisions of any securities
laws or regulations conflict with the Change of Control provisions of this Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control
provisions of under this Indenture by virtue of such compliance. 
 (i) The Change of Control provisions described in this Section 4.15
that require the Company to make a Change of Control Offer following a Change of Control may be waived, amended or modified with respect to that series with the written consent of the Holders of a majority in principal amount of the Notes of such
series then outstanding. 
 (j) Other than as specifically provided in this Section 4.15, any purchase pursuant to this Section 4.15 shall
be made pursuant to the provisions of Sections 3.05 and 3.06. 

  
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	Section 4.16	Asset Sales. 

 (a) The Company will not, and will not permit any of its Restricted
Subsidiaries to, consummate an Asset Sale, unless: 
 (1) the Company or such Restricted Subsidiary, as the case may
be, receives consideration at the time of consummation of such Asset Sale at least equal to the Fair Market Value (which may be measured as of the date of the definitive agreement with respect to such Asset Sale) of the assets or Equity Interests
issued or sold or otherwise disposed of; and 
 (2) at least 75% of the total consideration from such Asset Sale and all
other Asset Sales on a cumulative basis since the Issue Date received by the Company or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; provided that for purposes of this clause (2) of this
Section 4.16(a) only and no other purpose, each of the following will be deemed to be cash (without duplication): 
 (A) any
liabilities, as shown on the Company’s most recent consolidated balance sheet, of the Company or any Restricted Subsidiary (other than Disqualified Stock, contingent liabilities and other liabilities that are by their terms subordinated in
right of payment to the Notes or any Note Guarantee) that are assumed by the transferee of any such assets pursuant to a novation or indemnity agreement that releases the Company or such Restricted Subsidiary from or indemnifies the Company or such
Restricted Subsidiary against further liability; 
 (B) Indebtedness (other than Disqualified Stock, contingent liabilities
and liabilities that are by their terms subordinated to the Notes or a Note Guarantee) of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Sale; provided that the Company and each other Restricted
Subsidiary are released from any Guarantee of such Indebtedness in connection with such Asset Sale; 
 (C) any securities,
notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee that are, within 180 days after receipt thereof, converted by the Company or such Restricted Subsidiary into cash or Cash Equivalents, to the
extent of the cash or Cash Equivalents received in that conversion; 
 (D) any stock or assets of the kind referred to in
clauses (3) and (4) of Section 4.16(b); and 
 (E) any Designated Non-cash Consideration received by the
Company or any of its Restricted Subsidiaries in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (e) that is at the time outstanding,
not to exceed the greater of (x) $100.0 million and (y) 3.0% of the Company’s Consolidated Tangible Assets at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated
Non-cash Consideration being measured at the time received without giving effect to subsequent changes in value); 

  
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 provided that in the case of any Asset Sale pursuant to a condemnation,
seizure, appropriation or similar taking, including by deed in lieu of condemnation, or any casualty, actual or constructive total loss or an agreed or compromised total loss, such Asset Sale shall not be required to satisfy the requirements of
clauses (1) and (2) of this Section 4.16(a). 
 (b) Within 365 days after the receipt of any Net Proceeds from an Asset Sale,
the Company or any of its Restricted Subsidiaries may apply such Net Proceeds at its option to any combination of the following: 

(1) to permanently reduce (and permanently reduce commitments with respect thereto): (i) Secured Indebtedness under the
Senior Credit Facilities, (ii) Secured Indebtedness of the Company (other than any Disqualified Stock or Subordinated Indebtedness) or Secured Indebtedness of a Guarantor (other than any Disqualified Stock or Subordinated Indebtedness) or
(iii) Indebtedness of a Non-Guarantor Subsidiary, in each case, other than Indebtedness owed to the Company or a Restricted Subsidiary; 

(2) to permanently repay or reduce other Indebtedness that is pari passu with the Notes (“Pari Passu
Indebtedness”), other than Disqualified Stock and Indebtedness owed to the Company or a Restricted Subsidiary; provided that if the Company shall so reduce any such Pari Passu Indebtedness, the Company shall equally and ratably
reduce Obligations under the Notes as provided either, at the Company’s option, under Section 3.07, through open-market purchases (to the extent such purchases are at or above 100% of the principal amount thereof) or by making an offer (in
accordance with the procedures set forth in this Section 4.16 for an Asset Sale Offer) to all Holders to purchase their Notes at 100% of the principal amount thereof, plus the amount of accrued but unpaid interest, if any, on the amount of Notes
that would otherwise be paid; 
 (3) to acquire all or substantially all of the assets of, or any Capital Stock of, another
Person engaged in a Permitted Business, if, in the case of any such acquisition of Capital Stock, such Person is or becomes a Restricted Subsidiary of the Company after giving effect to such acquisition; or 

(4) to make a capital expenditure or to acquire other assets that are not classified as current assets under GAAP and that are
used or useful in a Permitted Business; 
 provided, that the requirement of clause (3) or (4) of Section 4.16(b)
shall be deemed to be satisfied with respect to any Asset Sale if, within 365 days after such Asset Sale, the Company or the applicable Restricted Subsidiary, as the case may be, shall have entered into a binding commitment with respect to an
acquisition, expenditure or investment, in compliance with such clause (3) or (4), and that acquisition, expenditure or investment is substantially completed no later than one year and six months after the date of such Asset Sale. 

(c) Pending the final application of any Net Proceeds, the Company or the applicable Restricted Subsidiary may apply such Net Proceeds
temporarily to reduce the Indebtedness outstanding under a revolving credit facility or otherwise invest the Net Proceeds in any manner that is not prohibited by this Indenture. 

(d) Any Net Proceeds from Asset Sales that are not applied or invested as provided in Section 4.16(b) will constitute “Excess
Proceeds.” When the aggregate amount of Excess Proceeds exceeds $50.0 million, within five days thereof the Company will make an offer (an “Asset Sale Offer”) to all Holders and, to the extent required by the terms of any
outstanding Pari Passu Indebtedness, to all holders of other Pari Passu Indebtedness (plus all accrued interest on the Indebtedness and the amount of 

  
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all fees and expenses, including premiums, Incurred in connection therewith) that may be purchased, prepaid or redeemed out of the Excess Proceeds. The offer price in any Asset Sale Offer will be
equal to 100% of the principal amount, plus accrued and unpaid interest, if any, to the date of purchase, prepayment or redemption, and will be payable in cash (subject to the right of Holders of record on a Record Date to receive interest due on
the Asset Sale Purchase Date), in accordance with the procedures set forth in Section 3.09 or the agreements governing the Pari Passu Indebtedness, as applicable. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the
Company may use those Excess Proceeds for any purpose not otherwise prohibited by the Indenture and they will no longer constitute Excess Proceeds. 

If the aggregate principal amount of Notes and other Pari Passu Indebtedness tendered in (or required to be prepaid or redeemed in connection
with) such Asset Sale Offer exceeds the amount of Excess Proceeds, the Company will select the Notes of each series and such other Pari Passu Indebtedness to be purchased on a pro rata basis (except that any Global Notes will be selected by such
method as DTC or its nominee or successor may require or, where the nominee or successor is the Trustee, a method that most nearly approximates pro rata selection as the Trustee deems fair and appropriate), based on the amounts tendered or
required to be prepaid or redeemed (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $2,000, or an integral multiple of $1,000 in excess thereof, will be purchased). Upon completion of each
Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. 
 (e) The Company will comply with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those requirements, laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer. To the
extent that the provisions of any securities laws or regulations conflict with the Asset Sale provisions of this Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its
obligations under the Asset Sale provisions of this Indenture by virtue of such compliance. 
  

	Section 4.17	Effectiveness of Covenants. 

 (a) If on any date after the Issue Date (such date, a
“Suspension Date”): 
 (1) the Notes have an Investment Grade Rating from both of the Rating Agencies; and

 (2) no Default or Event of Default has occurred and is continuing under this Indenture, 

the Company and its Restricted Subsidiaries will not be subject to the provisions of Sections 4.08, 4.09, 4.12, 4.13, 4.14, 4.16, 4.18 and
5.01(a)(4) (collectively, the “Suspended Covenants”). 
 (b) If at any time the Notes do not have an Investment Grade
Rating from at least one of the Rating Agencies or if a Default or Event of Default occurs and is continuing, then the Suspended Covenants will thereafter be reinstated (such date of reinstatement, the “Reinstatement Date”) and be
applicable pursuant to the terms of this Indenture (including in connection with performing any calculation or assessment to determine compliance with the terms of this Indenture), unless and until the occurrence of any subsequent Suspension Date;
provided, however, that no Default, Event of Default or breach of any kind shall be deemed to exist under this Indenture, the Notes or the Note Guarantees with respect to the Suspended Covenants based on, and none of the Company or any
of its Subsidiaries shall bear any liability for, any actions taken or events occurring during the Suspension Period, regardless of 

  
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whether such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such period. The period of time between any Suspension Date and the
corresponding Reinstatement Date is referred to as the “Suspension Period.” 
 (c) On each Reinstatement Date, all
Indebtedness Incurred during the Suspension Period will be classified to have been Incurred pursuant to Section 4.09(a) or one of the clauses set forth in Section 4.09(b) (in each case to the extent such Indebtedness would be permitted to be
Incurred thereunder as of the Reinstatement Date and after giving effect to Indebtedness Incurred prior to the Suspension Period and outstanding on the Reinstatement Date). To the extent such Indebtedness would not be so permitted to be Incurred
pursuant to Section 4.09(a) or (b), such Indebtedness will be deemed to have been outstanding on the Issue Date, so that it is classified under clause (2) of Section 4.09(b). Calculations made after any Reinstatement Date of the amount
available to be made as Restricted Payments under Section 4.08 will be made as though Section 4.08 had been in effect since the Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made during any Suspension Period will
reduce the amount available to be made as Restricted Payments under Section 4.08(a). 
 (d) During any Suspension Period, the Board of
Directors of the Company may not designate any of the Company’s Subsidiaries as Unrestricted Subsidiaries pursuant to this Indenture. 

(e) Promptly following the occurrence of any Suspension Date or Reinstatement Date, the Company will provide an Officers’ Certificate to
the Trustee regarding such occurrence. The Trustee shall have no obligation to independently determine or verify if a Suspension Date or Reinstatement Date has occurred or notify the Holders of any Suspension Date or Reinstatement Date. The Trustee
may provide a copy of such Officers’ Certificate to any Holder upon request. 
  

	Section 4.18	Business Activities. 

 The Company will not, and will 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 (as determined by the Board of Directors of the Company). 

 

	Section 4.19	Maintenance of Listing. 

 The Company will use its commercially reasonable efforts to
maintain the listing of the Notes on the Exchange for so long as such Notes are outstanding; provided that if at any time the Company determines that it will not maintain such listing, it will obtain prior to the delisting of the Notes from
the Exchange, and thereafter use its best efforts to maintain, a listing of such Notes on another “recognised stock exchange” as defined in Section 1005 of the Income Tax Act 2007 of the United Kingdom. 

 

	Section 4.20	Payment of Additional Amounts. 

 (a) All payments made by the Company or any Guarantor
under or with respect to the Notes will be made free and clear of and without withholding or deduction for, or on account of, any present or future tax, duty, assessment, or other governmental charge of whatever nature imposed, levied, collected,
withheld or assessed (including any penalties and interest related thereto) (“Taxes”) unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any Taxes
imposed or levied by or on behalf of (i) any jurisdiction in which the Company, (including any Successor Company) or any Guarantor (or any Successor Guarantor), are then incorporated, engaged in business, organized or otherwise resident for tax
purposes or any political subdivision or governmental authority thereof or therein having the power to tax or (ii) any jurisdiction 

  
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from or through which payment is made by or on behalf of the Company (including, without limitation, the jurisdiction of any Paying Agent) (each of (i) and (ii), a “Tax
Jurisdiction”), will at any time be required to be made from any payments made under or with respect to the Notes, including, without limitation, payments of principal, redemption price, purchase price, interest or premium, the Company (or
the applicable Guarantor) will pay such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received in respect of such payments by each Holder or Beneficial Owner of Notes after such
withholding or deduction (including any such withholding or deduction from such Additional Amounts) will equal the respective amounts that would have been received in respect of such payments in the absence of such withholding or deduction;
provided, however, that no Additional Amounts will be payable with respect to: 
 (1) any Taxes to the extent such Taxes
would not have been imposed but for the Holder or the Beneficial Owner of the Notes being a citizen or resident or national of, or incorporated in, the relevant Tax Jurisdiction in which such Taxes are imposed or having any other present or former
connection with the relevant Tax Jurisdiction other than the mere acquisition, holding, exercise or enforcement of rights, or receipt of payment in respect of the Notes or under the applicable Note Guarantee; 

(2) any Taxes to the extent such Taxes are imposed or withheld as a result of the failure of the Holder of the Note or
Beneficial Owner of the Notes to comply, to the extent such Holder is legally entitled, with any reasonable written request, made by the Company or any Guarantor to that Holder or Beneficial Owner in writing at least 90 days before any such
withholding or deduction would be payable, (i) to provide information concerning the nationality, residence or identity of such Holder or Beneficial Owner or (ii) to make any valid and timely declaration or similar claim or satisfy any
certification information or other reporting requirement, which, in either case, is required or imposed by a statute, treaty, regulation or administrative practice of the relevant Tax Jurisdiction as a precondition to any exemption from or reduction
in all or part of such Taxes; 
 (3) any Taxes to the extent such Taxes were imposed as a result of the presentation of a
Note for payment (where presentation is required) more than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been
presented on the last day of such 30 day period); 
 (4) any estate, inheritance, gift, sale, transfer, excise, personal
property or similar Taxes; 
 (5) any Taxes imposed on or with respect to any payments to any Holder who is a fiduciary,
partnership or other person other than the sole Beneficial Owner of such payment to the extent that the Beneficial Owner of such fiduciary, partnership or other person would not have been entitled to the payment of Additional Amounts had such
Beneficial Owner been the Holder of the Note; 
 (6) any Taxes withheld, deducted or imposed on a payment to an individual
that are required to be made pursuant to Council Directive 2003/48/EC of 3 June 2003 (as amended, modified or replaced from time to time, including by Council Directive 2014/48/EU of 24 March 2014) or any other directive implementing the
conclusions of the ECOFIN Council meeting of November 26 and 27, 2000 on the taxation of savings income, or any law implementing or complying with or introduced in order to conform to, such directives; 

(7) any Taxes payable other than by deduction or withholding from payments under or with respect to, the Notes or under the
Note Guarantee; or 
 (8) any combination of items (1) through (7) above. 

  
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 (b) The Company or a Guarantor, as applicable, will also pay and indemnify the Holder for any
present or future stamp, issue, registration, value added, court or documentary Taxes, or any other excise or property taxes, charges or similar levies (including penalties, interest and any other reasonable expenses related thereto) or Taxes which
are levied by any Tax Jurisdiction on the execution, delivery, registration or enforcement of any of the Notes, this Indenture, any Note Guarantee, or any other document or instrument referred to therein or the receipt of payments with respect
thereto. 
 (c) If the Company or any Guarantor become obligated to pay Additional Amounts with respect to any payment under or with respect
to the Notes or any Note Guarantee, the Company or any Guarantor, as applicable, will deliver to the Trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th
day prior to that payment date, in which case the Company will notify the Trustee promptly after such obligation arises (and in any event within five Business Days thereof)) an Officers’ Certificate stating the fact that Additional Amounts will
be payable and the amount estimated to be so payable. The Officers’ Certificate must also set forth any other information reasonably necessary to enable the Paying Agents to pay Additional Amounts to Holders on the relevant payment date. The
Trustee shall be entitled to rely solely on such Officers’ Certificate as conclusive proof that such payments are necessary. The Company or any Guarantor, as applicable, will provide the Trustee with documentation reasonably satisfactory to the
Trustee evidencing the payment of Additional Amounts. 
 (d) The Company or any Guarantor, as applicable, will make all withholdings and
deductions required by law and will remit the full amount deducted or withheld to the relevant governmental authority in accordance with applicable law. Upon request, the Company or any Guarantor, as applicable, will provide to the Trustee an
official receipt or, if official receipts are not obtainable, other documentation reasonably satisfactory to the Trustee evidencing the payment of any Taxes so deducted or withheld and will attach to each official receipt or other documentation an
Officers’ Certificate stating the amount of such Taxes paid per $1,000 principal amount of the Notes then outstanding. Upon request, copies of those official receipts or other documentation, as the case may be, will be made available by the
Trustee to the Holders of the Notes. 
 (e) This Section 4.20 will survive termination, defeasance pursuant to Article 8 or discharge
pursuant to Article 11 of this Indenture, any transfer by a Holder or Beneficial Owner of its Notes and will apply mutatis mutandis to any jurisdiction in which any successor person to the Company or any Guarantor is incorporated, engaged in
business or resident for tax purposes or any jurisdiction from or through which such person makes any payment on the Notes (or any Note Guarantee) and any department or political subdivision thereof or therein. 

  
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 ARTICLE 5 

SUCCESSORS 
  

	Section 5.01	Merger, Consolidation or Sale of All Assets. 

 (a) The Company will not:
(1) consolidate or merge with or into or wind up into another Person (whether or not the Company is the surviving Person), or (2) directly or indirectly sell, assign, transfer, convey, lease 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: 

(1) (a) in the case of a consolidation, merger or winding up (including, in each case, in connection with a Redomestication),
the Company is the resulting or surviving Person or (b) the resulting or surviving Person (if other than the Company) of any such consolidation, merger or winding up or the Person to which such sale, assignment, transfer, conveyance, lease or
other disposition has been made (including, in each case, in connection with a Redomestication) (the “Successor Company”) is (i) an entity organized or existing under the laws of the United States, any state of the United
States or the District of Columbia (and, if such entity is not a corporation, a co-obligor of the Notes is a corporation organized or existing under any such laws) or (ii) an entity organized or existing under the laws of a Permitted Foreign
Jurisdiction; 
 (2) the Successor Company (if other than the Company) expressly assumes all the obligations of the Company
under the Notes and this Indenture pursuant to a supplemental indenture or other agreements in form reasonably satisfactory to the Trustee; 

(3) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 (4) the Successor Company 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, 
 (A) be
permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a); or 

(B) have had a Fixed Charge Coverage Ratio greater than or equal to the actual Fixed Charge Coverage Ratio for the Company and
its Restricted Subsidiaries (on a consolidated basis) for such four-quarter period; 
 (5) in the case of clause
(1)(b)(ii) above, in the event that the Successor Company is organized in a jurisdiction that is different from the jurisdiction in which the obligor on the Notes was organized immediately before giving effect to the transaction: 

(A) such Successor Company has delivered to the Trustee an Opinion of Counsel satisfactory to the Trustee stating (i) that
the obligations of such Successor Company under this Indenture are enforceable under the laws of such Permitted Foreign Jurisdiction of its formation subject to customary exceptions and (ii) the Holders will not recognize any income, gain or
loss for U.S. federal income tax purposes as a result of the transaction and will be subject to U.S. federal income tax on the same amount and at the same times as would have been the case if such transaction had not occurred; 

(B) such Successor Company has agreed in writing to submit to New York jurisdiction and appoints an agent for the service of
process in New York, each under terms reasonably satisfactory to the Trustee; and 
 (C) the Company’s Board of
Directors or the comparable governing body of the Successor Company determines in good faith that such transaction will not adversely affect the interests of the Holders in any material respect and a board resolution to that effect is delivered to
the Trustee; 
 (6) each Guarantor (unless it is the other party to the transactions described above, in which case clause
(1) of Section 5.01(c) shall apply) shall have by supplemental indenture confirmed that its Note Guarantee shall apply to such Successor Company’s obligations under this Indenture and the Notes; and 

(7) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
such consolidation, merger or disposition and such supplemental indenture (if any) comply with this Indenture. 

  
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 (b) This Section 5.01 does not apply to any sale, assignment, transfer, conveyance, lease or
other disposition of properties or assets between or among the Company and its Restricted Subsidiaries. Clause (3) of Section 5.01(a) does not apply to any merger or consolidation of a Restricted Subsidiary of the Company with or into the
Company. Clause (4) of Section 5.01(a) does not apply to any merger or consolidation of: 
 (1) a Restricted
Subsidiary of the Company with or into the Company for any purpose, so long as no Capital Stock of the Restricted Subsidiary is distributed to any Person other than the Company; or 

(2) the Company with or into an Affiliate solely for the purpose of reorganizing or reincorporating the Company in another
jurisdiction, so long as the amount of Indebtedness of the Company and its Restricted Subsidiaries is not increased thereby. 
 (c) The
Company will not permit any Guarantor to (i) consolidate or merge with or into or wind up into another Person (whether or not the Guarantor is the surviving Person), or (ii) directly or indirectly sell, assign, transfer, convey, lease or
otherwise dispose of all or substantially all of such Guarantor’s properties or assets, in one or more related transactions, to another Person, unless, either: 

(1) (A) (i) in the case of a consolidation, merger or winding up (including, in each case, in connection with a
Redomestication), the Guarantor is the resulting or surviving Person or (ii) the resulting or surviving Person (if other than the Guarantor) of any such consolidation, merger or winding up or the Person to which such sale, assignment, transfer,
conveyance, lease or other disposition has been made (including, in each case, in connection with a Redomestication) (the “Successor Guarantor”) is (a) an entity organized or existing under the laws of the United States, any
state of the United States or the District of Columbia or (b) an entity organized or existing under the laws of a Permitted Foreign Jurisdiction; 

(B) the Successor Guarantor (if other than such Guarantor) expressly assumes all the obligations of such Guarantor under the
Notes, this Indenture and such Guarantor’s Note Guarantee pursuant to a supplemental indenture or other agreements in form reasonably satisfactory to the Trustee; 

(C) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 (D) in the case of clause (1)(A)(ii)(b) above, in the event that the Successor Guarantor is organized in a
jurisdiction that is different from the jurisdiction in which the obligor on the Notes was organized immediately before giving effect to the transaction: 

(i) such Successor Guarantor has delivered to the Trustee an Opinion of Counsel satisfactory to the Trustee stating
(A) that the obligations of such Successor Guarantor under this Indenture are enforceable under the laws such Permitted Foreign Jurisdiction of its formation subject to customary exceptions and (B) the Holders will not recognize any
income, gain or loss for 

  
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U.S. federal income tax purposes as a result of the transaction and will be subject to U.S. federal income tax on the same amount and at the same times as would have been the case if such
transaction had not occurred; 
 (ii) such Successor Guarantor has agreed in writing to submit to New York jurisdiction and
appoints an agent for the service of process in New York, each under terms reasonably satisfactory to the Trustee; and 

(iii) the Guarantor’s Board of Directors or the comparable governing body of the Successor Guarantor determines in good
faith that such transaction will not adversely affect the interests of the Holders in any material respect and a board resolution to that effect is delivered to the Trustee; and 

(E) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
such consolidation, merger or disposition and such supplemental indenture (if any) comply with this Indenture, or 
 (2) in
the event the transaction results in the release of the Note Guarantee under clauses (1)(A) or (1)(B) of Section 10.06(a), the transaction is made in compliance with Section 4.16 (it being understood that only such portion of the
Net Proceeds as is required to be applied on the date of such transaction in accordance with the terms of this Indenture needs to be applied in accordance therewith at such time). 

(d) Notwithstanding the foregoing, any Guarantor may merge with or into or transfer all or part of its properties and assets to a Guarantor or
merge with a Restricted Subsidiary of the Company, so long as the resulting entity remains or becomes a Guarantor. 
  

	Section 5.02	Successor Entity Substituted. 

 Upon any consolidation or merger or any sale, assignment,
transfer, conveyance, lease or other disposition of all or substantially all of the properties or assets of the Company or a Guarantor in accordance with Section 5.01, the Successor Company and the Successor Guarantor, as the case may be, shall
succeed to, and be substituted for, and may exercise every right and power of, the Company or a Guarantor, as the case may be, under this Indenture, the Notes and such Note Guarantee, with the same effect as if such Successor Company or Successor
Guarantor, as the case may be, had been named as the Company or a Guarantor, as the case may be, in this Indenture, and thereafter, the Company and the Guarantor, as applicable, will be relieved of all obligations and covenants under this Indenture
and the Notes or its Note Guarantee, as the case may be; provided that, in the case of a lease of all or substantially all of its assets, the Company will not be released from the obligation to pay the principal of and interest on the Notes
and a Guarantor will not be released from its obligations under its Note Guarantee. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 
  

	Section 6.01	Events of Default and Remedies. 

 (a) Each of the following is an “Event of
Default” with respect to the 2022 notes or the 2024 notes, as applicable: 
 (1) default for 30 days in the payment
when due of interest on the applicable series of Notes; 

  
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 (2) default in the payment when due (at maturity, upon redemption or otherwise)
of the principal of, or premium, if any, on, the applicable series of Notes; 
 (3) failure by the Company or any of its
Restricted Subsidiaries to comply with the provisions described under Section 5.01 or to consummate a purchase of Notes when required pursuant to Section 4.15 and Section 4.16; 

(4) failure by the Company for 120 days after notice to the Company by the Trustee or the Holders of 25% in aggregate principal
amount of the applicable series of Notes then outstanding voting as a single class to comply with the provisions described under Section 4.06; 

(5) failure by the Company or any of its Restricted Subsidiaries for 60 days after notice to the Company by the Trustee or the
Holders of at least 25% in aggregate principal amount of the applicable series of Notes then outstanding voting as a single class to comply with any of the other agreements in this Indenture (including the provisions described under
Section 4.15 and Section 4.16 to the extent not described in clause (3) of this Section 6.01(a); 
 (6)
default under any mortgage, indenture or instrument under which there is issued or by which there is 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 Issue Date, if that default: 

(A) is caused by a failure to pay principal of, premium or interest, if any, on such Indebtedness prior to the expiration of
the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or 
 (B)
results in the acceleration of such Indebtedness prior to its Stated 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 $75.0 million or more; provided, however, that if
any such Payment Default is cured or waived or any such acceleration rescinded, or such Indebtedness is repaid and the Notes have not been accelerated, such Event of Default shall be automatically rescinded, so long as such rescission does not
conflict with any judgment or decree; 
 (7) failure by the Company or any of its Restricted Subsidiaries to pay final
judgments entered by a court or courts of competent jurisdiction aggregating in excess of $75.0 million (to the extent not covered by insurance by a reputable and creditworthy insurer as to which the insurer has not disclaimed coverage), which
judgments are not paid in accordance with the terms thereof, discharged or stayed, for a period of 60 consecutive days; 

(8) except as permitted by this Indenture, any Note Guarantee is held in any judicial proceeding to be unenforceable or invalid
or ceases for any reason to be in full force and effect, or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its obligations under its Note Guarantee, in each case with respect to any Guarantor that is a
Significant Subsidiary or any group of Guarantors that, taken together, would constitute a Significant Subsidiary of the Company; and 

  
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 (9) (i) the Company or any Restricted Subsidiary that is a Significant Subsidiary
or any group of Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary, pursuant to or within
the meaning of any Bankruptcy Law: 
 (A) commences proceedings to be adjudicated bankrupt or insolvent; 

(B) consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer
or consent seeking an arrangement of debt, reorganization, dissolution, winding up or relief under applicable Bankruptcy Law; 

(C) consents to the appointment of a receiver, interim receiver, receiver and manager, liquidator, assignee, trustee,
sequestrator or other similar official of it or for all or substantially all of its property; 
 (D) makes a general
assignment for the benefit of its creditors; or 
 (E) admits in writing that it generally is not paying its debts as they
become due and payable; or 
 (ii) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 (A) is for relief against the Company, any Restricted Subsidiary that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary, in a proceeding in which the Company,
any such Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Company and its Restricted Subsidiaries),
would constitute a Significant Subsidiary, is to be adjudicated bankrupt or insolvent; 
 (B) appoints a receiver, interim
receiver, receiver and manager, liquidator, assignee, trustee, sequestrator or other similar official of the Company, any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the
date of the latest audited consolidated financial statements of the Company and its Restricted Subsidiaries), 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 (as of the date of the latest audited consolidated financial statements of the Company and its Restricted Subsidiaries), would constitute a Significant
Subsidiary; or 
 (C) orders the liquidation, dissolution or winding up of the Company, or any Restricted Subsidiary that is
a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary;

 and the order or decree remains unstayed and in effect for 60 consecutive days. 

  
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	Section 6.02	Acceleration. 

 (a) If an Event of Default (other than an Event of Default described in
clause (9) of Section 6.01(a)) occurs and is continuing, the Trustee by written notice to the Company, specifying the Event of Default, or the Holders of at least 25% in aggregate principal amount of the then outstanding applicable series of
Notes by notice to the Company and the Trustee, may, and the Trustee at the request of such Holders shall, declare the principal, premium, if any, and accrued and unpaid interest, if any, on all the Notes to be due and payable. Upon such
declaration, such principal, premium, if any, and accrued and unpaid interest, if any, will be due and payable. 
 The Trustee shall have no obligation to
accelerate the applicable series of Notes if and so long as a committee of its Responsible Officers, in good faith, determines acceleration is not in the best interest of the Holders. The Trustee shall not be charged with knowledge of any Default or
Event of Default with respect to the applicable series of Notes unless a written notice of such Default or Event of Default shall have been given to an officer of the Trustee with direct responsibility for the administration of the Indenture and the
applicable series of Notes, by the Company or any Holder of the applicable series of Notes. 
 (b) In case an Event of Default described in
clause (9) of Section 6.01(a) occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest, if any, on all the applicable series of Notes will become and be immediately due and payable without any declaration or
other act on the part of the Trustee or any Holders. 
 (c) In the event of a declaration of acceleration of the applicable series of Notes
because an Event of Default described in clause (6) of Section 6.01(a) has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically annulled if: 

(1) the default triggering such Event of Default pursuant to clause (6) of Section 6.01(a) shall be remedied or cured by
the Company or a Restricted Subsidiary or waived by the holders of the relevant Indebtedness within 20 days after the declaration of acceleration with respect thereto; and 

(2) (A) the annulment of the acceleration of the applicable series of Notes would not conflict with any judgment or decree of a
court of competent jurisdiction and (B) all existing Events of Default, except nonpayment of principal, premium, if any, or interest on the Notes that became due solely because of the acceleration of the applicable series of Notes, have been
cured or waived. 
 (d) The Holders of a majority in principal amount of the outstanding applicable series of Notes may waive all past
Events of Default (except with respect to nonpayment of principal, premium or interest) and rescind any acceleration with respect to the applicable series of Notes and its consequences if (1) such rescission would not conflict with any judgment
or decree of a court of competent jurisdiction, (2) all existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the applicable series of Notes that have become due solely by such declaration
of acceleration, have been cured or waived and (3) there had been paid to or deposited with the Trustee a sum sufficient to pay all amounts due to the Trustee and to reimburse the Trustee for any and all fees, expenses and disbursements
advanced by the Trustee, its agents and its counsel incurred in connection with such Default. 

  
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	Section 6.03	Other Remedies. 

 If an Event of Default occurs and is continuing, the Trustee may pursue
any available remedy to collect the payment of principal, premium, if any, and interest on the applicable series of Notes or to enforce the performance of any provision of the applicable series of Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the applicable series of Notes or does not produce any of them in the
proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All
remedies are cumulative to the extent permitted by law. 
  

	Section 6.04	Waiver of Past Defaults. 

 The Holders of a majority in aggregate principal amount of the
then outstanding applicable series of Notes by written notice to the Trustee may, on behalf of the Holders of all of the applicable series of Notes, waive any existing Default and its consequences hereunder, except: 

(1) a continuing Default in the payment of the principal, premium, if any, or interest on any Note held by a non-consenting
Holder (including in connection with an Asset Sale Offer or a Change of Control Offer); and 
 (2) a Default with respect to
a provision that under Section 9.02 cannot be amended without the consent of each Holder affected, 
 provided that, subject to
Section 6.02, the Holders of a majority in principal amount of the then outstanding applicable series of Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration. Upon
any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any
right consequent thereon. 
  

	Section 6.05	Control by Majority. 

 The Holders of a majority in principal amount of the outstanding
applicable series of Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any
direction that conflicts with law, this Indenture, the Notes or any Note Guarantee, or that the Trustee determines in good faith is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability. 

 

	Section 6.06	Limitation on Suits. 

 Subject to Section 6.07, no Holder may pursue any remedy with
respect to this Indenture or the Notes unless: 
 (1) such Holder has previously given the Trustee written notice that
an Event of Default is continuing; 
 (2) Holders of at least 25% in aggregate principal amount of the then outstanding
applicable series of Notes make a written request to the Trustee to pursue the remedy; 

  
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 (3) such Holder or Holders offer and, if requested, provide to the Trustee
security or indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (4) the Trustee does not comply
with such request within 60 days after receipt of the request and the offer of security or indemnity; and 
 (5) during such
60-day period, the Holders of a majority in aggregate principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with such request. 

A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. 

 

	Section 6.07	Rights of Holders to Receive Payment. 

 Notwithstanding any other provision of this
Indenture, the right of any Holder to receive payment of principal, premium, if any, and interest on its Note, on or after the respective due dates expressed or provided for in such Note (including in connection with an Asset Sale Offer or a Change
of Control Offer), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

 

	Section 6.08	Collection Suit by Trustee. 

 If an Event of Default specified in Section 6.01(a)(1)
or (2) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company and any other obligor on the Notes for the whole amount of principal, premium, if any, and interest
remaining unpaid on the Notes, together with interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee and its agents and counsel. 
  

	Section 6.09	Restoration of Rights and Remedies. 

 If the Trustee or any Holder has instituted any
proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any
determination in such proceedings, the Company, the Guarantors, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall
continue as though no such proceeding has been instituted. 
  

	Section 6.10	Trustee May File Proofs of Claim. 

 The Trustee may file proofs of claim and other papers
or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes
allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes, including the Guarantors), its creditors or its property and is entitled and empowered to participate as a member in any official committee of
creditors appointed in such matter and to collect, receive and distribute any money or other property payable or deliverable on any such claims. 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
and its agents and counsel, and any other amounts due the Trustee under Section 7.07. To the extent that the payment of any such compensation, expenses, 

  
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disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 out of the estate in any such proceeding, shall be denied for any
reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation
or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  

	Section 6.11	Priorities. 

 If the Trustee collects any money or property pursuant to this Article 6,
it shall pay out the money and property in the following order: 
 (1) to the Trustee and its agents and attorneys for
amounts due under Section 7.07, including payment of all reasonable compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

(2) to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest ratably, without preference
or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 

(3) to the Company or to such party as a court of competent jurisdiction shall direct, including a Guarantor, if applicable.

 The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.11. Promptly after any
record date is set pursuant to this Section 6.11, the Trustee shall cause notice of such record date and payment date to be given to the Company and to each Holder in the manner set forth in Section 12.02. 

 

	Section 6.12	Undertaking for Costs. 

 In any suit for the enforcement of any right or remedy under
this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in such suit of an undertaking to pay the costs of the suit, and the court
in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section 6.12 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by Holders of more than 10% in aggregate principal amount of the outstanding Notes. 

ARTICLE 7 
 TRUSTEE 

 

	Section 7.01	Duties of Trustee. 

 (a) If an Event of Default has occurred and is continuing, the
Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

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

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

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions 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 liabilities for its own negligent
action, its own negligent failure to act, or its own willful misconduct, except that: 
 (1) this paragraph does not limit
the effect of paragraph (b) of this Section 7.01; 
 (2) the Trustee shall not be liable for any error of judgment
made in good faith by a Responsible Officer, unless it is proved in a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and 

(3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 6.05. 
 (d) Whether or not therein expressly so provided, every provision of this
Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 
 (e)
Subject to this Article 7, if an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture, the Notes and the Note Guarantees at the request or direction of
any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to it in its sole discretion against any loss, liability or expense. 

(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 7.02	Rights of Trustee. 

 (a) The Trustee may conclusively rely upon any document believed by
it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document, 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 in good faith 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. 

  
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 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate
or an Opinion of Counsel or both subject to the other provisions of this Indenture. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The
Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in
good faith and in reliance thereon. 
 (c) The Trustee may act through its attorneys and agents and shall not be responsible for the
misconduct or negligence of any agent or attorney appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or
omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e)
Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company or a Guarantor shall be sufficient if signed by an Officer of the Company or such Guarantor. 

(f) None of the provisions of this Indenture shall require the Trustee to expend or risk its own funds or otherwise to incur any liability,
financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory in its sole
discretion to it against such risk or liability is not assured to it. 
 (g) The Trustee shall not be deemed to have notice or knowledge 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 Officer of the Trustee at the Corporate Trust Office of the Trustee, and such notice references the existence of a
Default or Event of Default, the Notes and this Indenture. 
 (h) In no event shall the Trustee be responsible or liable for special,
indirect, punitive 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. 
 (i) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(j) The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any Person authorized to sign an Officers’ Certificate, including any Person specified as so authorized in
any such certificate previously delivered and not superseded. 
 (k) The Trustee shall not be required to give any bond or surety in respect
of the performance of its powers and duties hereunder. 
 (l) The permissive rights of the Trustee enumerated herein shall not be construed
as duties. 

  
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	Section 7.03	Individual Rights of Trustee. 

 The Trustee or any Agent in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee or such Agent. However, in the event that the Trustee acquires any
conflicting interest within the meaning of Trust Indenture Act Section 310(b) it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee or resign. Any Agent may do the same with like rights and
duties. The Trustee is also subject to Sections 7.10 and 7.11. 
  

	Section 7.04	Trustee’s Disclaimer. 

 The Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any
provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes
or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication on the Notes. 
  

	Section 7.05	Notice of Defaults. 

 If a Default occurs and is continuing and is known to the Trustee,
the Trustee will mail to each Holder a notice of the Default within 90 days after it occurs. Except in the case of an Event of Default specified in clauses (1) or (2) of Section 6.01(a), the Trustee may withhold from the Holders notice of
any continuing Default if the Trustee determines in good faith that withholding the notice is in the interest of the Holders. 
  

	Section 7.06	Reports by Trustee to Holders of the Notes. 

 (a) Within 60 days after each May 15,
beginning with the first May 15 following the date of this Indenture, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders of the Notes a brief report dated as of such reporting date that complies with Trust
Indenture Act Section 313(a) (but if no event described in Trust Indenture Act Section 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with Trust
Indenture Act Section 313(b)(2). The Trustee shall also transmit by mail all reports as required by Trust Indenture Act Section 313(c). 

(b) A copy of each report at the time of its mailing to the Holders shall be mailed to the Company and filed with each national securities
exchange on which the Notes are listed in accordance with Trust Indenture Act Section 313(d). The Company shall promptly notify the Trustee in writing in the event the Notes are listed on any national securities exchange or delisted therefrom.

  

	Section 7.07	Compensation and Indemnity. 

 (a) The Company shall pay to the Trustee from time to time
such compensation for its acceptance of this Indenture and services hereunder as the parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.
The Company shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation,
disbursements and expenses of the Trustee’s agents and counsel. The Trustee shall provide the Company reasonable notice of any expenditure not in the ordinary course of business. 

  
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 (b) The Company and the Guarantors, jointly and severally, shall indemnify the Trustee for, and
hold each of the Trustee and any predecessor harmless against, any and all loss, damage, claims, liability or expense (including reasonable attorneys’ fees and expenses) incurred by it in connection with the acceptance or administration of this
trust and the performance of its duties hereunder (including the costs and expenses of enforcing this Indenture against the Company or any Guarantor (including this Section 7.07)) or defending itself against any claim whether asserted by any
Holder, the Company or any Guarantor, or liability in connection with the acceptance, exercise or performance of any of its powers or duties hereunder), except to the extent set forth in the last sentence of this clause (b). The Trustee shall notify
the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee may have separate
counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company and the Guarantors need not (i) pay for any settlement made without the consent of the Company (which consent will not be unreasonably withheld) or
(ii) reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct, negligence or bad faith. 

(c) The obligations of the Company and the Guarantors under this Section 7.07 shall survive the satisfaction and discharge of this
Indenture or the earlier resignation or removal of the Trustee. 
 (d) To secure the payment obligations of the Company and the Guarantors
in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall survive the
satisfaction and discharge of this Indenture. 
 (e) When the Trustee incurs expenses or renders services after an Event of Default
specified in Section 6.01(a)(9) occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

 

	Section 7.08	Replacement of Trustee. 

 (a) A resignation or removal of the Trustee and appointment of
a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. The Trustee may resign in writing at any time by giving 30 days’ prior notice of such resignation
to the Company and be discharged from the trust hereby created by so notifying the Company. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in
writing. The Company may remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10; 

(2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; 
 (3) a receiver or public officer takes charge of the Trustee or its property; or 

(4) the Trustee becomes incapable of acting. 

  
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 (b) 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. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the successor Trustee to
replace it with another successor Trustee appointed by the Company. 
 (c) If a successor Trustee does not take office within 60 days after
the retiring Trustee resigns or is removed, the retiring Trustee (at the Company’s expense), the Company or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction
for the appointment of a successor Trustee. 
 (d) If the Trustee, after written request by any Holder who has been a Holder for at least
six months, fails to comply with Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(e) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to the
Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided that all sums owing to the Trustee hereunder have been paid and such transfer shall be subject to the Lien provided
for in Section 7.07. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 

(f) As used in this Section 7.08, the term “Trustee” shall also include each Agent. 

 

	Section 7.09	Successor Trustee by Merger, etc. 

 If the Trustee consolidates, merges or converts into,
or transfers all or substantially all of its corporate trust business to, another corporation or national banking association, the successor corporation or national banking association without any further act shall be the successor Trustee, subject
to Section 7.10. 
  

	Section 7.10	Eligibility; Disqualification. 

 (a) There shall at all times be a Trustee hereunder that
is a corporation or national banking association organized and doing business under the laws of the United States or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or
examination by federal or state authorities and that has a combined capital and surplus of at least $50.0 million as set forth in its most recent published annual report of condition. 

(b) This Indenture shall always have a Trustee who satisfies the requirements of Trust Indenture Act Sections 310(a)(1), (2) and (5). The
Trustee is subject to Trust Indenture Act Section 310(b). 
  

	Section 7.11	Preferential Collection of Claims Against the Company. 

 The Trustee is subject to Trust
Indenture Act Section 311(a), excluding any creditor relationship listed in Trust Indenture Act Section 311(b). A Trustee who has resigned or been removed shall be subject to Trust Indenture Act Section 311(a) to the extent indicated
therein. 

  
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 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
  

	Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance. 

 The Company may, at any time,
pursuant to a resolution of its Board of Directors set forth in an Officers’ Certificate, elect to have either Section 8.02 or Section 8.03 applied to all outstanding Notes of a series upon compliance with the conditions set forth
below in this Article 8. 
  

	Section 8.02	Legal Defeasance and Discharge. 

 (a) Upon the Company’s exercise under
Section 8.01 of the option applicable to this Section 8.02, the Company and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from their obligations with
respect to the Indenture as it relates to a series of Notes, all outstanding Notes of the applicable series and the related Note Guarantees on the date the conditions set forth below are satisfied (“Legal Defeasance”). For this
purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding applicable series of Notes and related Note Guarantees, which shall thereafter be deemed to be
“outstanding” only for the purposes of Section 8.05 and the other Sections of this Indenture referred to in clauses (1) through (4) below, and to have satisfied all of its other obligations under such Notes, Note Guarantees
and this Indenture including that of the Guarantors (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), and this Indenture shall cease to be of further effect as to all Notes of
such series and related Note Guarantees, except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 

(1) the rights of Holders of outstanding Notes of such series to receive payments in respect of the principal of, and premium,
interest or Additional Amounts, if any, on such Notes when such payments are due from the trust created pursuant to this Indenture referred to in Section 8.04; 

(2) the Company’s obligations with respect to the Notes of such series under Sections 2.03, 2.04, 2.06, 2.07, 2.10 and
4.02; 
 (3) the rights, powers, trusts, duties and immunities of the Trustee under this Indenture, and the Company’s
and the Guarantors’ obligations in connection therewith; and 
 (4) this Section 8.02. 

(b) Following the Company’s exercise of its Legal Defeasance option, payment of the Notes of the applicable series may not be accelerated
because of an Event of Default. 
 (c) Subject to compliance with this Article 8, the Company may exercise its option under this
Section 8.02 notwithstanding the prior exercise of its option under Section 8.03. 
  

	Section 8.03	Covenant Defeasance. 

 Upon the Company’s exercise under Section 8.01 of the
option applicable to this Section 8.03, the Company and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04, be released from their obligations under the covenants contained in Sections 3.09,
4.03, 4.05, 4.06, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17, 4.18 and 4.19 and clause (4) of 

  
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Section 5.01(a) with respect to the outstanding Notes of the applicable series, and the Guarantors shall be deemed to have been discharged from their obligations with respect to the related
Note Guarantees with respect to such series, on and after the date the conditions set forth in Section 8.04 are satisfied (“Covenant Defeasance”), and the applicable series of Notes shall thereafter be deemed not
“outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all
other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to such series under this Indenture and the outstanding Notes of
the applicable series, the Company or any of its Subsidiaries may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under
Section 6.01, but, except as specified above, the remainder of this Indenture and such Notes of the applicable series shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 of the option applicable to
this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, an Event of Default specified in Section 6.01(a)(3) that resulted solely from the failure of the Company to comply with clause (4) of
Section 5.01(a), Sections 6.01(a)(4), 6.01(a)(5) (only with respect to covenants that are released as a result of such Covenant Defeasance), 6.01(a)(6), 6.01(a)(7), 6.01(a)(8) and 6.01(a)(9) (solely with respect to Significant Subsidiaries
or any group of Restricted Subsidiaries that would constitute a Significant Subsidiary), in each case, shall not constitute an Event of Default. 
  

	Section 8.04	Conditions to Legal or Covenant Defeasance. 

 (a) The following shall be the conditions
to the exercise of either the Legal Defeasance option under Section 8.02 or the Covenant Defeasance option under Section 8.03 with respect to the applicable series of Notes: 

(1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of such series of Notes,
cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in amounts as will be sufficient, in the opinion (except in the case of cash) of a nationally recognized investment bank, appraisal firm or firm of independent
public accountants selected by the Company, to pay the principal of, premium, if any, on, interest, if any, on, and Additional Amounts, if any, on the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as
the case may be, and the Company must specify whether the Notes of such series are being defeased to such stated date for payment or to a particular redemption date; 

(2) in the case of Legal Defeasance, the Company must deliver to the Trustee an Opinion of Counsel reasonably acceptable to the
Trustee confirming that 
 (A) the Company has received from, or there has been published by, the Internal Revenue Service a
ruling, or 
 (B) since the Issue Date, there has been a change in the applicable federal income tax law, 

in either case to the effect that, and based thereon such Opinion of Counsel will confirm that the Holders of the outstanding Notes of such
series will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case
if such Legal Defeasance had not occurred; 

  
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 (3) in the case of Covenant Defeasance, the Company must deliver to the Trustee
an Opinion of Counsel reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes of such series will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will
be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4) no Default or Event of Default has occurred and is continuing on the date of such deposit or will occur as a result of such
deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Indebtedness), and the granting of Liens to secure such borrowings); 

(5) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under any
material agreement or instrument (other than this Indenture and the agreements governing any other Indebtedness being defeased, discharged or replaced) to which the Company or any of the Guarantors is a party or by which the Company or any of the
Guarantors is bound; 
 (6) the Company must deliver to the Trustee an Officers’ Certificate stating that the deposit
was not made by the Company with the intent of preferring the Holders of Notes of such series over the other creditors of the Company, any Guarantor or others, with the intent of defeating, hindering, delaying or defrauding any creditors of the
Company, any Guarantor or others; 
 (7) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with; and 

(8) the Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the
Notes of such series at maturity or the redemption date, as the case may be (which instructions may be contained in the Officers’ Certificate referred to in clause (7) above). 

 

	Section 8.05	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. 

(a) Subject to Section 8.06, all money and Government Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05 and Section 11.02, the “Trustee”) pursuant to Section 8.04 in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company or any Restricted Subsidiary acting as Paying Agent) as the Trustee may determine, to the Holders of
all sums due and to become due thereon in respect of principal, premium, if any, and interest on the Notes, but such money need not be segregated from other funds except to the extent required by law. 

(b) The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or Government
Securities deposited pursuant to Section 8.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders. 

  
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 (c) Anything in this Article 8 to the contrary notwithstanding, the Trustee will deliver or pay
to the Company from time to time upon the request of the Company any money or Government Securities held by it as provided in Section 8.04 which, in the opinion of an nationally recognized investment bank, appraisal firm or firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a)(1)), are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance. 
  

	Section 8.06	Repayment to the Company. 

 Subject to any applicable abandoned property law, any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, premium, if any, or interest
has become due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability
of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make
any such repayment, may at the expense of the Company cause to be published once, in The New York Times or The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein,
which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Company. 
  

	Section 8.07	Reinstatement. 

 If the Trustee or Paying Agent is unable to apply any U.S. dollars or
Government Securities in accordance with Section 8.02 or Section 8.03, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the
Company’s and the Guarantors’ obligations under this Indenture, the applicable series of Notes and the related Note Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or
Section 8.03 until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or Section 8.03, as the case may be; provided that, if the Company makes any payment of principal,
premium, if any, or interest on any Note following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders to receive such payment from the money held by the Trustee or Paying Agent. 

ARTICLE 9 
 AMENDMENT, SUPPLEMENT
AND WAIVER 
  

	Section 9.01	Without Consent of Holders. 

 (a) Notwithstanding Section 9.02, without the consent of
any Holder, the Company, the Guarantors and the Trustee may amend or supplement this Indenture, the applicable series of Notes and the Note Guarantees: 

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

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

  
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 (3) to provide for the assumption of the Company’s or a Guarantor’s
obligations to Holders of Notes of such series and Note Guarantees in the case of a merger or consolidation or sale of all or substantially all of the Company’s or such Guarantor’s assets, as applicable, in accordance with Article 5; 

(4) to make any change that would provide any additional rights or benefits to the Holders of Notes of such series or that does
not adversely affect the legal rights under this Indenture of any Holder, including, without limitation, to secure the Notes of the applicable series or the Note Guarantees pursuant to the requirements of Section 4.10; 

(5) to conform the text of this Indenture, the Notes of such series or the Note Guarantees to any provision of the
“Description of Notes” section of the Offering Memorandum to the extent that the Trustee has received an Officers’ Certificate stating that such text constitutes an unintended conflict with, or is inconsistent with, the description of
the corresponding provision in the “Description of Notes” section of the Offering Memorandum; 
 (6) to provide for
the issuance of Additional Notes of the applicable series of Notes in accordance with the limitations set forth in this Indenture as of the Issue Date; 

(7) to add any additional Guarantor or to evidence the release of any Guarantor from its Note Guarantee, in each case as
provided in this Indenture; 
 (8) to evidence or provide for the acceptance of appointment under this Indenture of a
successor Trustee; provided that the successor Trustee is otherwise qualified and eligible to act as such under the terms of this Indenture; or 

(9) to comply with the requirements of the SEC to effect or maintain the qualification of this Indenture under the TIA. 

(b) Upon the request of the Company, and upon receipt by the Trustee of the documents described in Section 12.04, the Trustee shall join
with the Company and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of Section 9.01(a) and to make any further appropriate agreements and stipulations that may be therein contained,
but the Trustee shall not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. Notwithstanding the foregoing, no Opinion of Counsel shall be required
in connection with the addition of a Guarantor under this Indenture upon execution and delivery by such Guarantor and the Trustee of a supplemental indenture to this Indenture, the form of which is attached as Exhibit C, and delivery of an
Officers’ Certificate, except as provided in Section 5.01(c). 
  

	Section 9.02	With Consent of Holders. 

 (a) Except as provided in Section 9.01 and this
Section 9.02, the Company, the Guarantors and the Trustee may amend or supplement this Indenture, the applicable series of Notes and the Note Guarantees with the consent of the Holders of at least a majority in aggregate principal amount of the
applicable series of Notes then outstanding (including, without limitation, Additional Notes of the applicable series of Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a purchase of, or
tender offer or exchange offer for, the applicable series of Notes) and, subject to Section 6.04 and Section 6.07, any existing Default or Event of Default or compliance with any provision of this Indenture, the applicable series of Notes or
the Note Guarantees may be waived with the consent of the Holders of at least a majority in aggregate principal amount of the applicable series of Notes then outstanding (including, without limitation, Additional Notes of the

  
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applicable series of Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes).
Section 2.08 and Section 2.09 shall determine which Notes are considered to be “outstanding” for the purposes of this Section 9.02. 

(b) Upon the request of the Company, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the
Holders as aforesaid, and upon receipt by the Trustee of the documents described in Section 12.04, the Trustee shall join with the Company and the Guarantors in the execution of such amended or supplemental indenture unless such amended or
supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amended or supplemental
indenture. 
 (c) It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of
any proposed amendment, supplement or waiver. It shall be sufficient if such consent approves the substance of such proposed amendment, supplement or waiver. 

(d) After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company will give to the Holders a notice
briefly describing such amendment, supplement or waiver. However, the failure of the Company to give such notice to all the Holders, or any defect in the notice, will not impair or affect the validity of any such amendment, supplement or waiver.

 (e) Without the consent of each affected Holder, an amendment, supplement or waiver under this Section 9.02 may not: 

(1) reduce the percentage of principal amount of Notes of such series whose Holders must consent to an amendment, supplement or
waiver; 
 (2) reduce any premium payable upon redemption of any Notes of such series or change the date on which any Notes
of such series are subject to redemption (other than the notice provisions) or waive any payment with respect to the redemption of the Notes of such series; provided, however, that, solely for the avoidance of doubt, and without any other
implication, any purchase or repurchase of the Notes of such series (including pursuant to Section 4.15 and Section 4.16) shall not be deemed a redemption of such Notes; 

(3) reduce the rate of or change the time for payment of interest, including default interest, on any Note of such series; 

(4) waive a Default or Event of Default in the payment of principal of, or premium, interest or Additional Amounts, if any, on,
the notes of such series (except as described in Section 6.01 a rescission of acceleration of the Notes of such series by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes of such series and a waiver
of the payment default that resulted from such acceleration); 
 (5) make any Note of such series payable in money other than
that stated in the Notes of such series; 
 (6) impair the right of any Holder to receive payment of principal of, or
interest on, such Holders’ Notes of such series on or after the due dates therefrom or to institute suit for the enforcement of any payment on, or with respect to, such Holders’ Notes of such series; 

  
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 (7) make any change in the provisions of this Indenture relating to waivers of
past Defaults or the rights of Holders of Notes of such series to receive payments of principal of, or premium, interest or Additional Amounts, if any, on, the Notes of such series (other than waivers permitted by clause (8) below); 

(8) waive a redemption or repurchase payment with respect to any Note of such series (other than a payment required by
Section 4.15 or Section 4.16); 
 (9) release any Guarantor from any of its obligations under its Note Guarantee or
this Indenture, except in accordance with the terms of this Indenture; 
 (10) make any change in Sections 9.01 and 9.02; or

 (11) make any change to or modify any provision of this Indenture with respect to such series of Notes to affect the
ranking of any such Note of such series or Note Guarantee in a manner that would adversely affect Holders of the Notes of such series. 
 A
consent to any amendment, supplement or waiver of this Indenture, the Notes or the Note Guarantee by any Holder given in connection with a tender of such Holder’s Notes will not be rendered invalid by such tender. 

 

	Section 9.03	Compliance with Trust Indenture Act. 

 If this Indenture is qualified under the Trust
Indenture Act, every amendment or supplement to this Indenture or the Notes shall be set forth in an amended or supplemental indenture that complies with the Trust Indenture Act as then in effect. 

 

	Section 9.04	Revocation and Effect of Consents. 

 (a) Until an amendment, supplement or waiver becomes
effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the
consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes
effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
 (b) The
Company may, but shall not be obligated to, fix a record date pursuant to Section 1.05 for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver. 

Section 9.05 Notation on or Exchange of Notes. 

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

(b) Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or
waiver. 

  
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	Section 9.06	Trustee to Sign Amendments, etc. 

 The Trustee shall sign any amendment, supplement or
waiver authorized pursuant to this Article 9 if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee. In executing any amendment, supplement or waiver, the Trustee shall be
entitled to receive and (subject to Section 7.01) shall be fully protected in relying upon, in addition to the documents required by Section 12.04, an Officers’ Certificate and an Opinion of Counsel, each stating that the execution of
such amendment, supplement or waiver is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Company and any Guarantor party thereto, enforceable against them in
accordance with its terms, subject to customary exceptions. 
  

	Section 9.07	Exchange Notices. 

 For so long as the Notes are listed on the Exchange, to the extent
required by the rules of such exchange, the Company shall inform the Exchange of any amendments, supplements and waivers pursuant to this Article 9 and provide, if necessary, a supplement to the Offering Memorandum setting forth reasonable details
in connection with any such amendments, supplements or waivers. Furthermore, for so long as the Notes are listed on the Exchange and the rules of such exchange so require, the Company shall publish notice of any amendment, supplement and waiver on
the official website of the Exchange or in a daily newspaper with general circulation in Luxembourg (which is expected to be the Luxemburger Wort). 

ARTICLE 10 
 GUARANTEES 

 

	Section 10.01	Guarantee. 

 (a) Subject to this Article 10, each of the Guarantors hereby, jointly and
severally, irrevocably and unconditionally guarantees, on a senior unsecured basis, to each Holder and to the Trustee and its successors and permitted assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the
obligations of the Company hereunder or thereunder, that: (1) the principal of and premium, if any, on and interest on the Notes shall be promptly paid in full when due, whether at Stated Maturity, by acceleration, redemption or otherwise, and
interest on the overdue principal and interest on the Notes, if any, if lawful, and all other Obligations of the Company to the Holders or the Trustee hereunder or under the Notes shall be promptly paid in full or performed, all in accordance with
the terms hereof and thereof; and (2) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the
extension or renewal, whether at Stated Maturity, by acceleration or otherwise collectively, the “Guaranteed Obligations”. Failing payment by the Company when due of any amount so guaranteed or any performance so guaranteed for
whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

(b) The Guarantors hereby agree that their obligations hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to
enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event
of insolvency or bankruptcy of the Company, any right to require a 

  
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proceeding first against the Company, protest, notice and all demands whatsoever and covenants that this Note Guarantee shall not be discharged except by complete performance of the obligations
contained in the Notes and this Indenture, or pursuant to Section 10.06. 
 (c) Subject to Section 6.06, each of the Guarantors
also agrees, jointly and severally, to pay any and all costs and expenses (including reasonable attorneys’ fees and expenses) Incurred by any Holder in enforcing any rights under this Section 10.01. 

(d) If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to the Company or the Guarantors, any amount paid by any of them either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full
force and effect. 
 (e) Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on
the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in
respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6, such obligations (whether or not due and payable) shall forthwith become due and payable by the
Guarantors for the purpose of this Note Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Note Guarantees. 

(f) Each Note Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the
Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Company’s assets, and shall,
to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored
or returned by any obligee on the Notes or the Note Guarantees, whether as a “voidable preference,” “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event that any payment or
any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

(g) In case any provision of any Note Guarantee shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby. 
 (h) Each payment to be made by a Guarantor in respect of its
Note Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind or nature. 
  

	Section 10.02	Limitation on Guarantor Liability. 

 Each Guarantor, and by its acceptance of Notes, each
Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent conveyance or a fraudulent transfer for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the
Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of
each Guarantor 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 Guarantor that are relevant under such laws and after giving effect to any collections

  
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from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in the
obligations of such Guarantor under its Note Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable law. Each Guarantor that makes a payment under its Note Guarantee will be entitled upon payment in full of all
Guaranteed Obligations under this Indenture to a contribution from each other Guarantor in an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors at the time of
such payment, determined in accordance with GAAP. 
  

	Section 10.03	Execution and Delivery. 

 (a) To evidence its Note Guarantee set forth in
Section 10.01, each Guarantor hereby agrees that this Indenture shall be executed on behalf of such Guarantor by an Officer or person holding an equivalent title or position. 

(b) Each Guarantor hereby agrees that its Note Guarantee set forth in Section 10.01 shall remain in full force and effect notwithstanding
the absence of the endorsement of any notation of such Note Guarantee on the Notes. 
 (c) If an Officer whose signature is on this
Indenture no longer holds that office at the time the Trustee authenticates the Note, the Note Guarantees shall be valid nevertheless. 

(d) The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantee
set forth in this Indenture on behalf of the Guarantors. 
 (e) If required by Section 4.11, the Company shall cause any newly created
or acquired Restricted Subsidiary to comply with the provisions of Section 4.11 and this Article 10, to the extent applicable. 
  

	Section 10.04	Subrogation. 

 Each Guarantor shall be subrogated to all rights of Holders against the
Company in respect of any amounts paid by any Guarantor pursuant to the provisions of Section 10.01; provided that, if an Event of Default has occurred and is continuing, no Guarantor shall be entitled to enforce or receive any payments
arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Company under this Indenture or the Notes shall have been paid in full. 
  

	Section 10.05	Benefits Acknowledged. 

 Each Guarantor acknowledges that it will receive direct and
indirect benefits from the financing arrangements contemplated by this Indenture and that the guarantee and waivers made by it pursuant to its Note Guarantee are knowingly made in contemplation of such benefits. 

 

	Section 10.06	Release of Note Guarantees. 

 (a) A Note Guarantee by a Guarantor shall be automatically
and unconditionally released and discharged, and no further action by such Guarantor, the Company or the Trustee shall be required for the release of such Guarantor’s Note Guarantee, upon: 

(1)(A) any sale or other disposition of all or substantially all of the assets of that Guarantor by way of merger,
consolidation or otherwise, to a Person that is not (either before or 

  
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after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, if the sale or other disposition is made in compliance with Section 4.16 (it being understood
that only such portion of the Net Proceeds as is required to be applied on or before the date of such release in accordance with the terms of this Indenture needs to be applied in accordance therewith at such time); provided that all the
obligations of such Guarantor under all other Indebtedness of the Company and its Restricted Subsidiaries terminate upon consummation of such transaction; 

(B) any sale or other disposition of the Capital Stock of that Guarantor to a Person that is not (either before or after giving
effect to such transaction) the Company or a Restricted Subsidiary of the Company, if the sale or other disposition is made in compliance with Section 4.16 (it being understood that only such portion of the Net Proceeds as is required to be
applied on or before the date of such release in accordance with the terms of this Indenture needs to be applied in accordance therewith at such time) and the Guarantor ceases to be a Restricted Subsidiary of the Company as a result of the sale or
other disposition; 
 (C) the designation of any Restricted Subsidiary that is a Guarantor to be an Unrestricted Subsidiary
in accordance with the applicable provisions of this Indenture; 
 (D) Legal Defeasance, Covenant Defeasance or satisfaction
and discharge pursuant to Article 11 of this Indenture; 
 (E) the release or discharge of such Guarantor from the guarantee
of Indebtedness that resulted in the obligation of such Guarantor to guarantee the Notes (including the Senior Credit Facilities) (except as a result of payment under any such Guarantee or direct obligation); provided that if such Guarantor has
Incurred any Indebtedness in reliance on its status as a Guarantor under Section 4.09, such Guarantor’s obligations under such Indebtedness, as the case may be, so Incurred are satisfied in full and discharged or are otherwise permitted to
be Incurred by a Restricted Subsidiary (other than a Guarantor) under Section 4.09; or 
 (F) such Guarantor
consolidating with, merging into or transferring all of its assets to the Company or another Guarantor, and as a result of, or in connection with, such transaction such Guarantor dissolving or otherwise ceasing to exist; and 

(2) the Company or such Guarantor delivering to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that all conditions precedent provided for in this Indenture relating to such transaction or release have been complied with. 
 (b)
At the written request of the Company, the Trustee shall execute and deliver any documents reasonably required in order to evidence such release, discharge and termination in respect of the applicable Note Guarantee. 

(c) In the event that any released Guarantor thereafter borrows or Guarantees Indebtedness under the Senior Credit Facilities or Guarantees
certain other Indebtedness of the Company or any Guarantor, such former Guarantor will, if it is a Restricted Subsidiary, again provide a Guarantee of the Notes, in accordance with and to the extent required by this Indenture. 

 

	Section 10.07	Swiss Limitation. 

 (a) If and to the extent that a Guarantor incorporated under the laws
of Switzerland (a “Swiss Guarantor”) becomes liable under this Indenture or otherwise in connection with the Notes for Obligations of its Affiliates (other than its Subsidiaries) and if complying with such Obligations would
constitute a repayment of capital (Einlagerückgewähr), a violation of the legally protected reserves 

  
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(gesetzlich geschützte Reserven) or the payment of a (constructive) dividend (Gewinnausschüttung) by the Swiss Guarantor or would otherwise be restricted under then
applicable Swiss law (the “Swiss Restricted Obligations”), the aggregate liability of the Swiss Guarantor for Swiss Restricted Obligations shall be limited to the amount of unrestricted equity capital available for distribution as
dividends to the shareholders of the Swiss Guarantor at the time the Swiss Guarantor is required to perform the Swiss Restricted Obligations (the “Swiss Maximum Amount”). 

(b) In the event that the Swiss Guarantor is required to make a payment under this Indenture or otherwise in connection with the Notes for
Obligations and such payment is subject to the limitations set out in paragraph (a) above, the Swiss Guarantor shall pay to the Trustee up to the Swiss Maximum Amount (less, if required, the Swiss Federal Withholding Tax as described in
paragraph (c) below), to be applied against the Obligations. 
 (c) If so required under applicable law (including double tax treaties)
at the time the Swiss Guarantor is required to make a payment under this Indenture or otherwise in connection with the Notes for Obligations, the Swiss Guarantor: 

(1) may deduct from such payment the Swiss Federal Withholding Tax at the rate of 35 per cent (or such other rate as is in
force at that time); and 
 (2) may pay the Swiss Federal Withholding Tax to the Swiss Federal Tax Administration; and 

(3) shall notify and provide evidence to the Trustee that the Swiss Federal Withholding Tax has been paid to the Swiss Federal
Tax Administration. 
 (d) For the avoidance of doubt, the Swiss Guarantor shall not be required to make a gross-up or indemnification for
the deduction of the Swiss Federal Withholding Tax in accordance with paragraph (c) above to the extent and for as long as that would cause the Swiss Maximum Amount to be exceeded. 

(e) The Swiss Guarantor shall use its reasonable efforts to ensure that any Affiliate which is, as a result of a payment under this Indenture
or otherwise in connection with the Notes, entitled to a full or partial refund of the Swiss Federal Withholding Tax, will (i) request a refund of the Swiss Federal Withholding Tax under any applicable law (including double tax treaties) to be
applied against the Obligations. 
  

	Section 10.08	Luxembourg Limitation. 

 The maximum liability and exposure of the Guarantors organized
in Luxembourg (a “Luxembourg Guarantor”), under or in connection with the Notes and the Senior Credit Facilities (collectively, the “Luxembourg Guaranteed Obligations”) shall be limited so that the maximum amount
payable by any such Luxembourg Guarantor for the Luxembourg Guaranteed Obligations of the Company or any other Guarantor, which is not a direct or indirect Wholly-Owned Subsidiary of such Luxembourg Guarantor, shall be limited at any time, with no
double counting, to an aggregate amount not exceeding the sum of: 
 (a) an amount equal to all moneys received directly or indirectly by
that Luxembourg Guarantor or any direct or indirect Wholly-Owned Subsidiaries of that Luxembourg Guarantor which have been funded with (i) borrowings made under the Senior Credit Facilities or (ii) issuance proceeds of the Notes;
plus 

  
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 (b) an amount equal to 90% of the higher of: 

(1) the Luxembourg Guarantor’s own funds (capitaux propres) as referred to in article 34 of the Luxembourg law of
19 December 2002 on the Luxembourg Register of Commerce and Companies and the accounting and annual accounts of undertakings, as amended (the “2002 Law”) and its subordinated debts (as referred to in article 34, Passif,
Section B (Dettes Subordonnées) of the 2002 Law), as reflected in its last approved annual accounts available at the time a guarantee is called or a security interest is enforced under (x) the Notes and/or (y) the Senior
Credit Facilities; and 
 (2) the Luxembourg Guarantor’s own funds (capitaux propres) (as referred to in article
34 of the 2002 Law) and its subordinated debt (as referred to in article 34, Passif, Section B (Dettes Subordonnées) of the 2002 Law), as reflected in its last approved annual accounts available as at the date of this Indenture. 

ARTICLE 11 
 SATISFACTION AND
DISCHARGE 
  

	Section 11.01	Satisfaction and Discharge. 

 (a) This Indenture will be discharged and will cease to be
of further effect as to all Notes of a series, when: 
 (1) either 

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

(B) all Notes of such series that have not been delivered to the Trustee for cancellation have become due and payable by reason
of the giving of a notice of redemption or otherwise, or will become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Company, and the Company or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars,
non-callable Government Securities, or a combination thereof, in amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes of such series not delivered to the
Trustee for cancellation for principal of, premium, if any, on, interest, if any, on and Additional Amounts, if any, on the Notes of such series, to the date of maturity or redemption, as the case may be; 

(2) in respect of subclause (B) of clause (1) of this Section 11.01, no Default or Event of Default has occurred
and is continuing with respect to such series of Notes on the date of the deposit or will occur as a result of the deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and any similar
deposit relating to other Indebtedness and, in each case, the granting of Liens to secure such borrowings) and the deposit will not result in a breach or violation of, or constitute a default under, any instrument to which the Company or any
Guarantor is a party or by which the Company or any 

  
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Guarantor is bound (other than with respect to the borrowing of funds to be applied concurrently to make the deposit required to effect such satisfaction and discharge and any similar concurrent
deposit relating to other Indebtedness, and in each case the granting of Liens to secure such borrowings); 
 (3) the Company
or any Guarantor has paid or caused to be paid all sums payable by the Company under this Indenture with respect to such series of Notes; and 

(4) the Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the
Notes of such series at maturity or the redemption date, as the case may be. 
 (b) In addition, the Company shall deliver to the Trustee an
Officers’ Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions) each stating that all conditions precedent to satisfaction and discharge have been satisfied. Notwithstanding the
satisfaction and discharge of this Indenture, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of Section 11.01(a), the provisions of Section 11.02 and Section 8.06 shall survive.

  

	Section 11.02	Application of Trust Money. 

 (a) Subject to the provisions of Section 8.06, all
money and Government Securities deposited with the Trustee pursuant to Section 11.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal, premium, if any, and interest for whose payment such money or Government Securities has been
deposited with the Trustee, but such money or Government Securities need not be segregated from other funds except to the extent required by law. 

(b) If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 11.01 by reason of
any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and any Guarantor’s obligations under this Indenture, the
Notes of the applicable series and the related Note Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01; provided that if the Company has made any payment of principal, premium, if any,
or interest on any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent,
as the case may be. 
 ARTICLE 12 

MISCELLANEOUS 
  

	Section 12.01	[RESERVED]. 

  

	Section 12.02	Notices. 

 (a) Any notice or communication to the Company, any Guarantor or the Trustee
is duly given if in writing and (1) delivered in person, (2) mailed by first-class mail (certified or registered, return receipt requested), postage prepaid, or overnight air courier guaranteeing next day delivery or (3) sent by
facsimile or electronic transmission, to its address: 
 if to the Company or any Guarantor: 

c/o Paragon Offshore plc 
 3151
Briarpark Drive, Suite 700, Houston, Texas 77042 
 Fax No.: (832) 201-7433 

Email: sdonley@Paragonoffshore.com 

Attention: Legal Department 

  
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 with a copy to: 

Baker Botts L.L.P. 
 910 Louisiana
Street, Houston, Texas 77002 
 Fax No: (713) 229-7708 

Email: hillary.holmes@bakerbotts.com 

Attention: Hillary H. Holmes 
 if
to the Trustee: 
 Deutsche Bank Trust Company Americas 

Trust & Agency Services 

60 Wall Street, 16th Floor 
 Mail
Stop: NYC60-1630 
 New York, New York 10005 

Attn: Corporates Team Deal Manager – Paragon Offshore PLC 

Fax: 732-578-4635 
 with a copy
to: 
 Deutsche Bank Trust Company Americas 

c/o Deutsche Bank National Trust Company 

Trust & Agency Services 

100 Plaza One, Mailstop JCY03-0699 

Jersey City, New Jersey 07311 

Attn: Corporates Team Deal Manager – Paragon Offshore PLC 

Fax: 732-578-4635 
 The Company, any Guarantor or
the Trustee, by like notice, may designate additional or different addresses for subsequent notices or communications. 
 (b) All notices
and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; on the first date of which publication is made, if by publication; five calendar days after being
deposited in the mail, postage prepaid, if mailed by first-class mail; the next Business Day after timely delivery to the courier, if mailed by overnight air courier guaranteeing next day delivery; when receipt acknowledged, if sent by facsimile or
electronic transmission; provided that any notice or communication delivered to the Trustee shall be deemed effective upon actual receipt thereof. 

(c) Any notice or communication to a Holder shall be mailed by first-class mail (certified or registered, return receipt requested) or by
overnight air courier guaranteeing next day delivery to its address shown on the Note Register or by such other delivery system as the Trustee agrees to accept. Any notice or communication shall also be so mailed to any Person described in Trust
Indenture Act Section 313(c), to the extent required by the Trust Indenture Act. 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. 

  
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 (d) Where this Indenture provides for notice in any manner, such notice may be waived in writing
by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent
to the validity of any action taken in reliance upon such waiver. 
 (e) Notwithstanding any other provision herein, where this Indenture
provides for notice of any event to any Holder of an interest in a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Note (or its designee), according to the applicable procedures
of such Depositary, if any, prescribed for the giving of such notice. 
 (f) The Trustee agrees to accept and act upon notice, instructions
or directions pursuant to this Indenture sent by unsecured facsimile or electronic transmission; provided, however, that (1) the party providing such written notice, instructions or directions, subsequent to such transmission of
written instructions, shall provide the originally executed instructions or directions to the Trustee in a timely manner, and (2) such originally executed notice, instructions or directions shall be signed by an authorized representative of the
party providing such notice, instructions or directions. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reasonable reliance upon and compliance with such notice, instructions
or directions notwithstanding such notice, instructions or directions conflict or are inconsistent with a subsequent notice, instructions or directions. 

(g) If a notice or communication is sent in the manner provided above within the time prescribed, it is duly given, whether or not the
addressee receives it. 
 (h) If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent
at the same time. 
  

	Section 12.03	Communication by Holders with Other Holders. 

 Holders may communicate pursuant to Trust
Indenture Act Section 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company, the Guarantors, the Trustee, the Registrar and anyone else shall have the protection of Trust Indenture Act
Section 312(c). 
  

	Section 12.04	Certificate and Opinion as to Conditions Precedent. 

 Upon any request or application by
the Company or any Guarantor to the Trustee to take any action under this Indenture, the Company or such Guarantor, as the case may be, shall furnish to the Trustee: 

(1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the
statements set forth in Section 12.05) stating that, in the opinion of the signer(s), all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set
forth in Section 12.05) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied with; provided that (A) subject to Section 5.01(c), no Opinion of Counsel shall be required in
connection with the addition of a Guarantor under this Indenture upon execution and delivery by 

  
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such Guarantor and the Trustee of a supplemental indenture to this Indenture, the form of which is attached as Exhibit C, and (B) no Opinion of Counsel pursuant to this Section shall be
required in connection with the issuance of Notes on the Issue Date. 
  

	Section 12.05	Statements Required in Certificate or Opinion. 

 Each certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to Section 4.07 or Trust Indenture Act Section 314(a)(4)) shall include: 

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

(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of such 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, in the case of an Opinion of Counsel, may be limited to reliance
on an Officers’ Certificate as to matters of fact); and 
 (4) a statement as to whether or not, in the opinion of such
Person, such condition or covenant has been complied with. 
  

	Section 12.06	Rules by Trustee and Agents. 

 The Trustee may make reasonable rules for action by or at
a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
  

	Section 12.07	No Personal Liability of Directors, Officers, Employees and Shareholders. 

 No past,
present or future director, officer, employee, incorporator or shareholder of the Company or any Guarantor, as such, shall have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture or the Note Guarantees
or for any claim based on, in respect of, or by reason of, such obligations or their creation. 
 Each Holder by accepting a Note waives and
releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 
  

	Section 12.08	Governing Law. 

 THIS INDENTURE, THE NOTES AND ANY NOTE GUARANTEE WILL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

	Section 12.09	Waiver of Jury Trial. 

 EACH OF THE COMPANY, THE GUARANTORS 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, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

  
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	Section 12.10	Force Majeure. 

 In no event shall the Trustee be responsible or liable for any failure
or delay in the performance of its obligations under this Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable 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, loss or malfunctions of utilities, communications or computer (software or 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 12.11	No Adverse Interpretation of Other Agreements. 

 This Indenture may not be used to
interpret any other indenture, loan or debt agreement of the Company or its Restricted Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

 

	Section 12.12	Successors. 

 All agreements of the Company in this Indenture and the Notes shall bind
its successors and assigns. All agreements of the Trustee in this Indenture shall bind its successors and assigns. All agreements of each Guarantor in this Indenture shall bind its successors and assigns, except as otherwise provided in
Section 10.06. 
  

	Section 12.13	Severability. 

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

	Section 12.14	Counterpart Originals. 

 The parties may sign any number of copies of this Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement. 
  

	Section 12.15	Table of Contents, Headings, etc. 

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

 

	Section 12.16	Facsimile and PDF Delivery of Signature Pages. 

 The exchange of copies of this Indenture
and of signature pages by facsimile or portable document format (“PDF”) transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for
all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

  
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	Section 12.17	U.S.A. PATRIOT Act. 

 The parties hereto acknowledge that in accordance with
Section 326 of the U.S.A. PATRIOT Act, the Trustee is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this
Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. PATRIOT Act. 
  

	Section 12.18	Payments Due on Non-Business Days. 

 In any case where any Interest Payment Date,
redemption date or repurchase date or the Stated Maturity of the Notes shall not be a Business Day, then (notwithstanding any other provision of this Indenture or of the Notes) payment of principal of, premium, if any, on or interest on the Notes
need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date, redemption date or repurchase date, or at the Stated Maturity of the Notes, provided
that no interest will accrue for the period from and after such Interest Payment Date, redemption date, repurchase date or Stated Maturity, as the case may be. 
  

	Section 12.19	Consent to Jurisdiction and Service. 

 The Company and any Guarantor not organized in the
United States hereby irrevocably designates and appoints CT Corporation System as its agent for service of process in any suit, action or proceeding with respect to the Notes and the Note Guarantees and for actions brought under the U.S. federal or
state securities laws brought in any U.S. federal or state court located in the Borough of Manhattan in the City of New York. In relation to any legal action or proceedings arising out of or in connection with this Indenture, the Notes and the
Guarantees, the Company and each Guarantor hereby irrevocably submit to the non-exclusive jurisdiction of the U.S. federal and state courts in the Borough of Manhattan in the City of New York, County and State of New York, United States of America.

 To the extent that the Company or any Guarantor has or hereafter may acquire any immunity from jurisdiction of any court or from any
legal process with respect to itself or its property, to the extent permitted by applicable law, it hereby irrevocably waives such immunity in respect of its obligations under each of this Indenture, the Notes and the Note Guarantees. In addition,
to the extent permitted by applicable law, the Company and each Guarantor irrevocably waives and agrees not to assert, by way of motion, as a defense, or otherwise in any such suit, action or proceeding, any claim that it is not personally subject
to the jurisdiction of the above-mentioned courts for any reason whatsoever, that such suit, action or proceeding is brought in an inconvenient forum or that the venue for such suit is improper, or that this Indenture, the Notes or the Note
Guarantees or the subject matter hereof or thereof may not be enforced in such courts. 
 The Company and the Guarantors agree that a final
judgment in any such suit, action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Section 12.19 shall affect the right of the Trustee
to serve legal process in any other manner permitted by law or affect the right of the Trustee to bring any action or proceeding against the Company or any Guarantor or its property in the courts of any other jurisdictions. 

 

	Section 12.20	Accounting Provisions. 

 Except as otherwise expressly provided in this Indenture, all
terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that in the event that any Accounting Change occurs and such change would result in a change in the method

  
 -105- 

 
of calculation of covenants, standards or terms as determined in good faith by the Company, then at the Company’s election, upon written notice of the Company to the Trustee, such covenants,
standards or terms shall be calculated prior to giving effect to such Accounting Change as if such Accounting Change had not occurred. 

[Signatures on following page] 

  
 -106- 

 
					
	 PARAGON OFFSHORE PLC,
 as the
Company

		
	By:	 	 /s/ James A. MacLennan

		 	Name:	 	James A. MacLennan
		 	Title:	 	Director
	
	Guarantors:
	
	PARAGON INTERNATIONAL FINANCE COMPANY
		
	By:	 	 /s/ Alan R. Hay

		 	Name:	 	Alan R. Hay
		 	Title:	 	Director
	
	PARAGON OFFSHORE FINANCE COMPANY
		
	By:	 	 /s/ Alan R. Hay

		 	Name:	 	Alan R. Hay
		 	Title:	 	Director
	
	 PARAGON OFFSHORE CONTRACTING GMBH

PARAGON OFFSHORE LEASING (SWITZERLAND) GMBH

		
	By:	 	 /s/ Andrew J. Strong

		 	Name:	 	Andrew J. Strong
		 	Title:	 	Chairman of the Board of Directors
	
	PARAGON HOLDING NCS 2 S.À R.L.
	
	Société à responsabilité limitée
	46A, Avenue J.F. Kennedy
	L-1855 Luxembourg
	R.C.S. Luxembourg : B 179911
	Share Capital : USD 153,602
		
	By:	 	 /s/ David M. J. Dujacquier

		 	Name:	 	David M. J. Dujacquier
		 	Title:	 	Manager

  
 [Signature page to
Indenture for 6.75% Senior Notes due 2022 and 7.25% Senior Notes due 2024] 

 
					
	 PARAGON OFFSHORE (LUXEMBOURG)

S.À R.L.

	
	Société à responsabilité limitée
	46A, Avenue J.F. Kennedy
	L-1855 Luxembourg
	R.C.S. Luxembourg : B 163511
	Share Capital : USD 20,000
		
	By:	 	 /s/ David M. J. Dujacquier

		 	Name:	 	David M. J. Dujacquier
		 	Title:	 	Manager
	
	PARAGON OFFSHORE LEASING (LUXEMBOURG) S.À R.L.
	
	Société à responsabilité limitée
	46A, Avenue J.F. Kennedy
	L-1855 Luxembourg
	R.C.S. Luxembourg : B 148690
	Share Capital : USD 7,724,000
		
	By:	 	 /s/ David M. J. Dujacquier

		 	Name:	 	David M. J. Dujacquier
		 	Title:	 	Manager
	
	PARAGON DRILLING SERVICES 7 LLC
	PARAGON LEONARD JONES LLC
		
	By:	 	 /s/ Alan R. Hay

		 	Name:	 	Alan R. Hay
		 	Title:	 	President

  
 [Signature page to
Indenture for 6.75% Senior Notes due 2022 and 7.25% Senior Notes due 2024] 

 
					
	 PARAGON OFFSHORE INTERNATIONAL LTD.

PARAGON DUCHESS LTD.
 PARAGON (MIDDLE EAST) LIMITED

PARAGON ASSET COMPANY LTD.
 PARAGON ASSET (ME) LTD.

PARAGON FDR HOLDINGS LTD.
 PARAGON HOLDING SCS 1 LTD.

PARAGON HOLDING SCS 2 LTD.
 PARAGON OFFSHORE (NORTH SEA) LTD.

PARAGON ASSET (UK) LTD.

		
	By:	 	 /s/ Alan R. Hay

		 	Name:	 	Alan R. Hay
		 	Title:	 	Director
	
	 PGN OFFSHORE DRILLING (MALAYSIA) SDN. BHD.

PARAGON OFFSHORE (LABUAN) PTE. LTD.

		
	By:	 	 /s/ Alan R. Hay

		 	Name:	 	Alan R. Hay
		 	Title:	 	Director
	
	 PARAGON OFFSHORE HOLDINGS US INC.

PARAGON OFFSHORE DRILLING LLC

		
	By:	 	 /s/ Dennis J. Lubojacky

		 	Name:	 	Dennis J. Lubojacky
		 	Title:	 	President and Treasurer
	
	PARAGON OFFSHORE DO BRASIL LTDA.
		
	By:	 	 /s/ Rafael Andrade

		 	Name:	 	Rafael Andrade
		 	Title:	 	Manager
	
	PARAGON OFFSHORE (NEDERLAND) B.V.
		
	By:	 	 /s/ Peter de Bruijne

		 	Name:	 	Peter de Bruijne
		 	Title:	 	Director

  
 [Signature page to
Indenture for 6.75% Senior Notes due 2022 and 7.25% Senior Notes due 2024] 

 
			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:	 	DEUTSCHE BANK NATIONAL TRUST COMPANY
		
	By:	 	 /s/ Rodney Gaughan

		 	Name: Rodney Gaughan
		 	Title: Vice President
		
	By:	 	 /s/ Jacqueline Bartnick

		 	Name: Jacqueline Bartnick
		 	Title: Director
	
	 DEUTSCHE BANK LUXEMBOURG S.A.,
 as
Paying Agent and Transfer Agent

		
	By:	 	 /s/ Rodney Gaughan

		 	Name: Rodney Gaughan
		 	Title: Attorney-in-Fact
		
	By:	 	 /s/ Jacqueline Bartnick

		 	Name: Jacqueline Bartnick
		 	Title: Attorney-in-Fact

  
 [Signature page to
Indenture for 6.75% Senior Notes due 2022 and 7.25% Senior Notes due 2024] 

 APPENDIX A 

PROVISIONS RELATING TO INITIAL NOTES AND 

ADDITIONAL NOTES 
  

	Section 1.1	Definitions. 

 (a) Capitalized Terms. 

Capitalized terms used but not defined in this Appendix A have the meanings given to them in this Indenture. The following capitalized terms
have the following meanings: 
 “Applicable Procedures” means, with respect to any transfer or transaction involving a
Global Note or beneficial interest therein, the rules and procedures of the Depositary for such Global Note, Euroclear or Clearstream, in each case to the extent applicable to such transaction and as in effect from time to time. 

“Clearstream” means Clearstream Banking, Société Anonyme, or any successor securities clearing agency. 

“Distribution Compliance Period,” with respect to any Note, means the period of 40 consecutive days beginning on and
including the later of (a) the day on which such Note is first offered to persons other than distributors (as defined in Regulation S) in reliance on Regulation S, notice of which day shall be promptly given by the Company to the Trustee,
and (b) the date of issuance with respect to such Note or any predecessor of such Note. 
 “Euroclear” means Euroclear
Bank S.A./N.Y., as operator of Euroclear systems Clearance System or any successor securities clearing agency. 
 “IAI”
means an institution that is an “accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act and is not a QIB. 

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

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

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

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

“Unrestricted Global Note” means any Note in global form that does not bear or is not required to bear the Restricted Notes
Legend. 
 “U.S. person” means a “U.S. person” as defined in Regulation S. 

 (b) Other Definitions. 

 

			
	 Term:
	  	Defined in
Section:
		
	 “Agent Members”
	  	2.1(c)
	 “Definitive Notes Legend”
	  	2.2(e)
	 “ERISA Legend”
	  	2.2(e)
	 “Global Note”
	  	2.1(b)
	 “Global Notes Legend”
	  	2.2(e)
	 “IAI Global Note”
	  	2.1(b)
	 “Regulation S Global Note”
	  	2.1(b)
	 “Regulation S Notes”
	  	2.1(a)
	 “Restricted Notes Legend”
	  	2.2(e)
	 “Rule 144A Global Note”
	  	2.1(b)
	 “Rule 144A Notes”
	  	2.1(a)

  

	Section 2.1	Form and Dating 

 (a) The Initial Notes issued on the date hereof shall be
(i) offered and sold by the Company to the initial purchasers thereof and (ii) resold, initially only to (1) QIBs in reliance on Rule 144A (“Rule 144A Notes”) and (2) Persons other than U.S. persons in
reliance on Regulation S (“Regulation S Notes”). Additional Notes may also be considered to be Rule 144A Notes or Regulation S Notes, as applicable. 

(b) Global Notes. Rule 144A Notes shall be issued initially in the form of one or more permanent global Notes in definitive, fully
registered form, numbered RA-1 upward (collectively, the “Rule 144A Global Note”) and Regulation S Notes shall be issued initially in the form of one or more global Notes, numbered RS-1 upward (collectively, the
“Regulation S Global Note”), in each case without interest coupons and bearing the Global Notes Legend and Restricted Notes Legend, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the
Custodian, and registered in the name of the Depositary or a nominee of the Depositary, duly executed by the Company and authenticated by the Trustee as provided in the Indenture. One or more global Notes in definitive, fully registered form without
interest coupons and bearing the Global Notes Legend and the Restricted Notes Legend, numbered RIAI-1 upward (collectively, the “IAI Global Note”) shall also be issued on the Issue Date, deposited with the Custodian, and registered
in the name of the Depositary or a nominee of the Depositary, duly executed by the Company and authenticated by the Trustee as provided in this Indenture to accommodate transfers of beneficial interests in the Notes to IAIs subsequent to the initial
distribution. The Rule 144A Global Note, the IAI Global Note, the Regulation S Global Note and any Unrestricted Global Note are each referred to herein as a “Global Note” and are collectively referred to herein as
“Global Notes.” Each Global Note shall represent such of the outstanding Notes as shall be specified in the “Schedule of Exchanges of Interests in the Global Note” attached thereto and each shall provide that it shall
represent the aggregate principal amount of 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 applicable, 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 Custodian, at the direction of the
Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 of this Indenture and Section 2.2(c) of this Appendix A. 

(c) Book-Entry Provisions. This Section 2.1(c) shall apply only to a Global Note deposited with or on behalf of the Depositary.

 The Company shall execute and the Trustee shall, in accordance with this Section 2.1(c) and Section 2.02 of this Indenture and
pursuant to an order of the Company signed by one Officer of the 

  
 2 

 
Company, authenticate and deliver initially one or more Global Notes that (i) shall be registered in the name of the Depositary for such Global Note or Global Notes or the nominee of such
Depositary and (ii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions or held by the Trustee as Custodian. 

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

(d) Definitive Notes. Except as provided in Section 2.2 or Section 2.3 of this Appendix A, owners of beneficial interests in
Global Notes shall not be entitled to receive physical delivery of Definitive Notes. 
  

	Section 2.2	Transfer and Exchange. 

 (a) Transfer and Exchange of Definitive Notes for
Definitive Notes. When Definitive Notes are presented to the Registrar with a request: 
 (i) to register the
transfer of such Definitive Notes; or 
 (ii) to exchange such Definitive Notes for an equal principal amount of
Definitive Notes of other authorized denominations, 
 the Registrar shall register the transfer or make the exchange as requested if its reasonable
requirements for such transaction are met; provided, however, that the Definitive Notes surrendered for transfer or exchange: 

(1) shall be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the
Company and the Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing; and 
 (2) in
the case of Transfer Restricted Notes, they are being transferred or exchanged pursuant to an effective registration statement under the Securities Act or pursuant to Section 2.2(b) of this Appendix A or otherwise in accordance with the
Restricted Notes Legend, and are accompanied by a certification from the transferor in the form provided on the reverse side of the Form of Note in Exhibit A-1 or Exhibit A-2, as applicable, for exchange or registration of transfers and, as
applicable, delivery of such legal opinions, certifications and other information as may be requested pursuant thereto. 

  
 3 

 (b) Restrictions on Transfer of a Definitive Note for a Beneficial Interest in a Global
Note. A Definitive Note may not be exchanged for a beneficial interest in a Global Note except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Note, duly endorsed or accompanied by a written
instrument of transfer in form reasonably satisfactory to the Company and the Registrar, together with: 
 (i) a
certification from the transferor in the form provided on the reverse side of the Form of Note in Exhibit A-1 or Exhibit A-2, as applicable, for exchange or registration of transfers and, as applicable, delivery of such legal opinions,
certifications and other information as may be requested pursuant thereto; and 
 (ii) written instructions directing
the Trustee to make, or to direct the Custodian to make, an adjustment on its books and records with respect to such Global Note to reflect an increase in the aggregate principal amount of the Notes represented by the Global Note, such instructions
to contain information regarding the Depositary account to be credited with such increase, 
 the Trustee shall cancel such Definitive Note and cause, or
direct the Custodian to cause, in accordance with the standing instructions and procedures existing between the Depositary and the Custodian, the aggregate principal amount of Notes represented by the Global Note to be increased by the aggregate
principal amount of the Definitive Note to be exchanged and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Global Note equal to the principal amount of the Definitive
Note so canceled. If the applicable Global Note is not then outstanding, the Company shall issue and the Trustee shall authenticate, upon an Authentication Order, a new applicable Global Note in the appropriate principal amount. 

(c) Transfer and Exchange of Global Notes. 

(i) The transfer and exchange of Global Notes or beneficial interests therein shall be effected through the Depositary, in accordance
with the Indenture (including applicable restrictions on transfer set forth in Section 2.2(d) of this Appendix A, if any) and the procedures of the Depositary therefor. A transferor of a beneficial interest in a Global Note shall deliver to the
Registrar a written order given in accordance with the Depositary’s procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in such Global Note, or another Global Note and
such account shall be credited in accordance with such order with a beneficial interest in the applicable Global Note and the account of the Person making the transfer shall be debited by an amount equal to the beneficial interest in the Global Note
being transferred. 
 (ii) If the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial interest
in another Global Note, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which such interest is being transferred in an amount equal to the principal amount of the interest
to be so transferred, and the Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which such interest is being transferred. 

(iii) Notwithstanding any other provisions of this Appendix A (other than the provisions set forth in Section 2.3 of this Appendix
A), a Global Note may not be transferred except as a whole and not in part if the transfer is 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. 
 (d) Restrictions on Transfer of
Global Notes; Voluntary Exchange of Interests in Transfer Restricted Global Notes for Interests in Unrestricted Global Notes. 
 (i)
Transfers by an owner of a beneficial interest in a Rule 144A Global Note or an IAI Global Note to a transferee who takes delivery of such interest through another Transfer Restricted Global Note shall be made in accordance with the Applicable
Procedures and the Restricted Notes Legend and only upon receipt by the Trustee of a certification from the transferor in the form provided on the reverse side of the Form of Note in Exhibit A-1 or Exhibit A-2, as applicable, for exchange or
registration of 

  
 4 

 
transfers and, as applicable, delivery of such legal opinions, certifications and other information as may be requested pursuant thereto. In addition, in the case of a transfer of a beneficial
interest in either a Regulation S Global Note or a Rule 144A Global Note for an interest in an IAI Global Note, the transferee must furnish a signed letter substantially in the form of Exhibit B-1 or B-2, as applicable, to the
Trustee. 
 (ii) Prior to the expiration of the Distribution Compliance Period, (A) the Regulation S Global Note shall be a
temporary global security for purposes of Rules 903 and 904 under the Securities Act, whether or not designated as such on the face of such Note, and (B) interests in the Regulation S Global Note may only be held through Euroclear or
Clearstream. During the Distribution Compliance Period, beneficial ownership interests in the Regulation S Global Note may only be sold, pledged or transferred through Euroclear or Clearstream in accordance with the Applicable Procedures, the
Restricted Notes Legend on such Regulation S Global Note and any applicable securities laws of any state of the U.S. Prior to the expiration of the Distribution Compliance Period, transfers by an owner of a beneficial interest in the Regulation S
Global Note to a transferee who takes delivery of such interest through a Rule 144A Global Note or an IAI Global Note shall be made only in accordance with the Applicable Procedures and the Restricted Notes Legend and upon receipt by the
Trustee of a written certification from the transferor of the beneficial interest in the form provided on the reverse side of the Form of Note in Exhibit A-1 or Exhibit A-2, as applicable, for exchange or registration of transfers. Such written
certification shall no longer be required after the expiration of the Distribution Compliance Period. Upon the expiration of the Distribution Compliance Period, beneficial ownership interests in the Regulation S Global Note shall be transferable in
accordance with applicable law and the other terms of the Indenture. 
 (iii) Upon the expiration of the Distribution Compliance Period,
beneficial interests in the Regulation S Global Note may be exchanged for beneficial interests in an Unrestricted Global Note upon certification in the form provided on the reverse side of the Form of Note in Exhibit A-1 or Exhibit A-2, as
applicable, for an exchange from a Regulation S Global Note to an Unrestricted Global Note. 
 (iv) Beneficial interests in a Transfer
Restricted Note that is a Rule 144A Global Note or an IAI Global Note may be exchanged for beneficial interests in an Unrestricted Global Note if the Holder certifies in writing to the Registrar that its request for such exchange is in respect of a
transfer made in reliance on Rule 144 (such certification to be in the form set forth on the reverse side of the Form of Note in Exhibit A-1 or Exhibit A-2, as applicable) and/or upon delivery of such legal opinions, certifications and other
information as the Company or the Trustee may reasonably request. 
 (v) If no Unrestricted Global Note is outstanding at the time of a
transfer contemplated by the preceding clauses (iii) and (iv), the Company shall issue and the Trustee shall authenticate, upon an Authentication Order, a new Unrestricted Global Note in the appropriate principal amount. 

(e) Legends. 

(i) Except as permitted by Section 2.2(d) and this Section 2.2(e) of this Appendix A, each Note certificate evidencing the
Global Notes and the Definitive Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in the legend being defined as such for purposes of the legend
only) (“Restricted Notes Legend”): 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, 

  
 5 

 
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER
OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE COMPANY OR ANY
AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY)] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY
ADDITIONAL NOTES AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S UNDER THE SECURITIES ACT) IN RELIANCE ON REGULATION S], ONLY
(A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER
THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM
NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN
INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF
ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF SECURITIES OF $250,000 OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE
COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF
THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. [IN THE CASE OF REGULATION S NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT
PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 

  
 6 

 Each Definitive Note shall bear the following additional legend (“Definitive Notes Legend”):

 IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS
SUCH REGISTRAR AND TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
 Each Global Note shall
bear the following additional legend (“Global Notes Legend”): 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

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

Each Note shall bear the following additional legend (“ERISA Legend”): 

BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE
ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST HEREIN CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL,
NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR
ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY OR ANY INTEREST HEREIN WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE
SIMILAR LAWS. 
 (ii) Upon any sale or transfer of a Transfer Restricted Note that is a Definitive Note, the Registrar shall permit the
Holder thereof to exchange such Transfer Restricted Note for a Definitive Note that does not bear the Restricted Notes Legend and the Definitive Notes Legend and rescind any restriction on the transfer of such Transfer Restricted Note if the Holder
certifies in writing to the Registrar that its request for such exchange is in respect of a transfer made in reliance on Rule 144 (such 

  
 7 

 
certification to be in the form set forth on the reverse side of the Form of Note in Exhibit A-1 or Exhibit A-2, as applicable) and provides such legal opinions, certifications and other
information as the Company or the Trustee may reasonably request. 
 (v) Any Additional Notes sold in a registered offering shall not
be required to bear the Restricted Notes Legend. 
 (f) Cancellation or Adjustment of Global Note. At such time as all beneficial
interests in a Global Note have either been exchanged for Definitive Notes, transferred in exchange for an interest in another Global Note, redeemed, repurchased or canceled, such Global Note shall be returned by the Depositary to the Trustee for
cancellation or retained and canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Definitive Notes, transferred in exchange for an interest in another Global Note, redeemed,
repurchased or canceled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the Registrar (if it is then the Custodian for such Global Note) with respect to such
Global Note, by the Registrar or the Custodian, to reflect such reduction. 
 (g) Obligations with Respect to Transfers and
Exchanges of Notes. 
 (i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall
authenticate, Definitive Notes and Global Notes at the Registrar’s request. 
 (ii) No service charge shall be imposed in connection
with any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes,
assessments or similar governmental charge payable upon exchanges pursuant to Sections 2.10, 3.06, 3.09, 4.15, 4.16, 4.20 and 9.05 of this Indenture). 

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

(iv) All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be
entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 
 (v) In order to effect
any transfer or exchange of an interest in any Transfer Restricted Note for an interest in a Note that does not bear the Restricted Notes Legend and has not been registered under the Securities Act, if the Registrar so requests or if the Applicable
Procedures so require, an Opinion of Counsel, in form reasonably acceptable to the Registrar to the effect that no registration under the Securities Act is required in respect of such exchange or transfer or the re-sale of such interest by the
beneficial holder thereof, shall be required to be delivered to the Registrar and the Trustee. 
 (h) No Obligation of the Trustee.

 (i) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant
in the Depositary or any other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any
participant, member, 

  
 8 

 
beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with respect to such Notes.
All notices and communications to be given to the Holders and all payments to be made to Holders under the Notes shall be given or made only to the registered Holders (which shall be the Depositary or its nominee in the case of a Global Note). The
rights of beneficial owners in any Global Note shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information furnished
by the Depositary with respect to its members, participants and any beneficial owners. 
 (ii) 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
Depositary participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms
of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
  

	Section 2.3	Definitive Notes. 

 (a) A Global Note deposited with the Depositary or with the
Trustee as Custodian pursuant to Section 2.1 may be transferred to the beneficial owners thereof in the form of Definitive Notes in an aggregate principal amount equal to the principal amount of such Global Note, in exchange for such Global
Note, only if such transfer complies with Section 2.2 of this Appendix A and (i) the Depositary notifies the Company that it is unwilling or unable to continue as a Depositary for such Global Note or if at any time the Depositary ceases to
be a “clearing agency” registered under the Exchange Act and, in each case, a successor depositary is not appointed by the Company within 90 days of such notice or after the Company becomes aware of such cessation or (ii) an
Event of Default has occurred and is continuing and the Registrar has received a request from the Depository. In addition, any Affiliate of the Company or any Guarantor that is a beneficial owner of all or part of a Global Note may have such
Affiliate’s beneficial interest transferred to such Affiliate in the form of a Definitive Note by providing a written request to the Company and the Trustee and such Opinions of Counsel, certificates or other information as may be required by
this Indenture or the Company or Trustee. Notwithstanding anything to the contrary in this Section 2.3. no Regulation S Global Note may be exchanged for a Definitive Note until the end of the Distribution Compliance Period applicable to such
Regulation S Global Note and receipt by the Trustee and the Company of any certificates required by either of them pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act. 

(b) Any Global Note that is transferable to the beneficial owners thereof pursuant to this Section 2.3 shall be surrendered by the
Depositary to the Trustee, to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of
Definitive Notes of authorized denominations. Any portion of a Global Note transferred pursuant to this Section 2.3 shall be executed, authenticated and delivered only in denominations of $2,000 and integral multiples of $1,000 in excess
thereof and registered in such names as the Depositary shall direct. Any Definitive Note delivered in exchange for an interest in a Global Note that is a Transfer Restricted Note shall, except as otherwise provided by Section 2.2(e) of this
Appendix A, bear the Restricted Notes Legend. 
 (c) The registered Holder of a Global Note may grant proxies and otherwise authorize
any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 

(d) In the event of the occurrence of any of the events specified in Section 2.3(a) of this Appendix A, the Company shall promptly
make available to the Trustee a reasonable supply of Definitive Notes in fully registered form without interest coupons. 

  
 9 

 EXHIBIT A-1 

[FORM OF FACE OF NOTE] 
 [Insert
the Restricted Notes Legend, if applicable, pursuant to the provisions of the Indenture] 
 [Insert the Global Notes Legend, if applicable,
pursuant to the provisions of the Indenture] 
 [Insert the Definitive Notes Legend, if applicable, pursuant to the provisions of the
Indenture] 
 [Insert the ERISA Legend, if applicable, pursuant to the provisions of the Indenture.] 

  
 A-1-1 

 CUSIP [            ] 

ISIN [            ]1 

[RULE 144A][REGULATION S][IAI][GLOBAL] NOTE 

6.75% Senior Notes due 2022 
  

			
	No. [RA-    ] [RS-    ] [RIAI-    ]	 	[Up to]2 [$            ]

 PARAGON OFFSHORE PLC 

promises to pay to [CEDE & CO.]3
[            ] or registered assigns the principal sum [set forth on the Schedule of Exchanges of Interests in the Global Note attached
hereto]4 [of $             (            Dollars)]5 on July 15, 2022. 
 Interest Payment Dates: January 15 and July 15 

Record Dates: January 1 and July 1 

 

	1 	Rule 144A Note CUSIP: [            ] 

  

	  	Rule 144A Note ISIN: [            ] 

  

	  	Regulation S Note CUSIP: [            ] 

  

	  	Regulation S Note ISIN: [            ] 

  

	  	IAI Note CUSIP: [            ] 

  

	  	IAI Note ISIN: [            ] 

  

	2 	Include in Global Notes. 

	3 	Include in Global Notes 

	4 	Include in Global Notes 

	5	Include in Definitive Notes 

  
 A-1-2 

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

Dated: 
  

			
	PARAGON OFFSHORE PLC
		
	 By:
	 	  

		 	Name:
		 	Title:

  
 A-1-3 

 CERTIFICATE OF AUTHENTICATION 

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

 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Trustee
	
	By: DEUTSCHE BANK NATIONAL TRUST COMPANY
		
	 By:
	 	  

		 	Authorized Signatory

 Dated: 

  
 A-1-4 

 [Reverse Side of Note] 

6.75% Senior Notes due 2022 

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

1. INTEREST. Paragon Offshore plc, a public limited company incorporated under the laws of England and Wales (the “Company”),
promises to pay interest on the principal amount of this Note at 6.75% per annum until but excluding maturity. The Company shall pay interest semi-annually in arrears on January 15 and July 15 of each year, or if any such day is not a Business Day,
on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including
[            ]; provided that the first Interest Payment Date shall be [            ]. The Company shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes to the extent lawful; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the interest rate on the Notes to the extent lawful. Interest
shall be computed on the basis of a 360-day year comprised of twelve 30-day months. Whenever in this Note there is mentioned, in any context, the payment of amounts based upon the principal amount of the Notes or of principal, interest or of any
other amount payable under, or with respect to, any of the Notes, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect
thereof. 
 2. METHOD OF PAYMENT. The Company shall pay interest on the Notes to the Persons who are registered holders of Notes at the
close of business on the January 1 or July 1 (whether or not a Business Day), as the case may be, immediately preceding the related Interest Payment Date, even if such Notes are canceled after such Record Date and on or before such Interest Payment
Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Principal, premium, if any, and interest on the Notes shall be payable at the office or agency of the Company maintained for such purpose or, at the option
of the Company, payment of interest and premium, if any, may be made by check mailed to the Holders at their respective addresses set forth in the Note Register; provided that payment by wire transfer of immediately available funds shall be
required with respect to principal, premium, if any, and interest on all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent at least five Business Days prior to the
applicable payment date. Such payment shall be in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. 

3. PAYING AGENT AND REGISTRAR. Initially, Deutsche Bank Trust Company Americas, the Trustee under the Indenture, shall act as Paying Agent and
Registrar. The Company may change any Paying Agent or Registrar without notice to the Holders. The Company or any of its Restricted Subsidiaries may act in any such capacity. 

4. INDENTURE. The Company issued the Notes under an Indenture, dated as of July 18, 2014 (as amended or supplemented from time to time, the
“Indenture”), among Paragon Offshore plc, the Guarantors named therein and the Trustee. This Note is one of a duly authorized issue of Notes of the Company designated as its 6.75% Senior Notes due 2022. The Company shall be entitled
to issue Additional Notes pursuant to Section 2.01 and 4.09 of the Indenture. The Notes and any Additional Notes issued under the Indenture shall be treated as a single class of securities as the applicable series of Notes under the Indenture.
The terms of the Notes include those stated in the Indenture and those made 

  
 A-1-5 

 
part of the Indenture by reference to the Trust Indenture Act of 1939, as amended. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act
for a statement of such terms. Any term used in this Note that is defined in the Indenture shall have the meaning assigned to it in the Indenture. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling. 
 5. REDEMPTION AND REPURCHASE. The Notes are subject to optional redemption,
and may be the subject of an Asset Sale Offer or a Change of Control Offer, each as further described in the Indenture. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

6. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents, and Holders shall be required to pay any taxes and fees required by law or by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption or tendered for repurchase in
connection with a Change of Control Offer or Asset Sale Offer, except for the unredeemed portion of any Note being redeemed or repurchased in part. 

7. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 

8. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Note Guarantees or the Notes may be amended or supplemented as provided in the
Indenture. 
 9. DEFAULTS AND REMEDIES. The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. Upon the
occurrence of an Event of Default, the rights and obligations of the Company, the Guarantors, the Trustee and the Holders shall be as set forth in the applicable provisions of the Indenture. 

10. AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until
authenticated by the manual signature of the Trustee. 
 11. GOVERNING LAW. THIS NOTE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK. 
 12. CUSIP AND ISIN NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP and ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to the Company
at the following address: 
 c/o Paragon Offshore plc 

3151 Briarpark Drive, Suite 700 

Houston, Texas 77042 
 Fax No.:
(832) 201-7433 
 Email: sdonley@Paragonoffshore.com 

Attention: Legal Department 

  
 A-1-6 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	  	  

		  	(Insert assignee’s legal name)

  
  

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

 
  

 
  

 
  

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

			
	and irrevocably appoint	 	  

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

  

			
	Date:	 	  

  

			
	Your Signature:	 	  

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

  

			
	Signature Guarantee*:	 	  

  

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

  
 A-1-7 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 

REGISTRATION OF TRANSFERS OF TRANSFER RESTRICTED NOTES 

This certificate relates to $             principal amount of Notes held in (check applicable
space)              book-entry or              definitive form by the undersigned. 

The undersigned (check one box below): 
  

	 ̈	has requested the Trustee by written order to deliver in exchange for its beneficial interest in a Global Note held by the Depositary a Note or Notes in definitive, registered form of authorized denominations and an
aggregate principal amount equal to its beneficial interest in such Global Note (or the portion thereof indicated above) in accordance with the Indenture; or 

  

	 ̈	has requested the Trustee by written order to exchange or register the transfer of a Note or Notes. 

 In
connection with any transfer of any of the Notes evidenced by this certificate, the undersigned confirms that such Notes are being transferred in accordance with its terms: 

CHECK ONE BOX BELOW 
  

							
		 	(1)	 	 ̈	 	to the Company or subsidiary thereof; or
				
		 	(2)	 	 ̈	 	to the Registrar for registration in the name of the Holder, without transfer; or
				
		 	(3)	 	 ̈	 	pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”); or
				
		 	(4)	 	 ̈	 	to a Person that the undersigned reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (“Rule 144A”)) that purchases for its own account or for the
account of a qualified institutional buyer and to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A; or
				
		 	(5)	 	 ̈	 	pursuant to offers and sales to non-U.S. persons that occur outside the United States within the meaning of Regulation S under the Securities Act (and if the transfer is being made prior to the expiration of the Distribution
Compliance Period, the Notes shall be held immediately thereafter through Euroclear or Clearstream); or
				
		 	(6)	 	 ̈	 	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that has furnished to the Trustee a signed letter containing certain representations and
agreements; or
				
		 	(7)	 	 ̈	 	pursuant to Rule 144 under the Securities Act; or
				
		 	(8)	 	 ̈	 	pursuant to another available exemption from registration under the Securities Act.

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this
certificate in the name of any Person other than the registered Holder thereof; provided, however, that if box (5), (6), (7) or (8) is checked, the Company or the Trustee may require, prior

  
 A-1-8 

 
to registering any such transfer of the Notes, such legal opinions, certifications and other information as the Company or the Trustee has reasonably requested 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. 
  

									
		 		 		 		 	  

		 		 		 		 	Your Signature
					
	Date:	 	  
	 		 		 	  

		 		 		 		 	 Signature of Signature
 Guarantor

 TO BE COMPLETED BY PURCHASER IF (4) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it
has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s
foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

									
	Dated:	 	  
	 		 		 	  

		 		 		 		 	 NOTICE: To be executed by an executive officer

Name:

Title:

  

									
	Signature Guarantee*:	 	  
	 		 		 	

  

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

  
 A-1-9 

 TO BE COMPLETED IF THE HOLDER REQUIRES AN EXCHANGE FROM A REGULATION S GLOBAL NOTE TO AN
UNRESTRICTED GLOBAL NOTE, PURSUANT TO SECTION 2.2(d)(iii) OF APPENDIX A TO THE INDENTURE6 

The undersigned represents and warrants that either: 
  

	 ̈	the undersigned is not a dealer (as defined in the Securities Act) and is a non-U.S. person (within the meaning of Regulation S under the Securities Act); or 

 

	 ̈	the undersigned is not a dealer (as defined in the Securities Act) and is a U.S. person (within the meaning of Regulation S under the Securities Act) who purchased interests in the Notes pursuant to an exemption
from, or in a transaction not subject to, the registration requirements under the Securities Act; or 

  

	 ̈	the undersigned is a dealer (as defined in the Securities Act) and the interest of the undersigned in this Note does not constitute the whole or a part of an unsold allotment to or subscription by such dealer for the
Notes. 

  

							
	Dated:	 	  
	 		 	  

		 		 		 	Your Signature

  

	6 	Include only for Regulation S Global Notes. 

  
 A-1-10 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.15 or Section 4.16 of the Indenture, check the
appropriate box below: 
  ̈ Section 4.15         ̈ Section 4.16 
 If you want to elect to have only part of this Note purchased by the Company
pursuant to Section 4.15 or Section 4.16 of the Indenture, state the amount you elect to have purchased: 
  

					
	$            	 	(integral multiples of $1,000, provided that the unpurchased portion must be in a minimum principal amount of $2,000)	 	

  

			
	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-1-11 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The initial outstanding principal amount of this Global Note is $            . The
following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 

 

									
	 Date of Exchange
	  	Amount of decrease
in Principal Amount of
this Global Note	  	Amount of
increase
in Principal
Amount of
this
Global Note	  	Principal
Amount of
this Global
Note
following
such
decrease or
increase	  	Signature of
authorized signatory
of Trustee,
Depositary or
Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-1-12 

 EXHIBIT A-2 

[FORM OF FACE OF NOTE] 
 [Insert
the Restricted Notes Legend, if applicable, pursuant to the provisions of the Indenture] 
 [Insert the Global Notes Legend, if applicable,
pursuant to the provisions of the Indenture] 
 [Insert the Definitive Notes Legend, if applicable, pursuant to the provisions of the
Indenture] 
 [Insert the ERISA Legend, if applicable, pursuant to the provisions of the Indenture.] 

  
 A-2-1 

 CUSIP [            ] 

ISIN [            ]7 

[RULE 144A][REGULATION S][IAI][GLOBAL] NOTE 

7.25% Senior Notes due 2024 
  

			
	No. [RA-    ] [RS-    ] [RIAI-    ]	  	[Up to]8 [$            ]

 PARAGON OFFSHORE PLC 

promises to pay to [CEDE & CO.]9
[            ] or registered assigns the principal sum [set forth on the Schedule of Exchanges of Interests in the Global Note attached
hereto]10 [of $             (            Dollars)]11 on August 15, 2024. 
 Interest Payment Dates: February 15 and August 15 

Record Dates: February 1 and August 1 

 

	7 	Rule 144A Note CUSIP: [            ] 

  

	 	Rule 144A Note ISIN: [            ] 

  

	 	Regulation S Note CUSIP: [            ] 

  

	 	Regulation S Note ISIN: [            ] 

  

	 	IAI Note CUSIP: [            ] 

  

	 	IAI Note ISIN: [            ] 

  

	8 	Include in Global Notes. 

	9 	Include in Global Notes 

	10 	Include in Global Notes 

	11 	Include in Definitive Notes 

	

  
 A-2-2 

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

Dated:                     

 

			
	PARAGON OFFSHORE PLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-2-3 

 CERTIFICATE OF AUTHENTICATION 

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

 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
	
	By: DEUTSCHE BANK NATIONAL TRUST COMPANY
		
	By:	 	  

		 	Authorized Signatory

Dated:                     

  
 A-2-4 

 [Reverse Side of Note] 

7.25% Senior Notes due 2024 

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

1. INTEREST. Paragon Offshore plc, a public limited company incorporated under the laws of England and Wales (the “Company”),
promises to pay interest on the principal amount of this Note at 7.25% per annum until but excluding maturity. The Company shall pay interest semi-annually in arrears on February 15 and August 15 of each year, or if any such day is not a Business
Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including
[            ]; provided that the first Interest Payment Date shall be [            ]. The Company shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes to the extent lawful; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the interest rate on the Notes to the extent lawful. Interest
shall be computed on the basis of a 360-day year comprised of twelve 30-day months. Whenever in this Note there is mentioned, in any context, the payment of amounts based upon the principal amount of the Notes or of principal, interest or of any
other amount payable under, or with respect to, any of the Notes, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect
thereof. 
 2. METHOD OF PAYMENT. The Company shall pay interest on the Notes to the Persons who are registered holders of Notes at the
close of business on the February 1 or August 1 (whether or not a Business Day), as the case may be, immediately preceding the related Interest Payment Date, even if such Notes are canceled after such Record Date and on or before such Interest
Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Principal, premium, if any, and interest on the Notes shall be payable at the office or agency of the Company maintained for such purpose or, at
the option of the Company, payment of interest and premium, if any, may be made by check mailed to the Holders at their respective addresses set forth in the Note Register; provided that payment by wire transfer of immediately available funds
shall be required with respect to principal, premium, if any, and interest on all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent at least five Business Days
prior to the applicable payment date. Such payment shall be in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. 

3. PAYING AGENT AND REGISTRAR. Initially, Deutsche Bank Trust Company Americas, the Trustee under the Indenture, shall act as Paying Agent and
Registrar. The Company may change any Paying Agent or Registrar without notice to the Holders. The Company or any of its Restricted Subsidiaries may act in any such capacity. 

4. INDENTURE. The Company issued the Notes under an Indenture, dated as of July 18, 2014 (as amended or supplemented from time to time, the
“Indenture”), among Paragon Offshore plc, the Guarantors named therein and the Trustee. This Note is one of a duly authorized issue of Notes of the Company designated as its 7.25% Senior Notes due 2024. The Company shall be entitled
to issue Additional Notes pursuant to Section 2.01 and 4.09 of the Indenture. The Notes and any Additional Notes issued under the Indenture shall be treated as a single class of securities as the applicable series of Notes under the Indenture.
The terms of the Notes include those stated in the Indenture and those made 

  
 A-2-5 

 
part of the Indenture by reference to the Trust Indenture Act of 1939, as amended. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act
for a statement of such terms. Any term used in this Note that is defined in the Indenture shall have the meaning assigned to it in the Indenture. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling. 
 5. REDEMPTION AND REPURCHASE. The Notes are subject to optional redemption,
and may be the subject of an Asset Sale Offer or a Change of Control Offer, each as further described in the Indenture. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

6. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents, and Holders shall be required to pay any taxes and fees required by law or by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption or tendered for repurchase in
connection with a Change of Control Offer or Asset Sale Offer, except for the unredeemed portion of any Note being redeemed or repurchased in part. 

7. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 

8. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Note Guarantees or the Notes may be amended or supplemented as provided in the
Indenture. 
 9. DEFAULTS AND REMEDIES. The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. Upon the
occurrence of an Event of Default, the rights and obligations of the Company, the Guarantors, the Trustee and the Holders shall be as set forth in the applicable provisions of the Indenture. 

10. AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until
authenticated by the manual signature of the Trustee. 
 11. GOVERNING LAW. THIS NOTE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK. 
 12. CUSIP AND ISIN NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP and ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to the Company
at the following address: 
 c/o Paragon Offshore plc 

3151 Briarpark Drive, Suite 700 

Houston, Texas 77042 
 Fax No.:
(832) 201-7433 
 Email: sdonley@Paragonoffshore.com 

Attention: Legal Department 

  
 A-2-6 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	  	  

		  	(Insert assignee’s legal name)

  
  

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

 
  

 
  

 
  

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

			
	and irrevocably appoint	 	  

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

  

			
	Date:	 	  

  

			
	Your Signature:	 	  

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

  

			
	Signature Guarantee*:	 	  

  

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

  
 A-2-7 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 

REGISTRATION OF TRANSFERS OF TRANSFER RESTRICTED NOTES 

This certificate relates to $             principal amount of Notes held in (check applicable
space)              book-entry or              definitive form by the undersigned. 

The undersigned (check one box below): 
  

	 ̈	has requested the Trustee by written order to deliver in exchange for its beneficial interest in a Global Note held by the Depositary a Note or Notes in definitive, registered form of authorized denominations and an
aggregate principal amount equal to its beneficial interest in such Global Note (or the portion thereof indicated above) in accordance with the Indenture; or 

  

	 ̈	has requested the Trustee by written order to exchange or register the transfer of a Note or Notes. 

 In
connection with any transfer of any of the Notes evidenced by this certificate, the undersigned confirms that such Notes are being transferred in accordance with its terms: 

CHECK ONE BOX BELOW 
  

							
		 	(1)	 	 ̈	 	to the Company or subsidiary thereof; or
				
		 	(2)	 	 ̈	 	to the Registrar for registration in the name of the Holder, without transfer; or
				
		 	(3)	 	 ̈	 	pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”); or
				
		 	(4)	 	 ̈	 	to a Person that the undersigned reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (“Rule 144A”)) that purchases for its own account or for the
account of a qualified institutional buyer and to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A; or
				
		 	(5)	 	 ̈	 	pursuant to offers and sales to non-U.S. persons that occur outside the United States within the meaning of Regulation S under the Securities Act (and if the transfer is being made prior to the expiration of the Distribution
Compliance Period, the Notes shall be held immediately thereafter through Euroclear or Clearstream); or
				
		 	(6)	 	 ̈	 	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that has furnished to the Trustee a signed letter containing certain representations and
agreements; or
				
		 	(7)	 	 ̈	 	pursuant to Rule 144 under the Securities Act; or
				
		 	(8)	 	 ̈	 	pursuant to another available exemption from registration under the Securities Act.

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this
certificate in the name of any Person other than the registered Holder thereof; provided, however, that if box (5), (6), (7) or (8) is checked, the Company or the Trustee may require, prior

  
 A-2-8 

 
to registering any such transfer of the Notes, such legal opinions, certifications and other information as the Company or the Trustee has reasonably requested 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. 
  

									
		 		 		 		 	  

		 		 		 		 	Your Signature
					
	Date:	 	  
	 		 		 	  

		 		 		 		 	 Signature of Signature
 Guarantor

 TO BE COMPLETED BY PURCHASER IF (4) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it
has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s
foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

									
	Dated:	 	  
	 		 		 	  

		 		 		 		 	 NOTICE: To be executed by an executive officer

Name:

Title:

  

									
	Signature Guarantee*:	 	  
	 		 		 	

  

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

  
 A-2-9 

 TO BE COMPLETED IF THE HOLDER REQUIRES AN EXCHANGE FROM A REGULATION S GLOBAL NOTE TO AN
UNRESTRICTED GLOBAL NOTE, PURSUANT TO SECTION 2.2(d)(iii) OF APPENDIX A TO THE INDENTURE12 

The undersigned represents and warrants that either: 
  

	 ̈	the undersigned is not a dealer (as defined in the Securities Act) and is a non-U.S. person (within the meaning of Regulation S under the Securities Act); or 

 

	 ̈	the undersigned is not a dealer (as defined in the Securities Act) and is a U.S. person (within the meaning of Regulation S under the Securities Act) who purchased interests in the Notes pursuant to an exemption
from, or in a transaction not subject to, the registration requirements under the Securities Act; or 

  

	 ̈	the undersigned is a dealer (as defined in the Securities Act) and the interest of the undersigned in this Note does not constitute the whole or a part of an unsold allotment to or subscription by such dealer for the
Notes. 

  

							
	Dated:	 	  
	 		 	  

		 		 		 	Your Signature

  

	12 	Include only for Regulation S Global Notes. 

  
 A-2-10 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.15 or Section 4.16 of the Indenture, check the
appropriate box below: 
  ̈ Section
4.15             ̈ Section 4.16 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.15 or Section 4.16 of the Indenture, state
the amount you elect to have purchased: 
  

					
	$            	 	(integral multiples of $1,000, provided that the unpurchased portion must be in a minimum principal amount of $2,000)	 	

  

			
	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-2-11 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The initial outstanding principal amount of this Global Note is $            . The
following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 

 

									
	 Date of Exchange
	  	Amount of decrease
in Principal Amount of
this Global Note	  	Amount of
increase
in Principal
Amount of
this
Global Note	  	Principal
Amount of
this Global
Note
following
such
decrease or
increase	  	Signature of
authorized signatory
of Trustee,
Depositary or
Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-2-12 

 EXHIBIT B-1 

FORM OF 
 TRANSFEREE LETTER OF
REPRESENTATION 
 Paragon Offshore plc 
 3153 Briarpark Drive,
Suite 700, Houston, Texas 77042 
 Fax No.: (        )
        -         
 Email:
            @        .com 
 Attention:
[                    ] 
 Ladies and Gentlemen: 

This certificate is delivered to request a transfer of $[            ] principal
amount of the 6.75% Senior Notes due 2022 (the “Notes”) of Paragon Offshore plc (the “Company”). 
 Upon
transfer, the Notes would be registered in the name of the new beneficial owner as follows: 
  

			
	Name:	 	  

			
		
	Address:	 	 

			
		
	Taxpayer ID Number:	 	  

 The undersigned represents and warrants to you that: 

1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act
of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $250,000 principal amount of the Notes, and we are acquiring the Notes,
for investment purposes and not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We 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 invest in or purchase securities similar to the Notes in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk of our or its
investment. 
 2. We understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold
except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date that is one year after the later of
the date of original issue and the last date on which the Company or any affiliate of the Company was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only in accordance with the
Restricted Notes Legend (as such term is defined in the indenture under which the Notes were issued) on the Notes and any applicable securities laws of any state of the United States. The foregoing restrictions on resale will not apply subsequent to
the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of
this letter to the Company and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities
Act and that it is acquiring such Notes for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee reserve the right prior to the offer, sale or other transfer
prior to the Resale Restriction Termination Date of the Notes with respect to applicable transfers described in the Restricted Notes Legend to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the
Company and the Trustee. 

  
 B-1-1 

 
					
	TRANSFEREE:	 	  
	 	,

 
							
				
		 	by:	 	  
	 	

  
 B-1-2 

 EXHIBIT B-2 

FORM OF 
 TRANSFEREE LETTER OF
REPRESENTATION 
 Paragon Offshore plc 
 3153 Briarpark Drive,
Suite 700, Houston, Texas 77042 
 Fax No.: (        )
        -         
 Email:
            @        .com 
 Attention:
[                    ] 
 Ladies and Gentlemen: 

This certificate is delivered to request a transfer of $[            ] principal
amount of the 7.25% Senior Notes due 2024 (the “Notes”) of Paragon Offshore plc (the “Company”). 
 Upon
transfer, the Notes would be registered in the name of the new beneficial owner as follows: 
  

			
	Name:	 	  

			
		
	Address:	 	  

			
		
	Taxpayer ID Number:	 	  

 The undersigned represents and warrants to you that: 

1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act
of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $250,000 principal amount of the Notes, and we are acquiring the Notes,
for investment purposes and not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We 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 invest in or purchase securities similar to the Notes in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk of our or its
investment. 
 2. We understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold
except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date that is one year after the later of
the date of original issue and the last date on which the Company or any affiliate of the Company was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only in accordance with the
Restricted Notes Legend (as such term is defined in the indenture under which the Notes were issued) on the Notes and any applicable securities laws of any state of the United States. The foregoing restrictions on resale will not apply subsequent to
the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of
this letter to the Company and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities
Act and that it is acquiring such Notes for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee reserve the right prior to the offer, sale or other transfer
prior to the Resale Restriction Termination Date of the Notes with respect to applicable transfers described in the Restricted Notes Legend to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the
Company and the Trustee. 

  
 B-2-1 

 
					
	TRANSFEREE:	 	  
	 	,

 
					
			
		 	by:	 	  

  
 B-2-2 

 EXHIBIT C 

FORM OF SUPPLEMENTAL INDENTURE 
 TO
BE DELIVERED BY SUBSEQUENT GUARANTORS 
 Supplemental Indenture (this “Supplemental Indenture”), dated as of
[                    ] [    ], 20[    ], among
[                    ] (the “Guaranteeing Subsidiary”), a subsidiary of Paragon Offshore plc, a public limited company incorporated
under the laws of England and Wales (the “Company”), Deutsche Bank Trust Company Americas, as trustee (the “Trustee”) and the Company. 

W I T N E S S E T H 
 WHEREAS,
each of the Company and the Guarantors (as defined in the Indenture referred to below) has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of July 18, 2014, providing for the issuance
of an unlimited aggregate principal amount of 6.75% Senior Notes due 2022 and 7.25% Senior Notes due 2024 (the “Notes”); 

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a
supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally Guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture; and

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

 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders as follows: 
 1. Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 
 2.
Guarantor. The Guaranteeing Subsidiary hereby agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including Article 10 thereof. 

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

 4. Waiver of Jury Trial. EACH OF THE GUARANTEEING SUBSIDIARY 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 SUPPLEMENTAL INDENTURE, THE INDENTURE, THE NOTES, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

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

  
 C-1 

 6. Headings. The headings of the Sections of this Supplemental Indenture have been
inserted for convenience of reference only, are not to be considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. The Trustee shall not be responsible in any manner whatsoever
for or in respect or the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company and the Guaranteeing Subsidiary. 

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

  
 C-2 

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

			
	 PARAGON OFFSHORE PLC,
 as the
Company

		
	By:	 	  

		 	 Name:
 Title:

	
	[NAME OF GUARANTEEING SUBSIDIARY]
		
	By:	 	  

		 	Name:
		 	Title:
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
	
	By: DEUTSCHE BANK NATIONAL TRUST COMPANY
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 C-3

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