Document:

Exhibit 10.7

 

EXECUTION VERSION

 

 

 

ORIGINALLY DATED
3 SEPTEMBER 2019

AS AMENDED AND RESTATED BY AN AMENDMENT AND RESTATEMENT AGREEMENT 

DATED 29 SEPTEMBER 2021

 

Facilities Agreement

 

between

 

IHS Netherlands
Holdco B.V. 

as Holdco

 

IHS (Nigeria)
Limited, 

IHS Towers NG
Limited, and 

INT Towers Limited 

as Borrowers

 

Absa Bank Limited
(acting through its Corporate and Investment Banking 

division), Citibank, N.A., London Branch, 

FirstRand Bank
Limited (London Branch), acting through its Rand

Merchant Bank division, Goldman Sachs Bank USA, J.P. Morgan

 Securities plc and Standard
Chartered Bank 

as Mandated Lead
Arrangers and Bookrunners

 

Ecobank Nigeria
Limited 

as Agent

 

and others

 

White & Case LLP

PO Box 9705

Level 6, Burj Daman, Al Mustaqbal Street

Dubai International Financial Centre

Dubai

United Arab Emirates 

 

    

     

    

 

	 	 	Page
	 	 	 
	1.	Definitions and Interpretation	1
	2.	The Facilities	52
	3.	Purpose	55
	4.	Conditions of Utilisation	55
	5.	Utilisation – Loans	57
	6.	Repayment	59
	7.	Illegality, Voluntary Prepayment and Cancellation	61
	8.	Mandatory Prepayment	63
	9.	Restrictions	66
	10A.	Rate Switch	67
	10.	Interest	68
	11.	Interest Periods	70
	12.	Changes to the Calculation of Interest	71
	13.	Fees	73
	14.	Taxes	75
	15.	Increased Costs	79
	16.	Other Indemnities	81
	17.	Mitigation by the Lenders	82
	18.	Costs and Expenses	83
	19.	Guarantee and Indemnity	84
	20.	Representations and Warranties	87
	21.	Information Undertakings	93
	22.	Financial Covenants	97
	23.	General Undertakings	100
	24.	Events of Default	108
	25.	Changes to the Lenders	114
	26.	Restriction on Debt Purchase Transactions	119
	27.	Assignment and Transfers by Obligors	120
	28.	Role of the Agent, the Arrangers and Others	122
	29.	Conduct of Business by the Finance Parties	129
	30.	Sharing Among the Finance Parties	131
	31.	Payment Mechanics	133
	32.	Set-Off	136
	33.	Notices	136
	34.	Calculations and Certificates	139
	35.	Partial Invalidity	140
	36.	Remedies and Waivers	140

 

    (i)

     

    

 

Page

 

	37.	Amendments and Waivers	140
	38.	Confidentiality	147
	39.	Confidentiality of Funding Rates and Reference Bank Quotations	150
	40.	Counterparts	151
	41.	Contractual Recognition of Bail-In	151
	42.	Governing Law	152
	43.	Enforcement	152
	44.	Acknowledgement regarding any supported QFCs	153 

 

	Schedule 1	The Original Parties	155
	Part 1	The Original Guarantors	155
	Part 2	The Original Lenders	155
	 	 	 
	Schedule 2	Conditions Precedent	156
	Part 1	Conditions Precedent to Utilisation	156
	Part 2	Conditions Precedent required to be delivered by an Additional Guarantor	160
	 	 	 
	Schedule 3	Utilisation Request	162
	 	 	 
	Schedule 4	Form of Transfer Certificate	164
	 	 	 
	Schedule 5	Form of Assignment Agreement	166
	 	 	 
	Schedule 6	Form of Compliance Certificate	168
	 	 	 
	Schedule 7	Timetables	179
	 	 	 
	Schedule 8	Forms of Notifiable Debt Purchase Transaction Notice	170
	Part 1	Form of Notice on entering into Notifiable Debt Purchase Transaction	170
	Part 2	Form of Notice on termination of Notifiable Debt Purchase Transaction/Notifiable Debt Purchase Transaction ceasing to be with Sponsor Affiliate	171
	 	 	 
	Schedule 9	Prohibited Activities	172
	 	 	 
	Schedule 10	Form of Accession Deed	173
	 	 	 
	Schedule 11	Form of Additional Increase Confirmation	175
	 	 	 
	Schedule 12	Compounded Rate Terms	177
	 	 	 
	Schedule 13	Daily Non-Cumulative Compounded RFR Rate	180
	 	 	 
	Schedule 14	Cumulative Compounded RFR Rate	182

 

    (ii)

     

    

 

This
Facilities Agreement dated 3 September 2019, as amended and restated on the Effective Date by an amendment and restatement
agreement dated _______________ 2021.

 

Between:

 

		(1)	IHS Netherlands Holdco B.V.,
a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of
the Netherlands and registered with the Dutch Commercial Register (Handelsregister) under number 66017912 (“Holdco”);

 

		(2)	IHS (Nigeria) Limited,
a company incorporated in Nigeria, registration number 407609 (“IHS Nigeria”);

 

		(3)	IHS Towers NG Limited,
a company incorporated in Nigeria, registration number 448308 (“ITNG”);

 

		(4)	INT Towers Limited,
a company incorporated in the Nigeria, registration number 1222736 (“INT Towers” and, together with IHS Nigeria and
ITNG, the “Borrowers”);

 

		(5)	The entities listed
in Schedule 1 (The Original Parties) as original guarantors (together with Holdco, the “Original Guarantors”)

 

		(6)	Absa Bank Limited (acting
through its Corporate and Investment Banking division), Citibank, N.A., London Branch, FirstRand Bank Limited (London Branch), acting
through its Rand Merchant Bank division, Goldman Sachs Bank USA, J.P. Morgan Securities plc and Standard Chartered Bank as
mandated lead arrangers and bookrunners (the “Arrangers”);

 

		(7)	The Financial Institutions
listed in Schedule 1 (The Original Parties) as lenders (the “Original Lenders”); and

 

		(8)	Ecobank Nigeria Limited
as agent of the other Finance Parties (the “Agent”).

 

It
is agreed as follows:

 

Section 1

Interpretation

 

		1.	Definitions and Interpretation

 

		1.1	Definitions

 

In this Agreement:

 

“Accession Deed”
means a document substantially in the form set out in Schedule 10 (Form of Accession Deed).

 

“Acceptable Bank”
means:

 

		(a)	a bank or financial institution which has a long term unsecured credit rating of at least BBB by Standard &
Poor’s Rating Services or Fitch Ratings Ltd or at least Baa2 by Moody’s Investors Service Limited or a comparable rating from
an internationally recognised credit rating agency;

 

		(b)	the Lenders; or

 

		(c)	any other bank or financial institution approved by the Agent.

 

    (1)

     

    

 

“Accounting Principles”
means IFRS.

 

“Accounting Reference Date”
means 31 December or such other date agreed in accordance with this Agreement.

 

“Additional Business Day”
means any day specified as such in the applicable Compounded Rate Terms.

 

“Additional Guarantor”
means a company which becomes an Additional Guarantor in accordance with Clause 27 (Assignment and Transfers by Obligors).

 

“Additional Increase Confirmation”
means a confirmation substantially in the form set out in Schedule 11 (Form of Additional Increase Confirmation).

 

“Additional Increase Lender”
has the meaning given to that term in Clause 2.2 (Additional Increase).

 

“Affiliate” means,
in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.

 

“Agent’s Spot Rate of
Exchange” means:

 

		(a)	the Agent’s spot rate of exchange; or

 

		(b)	(if the Agent does not have an available spot rate of exchange) any other publicly available spot rate
of exchange selected by the Agent (acting reasonably),

 

for the purchase of the relevant currency
with the Base Currency in the London foreign exchange market at or about 11.00 a.m. on a particular day.

 

“Amendment and Restatement
Agreement” means the amendment and restatement agreement dated on or about _______________ 2021 between the Borrowers, IHS
Holding and the Agent, relating to this Agreement.

 

“Annual Financial Statements”
has the meaning given to that term in Clause 21.1 (Financial Statements).

 

“Anti-Corruption Laws”
means all laws, rules and regulations from time to time concerning or relating to bribery or corruption, including but not limited
to the UK Bribery Act 2010, the US Foreign Corrupt Practices Act of 1977 and all other anti-bribery and corruption laws, in each
case applicable to any member of the Group.

 

"Article 55 BRRD"
means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment
firms.

 

“Assignment Agreement”
means an agreement substantially in the form set out in Schedule 5 (Form of Assignment Agreement) or any other form agreed
between the relevant assignor and assignee.

 

“Audit Laws” means
the EU Regulation (537/2014) on specific requirements regarding statutory audit of public-interest entities and repealing Commission Decision
2005/909/EC and the EU Directive (2014/56/EU) amending Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts
and any law or regulation which implements that EU Directive (2014/56/EU).

 

“Auditors” means
any firm appointed by Holdco to act as its statutory auditors.

 

    (2)

     

    

 

“Authorisation” means
an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

 

“Authorised Dealer”
means any bank or financial institution licenced under the Foreign Exchange (Monitoring and Miscellaneous provisions) Act Cap F34 Laws
of the Federation of Nigeria 2004, and such other specialised bank or financial institution issued with a licence to deal in foreign exchange.

 

“Availability
Period” means the period from, and including, the Signing Date to, and including, the date falling three Months from the Signing
Date.

 

“Available Commitment”
means, in relation to a Facility, a Lender’s Commitment under that Facility minus:

 

		(a)	the Base Currency Amount of its participation in any outstanding Loans under that Facility; and

 

		(b)	in relation to any proposed Loan, the Base Currency Amount of its participation in any other Loans that
are due to be made under that Facility on or before the proposed Utilisation Date.

 

“Available Facility”
means, in relation to a Facility, the aggregate for the time being of each Lender’s Available Commitment in respect of that Facility.

 

“Backstop Rate Switch Date”
means 30 June 2023 or any other date agreed as such between the Agent, the Majority USD Lenders and Holdco.

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers.

 

“Bail-In Legislation”
means:

 

		(a)	in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55
BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time;

 

		(b)	in relation to the United Kingdom, the UK Bail-In Legislation; and

 

		(c)	in relation to any state other than such an EEA Member Country and the United Kingdom, any analogous law
or regulation from time to time which requires contractual recognition of any Write-Down and Conversion Powers contained in that law or
regulation.

 

“Base Currency” means
USD.

 

“Base Currency Amount”
means:

 

		(a)	in relation to an undrawn Commitment, the Base Currency amount of that Commitment and in relation to a
Loan, the amount specified in the Utilisation Request for that Loan as adjusted to reflect any repayment, prepayment or consolidation
of a Loan; and

 

		(b)	for any other purpose:

 

		(i)	in relation to an amount in the Base Currency, that amount; or

 

		(ii)	in relation to an amount not in the Base Currency, that amount converted into the Base Currency at the
Agent’s Spot Rate of Exchange on the date which is three Business Days before the relevant calculation or event,

 

provided that, for the avoidance of
doubt, any reference to an amount being an “equivalent” to an amount in the Base Currency shall imply a conversion at a rate
and on the basis contemplated by this definition “Base Currency Amount”.

 

    (3)

     

    

 

“Blocking Law” means:

 

		(a)	any provision of Council Regulation (EC) No 2271/1996 of 22 November 1996 or the EU Blocking Regulation
and Commission Implementing Regulation (EU) 2018/1101 and/or any applicable national law or regulation relating to or implementing such
Regulation in any member state of the European Union or the United Kingdom;

 

		(b)	section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung); or

 

any similar blocking or anti-boycott
law or regulation issued by a Sanctions Authority.

 

“Bonds” means the
initial issuance of the senior notes to be issued by Holdco pursuant to the terms of the Senior Notes Indenture together with any additional
notes issued from time to time under the Senior Notes Indenture.

 

“Break Costs” means

 

		(a)	in respect of a Term Rate Loan, the amount (if any) by which:

 

		(i)	the interest (excluding the Margin) which a Lender should have received for the period from the date of
receipt of all or any part of its participation in a Loan or Unpaid Sum to the last day of the current Interest Period in respect of that
Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period;

 

exceeds,

 

		(ii)	the amount which that Lender would be able to obtain by placing an amount equal to the principal amount
or Unpaid Sum received by it on deposit with a leading bank in the Relevant Market for a period starting on the Business Day following
receipt or recovery and ending on the last day of the current Interest Period; or

 

		(b)	in respect of a Compounded Rate Loan, any amount specified as such in the applicable Compounded Rate Terms.

 

“Budget” means:

 

		(a)	in relation to the period immediately after the Accounting Reference Date in December 2019 and ending
on 31 December 2021, any budget delivered by Holdco or IHS Holding to the Agent in respect of that period, in relation to the Group,
pursuant to Clause 21.4 (Budget); and

 

		(b)	in relation to any other period, any budget delivered by IHS Holding to the Agent in respect of that period,
in relation to the Nigerian incorporated Subsidiaries of IHS Holding only (on a combined basis), pursuant to Clause 21.4 (Budget).

 

“Business Day” means
a day (other than a Saturday or Sunday or a public holiday) on which banks are open for general business in Lagos, London, (prior to a
Permitted Re-domiciliation) Mauritius or (after a Permitted Re-domiciliation) the Cayman Islands and;

 

		(a)	(in relation to any date for payment or purchase of USD) New York; and

 

    (4)

     

    

 

		(b)	(in relation to:

 

		(i)	any date for payment or purchase of an amount relating to a Compounded Rate Loan; or

 

		(ii)	the determination of the first day or the last day of an Interest Period for a Compounded Rate Loan, or
otherwise in relation to the determination of the length of such an Interest Period),

 

which is an Additional Business Day relating
to that Loan or Unpaid Sum.

 

“Capital Expenditure”
means, in respect of Holdco and in respect of any period, any expenditure which should be treated as capital expenditure in the financial
statements of the person incurring such expenditure in accordance with applicable Accounting Principles but excluding any non-cash expenditure.
For the avoidance of doubt, expenditure for acquisitions of businesses or expenditure arising from operating leases shall not constitute
Capital Expenditure for the purposes of this definition.

 

“Capital Lease Obligation”
means an obligation that is required to be classified and accounted for as a capitalized lease for financial reporting purposes on the
basis of IFRS. The amount of Financial Indebtedness will be, at the time any determination is to be made, the amount of such obligation
required to be capitalized on a balance sheet (excluding any notes thereto) prepared in accordance with IFRS (excluding, for the avoidance
of doubt, any lease that would not constitute a Capital Lease Obligation prior to the adoption of IFRS 16 (Leases)), and the stated
maturity thereof will be the date of the last payment of rent or any other amount due under such lease prior to the first date such lease
may be terminated without penalty.

 

“Cash” means, at
any time, any cash-in-hand and any credit balance on any deposit, savings, current or other account to which, in each case, IHS Holding
or a Subsidiary of IHS Holding (and only IHS Holding, that Subsidiary or other Subsidiaries of IHS Holding) is beneficially entitled and
for so long as that cash is:

 

		(a)	except for a maximum aggregate amount for IHS Holding and its Subsidiaries of USD20,000,000 (twenty million
dollars) or its equivalent, held with an Acceptable Bank;

 

		(b)	available to be freely withdrawn within 90 days;

 

		(c)	not subject to any Security, other than:

 

		(i)	the Security created under the “Security Documents” (as defined in the IHS Holding Facility);

 

		(ii)	charges arising solely by operation of law;

 

		(iii)	rights of set-off or netting or charges or pledge rights arising by operation of law or by contract by
virtue of the provision to IHS Holding or that Subsidiary of IHS Holding (as applicable) of clearing bank or similar facilities or overdraft
facilities and arising under the standard commercial terms and conditions of such bank;

 

		(iv)	encumbrances over credit balances on bank accounts to facilitate operation of such bank accounts on a
cash-pooled net balance basis and arising under that account bank’s standard terms in the ordinary course of trading or business
activities of IHS Holding or that Subsidiary of IHS Holding (as applicable); or

 

    (5)

     

    

 

		(v)	Security in respect of Financial Indebtedness to the extent such Financial Indebtedness is included for
the purposes of calculating Net Cash Finance Interest Adjusted For Leases or Net Financial Indebtedness; and

 

		(d)	capable of being applied or made available for application in repayment or prepayment of the Facility
or any other Financial Indebtedness included within the calculation of Net Cash Finance Interest Adjusted For Leases or Net Financial
Indebtedness, within the next 180 days,

 

and, for the avoidance of doubt, not
including any cash affected by any process referred to in Clause 24.8 (Creditors’ process).

 

“Cash Equivalent Investments”
means at any time:

 

		(a)	certificates of deposit maturing within one year after the relevant date of calculation and issued by
an Acceptable Bank;

 

		(b)	any investment in marketable debt obligations issued or guaranteed by the government of any country in
which IHS Holding or any of its Subsidiaries is located or by any government of any other country which has a rating for its short-term
unsecured and non credit-enhanced debt obligations of A-1 or higher by Standard & Poor’s Rating Services or F1 or higher
by Fitch Ratings Ltd or P-1 or higher by Moody’s Investors Service Limited or by an instrumentality or agency of any such government
having an equivalent credit rating, maturing within one year after the relevant date of calculation and not convertible or exchangeable
to any other security;

 

		(c)	commercial paper not convertible or exchangeable to any other security:

 

		(i)	for which a recognised trading market exists;

 

		(ii)	issued by an issuer incorporated in a country, the government of which has a rating for its short-term
unsecured and non credit-enhanced debt obligations of A-1 or higher by Standard & Poor’s Rating Services or P-1 or higher
by Moody’s Investors Service Limited or by an instrumentality or agency of any such government having an equivalent credit rating;

 

		(iii)	which matures within one year after the relevant date of calculation; and

 

		(iv)	which has a credit rating of either A-1 or higher by Standard & Poor’s Rating Services
or F1 or higher by Fitch Ratings Ltd or P-1 or higher by Moody’s Investors Service Limited, or, if no rating is available in respect
of the commercial paper, the issuer of which has, in respect of its short-term unsecured and non-credit enhanced debt obligations, an
equivalent rating;

 

		(d)	bills of exchange issued in Nigeria, Mauritius, (after a Permitted Redomiciliation) the Cayman Islands,
the United States of America, the United Kingdom, any member state of the European Economic Area or any Participating Member State or
any country in which any IHS Holding or any of its Subsidiaries is located eligible for rediscount at the relevant central bank and accepted
by an Acceptable Bank (or their dematerialised equivalent);

 

		(e)	any investment in money market funds which:

 

		(i)	have a credit rating of either A-1 or higher by Standard & Poor’s Rating Services or F1
or higher by Fitch Ratings Ltd or P-1 or higher by Moody’s Investors Service Limited;

 

    (6)

     

    

 

		(ii)	invest substantially all their assets in securities of the types described in paragraphs (a) to
(d) above; and

 

		(iii)	can be turned into cash on not more than 90 days’ notice; or

 

		(f)	any other debt security approved by the Majority Lenders,

 

in each case denominated in the Base
Currency, NGN and any other freely available and freely convertible currencies, and to which IHS Holding and its Subsidiaries are beneficially
entitled at that time and which is not issued or guaranteed by IHS Holding or any of its Subsidiaries or subject to any Security other
than:

 

		(i)	charges arising solely by operation of law in the ordinary course of trading or business of IHS Holding
or any of its Subsidiaries; or

 

		(ii)	Security in respect of Financial Indebtedness to the extent such Financial Indebtedness is included for
the purposes of calculating Net Financial Indebtedness.

 

“Central Bank Rate”
has the meaning given to that term in the applicable Compounded Rate Terms.

 

“Central Bank Rate Adjustment”
has the meaning given to that term in the applicable Compounded Rate Terms.

 

“Certificate of Capital Importation”
means the electronic certificate evidencing importation of foreign capital or a foreign loan into Nigeria and which the Foreign Exchange
(Monitoring and Miscellaneous provisions) Act Cap F34 Laws of the Federation of Nigeria 2004 requires an Authorised Dealer to issue in
favour of an investor investing foreign currency or capital in an entity in the Country or making a foreign currency loan, and where such
foreign currency, equity or loan is converted into Naira upon receipt in Nigeria;

 

“Change of Control”
means:

 

		(a)	in respect of any Original Obligor other than Holdco, Nigeria Tower Interco B.V. or INT Towers, if Holdco
ceases directly or indirectly to:

 

		(i)	have the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

 

		(A)	cast, or control the casting of, 75% of the maximum number of votes that might be cast at a general meeting
of that Obligor;

 

		(B)	appoint or remove the majority, of the directors or other equivalent officers of that Obligor; or

 

		(C)	give directions with respect to the operating and financial policies of that Obligor with which the directors
or other equivalent officers of the Obligor are obliged to comply; or

 

		(ii)	own legally and beneficially 75% of the issued share capital of that Obligor (excluding any part of that
issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital);

 

		(b)	after the first Utilisation Date, in respect of any of Nigeria Tower Interco B.V. and INT Towers, if Holdco
ceases directly or indirectly to:

 

    (7)

     

    

 

		(i)	have the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

 

		(A)	cast, or control the casting of, 75% of the maximum number of votes that might be cast at a general meeting
of that Obligor;

 

		(B)	appoint or remove the majority, of the directors or other equivalent officers of that Obligor; or

 

		(C)	give directions with respect to the operating and financial policies of that Obligor with which the directors
or other equivalent officers of the Obligor are obliged to comply; or

 

		(ii)	own legally and beneficially 75% of the issued share capital of that Obligor (excluding any part of that
issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital);

 

		(c)	in respect of any Additional Guarantor, if Holdco ceases directly or indirectly to:

 

		(i)	have the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

 

		(A)	cast, or control the casting of, 75% of the maximum number of votes that might be cast at a general meeting
of that Additional Guarantor;

 

		(B)	appoint or remove the majority, of the directors or other equivalent officers of that Additional Guarantor;
or

 

		(C)	give directions with respect to the operating and financial policies of that Additional Guarantor with
which the directors or other equivalent officers of the Additional Guarantor are obliged to comply; or

 

		(ii)	own legally and beneficially 75% of the issued share capital of that Additional Guarantor (excluding any
part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or
capital);

 

		(d)	in respect of Holdco, if IHS Holding ceases directly or indirectly to:

 

		(i)	have the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

 

		(A)	cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a
general meeting of Holdco;

 

		(B)	appoint or remove the majority, of the directors or other equivalent officers of Holdco; or

 

		(C)	give directions with respect to the operating and financial policies of Holdco with which the directors
or other equivalent officers of Holdco are obliged to comply; or

 

		(ii)	own legally and beneficially more than 50% of the issued share capital of Holdco (excluding any part of
that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital);
or

 

    (8)

     

    

 

		(e)	in respect of IHS Holding, if any person or persons acting in concert (other than any Permitted Transferee),
after the date of this Agreement acquires “control” of IHS Holding, being:

 

		(i)	the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

 

		(A)	cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a
general meeting of IHS Holding;

 

		(B)	appoint or remove all, or the majority, of the directors or other equivalent officers of IHS Holding;
or

 

		(C)	give directions with respect to the operating and financial policies of IHS Holding with which the directors
or other equivalent officers of IHS Holding are obliged to comply; or

 

		(ii)	legal or beneficial ownership of more than 50% of the issued share capital of IHS Holding (excluding any
part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or
capital),

 

provided that, in each case, a Change
of Control shall not occur:

 

		(f)	solely as a result of all of
the issued share capital of IHS Holding (excluding any part of that issued share capital that carries no right to participate beyond
a specified amount in a distribution of either profits or capital) being transferred to a newly-incorporated holding company (“TopCo”)
provided that:

 

		(i)	as a result of such transfer no person other than TopCo acquires control (as defined above) of IHS Holding;

 

		(ii)	TopCo is not a Restricted Party;

 

		(iii)	prior to such transfer each Lender has received such documentation and evidence in respect of TopCo as
necessary to pass all know your customer and similar checks; and

 

		(iv)	at all times no person or persons acting in concert (other than any Permitted Transferee) shall acquire:

 

		(A)	the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

 

		(1)	cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a
general meeting of TopCo;

 

		(2)	appoint or remove all, or the majority, of the directors or other equivalent officers of TopCo; or

 

		(3)	give directions with respect to the operating and financial policies of TopCo with which the directors
or other equivalent officers of TopCo are obliged to comply; or

 

		(B)	legally or beneficially more than 50% of the issued share capital of TopCo (excluding any part of that
issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital;

 

    (9)

     

    

 

		(g)	for the avoidance of doubt, as a result of the admission of any part of the share capital of IHS Holding
(or TopCo) to trading on any recognised stock or investment exchange or any other sale or issue of share capital of IHS Holding (or TopCo)
by way of flotation or public offering provided that, at all times there are no circumstances described in paragraphs (a) to (e) above
and all conditions set out in paragraph (f) above are complied with; or

 

		(h)	as a result of any re-domiciliation of TopCo for internal structuring purposes provided that, at all times,
all of the conditions set out in paragraph (f) above are complied with.

 

“acting
in concert” means acting together pursuant to an agreement or understanding (whether formal or informal).

 

“Closing Date” means
the date on which the Agent gives notice to Holdco under Clause 4.1 (Initial Conditions Precedent).

 

“Code” means the
US Internal Revenue Code of 1986.

 

“Commitment” means
a Facility A Commitment or a Facility B Commitment.

 

“Compliance Certificate”
means a certificate substantially in the form set out in Schedule 6 (Form of Compliance Certificate) and delivered by Holdco
to the Agent under Clause 21.2 (Provision and Contents of Compliance Certificate).

 

“Compounded Rate Interest Payment”
means the aggregate amount of interest that:

 

		(a)	is, or is scheduled to become, payable under any Finance Document; and

 

		(b)	relates to a Compounded Rate Loan.

 

“Compounded Rate Loan”
means any Loan or, if applicable, Unpaid Sum in dollars which is, or becomes, a “Compounded Rate Loan” pursuant to Clause
10A (Rate Switch).

 

“Compounded Rate Supplement”
means, in relation to dollars, a document which:

 

		(a)	is agreed in writing by Holdco and the Agent (acting on instructions of the Majority USD Lenders);

 

		(b)	specifies for dollars the relevant terms which are expressed in this Agreement to be determined by reference
to Compounded Rate Terms; and

 

		(c)	has been made available to Holdco and each Finance Party.

 

“Compounded Rate Terms”
means in relation to:

 

		(a)	dollars;

 

		(b)	a Loan or an Unpaid Sum in dollars;

 

		(c)	an Interest Period for such Loan or Unpaid Sum (or other period for the accrual of commission or fees
in dollars); or

 

		(d)	any term of this Agreement relating to the determination of a rate of interest in relation to such a Loan
or Unpaid Sum,

 

the terms set out for dollars in Schedule
12 (Compounded Rate Terms) or in any Compounded Rate Supplement.

 

    (10)

     

    

 

 

“Compounded Reference Rate”
means, in relation to any RFR Banking Day during the Interest Period of a Compounded Rate Loan, the percentage rate per annum which is
the aggregate of:

 

		(a)	the Daily Non-Cumulative Compounded RFR Rate for that RFR Banking Day; and

 

		(b)	the applicable Credit Adjustment Spread.

 

“Compounding Methodology Supplement”
means, in relation to the Daily Non-Cumulative Compounded RFR Rate or the Cumulative Compounded RFR Rate, a document which:

 

		(a)	is agreed in writing by Holdco, the Agent (in its own capacity) and the Agent (acting on instructions
of the Majority USD Lenders);

 

		(b)	specifies a calculation methodology for that rate; and

 

		(c)	has been made available to Holdco and each Finance Party.

 

“Confidential Information”
means all information relating to the Group, IHS Holding, the Finance Documents, the Bond or the Facilities of which a Finance Party
becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation
to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Facilities from either:

 

		(a)	IHS Holding;

 

		(b)	any member of the Group or any of its advisers; or

 

		(c)	another Finance Party, if the information was obtained by that Finance Party directly or indirectly from
a member of the Group or any of its advisers,

 

in whatever form, and includes information
given orally and any document, electronic file or any other way of representing or recording information which contains or is derived
or copied from such information but excludes:

 

		(i)	information that:

 

		(A)	is or becomes public information other than as a direct or indirect result of any breach by that Finance
Party of Clause 38 (Confidentiality);

 

		(B)	is identified in writing at the time of delivery as non-confidential by IHS Holding, member of the Group
or any of its advisers; or

 

		(C)	is known by that Finance Party before the date the information is disclosed to it in accordance with paragraph
(a) or (c) above or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance
Party is aware, unconnected with the Group, and which, in either case, as far as that Finance Party is aware, has not been obtained in
breach of, and is not otherwise subject to, any obligation of confidentiality; or

 

		(ii)	any Funding Rate or Reference Bank Quotation.

 

    (11)

     

    

 

“Confidentiality Undertaking”
means a confidentiality undertaking substantially in a recommended form of the LMA or in any other form agreed between any member of the
Group and the Agent, and in any case capable of being relied upon by Holdco.

 

“Credit Adjustment Spread”
means, in respect of any Compounded Rate Loan, any rate which is either:

 

		(a)	specified as such in the applicable Compounded Rate Terms; or

 

		(b)	determined by the Agent (or by any other Finance Party which agrees to determine that rate in place of
the Agent) in accordance with the methodology specified in the applicable Compounded Rate Terms.

 

“CRR”
means the Council Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012.

 

“Cumulative Compounded RFR
Rate” means, in relation to an Interest Period for a Compounded Rate Loan, the percentage rate per annum determined by the Agent
(or by any other Finance Party which agrees to determine that rate in place of the Agent) in accordance with the methodology set out in
Schedule 14 (Cumulative Compounded RFR Rate) or in any relevant Compounding Methodology Supplement.

 

“Daily Non-Cumulative Compounded
RFR Rate” means, in relation to any RFR Banking Day during an Interest Period for a Compounded Rate Loan, the percentage rate
per annum determined by the Agent (or by any other Finance Party which agrees to determine that rate in place of the Agent) in accordance
with the methodology set out in Schedule 13 (Daily Non-Cumulative Compounded RFR Rate) or in any relevant Compounding Methodology
Supplement.

 

“Daily Rate” means
the rate specified as such in the applicable Compounded Rate Terms.

 

“Debt
Purchase Transaction” means, in relation to a person, a transaction where such person:

 

		(a)	purchases by way of assignment or transfer;

 

		(b)	enters into any sub-participation in respect of; or

 

		(c)	enters into any other agreement or arrangement having an economic effect substantially similar to a sub-participation
in respect of,

 

any Commitment or amount outstanding
under this Agreement.

 

“Default” means an
Event of Default or any event or circumstance specified in Clause 24 (Events of Default) which would (with the expiry of a
grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing)
be an Event of Default.

 

“Defaulting Lender”
means any Lender:

 

		(a)	which has failed to make its participation in a Loan available or has notified the Agent or a Borrower
(which has notified the Agent) that it will not make its participation in a Loan available by the Utilisation Date of that Loan in accordance
with Clause 5.4 (Lenders’ Participation);

 

		(b)	which has otherwise rescinded or repudiated a Finance Document; or

 

    (12)

     

    

 

		(c)	with respect to which an Insolvency Event has occurred and is continuing,

 

unless, in the case of paragraph (a) above:

 

		(i)	its failure to pay is caused by:

 

		(A)	administrative or technical error; or

 

		(B)	a Disruption Event; and

 

		(ii)	payment is made within three Business Days of its due date; or

 

		(iii)	the Lender is disputing in good faith whether it is contractually obliged to make the payment in question.

 

“Disruption Event”
means either or both of:

 

		(a)	a material disruption to those payment or communications systems or to those financial markets which are,
in each case, required to operate in order for payments to be made in connection with the Facilities (or otherwise in order for the transactions
contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties;
or

 

		(b)	the occurrence of any other event which results in a disruption (of a technical or systems-related nature)
to the treasury or payments operations of a Party preventing that, or any other Party:

 

		(i)	from performing its payment obligations under the Finance Documents; or

 

		(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents,

 

and which (in either such case) is not
caused by, and is beyond the control of, the Party whose operations are disrupted.

 

“Dutch Civil Code”
means the Dutch Civil Code (Burgerlijk Wetboek).

 

“Dutch Obligor” means
an Obligor incorporated in The Netherlands.

 

“EEA Member Country”
means any member state of the European Union, Iceland, Liechtenstein and Norway.

 

“Effective Date”
has the meaning given to the term “Restatement Effective Date” in the Amendment and Restatement Agreement.

 

“Environment” means
humans, animals, plants and all other living organisms, including the ecological systems of which they form part and the following media:

 

		(a)	air (including, without limitation, air within natural or man-made structures, whether above or below
ground);

 

		(b)	water (including, without limitation, territorial, coastal and inland waters, water under or within land
and water in drains and sewers); and

 

		(c)	land (including, without limitation, land under water).

 

“Environmental Claim”
means any claim, proceeding, formal notice or investigation by any person in respect of any Environmental Law.

 

    (13)

     

    

 

“Environmental Law”
means, to the extent relevant, the Equator Principles and any applicable law or regulation which relates to:

 

		(a)	the pollution or protection of the Environment;

 

		(b)	the conditions of the workplace; or

 

		(c)	the generation, handling, storage, use, release or spillage of any substance which, alone or in combination
with any other, is capable of causing harm to the Environment, including, without limitation, any waste.

 

“Equator Principles”
means principles, as amended from time to time, described in “The ‘Equator Principles’ — A financial industry
benchmark for determining, assessing and managing social and environmental risk in project financing” and available at: http://www.equator-principles.com/resources/equator_principles.pdf.

 

“EU Bail-In Legislation Schedule”
means the document described as such and published by the Loan Market Association (or any successor person) from time to time.

 

“Event of Default”
means any event or circumstance specified as such in Clause 24 (Events of Default).

 

“Excluded
Subsidiaries” means Tower Infrastructure Company Limited and IHS Towers Netherlands Finco NG B.V.

 

“Facility” means
Facility A or Facility B.

 

“Facility A” means
the term loan facility made available under this Agreement as described in paragraph (a) of Clause 2.1 (The Facilities).

 

“Facility A Commitment”
means:

 

		(a)	in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading
 “Facility A Commitment” in Schedule 1 (The Original Lenders) and the amount of any other Facility A Commitment transferred
to it under this Agreement; and

 

		(b)	in relation to any other Lender, the amount in the Base Currency of any Facility A Commitment transferred
to it under this Agreement,

 

to the extent not cancelled, reduced
or transferred by it under this Agreement.

 

“Facility A Loan”
means a loan made or to be made under Facility A or the principal amount outstanding for the time being of that loan.

 

“Facility B” means
the term loan facility made available under this Agreement as described in paragraph (b) of Clause 2.1 (The Facilities).

 

“Facility B Commitment”
means:

 

		(a)	in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading
 “Facility B Commitment” in Schedule 1 (The Original Lenders) and the amount of any other Facility B Commitment transferred
to it under this Agreement or assumed by it in accordance with Clause 2.2 (Additional Increase); and

 

		(b)	in relation to any other Lender, the amount in the Base Currency of any Facility B Commitment transferred
to it under this Agreement or assumed by it in accordance with Clause 2.2 (Additional Increase), 

 

to the extent not cancelled, reduced
or transferred by it under this Agreement.

 

    (14)

     

    

 

“Facility B Loan”
means a loan made or to be made under Facility B or the principal amount outstanding for the time being of that loan.

 

“Facility Office”
means:

 

		(a)	in respect of a Lender, the office or offices notified by that Lender to the Agent in writing on or before
the date it becomes a Lender (or, following that date, by not less than five Business Days’ written notice) as the office or offices
through which it will perform its obligations under this Agreement; or

 

		(b)	in respect of any other Finance Party, the office in the jurisdiction in which it is resident for tax
purposes.

 

“Facility Repayment Date”
means each date set out in paragraph (a) of Clause 6.1 (Repayment of Facility A Loans) and paragraph (a) of
Clause 6.2 (Repayment of Facility B Loans) respectively.

 

“Facility Repayment Instalment”
means each instalment set out in paragraph (a) of Clause 6.1 (Repayment of Facility A Loans) and paragraph (a) of
Clause 6.2 (Repayment of Facility B Loans) respectively.

 

“FATCA” means:

 

		(a)	sections 1471 to 1474 of the Code or any associated regulations;

 

		(b)	any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement
between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to
in paragraph (a) above; or

 

		(c)	any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above
with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.

 

“FATCA Application Date”
means:

 

		(a)	in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the
Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014; or

 

		(b)	in relation to a “pass thru payment” described in section 1471(d)(7) of the Code
not falling within paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding
required by FATCA

 

“FATCA Deduction”
means a deduction or withholding from a payment under a Finance Document required by FATCA.

 

“FATCA Exempt Party”
means a Party that is entitled to receive payments free from any FATCA Deduction.

 

“Fee Letter” means:

 

		(a)	any letter or letters dated on or about the date of this Agreement between any of (i) the Arrangers
and Holdco, or (ii) the Agent and Holdco, setting out any of the fees referred to in Clause 13 (Fees); and

 

    (15)

     

    

 

		(b)	any agreement setting out fees payable to a Finance Party referred to in Clause 13.4 (Facility
Agent Fees) of this Agreement or under any other Finance Document.

 

“Finance Document”
means this Agreement, the Amendment and Restatement Agreement, each Accession Deed, each Additional Increase Confirmation, the Syndication
Letter, the Subordination Agreement, any Compliance Certificate, any Fee Letter, any Utilisation Request, each Guarantee Confirmation,
any Compounded Rate Supplement, any Compounding Methodology Supplement and any other document designated as a “Finance Document”
by the Agent and Holdco.

 

“Finance Party” means
the Agent, each Arranger or a Lender.

 

“Financial Indebtedness”
means, with respect to any person (without double counting):

 

		(a)	any indebtedness of such person for borrowed money;

 

		(b)	the outstanding principal amount of any bonds, debentures, notes, loan stock, commercial paper, acceptance
credits, bills or promissory notes drawn, accepted, endorsed or issued by such person (but not Trade Instruments);

 

		(c)	any indebtedness of such person for the deferred purchase price of assets or services (except trade accounts
incurred and payable in the ordinary course of trading or business to trade creditors that are treated as current payable in the Financial
Statements within 365 days of the date they are incurred);

 

		(d)	non-contingent obligations of such person to reimburse any other person for amounts paid by that person
under a letter of credit or similar instrument (excluding any letter of credit or similar instrument issued for the account of such person
with respect to trade accounts incurred and payable in the ordinary course of trading or business to trade creditors that are treated
as current payable in the Financial Statements within 365 days of the date they are incurred);

 

		(e)	the amount of any obligation of such person in respect of any Lease;

 

		(f)	any derivative transaction entered into in connection with protection against or benefit from fluctuation
in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value (or, if any actual
amount is due as a result of the termination or close-out of that derivative transaction, that amount) will be taken into account);

 

		(g)	amounts raised by such person under any other transaction having the financial effect of a borrowing and
which would be classified as a borrowing under the Accounting Principles;

 

		(h)	all indebtedness of the types described in the foregoing items secured by a lien on any property or assets
owned by such person, whether or not such indebtedness has been assumed by such person;

 

		(i)	any repurchase obligation or liability of such person with respect to accounts or notes receivable sold
by such person, any liability of such person under any sale and leaseback transactions that do not create a liability on the balance sheet
of such person, any obligation under a “synthetic lease” or any obligation arising with respect to any other transaction which
is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheet of such
person; and

 

    (16)

     

    

 

		(j)	the amount of any obligation in respect of any guarantee or indemnity given by such person for any of
the foregoing items incurred by any other person, including, for the avoidance of doubt, the full drawn amount guaranteed in respect of
the IHS Holding Facility (notwithstanding any treatment under the Accounting Principles to the contrary),if and to the extent any of the preceding
items (other than letters of credit) would appear as a liability upon a balance sheet (excluding the footnotes thereto) of the relevant
person, prepared in accordance with the Accounting Principles and provided that “Financial Indebtedness” shall not include
indebtedness owed solely to other Group members and shall not include:

 

		(i)	indebtedness arising under any Subordinated Shareholder Loan; and

 

		(ii)	indebtedness arising under loans made by a member of the Group to another member of the Group under paragraph
(d) of “Permitted Loan”.

 

“Financial Plan”
means the financial model in agreed form relating to Holdco and the Group and delivered to the Agent pursuant to Clause 4.1 (Initial
Conditions Precedent).

 

“Financial Quarter”
means the period commencing on the day after one Quarter Date and ending on the next Quarter Date.

 

“Financial Statements”
means Annual Financial Statements and Quarterly Financial Statements.

 

“Financial Year”
means the annual accounting period of the Group ending on the Accounting Reference Date in each year.

 

“Funding Rate” means
any individual rate notified by a Lender to the Agent pursuant to paragraph (a)(ii) of Clause 12.1 (Market Disruption).

 

“Funds Flow Statement”
means a funds flow statement in agreed form.

 

“Group” means Holdco
and its Subsidiaries (other than the Excluded Subsidiaries) from time to time.

 

“Group Structure Chart”
means the group structure chart provided to the Agent pursuant to Clause 4.1 (Initial Conditions Precedent).

 

“Guarantee Confirmation”
has the meaning given to it in the Amendment and Restatement Agreement.

 

“Guarantor” means
an Original Guarantor or an Additional Guarantor.

 

“Holding Company”
means, in relation to a person, any other person in respect of which it is a Subsidiary.

 

“IBOR” means:

 

		(a)	in relation to any Loan denominated in Dollars, LIBOR; and

 

		(b)	in relation to any Loan denominated in Naira, NIBOR.

 

“IFRS” means international
accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements.

 

    (17)

     

    

 

“IHS
Holding” means IHS Holding Limited, a private company incorporated under the laws of Mauritius, registration number 111344,
and having its registered office at 1st floor, Felix House, Dr. Joseph Rivière Street, Port Louis, Mauritius.

 

“IHS
Holding Distribution Amount” means the amount described in the Funds Flow Statement as the “IHS Holding Distribution
Amount”.

 

“IHS Holding Facility”
means the revolving credit facility agreement dated 30 March 2020 between, amongst others IHS Holding as borrower, Citibank, N.A.,
London Branch as global coordinator, Citibank Europe plc, UK Branch as facility agent, and the parties defined therein as original lenders,
as amended from time to time.

 

“IHS Nigeria Facility”
means the NGN facility agreement dated 24 September 2016 between, among others, IHS Nigeria as borrower, Ecobank Nigeria Limited
as agent and the original lenders named therein, as amended from time to time.

 

“Impaired Agent”
means the Agent at any time when:

 

		(a)	it has failed to make (or has notified a Party that it will not make) a payment required to be made by
it under the Finance Documents by the due date for payment;

 

		(b)	it otherwise rescinds or repudiates a Finance Document;

 

		(c)	(if it is also a Lender) it is a Defaulting Lender under paragraph (a) or (b) of the definition
of “Defaulting Lender”; or

 

		(d)	an Insolvency Event has occurred and is continuing with respect to it,

 

unless, in the case of paragraph (a) above:

 

		(i)	its failure to pay is caused by:

 

		(A)	administrative or technical error; or

 

		(B)	a Disruption Event; and

 

payment is made within three Business
Days of its due date; or

 

		(ii)	it is disputing in good faith whether it is contractually obliged to make the payment in question.

 

“Information Memorandum”
means the document in the form approved by Holdco concerning the Group in relation to the Facilities and distributed by the Arrangers
on a confidential basis prior to the Syndication Date in connection with the syndication of the Facilities, as amended and updated from
time to time.

 

“Insolvency Event”
in relation to an entity means that the entity:

 

		(a)	is dissolved (other than pursuant to a consolidation, amalgamation or merger);

 

		(b)	is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they
become due;

 

		(c)	makes a general assignment, arrangement or composition with or for the benefit of its creditors;

 

		(d)	institutes or has instituted against it, by a regulator, supervisor or any similar official with primary
insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction
of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency
law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation by it or such
regulator, supervisor or similar official;

 

    (18)

     

    

 

		(e)	has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief
under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up
or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is
instituted or presented by a person or entity not described in paragraph (d) above and:

 

		(i)	results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of
an order for its winding-up or liquidation; or

 

		(ii)	is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution
or presentation thereof;

 

		(f)	has a resolution passed for its winding-up, official management or liquidation (other than pursuant to
a consolidation, amalgamation or merger);

 

		(g)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator,
receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (other than, for so long as it
is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity
described in paragraph (d) above);

 

		(h)	has a secured party take possession of all or substantially all its assets or has a distress, execution,
attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured
party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter;

 

		(i)	causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction,
has an analogous effect to any of the events specified in paragraphs (a) to (h) above; or

 

		(j)	takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any
of the foregoing acts.

 

“Intellectual Property”
means:

 

		(a)	any patents, trade marks, service marks, designs, business names, copyrights, database rights, design
rights, domain names, moral rights, inventions, confidential information, know-how and other intellectual property rights and interests
(which may now or in the future subsist), whether registered or unregistered; and

 

		(b)	the benefit of all applications and rights to use such assets of each member of the Group which may now
or in the future subsist.

 

“Interest Period”
means, in relation to a Loan, each period determined in accordance with Clause 11 (Interest Periods) and, in relation to an
Unpaid Sum, each period determined in accordance with Clause 10.4 (Default Interest).

 

    (19)

     

    

 

“Interpolated Screen Rate”
means, in relation to LIBOR for any Facility A Loan, the rate (rounded to the same number of decimal places as the two relevant Screen
Rates) which results from interpolating on a linear basis between:

 

		(a)	the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less
than the Interest Period of that Facility A Loan; and

 

		(b)	the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds
the Interest Period of that Facility A Loan,

 

each as of the Specified Time for the
currency of that Facility A Loan.

 

“INT Towers Facility”
means the facilities agreement dated 5 December 2014, as amended from time to time, between, amongst others, INT Towers as borrower,
Ecobank Nigeria Limited as agent, Citibank, N.A., London Branch, Ecobank Nigeria Limited, FirstRand Bank Limited, acting through its Rand
Merchant Bank division, The Standard Bank of South Africa Limited, acting through its Corporate and Investment Banking Division, Stanbic
IBTC Bank PLC, Standard Chartered Bank and United Bank for Africa plc as mandated lead arrangers and the parties named therein as original
lenders.

 

“INT Transfer” means
the acquisition by Holdco of 100 per cent. (100%) of the issued shares in Nigeria Tower Interco B.V. from IHS Netherlands (Interco) Coöperatief
U.A., by way of share for share transfer and resulting in Nigeria Tower Interco B.V. becoming a direct wholly-owned Subsidiary of Holdco
and INT Towers becoming an indirectly wholly-owned Subsidiary of Holdco.

 

“INT Transfer Deed”
means a Dutch law notarial share transfer deed relating to the INT Transfer.

 

“IPO Market Capitalisation”
means an amount equal to (i) the total number of issued and outstanding shares of common stock or common equity interests of the
relevant issuer of the Qualifying IPO at the time of closing of the Qualifying IPO multiplied by (ii) the price per share at which
such shares of common stock or common equity interests are sold in such Qualifying IPO.

 

“Joint Venture” means
any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint venture or partnership or any other
entity.

 

“Land Lease” means
any Lease relating to the lease of land.

 

“Lease” means any
lease which would, in accordance with the Accounting Principles, be treated as lease liability.

 

“Legal Opinion” means
any legal opinion delivered to the Agent under Clause 4.1 (Initial Conditions Precedent).

 

“Legal Reservations”
means:

 

		(a)	the principle that certain remedies may be granted or refused at the discretion of the court, the limitation
of enforcement by laws relating to bankruptcy, insolvency, liquidation, reorganisation, court schemes, moratoria, administration and other
laws generally affecting the rights of creditors;

 

		(b)	the time barring of claims under applicable limitation laws (including the Limitation Acts) and defences
of acquiescence, set-off or counterclaim and the possibility that an undertaking to assume liability for or to indemnify a person against
non-payment of stamp duty may be void;

 

    (20)

     

    

 

		(c)	the principle that additional interest imposed pursuant to any relevant agreement may be held to be unenforceable
on the grounds that it is a penalty and thus void;

 

		(d)	similar principles, rights and defences under the laws of any relevant jurisdiction; and

 

		(e)	any other matters which are set out as qualifications or reservations (however described) as to matters
of law in the Legal Opinions.

 

“Lender” means:

 

		(a)	any Original Lender; and

 

		(b)	any bank, financial institution or other entity which has become a Party as a Lender in accordance with
Clause 2.2 (Additional Increase) or Clause 25 (Changes to the Lenders),

 

which, in each case, has not ceased
to be a Party as such in accordance with the terms of this Agreement.

 

“Leverage Ratio”
has the meaning given to that term in Clause 22.1 (Financial Definitions).

 

“LIBOR” means, in
relation to any Facility A Loan:

 

		(a)	the applicable Screen Rate as of the Specified Time for the currency of that Facility A Loan and for a
period equal in length to the Interest Period of that Facility A Loan; or

 

		(b)	(if no Screen Rate is available for the currency or Interest Period of that Facility A Loan) the Interpolated
Screen Rate for that Facility A Loan; or

 

		(c)	if:

 

		(i)	no Screen Rate is available for the currency or Interest Period of that Facility A Loan; and

 

		(ii)	it is not possible to calculate the Interpolated Screen Rate for that Facility A Loan,

 

the Reference Bank Rate,

 

as of, in the case of paragraphs (a) and
(c), the Specified Time on the Quotation Day for the currency of that Facility A Loan and a period equal in length to the Interest Period
of that Facility A Loan and if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero.

 

“Limitation Acts”
means the Limitation Act 1980, the Foreign Limitation Periods Act 1984 and the Limitation Law of each State of the Federation
of Nigeria.

 

“LMA” means the Loan
Market Association.

 

“Loan” means a Facility
A Loan or a Facility B Loan.

 

“Lookback Period”
means the number of days specified as such in the applicable Compounded Rate Terms.

 

    (21)

     

    

 

“Majority Lenders”
means a Lender or Lenders whose Commitments aggregate more than 662/3 per cent. of the Total Commitments (or, if
the Total Commitments have been reduced to zero, aggregated more than 662/3 per cent. of the Total Commitments immediately
prior to that reduction).

  

“Majority NGN Lenders”
means NGN Lenders whose Facility B Commitments aggregate more than 662/3 per cent. of the Total Facility B Commitments
(or, if the Total Facility B Commitments have been reduced to zero, aggregated more than 662/3 per cent. of the
Total Facility B Commitments immediately prior to that reduction).

 

“Majority USD Lenders”
means USD Lenders whose Facility A Commitments aggregate more than 662/3 per cent. of the Total Facility A Commitments
(or, if the Total Facility A Commitments have been reduced to zero, aggregated more than 662/3 per cent. of the
Total Facility A Commitments immediately prior to that reduction).

 

“Margin” means:

 

		(a)	in relation to any Facility A Loan, 4.25 per cent. per annum; and

 

		(b)	in relation to any Facility B Loan, 2.50 per cent. per annum,

 

but if:

 

		(i)	no Material Event of Default has occurred and is continuing;

 

		(ii)	on the date on which the relevant Compliance Certificate outlining the Leverage Ratio for the purposes
of paragraph (iii) below is delivered to the Agent, a period of at least 12 Months has expired since the Closing Date;
and

 

		(iii)	the Leverage Ratio in respect of the most recently completed Relevant Period is within a range set out
below,

 

then the Margin for each Loan under Facility
A will be the percentage per annum set out below in the column opposite that range:

 

	Leverage Ratio	 	Margin for Facility A

 Loans (% p.a.)	 
	Equal to or greater than 3.50:1	 	 	4.50	 
	Equal to or greater than 3.00:1 but less than 3.50:1	 	 	4.25	 
	Equal to or greater than 2.50:1 but less than 3.00:1	 	 	4.00	 
	Equal to or greater than 2.00:1 but less than 2.50:1	 	 	3.75	 
	Less than 2.00:1	 	 	3.50	 

 

However:

 

		(A)	any increase or decrease in the Margin for a Loan shall take effect on the date (the “reset date”)
which is five Business Days after receipt by the Agent of the Compliance Certificate for that Relevant Period pursuant to Clause 21.2
(Provision and Contents of Compliance Certificate);

 

		(B)	while a Material Event of Default is continuing, the Margin for each Loan under Facility A shall be the
highest percentage per annum set out above for a Loan under that Facility (being 4.50 per cent. per annum). Once that Material Event of
Default has been remedied or waived, the Margin for each Loan will be re-calculated on the basis of the most recently delivered Compliance
Certificate and the terms of this definition “Margin” shall apply (on the assumption that on the date of the most recently
delivered Compliance Certificate, no Material Event of Default had occurred or was continuing) with any reduction in Margin resulting
from such recalculation taking effect from the date of such remedy or waiver;

 

    (22)

     

    

 

		(C)	there shall be no restriction on the number of steps down in the level of Margin that may occur as a result
of the provisions in this definition “Margin”; and

 

		(D)	for the purpose of determining the Margin, the Leverage Ratio and Relevant Period shall be determined
in accordance with Clause 22.1 (Financial Definitions).

 

“Market Capitalisation”
means an amount equal to (i) the total number of issued and outstanding shares of common stock or common equity interests of a relevant
issuer of an “Equity Offering” (as defined in the Senior Notes Indenture) on the date of the declaration of the relevant dividend
multiplied by (ii) the arithmetic mean of the closing prices per share of such common stock or common equity interests for the 30
consecutive trading days immediately preceding the date of declaration of such dividend.

 

“Market Disruption Rate”
means the rate (if any) specified as such in the applicable Compounded Rate Terms.

 

“Market Issuance”
means any public or private bond or other international capital markets issue raised by any member of the Group, the initial issuance
of the Bonds and any increase or second issuance of the Bonds after the date of this Agreement, within six Months from settlement of the
Bonds.

 

“Material Adverse Effect”
means an event or series of events which, taking into account all of the circumstances, has a material adverse effect on:

 

		(a)	the business, operations, assets or financial condition of IHS Holding and the Group (taken as a whole);

 

		(b)	the ability of the Obligors taken as a whole to perform their payment obligations under the Finance Documents
or the ability of IHS Holding to comply with its obligations under Clause 22.2 (Financial Condition) (and, for the purposes of
determining the ability of IHS Holding to comply with its obligations under Clause 22.2 (Financial Condition) taking into account
any contractual commitment of any Affiliate of IHS Holding or Holdco (other than a member of the Group) to provide an Additional Investment
under Clause 22.4 (Equity Cure)); or

 

		(c)	subject to the Legal Reservations, the validity or enforceability of any of the Finance Documents or the
rights or remedies of any Finance Party under any Finance Document.

 

“Material Contract”
means any written contract or contracts or other agreement or agreements of the Group members, in each case, with a mobile network operator,
representing in aggregate an amount in excess of 30% of the Group’s revenue (on a consolidated basis) over the previous 12 Months
(from and including the date of such determination).

 

“Material Event of Default”
means any event or circumstance specified as such in Clauses 24.1 (Non-Payment), 24.3 (Other Obligations) (as a result
of a failure to comply with Clause 21.1 (Financial Statements), Clause 21.2 (Provision and Contents of Compliance Certificate),
Clause 21.3 (Requirements as to Financial Statements)), 24.2 (Financial Covenants), 24.5 (Cross-Default) to 24.8
(Creditors’ Process).

 

    (23)

     

    

 

“Material License Agreement”
means the Infrastructure Sharing and Co-Location Services License, issued to INT Towers by the Nigerian Communications Commission as may
be amended, supplemented or renewed from time to time.

 

“Money Laundering Laws”
means money laundering laws, rules and regulations from time to time, in each case applicable to the Group.

 

“Month” means a period
starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:

 

		(a)	(subject to paragraph (c) below) if the numerically corresponding day is not a Business Day, that
period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on
the immediately preceding Business Day;

 

		(b)	if there is no numerically corresponding day in the calendar month in which that period is to end, that
period shall end on the last Business Day in that calendar month;

 

		(c)	if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall
end on the last Business Day in the calendar month in which that Interest Period is to end; and

 

		(d)	in relation to an Interest Period for the Compounded Rate Loan (or any other period for the accrual of
commission or fees) for which there are rules specified as ‘Business day Conventions’ in the Compounded Rate Terms, those
rules will apply.

 

The above rules will only apply
to the last Month of any period. “Monthly” shall be construed accordingly.

 

“NAFEX” means the
Nigerian Autonomous Foreign Exchange Rate Fixing mechanism commonly referred to as the “Investors’ and Exporters’ FX
Window”.

 

“Net Cash Proceeds”
means the cash proceeds received by any member of the Group, in each case, consequent upon a Disposal or from an insurance claim, after
deducting:

 

		(a)	all Taxes incurred and required to be paid or reserved (as reasonably determined by Holdco on the basis
of existing rates) by the seller or claimant in relation to the Disposal or insurance claim;

 

		(b)	all reasonable fees, costs and expenses (including, for the avoidance of doubt, reasonable legal fees,
agent’s commission, auditors’ fees, out-of-pocket reorganisation costs (including redundancy, closure, relocation and other
restructuring costs) both preparatory to, and in consequence of, the relevant Disposal or insurance claim (as evidenced in reasonable
detail to the Agent on request)); and

 

		(c)	any third-party debt secured on the assets disposed of which is to be repaid or prepaid out of those proceeds)
in each case in connection with the relevant Disposal.

 

“Net Issuance Proceeds”
means an amount equal to the proceeds of any Market Issuance(s) from time to time in excess of USD 800,000,000 (in aggregate for
all Market Issuances) (the “Gross Issuance Proceeds”), after deducting:

 

		(a)	all Taxes incurred and required to be paid (as reasonably determined by Holdco on the basis of existing
rates) by Holdco; and

 

    (24)

     

    

 

		(b)	all reasonable fees, costs and expenses (including, for the avoidance of doubt, reasonable legal fees,
agent’s commission and auditors’ fees) both preparatory to, and in consequence of, the Market Issuance(s) (as evidenced
in reasonable detail to the Agent on request)),

 

provided that, the maximum amount of
Net Issuance Proceeds shall be USD200,000,000 and the amounts referred to in paragraphs (a) and (b) above shall be in each case
reduced pro rata by reference to the ratio of (x) the Gross Issuance Proceeds to (y) the total gross proceeds of the Market
Issuance(s).

 

“New IHS Shareholder Loan”
means each shareholder loan made to IHS Holding by any of IHS Holding’s direct or indirect shareholders or any of their Affiliates
after the Closing Date.

 

“New Lender” has
the meaning given to that term in Clause 25 (Changes to the Lenders).

 

“New Shareholder Injections”
means the net cash proceeds received by IHS Holding after the Closing Date from any of IHS Holding’s direct or indirect shareholders
from any subscription by that shareholder in cash for shares of IHS Holding or capital contribution to IHS Holding that does not result
in the occurrence of a Change of Control.

 

“New Shareholder Loan”
means each shareholder loan made by IHS Holding or an Affiliate of IHS Holding (other than Holdco or Group member) to an Obligor after
the Closing Date which is subordinated pursuant to the Subordination Agreement or otherwise on comparable subordinated terms acceptable
to the Majority Lenders.

 

“NGN Equivalent”
means, for an amount expressed in the Base Currency, the equivalent of that amount in Naira, calculated two Business Days’ prior
to the first Utilisation Date at the rate of exchange of the average spot rate of the Naira to USD over the previous 30 days using
the average spot rate of NAFEX over the previous 30 days (or if NAFEX is not available, such commercially reasonable rate of exchange
as agreed by the Majority NGN Lenders and Holdco.

 

“NGN Lender” means,
at any time, each Lender (or Affiliate of a Lender) which has a Facility B Commitment.

 

“NIBOR” means the
interest rates determined by the Nigeria Inter-Bank Offered Rate Committee for the relevant period as published on the FMDQ OTC website
(www.fmdqotc.com) (or any replacement website which displays that rate) or provided by FMDQ OTC PLC at their office at 1 Olosa Street,
Victoria Island, Lagos, or in each case, on the appropriate page of such other information service which publishes that rate from
time to time in place of FMDQ OTC PLC, save that the interest rate for any Interest Period of one Month or three Months shall be the average
of the applicable NIBOR over the 90 Business Days prior to and including the Quotation Day and, in each case, if that rate is less than
zero, NIBOR shall be deemed to be zero.

 

“Nigeria” means the
Federal Republic of Nigeria.

 

“Non-Consenting Lender”
has the meaning given to that term in Clause 37.4 (Replacement of Lender).

 

“Notifiable
Debt Purchase Transaction” has the meaning given to that term in paragraph (b) of Clause 26.2 (Disenfranchisement
on Debt Purchase Transactions entered into by Affiliates).

 

“Obligor” means a
Borrower or a Guarantor.

 

“Obligors’ Agent”
means Holdco, appointed to act on behalf of each Obligor in relation to the Finance Documents pursuant to Clause 2.4 (Obligors’
Agent).

 

    (25)

     

    

 

“Original Obligor”
means Holdco, each Borrower and each Original Guarantor (other than IHS Holding).

 

“Participating Member State”
means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union
relating to Economic and Monetary Union.

 

“Party” means a party
to this Agreement.

 

“Performance
Standards” means the International Finance Corporation (IFC) Performance Standards on Social & Environmental
Sustainability, dated 1 January 2012, copies of which have been delivered to and receipt of which has been acknowledged by Holdco.

 

“Permitted Acquisition”
means:

 

		(a)	any acquisition pursuant to a Permitted Reorganisation or Permitted Transaction;

 

		(b)	any acquisition to which the Agent (acting on the instructions of the Majority Lenders) shall have given
prior written consent; and

 

		(c)	the acquisition or holding of a company, of shares, securities or business or undertaking (or, in each
case, any interest in any of them) or the incorporation of a company, provided that:

 

		(i)	no Default is continuing on the closing date for the acquisition or incorporation or is reasonably likely
to occur as a result of the acquisition or incorporation;

 

		(ii)	the relevant company,
shares, securities, business or undertaking is not subject to Sanctions at the time of the acquisition;

 

		(iii)	subject to Clause 27.2 (Additional Guarantors), if, upon the acquisition or incorporation of the
relevant company it would become a member of the Group, the relevant company becomes a Guarantor as required under Clause 23.29 (Guarantors);
and

 

		(iv)	if, upon the acquisition or
incorporation of the relevant company, the relevant company would become a member of the Group, Holdco has delivered to the Agent, not
less than ten days (but not more than 60 days) prior to the completion of the proposed acquisition or incorporation, an updated Financial
Plan assuming completion of such acquisition or incorporation on that date (and including any Financial Indebtedness of such company which
will remain in place following completion of the acquisition and any Financial Indebtedness incurred or to be incurred in connection with
the acquisition), for the period until the Termination Date from the date of such acquisition or incorporation and the revised Financial
Plan shows that there will not be a breach or default in respect of any of the financial covenants set out in Clause 22.2 (Financial
Condition) at any time during that period.

 

“Permitted Closing Payment”
means the payment(s) up to an aggregate amount equal to the IHS Holding Distribution Amount to IHS Holding or IHS Netherlands (Interco)
Coöperatief U.A. on, or as soon as reasonably practicable following the Closing Date (and, in any case, within six Months of the
Closing Date), in accordance with the Structuring Memorandum, provided that the aggregate amount of such payments shall leave USD50,000,000
of Cash in the Group as at Closing Date on a pro-forma basis after taking into account the full refinancing of the IHS Nigeria Facility
and the INT Towers Facility from the proceeds of the first Utilisation, the IHS Holding Distribution Amount, full repayment of amounts
outstanding under the existing senior notes due 2021 issued by IHS Netherlands Holdco BV (in each case, together with any accrued interest,
coupon prepayment fees and broken funding amounts) and the payment of Transaction Costs and costs in respect of the Bonds.

 

    (26)

     

    

 

“Permitted Disposal”
means any sale, lease, licence, transfer or other disposal:

 

		(a)	of accounts receivable, inventory or other assets by IHS Holding or a member of the Group in the ordinary
course of its trading or business activities;

 

		(b)	by IHS Holding to a Subsidiary of IHS Holding, or between any members of the Group;

 

		(c)	of assets in exchange for other assets comparable or superior as to type, value or quality;

 

		(d)	the decommissioning of any towers, including but not limited to in connection with tower consolidation
purposes;

 

		(e)	of obsolete or redundant vehicles, plant and equipment;

 

		(f)	of Cash (to be extent permitted under the Finance Documents);

 

		(g)	of Cash Equivalent Investments for the equivalent amount of Cash or other Cash Equivalent Investments;

 

		(h)	arising as a result of any Permitted Security, Permitted Payment or a Permitted Transaction;

 

		(i)	of cash by way of a Permitted Loan;

 

		(j)	of assets or equity interests by IHS Holding or any member of the Group to any member of the Group;

 

		(k)	constituted by a licence of intellectual property rights;

 

		(l)	constituted by a licence or sub-licence by IHS Holding or any member of the Group in the ordinary course
of trading or business activity;

 

		(m)	constituted by a lease or licence of real property arising in the ordinary course of trading or the business
activities of the disposing entity;

 

		(n)	any share sale or issuance by IHS Holding or share issuance by any member of the Group or arising as a
result of any such share sale or issuance;

 

		(o)	the sale of towers, provided that such towers are replaced by towers with an aggregate fair market value
that is equal to or greater than the aggregate fair market value of the towers sold;

 

		(p)	of trade receivables earned during a previous accounting period on a non-recourse basis (which may include
recourse in respect of warranties and indemnities as to title and validity that are customarily provided in such non-recourse arrangements)
and provided that such transaction does not have the commercial effect of a borrowing;

 

		(q)	the disposition of receivables in connection with the compromise, settlement or collection thereof in
the ordinary course of trading or business activities or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements;

 

    (27)

     

    

 

		(r)	the foreclosure, condemnation or any similar action with respect to any property or other assets or a
surrender or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims of any kind;

  

		(s)	arising as a result of a seizure, expropriation, nationalisation, intervention, restriction or other action
by or on behalf of any governmental, regulatory or other authority which in each case does not constitute an Event of Default;

 

		(t)	of treasury shares by IHS Holding or any member of the Group that are held following the exercise, in
each case on a “cashless” or “net exercise” basis, of any option to purchase corporate stock, shares or membership
interests granted to any future, present or former employee, director, officer, contractor or consultant of the IHS Holding or any of
its Subsidiaries pursuant to any employee benefit plans or arrangements, including for the purpose of satisfying any taxes (including
estimated taxes) due as a result of the exercise of any such option; and

 

		(u)	arising under any single transaction or series of related transactions that involves assets having a fair
market value of less than the greater of USD20,000,000 (or its equivalent in other currencies) and an amount equal to zero point eight
per cent. (0.8%) of Total Assets of IHS Holding.

 

“Permitted Financial Indebtedness”
means Financial Indebtedness:

 

		(a)	arising under the Finance Documents;

 

		(b)	arising under:

 

		(i)	the Bonds; and

 

		(ii)	any further Market Issuance, up to the aggregate Gross Issuance Proceeds (as that term is defined in the
definition of “Net Issuance Proceeds”) amount that is applied (subject to the adjustments for Taxes, fees, costs and expenses
as described in the definition of “Net Issuance Proceeds”) in prepayment of Facility A promptly following receipt of such
proceeds;

 

		(c)	up until the first Utilisation Date, under the IHS Nigeria Facility and the INT Towers Facility;

 

		(d)	under Capital Lease Obligations, provided that the aggregate capital value of all such items so leased
under outstanding leases by IHS Holding or any member of the Group does not exceed the greater of USD75,000,000 (or its equivalent in
other currencies) and an amount equal to three per cent. (3.0%) of Total Assets of IHS Holding for the most recently ended Relevant Period
for which Annual Financial Statements or Quarterly Financial Statements have been delivered to the Agent pursuant to Clause 21.1 (Financial
Statements) with a Compliance Certificate delivered to the Agent pursuant to Clause 21.2 (Provision and contents of Compliance
Certificate) at any time;

 

		(e)	under Land Leases entered into by IHS Holding or a member of the Group in the ordinary course of trading
or business activities;

 

		(f)	under any Lease (excluding any Capital Lease Obligations) of IHS Holding or any member of the Group;

 

		(g)	under derivative transactions entered into in connection with protection against or benefit from fluctuation
in currency rates or commodity prices that arise in the ordinary course of trading or business activities, but not transactions for investment
or speculative purposes;

 

    (28)

     

    

 

		(h)	arising under a Permitted Loan or a Permitted Guarantee or as permitted by Clause 23.16 (Treasury Transactions);

 

		(i)	of any person acquired by IHS Holding or any member of the Group after the date of this Agreement (which
is incurred under arrangements in existence at the date of acquisition, but not incurred or increased in contemplation of, or since, that
acquisition), provided that such acquisition is a Permitted Acquisition and IHS Holding has delivered to the Agent a Financial Plan referred
to under paragraph (c)(iv) of the definition of “Permitted Acquisition”;

 

		(j)	arising under any letter of credit, banker’s acceptances, overdrafts or daylight borrowing facilities
entered into by IHS Holding or a member of the Group in the ordinary course of trading or business activities;

 

		(k)	arising under the IHS Holding Facility;

 

		(l)	arising under any refinancing of Permitted Financial Indebtedness;

 

		(m)	any joint and several liability in respect of Tax as a result of a fiscal unity (fiscale eenheid)
that consists of Dutch Obligors only; and

 

		(n)	of IHS Holding or a member of the Group which is not otherwise permitted by the preceding paragraphs,
provided that the Leverage Ratio and Interest Coverage Ratio, calculated by reference to the most recent Annual Financial Statements or
Quarterly Financial Statements delivered to the Agent in accordance with Clause 21.1 (Financial Statements) and the relevant Compliance
Certificate, after giving pro forma effect to the incurrence of such Financial Indebtedness in full and adjusted for the incurrence
of other indebtedness since the last Quarter Date and including any other relevant adjustments to take into account the activities of
the Group since the last Quarter Date, comply with the covenanted ratios for the immediately following Quarter Date set out in Clause 22.2
(Financial Condition).

 

“Permitted Guarantee”
means:

 

		(a)	the endorsement of negotiable instruments in the ordinary course of trading or business activities of
IHS Holding or any member of the Group;

 

		(b)	any guarantee, performance or similar bond guaranteeing performance by IHS Holding or any member of the
Group under any contract entered into in the ordinary course of trading or business activities of IHS Holding or any member of the Group;

 

		(c)	any guarantee given by a member of the Group in respect of the IHS Holding Facility;

 

		(d)	any indemnity given in the ordinary course of the documentation of an acquisition or disposal transaction
which is a Permitted Acquisition or Permitted Disposal which indemnity is in a customary form and subject to customary limitations;

 

		(e)	any guarantee given in respect of any Permitted Financial Indebtedness;

 

		(f)	any guarantee given by IHS Holding or a member of the Group in respect of the Bonds;

 

		(g)	any liability arising as a result of a fiscal unity (fiscale eenheid) for Dutch corporate tax purposes
consisting solely of Obligors;

 

    (29)

     

    

 

		(h)	any liability in respect of any member of the Group incorporated in The Netherlands arising under a declaration
of joint and several liability (hoofdelijke aansprakelijkheid) as referred to in Section 2:403 of the Dutch Civil Code;

 

		(i)	any guarantee given by IHS Holding in respect of any Priority Debt;

 

		(j)	any guarantee given by IHS Holding or a member of the Group in respect of any indebtedness the principal
amount of which (when aggregated with the principal amount of any other indebtedness guaranteed by any member of the Group under this
paragraph, without double counting) does not at any time exceed the greater of USD75,000,000 (or its equivalent in other currencies) and
3.0% of the Total Assets of IHS Holding, provided that the aggregate principal amount of indebtedness guaranteed by a member of the Group
under this paragraph shall not at any time (when aggregated with the principal amount of any other indebtedness guaranteed by any other
member of the Group under this paragraph, without double counting) exceed USD75,000,000; and

 

		(k)	guarantees not otherwise permitted where the aggregate amount guaranteed (when aggregated with all other
such guarantees) does not exceed USD10,000,000 (or its equivalent in other currencies) in total at any time.

 

“Permitted Joint Venture”
means any investments by IHS Holding or any member of the Group in any Joint Venture, but only if:

 

		(a)	no :

 

		(i)	Default is continuing; and

 

		(ii)	no Sanctions Event is continuing,

 

in each case, on the date IHS Holding
or Holdco (or, as applicable, member of the Group) enters into a legal commitment to make an investment in the Joint Venture, or is reasonably
likely to occur as a result of IHS Holding’s or Holdco’s (or, as applicable, member of the Group’s) investment into
that Joint Venture;

 

		(b)	no co-investor, partner or other investor in such Joint Venture is a Restricted Party;

 

		(c)	none of the assets owned by, or the subject of, the Joint Venture are located in a Sanctioned Country;
and

 

		(d)	none of the Joint Venture’s business operations is or will be carried out in any Sanctioned Country
and the Joint Venture is not incorporated or established in a Sanctioned Country,

 

and further provided that, solely in
relation to any investment by any member of the Group, in any Financial Year the aggregate of:

 

		(i)	all amounts subscribed for shares in, lent to, or invested in all such Joint Ventures by any member of
the Group;

 

		(ii)	the contingent liabilities of any member of the Group under any guarantee given in respect of the liabilities
of any such Joint Venture; and

 

		(iii)	the market value of any assets transferred by any member of the Group to any such Joint Venture,

 

does not exceed USD20,000,000 (or its
equivalent in other currencies).

 

    (30)

     

    

 

 

“Permitted Loan”
means:

 

		(a)	any trade credit extended by IHS Holding or any member of the Group to its customers on normal commercial
terms and in the ordinary course of its trading;

 

		(b)	IHS Holding’s or Group members’ Financial Indebtedness which is referred to in the definition
of, or otherwise constitutes, Permitted Financial Indebtedness (other than paragraph (h));

 

		(c)	a loan made by IHS Holding, or a member of the Group to an employee or director of IHS Holding or any
member of the Group, provided that the amount of that loan when aggregated with the amount of all loans to employees and directors by
IHS Holding and the members of the Group does not exceed USD6,000,000 (or its equivalent in other currencies) at any time;

 

		(d)	a loan made by any member of the Group to any Subsidiary of IHS Holding (other than an Obligor), provided
that the amount of that loan when aggregated with the amount of all loans made by any member of the Group to Subsidiaries of IHS Holding
(other than to an Obligor) does not exceed USD50,000,000 (or its equivalent in other currencies) at any time;

 

		(e)	a loan made by an Obligor to another Obligor;

 

		(f)	a loan made by IHS Holding to any Subsidiary of IHS Holding;

 

		(g)	a loan made by IHS Holding or a member of the Group to any Affiliate of IHS Holding, provided that such
loan constitutes a Permitted Payment; and

 

		(h)	a loan made by IHS Holding to any party that is a co-investor with IHS Holding or any of its Subsidiaries
in a Joint Venture, for the purposes of funding that co-investor’s investment in the Joint Venture, provided that such Joint Venture
is consolidated for accounting purposes by IHS Holding on or promptly after the date of such investment.

 

“Permitted Payment”
means:

 

		(a)	a payment of scheduled interest and or principal payment under loans permitted under paragraph (e) of
 “Permitted Loan”;

 

		(b)	a payment by IHS Holding in connection with management and related holding company fees and expenses payable
to any of its Affiliates, provided that:

 

		(i)	no Default has occurred and is continuing at such time or would result from the making of the payment;
and

 

		(ii)	the Relevant Test set out in paragraph (l) below is satisfied in respect of such payment);

 

		(c)	a payment by any member of the Group in connection with management and related holding company fees and
expenses payable to:

 

		(i)	any other member of the Group; or

 

		(ii)	a Subsidiary of IHS Holding (other than a member of the Group), provided that the aggregate amount of
any such payment made by each member of the Group does not exceed USD10,000,000 (or its equivalent in other currencies) in any Financial
Year,

 

    (31)

     

    

 

in each case, provided that:

  

		(A)	no Default has occurred and is continuing at such time or would result from the making of the payment;
and

 

		(B)	the Relevant Test set out in paragraph (l) below is satisfied in respect of such payment).

 

		(d)	the payment of a dividend by any member of the Group (other than Holdco):

 

		(e)	the Permitted Closing Payment;

 

		(f)	repurchases of management equity in an amount of up to USD6,000,000 (or its equivalent in other currencies)
in any Financial Year, provided that:

 

		(i)	no Default has occurred and is continuing at such time or would result from the making of the payment;
and

 

		(ii)	the Relevant Test set out in paragraph (l) below is satisfied in respect of such payment);

 

		(g)	the payment of a dividend or other distribution by Holdco to IHS Holding and/or a scheduled interest payment
under a Subordinated Shareholder Loan, in order to enable IHS Holding to meet its scheduled interest and principal expenses under the
IHS Holding Facility, provided that:

 

		(i)	the payment is made when no Event of Default is continuing (and where no Event of Default would occur
immediately after the making of the payment); and

 

		(ii)	the payment is not in breach of the Subordination Agreement; and

 

		(iii)	the Relevant Test set out in paragraph (l) below is satisfied in respect of such payment;

 

		(h)	upon and following a Qualifying IPO, the payment by a Subsidiary of IHS Holding, a Holding Company or
any member of the Group of any loans, advances, dividends or distributions solely from the proceeds of such Qualifying IPO, to the extent
such proceeds have been received by that Subsidiary of IHS Holding and provided that such payment is permitted under the Bonds;

 

		(i)	payments made or expected to be made by IHS Holding or a Subsidiary of IHS Holding pursuant to the exercise,
in each case on a “cashless” or “net exercise” basis, of any option to purchase corporate stock, shares or membership
interests granted to any future, present or former employee, director, officer, contractor or consultant of IHS Holding or any Subsidiary
of IHS Holding pursuant to any employee benefit plans or arrangements, including for the purpose of satisfying any taxes (including estimated
taxes) due as a result of the exercise of any such option;

 

		(j)	the payment of any dividend (or, in the case of any partnership or limited liability company, any similar
distribution) by a Subsidiary of IHS Holding to the holders of its corporate stock, shares or membership interests then entitled to participate
in such dividends on a pro rata basis or otherwise in compliance with the terms of the instruments governing such corporate stock,
shares or membership interests, which is entered into in the ordinary course and on arm’s length terms;

 

		(k)	a declaration and payment by IHS Holding of, or loans, advances, dividends or distributions to any Holding
Company to pay, dividends on the common stock or common equity interests of IHS Holding or any Holding Company following a Qualifying
IPO of such common stock or common equity interests, provided that:

 

    (32)

     

    

  

		(i)	no Default has occurred and is continuing at such time or would result from the making of the payment;
and

 

		(ii)	such amount does not exceed in any fiscal year:

 

		(A)	6.00% of the net cash proceeds received by IHS Holding from such Qualifying IPO or contributed to the
equity (other than through the issuance of “Disqualified Stock” or “Designated Preference Shares” (each as defined
in the Senior Notes Indenture) or through an “Excluded Contribution” or “Excluded Amounts” or an “RCF Debt
Contribution” (each as defined in the Senior Notes Indenture)) of IHS Holding; and

 

		(B)	following a Qualifying IPO an amount equal to the greater of either:

 

		(1)	6.00% of the Market Capitalisation; or

 

		(2)	6.00% of the IPO Market Capitalisation,

 

provided that, in the case of this clause
(B) after giving pro forma effect to such loans, advances, dividends or distributions, the Leverage Ratio shall be equal to or less
than 3.75 to 1.00; and

 

		(l)	a payment not otherwise permitted by the preceding paragraphs, by IHS Holding or a member of the Group,
provided that:

 

		(i)	no Default has occurred and is continuing at such time or would result from the making of the payment;
and

 

		(ii)	the Leverage Ratio and Interest Coverage Ratio, calculated at the time such payment is to be made (on
a pro forma basis after including in the calculations of such ratio the amount of the payment to be made) and by reference to the
most recent Annual Financial Statements or Quarterly Financial Statements delivered to the Agent in accordance with Clause 21.1 (Financial
Statements) with a Compliance Certificate, adjusted for the incurrence of any Financial Indebtedness and including any other relevant
adjustments to take into account the activities of the Group since the last Quarter Date, comply with the covenanted ratios for the immediately
following Quarter Date set out in Clause 22.2 (Financial Condition) (the “Relevant Test”),

 

and, for the avoidance of doubt, the Relevant
Test will also apply to any payment referred to in paragraphs (b), (c), (f) and (g) above.

 

“Permitted Re-domiciliation”
means the registration by way of continuation of IHS Holding from Mauritius to the Cayman Islands in accordance with the Companies Act
(as amended) of the Cayman Islands, provided that:

 

		(a)	on either:

 

		(i)	the date of the Amendment and Restatement Agreement; or

 

		(ii)	no earlier than 30 Business Days but no later than 15 Business Days prior to the proposed date for registration
by way of continuation of IHS Holding taking effect,

 

    (33)

     

    

 

IHS Holding notifies the Agent of the
proposed registration by way of continuation;

 

		(b)	either:

 

		(i)	on or around the date of the Amendment and Restatement Agreement; or

 

		(ii)	promptly following the registration by way of continuation of IHS Holding taking effect,

 

the Agent receives from Cayman legal advisers
their legal opinions in relation to matters of Cayman law, substantially in the form agreed with the Finance Parties prior to the date
of the Amendment and Restatement Agreement;

 

		(c)	there is no change to the legal identity or assets or liabilities of IHS Holding, prejudice or effect
on the identity or continuity or its properties as a result of such registration by way of continuation;

 

		(d)	no Default or mandatory prepayment event under Clause 8.2 (Sanctions) would occur as a result of
such registration by way of continuation; and

 

		(e)	the certificate of registration by way of continuation of IHS Holding and a certificate of good standing
of IHS Holding each issued by the Registrar of Companies in the Cayman Islands, the memorandum and articles of association, register of
directors and officers, register of members and register of mortgages and charges of IHS Holding are delivered to the Agent promptly following
the registration by way of continuation of IHS Holding,

 

and, after such registration by way
of continuation has occurred in accordance with this definition, the jurisdiction of incorporation of IHS Holding shall be deemed to be
the Cayman Islands for the purposes of this Agreement.

 

“Permitted Reorganisation”
means:

 

		(a)	a reorganisation on a solvent basis involving the business or assets of, or shares of IHS Holding or any
member of the Group:

 

		(i)	where IHS Holding or a member of the Group (as applicable) remains the surviving entity and the jurisdiction
of incorporation of IHS Holding or such member of the Group remains the same (subject to a Permitted Re-domiciliation); and

 

		(ii)	if such reorganisation has the effect of disposal of any business, assets or shares, where such disposal
would be a Permitted Disposal; or

 

		(iii)	if such reorganisation has the effect of an acquisition of any business, assets or shares, where such
acquisition would be a Permitted Acquisition;

 

		(b)	any transaction contemplated under paragraphs (c), (d) or (f) of the definition of “Permitted
Transaction”;

 

		(c)	any Permitted Re-domiciliation;

 

    (34)

     

    

 

		(d)	a transfer of all of the issued share capital of IHS Holding to a newly incorporated holding company,
subject to the conditions in paragraph (f) of the definition of Change of Control;

 

		(e)	any merger or reorganisation of two or more members of the Group (other than IHS Holding) where either:

 

		(i)	one of such members of the Group is the surviving entity; or

 

		(ii)	the issued share capital of all such entities is transferred to another existing member of the Group or
a newly incorporated entity,

 

in each case, provided that:

 

		(A)	where a member of the Group is the surviving entity, the jurisdiction of incorporation of such member
of the Group remains the same;

 

		(B)	where a newly incorporated entity is the surviving entity, its jurisdiction of incorporation is the same
as that of any member of the Group undergoing such merger or reorganisation; and

 

		(C)	where any such member of the Group subject to such merger or reorganisation is an Obligor:

 

		(1)	the surviving entity is an Obligor; or

 

		(2)	if, as a result of the laws applicable in the jurisdiction of the entities subject to such merger or reorganisation,
it is not possible for the surviving entity to effectively accede to this Agreement as a Guarantor prior to the date of such merger or
reorganisation, IHS Holding shall provide written notice to the Agent on or around the date of completion of the relevant merger
or reorganisation of such merger or reorganisation occurring (the “Effective Reorganisation Date”) and procure that
the surviving entity shall accede to this Agreement promptly and in any event within no more than 10 Business Days of the Effective Reorganisation
Date; and

 

		(f)	subject to Clause 37.2 (Exceptions), any other reorganisation approved by the Majority Lenders
(for the avoidance of doubt, without prejudice to Clause 8.1 (Change of Control).

 

“Permitted Security”
means:

 

		(a)	any charge or lien (including any netting or set-off as a result of a fiscal unity (fiscale eenheid)
for Dutch tax purposes) arising by operation of law and in the ordinary course of trading or business activities of IHS Holding or any
member of the Group and not as a result of any default or omission by IHS Holding or a member of the Group;

 

		(b)	any retention of title arrangements, hire purchase or conditional sale arrangement or arrangements having
similar effect arising in the ordinary course of trading or business activities with suppliers of goods to IHS Holding or a Subsidiary
of IHS Holding on the supplier’s standard or usual terms and not arising as a result of any default or omission by IHS Holding or
a Subsidiary of IHS Holding and which is discharged within a period of time customary for such arrangements;

 

    (35)

     

    

 

		(c)	any netting or set-off arrangement entered into under a derivative transaction and excluding any Security
or Quasi-Security under a credit support arrangement;

  

		(d)	any Security or Quasi-Security over or affecting any asset acquired by IHS Holding or a member of the
Group after the Closing Date, if:

 

		(i)	the Security was not created in contemplation of the acquisition of that asset by IHS Holding or a member
of the Group;

 

		(ii)	the principal amount secured
has not been increased in contemplation of or since the acquisition of that asset by IHS Holding or a member of the Group; and

 

		(iii)	the Security is removed or discharged within three Months of the date of acquisition of such asset (unless
permitted to remain outstanding pursuant to another paragraph);

 

		(e)	any Security or Quasi-Security arising under any Lease over the asset subject to the Lease provided
that the Financial Indebtedness secured thereby is permitted pursuant to the Finance Documents;

 

		(f)	any Security over goods and documents of title to goods arising in the ordinary course of a documentary
credit transaction entered into in the ordinary course of trading or business activities;

 

		(g)	any netting or set-off arrangement entered into by IHS Holding or a member of the Group arising in connection
with a cash management or pooling arrangement entered into in the ordinary course of its banking arrangements for the purpose of netting
debit and credit balances of IHS Holding or members of the Group but only so long as (i) such arrangement is not established with
the primary intention of preferring any lenders, and (ii) any overdraft facility connected with such arrangement is permitted under
the Finance Documents;

 

		(h)	any Security over rental deposits arising in the ordinary course of trading or business activities of
IHS Holding or a member of the Group in respect of any property leased or licensed by IHS Holding or a member of the Group in respect
of amounts representing not more than 12 Months’ rent payments for that property;

 

		(i)	any Security over bank accounts granted as part of that the relevant bank’s standard terms and conditions
(including but not limited to any Security Interest arising under clause 24 or 25 of the general banking conditions (algemene bankvoorwaarden)
of any member of the Dutch Banking Association);

 

		(j)	any Security relating to payments into court or arising under any court order or injunction or security
for costs arising in connection with any litigation or court proceedings being contested by IHS Holding or a member of the Group in good
faith (and which do not otherwise give rise to an Event of Default);

 

		(k)	any Security arising pursuant to an order of attachment or injunction restraining disposal of assets or
similar legal process arising in connection with court proceedings which are contested by IHS Holding or a member of the Group in good
faith by appropriate proceedings and which do not otherwise give rise to an Event of Default and would not otherwise be reasonably expected
to have a Material Adverse Effect;

 

    (36)

     

    

 

		(l)	any Security over cash paid into an escrow account by any third party, IHS Holding or a member of
the Group pursuant to any customary deposit or retention of purchase price arrangements entered into pursuant to any Permitted Acquisition;

 

		(m)	any Security arising automatically by operation of law in favour of any government authority or organisation
in respect of taxes, assessments or governmental charges which are being contested by IHS Holding or a member of the Group in good faith
by appropriate proceedings and which would not be reasonably expected to have a Material Adverse Effect and in respect of which IHS Holding
or a member of the Group has made adequate reserves;

 

		(n)	any cash collateral provided in respect of letters of credit or bank guarantees to the issuer of such
letters of credit or bank guarantees to the extent the Financial Indebtedness in relation to which such letters of credit or bank guarantees
relate is permitted under the Finance Documents;

 

		(o)	any Security or Quasi-Security created with the prior written consent of the Majority Lenders;

 

		(p)	any Security provided by IHS Holding to secure Priority Debt;

 

		(q)	any Security or Quasi-Security to secure the performance of statutory obligations, trade contracts, insurance,
surety or appeal bonds, workers compensation obligations, leases (including, without limitation, statutory and common law landlord's liens),
performance bonds, surety and appeal bonds or other obligations of a like nature incurred (including to secure letters of credit issued
to assure payment of such obligations) or in connection with bids, tenders, contracts or leases to secure licenses, public or statutory
obligations, in each case, incurred in the ordinary course of trading or business;

 

		(r)	any Security or Quasi-Security on cash, Cash Equivalent Investments or other property arising in connection
with the defeasance, discharge or redemption of Financial Indebtedness in the ordinary course of such Financial Indebtedness provided
that no Event of Default is continuing at the date such Security or Quasi-Security is granted;

 

		(s)	any Security or Quasi-Security 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;

 

		(t)	any Security or Quasi-Security on property or assets under construction (and related rights) in favour
of a contractor or developer or arising from progress or partial payments by a third party relating to such property or assets provided
that such Security or Quasi-Security is released as soon as reasonably practicable (taking into consideration any relevant local law limitations
and formalities) upon the discharge or release in full of the obligations secured by such Security or Quasi-Security; and

 

		(u)	any Security provided by IHS Holding or a member of the Group, securing indebtedness, the principal amount
of which (when aggregated with the principal amount of any other indebtedness which has the benefit of Security given by IHS Holding or
any member of the Group under this paragraph) does not at any time exceed the greater of USD75,000,000 (or its equivalent in other currencies)
and 3.0% of the Total Assets of IHS Holding, provided that the maximum principal amount of indebtedness secured by any member of the Group
under this paragraph (when aggregated with the principal amount of any other indebtedness which has the benefit of Security given by any
member of the Group under this paragraph) shall not at any time exceed USD75,000,000.

 

    (37)

     

    

 

“Permitted Transaction”
means:

 

		(a)	any Financial Indebtedness incurred, guarantee or indemnity given, payment made, or other transaction
arising, under the Finance Documents;

 

		(b)	transactions (other than (i) any sale, lease, license, transfer or other disposal and (ii) the
granting or creation of Security or the incurring or permitting to subsist of Financial Indebtedness) conducted in the ordinary course
of trading or business of IHS Holding or any member of the Group on arm’s length terms;

 

		(c)	the solvent liquidation of the Excluded Subsidiaries contemplated by the Structuring Memorandum;

 

		(d)	the solvent liquidation or sale, lease, license, transfer or other disposal of Nigeria Tower Interco B.V.;

 

		(e)	any Permitted Re-domiciliation; and

 

		(f)	the INT Transfer.

 

“Permitted Transferee”
means:

 

		(a)	any of African Tower Investment Limited, Africa Telecom Towers S.C.S., AIIF2 Towers Mauritius, ECP IHS
(Mauritius) Limited, ECPIV-IHS Limited, ELQ Investors VIII Ltd, IFC Global Infrastructure Fund, LP, International Finance Corporation, Investec
Africa Frontier Private Equity Associate Fund, L.P., Investec Africa Frontier Private Equity Fund L.P., Investec Africa Private
Equity Fund 2 LP, Investec Fund Managers SA (RF) Limited in respect of the portfolio Investec Africa Fund, Korea Investment
Corporation, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., Oranje-Nassau Developpement S.A, SICAR, UBC Services
Inc. and Warrington Investment PTE Ltd; and

 

		(b)	any wholly-owned Subsidiary of any of the persons or entities listed in paragraph (a) above,

 

and in each case, which is not a Restricted
Party.

 

“Priority Debt” means
any Financial Indebtedness incurred by a Subsidiary of IHS Holding (other than a member of the Group), provided that such Financial Indebtedness
does not exceed the Priority Debt Cap.

 

“Priority Debt Cap”
means the greater of USD 1,630,000,000 and 200% of EBITDA of IHS Holding and its Subsidiaries.

 

“Prohibited
Activity” means any of the activities listed in Schedule 9 (Prohibited Activities).

 

    (38)

     

    

 

“Published Rate”
means:

 

		(a)	an RFR; or

 

		(b)	the Screen Rate for any Quoted Tenor.

 

“Published Rate Replacement
Event” means:

 

		(a)	the methodology, formula or other means of determining that Published Rate has, in the opinion of the
Majority USD Lenders, and Holdco materially changed;

 

		(b)	

 

		(i)	

 

		(A)	the administrator of that Published Rate or its supervisor publicly announces that such administrator
is insolvent; or

 

		(B)	information is published in any order, decree, notice, petition or filing, however described, of or filed
with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms
that the administrator of that Published Rate is insolvent,

 

provided that, in each case, at that
time, there is no successor administrator to continue to provide that Published Rate;

 

		(ii)	the administrator of that Published Rate publicly announces that it has ceased or will cease, to provide
that Published Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Published
Rate;

 

		(iii)	the supervisor of the administrator of that Published Rate publicly announces that such Published Rate
has been or will be permanently or indefinitely discontinued; or

 

		(iv)	the administrator of that Published Rate or its supervisor announces that that Published Rate may no longer
be used; or

 

		(c)	the administrator of that Published Rate (or the administrator of an interest rate which is a constituent
element of that Published Rate) determines that that Published Rate should be calculated in accordance with its reduced submissions or
other contingency or fallback policies or arrangements and either:

 

		(i)	the circumstance(s) or event(s) leading to such determination are not (in the opinion of the
Majority USD Lenders and Holdco) temporary; or

 

		(ii)	that Published Rate is calculated in accordance with any such policy or arrangement for a period no less
than three months or the period specified as the “RFR Contingency Period” in the Compounded Rate Terms relating to that Published
Rate; or

 

		(d)	in the opinion of the Majority USD Lenders and Holdco, that Published Rate is otherwise no longer appropriate
for the purposes of calculating interest under this Agreement.

 

“Qualifying IPO”
means an offering of the ordinary shares or common equity on a nationally recognized stock exchange in the United States or any member
of the European Union (including, for the avoidance of doubt, the United Kingdom) or Switzerland of Holdco or any Holding Company of Holdco.

 

“Quarter Date” means
each of 31 March, 30 June, 30 September and 31 December or such other dates which correspond to the quarter
end dates within the Financial Year of the Group.

 

    (39)

     

    

 

“Quarterly Financial Statements”
has the meaning given to that term in Clause 21.1 (Financial Statements).

 

“Quasi-Security”
has the meaning given to that term in Clause 23.9 (Negative Pledge).

 

“Quotation Day” means,
in relation to any period for which an interest rate is to be determined two Business Days before the first day of that period, unless
market practice differs in the Relevant Market for a currency, in which case the Quotation Day for that currency will be determined by
the Agent in accordance with market practice in the Relevant Market (and if quotations would normally be on more than one day, the Quotation
Day will be the last of those days).

 

“Quoted Tenor” means,
in relation to the Screen Rate for Loans in dollars, any period for which that Screen Rate is customarily displayed on the relevant page or
screen of an information service.

 

“Rate Switch Date”
in relation to dollars, means the earlier of:

 

		(a)	the Backstop Rate Switch Date; and

 

		(c)	any Rate Switch Trigger Event Date.

 

“Rate Switch Trigger Event”
means in relation to the Screen Rate Loans in dollars:

 

		(a)	

 

		(i)	the administrator of that Screen Rate or its supervisor publicly announces that such administrator is
insolvent; or

 

		(ii)	information is published in any order, decree, notice, petition or filing, however described, of or filed
with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms
that the administrator of that Screen Rate is insolvent,

 

provided
that, in each case, at that time, there is no successor administrator to continue to provide that Screen Rate;

 

		(b)	the administrator of that Screen Rate publicly announces that it has ceased or will cease, to provide
that Screen Rate for any Quoted Tenor permanently or indefinitely and, at that time, there is no successor administrator to continue to
provide that Screen Rate for that Quoted Tenor;

 

		(c)	the supervisor of the administrator of that Screen Rate publicly announces that such Screen Rate has been
or will be permanently or indefinitely discontinued for any Quoted Tenor; or

 

		(d)	the administrator of that Screen Rate or its supervisor publicly announces that that Screen Rate for any
Quoted Tenor may no longer be used.

 

“Rate Switch Trigger Event
Date” means:

 

		(a)	in the case of an occurrence of a Rate Switch Trigger Event for dollars described in paragraph (a) of
the definition of Rate Switch Trigger Event, the date on which the relevant Screen Rate ceases to be published or otherwise becomes unavailable;
and

 

		(b)	in the case of an occurrence of a Rate Switch Trigger Event dollars described in paragraphs (b), (c) or
(d) of the definition of Rate Switch Trigger Event, the date on which the relevant Screen Rate for the relevant Quoted Tenor ceases
to be published or otherwise becomes unavailable.

 

    (40)

     

    

 

 

“Reference Bank Quotation”
means any quotation supplied to the Agent by a Reference Bank.

 

“Reference Bank Rate”
means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request by the Reference
Banks in relation to IBOR, as the rate at which the relevant Reference Bank could borrow funds in the Relevant Market in the relevant
currency and for the relevant period, were it to do so by asking for and then accepting interbank offers for deposits in reasonable market
size in that currency and for that period.

 

“Reference Banks”
means such banks as may agree with the Agent to act as a reference bank and as agreed with Holdco.

 

“Related Fund” in
relation to a fund (the “first fund”), means a fund which is managed or advised by the same investment manager or investment
adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager
or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.

 

“Relevant Market”
means:

 

		(a)	subject to paragraph (b) below

 

		(i)	in relation to USD or any currency other than NGN, the London interbank market; and

 

		(ii)	in relation to NGN, the Nigerian interbank market; and

 

		(b)	in relation to dollars, following the occurrence of a Rate Switch Date, the market specified as such in
the applicable Compounded Rate Terms.

 

“Relevant Nominating Body”
means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored
or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

 

“Repeating Representations”
means Clauses 20.1 (Status) to 20.5 (Validity and admissibility in evidence), Clause 20.6 (Governing law and enforcement),
paragraph (a) of Clause 20.9 (No Default), paragraph (f) of Clause 20.10 (No Misleading Information), Clause
20.11 (Financial Statements) (other than paragraph (e)), Clause 20.15 (Good Title) and Clause 20.17 (Sanctions),
Clause 20.18 (Anti-bribery and Corruption Laws), Clause 20.22 (Tax Status) or Clause 20.23 (Anti-Money Laundering).

 

“Replacement Benchmark”
means a benchmark rate which is in relation to NIBOR:

 

		(a)	formally designated, nominated or recommended as the replacement for the NIBOR by:

 

		(i)	the administrator of NIBOR (provided that the market or economic reality that such benchmark rate measures
is the same as that measured by NIBOR); or

 

		(ii)	any Relevant Nominating Body,

 

and if replacements have, at the relevant
time, been formally designated, nominated or recommended under both paragraphs, the “Replacement Benchmark” will be the replacement
under paragraph (ii) above;

 

    (41)

     

    

 

		(b)	in the opinion of the Majority NGN Lenders and Holdco, generally accepted in the international or any
relevant domestic syndicated loan markets as the appropriate successor to NIBOR; or

 

		(c)	in the opinion of the Majority NGN Lenders and Holdco, an appropriate successor to NIBOR.

 

“Replacement Lender”
has the meaning given to it in paragraph (b) of Clause 37.4 (Replacement of Lender).

 

“Replacement Reference Rate”
means a reference rate which is:

 

		(a)	formally designated, nominated or recommended as the replacement for a Published Rate by:

 

		(i)	the administrator of that Published Rate (provided that the market or economic reality that such benchmark
rate measures is the same as that measured by Published Rate); or

 

		(ii)	any Relevant Nominating Body,

 

and if replacements have, at the relevant
time, been formally designated, nominated or recommended under both paragraphs, the “Replacement Reference Rate” will be the
replacement under paragraph (ii) above;

 

		(b)	in the opinion of the Majority USD Lenders and Holdco, generally accepted in the international or any
relevant domestic syndicated loan markets as the appropriate successor to a Published Rate; or

 

		(c)	in the opinion of the Majority USD Lenders and Holdco, an appropriate successor to a Published Rate.

 

“Reporting Day” means
the day specified as such in the applicable Compounded Rate Terms.

 

“Reporting Time”
means the relevant time (if any) specified as such in the applicable Compounded Rate Terms.

 

“Representative”
means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.

 

"Resolution Authority"
means any body which has authority to exercise any Write-down and Conversion Powers.

 

“Restricted Party”
means a person that is:

 

		(a)	listed on, or owned or controlled by a person listed on, or acting on behalf or at the direction of a
person listed on, any Sanctions List;

 

		(b)	located in, incorporated under the laws of, or owned or (directly or indirectly) controlled by, or acting
on behalf or at the direction of, a person located in or organised under the laws of a country or territory which is, or whose government
is, the subject or target of comprehensive country-wide or territory-wide Sanctions (being, at the date of this Agreement, Crimea, Iran,
Cuba, North Korea, Sudan and Syria); or

 

		(c)	otherwise a target of Sanctions (target of Sanctions meaning a person with whom a US person or
other legal or natural person subject to the jurisdiction or authority of a Sanctions Authority would be prohibited or restricted by law
from engaging in trade, business or other activities without all appropriate licenses or exemptions issued by all applicable Sanctions
Authorities).

 

    (42)

     

    

 

“RFR” means the rate
specified as such in the applicable Compounded Rate Terms.

 

“RFR Banking Day”
means any day specified as such in the applicable Compounded Rate Terms.

 

“Sanctions” means
the trade, economic or financial sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by:

 

		(a)	the United States of America;

 

		(b)	the United Nations;

 

		(c)	the European Union;

 

		(d)	the United Kingdom;

 

		(e)	the jurisdiction of incorporation of a member of the Group; and/or

 

		(f)	the respective governmental institutions and agencies of any of the foregoing, including, without limitation,
the Office of Foreign Assets Control of the US Department of Treasury, the United States Department of State and Her Majesty’s Treasury,

 

(together, the “Sanctions Authorities”).

 

“Sanctions Event”
means the occurrence of any of the following events:

 

		(a)	the representation under Clause 20.17 (Sanctions) is or proves to be incorrect or misleading when
made or deemed to be made by an Obligor; and/or

 

		(b)	an Obligor fails to comply with any provision of Clause 23.17 (Sanctions).

 

“Sanctions List”
means the “Specially Designated Nationals and Blocked Persons List”, the “Sectoral Sanctions Identifications List”
and the “List of Foreign Sanctions Evaders” maintained by the Office of Foreign Assets Control, the “Consolidated List
of Financial Sanctions Targets” and the “Ukraine: list of persons subject to restrictive measures in view of Russia’s
actions destabilising the situation in Ukraine” maintained by Her Majesty’s Treasury, or any similar list maintained by, or
public announcement of Sanctions designation made by, any of the Sanctions Authorities.

 

“Screen Rate” means,
in relation to LIBOR, the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which
takes over the administration of that rate) for the relevant currency and period displayed (before any correction, recalculation or republication
by the administrator) on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which
displays that rate) or, in each case, on the appropriate page of such other information service which publishes that rate from time
to time in place of Thomson Reuters. If such page or service ceases to be available, the Agent may specify another page or service
displaying the relevant rate after consultation with Holdco.

 

“Screen Rate Replacement Event”
means:

 

		(a)	the methodology, formula or other means of determining NIBOR has, in the opinion of the Majority NGN Lenders
and Holdco materially changed;

 

    (43)

     

    

 

		(b)	

 

		(i)	

 

		(A)	the administrator of NIBOR or, its supervisor publicly announces that such administrator is insolvent;
or

 

		(B)	information is published in any order, decree, notice, petition or filing, however described, of or filed
with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms
that the administrator of NIBOR is insolvent,

 

provided that, in each case, at that
time, there is no successor administrator to continue to provide NIBOR;

 

		(ii)	the administrator of NIBOR publicly announces that it has ceased or will cease, to provide NIBOR permanently
or indefinitely and, at that time, there is no successor administrator to continue to provide NIBOR;

 

		(iii)	the supervisor of the administrator of NIBOR publicly announces that NIBOR has been or will be permanently
or indefinitely discontinued; or

 

		(iv)	the administrator of NIBOR or its supervisor announces that NIBOR may no longer be used; or

 

		(c)	the administrator of NIBOR determines that that NIBOR should be calculated in accordance with its reduced
submissions or other contingency or fallback policies or arrangements and either:

 

		(i)	the circumstance(s) or event(s) leading to such determination are not (in the opinion of the
Majority NGN Lenders and Holdco) temporary; or

 

		(ii)	NIBOR is calculated in accordance with any such policy or arrangement for a period no less than three
months; or

 

		(d)	in the opinion of the Majority NGN Lenders and Holdco, NIBOR is otherwise no longer appropriate for the
purposes of calculating interest under this Agreement.

 

“Security” means
a mortgage, lien, pledge or charge or other security interest securing any obligation of any person or any other agreement or arrangement
having a similar effect.

 

“Senior Notes Indenture”
means the senior notes indenture dated 18 September 2019 in connection with the Bonds between, among others, Holdco and Citibank,
N.A., London Branch, as trustee, as amended and supplemented from time to time.

 

“Signing Date” means
the date of this Agreement.

 

“Specified Time”
means a time determined in accordance with Schedule 7 (Timetables).

 

“Sponsor Affiliate”
means an Affiliate of IHS Holding provided that any direct or indirect shareholder of IHS Holding shall not constitute a Sponsor
Affiliate (save for a shareholder which owns, legally and beneficially, 50% plus one share or more of the shares in IHS Holding).

 

“Subordinated Shareholder Loan”
means:

 

		(a)	any loan made by IHS Holding, IHS Netherlands (Interco) Coöperatief U.A. or an Affiliate of
IHS Holding (other than any member of the Group) to a Borrower or Holdco which is subordinated in accordance with the terms of the Subordination
Agreement or on terms otherwise acceptable to the Majority Lenders (and includes, without limitation, any New Shareholder Loan) and which
will have a maturity date (howsoever described) falling after the Termination Date of each Facility; or

 

    (44)

     

    

 

		(b)	a New IHS Shareholder Loan, which is subordinated in accordance with the terms of the Subordination Agreement
or on terms otherwise acceptable to the Majority Lenders and which will have a maturity date (howsoever described) falling after the Termination
Date of each Facility.

 

“Subordination Agreement”
means the Subordination Agreement to be entered into between Holdco, IHS Holding, IHS Netherlands (Interco) Coöperatief
U.A. each Borrower and the Agent.

 

“Subsidiary” means,
with respect to any specified person:

 

		(a)	any corporation, association or other business entity of which more than 50% of the total voting power
of shares of capital stock entitled (without regard to the occurrence of any contingency 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);

 

		(b)	any partnership or limited liability company of which (a) 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, and (b) such person or any Subsidiary of such
person is a controlling general partner or otherwise controls such entity; or

 

		(c)	any corporation, company, association, partnership, limited liability company or other business entity
which is or is eligible to be consolidated in the financial statements of such person in accordance with IFRS.

 

“Syndication Date”
means:

 

		(a)	for the purposes of Clause 11.1 (Interest Periods), the day being four Months following the
Closing Date; and

 

		(b)	for all other purposes under this Agreement, the earlier of:

 

		(i)	the day on which the Arrangers confirm that primary syndication of Facility A and Facility B has been
completed; and

 

		(ii)	the day being four Months following the Closing Date.

 

“Syndication Letter”
means the syndication letter dated on or about the date of this Agreement between Holdco, IHS Holding and the Arrangers.

 

“Structuring Memorandum”
means the memorandum dated on or around the date of this Agreement detailing the completion steps for the Facilities and the Bonds, delivered
by Holdco to the Agent in accordance with Part 1 of Schedule 2 (Conditions Precedent).

 

    (45)

     

    

 

“Tax” means any tax,
levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any
failure to pay or any delay in paying any of the same).

 

“Term Rate Loan”
means any Loan or, if applicable, Unpaid Sum which is not a Compounded Rate Loan.

 

“Termination Date”
means:

 

		(a)	in relation to Facility A, 60 Months and one day after the first Utilisation Date of Facility A;
and

 

		(b)	in relation to Facility B, 60 Months and one day after the first Utilisation Date of Facility B.

 

“Total Assets” means,
in respect of any specified person as of any date, the total assets of such person, calculated on a consolidated basis in accordance with
IFRS, excluding all intra-group items and investments in any Subsidiaries of such person.

 

“Total Commitments”
means the aggregate of the Total Facility A Commitments and the Total Facility B Commitments and in any event up to a maximum of USD1,000,000,000.

 

“Total Facility A Commitments”
means the aggregate of the Facility A Commitments, being USD610,000,000 at the date of this Agreement.

 

“Total Facility B Commitments”
means the aggregate of the Facility B Commitments, being, at the date of this Agreement, the NGN Equivalent of USD390,000,000.

 

“Trade Instruments”
means any performance bonds, advance payment bonds or documentary letters of credit issued in respect of the obligations of any member
of the Group arising in the ordinary course of trading of that member of the Group which, in each case, is not (or will not be) outstanding
for a period longer than 12 months from the date such instrument is issued.

 

“Transaction Costs”
means all arm’s length, fair market and bona fide fees, commissions, costs and expenses, and stamp, registration and other
Taxes incurred by IHS Holding or any of its Affiliates (including any member of the Group) in connection with:

 

		(a)	the Facilities, the Finance Documents, any Permitted Financial Indebtedness or any Permitted Acquisition;
or

 

		(b)	the IHS Holding Facility and any indebtedness or acquisition contemplated or permitted thereunder.

 

“Transfer Certificate”
means a certificate substantially in the form set out in Schedule 4 (Form of Transfer Certificate) or any other form agreed
between the Agent and Holdco.

 

“Transfer Date” means,
in relation to an assignment or a transfer, the later of:

 

		(a)	the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and

 

		(b)	the date on which the Agent executes the relevant Assignment Agreement or Transfer Certificate.

 

“Treasury Transaction”
means any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price.

 

    (46)

     

    

 

“UK” and “United
Kingdom” means the United Kingdom of Great Britain and Northern Ireland.

 

“UK Bail-In Legislation”
means Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to
the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through
liquidation, administration or other insolvency proceedings).

 

“Unpaid Sum” means
any sum due and payable but unpaid by an Obligor under the Finance Documents.

 

“US” and “United
States” means the United States of America, its territories and possessions.

 

“USD Lender” means,
at any time, each Lender (or Affiliate of a Lender) which has a Facility A Commitment.

 

“Utilisation” means
a Loan.

 

“Utilisation Date”
means the date of a Utilisation, being the date on which the relevant Loan is to be made.

 

“Utilisation Request”
means a notice substantially in the relevant form set out in Schedule 3 (Utilisation Request).

 

“VAT” means:

 

		(a)	any tax imposed in compliance with European Council Directive of 28 November 2006 on the common
system of value added tax (EC Directive 2006/112);

 

		(b)	any tax imposed under the Value Added Tax Act Chapter V1, Laws of the Federation of Nigeria
2004; and any other tax of a similar nature, whether imposed in a Participating Member State in substitution for, or levied in addition
to, such tax referred to in paragraph (a) above, or imposed elsewhere.

 

“Write-Down And Conversion
Powers” means:

 

		(a)	in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time,
the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule;

 

		(b)	in relation to the UK Bail-In Legislation, any powers under that UK Bail-In Legislation to cancel, transfer
or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment
firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument
under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any
other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend
any obligation in respect of that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to
any of those powers; and

 

		(c)	in relation to any other applicable Bail-In Legislation:

 

		(i)	any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that
is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to
cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises,
to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any
such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and

 

    (47)

     

    

 

		(ii)	any similar or analogous powers under that Bail-In Legislation.

 

		1.2	Construction

 

		(a)	Unless a contrary indication appears, a reference in this Agreement to:

 

		(i)	the “Agent”, the “Arranger”, any “Finance Party”,
any “Lender”, any “Party, or any other person shall be construed so as to include its successors in title (including,
for the avoidance of doubt, upon a merger or other corporate reorganisation of such person, the surviving entity following such merger
or other corporate reorganisation), permitted assigns and permitted transferees;

 

		(ii)	a document in “agreed form” is a document which is previously agreed in writing by
or on behalf of the Agent and Holdco;

 

		(iii)	“assets” includes present and future properties, revenues and rights of every description;

 

		(iv)	a Lender's “cost of funds” in relation to its participation in a Loan is a reference
to the average cost (determined either on an actual or a notional basis) which that Lender would incur if it were to fund, from whatever
source(s) it may reasonably select, an amount equal to the amount of that participation in that Loan for a period equal in length
to the Interest Period of that Loan;

 

		(v)	a “Finance Document” or any other agreement or instrument is a reference to that Finance
Document or other agreement or instrument as amended, novated, supplemented, extended or restated.

 

		(vi)	a “group of Lenders” includes all the Lenders.

 

		(vii)	“guarantee” means (other than in Clause 19 (Guarantee and Indemnity)) any
guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct or indirect, actual or contingent,
to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person
where, in each case, such obligation is assumed in order to maintain or assist the ability of such person to meet its indebtedness;

 

		(viii)	including means including without limitation and includes and included shall be construed accordingly;

 

		(ix)	“indebtedness” includes any obligation (whether incurred as principal or as surety)
for the payment or repayment of money, whether present or future, actual or contingent;

 

		(x)	a “person” includes any individual, firm, company, corporation, government, state or
agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal
personality);

 

    (48)

     

    

 

		(xi)	a “regulation” includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law, but if not having force of law which are binding or customarily complied with) of any governmental,
intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation;

 

		(xii)	a provision of law is a reference to that provision as amended or re-enacted; and

 

		(xiii)	a time of day is a reference to London time.

 

		(b)	The determination of the extent to which a rate is “for a period equal in length” to
an Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined pursuant to the
terms of this Agreement.

 

		(c)	Section, Clause and Schedule headings are for ease of reference only.

 

		(d)	Unless a contrary indication appears, a term used in any other Finance Document or in any notice given
under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.

 

		(e)	A Default (including an Event of Default) is continuing if it has not been remedied or waived.

 

		(f)	A Sanctions Event is continuing if it has not been remedied or waived (in accordance with Clause 37 (Amendments
and Waivers)).

 

		(g)	A reference in this Agreement to a page or screen of an information service displaying a rate shall
include:

 

		(i)	any replacement page of that information service which displays that rate; and

 

		(ii)	the appropriate page of such other information service which displays that rate from time to time
in place of that information service,

 

and, if such page or service ceases
to be available, shall include any other page or service displaying that rate specified by the Agent after consultation with Holdco.

 

		(h)	A reference in this Agreement to a Central Bank Rate (as defined in Schedule 12 (Compounded Rate Terms)
shall include any successor rate to, or replacement rate for, that rate.

 

		(i)	Any Compounded Rate Supplement relating to a currency overrides anything relating to that currency in:

 

		(i)	Schedule 12 (Compounded Rate Terms); or

 

		(ii)	any earlier Compounded Rate Supplement.

 

		(j)	A Compounding Methodology Supplement relating to the Daily Non-Cumulative Compounded RFR Rate or the Cumulative
Compounded RFR Rate overrides anything relating to that rate in:

 

		(i)	Schedule 13 (Daily Non-Cumulative Compounded RFR Rate) or Schedule 14 (Cumulative Compounded
RFR Rate), as the case may be; or

 

		(ii)	any earlier Compounding Methodology Supplement.

 

    (49)

     

    

 

		1.3	Currency Symbols and Definitions

 

“$”, “USD”
and “Dollars” denote the lawful currency of the United States of America and “NGN” and “Naira”
denote the lawful currency of Nigeria.

 

		1.4	Dutch Terms

 

In this Agreement, where it relates
to a Dutch entity, a reference to:

 

		(a)	a necessary action to authorise, where applicable, includes without limitation:

 

		(i)	any action required to comply with the Dutch Works Council Act (Wet op de ondernemingsraden); and

 

		(ii)	obtaining unconditional positive advice (advies) from each competent works council;

 

		(b)	a winding-up, administration or dissolution includes a Dutch entity being:

 

		(i)	declared bankrupt (failliet verklaard);

 

		(ii)	dissolved (ontbonden);

 

		(c)	a moratorium includes surseance van betaling and granted a moratorium includes surseance verleend;

 

		(d)	a liquidator includes a curator;

 

		(e)	an administrator includes a bewindvoerder, a herstructureringsdeskundige or an observator;

 

		(f)	a receiver or an administrative receiver does not include a curator or bewindvoerder; and

 

		(g)	an attachment includes a beslag.

 

		1.5	Nigerian Credit Risk Management

 

		(a)	Each Borrower hereby authorizes the Agent to:

 

		(i)	obtain and retain on the Central Bank of Nigeria’s (“CBN”) Credit Risk Management
System (“CRMS”) or any replacement thereof, all information relating to the Borrower’s tax identification number,
status of indebtedness as well as all information relating to the bank verification number and status of indebtedness of the directors
of the Borrower provided that such information shall be retained only to the extent mandatorily required by the CBN;

 

		(ii)	report any non-repayment of the Facilities, which is an Event of Default that is continuing, to the CBN
through the CRMS) or by any other means prescribed by the CBN, and request the CBN to exercise its regulatory power to direct all Nigerian
banks and other financial institutions under its regulatory purview to set-off the Borrower’s indebtedness from any money standing
to the credit of the Borrower in any bank account and from any other financial assets any bank may be holding for the Borrower’s
benefit (the “CBN Right of Set-Off”) provided that the CBN Right of Set-Off shall not apply to any bank account, funds
or assets over which security has been created by the Borrower in favour of any person prior to the date of this Agreement.

 

    (50)

     

    

 

 

		(b)	Subject
                                            to paragraph (a)(ii) above, each Borrower undertakes that the CBN shall have power to
                                            set off its indebtedness under this Agreement from all such monies and funds standing to
                                            its credit or benefit in any and all such accounts or from any other beneficial assets belonging
                                            to it and in the custody of any Nigerian bank.

  

		(c)	Each
                                            Borrower waives any right of confidentiality and irrevocably and unconditionally agrees to
                                            fully indemnify the NGN Lenders and the CBN for any loss reasonably incurred in the course
                                            of exercising the CBN Right of Set-Off.

 

		1.6	Exchange
                                            Rate Fluctuations and Baskets

 

		(a)	When
                                            applying any baskets, monetary limits, thresholds and other exceptions to the representations
                                            and warranties, undertakings and Events of Default under the Finance Documents, the equivalent
                                            to an amount in the Base Currency as on the date of the relevant member of the Group incurring
                                            or making the relevant disposal, acquisition, investment, lease, loan, debt or guarantee
                                            or other relevant action shall be applicable. No Event of Default or breach of any representation
                                            and warranty or undertaking under the Finance Documents shall arise merely as a result of
                                            a subsequent change in the Base Currency equivalent. The exchange rates used in the calculation
                                            of Net Financial Indebtedness shall be the spot rate as at the date of calculation.

 

		(b)	In
                                            ascertaining the Lenders or the Majority Lenders or whether any given percentage of the Total
                                            Commitments has been obtained to approve any request for a consent, waiver, amendment or
                                            other vote under the Finance Documents the Facility B Commitment of a Lender shall be deemed
                                            to be the Base Currency Amount of its Commitment.

 

		1.7	Third-Party
                                            Rights

 

		(a)	Except
                                            to the extent stated otherwise in this Agreement, a person who is not a Party has no right
                                            under the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties
                                            Act”) to enforce or enjoy the benefit of any term of this Agreement.

 

		(b)	Notwithstanding
                                            any term of any Finance Document, the consent of any person who is not a Party is not required
                                            to amend, rescind or vary this Agreement or any Finance Document at any time.

 

		1.8	Certificates

 

Where
any person gives a certificate on behalf of any of the parties to the Finance Documents pursuant to any provision thereof and such certificate
proves to be incorrect, the individual shall incur no personal liability in consequence of such certificate being incorrect save where
such individual acted fraudulently or recklessly in giving such certificate (in which case any liability of such individual shall be
determined in accordance with applicable law).

 

		1.9	Electronic
                                            Signatures

 

The Parties
acknowledge and agree that they may execute the Finance Documents and any variation or amendment to the same, by electronic instrument.
The Parties agree that the electronic signatures appearing on the document shall have the same effect as handwritten signatures and the
use of an electronic signature on any Finance Document shall have the same validity and legal effect as the use of a signature affixed
by hand and is made with the intention of authenticating such Finance Document, and evidencing the parties’ intention to be bound
by the terms and conditions contained herein. For the purposes of using an electronic signature, the Parties authorise each other to
the lawful processing of personal data of the signers for contract performance and their legitimate interests including contract management.

 

    (51)

     

    

 

Section 2

The Facilities

  

		2.	The
                                            Facilities

 

		2.1	The
                                            Facilities

 

Subject
to the terms of this Agreement, the Lenders make available to the Borrowers:

 

		(a)	a
                                            USD term loan facility in an aggregate Base Currency Amount equal to the Total Facility A
                                            Commitments; and

 

		(b)	an
                                            NGN term loan facility in an aggregate amount equal to the Total Facility B Commitments.

 

		2.2	Additional
                                            Increase

 

		(a)	Holdco
                                            may by not less than two Business Days’ (or such shorter period as the Agent may agree
                                            (acting on the instruction of the Majority USD Lenders, acting reasonably)) prior notice
                                            to the Agent request that the Total Facility B Commitments be increased (and the Facility
                                            B Commitments shall be increased) from time to time, provided that:

 

		(i)	the
                                            maximum amount of each increase of the Facility B Commitments under this Clause 2.2 (taking
                                            into account any cancellation of Facility A in accordance with Clause 7.2 (Voluntary Cancellation)
                                            to occur on the date of such increase) shall not at any time exceed an amount that would
                                            result in:

 

		(A)	the
                                            Total Commitments exceeding USD1,000,000,000; and

 

		(B)	the
                                            Total Facility B Commitments exceeding USD400,000,000,

 

provided
that where such increase is to occur on the same date as any cancellation of Facility A in accordance
with Clause 7.2 (Voluntary Cancellation), such increase and cancellation occur simultaneously and in accordance with this Clause
2.2;

 

		(ii)	the
                                            increased Facility B Commitments will be assumed by one or more Lenders or other banks, financial
                                            institutions, trusts, funds or other entities (each an “Additional Increase Lender”)
                                            selected by Holdco, each of which:

 

		(A)	shall
                                            not be a Sponsor Affiliate or a member of the Group;

 

		(B)	is
                                            acceptable to the Agent (acting on the instructions of the Majority USD Lenders, acting reasonably);
                                            and

 

		(C)	confirms
                                            its willingness to assume, and does assume, all of the obligations of a Lender corresponding
                                            to that part of the increased Facility B Commitments which it is to assume, as if it had
                                            been an Original Lenders;

 

		(iii)	neither
                                            the Agent nor any Lender shall have any obligation to Holdco to become an Additional Increase
                                            Lender or to find an Additional Increase Lender;

 

		(iv)	each
                                            of the Obligors and any Additional Increase Lender shall assume obligations towards one another
                                            and/or acquire rights against one another as the Obligors and the Additional Increase Lender
                                            would have assumed and/or acquired had the Additional Increase Lender been an Original Lender;

  

    (52)

     

    

   

		(v)	each
                                            Additional Increase Lender shall become a Party as a “Lender” and any Additional
                                            Increase Lender and each of the other Finance Parties shall assume obligations towards one
                                            another and acquire rights against one another as that Additional Increase Lender and those
                                            Finance Parties would have assumed and/or acquired had the Additional Increase Lender been
                                            an Original Lender;

 

		(vi)	the
                                            Commitments of the other Lenders shall continue in full force and effect; and

 

		(vii)	any
                                            increase in Facility B Commitments shall take effect on the date specified by Holdco in the
                                            notice referred to above or any later date on which the conditions set out in paragraph (b) below
                                            are satisfied; and

 

		(viii)	the
                                            Margin on such increased Facility B Commitments (to the extent drawn) and any commitment
                                            fee on such increased Facility B Commitments (to the extent undrawn) shall be the same initial
                                            Margin for that Facility (and accordingly the commitment fees on Facility B payable under
                                            paragraph (a)(ii) of Clause 13.1 (Commitment fee)) and the definition of “Margin”
                                            and paragraph (a)(ii) of Clause 13.1 (Commitment fee) shall be construed to include
                                            such additional amount payable on such increased Facility B Commitment.

 

		(b)	An
                                            increase in Commitments under this Clause 2.2 will only be effective on:

 

		(i)	the
                                            execution by the Agent of an Additional Increase Confirmation from the relevant Additional
                                            Increase Lender;

 

		(ii)	in
                                            relation to an Additional Increase Lender which is not a Lender immediately prior to the
                                            relevant increase the performance by the Agent of all necessary “know you customer”
                                            or other similar checks under all applicable laws and regulations in relation to the assumption
                                            of the increased Facility B Commitments by that Additional Increase Lender, the completion
                                            of which the Agent shall promptly notify to Holdco and the Additional Increase Lender.

 

		(c)	Each
                                            Additional Increase Lender, by executing an Additional Increase Confirmation, confirms (for
                                            the avoidance of doubt) that the Agent has authority to execute on its behalf any amendment
                                            or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance
                                            with this Agreement on or prior to the date on which the increase becomes effective.

 

		(d)	Clause
                                            25.5 (Limitation of responsibility of Existing Lenders) shall apply mutatis mutandis
                                            in this Clause 2.2 in relation to an Additional Increase Lender as if references in that
                                            Clause to:

 

		(i)	an
                                            “Existing Lender” were references to all the Lenders immediately prior
                                            to the relevant increase;

 

		(ii)	the
                                            “New Lender” were references to that “Additional Increase Lender”;
                                            and

 

		(iii)	a
                                            “re-transfer” and “re-assignment” were references to
                                            respectively a “transfer” and “assignment”.

 

    (53)

     

    

 

		2.3	Finance
                                            Parties’ Rights and Obligations

  

		(a)	The
                                            obligations of each Finance Party under the Finance Documents are several. Failure by a Finance
                                            Party to perform its obligations under the Finance Documents does not affect the obligations
                                            of any other Party under the Finance Documents. No Finance Party is responsible for the obligations
                                            of any other Finance Party under the Finance Documents.

 

		(b)	The
                                            rights of each Finance Party under or in connection with the Finance Documents are separate
                                            and independent rights and any debt arising under the Finance Documents to a Finance Party
                                            from an Obligor shall be a separate and independent debt, in respect of which a Finance Party
                                            shall be entitled to enforce its rights in accordance with paragraph (c) below. The
                                            rights of each Finance Party include any debt owing to that Finance Party under the Finance
                                            Documents and, for the avoidance of doubt, any part of a Loan or any other amount owed by
                                            an Obligor which relates to a Finance Party’s participation in a Facility or its role
                                            under a Finance Document (including any such amount payable to the Agent on its behalf) is
                                            a debt owing to that Finance Party by that Obligor.

 

		(c)	A
                                            Finance Party may, except as specifically provided in the Finance Documents, separately enforce
                                            its rights under the Finance Documents.

 

		2.4	Obligors’
                                            Agent

 

		(a)	Each
                                            Obligor (other than Holdco) by its execution of this Agreement or an Accession Deed irrevocably
                                            appoints Holdco (acting through one or more authorised signatories) to act on its behalf
                                            as its agent in relation to the Finance Documents and irrevocably authorises:

 

		(i)	Holdco
                                            on its behalf to supply all information concerning itself contemplated by this Agreement
                                            to the Finance Parties and to give all notices and instructions (including, in the case of
                                            a Borrower, Utilisation Requests), to make such agreements and to effect the relevant amendments,
                                            supplements and variations capable of being given, made or effected by any Obligor notwithstanding
                                            that they may affect the Obligor, without further reference to or the consent of that Obligor;
                                            and

 

		(ii)	each
                                            Finance Party to give any notice, demand or other communication to that Obligor pursuant
                                            to the Finance Documents to Holdco,

 

and in
each case the Obligor shall be bound as though the Obligor itself had given the notices and instructions (including, without limitation,
any Utilisation Requests) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant
notice, demand or other communication.

 

		(b)	Every
                                            act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation,
                                            notice or other communication given or made by the Obligors’ Agent or given to the
                                            Obligors’ Agent under any Finance Document on behalf of another Obligor or in connection
                                            with any Finance Document (whether or not known to any other Obligor and whether occurring
                                            before or after such other Obligor became an Obligor under any Finance Document) shall be
                                            binding for all purposes on that Obligor as if that Obligor had expressly made, given or
                                            concurred with it. In the event of any conflict between any notices or other communications
                                            of the Obligors’ Agent and any other Obligor, those of the Obligors’ Agent shall
                                            prevail.

 

    (54)

     

    

 

		3.	Purpose

 

		3.1	Purpose

 

Each
Borrower shall apply all amounts borrowed by it under Facility A and Facility B towards the following purposes and in the following order
of priority:

 

		(a)	first,
                                            refinancing all amounts under the IHS Nigeria Facility and the INT Towers Facility in full
                                            and certain Financial Indebtedness of the Group, in each case in accordance with the Funds
                                            Flow Statement;

 

		(b)	second,
                                            the payment of any Transaction Costs;

 

		(c)	third:

 

		(i)	general
                                            corporate and working capital purposes of the Group; and

 

		(ii)	the
                                            Permitted Closing Payment,

 

and each
Obligor shall ensure that the Funds Flow Statement is complied with in respect of the refinancing referred to in paragraph (a) above.

 

		3.2	Monitoring

 

No Finance
Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.

 

		4.	Conditions
                                            of Utilisation

 

		4.1	Initial
                                            Conditions Precedent

 

		(a)	The
                                            Lenders will only be obliged to comply with Clause 5.4 (Lenders’ Participation)
                                            in relation to any Loan if on or before the Utilisation Date for that Loan the Agent has
                                            received all of the documents and other evidence listed in Part 1 of Schedule 2 (Conditions
                                            Precedent), in form and substance satisfactory to the Majority USD Lenders and the Majority
                                            NGN Lenders and in each case to all Arrangers (the “Relevant Lenders”).
                                            The Agent shall notify Holdco promptly on the Relevant Lenders being so satisfied.

 

		(b)	Other
                                            than to the extent that the Relevant Lenders notify the Agent in writing to the contrary
                                            before the Agent gives the notification described in paragraph (a) above, the Lenders
                                            and the Arrangers authorise (but do not require) the Agent to give that notification. The
                                            Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving
                                            any such notification.

 

		4.2	Further
                                            Conditions Precedent

 

Subject
to Clause 4.1 (Initial Conditions Precedent), the Lenders will only be obliged to comply with Clause 5.4 (Lenders’
Participation) in relation to a Loan, if on the date of the Utilisation Request and on the proposed Utilisation Date:

 

		(a)	no
                                            Default is continuing or would result from the proposed Loan; and

  

		(b)	the
                                            Repeating Representations to be made by each Obligor are true in all material (except where
                                            that representation and warranty is already qualified by materiality under Clause 20 (Representations
                                            and warranties)) respects; and

 

    (55)

     

    

 

		(c)	no
                                            circumstances have occurred that would prevent the settlement the Bonds on the proposed first
                                            Utilisation Date,

  

in
each case unless such requirement has been waived with the consent of Majority Lenders, but subject always to paragraph (b) of
Clause 37.2 (Exceptions) (other than sub-paragraph (xvi) of paragraph (b) of Clause 37.2 (Exceptions))
which waiver of such matters shall require the consent of all Lenders.

 

		4.3	Maximum
                                            Number of Loans

 

A
Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation:

 

		(a)	three
                                            or more Facility A Loans would be outstanding; or

 

		(b)	three
                                            or more Facility B Loans would be outstanding.

 

    (56)

     

    

 

Section 3

Utilisation

  

		5.	Utilisation
                                            – Loans

 

		5.1	Delivery
                                            of a Utilisation Request

 

A Borrower
(or Holdco on its behalf) may utilise a Facility by delivery to the Agent of a duly completed Utilisation Request not later than the
Specified Time.

 

		5.2	Completion
                                            of a Utilisation Request for Loans

 

		(a)	Each
                                            Utilisation Request for a Loan is irrevocable and will not be regarded as having been duly
                                            completed unless:

 

		(i)	it
                                            identifies the Borrower and the Facility to be utilised;

 

		(ii)	it
                                            identifies the purpose of the Loan, which purpose must be within a purpose permitted under
                                            Clause 3.1 (Purpose);

 

		(iii)	it
                                            identifies that Facility A and Facility B are to be utilised and will be drawn on the same
                                            Utilisation Date pro rata;

 

		(iv)	the
                                            proposed Utilisation Date is a Business Day within the Availability Period applicable to
                                            that Facility;

 

		(v)	the
                                            currency and amount of the Loan comply with Clause 5.3 (Currency and Amount);
                                            and

 

		(vi)	the
                                            proposed Interest Period complies with Clause 11 (Interest Periods).

 

		(b)	Multiple
                                            Loans may be requested in a Utilisation Request where the proposed Utilisation Date is the
                                            Closing Date. Only one Loan may be requested in each subsequent Utilisation Request.

 

		5.3	Currency
                                            and Amount

 

		(a)	The
                                            currency specified in a Utilisation Request must be:

 

		(i)	in
                                            relation to Facility A, the Base Currency; and

 

		(ii)	in
                                            relation to Facility B, NGN.

 

		(b)	The
                                            amount of the proposed Utilisation must be set in the Base Currency and, in respect of each
                                            Facility, must not exceed the applicable Available Facility.

 

		5.4	Lenders’
                                            Participation

 

		(a)	The
                                            Agent shall notify each Lender of the Loan requested under the Utilisation Request at the
                                            Specified Time.

 

		(b)	The
                                            Agent shall determine the NGN Equivalent in respect of each Facility B Loan and notify each
                                            Lender of the NGN Equivalent in respect of each Facility B Loan and the amount of each Lender’s
                                            participation in that Loan.

 

		(c)	If
                                            the conditions set out in this Agreement have been met, each Lender shall make its participation
                                            in each Loan available by the Utilisation Date through its Facility Office.

 

    (57)

     

    

 

		(d)	The
                                            amount of each Lender’s participation in each Loan will be equal to the proportion
                                            borne by its Available Commitment to the Available Facility immediately prior to making the
                                            Loan.

  

		5.5	Cancellation
                                            of Commitment

 

		(a)	The
                                            Facility A Commitments which, at that time, are unutilised shall be immediately cancelled
                                            at the end of the Availability Period for Facility A.

 

		(b)	The
                                            Facility B Commitments which, at that time, are unutilised shall be immediately cancelled
                                            at the end of the Availability Period for Facility B.

 

    (58)

     

    

 

Section 4

Repayment, Prepayment and Cancellation

  

		6.	Repayment

 

		6.1	Repayment
                                            of Facility A Loans

 

		(a)	The
                                            Borrowers shall repay the aggregate Facility A Loans in instalments by repaying on each of
                                            the following Facility Repayment Dates an aggregate amount equal to the percentage (set opposite
                                            that Facility Repayment Date below) of the aggregate amount of the Facility A Loans outstanding
                                            as at the end of the Availability Period:

 

	Facility
    Repayment Date	 	Facility
    A Loans	 
	15 September 2021	 	 	6.25	%
	15 December 2021	 	 	6.25	%
	15 March 2022	 	 	6.25	%
	15 June 2022	 	 	6.25	%
	15 September 2022	 	 	6.25	%
	15 December 2022	 	 	6.25	%
	15 March 2023	 	 	6.25	%
	15 June 2023	 	 	6.25	%
	15 September 2023	 	 	6.25	%
	15 December 2023	 	 	6.25	%
	15 March 2024	 	 	6.25	%
	15 June 2024	 	 	6.25	%
	Termination Date	 	 	25.00	%

 

		(b)	If,
                                            in relation to a Facility Repayment Date, the aggregate amount of the Facility A Loans exceeds
                                            the relevant Facility Repayment Instalment to be repaid, Holdco may, if it gives the Agent
                                            not less than five Business Days’ prior notice, select which of those Facility A Loans
                                            will be wholly or partially repaid so that the relevant Facility Repayment Instalment is
                                            repaid on the relevant Facility Repayment Date in full. If Holdco fails to deliver such a
                                            notice, the Agent shall select the Facility A Loans to be wholly or partially repaid.

 

		(c)	No
                                            Borrower may reborrow any part of a Facility A Loan which is repaid.

 

		(d)	Each
                                            Borrower must repay the Facility A Loans in USD.

 

    (59)

     

    

 

		6.2	Repayment
                                            of Facility B Loans

 

		(a)	The
                                            Borrowers shall repay the aggregate Facility B Loans in instalments by repaying on each of
                                            the following Facility Repayment Dates an aggregate amount equal to the percentage (set opposite
                                            that Facility Repayment Date below) of the aggregate amount of the Facility B Loans outstanding
                                            as at the end of the Availability Period in relation to Facility B:

 

	Facility
    Repayment Date	 	Facility
    B Loans	 
	15 September 2021	 	 	6.25	%
	15 December 2021	 	 	6.25	%
	15 March 2022	 	 	6.25	%
	15 June 2022	 	 	6.25	%
	15 September 2022	 	 	6.25	%
	15 December 2022	 	 	6.25	%
	15 March 2023	 	 	6.25	%
	15 June 2023	 	 	6.25	%
	15 September 2023	 	 	6.25	%
	15 December 2023	 	 	6.25	%
	15 March 2024	 	 	6.25	%
	15 June 2024	 	 	6.25	%
	Termination Date	 	 	25.00	%

  

		(b)	If,
                                            in relation to any Facility Repayment Date, the aggregate amount of the Facility B Loans
                                            exceeds the relevant Facility Repayment Instalment to be repaid, Holdco may, if it gives
                                            the Agent not less than five Business Days’ prior notice, select which of those Facility
                                            B Loans will be wholly or partially repaid so that the relevant Facility Repayment Instalment
                                            is repaid on the relevant Facility Repayment Date in full. If Holdco fails to deliver such
                                            a notice, the Agent shall select the Facility B Loans to be wholly or partially repaid.

 

		(c)	No
                                            Borrower may reborrow any part of a Facility B Loan which is repaid.

 

		(d)	The
                                            Borrowers must repay the Facility B Loans in Naira.

 

		6.3	Effect
                                            of Prepayment on Scheduled Repayments

 

		(a)	If
                                            any Loan is repaid or prepaid in accordance with or Clause 7.1 (Illegality),
                                            Clause 7.4 (Right of Cancellation and Repayment in Relation to a Single Lender),
                                            Clause 8.1 (Change of Control) or Clause 8.2 (Sanctions), then:

 

		(i)	in
                                            the case of the Facility A, the amount of the Repayment Instalment for each Repayment Date
                                            falling after that repayment or prepayment will reduce pro rata by the amount of the
                                            Facility A Loan prepaid; and

 

		(ii)	in
                                            the case of the Facility B, the amount of the Repayment Instalment for each Repayment Date
                                            falling after that repayment or prepayment will reduce pro rata by the amount of the
                                            Facility B Loan prepaid.

 

		(b)	If
                                            any Loan is prepaid in accordance with Clause 7.3 (Voluntary Prepayment of Loans)
                                            or Clause 8.3 (Disposal and Insurance Proceeds) then:

 

		(i)	in
                                            the case of the Facility A, the amount of the Repayment Instalment for each Repayment Date
                                            falling after that prepayment will reduce pro rata by the amount of the Facility A
                                            Loan prepaid; and

 

		(ii)	in
                                            the case of the Facility B, the amount of the Repayment Instalment for each Repayment Date
                                            falling after that prepayment will reduce pro rata by the amount of the Facility B
                                            Loan prepaid.

 

		(c)	If
                                            any Facility A Loan is prepaid in accordance with Clause 8.4 (Market Issuance)
                                            then, the amount of the Repayment Instalment for each Repayment Date falling after that prepayment
                                            will reduce pro rata by the amount of the Facility A Loan prepaid.

 

    (60)

     

    

 

 

		7.	Illegality, Voluntary Prepayment and Cancellation

 

		7.1	Illegality

 

If in any applicable jurisdiction, it
becomes unlawful for a Lender to perform any of its obligations as contemplated by this Agreement or to fund, issue or maintain its participation
in any Utilisation or it becomes unlawful for any Affiliate of a Lender for that Lender to do so:

 

		(a)	that Lender shall promptly notify the Agent upon becoming aware of that event;

 

		(b)	upon the Agent notifying Holdco, each Available Commitment of that Lender will be immediately cancelled;
and

 

		(c)	to the extent that the Lender’s participation has not been transferred pursuant to Clause 37.4 (Replacement
of Lender), each Borrower shall repay that Lender’s participation in the Utilisations made to that Borrower on the last day
of the Interest Period for each Utilisation occurring after the Agent has notified Holdco or, if earlier, the date specified by the Lender
in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law) and that Lender’s
corresponding Commitment(s) shall be cancelled in the amount of the participations repaid.

 

		7.2	Voluntary Cancellation

 

		(a)	Subject to paragraph (b) below, Holdco may, if it gives the Agent:

 

		(i)	not less than two Business Days’ prior notice, where such notice is provided by Holdco together
with the notice referred to under paragraph (a) of Clause 2.2 (Additional Increase); or

 

		(ii)	not less than one Business Days’ prior notice in relation to any cancellation not contemplated under
paragraph (a)(i) above,

 

(or, in each case, such shorter period
as the Majority Lenders may agree), cancel the whole or any part (being a minimum amount of USD20,000,000 and, if more, in integral multiples
of USD5,000,000) of an Available Facility.

 

		(b)	Any cancellation under this Clause 7.2 shall:

 

		(i)	where notice of such cancellation is provided on the same day that Holdco provides notice under paragraph
(a) of Clause 2.2 (Additional Increase), be provided only in relation to Facility A;

 

		(ii)	where Holdco provides written confirmation to the Agent together with the relevant notice of such cancellation,
that such cancellation is required as a result of the Bond pricing having occurred in respect of the Bonds in the amount exceeding USD800,000,000,
be provided only in relation to Facility A; and

 

		(iii)	in relation to any cancellation not referred to in paragraphs (b)(i) or (b)(ii) above, result
in the Facility A Commitments and Facility B Commitments being cancelled on a pro rata basis.

 

		(c)	Any cancellation under this Clause 7.2 shall reduce the Commitments of the Lenders rateably under
that Facility.

 

    (61)

     

    

 

		7.3	Voluntary Prepayment of Loans

 

		(a)	A Borrower may, if it (or Holdco on its behalf) gives the Agent not less than five Business Days’
(or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of a Loan (but, if in part, being
an amount that reduces the Base Currency Amount of that Loan by a minimum amount of USD20,000,000 (or equivalent)), provided that Facility
A and Facility B must be prepaid on a pro rata basis.

 

		(b)	Any prepayment of a Loan under this Clause 7.3 shall be applied pro rata to each Lender’s
participation in that Loan.

 

		7.4	Right of Cancellation and Repayment in Relation to a Single Lender

 

		(a)	If:

 

		(i)	any sum payable to any Lender by an Obligor is required to be increased under Clause 14.2 (Tax
Gross-Up);

 

		(ii)	any Lender claims indemnification from an Obligor under Clause 14.3 (Tax Indemnity) or Clause 15.1
(Increased Costs);

 

		(iii)	any lender invokes a Market Disruption Event under paragraph (a)(ii) of Clause 12.2 (Market
Disruption)); or

 

		(iv)	any Lender becomes a Non-Consenting Lender,

 

Holdco may, whilst the circumstance giving
rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment(s) of
that Lender and its intention to procure the repayment of that Lender’s participation in the Loans.

 

		(b)	On receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Commitment(s) of
that Lender shall immediately be reduced to zero.

 

		(c)	On the last day of each Interest Period which ends after Holdco has given notice under paragraph (a) above
in relation to a Lender (or, if earlier, the date specified by Holdco in that notice), each Borrower to which a Loan is outstanding shall
repay that Lender’s participation in that Loan together with all interest and other amounts accrued under the Finance Documents.

 

		7.5	Right of Cancellation in Relation to a Defaulting Lender

 

		(a)	If any Lender becomes a Defaulting Lender, Holdco may, at any time whilst the Lender continues to be a
Defaulting Lender, give the Agent five Business Days’ notice of cancellation of each Available Commitment of that Lender.

 

		(b)	On the notice referred to in paragraph (a) above becoming effective, each Available Commitment
of the Defaulting Lender shall immediately be reduced to zero.

 

		(c)	The Agent shall as soon as practicable after receipt of a notice referred to in paragraph (a) above,
notify all the Lenders.

 

    (62)

     

    

 

		8.	Mandatory Prepayment

 

		8.1	Change of Control

 

		(a)	Upon the occurrence of a Change of Control:

 

		(i)	a Lender shall not be obliged to fund a Loan;

 

		(ii)	Holdco shall (and any Lender may) promptly notify the Agent upon becoming aware of that Change of Control;
and

 

		(iii)	each Lender shall be individually entitled to cancel its Commitments and require repayment of all of its
share of the Utilisations and payment of all amounts owing to it under the Finance Documents, by notification to the Agent (a “Prepayment
Notice”) within 20 Business Days of Holdco notifying the Agent of the Change of Control, whereupon:

 

		(A)	the undrawn Commitments of such Lender shall be immediately cancelled and such Lender shall have no obligation
to fund or participate in any new Loan; and

 

		(B)	the Agent shall declare the participation of that Lender in all outstanding Loans, together with accrued
interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon all such outstanding amounts
will become immediately due and payable.

 

		(b)	If Lender has not provided a Prepayment Notice within 20 Business Days of Holdco notifying the Agent of
such Change of Control in accordance with this Clause 8.1 in respect of that Change of Control, that Lender shall not be able to cancel
its Commitments or require repayment of its share of the Loans and the prepayment of any other amount owing to it under the Finance Documents
pursuant to this Clause 8.1.

 

		8.2	Sanctions

 

		(a)	Without prejudice to Clause 7.1 (Illegality), upon the occurrence of a Sanctions Event:

 

		(i)	Holdco shall (and any Lender may) promptly notify the Agent upon becoming aware of that Sanctions Event;

 

		(ii)	as long as that Sanctions Event is continuing, a Lender shall not be obliged to fund a Loan; and

 

		(iii)	as long as that Sanctions Event is continuing, each Lender shall be individually entitled to cancel its
Commitments and require repayment of all of its share of the Utilisations and payment of all amounts owing to it under the Finance Documents,
by notification to the Agent, whereupon:

 

		(A)	the undrawn Commitments of such Lender shall be immediately cancelled and such Lender shall have no obligation
to fund or participate in any new Loan; and

 

		(B)	the Agent shall declare the participation of that Lender in all outstanding Loans, together with accrued
interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon all such outstanding amounts
will become immediately due and payable.

 

    (63)

     

    

 

		8.3	Disposal and Insurance Proceeds

 

		(a)	In this Agreement:

 

“Disposal Proceeds”
means the Net Cash Proceeds in relation to any Disposal (or series of related Disposals) except for Excluded Disposal Proceeds.

 

“Disposal” means any
sale, lease, licence, transfer, loan or other disposal of any asset, undertaking or business of a member of the Group.

 

“Excluded Disposal Proceeds”
means the Net Cash Proceeds of any Disposal:

 

		(i)	of assets made on arm’s length terms and in the ordinary course of trading or the business of the
disposing entity;

 

		(ii)	to the extent falling within the definition of “Permitted Disposal” (other than in relation
to paragraphs (d), (r), (s) and (u) of such definition);

 

		(iii)	which is a Permitted Disposal to the extent not otherwise excluded in this definition, where the Net Cash
Proceeds of such disposal are, within 365 days of receipt, applied or committed to be applied and actually applied in the purchase of
replacement assets or business for use in the business of the Group or to finance a Permitted Acquisition or Capital Expenditure; or

 

		(iv)	which, when aggregated with the Net Cash Proceeds of other Disposals made in the same Financial Year of
the Group, do not exceed USD5,000,000 (or its equivalent in other currencies) provided that the Net Cash Proceeds of a Disposal
under subparagraphs (i) to (iii) above shall be disregarded for the purposes of calculating the amount of the Net Cash
Proceeds under this subparagraph.

 

“Excluded Insurance Proceeds”
means the Net Cash Proceeds of any insurance claim:

 

		(i)	which are received in respect of third-party liability, public liability, directors’ liability,
business interruption, loss of earnings or similar claims;

 

		(ii)	to cover operating losses in respect of which the relevant insurance claim was made;

 

		(iii)	in respect of the loss or destruction of assets and where the Net Cash Proceeds of such insurance claim
are, within 365 days of receipt, applied or committed to be applied and actually applied in the replacement, reinstatement and/or repair
of the relevant asset (or reimbursement funding any of the foregoing) or otherwise in amelioration of the loss in respect of which the
relevant insurance claim was made or in investment in assets of a member of the Group; or

 

		(iv)	which, when aggregated with the Net Cash Proceeds of other insurance claims made in the same Financial
Year of the Group, do not exceed USD5,000,000 (or its equivalent in other currencies) provided that the Net Cash Proceeds of an
insurance claim under subparagraphs (i) to (iii) above shall be disregarded for the purposes of calculating the amount
of the Net Cash Proceeds under this subparagraph.

 

“Insurance Proceeds”
means the Net Cash Proceeds of any insurance claim (or series of related insurance claims) received in respect of the loss or destruction
of assets of the Group except for Excluded Insurance Proceeds.

 

    (64)

     

    

 

		(b)	Holdco and each Borrower shall ensure that an amount equal to the following amounts is applied first,
in prepayment pro rata of the Facility A Loans and Facility B Loans, and second, cancellation pro rata of Facility A Commitments
and Facility B Commitments as contemplated in paragraphs (c) and (d) below:

 

		(i)	an amount equal to any Disposal Proceeds; and

 

		(ii)	an amount equal to any Insurance Proceeds.

 

		(c)	The Borrowers shall immediately apply the relevant amounts in cancellation of Commitments and prepay the
Loans within 90 days after the receipt of such proceeds by the relevant member of the Group.

 

		(d)	A prepayment and cancellation under this Clause 8.3 shall prepay the Loans as follows:

 

		(i)	in amounts which reduce the Facility A Loans and the Facility B Loan by the same proportion and which
is pro rata to each Lender’s participation in that Loan (or cancel Facility A Commitments and Facility B Commitments on a
pro rata basis); and

 

		(ii)	in reducing the relevant Repayment Instalment for each Repayment Date falling after the date of prepayment
in the manner contemplated by paragraph (b) of Clause 6.3 (Effect of Prepayment on Scheduled Repayments).

 

		8.4	Market Issuance

 

		(a)	Holdco and each Borrower shall ensure that an amount equal to any Net Issuance Proceeds is applied first,
in prepayment pro rata of the Facility A Loans, as contemplated under this Clause and second, in cancellation of Facility A Commitments.

 

		(b)	The maximum aggregate amount that shall be applied in mandatory prepayment under this Clause 8.4 over
the life of this Agreement shall be USD200,000,000.

 

		(c)	the Borrowers shall prepay Facility A Loans and cancel Facility A Commitments promptly upon receipt of
those proceeds by the relevant member of the Group.

 

		(d)	A prepayment under this Clause 8.4 shall prepay the Facility A Loans as follows:

 

		(i)	in amounts which reduce the Facility A Loans by the same proportion; and

 

		(ii)	in reducing the relevant Repayment Instalment for each Repayment Date falling after the date of prepayment
in the manner contemplated by paragraph (c) of Clause 6.3 (Effect of Prepayment on Scheduled Repayments).

 

		(e)	Any prepayment of a Facility A Loan under this Clause 8.4 shall be applied pro rata to each Lender’s
participation in that Facility A Loan.

 

		8.5	Excluded Proceeds

 

		(a)	Where Excluded Disposal Proceeds and Excluded Insurance Proceeds include amounts which are intended to
be used for a specific purpose within a specified period (as set out in the applicable definition of Excluded Disposal Proceeds or Excluded
Insurance Proceeds), Holdco shall ensure that those amounts are used for that purpose and/or otherwise applied in prepayment of the Facilities
in accordance with this Clause 8, and if requested to do so by the Agent, shall promptly deliver a certificate to the Agent following
the end of such period confirming the amount (if any) which has been so applied within the requisite time periods provided for in the
relevant definition.

 

		(b)	Subject to paragraph (a) above, any proceeds of Disposals, insurance claims or Net Issuance
Proceeds not, in each case, required to be applied in prepayment of the Facilities hereunder, may be retained by the Group for its general
corporate purposes and application by it in any manner not restricted by the Finance Documents.

 

    (65)

     

    

 

		9.	Restrictions

 

		9.1	Notices of Cancellation or Prepayment

 

Any notice of cancellation, prepayment,
authorisation or other election given by any Party under Clause 7 (Illegality, Voluntary Prepayment and Cancellation) shall
(subject to the terms of those Clauses) be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the
date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment.

 

		9.2	Interest and other Amounts

 

Any prepayment under this Agreement
shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs, without premium or penalty.

 

		9.3	Reborrowing of Facilities

 

No Borrower may reborrow any part of
a Facility which is prepaid.

 

		9.4	Prepayment in accordance with Agreement

 

No Borrower shall repay or prepay all
or any part of the Loans or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in
this Agreement.

 

		9.5	No Reinstatement of Commitments

 

No amount of the Total Commitments cancelled
under this Agreement may be subsequently reinstated.

 

		9.6	Agent’s Receipt of Notices

 

If the Agent receives a notice under
Clause 7 (Illegality, Voluntary Prepayment and Cancellation), it shall promptly forward a copy of that notice or election
to the affected Lender or Holdco, as relevant.

 

		9.7	Effect of Repayment and Prepayment on Commitments

 

If all or part of any Lender’s
participation in a Loan under a Facility is repaid or prepaid , an amount of that Lender’s Commitments (equal to the Base Currency
Amount of the amount of the participation which is repaid or prepaid) under that Facility will be deemed to be cancelled on the date of
repayment or prepayment.

 

		9.8	Application of Prepayments

 

Any prepayment of a Loan (other than
a prepayment pursuant to Clause 7.1 (Illegality) or Clause 7.4 (Right of Cancellation and Repayment in Relation to
a Single Lender)) shall be applied pro rata to each Lender’s participation in that Loan.

 

    (66)

     

    

 

Section 5

Costs of Utilisation

 

		10A.	Rate Switch

 

		10A.1	Switch to Compounded Reference Rate

 

Subject to Clause 10A.2 (Delayed
switch for existing Term Rate Loans), on and from the Rate Switch Date for dollars:

 

		(a)	use of the Compounded Reference Rate will replace the use of the applicable IBOR for the calculation of
interest for Loans in dollars; and

 

		(b)	any Loan or Unpaid Sum in dollars shall be a “Compounded Rate Loan” and Clause 10.2 (Calculation
of Interest – Compounded Rate Loans) shall apply to each such Loan or Unpaid Sum.

 

		10A.2	Delayed switch for existing Term Rate Loans

 

If the Rate Switch Date for dollars
falls before the last day of an Interest Period for a Term Rate Loan in dollars:

 

		(a)	that Loan shall continue to be a Term Rate Loan for that Interest Period and Clause 10.1 (Calculation
of Interest – Term Rate Loans) shall continue to apply to that Loan for that Interest Period;

 

		(b)	any provision of this Agreement which is expressed to relate to dollars shall not apply in relation to
that Loan for that Interest Period; and

 

		(c)	on and from the first day of the next Interest Period (if any) for that Loan:

 

		(i)	that Loan shall be a "Compounded Rate Loan"; and

 

		(ii)	Clause 10.2 (Calculation of Interest – Compounded Rate Loans) shall apply to that Loan.

 

		10A.3	Early termination of Interest Periods for existing Term Rate
Loans

 

		If:	

 

		(a)	an Interest Period for a Term Rate Loan in dollars would otherwise end on a day which falls after the
Rate Switch Date for dollars; and

 

		(b)	prior to the date of selection of that Interest Period:

 

		(i)	the Backstop Rate Switch Date for dollars was scheduled to occur during that Interest Period; or

 

		(ii)	notice of a Rate Switch Trigger Event Date for dollars falling during that Interest Period had been given
pursuant to paragraph (a)(ii) of Clause 10A.4 (Notifications by Agent),

 

that Interest Period will instead end
on the Rate Switch Date for dollars.

 

		10A.4	Notifications by Agent

 

		(a)	Following the occurrence of a Rate Switch Trigger Event for dollars, the Agent shall:

 

		(i)	promptly upon becoming aware of the occurrence of that Rate Switch Trigger Event, notify Holdco and the
USD Lenders of that occurrence; and

 

		(ii)	promptly upon becoming aware of the date of the Rate Switch Trigger Event Date applicable to that Rate
Switch Trigger Event, notify Holdco and the USD Lenders of that date.

 

    (67)

     

    

 

		(b)	The Agent shall, promptly upon becoming aware of the occurrence of the Rate Switch Date, notify Holdco
and the USD Lenders of that occurrence.

 

		(c)	The Parties agree that no Rate Switch Trigger Event will arise on 1 January 2022 solely as a result
of the FCA Cessation Announcement.

 

		(d)	For the purposes of paragraph (c) above, the “FCA Cessation Announcement” means
the announcement on 5 March 2021 by the UK's Financial Conduct Authority that all LIBOR settings will, as of certain specified future
dates, either cease to be provided by any administrator or no longer be representative of the market and economic reality that they are
intended to measure and that such representativeness will not be restored.

 

		10.	Interest

 

		10.1	Calculation of Interest – Term Rate Loans

 

The rate of interest on each Term Rate
Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable:

 

		(a)	Margin; and

 

		(b)	IBOR.

 

		10.2	Calculation of Interest – Compounded Rate Loans

 

		(a)	The rate of interest on each Compounded Rate Loan for any day during an Interest Period is the percentage
rate per annum which is the aggregate of the applicable:

 

		(i)	Margin; and

 

		(ii)	Compounded Reference Rate for that day.

 

		(b)	If any day during an Interest Period for a Compounded Rate Loan is not an RFR Banking Day, the rate of
interest on that Compounded Rate Loan for that day will be the rate applicable to the immediately preceding RFR Banking Day.

 

		10.3	Payment of Interest

 

The Borrower to which a Loan has been
made shall pay accrued interest on that Loan on the last day of each Interest Period (and, if the Interest Period is longer than six Months,
on the dates falling at six Monthly intervals after the first day of the Interest Period).

 

		10.4	Default Interest

 

		(a)	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest
shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which,
subject to paragraph (b) below, is two per cent. per annum higher than the rate which would have been payable if the overdue
amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods,
each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 10.4 shall be immediately payable
by the Obligor on demand by the Agent.

 

    (68)

     

    

 

		(b)	If any overdue amount consists of all or part of a Term Rate Loan which became due on a day which was
not the last day of an Interest Period relating to that Loan:

 

		(i)	the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion
of the current Interest Period relating to that Loan; and

 

		(ii)	the rate of interest applying to the overdue amount during that first Interest Period shall be two per
cent. per annum higher than the rate which would have applied if the overdue amount had not become due.

 

		(c)	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at
the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

 

		10.5	Notification of Rates of Interest

 

		(a)	The Agent shall promptly notify the relevant Lenders and the relevant Borrower (or Holdco) of the determination
of a rate of interest relating to a Term Rate Loan under this Agreement.

 

		(b)	The Agent shall promptly upon a Compounded Rate Interest Payment being determinable notify:

 

		(i)	the relevant Borrower (or Holdco) of that Compounded Rate Interest Payment;

 

		(ii)	each relevant Lender of the proportion of that Compounded Rate Interest Payment which relates to that
Lender's participation in the relevant Compounded Rate Loan; and

 

		(iii)	the relevant Lenders and the relevant Borrower (or Holdco) of:

 

		(A)	each applicable rate of interest relating to the determination of that Compounded Rate Interest Payment;
and

 

		(B)	to the extent it is then determinable, the Market Disruption Rate (if any) relating to the relevant Compounded
Rate Loan.

 

This paragraph (b) shall not apply
to any Compounded Rate Interest Payment determined pursuant to 12.4 (Cost of funds).

 

		(c)	The Agent shall promptly notify the relevant Borrower (or Holdco) of each Funding Rate relating to a Loan.

 

		(d)	The Agent shall promptly notify the relevant Lenders and the relevant Borrower of the determination of
a rate of interest relating to a Compounded Rate Loan to which Clause 12.4 (Cost of funds) applies.

 

		(e)	This Clause 10.5 shall not require the Agent to make any notification to any Party on a day which is not
a Business Day.

 

    (69)

     

    

 

 

		11.	Interest
                                            Periods

 

		11.1	Interest
                                            Periods

 

		(a)	Subject
                                            to paragraphs (b) and (c) below, each Interest Period shall be three months, commencing,
                                            in relation to the first Interest Period for each Loan, on the Utilisation Date of that Loan
                                            and in relation to each other Interest Period, commencing on the last day of the then current
                                            Interest Period.

 

		(b)	An
                                            Interest Period for a Loan shall not extend beyond the Termination Date or a Facility Repayment
                                            Date (in each case, relating to that Loan) and that Interest Period shall instead end on
                                            the Termination Date or Facility Repayment Date as applicable to its Facility (or the preceding
                                            Business Day, if the Termination Date or Facility Repayment Date is not a Business Day).

 

		(c)	Prior
                                            to the Syndication Date, Interest Periods shall be one Month or such other period as
                                            the Agent and Holdco may agree and any Interest Period which would otherwise end during the
                                            Month preceding or extend beyond the Syndication Date shall end on the Syndication Date.

 

		(d)	The
                                            first Interest Period for the second Loan under a Facility shall end on the last day of the
                                            current Interest Period for the first Loan under that Facility.

 

		(e)	No
                                            Interest Period for a Term Rate Loan in dollars shall extend beyond 30 June 2023.

 

		11.2	Non-Business
                                            Days

 

		(a)	Other
                                            than where paragraph (b) below applies, if an Interest Period would otherwise end on
                                            a day which is not a Business Day, that Interest Period will instead end on the next Business
                                            Day in that calendar Month (if there is one) or the preceding Business Day (if there is not).

 

		(b)	If
                                            a Loan or Unpaid Sum is a Compounded Rate Loan and there are rules specified as ‘Business
                                            Day Conventions’ in the applicable Compounded Rate Terms, those rules shall apply
                                            to each Interest Period for that Loan or Unpaid Sum.

 

		11.3	Changes
                                            to Interest Periods

 

		(a)	Prior
                                            to determining the interest rate for a Facility A Loan or Facility B Loan, the Agent may
                                            shorten an Interest Period for such Loan to ensure there are sufficient Facility A Loans
                                            or Facility B Loans, (with an aggregate amount equal to or greater than the scheduled Facility
                                            Repayment Instalment) which have an Interest Period ending on an Facility Repayment Date
                                            for the relevant Borrower to make the relevant Facility Repayment Instalment due on that
                                            date.

 

		(b)	If
                                            the Agent makes any of the changes to an Interest Period referred to in this Clause 11.3
                                            it shall promptly notify each Borrower (or Holdco) and the relevant Lenders.

 

		11.4	Consolidation
                                            of Loans

 

If two
or more Interest Periods:

 

		(a)	relate
                                            to Loans under the same Facility; and

 

		(b)	end
                                            on the same date,

 

those
Loans will be consolidated into, and treated as, a single Facility A Loan or Facility B Loan, as applicable, on the last day of the Interest
Period.

 

 

    (70)

     

    

 

		12.	Changes
                                            to the Calculation of Interest

 

		12.1	Interest
                                            calculation if no RFR or Central Bank Rate

 

If:

 

		(a)	there
                                            is no applicable RFR or Central Bank Rate for the purposes of calculating the Daily Non-Cumulative
                                            Compounded RFR Rate for an RFR Banking Day during an Interest Period for a Compounded Rate
                                            Loan; and

 

		(b)	“Cost
                                            of funds will apply as a fallback” is specified in respect of that Loan in the Compounded
                                            Rate Terms for that Loan,

 

then,
Clause 12.4 (Cost of Funds) shall apply to that Loan for that Interest Period.

 

		12.2	Market
                                            Disruption

 

		(a)	If
                                            a Market Disruption Event occurs in relation to a Term Rate Loan for any Interest Period,
                                            then the rate of interest on each Lender’s share of that Loan for the Interest Period
                                            shall be the percentage rate per annum which is the sum of:

 

		(i)	the
                                            Margin; and

 

		(ii)	the
                                            rate notified to the Agent by that Lender as soon as practicable and in any event by close
                                            of business on the date falling three Business Days after the Quotation Day, to be that which
                                            expresses as a percentage rate per annum the cost to that Lender of funding its participation
                                            in that Loan from whatever source it may reasonably select,

 

provided
that if:

 

		(A)	the
                                            percentage rate per annum notified by a Lender pursuant to paragraph (a)(ii) above
                                            is less than the applicable IBOR for the relevant currency; or

 

		(B)	a
                                            Lender has not notified the Agent of a percentage rate per annum pursuant to paragraph (a)(ii) above,

 

the cost
to that Lender of funding its participation in that Loan for that Interest Period shall be deemed, for the purposes of paragraph (a) above,
to be the applicable IBOR for the relevant currency.

 

		(b)	In
                                            the case of a Compounded Rate Loan, if:

 

		(i)	a
                                            Market Disruption Rate is specified in the Compounded Rate Terms for that Loan; and

 

		(ii)	before
                                            the Reporting Time for that Loan, the Agent receives notifications from a Lender or Lenders
                                            (whose participations in a Loan exceed 50% of that Loan) that its cost of funds relating
                                            to its participation in that Loan would be in excess of that Market Disruption Rate,

 

then Clause
12.4 (Cost of Funds) shall apply to that Loan for the relevant Interest Period.

 

    (71)

     

    

 

		12.3	Alternative
                                            Basis of Interest or Funding

  

		(a)	In
                                            this Agreement, “Market Disruption Event” means:

 

		(i)	at
                                            or about noon on the Quotation Day for the relevant Interest Period the Screen Rate or, as
                                            the case may be, the Interpolated Screen Rate (in relation to Facility A) or NIBOR (in relation
                                            to Facility B) is not available and none or only one of the Reference Banks supplies a rate
                                            to the Agent to determine the applicable IBOR for the relevant currency and Interest Period;
                                            or

 

		(ii)	before
                                            close of business in London on the Quotation Day for the relevant Interest Period, the Agent
                                            receives notifications from a Lender or Lenders (whose participations in a Loan exceed 50%
                                            of that Loan) that the cost to it of funding its participation in that Loan from whatever
                                            source it may reasonably select would be in excess of the applicable IBOR.

 

		(b)	If
                                            a Market Disruption Event occurs and the Agent or Holdco so requires, the Agent and Holdco
                                            shall enter into negotiations (for a period of not more than 30 days) with a view to
                                            agreeing a substitute basis for determining the rate of interest.

 

		(c)	Any
                                            alternative basis agreed pursuant to paragraph (a) above shall, with the prior
                                            consent of:

 

		(i)	in
                                            relation to determining the rate of interest applicable to Facility A, all the USD Lenders
                                            and the Borrowers; or

 

		(ii)	in
                                            relation to determining the rate of interest applicable to Facility B, all the NGN Lenders
                                            and the Borrowers,

 

in each
case, which shall be binding on all Parties.

 

		12.4	Cost
                                            of Funds

 

		(a)	If
                                            this Clause 12.4 applies to a Loan for an Interest Period, neither Clause 10.1 (Calculation
                                            of Interest – Term Rate Loans) nor Clause 10.2 (Calculation of Interest - Compounded
                                            Rate Loans) shall apply to that Loan for that Interest Period and the rate of interest
                                            on each Lender's share of that Loan for that Interest Period shall be the percentage rate
                                            per annum which is the sum of:

 

		(i)	the
                                            applicable Margin; and

 

		(ii)	the
                                            weighted average of the rates notified to the Agent by each Lender as soon as practicable
                                            but in any event:

 

		(A)	in
                                            relation to a Term Rate Loan, within five Business Days before the date on which interest
                                            is due to be paid in respect of that Interest Period; and

 

		(B)	in
                                            relation to a Compounded Rate Loan, by the Reporting Time for that Loan,

 

to be
that which expresses as a percentage rate per annum its cost of funds relating to its participation in that Loan.

 

    (72)

     

    

 

		(b)	If
                                            this Clause 12.4 applies pursuant to Clause ‎12.2 (Market Disruption) and in relation
                                            to a Compounded Rate Loan:

 

		(i)	a
                                            Lender's Funding Rate is less than the relevant Market Disruption Rate; or

 

		(ii)	a
                                            Lender does not supply a rate to the Agent by the time specified in paragraph (a)(ii) above,

 

that Lender's
cost of funds relating to its participation in that Loan for that Interest Period shall be deemed, for the purposes of paragraph (a) above,
to be the Market Disruption Rate for that Loan.

 

		(c)	Subject
                                            to paragraph (b) above if this Clause 12.4 applies but any Lender does not supply a
                                            rate to the Agent by the time specified in paragraph ‎(a)(ii) above the rate of
                                            interest shall be calculated on the basis of the rates notified by the remaining Lenders.

 

		(d)	If
                                            this Clause 12.4 applies the Agent shall, as soon as is practicable, notify Holdco.

 

		12.5	Break
                                            Costs

 

		(a)	Subject
                                            to paragraph (b) below, each Borrower shall, within five Business Days of demand by
                                            a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part
                                            of a Loan or Unpaid Sum being paid by that Borrower on a day other than the last day of an
                                            Interest Period for that Loan or Unpaid Sum. This Clause shall not apply to any prepayment
                                            made pursuant to Clause 8.4 (Market Issuance).

 

		(b)	Paragraph
                                            (a) above shall apply in respect of a Compounded Rate Loan if an amount is specified
                                            as Break Costs in the applicable Compounded Rate Terms.

 

		(c)	Each
                                            Lender shall, as soon as reasonably practicable after a demand by Holdco, provide a certificate
                                            confirming the amount of its Break Costs for any Interest Period in which they accrue, a
                                            copy of which shall be provided to Holdco.

 

		13.	Fees

 

		13.1	Commitment
                                            fee

 

		(a)	Holdco
                                            shall pay (or procure there is paid) to the Agent (for the account of each Lender) a fee
                                            computed at the rate of:

 

		(i)	in
                                            respect of Facility A, 35% of the Margin for Facility A per annum on that Lender’s
                                            Available Commitment under Facility A for the Availability Period applicable to Facility
                                            A, payable in USD; and

 

		(ii)	in
                                            respect of Facility B, 35% of the Margin for Facility B per annum on that Lender’s
                                            Available Commitment under Facility B for the Availability Period applicable to Facility
                                            B, payable in Naira.

 

		(b)	The
                                            accrued commitment fee is payable on the last day of each successive period of three Months
                                            which ends during the relevant Availability Period, on the last day of the relevant Availability
                                            Period and, if cancelled in full, on the cancelled amount of the relevant Lender’s
                                            Commitment at the time the cancellation is effective.

 

		(c)	No
                                            commitment fee is payable to the Agent (for the account of a Lender) on any Available Commitment
                                            of that Lender for any day on which that Lender is a Defaulting Lender.

 

    (73)

     

    

 

		13.2	Participation
                                            and underwriting fee

 

Holdco
shall pay (or procure there is paid) to the Arrangers a participation and underwriting fee in the amount and at the times agreed in a
Fee Letter.

 

		13.3	Facility
                                            B management fee

 

Holdco
shall pay (or procure there is paid) to the NGN Lenders a management fee in the amount and at the times agreed in a Fee Letter.

 

		13.4	Agent
                                            fee

 

Holdco
shall pay (or procure there is paid) to the Agent (for its own account) a fee in the amount and at the times agreed in a Fee Letter.

 

    (74)

     

    

 

Section 6

Additional Payment Obligations

 

		14.	Taxes

 

		14.1	Tax
                                            Definitions

 

In this
Agreement:

 

“Protected
Party” means a Finance Party which is or will be subject to any liability or required to make any payment for or on account
of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance
Document.

 

“Tax
Credit” means a credit against, relief or remission for, or repayment of any Tax.

 

“Tax
Deduction” means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a
FATCA Deduction.

 

“Tax
Payment” means either the increase in a payment made by an Obligor to a Finance Party under Clause 14.2 (Tax Gross-Up)
or a payment under Clause 14.3 (Tax Indemnity).

 

Unless
a contrary indication appears, in this Clause 14 a reference to determines or determined means a determination made
in the absolute discretion of the person making the determination.

 

		14.2	Tax
                                            Gross-Up

 

		(a)	Each
                                            Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax
                                            Deduction is required by law.

 

		(b)	Holdco
                                            and each other Obligor shall promptly upon becoming aware that an Obligor must make a Tax
                                            Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify
                                            the Agent accordingly. Similarly, a Lender shall notify the Agent on becoming so aware in
                                            respect of a payment payable to that Lender. If the Agent receives such notification from
                                            a Lender it shall notify Holdco.

 

		(c)	If
                                            a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due
                                            from that Obligor shall be increased to an amount which (after making any Tax Deduction)
                                            leaves an amount equal to the payment which would have been due if no Tax Deduction had been
                                            required.

 

		(d)	A
                                            payment shall not be increased under paragraph (c) above by reason of a Tax Deduction
                                            if on the date on which the payment falls due that Obligor is able to demonstrate that the
                                            payment could have been made to the Lender without the Tax Deduction had that Lender complied
                                            with its obligations under paragraph (g) below.

 

		(e)	If
                                            an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction
                                            and any payment required in connection with that Tax Deduction within the time allowed and
                                            in the minimum amount required by law.

 

		(f)	Within
                                            30 days of making either a Tax Deduction or any payment required in connection with
                                            that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for
                                            the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance
                                            Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid
                                            to the relevant taxing authority.

 

		(g)	Each
                                            Lender and each Obligor shall co-operate in completing any procedural formalities necessary
                                            for each Obligor to obtain authorisation to make that payment without a Tax Deduction.

 

    (75)

     

    

 

		14.3	Tax
                                            Indemnity

 

		(a)	Holdco
                                            shall within five Business Days of demand by the Agent, pay to a Protected Party an amount
                                            equal to the loss, liability or cost which that Protected Party determines will be or has
                                            been (directly or indirectly) suffered for or on account of Tax by that Protected Party in
                                            respect of a Finance Document.

 

		(b)	Paragraph (a) above
                                            shall not apply:

 

		(i)	with
                                            respect to any Tax assessed on a Finance Party:

 

		(A)	under
                                            the law of the jurisdiction in which that Finance Party is incorporated or, if different,
                                            the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for
                                            tax purposes; or

 

		(B)	under
                                            the law of the jurisdiction in which that Finance Party’s Facility Office is located
                                            in respect of amounts received or receivable in that jurisdiction,

 

if that
Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable)
by that Finance Party; or

 

		(ii)	to
                                            the extent a loss, liability or cost:

 

		(A)	is
                                            compensated for by an increased payment under Clause 14.2 (Tax Gross-Up);

 

		(B)	would
                                            have been compensated for by an increased payment under Clause 14.2 (Tax Gross-Up)
                                            but was not so compensated solely because paragraph (d) of Clause 14.2 (Tax
                                            Gross-Up) applied;

 

		(C)	is
                                            compensated for under any other provision of this Agreement;

 

		(D)	relates
                                            to a FATCA Deduction required to be made by a Party; or

 

		(E)	is
                                            suffered or incurred as a result of any Finance Party having a substantial interest (aanmerkelijk
                                            belang) in an Obligor as defined in the Dutch Income Tax Act (Wet inkomstenbelasting
                                            2001).

 

		(c)	A
                                            Protected Party making, or intending to make, a claim under paragraph (a) above
                                            shall promptly notify the Agent of the event which will give, or has given, rise to the claim,
                                            following which the Agent shall notify Holdco.

 

		(d)	A
                                            Protected Party shall, on receiving a payment from an Obligor under this Clause 14.3,
                                            notify the Agent.

 

		14.4	Tax
                                            Credits

 

If an
Obligor makes a Tax Payment and the relevant Finance Party determines that:

 

		(a)	a
                                            Tax Credit is attributable to and identifiable by the relevant Finance Party as, an increased
                                            payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in
                                            consequence of which that Tax Payment was required; and

 

		(b)	that
                                            Finance Party has obtained and utilised that Tax Credit, the Finance
Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax
position as it would have been in had the Tax Payment not been required to be made by the Obligor.

 

    (76)

     

    

 

		14.5	Stamp
                                            Taxes

 

Holdco
shall pay and, within five Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party
incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document, other than a cost,
loss or liability in relation to such stamp duty, registration or similar Tax, incurred by a Finance Party in respect of a transfer or
assignment of its rights and/or obligations under a Finance Document.

 

		14.6	VAT

 

		(a)	All
                                            amounts expressed to be payable under a Finance Document by any Party to a Finance Party
                                            which (in whole or in part) constitute the consideration for any supply for VAT purposes
                                            are deemed to be exclusive of any VAT which is chargeable on that supply and, accordingly,
                                            subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made
                                            by any Finance Party to any Party under a Finance Document and such Finance Party is required
                                            to account to the relevant tax authority for the VAT, that Party must pay to such Finance
                                            Party (in addition to and at the same time as paying any other consideration for such supply)
                                            an amount equal to the amount of the VAT (and such Finance Party must promptly provide an
                                            appropriate VAT invoice to that Party).

 

		(b)	If
                                            VAT is or becomes chargeable on any supply made by any Finance Party (the “Supplier”)
                                            to any other Finance Party (the “Recipient” under a Finance Document,
                                            and any Party other than the Recipient (the “Relevant Party”) is required
                                            by the terms of any Finance Document to pay an amount equal to the consideration for that
                                            supply to the Supplier (rather than being required to reimburse or indemnify the Recipient
                                            in respect of that consideration):

 

		(i)	(where
                                            the Supplier is the person required to account to the relevant tax authority for the VAT)
                                            the Relevant Party must also pay to the Supplier (at the same time as paying that amount)
                                            an additional amount equal to the amount of the VAT. The Recipient must (where this subparagraph (i) applies)
                                            promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient
                                            receives from the relevant tax authority which the Recipient reasonably determines relates
                                            to the VAT chargeable on that supply; and

 

		(ii)	(where
                                            the Recipient is the person required to account to the relevant tax authority for the VAT)
                                            the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient
                                            an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient
                                            reasonably determines that it is not entitled to credit or repayment from the relevant tax
                                            authority in respect of that VAT.

 

		(c)	Where
                                            a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost
                                            or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party
                                            for the full amount of such cost or expense, including such part thereof as represents VAT,
                                            save to the extent that such Finance Party reasonably determines that it is entitled to credit
                                            or repayment in respect of such VAT from the relevant tax authority.

 

    (77)

     

    

  

		(d)	Any
                                            reference in this Clause 14.6 to any Party shall, at any time when such Party is treated
                                            as a member of a group (including but not limited to any fiscal unities) for VAT purposes,
                                            include (where appropriate and unless the context otherwise requires) a reference to the
                                            person who is treated as making or receiving the supply (as the case may be)under the grouping
                                            rules (as provided for in Article 11 of Council Directive 2006/112/EC (or as implemented
                                            by the relevant member state of the European Union) or any other similar provision in any
                                            jurisdiction which is not a member state of the European Union) so that a reference to a
                                            Party shall be construed as a reference to that Party or the relevant group or unity (or
                                            fiscal unity) of which that Party is a member for VAT purposes at the relevant time or the
                                            relevant representative member (or head) of that group or unity (or fiscal unity) at the
                                            relevant time (as the case may be).

 

		(e)	In
                                            relation to any supply made by a Finance Party to any Party under a Finance Document, if
                                            reasonably requested by such Finance Party, that Party must promptly provide such Finance
                                            Party with details of that Party’s VAT registration and such other information as is
                                            reasonably requested in connection with such Finance Party’s VAT reporting requirements
                                            in relation to such supply.

 

		14.7	FATCA
                                            Information

 

		(a)	Subject
                                            to paragraph (c) below, each Party shall, within ten Business Days of a reasonable
                                            request by another Party:

 

		(i)	confirm
                                            to that other Party whether it is:

 

		(A)	a
                                            FATCA Exempt Party; or

 

		(B)	not
                                            a FATCA Exempt Party;

 

		(ii)	supply
                                            to that other Party such forms, documentation and other information relating to its status
                                            under FATCA as that other Party reasonably requests for the purposes of that other Party’s
                                            compliance with FATCA; and

 

		(iii)	supply
                                            to that other Party such forms, documentation and other information relating to its status
                                            as that other Party reasonably requests for the purposes of that other Party’s compliance
                                            with any other law, regulation, or exchange of information regime.

 

		(b)	If
                                            a Party confirms to another Party pursuant to paragraph (a)(i) above that it is
                                            a FATCA Exempt Party and it subsequently becomes aware that it is not or has ceased to be
                                            a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.

 

		(c)	Paragraph (a) above
                                            shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above
                                            shall not oblige any other Party to do anything, which would or might in its reasonable opinion
                                            constitute a breach of:

 

		(i)	any
                                            law or regulation;

 

		(ii)	any
                                            fiduciary duty; or

 

		(iii)	any
                                            duty of confidentiality.

 

    (78)

     

    

 

		(d)	If
                                            a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation
                                            or other information requested in accordance with paragraph (a)(i) or (ii) above
                                            (including, for the avoidance of doubt, where paragraph (c) above applies), then
                                            such Party shall be treated for the purposes of the Finance Documents (and payments under
                                            them) as if it is not a FATCA Exempt Party until such time as the Party in question provides
                                            the requested confirmation, forms, documentation or other information.

 

		14.8	FATCA
                                            Deduction

 

		(a)	Each
                                            Party may make any FATCA Deduction it is required to make by FATCA, and any payment required
                                            in connection with that FATCA Deduction, and no Party shall be required to increase any payment
                                            in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient
                                            of the payment for that FATCA Deduction.

 

		(b)	Each
                                            Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there
                                            is any change in the rate or the basis of such FATCA Deduction) notify the Party to whom
                                            it is making the payment and, in addition, shall notify Holdco the Agent and the Agent shall
                                            notify the other Finance Parties.

 

		15.	Increased
                                            Costs

 

		15.1	Increased
                                            Costs

 

		(a)	Subject
                                            to Clause 15.3 (Exceptions) Holdco shall, within five Business Days of a demand
                                            by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred
                                            by that Finance Party or any of its Affiliates as a result of (i) the introduction of
                                            or any change in (or in the interpretation, administration or application of) any law or
                                            regulation or (ii) compliance with any law or regulation made after the date of this
                                            Agreement.

 

		(b)	In
                                            this Agreement “Increased Costs” means:

 

		(i)	a
                                            reduction in the rate of return from a Facility or on a Finance Party’s (or its Affiliate’s)
                                            overall capital;

 

		(ii)	an
                                            additional or increased cost; or

 

		(iii)	a
                                            reduction of any amount due and payable under any Finance Document,

 

which is
incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered
into its Commitment or funding or performing its obligations under any Finance Document.

 

		15.2	Increased
                                            Cost Claims

 

		(a)	A
                                            Finance Party intending to make a claim pursuant to Clause 15.1 (Increased Costs)
                                            shall notify the Agent of the event giving rise to the claim, following which the Agent shall
                                            promptly notify Holdco.

 

		(b)	Each
                                            Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate
                                            confirming the amount of its Increased Costs.

 

    (79)

     

    

 

 

		15.3	Exceptions

 

		(a)	Clause 15.1
                                            (Increased Costs) does not apply to the extent any Increased Cost is:

 

		(i)	attributable
                                            to a Tax Deduction required by law to be made by Holdco;

 

		(ii)	attributable
                                            to a FATCA Deduction required to be made by a Party;

 

		(iii)	compensated
                                            for by Clause 14.3 (Tax Indemnity) (or would have been compensated for under
                                            Clause 14.3 (Tax Indemnity) but was not so compensated solely because any of
                                            the exclusions in paragraph (b) of Clause 14.3 (Tax Indemnity) applied);

 

		(iv)	attributable
                                            to the implementation or application of or compliance with the “International Convergence
                                            of Capital Measurement and Capital Standards, a Revised Framework” published by the
                                            Basel Committee on Banking Supervision in June 2004 in the form existing on the
                                            date of this Agreement (or, if later, the date it became a Party to this Agreement) (Basel
                                            II) or any other law or regulation which implements Basel II (whether such implementation,
                                            application or compliance is by a government, regulator, Finance Party or any of its Affiliates);

 

		(v)	attributable
                                            to implementation or application of, or compliance with, Basel III or CRD IV other than to
                                            the extent that Basel III or CRD IV are amended following the date of this Agreement and
                                            such amendments are not contemplated as at the date of this Agreement; or

 

		(vi)	attributable
                                            to the wilful breach by any Finance Party or its Affiliates of any law or regulation or the
                                            terms of any Finance Document.

 

		(b)	In
                                            this Clause 15.3:

 

		(i)	A
                                            reference to a “Tax Deduction” has the same meaning given to the term
                                            in Clause 14.1 (Tax Definitions);

 

		(ii)	“Basel
                                            III” means:

 

		(A)	the
                                            agreements on capital requirements, a leverage ratio and liquidity standards contained in
                                            “Basel III: A global regulatory framework for more resilient banks and banking systems”,
                                            “Basel III: International framework for liquidity risk measurement, standards and monitoring”
                                            and “Guidance for national authorities operating the countercyclical capital buffer”
                                            published by the Basel Committee on Banking Supervision in December 2010, each as amended,
                                            supplemented or restated;

 

		(B)	the
                                            rules for global systemically important banks contained in “Global systemically
                                            important banks: assessment methodology and the additional loss absorbency requirement –
                                            Rules text” published by the Basel Committee on Banking Supervision in November 2011,
                                            as amended, supplemented or restated; and

 

		(C)	any
                                            further guidance or standards published by the Basel Committee on Banking Supervision relating
                                            to “Basel III”.

 

    (80)

     

    

 

		(iii)	“CRD
                                            IV” means:

 

		(A)	Regulation
                                            (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
                                            requirements for credit institutions and investment firms; and

 

		(B)	Directive
                                            2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to
                                            the activity of credit institutions and the prudential supervision of credit institutions
                                            and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and
                                            2006/49/EC.

 

		16.	Other
                                            Indemnities

 

		16.1	Currency
                                            Indemnity

 

		(a)	If
                                            any sum due from an Obligor under the Finance Documents (a “Sum”), or
                                            any order, judgment or award given or made in relation to a Sum, has to be converted from
                                            the currency (the “First Currency”) in which that Sum is payable into
                                            another currency (the “Second Currency”) for the purpose of:

 

		(i)	making
                                            or filing a claim or proof against that Obligor; or

 

		(ii)	obtaining
                                            or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

 

that
Obligor shall as an independent obligation, within five Business Days of demand indemnify each Finance Party to whom that Sum is due
against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate
of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available
to that person at the time of its receipt of that Sum.

 

		(b)	Each
                                            Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance
                                            Documents in a currency or currency unit other than that in which it is expressed to be payable.

 

		16.2	Other
                                            Indemnities

 

Holdco
shall (or shall procure that an Obligor will) within five Business Days of demand indemnify each Finance Party against any cost, loss
or liability incurred by it as a result of:

 

		(a)	the
                                            occurrence of any Event of Default;

 

		(b)	a
                                            failure by an Obligor to pay any amount due under a Finance Document on its due date, including
                                            without limitation, any cost, loss or liability arising as a result of Clause 30 (Sharing
                                            Among the Finance Parties);

 

		(c)	funding,
                                            or making arrangements to fund, its participation in a Loan requested by Holdco or a Borrower
                                            in a Utilisation Request but not made by reason of the operation of any one or more of the
                                            provisions of this Agreement (other than by reason of default or negligence by that Finance
                                            Party alone); or

 

		(d)	a
                                            Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given
                                            by a Borrower or Holdco.

 

    (81)

     

    

 

		16.3	Indemnity
                                            to the Agent

 

		(a)	Holdco
                                            shall promptly indemnify the Agent against:

 

		(i)	any
                                            cost, loss or liability incurred by the Agent (acting reasonably) as a result of:

 

		(A)	investigating
                                            any event which it reasonably believes is a Default;

 

		(B)	acting
                                            or relying on any notice, request or instruction which it reasonably believes to be genuine,
                                            correct and appropriately authorised; or

 

		(C)	instructing
                                            lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
                                            permitted under this Agreement; and

 

		(ii)	any
                                            cost, loss or liability incurred by the Agent (otherwise than by reason of the Agent’s
                                            gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant
                                            to Clause 31.11 (Disruption to Payment Systems Etc), notwithstanding the Agent’s
                                            negligence, gross negligence or any other category of liability whatsoever but not including
                                            any claim based on the fraud of the Agent) in acting as Agent under the Finance Documents.

 

		17.	Mitigation
                                            by the Lenders

 

		17.1	Mitigation

 

		(a)	Each
                                            Finance Party shall, in consultation with Holdco, take all reasonable steps to mitigate any
                                            circumstances which arise and which would result in any Facility ceasing to be available
                                            or any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 7.1
                                            (Illegality), Clause 14 (Taxes) or Clause 15 (Increased Costs)
                                            including (but not limited to) transferring its rights and obligations under the Finance
                                            Documents to another Affiliate or Facility Office.

 

		(b)	Paragraph (a) above
                                            does not in any way limit the obligations of any Obligor under the Finance Documents.

 

		17.2	Limitation
                                            of Liability

 

		(a)	Holdco
                                            shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred
                                            by that Finance Party as a result of steps taken by it under Clause 17.1 (Mitigation).

 

		(b)	A
                                            Finance Party is not obliged to take any steps under Clause 17.1 (Mitigation)
                                            if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial
                                            to it.

 

    (82)

     

    

 

		18.	Costs
                                            and Expenses

 

		18.1	Transaction
                                            Expenses

 

Holdco
shall within ten Business Days of demand pay the Agent, the Arrangers and the Original Lenders the amount of all reasonable costs and
expenses including legal fees (pre-agreed by Holdco and subject to caps (if any)) properly incurred by any of them in relation to the
arrangement, negotiation, preparation, printing and execution of:

 

		(a)	this
                                            Agreement and any other documents referred to in this Agreement; and

 

		(b)	any
                                            other Finance Document entered into after the date of this Agreement,

 

provided
that, any costs and expenses of any relevant Party which, when taken together with all other costs and expenses of a similar nature incurred
by that Party, are in excess of USD10,000 shall have been pre-agreed with Holdco.

 

		18.2	Amendment
                                            Costs

 

If
(a) an Obligor requests an amendment, waiver or consent, or (b) an amendment is required pursuant to Clause 31.10 (Change
of Currency); or (c) any amendment or waiver is contemplated or agreed pursuant to Clause 37.3 (Changes to Reference
Rates)), Holdco shall, within 10 Business Days of demand, reimburse the Agent for the amount of all third-party costs and expenses
(including, but not limited to, legal fees (subject to caps (if any))) properly incurred by the Agent in responding to, evaluating, negotiating
or complying with or implementing that request, requirement or amendment or waiver (whether actual or contemplated).

 

		18.3	Enforcement
                                            costs

 

Holdco
shall, within 10 Business Days of demand, pay to each Finance Party the amount of all costs and expenses (including, but not limited
to, legal fees) incurred by it in connection with the enforcement of or the preservation of any rights under any Finance Document.

 

    (83)

     

    

 

Section 7

Guarantee

 

		19.	Guarantee
                                            and Indemnity

 

		19.1	Guarantee
                                            and Indemnity

 

Each
Guarantor irrevocably and unconditionally jointly and severally:

 

		(a)	guarantees
                                            to each Finance Party punctual performance by each other Obligor of all that Obligor’s
                                            obligations under the Finance Documents;

 

		(b)	undertakes
                                            with each Finance Party that whenever another Obligor does not pay any amount when due under
                                            or in connection with any Finance Document, that Guarantor shall immediately on demand pay
                                            that amount as if it was the principal obligor; and

 

		(c)	agrees
                                            with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable,
                                            invalid or illegal, it will, as an independent and primary obligation, indemnify that Finance
                                            Party immediately on demand against any cost, loss or liability it incurs as a result of
                                            an Obligor not paying any amount which would, but for such unenforceability, invalidity or
                                            illegality, have been payable by it under any Finance Document on the date when it would
                                            have been due. The amount payable by a Guarantor under this indemnity will not exceed the
                                            amount it would have had to pay under this Clause 19 if the amount claimed had been
                                            recoverable on the basis of a guarantee.

 

		19.2	Continuing
                                            guarantee

 

This
guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents,
regardless of any intermediate payment or discharge in whole or in part.

 

		19.3	Reinstatement

 

If
any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or
otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided
or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of each Guarantor
under this Clause 19 will continue or be reinstated as if the discharge, release or arrangement had not occurred.

 

		19.4	Waiver
                                            of Defences

 

The
obligations of each Guarantor under this Clause 19 will not be affected by an act, omission, matter or thing which, but for this
Clause 19, would reduce, release or prejudice any of its obligations under this Clause 19 (without limitation and whether or
not known to it or any Finance Party) including:

 

		(a)	any
                                            time, waiver or consent granted to, or composition with, any Obligor or other person;

 

		(b)	the
                                            release of any other Obligor or any other person under the terms of any composition or arrangement
                                            with any creditor of any member of the Group;

 

		(c)	the
                                            taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to
                                            perfect, take up or enforce, any rights against, or security over assets of, any Obligor
                                            or other person or any non-presentation or non-observance of any formality or other requirement
                                            in respect of any instrument or any failure to realise the full value of any security;

 

    (84)

     

    

 

		(d)	any
                                            incapacity or lack of power, authority or legal personality of or dissolution or change in
                                            the members or status of an Obligor or any other person;

 

		(e)	any
                                            amendment, novation, supplement, extension, restatement (however fundamental and whether
                                            or not more onerous) or replacement of a Finance Document or any other document or security
                                            including, without limitation, any change in the purpose of, any extension of or increase
                                            in any facility or the addition of any new facility under any Finance Document or other document
                                            or security;

 

		(f)	any
                                            unenforceability, illegality or invalidity of any obligation of any person under any Finance
                                            Document or any other document or security; or

 

		(g)	any
                                            insolvency or similar proceedings.

 

		19.5	Guarantor
                                            intent

 

Without
prejudice to the generality of Clause 19.4 (Waiver of Defences), each Guarantor expressly confirms that it intends that this
guarantee shall extend from time to time to any (however fundamental and of whatsoever nature and whether or not more onerous) variation,
increase, extension or addition of or to any of the Finance Documents and/or any facility or amount made available under any of the Finance
Documents for the purposes of or in connection with any of the following: business acquisitions of any nature; increasing working capital;
enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness;
making facilities available to new borrowers; any other variation or extension of the purposes for which any such facility or amount
might be made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing.

 

		19.6	Immediate
                                            Recourse

 

Each
Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against
or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this Clause 19.
This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

 

		19.7	Appropriations

 

Until
all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid
in full, each Finance Party (or any trustee or agent on its behalf) may:

 

		(a)	refrain
                                            from applying or enforcing any other moneys, security or rights held or received by that
                                            Finance Party (or any trustee or agent on its behalf) in respect of those amounts, or apply
                                            and enforce the same in such manner and order as it sees fit (whether against those amounts
                                            or otherwise) and no Guarantor shall be entitled to the benefit of the same; and

 

		(b)	hold
                                            in an interest-bearing suspense account any moneys received from any Guarantor or on account
                                            of any Guarantor’s liability under this Clause 19.

 

    (85)

     

    

 

		19.8	Deferral
                                            of Guarantors’ Rights

 

Until
all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid
in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it
of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 19:

 

		(a)	to
                                            be indemnified by an Obligor;

 

		(b)	to
                                            claim any contribution from any other guarantor of any Obligor’s obligations under
                                            the Finance Documents;

 

		(c)	to
                                            take the benefit (in whole or in part and whether by way of subrogation or otherwise) of
                                            any rights of the Finance Parties under the Finance Documents or of any other guarantee or
                                            security taken pursuant to, or in connection with, the Finance Documents by any Finance Party;

 

		(d)	to
                                            bring legal or other proceedings for an order requiring any Obligor to make any payment,
                                            or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking
                                            or indemnity under Clause 19.1 (Guarantee and Indemnity);

 

		(e)	to
                                            exercise any right of set-off against any Obligor; and/or

 

		(f)	to
                                            claim or prove as a creditor of any Obligor in competition with any Finance Party.

 

If
a Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution
to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection
with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Agent
or as the Agent may direct for application in accordance with Clause 31 (Payment Mechanics).

 

		19.9	Release
                                            of Guarantors’ Right of Contribution

 

If
any Guarantor (a “Retiring Guarantor”) ceases to be a Guarantor in accordance with the terms of the Finance Documents
for the purpose of any sale or other disposal of that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor:

 

		(a)	that
                                            Retiring Guarantor is released by each other Guarantor from any liability (whether past,
                                            present or future and whether actual or contingent) to make a contribution to any other Guarantor
                                            arising by reason of the performance by any other Guarantor of its obligations under the
                                            Finance Documents; and

 

		(b)	each
                                            other Guarantor waives any rights it may have by reason of the performance of its obligations
                                            under the Finance Documents to take the benefit (in whole or in part and whether by way of
                                            subrogation or otherwise) of any rights of the Finance Parties under any Finance Document
                                            or of any other security taken pursuant to, or in connection with, any Finance Document where
                                            such rights or security are granted by or in relation to the assets of the Retiring Guarantor.

 

		19.10	Additional
                                            Security

 

This
guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance
Party.

 

    (86)

     

    

 

Section 8

Representations, Undertakings and Events of Default

 

		20.	Representations
                                            and Warranties

 

Each
Obligor makes the representations and warranties set out in this Clause 20 to each Finance Party at the times specified in Clause 20.24
(Times when Representations made).

 

		20.1	Status

 

		(a)	Other
                                            than in relation to IHS Holding, it is a limited liability company, duly incorporated and
                                            existing under the laws of its jurisdiction of its incorporation.

 

		(b)	In
                                            the case of IHS Holding, it is:

 

		(i)	prior
                                            to a Permitted Re-domiciliation, a limited liability company, duly incorporated and existing
                                            under the laws of its jurisdiction of its incorporation; or

 

		(ii)	after
                                            a Permitted Re-domiciliation, an exempted company registered by way of continuation with
                                            limited liability, validly existing and in good standing under the laws of the Cayman Islands.

 

		(c)	Each
                                            member of the Group is a limited liability company, duly incorporated and validly existing
                                            under the law of its jurisdiction of incorporation.

 

		(d)	It
                                            and each of its Subsidiaries has the power to own its assets and carry on its business as
                                            it is being conducted.

 

		20.2	Binding
                                            Obligations

 

Subject
to the Legal Reservations, the obligations expressed to be assumed by it in each Finance Document to which it is a party are legal, valid,
binding and enforceable obligations.

 

		20.3	Non-Conflict
                                            with Other Obligations

 

The
entry into and performance by it of, and the transactions contemplated by, the Finance Documents to which it is a party do not contravene:

 

		(a)	any
                                            law or regulation applicable to it;

 

		(b)	the
                                            constitutional documents of any member of the Group; or

 

		(c)	any
                                            agreement or instrument binding upon it or any member of the Group or any of its or any member
                                            of the Group’s assets, to an extent which has or would be reasonably expected to have
                                            a Material Adverse Effect.

 

		20.4	Power
                                            and Authority

 

It
has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery
of, each of the Finance Documents to which it is a party or will be a party and to carry out the transactions contemplated by those Finance
Documents.

 

    (87)

     

    

 

		20.5	Validity
                                            and Admissibility in Evidence

 

		(a)	All
                                            Authorisations required by it in order:

 

		(i)	to
                                            enable it lawfully to enter into, exercise its rights and comply with its obligations under
                                            the Finance Documents to which it is a party; and

 

		(ii)	to
                                            make the Finance Documents to which it is a party, subject to the Legal Reservations and
                                            the requirement to stamp the Finance Documents in Nigeria, admissible in evidence in the
                                            jurisdiction of its incorporation,

 

have
been obtained or effected and are, subject to the Legal Reservations, in full force and effect.

 

		(b)	All
                                            Authorisations necessary for the conduct of the ordinary course of ordinary course of trading
                                            or business of members of the Group have been obtained or effected and are in full force
                                            and effect if failure to obtain or effect those Authorisations would be reasonably expected
                                            to have a Material Adverse Effect.

 

		20.6	Governing
                                            Law and Enforcement

 

		(a)	Subject
                                            to the Legal Reservations, the choice of governing law of the Finance Documents as expressed
                                            in such Finance Document will be recognised in its jurisdiction of incorporation.

 

		(b)	Subject
                                            to the Legal Reservations, any arbitral award or judgment obtained in relation to a Finance
                                            Document in the jurisdiction of the governing law of that Finance Document will be recognised
                                            and enforced in its jurisdiction of incorporation.

 

		20.7	Filing
                                            and Stamp Taxes

 

Under
the laws of its jurisdiction of incorporation it is not necessary that the Finance Documents be filed, recorded or enrolled with any
court or other authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation
to the Finance Documents or the transactions contemplated by the Finance Documents except for:

 

		(a)	payment
                                            of stamp duty under the Stamp Duties Act, Chapter S8, Laws of the Federation of Nigeria 2004;
                                            and

 

		(b)	after
                                            a Permitted Re-domiciliation, any stamping, filing, recording or enrolling or any tax or
                                            fee payable in connection with any Finance Documents that is executed in or brought to the
                                            Cayman Islands or produced before a court in the Cayman Islands,

 

provided
that, for the avoidance of doubt, this Clause 20.7 shall not apply in respect of any stamp duty, registration or similar tax payable
in respect of any assignment or transfer pursuant to Clause 25 (Changes to the Lenders).

 

		20.8	Deduction
                                            of Tax

 

It
is not required to make any deduction for or on account of Tax from any payment it may make under any Finance Document other than the
obligation of the Borrowers to deduct withholding tax on account of Nigerian withholding tax on interest from interest payments under
this Agreement (but for the avoidance of doubt, any amounts so withheld from interest payments shall be grossed up pursuant to Clause
14.2 (Tax Gross-Up)).

 

    (88)

     

    

 

		20.9	No
                                            Default

 

		(a)	No
                                            Event of Default has occurred (or, when this representation is made on the date of this Agreement
                                            and on the Closing Date only, no Default has occurred) and is continuing or is reasonably
                                            likely to result from the making of any Loan or the entry into or the performance of, or
                                            any transaction contemplated by, any Finance Document.

 

		(b)	No
                                            other event has occurred and is continuing which constitutes a default (howsoever described
                                            or defined) under any other agreement or instrument which is binding on it or any member
                                            of the Group or to which its (or any member of the Group’s) assets are subject which
                                            has or is reasonably likely to have a Material Adverse Effect.

 

		20.10	No
                                            Misleading Information

 

Save
as disclosed in writing to the Agent or the Arrangers prior to the date of this Agreement (or, in relation to the Information Memorandum,
prior to the date the Information Memorandum is approved by Holdco):

 

		(a)	any
                                            written factual information provided by or on behalf of IHS Holding, Holdco or a Group member
                                            included in the Information Memorandum or contained in the Financial Plan was true and accurate
                                            in all material respects as at the date of the relevant report or document containing the
                                            information or (as the case may be) as at the date the information is expressed to be given;

 

		(b)	the
                                            Financial Plan has been prepared in accordance with the Accounting Principles, and the financial
                                            projections contained in the Financial Plan have been prepared on the basis of recent historical
                                            information, are fair and based on reasonable assumptions and have been approved by the chief
                                            financial officer or a director of Holdco;

 

		(c)	any
                                            financial projection or forecast contained in the Information Memorandum or the Financial
                                            Plan has been prepared on the basis of recent historical information and on the basis of
                                            reasonable assumptions and was fair (as at the date of the relevant report or document containing
                                            the projection or forecast) and arrived at after careful consideration;

 

		(d)	the
                                            expressions of opinion or intention provided by or on behalf of an Obligor for the purposes
                                            of the Financial Plan or the Information Memorandum were made after careful consideration
                                            and (as at the date of the relevant report or document containing the expression of opinion
                                            or intention) were fair and based on reasonable grounds;

 

		(e)	to
                                            the best of its knowledge and belief, no event or circumstance has occurred or arisen and
                                            no information has been omitted from the Financial Plan or the Information Memorandum and
                                            no information has been given or withheld that results in the information, opinions, intentions,
                                            forecasts or projections contained in the Financial Plan or the Information Memorandum being
                                            untrue or misleading in any material respect; and

 

		(f)	all
                                            other written factual information provided by or on behalf of any member of the Group (including
                                            its advisers) to a Finance Party was true, complete and accurate in all material respects
                                            as at the date it was provided and is not misleading in any respect.

 

    (89)

     

    

 

 

		20.11	Financial
                                            Statements

   

		(a)	The
                                            Annual Financial Statements (together with the notes thereto) most recently delivered pursuant
                                            to paragraph (a) of Clause 21.1 (Financial Statements):

 

		(i)	give
                                            a true and fair view of the consolidated financial position of IHS Holding and its Subsidiaries
                                            as at the date to which they were prepared and for the Financial Year then ended; and

 

		(ii)	were
                                            prepared in accordance with the Accounting Principles consistently applied.

 

		(b)	The
                                            financial statements most recently delivered pursuant to paragraph (b) of Clause 21.1
                                            (Financial Statements):

 

		(i)	fairly
                                            represent the consolidated financial position of INT Towers, IHS Nigeria and ITNG (as
                                            applicable) and their respective Subsidiaries as at the date to which they were prepared
                                            and for the Financial Year then ended; and

 

		(ii)	were
                                            prepared on a basis consistent with the Accounting Principles (to the extent appropriate
                                            in the context of such accounts).

 

		(c)	The
                                            Quarterly Financial Statements most recently delivered pursuant to paragraph (c) of
                                            Clause 21.1 (Financial Statements):

 

		(i)	fairly
                                            represent the consolidated financial position of IHS Holding and its Subsidiaries as at the
                                            date to which they were prepared and for the Financial Quarter to which they relate; and

 

		(ii)	were
                                            prepared on a basis consistent with the Accounting Principles (to the extent appropriate
                                            in the context of such accounts).

 

		(d)	The
                                            budgets supplied under Clause 21.4 (Budget) were arrived at after careful consideration
                                            and have been prepared in good faith and on the basis of recent historical information and
                                            on the basis of assumptions which were reasonable as at the date they were prepared and supplied.

 

		(e)	The
                                            financial statements (other than in relation to any pro forma calculations) delivered pursuant
                                            to Clause 4.1 (Initial Conditions Precedent);

 

		(i)	give
                                            a true and fair view of the consolidated financial position of IHS Holding and its Subsidiaries
                                            as at the date to which they were prepared and for the relevant period (in respect of the
                                            audited financial statements) and fairly represent the consolidated financial position of
                                            the Group as at the date to which they were prepared and for the period to which they relate
                                            (in respect of other financial statements); and

 

		(ii)	were
                                            prepared in accordance with the Accounting Principles consistently applied.

 

		20.12	No
                                            Litigation

 

No litigation,
arbitration or administrative proceedings or investigation of or before any court, arbitral body or agency which, if adversely determined,
would be reasonably likely to have a Material Adverse Effect has been started or (to the best of its knowledge and belief (having made
due and careful enquiry)) threatened against it or any member of the Group.

 

    (90)

     

    

 

		20.13	No
                                            Breach of Laws

   

It has
not breached any law or regulation which breach has or is reasonably likely to have a Material Adverse Effect.

 

		20.14	Pari
                                            Passu Ranking

 

The payment
obligations of each Obligor under the Finance Documents rank and will at all times rank at least pari passu in right and priority
of payment with all its other present and future unsecured and unsubordinated indebtedness except indebtedness preferred by laws of general
application.

 

		20.15	Good
                                            Title

 

Save
for filings with respect to tower sites at the Land Registries in Nigeria, it and each member of the Group has good, valid and marketable
title to, or valid leases or licences of, or is otherwise entitled to use, the assets necessary to carry on its business as presently
conducted, where failure to do so would be reasonably expected to have a Material Adverse Effect.

 

		20.16	Group
                                            Structure and Subsidiaries

 

The Group
Structure Chart delivered to the Agent pursuant to Part 1 of Schedule 2 (Conditions Precedent) is true and accurate in all
respects and shows the structure of the Group and Holdco’s direct and indirect shareholders up to and including IHS Holding, as
at the date of this Agreement and the Closing Date (including following the transfer of the shares in the Holding Company of INT Towers),
in each case, other than any minimal nominal shareholdings required by law and ignoring any manifest error.

 

		20.17	Sanctions

 

		(a)	No
                                            member of the Group, nor any of its Subsidiaries, joint venture entities, directors, officers
                                            or employees nor, to the knowledge of it, any persons acting on its behalf:

 

		(i)	is
                                            a Restricted Party;

 

		(ii)	has
                                            received notice of, or is otherwise aware of, any claim, action, suit, proceeding or investigation
                                            against it with respect to Sanctions by any Sanctions Authority;

 

		(iii)	has
                                            been engaged in any transaction that evades or avoids, or has the purpose of evading or avoiding,
                                            or breaches or attempts to breach, directly or indirectly, any Sanctions; or

 

		(iv)	has
                                            been engaged, directly or indirectly, in any trade, business or other activities with or
                                            for the benefit of any Restricted Party or which is in breach of any Sanctions.

 

		(b)	Subject
                                            to paragraph (c) below, any provision of paragraph (a) shall not apply to any person
                                            or for the benefit of a Finance Party if and to the extent that giving, complying with or
                                            receiving the benefit of (as applicable) such representation results in a breach of any applicable
                                            Blocking Law.

 

		(c)	In
                                            relation to each Finance Party that notifies the Agent and Holdco to this effect, any provision
                                            of paragraph (a) that results in that Finance Party breaching any applicable Blocking
                                            Law will continue to apply for the benefit of that Finance Party notwithstanding such breach.

 

    (91)

     

    

 

		20.18	Anti-Bribery
                                            and Corruption Laws

  

		(a)	Holdco
                                            shall ensure that the Group will implement policies and procedures designed to promote and
                                            achieve compliance by it and its respective directors, officers and employees with Anti-Corruption
                                            Laws.

 

		(b)	To
                                            the best of its knowledge, it has conducted its businesses in compliance with Anti-Corruption
                                            Laws.

 

		20.19	Environmental
                                            Laws

 

		(a)	Each
                                            member of the Group is in compliance with Clause 23.22 (Environmental Compliance)
                                            and to the best of its knowledge and belief (having made due and careful enquiry) no circumstances
                                            have occurred which would prevent such compliance in a manner or to an extent which would
                                            be reasonably likely to have a Material Adverse Effect.

 

		(b)	No
                                            Environmental Claim has been commenced or (to the best of its knowledge and belief (having
                                            made due and careful enquiry)) is threatened against any member of the Group where that claim
                                            would be reasonably likely, if adversely determined, to have a Material Adverse Effect or
                                            a material adverse impact on the implementation or operation of the business of the Group
                                            in accordance with the Performance Standards.

 

		20.20	No
                                            Immunity

 

In any
proceedings taken in its jurisdiction of incorporation in relation to the Finance Documents to which it is a party, it will not be entitled
to claim for itself or any of its assets immunity from suit, execution, attachment or other legal process.

 

		20.21	Insolvency

 

No:

 

		(a)	corporate
                                            action, legal proceeding or other procedure or step described in paragraph (a) of
                                            Clause 24.7 (Insolvency Proceedings); or

 

		(b)	creditors’
                                            process described in Clause 24.8 (Creditors’ Process),

 

has been
taken or, to the knowledge of it (having made due and careful enquiry), threatened in relation to a member of the Group and none of the
circumstances described in Clause 24.6 (Insolvency) applies to a member of the Group.

 

		20.22	Tax
                                            Status

 

No notice
under Article 36 of the Tax Collection Act (Invorderingswet 1990) has been given by any member of the Group.

 

		20.23	Anti-Money
                                            Laundering

 

To the
best of its knowledge, it and each member of the Group has conducted its operations at all times in compliance with Money Laundering
Laws and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving it
with respect to the Money Laundering Laws is pending or, to the best of its knowledge, threatened.

 

    (92)

     

    

 

		20.24	Times
                                            when Representations made

  

		(a)	The
                                            representations and warranties in this Clause 20 shall be made on the date of this Agreement
                                            and the Closing Date, except that the representations and warranties set out in paragraphs
                                            (a) to (e) of Clause 20.10 (No Misleading Information) are made:

 

		(i)	with
                                            respect to the Information Memorandum, on the date the Information Memorandum is approved
                                            by Holdco and on the date it is released to the Arrangers for distribution for the purposes
                                            of syndication; and

 

		(ii)	with
                                            respect to the Financial Plan, on the date of this Agreement and on the Closing Date.

 

		(b)	The
                                            Repeating Representations shall be deemed to be made by each Obligor on the date of each
                                            Utilisation Request, on each Utilisation Date and on the first day of each Interest Period.

 

		(c)	The
                                            representations and warranties set out in paragraphs (a) to (e) in Clause 20.10
                                            (No Misleading Information) are deemed to be repeated, with respect to the Information
                                            Memorandum only, on the Syndication Date.

 

		(d)	The
                                            representations and warranties set out in Clause 20.11 (Financial Statements)
                                            in respect of each set of Financial Statements delivered pursuant to Clause 21.1 (Financial
                                            Statements) shall only be made once in respect of each set of Financial Statements on
                                            the date such Financial Statements are delivered.

 

		(e)	All
                                            the representations and warranties in this Clause 20 except paragraph (a) of Clause
                                            20.9 (No Default), Clause 20.10 (No Misleading Information), paragraphs (d) and
                                            (e) of Clause 20.11 (Financial Statements) and Clause 20.16 (Group Structure
                                            and Subsidiaries) are deemed to be made by each Additional Guarantor on the day on which
                                            it becomes (or it is proposed that it becomes) an Additional Guarantor.

 

		(f)	Each
                                            representation or warranty deemed to be made after the date of this Agreement shall be deemed
                                            to be made by reference to the facts and circumstances existing at the date the representation
                                            or warranty is deemed to be made.

 

		21.	Information
                                            Undertakings

 

The undertakings
in this Clause 21 shall continue for so long as any sum remains payable or capable of becoming payable under the Finance Documents
or any Commitment is in force.

 

		21.1	Financial
                                            Statements

 

IHS Holding
will deliver to the Agent for all of the Lenders:

 

		(a)	as
                                            soon as they are available and in any event within 120 days after the end of each Financial
                                            Year, the audited consolidated financial statements of IHS Holding for that Financial Year,
                                            (the “Annual Financial Statements”);

 

		(b)	as
                                            soon as they are available and in any event within 120 days after the end of each Financial
                                            Year, the consolidated financial statements of each of INT Towers, IHS Nigeria and ITNG
                                            for that Financial Year;

 

		(c)	as
                                            soon as they are available and in any event within 60 days after the end of each Financial
                                            Quarter (other than the last Financial Quarter ending on the last day of each Financial Year
                                            and starting from the Financial Quarter ending on 30 June 2021), the unaudited consolidated
                                            financial statements of IHS Holding for that Financial Quarter, (the “Quarterly
                                            Financial Statements”); and

 

    (93)

     

    

   

		(d)	as
                                            soon as they are available and in any event within 60 days after the end of each Financial
                                            Quarter (but in respect of the last Financial Quarter only, ending on the last day of each
                                            Financial Year, within 120 days of such Financial Quarter) management accounts of the Nigerian
                                            incorporated Subsidiaries of IHS Holding for that Financial Quarter, on a combined basis
                                            (the “Quarterly Management Accounts”).

 

		21.2	Provision
                                            and Contents of Compliance Certificate

 

		(a)	IHS
                                            Holding shall supply a Compliance Certificate to the Agent with each set of the Annual Financial
                                            Statements and each set of the Quarterly Financial Statements and Quarterly Management Accounts,
                                            commencing with the Quarterly Financial Statements and Quarterly Management Accounts for
                                            the first Relevant Period ending immediately after the Closing Date.

 

		(b)	The
                                            Compliance Certificate shall:

 

		(i)	set
                                            out (in reasonable detail) computations as to compliance with (to the extent tested for that
                                            Relevant Period) Clause 22 (Financial Covenants) including as a result of IHS
                                            Holding or Holdco exercising its rights under Clause 22.4 (Equity Cure);

 

		(ii)	set
                                            out (in reasonable detail) the Margin computations in relation to Facility A set out in the
                                            definition of “Margin”; and

 

		(iii)	confirm
                                            that no Default is continuing (or if a Default is continuing, specify the Default and the
                                            steps being taken to remedy it).

 

		(c)	Each
                                            Compliance Certificate shall be signed by an officer of IHS Holding.

 

		21.3	Requirements
                                            as to Financial Statements

 

		(a)	IHS
                                            Holding shall procure that each set of Annual Financial Statements and Quarterly Financial
                                            Statements includes a balance sheet, profit and loss account and cashflow statement. In addition, IHS
                                            Holding shall procure that each set of Annual Financial Statements shall be audited by the
                                            Auditors.

 

		(b)	IHS
                                            Holding shall procure that each set of Quarterly Management Accounts includes a balance sheet,
                                            profit and loss account and cashflow statement.

 

		(c)	Each
                                            set of Financial Statements delivered pursuant to Clause 21.1 (Financial Statements):

 

		(i)	shall
                                            be certified by an officer of IHS Holding as giving a true and fair view of (in the case
                                            of the Annual Financial Statements), or fairly representing (in the case of the Quarterly
                                            Financial Statements or Quarterly Management Accounts), the financial condition and operations
                                            of IHS Holding and/or the relevant member of the Group (as applicable), as at the date as
                                            at which those financial statements were drawn up; and

 

    (94)

     

    

 

		(ii)	shall
                                            be prepared using the Accounting Principles, accounting practices and financial reference
                                            periods consistent with those applied in the preparation of the Financial Plan, unless, in
                                            relation to any set of financial statements, IHS Holding notifies the Agent that there
                                            has been a change in the Accounting Principles or the accounting practices and IHS Holding
                                            delivers to the Agent:

   

		(A)	a
                                            description of any change necessary for those financial statements to reflect the Accounting
                                            Principles or accounting practices upon which the Financial Plan was prepared; and

 

		(B)	sufficient
                                            information, in form and substance as may be reasonably required by the Agent, to enable
                                            the Lenders to determine whether Clause 22 (Financial Covenants) has been complied
                                            with, to determine the Margin as set out in the definition of “Margin” and to
                                            make an accurate comparison between the financial position indicated in those financial statements
                                            and the Financial Plan.

 

Any reference
in this Agreement to any financial statements shall be construed as a reference to those financial statements as adjusted to reflect
the basis upon which the Financial Plan was prepared.

 

		(d)	Notwithstanding
                                            any other term of this Agreement, no Event of Default shall occur, or be deemed to occur,
                                            as a result of any restriction on the identity of the Auditors contained in this Agreement
                                            being prohibited, unlawful, ineffective, invalid or unenforceable pursuant to the Audit Laws.

 

		21.4	Budget

 

IHS Holding
shall supply to the Agent for all the Lenders as soon as the same become available, but in any event no later than the first Quarter
Date following the end of each of its Financial Years an annual Budget for the immediately following Financial Year.

 

		21.5	Other
                                            Information

 

Each
Obligor shall supply to the Agent:

 

		(a)	at
                                            the same time as they are dispatched, copies of all documents dispatched by Holdco or any
                                            Obligors to its creditors generally (or any class of them);

 

		(b)	promptly
                                            upon becoming aware of them, the details of any litigation, arbitration, investigation or
                                            administrative proceedings which are current, threatened or pending against any member of
                                            the Group, and which, if adversely determined, are reasonably expected to have a Material
                                            Adverse Effect;

 

		(c)	promptly
                                            upon becoming aware of them, details of any claim, action, suit, proceedings or investigation
                                            against a member of the Group or its direct or indirect shareholder in respect to Sanctions;
                                            and

 

		(d)	such
                                            other information relating to the financial condition, assets or operation of the Borrower,
                                            as the Agent or any other Lender through the Agent may from time to time reasonably request.

 

		21.6	Notification
                                            of Default

 

		(a)	Each
                                            Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy
                                            it) promptly upon becoming aware of its occurrence (unless that Obligors is aware that a
                                            notification has already been provided by another Obligor).

 

		(b)	Promptly
                                            upon a request by the Agent, Holdco shall supply to the Agent a certificate signed by one
                                            of its directors or senior officers on its behalf certifying that no Default is continuing
                                            (or if a Default is continuing, specifying the Default and the steps, if any, being taken
                                            to remedy it).

 

    (95)

     

    

  

		21.7	Know
                                            Your Customer Checks

 

		(a)	If:

 

		(i)	the
                                            introduction of or any change in (or in the interpretation, administration or application
                                            of) any law or regulation made after the date of this Agreement;

 

		(ii)	any
                                            change in the status of an Obligor or the composition of the direct or indirect shareholders
                                            of an Obligor after the date of this Agreement; or

 

		(iii)	a
                                            proposed assignment or transfer by a Lender of any of its rights and/or obligations under
                                            this Agreement to a party that is not a Lender prior to such assignment or transfer,

 

obliges
the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with “know your
customer” or similar identification procedures in circumstances where the necessary information is not already available to it,
each Obligor shall promptly upon the request of the Agent or any Lender supply, or procure the supply of (or, in the case of any entity
that is not a member of the Group or IHS Holding, use reasonable efforts to supply or procure the supply of), such documentation and
other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case
of the event described in paragraph (iii) above, on behalf of any prospective new Lender) in order for the Agent, such Lender
or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it
has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant
to the transactions contemplated in the Finance Documents.

 

		(b)	Each
                                            Lender shall promptly, upon the request of the Agent, supply, or procure the supply of, such
                                            documentation and other evidence as is reasonably requested by the Agent (for itself) in
                                            order for the Agent to carry out and be satisfied with the results of all necessary “know
                                            your customer” or other similar checks under all applicable laws and regulations pursuant
                                            to the transactions contemplated in the Finance Documents.

 

		(c)	Holdco
                                            shall, by not less than 10 Business Days’ prior written notice to the Agent, notify
                                            the Agent (which shall promptly notify the Lenders) of its intention to request that an entity
                                            becomes an Additional Guarantor pursuant to Clause 27.2 (Additional Guarantors).

 

		(d)	Following
                                            the giving of any notice pursuant to paragraph (a) above, if the accession of such Additional
                                            Guarantor obliges the Agent or any Lender to comply with “know your customer”
                                            or similar identification procedures in circumstances where the necessary information is
                                            not already available to it, Holdco shall promptly upon the request of the Agent or any Lender
                                            supply, or procure the supply of, such documentation and other evidence as is reasonably
                                            requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself
                                            or on behalf of any prospective new Lender) in order for the Agent or such Lender or any
                                            prospective new Lender to carry out and be satisfied it has complied with all necessary “know
                                            your customer” or other similar checks under all applicable laws and regulations pursuant
                                            to the accession of such entity to this Agreement as an Additional Guarantor.

 

    (96)

     

    

 

		22.	Financial
                                            Covenants

   

		22.1	Financial
                                            Definitions

 

In this
Agreement:

 

“Bond
Transaction Costs” means all fees, commissions, costs and expenses, stamp, registration and other Taxes incurred by IHS Holding
or any of its Affiliates (including any Subsidiary of IHS Holding) in connection with the Bonds.

 

“Cash
Bond Coupon” means the total cash Finance Costs of IHS Holding and its Subsidiaries paid in any Relevant Period under the Bonds
(excluding Bond Transaction Costs).

 

“EBITDA”
means, in respect of any period for any person, the Net Income for such period, excluding:

 

		(a)	total
                                            Finance Costs;

 

		(b)	total
                                            Finance Income;

 

		(c)	total
                                            income tax (expense)/benefit as stated in the statement of profit or loss for the period;

 

		(d)	all
                                            depreciation and amortisation expense of that person for such period;

 

		(e)	any
                                            gains or losses from sales of assets other than inventory sold in the ordinary course of
                                            the business;

 

		(f)	any
                                            impairment of property, plant and equipment and prepaid land rent, or WHT receivable;

 

		(g)	any
                                            Exceptional Items;

 

		(h)	share-based
                                            payment transactions;

 

		(i)	any
                                            net gain or loss from the receipt of any insurance proceeds;

 

		(j)	and
                                            other non-operating income and expenses; and

 

		(k)	minority
                                            interest income and expenses,

 

in each
case, to the extent added, deducted or taken into account, as the case may be, for the purposes of determining the Net Income.

 

“Exceptional
Items” means items of income and expense of that are sufficiently large and unusual due to the significance of their nature,
size or incidence of occurrence as to distort comparisons from one period to the next (including, without limitation, any Transaction
Costs that are sufficiently large and unusual due to the significance of their nature, size or incidence of occurrence as to distort
comparisons from one period to the next).

 

“Finance
Costs” means finance costs as presented in the Financial Statements as determined in accordance with the Accounting Principles.

 

“Finance
Income” means finance income as presented in the Financial Statements as determined in accordance with the Accounting Principles.

 

    (97)

     

    

 

“Interest
Coverage Ratio” means, in respect of any Relevant Period, the ratio of EBITDA for IHS Holding and its Subsidiaries in respect
of that Relevant Period to Net Cash Finance Interest Adjusted For Leases in respect of that Relevant Period.

 

“Leverage
Ratio” means, in respect of any Relevant Period, the ratio of Net Financial Indebtedness on the last day of that Relevant Period
to EBITDA for IHS Holding and its Subsidiaries in respect of that Relevant Period.

 

“Net
Cash Finance Interest Adjusted For Leases” means, for any period:

 

		(a)	the
                                            total cash interest or finance costs paid on Financial Indebtedness of IHS Holding and its
                                            Subsidiaries (excluding the Transaction Costs), as presented in the cash flow statements
                                            from the most recent Financial Statements, as determined in accordance with the Accounting
                                            Principles; plus

 

		(b)	without
                                            duplication the interest expense on the Lease obligations of IHS Holding and its Subsidiaries
                                            for such period; less

 

		(c)	the
                                            total cash finance income received by IHS Holding and its Subsidiaries as presented in the
                                            cash flow statements from the most recent Financial Statements resulting from investments
                                            and bank deposits in that period.

 

“Net
Financial Indebtedness” means, in respect of any Relevant Period, the Financial Indebtedness of IHS Holding and its Subsidiaries
on the last day of that Relevant Period (other than Financial Indebtedness (a) arising under any New Shareholder Loan or New IHS
Shareholder Loan and (b) in respect of hedging agreements or other treasury transactions, in each case to the extent permitted by
the terms of this Agreement, except for any crystallised exposures under such hedging agreements or treasury transactions or Financial
Indebtedness arising in respect of any terminated hedging agreements or other treasury transactions) less the aggregate amount of Cash
(including, for the avoidance of doubt, any cash provided as margin in connection with any terminated hedging agreement or other treasury
transaction which has not been applied in paying any relevant termination payment) and Cash Equivalent Investments held by IHS Holding
and its Subsidiaries during that Relevant Period.

 

“Net
Income” means, in respect of any Relevant Period, stated as the ‘Profit/(loss)’ for the period in the statement
of profit or loss in the Financial Statements as determined in accordance with the Accounting Principles.

 

“Relevant
Period” means each period of 12 Months ending on or about the last day of the Financial Year and each period of 12 Months
ending on or about the last day of each Financial Quarter.

 

		22.2	Financial
                                            Condition

 

IHS Holding
shall ensure that:

 

		(a)	Leverage
                                            Ratio: The Leverage Ratio in respect of any Relevant Period, following the Relevant Period
                                            ending on 30 June 2021, shall not be greater than 4.0x.

 

		(b)	Interest
                                            Coverage Ratio: The Interest Coverage Ratio in respect of any Relevant Period, following
                                            the Relevant Period ending on 30 June 2021, shall not be less than 2.75x.

 

    (98)

     

    

 

		22.3	Financial
                                            Testing

  

		(a)	The
                                            financial covenants set out in Clause 22.2 (Financial Condition) shall be calculated
                                            in accordance with the Accounting Principles and tested by reference to appropriate set of
                                            Annual Financial Statements, Quarterly Financial Statements and/or each Compliance Certificate
                                            delivered pursuant to Clause 21.2 (Provision and Contents of Compliance Certificate).

 

		(b)	For
                                            the purpose of calculating the financial covenants set out in Clause 22.2 (Financial
                                            Condition) for each of the Relevant Periods ending on a date which is less than 12 months
                                            after the date of completion of any Permitted Acquisition (or any acquisition that is permitted
                                            under the IHS Holding Facility) in relation to a person that becomes a Subsidiary of IHS
                                            Holding, EBITDA and Net Cash Finance Interest Adjusted for Leases in relation to that person
                                            acquired pursuant to such Permitted Acquisition shall be included for each full Relevant
                                            Period, annualised on a straight line basis.

 

		(c)	No
                                            item shall be taken into account more than once in any calculation.

 

		22.4	Equity
                                            Cure

 

		(a)	If,
                                            in the event of a breach (or in anticipation of a breach) of paragraph (a) (Leverage
                                            Ratio) or paragraph (b) (Interest Coverage Ratio) of Clause 22.2
                                            (Financial Condition), IHS Holding receives the proceeds of New Shareholder Injections
                                            or New IHS Shareholder Loans (such proceeds an “Additional Investment”)
                                            at any time prior to the date falling 20 Business Days after the final date for delivery
                                            of the Compliance Certificate in relation to such Relevant Period in respect of which such
                                            breach has occurred (or is believed will occur) the Leverage Ratio and Interest Coverage
                                            Ratio shall be recalculated as follows:

 

		(i)	for
                                            the calculation of Leverage Ratio, Net Financial Indebtedness as at the last day of such
                                            Relevant Period shall be deemed to have been reduced by the entire amount of the Additional
                                            Investment; and

 

		(ii)	for
                                            the calculation of Interest Coverage Ratio, the total amount of Financial Indebtedness on
                                            which Net Cash Finance Interest Adjusted For Leases is calculated in respect of the Relevant
                                            Period shall be deemed to have been reduced by the entire amount of the Additional Investment,

 

with such
adjustments under paragraph (i) or (ii) above also to apply for the Relevant Periods falling on the next three Quarter Dates
provided that at the relevant time the Additional Investment has not already been applied for any other purpose and remains unspent
and not committed to be spent in any manner.

 

		(b)	If,
                                            after giving effect to the adjustments referred to in paragraph (a) above, the
                                            requirements of paragraphs (a) (Leverage Ratio) and (b) (Interest Coverage
                                            Ratio) of Clause 22.2 (Financial Condition) are met, the requirements of
                                            paragraphs (a) (Leverage Ratio) and (b) (Interest Coverage Ratio)
                                            of Clause 22.2 (Financial Condition) shall be deemed to have been satisfied as
                                            at the relevant original date of determination for the purposes of the Finance Documents.

 

		(c)	The
                                            relevant Additional Investment shall be applied solely for the purpose of ascertaining compliance
                                            with paragraphs (a) (Leverage Ratio) and (b) (Interest Coverage Ratio)
                                            of Clause 22.2 (Financial Condition) and for no other reason.

 

		(d)	The
                                            rights of IHS Holding under paragraph (a) above cannot be exercised more than four
                                            times during the life of the Facilities and, where IHS Holding exercises its rights under
                                            paragraph (a) above (a “Cure”), it shall not be permitted to
                                            exercise its rights under paragraph (a) above again during the six Months or in respect
                                            of the next two Quarter Dates following the date of exercise of a Cure.

 

    (99)

     

    

  

 

		(e)	If the amount of the Additional Investment is greater than the amount required to cure the relevant breach
(the “Over-cure Amount”), IHS Holding may elect to apply such Additional Investment towards curing any subsequent
breach of paragraphs (a) (Leverage Ratio) and (b) (Interest Coverage Ratio) of Clause 22.2 (Financial
Condition) (as applicable), and such aggregate applications shall together be deemed to be one exercise of IHS Holding’s rights
under paragraph (a) above, provided that such Over-cure Amount has not already been applied for any other purpose and
remains unspent and not committed to be spent in any manner.

 

		(f)	For the six Month period commencing on the later of the date an Additional Investment is made and the
date any Over-cure Amount is applied in accordance with this Clause 22.4, no member of the Group shall make any Permitted Payment,
except a Permitted Payment described in paragraphs (g) or (solely where the relevant Over-cure Amount or Additional Investment is
not funded from the proceeds of such Qualifying IPO) (h) of the definition of “Permitted Payment”.

 

		(g)	If a financial covenant set out in Clause 22.2 (Financial Condition) has been breached, but
is complied with when tested in the next Relevant Period (the “Second Period”), then, such breach of the financial
covenant(s) or any Event of Default arising therefrom shall be deemed to be no longer be outstanding or continuing for the purposes
of the Finance Documents, unless the Agent has taken any action referred to in Clause 24.21 (Acceleration) before delivery of the
Compliance Certificate in respect of the Second Period.

 

		23.	General Undertakings

 

The undertakings in this Clause 23
remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment
is in force.

 

		23.1	Authorisations and Consents

 

Each Obligor shall promptly obtain,
comply with and do all that is necessary to maintain in full force and effect any Authorisations required under any law or regulation
of its jurisdiction of incorporation to:

 

		(a)	enable it to perform its obligations under the Finance Documents;

 

		(b)	subject to the Legal Reservations, ensure the legality, validity, enforceability or admissibility in evidence
of any Finance Documents; and

 

		(c)	carry on its business save to the extent failure to do so would not reasonably be expected to have a Material
Adverse Effect.

 

    (100)

     

    

 

		23.2	Compliance with Laws

 

Each Obligor shall (and shall ensure
that each member of the Group will) comply with all laws and regulations to which it may be subject, if failure to comply has or is reasonably
likely to have a Material Adverse Effect.

 

		23.3	Merger

  

No Obligor shall (and shall ensure that
no other member of the Group will) enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction other than
a Permitted Reorganisation.

 

		23.4	Change of Business

 

Each Obligor shall procure that no substantial
change is made to the general nature of the business of the Obligors or the Group taken as a whole from that carried on by each Obligor
or the Group (as applicable) at the date of this Agreement or engage directly or indirectly in any business related to any Prohibited
Activity.

 

		23.5	Acquisitions

 

		(a)	Except as permitted under paragraph (b) below, no Obligor shall (and shall ensure that no other
member of the Group will):

 

		(i)	acquire a company or any shares or securities or a business or undertaking (or, in each case, any interest
in any of them); or

 

		(ii)	incorporate a company.

 

		(b)	Paragraph (a) above does not apply to an acquisition of a company, of shares, securities or
a business or undertaking (or, in each case, any interest in any of them) or the incorporation of a company which is:

 

		(i)	a Permitted Acquisition; or

 

		(ii)	a Permitted Transaction.

 

		23.6	Joint Ventures

 

		(a)	Except as permitted under paragraph (b) below, no Obligor shall (and shall ensure that no other
member of the Group will) enter into, invest in or acquire any Joint Venture.

 

		(b)	Paragraph (a) above does not apply to, or in relation to, a Permitted Acquisition, a Permitted Transaction,
a Permitted Loan, a Permitted Disposal or a Permitted Joint Venture.

 

    (101)

     

    

 

		23.7	Preservation of Assets

 

Each Obligor shall (and shall ensure
that each other member of the Group will) maintain in good working order and condition (ordinary wear and tear excepted) all of its assets
necessary in the conduct of its business where failure to do so would be reasonably expected to have a Material Adverse Effect.

 

		23.8	Taxes

 

		(a)	Each Obligor shall (and shall ensure that each member of the Group will) pay and discharge all Taxes imposed
upon it or its assets within the time period allowed without incurring penalties unless and only to the extent that:

 

		(i)	such payment is being contested in good faith;

 

		(ii)	adequate reserves are being maintained for those Taxes; and

 

		(iii)	such payment can be lawfully withheld and failure to pay those Taxes would not be reasonably likely to
have a Material Adverse Effect.

 

		(b)	No member of the Group may change its residence for Tax purposes from its jurisdiction of incorporation
or, following a Permitted Re-domiciliation, the UK, the Cayman Islands or any other jurisdiction applicable under such Permitted Re-domiciliation.

 

		23.9	Negative Pledge

 

In this Clause 23.9, “Quasi-Security”
means an arrangement or transaction described in paragraph (b) below.

 

		(a)	No Obligor shall (and shall ensure that no other member of the Group will) create or permit to subsist
any Security over any of its assets.

 

		(b)	No Obligor shall (and shall ensure that no other member of the Group will):

 

		(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to
or re-acquired by an Obligor;

 

		(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms;

 

		(iii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied,
set-off or made subject to a combination of accounts; or

 

		(iv)	enter into any other preferential arrangement having a similar effect,

 

in circumstances where the arrangement
or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.

 

		(c)	Paragraphs (a) and (b) above do not apply to any Security or (as the case may be) Quasi-Security,
which is:

 

		(i)	a Permitted Security; or

 

		(ii)	a Permitted Transaction.

 

    (102)

     

    

 

		23.10	Disposals

 

		(a)	Except as permitted under paragraph (b) below, no Obligor shall (and shall ensure that no other
member of the Group will) enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or
involuntary to sell, lease, transfer or otherwise dispose of any asset.

 

		(b)	Paragraph (a) above does not apply to any sale, lease, transfer or other disposal which is:

 

		(i)	a Permitted Disposal; or

 

		(ii)	a Permitted Transaction.

 

		23.11	Arm’s Length Basis

 

		(a)	Except as permitted by paragraph (b) below and subject to paragraph (c) below, no Obligor
shall (and shall ensure that no other member of the Group will) enter into any transaction with any non-Obligor except on arm’s
length terms.

 

		(b)	The following transactions shall not be a breach of this Clause 23.11:

 

		(i)	any Permitted Payments;

 

		(ii)	any Transaction Costs;

 

		(iii)	any Permitted Loan made to an employee or director of any Group member or under paragraph (g) of
the definition of “Permitted Loan”; and

 

		(iv)	any transaction which is no less favourable to the relevant Group member than a transaction on arm’s
length terms.

 

		(c)	Paragraph (a) above does not apply to IHS Holding or Holdco.

 

		23.12	Loans or Credit

 

		(a)	Except as permitted under paragraph (b) below, no Obligor shall (and shall ensure that no other
member of the Group will) be a creditor in respect of any Financial Indebtedness.

 

		(b)	Paragraph (a) above does not apply to:

 

		(i)	a Permitted Loan; or

 

		(ii)	a Permitted Transaction.

 

		23.13	No Guarantees or Indemnities

 

		(a)	Except as permitted under paragraph (b) below, no Obligor shall (and shall ensure that no other
member of the Group will) incur or allow to remain outstanding any guarantee in respect of any obligation of any person.

 

		(b)	Paragraph (a) above does not apply to a guarantee which is:

 

		(i)	a Permitted Guarantee; or

 

		(ii)	a Permitted Transaction.

 

    (103)

     

    

 

		23.14	Dividends and Share Redemption

 

		(a)	Except as permitted under paragraph (b) below, Holdco shall not (and shall ensure that no Group
member will):

 

		(i)	declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend,
charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any class of its share capital),
other than to Holdco or another Obligor;

 

		(ii)	repay or distribute any dividend or share premium reserve other than to Holdco or another Obligor;

 

		(iii)	pay or allow any member of the Group to pay any management, advisory or other fee to or to the order of
any direct or indirect shareholder of Holdco or its Affiliate (other than an Obligor);

 

		(iv)	make a loan or make any payment of interest or principal under any loan or make any other payment to any
direct or indirect shareholder of Holdco or such shareholder’s Affiliate (other than an Obligor); or

 

		(v)	redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so.

 

		(b)	Paragraph (a) above does not apply to a Permitted Payment.

 

		23.15	Financial Indebtedness

 

		(a)	Except as permitted under paragraph (b) below, no Obligor shall (and shall ensure that no other
member of the Group will) incur or allow to remain outstanding any Financial Indebtedness.

 

		(b)	Paragraph (a) above does not apply to Financial Indebtedness which is:

 

		(i)	Permitted Financial Indebtedness; or

 

		(ii)	a Permitted Transaction.

 

		23.16	Treasury Transactions

 

No Obligor shall (and shall ensure that
no other member of the Group will) enter into any Treasury Transaction, other than:

 

		(a)	spot and forward delivery foreign exchange contracts entered into in the ordinary course of trading or
business and not for speculative purposes; and

 

		(b)	any Treasury Transaction entered into for the hedging of actual or projected real exposures arising in
the ordinary course of trading activities of a member of the Group and not for speculative purposes (including but not limited to diesel
hedging).

 

		23.17	Sanctions

 

		(a)	No Obligor shall (and shall ensure that no other member of the Group will (and IHS Holding shall ensure
that none of its Subsidiaries will)) (and no Obligor shall knowingly permit or authorise any other person to):

 

		(i)	directly or indirectly, use, lend, make payments of, contribute or otherwise make available, all or any
part of the proceeds of any Loan or other transaction(s) contemplated by this Agreement to finance any trade, business or other activities:

 

		(A)	involving, or for the benefit of, any Restricted Party; or

 

		(B)	in any other manner that would reasonably be expected to result in an Obligor or any Finance Party being
in breach of any Sanctions (if and to the extent applicable to either of them) or becoming a Restricted Party;

 

		(ii)	engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or breaches
or attempts to breach, directly or indirectly, any Sanctions; or

 

		(iii)	fund all or part of any payment in connection with a Finance Document out of proceeds derived from any
action which is in breach of any Sanctions.

 

		(b)	Each Obligor shall ensure that appropriate controls and safeguards are put in place designed to prevent
any action being taken that would be contrary to paragraph (a) above.

 

		(c)	Subject to paragraph (d) below, this Clause 23.17 shall not apply to any person or for the benefit
of any Finance Party if and to the extent that giving, complying with or receiving the benefit of (as applicable) such undertaking results
in any breach of any applicable Blocking Law.

 

		(d)	In relation to each Finance Party that notifies the Agent and Holdco to this effect, any provision of
paragraph (a) or (b) above that results in that Finance Party breaching any applicable Blocking Law will continue to apply for
the benefit of that Finance Party notwithstanding such breach.

 

    (104)

     

    

 

		23.18	Anti-Bribery and Corruption and Anti-Money Laundering

 

		(a)	Each Obligor shall (and shall ensure that each other member of the Group will (and IHS Holding shall ensure
that each of its Subsidiaries will)) conduct its business in compliance with Anti-Corruption Laws and Money Laundering Laws.

 

		(b)	No Obligor shall (and shall procure that no other member of the Group will, and IHS Holding shall procure
that none of its Subsidiaries will), along with its respective directors, officers and employees, directly, or indirectly, use all or
any of the proceeds of any Facility for any purpose which would breach Anti-Corruption Laws or Money Laundering Laws.

 

		23.19	Pari Passu Ranking

 

Each Obligor shall ensure that at all
times any unsecured and unsubordinated claims of a Finance Party against it under the Finance Documents rank at least pari passu
with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred
by laws of general application to companies.

 

		23.20	Insurance

 

		(a)	Each Obligor (other than IHS Holding) shall (and shall ensure that each member of the Group will) maintain
insurances in respect of its material assets and business of an insurable nature with reputable independent insurance companies or underwriters
which:

 

		(i)	provide cover against risks which are normally insured against by other companies in the relevant jurisdiction
owning, possessing or leasing similar assets and carrying on similar businesses; and

 

		(ii)	are at levels usual for a business of its size and nature as may be reasonably available in the insurance
market.

 

		23.21	Intellectual Property

 

Each Obligor (other than IHS Holding)
shall (and shall ensure that each other member of the Group will):

 

		(a)	preserve and maintain the subsistence and validity of the Intellectual Property necessary for the business
of the relevant Group member;

 

		(b)	use reasonable endeavours to prevent any infringement in any material respect of the Intellectual Property
necessary for the business of the relevant Group member;

 

		(c)	make registrations and pay all registration fees and taxes necessary to maintain the Intellectual Property
which is required to conduct the business of the relevant Group member in full force and effect and record its interest in that Intellectual
Property;

 

		(d)	not use or permit the Intellectual Property necessary for the business of the relevant Group member to
be used in a way or take any step or omit to take any step in respect of that Intellectual Property which may materially and adversely
affect the existence or value of the Intellectual Property or imperil the right of any member of the Group to use such property,

 

where failure to do so, in the case
of paragraphs (a) and (b) above, or, in the case of paragraphs (c) and (d) above, where such use, permission to use,
omission or discontinuation, is reasonably likely to have a Material Adverse Effect..

 

		23.22	Environmental Compliance

 

Each Obligor shall (and shall ensure
that each other member of the Group will) comply with all Environmental Law and the applicable requirements of the Performance Standards
where failure to do so would be reasonably likely to have a Material Adverse Effect.

 

    (105)

     

    

 

		23.23	Subordination

 

Each Obligor shall ensure that all loans
made by IHS Holding (or any of its Affiliates) to a member of the Group are at all times Subordinated Shareholder Loans.

 

		23.24	Auditors

 

The Auditors shall be an internationally
recognised independent public accounting firm.

 

		23.25	Constitutional Documents

 

		(a)	Subject to paragraph (b) below, no Obligor shall (and shall ensure that no other member of the Group
will) amend its constitutional documents, except:

 

		(i)	in a manner which would not be reasonably expected to materially and adversely affect the interests of
the Finance Parties under the Finance Documents; or

 

		(ii)	with the consent of the Agent (acting on instructions of the Majority Lenders).

 

		(b)	Paragraph (a) above does not apply to IHS Holding.

 

		23.26	Access

 

If an Event of Default is continuing
or the Agent reasonably suspects an Event of Default is continuing or may occur, Holdco shall (not more than once in every Financial Year
unless the Agent reasonably suspects an Event of Default is continuing or may occur) permit the Agent and/or accountants or other professional
advisers and contractors of the Agent free access at all reasonable times and on reasonable notice at the risk and cost of Holdco to (a) the
premises, assets, books, accounts and records of each member of the Group and (b) meet and discuss matters with the senior management
of Holdco.

 

		23.27	Prohibited Activities

 

No Obligor shall (and shall ensure that
no other member of the Group will) engage in (and shall not authorise or permit any Affiliate or any other person acting on its behalf
to engage in) with respect to its operations or any transaction contemplated by this Agreement, any Prohibited Activity.

 

		23.28	Excluded Subsidiaries

 

Holdco shall ensure that, the Excluded
Subsidiaries do not acquire or own, legally or beneficially, any assets in excess of USD25,000,000 (or its equivalent in any other currency
or currencies) in aggregate, incur any Financial Indebtedness or other liabilities and otherwise are not parties to any transactions and
do not trade at any time.

 

		23.29	Guarantors

 

Holdco shall procure that:

 

		(a)	each member of the Group as at the date of this Agreement and each member of the Group as at the Closing
Date is a Guarantor;

 

		(b)	each person that becomes a member of the Group after the Closing Date shall, as soon as possible after
becoming a member of the Group and in any event within twenty Business Days after becoming a member of the Group, become an Additional
Guarantor.

 

    (106)

     

    

 

		23.30	Conditions Subsequent

 

		(a)	By no later than five Business Days after each Utilisation in respect of Facility A, each Borrower shall
deliver to the Agent the relevant Certificate of Capital Importation(s) in the name of the Lenders, and any other documentation or
evidence required under applicable law for the purposes of the Borrower remitting funds in USD for the discharge of all payment obligations
of the Borrower in USD, as contemplated by this Agreement.

 

		(b)	Holdco shall ensure that:

 

		(i)	the INT Towers Facility and IHS Nigeria Facility are repaid in full (together with interest, break costs,
costs and expenses and any other amounts due) on the first Utilisation Date;

 

		(ii)	all confirmations, release deeds, notices and other documents referred to in the pay-off letters delivered
under Clause 4.1 (Initial Conditions Precedent) entered into in connection with the refinancing of the INT Towers Facility and
IHS Nigeria Facility are released and delivered within two Business Days after the first Utilisation Date;

 

		(iii)	each of the Nigerian law release deeds referred to in the pay-off letters entered into in connection with
the refinancing of the INT Towers Facility and IHS Nigeria Facility have been stamped within Nigeria and registered with the Nigerian
Corporate Affairs Commission within 90 days after the first Utilisation Date;

 

		(iv)	no later than the first Utilisation Date, the Agent is provided with a copy of a certificate of an authorised
signatory of Holdco addressed to the trustee (the “Trustee”) of the outstanding 9.50% Senior Notes due 2021 (the “Existing
Notes”):

 

		(A)	confirming that Holdco has irrevocably deposited a sum as will be sufficient (the “Redemption
Funds”), without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on all of the outstanding
Existing Notes with the Trustee or its agent; and

 

		(B)	irrevocably instructing the Trustee to apply the Redemption Funds towards payment in full of all the outstanding
Existing Notes, with payment to occur on or before the applicable redemption date in October 2019;

 

		(v)	on the date falling one Business Day after the first Utilisation Date, the Agent is provided with an acknowledgement
of satisfaction and discharge of the Existing Notes indenture signed by the Trustee (in each case, as defined in paragraph (iii) above);

 

		(vi)	completion of the INT Transfer occurs no later than the first Utilisation Date, and shall provide evidence
thereof:

 

		(A)	in the form of a copy of the executed INT Transfer Deed, to the Agent no later than one Business Day after
the first Utilisation Date; and

 

		(B)	a copy of the commercial register of Nigeria Tower Interco B.V. showing Holdco as the sole shareholder
of Nigeria Tower Interco B.V.), to the Agent no later than two Business Days after the first Utilisation Date.

 

		(c)	Upon a Default that is continuing, Holdco shall, within five Business Days following the request of the
Agent (acting on the instructions of the Majority Lenders) provide evidence to the Agent that the Finance Documents have been stamped
in Nigeria.

 

    (107)

     

    

 

		24.	Events
                                            of Default

 

Each
of the events or circumstances set out in this Clause 24 (other than Clause 24.20 (Acceleration)) constitutes an Event of
Default.

 

		24.1	Non-Payment

 

An Obligor
does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed
to be payable unless its failure to pay is caused by:

 

		(a)	administrative
                                            or technical error; or

 

		(b)	a
                                            Disruption Event,

 

and payment
is made within five Business Days of its due date.

 

		24.2	Financial
                                            Covenants

 

Any requirement
of Clause 22 (Financial Covenants) is not satisfied, subject to Clause 22.4 (Equity Cure).

 

		24.3	Other
                                            Obligations

 

		(a)	An
                                            Obligor does not comply with any of its obligations under the Finance Documents (other than
                                            those referred to in Clause 24.1 (Non-Payment), Clause 24.2 (Financial
                                            Covenants) or as a result of a Sanctions Event).

 

		(b)	No
                                            Event of Default will occur under paragraph (a) above if such failure to comply
                                            is capable of remedy and is remedied within 20 Business Days from the earlier of (i) an
                                            Obligor becoming aware of the failure to comply and (ii) the giving of notice by the
                                            Agent to Holdco in respect of such failure.

 

		24.4	Misrepresentation

 

		(a)	Any
                                            representation or written statement made or deemed to be made by any Obligor in any of the
                                            Finance Documents or any other document delivered by or on behalf of any Obligor under or
                                            in connection with any of the Finance Documents (other than under or in connection with a
                                            Sanctions Event), is or proves to be incorrect or misleading in any material respect when
                                            made or deemed to be made.

 

		(b)	No
                                            Event of Default will occur under paragraph (a) above if the failure to comply
                                            or the circumstances giving rise to that misrepresentation are capable of remedy and are
                                            remedied within 20 Business Days from the earlier of (i) an Obligor becoming aware of
                                            such misrepresentation and (ii) the giving of notice by the Agent to Holdco in respect
                                            of such misrepresentation.

 

    (108)

     

    

 

		24.5	Cross-Default

 

		(a)	Any
                                            Financial Indebtedness of IHS Holding or any member of the Group is not paid when due (after
                                            the expiry of any originally applicable grace period).

 

		(b)	Any
                                            Financial Indebtedness of IHS Holding or any member of the Group (excluding any Financial
                                            Indebtedness falling with paragraph (j) of that definition when the underlying obligation
                                            is in respect of IHS Holding or any member of the Group) is declared to be or otherwise becomes
                                            due and payable prior to its specified maturity as a result of an event of default (however
                                            described or defined).

 

		(c)	Any
                                            creditor or other representative of IHS Holding or any member of the Group (excluding any
                                            Financial Indebtedness falling with paragraph (j) of that definition when the underlying
                                            obligation is in respect of IHS Holding or any member of the Group) becomes entitled to declare
                                            any Financial Indebtedness of a member of the Group due and payable prior to its specified
                                            maturity as a result of an event of default (however described or defined).

 

		(d)	No
                                            Event of Default will occur under paragraphs (a) to (c) above if the aggregate
                                            amount of Financial Indebtedness falling within paragraphs (a) to (c) above
                                            is less than USD75,000,000 (or its equivalent in any other currency or currencies).

 

		24.6	Insolvency

 

		(a)	A
                                            member of the Group:

 

		(i)	is
                                            unable or admits inability to pay its debts as they fall due;

 

		(ii)	suspends
                                            or threatens to suspend making payments on any of its debts; or

 

		(iii)	by
                                            reason of actual or anticipated financial difficulties, commences negotiations with one or
                                            more of its creditors (excluding any Finance Party in its capacity as such) with a view to
                                            rescheduling any of its indebtedness.

 

		(b)	A
                                            moratorium is declared in respect of any indebtedness of a member of the Group. If a moratorium
                                            occurs, the ending of the moratorium will not remedy any Event of Default caused by that
                                            moratorium.

 

    (109)

     

    

 

 

	24.7	Insolvency
                                            Proceedings

 

		(a)	Any
                                            corporate action, legal proceedings or other procedure or step is taken in relation to:

 

		(i)	the
                                            suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration
                                            or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of
                                            any member of the Group;

 

		(ii)	a
                                            composition, compromise, assignment or arrangement with any creditor of any member of the
                                            Group;

 

		(iii)	the
                                            appointment of a liquidator, receiver, administrative receiver, administrator, compulsory
                                            manager or other similar officer in respect any member of the Group or its assets; or

 

		(iv)	enforcement
                                            of any Security over any assets of any member of the Group,

 

or any
analogous procedure or step is taken in any jurisdiction.

 

		(b)	This
                                            Clause 24.7 shall not apply to:

 

		(i)	any
                                            winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed
                                            within 40 Business Days of commencement; or

 

		(ii)	any
                                            step or procedure which is contemplated in paragraph (d) of the definition of “Permitted
                                            Transaction” or which is a Permitted Reorganisation.

 

	24.8	Insolvency
                                            of IHS Holding

 

		(a)	IHS
                                            Holding:

 

		(i)	commences
                                            a voluntary case under any applicable Bankruptcy Law or any other case to be adjudicated
                                            bankrupt or insolvent, or files for or has been granted a moratorium on payment of its debts,
                                            or files for bankruptcy or is declared bankrupt;

 

		(ii)	consents
                                            to the entry of an order for relief against it in an involuntary case or to the commencement
                                            of any bankruptcy or insolvency proceedings against it;

 

		(iii)	consents
                                            to the appointment of, or taking possession by, an administrator, custodian, receiver, liquidator,
                                            trustee, sequestrator or similar official of it or for all or substantially all of its property;

 

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

 

		(v)	files
                                            a petition or answer or consent seeking reorganization for relief (other than a solvent reorganization
                                            for purposes of transferring assets with its Subsidiaries).

 

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

 

		(i)	is
                                            for relief against IHS Holding;

 

    (110)

     

    

 

		(ii)	adjudging
                                            IHS Holding bankrupt or insolvency, or seeking moratorium, reorganization, arrangement, adjustment
                                            or composition of or in respect of IHS Holding;

 

		(iii)	appoints
                                            a custodian or administrator of IHS Holding or for all or substantially all of the property
                                            of IHS Holding; or

 

		(iv)	orders
                                            the liquidation of IHS Holding;

 

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

 

		(c)	For
                                            the purposes of this Clause 24.8:

 

“Bankruptcy
Law” means (1) Title 11 of the U.S. Code or (2) any other law of the United States (or any political subdivision
thereof), the Federal Republic of Nigeria (or any political subdivision thereof), the Netherlands (or any political subdivision thereof),
or the laws of any other jurisdiction or any political subdivision thereof relating to bankruptcy, insolvency, receivership, winding
up, liquidation, reorganization or relief of debtors as may be amended from time to time.

 

	24.9	Creditors’
                                            Process

 

Any expropriation,
attachment, sequestration, distress or execution or any analogous process in any jurisdiction affects any asset or assets of a member
of the Group having an aggregate value of at least USD100,000,000 (or its equivalent in other currencies) and is not discharged within
40 Business Days, save that no Event of Default will occur if such assets are limited to cash in bank accounts (and such cash shall not
be treated as “Cash” for any purpose) and such process would not be reasonably likely to have a Material Adverse Effect.

 

	24.10	Failure
                                            to Comply with Court Judgment or Arbitral Award

 

Any
member of the Group fails to comply with or pay by the required time any sum due from it under any
final judgment or any final order made or given by a court or arbitral tribunal or other arbitral body, in each case of competent jurisdiction,
having a value of at least USD50,000,000 (or its equivalent in other currencies).

 

	24.11	Invalidity
                                            and Unlawfulness

 

		(a)	It
                                            is or becomes unlawful for an Obligor to perform any of its material obligations under any
                                            of the Finance Documents or any subordination under the Subordination Agreement is or becomes
                                            unlawful.

 

		(b)	Any
                                            obligation or obligations of any Obligor or another party (other than a Finance Party) under
                                            any Finance Document are not or cease to be (subject to the Legal Reservations) legal, valid,
                                            binding or enforceable and the cessation individually or cumulatively materially and adversely
                                            affects the interests of the Finance Parties under the Finance Documents.

 

		(c)	Subject
                                            to the Legal Reservations, any Finance Document ceases to be in full force and effect or
                                            any subordination created under the Subordination Agreement ceases to be legal, valid, binding,
                                            enforceable or effective or is alleged by a party to it (other than a Finance Party) to be
                                            ineffective.

 

	24.12	Expropriation

 

All or
part of the assets of any member of the Group are seized, nationalised, expropriated or compulsorily acquired by, or by the order of,
any agency of any state (or any analogous process by relevant authorities in any jurisdiction) and such action would be reasonably likely
to have a Material Adverse Effect.

 

    (111)

     

    

 

	24.13	Cessation
                                            of Business

 

IHS Holding
or any member of the Group suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its
business other than as a result of a Permitted Reorganisation, Permitted Transaction or a Permitted Disposal.

 

	24.14	Auditor’s
                                            Qualification

 

The Auditors
qualify their report on the Annual Financial Statements:

 

		(a)	on
                                            the grounds that the Auditors are unable to prepare those financial statements on a going
                                            concern basis (other than where such qualification arises solely because of a potential breach
                                            of the financial covenants in Clause 22 (Financial Covenants)); or

 

		(b)	where
                                            that qualification relates to issues which could reasonably be expected to be (individually
                                            or cumulatively) materially adverse to the interests of the Finance Parties under the Finance
                                            Documents; or

 

		(c)	by
                                            reason of failure to disclose material information or materially inaccurate disclosure.

 

	24.15	Repudiation
                                            and Rescission of Agreements

 

A party
(other than a Finance Party) rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document to which it is
a party.

 

	24.16	Litigation

 

Any litigation,
arbitration, administrative, governmental, regulatory or other investigations, proceedings or disputes are commenced or threatened against
any member of the Group in relation to any Finance Document which is reasonably likely to be adversely determined and, if adversely determined,
would be reasonably likely to have a Material Adverse Effect.

 

	24.17	Material
                                            Adverse Change

 

At any
time after the date of this Agreement any event or circumstance occurs which has or would be reasonably likely to have a Material Adverse
Effect.

 

	24.18	Subordination
                                            Agreement

 

		(a)	Any
                                            party to the Subordination Agreement (other than a member of the Group or a Finance Party)
                                            does not comply with any of its obligations under the Subordination Agreement. No Event of
                                            Default will occur under this paragraph (a) if such failure to comply is capable
                                            of remedy and is remedied within 20 Business Days from the earlier of (i) a Subordinated
                                            Creditor (as defined in the Subordination Agreement) or an Obligor becoming aware of the
                                            failure to comply and (ii) the giving of notice by the Agent to Holdco in respect of
                                            such failure.

 

		(b)	Any
                                            representation or written statement made or deemed to be made by any party to the Subordination
                                            Agreement (other than a member of the Group or a Finance Party) in the Subordination Agreement
                                            or any other document delivered by or on behalf of it under or in connection with the Subordination
                                            Agreement, is or proves to be incorrect or misleading in any material respect when made or
                                            deemed to be made. No Event of Default will occur under this paragraph (b) if the failure
                                            to comply or the circumstances giving rise to that misrepresentation are capable of remedy
                                            and are remedied within 20 Business Days from the earlier of (i) a Subordinated Creditor
                                            (as defined in the Subordination Agreement) or an Obligor becoming aware of such misrepresentation
                                            and (ii) the giving of notice by the Agent to Holdco or Subordinated Creditor (as defined
                                            in the Subordination Agreement) in respect of such misrepresentation.

 

    (112)

     

    

 

	24.19	Material
                                            Contract and Material License Agreement

 

		(a)	As
                                            of any Quarter Date, any Material Contract(s) have been terminated, cancelled, suspended,
                                            rescinded, repudiated or revoked (except if the Group and the counterparty under such Material
                                            Contract are negotiating an extension or replacement of such Material Contract in good faith
                                            and the Group continues receiving revenues under such Material Contract as contemplated by
                                            the Material Contract) and have not been reinstated (or replaced by a contract or contracts
                                            on terms negotiated on an arm’s length basis and substantially similar (to the extent
                                            commercially reasonable) to the original Material Contract(s)).

 

		(b)	Any
                                            Material License Agreement is terminated, cancelled, suspended, rescinded, repudiated or
                                            revoked (except to the extent that IHS Nigeria or INT Towers and Nigerian Communications
                                            Commission are engaged in negotiations to renew or reinstate such Material License Agreement
                                            in good faith).

 

	24.20	Convertibility
                                            and moratorium

 

Any law
is amended or enacted in Nigeria that has the effect of prohibiting any payment that any Obligor is required to make to a Finance Party
pursuant to the terms of any of the Finance Documents.

 

	24.21	Acceleration

 

At any
time after the occurrence of an Event of Default which is continuing, the Agent may, and shall if so directed by the Majority Lenders,
by written notice to Holdco:

 

		(a)	terminate
                                            the availability of the Facilities and cancel the Total Commitments whereupon the Facilities
                                            shall cease to be available for utilisation, the undrawn portion of the Commitments of each
                                            of the Lenders shall be cancelled and no Lender shall be under any further obligation to
                                            make Loans under this Agreement; and/or

 

		(b)	declare
                                            that all or part of the Loans together with accrued interest thereon and all other amounts
                                            accrued or outstanding under the Finance Documents be immediately due and payable, at which
                                            time they shall become immediately due and payable; and/or

 

		(c)	declare
                                            that all or part of the Loans be payable on demand, at which time they shall immediately
                                            become payable on demand by the Agent on the instructions of the Majority Lenders.

 

    (113)

     

    

 

Section 9

Changes to Parties

 

	25.	Changes
                                            to the Lenders

 

	25.1	Changes
                                            to the Lenders

 

Subject
to this Clause 25 and to Clause 26 (Restriction on Debt Purchase Transactions), any Lender (an “Existing Lender”)
may:

 

		(a)	assign
                                            any of its rights; or

 

		(b)	transfer
                                            (by way of novation) any of its rights and obligations,

 

under
any Finance Document to a bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established
for the purpose of making, purchasing or investing in loans, securities or other financial assets) (a “New Lender”).

 

	25.2	Conditions
                                            of Assignment or Transfer

 

		(a)	The
                                            consent of Holdco is required for an assignment or transfer by an Existing Lender, unless
                                            the assignment or transfer is:

 

		(i)	to
                                            another Lender or to an Affiliate of a Lender;

 

		(ii)	if
                                            the Existing Lender is a fund, to a fund which is a Related Fund of the Existing Lender;
                                            or

 

		(iii)	made
                                            at a time when an Event of Default is continuing.

 

		(b)	Notwithstanding
                                            the above, an Existing Lender must obtain the prior written consent of Holdco before entering
                                            into any assignment, transfer, sub-participation or derivative transaction (which transfers
                                            any discretion with regard to the exercise of voting rights) with or in favour of any person
                                            that is a Trade Competitor at the time of such assignment, transfer, sub-participation or
                                            derivative transaction unless the assignment, transfer, sub-participation or derivative transaction
                                            is made at a time when an Event of Default is continuing.

 

For
this purpose “Trade Competitor” means a person, or an Affiliate of such person,
where such person’s primary business, or a material portion of such person’s business, is substantially the same as the business
of any member of the Group or the Group taken as a whole, including the business of passive telecommunication infrastructure.

 

		(c)	The
                                            consent of Holdco to any assignment or transfer in accordance with paragraph (a) above,
                                            must not be unreasonably withheld or delayed. Holdco will be deemed to have given its consent
                                            ten Business Days after the Existing Lender has requested it unless consent is expressly
                                            refused by Holdco within that time.

 

		(d)	The
                                            consent of Holdco to any assignment or transfer in accordance with paragraph (b) above
                                            may be refused, withheld or delayed at the sole discretion of Holdco. Holdco will be deemed
                                            to have refused to give its consent ten Business Days after the Existing Lender has requested
                                            it unless consent is expressly provided by Holdco within that time.

 

    (114)

     

    

 

	25.3	Other
                                            conditions of assignment or transfer

 

		(a)	An
                                            assignment under this Clause 25 will only be effective on:

 

		(i)	receipt
                                            by the Agent (whether in the Assignment Agreement or otherwise) of written confirmation from
                                            the New Lender (in form and substance satisfactory to the Agent) that the New Lender will
                                            assume the same obligations to the other Finance Parties as it would have been under if it
                                            had been an Original Lender; and

 

		(ii)	performance
                                            by the Agent of all necessary “know your customer” or other similar checks under
                                            all applicable laws and regulations in relation to such assignment to a New Lender, the completion
                                            of which the Agent shall promptly notify to the Existing Lender and the New Lender.

 

		(b)	A
                                            transfer will only be effective if the procedure set out in Clause 25.6 (Procedure
                                            for Transfers) is complied with.

 

		(c)	If:

 

		(i)	a
                                            Lender assigns or transfers any of its rights or obligations under the Finance Documents
                                            or changes its Facility Office; and

 

		(ii)	as
                                            a result of circumstances existing at the date the assignment, transfer or change occurs,
                                            an Obligor would be obliged to make a payment to the New Lender or Lender acting through
                                            its new Facility Office under Clause 14 (Taxes) or Clause 15 (Increased
                                            Costs),

 

then the
New Lender or Lender acting through its new Facility Office is only entitled to receive payment under that Clause to the same extent
as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had
not occurred. This paragraph (c) shall not apply in respect of an assignment or transfer made in the course of the primary syndication
of the Facilities.

 

		(d)	Each
                                            New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms,
                                            for the avoidance of doubt, that the Agent has authority to execute on its behalf any amendment
                                            or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance
                                            with this Agreement on or prior to the date on which the transfer or assignment becomes effective
                                            in accordance with this Agreement and that it is bound by that decision to the same extent
                                            as the Existing Lender would have been had it remained a Lender.

 

	25.4	Assignment
                                            or Transfer Fee

 

		(a)	Subject
                                            to paragraph (b) below, the New Lender shall, on the date upon which an assignment or
                                            transfer takes effect, pay to the Agent (for its own account) a fee of USD2,000.

 

		(b)	No
                                            fee is payable pursuant to paragraph (a) above if:

 

		(i)	the
                                            Agent agrees that no fee is payable; or

 

		(ii)	the
                                            assignment or transfer is made by an Existing Lender:

 

		(A)	to
                                            an Affiliate of that Existing Lender;

 

		(B)	to
                                            a fund which is a Related Fund of that Existing Lender; or

 

    (115)

     

    

 

		(C)	in
                                            connection with primary syndication of any Facility.

 

	25.5	Limitation
                                            of responsibility of Existing Lenders

 

		(a)	Unless
                                            expressly agreed to the contrary, an Existing Lender makes no representation or warranty
                                            and assumes no responsibility to a New Lender for:

 

		(i)	the
                                            legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or
                                            any other documents;

 

		(ii)	the
                                            financial condition of any Obligor;

 

		(iii)	the
                                            performance and observance by any Obligor of its obligations under the Finance Documents
                                            or any other documents; or

 

		(iv)	the
                                            accuracy of any statements or information (whether written or oral) made or supplied in connection
                                            with any Finance Document or any other document,

 

and any
representations or warranties implied by law are excluded.

 

		(b)	Each
                                            New Lender confirms to the Existing Lender and the other Finance Parties that it:

 

		(i)	has
                                            made (and shall continue to make) its own independent investigation and assessment of the
                                            financial condition and affairs of each Obligor and its related entities in connection with
                                            its participation in this Agreement and has not relied exclusively on any information provided
                                            to it by the Existing Lender or any other Finance Party in connection with any Finance Document;
                                            and

 

		(ii)	will
                                            continue to make its own independent appraisal of the creditworthiness of each Obligor and
                                            its related entities whilst any amount is or may be outstanding under the Finance Documents
                                            or any Commitment is in force.

 

		(c)	Nothing
                                            in any Finance Document obliges an Existing Lender to:

 

		(i)	accept
                                            a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned
                                            or transferred by such Existing Lender under this Clause 25; or

 

		(ii)	support
                                            any losses directly or indirectly incurred by the New Lender by reason of the non-performance
                                            by any Obligor of its obligations under the Finance Documents or otherwise.

 

	25.6	Procedure
                                            for Transfers

 

		(a)	Subject
                                            to the conditions set out in Clause 25.2 (Conditions of Assignment or Transfer),
                                            a transfer is effected in accordance with paragraph (c) below when the Agent executes
                                            an otherwise duly completed Transfer Certificate executed and delivered to it by the Existing
                                            Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as
                                            soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate
                                            appearing on its face to comply with the terms of this Agreement and appears to be delivered
                                            in accordance with the terms of this Agreement, execute that Transfer Certificate.

 

		(b)	The
                                            Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing
                                            Lender and the New Lender once it is satisfied it has complied with all necessary “know
                                            your customer” or other similar checks under all applicable laws and regulations in
                                            relation to the transfer to such New Lender.

 

    (116)

     

    

 

		(c)	Subject
                                            to Clause 25.10(a) (Pro Rata Interest Settlement), on the Transfer Date:

 

		(i)	to
                                            the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation
                                            its rights and obligations under the Finance Documents, each of the Obligors and the Existing
                                            Lender shall be released from further obligations towards one another under the Finance Documents
                                            and their respective rights against one another under the Finance Documents shall be cancelled
                                            (being the “Discharged Rights and Obligations”);

 

		(ii)	each
                                            of the Obligors and the New Lender shall assume obligations towards one another and/or acquire
                                            rights against one another which differ from the Discharged Rights and Obligations only insofar
                                            as that Obligor or other member of the Group and the New Lender have assumed and/or acquired
                                            the same in place of that Obligor and the Existing Lender;

 

		(iii)	the
                                            Agent, the Arrangers, the New Lender and the other Lenders shall acquire the same rights
                                            and assume the same obligations between themselves as they would have acquired and assumed
                                            had the New Lender been an Original Lender with the rights, and/or obligations acquired or
                                            assumed by it as a result of the transfer and to that extent the Agent, the Arranger and
                                            the Existing Lender shall each be released from further obligations to each other under the
                                            Finance Documents; and

 

		(iv)	the
                                            New Lender shall become a Party as a “Lender”.

 

	25.7	Procedure
                                            for Assignment

 

		(a)	Subject
                                            to the conditions set out in Clause 25.2 (Conditions of Assignment or Transfer)
                                            an assignment may be effected in accordance with paragraph (c) below when the Agent
                                            executes an otherwise duly completed Assignment Agreement delivered to it by the Existing
                                            Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as
                                            soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement
                                            appearing on its face to comply with the terms of this Agreement and delivered in accordance
                                            with the terms of this Agreement, execute that Assignment Agreement.

 

		(b)	The
                                            Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing
                                            Lender and the New Lender once it is satisfied it has complied with all necessary “know
                                            your customer” or other similar checks under all applicable laws and regulations in
                                            relation to the assignment to such New Lender.

 

		(c)	Subject
                                            to Clause 25.10(a) (Pro Rata Interest Settlement), on the Transfer Date:

 

		(i)	the
                                            Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents
                                            expressed to be the subject of the assignment in the Assignment Agreement;

 

		(ii)	the
                                            Existing Lender will be released from the obligations (the “Relevant Obligations”)
                                            expressed to be the subject of the release in the Assignment Agreement; and

 

		(iii)	the
                                            New Lender shall become a Party as a “Lender” and will be bound by obligations
                                            equivalent to the Relevant Obligations.

 

    (117)

     

    

 

		(d)	Lenders
                                            may utilise procedures other than those set out in this Clause 25.7 to assign their
                                            rights under the Finance Documents (but not, without the consent of the relevant Obligor
                                            or unless in accordance with Clause 25.6 (Procedure for Transfers), to obtain
                                            a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the
                                            assumption of equivalent obligations by a New Lender) provided that they comply with
                                            the conditions set out in Clause 25.2 (Conditions of Assignment or Transfer)
                                            and Clause 25.3 (Other conditions of assignment or transfer).

 

	25.8	Copy
                                            of Transfer Certificate, Assignment Agreement or Additional Increase Confirmation to Holdco

 

The Agent
shall, as soon as reasonably practicable after it has executed a Transfer Certificate, Assignment Agreement or an Additional Increase
Confirmation, send to Holdco a copy of that Transfer Certificate, Assignment Agreement or Additional Increase Confirmation.

 

	25.9	Security
                                            over Lenders’ Rights

 

In addition
to the other rights provided to Lenders under this Clause 25, each Lender may without consulting with or obtaining consent from
any Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any
of its rights under any Finance Document to secure obligations of that Lender including, without limitation:

 

		(a)	any
                                            charge, assignment or other Security to secure obligations to a federal reserve or central
                                            bank; and

 

		(b)	any
                                            charge, assignment or other Security granted to any holders (or trustee or representatives
                                            of holders) of obligations owed, or securities issued, by that Lender as security for those
                                            obligations or securities,

 

except
that no such charge, assignment or Security shall:

 

		(i)	release
                                            a Lender from any of its obligations under the Finance Documents or substitute the beneficiary
                                            of the relevant charge, assignment or Security for the Lender as a party to any of the Finance
                                            Documents; or

 

		(ii)	require
                                            any payments to be made by an Obligor other than or in excess of, or grant to any person
                                            any more extensive rights than, those required to be made or granted to the relevant Lender
                                            under the Finance Documents.

 

	25.10	Pro
                                            Rata Interest Settlement

 

If the
Agent has notified the Lenders that it is able to distribute interest payments on a “pro rata basis” to Existing Lenders
and New Lenders then (in respect of any transfer pursuant to Clause 25.6 (Procedure for Transfers) or any assignment pursuant
to Clause 25.7(c)(i) (Procedure for Assignment) the Transfer Date of which, in each case, is after the date of such notification
and is not on the last day of an Interest Period):

 

		(a)	any
                                            interest or fees in respect of the relevant participation which are expressed to accrue by
                                            reference to the lapse of time shall continue to accrue in favour of the Existing Lender
                                            up to but excluding the Transfer Date (“Accrued Amounts”) and shall become
                                            due and payable to the Existing Lender (without further interest accruing on them) on the
                                            last day of the current Interest Period (or, if the Interest Period is longer than six Months,
                                            on the next of the dates which falls at six Monthly intervals after the first day of that
                                            Interest Period); and

 

    (118)

     

    

 

		(b)	the
                                            rights assigned or transferred by the Existing Lender will not include the right to the Accrued
                                            Amounts so that, for the avoidance of doubt:

 

		(i)	when
                                            the Accrued Amounts become payable, those Accrued Amounts will be payable for the account
                                            of the Existing Lender; and

 

		(ii)	the
                                            amount payable to the New Lender on that date will be the amount which would, but for the
                                            application of this Clause 25.10(a), have been payable to it on that date, but after deduction
                                            of the Accrued Amounts.

 

		(c)	In
                                            this Clause 25.10 references to “Interest Period” shall be construed to include
                                            a reference to any other period for accrual of fees.

 

		(d)	An
                                            Existing Lender which retains the right to the Accrued Amounts pursuant to this Clause 25.10(a) but
                                            which does not have a Commitment shall be deemed not to be a Lender for the purposes of ascertaining
                                            whether the agreement of any specified group of Lenders has been obtained to approve any
                                            request for a consent, waiver, amendment or other vote of Lenders under the Finance Documents.

 

	26.	Restriction
                                            on Debt Purchase Transactions

 

	26.1	Prohibition
                                            on Debt Purchase Transactions by members of the Group

 

No Obligor
shall, and shall procure that each other member of the Group shall not, enter into any Debt Purchase Transaction, be a Lender or a party
to a Debt Purchase Transaction of the type referred to in paragraphs (b) or (c) of the definition of “Debt Purchase
Transaction”.

 

	26.2	Disenfranchisement
                                            on Debt Purchase Transactions entered into by Affiliates

 

		(a)	For
                                            so long as a Sponsor Affiliate:

 

		(i)	beneficially
                                            owns a Commitment; or

 

		(ii)	has
                                            entered into a sub-participation agreement relating to a Commitment or other agreement or
                                            arrangement having a substantially similar economic effect and such agreement or arrangement
                                            has not been terminated,

 

in ascertaining:

 

		(A)	the
                                            Majority Lenders; or

 

		(B)	whether:

 

		(1)	any
                                            given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments;
                                            or

 

		(2)	the
                                            agreement of any specified group of Lenders,

 

has been
obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents such Commitment shall be deemed
to be zero and such Sponsor Affiliate or the person with whom it has entered into such sub-participation, other agreement or arrangement
shall be deemed not to be a Lender for the purposes of paragraphs (A) and (B) above (unless in the case of a person not
being a Sponsor Affiliate it is a Lender by virtue otherwise than by beneficially owning the relevant Commitment).

 

    (119)

     

    

 

 

		(b)	Each
                                            Lender shall, unless such Debt Purchase Transaction is an assignment or transfer, promptly
                                            notify the Agent in writing if it knowingly enters into a Debt Purchase Transaction with
                                            a Sponsor Affiliate (a “Notifiable Debt Purchase Transaction”), such notification
                                            to be substantially in the form set out in Part 1 of Schedule 8 (Forms of Notifiable
                                            Debt Purchase Transaction Notice).

  

		(c)	A
                                            Lender shall promptly notify the Agent if a Notifiable Debt Purchase Transaction to which
                                            it is a party:

 

		(i)	is
                                            terminated; or

 

		(ii)	ceases
                                            to be with a Sponsor Affiliate,

 

such
notification to be substantially in the form set out in Part 2 of Schedule 8 (Forms of Notifiable Debt Purchase Transaction Notice).

 

		(d)	Each
                                            Sponsor Affiliate that is a Lender agrees that:

 

		(i)	in
                                            relation to any meeting or conference call to which all the Lenders are invited to attend
                                            or participate, it shall not attend or participate in the same if so requested by the Agent
                                            or, unless the Agent otherwise agrees, be entitled to receive the agenda or any minutes of
                                            the same; and

 

		(ii)	in
                                            its capacity as Lender, unless the Agent otherwise agrees, it shall not be entitled to receive
                                            any report or other document prepared at the behest of, or on the instructions of, the Agent
                                            or one or more of the Lenders.

 

		26.3	Sponsor
                                            Affiliates’ Notification to other Lenders of Debt Purchase Transactions

 

Any
Sponsor Affiliate which is or becomes a Lender and which enters into a Debt Purchase Transaction as a purchaser or a participant shall,
by 5:00 pm on the Business Day following the day on which it entered into that Debt Purchase Transaction, notify the Agent of the extent
of the Commitment(s) or amount outstanding to which that Debt Purchase Transaction relates. The Agent shall promptly disclose such
information to the Lenders.

 

		27.	Assignment
                                            and Transfers by Obligors

 

		27.1	Assignment
                                            and transfers

 

No
Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.

 

		27.2	Additional
                                            Guarantors

 

		(a)	Holdco
                                            shall procure that each member of the Group shall, as soon as possible after becoming a member
                                            of the Group and in any event within twenty Business Days after becoming a member of the
                                            Group, become an Additional Guarantor.

 

		(b)	A
                                            member of the Group shall become an Additional Guarantor if:

 

		(i)	Holdco
                                            and the proposed Additional Guarantor deliver to the Agent a duly completed and executed
                                            Accession Deed; and

 

		(ii)	the
                                            Agent has received all of the documents and other evidence listed in Part 2 of Schedule
                                            2 (Conditions Precedent) in relation to that Additional Guarantor, each in form and
                                            substance satisfactory to the Agent.

 

    (120)

     

    

 

		(c)	The
                                            Agent shall notify Holdco and the Lenders promptly upon being satisfied that it has received
                                            (in form and substance satisfactory to it) all the documents and other evidence listed in
                                            Part 2 of Schedule 2 (Conditions Precedent).

 

		(d)	Other
                                            than to the extent that the Majority Lenders notify the Agent in writing to the contrary
                                            before the Agent gives the notification described in paragraph (c) above, the Lenders
                                            authorise (but do not require) the Agent to give that notification. The Agent shall not be
                                            liable for any damages, costs or losses whatsoever as a result of giving any such notification.

 

		(e)	Delivery
                                            of an Accession Deed constitutes confirmation by the relevant Group member that the representations
                                            and warranties referred to in paragraph (e) of Clause 20.24 (Times when Representations
                                            made) are true and correct in relation to it as at the date of delivery as if made by
                                            reference to the facts and circumstances then existing.

 

    (121)

     

    

 

Section 10

The Finance Parties

 

		28.	Role
                                            of the Agent, the Arrangers and Others

 

		28.1	Appointment
                                            of the Agent

 

		(a)	Each
                                            of the Arrangers and the Lenders appoints the Agent to act as its agent under and in connection
                                            with the Finance Documents.

 

		(b)	Each
                                            of the Arrangers and the Lenders authorises the Agent to perform the duties, obligations
                                            and responsibilities and to exercise the rights, powers, authorities and discretions specifically
                                            given to the Agent under or in connection with the Finance Documents together with any other
                                            incidental rights, powers, authorities and discretions.

 

		28.2	Instructions

 

		(a)	The
                                            Agent shall:

 

		(i)	unless
                                            a contrary indication appears in a Finance Document, exercise or refrain from exercising
                                            any right, power, authority or discretion vested in it as Agent in accordance with any instructions
                                            given to it by:

 

		(A)	all
                                            Lenders if the relevant Finance Document stipulates the matter is an all Lender decision;
                                            and

 

		(B)	in
                                            all other cases, the Majority Lenders; and

 

		(ii)	not
                                            be liable for any act (or omission) if it acts (or refrains from acting) in accordance with
                                            subparagraph (i) above.

 

		(b)	The
                                            Agent shall be entitled to request instructions, or clarification of any instruction, from
                                            the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision
                                            for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether,
                                            and in what manner, it should exercise or refrain from exercising any right, power, authority
                                            or discretion and the Agent may refrain from acting unless and until it receives any such
                                            instructions or clarification that it has requested.

 

		(c)	Save
                                            in the case of decisions stipulated to be a matter for any other Lender or group of Lenders
                                            under the relevant Finance Document and unless a contrary indication appears in a Finance
                                            Document, any instructions given to the Agent by the Majority Lenders shall override any
                                            conflicting instructions given by any other Parties and will be binding on all Finance Parties.

 

		(d)	The
                                            Agent may refrain from acting in accordance with any instructions of any Lender or group
                                            of Lenders until it has received any indemnification and/or security that it may in its discretion
                                            require (which may be greater in extent than that contained in the Finance Documents and
                                            which may include payment in advance) for any cost, loss or liability which it may incur
                                            in complying with those instructions.

 

		(e)	In
                                            the absence of instructions, the Agent may act (or refrain from acting) as it considers to
                                            be in the best interest of the Lenders.

 

		(f)	The
                                            Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s
                                            consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (f) shall
                                            not apply to any legal or arbitration proceeding relating to the perfection, preservation
                                            or protection of rights under the Finance Documents.

 

    (122)

     

    

  

		28.3	Duties
                                            of the Agent

 

		(a)	The
                                            Agent’s duties under the Finance Documents are solely mechanical and administrative
                                            in nature.

 

		(b)	Subject
                                            to paragraph (c) below, the Agent shall promptly forward to a Party the original
                                            or a copy of any document which is delivered to the Agent for that Party by any other Party.

 

		(c)	Paragraph (b) above
                                            shall not apply to any Transfer Certificate, any Assignment Agreement or any Additional Increase
                                            Confirmation.

 

		(d)	Except
                                            where a Finance Document specifically provides otherwise, the Agent is not obliged to review
                                            or check the adequacy, accuracy or completeness of any document it forwards to another Party.

 

		(e)	If
                                            the Agent receives notice from a Party referring to this Agreement, describing a Default
                                            and stating that the circumstance described is a Default, it shall promptly notify the other
                                            Finance Parties.

 

		(f)	If
                                            the Agent is aware of the non-payment of any principal, interest, commitment fee or other
                                            fee payable to a Finance Party (other than the Agent or the Arranger) under this Agreement
                                            it shall promptly notify the other Finance Parties.

 

		(g)	The
                                            Agent shall have only those duties, obligations and responsibilities expressly specified
                                            in the Finance Documents to which it is expressed to be a party (and no others shall be implied).

 

		28.4	Role
                                            of the Arranger

 

Except
as specifically provided in the Finance Documents, the Arrangers have no obligations of any kind to any other Party under or in connection
with any Finance Document.

 

		28.5	No
                                            Fiduciary Duties

 

		(a)	Nothing
                                            in any Finance Document constitutes the Agent or the Arrangers as a trustee or fiduciary
                                            of any other person.

 

		(b)	None
                                            of the Agent or the Arrangers shall be bound to account to any Lender for any sum or the
                                            profit element of any sum received by it for its own account.

 

		28.6	Business
                                            with the Group

 

The
Agent and the Arrangers may accept deposits from, lend money to and generally engage in any kind of banking or other business with any
member of the Group.

 

		28.7	Rights
                                            and Discretions

 

		(a)	The
                                            Agent may:

 

		(i)	rely
                                            on any representation, communication, notice or document (including, without limitation,
                                            any notice given by a Lender pursuant to paragraphs (b) or (c) of Clause 26.2
                                            (Disenfranchisement on Debt Purchase Transactions entered into by Affiliates) believed
                                            by it to be genuine, correct and appropriately authorised;

 

    (123)

     

    

  

		(ii)	assume
                                            that:

 

		(A)	any
                                            instructions received by it from the Majority Lenders, any Lender or any group of Lender
                                            are duly given in accordance with the terms of the Finance Documents; and

 

		(B)	unless
                                            it has received notice of revocation, that those instructions have not been revoked; and

 

		(iii)	rely
                                            on a certificate from any person:

 

		(A)	as
                                            to any matter of fact or circumstance which might reasonably be expected to be within the
                                            knowledge of that person; or

 

		(B)	to
                                            the effect that such person approves of any particular dealing, transaction, step, action
                                            or thing,

 

as
sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of that
certificate.

 

		(b)	The
                                            Agent may assume (unless it has received notice to the contrary in its capacity as agent
                                            for the Lenders) that:

 

		(i)	no
                                            Default has occurred (unless it has actual knowledge of a Default arising under Clause 24.1
                                            (Non-Payment));

 

		(ii)	any
                                            right, power, authority or discretion vested in any Party or any group of Lenders has not
                                            been exercised;

 

		(iii)	any
                                            notice or request made by Holdco (other than a Utilisation Request) is made on behalf of
                                            and with the consent and knowledge of all the Obligors; and

 

		(iv)	no
                                            Notifiable Debt Purchase Transaction:

 

		(A)	has
                                            been entered into;

 

		(B)	has
                                            been terminated; or

 

		(C)	has
                                            ceased to be with a Sponsor Affiliate.

 

		(c)	The
                                            Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers,
                                            surveyors or other professional advisers or experts.

 

		(d)	Without
                                            prejudice to the generality of paragraph (c) above or paragraph (e) below,
                                            the Agent may at any time engage and pay for the services of any lawyers to act as independent
                                            counsel to the Agent (and so separate from any lawyers instructed by the Lenders) if the
                                            Agent in its reasonable opinion deems this to be desirable provided that Holdco shall
                                            not be required to reimburse or indemnify the Agent in respect of any payment the Agent may
                                            make pursuant to this paragraph (d), unless agreed in advance with Holdco.

 

		(e)	The
                                            Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors
                                            or other professional advisers or experts (whether obtained by the Agent or by any other
                                            Party) and shall not be liable for any damages, costs or losses to any person, any diminution
                                            in value or any liability whatsoever arising as a result of its so relying.

 

    (124)

     

    

 

		(f)	The
                                            Agent may act in relation to the Finance Documents through its officers, employees and agents
                                            and the Agent shall not:

 

		(i)	be
                                            liable for any error of judgment made by any such person; or

 

		(ii)	be
                                            bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct,
                                            omission or default on the part of, any such person,

 

unless
such error or such loss was directly caused by the Agent’s gross negligence or wilful misconduct.

 

		(g)	Unless
                                            a Finance Document expressly provides otherwise the Agent may disclose to any other Party
                                            any information it reasonably believes it has received as agent under this Agreement.

 

		(h)	Without
                                            prejudice to the generality of paragraph (g) above, the Agent:

 

		(i)	may
                                            disclose; and

 

		(ii)	on
                                            the written request of Holdco or the Majority Lenders shall, as soon as reasonably practicable,
                                            disclose,

 

the
identity of a Defaulting Lender to Holdco and to the other Finance Parties.

 

		(i)	Notwithstanding
                                            any other provision of any Finance Document to the contrary, none of the Agent, or the Arrangers
                                            are obliged to do or omit to do anything if it would, or might in its reasonable opinion,
                                            constitute a breach of any law or regulation or a breach of fiduciary duty or duty of confidentiality.

 

		(j)	Notwithstanding
                                            any provision of any Finance Document to the contrary, the Agent is not obliged to expend
                                            or risk its own funds or otherwise incur any financial liability in the performance of its
                                            duties, obligations or responsibilities or the exercise of any right, power, authority or
                                            discretion if it has grounds for believing the repayment of such funds or adequate indemnity
                                            against, or security for, such risk or liability is not reasonably assured to it.

 

		28.8	Responsibility
                                            for Documentation

 

None
of the Agent or the Arrangers are responsible or liable for:

 

		(a)	the
                                            adequacy, accuracy or completeness of any information (whether oral or written) supplied
                                            by the Agent, the Arrangers, the Obligors or any other person given in or in connection with
                                            any Finance Document, the Information Memorandum or the transactions contemplated in the
                                            Finance Documents or any other agreement, arrangement or document entered into, made or executed
                                            in anticipation of, under or in connection with any Finance Document;

 

		(b)	the
                                            legality, validity, effectiveness, adequacy or enforceability of any Finance Document or
                                            any other agreement, arrangement or document entered into, made or executed in anticipation
                                            of, under or in connection with any Finance Document; or

 

		(c)	any
                                            determination as to whether any information provided or to be provided to any Finance Party
                                            is non-public information the use of which may be regulated or prohibited by applicable law
                                            or regulation relating to insider dealing or otherwise.

 

    (125)

     

    

 

		28.9	No
                                            Duty to Monitor

  

The
Agent shall not be bound to enquire:

 

		(a)	whether
                                            or not any Default has occurred;

 

		(b)	as
                                            to the performance, default or any breach by any Party of its obligations under any Finance
                                            Document; or

 

		(c)	whether
                                            any other event specified in any Finance Document has occurred.

 

		28.10	Exclusion
                                            of Liability

 

		(a)	Without
                                            limiting paragraph (b) below (and without prejudice to any other provision of any
                                            Finance Document excluding or limiting the liability of the Agent), the Agent will not be
                                            liable (including, without limitation, for negligence nor any other category of liability
                                            whatsoever) for:

 

		(i)	any
                                            damages, costs or losses to any person, any diminution in value, or any liability whatsoever
                                            arising as a result of taking or not taking any action under or in connection with any Finance
                                            Document, unless directly caused by its gross negligence or wilful misconduct;

 

		(ii)	exercising,
                                            or not exercising, any right, power, authority or discretion given to it by, or in connection
                                            with, any Finance Document or any other agreement, arrangement or document entered into,
                                            made or executed in anticipation of, under or in connection with, any Finance Document; or

 

		(iii)	without
                                            prejudice to the generality of subparagraphs (i) and (ii) above, any damages,
                                            costs or losses to any person, any diminution in value or any liability whatsoever arising
                                            as a result of:

 

		(A)	any
                                            act, event or circumstance not reasonably within its control; or

 

		(B)	the
                                            general risks of investment in, or the holding of assets in, any jurisdiction,

 

including
(in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation,
expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting
the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction
of any third-party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection
or revolution; or strikes or industrial action.

 

		(b)	No
                                            Party (other than the Agent) may take any proceedings against any officer, employee or agent
                                            of the Agent in respect of any claim it might have against the Agent or in respect of any
                                            act or omission of any kind by that officer, employee or agent in relation to any Finance
                                            Document and any officer, employee or agent of the Agent may rely on this Clause 28.10
                                            subject to Clause 1.7 (Third-Party Rights) and the provisions of the Third Parties
                                            Act.

 

		(c)	The
                                            Agent will not be liable for any delay (or any related consequences) in crediting an account
                                            with an amount required under the Finance Documents to be paid by the Agent if the Agent
                                            has taken all necessary steps as soon as reasonably practicable to comply with the regulations
                                            or operating procedures of any recognised clearing or settlement system used by the Agent
                                            for that purpose.

 

    (126)

     

    

 

		(d)	Nothing
                                            in this Agreement shall oblige the Agent or the Arrangers to carry out:

 

		(i)	any
                                            “know your customer” or other checks in relation to any person; or

 

		(ii)	any
                                            check on the extent to which any transaction contemplated by this Agreement might be unlawful
                                            for any Lender or for any Affiliate of any Lender,

 

on
behalf of any Lender and each Lender confirms to the Agent and the Arrangers that it is solely responsible for any such checks it is
required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Arranger.

 

		(e)	Without
                                            prejudice to any provision of any Finance Document excluding or limiting the Agent’s
                                            liability, any liability of the Agent arising under or in connection with any Finance Document
                                            shall be limited to the amount of actual loss which has been finally judicially determined
                                            to have been suffered (as determined by reference to the date of default of the Agent or,
                                            if later, the date on which the loss arises as a result of such default) but without reference
                                            to any special conditions or circumstances known to the Agent at any time which increase
                                            the amount of that loss. In no event shall the Agent be liable for any loss of profits, goodwill,
                                            reputation, business opportunity or anticipated saving, or for special, punitive, indirect
                                            or consequential damages, whether or not the Agent has been advised of the possibility of
                                            such loss or damages.

 

		28.11	Lenders’
                                            Indemnity to the Agent

 

		(a)	Each
                                            Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments
                                            are then zero, to its share of the Total Commitments immediately prior to their reduction
                                            to zero) indemnify the Agent, within three Business Days of demand, against any cost, loss
                                            or liability (including, without limitation, for negligence or any other category of liability
                                            whatsoever) incurred by the Agent (otherwise than by reason of the Agent’s gross negligence
                                            or wilful misconduct (or, in the case of any cost, loss or liability pursuant to Clause 31.11
                                            (Disruption to Payment Systems Etc), notwithstanding the Agent’s negligence,
                                            gross negligence or any other category of liability whatsoever but not including any claim
                                            based on the fraud of the Agent)) in acting as Agent under the Finance Documents (unless
                                            the Agent has been reimbursed by an Obligor pursuant to a Finance Document).

 

		(b)	Subject
                                            to paragraph (c) below, each Obligor shall immediately on demand reimburse any
                                            Lender for any payment that Lender makes to the Agent pursuant to paragraph (a) above.

 

		(c)	Paragraph (b) above
                                            shall not apply to the extent that the indemnity payment in respect of which the Lender claims
                                            reimbursement relates to a liability of the Agent to an Obligor.

 

		28.12	Resignation
                                            of the Agent

 

		(a)	The
                                            Agent may resign and appoint one of its Affiliates acting through an office in the United
                                            Kingdom as successor by giving notice to the Lenders and Holdco.

 

    (127)

     

    

 

		(b)	Alternatively
                                            the Agent may resign by giving 30 days’ notice to the Lenders and Holdco, in which
                                            case the Majority Lenders (after consultation with Holdco) may appoint a successor Agent.

 

		(c)	If
                                            the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above
                                            within 20 days after notice of resignation was given, the retiring Agent (after consultation
                                            with Holdco) may appoint a successor Agent (acting through an office in the United Kingdom).

 

		(d)	If
                                            the Agent wishes to resign because (acting reasonably) it has concluded that it is no longer
                                            appropriate for it to remain as agent and the Agent is entitled to appoint a successor Agent
                                            under paragraph (c) above, the Agent may (if it concludes (acting reasonably) that
                                            it is necessary to do so in order to persuade the proposed successor Agent to become a party
                                            to this Agreement as Agent) agree with the proposed successor Agent amendments to this Clause 28
                                            and any other term of this Agreement dealing with the rights or obligations of the Agent
                                            consistent with then current market practice for the appointment and protection of corporate
                                            trustees, together with any reasonable amendments to the agency fee payable under this Agreement
                                            which are consistent with the successor Agent’s normal fee rates, and those amendments
                                            will bind the Parties.

 

		(e)	The
                                            retiring Agent shall, at its own cost, make available to the successor Agent such documents
                                            and records and provide such assistance as the successor Agent may reasonably request for
                                            the purposes of performing its functions as Agent under the Finance Documents.

 

		(f)	The
                                            Agent’s resignation notice shall only take effect upon the appointment of a successor.

 

		(g)	Upon
                                            the appointment of a successor, the retiring Agent shall be discharged from any further obligation
                                            in respect of the Finance Documents (other than its obligations under paragraph (e) above)
                                            but shall remain entitled to the benefit of Clause 16.3 (Indemnity to the Agent)
                                            and this Clause 28 (and any agency fees for the account of the retiring Agent shall
                                            cease to accrue from (and shall be payable on) that date). Any successor and each of the
                                            other Parties shall have the same rights and obligations amongst themselves as they would
                                            have had if such successor had been an original Party.

 

		(h)	The
                                            Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable,
                                            shall use reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above)
                                            if on or after the date which is three Months before the earliest FATCA Application Date
                                            relating to any payment to the Agent under the Finance Documents, either:

 

		(i)	the
                                            Agent fails to respond to a request under Clause 14.7 (FATCA Information) and
                                            Holdco or a Lender reasonably believes that the Agent will not be (or will have ceased to
                                            be) a FATCA Exempt Party on or after that FATCA Application Date;

 

		(ii)	the
                                            information supplied by the Agent pursuant to Clause 14.7 (FATCA Information)
                                            indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on
                                            or after that FATCA Application Date; or

 

		(iii)	the
                                            Agent notifies Holdco and the Lenders that the Agent will not be (or will have ceased to
                                            be) a FATCA Exempt Party on or after that FATCA Application Date,

 

    (128)

     

    

 

and
(in each case) Holdco or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required
if the Agent were a FATCA Exempt Party, and Holdco or that Lender, by notice to the Agent, requires it to resign. 

 

		28.13	Replacement
                                            of the Agent

 

		(a)	After
                                            consultation with Holdco, the Majority Lenders may by giving 30 days’ notice to
                                            the Agent (or, at any time the Agent is an Impaired Agent, by giving any shorter notice determined
                                            by the Majority Lenders) replace the Agent by appointing a successor Agent (acting through
                                            an office in the United Kingdom).

 

		(b)	The
                                            retiring Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense
                                            of the Lenders) make available to the successor Agent such documents and records and provide
                                            such assistance as the successor Agent may reasonably request for the purposes of performing
                                            its functions as Agent under the Finance Documents.

 

		(c)	The
                                            appointment of the successor Agent shall take effect on the date specified in the notice
                                            from the Majority Lenders to the retiring Agent. As from this date, the retiring Agent shall
                                            be discharged from any further obligation in respect of the Finance Documents (other than
                                            its obligations under paragraph (b) above) but shall remain entitled to the benefit
                                            of Clause 16.3 (Indemnity to the Agent) and this Clause 28 (and any agency
                                            fees for the account of the retiring Agent shall cease to accrue from (and shall be payable
                                            on) that date).

 

		(d)	Any
                                            successor Agent and each of the other Parties shall have the same rights and obligations
                                            amongst themselves as they would have had if such successor had been an original Party.

 

		28.14	Confidentiality

 

		(a)	In
                                            acting as agent for the Finance Parties, the Agent shall be regarded as acting through its
                                            agency division, which shall be treated as a separate entity from any other of its divisions
                                            or departments.

 

		(b)	If
                                            information is received by another division or department of the Agent, it may be treated
                                            as confidential to that division or department and the Agent shall not be deemed to have
                                            notice of it.

 

		28.15	Relationship
                                            with the Lenders

 

		(a)	The
                                            Agent may treat the person shown in its records as Lender at the opening of business (in
                                            the place of the Agent’s principal office as notified to the Finance Parties from time
                                            to time) as the Lender acting through its Facility Office:

 

		(i)	entitled
                                            to or liable for any payment due under any Finance Document on that day; and

 

		(ii)	entitled
                                            to receive and act upon any notice, request, document or communication or make any decision
                                            or determination under any Finance Document made or delivered on that day,

 

unless
it has received not less than five Business Days’ prior notice from that Lender to the contrary in accordance with the terms of
this Agreement.

 

		(b)	Any
                                            Lender may by notice to the Agent appoint a person to receive on its behalf all notices,
                                            communications, information and documents to be made or despatched to that Lender under the
                                            Finance Documents. Such notice shall contain the address and (where communication by email
                                            or other electronic means is permitted under Clause 33.6 (Electronic Communication))
                                            email address and/or any other information required to enable the transmission of information
                                            by that means (and, in each case, the department or officer, if any, for whose attention
                                            communication is to be made) and be treated as a notification of a substitute address, email
                                            address (or such other information), department and officer by that Lender for the purposes
                                            of Clause 33.2 (Addresses) and paragraph (a)(ii) of Clause 33.6
                                            (Electronic Communication) and the Agent shall be entitled to treat such person as
                                            the person entitled to receive all such notices, communications, information and documents
                                            as though that person were that Lender.

 

    (129)

     

    

 

 

		28.16	Credit
                                            Appraisal by the Lenders

 

Without
affecting the responsibility of any member of the Group for information supplied by it or on its behalf in connection with any Finance
Document, each Lender confirms to the Agent and the Arrangers it has been, and will continue to be, solely responsible for making its
own independent appraisal and investigation of all risks arising under or in connection with any Finance Document, including, but not
limited to:

 

		(a)	the
                                            financial condition, status and nature of any Obligor;

 

		(b)	the
                                            legality, validity, effectiveness, adequacy or enforceability of any Finance Document, and
                                            any other agreement, arrangement or document entered into, made or executed in anticipation
                                            of, under or in connection with any Finance Document;

 

		(c)	whether
                                            that Lender has recourse, and the nature and extent of that recourse, against any Party or
                                            any of its respective assets under or in connection with any Finance Document, the transactions
                                            contemplated by the Finance Documents or any other agreement, arrangement or document entered
                                            into, made or executed in anticipation of, under or in connection with any Finance Document;
                                            and

 

		(d)	the
                                            adequacy, accuracy or completeness of any information provided by the Agent, any Party or
                                            by any other person under or in connection with any Finance Document, the transactions contemplated
                                            by any Finance Document or any other agreement, arrangement or document entered into, made
                                            or executed in anticipation of, under or in connection with any Finance Document.

 

		28.17	Reference
                                            Banks

 

		(a)	If
                                            a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate)
                                            ceases to be a Lender, the Agent shall (in consultation with Holdco) appoint another Lender
                                            or an Affiliate of a Lender to replace that Reference Bank.

 

		(b)	No
                                            Reference Bank is under any obligation to provide a quotation or any other information to
                                            the Agent.

 

		(c)	No
                                            Reference Bank will be liable for any action taken by it under or in connection with any
                                            Finance Document, or for any Reference Bank Quotation, unless directly caused by its gross
                                            negligence or wilful misconduct.

 

		(d)	No
                                            Party (other than the relevant Reference Bank) may take any proceedings against any officer,
                                            employee or agent of any Reference Bank in respect of any claim it might have against that
                                            Reference Bank or in respect of any act or omission of any kind by that officer, employee
                                            or agent in relation to any Finance Document, or to any Reference Bank Quotation, and any
                                            officer, employee or agent of each Reference Bank may rely on this Clause 28.17, subject
                                            to Clause 1.7 (Third-Party Rights) and the provisions of the Third Parties Act.

 

    (130)

     

    

 

		28.18	Agent’s
                                            Management Time

 

Any amount
payable to the Agent under Clause 16.3 (Indemnity to the Agent), Clause 18 (Costs and Expenses) and Clause 28.11
(Lenders’ Indemnity to the Agent) shall include the cost of utilising the Agent’s management time or other resources
and will be calculated on the basis of such reasonable daily or hourly rates as the Agent may notify to Holdco and the Lenders, and is
in addition to any fee paid or payable to the Agent under Clause 13 (Fees).

 

		28.19	Deduction
                                            from Amounts Payable by the Agent

 

If any
Party owes an amount to the Agent under the Finance Documents, the Agent may, after giving notice to that Party, deduct an amount not
exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and
apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be
regarded as having received any amount so deducted.

 

		29.	Conduct
                                            of Business by the Finance Parties

 

No provision
of this Agreement will:

 

		(a)	interfere
                                            with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever
                                            manner it thinks fit;

 

		(b)	oblige
                                            any Finance Party to investigate or claim any credit, relief, remission or repayment available
                                            to it or the extent, order and manner of any claim; or

 

		(c)	oblige
                                            any Finance Party to disclose any information relating to its affairs (tax or otherwise)
                                            or any computations in respect of Tax.

 

		30.	Sharing
                                            Among the Finance Parties

 

		30.1	Payments
                                            to Finance Parties

 

If a
Finance Party (a “Recovering Finance Party”) receives or recovers any amount from an Obligor other than in accordance
with Clause 31 (Payment Mechanics) (a “Recovered Amount”) and applies that amount to a payment due under
the Finance Documents, then:

 

		(a)	the
                                            Recovering Finance Party shall, within three Business Days, notify details of the receipt
                                            or recovery to the Agent;

 

		(b)	the
                                            Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering
                                            Finance Party would have been paid had the receipt or recovery been received or made by the
                                            Agent, and distributed in accordance with Clause 31 (Payment Mechanics), without
                                            taking account of any Tax which would be imposed on the Agent in relation to the receipt,
                                            recovery or distribution; and

 

		(c)	the
                                            Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to
                                            the Agent an amount (the “Sharing Payment”) equal to such receipt or recovery
                                            less any amount which the Agent determines may be retained by the Recovering Finance Party
                                            as its share of any payment to be made, in accordance with Clause 31.6 (Partial Payments).

 

    (131)

     

    

 

		30.2	Redistribution
                                            of Payments

 

The Agent
shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than
the Recovering Finance Party) (the “Sharing Finance Parties”) in accordance with Clause 31.6 (Partial Payments)
towards the obligations of that Obligor to the Sharing Finance Parties.

 

		30.3	Recovering
                                            Finance Party’s Rights

 

On a
distribution by the Agent under Clause 30.2 (Redistribution of Payments) of a payment received by a Recovering Finance Party
from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing
Payment will be treated as not having been paid by that Obligor.

 

		30.4	Reversal
                                            of Redistribution

 

If any
part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance
Party, then:

 

		(a)	each
                                            Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account
                                            of that Recovering Finance Party an amount equal to the appropriate part of its share of
                                            the Sharing Payment (together with an amount as is necessary to reimburse that Recovering
                                            Finance Party for its proportion of any interest on the Sharing Payment which that Recovering
                                            Finance Party is required to pay) (the “Redistributed Amount”); and

 

		(b)	as
                                            between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to
                                            the relevant Redistributed Amount will be treated as not having been paid by that Obligor.

 

		30.5	Exceptions

 

		(a)	This
                                            Clause 30 shall not apply to the extent that the Recovering Finance Party would not,
                                            after making any payment pursuant to this Clause 30, have a valid and enforceable claim
                                            against the relevant Obligor.

 

		(b)	A
                                            Recovering Finance Party is not obliged to share with any other Finance Party any amount
                                            which the Recovering Finance Party has received or recovered as a result of taking legal
                                            or arbitration proceedings, if:

 

		(i)	it
                                            notified the other Finance Party of the legal or arbitration proceedings; and

 

		(ii)	the
                                            other Finance Party had an opportunity to participate in those legal or arbitration proceedings
                                            but did not do so as soon as reasonably practicable having received notice and did not take
                                            separate legal or arbitration proceedings.

 

    (132)

     

    

 

Section 11

Administration

 

		31.	Payment
                                            Mechanics

 

		31.1	Payments
                                            to the Agent

 

		(a)	On
                                            each date on which an Obligor or a USD Lender is required to make a payment under a Finance
                                            Document (other than payment by a Borrower in respect of Facility B) that Obligor or that
                                            USD Lender shall make the same available to the Agent (unless a contrary indication appears
                                            in a Finance Document) for value on the due date at the time and in such funds specified
                                            by the Agent as being customary at the time for settlement of transactions in the relevant
                                            currency in the place of payment.

 

		(b)	Payment
                                            shall be made to such account in the principal financial centre of the country of that currency
                                            with such bank as the Agent specifies.

 

		31.2	Distributions
                                            by the Agent

 

Each
payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 31.3 (Distributions to the
Borrowers) and Clause 31.4 (Clawback) be made available by the Agent as soon as practicable after receipt to the Party
entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such
account as that Party may notify to the Agent by not less than five Business Days’ notice with a bank specified by that Party in
the principal financial centre of the country of that currency.

 

		31.3	Distributions
                                            to the Borrowers

 

The Agent
may (with the consent of Holdco or in accordance with Clause 32 (Set-Off)) apply any amount received by it for a Borrower
in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Borrower under the Finance Documents
or in or towards purchase of any amount of any currency to be so applied.

 

		31.4	Clawback

 

		(a)	Where
                                            a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent
                                            is not obliged to pay that sum to that other Party (or to enter into or perform any related
                                            exchange contract) until it has been able to establish to its satisfaction that it has actually
                                            received that sum.

 

		(b)	If
                                            the Agent pays an amount to another Party and it proves to be the case that the Agent had
                                            not received that amount, then the Party who should have made that amount (or the proceeds
                                            of any related exchange contract) available to the Agent or, if that Party fails to do so,
                                            the Party to whom that amount (or the proceeds of any related exchange contract) has been
                                            made available by the Agent, shall on demand, pay such amount to the Agent together with
                                            interest on that amount from the date of payment to the date of receipt by the Agent, calculated
                                            by the Agent to reflect its cost of funds.

 

		31.5	Impaired
                                            Agent

 

		(a)	If,
                                            at any time, the Agent becomes an Impaired Agent, a Borrower or a Lender which is required
                                            to make a payment under the Finance Documents to the Agent in accordance with Clause 31.1
                                            (Payments to the Agent) may instead either:

 

    (133)

     

    

 

		(i)	pay
                                            that amount direct to the required recipient(s); or

 

		(ii)	if
                                            in its sole discretion it considers that it is not reasonably practicable to pay that amount
                                            direct to the required recipients(s), pay that amount or the relevant part of that amount
                                            to an interest-bearing account held with an “Acceptable Bank” within the meaning
                                            of paragraph (a) of the definition of “Acceptable Bank” and in relation
                                            to which no Insolvency Event has occurred and is continuing, in the name of the relevant
                                            Borrower or the Lender making the payment (the “Paying Party”) and designated
                                            as a trust account for the benefit of the Party or Parties beneficially entitled to that
                                            payment under the Finance Documents (the “Recipient Party” or “Recipient
                                            Parties”).

 

In each
case such payments must be made on the due date for payment under the Finance Documents.

 

		(b)	All
                                            interest accrued on the amount standing to the credit of the trust account shall be for the
                                            benefit of the Recipient Party or Recipient Parties pro rata to their respective entitlements.

 

		(c)	A
                                            Party which has made a payment in accordance with this Clause 31.5 shall be discharged
                                            of the relevant payment obligation under the Finance Documents and shall not take any credit
                                            risk with respect to the amounts standing to the credit of the trust account.

 

		(d)	Promptly
                                            upon the appointment of a successor Agent in accordance with Clause 28.13 (Replacement
                                            of the Agent), each Paying Party shall (other than to the extent that that Party has
                                            given an instruction pursuance to paragraph (e) below), give all requisite instructions
                                            to the bank with whom the trust account is held to transfer the amount (together with any
                                            accrued interest) to the successor Agent for distribution to the relevant Recipient Party
                                            or Recipient Parties in accordance with Clause 31.2 (Distributions by the Agent).

 

		(e)	A
                                            Paying Party shall, promptly upon request by a Recipient Party and to the extent:

 

		(i)	that
                                            it has not given an instruction pursuant to paragraph (d) above; and

 

		(ii)	that
                                            it has been provided with the necessary information by that Recipient Party,

 

give all
requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest)
to that Recipient Party.

 

		31.6	Partial
                                            Payments

 

		(a)	If
                                            the Agent receives a payment for application against amounts due in respect of any Finance
                                            Documents that is insufficient to discharge all the amounts then due and payable by an Obligor
                                            under those Finance Documents, the Agent shall apply that payment towards the obligations
                                            of that Obligor under those Finance Documents in the following order:

 

		(i)	first,
                                            in or towards payment pro rata of any unpaid amounts owing to the Agent under those
                                            Finance Documents;

 

		(ii)	secondly,
                                            in or towards payment pro rata of any accrued interest, fee or commission due but
                                            unpaid under those Finance Documents;

 

    (134)

     

    

 

		(iii)	thirdly,
                                            in or towards payment pro rata of any principal due but unpaid under those Finance
                                            Documents; and

 

		(iv)	fourthly,
                                            in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.

 

		(b)	The
                                            Agent shall, if so directed by all the Lenders, vary the order set out in paragraphs (a)(ii) to
                                            (iv) above.

 

		(c)	Paragraphs (a) and
                                            (b) above will override any appropriation made by an Obligor.

 

		31.7	Set-Off

 

All payments
to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for)
set-off or counterclaim.

 

		31.8	Business
                                            Days

 

		(a)	Any
                                            payment under the Finance Documents which is due to be made on a day that is not a Business
                                            Day shall be made on the next Business Day in the same calendar month (if there is one) or
                                            the preceding Business Day (if there is not).

 

		(b)	During
                                            any extension of the due date for payment of any principal or Unpaid Sum under this Agreement
                                            interest is payable on the principal or Unpaid Sum at the rate payable on the original due
                                            date.

 

		31.9	Currency
                                            of Account

 

		(a)	Subject
                                            to paragraphs (b) to (e) below, the Base Currency is the currency of account
                                            and payment for any sum due from an Obligor under any Finance Document.

 

		(b)	A
                                            repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid Sum shall be made in the
                                            currency in which that Loan or Unpaid Sum is denominated on its due date.

 

		(c)	Each
                                            payment of interest shall be made in the currency in which the sum in respect of which the
                                            interest is payable was denominated, pursuant to this Agreement, when that interest accrued.

 

		(d)	Each
                                            payment in respect of costs, expenses or Taxes shall be made in the currency in which the
                                            costs, expenses or Taxes are incurred.

 

		(e)	Any
                                            amount expressed to be payable in a currency other than the Base Currency shall be paid in
                                            that other currency.

 

		31.10	Change
                                            of Currency

 

		(a)	Unless
                                            otherwise prohibited by law, if more than one currency or currency unit are at the same time
                                            recognised by the central bank of any country as the lawful currency of that country, then:

 

		(i)	any
                                            reference in the Finance Documents to, and any obligations arising under the Finance Documents
                                            in, the currency of that country shall be translated into, or paid in, the currency or currency
                                            unit of that country designated by the Agent (after consultation with Holdco); and

 

		(ii)	any
                                            translation from one currency or currency unit to another shall be at the official rate of
                                            exchange recognised by the central bank for the conversion of that currency or currency unit
                                            into the other, rounded up or down by the Agent (acting reasonably).

 

    (135)

     

    

 

		(b)	If
                                            a change in any currency of a country occurs, this Agreement will, to the extent the Agent
                                            (acting reasonably and after consultation with Holdco) specifies to be necessary, be amended
                                            to comply with any generally accepted conventions and market practice in the Relevant Market
                                            and otherwise to reflect the change in currency.

 

		31.11	Disruption
                                            to Payment Systems Etc

 

If either
the Agent determines (in its discretion) that a Disruption Event has occurred or the Agent is notified by Holdco that a Disruption Event
has occurred:

 

		(a)	the
                                            Agent may, and shall if requested to do so by Holdco, consult with Holdco with a view to
                                            agreeing with Holdco such changes to the operation or administration of the Facilities as
                                            the Agent may deem necessary in the circumstances;

 

		(b)	the
                                            Agent shall not be obliged to consult with Holdco in relation to any changes mentioned in
                                            paragraph (a) above if, in its opinion, it is not practicable to do so in the circumstances
                                            and, in any event, shall have no obligation to agree to such changes;

 

		(c)	the
                                            Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above
                                            but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the
                                            circumstances;

 

		(d)	any
                                            such changes agreed upon by the Agent and Holdco shall (whether or not it is finally determined
                                            that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or,
                                            as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions
                                            of Clause 37 (Amendments and Waivers);

 

		(e)	the
                                            Agent shall not be liable for any damages, costs or losses whatsoever (including, without
                                            limitation for negligence, gross negligence or any other category of liability whatsoever
                                            but not including any claim based on the fraud of the Agent) arising as a result of its taking,
                                            or failing to take, any actions pursuant to or in connection with this Clause 31.11;
                                            and

 

		(f)	the
                                            Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.

 

		32.	Set-Off

 

A Finance
Party may set off any matured obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance
Party) against any matured obligation owed by that Finance Party to that Obligor (other than an obligation to make its participation
in a Loan available under Clause 5.4 (Lenders’ Participation)), regardless of the place of payment, booking branch or currency
of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate
of exchange in its usual course of business for the purpose of the set-off.

 

		33.	Notices

 

		33.1	Communications
                                            in Writing

 

Any communication
to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by email
or letter.

 

    (136)

     

    

 

		33.2	Addresses

 

The address
and email (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication
or document to be made or delivered under or in connection with the Finance Documents is:

 

		(a)	in
                                            the case of Holdco, that identified with its name below;

 

		(b)	in
                                            the case of each Lender or any other Obligor, that notified in writing to the Agent on or
                                            prior to the date on which it becomes a Party; and

 

		(c)	in
                                            the case of the Agent, that identified with its name below, or any substitute address, email
                                            or department or officer as the Party may notify to the Agent (or the Agent may notify to
                                            the other Parties, if a change is made by the Agent) by not less than five Business
                                            Days’ notice.

 

		33.3	Delivery

 

		(a)	Any
                                            communication or document made or delivered by one person to another under or in connection
                                            with the Finance Documents will only be effective:

 

		(i)	if
                                            by way of fax, when received in legible form; or

 

		(ii)	if
                                            by way of registered mail or courier, when it has been delivered at the relevant address,

 

and, if
a particular department or officer is specified as part of its address details provided under Clause 33.2 (Addresses), if
addressed to that department or officer.

 

		(b)	Any
                                            communication or document to be made or delivered to the Agent will be effective only when
                                            actually received by the Agent and then only if it is expressly marked for the attention
                                            of the department or officer identified with the Agent’s signature below (or any substitute
                                            department or officer as the Agent shall specify for this purpose).

 

		(c)	All
                                            notices from or to an Obligor shall be sent through the Agent.

 

		(d)	Any
                                            communication or document made or delivered to Holdco in accordance with this Clause 33.3
                                            will be deemed to have been made or delivered to each of the Obligors.

 

		(e)	Any
                                            communication or document which becomes effective, in accordance with paragraphs (a) and
                                            (b) above, after 5.00 p.m. in the place of receipt shall be deemed only to
                                            become effective on the following day.

 

		33.4	Notification
                                            of Address and Fax Number

 

Promptly
upon receipt of notification of an address or fax number or change of address or fax number pursuant to Clause 33.2 (Addresses)
or changing its own address or fax number, the Agent shall notify the other Parties.

 

		33.5	Communication
                                            when Agent is Impaired Agent

 

If the
Agent is an Impaired Agent the Parties may, instead of communicating with each other through the Agent, communicate with each other directly
and (while the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to be made or notices
to be given to or by the Agent shall be varied so that communications may be made and notices given to or by the relevant Parties directly.
This provision shall not operate after a replacement Agent has been appointed.

 

    (137)

     

    

 

		33.6	Electronic
                                            Communication

 

		(a)	Any
                                            communication to be made between any two Parties under or in connection with the Finance
                                            Documents may be made by email or other electronic means (including, without limitation,
                                            by way of posting to a secure website), if those two Parties:

 

		(i)	notify
                                            each other in writing of their email address and/or any other information required to enable
                                            the transmission of information by that means; and

 

		(ii)	notify
                                            each other of any change to their address or any other such information supplied by them
                                            by not less than five Business Days’ notice.

 

		(b)	Any
                                            such electronic communication as specified in paragraph (a) above to be made between
                                            an Obligor and a Finance Party may only be made in that way to the extent that those two
                                            Parties agree that, unless and until notified to the contrary, this is to be an accepted
                                            form of communication.

 

		(c)	Any
                                            such electronic communication as specified in paragraph (a) above made between any two
                                            Parties will be effective only when actually received (or made available) in readable form
                                            and in the case of any electronic communication made by a Party to the Agent only if it is
                                            addressed in such a manner as the Agent shall specify for this purpose.

 

		(d)	Any
                                            electronic communication which becomes effective, in accordance with paragraph (c) above,
                                            after 5.00 p.m. in the place in which the Party to whom the relevant communication
                                            is sent or made available has its address for the purpose of this Agreement shall be deemed
                                            only to become effective on the following day.

 

		(e)	Any
                                            reference in a Finance Document to a communication being sent or received shall be construed
                                            to include that communication being made available in accordance with this Clause 33.6.

 

		33.7	Use
                                            of Websites

 

		(a)	Holdco
                                            may satisfy its obligation under this Agreement to deliver any information in relation to
                                            those Lenders (the “Website Lenders”) who accept this method of communication
                                            by posting this information onto an electronic website designated by Holdco and the Agent
                                            (the Designated Website) if:

 

		(i)	the
                                            Agent expressly agrees (after consultation with each of the Lenders) that it will accept
                                            communication of the information by this method;

 

		(ii)	both
                                            Holdco and the Agent are aware of the address of and any relevant password specifications
                                            for the Designated Website; and

 

		(iii)	the
                                            information is in a format previously agreed between Holdco and the Agent.

 

If any
Lender (a “Paper Form Lender”) does not agree to the delivery of information electronically then the Agent shall
notify Holdco accordingly and Holdco shall at its own cost supply the information to the Agent (in sufficient copies for each Paper Form Lender)
in paper form. In any event Holdco shall at its own cost supply the Agent with at least one copy in paper form of any information required
to be provided by it.

 

    (138)

     

    

 

		(b)	The
                                            Agent shall supply each Website Lender with the address of and any relevant password specifications
                                            for the Designated Website following designation of that website by Holdco and the Agent.

 

		(c)	Holdco
                                            shall promptly upon becoming aware of its occurrence notify the Agent if:

 

		(i)	the
                                            Designated Website cannot be accessed due to technical failure;

 

		(ii)	the
                                            password specifications for the Designated Website change;

 

		(iii)	any
                                            new information which is required to be provided under this Agreement is posted onto the
                                            Designated Website;

 

		(iv)	any
                                            existing information which has been provided under this Agreement and posted onto the Designated
                                            Website is amended; or

 

		(v)	Holdco
                                            becomes aware that the Designated Website or any information posted onto the Designated Website
                                            is or has been infected by any electronic virus or similar software.

 

If Holdco
notifies the Agent under paragraph (c)(i) or paragraph (c)(v) above, all information to be provided by Holdco under
this Agreement after the date of that notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied
that the circumstances giving rise to the notification are no longer continuing.

 

		(d)	Any
                                            Website Lender may request, through the Agent, one paper copy of any information required
                                            to be provided under this Agreement which is posted onto the Designated Website. Holdco shall,
                                            at its own cost, comply with any such request within ten Business Days.

 

		33.8	English
                                            Language

 

		(a)	Any
                                            notice given under or in connection with any Finance Document must be in English.

 

		(b)	All
                                            other documents provided under or in connection with any Finance Document must be:

 

		(i)	in
                                            English; or

 

		(ii)	if
                                            not in English, and if so required by the Agent, accompanied by a certified English translation
                                            (the cost of which shall be borne by Holdco) and, in this case, the English translation will
                                            prevail unless the document is a constitutional, statutory or other official document.

 

		34.	Calculations
                                            and Certificates

 

		34.1	Accounts

 

In any
litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained
by a Finance Party are prima facie evidence of the matters to which they relate.

 

    (139)

     

    

 

 

		34.2	Certificates
                                            and Determinations

  

Any certification
or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, prima facie
evidence of the matters to which it relates.

 

		34.3	Day
                                            Count Convention and Interest Calculation

 

		(a)	Any
                                            interest, commission or fee accruing under a Finance Document will accrue from day-to-day
                                            and the amount of any such interest, commission or fee is calculated:

 

		(i)	on
                                            the basis of the actual number of days elapsed and, in respect of the Base Currency, a year
                                            of 360 days and, in respect of Naira, a year of 365 days (or, in any case where
                                            the practice in the Relevant Market differs, in accordance with that market practice); and

 

		(ii)	subject
                                            to paragraph (b) below, without rounding.

 

		(b)	The
                                            aggregate amount of any accrued interest, commission or fee which is or becomes payable by
                                            an Obligor under a Finance Document shall be rounded to 2 decimal places.

 

		35.	Partial
                                            Invalidity

 

If, at
any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction,
neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision
under the law of any other jurisdiction will in any way be affected or impaired.

 

		36.	Remedies
                                            and Waivers

 

No failure
to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under a Finance Document shall operate
as a waiver of any such right or remedy or constitute an election to affirm any Finance Document. No election to affirm any Finance Document
on the part of any Finance Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall
prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance
Document are cumulative and not exclusive of any rights or remedies provided by law.

 

		37.	Amendments
                                            and Waivers

 

		37.1	Required
                                            Consents

 

		(a)	Subject
                                            to Clause 37.2 (Exceptions) and except to the extent otherwise provided for in
                                            a Finance Document, any term of the Finance Documents may be amended or waived or any consent
                                            given under a Finance Document only with the consent of the Majority Lenders and Holdco and
                                            any such amendment or waiver will be binding on all Parties.

 

		(b)	The
                                            Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this
                                            Clause 37.

 

		(c)	Without
                                            prejudice to the generality of paragraphs (c), (d) and (e) of Clause 28.7
                                            (Rights and Discretions), the Agent may engage, pay for and rely on the services of
                                            lawyers in determining the consent level required for and effecting any amendment, waiver
                                            or consent under this Agreement, provided that no Obligor shall be required to reimburse
                                            or indemnify the Agent in respect of any payment the Agent may make pursuant to this paragraph (c) unless
                                            agreed in advance with Holdco.

  

		(d)	Paragraph
                                            (c) of Clause 25.10 (Pro Rata Interest Settlement) shall apply to this Clause
                                            37.

 

    (140)

     

    

 

		37.2	Exceptions

 

		(a)	In
                                            this Clause 37, “Structural Adjustment” means:

 

		(i)	an
                                            amendment or waiver that has the effect of changing or which relates to:

 

		(A)	an
                                            extension to the availability or date of payment of any amount under the Finance Documents;

 

		(B)	a
                                            reduction in the Margin or a reduction in the amount of any payment of principal, interest,
                                            fees or commission or other amounts payable; and

 

		(ii)	an
                                            amendment or waiver of a term of a Finance Document that is consequential on, incidental
                                            to, or required to implement or reflect any of the amendments or waivers listed in subparagraph (i) above.

 

		(b)	Subject
                                            to Clause 37.3 (Changes to Reference Rates), an amendment or waiver that has
                                            the effect of changing or which relates to:

 

		(i)	the
                                            definition of “Majority Lenders” in Clause 1.1 (Definitions)
                                            and “Structural Adjustment” in paragraph (a) above;

 

		(ii)	any
                                            provision which expressly requires the consent of all the Lenders;

 

		(iii)	(without
                                            prejudice to Permitted Reorganisations) Clause 27 (Assignment and Transfers by Obligors)
                                            or any change to the Obligors or Clause 23.29 (Guarantors);

 

		(iv)	Clause 25
                                            (Changes to the Lenders) which would make transferability more restrictive for a Finance
                                            Party, Clause 30 (Sharing Among the Finance Parties), Clause 42 (Governing
                                            Law), Clause 43 (Enforcement) or this Clause 37;

 

		(v)	the
                                            currency of payment of any amount under the Finance Documents;

 

		(vi)	a
                                            redenomination of a Commitment into another currency;

 

		(vii)	an
                                            increase in any Commitment or the Total Commitments;

 

		(viii)	the
                                            introduction of an additional loan, tranche, commitment or facility into the Finance Documents
                                            ranking pari passu , senior or subordinate to the Facilities;

 

		(ix)	the
                                            definition of Sanctions, Restricted Party and Sanctions Event and related definitions in
                                            Clause 1.1 (Definitions), Clause 8.2 (Sanctions), Clause 20.17
                                            (Sanctions) and 23.17 (Sanctions);

 

		(x)	the
                                            definition of Anti-Corruption Laws and Money Laundering Laws in Clause 1.1 (Definitions),
                                            Clause 20.18 (Anti-bribery and Corruption Laws), Clause 20.23 (Anti-Money
                                            Laundering) and Clause 23.18 (Anti-Bribery and Corruption and Anti-Money Laundering);

 

		(xi)	Clause
                                            7.1 (Illegality) or Clause 8.1 (Change of Control) or the definition of “Permitted
                                            Transferee”;

 

    (141)

     

    

  

		(xii)	Clause
                                            23.30 (Conditions Subsequent);

 

		(xiii)	the
                                            nature or the scope of the guarantee under this Agreement;

 

		(xiv)	the
                                            order of priority or subordination under the Subordination Agreement;

 

		(xv)	Clause
                                            2.3 (Finance Parties’ Rights and Obligations) and/or

 

		(xvi)	Clause 4.2
                                            (Further Conditions Precedent) (other than a waiver of any of the conditions set out
                                            therein),

 

in each
case, shall not be made without the prior consent of all the Lenders.

 

		(c)	An
                                            amendment or waiver that has the effect of changing or which relates to any provision which
                                            expressly requires the consent of the Majority Lenders, shall not be made without the prior
                                            consent of the Majority Lenders.

 

		(d)	Notwithstanding
                                            any other provision of this Clause 37, if an amendment or waiver relates to a Structural
                                            Adjustment, to the extent that it is so permitted, it requires only the prior consent of
                                            each Lender which will be directly affected by the proposed Structural Adjustment and:

 

		(i)	in
                                            relation to any Structural Adjustment arising under paragraph (a)(i)(A) above that relates
                                            solely to amounts payable solely under Facility A or to the USD Lenders, with the consent
                                            of the Majority USD Lenders;

 

		(ii)	in
                                            relation to any Structural Adjustment arising under paragraph (a)(i)(A) above that relates
                                            solely to amounts payable solely under Facility B or to the NGN Lenders, with the consent
                                            of the Majority NGN Lenders; and

 

		(iii)	in
                                            all other cases, with the consent of the Majority Lenders.

 

		(e)	An
                                            amendment or waiver which relates to the rights or obligations of the Agent or an Arranger
                                            (each in their capacity as such) may not be effected without the consent of the Agent or
                                            that Arranger (as applicable).

 

		(f)	If
                                            any Lender does not accept or reject a request for a consent, waiver or amendment of or in
                                            relation to any of the terms of any Finance Document or other vote of Lenders under the terms
                                            of this Agreement (in each case, other than under Clause 37.3 (Changes to Reference
                                            Rates)) within 15 Business Days (unless Holdco and the Agent agree to a longer time period
                                            in relation to any request) of that request being made, its Commitment and/or participation
                                            shall not be included for the purpose of calculating the Total Commitments or participations
                                            under the Facilities when ascertaining whether any relevant percentage (including, for the
                                            avoidance of doubt, unanimity) of Total Commitments and/or participations has been obtained
                                            to approve that request.

 

		(g)	The
                                            Agent may agree with Holdco at any time any amendment to or modification of a name or other
                                            details of an Original Lender as set out in Part 2 of Schedule 1 (The Original Parties)
                                            which is technical in nature or which is necessary to correct a manifest error.

 

		(h)	Notwithstanding
                                            any other provision of this Agreement, increases to the Margin can be implemented in accordance
                                            with the terms of the Syndication Letter and do not require the consent of any other Party.

 

    (142)

     

    

 

		37.3	Changes
                                            to Reference Rates

  

		(a)	Subject
                                            to paragraph (a) of Clause 37.2 (Exceptions), if a Published Rate Replacement
                                            Event has occurred in relation to any Published Rate for a Loan in dollars, any amendment
                                            or waiver which relates to:

 

		(i)	providing
                                            for the use of a Replacement Reference Rate in relation to dollars in place of that Published
                                            Rate; and

 

		(ii)	

 

		(A)	aligning
                                            any provision of any Finance Document to the use of that Replacement Reference Rate;

 

		(B)	enabling
                                            that Replacement Reference Rate to be used for the calculation of interest under this Agreement
                                            (including, without limitation, any consequential changes required to enable that Replacement
                                            Reference Rate to be used for the purposes of this Agreement);

 

		(C)	implementing
                                            market conventions applicable to that Replacement Reference Rate;

 

		(D)	providing
                                            for appropriate fallback (and market disruption) provisions for that Replacement Reference
                                            Rate; or

 

		(E)	adjusting
                                            the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of
                                            economic value from one Party to another as a result of the application of that Replacement
                                            Reference Rate (and if any adjustment or method for calculating any adjustment has been formally
                                            designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall
                                            be determined on the basis of that designation, nomination or recommendation),

 

may be
made with the consent of the Agent (acting on the instructions of the Majority USD Lenders) and Holdco.

 

		(b)	An
                                            amendment or waiver that relates to, or has the effect of, aligning the means of calculation
                                            of interest on a Compounded Rate Loan under this Agreement to any recommendation of a Relevant
                                            Nominating Body which:

 

		(i)	relates
                                            to the use of the RFR for dollars on a compounded basis in the international or any relevant
                                            domestic syndicated loan markets; and

 

		(ii)	is
                                            issued on or after the date of this Agreement,

 

may be
made with the consent of the Agent (acting on the instructions of the Majority USD Lenders) and Holdco.

 

		(c)	Subject
                                            to paragraph (a) of Clause 37.2 (Exceptions), if a Screen Rate Replacement Event
                                            has occurred in relation to NIBOR, any amendment or waiver which relates to:

 

		(i)	providing
                                            for the use of a Replacement Benchmark in relation to NIBOR; and

 

		(ii)	

 

		(A)	aligning
                                            any provision of any Finance Document to the use of that Replacement Benchmark;

 

    (143)

     

    

  

		(B)	enabling
                                            that Replacement Benchmark to be used for the calculation of interest under this Agreement
                                            (including, without limitation, any consequential changes required to enable that Replacement
                                            Benchmark to be used for the purposes of this Agreement);

 

		(C)	implementing
                                            market conventions applicable to that Replacement Benchmark;

 

		(D)	providing
                                            for appropriate fallback (and market disruption) provisions for that Replacement Benchmark;
                                            or

 

		(E)	adjusting
                                            the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of
                                            economic value from one Party to another as a result of the application of that Replacement
                                            Benchmark (and if any adjustment or method for calculating any adjustment has been formally
                                            designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall
                                            be determined on the basis of that designation, nomination or recommendation),

 

may be
made with the consent of the Agent (acting on the instructions of the Majority NGN Lenders) and Holdco.

 

		37.4	Replacement
                                            of Lender

 

		(a)	In
                                            the event that:

 

		(i)	Holdco
                                            or the Agent (at the request of Holdco) has requested the Lenders to give a consent in relation
                                            to, or to agree to a waiver or amendment of, any provisions of the Finance Documents;

 

		(ii)	the
                                            consent, waiver or amendment in question requires:

 

		(A)	the
                                            approval of all the Lenders and the Majority Lenders have consented or agreed to such waiver
                                            or amendment;

 

		(B)	the
                                            approval of all the USD Lenders and the Majority USD Lenders have consented or agreed to
                                            such waiver or amendment; or

 

		(C)	the
                                            approval of all the NGN Lenders and the Majority NGN Lenders have consented or agreed to
                                            such waiver or amendment,

 

then any
Lender who does not and continues not to consent or agree to such waiver or amendment shall be deemed a “Non-Consenting Lender”.

 

		(b)	If
                                            at any time:

 

		(i)	any
                                            Lender becomes a Non-Consenting Lender; or

 

    (144)

     

    

 

		(ii)	an
                                            Obligor becomes obliged to repay any amount in accordance with Clause 7.1 (Illegality)
                                            or to pay any amounts pursuant to Clauses 14.2 (Tax Gross-Up), 14.3 (Tax Indemnity)
                                            or 15.1 (Increased Costs) to any Lender,

 

then Holdco
may, on five Business Days prior written notice to the Agent and such Lender, replace such Lender by requiring such Lender to (and to
the extent permitted by law, such Lender shall) transfer pursuant to Clause 25 (Changes to the Lenders) all (and not part
only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution or other entity (other than
a member of the Group) which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities
or other financial assets (a “Replacement Lender”) selected by Holdco, which confirms its willingness to assume and
does assume all the obligations of the transferring Lender (including the assumption of the transferring Lender’s participations
on the same basis as the transferring Lender) and which satisfies the Agent’s “know your customer” requirements for
a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of such Lender’s participation
in the outstanding Loans and all accrued interest (to the extent that the Agent has not given a notification under Clause 25.10 (Pro
Rata Interest Settlement)), Break Costs and other amounts payable in relation thereto under the Finance Documents.

  

		(c)	The
                                            replacement of a Lender pursuant to this Clause 37.4 shall be subject to the following
                                            conditions:

 

		(i)	Holdco
                                            shall have no right to replace the Agent (other than in accordance with Clause 28.12
                                            (Resignation of the Agent) if applicable);

 

		(ii)	neither
                                            the Agent nor the Lender shall have any obligation to Holdco to find a Replacement Lender;

 

		(iii)	in
                                            the event of a replacement of a Non-Consenting Lender such replacement must take place no
                                            later than 60 days after the date on which that Lender is deemed a Non-Consenting Lender;

 

		(iv)	in
                                            no event shall the Lender replaced under this paragraph (c) be required to pay
                                            or surrender to such Replacement Lender any of the fees received by such Lender pursuant
                                            to the Finance Documents; and

 

		(v)	the
                                            Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph (b) above
                                            once it is satisfied that it has complied with (acting reasonably) all necessary “know
                                            your customer” or other similar checks under all applicable laws and regulations in
                                            relation to that transfer.

 

		(d)	A
                                            Lender shall perform the checks described in paragraph (c)(v) above as soon as
                                            reasonably practicable following delivery of a notice referred to in paragraph (b) above
                                            and shall notify the Agent and Holdco when it is satisfied that it has complied with those
                                            checks.

 

		37.5	Disenfranchisement
                                            of Defaulting Lenders

 

		(a)	For
                                            so long as a Defaulting Lender has any Available Commitment, in ascertaining:

 

		(i)	the
                                            Majority Lenders, the Majority USD Lenders or the Majority NGN Lenders; or

 

		(ii)	whether:

 

		(A)	any
                                            given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments
                                            under the relevant Facility/ies; or

 

		(B)	the
                                            agreement of any specified group of Lenders,

 

has been
obtained to approve any request for a consent, waiver, amendment or other vote of Lenders under the Finance Documents, that Defaulting
Lender’s Commitments under the relevant Facility/ies will be reduced by the amount of its Available Commitments under the relevant
Facility/ies and, to the extent that that reduction results in that Defaulting Lender’s Total Commitments being zero, that Defaulting
Lender shall be deemed not to be a Lender for the purposes of paragraphs (i) and (ii) above.

 

    (145)

     

    

 

		(b)	For
                                            the purposes of this Clause 37.5, the Agent may assume that the following Lenders are
                                            Defaulting Lenders:

 

		(i)	any
                                            Lender which has notified the Agent that it has become a Defaulting Lender; and

 

		(ii)	any
                                            Lender in relation to which it is aware that any of the events or circumstances referred
                                            to in paragraph (a), (b) or (c) of the definition of “Defaulting Lender”
                                            has occurred,

 

unless
it has received notice to the contrary from the Lender concerned (together with any supporting evidence reasonably requested by the Agent)
or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender.

 

		37.6	Replacement
                                            of a Defaulting Lender

 

		(a)	Holdco
                                            may, at any time a Lender has become and continues to be a Defaulting Lender, by giving five
                                            Business Days’ prior written notice to the Agent and such Lender: replace such Lender
                                            by requiring such Lender to (and to the extent permitted by law, such Lender shall) transfer
                                            pursuant to Clause 25 (Changes to the Lenders) all (and not part only) of its
                                            rights and obligations under this Agreement to a Lender or other bank, financial institution
                                            or other entity (a “Replacement Lender”) selected by Holdco, which (unless
                                            the replacement Lender is already a Lender or the Agent is an Impaired Agent) has satisfied
                                            all the Agent’s “know your client” and other similar checks, which confirms
                                            its willingness to assume and does assume all the obligations or all the relevant obligations
                                            of the transferring Lender (including the assumption of the transferring Lender’s participations
                                            or unfunded participations (as the case may be) on the same basis as the transferring Lender)
                                            for a purchase price in cash payable at the time of transfer equal to the outstanding principal
                                            amount of such Lender’s participation in the outstanding Loans and all accrued interest
                                            (to the extent that the Agent has not given a notification under Clause 25.10 (Pro Rata
                                            Interest Settlement)), Break Costs and other amounts payable in relation thereto under
                                            the Finance Documents.

 

		(b)	Any
                                            transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 37.6
                                            shall be subject to the following conditions:

 

		(i)	Holdco
                                            shall have no right to replace the Agent;

 

		(ii)	neither
                                            the Agent nor the Defaulting Lender shall have any obligation to Holdco to find a Replacement
                                            Lender;

 

		(iii)	the
                                            transfer must take place no later than 60 days after the notice referred to in paragraph (a) above;

 

		(iv)	in
                                            no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender
                                            any of the fees received by the Defaulting Lender pursuant to the Finance Documents; and

  

		(v)	the
                                            Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant to
                                            paragraph (a) above, once it is satisfied that is has complied with (acting reasonably)
                                            all necessary “know your customer” or other similar checks under all applicable
                                            laws and regulations in relation to that transfer.

 

		(c)	The
                                            Defaulting Lender shall perform the checks described in paragraph (b)(v) above
                                            as soon as reasonably practicable following delivery of a notice referred to in paragraph (a) above
                                            and shall notify the Agent and Holdco when it is satisfied that it has complied with those
                                            checks.

 

    (146)

     

    

 

		38.	Confidentiality

 

		38.1	Confidential
                                            Information

 

Each
Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted
by Clause 38.2 (Disclosure of Confidential Information) and to ensure that all Confidential Information is protected with
security measures and a degree of care that would apply to its own confidential information.

 

		38.2	Disclosure
                                            of Confidential Information

 

Any Finance
Party may disclose:

 

		(a)	to
                                            any of its Affiliates and any of its or their officers, directors, employees, professional
                                            advisers, auditors, insurers, insurance brokers, service providers, partners and Representatives
                                            such Confidential Information as that Finance Party shall consider appropriate if any person
                                            to whom the Confidential Information is to be given pursuant to this paragraph (a) is
                                            informed in writing of its confidential nature and that some or all of such Confidential
                                            Information may be price-sensitive information except that there shall be no such requirement
                                            to so inform if the recipient is subject to professional obligations to maintain the confidentiality
                                            of the information or is otherwise bound by requirements of confidentiality in relation to
                                            the Confidential Information;

 

		(b)	to
                                            any person:

 

		(i)	to
                                            (or through) whom it assigns or transfers (or may potentially assign or transfer) all or
                                            any of its rights and/or obligations under one or more Finance Documents and to any of that
                                            person’s Affiliates, Representatives and professional advisers;

 

		(ii)	with
                                            (or through) whom it enters into (or may potentially enter into), whether directly or indirectly,
                                            any sub-participation in relation to, or any other transaction under which payments are to
                                            be made or may be made by reference to, one or more Finance Documents and/or on or more Obligors
                                            and to any of that person’s Affiliates, Representatives and professional advisers;

 

		(iii)	appointed
                                            by any Finance Party or by a person to whom subparagraph (i) or (ii) above
                                            applies to receive communications, notices, information or documents delivered pursuant to
                                            the Finance Documents on its behalf (including, without limitation, any person appointed
                                            under paragraph (b) of Clause 28.15 (Relationship with the Lenders));

 

		(iv)	who
                                            invests in or otherwise finances (or may potentially invest in or otherwise finance), directly
                                            or indirectly, any transaction referred to in subparagraph (i) or (ii) above;

 

    (147)

     

    

 

		(v)	to
                                            whom information is required or requested to be disclosed by any court of competent jurisdiction
                                            or any governmental, banking, taxation, administrative, supervisory body, court, tribunal
                                            or other regulatory authority or similar body, the rules of any relevant stock exchange
                                            or pursuant to any applicable law or regulation;

 

		(vi)	to
                                            whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security
                                            (or may do so) pursuant to Clause 25.9 (Security over Lenders’ Rights);

 

		(vii)	to
                                            whom information is required by law or regulation to be disclosed in connection with, and
                                            for the purposes of, any litigation, arbitration, administrative or other investigations,
                                            proceedings or disputes;

 

		(viii)	who
                                            is a Party;

 

		(ix)	who
                                            is a direct and/or indirect providers of credit protection or brokers of such providers of
                                            credit protection; or

 

		(x)	with
                                            the consent of Holdco,

 

in each
case, such Confidential Information as that Finance Party shall consider appropriate if:

 

		(A)	in
                                            relation to subparagraphs (i), (ii) and (iii) above, the person to whom
                                            the Confidential Information is to be given has entered into a Confidentiality Undertaking
                                            except that there shall be no requirement for a Confidentiality Undertaking if the recipient
                                            is a professional adviser and is subject to professional obligations to maintain the confidentiality
                                            of the Confidential Information;

 

		(B)	in
                                            relation to subparagraph (iv) above, the person to whom the Confidential Information
                                            is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements
                                            of confidentiality in relation to the Confidential Information they receive and is informed
                                            that some or all of such Confidential Information may be price-sensitive information; or

 

		(C)	in
                                            relation to subparagraphs (v), (vi) and (vii) above, the person to whom the
                                            Confidential Information is to be given is informed of its confidential nature and that some
                                            or all of such Confidential Information may be price-sensitive information except that there
                                            shall be no requirement to so inform if, in the opinion of that Finance Party, it is not
                                            practicable so to do in the circumstances;

 

		(c)	to
                                            any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or
                                            (b)(ii) above applies to provide administration or settlement services in respect of
                                            one or more of the Finance Documents including without limitation, in relation to the trading
                                            of participations in respect of the Finance Documents, such Confidential Information as may
                                            be required to be disclosed to enable such service provider to provide any of the services
                                            referred to in this paragraph (c) if the service provider to whom the Confidential
                                            Information is to be given has entered into a confidentiality agreement substantially in
                                            the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement
                                            Service Providers or such other form of Confidentiality Undertaking agreed between Holdco
                                            and the relevant Finance Party; and

 

    (148)

     

    

 

		(d)	to
                                            any rating agency (including its professional advisers), such Confidential Information as
                                            may be required to be disclosed to enable such rating agency to carry out its normal rating
                                            activities in relation to the Finance Documents and/or the Obligors if the rating agency
                                            to whom the Confidential Information is to be given is informed of its confidential nature
                                            and that some or all of such Confidential Information may be price-sensitive information.

 

		38.3	Entire
                                            Agreement

 

This
Clause 38 constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance
Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential
Information.

 

		38.4	Inside
                                            Information

 

Each
of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that
the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing
and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.

 

		38.5	Notification
                                            of Disclosure

 

Each
of the Finance Parties agrees (to the extent permitted by law and regulation) to inform Holdco:

 

		(a)	of
                                            the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of
                                            Clause 38.2 (Disclosure of Confidential Information) except where such disclosure
                                            is made to any of the persons referred to in that paragraph during the ordinary course of
                                            its supervisory or regulatory function; and

 

		(b)	upon
                                            becoming aware that Confidential Information has been disclosed in breach of this Clause 38.

 

		38.6	Continuing
                                            Obligations

 

The obligations
in this Clause 38 are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of 12 Months
from the earlier of:

 

		(a)	the
                                            date on which all amounts payable by the Obligors under or in connection with the Finance
                                            Documents have been paid in full and all Commitments have been cancelled or otherwise cease
                                            to be available; and

 

		(b)	the
                                            date on which such Finance Party otherwise ceases to be a Finance Party.

 

    (149)

     

    

 

 

		39.	Confidentiality
                                            of Funding Rates and Reference Bank Quotations

 

		39.1	Confidentiality
                                            and Disclosure

 

		(a)	The
                                            Agent and Holdco agree to keep each Funding Rate (and, in the case of the Agent, each Reference
                                            Bank Quotation) confidential and not to disclose it to anyone, save to the extent permitted
                                            by paragraphs (b) and (c) below.

 

		(b)	The
                                            Agent may disclose:

 

		(i)	any
                                            Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the relevant
                                            Borrower pursuant to Clause 10.5 (Notification of Rates of Interest); and

 

		(ii)	any
                                            Funding Rate or any Reference Bank Quotation to any person appointed by it to provide administration
                                            services in respect of one or more of the Finance Documents to the extent necessary to enable
                                            such service provider to provide those services if the service provider to whom that information
                                            is to be given has entered into a confidentiality agreement substantially in the form of
                                            the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service
                                            Providers or such other form of confidentiality undertaking agreed between the Agent and
                                            the relevant Lender or Reference Bank, as the case may be.

 

		(c)	The
                                            Agent may disclose any Funding Rate or any Reference Bank Quotation, and each Obligor may
                                            disclose any Funding Rate, to:

 

		(i)	any
                                            of its Affiliates and any of its or their officers, directors, employees, professional advisers,
                                            auditors, partners and Representatives if any person to whom that Funding Rate or Reference
                                            Bank Quotation is to be given pursuant to this sub-paragraph (i) is informed in
                                            writing of its confidential nature and that it may be price-sensitive information except
                                            that there shall be no such requirement to so inform if the recipient is subject to professional
                                            obligations to maintain the confidentiality of that Funding Rate or Reference Bank Quotation
                                            or is otherwise bound by requirements of confidentiality in relation to it;

 

		(ii)	any
                                            person to whom information is required or requested to be disclosed by any court of competent
                                            jurisdiction or any governmental, banking, taxation or other regulatory authority or similar
                                            body, the rules of any relevant stock exchange or pursuant to any applicable law or
                                            regulation if the person to whom that Funding Rate or Reference Bank Quotation is to be given
                                            is informed in writing of its confidential nature and that it may be price-sensitive information
                                            except that there shall be no requirement to so inform if, in the opinion of the Agent or
                                            the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances;

 

		(iii)	any
                                            person to whom information is required to be disclosed in connection with, and for the purposes
                                            of, any litigation, arbitration, administrative or other investigations, proceedings or disputes
                                            if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed
                                            in writing of its confidential nature and that it may be price-sensitive information except
                                            that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant
                                            Obligor, as the case may be, it is not practicable to do so in the circumstances; and

 

		(iv)	any
                                            person with the consent of the relevant Lender or Reference Bank, as the case may be.

 

    (150)

     

    

 

		(d)	The
                                            Agent’s obligations in this Clause 39 relating to Reference Bank Quotations are
                                            without prejudice to its obligations to make notifications under Clause 10.5 (Notification
                                            of Rates of Interest) provided that (other than pursuant to paragraph (b)(i) above)
                                            the Agent shall not include the details of any individual Reference Bank Quotation as part
                                            of any such notification.

 

		39.2	Other
                                            Obligations

 

		(a)	The
                                            Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the Agent,
                                            each Reference Bank Quotation) is or may be price-sensitive information and that its use
                                            may be regulated or prohibited by applicable legislation including securities law relating
                                            to insider dealing and market abuse and the Agent and each Obligor undertake not to use any
                                            Funding Rate or, in the case of the Agent, any Reference Bank Quotation for any unlawful
                                            purpose.

 

		(b)	The
                                            Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the
                                            relevant Lender or Reference Bank, as the case may be:

 

		(i)	of
                                            the circumstances of any disclosure made pursuant to paragraph (c)(ii) of Clause 39.1
                                            (Confidentiality and Disclosure) except where such disclosure is made to any of the
                                            persons referred to in that paragraph during the ordinary course of its supervisory or regulatory
                                            function; and

 

		(ii)	upon
                                            becoming aware that any information has been disclosed in breach of this Clause 39.

 

		39.3	No
                                            Event of Default

 

No Default
or Event of Default will occur under Clause 24.3 (Other Obligations) by reason only of an Obligor’s failure to comply
with this Clause 39.

 

		40.	Counterparts

 

Each
Finance Document may be executed in any number of counterparts (each of which shall constitute an original), and this has the same effect
as if the signatures on the counterparts were on a single copy of the Finance Document.

 

		41.	Contractual
                                            Recognition of Bail-In

 

Notwithstanding
any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges
and accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In
Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:

 

		(a)	any
                                            Bail-In Action in relation to any such liability, including (without limitation):

 

		(i)	a
                                            reduction, in full or in part, in the principal amount, or outstanding amount due (including
                                            any accrued but unpaid interest) in respect of any such liability;

 

		(ii)	a
                                            conversion of all, or part of, any such liability into shares or other instruments of ownership
                                            that may be issued to, or conferred on, it; and

 

		(iii)	a
                                            cancellation of any such liability; and

 

    (151)

     

    

  

		(b)	a
                                            variation of any term of any Finance Document to the extent necessary to give effect to any
                                            Bail-In Action in relation to any such liability.

 

Section 12

Governing Law and Enforcement

 

		42.	Governing
                                            Law

 

This
Agreement and any non-contractual obligations arising out of or in connection with it are governed by and shall be construed in accordance
with, English law.

 

		43.	Enforcement

 

		43.1	Arbitration

 

		(a)	Subject
                                            to Clause 43.2 (Agent’s option), any dispute arising out of or in connection
                                            with this Agreement (including a dispute relating to the existence, validity, interpretation,
                                            performance or termination of this Agreement) or any non-contractual obligations arising
                                            out of, or in connection with, this Agreement (a “Dispute”), shall be
                                            referred to and finally resolved by arbitration under the Rules of the London Court
                                            of International Arbitration (LCIA) (the “Rules”).

 

		(b)	The
                                            arbitral tribunal shall consist of three arbitrators. The claimant(s), irrespective of number,
                                            shall nominate jointly one arbitrator; the respondent(s), irrespective of number, shall nominate
                                            jointly the second arbitrator, and a third arbitrator (who shall act as Chairman) shall be
                                            appointed by the arbitrators nominated by the claimant(s) and respondent(s) or,
                                            in the absence of agreement on the third arbitrator within 10 Business Days of the appointment
                                            of the second arbitrator, by the LCIA Court (as defined in the Rules).

 

		(c)	The
                                            Rules are deemed to be incorporated by reference into this Clause 43.1 and capitalised
                                            terms used in this Clause 43.1 which are not otherwise defined shall have the meaning
                                            given to them in the Rules.

 

		(d)	The
                                            seat, or legal place of arbitration, shall be in London, the United Kingdom.

 

		(e)	The
                                            language used in the arbitral proceedings shall be English and the language used in the arbitral
                                            proceedings shall be English. All documents submitted in connection with the proceedings
                                            shall be in English or, if in another language, accompanied by a certified English translation.

 

		(f)	For
                                            the purposes of arbitration pursuant to this Clause 43.1, the Parties waive any right
                                            of application to determine a preliminary point of law or appeal on a point of law under
                                            Sections 45 and 69 of the Arbitration Act 1996.

 

		(g)	This
                                            Clause 43.1 and any non-contractual obligations arising out of or in connection with
                                            it are governed by English law.

 

		(h)	Service
                                            of any Request for Arbitration (as defined in the Rules) made pursuant to this Clause 43.1
                                            must be made pursuant to the Rules at the address given for sending of notices under
                                            Clause 33 (Notices).

 

		(i)	Except
                                            as permitted under Clause 43.2 (Agent’s option), each Party agrees:

 

		(i)	not
                                            to commence, procure or participate in, or otherwise be involved in, any action or proceeding
                                            of any court or other tribunal with respect to a matter which is already the subject of arbitral
                                            proceedings commenced pursuant to this Clause 43.1 (except for compelling arbitration,
                                            restraining court proceedings brought in breach of the Finance Documents or initiating actions
                                            to obtain a judgment recognising or enforcing an arbitral award or any order for conservatory
                                            or provisional measures); and

 

		(ii)	to
                                            waive any right it may have to appeal any arbitral award or order, to the extent such waiver
                                            is permitted by law.

 

		(j)	The
                                            arbitration agreement shall be governed by the laws of England.

 

    (152)

     

    

 

		43.2	Agent’s
                                            option

 

Before
the Finance Parties have filed, as the case may be, a Request for Arbitration or Response (in each case, as defined in the Rules) the
Agent may (and shall, if so instructed by the Majority Lenders) by notice in writing to all other Parties require that all Disputes or
a specific Dispute be heard by a court of law. If the Agent gives such notice, the Dispute to which such notice refers shall be determined
in accordance with Clause 43.3 (Jurisdiction of English Courts).

 

		43.3	Jurisdiction
                                            of English Courts

 

		(a)	If
                                            the Agent issues a notice pursuant to Clause 43.2 (Agent’s option), the
                                            provisions of this Clause 43.3 shall apply.

 

		(b)	The
                                            courts of England have exclusive jurisdiction to settle any Dispute.

 

		(c)	The
                                            Parties agree that the courts of England are the most appropriate and convenient courts to
                                            settle any Dispute and accordingly no Party will argue to the contrary.

 

		(d)	Notwithstanding
                                            paragraph (b) above, no Finance Party shall be prevented from taking proceedings
                                            relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law,
                                            the Finance Parties may take concurrent proceedings in any number of jurisdictions.

 

		43.4	Service
                                            of process

 

		(a)	Without
                                            prejudice to any other mode of service allowed under any relevant law, each Obligor (other
                                            than an Obligor incorporated in England and Wales):

 

		(i)	irrevocably
                                            appoints IHS Africa (UK) Limited whose principal office is located at 25 Sackville Street,
                                            London, W1S 3AX as its agent for service of process in relation to any proceedings before
                                            the English courts in connection with any Finance Documents; and

 

		(ii)	agrees
                                            that failure by an agent or the service of process to notify the relevant Obligor of the
                                            process will not invalidate the proceedings concerned.

 

		(b)	If
                                            any person appointed as an agent for service of process is unable for any reason to act as
                                            agent for service of process, Holdco (on behalf of all the Obligors) must immediately (and
                                            in any event within five days of such event taking place) appoint another agent on terms
                                            acceptable to the Agent. Failing this, the Agent may appoint another agent for this purpose.

 

		44.	Acknowledgement
                                            regarding any supported QFCs

 

		(a)	To
                                            the extent that the Finance Documents provide support, through a guarantee or otherwise,
                                            for any agreement or instrument that is a QFC (such support, “QFC Credit Support”
                                            and each such QFC a “Supported QFC”), the parties acknowledge and agree
                                            as follows with respect to the resolution power of the Federal Deposit Insurance Corporation
                                            under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform
                                            and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S.
                                            Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support
                                            (with the provisions below applicable notwithstanding that the Finance Documents and any
                                            Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or
                                            of the United States or any other state of the United States):

 

    (153)

     

    

 

		(b)	

 

		(i)	in
                                            the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”)
                                            becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such
                                            Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation
                                            in or under such Supported QFC and such QFC Credit Support, and any rights in property securing
                                            such Supported QFC or such QFC Credit Support) from such Covered Party will be effective
                                            to the same extent as the transfer would be effective under the U.S. Special Resolution Regime
                                            if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights
                                            in property) were governed by the laws of the United States or a state of the United States.
                                            In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to
                                            a proceeding under a U.S. Special Resolution Regime, Default Rights under the Finance Documents
                                            that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised
                                            against such Covered Party are permitted to be exercised to no greater extent than such Default
                                            Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and
                                            the Finance Documents were governed by the laws of the United States or a state of the United
                                            States. Without limitation of the foregoing, it is understood and agreed that rights and
                                            remedies of the parties with respect to a Defaulting Lender shall in no event affect the
                                            rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

		(c)	As
                                            used in this Clause 44, the following terms have the following meanings:

 

“BHC
Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with,
12 U.S.C. 1841(k)) of such party.

 

“Covered
Entity” means any of the following:

 

		(i)	a
                                            “covered entity” as that term is defined in, and interpreted in accordance with,
                                            12 C.F.R. § 252.82(b);

 

		(ii)	a
                                            “covered bank” as that term is defined in, and interpreted in accordance with,
                                            12 C.F.R. § 47.3(b); or

 

		(iii)	a
                                            “covered FSI” as that term is defined in, and interpreted in accordance with,
                                            12 C.F.R. § 382.2(b).

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2
or 382.1, as applicable.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).

 

This
Agreement has been entered into on the date stated at the beginning of this Agreement.

 

    (154)

     

    

 

Schedule 1

 

The Original
Parties

 

Part 1     

The Original Guarantors

 

	

    Name
	Jurisdiction
    of incorporation and registration number (if any and prior to any Permitted Re-domiciliation)

	IHS
    Netherlands Holdco B.V.	The
    Netherlands, registration number 66017912
	IHS
    Netherlands NG1 B.V.	The
    Netherlands, registration number 66030390
	IHS
    Netherlands NG2 B.V.	The
    Netherlands, registration number 66030501
	IHS
    Towers NG Limited	Nigeria,
    registration number 448308
	IHS
    (Nigeria) Limited	Nigeria,
    registration number 407609
	INT
    Towers Limited	Nigeria,
    registration number 1222736
	Nigeria
    Tower Interco B.V.	The
    Netherlands, registration number 61341088
	IHS
    Holding Limited	Mauritius,
    registration number 111344

 

Part 2     The
Original Lenders

 

	Name of Original Lender	 	Facility A
 Commitment
 (USD)	 	 	Facility B
 Commitment
 (Base Currency Amount)	 
	Absa Bank Limited (acting through its Corporate and Investment Banking division)	 	 	101,666,666.67	 	 	 	-	 
	Access Bank Plc	 	 	-	 	 	 	130,000,000.00	 
	Citibank, N.A., London Branch	 	 	101,666,666.67	 	 	 	-	 
	Citibank Nigeria Limited	 	 	-	 	 	 	40,000,000.00	 
	Ecobank Nigeria Limited	 	 	-	 	 	 	100,000,000.00	 
	FirstRand Bank Limited (London Branch), acting through its Rand Merchant Bank division	 	 	36,666,666.67	 	 	 	-	 
	Goldman Sachs Bank USA	 	 	101,666,666.67	 	 	 	-	 
	JPMorgan Chase Bank, N.A., London Branch	 	 	101,666,666.67	 	 	 	-	 
	RMB International (Mauritius) Ltd	 	 	65,000,000.00	 	 	 	-	 
	Rand Merchant Bank Nigeria Limited	 	 	-	 	 	 	20,000,000.00	 
	Standard Chartered Bank	 	 	101,666,666.67	 	 	 	-	 
	United Bank for Africa Plc	 	 	-	 	 	 	100,000,000.00	 
	Total:	 	 	610,000,000	 	 	 	390,000,000	 

 

    (155)

     

    

 

Schedule 2

 

Conditions Precedent

 

		Part
                          1	Conditions
                                            Precedent to Utilisation

 

		1.	Obligors
                                            (other than Dutch Obligors)

 

		(a)	A
                                            copy of the constitutional documents of each Obligor, each certified by an authorised signatory
                                            of, as applicable, the relevant Obligor and in respect of the Borrowers, certified by the
                                            Nigerian Corporate Affairs Commission (and for the purposes of such certification by the
                                            Nigerian Corporate Affairs Commission, photocopies (certified by an authorised signatory
                                            of the relevant Obligor) of the certified true copies issued by the Nigerian Corporate Affairs
                                            Commission can be provided).

 

		(b)	A
                                            copy of a resolution of the board of directors of each Obligor:

 

		(i)	approving
                                            the terms of, and the transactions contemplated by, the Finance Documents to which it is
                                            a party and resolving that it execute, deliver and perform the Finance Documents to which
                                            it is a party;

 

		(ii)	authorising
                                            a specified person or persons to execute the Finance Documents to which it is a party on
                                            its behalf;

 

		(iii)	authorising
                                            a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
                                            (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under
                                            or in connection with the Finance Documents to which it is a party; and

 

		(iv)	in
                                            the case of an Obligor other than Holdco, authorising Holdco to act as its agent in connection
                                            with the Finance Documents.

 

		(c)	To
                                            the extent required, a copy of the resolution of the shareholder(s) of each Nigerian
                                            Obligor, approving the terms of, and the transactions contemplated by, the Finance Documents
                                            to which the Obligor is a party.

 

		(d)	A
                                            specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above
                                            in relation to the Finance Documents to which it is a party.

 

		(e)	A
                                            certificate of an authorised signatory of each Obligor:

 

		(i)	confirming
                                            that borrowing or guaranteeing (as applicable) the Total Commitments would not cause any
                                            borrowing, guaranteeing (as applicable) or similar limit binding on it to be breached; and

 

		(ii)	certifying
                                            that each copy document relating to it specified in this Schedule 2 is correct, complete
                                            and in full force and effect and has not been amended or superseded as at a date no earlier
                                            than the date of this Agreement.

 

		2.	Dutch
                                            Obligors

 

		(a)	A
                                            copy of the articles of association (statuten) and deed of incorporation (oprichtingsakte)
                                            and an extract (uittreksel) from the Dutch Commercial Register (Handelsregister)
                                            of each Dutch Obligor.

 

		(b)	A
                                            copy of a resolution of the board of directors of each Dutch Obligor:

 

    (156)

     

    

 

		(i)	approving
                                            the terms of, and the transactions contemplated by, the Finance Documents to which it is
                                            a party and resolving that it execute, deliver and perform the Finance Documents to which
                                            it is a party;

 

		(ii)	authorising
                                            a specified person or persons to execute the Finance Documents to which it is a party on
                                            its behalf;

 

		(iii)	authorising
                                            a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
                                            (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under
                                            or in connection with the Finance Documents to which it is a party; and

 

		(iv)	in
                                            the case of a Dutch Obligor other than Holdco, authorising Holdco to act as its agent in
                                            connection with the Finance Documents.

 

		(c)	If
                                            applicable, a copy of the resolution of the shareholder(s) of each Dutch Obligor approving
                                            the resolutions of the board of managing directors referred to under (b) above.

 

		(d)	In
                                            relation to each Dutch Obligor, a positive advice (advies) from the competent works
                                            council(s) (which, if conditional, contains conditions which can reasonably be complied
                                            with and would not cause and are not reasonably likely to cause a breach of any term of any
                                            Finance Document) and the related request for advice in respect of the transactions contemplated
                                            by the Finance Documents or a confirmation by the management board of the relevant Dutch
                                            Obligor that no works council (ondernemingsraad) having jurisdiction over the relevant
                                            Dutch Obligor has been installed and no action has been taken for the installation of such
                                            works council.

 

		(e)	A
                                            specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above
                                            in relation to the Finance Documents to which it is a party.

 

		(f)	A
                                            certificate of an authorised signatory of each Dutch Obligor:

 

		(i)	confirming
                                            that borrowing or guaranteeing (as applicable) the Total Commitments would not cause any
                                            borrowing, guaranteeing (as applicable) or similar limit binding on it to be breached; and

 

		(ii)	certifying
                                            that each copy document relating to it specified in this Schedule 2 is correct, complete
                                            and in full force and effect and has not been amended or superseded as at a date no earlier
                                            than the date of this Agreement.

 

		3.	Finance
                                            Documents

 

		(a)	This
                                            Agreement executed by each Obligor.

 

		(b)	The
                                            Fee Letters executed by Holdco.

 

		(c)	The
                                            Syndication Letter executed by Holdco.

 

		(d)	The
                                            Subordination Agreement executed by Holdco, IHS Holding and each Borrower.

 

		4.	Legal
                                            Opinions

 

		(a)	A
                                            legal opinion addressed to the Agent and the Original Lenders of Clifford Chance LLP, legal
                                            advisers to the Agent and the Arrangers as to matters of English law, substantially in the
                                            form distributed to the Original Lenders prior to signing this Agreement.

 

    (157)

     

    

 

		(b)	A
                                            legal opinion addressed to the Agent and the Original Lenders of Clifford Chance LLP, legal
                                            advisers to the Agent and the Arrangers as to matters of Netherlands law, substantially in
                                            the form distributed to the Original Lenders prior to signing this Agreement.

 

		(c)	A
                                            legal opinion addressed to the Agent and the Original Lenders of Aluko & Oyebode,
                                            legal advisers to the Agent and the Arrangers as to matters of Nigerian law, substantially
                                            in the form distributed to the Original Lenders prior to signing this Agreement.

 

		5.	Other
                                            Documents and Evidence

 

		(a)	A
                                            copy of any other Authorisation or other document, opinion or assurance which the Agent considers
                                            to be necessary (if it has notified Holdco accordingly prior to the date of this Agreement)
                                            in connection with the entry into and performance of the transactions contemplated by any
                                            Finance Document or for the validity and enforceability of any Finance Document.

 

		(b)	A
                                            copy of the Funds Flow Statement.

 

		(c)	A
                                            copy of the Financial Plan.

 

		(d)	A
                                            copy of the Group Structure Chart.

 

		(e)	A
                                            copy of the Structuring Memorandum.

 

		(f)	Evidence
                                            that:

 

		(i)	all
                                            amounts outstanding under the INT Towers Facility and the IHS Nigeria Facility will be refinanced
                                            and discharged in full; and

 

		(ii)	any
                                            and all Security and guarantees granted by the Group in relation to the INT Towers Facility
                                            and the IHS Nigeria Facility will be released,

 

in each
case, promptly upon the first Utilisation, which will be in the form of copies of the pay-off letters in relation to the INT Towers Facility
and the IHS Nigeria Facility and copies of each of the Deeds of Release (as defined in each pay-off letter), in each case, signed by
each Obligor or Affiliate of an Obligor which is a party to such pay-off letter or Deed of Release.

 

		(g)	Copies
                                            of:

 

		(i)	prepayment
                                            notices and call notices; and

 

		(ii)	irrevocable
                                            payment instructions or a Utilisation Request instructing and authorising the Agent to disburse
                                            the Loans in part or in full (in an amount sufficient for the refinancing of the existing
                                            Financial Indebtedness as set out in the Funds Flow Statement) directly to the relevant parties,
                                            in a manner consistent with applicable laws,

 

in each
case, for the purposes of prepayment of the existing Financial Indebtedness as set out in the Funds Flow Statement.

 

    (158)

     

    

 

 

		(h)	A
                                            certificate signed by the chief financial officer or director of Holdco confirming that the
                                            Bond pricing has occurred in respect of the Bonds in the amount of USD 800,000,000 or more,
                                            with maturity falling at least 179 days after the Termination Date and on terms no more favourable
                                            to the Holdco as issuer than the terms of this Agreement, attaching the press release and
                                            confirming the closing date in respect of the Bonds that is consistent with the Funds Flow
                                            Statement and proposed first Utilisation Date (and if there are any conditions to the closing
                                            of the Bond listing such conditions).

 

		(i)	A
                                            copy of each financial statement required to be delivered under the Bonds on or prior to
                                            the proposed Utilisation Date, including Holdco’s reviewed consolidated financial statements
                                            in respect of the financial half-year ended 30 June 2018, Holdco’s audited annual
                                            consolidated financial statements in respect of the financial year ended 31 December 2018
                                            (together with pro forma calculations in respect of INT Towers) Holdco’s reviewed consolidated
                                            financial statements in respect of the financial half-year ended 30 June 2019 (together
                                            with pro forma calculations in respect of INT Towers).

 

		(j)	Evidence
                                            that completion of the INT Transfer will occur on the first Utilisation Date, which will
                                            be in the form of:

 

		(i)	a
                                            notarial letter entered into between Holdco, the Agent and a Dutch notary;

 

		(ii)	a
                                            power of attorney entered into between IHS Netherlands (Interco) Coöperatief U.A. and
                                            a Dutch notary, authorising the Dutch notary to execute the INT Transfer Deed on behalf of
                                            IHS Netherlands (Interco) Coöperatief U.A.; and

 

		(iii)	a
                                            power of attorney entered into between Nigeria Tower Interco B.V. and a Dutch notary, authorising
                                            the Dutch notary to execute the INT Transfer Deed on behalf of Nigeria Tower Interco B.V..

 

		(k)	Evidence
                                            that any process agent appointed under this Agreement has accepted its appointment.

 

		(l)	Evidence
                                            that the fees, costs and expenses then due from the Obligors under this Agreement have been
                                            paid or will be paid by the first Utilisation Date.

 

		(m)	Evidence
                                            from each Lender that all of their “Know Your Customer” requirements have been
                                            satisfactorily completed.

 

    (159)

     

    

 

Part 2

 

Conditions Precedent required to
be delivered by an Additional Guarantor

 

		1.	In
                                            relation to Additional Guarantors (other than Dutch Obligors):

 

		(a)	A
                                            copy of the constitutional documents of the Additional Guarantor and, and in respect of the
                                            an Additional Guarantor incorporated in Nigeria, certified by the Nigerian Corporate Affairs
                                            Commission (and for the purposes of such certification by the Nigerian Corporate Affairs
                                            Commission, photocopies (certified by an authorised signatory of the relevant Additional
                                            Guarantor) of the certified true copies issued by the Nigerian Corporate Affairs Commission
                                            can be provided).

 

		(b)	A
                                            copy of a resolution of the board of directors of the Additional Guarantor:

 

		(i)	approving
                                            the terms of, and the transactions contemplated by, the Accession Deed and the Finance Documents
                                            and resolving that it execute, deliver and perform the Accession Deed and any other Finance
                                            Document to which it is party;

 

		(ii)	authorising
                                            a specified person or persons to execute the Accession Deed and other Finance Documents on
                                            its behalf;

 

		(iii)	authorising
                                            a specified person or persons, on its behalf, to sign and/or despatch all other documents
                                            and notices to be signed and/or despatched by it under or in connection with the Finance
                                            Documents to which it is a party; and

 

		(iv)	authorising
                                            Holdco to act as its agent in connection with the Finance Documents

 

		(c)	A
                                            specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above.

 

		(d)	A
                                            certificate of an authorised signatory of the Additional Guarantor:

 

		(i)	confirming
                                            that guaranteeing the Total Commitments would not cause any guarantee or similar limit binding
                                            on it to be exceeded; and

 

		(ii)	certifying
                                            that each copy document listed in this Part 2 of Schedule 2 is correct, complete and
                                            in full force and effect and has not been amended or superseded as at a date no earlier than
                                            the date of the Accession Deed.

 

		2.	In
                                            relation to Additional Guarantors (that is a Dutch Obligor):

 

		(a)	A
                                            copy of the articles of association (statuten) and deed of incorporation (oprichtingsakte)
                                            and an extract (uittreksel) from the Dutch Commercial Register (Handelsregister)
                                            of each Dutch Obligor.

 

		(b)	A
                                            copy of a resolution of the board of directors of the Additional Guarantor:

 

		(i)	approving
                                            the terms of, and the transactions contemplated by, the Accession Deed and the Finance Documents
                                            and resolving that it execute, deliver and perform the Accession Deed and any other Finance
                                            Document to which it is party;

 

		(ii)	authorising
                                            a specified person or persons to execute the Accession Deed and other Finance Documents on
                                            its behalf;

 

    (160)

     

    

 

		(iii)	authorising
                                            a specified person or persons, on its behalf, to sign and/or despatch all other documents
                                            and notices to be signed and/or despatched by it under or in connection with the Finance
                                            Documents to which it is a party; and

  

		(iv)	authorising
                                            Holdco to act as its agent in connection with the Finance Documents

 

		(c)	If
                                            applicable, a copy of the resolution of the shareholder(s) of the Additional Guarantor
                                            approving the resolutions of the board of managing directors referred to under (b) above.

 

		(d)	A
                                            positive advice (advies) from the competent works council(s) (which, if conditional,
                                            contains conditions which can reasonably be complied with and would not cause and are not
                                            reasonably likely to cause a breach of any term of any Finance Document) and the related
                                            request for advice in respect of the transactions contemplated by the Finance Documents or
                                            a confirmation by the management board of the Additional Guarantor that no works council
                                            (ondernemingsraad) having jurisdiction over the Additional Guarantor has been installed
                                            and no action has been taken for the installation of such works council.

 

		(e)	A
                                            specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above.

 

		(f)	A
                                            certificate of an authorised signatory of the Additional Guarantor:

 

		(i)	confirming
                                            that guaranteeing the Total Commitments would not cause any guarantee or similar limit binding
                                            on it to be exceeded; and

 

		(ii)	certifying
                                            that each copy document listed in this Part 2 of Schedule 2 is correct, complete and
                                            in full force and effect and has not been amended or superseded as at a date no earlier than
                                            the date of the Accession Deed.

 

		3.	A
                                            copy of any other Authorisation or other document, opinion or assurance which the Agent considers
                                            to be necessary or desirable in connection with the entry into and performance of the transactions
                                            contemplated by the Accession Deed or for the validity and enforceability of any Finance
                                            Document.

 

		4.	The
                                            following legal opinions, each addressed to the Agent and the Lenders:

 

		(a)	A
                                            legal opinion of the legal advisers to the Agent in England, as to English law in the form
                                            distributed to the Lenders prior to signing the Accession Deed.

 

		(b)	If
                                            the Additional Guarantor is incorporated in a jurisdiction other than England and Wales or
                                            is executing a Finance Document which is governed by a law other than English law, a legal
                                            opinion of the legal advisers to the Agent in the jurisdiction of its incorporation, or,
                                            as the case may be, the jurisdiction of the governing law of that Finance Document (the “Applicable
                                            Jurisdiction”) as to the law of the Applicable Jurisdiction and in the form distributed
                                            to the Lenders prior to signing the Accession Deed.

 

		5.	If
                                            the proposed Additional Guarantor is incorporated in a jurisdiction other than England and
                                            Wales, evidence that the process agent specified in Clause 43.4 (Service of Process),
                                            if not an Obligor, has accepted its appointment in relation to the proposed Additional Guarantor.

 

		6.	Evidence
                                            from each Lender that all of their “Know Your Customer” requirements have been
                                            satisfactorily completed.

 

    (161)

     

    

 

Schedule 3

 

Utilisation
Request

 

 

	From:	[Holdco/ Borrower]
	 
	To:	[Agent]

 

Dated: [●]

 

Dear Sirs

 

IHS Netherlands
Holdco B.V. – USD1,000,000,000] Facilities Agreement

dated [●] (the Facilities Agreement)

 

		1.	We
                                            refer to the Facilities Agreement. This is a Utilisation Request. Terms defined in the Facilities
                                            Agreement have the same meaning in this Utilisation Request unless given a different meaning
                                            in this Utilisation Request.

 

		2.	We
                                            wish to borrow a Loan on the following terms:

 

	(a)	Borrower:	[●]
	 	 	 
	(b)	Facility
    to be utilised:	[Facility
    A]/[Facility B]
	 	 	 
	(c)	Proposed
    Utilisation Date:	[●]
    (or, if that is not a Business Day, the next Business Day)
	 	 	 
	(d)	Currency
    of Loan:	[USD]
    [NGN]
	 	 	 
	(e)	Amount:	[●]1
    or, if less, the Available Facility
	 	 	 
	(f)	Interest
    Period:	[●]

 

		3.	We
                                            confirm that each condition specified in Clause 4.2 (Further Conditions Precedent)
                                            is satisfied on the date of this Utilisation Request.

 

		4.	[This
                                            Loan is to be made in [whole]/[part] for the purpose of [identify purpose of loan]

 

		5.	[The
                                            proceeds of this Loan should be credited to [account]].

 

		6.	This
                                            Utilisation Request is irrevocable.

 

“WARNING:
Please seek Dutch legal advice (i) until the interpretation of the term “public” (as referred to in Article 4.1(1) of
the CRR) has been published by the competent authority, if the share of a Lender in any Utilisation requested by a Dutch Borrower is
less than EUR 100,000 (or the foreign currency equivalent thereof) and (ii) as soon as the interpretation of the term “public”
has been published by the competent authority, if the Lender is considered to be part of the public on the basis of such interpretation.”

 

 

1 To be expressed in the
Base Currency  

 

    (162)

     

    

 

Yours faithfully

 

authorised signatory for

[Holdco/the Borrower]

 

    (163)

     

    

 

Schedule 4

 

Form of
Transfer Certificate

  

	To:	[●]
                                            as Agent

 

	From:	[The
                                            Existing Lender] (the “Existing Lender”) and [The New Lender]
                                            (the “New Lender”)

 

Dated: [●]

 

IHS Netherlands
Holdco B.V. – USD1,000,000,000 Facilities Agreement

dated [●] (the Facilities Agreement)

 

		1.	We
                                            refer to the Facilities Agreement. This agreement (the “Agreement”) shall
                                            take effect as a Transfer Certificate for the purpose of the Facilities Agreement. Terms
                                            defined in the Facilities Agreement have the same meaning in this Agreement unless given
                                            a different meaning in this Agreement.

 

		2.	We
                                            refer to Clause 25.6 (Procedure for Transfers) of the Facilities Agreement:

 

		(a)	The
                                            Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender
                                            by novation all or part of the Existing Lender’s Commitment, rights and obligations
                                            referred to in the Schedule in accordance with Clause 25.6 (Procedure for Transfers).

 

		(b)	The
                                            proposed Transfer Date is [●].

 

		(c)	The
                                            Facilities Office and address, fax number and attention details for notices of the New Lender
                                            for the purposes of Clause 33.2 (Addresses) are set out in the Schedule.

 

		3.	The
                                            New Lender expressly acknowledges the limitations on the Existing Lender’s obligations
                                            set out in Clause 25.4(a) (Limitation of responsibility of Existing Lenders).

 

		4.	This
                                            Agreement may be executed in any number of counterparts (each of which shall constitute an
                                            original) and this has the same effect as if the signatures on the counterparts were on a
                                            single copy of this Agreement. Delivery of a counterpart of this Agreement by email attachment
                                            or telecopy shall be an effective mode of delivery.

 

		5.	This
                                            Agreement and any non-contractual obligations arising out of or in connection with it are
                                            governed, by and shall be construed in accordance with, English law.

 

		6.	This
                                            Agreement has been entered into on the date stated at the beginning of this Agreement.

 

“WARNING:
Please seek Dutch legal advice (i) until the interpretation of the term “public” (as referred to in Article 4.1(1) of
the CRR) has been published by the competent authority, if the participation of a Lender in a Facility is less than EUR 100,000
(or the foreign currency equivalent thereof) and (ii) as soon as the interpretation of the term “public”
has been published by the competent authority, if a Lender is or would be considered to be part of the public on the basis of such
interpretation.”

 

    (164)

     

    

 

The Schedule

  

Commitment/Rights
and Obligations to be Transferred

 

[insert relevant
details]

 

[Facility Office
address, fax number, email address and

attention details for notices and account details for payments]

 

[Existing
Lender]

MEI:

 

By:

 

[New
Lender]

MEI:

 

By:

 

This Agreement
is accepted as a Transfer Certificate for the purposes of the Facilities Agreement by the Agent and the Transfer Date is confirmed as
[●].

 

[Agent]

 

By:

 

    (165)

     

    

 

Schedule 5

 

Form of
Assignment Agreement

  

	To:	[●]
                                            as Agent and [●] as Holdco

 

	From:	[the
                                            Existing Lender] (the “Existing Lender”) and [the New Lender]
                                            (the “New Lender”)

 

Dated: [●]

 

IHS Netherlands
Holdco B.V. – USD1,000,000,000 Facilities Agreement

dated [●] (the Facilities Agreement)

 

		1.	We
                                            refer to the Facilities Agreement. This is an Assignment Agreement. This agreement (the Agreement)
                                            shall take effect as an Assignment Agreement for the purpose of the Facilities Agreement.
                                            Terms defined in the Facilities Agreement have the same meaning in this Agreement unless
                                            given a different meaning in this Agreement.

 

		2.	We
                                            refer to Clause 25.7(c)(i) (Procedure for Assignment) of the Facilities
                                            Agreement:

 

		(a)	The
                                            Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender
                                            under the Facilities Agreement, the other Finance Documents which correspond to that portion
                                            of the Existing Lender’s Commitments and participations in Loans under the Facilities
                                            Agreement as specified in the Schedule.

 

		(b)	The
                                            Existing Lender is released from all the obligations of the Existing Lender which correspond
                                            to that portion of the Existing Lender’s Commitments and participations in Loans under
                                            the Facilities Agreement specified in the Schedule.

 

		(c)	The
                                            New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from
                                            which the Existing Lender is released under paragraph (b) above.

 

		3.	The
                                            proposed Transfer Date is [●].

 

		4.	On
                                            the Transfer Date the New Lender becomes Party to the relevant Finance Documents as a Lender.

 

		5.	The
                                            Facilities Office and address, fax number and attention details for notices of the New Lender
                                            for the purposes of Clause 33.2 (Addresses) are set out in the Schedule.

 

		6.	The
                                            New Lender expressly acknowledges the limitations on the Existing Lender’s obligations
                                            set out in Clause 25.5(a) (Limitation of responsibility of Existing Lenders).

 

		7.	This
                                            Agreement acts as notice to the Agent (on behalf of each Finance Party) and to Holdco of
                                            the assignment referred to in this Agreement.

 

		8.	This
                                            Agreement may be executed in any number of counterparts (each of which shall constitute an
                                            original) and this has the same effect as if the signatures on the counterparts were on a
                                            single copy of this Agreement. Delivery of a counterpart of this Agreement by email attachment
                                            or telecopy shall be an effective mode of delivery.

 

		9.	This
                                            Agreement and any non-contractual obligations arising out of or in connection with it are
                                            governed by, and shall be construed in accordance with, English law.

 

		10.	This
                                            Agreement has been entered into on the date stated at the beginning of this Agreement.

 

“WARNING:
Please seek Dutch legal advice (i) until the interpretation of the term “public” (as referred to in Article 4.1(1) of
the CRR) has been published by the competent authority, if the participation of a Lender in a Facility is less than EUR 100,000
(or the foreign currency equivalent thereof) and (ii) as soon as the interpretation of the term “public” has been published
by the competent authority, if a Lender is or would be considered to be part of the public on the basis of such interpretation.”

 

    (166)

     

    

 

The Schedule

 

Commitment/Rights
and Obligations to be Transferred

by Assignment, Release and Accession

 

[insert relevant
details]

 

[Facility office
address, email and

attention details for notices and account details for payments]

 

[Existing
Lender]

MEI:

 

By:

 

[New
Lender]

MEI:

 

By:

 

This Agreement
is accepted as an Assignment Agreement for the purposes of the Facilities Agreement by the Agent and the Transfer Date is confirmed as
[●].

 

Signature of this
Agreement by the Agent constitutes confirmation by the Agent of receipt of notice of the assignment referred to in this Agreement, which
notice the Agent receives on behalf of each Finance Party.

 

[Agent]

 

By:

 

    (167)

     

    

 

 

Schedule 6

 

Form of
Compliance Certificate

  

	To:	[●] as Agent

 

	From:	[IHS Holding]

 

Dated: [●]

 

Dear Sirs

 

IHS Netherlands
Holdco B.V. – USD1,000,000,000 Facilities Agreement dated [●] (the Facilities Agreement)

 

		1.	We
                                            refer to the Facilities Agreement. This is a Compliance Certificate. Terms defined in the
                                            Facilities Agreement have the same meaning when used in this Compliance Certificate unless
                                            given a different meaning in this Compliance Certificate.

 

		2.	We
                                            confirm that:

 

		(a)	On
                                            the last day of the Relevant Period ending on [●] Net Financial Indebtedness was [●]
                                            and EBITDA for such Relevant Period was [●]. Therefore the Leverage Ratio at such time
                                            [did/did not] exceed [●] times for such Relevant Period and the covenant contained
                                            in paragraph (a) (Leverage Ratio) of Clause 22.2 (Financial Condition)
                                            [has/has not] been complied with.

 

		(b)	In
                                            respect of the Relevant Period ending on [●] EBITDA was [●] and Net Cash Finance
                                            Interest Adjusted For Leases for such Relevant Period was [●]. Therefore the Interest
                                            Coverage Ratio at such time [did/did not] exceed [●] times for such Relevant Period
                                            and the covenant contained in paragraph (b) (Interest Coverage Ratio) of
                                            Clause 22.2 (Financial Condition) [has/has not] been complied with.

 

		(c)	The
                                            Leverage Ratio is [●]:1 and that, therefore the Margin for Facility A should be [●]%.

 

		(d)	[We
                                            have received an Additional Investment in an amount of USD[●] which has been applied
                                            in accordance with Clause 22.4 (Equity Cure).]

 

Signed:

For and on behalf of

[IHS Holding]

 

[Officer]

 

    (168)

     

    

 

Schedule 7

 

Timetables

  

	 	Loans
                                            in USD
	 
	Loans
                                            in NGN

	 	 	 	 
	Agent
    notifies the Lenders of the NGN Equivalent in accordance with Clause 5.4 (Lenders’ Participation)	 

     
	U
                                – 1

    3.00 p.m.

	 	 	 
	Delivery
    of a duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request))	In
                                            relation to the first Utilisation Request

     

    U – 2

    11.00 a.m.

     

    In relation
    to each subsequent Utilisation Request:

     

    U – 3

    11.00 a.m.
	In
                                relation to the first Utilisation Request

     

    U – 2

    11.00 a.m.

     

    In relation
    to each subsequent Utilisation Request:

     

    U – 3

    11.00 a.m.

	 	 	 
	Agent
    notifies the Lenders of the Loan in accordance with Clause 5.4 (Lenders’ Participation)	U
    – 1

    3.00 p.m.	U –
    1

    3.00 p.m.
	 	 	 
	LIBOR
    is fixed	Quotation
    Day as of 11.00 a.m	N/A
	 	 	 
	NIBOR
    is fixed	N/A	Quotation
    Day as of 11.00 a.m
	“U”
    = date of utilisation or, if applicable, in the case of a Loan that has already been borrowed, the first day of the relevant
    Interest Period for that Loan	 	 
	 	 	 
	“U
    – X” = X Business Days prior to date of utilization	 	 
	 	 	 
	Time
    = Lagos Time	 	 

 

    (169)

     

    

 

Schedule 8

 

Forms of Notifiable
Debt Purchase Transaction Notice

  

Part 1

Form of Notice on entering into
Notifiable Debt Purchase Transaction

 

	To:	[●] as Agent

 

	From:	[The Lender]

 

Dated:

 

IHS Netherlands
Holdco B.V. – USD1,000,000,000 Facilities Agreement dated [●] (the Facilities Agreement)

 

		1.	We
                                            refer to paragraph (b) of Clause 26.2 (Disenfranchisement on Debt Purchase
                                            Transactions entered into by Affiliates) of the Facilities Agreement. Terms defined in
                                            the Facilities Agreement have the same meaning in this notice unless given a different meaning
                                            in this notice.

 

		2.	We
                                            have entered into a Notifiable Debt Purchase Transaction.

 

		3.	The
                                            Notifiable Debt Purchase Transaction referred to in paragraph 2 above relates to the
                                            amount of our Commitment(s) as set out below.

 

	 	Commitment	Amount
    of our Commitment to which Notifiable Debt Purchase Transaction relates (Base Currency)
	 	 	 
	 	[Facility
    A Commitment	[insert
    amount (of that Commitment) to which the relevant Debt Purchase Transaction applies]
	 	 	 
	 	Facility
    B Commitment	[insert
    amount (of that Commitment) to which the relevant Debt Purchase Transaction applies]

 

[Lender]

 

By:

 

    (170)

     

    

 

Part 2     

Form of
Notice on termination of Notifiable Debt Purchase Transaction/Notifiable Debt Purchase Transaction ceasing to be with Sponsor Affiliate

   

	To:	[●] as Agent

 

	From:	[The Lender]

 

Dated:

 

IHS Netherlands
Holdco B.V. – USD1,000,000,000 Facilities Agreement dated [●] (the Facilities Agreement)

 

		1.	We
                                            refer to paragraph (c) of Clause 26.2 (Disenfranchisement on Debt Purchase
                                            Transactions entered into by Affiliates) of the Facilities Agreement. Terms defined in
                                            the Facilities Agreement have the same meaning in this notice unless given a different meaning
                                            in this notice.

 

		2.	A
                                            Notifiable Debt Purchase Transaction which we entered into and which we notified you of in
                                            a notice dated [●] has [terminated]/[ceased to be with a Sponsor Affiliate].

 

		3.	The
                                            Notifiable Debt Purchase Transaction referred to in paragraph 2 above relates to the
                                            amount of our Commitment(s) as set out below.

 

	 	Commitment	Amount of our Commitment
    to which Notifiable Debt Purchase Transaction relates (Base Currency)
	 	 	 
	 	[Facility
    A Commitment	[insert
    amount (of that Commitment) to which the relevant Debt Purchase Transaction applies]
	 	 	 
	 	Facility
    B Commitment	[insert
    amount (of that Commitment) to which the relevant Debt Purchase Transaction applies]

 

[Lender]

 

By:

 

    (171)

     

    

 

Schedule 9

 

Prohibited Activities

  

		·	Production
                                            or activities involving harmful or exploitative forms of forced labour/harmful child labour.

 

		·	Production
                                            or trade in any product or activity deemed illegal under host country laws or regulations
                                            or international conventions and agreements.

 

		·	Production
                                            or trade in weapons and munitions.

 

		·	Production
                                            or trade in alcoholic beverages (excluding beer and wine).

 

		·	Production
                                            or trade in tobacco.

 

		·	Gambling,
                                            casinos and equivalent enterprises.

 

		·	Trade
                                            in wildlife or wildlife products regulated under Convention on International Trade in Endangered
                                            Species of Wild Fauna and Flora.

 

		·	Production
                                            or trade in radioactive materials.

 

		·	Production
                                            or trade in or use of unbonded asbestos fibers.

 

		·	Commercial
                                            logging operations or the purchase of logging equipment for use in primary tropical moist
                                            forest (prohibited by the Forestry policy).

 

		·	Production
                                            or trade in products containing PCBs.

 

		·	Production
                                            or trade in pharmaceuticals subject to international phase outs or bans.

 

		·	Production
                                            or trade in pesticides/herbicides subject to international phase out.

 

		·	Production
                                            or trade in ozone depleting substances subject to international phase out.

 

		·	Drift
                                            net fishing in the marine environment using nets in excess of 2.5 km in length.

 

		·	Knowingly
                                            provide or permit to be provided any product or services (or any text, pictures, graphics,
                                            sound, video, or other data in connection with any services) that:

 

		·	infringe
                                            on any third party’s copyright, patent, trademark, trade secret or other proprietary
                                            rights or rights or publicity of privacy;

 

		·	violate
                                            any law, statute, ordinance or regulation (including, without limitation, the laws and regulations
                                            governing export control);

 

		·	are
                                            defamatory, trade libelous, unlawfully threatening or harassing;

 

		·	are
                                            obscene or pornographic or contain child pornography;

 

		·	violate
                                            any laws regarding competition, privacy, anti-discrimination or false advertising; or

 

		·	contain
                                            any viruses, Trojan horses, worms, time-bombs, cancel bots or other computer routines that
                                            are intended to damage, detrimentally interfere with, surreptitiously intercept or expropriate
                                            any system, data or personal information.

  

    (172)

     

    

 

Schedule 10

 

Form of
Accession Deed

  

	To:	[●]
                                            as Agent for itself and each of the other parties to the Subordination Agreement referred
                                            to below

 

	From:	[Subsidiary] and [Holdco]

 

Dated:

 

Dear Sirs

 

IHS
Netherlands Holdco B.V. – USD1,000,000,000] Facilities Agreement dated [●] (the Facilities Agreement)

 

		1.	We
                                            refer to the Facilities Agreement and to the Subordination Agreement. This deed (the “Accession
                                            Deed”) shall take effect as an Accession Deed for the purposes of the Facilities
                                            Agreement and as a [Debtor Accession Deed] for the purposes of the Subordination Agreement
                                            (and as defined in the Subordination Agreement). Terms defined in the Facilities Agreement
                                            have the same meaning in this Accession Deed unless given a different meaning in this Accession
                                            Deed.

 

		2.	[Subsidiary]
                                            agrees to become an Additional Guarantor and to be bound by the terms of the Facilities Agreement
                                            and the other Finance Documents as an Additional Guarantor pursuant to Clause 27.2 (Additional
                                            Guarantors) of the Facilities Agreement. [Subsidiary] is a company duly incorporated
                                            under the laws of [name of relevant jurisdiction] and is a limited liability company
                                            with registered number [●].

 

		3.	[Subsidiary’s]
                                            administrative details for the purposes of the Facilities Agreement and the Subordination
                                            Agreement are as follows:

 

Address:

 

Email:

 

Attention:

 

		4.	Terms
                                            defined in the Subordination Agreement shall, unless otherwise defined in this Accession
                                            Deed, bear the same meaning when used in this paragraph [4].

 

		5.	[Subsidiary]
                                            confirms that it intends to be party to the Subordination Agreement as a debtor, undertakes
                                            to perform all the obligations expressed to be assumed by a debtor under the Subordination
                                            Agreement and agrees that it shall be bound by all the provisions of the Subordination Agreement
                                            as if it had been an original party to the Subordination Agreement.

 

		6.	This
                                            Accession Deed and any non-contractual obligations arising out of or in connection with it
                                            are governed by English law.

 

THIS
ACCESSION DEED has been signed on behalf of Holdco and executed as a deed by [Subsidiary]
and is delivered on the date stated above.

 

[Subsidiary]

 

    (173)

     

    

 

[EXECUTED AS A
DEED

  

By: [Subsidiary]

 

		Director

 

		Director/Secretary]

 

Holdco

 

	For
    and on behalf of	 
	IHS
    Netherlands Holdco B.V.	 

 

By:

 

The Agent

 

For and on behalf
of

 

[Full Name of
Current Agent]

 

By:

 

Date:

 

    (174)

     

    

 

Schedule 11

 

Form of
Additional Increase Confirmation

   

		To:	[●] as
                                            Agent and IHS Netherlands Holdco B.V. as Holdco, for and on behalf of each Obligor

 

	From:	[The Additional Increase Lender] (the “Additional
  Increase Lender”)

 

Dated:

 

IHS
Netherlands Holdco B.V. – USD1,000,000,000 Facilities Agreement dated [●] (the Facilities Agreement)

 

		1.	We
                                            refer to the Facilities Agreement. This agreement (the “Agreement”) shall
                                            take effect as an Additional Increase Confirmation for the purpose of the Facilities Agreement.
                                            Terms defined in the Facilities Agreement have the same meaning in this Agreement unless
                                            given a different meaning in this Agreement.

 

		2.	We
                                            refer to Clause 2.2 (Additional Increase) of the Facilities Agreement.

 

		3.	The
                                            Additional Increase Lender agrees to assume and will assume all of the obligations corresponding
                                            to the Facility B Commitment specified in the Schedule (the “Relevant Commitment”)
                                            as if it was an Original Lender under the Facilities Agreement.

 

		4.	The
                                            proposed date on which the increase in relation to the Additional Increase Lender and the
                                            Relevant Commitment is to take effect (the “Additional Increase Date”)
                                            is [●].

 

		5.	On
                                            the Additional Increase Date, the Additional Increase Lender becomes party to the relevant
                                            Finance Documents as a Lender.

 

		6.	The
                                            Facility Office and address, fax number and attention details for notices to the Additional
                                            Increase Lender for the purposes of Clause 33.2 (Addresses) are set out in the
                                            Schedule.

 

		7.	The
                                            Additional Increase Lender expressly acknowledges the limitations on the Lenders’ obligations
                                            referred to in paragraph (d) of Clause 2.2 (Additional Increase).

 

		8.	The
                                            Additional Increase Lender confirms that it is not a Sponsor Affiliate.

 

		9.	This
                                            Agreement may be executed in any number of counterparts and this has the same effect as if
                                            the signatures on the counterparts were on a single copy of this Agreement.

 

		10.	This
                                            Agreement and any non-contractual obligations arising out of or in connection with it are
                                            governed by English law.

 

		11.	This
                                            Agreement has been entered into on the date stated at the beginning of this Agreement.

 

    (175)

     

    

 

The Schedule

  

Relevant
Facility B Commitment/rights and obligations to be assumed by the Additional Increase Lender

 

[insert
relevant details]

 

[Facility
office address, fax number and attention details for notices and account details for payments]

 

[Additional Increase
Lender]

 

By:

 

This Agreement
is accepted as an Additional Increase Confirmation for the purposes of the Facilities Agreement by the Agent and the Additional Increase
Date is confirmed as [●].

 

	Agent	 
	By:	 

 

    (176)

     

    

 

 

Schedule
12

 

Compounded
Rate Terms

 

	CURRENCY:	Dollars.
	 	 
	Cost
    of funds as a fallback	Cost
    of funds will apply as a fallback.
	 	 
	Definitions	 
	 	 
	Additional
    Business Days:	An
    RFR Banking Day.
	 	 
	Break
    Costs:	None
    specified.
	 	 
	Business
    Day Conventions (definition of 

    "Month" and Clause 11.2 (Non-Business Days)):	(a) 	If
    any period is expressed to accrue by reference to a Month or any number of Months then, in respect of the last Month of that period:  

 

	 	(i)	subject
    to paragraph (iii) below, if the numerically corresponding day is not a Business Day, that period shall end on the next Business
    Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business
    Day;
	 	 
	 	(ii)	if
    there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last
    Business Day in that calendar month; and
	 	 
	 	(iii)	if
    an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in
    the calendar month in which that Interest Period is to end.

 

	 	(b)	If an Interest
  Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in
  that calendar month (if there is one) or the preceding Business Day (if there is not).

 

	Central
Bank Rate:	(a)	The
short-term interest rate target set by the US Federal Open Market Committee as published by the Federal Reserve Bank of New York from
time to time; or
	 	 
	 	(b)	if that
target is not a single figure, the arithmetic mean of:

 

	 	(i)	the upper bound of the short-term
  interest rate target range set by the US Federal Open Market Committee and published by the Federal Reserve Bank of New York; and
	 	 
	 	(ii)	the lower bound of that target range.

 

    (177)

     

    

 

	Central
    Bank Rate Adjustment:	In
                                            relation to the Central Bank Rate prevailing at close of business on any RFR Banking Day,
                                            the 20 per cent. trimmed arithmetic mean (calculated by the Agent, or by any other Finance
                                            Party which agrees to do so in place of the Agent) of the Central Bank Rate Spreads for the
                                            five most immediately preceding RFR Banking Days for which the RFR is available.

                                                          

    For
    this purpose, “Central Bank Rate Spread” means, in relation to any RFR Banking Day, the difference (expressed
    as a percentage rate per annum) calculated by the Agent (or by any other Finance Party which agrees to do so in place of the Agent)
    between:

     

	 	(a)       	the
    RFR for that RFR Banking Day; and
	 	 
	 	(b)       	the Central Bank Rate prevailing at close of business
    on that RFR Banking Day.
	 	 
	Credit
    Adjustment Spread:	To
    be determined between the Agent (acting on the instruction of the Majority USD Lenders) and Holdco, in each case, acting reasonably.
	 	 
	Daily
    Rate:	The
    "Daily Rate" for any RFR Banking Day is:
	 	 
	 	(a)	the
    RFR for that RFR Banking Day; or
	 	 
	 	(b)       	if
    the RFR is not available for that RFR Banking Day, the percentage rate per annum which is the aggregate of:
	 	 
	 	 

    (i)       the
    Central Bank Rate for that RFR Banking Day ; and

     

    (ii)       the
    applicable Central Bank Rate Adjustment; or

	 	 
	 	(c)       	if
    paragraph (b) above applies but the Central Bank Rate for that RFR Banking Day is not available, the percentage rate per
    annum which is the aggregate of:

 

	 	(i)	the most recent Central Bank Rate for a day which is no more than three RFR Banking
  Days before that RFR Banking Day; and
	 	 
	 	(ii)	the applicable Central Bank Rate Adjustment,

 

    (178)

     

    

 

	 	rounded,
    in either case, to four decimal places and if, in either case, the aggregate of that rate and the applicable Credit Adjustment Spread
    is less than zero, the Daily Rate shall be deemed to be such a rate that the aggregate of the Daily Rate and the applicable Credit
    Adjustment Spread is zero.
	 	 
	Lookback
    Period:	Five
    RFR Banking Days.
	 	 
	Market
    Disruption Rate:	The
                                            percentage rate per annum which is the aggregate of:

	 	 
	 	(a)       	the
    Cumulative Compounded RFR Rate for the Interest Period of the relevant Loan; and
	 	 
	 	(b)       	the
    applicable Credit Adjustment Spread.
	 	 
	Relevant
    Market:	The
    market for overnight cash borrowing collateralised by US Government securities.
	 	 
	Reporting
    Day:	The
    Business Day which follows the day which is the Lookback Period prior to the last day of the Interest Period.
	 	 
	RFR:	The
    secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over
    the administration of that rate) published by the Federal Reserve Bank of New York (or any other person which takes over the publication
    of that rate).
	 	 
	RFR
    Banking Day:	Any
                                            day other than:

                                                                                           

    (a)           a
    Saturday or Sunday; and

     

    (b)           a
    day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed
    income departments of its members be closed for the entire day for purposes of trading in US Government securities.

	 	 
	Reporting
    Times	 
	 	 
	Deadline
    for Lenders to report market disruption in accordance

    with Clause 12.2 (Market Disruption):	Close
    of business in London on the Reporting Day for the relevant Loan.
	 	 
	Deadline
    for Lenders to report their cost of funds in accordance with Clause 12.4 (Cost of funds)	Close
    of business on the date falling three Business Days after the Reporting Day for the relevant Loan (or, if earlier, on the date falling
    three Business Days before the date on which interest is due to be paid in respect of the Interest Period for that Loan).

 

    (179)

     

    

 

Schedule
13

 

Daily
Non-Cumulative Compounded RFR Rate

 

The
 "Daily Non-Cumulative Compounded RFR Rate" for any RFR Banking Day "i" during an Interest Period for
a Compounded Rate Loan is the percentage rate per annum (without rounding, to the extent reasonably practicable for the Finance Party
performing the calculation, taking into account the capabilities of any software used for that purpose) calculated as set out below:

 

 

 

where:

 

"UCCDRi"
means the Unannualised Cumulative Compounded Daily Rate for that RFR Banking Day "i";

 

"UCCDRi-1"
means, in relation to that RFR Banking Day "i", the Unannualised Cumulative Compounded Daily Rate for the immediately
preceding RFR Banking Day (if any) during that Interest Period;

 

"dcc"
means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in
a year, that number;

 

"ni"
means the number of calendar days from, and including, that RFR Banking Day "i" up to, but excluding, the following
RFR Banking Day; and

 

the
 "Unannualised Cumulative Compounded Daily Rate" for any RFR Banking Day (the "Cumulated RFR Banking Day")
during that Interest Period is the result of the below calculation (without rounding, to the extent reasonably practicable for the Finance
Party performing the calculation, taking into account the capabilities of any software used for that purpose):

 

 

where:

 

"ACCDR"
means the Annualised Cumulative Compounded Daily Rate for that Cumulated RFR Banking Day;

 

"tni"
means the number of calendar days from, and including, the first day of the Cumulation Period to, but excluding, the RFR Banking Day
which immediately follows the last day of the Cumulation Period;

 

"Cumulation
Period" means the period from, and including, the first RFR Banking Day of that Interest Period to, and including, that Cumulated
RFR Banking Day;

 

    (180)

     

    

 

"dcc"
has the meaning given to that term above; and 

 

the "Annualised Cumulative Compounded Daily
Rate" for that Cumulated RFR Banking Day is the percentage rate per annum (rounded to four decimal places) calculated as set
out below:

 

 

 

where:

 

"d0"
means the number of RFR Banking Days in the Cumulation Period;

 

"Cumulation
Period" has the meaning given to that term above;

 

"i"
means a series of whole numbers from one to d0, each representing the relevant RFR Banking Day in chronological order in the
Cumulation Period;

 

"DailyRatei-LP"
means, for any RFR Banking Day "i" in the Cumulation Period, the Daily Rate for the RFR Banking Day which is the applicable
Lookback Period prior to that RFR Banking Day "i";

 

"ni"
means, for any RFR Banking Day "i" in the Cumulation Period, the number of calendar days from, and including, that RFR
Banking Day "i" up to, but excluding, the following RFR Banking Day;

 

"dcc"
has the meaning given to that term above; and

 

"tni"
has the meaning given to that term above.

 

    (181)

     

    

 

Schedule
14

 

Cumulative
Compounded RFR Rate

 

The
 "Cumulative Compounded RFR Rate" for any Interest Period for a Compounded Rate Loan is the percentage rate per annum
(rounded to the same number of decimal places as is specified in the definition of "Annualised Cumulative Compounded Daily Rate"
in Schedule 13 (Daily Non-Cumulative Compounded RFR Rate)) calculated as set out below:

 

 

 

where:

 

"d0"
means the number of RFR Banking Days during the Interest Period;

 

"i"
means a series of whole numbers from one to d0, each representing the relevant RFR Banking Day in chronological order
during the Interest Period;

 

"DailyRatei-LP"
means for any RFR Banking Day "i" during the Interest Period, the Daily Rate for the RFR Banking Day which is the applicable
Lookback Period prior to that RFR Banking Day "i";

 

"ni"
means, for any RFR Banking Day "i", the number of calendar days from, and including, that RFR Banking Day "i"
up to, but excluding, the following RFR Banking Day;

 

		(a)	"dcc"
                                            means 360 or, in any case where market practice in the Relevant Market is to use a different
                                            number for quoting the number of days in a year, that number; and

 

		(b)	"d"
                                            means the number of calendar days during that Interest Period.

 

    (182)

     

    

 

Signatures

 

[intentionally
left blank]

 

    (183)EX-4.1

 Exhibit 4.1 

INDENTURE 
 Dated as of
September 30, 2021 
 among 

CANO HEALTH, LLC, 
 as
Issuer, 
 the GUARANTORS named herein, 

as Guarantors, 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee, 
 6.250% SENIOR
NOTES DUE 2028 
  
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS AND RULES OF CONSTRUCTION
	  	 	1	 
			
	 Section 1.01
	 	 Definitions
	  	 	1	 
	 Section 1.02
	 	 Other Definitions
	  	 	42	 
	 Section 1.03
	 	 Rules of Construction
	  	 	43	 
	 Section 1.04
	 	 Acts of Holders
	  	 	44	 
	 Section 1.05
	 	 Measuring Compliance
	  	 	45	 
		
	 ARTICLE II THE NOTES
	  	 	47	 
			
	 Section 2.01
	 	 Form and Dating; Terms
	  	 	47	 
	 Section 2.02
	 	 Execution and Authentication
	  	 	48	 
	 Section 2.03
	 	 Registrar, Transfer Agent and Paying Agent
	  	 	49	 
	 Section 2.04
	 	 Paying Agent to Hold Money in Trust
	  	 	49	 
	 Section 2.05
	 	 Holder Lists
	  	 	50	 
	 Section 2.06
	 	 Transfer and Exchange
	  	 	50	 
	 Section 2.07
	 	 Replacement Notes
	  	 	61	 
	 Section 2.08
	 	 Outstanding Notes
	  	 	61	 
	 Section 2.09
	 	 Treasury Notes
	  	 	61	 
	 Section 2.10
	 	 Temporary Notes
	  	 	62	 
	 Section 2.11
	 	 Cancellation
	  	 	62	 
	 Section 2.12
	 	 Defaulted Interest
	  	 	62	 
	 Section 2.13
	 	 CUSIPs and ISINs
	  	 	62	 
		
	 ARTICLE III REDEMPTION
	  	 	63	 
			
	 Section 3.01
	 	 Notices to Trustee
	  	 	63	 
	 Section 3.02
	 	 Selection of Notes to Be Redeemed
	  	 	63	 
	 Section 3.03
	 	 Notice of Redemption
	  	 	63	 
	 Section 3.04
	 	 Effect of Notice of Redemption
	  	 	64	 
	 Section 3.05
	 	 Deposit of Redemption Price
	  	 	64	 
	 Section 3.06
	 	 Notes Redeemed in Part
	  	 	64	 
	 Section 3.07
	 	 Optional Redemption
	  	 	65	 
	 Section 3.08
	 	 Mandatory Redemption
	  	 	66	 
	 Section 3.09
	 	 Offers to Repurchase by Application of Excess Proceeds
	  	 	66	 
		
	 ARTICLE IV COVENANTS
	  	 	68	 
			
	 Section 4.01
	 	 Payment of Notes
	  	 	68	 
	 Section 4.02
	 	 Maintenance of Office or Agency
	  	 	68	 
	 Section 4.03
	 	 Reports and Other Information
	  	 	69	 
	 Section 4.04
	 	 Compliance Certificate
	  	 	70	 
	 Section 4.05
	 	 Reserved
	  	 	70	 
	 Section 4.06
	 	 Stay, Extension and Usury Laws
	  	 	70	 
	 Section 4.07
	 	 Limitation on Restricted Payments
	  	 	71	 
	 Section 4.08
	 	 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	79	 
	 Section 4.09
	 	 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred
Stock
	  	 	81	 
	 Section 4.10
	 	 Asset Sales
	  	 	88	 
	 Section 4.11
	 	 Transactions with Affiliates
	  	 	91	 
	 Section 4.12
	 	 Liens
	  	 	93	 

							
	 Section 4.13
	 	 [Reserved]
	  	 	94	 
	 Section 4.14
	 	 Offer to Repurchase Upon Change of Control
	  	 	94	 
	 Section 4.15
	 	 Limitation on Guarantees of Indebtedness by Restricted Subsidiaries
	  	 	96	 
	 Section 4.16
	 	 Suspension of Covenants
	  	 	97	 
		
	 ARTICLE V SUCCESSORS
	  	 	99	 
			
	 Section 5.01
	 	 Merger, Consolidation or Sale of All or Substantially All Assets
	  	 	99	 
	 Section 5.02
	 	 Successor Person Substituted
	  	 	101	 
		
	 ARTICLE VI DEFAULTS AND REMEDIES
	  	 	102	 
			
	 Section 6.01
	 	 Events of Default
	  	 	102	 
	 Section 6.02
	 	 Acceleration
	  	 	103	 
	 Section 6.03
	 	 Other Remedies
	  	 	104	 
	 Section 6.04
	 	 Waiver of Past Defaults
	  	 	104	 
	 Section 6.05
	 	 Control by Majority
	  	 	104	 
	 Section 6.06
	 	 Limitation on Suits
	  	 	104	 
	 Section 6.07
	 	 Rights of Holders of Notes to Receive Payment
	  	 	106	 
	 Section 6.08
	 	 Collection Suit by Trustee
	  	 	106	 
	 Section 6.09
	 	 Restoration of Rights and Remedies
	  	 	106	 
	 Section 6.10
	 	 Rights and Remedies Cumulative
	  	 	106	 
	 Section 6.11
	 	 Delay or Omission Not Waiver
	  	 	106	 
	 Section 6.12
	 	 Trustee May File Proofs of Claim
	  	 	107	 
	 Section 6.13
	 	 Priorities
	  	 	107	 
	 Section 6.14
	 	 Undertaking for Costs
	  	 	107	 
		
	 ARTICLE VII TRUSTEE
	  	 	108	 
			
	 Section 7.01
	 	 Duties of Trustee
	  	 	108	 
	 Section 7.02
	 	 Rights of Trustee
	  	 	109	 
	 Section 7.03
	 	 Individual Rights of Trustee
	  	 	110	 
	 Section 7.04
	 	 Trustee’s Disclaimer
	  	 	110	 
	 Section 7.05
	 	 Notice of Defaults
	  	 	110	 
	 Section 7.06
	 	 May Hold Notes
	  	 	111	 
	 Section 7.07
	 	 Compensation and Indemnity
	  	 	111	 
	 Section 7.08
	 	 Replacement of Trustee or Agents
	  	 	112	 
	 Section 7.09
	 	 Successor Trustee by Merger, etc
	  	 	113	 
	 Section 7.10
	 	 Eligibility; Disqualification
	  	 	113	 
		
	 ARTICLE VIII LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	113	 
			
	 Section 8.01
	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	113	 
	 Section 8.02
	 	 Legal Defeasance and Discharge
	  	 	113	 
	 Section 8.03
	 	 Covenant Defeasance
	  	 	114	 
	 Section 8.04
	 	 Conditions to Legal or Covenant Defeasance
	  	 	114	 
	 Section 8.05
	 	 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous
Provisions
	  	 	116	 
	 Section 8.06
	 	 Repayment to Issuer
	  	 	116	 
	 Section 8.07
	 	 Reinstatement
	  	 	116	 
		
	 ARTICLE IX AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	116	 
			
	 Section 9.01
	 	 Without Consent of Holders
	  	 	116	 
	 Section 9.02
	 	 With Consent of Holders
	  	 	118	 
	 Section 9.03
	 	 Revocation and Effect of Consents
	  	 	119	 

  
 ii 

							
	 Section 9.04
	 	 Notation on or Exchange of Notes
	  	 	119	 
	 Section 9.05
	 	 Trustee to Sign Amendments, etc
	  	 	119	 
	 Section 9.06
	 	 Additional Voting Terms; Calculation of Principal Amount
	  	 	119	 
		
	 ARTICLE X GUARANTEES
	  	 	120	 
			
	 Section 10.01
	 	 Guarantee
	  	 	120	 
	 Section 10.02
	 	 Limitation on Guarantor Liability
	  	 	121	 
	 Section 10.03
	 	 Execution and Delivery
	  	 	121	 
	 Section 10.04
	 	 Subrogation
	  	 	122	 
	 Section 10.05
	 	 Benefits Acknowledged
	  	 	122	 
	 Section 10.06
	 	 Release of Guarantees
	  	 	122	 
		
	 ARTICLE XI SATISFACTION AND DISCHARGE
	  	 	123	 
	 Section 11.01
	 	 Satisfaction and Discharge
	  	 	123	 
	 Section 11.02
	 	 Application of Trust Money
	  	 	124	 
		
	 ARTICLE XII MISCELLANEOUS
	  	 	124	 
			
	 Section 12.01
	 	 Notices
	  	 	124	 
	 Section 12.02
	 	 Communication by Holders with Other Holders
	  	 	126	 
	 Section 12.03
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	126	 
	 Section 12.04
	 	 Statements Required in Certificate or Opinion
	  	 	126	 
	 Section 12.05
	 	 Rules by Trustee and Agents
	  	 	126	 
	 Section 12.06
	 	 No Personal Liability of Directors, Officers, Employees, Members and Stockholders
	  	 	126	 
	 Section 12.07
	 	 Governing Law
	  	 	127	 
	 Section 12.08
	 	 Waiver of Jury Trial
	  	 	127	 
	 Section 12.09
	 	 Jurisdiction
	  	 	127	 
	 Section 12.10
	 	 Force Majeure
	  	 	127	 
	 Section 12.11
	 	 No Adverse Interpretation of Other Agreements
	  	 	127	 
	 Section 12.12
	 	 Successors
	  	 	127	 
	 Section 12.13
	 	 Severability
	  	 	128	 
	 Section 12.14
	 	 Counterpart Originals
	  	 	128	 
	 Section 12.15
	 	 Table of Contents, Headings, etc
	  	 	128	 
	 Section 12.16
	 	USA Patriot Act	  	 	128	 

  
 iii 

			
	 EXHIBITS
	 	
		
	 Exhibit A
	 	 Form of Note

		
	 Exhibit B
	 	 Form of Certificate of Transfer

		
	 Exhibit C
	 	 Form of Certificate of Exchange

		
	 Exhibit D
	 	 Form of Supplemental Indenture to Be Delivered by Subsequent Guarantors

		
	Exhibit E	 	Form of Net Short Representation

  
 iv 

 This INDENTURE, dated as of September 30, 2021, is among Cano Health, LLC (the
“Issuer”), a Florida limited liability company, the guarantors party hereto (collectively, the “Guarantors”) and U.S. Bank National Association, as trustee (the “Trustee”). 

W I T N E S E T H 

WHEREAS, the Issuer has duly authorized the creation of an issue of $300,000,000 aggregate principal amount of the Issuer’s 6.250% senior
notes due 2028 (the “Initial Notes”); 
 WHEREAS, the Issuer has duly authorized the execution and delivery of this
Indenture; 
 NOW, THEREFORE, each party hereto agrees as follows for the benefit of the other parties and for the equal and ratable benefit
of the Holders. 
 ARTICLE I 

DEFINITIONS AND RULES OF CONSTRUCTION 

Section 1.01    Definitions. 

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

 “Acquired Indebtedness” means, with respect to any specified Person, 

 

	 	(1)	 Indebtedness of any other Person existing at the time such other Person is merged or consolidated with or into
or wound up into or became a Restricted Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging or consolidating with or into, winding up into or becoming a
Restricted Subsidiary of such specified Person, or 

  

	 	(2)	 Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

“Acquisition” means the Business Combination (as defined in the Offering Memorandum). 

“Additional Assets” means: 
  

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

  

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

  

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

 “Additional Notes” means additional Notes (other than the Initial Notes) issued from time to time
under this Indenture in accordance with Sections 2.01, 2.02 and 4.09 hereof. 

 “Affiliate” of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
“controlled by”, and “under common control with”), as used with respect to any Person, shall mean 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. 
 “Affiliated Practice Group” means a
professional corporation, professional association, professional organization, limited liability company, professional limited liability company or other legal entity that is owned by one or more licensed physicians or other licensed health care
professionals that provides professional health care services and has entered into any Affiliated Practice Group Agreement. 

“Affiliated Practice Group Agreements” means, collectively, any of the following agreements then in effect (a) any
Management Services Agreement, and any other similar administrative services agreements, business services agreement or management services agreements entered into between the Issuer or any Guarantor, as applicable, and an Affiliated Practice Group,
(b) any deficit funding loan agreement entered into between the Issuer or any Guarantor, as applicable, and an Affiliated Practice Group, (c) operating agreements and member agreements entered into between the Issuer or Guarantor, as
applicable, and an owner of an Affiliated Practice Group, (d) any agreement or filing, granting or perfecting, as applicable, a Lien on the assets of an Affiliated Practice Group for the benefit of the Issuer or any Guarantor, (e) any
Stock Option Arrangement or other restriction agreement, and any share purchase agreements between the Issuer or any Guarantor, as applicable, and owner(s) of an Affiliated Practice Group granting stock purchase rights to the Issuer or such
subsidiary of the Issuer, as applicable, with respect to the Equity Interest of the Affiliated Practice Group, (f) subject to applicable law, any transfer restriction agreement or similar interest repurchase agreement between the Issuer or any
Guarantor, as applicable, and an Affiliated Practice or (g) any other similar agreement entered into between the Issuer or any Guarantor, as applicable, and an Affiliated Practice Group or an owner of an Affiliated Practice Group for the
purposes of managing such Affiliated Practice Group. 
 “Agents” means any Paying Agent, Registrar, Transfer Agent, and
Authenticating Agent. 
 “Applicable Premium” means, with respect to any Note on any applicable Redemption Date, the
greater of: 
  

	 	(1)	 1.0% of the then-outstanding principal amount of such Note; and 

 

	 	(2)	 the excess, if any, of 

 

	 	(a)	 the present value at such Redemption Date of (i) the redemption price of the Note on October 1, 2024
(such redemption price being set forth in the table set forth in Section 3.07(b) hereof) plus (ii) all required interest payments due on the Note through October 1, 2024 (excluding accrued but unpaid interest to the Redemption Date),
computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over 

  

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

The Issuer shall calculate the Applicable Premium. For the avoidance of doubt, calculation of or verification of the Issuer’s calculation
of the Applicable Premium shall not be an obligation or duty of the Trustee or the Paying Agent. 
 “Applicable Procedures”
means, with respect to any transfer or exchange of or for, redemption of, or notice with respect to beneficial interests in any Global Note or the redemption or repurchase of any Global Note, the rules and procedures of the Depositary, Euroclear
and/or Clearstream that apply to such transfer, exchange, redemption or repurchase. 

  
 2 

 “Asset Sale” means: 

 

	 	(1)	 the sale, conveyance, transfer or other disposition, whether in a single transaction or a series of related
transactions, of property or assets (including, without limitation, by way of a Sale and Lease-Back Transaction or effectuated pursuant to a Division) of the Issuer or any of its Restricted Subsidiaries; or 

 

	 	(2)	 the issuance or sale of Equity Interests of any Restricted Subsidiary (other than Preferred Stock or
Disqualified Stock of Restricted Subsidiaries issued in compliance with Section 4.09 hereof), whether in a single transaction or a series of related transactions (clauses (1) and (2) each referred to in this definition as a
“disposition”); 

 in each case, other than: 

 

	 	(a)	 any disposition of Cash Equivalents or Investment Grade Securities or obsolete, worn out or surplus property in
the ordinary course of business or any disposition of inventory, equipment or goods (or other assets) held for sale or no longer used or useful in the ordinary course of business; 

 

	 	(b)	 the disposition of all or substantially all of the assets of the Issuer in a manner permitted pursuant to the
provisions described under Section 5.01 hereof or any disposition that constitutes a Change of Control pursuant to this Indenture; 

  

	 	(c)	 the making of any Restricted Payment that is permitted to be made, and is made, under Section 4.07 hereof
or any Permitted Investment; 

  

	 	(d)	 any disposition of assets or issuance or sale of Equity Interests of any Restricted Subsidiary in any
transaction or series of related transactions if, but only if, the fair market value (as reasonably determined by the Issuer) of such Asset Sale does not exceed the greater of (i) $35.0 million and (ii) 20.0% of EBITDA of the Issuer for the
most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding such disposition; 

  

	 	(e)	 any disposition of property or assets by a Restricted Subsidiary, or the issuance of securities by a Restricted
Subsidiary, in either case, to the Issuer or another Restricted Subsidiary, or by the Issuer to a Restricted Subsidiary; 

  

	 	(f)	 to the extent allowable under Section 1031 of the Internal Revenue Code of 1986, as amended (the
“Internal Revenue Code”), or comparable law or regulation, any exchange of like property (excluding any boot thereon) for use in a Similar Business; 

 

	 	(g)	 the lease, assignment, sub-lease, license or sub-license of any real or personal property in the ordinary course of business; 

  

	 	(h)	 any issuance or sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted
Subsidiary; 

  

	 	(i)	 any foreclosure, condemnation, expropriation, forced disposition, eminent domain or similar action on assets or
the granting of Liens not prohibited by this Indenture; 

  

	 	(j)	 sales of accounts receivable, or participations therein or Securitization Assets; 

  
 3 

	 	(k)	 any financing transaction with respect to property built or acquired by the Issuer or any Restricted Subsidiary
after the Issue Date, including Sale and Lease-Back Transactions and asset securitizations permitted by this Indenture; 

  

	 	(l)	 the sale, discount, or other disposition of inventory, accounts receivable, notes receivable or other assets in
the ordinary course of business or the conversion of accounts receivable to notes receivable in connection with the collection or compromise thereof; 

  

	 	(m)	 the licensing or sub-licensing of intellectual property, software or
other general intangibles in the ordinary course of business; 

  

	 	(n)	 any surrender or waiver of contract rights or the settlement, release or surrender of contract rights or other
litigation claims in the ordinary course of business; 

  

	 	(o)	 the settlement, unwinding or termination of Hedging Obligations or Permitted Equity Derivatives;

  

	 	(p)	 sales, transfers, and other dispositions of Investments in joint ventures or any Restricted Subsidiary that is
not a Wholly Owned Subsidiary, in each case, to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements;

  

	 	(q)	 the lapse, abandonment, or disposition of intellectual property rights in the ordinary course of business,
which rights, in the reasonable, good-faith determination of the Issuer, are not material to the conduct of the business of the Issuer and its Restricted Subsidiaries taken as a whole; 

 

	 	(r)	 the issuance of director qualifying shares and shares issued to foreign nationals as required by applicable
law; 

  

	 	(s)	 the granting of a Lien that is permitted under Section 4.12 hereof or any Permitted Lien;

  

	 	(t)	 transfers of any property that have been subject to a casualty to the respective insurer of such property as
part of an insurance settlement or upon receipt of the net cash proceeds of such casualty event; 

  

	 	(u)	 any dispositions of non-core assets acquired in connection with any
acquisition or similar Investment permitted under this Indenture and sales of Real Estate Assets acquired in any acquisition or similar Investment permitted under this Indenture which, within 180 days of the date of such acquisition or Investment,
are designated as being held for sale and not for the continued operation of the Issuer or any of its Restricted Subsidiaries or any of their respective businesses; provided, that (i) immediately prior to and after giving effect to such
disposition, no Event of Default exists and (ii) the Net Proceeds of such disposition shall be applied and/or reinvested pursuant to Section 4.10 hereof; 

 

	 	(v)	 any dispositions of Real Estate Assets and related assets in the ordinary course of business in connection with
relocation activities of any Employee Related Person of any Parent Company of the Issuer and/or any Restricted Subsidiary; 

  
 4 

	 	(w)	 any dispositions made to comply with any order of any Governmental Authority or any applicable law

  

	 	(x)	 any issuance or sale of Equity Interests of any Restricted Subsidiary to members of the board of directors (or
equivalent body otherwise named) of such subsidiary in order to qualify members of the board of directors of such subsidiary, if required by applicable law, so long as the Issuer will continue to own, directly or indirectly, not less than 80.0% of
the issued and outstanding Equity Interest of such subsidiary; 

  

	 	(y)	 sales, transfers or other dispositions of property to the extent that (i) the relevant property is
exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of the relevant sale, transfer or other disposition are promptly applied to the purchase price of such replacement property;

  

	 	(z)	 sales, transfers or other dispositions and/or terminations of leases, subleases, licenses or sublicenses
(including the provision of software under any open source license), (i) the sale, transfer or other disposition or termination of which will not materially interfere with the business of the Issuer and its Restricted Subsidiaries, taken as a whole,
or (ii) which relate to closed facilities or the discontinuation of any product line; 

  

	 	(aa)	 (i) any termination of any lease, sublease, license or sublicense in the ordinary course of business (and any
related sale, transfer or other disposition of improvements made to leased or sub-leased real property resulting therefrom), (ii) any expiration of any option agreement in respect of real or personal property
and (iii) any surrender or waiver of contractual rights or the settlement, release or surrender of contractual rights or litigation claims (including in tort) in the ordinary course of business; 

 

	 	(bb)	 any merger, consolidation, amalgamation or other sale, transfer or other disposition the sole purpose of which
is to reincorporate or reorganize (i) any Domestic Subsidiary (other than the Issuer) in another jurisdiction in the U.S. and/or (ii) any Foreign Subsidiary in the U.S. or any other jurisdiction; and 

 

	 	(cc)	 any sale of motor vehicles and information technology equipment purchased at the end of an operating lease and
resold thereafter. 

 “Bank Products” means any facilities or services related to cash management,
including treasury, depository, overdraft, credit, or debit card, purchase card, electronic funds transfer, cash pooling, and other cash management arrangements. 

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

“Business Day” means each day which is not a Legal Holiday. 

“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; 

  
 5 

	 	(3)	 in the case of a partnership or limited liability company, partnership or membership interests (whether general
or limited); and 

  

	 	(4)	 any other interest or participation 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. 

 “Capitalized Lease Obligation” means, at
the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto)
prepared in accordance with GAAP, as GAAP was in effect on December 15, 2018. 
 “Cash Equivalents” means: 

 

	 	(1)	 United States dollars; 

 

	 	(2)	 in the case of any Foreign Subsidiary, such local currencies held by it from time to time in the ordinary
course of business; 

  

	 	(3)	 securities issued or directly and fully and unconditionally guaranteed or insured by the U.S. government or any
agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full-faith-and-credit obligation of such government with maturities of 24
months or less from the date of acquisition; 

  

	 	(4)	 certificates of deposit, time 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 domestic commercial bank having capital and surplus of not less than $250.0 million in the case of U.S.
banks; 

  

	 	(5)	 repurchase obligations for underlying securities of any of the types described in clauses (3), (4), (7), and
(8) of this definition entered into with any financial institution or recognized securities dealer meeting the qualifications specified in clause (4) of this definition; 

 

	 	(6)	 commercial paper and variable-or fixed-rate notes rated at least P-2 by Moody’s, at least A-2 by S&P, or at least F2 by Fitch (or, if at any time none of Moody’s, S&P or Fitch shall be rating such obligations, an
equivalent rating from another nationally recognized statistical rating agency) and in each case maturing within 24 months after the date of creation thereof and Indebtedness or Preferred Stock issued by Persons with a rating of “A” or
higher from S&P, “A2” or higher from Moody’s, or “A” or higher from Fitch with maturities of 24 months or less from the date of acquisition; 

 

	 	(7)	 marketable short-term money market and similar securities having a rating of at least P-2, A-2, or F2 from any of Moody’s, S&P or Fitch, respectively (or, if at any time none of Moody’s, S&P or Fitch shall be rating such obligations, an
equivalent rating from another nationally recognized statistical rating agency) and in each case maturing within 24 months after the date of creation or acquisition thereof; 

 

	 	(8)	 readily marketable direct obligations issued by any state, commonwealth or territory of the United States or
any political subdivision or taxing authority thereof having an Investment Grade Rating from any of Moody’s, S&P or Fitch (or, if at any time none of Moody’s, S&P or Fitch shall be rating such obligations, an equivalent rating from
another nationally recognized statistical rating agency) with maturities of 24 months or less from the date of acquisition; 

  
 6 

	 	(9)	 readily marketable direct obligations issued by any foreign government or any political subdivision or public
instrumentality thereof, in each case having an Investment Grade Rating from any of Moody’s, S&P or Fitch (or, if at any time none of Moody’s, S&P or Fitch shall be rating such obligations, an equivalent rating from another
nationally recognized statistical rating agency) with maturities of 24 months or less from the date of acquisition; 

  

	 	(10)	 Investments with average maturities of 12 months or less from the date of acquisition in money market funds
given one of the three highest ratings by S&P, Moody’s or Fitch (or, if at any time none of Moody’s, S&P or Fitch shall be rating such obligations, an equivalent rating from another nationally recognized statistical rating agency);
and 

  

	 	(11)	 investment funds investing 90% of their assets in securities of the types described in clauses (1) through
(10) of this definition; and, 

 in the case of Investments by any Foreign Subsidiary that is a Restricted Subsidiary or Investments made
in a country outside the United States, Cash Equivalents shall also include (a) assets and investments of the type and, to the extent applicable, maturity described in clauses (1) through (8) and clauses (10) and (11) of this
definition of foreign obligors, which Investments or obligors (or the parents of such obligors) have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies and (b) other short-term investments utilized
by Foreign Subsidiaries that are Restricted Subsidiaries in accordance with normal investment practices for cash management in investments analogous to the foregoing investments in clauses (1) through (11) of this definition and in this
paragraph. 
 Notwithstanding anything to the contrary in the foregoing, Cash Equivalents shall include amounts denominated in currencies
other than those set forth in clauses (1) and (2) of this definition; provided that such amounts are converted into any currency listed in clauses (1) and (2) as promptly as practicable and in any event within ten Business Days
following the receipt of such amounts. 
 At any time at which the value, calculated in accordance with GAAP, of all investments of the
Issuer and its Restricted Subsidiaries that were deemed, when made, to be Cash Equivalents in accordance with clauses (1) through (11) of this definition exceeds the Indebtedness of the Issuer and its Restricted Subsidiaries, “Cash
Equivalents” shall also mean any investment (a “Qualifying Investment”) that satisfies the following two conditions: (x) the Qualifying Investment is of a type described in clauses (1) through (10) of the first
paragraph of this definition, but has an effective maturity (whether by reason of final maturity, a put option or, in the case of an asset-backed security, an average life) of five years and one month or less from the date of such Qualifying
Investment (notwithstanding any provision contained in such clauses (1) through (10) requiring a shorter maturity); and (y) the weighted average effective maturity of such Qualifying Investment and all other investments that were made as
Qualifying Investments in accordance with this paragraph does not exceed two years from the date of such Qualifying Investment. 

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

(1)    the sale, lease, or transfer, in one transaction or a series of related transactions, of all or substantially all
of the assets of the Issuer and its Restricted Subsidiaries, taken as a whole, to any Person (other than one or more Permitted Holders); or 

(2)    the Issuer becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange
Act, proxy, vote, written notice or otherwise) any Person or group (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act as in effect on the Issue Date), other than one or more Permitted Holders or a Parent Company (subject to the
proviso immediately below), that is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 of the Exchange Act as in effect on the Issue Date)
of more than 50% of the total voting power of the Voting Stock of the Issuer; provided that (x) so long as 

  
 7 

 
the Issuer is a Subsidiary of any Parent Company, no person shall be deemed to be or become a beneficial owner of more than 50% of the total voting power of the Voting Stock of the Issuer unless
such person shall be or become a beneficial owner of more than 50% of the total voting power of the Voting Stock of such Parent Company (other than a Parent Company that is a Subsidiary of another Parent Company) and (y) any Voting Stock of
which any Permitted Holder is the beneficial owner shall not in any case be included in any Voting Stock of which any such person is the beneficial owner. 

“Charge” means any loss, charge, fee, expense, cost, accrual or reserve of any kind. 

“Clearstream” means Clearstream Banking S.A. or any successor securities clearing agency. 

“consolidated” means, with respect to any financial information of the Issuer, that such information has been prepared based
on the consolidation of the accounts of each of the Restricted Subsidiaries of the Issuer with those of the Issuer in accordance with GAAP and will be deemed to include each Affiliated Practice Group that is a Consolidated Subsidiary as if such
Affiliated Practice Group were a Restricted Subsidiary as defined herein; provided that such consolidated financial information will not include consolidation of the accounts of any Unrestricted Subsidiary, but the interest of the Issuer or any
Restricted Subsidiary in any Unrestricted Subsidiary will be accounted for as an investment. 
 “Consolidated Depreciation and
Amortization Expense” means, with respect to any Person for any period, the total amount of depreciation and amortization expense, including the amortization of deferred financing fees or costs of such Person and its Restricted Subsidiaries
for such period on a consolidated basis and otherwise determined in accordance with GAAP. 
 “Consolidated Interest
Expense” means, with respect to the Issuer and its Restricted Subsidiaries on a consolidated basis for any period, the sum (without duplication) of: (a) consolidated total interest expense of the Issuer and its Restricted Subsidiaries
for such period, determined in accordance with GAAP, whether paid or accrued and whether or not capitalized, and in any event including, without duplication, (i) amortization, accretion or accrual of original issue discount, discounted
liabilities, deferred financing fees and debt issuance costs and commissions, (ii) any fees and expenses relating to Indebtedness, including commitment, bridge, structuring and administrative or trustee fees and charges with respect to the
credit facilities established hereunder or with respect to other Indebtedness, (iii) any costs associated with surety, performance or similar bonds or instruments, (iv) any interest capitalized during construction, (v) any non-cash interest Charges, (vi) the interest component of any deferred payment obligation, (vii) the interest component of any payment under any capital lease (regardless of whether accounted for as
interest expense under GAAP), (viii) any commission, discount and/or other fee or charge owed with respect to any letter of credit and/or bankers’ acceptance, (ix) any costs associated with obtaining, or breakage costs in respect of, or
any payment obligation arising under, any Hedging Obligation or any other derivative instrument and any non-cash interest expense attributable to any movement in the mark to market valuation of any Hedging
Obligation or any other derivative instrument (in each case, other than any interest rate Hedging Obligation or interest rate derivative instrument with respect to Indebtedness), (x) any “additional interest” or “liquidated
damages” for failure to timely comply with registration rights obligations and (xi) any payments with respect to make-whole, prepayment or repayment premiums or other breakage costs of any Indebtedness, in each case, paid, incurred or
amortized by the Issuer or its Restricted Subsidiaries during such period, plus (b) any cash Restricted Payment paid or payable in respect of Capital Stock (other than Disqualified Stock) during such period, other than to the Issuer or any of
its Restricted Subsidiaries, plus (c) any Charges during such period arising from any Hedging Obligation and/or other derivative financial instrument entered into by the Issuer or any of its Restricted Subsidiaries for the purpose of hedging
interest rate risk and not for speculative purposes (net of any realized or unrealized gain in respect of any such Hedging Obligation and/or other derivative financial instrument). 

  
 8 

 For purposes of this definition, interest in respect of any capital lease shall be deemed to
accrue at an interest rate reasonably determined by the Issuer to be the rate of interest implicit in such capital lease in accordance with GAAP. 

“Consolidated Net Income” means, for any period, an amount equal to the net income (or loss) of any Person on a consolidated
basis, determined in accordance with GAAP, for such period, but excluding (without duplication): 
 (a)    (i) the
income of any Person that is not the Issuer or a Restricted Subsidiary, provided that the amount of dividends, distributions or other payments (including any ordinary course dividend, distribution or other payment) paid in cash or Cash Equivalents
(or to the extent converted into cash or Cash Equivalents) to the Issuer or any of its Restricted Subsidiaries by such Person during such period shall be included in Consolidated Net Income, or (ii) the loss of any Person that is not the Issuer
or a Restricted Subsidiary; 
 (b)    any gain or Charge with respect to (i) any Disposed, abandoned, closed,
divested and/or discontinued asset, property or operation (other than, at the option of the Issuer, any asset, property or operation pending the completion of the Disposition, abandonment, closure, divestiture and/or discontinuation of the operation
thereof), including Charges with respect to consummating or effecting such Disposition, abandonment, closure, divestiture or discontinuation, and/or (ii) any Disposition (including asset retirement costs) outside the ordinary course of
business; 
 (c)    any gain or Charge attributable to the early extinguishment of Indebtedness and/or early termination
of any Hedging Obligation, including any Charge with respect to any write-off or amortization of any deferred financing cost and/or premium paid; 

(d)    (i) any non-cash Charge arising from any employee benefit or management
compensation plan, other non-cash compensation or the grant of stock, stock options, stock appreciation rights or other equity and equity based interests (including any profits interests), including any
repricing, amendment, modification, substitution or change of any such stock, stock option, stock appreciation right or other equity and equity based interest or the vesting thereof), (ii) any Charge incurred pursuant to any management equity plan,
long term incentive plan, profits, interest or stock option plan or any other management or employee benefit plan or agreement, any pension plan, any stock subscription or shareholder agreement and/or any other equity plan or agreement and
(iii) any Charge incurred in connection with the rollover, acceleration or payout of Capital Stock held by management of Holdings (or any other Parent Company), the Issuer and/or any Restricted Subsidiary, provided, in the case of clauses
(ii) and (iii), that to the extent any such Charge is paid in cash, such Charge shall have been funded with net proceeds contributed to the relevant Person as a capital contribution or as a result of the sale or issuance of Capital Stock (other
than Disqualified Stock) of the relevant Person; 
 (e)    (i) any non-cash
gain, excluding any such gain in respect of which cash was received in a prior period or will be received in a future period, or (ii) without limiting any addback pursuant to any other clause of this definition, any non-cash Charge (including any impairment Charge, any write-off and/or write-down of assets and any non-cash Charges arising from
revaluation of inventory (including any impact of changes to inventory valuation policy methods), but excluding any such Charge to the extent it represents an accrual of or a reserve for cash expenditures in any future period); 

(f)    any non-cash Charge that is established, adjusted and/or incurred, as
applicable, (i) within 12 months after the Credit Agreement Closing Date that is required to be established, adjusted or incurred, as applicable, as a result of the Acquisition or transactions related thereto in accordance with GAAP or
(ii) within 12 months after the closing of any acquisition or similar Investment that is required to be established, adjusted or incurred, as applicable, as a result of such acquisition or Investment in accordance with GAAP; 

  
 9 

 (g)    (i) the effects of adjustments (including the effects of such
adjustments pushed down to the Issuer and its subsidiaries) in component amounts required or permitted by GAAP (including in the inventory, property and equipment, leases, rights fee arrangements, software, goodwill, intangible assets, in-process research and development, deferred revenue, advanced billing and debt line items thereof) resulting from the application of purchase accounting in relation to the Acquisition or transactions related
thereto or any consummated acquisition or similar Investment or recapitalization accounting or the amortization or write-off of any amounts thereof and (ii) the cumulative effect of changes (effected
through cumulative effect adjustment or retroactive application) in, or the adoption or modification of, accounting principles or policies made during such period in accordance with GAAP which affect Consolidated Net Income; 

(h)    (i) any gain or Charge with respect to any extraordinary, nonrecurring or unusual item (as determined in good faith
by the Issuer) or with respect to any single or “one-time” event (as determined in good faith by the Issuer), including in connection with (A) the Acquisition and/or any other acquisition or
similar Investment (including legal, accounting and other professional fees and expenses incurred in connection therewith), (B) the closing, consolidation or reconfiguration of any facility, (C)
“one-time” consulting costs, (D) “one-time” pension settlements or severance costs, (E) regulatory compliance project costs, and/or (E) any
Charge related to startup costs and pre-opening losses incurred in connection with opening new facilities, and/or (ii) any Charge with respect to and/or payment of any actual or prospective legal
settlement, fine, judgment or order; 
 (i)    any Charge attributable to contingent or deferred payments in connection
with the Acquisition or any other acquisition or similar Investment permitted hereunder (including earn-outs, non-compete payments, purchase price adjustments and similar obligations), and any adjustments with
respect thereto; 
 (j)    any deferred Tax expense associated with any tax deduction or net operating loss arising as a
result of the Acquisition or transactions related thereto, or the release of any valuation allowance related to any such item; 

(k)    [Reserved]; 

(l)    (i) any realized or unrealized gain or Charge in respect of (x) any Hedging Obligation as determined in
accordance with GAAP and/or (y) any other derivative instrument pursuant to, in the case of this clause (y), Financial Accounting Standards Board’s Accounting Standards Codification No.
815-Derivatives and Hedging and (ii) any unrealized or realized net foreign currency translation or transaction gains or Charges (including any currency
re-measurement of Indebtedness, any net gain or Charges resulting from Hedging Obligations for currency exchange risk associated with the above or any other currency related risk and any gain or loss resulting
from intercompany Indebtedness); 
 (m)    gains or Charges attributable to (i) returned surplus assets under any
pension plan and/or (ii) postretirement benefits as a result of the application of Financial Accounting Standards Board’s Accounting Standards Codification No. 715; and 

(n)    the amount of any Charge that is actually reimbursed by any Person (other than the Issuer or its Restricted
Subsidiaries) pursuant to indemnification or reimbursement provisions or similar agreements (including expenses covered by indemnification provisions in connection with any acquisition or similar Investment or any Disposition permitted by this
Indenture) or any insurance policy; 
 provided that, to the extent not otherwise included in the determination of Consolidated Net Income for such period,
the amount of any proceeds of any business interruption insurance policy received during such period by the Issuer and the Restricted Subsidiaries shall be included in the calculation of Consolidated Net Income. 

  
 10 

 In addition, solely for the purpose of determining the amount available for Restricted
Payments under Section 4.07(a)(C)(1), any net income (loss) of any Restricted Subsidiary (other than a Guarantor) shall be excluded from Consolidated Net Income if such Restricted Subsidiary is subject to restrictions, directly or indirectly,
on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Issuer or any Guarantor by operation of the terms of such Restricted Subsidiary’s charter or any agreement, instrument,
judgment, decree, order, statute or governmental rule or regulation applicable to such Restricted Subsidiary or its shareholders (other than (x) restrictions that have been waived or otherwise released and (y) restrictions pursuant to the
Senior Credit Facilities), except that the Issuer’s equity in the net income of any such Restricted Subsidiary for such period will be included in such Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents actually
distributed by such Restricted Subsidiary during such period to the Issuer or another Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend to another Restricted Subsidiary, to the limitation contained in this
paragraph). 
 “Consolidated Secured Debt Ratio” means, as of any date of determination, the ratio of (1) Consolidated
Total Indebtedness of the Issuer and its Restricted Subsidiaries that is secured by Liens on the property of the Issuer and its Restricted Subsidiaries as of the end of the most recent fiscal quarter for which internal financial statements are
available immediately preceding the date of determination, less the aggregate amount of Cash Equivalents held by the Issuer and its Restricted Subsidiaries at such date, to (2) the Issuer’s EBITDA for the most recently ended four full
fiscal quarters for which internal financial statements are available immediately preceding the date of determination, in each case with such pro forma adjustments to Consolidated Total Indebtedness, Cash Equivalents, and EBITDA as are
appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio. 

“Consolidated Subsidiary” means, at any date, any subsidiary or other Person the accounts of which would be consolidated
under GAAP with those of the Issuer (or any other Person, as the context may require hereunder) in its consolidated financial statements if such statements were prepared as of such date in accordance with GAAP. 

“Consolidated Total Debt Ratio” means, as of any date of determination, the ratio of (1) Consolidated Total Indebtedness
of the Issuer and its Restricted Subsidiaries as of the end of the most recent fiscal quarter for which internal financial statements are available immediately preceding the date of determination, less the aggregate amount of Cash Equivalents held
by the Issuer and its Restricted Subsidiaries at such date, to (2) the Issuer’s EBITDA for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of
determination, in each case with such pro forma adjustments to Consolidated Total Indebtedness, Cash Equivalents, and EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of
Fixed Charge Coverage Ratio. 
 “Consolidated Total Indebtedness” means, as at any date of determination, an amount equal
to the sum of (1) the aggregate amount of all outstanding Indebtedness of the Issuer and its Restricted Subsidiaries on a consolidated basis consisting of Indebtedness for borrowed money, Obligations in respect of Capitalized Lease Obligations
and debt obligations evidenced by promissory notes and similar instruments (and excluding, for the avoidance of doubt, any letter of credit, except to the extent of unreimbursed amounts thereunder and Hedging Obligations), in each case, determined
in accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of purchase accounting in connection with any acquisition) and (2) the aggregate amount of all outstanding Disqualified Stock
of the Issuer and all Preferred Stock of its Restricted Subsidiaries on a consolidated basis, with the amount of such Disqualified Stock and Preferred Stock equal to the greater of their respective voluntary or involuntary liquidation preferences
and maximum fixed repurchase prices, in each case determined on a consolidated basis in accordance with GAAP. 

  
 11 

 “Contingent Obligations” means, with respect to any Person, any obligation
of such Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or
indirectly, including, without limitation, any obligation of such Person, whether or not contingent, 
  

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

  

	 	(2)	 to advance or supply funds 

 

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

 

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

  

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

“Corporate Trust Office” shall be at the address of the Trustee specified in Section 12.01 hereof or such other address
as to which the Trustee may give notice to the Holders and the Issuer. 
 “Credit Agreement Closing Date” means
November 23, 2020. 
 “Credit Facilities” means, with respect to the Issuer or any of its Restricted Subsidiaries, one
or more debt facilities, including, without limitation, the Senior Credit Facilities, or other financing arrangements (including, without limitation, commercial paper facilities or indentures) providing for revolving credit loans, term loans, debt
securities, letters of credit, capital market financings, receivables financings or other borrowings or other extensions of credit, including, without limitation, any notes, mortgages, guarantees, collateral documents, instruments, and agreements
executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof, in whole or in part, and any indentures or credit facilities or commercial paper facilities that replace,
refund, supplement or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding, supplemental or refinancing facility, arrangement or indenture that increases the amount
permitted to be borrowed thereunder or alters the maturity thereof (provided that such increase in borrowings or issuances is permitted under Section 4.09 hereof) or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder
and whether by the same or any other agent, trustee, lender or group of lenders or other holders. 
 “Custodian” means the
Trustee, as custodian with respect to the Global Notes, or any successor entity thereto. 
 “Default” means any event that
is, or with the passage of time, the giving of notice or both would be, an Event of Default. 
 “Definitive Note” means a
certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06(c) hereof, substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and shall not
have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 
 “Depositary” means, with
respect to the Global Notes, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable
provision of this Indenture. 

  
 12 

 “Derivative Instrument” with respect to a Person, means any contract,
instrument or other right to receive payment or delivery of cash or other assets to which such Person or any Affiliate of such Person that is acting in concert with such Person in connection with such Person’s investment in the notes (other
than a Screened Affiliate) is a party (whether or not requiring further performance by such Person), the value and/or cash flows of which (or any material portion thereof) are materially affected by the value and/or performance of the notes and/or
the creditworthiness of the Issuer. 
 “Designated Non-cash Consideration” means
the fair market value of non-cash consideration received by the Issuer or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated
Non-cash Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation less the amount of Cash Equivalents received in connection with a subsequent sale of or collection on
such Designated Non-cash Consideration. 
 “Designated Preferred Stock” means
Preferred Stock of the Issuer or any direct or indirect Parent Company thereof (in each case other than Disqualified Stock) that is issued for cash (other than to a Restricted Subsidiary or an employee stock ownership plan or trust established by
the Issuer or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officer’s Certificate, executed on or about the issuance date thereof, the cash proceeds of which are excluded from the calculation set
forth in Section 4.07(a)(C) hereof. 
 “Disposition” or “Dispose” means the sale, transfer, license,
lease or other disposition (including any sale and leaseback transaction) of any property (other than Cash Equivalents) by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts
receivable or any rights and claims associated therewith and shall include, with respect to any Affiliated Practice Group, the termination or unwinding of all applicable Affiliated Practice Group Agreements with respect thereto. 

“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms
of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than solely as a result of a change of control or asset sale) pursuant to a
sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than solely as a result of a change of control or asset sale), in whole or in part, in each case prior to the date 91 days after the earlier of the
maturity date of the Notes or the date the Notes are no longer outstanding; provided that, if such Capital Stock is issued to any plan for the benefit of employees of the Issuer or its Subsidiaries or by any such plan to such employees, such
Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Issuer or its Subsidiaries or any Parent Company in order to satisfy applicable statutory or regulatory obligations; provided
further that any Capital Stock held by any future, present or former employee, officer, director, member of management or consultant (or the estate, heirs, family members, spouse, former spouse, domestic partner or former domestic partner of any
of the foregoing) of the Issuer, any of its Subsidiaries, any of its direct or indirect Parent Companies or any other entity in which the Issuer, a Restricted Subsidiary or any Parent Company has an Investment and is designated in good faith as an
“affiliate” by the board of directors of the Issuer or any Parent Company (or the compensation committee thereof) that is redeemable or subject to repurchase, in each case pursuant to any stock subscription or stockholders’ agreement,
management equity plan or stock option plan or any other management or employee benefit plan or agreement shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Issuer or its Subsidiaries or any Parent
Company. Notwithstanding anything to the contrary in the foregoing, Permitted Warrant Transactions do not constitute Disqualified Stock. 

“Dividing Person” has the meaning assigned to it in the definition of “Division.” 

  
 13 

 “Division” means the division of the assets, liabilities and/or obligations
of a Person (the “Dividing Person”) among two or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing Person and pursuant to which the Dividing Person
may or may not survive. 
 “Division Successor” means any Person that, upon the consummation of a Division of a Dividing
Person, holds all or any portion of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains any of its assets, liabilities and/or
obligations after a Division shall be deemed a Division Successor upon the occurrence of such Division. 
 “Domestic
Subsidiary” means, with respect to any Person, any Restricted Subsidiary of such Person other than a Foreign Subsidiary. 

“EBITDA” means, with respect to the Issuer and its Restricted Subsidiaries on a consolidated basis for any period, the sum
(without duplication) of: 
 (a)    Consolidated Net Income for such period; plus 

(b)    the amount of any business interruption insurance policy proceeds expected to be received by the Issuer or its
Restricted Subsidiaries with respect to earnings for the applicable period that such proceeds are intended to replace, provided that, with respect to any amount added back under this clause (b), the Issuer in good faith expects that such proceeds
will be received by the Issuer or its Restricted Subsidiaries during the next four fiscal quarters (it being understood that (i) any proceeds added back pursuant to this clause (b) shall be without duplication of any expected proceeds
previously added back pursuant to this clause (b) or any corresponding proceeds included in the determination of Consolidated Net Income for such period (and, to the extent any corresponding proceeds included in the determination of
Consolidated Net Income for such period or any subsequent period are duplicative of any expected proceeds previously added back pursuant to this clause (b), such corresponding proceeds shall be deducted for purposes of determining EBITDA for such
period) and (ii) to the extent such proceeds are not actually received by the Issuer or its Restricted Subsidiaries during such fiscal quarters, such proceeds shall be deducted in calculating EBITDA for such fiscal quarters); plus 

(c)    without duplication, those amounts which, in the determination of Consolidated Net Income for such period, have
been deducted for (and only to the extent not added back pursuant to the definition of Consolidated Net Income): 

(i)    Consolidated Interest Expense; 

(ii)    Taxes paid and any provision for Taxes, including income, capital, state, local, franchise and
similar Taxes, property Taxes, foreign withholding Taxes and foreign unreimbursed value added Taxes (including penalties and interest related to any such Tax or arising from any Tax examination and any such Tax pursuant to any Tax sharing
arrangement or as a result of any distribution pursuant to Section 4.07(b)(19)(G) hereof) paid or accrued during such period and any Tax Distribution Amount or other payments to a Parent Company in respect of such Taxes permitted to be made
hereunder; 
 (iii)    depreciation and amortization; 

(iv)    any non-cash Charge or write-down, including any
equity-based compensation or equity-based incentive plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, purchase accounting adjustments under ASC 805, ASC No. 480-10 and deferred revenue which would have been included in determining Consolidated Net 

  
 14 

 
Income, but for the application of purchase accounting rules) and any contractual rent increases that have not then actually been enacted and the excess of GAAP rent expense over actual cash rent
paid during such period due to the use of straight line rent for GAAP purposes, provided, that to the extent that any such non-cash Charge represents an accrual of or reserve for one or more potential cash
items in any future period, (A) the Issuer may determine, in its sole discretion, not to add back such non-cash Charge in the then-current period and (B) to the extent the Issuer elects to add back
such non-cash Charge, the cash payment in respect thereof in such future period shall be deducted in calculating EBITDA for such future period; 

(v)    (x) any cash expenses associated with cash payments to holders of stock options, appreciation rights
and similar equity and equity based interests (including any profits interests) in connection with any Restricted Payment and (y) any Charge pursuant to any management equity plan, stock option plan or any other management or employee benefit
plan, agreement or any stock subscription or shareholder agreement, to the extent that such costs or expenses are funded with cash proceeds contributed to the capital of such Person or net cash proceeds of an issuance of Capital Stock of such Person
(other than Disqualified Stock); 
 (vi)    (A) Charges relating to the Acquisition and related
transactions thereto, (B) Charges incurred in connection with or attributable to the Tax Receivable Agreement, (C) Charges incurred in connection with (1) any transaction (whether or not consummated), whether or not permitted under
this Indenture, including any issuance or offering of Capital Stock, any Investment, or other acquisition, any Disposition, any Restricted Payment, any casualty event, any recapitalization, any merger, consolidation, restructuring or amalgamation,
any option buyout or any incurrence, repayment, refinancing, amendment or modification, restatement, waiver, forbearance or other transaction cost related to Indebtedness (including any amortization or
write-off of debt issuance or deferred financing costs, premiums and prepayment penalties and including fees and expenses paid to or for the benefit of Moody’s or S&P in connection with obtaining or
maintaining ratings required under this Indenture) or any similar transaction, including (w) purchase price adjustments, (x) non-operating or non-recurring
professional fees, costs and expenses related thereto, (y) deferred commission or similar payments, and (z) any breakage costs incurred in connection with the termination of any hedging agreement as a result of the prepayment of
Indebtedness, and/or (2) any IPO (whether or not consummated), in each case, incurred prior to on or after the Credit Agreement Closing Date and (D) the Public Company Costs; 

(vii)    the amount of any Charge that is reimbursed or reimbursable by any Person (other than the Issuer
or its Restricted Subsidiaries) pursuant to indemnification or reimbursement provisions or similar agreements (including expenses covered by indemnification provisions in connection with any acquisition or similar Investment or any Disposition
permitted by this Indenture) or any insurance policy, provided, that in respect of any amount added back in reliance on this clause (c)(vii), the Issuer in good faith expects that such amount will be received by the Issuer or its Restricted
Subsidiaries during the next four fiscal quarters (it being understood that (A) any amount added back pursuant to this clause (c)(vii) shall be without duplication of any expected amount previously added back pursuant to this clause (c)(vii) or
any corresponding amount included in the determination of Consolidated Net Income for such period (and, to the extent any corresponding amount included in the determination of Consolidated Net Income for such period or any subsequent period are
duplicative of any expected amount previously added back pursuant to this clause (c)(vii), such corresponding amount shall be deducted for purposes of determining EBITDA for such period) and (B) to the extent such amount is not actually
received by the Issuer or its Restricted Subsidiaries during such fiscal quarters, such amount shall be deducted in calculating EBITDA for such fiscal quarters); 

(viii)    the amount of any Charge or deduction that is associated with any Restricted Subsidiary that is a
non-Wholly Owned Subsidiary or a joint venture and attributable to any non-controlling interest and/or minority interest of any third party; 

  
 15 

 (ix)    the amount of (I)(A) management, monitoring,
consulting, transaction (including termination or exit fees) and advisory fees paid or accrued pursuant to any sponsor management agreement, (B) payments made or accrued to the Investors (and/or its Affiliates or management companies) for any
financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, (C) payments made or accrued to directors (or Persons performing equivalent functions) of any Parent Company, the Issuer or
any of its subsidiaries, in each case, in their capacity as such, (D) any indemnities and expenses paid or accrued to the Investors (and/or its Affiliates or management companies) or any such director (or Persons performing equivalent
functions) of any Parent Company, the Issuer or any of its subsidiaries and (E) fees and expenses paid or accrued in connection with services provided by industry experts and consultants (other than those acting in an executive capacity) for
any Parent Company, the Issuer or its subsidiaries, in each case of clauses (A) through (E), to the extent permitted under this Indenture, (II) fees and expenses paid to outside directors of any Parent Company, the Issuer and its
Restricted Subsidiaries (in each case, in their capacities as such) to the extent the same were deducted (and not added back) in calculating such Consolidated Net Income and (III) general administrative costs and expenses (including corporate
overhead, legal or similar costs and expenses) and franchise Taxes, and similar fees, Taxes and expenses, required to maintain the organizational existence of any Parent Company, in each case, which are reasonable and customary and incurred in the
ordinary course of business; 
 (x)    any Charge attributable to the undertaking and/or implementation
of cost savings initiatives, cost rationalization programs, operating expense reductions and/or synergies and/or similar initiatives and/or programs (including in connection with any integration, restructuring or transition, any reconstruction,
decommissioning, recommissioning or reconfiguration of fixed assets for alternative uses, any facility opening and/or pre-opening, including unused warehouse space costs), any business optimization or other
restructuring and integration Charges (including, without limitation, inventory optimization programs, Charges related to any Tax restructuring, software development costs, Charges relating to the opening, closure or consolidation of any facility
(including, but not limited to, severance, rent termination costs, moving costs and legal costs)), Charges related to curtailments, systems implementation Charges, any Charge relating to entry into a new market, any Charge relating to any strategic
initiative or contract, any non-recurring consulting Charge, implementation of operational and reporting systems and technology initiatives, any signing Charge, any retention or completion bonus, recruiting
Charges, transition Charges, any expansion and/or relocation Charge, severance payments, relocation costs, any Charge associated with any modification to any pension and post-retirement employee benefit plan (including any settlement of pension
liabilities), any Charge associated with new systems design, any implementation Charge, any project startup Charge, Charges in connection with new operations and/or new contracts, including, without limitation, any
one-time expense relating to enhanced accounting function or other transaction costs, including those associated with becoming a standalone entity or a public company; 

(xi)    Charges in connection with the preparation, negotiation, execution and syndication of the Senior
Credit Facilities and any amendments, waivers or other modifications to any of the foregoing; 

(xii)    Charges incurred or accrued in connection with any single or
one-time event, including, in connection with (i) the Acquisition and/or any other acquisition or similar Investment (including legal, accounting and other professional fees and expenses incurred in
connection therewith) consummated prior to, on or after the Credit Agreement Closing Date, (ii) the consolidation, closing or reconfiguration of any facility during such period, (iii) one-time
consulting costs and (iv) any Charge related to startup costs and pre-opening losses incurred in connection with opening new facilities; 

  
 16 

 (xiii)    (x) payments to employees, directors or
officers of Holdings (or other Parent Company) and its Restricted Subsidiaries paid in connection with Restricted Payments that are otherwise permitted hereunder to the extent such payments are not made in lieu of, or as a substitution for, ordinary
salary or ordinary payroll payments and (y) losses, charges and expenses attributable to repurchases or redemptions of any Capital Stock of Holdings (or other Parent Company) from existing or former directors, officers or employees of Holdings
(or a direct or indirect Parent Company thereof), the Issuer or any Restricted Subsidiary, their estates, beneficiaries under their estates, transferees, spouses or former spouses; provided that, in the case of this clause (y), to the extent any
such loss, charge or expense is paid in cash, such loss, charge or expense shall have been funded with net proceeds contributed to the relevant Person as a capital contribution or as a result of the sale of issuance of Capital Stock (other than
Disqualified Stock) of the relevant Person; 
 (xiv)    (x) all losses on sales of assets outside the
ordinary course of business and (y) any net loss from disposed, abandoned, transferred, closed or discontinued operations (but if such operations are classified as discontinued due to the fact that they are being held for sale or are subject to
an agreement to dispose of such operations, if elected by the Issuer in its sole discretion, only when and to the extent such operations are actually disposed of); 

(xv)    losses resulting from changes in earn-out and other similar
reserves and expenses and charges in connection with the granting or payment of earn-outs, including any cash charges resulting from the application of ASC 805 with respect to earn-outs and other deferred payments; 

(xvi)    currency translation losses and performance losses relating to foreign currency transactions and
currency fluctuations (including, for the avoidance of doubt, any currency translation losses and foreign exchange losses resulting from intercompany loans and other permitted intercompany Investments); 

(xvii)    any costs of cash pooling services and other cash management arrangements; 

(xviii)    Charges incurred in connection with the implementation of Accounting Standards Codification
Topic No. 606 (or any comparable regulation) and Accounting Standards Codification Topic No. 842 (or any comparable regulation) and any non-cash losses or charges resulting from the application of
Accounting Standards Codification Topic No. 606 (or any comparable regulation) and Accounting Standards Codification Topic No. 842 (or any comparable regulation); 

(xix)    any net loss included in the Consolidated Net Income attributable to non-controlling interests in any Restricted Subsidiary pursuant to the application of Accounting Standards Codification Topic
810-10-45; 
 (xx)    to
the extent deducted (and not added back) in computing Consolidated Net Income, any charge, expense, cost, accrual, reserve or loss attributable to, and payments of, legal settlements, fines, judgments and orders; and 

(xxi)    fees, costs, accruals, payments, expenses or charges relating to the purchase of and/or
subscription to an enterprise resource planning (ERP) system and/or niche financial solution(s) to unify accounting applications into a single platform, support multinational accounting and reporting requirements, and comply with the application of
current and future Accounting Standards Codification; plus 
 (d)    to the extent not otherwise included in the
determination of Consolidated Net Income for such period, cash actually received (or any netting arrangement resulting in reduced cash expenditures) during such period so long as the non-cash income or gain
relating to the relevant cash receipt or netting arrangement was deducted in the calculation of EBITDA (including pursuant to any component definition thereof) for any prior period and not added back; plus 

  
 17 

 (e)    (x) the amount of any pro forma “run rate” cost
savings, operating expense reductions and synergies related to the Acquisition and related transactions thereto that are reasonably identifiable (and reasonably anticipated to be realized), factually supportable and projected by the Issuer in good
faith to result from actions that have been taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of the Issuer (or, to the extent identified in the Quality of Earnings Report))
and net of actual amounts realized; and (y) the amount of any pro forma “run rate” cost savings and operating expense reductions related to operational efficiencies (including the entry into or renegotiation of any material contract),
strategic initiatives or purchasing improvements and other cost savings, improvements or synergies related to acquisitions, dispositions, and other specified transactions (including, for the avoidance of doubt, acquisitions occurring prior to the
Credit Agreement Closing Date), all sales, transfers and other dispositions or discontinuance of any subsidiary, line of business or division, restructurings, cost savings initiatives, business optimization initiatives, and other initiatives,
actions or events, including new customer contracts, optimization actions, operating improvements and other revenue enhancements (each, a “Specified Transaction”) that are reasonably identifiable (and reasonably anticipated to be realized)
and projected by the Issuer in good faith to result from actions that have been taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of the Issuer) after such Specified
Transaction and net of actual amounts realized; plus 
 (f)    add-backs and
adjustments (including pro forma adjustments) (i) of the type reflected in any quality of earnings report obtained for any subsequent transaction (including any Specified Transaction) from an independent registered public accounting firm of
recognized national standing or that is otherwise reasonably acceptable to the administrative agent under the Senior Credit Facilities in its sole discretion (it being understood and agreed that any “Big 4” accounting firm, FTI Consulting
and Alvarez & Marsal are reasonably acceptable to the administrative agent under the Senior Credit Facilities) (and delivered to the administrative agent under the Senior Credit Facilities), without regard to time and amounts, and
(ii) consistent with Article 11 of Regulation S-X of the Exchange Act; plus 
 (g)    add-backs, exclusions and adjustments of the type identified in the Investor Model and the Quality of Earnings Report; plus 

(h)    with respect to de novo clinics, losses incurred by de novo clinics within the twelve month period ending on the
applicable date of determination, which losses may be calculated on a Pro Forma Basis as though such losses had been realized on the first day of such period; provided, that amounts added back pursuant to this clause (h) shall not include
corporate costs and/or other centralized costs; provided, further, that with respect to any New Center (as defined in the Humana Expansion Agreement (as defined below)) or other de novo clinic (the “Humana De Novos”) opened pursuant
to that certain Expansion Agreement, dated as of March 17, 2020 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Humana Expansion Agreement”), between the Issuer and Humana
Inc., the losses incurred by de novo clinics added back pursuant to this clause (h) shall be calculated taking into account any “care coordination fee” (each, a “HAP Coordination Fee”) received by the Issuer or a
Guarantor or any of their respective Restricted Subsidiaries from Humana Inc. related to such Humana De Novos during such period, and recognizing any revenue in respect of such HAP Coordination Fee over a 12 month period, without regard to how it is
recognized for net income; provided, further, that, the total accrual in respect of any HAP Coordination Fee shall in no event exceed the actual cash payment received by the Issuer or any Guarantor or any of their respective Restricted Subsidiaries
during such period (it is understood and agreed that to the extent revenue in respect of a HAP Coordination Fee is recognized in one period (whether by including such HAP Coordination Fee in Consolidated Net Income, pursuant to the adjustment set
forth in this clause (h) or otherwise) it shall not be recognized (whether by including such HAP Coordination Fee in Consolidated Net Income, pursuant to the adjustment set forth in this clause (h) or otherwise) in a future period); plus

  
 18 

 (i)    for the fiscal quarters ended September 30, 2020 and
December 31, 2020, EBITDA attributable to health insurance tax under the Affordable Care Act paid or accrued during such period; plus 

(j)    the Ramping Qualifying Clinic Mature EBITDA Amount; plus 

(k)    (x) administrative, overhead, staffing and related costs and expenses arising as a result of start-up and/ or the expansion of operations, including, but not limited the expansion of new and/or existing service offerings into one or more new markets and establishing operations in one or more new states
and/or jurisdictions and (y) corporate costs and/or other centralized costs related to de novo clinics, in an aggregate amount of items (x) and (y) not to exceed $1.0 million in any such period; plus 

(l)    the amount of any add backs and adjustments described in clauses (b) through (k) above as such add-backs and adjustments pertain to equity investment income or income relating to joint ventures which the Issuer does not consolidate for purposes of GAAP; plus 

(m)    extraordinary, unusual or non-recurring Charges (in each case, as
determined in good faith by the Issuer and including, for the avoidance of doubt, including costs relating to the Acquisition and related transactions thereto), and Charges with respect to legal settlements, fines, judgments or orders; plus 

(n)    any non-cash Charge that is established, adjusted and/or incurred, as
applicable, (i) within 12 months after the Credit Agreement Closing Date that is required to be established, adjusted or incurred, as applicable, as a result of the Acquisition or related transactions thereto in accordance with GAAP or
(ii) within 12 months after the closing of any acquisition or similar Investment that is required to be established, adjusted or incurred, as applicable, as a result of such acquisition or Investment in accordance with GAAP; minus 

(o)    to the extent included in the determination of Consolidated Net Income for such period, any non-cash income or non-cash gain, as determined in accordance with GAAP, provided, that if any such non-cash income or non-cash gain represents an accrual or deferred income in respect of potential cash items in any future period, the Issuer may determine not to deduct the relevant non-cash
gain or non-cash income in the then current period; minus 
 (p)    the amount
of any cash payment made during such period in respect of any noncash accrual, reserve or other non-cash Charge that was added to Consolidated Net Income to determine EBITDA for any prior period and which does
not otherwise reduce Consolidated Net Income for the current period. 
 “Employee Related Persons” means, with respect to
any Person, any current or former officers, directors, employees, members of management, managers or consultants of such Person, or any Affiliate or Immediate Family Member of any of the foregoing. 

“Equity Interests” means Capital Stock and all options, warrants, restricted stock units 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 or private sale of common stock or Preferred Stock of the Issuer or any of its direct or indirect Parent Companies (excluding Disqualified Stock), other than: 
  

	 	(1)	 public offerings with respect to the Issuer’s or any direct or indirect Parent Company’s common stock
registered on Form S-4 or Form S-8; 

  

	 	(2)	 issuances to any Subsidiary of the Issuer; and 

  
 19 

	 	(3)	 any such public or private sale that constitutes an Excluded Contribution. 

“Euroclear” means Euroclear Bank SA/NV or any successor clearing agency. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Excluded Contribution” means net cash proceeds, marketable securities or Qualified Proceeds received by the
Issuer from 
  

	 	(1)	 contributions to its common equity capital, and 

 

	 	(2)	 the sale (other than to a Subsidiary of the Issuer or to any management equity plan or stock option plan or any
other management or employee benefit plan or agreement of the Issuer) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Issuer, 

in each case, designated as Excluded Contributions pursuant to an Officer’s Certificate executed on or about the date such capital
contributions are made or the date such Equity Interests are sold, as the case may be, which are excluded from the calculation set forth in clause (C) of Section 4.07(a) hereof. 

“fair market value” means, with respect to any asset or liability, the fair market value of such asset or liability as
determined by the Issuer in good faith. 
 “Fitch” means Fitch Ratings Inc. and any successor to its rating agency
business. 
 “Fixed Charge Coverage Ratio” means, with respect to any Person for any period, the ratio of EBITDA of such
Person for such period to the Fixed Charges of such Person for such period. In the event that the Issuer or any Restricted Subsidiary incurs, assumes, guarantees, redeems, repays, retires or extinguishes any Indebtedness (other than Indebtedness
incurred or repaid under any revolving credit facility unless such Indebtedness has been permanently repaid and has not been replaced) or issues or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which
the Fixed Charge Coverage Ratio is being calculated but prior to or simultaneously with the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Fixed Charge Coverage Ratio Calculation Date”), then the
Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, redemption, repayment, retirement or extinguishment of Indebtedness, or such issuance or redemption of Disqualified Stock or
Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period; provided that the pro forma calculation of Fixed Charges for purposes of Section 4.09(a) hereof (and for the purposes of other
provisions of this Indenture that refer to Section 4.09(a)) shall not give effect to any Indebtedness being incurred on such date (or on such other subsequent date which would otherwise require pro forma effect to be given to such
incurrence) pursuant to Section 4.09(b) hereof (other than Indebtedness incurred pursuant to clauses (1)(c) and (14)(y) and (z) thereunder). 

For purposes of making the computation described in the prior paragraph of this definition, Investments, acquisitions, dispositions, mergers,
consolidations, and disposed operations (as determined in accordance with GAAP) that have been made by the Issuer or any of its Restricted Subsidiaries during the four-quarter reference period or subsequent to such reference period and on or prior
to or simultaneously with the Fixed Charge Coverage Ratio Calculation Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, consolidations, and disposed operations (and the
change in any associated fixed charge obligations and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a
Restricted Subsidiary or was merged with or into the Issuer or any of its Restricted Subsidiaries since the beginning of such period shall have made any Investment, acquisition, 

  
 20 

 
disposition, merger, consolidation or disposed operation that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro
forma effect thereto for such period as if such Investment, acquisition, disposition, merger, consolidation or disposed operation had occurred at the beginning of the applicable four-quarter period. 

For purposes of this definition, whenever pro forma effect is to be given to any Investment, acquisition, disposition, merger,
consolidation, or disposed operation and the amount of income or earnings relating thereto, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Issuer (and may include, for the
avoidance of doubt, cost savings, operating expense reductions, and synergies resulting from such Investment, acquisition, disposition, merger, consolidation, or disposed operation which is being given pro forma effect that have been or are
expected to be realized). If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Fixed Charge Coverage Ratio Calculation
Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by
a responsible financial or accounting officer of the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computations discussed in this definition, interest on any
Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period except as set forth in the first paragraph of this
definition. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate
actually chosen, or, if none, then based upon such optional rate chosen as the Issuer may designate. 
 “Fixed Charges”
means, with respect to any Person for any period, the sum of, without duplication: 
  

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

 

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

  

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

 “Foreign Subsidiary” means, with respect to any Person, any
Restricted Subsidiary of such Person that is either (i) not organized or existing under the laws of the United States, any state thereof or the District of Columbia or (ii) organized or existing under the laws of the United States, any
state thereof or the District of Columbia and substantially all the assets of which are equity or debt and equity of Subsidiaries that are described in clause (i) and (iii) any Subsidiary of a Subsidiary described in clause (i) or (ii).

 “GAAP” means generally accepted accounting principles in the United States of America as in effect on the date of any
calculation or determination required hereunder; provided, that at any time after the Issue Date, the Issuer may elect to establish that GAAP shall mean the GAAP as in effect as of any date on or after the Issue Date and on or prior to the
date of such election; provided that any such election, once made, shall be irrevocable. At any time after the Issue Date, the Issuer may elect to apply IFRS accounting principles in lieu of GAAP and, upon any such election, references herein to
GAAP shall thereafter be construed to mean IFRS (except as otherwise provided in this Indenture), including as to the ability of the Issuer to make an election pursuant to the previous sentence; provided that any such election, once made,
shall be irrevocable; provided, further, that any calculation or determination in this Indenture that requires the application of GAAP for periods that include fiscal quarters ended prior to the Issuer’s election to apply IFRS
shall remain as previously calculated or determined in accordance with GAAP; provided, further, that the Issuer may only make such election if it also elects to report any subsequent financial reports required

  
 21 

 
to be made by the Issuer, including pursuant to Section 13 or Section 15(d) of the Exchange Act, in IFRS. The Issuer shall give notice of any such election made in accordance with this
definition to the Trustee and the Holders. If there occurs a change in IFRS or GAAP, as the case may be, and such change would cause a change in the method of calculation of any standards, terms or measures (including all computations of amounts and
ratios) used in this Indenture (an “Accounting Change”), then the Issuer may elect that such standards, terms or measures shall be calculated as if such Accounting Change had not occurred. Notwithstanding any of the foregoing, for
purposes of Section 4.03 herein, GAAP shall mean the GAAP (or IFRS, if the election described above has been made) as in effect from time to time. 

“Global Note Legend” means the legend set forth in Section 2.06(g)(2) hereof, which is required to be placed on all
Global Notes issued under this Indenture. 
 “Global Notes” means, individually and collectively, each of the Restricted
Global Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A hereto, issued in accordance with Sections 2.01, 2.06(b) or 2.06(d) hereof. 

“Governmental Authority” means any federal, state, provincial, territorial, municipal, national or other government,
governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to
any government or any court or central bank or supra-national authorities, in each case, whether associated with the U.S., a foreign government or any political subdivision thereof. 

“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, letters of credit, and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations. 

“Guarantee” means the guarantee by any Guarantor of the Issuer’s Obligations under this Indenture and the Notes. 

“Guarantor” means each Person that Guarantees the Notes in accordance with the terms of this Indenture. 

“Hedging Obligations” means, with respect to any Person, the obligations of such Person under any interest rate swap
agreement, interest rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange contract, currency swap agreement or similar agreement providing for the transfer
or mitigation of interest rate, commodity price or currency risks either generally or under specific contingencies. Notwithstanding the foregoing, Permitted Equity Derivatives do not constitute Hedging Obligations. 

“Holder” means the Person in whose name a Note is registered on the Registrar’s books. 

“Holdings” means Primary Care (ITC) Intermediate Holdings, LLC. 

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

  
 22 

 “Indebtedness” means, with respect to any Person, without duplication: 

 

	 	(1)	 any indebtedness (including principal and premium) of such Person, whether or not contingent:

  

	 	(a)	 in respect of borrowed money; 

 

	 	(b)	 evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances
(or, without duplication, reimbursement agreements in respect thereof); 

  

	 	(c)	 representing the balance deferred and unpaid of the purchase price of any property (including Capitalized Lease
Obligations), except (i) any such balance that constitutes an obligation in respect of a commercial letter of credit, a trade payable or similar obligation to a trade creditor, in each case accrued in the ordinary course of business and
(ii) any earn-out obligations until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and is not paid after becoming due and payable; or

  

	 	(d)	 representing any Hedging Obligations, 

if and to the extent that any of the foregoing Indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability
upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP (except as otherwise provided in the definition of “Capitalized Lease Obligation” and as set forth in Section 1.05 in respect of
leases); provided that Indebtedness of any direct or indirect Parent Company of the Issuer appearing upon the balance sheet of the Issuer solely by reason of push-down accounting under GAAP shall be excluded; 

 

	 	(2)	 to the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor,
guarantor or otherwise, any obligation of the type referred to in clause (1) above of a third Person (whether or not such item would appear upon the balance sheet of such obligor or guarantor), other than by endorsement of a negotiable
instrument for collection in the ordinary course of business; and 

  

	 	(3)	 to the extent not otherwise included, any obligation of the type referred to in clause (1) above of a
third Person secured by a Lien on any asset owned by such first Person, whether or not such Indebtedness is assumed by such first Person; 

provided that, notwithstanding the foregoing, Indebtedness shall be deemed not to include (a) Contingent Obligations incurred in
the ordinary course of business or (b) any operating lease as such an instrument would be determined in accordance with GAAP on the Issue Date; provided further that Indebtedness shall be calculated without giving effect to Accounting
Standards Codification topic 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. 
 “Indenture” means this Indenture, as amended or
supplemented from time to time. 
 “Independent Financial Advisor” means an accounting, appraisal, investment banking firm
or consultant of nationally recognized standing that provides services to Persons engaged in Similar Businesses and is, in the good-faith judgment of the Issuer, qualified to perform the task for which it has been engaged. 

  
 23 

 “Intellectual Property” means all intellectual property, including without
limitation patents, copyrights, trademarks, know-how, trade secrets, inventions (whether or not patentable), and any applications therefor and reissues, continuations, extensions, renewals, or similar
extension of rights thereof; goodwill associated with any of the foregoing; together with all rights to sue for past, present and future infringement, misappropriation, or violation of intellectual property and the goodwill associated therewith.

 “Initial Notes” is defined in the recitals hereto. 

“Initial Purchaser” means any of Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC, or any of their
respective affiliates. 
 “Interest Payment Date” means April 1 and October 1 of each year to stated maturity,
beginning with April 1, 2022. 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the
equivalent) by Moody’s, BBB-(or the equivalent) by S&P and BBB-(or the equivalent) by Fitch, or an equivalent rating by any other Rating Agency or nationally
recognized statistical rating agency. 
 “Investment Grade Securities” means: 

 

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

  

	 	(2)	 debt securities or debt instruments with an Investment Grade Rating, but excluding any debt securities or
instruments constituting loans or advances among the Issuer and its Subsidiaries; 

  

	 	(3)	 investments in any fund that invests exclusively in investments of the type described in clauses (1) and
(2) above, which fund may also hold immaterial amounts of cash from time to time pending investment or distribution; and 

  

	 	(4)	 corresponding instruments in countries other than the United States customarily utilized for high quality
investments. 

 “Investments” means, with respect to any Person, all investments by such Person in other
Persons (including Affiliates) in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit, advances and extensions of credit to customers and vendors, and commission, travel, and
similar advances to officers, employees, directors and consultants, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other
Person and investments that are required by GAAP to be classified on the balance sheet (excluding the footnotes) of the Issuer in the same manner as the other investments included in this definition to the extent such transactions involve the
transfer of cash or other property. In no event shall a guarantee of an operating lease or other business contract of the Issuer or any Restricted Subsidiary be deemed an Investment. For purposes of the definition of “Unrestricted
Subsidiary” and Section 4.07 hereof: 
  

	 	(1)	 “Investments” shall include the portion (proportionate to the Issuer’s equity interest in such
Subsidiary) of the fair market value of the net assets of a Subsidiary of the Issuer at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided that, upon a redesignation of such Subsidiary as a Restricted Subsidiary,
the Issuer shall be deemed to 

  
 24 

	 	
continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to: 

 

	 	(a)	 the Issuer’s “Investment” in such Subsidiary at the time of such redesignation; less

  

	 	(b)	 the portion (proportionate to the Issuer’s Equity Interest in such Subsidiary) of the fair market value of
the net assets of such Subsidiary at the time of such redesignation; and 

  

	 	(2)	 any property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value at the
time of such transfer. 

 The amount of any Investment outstanding at any time shall be the original cost of such
Investment, reduced by any dividend, distribution, interest payment, return of capital, repayment, or other amount received in cash by the Issuer or a Restricted Subsidiary in respect of such Investment. Notwithstanding anything to the contrary in
the foregoing, Permitted Equity Derivatives do not constitute Investments. 
 “Investor Model” means that certain model
delivered to the arranger under the Senior Credit Facilities on October 19, 2020. 
 “Investors” means
(a) InTandem Capital Partners, LLC and any of its controlled Affiliates, and funds, partnerships or other co-investment vehicles managed or advised by any of them or any of their respective controlled
Affiliates, but excluding, however, any portfolio company of any of the foregoing and any Person Controlled by any such portfolio company (including Holdings, the Issuer and its Subsidiaries) and (b) the Management Investors. 

“Issue Date” means September 30, 2021. 

“Issuer Order” means a written request or order signed on behalf of the Issuer by an Officer of the Issuer and delivered to
the Trustee and Authenticating Agent (if any). 
 “Legal Holiday” means a Saturday, a Sunday, or a day on which commercial
banking institutions are not required to be open in the State of New York, or, to the extent applicable, in the place of payment. 

“Lien” means, with respect to any asset, mortgage, lien (statutory or otherwise), pledge, hypothecation, charge, security
interest, preference, priority 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; provided that
in no event shall an operating lease be deemed to constitute a Lien. 
 “LLC Agreement of Holdings” means the Second
Amended and Restated Limited Liability Agreement of Holdings, dated June 3, 2021, by and among Cano Health, Inc. and the other parties party thereto, and any amendments, modifications or replacements of such agreement (so long as any such
agreement, modification or replacement agreement is not more disadvantageous to the Holders in any material respect than the agreement as in effect on the date of this Indenture, as determined by the Issuer in good faith). 

“Long Derivative Instrument” means, as to any person, a Derivative Instrument (i) the value of which to such person
generally increases, and/or the payment or delivery obligations of such person under which generally decrease, with positive changes in the financial performance and/or position of the Issuer and/or (ii) the value of which to such person
generally decreases, and/or the payment or delivery obligations of such person under which generally increase, with negative changes in the financial performance and/or position of the Issuer. 

  
 25 

 “Management Investors” means the officers, directors, managers, employees
and members of management of the Issuer, any Parent Company and/or any subsidiary of the Issuer and any successor, heir or assign of the foregoing and any trust established by or for the benefit of any of the foregoing. 

“Management Services Agreement” means each agreement between the Issuer or a Guarantor, on the one hand, and an Affiliated
Practice Group, on the other hand, pursuant to which, among other things, the Issuer or such Guarantor agrees to provide management, administrative and/or business services to such Affiliated Practice Group. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency business. 

“Net Cash Proceeds” means the aggregate cash proceeds received by the Issuer or any of its Restricted Subsidiaries in respect
of any Asset Sale, including any cash received upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale, net of the direct costs relating to such Asset Sale and
the sale or disposition of such Designated Non-cash Consideration, including legal, accounting and investment banking fees, and brokerage and sales commissions, any relocation expenses incurred as a result
thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements) including any Tax Distribution Amount or other payments to a Parent Company in respect of such
Taxes permitted to be made under this Indenture, amounts required (other than required by clause (1) of Section 4.10(b) hereof) to be applied to the repayment of principal, premium, if any, and interest on Indebtedness secured by a Lien on
such assets as a result of such transaction and any deduction of appropriate amounts to be provided by the Issuer or any of its Restricted Subsidiaries as a reserve in accordance with GAAP against any liabilities associated with the asset disposed
of in such transaction and retained by the Issuer or any of its Restricted Subsidiaries after such sale or other disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental matters or
against any indemnification obligations associated with such transaction. 
 “Net Income” means, with respect to any
Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends. 

“Net Short” means, with respect to a noteholder or beneficial owner, as of a date of determination, either (i) the value
of its Short Derivative Instruments exceeds the sum of (x) the value of its notes plus (y) the value of its Long Derivative Instruments as of such date of determination or (ii) it is reasonably expected that such would have been the
case were a Failure to Pay or Bankruptcy Credit Event (each as defined in the 2014 ISDA Credit Derivatives Definitions) to have occurred with respect to the Issuer or any Guarantor immediately prior to such date of determination. 

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

“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 that may be issued under a supplemental indenture. The Notes shall be treated as a single class for all purposes under this Indenture. 

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

  
 26 

 “Offering Memorandum” means the confidential offering memorandum, dated
September 23, 2021, relating to the sale of the Initial Notes. 
 “Officer” means the Chief Executive Officer, the
Chief Financial Officer, the President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of the Issuer, or any other officer of the Issuer designated by any of the foregoing individuals. 

“Officer’s Certificate” means a certificate signed on behalf of the Issuer by an Officer of the Issuer that meets the
requirements set forth in this Indenture. 
 “Opinion of Counsel” means a written opinion from legal counsel who is
acceptable to the Trustee. The counsel may be an employee of or counsel to the Issuer. 
 “Parent Company” means
(a) Cano Health, Inc., a Delaware corporation, (b) Holdings, and (c) any other Person of which the Issuer is an indirect Wholly Owned Subsidiary. Unless the context otherwise requires, any references to Parent Company refer to a
Parent Company of the Issuer. 
 “Permitted Asset Swap” means the substantially concurrent purchase and sale or exchange of
Related Business Assets or a combination of Related Business Assets and Cash Equivalents between the Issuer or any of its Restricted Subsidiaries and another Person; provided that any Cash Equivalents received must be applied in accordance
with Section 4.10 hereof. 
 “Permitted Bond Hedge Transaction” means (a) any call option or capped call option
(or substantively equivalent derivative transaction) on the common stock of the Issuer or any Parent Company purchased by the Issuer, any of its Subsidiaries or any Parent Company in connection with an incurrence of Permitted Convertible
Indebtedness, and (b) any call option or capped call option (or substantively equivalent derivative transaction) replacing or refinancing the foregoing; provided, that (x) the sum of (i) the purchase price for any Permitted Bond Hedge
Transaction occurring after the Issue Date, plus (ii) the purchase price for any Permitted Bond Hedge Transaction it is refinancing or replacing, if any, minus (iii) the cash proceeds received upon the termination, unwinding or the
retirement of the Permitted Bond Hedge Transaction it is replacing or refinancing, if any, less (y) the sum of (i) the cash proceeds from the sale of the related Permitted Warrant Transaction, if any, plus (ii) the cash proceeds from
the sale of any Permitted Warrant Transaction refinancing or replacing such related Permitted Warrant Transaction, if any, minus (iii) the amount paid upon termination or retirement of such related Permitted Warrant Transaction, if any, does
not exceed the Net Cash Proceeds from the incurrence of the related Permitted Convertible Indebtedness. 
 “Permitted Convertible
Indebtedness” means Indebtedness of any Parent Company, the Issuer, or any of the Restricted Subsidiaries permitted to be incurred pursuant to Section 4.09 hereof that is (1) convertible into, or exchangeable for, Capital Stock of
the Issuer or any Parent Company (and cash in lieu of fractional shares) and/or cash (in an amount determined by reference to the price of such common stock or other Capital Stock) and/or (2) sold as units with call options, warrants, rights or
obligations to purchase (or substantially equivalent derivative transactions) that are exercisable for Capital Stock of the Issuer or any Parent Company and/or cash (in an amount determined by reference to the price of such common stock);
provided, that if such Indebtedness is incurred by any Parent Company, (i) the net cash proceeds from such Indebtedness is contributed to the Issuer or a Restricted Subsidiary; provided, however, that any such net cash
proceeds received or cash contributed to the Issuer or any Restricted Subsidiary shall not increase the amount available for making Restricted Payments under clause (C) of Section 4.07(a) hereof, (ii) any interest expense paid on such
Indebtedness will be deemed to be interest paid by the Issuer and an amount equal to such interest expense shall be included in the calculation of Consolidated Interest Expense 

  
 27 

 
of the Issuer and result in a deduct in the calculation of Consolidated Net Income of the Issuer, and (iii) the aggregate principal amount of such Indebtedness shall be included (without
duplication) in the calculation Consolidated Total Indebtedness of the Issuer. 
 “Permitted Convertible Indebtedness Call
Transaction” means any Permitted Bond Hedge Transaction and any Permitted Warrant Transaction. 
 “Permitted Equity
Derivatives” means (1) any forward purchase, accelerated share purchase or other equity derivative transactions relating to the Capital Stock of the Issuer entered into by the Issuer or any Restricted Subsidiary; provided that any
Restricted Payment made in connection with such transaction is permitted pursuant to the covenant described above under Section 4.07 hereof and (2) any Permitted Convertible Indebtedness Call Transactions. 

“Permitted Holders” means, collectively, (a) the Investors and (b) any Person or “group” (within the
meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which any of the foregoing, any Person or group that becomes a Permitted Holder specified in the last sentence of this definition are
members and any member of such group; provided that, in the case of such group and without giving effect to the existence of such group or any other group, Persons referred to in subclauses (a) and (b), collectively, have beneficial ownership
or more than 50% of the total voting power of the Voting Stock of the Issuer held by such group. Any Person or group whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer is made or
waived in accordance with the requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional Permitted Holder. 

“Permitted Investments” means: 
  

	 	(1)	 any Investment in the Issuer or any Restricted Subsidiary; 

 

	 	(2)	 any Investment in Cash Equivalents or Investment Grade Securities; 

 

	 	(3)	 any Investment by the Issuer or any of its Restricted Subsidiaries in a Person (including, to the extent
constituting an Investment, in assets of a Person that represent substantially all of its assets or a division, business unit or product line) if as a result of such Investment: 

 

	 	(a)	 such Person becomes a Restricted Subsidiary, including by means of a Division; or 

 

	 	(b)	 such Person, in one transaction or a series of related transactions, is merged or consolidated with or into, or
transfers or conveys substantially all of its assets (or such division, business unit or product line), including by means of a Division, to, or is liquidated into, the Issuer or a Restricted Subsidiary, 

and, in each case, any Investment held by such Person; provided that such Investment was not acquired by such Person in contemplation of such
acquisition, merger, consolidation, transfer, or Division; 
  

	 	(4)	 any Investment in securities or other assets not constituting Cash Equivalents or Investment Grade Securities
and received in connection with an Asset Sale made pursuant to the provisions described under Section 4.10 hereof or any other disposition of assets or sale of Equity Interests of any Restricted Subsidiary not constituting an Asset Sale;

  

	 	(5)	 any Investment existing on the Issue Date or made pursuant to binding commitments in effect on the Issue Date
or an Investment consisting of any modification, replacement, renewal, reinvestment or extension of any such Investment or binding commitment existing on the Issue Date; provided that the amount of any such Investment may be increased in

  
 28 

	 	
such modification, replacement, renewal, reinvestment, or extension only (a) as required by the terms of such Investment or binding commitment as in existence on the Issue Date or
(b) as otherwise permitted under this Indenture; 

  

	 	(6)	 any Investment acquired by the Issuer or any of its Restricted Subsidiaries: 

 

	 	(a)	 in exchange for any other Investment or accounts receivable held by the Issuer or any such Restricted
Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable (including any trade creditor or customer); 

 

	 	(b)	 as a result of the settlement, compromise or resolution of litigation, arbitration, or other disputes with
Persons who are not Affiliates; 

  

	 	(c)	 in settlement of delinquent obligations of, or other disputes with, customers, trade debtors, licensors,
licensees and suppliers arising in the ordinary course of business; or 

  

	 	(d)	 as a result of a foreclosure by the Issuer or any of its Restricted Subsidiaries with respect to any secured
Investment or other transfer of title with respect to any secured Investment in default; 

  

	 	(7)	 (x) Hedging Obligations permitted under clause (10) of Section 4.09(b) hereof and
(y) Investments deemed to arise in connection with ordinary course transfers pursuant to Bank Products and other cash pooling agreements, intercompany payables and receivables arising in the ordinary course of business and tax matters or
sharing agreements (including pursuant to any employee matters or other similar agreement) existing on the Issue Date or entered into in the ordinary course of business; 

 

	 	(8)	 [Reserved]; 

  

	 	(9)	 Investments the payment for which consists of Equity Interests (exclusive of Disqualified Stock) of the Issuer
or any of its direct or indirect Parent Companies; provided that such Equity Interests will not increase the amount available for Restricted Payments under clause (C) of Section 4.07(a) hereof; 

 

	 	(10)	 guarantees of Indebtedness not prohibited by Section 4.09 hereof; performance guarantees in the ordinary
course of business and the creation of Liens on the assets of the Issuer or any of its Restricted Subsidiaries in compliance with Section 4.12 hereof; 

  

	 	(11)	 any transaction to the extent it constitutes an Investment that is permitted and made in accordance with the
provisions of Section 4.11(b) hereof (except transactions described in clauses (1), (2), (4), (6) and (12) of Section 4.11(b) hereof); 

  

	 	(12)	 Investments consisting of purchases and acquisitions of inventory, supplies, material, equipment, or other
assets or services or the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons; 

  

	 	(13)	 Investments having an aggregate fair market value, taken together with all other Investments made pursuant to
this clause (13) that are at the time outstanding, not to exceed the greater of $60.0 million and 35.0% of EBITDA of the Issuer at the time of such Investment (with the fair market value of each Investment being measured at the time made
and without giving effect to subsequent changes in value); provided, however, that, if any Investment pursuant to this clause (13) is made in any Person that is not a Restricted

  
 29 

	 	
Subsidiary of the Issuer at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made
pursuant to clause (1) above and shall cease to have been made pursuant to this clause (13); 

  

	 	(14)	 Investments in or relating to a Securitization Subsidiary that, in the good-faith determination of the Issuer
are necessary or advisable to effect any Securitization Facility or any repurchase obligation in connection therewith; 

  

	 	(15)	 loans or advances to Employee Related Persons of any Parent Company, the Issuer, its Subsidiaries, any
Affiliated Practice Group and/or any joint venture in connection with such Person’s purchase of Capital Stock of any Parent Company or any Affiliated Practice Group or to permit the payment of taxes due and owing with respect thereto either
(i) in an aggregate outstanding principal amount not to exceed the greater of $10.0 million and 5.0% of EBITDA of the Issuer or (ii) so long as the proceeds of such loan or advance are substantially contemporaneously with the purchase
of such Capital Stock contributed to the Borrower; 

  

	 	(16)	 loans and advances to officers, directors, employees, members of management, and consultants for
business-related travel expenses, moving expenses, and other similar expenses or payroll advances, in each case incurred in the ordinary course of business or consistent with past practices or to fund such Person’s purchase of Equity Interests
of the Issuer or any direct or indirect Parent Company thereof; 

  

	 	(17)	 advances, loans or extensions of trade credit in the ordinary course of business or consistent with past
practice by the Issuer or any of its Restricted Subsidiaries; 

  

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

 

	 	(19)	 Investments in the Notes and Guarantees; 

 

	 	(20)	 Investments made in joint ventures or non-controlling interest and/or
minority interest of any third party as required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties or non-controlling interest and/or minority interest of any third
party set forth in joint venture agreements, non-controlling interest and/or minority interest of any third party and similar binding arrangements entered into in the ordinary course of business;

  

	 	(21)	 additional Investments if, at the time of the making of any such Investment and after giving pro forma effect
thereto (including, without limitation, to the incurrence of any Indebtedness to finance such Investment), the Consolidated Total Debt Ratio would not exceed 3.75 to 1.00; 

 

	 	(22)	 Investments as part of a Permitted Reorganization; provided that the Guarantees, taken as a whole, are not
materially impaired; 

  

	 	(23)	 Investments by the Issuer and/or any Restricted Subsidiary that result solely from the receipt by the Issuer or
such Restricted Subsidiary of a dividend or other Restricted Payment in the form of Capital Stock, evidences of Indebtedness or other securities (but not any additions thereto made after the date of the receipt thereof), in each case without any
consideration therefor being paid by the Issuer or any Restricted Subsidiary; 

  
 30 

	 	(24)	 Investments in Restricted Subsidiaries of the Issuer, the proceeds of which are used to satisfy
(A) royalty or revenue sharing payments (but only to the extent of distributions or other amounts received by or on behalf of the Issuer in respect of such Investments) or (B) milestone payments; 

 

	 	(25)	 prior to the date Subsidiaries organized under the laws of Puerto Rico (each, a “Puerto Rico
Subsidiary” and collectively, the “Puerto Rico Subsidiaries”) become Guarantors (if ever), Investments by the Issuer or a Guarantor (other than Holdings) in (x) any such Puerto Rico Subsidiary, individually, in an amount not to
exceed $1.0 million at any time outstanding and (y) all such Puerto Rico Subsidiaries, collectively, in an amount not to exceed $5.0 million in the aggregate at any time outstanding; 

 

	 	(26)	 Investments by the Issuer or a Guarantor (other than Holdings) that is a party to an Management Services
Agreement consisting of (i) cash loans and advances to the applicable Affiliated Practice Group receiving services under such Management Services Agreement to cover fees and expenses payable by such Affiliated Practice Group to third-party
vendors, expense reimbursement to the Issuer or the applicable Guarantor, for working capital purposes and to pay costs and expenses incurred by such Affiliated Practice Group in the expansion of its operations, including without limitation, for the
payment of hiring bonuses and other employee compensation, in each case if the actual expenses of such Affiliated Practice Group exceed actual revenues and consistent with the terms contemplated by the applicable Management Services Agreement;
provided that the aggregate amount of all such loans and advances made on account of this clause (26)(i) at any time outstanding shall not exceed the greater of $10.0 million and (B) 5.0% of EBITDA of the Issuer for the most recently ended four
fiscal quarter for with internal financial statements are available, (ii) cash loans pursuant to such Management Services Agreement or pursuant to a loan agreement to an Affiliated Practice Group for the purposes of making an acquisition and
(iii) acquisitions, pursuant to any Stock Option Arrangement or other stock restriction agreement of Capital Stock of the applicable Affiliated Practice Group to the extent the same does not violate any applicable law; 

 

	 	(27)	 Investments in Holdings, the Issuer or any Restricted Subsidiary in connection with intercompany cash
management arrangements and related activities in the ordinary course of business; 

  

	 	(28)	 any Investment made by any Unrestricted Subsidiary prior to the date on which such Unrestricted Subsidiary is
designated as a Restricted Subsidiary so long as the relevant Investment was not made in contemplation of the designation of such Unrestricted Subsidiary as a Restricted Subsidiary; and 

 

	 	(29)	 Investments consisting of the licensing, sublicensing or contribution of any intellectual property rights
pursuant to joint marketing or joint development arrangements with other Persons in the ordinary course of business. 

For purposes of determining compliance with this definition, in the event that a proposed Investment (or a portion thereof) meets the criteria
of clauses (1) through (29) above, the Issuer will be entitled to divide or classify or later divide or reclassify (based on circumstances existing on the date of such reclassification) such Investment (or a portion thereof) between such
clauses (1) through (29) in any manner that otherwise complies with this definition. 

  
 31 

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

 

	 	(1)	 pledges or deposits by such Person under workmen’s compensation laws, unemployment insurance,
employers’ health tax, and other social security laws or similar legislation, or other insurance-related obligations or indemnification obligations to (including obligations in respect of letters of credit or bank guarantees for the benefit of)
insurance carriers providing property, casualty or liability insurance, or good-faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure
public or statutory obligations of such Person or deposits of cash or government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each
case, incurred in the ordinary course of business; 

  

	 	(2)	 Liens imposed by law, such as landlords’, carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s, construction contractors or other like Liens, in each case for sums not yet overdue for a period of more than 30 days or if more than 30 days overdue, are unfiled and no other action has been taken to enforce
such Lien or are being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review
if adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP; 

  

	 	(3)	 Liens for taxes, assessments or other governmental charges not yet overdue for a period of more than 30 days or
payable or subject to penalties for nonpayment or which are being contested in good faith by appropriate actions diligently conducted, if adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP;

  

	 	(4)	 Liens in favor of issuers of performance, surety, bid, indemnity, warranty, release, appeal, or similar bonds
or with respect to other regulatory requirements or letters of credit issued, and completion guarantees provided for, pursuant to the request of and for the account of such Person in the ordinary course of its business; 

 

	 	(5)	 minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, cable television, telegraph, and telephone lines and other similar purposes, or zoning or other restrictions (including minor defects
and irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental, to the conduct of the business of such Person or to the ownership of its properties which were not incurred in connection with Indebtedness
and which do not in the aggregate materially interfere with the ordinary conduct of the business of such Person; 

  

	 	(6)	 Liens securing Indebtedness permitted to be incurred pursuant to clause (4) or (12)(b) of
Section 4.09(b) hereof; provided that any such Liens securing Indebtedness permitted to be incurred pursuant to such clause (4) extend only to the assets, the acquisition, construction, repair, replacement, or improvement of which
is financed thereby, and any replacements thereof, additions and accessions thereto and any income or profits thereof; 

  

	 	(7)	 Liens existing on the Issue Date (other than the Liens securing the Senior Credit Facilities);

  

	 	(8)	 Liens on property or shares of stock or other assets of a Person at the time such Person becomes a Subsidiary;
provided that such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided further that such Liens may not extend to any other property or other assets owned
by the Issuer or any of its Restricted Subsidiaries (other than the proceeds or products of such property or shares of stock or improvements thereon or replacements thereof); 

  
 32 

	 	(9)	 Liens on property or other assets at the time the Issuer or a Restricted Subsidiary acquired the property or
such other assets, including any acquisition by means of a merger or consolidation with or into the Issuer or any of its Restricted Subsidiaries; provided that such Liens are not created or incurred in connection with, or in contemplation of,
such acquisition, merger, or consolidation; provided further that the Liens may not extend to any other property owned by the Issuer or any of its Restricted Subsidiaries (other than the proceeds or products of such property or assets or
improvements thereon or replacements thereof); 

  

	 	(10)	 Liens securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Issuer or another
Restricted Subsidiary permitted to be incurred in accordance with Section 4.09 hereof; 

  

	 	(11)	 Liens securing (i) Hedging Obligations and (ii) obligations in respect of Bank Products, in each
case, permitted to be incurred in accordance with Section 4.09 hereof; 

  

	 	(12)	 Liens on specific items of inventory or other goods and the proceeds thereof securing such Person’s
obligations in respect of documentary letters of credit or bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

 

	 	(13)	 leases, subleases, licenses or sublicenses granted to others in the ordinary course of business which do not
interfere in any material respect with the business of the Issuer or any of its Restricted Subsidiaries and do not secure any Indebtedness; 

  

	 	(14)	 Liens arising from Uniform Commercial Code (or equivalent statutes) financing statement filings regarding
operating leases entered into by the Issuer and its Restricted Subsidiaries in the ordinary course of business or purported Liens evidenced by the filing of precautionary Uniform Commercial Code financing statements or similar public filings;

  

	 	(15)	 Liens in favor of the Issuer or any Guarantor; 

 

	 	(16)	 Liens on equipment of the Issuer or any of its Restricted Subsidiaries granted in the ordinary course of
business to clients of the Issuer or any of its Restricted Subsidiaries; 

  

	 	(17)	 Liens on accounts receivable and Securitization Assets; 

 

	 	(18)	 Liens to secure any modification, refinancing, refunding, extension, renewal or replacement (or successive
refinancings, refundings, extensions, renewals, or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (6), (7), (8), (9), (10), (11), (39) and this clause (18); provided that
(a) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements on, and replacements of, such property and the products and proceeds thereof) and (b) the Indebtedness secured by such
Lien at such time is not increased to any amount greater than the sum of (i) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under such clauses (6), (7), (8), (9), (10), (11) and (39) at the
time the original Lien became a Permitted Lien under this Indenture, and (ii) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement;

  
 33 

	 	(19)	 deposits made or other security in the ordinary course of business to secure liability to insurance carriers;

  

	 	(20)	 other Liens securing obligations which do not exceed the greater of $50.0 million and 30.0% of EBITDA of
the Issuer at the time of any incurrence of such obligations; 

  

	 	(21)	 Liens securing judgments for the payment of money not constituting an Event of Default under clause (5) of
Section 6.01 hereof; 

  

	 	(22)	 Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs
duties in connection with the importation of goods in the ordinary course of business; 

  

	 	(23)	 Liens (i) of a collection bank arising under Section 4-210 of
the Uniform Commercial Code (or equivalent statutes) on items in the course of collection, (ii) attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business, and (iii) in favor
of banking institutions arising as a matter of law or under general terms and conditions encumbering deposits (including the right of set-off) and which are within the general parameters customary in the
banking industry; 

  

	 	(24)	 Liens deemed to exist in connection with Investments in repurchase agreements permitted under Section 4.09
hereof; 

  

	 	(25)	 Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to
commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes; 

  

	 	(26)	 Liens that are contractual rights of set-off (i) relating to the
establishment of depository relations with banks not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Issuer or any of its Restricted Subsidiaries to permit satisfaction of
overdraft or similar obligations incurred in the ordinary course of business of the Issuer and its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of the Issuer or any of its
Restricted Subsidiaries in the ordinary course of business; 

  

	 	(27)	 Liens securing obligations owed by the Issuer or any Restricted Subsidiary to any lender under the Senior
Credit Facilities or any Affiliate of such a lender in respect of any Bank Products; 

  

	 	(28)	 Liens on assets of non-Guarantor Subsidiaries (including Capital Stock
owned by such Persons) securing Indebtedness of non-Guarantor Subsidiaries permitted by this Indenture; 

  

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

  

	 	(30)	 Liens on the Equity Interests and Indebtedness of an Unrestricted Subsidiary that secure Indebtedness or other
obligations of such Unrestricted Subsidiary; 

  

	 	(31)	 (i) Liens on cash advances in favor of the seller of any property to be acquired in an Investment permitted
under this Indenture to be applied against the purchase price for such Investment, and (ii) customary restrictions or dispositions of assets to be disposed of pursuant to merger agreements, stock or asset purchase agreements and similar
agreements; 

  
 34 

	 	(32)	 any interest or title of a lessor, sub-lessor, licensor or sub-licensor secured by a lessor’s, sub-lessor’s, licensor’s or sub-licensor’s interest under leases or licenses
entered into by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business; 

  

	 	(33)	 Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale or
purchase of goods entered into by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business; 

  

	 	(34)	 Liens solely on any cash earnest money deposits made by the Issuer or any of its Restricted Subsidiaries in
connection with any letter of intent or purchase agreement permitted by this Indenture; 

  

	 	(35)	 ground leases in respect of real property on which facilities owned or leased by the Issuer or any of its
Subsidiaries are located; 

  

	 	(36)	 Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect
thereto; 

  

	 	(37)	 any zoning or similar law or right reserved to or vested in any governmental authority to control or regulate
the use of any real property; 

  

	 	(38)	 any pledge or deposit securing any settlement of litigation; 

 

	 	(39)	 Liens securing Indebtedness incurred under Credit Facilities, including any letter of credit facility relating
thereto, that was permitted to be incurred pursuant to Section 4.09(b)(1); 

  

	 	(40)	 Liens on Cash Equivalents arising in connection with the defeasance, discharge or redemption of Indebtedness;
provided that such defeasance, discharge or redemption is permitted by this Indenture; 

  

	 	(41)	 Liens securing margin stock, if and to the extent the value of all margin stock of the Issuer and its
Restricted Subsidiaries exceeds 25% of the value of the Total Assets; 

  

	 	(42)	 Liens securing obligations under the Notes and any Guarantees thereof; 

 

	 	(43)	 Liens arising out of distribution, vendor or similar arrangements with respect to pharmaceutical products
entered into by the Issuer or any Restricted Subsidiary in the ordinary course of business; and 

  

	 	(44)	 Liens securing Indebtedness permitted under Section 4.09 hereof; provided that with respect to Liens
securing Indebtedness permitted under this clause, at the time of incurrence and after giving pro forma effect thereto, the Consolidated Secured Debt Ratio of the Issuer does not exceed 5.00 to 1.00. 

“Permitted Reorganization” means re-organizations and other activities related to tax
planning and re-organization undertaken by the Borrower and its Restricted Subsidiaries in good faith. 

“Permitted Warrant Transaction” means any call options, warrants or rights to purchase (or substantively equivalent
derivative transactions) on common stock of the Issuer or any Parent Company sold by the Issuer or any Parent Company substantially concurrently with a Permitted Bond Hedge Transaction. 

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

  
 35 

 “Preferred Stock” means any Equity Interest with preferential rights of
payment of dividends or upon liquidation, dissolution, or winding up. 
 “Private Placement Legend” means the legend set
forth in Section 2.06(g)(1) hereof to be placed on all Notes issued under this Indenture, except where otherwise permitted by the provisions of this Indenture. 

“Public Company Costs” means Charges associated with, or in anticipation of, or preparation for, compliance with the
requirements of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith and Charges relating to compliance with the provisions of the Securities Act and the Exchange Act (and, in each case, similar law under
other jurisdictions), the rules of national securities exchange companies with listed equity or debt securities, directors’ or managers’ compensation, fees and expense reimbursement, Charges relating to investor relations, shareholder
meetings and reports to shareholders or debtholders, directors’ and officers’ insurance and other executive costs, legal and other professional fees and listing fees. 

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

“Qualified Proceeds” means the fair market value of assets that are used or useful in, or Capital Stock of any Person engaged
in, a Similar Business. 
 “Quality of Earnings Report” mean that certain Draft Financial Due Diligence Report of
Alvarez & Marsal dated June 2020. 
 “Ramping Clinic” means any clinic that satisfies the following requirements:
(a) the Issuer or a Restricted Subsidiary owns a direct or indirect equity interest in such clinic and (b) such clinic has been open for less than or equal to 36 full months. 

“Ramping Clinic Actual EBITDA” means, for any Ramping Qualifying Clinic for any four quarter period, an amount equal to
(a) Clinic-Level EBITDA for such Ramping Qualifying Clinic for such period minus (b) an amount equal to (i) (A) the amount set forth in clause (a) plus (B) any clinic-level management fee paid, accrued or retained by the
Restricted Subsidiary that owns such Ramping Qualifying Clinic, multiplied by (ii) the percentage of the Capital Stock in such Ramping Qualifying Clinic that are held by any Person other than Holdings, the Issuer or any other Restricted
Subsidiary that holds Capital Stock in any Restricted Subsidiary. 
 “Ramping Qualifying Clinic” means, for any four
quarter period, any Ramping Clinic for which (a) $400,000 minus (b) the Clinic-Level EBITDA for such Ramping Clinic for such period results in a number that is greater than zero. 

“Ramping Qualifying Clinic Mature EBITDA Amount” means, for any four quarter period, an amount equal to (a) $400,000
multiplied by (b) the number of Ramping Qualifying Clinics in existence as of the last day of such Test Period. 
 “Rating
Agencies” means Moody’s, S&P and Fitch or if Moody’s, S&P or Fitch 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
Issuer which shall be substituted for Moody’s or S&P or one or more thereof, as the case may be. 
 “Real Estate
Asset” means, at any time of determination, all right, title and interest (fee, leasehold or otherwise) of the Issuer or any Guarantor in and to real property (including, but not limited to, land, improvements and fixtures thereon). 

  
 36 

 “Record Date” for the interest payable on any applicable Interest Payment
Date means March 15 and September 15 (whether or not a Business Day) immediately preceding such Interest Payment Date. 

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

“Regulation S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note, as applicable.

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

“Regulation S Temporary Global Note Legend” means the legend set forth in Section 2.06(g)(3) hereof. 

“Related Business Assets” means assets (other than Cash Equivalents) used or useful in a Similar Business; provided
that any assets received by the Issuer or a Restricted Subsidiary in exchange for assets transferred by the Issuer or a Restricted Subsidiary shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless upon
receipt of the securities of such Person, such Person would become a Restricted Subsidiary. 
 “Responsible Officer” means,
when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the
Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter relating to this Indenture is referred because of such Person’s
knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

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

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

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

“Restricted Period” means, in respect of any Note issued under Regulation S, the
40-day distribution compliance period as defined in Regulation S applicable to such Note. 

“Restricted Subsidiary” means, at any time, any direct or indirect Subsidiary of the Issuer (including, without limitation,
any Foreign Subsidiary) that is not at such time an Unrestricted Subsidiary; provided that, upon an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be included in the definition of “Restricted
Subsidiary.” 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 

  
 37 

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

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

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

“S&P” means Standard & Poor’s, a division of S&P Global Inc., and any successor to its rating agency
business. 
 “Sale and Lease-Back Transaction” means any arrangement providing for the leasing by the Issuer or any of its
Restricted Subsidiaries of any real or tangible personal property, which property has been or is to be sold or transferred by the Issuer or such Restricted Subsidiary to a third Person in contemplation of such leasing. 

“Screened Affiliate” means any Affiliate of a noteholder (i) that makes investment decisions independently from such
noteholder and any other Affiliate of such noteholder that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such noteholder and any other Affiliate of such noteholder that is not a Screened
Affiliate and such screens prohibit the sharing of information with respect to the Issuer or its Subsidiaries, (iii) whose investment policies are not directed by such noteholder or any other Affiliate of such noteholder that is acting in
concert with such noteholder in connection with its investment in the notes, and (iv) whose investment decisions are not influenced by the investment decisions of such noteholder or any other Affiliate of such noteholder that is acting in
concert with such noteholders in connection with its investment in the notes. 
 “SEC” means the U.S. Securities and
Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the
SEC promulgated thereunder. 
 “Securitization Assets” means the accounts receivable, royalty, or other revenue streams,
and other rights to payment and any other assets related thereto subject to a Securitization Facility and the proceeds thereof. 

“Securitization Facility” means any of one or more receivables purchase facilities, factoring arrangements or securitization
financing facilities as amended, supplemented, modified, extended, renewed, restated or refunded from time to time, the Obligations of which are non-recourse (except for customary representations, warranties,
covenants, indemnities and other customary limited recourse made in connection with such facilities) to the Issuer or any of its Restricted Subsidiaries (other than a Securitization Subsidiary) pursuant to which the Issuer or any of its Restricted
Subsidiaries sells or grants a security interest in its accounts receivable or Securitization Assets or assets related thereto to either (a) a Person that is not a Restricted Subsidiary or (b) a Securitization Subsidiary that in turn sells
its accounts receivable to a Person that is not a Restricted Subsidiary. 
 “Securitization Fees” means distributions or
payments made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees paid to a Person that is not a Securitization Subsidiary in connection with, any Securitization Facility.

 “Securitization Subsidiary” means any Subsidiary formed for the purpose of, and that solely engages in, one or more
Securitization Facilities and other activities reasonably related thereto. 
 “Senior Credit Facilities” means (1) the
term loan facility and the revolving credit facility under the credit agreement, dated November 23, 2020 (as amended, restated, supplemented or otherwise modified from time to time), by and among the Issuer, Holdings, the lenders party thereto,
Credit Suisse AG, Cayman Islands Branch, as administrative agent, and the other agents party thereto, as the same may be in effect 

  
 38 

 
from time to time and any amendments, supplements, modifications, extensions, renewals, restatements, refundings, exchanges or refinancings thereof and (2) whether or not the credit
agreement referred to in clause (1) remains outstanding, to the extent designated as such by the Issuer, any other financing arrangements (including, without limitation, indentures) providing for revolving credit loans, term loans, letters of
credit or other indebtedness, including, in each case, any related notes, mortgages, letters of credit, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any appendices, exhibits, annexes or schedules
to any of the foregoing (as the same may be in effect from time to time) and any amendments, supplements, modifications, extensions, renewals, restatements, refundings, replacements, exchanges or refinancings thereof (whether with the original
agents and lenders or other agents or lenders or otherwise, and whether provided under the original credit agreement or other credit agreements or otherwise) and any indentures or credit facilities with banks or other institutional lenders or
investors that extend, replace, refund, exchange, refinance, renew or defease any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding, exchange or refinancing facility or indenture
that increases the amount borrowable thereunder or alters the maturity thereof (provided that such increase in borrowings is permitted under Section 4.09 hereof) or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder
and whether by the same or any other agent, lender or group of lenders. 
 “Short Derivative Instrument” means, as to any
person, a Derivative Instrument (i) the value of which to such person generally decreases, and/or the payment or delivery obligations of such person under which generally increase, with positive changes in the financial performance and/or
position of the Issuer and/or (ii) the value of which to such person generally increases, and/or the payment or delivery obligations of such person under which generally decrease, with negative changes in the financial performance and/or
position of the Issuer. 
 “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 under the Securities Act, as such regulation is in effect on the Issue Date. 

“Similar Business” means (1) any business conducted or proposed to be conducted by the Issuer or any of its Restricted
Subsidiaries on the Issue Date and any reasonable extension thereof or (2) any business or other activities that are reasonably similar, related, complementary, incidental or ancillary to, or a reasonable extension, development or expansion of,
the businesses in which the Issuer and its Restricted Subsidiaries are engaged or propose to be engaged on the Issue Date. 
 “Stock
Option Arrangement” means an agreement (which may be included as part of the terms of a Management Services Agreement or any other Affiliated Practice Group Agreement) pursuant to which the owner(s) of one hundred percent (100%) of the
Capital Stock issued by an Affiliated Practice Group grant(s) to the Issuer or any Guarantor a right to purchase or transfer, or cause the purchase or transfer of, the Capital Stock of the Affiliated Practice Group held by such owner(s) by or to a
Person duly qualified to hold such Capital Stock under applicable laws and designated by the Issuer or Guarantor that is a party thereto. 

“Subordinated Indebtedness” means: 
  

	 	(1)	 any Indebtedness of the Issuer which is by its terms subordinated in right of payment to the Notes, and

  

	 	(2)	 any Indebtedness of any Guarantor which is by its terms subordinated in right of payment to the Guarantee of
such entity. 

  
 39 

 “Subsidiary” means, with respect to any Person: 

 

	 	(1)	 any corporation, association, or other business entity (other than a partnership, joint venture, limited
liability company, or similar entity) of which more than 50.0% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is
at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof; and 

 

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

(x)    more than 50.0% of the capital accounts, distribution rights, total equity, and voting interests, or
general or limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general,
special or limited partnership interest or otherwise, and 
 (y)    such Person or any Restricted
Subsidiary of such Person is a controlling general partner or otherwise controls such entity. 
 “Subsidiary Guarantor”
means each Restricted Subsidiary of the Issuer that Guarantees the Notes. 
 “Tax Distribution Amount” means (a) the
minimum amount provided for under Section 4.1(d) of the definitive LLC Agreement of Holdings, and (b) to permit Holdings to pay any entity-level income taxes or franchise taxes or similar expenses; provided that any such amounts that are
attributable to the taxable income of any Unrestricted Subsidiary will be permitted only to the extent of the amount of cash distributions made by such Unrestricted Subsidiary to the Issuer or any Restricted Subsidiary for such purpose. 

“Tax Receivable Agreement” means the Tax Receivable Agreement, dated as of June 3, 2021, by and among Cano Health, Inc.
and the Persons named therein and any amendments, modifications or replacements of such agreement (so long as any such agreement, modification or replacement agreement is not more disadvantageous to the Holders in any material respect than the
agreement as in effect on the date of this Indenture as determined by the Issuer in good faith). 
 “Taxes” means all
present and future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable
thereto. 
 “Total Assets” means the total assets of the Issuer and its Restricted Subsidiaries, determined on a
consolidated basis in accordance with GAAP as shown on the most recent internal consolidated balance sheet of the Issuer with such pro forma adjustments thereto as are consistent with the pro forma adjustment provisions of the definition of
“Fixed Charge Coverage Ratio”. 
 “Treasury Rate” means, as of any Redemption Date with respect to the Notes, the
yield to maturity as of the earlier of (1) such Redemption Date or (2) the date on which the Notes are defeased or satisfied and discharged, of the most recently issued 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 such 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 October 1, 2024; provided, however, that if the period from the Redemption Date to October 1, 2024 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; provided, further that if the Treasury Rate determined in accordance with the foregoing shall be less than
zero, the Treasury Rate shall be deemed to be zero for all purposes of this Indenture. Any such Treasury Rate shall be obtained by the Issuer. 

  
 40 

 “Trust Indenture Act” or “TIA” means the Trust Indenture
Act of 1939, as in force at the date as of which this Indenture was executed (15 U.S.C. §§ 77aaa-77bbbb). 
 “Uniform
Commercial Code” means the New York Uniform Commercial Code as in effect from time to time. 
 “Unrestricted Definitive
Note” means one or more Definitive Notes that do not bear and are not required to bear the Private Placement Legend. 

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

 

	 	(1)	 any Subsidiary of the Issuer which at the time of determination is an Unrestricted Subsidiary (as designated by
the Issuer, as provided below); and 

  

	 	(2)	 any Subsidiary of an Unrestricted Subsidiary. 

The Issuer may designate any Subsidiary of the Issuer (including any existing Subsidiary and any newly acquired or newly formed Subsidiary),
to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on, any property of, the Issuer or any Subsidiary of the Issuer (other than solely any
Subsidiary of the Subsidiary to be so designated); provided that 
  

	 	(1)	 any Unrestricted Subsidiary must be an entity of which the Equity Interests entitled to cast at least a
majority of the votes that may be cast by all Equity Interests having ordinary voting power for the election of directors or Persons performing a similar function are owned, directly or indirectly, by the Issuer; 

 

	 	(2)	 such designation complies with Section 4.07 hereof; and 

 

	 	(3)	 each of: 

  

	 	(a)	 the Subsidiary to be so designated; and 

 

	 	(b)	 its Subsidiaries has not at the time of designation, and does not thereafter, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Issuer or any Restricted Subsidiary. 

The Issuer may designate any Unrestricted Subsidiary to be a Restricted Subsidiary (subject to clauses (1)-(3) above); provided that,
immediately after giving effect to such designation, no Default shall have occurred and be continuing and either: 
  

	 	(1)	 the Issuer could incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Test
described in Section 4.09(a) hereof; or 

  

	 	(2)	 the Fixed Charge Coverage Ratio for the Issuer and its Restricted Subsidiaries would be equal to or greater
than such ratio for the Issuer and its Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma basis taking into account such designation. 

  
 41 

 Any such designation by the Issuer shall be notified by the Issuer to the Trustee by
promptly delivering to the Trustee an Officer’s Certificate certifying that such designation complied with the foregoing provisions. 

“U.S. Government Obligations” means securities which are direct obligations of, or guaranteed by, The United States of
America for the payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with
respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository 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 depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depository
receipt. 
 “U.S. Person” means a U.S. person as defined in Rule 902(k) under the Securities Act. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in
the election of the board of directors of such Person. 
 “Weighted Average Life to Maturity” means, when applied to any
Indebtedness, Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by dividing: 
  

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

 

	 	(2)	 the sum of all such payments. 

“Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person, 100.0% of the outstanding Equity Interests of
which (other than directors’ qualifying shares and shares issued to foreign nationals as required by applicable law) shall at the time be owned by such Person and/or by one or more Wholly Owned Subsidiaries of such Person. 

Section 1.02    Other Definitions. 
  

			
	 Term
	  	Defined in Section
	 “Acceptable Commitment”
	  	4.10
	 “Affiliate Transaction”
	  	4.11
	 “Agent Members”
	  	2.01
	 “Alternate Offer”
	  	4.14
	 “Applicable AML Law”
	  	14.15
	 “Applicable Premium Deficit”
	  	8.04
	 “ASC 842”
	  	1.05
	 “Asset Sale Offer”
	  	4.10
	 “Authenticating Agent”
	  	2.02
	 “Authentication Order”
	  	2.02
	 “Change of Control Offer”
	  	4.14
	 “Change of Control Payment”
	  	4.14
	 “Change of Control Payment Date”
	  	4.14
	 “Covenant Defeasance”
	  	8.03

  
 42 

			
	 Term
	  	Defined in Section
	 “Covenant Suspension Event”
	  	4.16
	 “Declined Proceeds”
	  	4.10
	 “Deemed Date”
	  	4.09
	 “DTC”
	  	2.03
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.10
	 “Fixed Charge Coverage Test”
	  	4.09
	 “Foreign Disposition”
	  	4.10
	 “Increased Amount”
	  	4.12
	 “incur”
	  	4.09
	 “incurrence”
	  	4.09
	 “Internal Revenue Code”
	  	1.01
	 “Issuer”
	  	Recitals
	 “Legal Defeasance”
	  	8.02
	 “maximum fixed repurchase price”
	  	1.03
	 “Note Register”
	  	2.03
	 “Offer Amount”
	  	3.09
	 “Offer Period”
	  	3.09
	 “Paying Agent”
	  	2.03
	 “Purchase Date”
	  	3.09
	 “Redemption Date”
	  	3.07
	 “Refinancing Indebtedness”
	  	4.09
	 “Refunding Capital Stock”
	  	4.07
	 “Registrar”
	  	2.03
	 “Restricted Payments”
	  	4.07
	 “Reversion Date”
	  	4.16
	 “Second Commitment”
	  	4.10
	 “Successor Company”
	  	5.01
	 “Successor Person”
	  	5.01
	 “Suspended Covenants”
	  	4.16
	 “Suspension Date”
	  	4.16
	 “Suspension Period”
	  	4.16
	 “Taxes”
	  	2.14
	 “Transaction Agreement Date”
	  	1.05
	 “Transfer Agent”
	  	2.03
	 “Treasury Capital Stock”
	  	4.07
	 “Trustee”
	  	Recitals

 Section 1.03    Rules of Construction. Unless the context otherwise requires:

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

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

(c)    “or” is not exclusive; 

(d)    “including” means including without limitation; 

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

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

  
 43 

 (g)    provisions apply to successive events and transactions; 

(h)    references to sections of, or rules under, the Securities Act shall be deemed to include substitute, replacement or
successor sections or rules adopted by the SEC from time to time; 
 (i)    unless the context otherwise requires, any
reference to an “Article,” “Section” or “clause” refers to an Article, Section or clause, as the case may be, of this Indenture; 

(j)    the words “herein,” “hereof’ and “hereunder” and other words of similar import refer
to this Indenture as a whole and not any particular Article, Section, clause or other subdivision; 
 (k)    the
principal amount of any non-interest bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the Issuer dated such date prepared in
accordance with GAAP; 
 (l)    words used herein implying any gender shall apply to any gender; 

(m)    in the computation of periods of time from a specified date to a later specified date, the word “from”
means “from and including”; the words “to” and “until” each mean “to but excluding” and the word “through” means “to and including”; 

(n)    (i) the principal amount of any Preferred Stock at any time shall be (A) the maximum liquidation value of such
Preferred Stock at such time or (B) the maximum mandatory redemption price; and (ii) 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 Consolidated Total Indebtedness shall be required to be determined pursuant to
this Indenture, and if such price is based upon, or measured by, the fair market value of such Disqualified Stock or Preferred Stock, such fair market value shall be determined reasonably and in good faith by the Issuer; 

(o)    the phrase “in writing” as used herein shall be deemed to include PDFs,
e-mails and other electronic means of transmission, unless otherwise indicated; and 

(p)    this Indenture is not subject to any provision of and will not be qualified under the TIA. 

Section 1.04    Acts of Holders. 

(a)    Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuer. Proof of execution of any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Indenture and (subject to Section 7.01 hereof) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section 1.04. 

(b)    The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit
of a witness of such execution or by 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 such officer the
execution thereof. Where such execution is by a signer acting in a capacity other than such signer’s individual capacity, such certificate or affidavit shall also constitute 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. 

  
 44 

 (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 or the
Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 
 (e)    The Issuer may set
a record date for purposes of determining the identity of Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or take any other act, or to vote or consent to any action by vote or consent authorized or
permitted to be given or taken by Holders. Unless otherwise specified, if not set by the Issuer 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 10 days prior to the first solicitation of such consent or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation. 

(f)    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 Section 1.04(f) shall have the same effect as if given or taken by separate Holders of each such different part. 

(g)    Without limiting the generality of the foregoing, a Holder, including the Depositary, 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 the Depositary may provide its proxy to the
beneficial owners of interests in any such Global Note through such depositary’s standing instructions and customary practices. 

(h)    The Issuer may fix a record date for the purpose of determining the Persons who are beneficial owners of interests
in any Global Note held by the Depositary entitled under the procedures of such depositary 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. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give or take such request,
demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other action shall be valid
or effective if made, given or taken more than 90 days after such record date. 
 Section 1.05    Measuring
Compliance. 
 (a)    With respect to any (w) Investment or acquisition, in each case, for which the Issuer or
any Subsidiary of the Issuer may not terminate its obligations (or may not do so without incurring significant expense) due to a lack of financing for such Investment or acquisition (whether by merger, consolidation, or other business combination,
or the acquisition of Capital Stock or otherwise), as applicable, (x) any Asset Sale or other Disposition, (y) any Restricted Payment and (z) repayment, repurchase, or refinancing of Indebtedness with respect to which an irrevocable
notice of repayment (or similar irrevocable notice), which may be conditional, has been delivered, in each case, for purposes of determining: 

(1)    whether any Indebtedness (including Acquired Indebtedness) that is being incurred in connection with
such Investment, Restricted Payment, Asset Sale, Disposition, acquisition or repayment, repurchase or refinancing of Indebtedness is permitted to be incurred in compliance with Section 4.09 hereof; 

  
 45 

 (2)    whether any Lien being incurred in connection
with such Investment, Restricted Payment, Asset Sale, Disposition, acquisition or repayment, repurchase, or refinancing of Indebtedness or to secure any such Indebtedness is permitted to be incurred in accordance with Section 4.12 hereof or the
definition of “Permitted Liens”; 
 (3)    whether any other transaction undertaken or proposed
to be undertaken in connection with such Investment, acquisition or repayment, repurchase or refinancing of Indebtedness complies with the covenants or agreements contained in this Indenture or the Notes; and 

(4)    any calculation of the ratios, including Fixed Charge Coverage Ratio, Consolidated Total Debt Ratio,
Consolidated Secured Debt Ratio, Consolidated Net Income, EBITDA or Total Assets and, whether a Default or Event of Default exists in connection with the foregoing, 

at the option of the Issuer, the date the definitive agreement for such Investment, Restricted Payment, Asset Sale, Disposition, acquisition or repayment,
repurchase or refinancing of Indebtedness is entered into or irrevocable notice, which may be conditional, of such repayment, repurchase, or refinancing of Indebtedness is given to the holders of such Indebtedness (each, a “Transaction
Agreement Date”) may be used as the applicable date of determination, as the case may be, in each case with such pro forma adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth in the
definition of “Fixed Charge Coverage Ratio”. 
 (b)    For the avoidance of doubt, if the Issuer elects to use
the Transaction Agreement Date as the applicable date of determination in accordance with the foregoing, (1) any fluctuation or change in the Fixed Charge Coverage Ratio, Consolidated Total Debt Ratio, Consolidated Secured Debt Ratio,
Consolidated Net Income, EBITDA, or Total Assets of the Issuer from the Transaction Agreement Date to the date of consummation of such Investment, Restricted Payment, Asset Sale, Disposition, acquisition or repayment, repurchase, or refinancing of
Indebtedness, will not be taken into account for purposes of determining whether (x) any Indebtedness or Lien that is being incurred in connection with such Investment, Restricted Payment, Asset Sale, Disposition, acquisition or repayment,
repurchase, or refinancing of Indebtedness is permitted to be incurred or (y) any other transaction undertaken in connection with such Investment, Restricted Payment, Asset Sale, Disposition, acquisition or repayment, repurchase, or refinancing
of Indebtedness complies with the covenants or agreements contained in this Indenture or the Notes, and (2) until such Investment, Restricted Payment, Asset Sale, Disposition, acquisition or repayment, repurchase, or refinancing of Indebtedness
is consummated or such definitive agreement is terminated, such Investment, acquisition, Restricted Payment, Asset Sale, Disposition or repayment, repurchase, or refinancing of Indebtedness and all transactions proposed to be undertaken in
connection therewith (including the incurrence of Indebtedness and Liens) will be given pro forma effect when determining compliance of other transactions (including the incurrence of Indebtedness and Liens unrelated to such Investment,
Restricted Payment, Asset Sale, Disposition, acquisition or repayment, repurchase, or refinancing of Indebtedness) that are consummated after the Transaction Agreement Date and on or prior to the date of such consummation or termination. 

(c)    The compliance with any requirement relating to the absence of a Default or Event of Default may be determined as
of the Transaction Agreement Date and not as of any later date as would otherwise be required under this Indenture. 

(d)    For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without
adjustment for subsequent increases or decreases in the value of such Investment but giving effect to any returns or distributions of capital or repayment of principal actually received in cash by such Person with respect thereto. 

  
 46 

 (e)    Notwithstanding anything to the contrary herein, in the event an
item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) is incurred or issued, any Lien is incurred or other transaction is undertaken in reliance on any ratio-based exceptions, thresholds or baskets, such ratio(s) shall
be calculated with respect to such incurrence, issuance or other transaction without giving effect to amounts being utilized under any other exceptions, thresholds or baskets (other than ratio-based baskets) on the same date. Each item of
Indebtedness, Disqualified Stock or Preferred Stock that is incurred or issued, each Lien incurred and each other transaction undertaken will be deemed to have been incurred, issued or taken first, to the extent available, pursuant to the relevant
ratio based test. 
 (f)    Notwithstanding anything to the contrary herein, unless the Issuer elects otherwise, all
obligations of any Person that are or would have been treated as operating leases for purposes of GAAP prior to adoption by the Issuer of Accounting Standards Codification topic 482, Leases (“ASC 842”) shall continue to be
accounted for as operating leases (and not be treated as financing or capital lease obligations or Indebtedness) for purposes of all financial definitions, calculations and deliverables herein (including the calculation of Consolidated Net Income
and EBITDA) (whether or not such operating lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with the ASC 842 or any other change in accounting treatment or otherwise (on a
prospective or retroactive basis or otherwise) to be treated as or to be re-characterized as financing or capital lease obligations or otherwise accounted for as liabilities in financial statements. Interest
on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation in
accordance with GAAP. 
 ARTICLE II 

THE NOTES 

Section 2.01    Form and Dating; Terms. 

(a)    General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of
Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication. The Notes shall be issued in minimum denominations of $2,000 and
any integral multiple of $1,000 in excess thereof. 
 (b)    Global Notes. Notes issued in global form shall be
substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form shall be substantially in the
form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent such of the outstanding Notes as shall
be specified in the “Schedule of Exchanges of Interests in the Global Note” attached thereto and each shall provide that it shall represent up to 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 Registrar or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by
Section 2.06 hereof. 
 The registered Holder of a Note will be treated as the owner of such Note for all purposes and only registered
Holders shall have rights under this Indenture and the Notes. Members of, or participants in, the Depositary (“Agent Members”) and Persons who hold beneficial interests in a Global Note through an Agent Member shall have no rights
under this Indenture with respect to any Global Note held on their behalf by the Depositary. The Depositary may be treated by the Issuer, the Trustee, the Paying Agent, the Registrar and any agent of the foregoing as the absolute owner of the Global
Notes for all purposes whatsoever. 

  
 47 

 
Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee, the Paying Agent, the Registrar or any agent of the foregoing 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. 
 (c)    Temporary Global Notes. Notes offered and sold in reliance on Regulation S shall be
issued initially in the form of the Regulation S Temporary Global Note, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Depositary and registered in the name of the Depositary or the nominee of the
Depositary for the accounts of the designated agents holding on behalf of Euroclear and Clearstream, duly executed by the Issuer and authenticated by the Trustee or its Authenticating Agent as hereinafter provided. 

Following the termination of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note may be exchanged for
beneficial interests in the Regulation S Permanent Global Note upon certification in a form reasonably acceptable to the Issuer that those interests are owned by (i) non-U.S. Persons or (ii) U.S.
Persons who acquired those interests pursuant to another exemption from, or in transactions not subject to, the registration requirements of the Securities Act. The aggregate principal amount of the Regulation S Temporary Global Note and the
Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments made on the records of the Registrar and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter
provided. 
 (d)    Terms. The terms and provisions contained in the Notes shall constitute, and are hereby
expressly made, a part of this Indenture and the Issuer, the Guarantors from time to time party hereto, 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 aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited. Subject to compliance with
Section 4.09 hereof, the Issuer may issue Additional Notes from time to time ranking pari passu with the Initial Notes without notice to or consent of the Holders, and such Additional Notes 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 as the Initial Notes, except that interest may accrue on the Additional Notes from their date of issuance (or such other date specified by the Issuer);
provided that, if any Additional Notes are not fungible with the Initial Notes for U.S. federal income tax purposes, such Additional Notes will have a separate CUSIP. Any Additional Notes may be issued with the benefit of an indenture
supplemental to this Indenture. 
 (e)    DTC, Euroclear and Clearstream Applicable Procedures. Notwithstanding
anything in Section 2.06, the Applicable Procedures of DTC shall be applicable to and shall control transfers of beneficial interests in the Global Notes for so long as DTC is the Depositary. The provisions of the “Operating Procedures of
the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of
beneficial interests in the Regulation S Global Notes that are held by Agent Members through Euroclear or Clearstream. 

Section 2.02    Execution and Authentication. At least one Officer of the Issuer shall execute the Notes on
behalf of the Issuer by manual, facsimile or electronic (including “PDF”) signature (except as otherwise required by the Applicable Procedures). 

If an Officer of the Issuer whose signature is on a Note no longer holds that office at the time the Trustee or its Authenticating Agent
authenticates the Note, the Note shall nevertheless be valid. 

  
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 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 attached hereto, as the case may be, by the manual signature of an authorized signatory of the Trustee or its Authenticating Agent. The signature shall be conclusive
evidence that the Note has been duly authenticated and delivered under this Indenture. 
 On the Issue Date, the Trustee or its
Authenticating Agent shall, upon receipt of an Issuer Order (an “Authentication Order”) and Officer’s Certificate, authenticate and deliver the Initial Notes. In addition, at any time, from time to time, the Trustee or its
Authenticating Agent shall, upon receipt of an Authentication Order, Opinion of Counsel and Officer’s Certificate authenticate and deliver any Additional Notes. 

The Trustee may appoint one or more authenticating agents (each an “Authenticating Agent”) acceptable to the Issuer 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 any Registrar, Paying Agent or agent for service of notices and demands. 
 Section 2.03    Registrar,
Transfer Agent and Paying Agent. The Issuer shall maintain (i) an office or agency where Notes may be presented for registration of transfer or for exchange (the “Registrar”), (ii) an office or agency where Notes may be
transferred or exchanged (the “Transfer Agent”), and (iii) an office or agency where the Notes may be presented for payment (the “Paying Agent”). The Registrar and Transfer Agent shall keep a register of the
Notes (the “Note Register”) and of their transfer and exchange and will facilitate transfers of the Notes on behalf of the Issuer. The Issuer may appoint one or more co-registrars, one or more
additional paying agents and one or more transfer agents. The term “Registrar” includes any co-registrar, the term “Transfer Agent” includes any additional transfer agent and
the term “Paying Agent” includes any additional paying agent. For avoidance of doubt, there shall be only one Note Register. 

The Issuer initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 

The Issuer initially appoint U.S. Bank National Association, as Registrar, Transfer Agent and Paying Agent with respect to the Notes. The
rights, powers, duties, obligations and actions of each Agent under this Indenture are several and not joint or joint and several, and the Agents shall only be obliged to perform those duties expressly set out in this Indenture and shall have no
implied duties. 
 The Issuer may change the Registrar, Transfer Agent or Paying Agent without prior notice to any Holder. The Issuer shall
notify the Trustee in writing of the name and address of any Registrar, Transfer Agent or Paying Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as Registrar, Transfer Agent or Paying Agent, the Trustee
shall, to the extent that it is capable, act as such. The Issuer or any of its Subsidiaries may act as Registrar, Transfer Agent or Paying Agent. 

If, and to the extent that, the Notes are listed on an exchange and the rules of such exchange so require, the Issuer shall satisfy any
requirement of such exchange as to paying agents, registrars and transfer agents and will comply with any notice requirements required under such exchange in connection with any change of paying agent, registrar or transfer agent. 

Section 2.04    Paying Agent to Hold Money in Trust. Prior to 11:00 a.m. (New York time) on each due date of
the principal of and interest on any Note, the Issuer shall deposit with the Paying Agent (or if the Issuer or a Subsidiary is acting as Paying Agent, segregate and hold for the benefit of the Persons entitled thereto) a sum sufficient to pay such
principal and interest when so becoming due. If the Issuer or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. The Issuer shall require each
Paying Agent that is not a party to this Indenture to agree in writing that such Paying Agent shall hold for the benefit of Holders or 

  
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the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default by the Issuer in making any such
payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the
Trustee under this Section 2.04, the Paying Agent (if other than the Issuer or a Subsidiary) shall have no further liability for the money. Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee shall serve as
Paying Agent for the Notes. For the avoidance of doubt, a Paying Agent and the Trustee shall be held harmless and have no liability with respect to payments or disbursements (including to the Holders) until they have confirmed receipt of funds
sufficient to make the relevant payment. No money held by an Agent needs to be segregated except as is required by law. 

Section 2.05    Holder Lists. The Registrar shall preserve in as current a form as is reasonably practicable
the most recent list available to it of the names and addresses of all Holders. If the Paying Agent is not the Registrar, the Issuer shall furnish, or cause the Registrar to furnish, to the Paying Agent and the Trustee at least ten days before each
Interest Payment Date and at such other times as the Paying Agent and the Trustee may request in writing, a list in such form and as of such date as the Paying Agent and the Trustee may reasonably require of the names and addresses of the Holders.

 Every Holder, by receiving and holding Notes, agrees with the Issuer and the Trustee that none of the Issuer or the Trustee or any agent
of either of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with TIA Section 312, regardless of the source from which such information was derived,
and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under TIA Section 312(b). 

Section 2.06    Transfer and Exchange. 

(a)    Transfer and Exchange of Global Notes. Except as otherwise set forth in this Section 2.06, a Global Note
may be transferred, in whole and not in part, only to the Depositary or a nominee of the Depositary or to a successor thereto or a nominee of such successor thereto. A beneficial interest in a Global Note may not be exchanged for a Definitive Note
unless (A) the Depositary notifies the Issuer that it is unwilling or unable to continue to act as depositary for such Global Note and a successor depositary is not appointed within 120 days, (B) the Depositary notifies the Issuer that it
is unwilling or unable to continue to act as a clearing and settlement agency and a successor clearing agency is not appointed by the Issuer within 120 days, (C) if the Depositary so requests following an Event of Default, or (D) the
Issuer, in its sole discretion, determines that all Global Notes should be exchanged for Definitive Notes. Upon the occurrence of any of the events described in clauses (A) through (D) above, Definitive Notes delivered in exchange for any
Global Note or beneficial interests therein will be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depositary or the Issuer, in each case in accordance with the Depositary’s respective
customary procedures. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof,
pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note, except for Definitive Notes issued subsequent to any of the events described in clauses
(A) through (D) above and pursuant to Section 2.06(c) hereof. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a); provided, however, beneficial interests in a Global Note
may be transferred and exchanged as provided in Section 2.06(b) or (c) hereof. 
 (b)    Transfer and
Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary in accordance with the provisions of this Indenture and the Applicable
Procedures. Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent 

  
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required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (1) or (2) below, as applicable, as well as one
or more of the other following subparagraphs, as applicable: 
 (1)    Transfer of Beneficial
Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer
restrictions set forth in the Private Placement Legend; provided that, prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Temporary Global Note may not be made to a U.S. Person or for the
account or benefit of a U.S. Person other than pursuant to Rule 144A. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note.
No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 

(2)    All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with
all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) hereof, the transferor of such beneficial interest must deliver to the Registrar either (A) (1) a written order from an Agent Member given to
the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged and
(2) instructions given in accordance with the Applicable Procedures containing information regarding the Agent Member account to be credited with such increase or (B) (1) a written order from an Agent Member given to the Depositary in
accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given by the Depositary to the
Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above; provided that in no event shall Definitive Notes be issued upon the
transfer or exchange of beneficial interests in a Regulation S Temporary Global Note prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certifications required pursuant to Rule
903(b)(3)(ii)(B). Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Registrar shall adjust
the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof. 

(3)    Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in
any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(2) hereof and the
Registrar receives the following: 
 (A)    if the transferee will take delivery in the form of a
beneficial interest in a 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; or 

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

(4)    Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial
Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof
in the form of a beneficial interest in an 

  
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Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) hereof and: 

(A)    such Notes are sold or exchanged pursuant to an effective registration statement under the
Securities Act; or 
 (B)    the Registrar receives the following: 

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

(2)    if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such
beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item
(4) thereof; 
 and, in each such case set forth in this subparagraph (B), if the Issuer or the Registrar so requests
or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Issuer and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on
transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

If any such transfer is effected pursuant to subparagraph (A) or (B) above at a time when an Unrestricted Global Note has not yet been
issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee or its Authenticating Agent shall authenticate one or more Unrestricted Global Notes in an aggregate principal
amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (A) or (B) above. 

Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form
of, a beneficial interest in a Restricted Global Note. 
 (c)    Transfer or Exchange of Beneficial Interests for
Definitive Notes. 
 (1)    Beneficial Interests in Restricted Global Notes to Restricted
Definitive Notes. If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in
the form of a Restricted Definitive Note, then, upon the occurrence of any of the events described in clauses (A) through (D) of Section 2.06(a) hereof and receipt by the Registrar of the following documentation: 

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

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

  
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 (C)    if such beneficial interest is being transferred
to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item
(2) thereof; 
 (D)    if such beneficial interest is being transferred pursuant to an exemption
from the registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E)    if such beneficial interest is being transferred to the Issuer or any of its Restricted
Subsidiaries, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(F)    if such beneficial interest is being transferred pursuant to an effective registration statement
under the Securities Act, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof, 

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h)
hereof, and the Issuer shall execute and, upon receipt of an Authentication Order, the Trustee or its Authenticating Agent shall authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount.
Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such
beneficial interest shall instruct the Registrar through instructions from the Depositary and the Agent Member. The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in
exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) (except for transfers pursuant to clause (F) above) shall bear the Private Placement Legend and shall be subject to all restrictions on
transfer contained therein. 
 (2)    Beneficial Interests in Regulation S Temporary Global Note to
Definitive Notes. Notwithstanding Sections 2.06(c)(1)(B) and (D) hereof, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the
form of a Definitive Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certifications required pursuant to Rule 903(b)(3)(ii)(B), except in the case of a transfer pursuant to an exemption
from the registration requirements of the Securities Act other than Rule 903 or Rule 904. 

(3)    Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of
a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive
Note only upon the occurrence of any of the events described in clauses (A) through (D) of Section 2.06(a) hereof and if the Registrar receives the following: 

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

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

  
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 and, in each such case set forth in this subclause (3), if the Issuer or the Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Issuer and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

(4)    Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any
holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then,
upon the occurrence of any of the events described in clauses (A) through (D) of Section 2.06(a) hereof and satisfaction of the conditions set forth in Section 2.06(b)(2) hereof, the Trustee shall cause the aggregate principal amount
of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuer shall execute and, upon receipt of an Authentication Order, the Trustee or its Authenticating Agent shall authenticate and mail to the
Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(4) shall be registered in such name or names and in
such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from or through the Depositary and the Agent Member. The Trustee shall mail such Definitive Notes to the
Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(4) shall not bear the Private Placement Legend. 

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

(1)    Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder
of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in a
Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
 (A)    if
the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in
item (2)(b) thereof; 
 (B)    if such Restricted Definitive Note is being transferred to a QIB in
accordance with Rule 144A, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(C)    if such Restricted Definitive Note is being transferred to a
Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof;

 (D)    if such Restricted Definitive Note is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof; 

  
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 (E)    if such Restricted Definitive Note is being
transferred to the Issuer or any of its Restricted Subsidiaries, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(F)    if such Restricted Definitive Note is being transferred pursuant to an effective registration
statement under the Securities Act, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof, 

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

(2)    Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of
a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note only if the Registrar receives the following: 
 (A)    if the Holder of such Definitive
Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

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

and, in each such case set forth in this subclause (2), if the Issuer or the Registrar so requests or if the Applicable Procedures so require,
an Opinion of Counsel in form reasonably acceptable to the Issuer and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private
Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 Upon satisfaction of the
conditions of any of the subparagraphs in this Section 2.06(d)(2), the Registrar shall cancel the Restricted Definitive Note and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

(3)    Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder
of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Registrar shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the
Unrestricted Global Notes. 
 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraph
(2) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee or its Authenticating Agent shall
authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

  
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 (e)    Transfer and Exchange of Definitive Notes for Definitive
Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of
transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer or exchange in form satisfactory to the Registrar duly executed by such
Holder or by its attorney, duly authorized in writing. In the event that the requesting Holder does not transfer the entire principal amount of Notes represented by any such Definitive Note, the Registrar shall cancel or cause to be canceled such
Definitive Note and the Issuer (who will have been informed of such cancelation) shall execute and, upon receipt of an Authentication Order, the Trustee shall authenticate and deliver to the requesting Holder and any transferee Definitive Notes in
the appropriate principal amounts to reflect such transfer. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this
Section 2.06(e): 
 (1)    Restricted Definitive Notes to Restricted Definitive Notes. Any
Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

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

(B)    if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; or 

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

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

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

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

and, in each such case set forth in this subclause (2), if the Issuer or the Registrar so requests, an Opinion of Counsel in form reasonably
acceptable to the Issuer and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act. 
 (3)    Unrestricted Definitive Notes to
Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the
Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 

  
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 (f)    [Reserved] 

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

(1)    Private Placement Legend. 

(A)    Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and
all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 “THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE ‘‘SECURITIES ACT’’), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION
HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A ‘‘QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (‘‘RULE 144A’’)) OR (B) IT IS
NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN ‘‘OFFSHORE TRANSACTION’’ PURSUANT TO RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT (‘‘REGULATION S’’), (2) AGREES THAT IT WILL NOT, PRIOR
TO THE DATE THAT IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF (OR OF ANY PREDECESSOR OF THIS SECURITY) AND THE LAST DATE ON WHICH CANO HEALTH, LLC (THE ‘‘COMPANY’’) OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER
OF THIS SECURITY OR ANY PREDECESSOR OF THIS SECURITY, OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A ‘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, (E) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURTIIES ACT PROVIDED BY RULE 144 OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED THAT THE COMPANY AND THE TRUSTEE SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER (I) 

  
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PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (II) IN EACH OF THE FOREGOING CASES, TO
REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING IN THE INDENTURE IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE.” 

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

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

 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE
BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(h) OF THE INDENTURE, (II) THIS
GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE
MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE ISSUER OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY OR
IN SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO ITS NOMINEE OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, A NOMINEE OF THE DEPOSITARY, HAS AN INTEREST HEREIN.” 

(3)    Regulation S Temporary Global Note Legend. The Regulation S Temporary Global Note shall bear
a legend in substantially the following form: 
 “THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS
AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).” 

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

(i)    General Provisions Relating to Transfers and Exchanges. 

(1)    To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee or its
Authenticating Agent shall authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 

(2)    No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder
of a Definitive Note for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover 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 2.07, 2.10, 3.06, 3.09, 4.10, 4.14 and 9.04 hereof). 

(3)    Neither the Registrar nor the Issuer shall be required to register the transfer of or exchange any
Note selected for redemption or tendered (and not withdrawn) for repurchase in whole or in part, except the unredeemed portion of any Note being redeemed or tendered in part; provided that new Notes will only be issued in minimum
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 
 (4)    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 Issuer, 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. 

(5)    Neither the Registrar nor the Issuer shall be required: 

(A)    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 delivery of a notice of redemption of the Notes to be redeemed under Section 3.03 hereof and ending at the close of business on the day of such delivery; 

(B)    to register the transfer of or to exchange any Note so selected for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part; 
 (C)    to register the transfer or
exchange of a Note between a Record Date and the next succeeding Interest Payment Date; or 

  
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 (D)    to register the transfer or exchange of any
Notes tendered (and not withdrawn) for repurchase in connection with a Change of Control Offer or an Asset Sale Offer. 

(6)    Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and
the Issuer and any agent of the foregoing may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and interest on such Note and
for all other purposes, and none of the Trustee, any Agent or the Issuer or any agent of the foregoing shall be affected by notice to the contrary. 

(7)    Upon surrender for registration of transfer of any Note at the office or agency designated pursuant
to Section 4.02 hereof, the Issuer 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. 
 (8)    At the option of the Holder, subject to Section 2.06(a)
hereof, 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 Issuer shall execute, and, upon receipt of an Authentication Order, the Trustee or its Authenticating Agent 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 Section 2.02 hereof. 
 (9)    All
certifications, certificates and Opinions of Counsel required to be submitted pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by electronic delivery. 

(10)    Neither the Trustee nor any Agent shall have any obligation or duty to monitor, determine, or
inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfer between or among Agent Members or beneficial owners of
interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same
to determine substantial compliance as to form with the express requirements hereof. 
 (11)    Neither
the Trustee nor any Agent shall have any 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, 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 the 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 and the Agents 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. 

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

(13)    Neither the Trustee nor any Agent shall have any responsibility or liability for any actions taken
or not taken by the Agent Members. 
 Section 2.07    Replacement Notes. If any mutilated Note is
surrendered to the Trustee, the Registrar, or the Issuer and the Trustee receives evidence to its satisfaction of the ownership and destruction, loss, or theft of any Note, the Issuer shall issue and, upon receipt of an Authentication Order and
satisfaction of any other requirement of the Trustee, the Trustee or its Authenticating Agent shall authenticate a replacement Note. If required by the Trustee or the Issuer, an indemnity bond must be supplied by the Holder that is sufficient in the
judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent, and any Authenticating Agent from any loss that any of them may suffer if a Note is replaced. The Issuer and the Trustee may charge the Holder for their expenses
in replacing a Note. 
 Notwithstanding the foregoing provisions of this Section 2.07, in case any mutilated, destroyed, lost, or
stolen Note has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Note, pay such Note. 

Every replacement Note is a contractual obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. The provisions of this Section 2.07 shall be exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost, or stolen Notes. 
 Section 2.08    Outstanding Notes. The Notes outstanding at any time
are all the Notes authenticated by the Trustee or its Authenticating Agent except for those cancelled by the Registrar, those delivered to the Registrar for cancellation, those reductions in the interest in a Global Note effected by the Registrar 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 hereof, a Note does not cease to be outstanding because the Issuer, a Guarantor, or an Affiliate of the
Issuer or a Guarantor holds the Note. 
 If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the
Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser (as defined in Section 8-303 of the Uniform Commercial Code). 

If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases
to accrue. 
 If the Paying Agent (other than the Issuer, a Guarantor or an Affiliate of the Issuer or a Guarantor) holds, on a Redemption
Date or maturity date, money sufficient to pay Notes (or portions thereof) payable on that date, then on and after that date such Notes (or portions thereof) shall be deemed to be no longer outstanding (including for accounting purposes) and shall
cease to accrue interest. 
 Section 2.09    Treasury Notes. In determining whether the Holders of the
required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer, a Guarantor or by any Affiliate of the Issuer or a Guarantor, 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 actually knows are so owned shall be so disregarded. Notes so owned which have
been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to deliver any such direction, waiver or consent with respect to the Notes and that the pledgee is not the
Issuer, a Guarantor or any Affiliate of the Issuer or a Guarantor. 

  
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 Section 2.10    Temporary Notes. Until certificates
representing Notes are ready for delivery, the Issuer may prepare and, upon receipt of an Authentication Order, the Trustee or its Authenticating Agent shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of
certificated Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without unreasonable delay, the Issuer shall prepare and the Trustee or its Authenticating Agent 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 Issuer 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 and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment,
replacement or cancellation and shall dispose of cancelled Notes in accordance with its customary procedures. Certification of the cancellation of all cancelled Notes shall be delivered to the Issuer upon request. The Issuer 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. If the Issuer defaults in a payment of interest on the Notes, it shall pay
the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in
Section 4.01 hereof. The Issuer 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 Issuer 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 any such special record date and payment date; provided that no such special
record date shall be less than 10 days prior to the related payment date for such defaulted interest. The Trustee shall promptly notify the Issuer of any such special record date. At least 15 days before any such special record date, the Issuer (or,
upon the written request of the Issuer, the Trustee in the name and at the expense of the Issuer) shall send electronically, mail or cause to be mailed, first-class postage prepaid, or otherwise deliver in accordance with the Applicable Procedures,
to each Holder, with a copy to the Trustee, a notice at his or her address as it appears in the Note Register that states the special record date, the related payment date and the amount of such interest to be paid. 

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, which were carried by such other Note. 

Section 2.13    CUSIPs and ISINs. The Issuer in issuing the Notes may use CUSIPs and ISINs (in each case, if
then generally in use) and, if so, the Trustee shall use CUSIPs and ISINs in notices of redemption or exchange as a convenience to Holders; provided that the Trustee shall have no liability for any defect in the “CUSIPs” and
“ISINs” as they appear on any Note, notice or elsewhere, and, provided further 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 and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer will as
promptly as practicable notify the Trustee in writing of any change in the CUSIPs and ISINs. 

  
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 ARTICLE III 

REDEMPTION 

Section 3.01    Notices to Trustee. If the Issuer elect to redeem Notes pursuant to Section 3.07 hereof,
it shall furnish to the Trustee and Paying Agent, at least five Business Days (unless a shorter notice shall be agreed to by the Trustee) before notice of redemption is required to be delivered to Holders pursuant to Section 3.03 hereof, an
Officer’s Certificate setting forth (i) the paragraph or subparagraph of such Note and/or Section of this Indenture pursuant to which the redemption shall occur, (ii) the Redemption Date, (iii) the principal amount of the Notes
to be redeemed and (iv) the redemption price. 
 Section 3.02    Selection of Notes to Be Redeemed. If
less than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes to be redeemed on a pro rata basis, by lot or by such other method as the Trustee shall deem fair and appropriate and otherwise in such manner as complies
with the Applicable Procedures. Neither the Trustee nor the Paying Agent shall be liable for any selection made by it in accordance with this paragraph (including the procedures of the relevant depositaries). 

The Trustee shall promptly notify the Issuer in writing of the Notes selected for redemption and, in the case of any Note selected for partial
redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in amounts of $2,000 and any integral multiple of $1,000 in excess thereof; no Note of less than $2,000 can be redeemed in part, except that, if
all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a principal amount of at least $2,000, shall be redeemed. Except as provided in the preceding sentence, provisions of this
Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 

Section 3.03    Notice of Redemption. Subject to Sections 3.07(f) and 3.09 hereof, the Issuer shall send
electronically, mail or cause to be mailed by first-class mail, postage prepaid, notices of redemption at least 10 days but not more than 60 days before the Redemption Date to each Holder of Notes at such Holder’s registered address or
otherwise in accordance with the Applicable Procedures, except that redemption notices may be delivered more than 60 days prior to a Redemption Date if the notice is issued in connection with a conditional redemption or Article VIII or Article XI
hereof. For Notes held by DTC or a nominee of DTC, notices of redemption shall be delivered in accordance with DTC’s Applicable Procedures. 

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

(a)    the Redemption Date; 

(b)    the redemption price; 

(c)    if any Note is to be redeemed in part only, the portion of the principal amount of that Note that is to be redeemed
and that, after the Redemption Date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the original Note representing the same indebtedness to the extent not redeemed will be issued in the name of
the Holder of the Notes upon cancellation of the original Note; 
 (d)    the name and address of the Paying Agent; 

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

(f)    that, unless the Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases
to accrue on and after the Redemption Date; 

  
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 (g)    the paragraph or subparagraph of the Notes and/or Section of this
Indenture pursuant to which the Notes called for redemption are being redeemed; 
 (h)    the CUSIP, if any, printed on
the Notes being redeemed and that no representation is made as to the correctness or accuracy of any such CUSIP that is listed in such notice or printed on the Notes; and 

(i)    any condition precedent to such redemption. 

At the Issuer’s request, the Trustee or Paying Agent shall give the notice of redemption in the Issuer’s name and at its expense;
provided that the Issuer shall have delivered to the Trustee and Paying Agent, at least five Business Days before notice of redemption is required to be delivered electronically, mailed or caused to be mailed to Holders pursuant to this
Section 3.03 (unless a shorter notice shall be agreed to by the Trustee or the Paying Agent), an Officer’s Certificate requesting that the Trustee or Paying Agent give such notice and setting forth the information to be stated in such
notice as provided in the preceding paragraph and setting forth the form of such notice. 

Section 3.04    Effect of Notice of Redemption. Once notice of redemption is given in accordance with
Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the Redemption Date at the redemption price (except as provided for in Section 3.07(f) hereof). The notice, if given 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 as provided herein 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 Sections 3.05 and 3.07(f) hereof, on and after the Redemption Date, interest shall cease to accrue on Notes or portions of Notes called for
redemption. 
 Section 3.05    Deposit of Redemption Price. 

(a)    Prior to 11:00 a.m. (New York time) on the Redemption Date, the Issuer shall deposit with the Trustee or with the
Paying Agent money sufficient to pay the redemption price of, and accrued and unpaid interest on, all Notes to be redeemed on that Redemption Date. The Trustee or the Paying Agent shall promptly return to the Issuer any money deposited with the
Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes to be redeemed. 

(b)    If the Issuer complies with the provisions of the preceding paragraph (a), on and after the Redemption Date,
interest shall cease to accrue on the Notes or the portions of Notes called for redemption. If a Note is redeemed 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
Date shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date. If any Note called for redemption is not paid upon surrender for redemption because of the failure of the Issuer to comply with the
preceding paragraph, interest shall be paid on the unpaid principal, from the Redemption Date until such principal is paid, and to the extent lawful on any interest accrued to the Redemption Date not paid on such unpaid principal, in each case, at
the rate provided in the Notes and in Section 4.01 hereof. 
 Section 3.06    Notes Redeemed in Part.
Upon surrender of a Note that is redeemed in part, the Issuer shall issue and, upon receipt of an Authentication Order, the Trustee or its Authenticating Agent shall authenticate for the Holder at the expense of the Issuer a new Note equal in
principal amount to the unredeemed portion of the Note surrendered; provided that each new Note will be in a minimum principal amount of $2,000 and any 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 Officer’s Certificate of the Issuer is required for the Trustee to authenticate such new Note. 

  
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 Section 3.07    Optional Redemption. 

(a)    At any time prior to October 1, 2024, the Issuer may on one or more occasions redeem the Notes, in whole or in
part, upon notice in accordance with Section 3.03 hereof, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus the Applicable Premium, plus accrued and unpaid interest, if any, to, but
excluding, the date of redemption (each date on which a redemption occurs, a “Redemption Date”), subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date.

 (b)    On and after October 1, 2024, the Issuer may on one or more occasions redeem the Notes, in whole or in
part, upon notice in accordance with Section 3.03 hereof, at the applicable redemption price (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest, if any, to, but
excluding, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date, if redeemed during the twelve-month period beginning on October 1,
2024 of each of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2024
	  	 	103.125	% 
	 2025
	  	 	101.563	% 
	 2026 and thereafter
	  	 	100.000	% 

 (c)    In addition, prior to October 1, 2024, the Issuer may, at its option, and on
one or more occasions, redeem up to 40% of the aggregate principal amount of Notes issued under this Indenture (including any Additional Notes issued under this Indenture after the Issue Date) at a redemption price equal to 106.250% of the aggregate
principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the
relevant Interest Payment Date, with funds in an aggregate amount equal to the net cash proceeds of one or more Equity Offerings of the Issuer or any direct or indirect Parent Company of the Issuer after the Issue Date to the extent such net cash
proceeds are contributed to the Issuer; provided that (1) at least 50% of the total of (A) the aggregate principal amount of Notes originally issued under this Indenture on the Issue Date and (B) the aggregate principal amount
of any Additional Notes issued under this Indenture after the Issue Date remains outstanding immediately after the occurrence of each such redemption (unless all Notes are redeemed substantially concurrently); and (2) each such redemption
occurs within 180 days of the date of closing of each such Equity Offering. 
 (d)    The Issuer or its Affiliates may,
at any time and from time to time, acquire Notes by means other than a redemption, whether by tender offer, exchange offer, open market purchases, negotiated transactions, or otherwise, upon such terms and at such prices as the Issuer or its
Affiliates may determine, which may be more or less than the consideration for which the Initial Notes or any Additional Notes are initially sold and could be for cash or other consideration. 

(e)    In connection with any tender offer for the Notes (including any Change of Control Offer or Asset Sale Offer), if
Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Issuer, or any third party making such tender offer in lieu of the Issuer, purchases all
of the Notes validly tendered and not withdrawn by such Holders, the Issuer or such third party will have the right upon not less than 10 nor more than 60 days’ prior notice (provided that such notice is not given more than 30 days following
such purchase date) to redeem all Notes that remain outstanding following such purchase at a price equal to the price offered to each other Holder in such tender offer plus, to the extent not included in the tender offer payment, accrued and
unpaid interest, if any, thereon, to, but excluding, the applicable Redemption Date, subject to the right of Holders of record of the Notes on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 

  
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 (f)    Any redemption pursuant to this Section 3.07 shall be made
pursuant to the provisions of Sections 3.01 through 3.06 hereof. Notice of any redemption or purchase, whether in connection with an Equity Offering, other transaction or otherwise, may be given prior to the completion thereof, and any such notice
may, unless otherwise provided herein, at the Issuer’s discretion, be subject to one or more conditions precedent. If a redemption or purchase is subject to satisfaction of one or more conditions precedent, such notice shall describe each such
condition and, if applicable, shall state that, in the Issuer’s discretion, the Redemption Date or purchase date may be delayed until such time (including more than 60 days after the date the notice was sent) as any or all such conditions shall
be satisfied (or waived by the Issuer in its sole discretion) or such redemption or purchase may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption Date or purchase
date, or by the Redemption Date or purchase date as so delayed; provided that if a Redemption Date or purchase date is delayed, the setting of any new Redemption Date or purchase date shall be subject to the Applicable Procedures. In addition, the
Issuer may provide in such notice that payment of the redemption price or purchase price and performance of the Issuer’s obligations with respect to such redemption or purchase may be performed by another Person. 

Section 3.08    Mandatory Redemption. The Issuer shall not be required to make any mandatory redemption or
sinking fund payment with respect to the Notes. 
 Section 3.09    Offers to Repurchase by Application of Excess
Proceeds. 
 (a)    In the event that, pursuant to Section 4.10 hereof, the Issuer shall be required to commence
an Asset Sale Offer, they shall follow the procedures specified below. 
 (b)    The Asset Sale Offer shall remain open
for a period of 20 Business Days following its commencement and no longer, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than five Business Days after the termination of the
Offer Period (the “Purchase Date”), the Issuer shall apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and, if required by the terms of any other debt that is pari passu with the Notes in right
of payment, such other debt that is pari passu with the Notes in right of payment (on a pro rata basis, if applicable, with adjustments as necessary so that no Note or other debt that is pari passu with the Notes in right of payment will be
repurchased in part in an unauthorized denomination), or, if less than the Offer Amount has been tendered, all Notes and other debt that is pari passu with the Notes in right of payment tendered in response to the Asset Sale Offer. Payment for any
Notes so purchased shall be made in the same manner as interest payments are made. 
 (c)    If the Purchase Date is on
or after a Record Date and on or before the related Interest Payment Date, then any accrued and unpaid interest to, but excluding, the Purchase Date shall be paid to the Person in whose name a Note is registered at the close of business on such
Record Date. 
 (d)    Upon the commencement of an Asset Sale Offer, the Issuer shall send electronically or by
first-class mail, postage prepaid, a notice to each of the Holders, 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 by the terms of any other debt that is pari passu with the Notes in right of payment, to the holders of such other debt that is pari passu with the Notes in right of payment. The notice, which
shall govern the terms of the Asset Sale Offer, shall state: 
 (1)    that the Asset Sale Offer is being
made pursuant to this Section 3.09 and Section 4.10 hereof and the length of time the Asset Sale Offer shall remain open; 

  
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 (2)    the Offer Amount, the purchase price and the
Purchase Date; 
 (3)    that any Note not tendered or accepted for payment shall continue to accrue
interest; 
 (4)    that, unless the Issuer default in making such payment, any Note accepted for payment
pursuant to the Asset Sale Offer shall cease to accrue interest after the Purchase Date; 
 (5)    that
any Holder electing to have less than all of the aggregate principal amount of its Notes purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in minimum denominations of $2,000 and any integral multiple of $1,000 in excess
thereof; 
 (6)    that Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall
be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” attached to the Note completed, or transfer such Note by book-entry transfer, to the Issuer, a depositary, if appointed by the Issuer, or
a Paying Agent at the address specified in the notice at least two Business Days before the Purchase Date; 

(7)    that Holders shall be entitled to withdraw their election if the Issuer, the Depositary or the
Paying Agent, as the case may be, receives, not later than the close of business on the fourth Business Day prior to the expiration date of the Offer Period, a facsimile transmission or letter setting forth the name of the Holder, the principal
amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 

(8)    that, if the aggregate principal amount of Notes and other debt that is pari passu with the Notes in
right of payment surrendered by the holders thereof exceeds the Offer Amount, subject to the Applicable Procedures, the Issuer shall select the Notes and such other debt that is pari passu with the Notes in right of payment to be purchased on a pro
rata basis based on the accreted value or principal amount of the Notes or such other debt that is pari passu with the Notes in right of payment tendered (with such adjustments as may be deemed appropriate by the Issuer so that only Notes in
denominations of $2,000 and any integral multiple of $1,000 in excess thereof will be purchased); and 

(9)    that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal
amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer); provided that the unpurchased portion of any Note must be equal to at least $2,000 and any integral multiple of $1,000 in excess thereof. 

(e)    On or before the Purchase Date, the Issuer shall, to the extent lawful, subject to the Applicable Procedures,
(1) accept for payment, on a pro rata basis as described in clause (d)(8) of this Section 3.09, the Offer Amount of Notes or portions thereof validly tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been
tendered, all Notes tendered and (2) deliver or cause to be delivered to the Trustee for cancellation the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof so
tendered. 
 (f)    The Issuer, the Depositary or the Paying Agent, as the case may be, shall promptly mail or deliver
to each tendering Holder an amount equal to the purchase price of the Notes properly tendered by such Holder and accepted by the Issuer for purchase, and the Issuer shall promptly issue a new Note, and the Trustee or its Authenticating Agent, upon
receipt of an Authentication Order, shall authenticate and mail or deliver (or cause to be transferred by book-entry) such new Note to such Holder in a principal amount equal to any unpurchased portion of the Note surrendered; provided that
new Notes will only be issued in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof. Any Note not so accepted shall be promptly mailed or delivered by the Issuer to the Holder thereof. The Issuer shall publicly
announce the results of the Asset Sale Offer on or as soon as practicable after the Purchase Date. 

  
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 (g)    Prior to 11:00 a.m. (New York time) on the Purchase Date, the
Issuer shall deposit with the Paying Agent money sufficient to pay the purchase price of and accrued and unpaid interest on all Notes to be purchased on that Purchase Date. The Paying Agent shall promptly return to the Issuer any money deposited
with the Paying Agent by the Issuer in excess of the amounts necessary to pay the purchase price of, and accrued and unpaid interest on, all Notes to be redeemed. 

Other than as specifically provided in this Section 3.09 or Section 4.10 hereof, any purchase pursuant to this Section 3.09
shall be made pursuant to the applicable provisions of Sections 3.01 through 3.06 hereof, and references therein to “redeem,” “redemption” and similar words shall be deemed to refer to “purchase,” “repurchase”
and similar words, as applicable. 
 ARTICLE IV 

COVENANTS 

Section 4.01    Payment of Notes. The Issuer shall pay or cause to be paid the principal of, premium, if any,
and interest on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Issuer, a Guarantor or an Affiliate of the
Issuer or a Guarantor, holds as of 11:00 a.m. (New York time) on the due date money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 

The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate
equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable
grace period) at the same rate to the extent lawful. 
 Section 4.02    Maintenance of Office or Agency. The
Issuer shall maintain the offices or agencies (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) required under Section 2.03 hereof where Notes may be
presented for payment or surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer shall give prompt written notice to the
Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices, and demands may be made or served at the Corporate Trust Office; provided that, no office of the Trustee shall be an office or agency of the Issuer for the purposes of service of legal process against the Issuer or any
Guarantor. 
 The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain such offices or agencies as
required by Section 2.03 for such purposes. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. The Issuer hereby designates the
Corporate Trust Office as one such office or agency of the Issuer in accordance with Section 2.03 hereof. 

  
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 Section 4.03    Reports and Other Information. 

(a)    After the Issue Date, whether or not the Issuer is subject to the reporting requirements of Section 13 or 15(d)
of the Exchange Act, so long as the Notes are outstanding, the Issuer will furnish to the Holders and the Trustee or post on its website or file with the SEC for public availability: 

(1)    within 90 days after the end of each fiscal year (or such other period then in effect under the
rules and regulations promulgated under the Exchange Act with respect to the filing of an Annual Report on Form 10-K by a non-accelerated filer), an annual report as
would be required to be filed with the SEC on Form 10-K if the Issuer were required to file such reports; 

(2)    within 45 days after the end of each of the first three fiscal quarters of each fiscal year (or such
other period then in effect under the rules and regulations promulgated under the Exchange Act with respect to the filing of a Quarterly Report on Form 10-Q by a
non-accelerated filer), a quarterly report as would be required to be filed with the SEC on Form 10-Q if the Issuer were required to file such reports; and 

(3)    as soon as practicable (and in any event no later than five days after the period then in effect
under the rules and regulations promulgated under the Exchange Act with respect to the filing of a Current Report on Form 8-K) after the occurrence of an event required to be therein reported, a current report
as would be required to be filed with the SEC on Form 8-K if the Issuer were required to file such reports; provided, however, that, if the last day of any such period is not a Business Day, such
report will be due on the next succeeding Business Day. 
 All such reports will be prepared in all material respects in accordance with all
of the rules and regulations of the SEC applicable to such reports. For the avoidance of doubt, such reports (x) will not be required to include separate financial information that would be required by Rules
3-09, 3-10 and 3-16 of Regulation S-X and (y) will not be subject to the Trust
Indenture Act. 
 The Issuer or any direct or indirect Parent Company of the Issuer will maintain a public or
non-public website on which Holders, prospective investors and securities analysts are given access to the annual and quarterly financial information described above. If the website containing the financial
reports is not available to the public, the Issuer or any direct or indirect Parent Company of the Issuer will direct Holders, prospective investors and securities analysts on its publicly available website to contact the Issuer to obtain access to
the non-public website. 
 (b)    If any direct or indirect Parent Company of
the Issuer files reports with the SEC in accordance with Section 13 of 15(d) of the Exchange Act, whether voluntarily or otherwise, in compliance with the filing periods specified in Section 4.03(a) hereof, then the Issuer shall be deemed
to comply with this Section 4.03. For the avoidance of doubt, such reports need not include separate financial information required by Rules 3-09, 3.10 and 3-16 of
Regulation S-X; provided that, if such direct or indirect Parent Company of the Issuer has more than de minimis operations separate and apart from its ownership in the Issuer, then the financial
statements of the direct or indirect Parent Company will be required to provide consolidating information, which need not be audited, that explains in reasonable detail the differences between the information relating to such Parent Company and its
Subsidiaries, on the one hand, and the information relating to the Issuer and its Subsidiaries on a standalone basis, on the other hand. 

(c)    To the extent not satisfied by the foregoing, the Issuer will, for so long as any Notes are outstanding, furnish to
Holders, securities analysts and prospective investors in the Notes, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

(d)    Notwithstanding anything herein to the contrary, the Issuer will not be deemed to have failed to comply with any of
its obligations under this Section 4.03 for purposes of clause (3) under 

  
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Section 6.01 hereof until 120 days after the date any report is due under this Section 4.03, and failure to comply with this Section 4.03 shall be automatically cured when the
Issuer or its direct or indirect Parent Company provides all required reports to the Holders or files all required reports with the SEC. 

The Trustee shall have no responsibility to determine whether any report has been filed by the Issuer or posted on the Issuer’s website.

 The delivery of any reports, information and documents to the Trustee is for informational purposes only and the information and the
Trustee’s receipt of such reports, information and documents shall not constitute actual or constructive knowledge or notice of any information contained therein, or determinable from information contained therein including the Issuer’s
compliance with any of its covenants under this Indenture (as to which the Trustee is entitled to rely conclusively on an Officer’s Certificate). The Trustee shall have no duty to review or analyze reports delivered to it or determine whether
any reports have been filed or posted. 
 Section 4.04    Compliance Certificate. 

(a)    The Issuer shall deliver to the Trustee, within 90 days after the end of each fiscal year ending after the Issue
Date (or 120 days after the first fiscal year ending after the Issue Date), a certificate from any Officer stating that a review of the activities of the Issuer 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 Issuer and its Restricted Subsidiaries have kept, observed, performed and fulfilled their obligations under this Indenture, and further stating, as to such Officer signing
such certificate, that to his or her knowledge, on behalf of the Issuer, the Issuer and its Restricted Subsidiaries have kept, observed, performed and fulfilled in all material respects each and every condition and covenant contained in this
Indenture and no Default has occurred and is continuing with respect to any of the terms, provisions, covenants and conditions in this Indenture (or, if a Default shall have occurred and is continuing, describing all such Defaults of which he or she
may have knowledge and what action the Issuer is taking or proposes to take with respect thereto). 
 (b)    When any
Default has occurred and is continuing under this Indenture, the Issuer shall within 20 Business Days after becoming aware of such Default (unless such Default shall have been cured or waived prior to the expiration of such 20 Business Day period)
deliver to the Trustee an Officer’s Certificate specifying such event and what action the Issuer is taking or proposes to take with respect thereto. 

Section 4.05    Reserved. 

Section 4.06    Stay, Extension and Usury Laws. The Issuer and each of the Guarantors covenant (to the extent
that they may lawfully do so) that they 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 Issuer and each of the Guarantors (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant that they 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. 

  
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 Section 4.07    Limitation on Restricted Payments. 

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

(1)    declare or pay any dividend or make any payment or distribution on account of the Issuer’s or
any of its Restricted Subsidiaries’ Equity Interests, including any dividend, payment or distribution payable in connection with any merger or consolidation other than: 

(A)    dividends or distributions by the Issuer payable solely in Equity Interests (other than
Disqualified Stock) of the Issuer or in options, warrants or other rights to purchase such Equity Interests of the Issuer; or 

(B)    dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or
distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly Owned Subsidiary, the Issuer or a Restricted Subsidiary receives at least its pro rata share of such dividend or
distribution in accordance with its Equity Interests in such class or series of securities; 

(2)    purchase, redeem, defease or otherwise acquire or retire for value any Equity Interests of the
Issuer or any direct or indirect Parent Company of the Issuer, including in connection with any merger or consolidation, in each case, held by Persons other than the Issuer or any Restricted Subsidiary of the Issuer; 

(3)    make any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for
value, in each case, prior to any scheduled repayment, sinking fund payment or maturity, any Subordinated Indebtedness, other than: 

(A)    Indebtedness permitted under clauses (7), (8), and (9) of Section 4.09(b) hereof; or 

(B)    the payment, redemption, repurchase, defeasance, acquisition or retirement of Subordinated
Indebtedness purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of payment, redemption, repurchase, defeasance, acquisition, or retirement; or 

(4)    make any Restricted Investment 

(all such payments and other actions set forth in clauses (1) through (4) in this Section 4.07(a) (other than any exception thereto) being
collectively referred to as “Restricted Payments”), unless, at the time of such Restricted Payment: 

(A)    other than in connection with a Restricted Investment, no Default or Event of Default shall have
occurred and be continuing or would occur as a consequence thereof; 
 (B)    other than in connection
with a Restricted Investment, immediately after giving effect to such transaction on a pro forma basis, the Issuer could incur $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Test set forth in Section 4.09(a)
hereof; and 
 (C)    such Restricted Payment, together with the aggregate amount of all other
Restricted Payments made by the Issuer and its Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted by clause (1) of Section 4.07(b) hereof, but 

  
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excluding all other Restricted Payments permitted by Section 4.07(b) hereof), is less than the sum of (without duplication): 

(1)    50% of the Consolidated Net Income of the Issuer for the period (taken as one accounting period)
beginning from the beginning of the full fiscal quarter after the fiscal quarter in which the Issue Date occurs to the end of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available at the time of
such Restricted Payment; plus 
 (2)    100% of the aggregate net cash proceeds and the fair
market value of marketable securities or other property received by the Issuer after the Issue Date (other than net cash proceeds to the extent such net cash proceeds have been used to incur Indebtedness or issue Disqualified Stock or Preferred
Stock pursuant to clause (12)(a) of Section 4.09(b) hereof) from the issue or sale of: 

(i)    (A) Equity Interests of the Issuer, including Treasury Capital Stock, but excluding cash proceeds
and the fair market value of marketable securities or other property received from the sale of: 

(1)    Equity Interests to any future, present or former employee, officer, director, member of management
or consultant (or the estate, heirs, family members, spouse, former spouse, domestic partner or former domestic partner of any of the foregoing) of the Issuer, any direct or indirect Parent Company of the Issuer or any of the Issuer’s
Subsidiaries after the Issue Date to the extent such amounts have been applied to Restricted Payments made in accordance with clause (4) of Section 4.07(b) hereof; and 

(2)    Designated Preferred Stock; and 

(B)    to the extent such net cash proceeds or other property are actually contributed to the Issuer,
Equity Interests of any of the Issuer’s direct or indirect Parent Companies (excluding contributions of the proceeds from the sale of Designated Preferred Stock of such companies or contributions to the extent such amounts have been applied to
Restricted Payments made in accordance with clause (4) of Section 4.07(b) hereof); or 

(ii)    Indebtedness of the Issuer or a Restricted Subsidiary that has been converted into or exchanged
for such Equity Interests of the Issuer or any direct or indirect Parent Company of the Issuer; 
 provided that this clause
(2) shall not include the proceeds from (W) Refunding Capital Stock applied in accordance with clause (2) of Section 4.07(b) hereof, (X) Equity Interests or convertible debt securities of the Issuer sold to a Restricted
Subsidiary, (Y) Disqualified Stock or debt securities that have been converted into Disqualified Stock or (Z) Excluded Contributions; plus 

(3)    100% of the aggregate amount of cash and the fair market value of marketable securities or other
property contributed to the capital of the Issuer after the Issue Date (other than (i) net cash proceeds to the extent such net cash 

  
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proceeds have been used to incur Indebtedness or issue Disqualified Stock or Preferred Stock pursuant to clause (12)(a) of Section 4.09(b) hereof, (ii) contributions by a Restricted
Subsidiary, (iii) any Excluded Contributions, and (iv) proceeds of Indebtedness of any direct or indirect Parent Company of the Issuer to the extent such proceeds have been contributed to the Issuer or any of its Restricted Subsidiaries
and such Indebtedness has been guaranteed by the Issuer or any of its Restricted Subsidiaries); plus 

(4)    100% of the aggregate amount received in cash and the fair market value of marketable securities or
other property received by means of: 
 (i)    the sale or other disposition (other than to the Issuer
or a Restricted Subsidiary) of, or other returns on Investments from, Restricted Investments made by the Issuer or its Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments from the Issuer or its Restricted
Subsidiaries and repayments of loans or advances, and releases of guarantees, which constitute Restricted Investments by the Issuer or its Restricted Subsidiaries (other than, in each case, to the extent that the Restricted Investment was made
pursuant to clause (11) of Section 4.07(b) hereof), in each case, after the Issue Date; or 

(ii)    the sale (other than to the Issuer or a Restricted Subsidiary) of the stock of an Unrestricted
Subsidiary or a distribution from an Unrestricted Subsidiary (other than, in each case, to the extent the Investment in such Unrestricted Subsidiary was made by the Issuer or a Restricted Subsidiary pursuant to clause (7) or clause (11) of
Section 4.07(b) hereof or to the extent such Investment constituted a Permitted Investment) or a dividend from an Unrestricted Subsidiary after the Issue Date; plus 

(5)    in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the
merger or consolidation of an Unrestricted Subsidiary into the Issuer or a Restricted Subsidiary or the transfer of all or substantially all of the assets of an Unrestricted Subsidiary to the Issuer or a Restricted Subsidiary after the Issue Date,
the fair market value of the Investment in such Unrestricted Subsidiary (or the assets transferred), at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary or at the time of such merger, consolidation or transfer
of assets (other than, in each case, to the extent the Investment in such Unrestricted Subsidiary was made by the Issuer or a Restricted Subsidiary pursuant to clause (7) or clause (11) of Section 4.07(b) hereof or to the extent such
Investment constituted a Permitted Investment); plus 
 (6)    the greater of $35.0 million
and 20% of EBITDA of the Issuer at the time of such Restricted Payment. 
 (b)    The provisions of Section 4.07(a)
hereof will not prohibit: 
 (1)    the payment of any dividend or distribution or the consummation of
any irrevocable redemption within 60 days after the date of declaration thereof or the giving of the redemption notice, if at the date of declaration or the giving of such notice such payment would have complied with the provisions of this
Indenture; 

  
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 (2)    (a) the redemption, repurchase, retirement, or
other acquisition of any Equity Interests (“Treasury Capital Stock”) or Subordinated Indebtedness of the Issuer or any Equity Interests of any direct or indirect Parent Company of the Issuer, in exchange for, or out of the proceeds
of the sale (within 90 days of such redemption, repurchase, retirement or other acquisition or other Restricted Payment) (other than to a Restricted Subsidiary) of, Equity Interests of the Issuer or any direct or indirect Parent Company of the
Issuer to the extent contributed to the Issuer (in each case, other than any Disqualified Stock) (“Refunding Capital Stock”), (b) if, immediately prior to the retirement of Treasury Capital Stock, the declaration and payment of
dividends thereon was permitted under clause (6) of this Section 4.07(b), the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to redeem, repurchase,
retire or otherwise acquire any Equity Interests of any direct or indirect Parent Company of the Issuer) in an aggregate amount per year no greater than the aggregate amount of dividends per annum that were declarable and payable on such Treasury
Capital Stock immediately prior to such retirement, and (c) the declaration and payment of accrued dividends on Treasury Capital Stock out of the proceeds of a sale of Refunding Capital Stock (other than to a Restricted Subsidiary or to an
employee stock ownership plan or any trust established by the Issuer or any Restricted Subsidiary) made within 90 days of such sale; 

(3)    the prepayment, defeasance, redemption, repurchase, exchange or other acquisition or retirement of
(A) Subordinated Indebtedness of the Issuer or any Subsidiary Guarantor made by exchange for, or out of the proceeds of the sale (made within 90 days of such prepayment, defeasance, redemption, repurchase, exchange, acquisition or retirement)
of, new Indebtedness of the Issuer or any Subsidiary Guarantor, as the case may be, or (B) Disqualified Stock of the Issuer or any Subsidiary Guarantor made by exchange for, or out of the proceeds of the sale (made within 90 days of such
prepayment, defeasance, redemption, repurchase, exchange, acquisition or retirement) of, Disqualified Stock of the Issuer or any Subsidiary Guarantor, which, in each case, is incurred or issued, as applicable, in compliance with Section 4.09
hereof so long as: 
 (A)    the principal amount (or accreted value, if applicable) of such new
Indebtedness or the liquidation preference of such new Disqualified Stock does not exceed the principal amount of (or accreted value, if applicable), plus any accrued and unpaid interest on, the Subordinated Indebtedness or the liquidation
preference of, plus any accrued and unpaid dividends on, the Disqualified Stock being so prepaid, defeased, redeemed, repurchased, exchanged, acquired or retired, plus the amount of any premium (including tender premiums) required to
be paid under the terms of the instrument governing the Subordinated Indebtedness or Disqualified Stock being so prepaid, defeased, redeemed, repurchased, exchanged, acquired, or retired, defeasance costs and any fees and expenses incurred in
connection therewith; 
 (B)    such new Indebtedness is subordinated to the Notes or the applicable
Guarantee at least to the same extent as such Subordinated Indebtedness so prepaid, defeased, redeemed, repurchased, exchanged, acquired, or retired; 

(C)    such new Indebtedness or Disqualified Stock has a final scheduled maturity date equal to or later
than the final scheduled maturity date of the Subordinated Indebtedness or Disqualified Stock being so prepaid, defeased, redeemed, repurchased, exchanged, acquired or retired (or, if earlier, the date that is 91 days after the maturity date of the
Notes); and 
 (D)    such new Indebtedness or Disqualified Stock has a Weighted Average Life to
Maturity equal to or greater than the remaining Weighted Average Life to Maturity of 

  
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the Subordinated Indebtedness or Disqualified Stock being so prepaid, defeased, redeemed, repurchased, exchanged, acquired or retired (or, if earlier, the date that is 91 days after the maturity
date of the Notes); 
 (4)    a Restricted Payment to pay for the repurchase, redemption, retirement, or
other acquisition or retirement for value of Equity Interests (other than Disqualified Stock) of the Issuer or any of its direct or indirect Parent Companies held by any future, present, or former employee, officer, director, member of management,
or consultant (or the estate, heirs, family members, spouse, former spouse, domestic partner, or former domestic partner of any of the foregoing) of the Issuer, any of its Subsidiaries or any of its direct or indirect Parent Companies pursuant to
any management equity plan or stock option plan or any other management or employee benefit plan or other agreement or arrangement (and including, for the avoidance of doubt, any principal and interest on any notes issued by the Issuer or any direct
or indirect Parent Company of the Issuer in connection such repurchase, redemption, retirement, or other acquisition and any tax related thereto); provided that the aggregate Restricted Payments made under this clause (4) do not exceed
in any calendar year the greater of (i) $17.5 million and (ii) 10.0% of EBITDA of the Issuer (with unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum (without giving effect to the following
proviso) of the greater of (i) $45.0 million and (ii) 25.0% of EBITDA of the Issuer) in such calendar year prior to the usage of the amount set forth above otherwise available for such calendar year); provided further that such amount in
any calendar year may be increased by an amount not to exceed: 
 (A)    the net cash proceeds from the
sale of Equity Interests (other than Disqualified Stock) of the Issuer and, to the extent contributed to the Issuer, Equity Interests of any of the Issuer’s direct or indirect Parent Companies, in each case to any future, present, or former
employee, officer, director, member of management, or consultant (or the estate, heirs, family members, spouse, former spouse, domestic partner, or former domestic partner of any of the foregoing) of the Issuer, any of its Subsidiaries or any of its
direct or indirect Parent Companies that occurs after the Issue Date, to the extent the net cash proceeds from the sale of such Equity Interests have not otherwise been applied to the payment of Restricted Payments by virtue of clause (C) of
Section 4.07(a) hereof; plus 
 (B)    the cash proceeds of key man life insurance policies
received by the Issuer or its Restricted Subsidiaries after the Issue Date; plus 
 (C)    the
amount of any cash bonuses otherwise payable to employees, officers, directors, members of management, or consultants of the Issuer, any of its Subsidiaries or any of its direct or indirect Parent Companies that are foregone in return for receipt of
Equity Interests; less 
 (D)    the amount of any Restricted Payments previously made with the cash
proceeds described in clauses (A), (B) and (C) of this clause (4); 
 and provided further that cancellation of Indebtedness
owing to the Issuer from any future, present, or former employee, officer, director, member of management or consultant (or the estate, heirs, family members, spouse, former spouse, domestic partner or former domestic partner of any of the
foregoing) of the Issuer, any of the Issuer’s direct or indirect Parent Companies or any of the Issuer’s Restricted Subsidiaries in connection with a repurchase of Equity Interests of the Issuer or any of its direct or indirect Parent
Companies will not be deemed to constitute a Restricted Payment for purposes of this Section 4.07 or any other provision of this Indenture; 

  
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 (5)    the declaration and payment of dividends to
holders of any class or series of Disqualified Stock of the Issuer or any of its Restricted Subsidiaries or any class or series of Preferred Stock of any Restricted Subsidiary issued in accordance with Section 4.09 hereof to the extent such
dividends are included in the definition of “Fixed Charges”; 
 (6)    (A) the declaration
and payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued by the Issuer or any of its Restricted Subsidiaries after the Issue Date; 

(B)    the declaration and payment of dividends or distributions to any direct or indirect Parent Company
of the Issuer, the proceeds of which will be used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of such Parent Company issued after the Issue Date; provided
that the amount of dividends paid pursuant to this clause (B) shall not exceed the aggregate amount of cash actually contributed to the Issuer from the sale of such Designated Preferred Stock; or 

(C)    the declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock in
excess of the dividends declarable and payable thereon pursuant to clause (2) of this Section 4.07(b); provided, in the case of each of (A) and (C) of this clause (6), that for the most recently ended four full fiscal quarters
for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock or the declaration of such dividends on Refunding Capital Stock that is Preferred Stock, after giving effect to such
issuance or declaration on a pro forma basis, the Issuer and its Restricted Subsidiaries on a consolidated basis would have had a Fixed Charge Coverage Ratio of at least 2.00 to 1.00; 

(7)    Investments in Unrestricted Subsidiaries having an aggregate fair market value, taken together with
all other Investments made pursuant to this clause (7) that are at the time outstanding, not to exceed the greater of $25.0 million and 15.0% of EBITDA of the Issuer at the time of such Investment (with the fair market value of each
Investment being measured at the time made and without giving effect to subsequent changes in value); 

(8)    (A) payments made or expected to be made by the Issuer or any Restricted Subsidiary or any direct or
indirect Parent Company of the Issuer in respect of withholding or similar taxes payable upon exercise or settlement, as the case may be, of Equity Interests by any future, present, or former employee, officer, director, member of management, or
consultant (or the estate, heirs, family members, spouse, former spouse, domestic partner, or former domestic partner of any of the foregoing) of the Issuer, any of its Subsidiaries, or any of its direct or indirect Parent Companies; and
(B) repurchases of Equity Interests deemed to occur upon exercise or settlement, as the case may be, of options, warrants, or similar instruments if such Equity Interests represent a portion of the exercise price thereof or required withholding
or similar taxes; 
 (9)    [Reserved]; 

(10)    Restricted Payments in an amount equal to the amount of Excluded Contributions made; 

(11)    other Restricted Payments in an aggregate amount, taken together with all other Restricted Payments
made pursuant to this clause (11) that are at the time outstanding, not to exceed the greater of $50.0 million and 30% of EBITDA of the Issuer at such time; 

(12)    distributions or payments of Securitization Fees; 

  
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 (13)    Restricted Payments constituting any part of a
Permitted Reorganization; provided that the Guarantees, taken as a whole, are not materially impaired; 

(14)    the repurchase, redemption, or other acquisition or retirement for value of any Subordinated
Indebtedness pursuant to the provisions similar to those described under Section 4.10 and Section 4.14 hereof; provided that all Notes validly tendered by Holders in connection with a Change of Control Offer or Asset Sale Offer, as
applicable, have been repurchased, redeemed, acquired, or retired for value; 
 (15)    [Reserved]; 

(16)    the distribution, by dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to
the Issuer or a Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are cash and Cash Equivalents); 

(17)    the repurchase, redemption, or other acquisition for value of Equity Interests of the Issuer or any
direct or indirect Parent Company of the Issuer deemed to occur in connection with paying cash in lieu of issuing fractional shares in connection with (A) any dividend, distribution, split, reverse split, merger, consolidation, amalgamation, or
other business combination, in each case, to the extent not prohibited by this Indenture, or (B) the exercise or settlement of options, warrants or similar instruments convertible into or exchangeable for Equity Interests of the Issuer or any
direct or indirect Parent Company of the Issuer; 
 (18)    the making of any Restricted Payment if, at
the time of the making of such payment and after giving pro forma effect thereto (including, without limitation, to the incurrence of any Indebtedness to finance such payments), the Consolidated Total Debt Ratio would not exceed 3.25 to 1.00;

 (19)    Restricted Payments to the extent necessary to enable any Parent Company of the Issuer: 

(A)    to pay general administrative costs and expenses (including corporate overhead, legal or similar
costs and expenses and franchise taxes, and similar fees, taxes and expenses) required to maintain the organizational existence of such Parent Company, in each case, which are reasonable and customary and incurred in the ordinary course of business,
plus any reasonable and customary indemnification claims made by any Employee Related Person of any Parent Company, in each case, to the extent attributable to the ownership or operations of any Parent Company (but excluding, for the avoidance of
doubt, the portion of any such amount, if any, that is attributable to the ownership or operations of any subsidiary of any Parent Company other than the Issuer and/or its Restricted Subsidiaries), the Issuer and/or its Restricted Subsidiaries; 

(B)    to pay audit and other accounting and reporting expenses of such Parent Company to the extent
attributable to any Parent Company (but excluding, for the avoidance of doubt, the portion of any such expenses, if any, attributable to the ownership or operations of any subsidiary of any Parent Company other than the Issuer and/or its Restricted
Subsidiaries), the Issuer and/or its Restricted Subsidiaries; 
 (C)    to pay insurance premiums to the
extent attributable to any Parent Company (but excluding, for the avoidance of doubt, the portion of any such premiums, if any, attributable to the ownership or operations of any subsidiary of any Parent Company other than the Issuer and/or its
Restricted Subsidiaries), the Issuer and/or its Restricted Subsidiaries; 
 (D)    to pay (x) fees
and expenses related to debt or equity offerings, Investments or acquisitions (whether or not consummated) and expenses and indemnities of any trustee, agent, arranger, underwriter or similar Person and (y) Public Company Costs; 

  
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 (E)    to finance any Investment permitted under this
Indenture (provided, that (x) any such Restricted Payment shall be made substantially concurrently with the closing of such Investment and (y) the relevant Parent Company shall, promptly following the closing thereof, cause (I) all
property acquired to be contributed to the Issuer or one or more of its Restricted Subsidiaries or (II) the merger, consolidation or amalgamation of the Person formed or acquired with or into the Issuer or one or more of its Restricted
Subsidiaries, in order to consummate such Investment in compliance with the applicable requirements of this Indenture as if undertaken as a direct Investment by the Issuer or the relevant Restricted Subsidiary); 

(F)    to pay customary salary, bonus, incentive, severance and other benefits (including payments pursuant
to any profits, interest or equity plan) payable to any Employee Related Person of any Parent Company to the extent such salary, bonuses, incentive and other benefits are attributable and reasonably allocated to the operations of the Issuer and/or
its Restricted Subsidiaries, in each case, so long as such Parent Company applies the amount of any such Restricted Payment for such purpose; 

(G)    to pay the Tax Distribution Amount and without duplication, distributions to finance any payments
(other than any accelerated payments or payments calculated based on valuation assumptions without regard to actual tax savings, including any such payments arising from a change of control transaction, a contractual breach, or by election of a
party to the agreement) required to be made pursuant to the Tax Receivable Agreement; and 
 (H)    to
make payments with respect to Permitted Convertible Indebtedness incurred by such Parent Company that is guaranteed by the Issuer or a Restricted Subsidiary; provided that such guarantee of such Permitted Convertible Indebtedness is permitted by
this Indenture; and 
 (20)    (i) payments made in connection with the purchase of any Permitted Bond
Hedge Transaction, (ii) payments made to settle, unwind or terminate any Permitted Warrant Transaction (I) by delivery of common stock or other Capital Stock (other than Disqualified Stock) of the Issuer or any Parent Company, (II) by
set-off against the related Permitted Bond Hedge Transaction or (III) with cash payments as determined under the terms of the documentation governing such transaction, or (iii) the settlement or
termination of any Permitted Equity Derivatives described in clause (1) of the definition thereof; provided that the entry into such Permitted Equity Derivative was permitted under this Section 4.07. 

provided that, at the time of, and after giving effect to, any Restricted Payment permitted under clauses (11), (13), (16) and (18) of this
Section 4.07(b), no Default shall have occurred and be continuing or would occur as a consequence thereof. 
 For purposes of
determining compliance with this Section 4.07, in the event that a proposed Restricted Payment (or a portion thereof) meets the criteria of clauses (1) through (20) of this Section 4.07(b) or is entitled to be made pursuant to
Section 4.07(a) hereof, the Issuer will be entitled to classify or later reclassify (based on circumstances existing on the date of such reclassification) such Restricted Payment (or portion thereof) between such clauses (1) through (20)
and Section 4.07(a) hereof in a manner that otherwise complies with this Section 4.07; except that the Issuer may not reclassify any Restricted Payment as having been made under clause (18) of this Section 4.07(b) if originally
made under any other clause of this Section 4.07(b) or under Section 4.07(a) hereof. 
 The amount of all Restricted Payments
(other than cash) shall be for fair market value on the date of such Restricted Payment of the asset(s) or securities proposed to be paid, transferred or issued by the Issuer or such Restricted Subsidiary, as the case may be, pursuant to such
Restricted Payment. The fair 

  
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market value of any cash Restricted Payment shall be its face value, and the market value of any non-cash Restricted Payment, property or assets other than
cash shall be reasonably determined by the Issuer acting in good faith. 
 If the Issuer or a Restricted Subsidiary makes a Restricted
Payment which at the time of the making of such Restricted Payment would in the good faith determination of the Issuer be permitted under the provisions of this Indenture, such Restricted Payment shall be deemed to have been made in compliance with
this Indenture notwithstanding any subsequent adjustments made in good faith to the Issuer’s financial statements affecting Consolidated Net Income, Total Assets or EBITDA of the Issuer for any period. 

For the avoidance of doubt, this covenant shall not restrict the making of, or dividends or other distributions in amounts sufficient to make,
any “AHYDO catch-up payment” with respect to any Indebtedness of the Issuer or any of its Restricted Subsidiaries permitted to be incurred under this Indenture. 

(c)    As of the Issue Date, all of the Issuer’s Subsidiaries will be Restricted Subsidiaries. The Issuer shall not
permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the penultimate sentence of the definition of “Unrestricted Subsidiary”. For purposes of designating any Restricted Subsidiary as an Unrestricted
Subsidiary, all outstanding Investments by the Issuer and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be Restricted Payments in an amount determined as set forth in the definition of
“Investments.” Such designation will be permitted only if a Restricted Payment in such amount would be permitted at such time, whether pursuant to Section 4.07(a) hereof or under clause (7), (10), (11), or (18) of
Section 4.07(b) hereof, or pursuant to the definition of “Permitted Investments”, and, if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries will not be subject to any of the
covenants set forth in this Indenture. 
 Section 4.08    Dividend and Other Payment Restrictions Affecting
Restricted Subsidiaries. 
 (a)    The Issuer shall not, and shall not permit any of its Restricted Subsidiaries that
are not Guarantors to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any such Restricted Subsidiary to: 

(1)    (A) pay a dividend or make any other distribution to the Issuer or any Guarantor on its Capital
Stock or with respect to any other interest or participation in, or measured by, its profits, or 

(B)    pay any Indebtedness owed to the Issuer or any Guarantor; 

(2)    make any loan or advance to the Issuer or any Guarantor; or 

(3)    sell, lease or transfer any of its properties or assets to the Issuer or any Guarantor. 

(b)    The restrictions in Section 4.08(a) hereof shall not apply to encumbrances or restrictions existing under or
by reason of: 
 (1)    contractual encumbrances or restrictions in effect on the Issue Date; 

(2)    (i) this Indenture, (ii) the Notes and the guarantees thereof (iii) the Senior Credit
Facilities (and the guarantees thereof and any collateral documents relating thereto), and (iv) Hedging Obligations; 

(3)    purchase money obligations for property acquired in the ordinary course of business and Capitalized
Lease Obligations that impose restrictions of the nature discussed in clause (3) of Section 4.08(a) hereof on the property so acquired; 

  
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 (4)    applicable law or any applicable rule, regulation
or order; 
 (5)    any agreement or other instrument of a Person acquired by or merged or consolidated
with or into or wound up into the Issuer or any of its Restricted Subsidiaries, or of an Unrestricted Subsidiary that is designated as a Restricted Subsidiary, or that is assumed in connection with the acquisition of assets from such Person, in each
case, that is in existence at the time of such transaction (but, in any such case, not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the
Person and its Subsidiaries, or the property or assets of the Person and its Subsidiaries, so acquired, designated or assumed; 

(6)    any contract or agreement for the sale of assets, including any customary restriction with respect
to a Subsidiary of the Issuer pursuant to an agreement that has been entered into for the sale or other disposition of all or substantially all of the Capital Stock or assets of such Subsidiary; 

(7)    secured Indebtedness otherwise permitted to be incurred pursuant to Section 4.09 hereof and
Section 4.12 hereof that limit the right of the debtor to dispose of the assets securing such Indebtedness; 

(8)    restrictions on cash or other deposits or net worth imposed by customers under contracts entered
into in the ordinary course of business; 
 (9)    other Indebtedness, Disqualified Stock or Preferred
Stock permitted to be incurred or issued subsequent to the Issue Date pursuant to Section 4.09 hereof and either (A) the provisions relating to such encumbrance or restriction contained in such Indebtedness, Disqualified Stock, or
Preferred Stock are not materially more restrictive, taken as a whole, as determined by the Issuer in good faith, than the provisions contained in the Senior Credit Facilities as in effect on the Issue Date or (B) any such encumbrance or
restriction contained in such Indebtedness, Disqualified Stock or Preferred Stock will not materially affect the Issuer’s ability to make principal or interest payments on the Notes when due; 

(10)    customary provisions in any operating agreement, joint venture agreement, asset sale agreement or
other similar agreement, or other similar arrangements; 
 (11)    customary provisions contained in
leases, sub-leases, licenses, sub-licenses, or similar agreements, including, without limitation, with respect to intellectual property, in each case, entered into in
the ordinary course of business; 
 (12)    any encumbrance or restriction of the type referred to in
clauses (1), (2), and (3) of Section 4.08(a) hereof imposed by any amendment, modification, restatement, renewal, increase, supplement, refunding, replacement, or refinancing of any of the contracts, instruments, or obligations referred to
in clauses (1) through (11) and (13) through (17) of this Section 4.08(b); provided that such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement, or refinancing is, in the good-faith
judgment of the Issuer, not materially more restrictive taken as a whole with respect to such dividend and other payment restrictions than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding,
replacement or refinancing; 
 (13)    restrictions or conditions contained in any trading, netting,
operating, construction, service, supply, purchase, sale, or other agreement to which the Issuer or any of its Restricted Subsidiaries is a party entered into in the ordinary course of business; provided that such agreement prohibits the
encumbrance of solely the property or assets of the Issuer or such Restricted 

  
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Subsidiary that are subject to such agreement, the payment rights arising thereunder, or the proceeds thereof and does not extend to any other asset or property of the Issuer or such Restricted
Subsidiary or the assets or property of another Restricted Subsidiary; 
 (14)    restrictions contained
in agreements (other than Indebtedness) arising in the ordinary course of business; provided that such restrictions do not prohibit (except upon an event of default thereunder) the payment of dividends in an amount sufficient, as determined
by the Issuer in good faith, to make principal or interest payments on the Notes when due; 
 (15)    in
the case of any Person that is not a Wholly Owned Subsidiary, set forth in the organizational documents thereof or in any joint venture, shareholders’ or similar agreements; 

(16)    that are or were created by virtue of any Lien granted upon, transfer of, agreement to transfer or
grant of, or any option or right with respect to any assets not otherwise prohibited under this Indenture; and 

(17)    that prohibit the payment of dividends or the making of other distributions with respect to any
class of Capital Stock of a Person other than on a pro rata basis. 
 Section 4.09    Limitation on Incurrence
of Indebtedness and Issuance of Disqualified Stock and Preferred Stock. 
 (a)    The Issuer shall not, and shall not
permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise (collectively, “incur” and collectively, an
“incurrence”), with respect to any Indebtedness (including Acquired Indebtedness), and the Issuer will not issue any shares of Disqualified Stock and will not permit any Restricted Subsidiary to issue any shares of Disqualified
Stock or Preferred Stock; provided that the Issuer may incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary may incur Indebtedness (including Acquired Indebtedness), issue
shares of Disqualified Stock and issue shares of Preferred Stock, if the Fixed Charge Coverage Ratio on a consolidated basis for the Issuer and its Restricted Subsidiaries’ most recently ended four fiscal quarters for which internal financial
statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or Preferred Stock is issued would have been at least 2.00 to 1.00 (the “Fixed Charge Coverage
Test”), determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred, or the Disqualified Stock or Preferred Stock had been issued, as
the case may be, and the application of proceeds therefrom had occurred at the beginning of such four-quarter period. 

(b)    The provisions of Section 4.09(a) hereof shall not apply to: 

(1)    the incurrence of (A) Indebtedness under Credit Facilities by the Issuer or any Restricted
Subsidiary and the issuance and creation of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances being deemed to have a principal amount equal to the face amount thereof); provided
that, immediately after giving effect to any such incurrence or issuance, the then-outstanding aggregate principal amount of all Indebtedness incurred or issued under this clause (1) (including, for avoidance of doubt, clause (B) of this clause
(1)) does not exceed the sum of (a) the greater of $170.0 million and 100% of EBITDA of the Issuer, plus (b) $740.0 million, plus (c) the maximum amount of Indebtedness such that, after giving pro forma
effect to such incurrence (in a manner consistent with the calculation of the Fixed Charge Coverage Ratio), the Consolidated Secured Debt Ratio of the Issuer does not exceed 5.00 to 1.00 (provided that, for purposes of determining the amount of
Indebtedness that may be incurred pursuant to this subclause (c), all Indebtedness incurred pursuant to this clause (1) (including, for avoidance of doubt, clause (B) of this clause (1)) shall be deemed to be secured by a Lien on

  
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property of the Issuer and its Restricted Subsidiaries) and (B) Indebtedness under Credit Facilities by the Issuer or any Restricted Subsidiary that serves to extend, replace, refund,
refinance, renew, or defease any Indebtedness originally incurred pursuant to clause (A) of this clause (1), including additional Indebtedness incurred or issued to pay premiums (including tender premiums), defeasance costs, and accrued
interest, fees, and expenses in connection with such extension, replacement, refunding, refinancing, renewal or defeasance; 

(2)    the incurrence by the Issuer and any Guarantor of Indebtedness represented by the Notes (including
any Guarantee) (other than any Additional Notes); 
 (3)    Indebtedness of the Issuer and its
Subsidiaries in existence on the Issue Date (other than Indebtedness described in clauses (1) and (2) of this Section 4.09(b)); 

(4)    Indebtedness of the Issuer or a Restricted Subsidiary incurred (either prior or within 270 days
thereafter) for the making of expenditures for the improvement or repair, to the extent the improvements or repairs may be capitalized in accordance with GAAP, or additions, including by way of acquisitions of businesses and related assets, to the
property and assets of the Issuer and its Restricted Subsidiaries, or incurred by assumption in connection with additions, including additions by way of acquisitions or capital contributions of businesses and related assets, to the property and
assets of the Issuer and its Restricted Subsidiaries; provided that the aggregate principal amount of this Indebtedness outstanding at any time under this clause (4) may not exceed the greater of $45.0 million and 25.0% of EBITDA of
the Issuer, 
 (5)    Indebtedness incurred by the Issuer or any of its Restricted Subsidiaries with
respect to letters of credit, bank guarantees, bankers’ acceptances, warehouse receipts or similar instruments issued or created in the ordinary course of business, including letters of credit in respect of workers compensation claims, health,
disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims; 

(6)    Indebtedness arising from agreements of the Issuer or its Restricted Subsidiaries providing for
indemnification, adjustment of purchase price, earn-outs or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets, or a Subsidiary, other than guarantees of Indebtedness
incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; 

(7)    Indebtedness of the Issuer to a Restricted Subsidiary; provided that any such Indebtedness
owing to a Restricted Subsidiary that is not a Guarantor is expressly subordinated in right of payment to the Notes; provided further that any subsequent issuance or transfer of any Capital Stock or any other event that results in any such
Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien (but not
foreclosed thereon)) shall be deemed, in each case, to be an incurrence of such Indebtedness not permitted by this clause (7); 

(8)    Indebtedness of a Restricted Subsidiary to the Issuer or another Restricted Subsidiary;
provided that, if a Guarantor incurs such Indebtedness owing to a Restricted Subsidiary that is not a Guarantor, such Indebtedness is expressly subordinated in right of payment to the Guarantee of such Guarantor; provided further that
any subsequent transfer of any Capital Stock or any other event that results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of such Indebtedness (except to the Issuer or another Restricted
Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien (but not foreclosed thereon)) shall be deemed, in each case, to be an incurrence of such Indebtedness not permitted by this clause (8); 

  
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 (9)    shares of Preferred Stock of a Restricted
Subsidiary issued to the Issuer or another Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event that results in any such Restricted Subsidiary that holds such Preferred Stock ceasing
to be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Issuer or another Restricted Subsidiary or any pledge of such Preferred Stock constituting a Permitted Lien (but not foreclosed
thereon)) shall be deemed in each case to be an issuance of such shares of Preferred Stock not permitted by this clause (9); 

(10)    Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes) for the
purpose of limiting interest rate risk with respect to any Indebtedness permitted to be incurred pursuant to this Section 4.09, exchange rate risk or commodity pricing risk and, to the extent constituting Indebtedness, obligations under
Permitted Warrant Transactions; 
 (11)    obligations in respect of self-insurance and obligations in
respect of performance, bid, appeal, and surety bonds and performance and completion guarantees and similar obligations provided by the Issuer or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees, or
similar instruments related thereto, in each case, in the ordinary course of business or consistent with past practice or industry practices; 

(12)    (a) Indebtedness or Disqualified Stock of the Issuer and Indebtedness, Disqualified Stock, or
Preferred Stock of any Restricted Subsidiary equal to 100.0% of the net cash proceeds received by the Issuer after the Issue Date from the issue or sale of Equity Interests of the Issuer or cash contributed to the capital of the Issuer (in each
case, other than proceeds of Excluded Contributions or Disqualified Stock or sales of Equity Interests to the Issuer or any of its Subsidiaries) as determined in accordance with clauses (C)(2) and (C)(3) of Section 4.07(a) hereof;
provided, however, that (i) any such net cash proceeds received or cash contributed shall not increase the amount available for making Restricted Payments to the extent any Indebtedness, Disqualified Stock or Preferred Stock is
issued or incurred in reliance on this clause (12)(a) and (ii) any such net cash proceeds received or cash contributed that are applied to make any Restricted Payments shall be excluded for purposes of incurring or issuing Indebtedness,
Disqualified Stock or Preferred Stock pursuant to this clause (12)(a); and (b) Indebtedness or Disqualified Stock of the Issuer and Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or any Restricted Subsidiary in an aggregate
principal amount or liquidation preference, which when aggregated with the principal amount and liquidation preference of all other Indebtedness, Disqualified Stock, and Preferred Stock then outstanding and incurred pursuant to this clause (12)(b),
together with any Refinancing Indebtedness in respect thereof then outstanding and incurred pursuant to clause (13) below, does not at any time outstanding exceed the greater of $50.0 million and 30.0% of EBITDA of the Issuer; 

(13)    the incurrence by the Issuer or any Restricted Subsidiary of Indebtedness or the issuance of
Disqualified Stock or the issuance by any Restricted Subsidiary of Preferred Stock which serves to extend, replace, refund, refinance, renew, or defease any Indebtedness, Disqualified Stock, or Preferred Stock incurred or issued as permitted under
Section 4.09(a) hereof and clauses (2), (3), (4), and (12) above, this clause (13) and clauses (14), (18)(c), and (26) below or any Indebtedness, Disqualified Stock, or Preferred Stock issued to so extend, replace, refund,
refinance, renew, or defease such Indebtedness, Disqualified Stock or Preferred Stock including additional Indebtedness, Disqualified Stock or Preferred Stock incurred or issued to pay premiums (including tender premiums), defeasance costs, and
accrued interest, dividends, premiums (including tender premiums), fees, underwriting discounts, costs and expenses (including original issue discount, 

  
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upfront fees or similar fees) in connection therewith (the “Refinancing Indebtedness”) prior to its respective maturity; provided that such Refinancing Indebtedness: 

(A)    has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred that
is not less than the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being extended, replaced, refunded, refinanced, renewed, or defeased, 

(B)    to the extent such Refinancing Indebtedness extends, replaces, refunds, refinances, renews or
defeases (i) Indebtedness subordinated or pari passu to the Notes or any Guarantee thereof, such Refinancing Indebtedness is subordinated or pari passu to the Notes or the Guarantee thereof at least to the same extent as the
Indebtedness being extended, replaced, refunded, refinanced, renewed, or defeased or (ii) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness must be Disqualified Stock or Preferred Stock, respectively, and 

(C)    shall not include: 

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

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

(3)    Indebtedness or Disqualified Stock of the Issuer or Indebtedness, Disqualified Stock or Preferred
Stock of a Restricted Subsidiary that refinances Indebtedness, Disqualified Stock, or Preferred Stock of an Unrestricted Subsidiary; and provided further that subclause (A) of this clause (13) shall not apply to any extension,
replacement, refunding, refinancing, renewal, or defeasance of Indebtedness that matures prior to the Notes; 

(14)    (x) Indebtedness or Disqualified Stock of the Issuer or Indebtedness, Disqualified Stock, or
Preferred Stock of a Restricted Subsidiary incurred or issued to finance an acquisition (or other purchase of assets), merger, or consolidation in an aggregate outstanding principal amount not to exceed the greater of $45.0 million and 25.0% of
EBITDA of the Issuer, (y) Indebtedness or Disqualified Stock of the Issuer or Indebtedness, Disqualified Stock, or Preferred Stock of a Restricted Subsidiary incurred or issued to finance an acquisition (or other purchase of assets), merger, or
consolidation or (z) Indebtedness, Disqualified Stock, or Preferred Stock of Persons that are acquired by the Issuer or any Restricted Subsidiary or merged into or consolidated with or into the Issuer or a Restricted Subsidiary in accordance
with the terms of this Indenture; provided that, in the case of clauses (y) and (z), after giving effect to such acquisition, merger, or consolidation, either: 

(A)    the Issuer would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the
Fixed Charge Coverage Test set forth in Section 4.09(a) hereof, or 
 (B)    the Fixed Charge
Coverage Ratio of the Issuer and the Restricted Subsidiaries is equal to or greater than immediately prior to such acquisition, merger, or consolidation; 

  
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 (15)    Indebtedness (a) 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 that such Indebtedness is extinguished within 30 Business Days of its incurrence) and
(b) in respect of Bank Products; 
 (16)    Indebtedness of the Issuer or any of its Restricted
Subsidiaries supported by a letter of credit issued pursuant to any Credit Facilities, in a principal amount not in excess of the stated amount of such letter of credit; 

(17)    (A) any guarantee by the Issuer or a Restricted Subsidiary of Indebtedness or other obligations of
any Restricted Subsidiary so long as the incurrence of such Indebtedness incurred by such Restricted Subsidiary is permitted under the terms of this Indenture, or 

(B)    any guarantee by a Restricted Subsidiary of Indebtedness or other obligations of the Issuer so long
as the incurrence of such Indebtedness incurred by the Issuer is permitted under the terms of this Indenture; 

(18)    (a) Indebtedness issued by the Issuer or any of its Restricted Subsidiaries to future, present, or
former officers, directors, employees, members of management and consultants (or the estate, heirs, family members, spouse, former spouse, domestic partner, or former domestic partner of any of the foregoing), in each case, to finance the purchase,
or redemption of Equity Interests of the Issuer or any direct or indirect Parent Company of the Issuer to the extent described in clause (4) of Section 4.07(b) hereof, (b) Indebtedness representing deferred compensation to employees
or directors of the Issuer, any of its Restricted Subsidiaries or any of its direct or indirect Parent Companies in the ordinary course of business and (c) Indebtedness to the seller of any business or assets acquired by Issuer or any
Restricted Subsidiary in an aggregate principal amount, together with any Refinancing Indebtedness in respect thereof then outstanding and incurred pursuant to clause (13) above, not to exceed the greater of $35.0 million and 20.0% of
EBITDA of the Issuer; 
 (19)    to the extent constituting Indebtedness, customer deposits and advance
payments received in the ordinary course of business from customers for goods purchased or services rendered in the ordinary course of business; 

(20)    Indebtedness owed on a short-term basis of no longer than 30 days to any bank or other financial
institution incurred in the ordinary course of business with such bank or financial institution, which arises in connection with ordinary banking arrangements to manage cash balances of the Issuer or any of its Restricted Subsidiaries; 

(21)    Indebtedness incurred by the Issuer or a Restricted Subsidiary in connection with bankers’
acceptances, discounted bills of exchange or the discounting or factoring of receivables for credit management purposes, in each case incurred, or undertaken in the ordinary course of business on arm’s length, commercial terms on a recourse
basis; 
 (22)    Indebtedness of the Issuer or any of its Restricted Subsidiaries consisting of
(i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, incurred in the ordinary course of
business; 
 (23)    guarantees incurred in the ordinary course of business in respect of obligations of
(or to) suppliers, vendors, distributors, customers, franchisees, lessors and licensees that, in each case, are non-Affiliates; 

(24)    to the extent constituting Indebtedness, obligations of the Issuer or a Restricted Subsidiary as
seller or servicer under a Securitization Facility and any guarantee by the Issuer or any Restricted Subsidiary of such Indebtedness; 

  
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 (25)    Indebtedness incurred or Disqualified Stock
issued by the Issuer or Indebtedness, Disqualified Stock or Preferred Stock incurred or issued by a Restricted Subsidiary, in each case, to the extent that the net proceeds thereof are promptly deposited to defease, redeem, or satisfy, and discharge
the Notes in accordance with this Indenture; and 
 (26)    Indebtedness of Restricted Subsidiaries that
are joint ventures or other non-Guarantors; provided, that the aggregate outstanding principal amount of such Indebtedness, together with any Refinancing Indebtedness in respect thereof then outstanding
and incurred pursuant to clause (13) above, shall not exceed the greater of $25.0 million and 15.0% of EBITDA of the Issuer. 

(c)    For purposes of determining compliance with this Section 4.09: 

(1)    in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion
thereof) meets the criteria of more than one of the categories of permitted Indebtedness, Disqualified Stock, or Preferred Stock described in clauses (1) through (26) of Section 4.09(b) hereof or is entitled to be incurred pursuant to
Section 4.09(a) hereof, the Issuer, in its sole discretion, may divide and/or classify, or at any later time re-divide and/or reclassify, such item of Indebtedness, Disqualified Stock or Preferred Stock
(or any portion thereof) in any manner that complies with this Section 4.09; provided that all Indebtedness outstanding (or deemed outstanding) under the Senior Credit Facilities on the Issue Date will be treated as incurred on the Issue
Date under clause (1) of Section 4.09(b) hereof and shall not be reclassified; 
 (2)    the
Issuer will be entitled to divide and/or classify, or at any later time re-divide and/or reclassify, any item of Indebtedness in more than one of the types of Indebtedness described in Section 4.09(a) and
Section 4.09(b) hereof without giving pro forma effect to the Indebtedness, Disqualified Stock, or Preferred Stock (or any portion thereof) incurred pursuant to Section 4.09(b) when calculating the amount of Indebtedness,
Disqualified Stock or Preferred Stock (or any portion thereof) that may be incurred pursuant to Section 4.09(a); 

(3)    any guarantee of, or obligation in respect of any letter of credit relating to, Indebtedness that is
otherwise included in the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided that the incurrence of the Indebtedness represented by such guarantee or letter
of credit, as the case may be, was in compliance with this Section 4.09; 
 (4)    in connection
with the incurrence or issuance, as applicable, of (x) revolving loan Indebtedness under this Section 4.09 or (y) any commitment relating to the incurrence or issuance of Indebtedness, Disqualified Stock or Preferred Stock under this
Section 4.09 and the granting of any Lien to secure such Indebtedness, the Issuer or applicable Restricted Subsidiary may designate such incurrence or issuance and the granting of any Lien therefor as having occurred on the date of first
incurrence of such revolving loan Indebtedness or commitment (such date, the “Deemed Date”), and any related subsequent actual incurrence or issuance and granting of such Lien therefor will be deemed for all purposes under this
Indenture to have been incurred or issued and granted on such Deemed Date, including, without limitation, for purposes of calculating the Fixed Charge Coverage Ratio, usage of any baskets under this Indenture (if applicable), the Consolidated
Secured Debt Ratio, the Consolidated Total Debt Ratio and EBITDA (and all such calculations on and after the Deemed Date until the termination or funding of such commitment shall be made on a pro forma basis giving effect to the deemed
incurrence or issuance, the granting of any Lien therefor and related transactions in connection therewith); 

(5)    the principal amount of any Disqualified Stock of the Issuer or any Restricted Subsidiary, or
Preferred Stock of a Restricted Subsidiary, will be equal to the greater of the maximum mandatory redemption or repurchase price (not including, in either case, any redemption or repurchase premium) and the liquidation preference thereof; and 

  
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 (6)    notwithstanding anything in this covenant to the
contrary, in the case of any Indebtedness, Disqualified Stock or Preferred Stock incurred or issued to refinance Indebtedness, Disqualified Stock or Preferred Stock initially incurred or issued in reliance on a clause of the second paragraph of this
covenant measured by reference to a percentage of EBITDA of the Issuer at the time of incurrence, if such refinancing would cause the percentage of EBITDA of the Issuer restriction to be exceeded if calculated based on the percentage of EBITDA of
the Issuer on the date of such refinancing, such percentage of EBITDA of the Issuer restriction shall not be deemed to be exceeded so long as the principal amount of such refinancing Indebtedness, Disqualified Stock or Preferred Stock does not
exceed the principal amount of such Indebtedness, Disqualified Stock or Preferred Stock being refinanced, plus accrued and unpaid interest, dividends, premiums (including tender premiums), defeasance costs, underwriting discounts, fees, costs and
expenses (including original issue discount, upfront fees or similar fees) in connection with such refinancing. 

(d)    Accrual of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue
discount, and the payment of interest or dividends in the form of additional Indebtedness, Disqualified Stock, or Preferred Stock, as the case may be, of the same class, and accretion or amortization of liquidation preference and increases in the
amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies, will each not be deemed to be an incurrence or issuance of Indebtedness, Disqualified Stock, or Preferred Stock, as the case may be, for
purposes of this Section 4.09. 
 (e)    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 calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was
incurred, in the case of term debt, or first committed or incurred, in the case of revolving credit debt (whichever yields the lower U.S. dollar equivalent); 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-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S.
dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed (x) the principal amount of such Indebtedness being refinanced plus (y) the aggregate
amount of fees, underwriting discounts, premiums (including tender premiums) and other costs and expenses (including original issue discount, upfront fees, or similar fees) incurred in connection with such refinancing. 

(f)    The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different
currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such refinancing. 

(g)    For the purposes of this Indenture, Indebtedness that is unsecured is not deemed to be subordinated or junior to
secured Indebtedness merely because it is unsecured, and Senior Indebtedness is not deemed to be subordinated or junior to any other Senior Indebtedness merely because it has a junior priority with respect to the same collateral. 

  
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 Section 4.10    Asset Sales. 

(a)    The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, consummate, directly or
indirectly, an Asset Sale, unless: 
 (1)    the Issuer or such Restricted Subsidiary, as the case may
be, receives consideration at the time of such Asset Sale at least equal to the fair market value (at the time of contractually agreeing to such Asset Sale) of the assets sold or otherwise disposed of; and 

(2)    except in the case of a Permitted Asset Swap, at least 75.0% of the consideration for such Asset
Sale received by the Issuer or such Restricted Subsidiary, as the case may be, is in the form of Cash Equivalents; provided that the amount of: 

(A)    any liabilities (as shown on the Issuer’s or such Restricted Subsidiary’s most recent
balance sheet or in the footnotes thereto, or if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been shown on the Issuer’s or such Restricted Subsidiary’s balance sheet or in the
footnotes thereto if such incurrence or increase had taken place on or prior to the date of such balance sheet, as determined by the Issuer) of the Issuer or such Restricted Subsidiary, other than liabilities that are by their terms subordinated to
the Notes, that are extinguished in connection with the transactions relating to such Asset Sale, or that are assumed by the transferee (or any third party on behalf of such transferee) of any such assets or Equity Interests, in each case, pursuant
to a written agreement that releases the Issuer or such Restricted Subsidiary from such liabilities, 

(B)    any securities, notes or other obligations or assets received by the Issuer or such Restricted
Subsidiary from such transferee that are converted by the Issuer or such Restricted Subsidiary into Cash Equivalents, or by their terms are required to be satisfied for Cash Equivalents (to the extent of the Cash Equivalents received), in each case,
within 180 days following the closing of such Asset Sale, 
 (C)    Indebtedness of a Restricted
Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Sale, to the extent the Issuer and each other Restricted Subsidiary are released from any guarantee of payment of such Indebtedness in connection with such Asset Sale,
and 
 (D)    any Designated Non-cash Consideration received by
the Issuer or such Restricted Subsidiary in such Asset Sale having an aggregate fair market value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (D) that
is at the time outstanding, not to exceed the greater of $45.0 million and 25.0% of EBITDA of the Issuer 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 and without giving effect to subsequent changes in value, 

shall, in each case, be deemed to be Cash Equivalents for purposes of this Section 4.10 and for no other purpose. 

  
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 (b)    Within 540 days after the receipt of the Net Cash Proceeds of any
Asset Sale, the Issuer or such Restricted Subsidiary, at its option, may apply the Net Cash Proceeds from such Asset Sale, 

(1)    to reduce: 

(A)    Obligations under Indebtedness of the Issuer or any Guarantor that is secured by a Lien (and, if
such Indebtedness is revolving credit Indebtedness, to correspondingly and permanently reduce commitments with respect thereto); 

(B)    Obligations under the Notes and/or other debt that is pari passu with the Notes in right of payment
(and, if such Indebtedness is revolving credit Indebtedness, to correspondingly and permanently reduce commitments with respect thereto); provided that if the Issuer or any Guarantor shall so reduce Obligations under such Indebtedness, and if
such reduction did not consist of a reduction in Obligations under the Notes on an equal and ratable basis (or an offer to repurchase the Notes on an equal and ratable basis in accordance with Section 4.10(c) hereof), then the Issuer shall
equally and ratably reduce Obligations under the Notes by (i) redeeming the Notes as provided under Section 3.07 hereof, (ii) purchasing the Notes through open-market purchases at a price equal to or higher than 100% of the principal
amount thereof or (iii) making an offer to all Holders of Notes to purchase their Notes at 100% of the principal amount thereof, plus accrued but unpaid interest, if any, on the amount of Notes that would otherwise be prepaid, which offer shall
be made in accordance with Section 4.10(c) hereof (including the provisions requiring an offer to be made to holders of other debt that is pari passu with the Notes in right of payment); or 

(C)    Indebtedness of a Restricted Subsidiary that is not a Guarantor (and, if such Indebtedness is
revolving credit Indebtedness, to correspondingly and permanently reduce commitments with respect thereto); 

(2)    to (i) invest (including capital expenditures) in or commit to invest in Additional Assets
(including by means of an investment in Additional Assets by a Restricted Subsidiary) or (ii) reinvest in similar assets (including any such assets that are acquired in accordance with the terms of this Indenture); provided that the Issuer may
elect to deem certain expenditures that would otherwise be permissible reinvestments but that occurred prior to the receipt of the applicable proceeds from the Asset Sale as having been reinvested in accordance with the provisions of this clause
(2), but only to the extent such deemed expenditure shall have been made no earlier than the earlier of the execution of a definitive agreement with respect to such Asset Sale or the consummation of the applicable Asset Sale; or 

(3)    any combination of the foregoing; 

provided that, in the case of clause (2) above, a binding commitment entered into within 540 days after the Asset Sale shall be treated as a
permitted application of the Net Cash Proceeds from the date of such commitment so long as the Issuer or such Restricted Subsidiary enters into such commitment with the good-faith expectation that such Net Cash Proceeds will be applied to satisfy
such commitment within 180 days of such commitment (an “Acceptable Commitment”) and, in the event any Acceptable Commitment is later cancelled or terminated for any reason before the Net Cash Proceeds are applied in connection
therewith, the Issuer or such Restricted Subsidiary enters into another Acceptable Commitment (a “Second Commitment”) within 180 days of such cancellation or termination; provided further that, if any Second Commitment is
later cancelled or terminated for any reason before such Net Cash Proceeds are applied, then such Net Cash Proceeds shall constitute Excess Proceeds. 

  
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 Notwithstanding the foregoing, to the extent that (i) any of or all the Net Cash
Proceeds of any Asset Sales by a Foreign Subsidiary (a “Foreign Disposition”) is prohibited or delayed by applicable local law from being repatriated to the United States or (ii) the Issuer, in its sole discretion, has
determined in good faith that repatriation of any of or all of the Net Cash Proceeds of any Foreign Disposition would result in material adverse tax consequences, the portion of such Net Cash Proceeds so affected will not be required to be applied
in compliance with this Section 4.10; provided that, within 540 days of the receipt of the Net Cash Proceeds of any Foreign Disposition, the Issuer shall use commercially reasonable efforts to permit repatriation of such proceeds that
would otherwise be subject to this Section 4.10 without violating applicable local law or incurring material adverse tax consequences, and, if such proceeds may be repatriated, within such 540 day period, such proceeds shall be applied in
compliance with this Section 4.10. 
 (c)    Any Net Cash Proceeds from any Asset Sale that are not invested or
applied as provided and within the time period set forth in Section 4.10(b) hereof (it being understood that any portion of such net proceeds used to make an offer to purchase Notes, as described in Section 4.10(b)(1) hereof, shall be
deemed to have been invested whether or not such offer is accepted) will be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $20.0 million, the Issuer shall make an offer (an
“Asset Sale Offer”) to all Holders of the Notes and, if required by the terms of any other debt that is pari passu with the Notes in right of payment, to the holders of such other debt that is pari passu with the Notes in right of
payment, to purchase the maximum aggregate principal amount of the Notes and such other debt that is pari passu with the Notes in right of payment that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100%
of the principal amount thereof (or in the event such other debt that is pari passu with the Notes in right of payment was issued with original issue discount, 100% of the accreted value thereof), plus accrued and unpaid interest, if any, to,
but excluding, the date fixed for the closing of such offer, in accordance with the procedures set forth in this Indenture and the agreements governing any such debt that is pari passu with the Notes in right of payment. The Issuer will commence an
Asset Sale Offer with respect to Excess Proceeds within 10 Business Days after the date that Excess Proceeds exceed $20.0 million by delivering the notice required pursuant to the terms of this Indenture, with a copy to the Trustee and Paying
Agent. The Issuer may satisfy the foregoing obligations with respect to any Net Cash Proceeds from an Asset Sale by making an Asset Sale Offer with respect to such Net Cash Proceeds prior to the expiration of the relevant 540 days (or such longer
period provided above) or with respect to Excess Proceeds of $20.0 million or less. 
 To the extent that the aggregate amount of Notes
and, if applicable, other debt that is pari passu with the Notes in right of payment, tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuer may use any remaining Excess Proceeds for any purpose not otherwise
prohibited under this Indenture. If the aggregate principal amount of Notes and, if applicable, debt that is pari passu with the Notes in right of payment surrendered by such holders thereof exceeds the amount of Excess Proceeds, the Issuer shall
select the Notes and such debt that is pari passu with the Notes in right of payment to be purchased or repaid on a pro rata basis based on the accreted value or principal amount of the Notes or such debt that is pari passu with the Notes in right
of payment tendered with adjustments as necessary or in accordance with the procedures of DTC so that no Notes or such debt that is pari passu with the Notes in right of payment will be purchased in part in an unauthorized denomination. Upon
completion of any such Asset Sale Offer, the amount of Excess Proceeds that resulted in the Asset Sale Offer shall be reset to zero (regardless of whether there are any remaining Excess Proceeds upon such completion). Upon consummation or expiration
of any Asset Sale Offer, any remaining Net Cash Proceeds shall not be deemed Excess Proceeds and the Issuer may use such Net Cash Proceeds for any purpose not otherwise prohibited under this Indenture. An Asset Sale Offer may be made at the same
time as consents are solicited with respect to an amendment, supplement or waiver of this Indenture, the Notes or the Guarantees (but the Asset Sale Offer may not condition tenders on the delivery of such consents). If the Trustee is not the acting
trustee for any such debt that is pari passu with the Notes to be selected for purchase or repayment, the 

  
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Trustee shall only select such debt that is pari passu with the Notes upon receiving: (i) the written direction of the Issuer and (ii) any additional information with respect to such
debt that is pari passu with the Notes that the Trustee may reasonably require from the Issuer. The Trustee shall have no liability whatsoever in connection with its selection of such debt that is pari passu with the Notes for which it is not the
acting trustee. 
 (d)    Pending the final application of any Net Cash Proceeds pursuant to this Section 4.10, the
holder of such Net Cash Proceeds may apply such Net Cash Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise invest such Net Cash Proceeds in any manner not prohibited by this Indenture. 

(e)    The Issuer shall comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any
securities laws or regulations conflict with the provisions of this Indenture, the Issuer will comply with the applicable securities laws and regulations and shall be deemed not to have breached its obligations described in this Indenture by virtue
thereof. 
 Section 4.11    Transactions with Affiliates. (a) The Issuer will not, and will not permit
any of its Restricted Subsidiaries (which shall be deemed to include an Affiliated Practice Group for purposes of this covenant) to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or
purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Issuer (each of the foregoing, an
“Affiliate Transaction”) involving aggregate payments or consideration in excess of $10.0 million, unless: 

(1)    such Affiliate Transaction is on terms that are not materially less favorable to the Issuer or its
relevant Restricted Subsidiary (which shall be deemed to include an Affiliated Practice Group for purposes of this covenant) than those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an
unrelated Person on an arm’s-length basis; and 
 (2)    the
Issuer delivers to the Trustee, with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate payments or consideration in excess of $50.0 million, a resolution adopted by the majority of the board of
directors of the Issuer approving such Affiliate Transaction and set forth in an Officer’s Certificate certifying that such Affiliate Transaction complies with clause (1) of this Section 4.11(a). 

(b)    The provisions of Section 4.11(a) will not apply to the following: 

(1)    transactions between or among the Issuer or any of its Restricted Subsidiaries (or any entity that
becomes a Restricted Subsidiary as a result of such transaction) to the extent permitted or not restricted by this Indenture; 

(2)    Restricted Payments permitted by Section 4.07 hereof (including any payments that are
exceptions to the definition of Restricted Payments set forth in clauses (1) through (4) of Section 4.07(a)) and the definition of “Permitted Investments”; 

(3)    the payment of reasonable and customary fees and compensation paid to, and indemnities and
reimbursements and employment and severance arrangements provided on behalf of or for the benefit of, current or former officers, directors, employees, members of management or consultants of the Issuer, any of its Restricted Subsidiaries or any of
its direct or indirect Parent Companies; 

  
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 (4)    transactions in which the Issuer or any of its
Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter addressed to the Issuer or any of its direct or indirect Parent Companies or the board of directors of the Issuer or any of its direct or indirect Parent Companies, from
an Independent Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of view or stating that the terms are not materially less favorable to the Issuer or its relevant Restricted
Subsidiary than those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person on an arm’s-length basis; 

(5)    any agreement or arrangement as in effect as of the Issue Date, and any transaction pursuant thereto
or contemplated thereby, or any amendment, modification or supplement thereto or replacement thereof (so long as any such amendment, modification, supplement or replacement is not disadvantageous to the Holders in any material respect when taken as
a whole as compared to the applicable agreement or arrangement as in effect on the Issue Date as reasonably determined by the Issuer in good faith); 

(6)    (a) transactions with customers, clients, suppliers or purchasers or sellers of goods or services
that are Affiliates, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture which are fair to the Issuer and its Restricted Subsidiaries, in the reasonable determination of the Issuer, or are on
terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party; or (b) payments to or from, and transactions with, any joint venture partner or joint venture or Unrestricted Subsidiaries entered into
in the ordinary course of business or consistent with past practice; 
 (7)    the sale or issuance of
Equity Interests (other than Disqualified Stock) of the Issuer to any director, officer, employee or consultant of the Issuer, any of its Restricted Subsidiaries or any of its direct or indirect Parent Companies; 

(8)    sales of accounts receivable, or participations therein or Securitization Assets; 

(9)    (a) loans or advances or guarantees in respect thereof (or cancellation of loans, advances or
guarantees) to any future, present, or former director, officer, employee, member of management, or consultant (or the estate, heirs, family members, spouse, former spouse, domestic partner, or former domestic partner of any of the foregoing) of the
Issuer, any of its Restricted Subsidiaries or any of its direct or indirect Parent Companies or otherwise made on behalf of the Issuer or any of its Restricted Subsidiaries that are, in each case, approved by the Issuer in good faith, and
(b) payments to, and transactions with, any future, present, or former director, officer, employee, member of management or consultant of the Issuer, any of its Restricted Subsidiaries or any of its direct or indirect Parent Companies pursuant
to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement that is, in each case, approved by the Issuer in good faith; and any employment
agreement, stock option plan and other compensatory arrangement (and any successor plan thereto) and any supplemental executive retirement benefit plan or arrangement with any such director, officer, employee, member of management, or consultant
that is, in each case, approved by the Issuer in good faith; 
 (10)    payments by the Issuer (and any
direct or indirect Parent Company of the Issuer) and its Subsidiaries pursuant to tax sharing agreements among the Issuer (and any such direct or indirect Parent Company of the Issuer) and its Subsidiaries; 

(11)    any guarantee by any direct or indirect Parent Company of the Issuer of Indebtedness of the Issuer
or any Guarantor that was permitted by this Indenture; 

  
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 (12)    any transaction with a Person that would
constitute an Affiliate Transaction solely because the Issuer or any of its Restricted Subsidiaries directly or indirectly owns an Equity Interest in or otherwise controls such Person; 

(13)    any lease entered into in the ordinary course of business between the Issuer or any Restricted
Subsidiary, on the one hand, and any Affiliate of the Issuer, on the other hand, which is approved by the Issuer in good faith; 

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

(15)    any contribution to the Capital Stock of the Issuer; 

(16)    transactions between the Issuer or any Restricted Subsidiary and any Person that is an Affiliate of
the Issuer or any Restricted Subsidiary solely because a director of such Person, any of its Subsidiaries or any direct or indirect Parent Company of such Person is also a director of the Issuer, any of its Subsidiaries, or any direct or indirect
Parent Company of the Issuer; provided that, such director abstains from voting as a director of the Issuer, such Restricted Subsidiary, or such Parent Company of the Issuer, as the case may be, on any such transaction; 

(17)    customary compensation to Affiliates in connection with financial advisory, financing, underwriting
or placement services or in respect of other investment banking activities and other transaction fees, which payments are approved by the majority of the members of the board of directors (or similar governing body) or a majority of the
disinterested members of the board of directors (or similar governing body) of the Issuer in good faith; 

(18)    transactions entered into by an Unrestricted Subsidiary with an Affiliate prior to the designation
of any such Unrestricted Subsidiary as a Restricted Subsidiary pursuant to the definition of “Unrestricted Subsidiary”, provided that such transactions were not entered into in contemplation of or in connection with such
designation; 
 (19)    transactions with Affiliates solely in their capacity as holders of Indebtedness
or Equity Interests of the Issuer, any of its Subsidiaries or any of its direct or indirect Parent Companies, so long as such transaction is with all holders of such class (and there are non-Affiliate holders)
and such Affiliates are treated no more favorably than all other holders of such Indebtedness or Equity Interests generally; 

(20)    payments of salary, bonus and other reasonable compensation in the ordinary course of business to
officers, employees and consultants of (x) Holdings (or any other Parent Company), the Issuer and any of its Restricted Subsidiaries in the ordinary course of business to the extent directly attributable to the ownership or operation of the
Issuer and its Restricted Subsidiaries) or that may, in the future, be deemed Affiliates by virtue of their ownership of Voting Stock in Holdings (or any other Parent Company) and (y) any Affiliated Practice Group; 

(21)    pledges of Equity Interests of any Unrestricted Subsidiary; 

(22)    any transaction with a Person who is not an Affiliate immediately before the consummation of such
transaction that becomes an Affiliate as a result of such transaction; and 
 (23)    the payment of
reasonable out-of-pocket costs and expenses related to registration rights and customary indemnities provided to holders of Capital Stock pursuant to any joint venture,
agreement, operating agreement, shareholders agreement or similar agreement. 
 Section 4.12    Liens. The
Issuer shall not, and shall not permit any Subsidiary Guarantor to, directly or indirectly, create, incur or assume any Lien that secures obligations under any Indebtedness or 

  
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any related guarantee of Indebtedness, on any asset, property or right of the Issuer or any Subsidiary Guarantor (other than Permitted Liens), unless either (a) in the case of Liens securing
Subordinated Indebtedness, the Notes and related Guarantees are secured by a Lien on such property, assets or proceeds that is senior in priority to such Liens; or (b) in the case of Liens securing Indebtedness other than Subordinated
Indebtedness, the Notes and related Guarantees are equally and ratably secured. 
 Any Lien created for the benefit of the Holders of the
Notes pursuant to the preceding paragraph shall provide by its terms that such Lien shall be deemed automatically and unconditionally released and discharged upon (a) the release by the holders of the Indebtedness described in the preceding
paragraph of their Lien on the property or assets of the Issuer or any Subsidiary Guarantor (including any deemed release upon payment in full of all obligations under such Indebtedness (except upon foreclosure or default of such Indebtedness)), (b)
any sale, exchange or transfer to any Person other than the Issuer or any Guarantor of the property or assets secured by such Lien, or of all of the Capital Stock held by the Issuer or any Guarantor in, or all or substantially all the assets of, any
Subsidiary Guarantor creating such Lien, in each case, in accordance with the terms of this Indenture, (c) payment in full of the principal of, and accrued and unpaid interest, if any, on the Notes, or (d) a defeasance or discharge of the
Notes in accordance with Article VIII or Article XI hereof. 
 With respect to any Lien securing Indebtedness that was permitted to secure
such Indebtedness at the time of the incurrence of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any increase in the amount
of such Indebtedness in connection with any accrual of interest, the accretion of accreted value, amortization of original issue discount, the payment of interest in the form of additional Indebtedness, accretion or amortization of original issue
discount of liquidation preference, and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness. 

For purposes of determining compliance with this Section 4.12, (x) a Lien need not be incurred solely by reference to one category of
Permitted Liens but may be incurred under any combination of such categories (including in part under one such category and in part under any one or more of such other such categories) and (y) in the event that a Lien (or any portion thereof)
meets the criteria of one or more of such categories, the Issuer, in its sole discretion, may divide and/or classify, or at any later time re-divide and/or reclassify, such Lien (or any portion thereof) in any
manner that complies with this Section 4.12 and the definition of “Permitted Liens” and, in such event, such Lien securing such item of Indebtedness (or any portion thereof) will be treated as being incurred or existing
pursuant to only such clause or clauses (or any portion thereof) without giving pro forma effect to such item (or portion thereof) when calculating the amount of Liens or Indebtedness that may be incurred pursuant to any other clause or paragraph

 Section 4.13    [Reserved]. 

Section 4.14    Offer to Repurchase Upon Change of Control. (a) If a Change of Control occurs, unless the
Issuer has previously sent a redemption notice with respect to all the outstanding Notes as described under Section 3.07 hereof, the Issuer shall make an offer to purchase all of the Notes pursuant to the offer described below (a
“Change of Control Offer”) at a price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the date of
purchase, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. Within 30 days following any Change of Control, except to the extent that the Issuer has exercised its
rights to redeem all the outstanding Notes pursuant to Section 3.07 hereof, the Issuer shall send notice of such Change of Control Offer electronically or by first-class mail, with a copy to the Trustee and Paying Agent, to each

  
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Holder at the address of such Holder appearing in the Note Register or otherwise in accordance with the Applicable Procedures with the following information: 

(1)    that a Change of Control Offer is being made pursuant to this Section 4.14 and that all Notes
properly tendered pursuant to such Change of Control Offer will be accepted for payment by the Issuer; 

(2)    the purchase price and the purchase date, which will be no earlier than 30 days nor later than 60
days from the date such notice is sent (the “Change of Control Payment Date”), except in the case of a conditional Change of Control Offer made in advance of a Change of Control in accordance with clause (c) of this
Section 4.14; 
 (3)    that any Note not properly tendered will remain outstanding and continue to
accrue interest; 
 (4)    that, unless the Issuer 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 Payment Date; 

(5)    that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be
required to surrender such Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the paying agent specified in the notice at the address specified in the notice prior to the close of
business on the third Business Day preceding the Change of Control Payment Date; 
 (6)    that Holders
will be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such Notes; provided that the Paying Agent receives, not later than the close of business on the fourth Business Day prior to the Change of
Control Payment Date, an electronic transmission, or letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election
to have such Notes purchased; 
 (7)    that Holders (other than Holders of a Global Note) whose Notes
are being purchased only in part will be issued new Notes and such new Notes will be equal in principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of any Note must be equal to at least $2,000 or any integral
multiple of $1,000 in excess thereof; 
 (8)    if such notice is sent prior to the occurrence of a
Change of Control, a statement that the Change of Control Offer is conditional on the occurrence of such Change of Control and, if applicable, a statement that, in the Issuer’s discretion, the Change of Control Payment Date may be delayed until
such time as the Change of Control shall have occurred, or that such purchase may not occur and such notice may be rescinded in the event the Change of Control shall not have occurred by the Change of Control Payment Date, or by the Change of
Control Payment Date as so delayed; and 
 (9)    the other instructions, as determined by the Issuer,
consistent with this Section 4.14 described hereunder, that a Holder must follow. 
 The notice, if delivered electronically, mailed or
caused to be mailed 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 as provided herein or any defect in the notice to the Holder
of any Note designated for purchase shall not affect the validity of the proceedings for the purchase of any other Note. 

  
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 The Issuer shall comply with the requirements of Rule
14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of Notes pursuant to a Change of
Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Issuer shall comply with the applicable securities laws and regulations and shall be deemed not to have
breached its obligations under this Indenture by virtue thereof. 
 (b)    On the Change of Control Payment Date, the
Issuer shall, to the extent permitted by law, 
 (1)    accept for payment all Notes issued by it or
portions thereof properly tendered pursuant to the Change of Control Offer; 
 (2)    have deposited with
the Paying Agent by 11:00 a.m. (New York Time) an amount equal to the aggregate Change of Control Payment in respect of all Notes or portions thereof so tendered; and 

(3)    deliver, or cause to be delivered, to the Trustee for cancellation the Notes so accepted together
with an Officer’s Certificate stating that such Notes or portions thereof have been tendered to and purchased by the Issuer. 

(c)    The Issuer shall not be required to make a Change of Control Offer following a Change of Control if (i) a
third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer and purchases all Notes validly
tendered and not withdrawn under such Change of Control Offer or (ii) in connection with or in contemplation of any such Change of Control, the Issuer (or any Affiliate thereof) has made an offer to purchase (an “Alternate
Offer”) any and all Notes 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. Additionally, the Issuer
will not be required to make a Change of Control Offer if the Issuer has previously issued a notice of redemption for all of the Notes pursuant to Section 3.07 hereof. Notwithstanding anything to the contrary herein, a Change of Control Offer
or Alternate Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer or Alternate Offer, and
the Change of Control Payment Date may be extended automatically until such Change of Control occurs. A Change of Control Offer or Alternate Offer may be made at the same time as consents are solicited with respect to an amendment, supplement or
waiver of this Indenture, the Notes and/or Guarantees (but the Change of Control Offer may not condition tenders on the delivery of such consents). 

(d)    Other than as specifically provided in this Section 4.14, any purchase pursuant to this Section 4.14
shall be made pursuant to the provisions of Sections 3.02, 3.05 and 3.06 hereof, and references therein to “redeem,” “redemption” and similar words shall be deemed to refer to “purchase,” “repurchase” and
similar words, as applicable. 
 Section 4.15    Limitation on Guarantees of Indebtedness by Restricted
Subsidiaries. The Issuer shall not permit any Restricted Subsidiary, other than a Guarantor, to guarantee the payment of any Indebtedness under the Senior Credit Facilities unless such Restricted Subsidiary within 45 days of such guarantee
executes and delivers a supplemental indenture to this Indenture, the form of which is attached as Exhibit D hereto, providing for a Guarantee by such Restricted Subsidiary. 

The Issuer may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to be a Guarantor to become a Guarantor.
In addition, the Issuer may elect, in its sole discretion, to cause any direct or indirect Parent Company of the Issuer to guarantee the Notes, and, for the avoidance of doubt, any direct or indirect Parent Company of the Issuer that may guarantee
the Notes in the future shall not be subject to any of the covenants or restrictions of this Indenture. Any guarantee of the Notes provided by any direct or indirect Parent Company of the Issuer may be released at any time in the Issuer’s sole
discretion. 

  
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 Section 4.16    Suspension of Covenants. 

(a)    If on any date following the Issue Date (i) the Notes have Investment Grade Ratings from any two of the Rating
Agencies and (ii) no Default has occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension
Event”) then, beginning on that day (the “Suspension Date”) and continuing until the Reversion Date, hereof, Section 4.08 hereof, Section 4.09 hereof, Section 4.10 hereof, Section 4.11 hereof,
Section 4.15 hereof and clause (4) of Section 5.01(a) hereof shall not be applicable to the Notes (collectively, the “Suspended Covenants”). 

(b)    During any period that the Suspended Covenants have been suspended, the Issuer may not designate any of their
Subsidiaries as Unrestricted Subsidiaries pursuant to the second sentence of the definition of “Unrestricted Subsidiary.” 

(c)    In the event that the Issuer and its Restricted Subsidiaries are not subject to the Suspended Covenants under this
Indenture for any period as a result of the foregoing, and on any subsequent date (the “Reversion Date”) the Notes do not carry an Investment Grade Rating from at least two of the Rating Agencies, then the Issuer and its Restricted
Subsidiaries will thereafter again be subject to the Suspended Covenants under this Indenture with respect to events occurring on or after the Reversion Date unless and until there shall be a new Suspension Date. The period between a Suspension Date
and a Reversion Date is referred to in this Section 4.16 as a “Suspension Period.” Upon the occurrence of a Covenant Suspension Event, the amount of Excess Proceeds from Net Cash Proceeds shall be reset to zero. 

(d)    During any Suspension Period, the Issuer and its Restricted Subsidiaries will be entitled to incur Liens to the
extent provided for in Section 4.12 hereof (including Permitted Liens) and any Permitted Liens that refer to one or more Suspended Covenants shall be interpreted as though such applicable Suspended Covenant(s) continued to be applicable during
the Suspension Period (but solely for Section 4.12 hereof). 
 Notwithstanding the foregoing, in the event of any reinstatement of the
Suspended Covenants, no action taken or omitted to be taken by the Issuer or any of its Restricted Subsidiaries prior to such reinstatement will give rise to a Default or Event of Default under this Indenture with respect to the Notes;
provided that (1) with respect to Restricted Payments made after such reinstatement, the amount of Restricted Payments made will be calculated as though Section 4.07 had been in effect prior to, but not during, the Suspension
Period; (2) all Indebtedness incurred, or Disqualified Stock or Preferred Stock issued, during the Suspension Period will be classified to have been incurred or issued pursuant to Section 4.09(b)(3); (3) all Liens incurred during the
Suspension Period will be classified to have been incurred under clause (7) of the definition of “Permitted Liens”; (4) any Affiliate Transaction entered into after such reinstatement pursuant to all agreements and arrangements
entered into during any Suspension Period shall be deemed to be permitted pursuant to Section 4.11(b)(5) hereof; and (5) any encumbrance or restriction on the ability of any Restricted Subsidiary that is not a Guarantor to take any action
described in clauses (1) through (3) of Section 4.08(a) hereof that becomes effective during any Suspension Period shall be deemed to be permitted pursuant to Section 4.08(b)(1) hereof. 

In addition, for purposes of clause (C) of Section 4.07(a) hereof, all events set forth in such clause (3) occurring during a
Suspension Period shall be disregarded for purposes of determining the amount of Restricted Payments the Issuer or any Restricted Subsidiary is permitted to make pursuant to such clause (3). 

  
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 On and after each Reversion Date, the Issuer and its Subsidiaries will be permitted to
consummate the transactions contemplated by any contract entered into during the Suspension Period, so long as such contract and such consummation would have been permitted during such Suspension Period. 

(e)    The Issuer shall notify the Trustee of the occurrence of any Covenant Suspension Event and any Reversion Date;
provided that such notification shall not be a condition for the suspension of the Suspended Covenants to be effective; provided further that the Trustee shall be under no obligation to monitor the ratings of the Notes, determine or
verify the Issuer’s determination of the occurrence of any Covenant Suspension Event or Reversion Date or inform Holders of any of the foregoing. 

  
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 ARTICLE V 

SUCCESSORS 

Section 5.01    Merger, Consolidation or Sale of All or Substantially All Assets. 

(a)    The Issuer may not consolidate or merge with or into or wind up into (whether or not the Issuer is the surviving
corporation), or sell, assign, transfer, lease, convey, consummate a Division as the Dividing Person or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to any Person unless: 

(1)    (a) in the case of a Division where the Issuer is the Dividing Person, either (x) all Division
Successors shall become co-Issuer of the Notes (this clause (x), a “Permitted Co-Issuer Division”) or (y) the Division, as to any Division
Successor that will not be a co-issuer, is permitted by Section 4.10 hereof and (b) the Issuer is the surviving Person or the Person formed by or surviving any such consolidation, merger, Division or
wind-up (if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a Person organized or existing under the laws of the jurisdiction
of organization of the Issuer or the laws of the United States, any state thereof, the District of Columbia, or any territory thereof(such Person, as the case may be, being herein called the “Successor Company”); 

(2)    the Successor Company, if other than the Issuer expressly assumes all the obligations of the Issuer
under this Indenture and the Notes pursuant to supplemental indentures or other documents or instruments; 

(3)    immediately after such transaction, no Default or Event of Default exists; 

(4)    immediately after giving pro forma effect to such transaction and any related financing or
debt reduction transactions, as if such transactions had occurred at the beginning of the applicable four-quarter period, 

(A)    the Successor Company would be permitted to incur at least $1.00 of additional Indebtedness
pursuant to the Fixed Charge Coverage Test set forth in Section 4.09(a) hereof, or 
 (B)    the
Fixed Charge Coverage Ratio for the Successor Company and the Restricted Subsidiaries would be equal to or greater than the Fixed Charge Coverage Ratio for the Issuer and the Restricted Subsidiaries immediately prior to such transaction; 

(5)    each Subsidiary Guarantor, unless it is the other party to the transactions described above, in
which case Section 5.01(c)(1)(B) hereof shall apply, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations under this Indenture and the Notes; and 

(6)    the Successor Company shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that such consolidation, merger, wind up, sale, assignment, transfer, lease, conveyance or other disposition and such supplemental indentures, if any, comply with this Indenture; provided that the Trustee shall be
under no obligation to inform Holders of the occurrence of any such consolidation, merger, wind-up, sale, assignment, transfer, lease, conveyance or other disposition. 

  
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 (b)    The Successor Company, if not the Issuer will succeed to, and be
substituted for, the Issuer under this Indenture and the Notes and in such event the Issuer will automatically be released and discharged from its obligations under this Indenture and the Notes. 

Notwithstanding clauses (3) and (4) of Section 5.01(a) hereof, 

(1)    any Restricted Subsidiary may consolidate or merge with or into or wind up into or transfer all or
part of its properties and assets to the Issuer or any Subsidiary Guarantor, and 
 (2)    the Issuer may
merge with an Affiliate thereof solely for the purpose of reorganizing the Issuer in another state of the United States, the District of Columbia or any territory thereof, so long as the amount of Indebtedness of the Issuer and its Restricted
Subsidiaries is not materially increased thereby. 
 (c)    Subject to Section 10.06 hereof, on and following the
Issue Date, no Subsidiary Guarantor will, and the Issuer will not permit any Subsidiary Guarantor to, consolidate or merge with or into or wind up into (whether or not such Subsidiary Guarantor is the surviving Person), or sell, assign, transfer,
lease, convey, consummate a Division as the Dividing Person, or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to any Person unless: 

(1)    (A) such Subsidiary Guarantor is the surviving Person or the Person formed by or surviving any
such consolidation, merger, Division, or wind-up (if other than such Subsidiary Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a Person
organized or existing under the laws of the jurisdiction of organization of such Subsidiary Guarantor or the laws of the United States, any state thereof, the District of Columbia, or any territory thereof(such Person being herein called the
“Successor Person”); 
 (B)    the Successor Person, if other than such Subsidiary
Guarantor, expressly assumes all the obligations of such Subsidiary Guarantor under this Indenture and such Subsidiary Guarantor’s related Guarantee pursuant to supplemental indentures or other documents or instruments; and 

(C)    immediately after such transaction, no Default or Event of Default exists; or 

(2)    the transaction is made in compliance with Section 4.10 hereof. 

(d)    Subject to Section 10.06 hereof, the Successor Person will succeed to, and be substituted for, such Subsidiary
Guarantor under this Indenture and such Subsidiary Guarantor’s Guarantee and in such event such Subsidiary Guarantor will automatically be released and discharged from its obligations under this Indenture and its Guarantee. Notwithstanding the
foregoing, any Subsidiary Guarantor may (1) consolidate or merge with or into or wind up into, or transfer all or part of its properties and assets, including by means of a Division, to the Issuer or any Subsidiary Guarantor, (2) merge
with an Affiliate of the Issuer solely for the purpose of reorganizing such Subsidiary Guarantor in another jurisdiction so long as the amount of Indebtedness of the Issuer and its Restricted Subsidiaries is not increased thereby and so long as the
surviving entity (if not the Subsidiary Guarantor) assumes all of the Subsidiary Guarantor’s obligations under its Guarantee in connection with such reorganization, (3) convert into a corporation, partnership, limited partnership, limited
liability company or trust organized or existing under the laws of the jurisdiction of organization of such Subsidiary Guarantor or (4) liquidate or dissolve or change its legal form if the Issuer determines in good faith that such action is in
the best interests of the Issuer and is not materially disadvantageous to the Holders, in each case, without regard to the requirements set forth in Section 5.01(c) hereof. 

  
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 (e)    Notwithstanding anything herein to the contrary, this
Section 5.01 shall not apply to any consolidation, merger or winding up or any sale, assignment, transfer, conveyance, lease or other disposition of assets between or among the Issuer and its Restricted Subsidiaries. 

(f)    Notwithstanding anything in this Section 5.01, any Restricted Subsidiary that is a limited liability company
may consummate a Division as the Dividing Person if, immediately upon the consummation of the Division, the assets of the applicable Dividing Person are held by one or more Restricted Subsidiaries at such time, or, with respect to assets not so held
by one or more Restricted Subsidiaries, such Division, in the aggregate, would otherwise result in an Asset Sale permitted by Section 4.10 hereof. 

Section 5.02    Successor Person Substituted. Upon any consolidation or merger, or any sale, assignment,
transfer, lease, conveyance or other disposition of all or substantially all of the assets of the Issuer or a Subsidiary Guarantor in accordance with Section 5.01 hereof, the successor Person formed by such consolidation or into or with which
the Issuer or such Subsidiary Guarantor, as applicable, is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such
consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Indenture referring to the Issuer or such Subsidiary Guarantor, as applicable, shall refer instead to the successor Person and not to such the Issuer or such
Subsidiary Guarantor, as applicable), and may exercise every right and power of the Issuer or such Subsidiary Guarantor, as applicable, under this Indenture with the same effect as if such successor Person had been named as the Issuer or a
Guarantor, as applicable, herein; provided that the predecessor Issuer shall not be relieved from the obligation to pay the principal of, premium, if any, and interest on the Notes except in the case of a sale, assignment, transfer,
conveyance or other disposition of all of the Issuer’s assets that meets the requirements of Section 5.01 hereof. 

  
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 ARTICLE VI 

DEFAULTS AND REMEDIES 

Section 6.01    Events of Default. An “Event of Default” means any one of the following
events: 
 (1)    default in payment when due and payable, upon redemption, acceleration or otherwise, of
principal of, or premium, if any, on the Notes; 
 (2)    default for 30 days or more in the payment when
due of interest on or with respect to the Notes; 
 (3)    failure by the Issuer or any Guarantor for 60
days after receipt of written notice of such failure given by the Trustee or the Holders of not less than 30% in principal amount of the Notes then outstanding (with a copy to the Trustee) to comply with any of its obligations, covenants or
agreements contained in this Indenture or the Notes (other than a default referred to in clauses (1) and (2) above); provided that any such notice may not be given with respect to any action taken, and reported publicly or to Holders,
more than two years prior to such notice; 
 (4)    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 Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that taken together would constitute a Significant
Subsidiary) or the payment of which is guaranteed by the Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that taken together would constitute a Significant Subsidiary), other than Indebtedness owed to the Issuer or a
Restricted Subsidiary, whether such Indebtedness or guarantee now exists or is created after the issuance of the Notes, if both: 

(A)    such default either results from the failure to pay any principal of such Indebtedness at its
stated final maturity (after giving effect to any applicable grace periods) or relates to an obligation other than the obligation to pay principal of any such Indebtedness at its stated final maturity and results in the holder or holders of such
Indebtedness causing such Indebtedness to become due prior to its stated maturity; and 
 (B)    the
principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure to pay principal at stated final maturity (after giving effect to any applicable grace periods), or the maturity of which
has been so accelerated, aggregate $50.0 million or more at any time outstanding; 
 (5)    failure
by the Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that taken together would constitute a Significant Subsidiary) to pay final judgments aggregating in excess of $50.0 million (net of any amounts which are
covered by independent third-party insurance), which final judgments remain unpaid, undischarged and unstayed for a period of more than 60 days after such judgment becomes final, and, in the event such judgment is covered by insurance, an
enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed; 

(6)    either Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that taken
together would constitute a Significant Subsidiary), pursuant to or within the meaning of any Bankruptcy Law: 

(A)    commences proceedings to be adjudicated bankrupt or insolvent; 

  
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 (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 reorganization or relief under applicable Bankruptcy law; 

(C)    consents to the appointment of a receiver, 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)    generally is not paying its debts as they
become due; 
 (7)    a court of competent jurisdiction enters an order or decree under any Bankruptcy
Law: 
 (A)    for relief against either Issuer or any Significant Subsidiary (or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) in an involuntary case; 

(B)    that appoints a receiver, liquidator, assignee, trustee, sequestrator or other similar official of
the Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that taken together would constitute a Significant Subsidiary), or for all or substantially all of the property of the Issuer or any Significant Subsidiary (or any
group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary); or 

(C)    that orders the liquidation of the Issuer or any Significant Subsidiary (or any group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary); 
 and the order or decree remains unstayed and in effect for 60 consecutive
days; 
 (8)    the Guarantee of any Significant Subsidiary shall for any reason cease to be in full
force and effect or be declared null and void or any responsible officer of any Guarantor that is a Significant Subsidiary, as the case may be, denies that it has any further liability under its Guarantee or gives notice to such effect, other than
by reason of the termination of this Indenture or the release of any such Guarantee in accordance with this Indenture. 

Section 6.02    Acceleration. If any Event of Default (other than an Event of Default specified in clause
(6) or (7) of Section 6.01 hereof) occurs and is continuing under this Indenture, the Trustee or the Holders of at least 30% in principal amount of the then-outstanding Notes by written notice to the Issuer (with a copy to the Trustee if
given by the Holders) may declare the principal, premium, if any, interest, and any other monetary obligations on all the then-outstanding Notes to be due and payable immediately. 

Upon the effectiveness of any declaration of acceleration, the principal and interest on the Notes shall be due and payable immediately. The
Trustee shall have no obligation to accelerate the Notes if in the judgment of the Trustee acceleration is not in the interests of the Holders of the Notes. 

Notwithstanding the foregoing, in the case of an Event of Default arising under clause (6) or (7) of Section 6.01 hereof, all
outstanding Notes shall be due and payable immediately without further action or notice. 
 In the event of any Event of Default specified
in clause (4) of Section 6.01 hereof, such Event of Default and all consequences thereof (excluding any resulting payment default, other than as a result of 

  
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acceleration of the Notes) shall be annulled, waived, and rescinded, automatically and without any action by the Trustee or the Holders, if within 20 days after such Event of Default arose: 

(1)    the Indebtedness or guarantee that is the basis for such Event of Default has been discharged; 

(2)    the holders thereof have rescinded or waived the acceleration, notice or action (as the case may be)
giving rise to such Event of Default; or 
 (3)    the default that is the basis for such Event of
Default has been cured. 
 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 Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. 

Section 6.04    Waiver of Past Defaults. Holders of a majority in aggregate principal amount of the
then-outstanding Notes by written notice to the Trustee (with a copy to the Issuer; provided that any waiver or rescission under this Section 6.04 shall be valid and binding notwithstanding the failure to provide a copy of such notice to
the Issuer) may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under this Indenture (except a continuing Default in the payment of the principal of, premium, if any, or interest on,
any Note held by a non-consenting Holder) (including in connection with an Asset Sale Offer or Change of Control Offer) and rescind any acceleration with respect to the Notes and its consequences (except if
such rescission would conflict with any judgment of a court of competent jurisdiction). 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 thereto. 

Section 6.05    Control by Majority. Holders of a majority in principal amount of the then-outstanding 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. The Trustee, however, may refuse to follow any direction that conflicts with law
or this Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability (it being understood that the Trustee does not have an affirmative duty to determine
whether any such actions are prejudicial to any Holders). 
 Section 6.06    Limitation on Suits. Subject to
Section 6.07 hereof, 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 30% in principal amount of the then-outstanding Notes have requested the
Trustee to pursue the remedy; 
 (3)    such Holder has offered, and if requested, provided the Trustee
indemnity, security, and/or prefunding reasonably satisfactory to the Trustee against any loss, liability or expense; 

  
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 (4)    the Trustee has not complied with such request
within 60 days after the receipt thereof and the offer or provision of security or indemnity; and 

(5)    Holders of a majority in principal amount of the then-outstanding Notes have not given the Trustee a
direction inconsistent with such request within such 60-day period. 
 Notwithstanding anything in
this Indenture to the contrary, a notice of Default, notice of acceleration or instruction to the Trustee to provide a notice of Default or notice of acceleration with respect to the Notes may not be given by the Trustee or the Holders of the Notes
(or any other action taken on the assertion of any Default) with respect to any action taken, and reported publicly or to Holders of the Notes, more than two years prior to such notice of Default, notice of acceleration or instruction to the Trustee
to provide a notice of Default or notice of acceleration (or other action). 
 Any notice of any continuing Default or Event of Default,
notice of acceleration or instruction to the Trustee to provide a notice of Default or Event of Default, notice of acceleration or take any other action (a “Noteholder Direction”) provided by any one or more Holders (each a
“Directing Holder”) must be accompanied by a written representation from each such Holder of Notes delivered to the Issuer and the Trustee that such Holder is not (or, in the case such Holder is DTC, or its nominee, that such Holder
is being instructed solely by beneficial owners that have represented to such Holder that they are not) Net Short (a “Position Representation”), which representation, in the case of a Noteholder Direction relating to the delivery of
a notice of Default or Event of Default shall be deemed a continuing representation until the resulting Event of Default is cured or otherwise ceases to exist or the Notes are accelerated. In addition, each Directing Holder is deemed, at the time of
providing a Noteholder Direction, to covenant to provide the Issuer with such other information as the Issuer may reasonably request from time to time in order to verify the accuracy of such noteholder’s Position Representation within five
Business Days of request therefor (a “Verification Covenant”). In any case in which the noteholder is DTC, or its nominee, any Position Representation or Verification Covenant required hereunder shall be provided by the beneficial
owner of the Notes in lieu of DTC, or its nominee, and DTC shall be entitled to conclusively rely on such Position Representation and Verification Covenant in delivering its direction to the Trustee. 

If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Issuer determines in good faith that there
is a reasonable basis to believe a Directing Holder was, at any relevant time, in breach of its Position Representation and provides to the Trustee an Officers’ Certificate stating that the Issuer has initiated litigation in a court of
competent jurisdiction seeking a determination that such Directing Holder was, at such time, in breach of its Position Representation, and seeking to invalidate any Event of Default that resulted from the applicable Noteholder Direction, the cure
period with respect to such Default shall be automatically stayed and the cure period with respect to such Event of Default shall be automatically reinstituted and any remedy stayed pending a final and nonappealable determination of a court of
competent jurisdiction on such matter. If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Issuer provides to the Trustee an Officers’ Certificate stating that a Directing Holder failed to satisfy
its Verification Covenant, the cure period with respect to such Default shall be automatically stayed and the cure period with respect to any Event of Default that resulted from the applicable Noteholder Direction shall be automatically reinstituted
and any remedy stayed pending satisfaction of such Verification Covenant. Any breach of the Position Representation shall result in such noteholder’s participation in such Noteholder Direction being disregarded; and, if, without the
participation of such noteholder, the percentage of Notes held by the remaining noteholders that provided such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab
initio (other than any indemnity or security such Directing Holder may have offered the Trustee), with the effect that such Event of Default shall be deemed never to have occurred, acceleration voided and the Trustee shall be deemed not to have
received such Noteholder Direction or any notice of such Default or Event of Default. 

  
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 Notwithstanding anything in the preceding two paragraphs to the contrary, any Noteholder
Direction delivered to the Trustee during the pendency of an Event of Default as the result of a bankruptcy or similar proceeding shall not require compliance with the foregoing paragraphs. For the avoidance of doubt, the Trustee shall be entitled
to conclusively rely on any Noteholder Direction delivered to it in accordance with this Indenture, shall have no duty to inquire as to or investigate the accuracy of any Position Representation, enforce compliance with any Verification Covenant,
verify any statements in any Officers’ Certificate delivered to it, or otherwise make calculations, investigations or determinations with respect to Derivative Instruments, Net Shorts, Long Derivative Instruments, Short Derivative Instruments
or otherwise. The Trustee shall have no liability to the Issuer, any noteholder or any other Person in acting in good faith on a Noteholder Direction. A Position Representation may be substantially in the form of Exhibit E hereto with
such other changes and information as reasonably requested by the Issuer and the Trustee, if applicable. 
 A Holder may not use this
Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any action is unduly prejudicial to
such Holders). 
 Section 6.07    Rights of Holders of Notes to Receive Payment. Notwithstanding any other
provision of this Indenture, the right of any Holder to receive payment of principal of, premium, if any, and interest on the Note, on or after the respective due dates expressed or provided for in the Note, 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. For the avoidance of doubt, no amendment to, deletion of, or waiver with respect to any of the covenants or provisions of
Article III or Article IV hereof shall be deemed to impair or affect any rights of Holders to receive payment of principal of, or premium, if any, or interest on, the Notes (provided such amendment, deletion or waiver is made or given in accordance
with Article IX hereof). 
 Section 6.08    Collection Suit by Trustee. If an Event of Default specified in
Section 6.01(1) or (2) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of principal of, premium, if any, and interest
remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel. 
 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 Issuer, 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    Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07 hereof, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 6.11    Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder to exercise
any right or remedy accruing upon any Event of Default shall impair any such right or 

  
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remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article VI or by law to the Trustee or to the Holders may be exercised
from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

Section 6.12    Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders
allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes including the Guarantors), its creditors or its property and shall be 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 and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends,
money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the
Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the
claim of any Holder in any such proceeding. 
 Section 6.13    Priorities. If the Trustee or any Agent
collects any money or property pursuant to this Article VI, it shall pay out the money or property in the following order: 

(1)    to the Trustee or any Agent (other than the Issuer or its Subsidiaries), their agents and attorneys
for amounts due under Section 7.07 hereof, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee or any Agent and the costs and expenses of collection; 

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

(3)    to the Issuer 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 of Notes pursuant to this Section 6.13. 

Section 6.14    Undertaking for Costs. In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its
discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.14
does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then-outstanding Notes. 

  
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 ARTICLE VII 

TRUSTEE 

Section 7.01    Duties of Trustee. 

(a)    If an Event of Default has occurred and is continuing and is actually known to a Responsible Officer of the Trustee,
the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such
person’s own affairs. 
 (b)    Except during the continuance of an Event of Default actually known to a
Responsible Officer of the Trustee: 
 (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 be under a duty to 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 Article VI hereof. 
 (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 and Section 7.02(f) hereof. 

(e)    The Trustee shall be under no obligation to exercise any of its rights or powers under this Indenture at the
request or direction of any of the Holders of the Notes unless the Holders have offered, and if requested, provided to the Trustee indemnity, security and/or prefunding, satisfactory to the Trustee, against any cost, loss, liability, claim, or
expense which might be incurred by it in compliance with such request or direction. Holders will make their own decisions regarding actions relevant to the trust and will not rely on the Trustee with respect to such decisions; 

(f)    Neither the Trustee nor the Paying Agent shall be liable for interest on any money received by it except as the
Trustee or Paying Agent may agree in writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

  
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 Section 7.02    Rights of Trustee. 

(a)    The Trustee may conclusively rely upon and shall be protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other 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 such resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer and the Restricted
Subsidiaries, personally or by agent or attorney at the sole cost of the Issuer and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(b)    Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate of the Issuer or an
Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s 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. Any request or
direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer request or Issuer Order and any resolution of the board of directors may be sufficiently evidenced by a board resolution; 

(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,
suffers 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 Issuer
shall be sufficient if signed by an Officer of the Issuer. 
 (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 grounds for
believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to it. 

(g)    The Trustee shall not be deemed to have notice of any matter (including any Default or Event of Default) unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written notice thereof is received by the Trustee at the Corporate Trust Office of the Trustee from the Issuer or any other obligor on the Notes, or from any Holder, and such
notice references the Notes and this Indenture. 
 (h)    In no event shall the Trustee be responsible or liable for
special, indirect, punitive, incidental 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 its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each Agent (other than the Issuer or any Subsidiary acting as Agent), custodian and other Person
employed to act hereunder. 
 (j)    The Trustee shall not be required to give any bond or surety in respect of the
performance of its powers and duties hereunder. 

  
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 (k)    The permissive right of the Trustee to take the actions permitted
by this Indenture shall not be construed as an obligation or a duty to so. 
 (l)    The Trustee will not be liable to
the Holders if prevented or delayed in performing any of its obligations or discretionary functions under this Indenture by reason of any present or future law applicable to it, by any governmental or regulatory authority or by any circumstances
beyond its control. 
 (m)    No provision of this Indenture shall require the Trustee to do anything which, in its
opinion, may be illegal or contrary to applicable law or regulation. 
 (n)    The Trustee may retain counsel at the
expense of the Issuer to assist it in performing its duties under this Indenture. The Trustee may consult with such counsel, and the advice or opinion of such counsel relating to this Indenture and the Notes shall be full and complete authorization
and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(o)    The Issuer and the Agents acknowledge and agree that in the event of a Default or Event of Default, the Trustee
may, by notice in writing to the Issuer and the Agents, require that the Agents (other than to the extent the Issuer or a Subsidiary is acting as an agent) act as agents of, and take instructions exclusively from, the Trustee. Prior to receiving
such written notice from the Trustee, the Agents shall be agents of the Issuer and need have no concern for the interests of the Holders. 

(p)    The Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture or the Notes. 

(q)    It shall not be the duty of the Trustee to see that any duties or obligations imposed herein upon the Issuer or
other Persons are performed, and the Trustee shall not be liable or responsible for the failure of the Issuer or such other Persons to perform any act required of them by this Indenture; 

(r)    Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate; 

Section 7.03    Individual Rights of Trustee. The Trustee in its individual or any other capacity may become
the owner or pledgee of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it would have if it were not Trustee. However, in the event that the Trustee has or acquires any conflicting interest within the
meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. Any Agent may do the same with
like rights and duties. The Trustee is also subject to Section 7.10 hereof. 

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 Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any
provision of this Indenture, 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. 

Section 7.05    Notice of Defaults. If a Default occurs and is continuing and if it is actually known to a
Responsible Officer of the Trustee, the Trustee shall electronically deliver or transmit first-class by mail, postage prepaid, to Holders of Notes, as their names and addresses appear in the Note Register, a

  
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notice of the Default within 90 days after it is known to a Responsible Officer of the Trustee, unless such Default shall have been waived or cured. Except in the case of a Default relating to
the payment of principal, premium, if any, or interest on any Note, the Trustee shall be protected in withholding from the Holders notice of any continuing Default if and so long as it determines in good faith that withholding the notice is in the
interests of the Holders of the Notes. 
 Section 7.06    May Hold Notes. The Trustee, any Agent, or any
other agent of the Issuer or of the Trustee, in its individual or any other capacity, may become the owner or pledgee of Notes and, subject to TIA Sections 310(b) and 311, may otherwise deal with the Issuer with the same rights it would have if it
were not the Trustee, Agent, or such other agent. 
 Section 7.07    Compensation and Indemnity. The Issuer
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. In the event of being requested by the Issuer to undertake duties which the Trustee reasonably determines to be of an exceptional nature or otherwise outside the scope of the normal duties of the
Trustee, or in the event the Trustee is obligated to take actions under Article VI hereof, the Issuer shall pay to the Trustee additional reasonable remuneration. The Issuer shall reimburse the Trustee promptly upon request for all disbursements,
advances and expenses properly 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 Issuer and the Guarantors, jointly and severally, shall indemnify the Trustee and its officers, directors, employees, agents and any
predecessor trustee and its officers, directors, employees and agents for, and hold the Trustee harmless against, any and all loss, damage, claims, liability or expense (including reasonable attorneys’ fees and expenses), including taxes (other
than taxes based upon, measured by or determined by the income of the Trustee) 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 Issuer or any of the Guarantors (including this Section 7.07) or defending itself against any claim whether asserted by any Holder, the Issuer, any Guarantor or any other Person, or liability in connection
with the acceptance, exercise or performance of any of its powers or duties hereunder). The Trustee shall notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer shall not relieve the
Issuer or the Guarantors of their obligations hereunder. The Issuer shall defend the claim and the Trustee may have separate counsel in any such action or proceeding and participate in the investigation and defense thereof and the Issuer shall pay
the reasonable fees and expenses of such counsel. Neither the Issuer nor any Guarantor need reimburse any expense or indemnify against any loss, liability, claim, or expense incurred by the Trustee through the Trustee’s own willful misconduct
or negligence, as determined by a final, non-appealable judgment of a court of competent jurisdiction. Neither the Issuer nor any Guarantor need pay for any settlement made without its consent, which consent
shall not be unreasonably withheld. 
 The obligations of the Issuer and the Guarantors under this Section 7.07 shall survive the
satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee. 
 Notwithstanding the provisions of
Section 4.12 hereof, to secure the payment obligations of the Issuer 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 money or
property held in trust to pay principal and interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture. 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(6) or (7) hereof occurs,
the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law, insolvency law or other similar law. 

  
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 For the avoidance of doubt, the rights, privileges, protections, immunities and benefits
given to the Trustee in this Section 7.07, including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and by each agent (including the Agents), custodian and other
Person employed to act hereunder. 
 Section 7.08    Replacement of Trustee or Agents. A resignation or
removal of the Trustee or an Agent and appointment of a successor Trustee or successor Agent, as the case may be, shall become effective only upon the successor Trustee’s or successor Agent’s, as the case may be, acceptance of appointment
as provided in this Section 7.08. The Trustee or an Agent may resign in writing at any time by so notifying the Issuer. The Holders of a majority in principal amount of the then-outstanding Notes may remove the Trustee or an Agent by so
notifying the Trustee, such Agent and the Issuer, as the case may be, in writing. The Issuer may remove the Trustee and any Agent, as the case may be, if: 

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

(B)    the Trustee is adjudged bankrupt or insolvent or an order for relief is entered with respect to the
Trustee under any Bankruptcy Law, insolvency law or other similar law; 
 (C)    a custodian or public
officer takes charge of the Trustee, an Agent or their respective property; 
 (D)    the Trustee or an
Agent becomes incapable of acting; or 
 (E)    the Trustee is not in compliance with TIA
Section 310(b); provided, however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which other securities or certificates of interest or participation in other
securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(1) are met. 
 If the
Trustee or an Agent resigns or is removed or if a vacancy exists in the office of the Trustee or an Agent for any reason, the Issuer shall promptly appoint a successor Trustee or Agent, as the case may be. Within one year after the successor Trustee
or Agent, as the case may be, takes office, the Holders of a majority in principal amount of the then-outstanding Notes may appoint a successor Trustee or Agent, as the case may be, to replace the successor Trustee or Agent, as the case may be,
appointed by the Issuer. 
 If a successor Trustee or Agent does not take office within 30 days after the retiring Trustee or Agent resigns
or is removed, (i) the retiring Trustee or Agent, as the case may be, the Issuer or the Holders of at least 10% in principal amount of the then-outstanding Notes may petition any court of competent jurisdiction for the appointment of a
successor Trustee or Agent, at the expense of the Issuer or (ii) the retiring Trustee or Agent may appoint a successor Trustee or Agent, as the case may be, at any time prior to the date on which a successor Trustee or Agent, as the case may
be, takes office; provided that such appointment shall be satisfactory to the Issuer. 
 If the Trustee, after written request by any
Holder who has been a Holder for at least six months, fails to comply with Section 7.10 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee, and the appointment of a successor Trustee. 

A successor Trustee or Agent shall deliver a written acceptance of its appointment to the retiring Trustee or Agent, as the case may be, and
to the Issuer. Thereupon, the resignation or removal of the retiring Trustee or Agent shall become effective, and the successor Trustee or Agent, as the case may be, 

  
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shall have all the rights, powers and duties of the Trustee or Agent, as the case may be, under this Indenture. The successor Trustee or Agent shall electronically deliver or mail a notice of its
succession to Holders. The retiring Trustee or Agent shall promptly transfer all property held by it as Trustee or Agent to the successor Trustee or Agent, as the case may be; provided all sums owing to the Trustee hereunder have been paid
and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee or Agent pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 hereof shall continue for the benefit of
the retiring Trustee or Agent. 
 Section 7.09    Successor Trustee by Merger, etc. If the Trustee or an
Agent consolidates, merges or converts into, or transfers all or substantially all of its corporate trust, paying agent, transfer agent or registrar business, as the case may be, to, another corporation, the successor corporation without any further
act shall be the successor Trustee or Agent, as the case may be. 
 Any entity into which the Trustee or an Agent may be merged or converted
shall, on the date when such merger, conversion, consolidation, sale or transfer becomes effective and to the extent permitted by applicable law, be a successor Trustee or Agent, as the case may be, under this Indenture, and succeed to the rights,
powers, duties, immunities and privileges as its predecessor without the execution or filing of any paper or any further act on the part of any of the parties to this Indenture. After the effective date all references in this Indenture to that
Trustee or Agent shall be deemed to be references to that entity. 
 Section 7.10    Eligibility;
Disqualification. There shall at all times be a Trustee hereunder that is an entity organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate
trustee power and which is recognized as a corporation which customarily performs such corporate trustee roles and provides such corporate trustee services in transactions similar in nature to the offering of the Notes as described in the Offering
Memorandum. 
 ARTICLE VIII 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01    Option to Effect Legal Defeasance or Covenant Defeasance. The Issuer may, at its option and at
any time, elect to have either Section 8.02 or 8.03 hereof applied to all outstanding Notes and all obligations of the Guarantors with respect to the Guarantees upon compliance with the conditions set forth in this Article VIII. 

Section 8.02    Legal Defeasance and Discharge. Upon the Issuer’s exercise under Section 8.01 hereof
of the option applicable to this Section 8.02, the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to
all outstanding Notes and Guarantees and all Events of Default cured on the date the conditions set forth below are satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer shall be deemed to have
paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to
in (a) and (b) of this Section 8.02 (it being understood that such Notes shall not be deemed outstanding for accounting purposes), and to have satisfied all its other obligations under the Notes and this Indenture including that of the
Guarantors (and the Trustee, on demand of and at the expense of the Issuer and upon receipt of the documents required by Sections 8.04 and 14.03 hereof, shall execute such instruments reasonably requested by the Issuer acknowledging the same) and to
have cured all then-existing Events of Default, except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 

(a)    the rights of Holders to receive payments in respect of the principal of, premium, if any, and interest on the
Notes when such payments are due solely out of the trust created pursuant to this Indenture referred to in Section 8.04 hereof; 

  
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 (b)    the Issuer’s obligations with respect to the Notes
concerning issuing temporary Notes, registration of such Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust; 

(c)    the rights, powers, trusts, duties and immunities of the Trustee and the Agents, and the Issuer’s obligations
in connection therewith; and 
 (d)    this Section 8.02. 

Subject to compliance with this Article VIII, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior
exercise of its option under Section 8.03 hereof. 
 Section 8.03    Covenant Defeasance. Upon the
Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from
their obligations under the covenants contained in Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14 and 4.15 hereof, clauses (4) and (5) of Section 5.01(a), Sections 5.01(c) and 5.01(d) hereof with respect to the
outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (“Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any
direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that
the Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to all outstanding Notes and the related Guarantees, the Issuer and the Guarantors may omit to comply with and shall
have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to
any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified in this Section 8.03, the remainder of this Indenture
and such Notes and Guarantees shall be unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the satisfaction of the conditions set forth
in Section 8.04 hereof, Sections 6.01(3) (solely with respect to the covenants that are released upon a Covenant Defeasance), 6.01(4), 6.01(5), 6.01(6) (solely with respect to a Significant Subsidiary of the Issuer but not with respect to the
Issuer), 6.01(7) (solely with respect to a Significant Subsidiary of the Issuer but not with respect to the Issuer) and 6.01(8) hereof shall not constitute Events of Default. 

Section 8.04    Conditions to Legal or Covenant Defeasance. The following shall be conditions to the
application of either Section 8.02 or 8.03 hereof to the outstanding Notes: 
 In order to exercise either Legal Defeasance or Covenant
Defeasance with respect to the Notes: 
 (1)    the Issuer must irrevocably deposit with the Trustee or
an agent of the Trustee, in trust, for the benefit of the Holders of the Notes, cash in United States dollars, U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment of
interest, in the opinion of a nationally recognized firm of independent public accountants, a nationally recognized investment bank or a nationally recognized appraisal or valuation firm, to pay the principal of, premium, if any, and interest due on
the Notes to the stated maturity date or to the Redemption Date, as the case may be, of such principal, premium, if any, or interest on the Notes and the Issuer must specify whether the Notes are being defeased to maturity or to a particular
Redemption Date; provided that upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee or an
agent of the Trustee equal to the Applicable Premium calculated as of the date of the notice of redemption, with any deficit as of the date of redemption (any such amount, the “Applicable Premium Deficit”) only required to be

  
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deposited with the Trustee or an agent of the Trustee on or prior to the redemption date; provided further that any Applicable Premium Deficit shall be set forth in an Officer’s
Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption; 

(2)    in the case of Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of
Counsel confirming that, subject to customary assumptions and exclusions, 
 (A)    the Issuer has
received from, or there has been published by, the United States Internal Revenue Service a ruling, or 

(B)    since the original issuance of the Notes, there has been a change in the applicable U.S. federal
income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, subject to customary assumptions and exclusions, the Holders will not recognize income, gain or loss for U.S. federal income tax
purposes, as applicable, as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(3)    in the case of Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of
Counsel confirming that, subject to customary assumptions and exclusions, the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax
on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4)    no Event of Default (other than that resulting from any borrowing of funds to be applied to make
such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith) shall have occurred and be continuing on the date of such deposit; 

(5)    such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or
constitute a default under, the Senior Credit Facilities or any other material agreement or instrument (other than this Indenture) to which the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound (other than that
resulting from any borrowing of funds to be applied to make such deposit required to effect such Legal Defeasance or Covenant Defeasance and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens
in connection therewith); 
 (6)    the Issuer shall have delivered to the Trustee an Officer’s
Certificate stating that the deposit was not made by the Issuer with the intent of defeating, hindering, delaying or defrauding any creditor of the Issuer, any Guarantor or others; and 

(7)    the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel (which may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with. 

Notwithstanding the foregoing, an Opinion of Counsel required by clause (2) of this Section 8.04 with respect to Legal Defeasance
need not be delivered if all of the Notes theretofore delivered to the Registrar for cancellation (x) have become due and payable or (y) 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 Issuer. 

  
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 Section 8.05    Deposited Money and Government Securities to Be
Held in Trust; Other Miscellaneous Provisions. Subject to Section 8.06 hereof, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 8.04 hereof 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 Issuer or a Guarantor acting as
Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium and interest, but such money need not be segregated from other funds except to the extent required by
law. 
 The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S.
Government Obligations deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes and
the related Guarantees. 
 Anything in this Article VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer
from time to time upon the request of the Issuer any money or U.S. Government Obligations held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants, a nationally
recognized investment bank or a nationally recognized appraisal or valuation firm expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the
amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

Section 8.06    Repayment to Issuer. Subject to any applicable abandoned property law, any money deposited
with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has
become due and payable shall be paid to the Issuer on its request or pursuant to applicable law or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Issuer for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the applicable Issuer as trustee thereof, shall thereupon cease. 

Section 8.07    Reinstatement. If the Trustee or Paying Agent is unable to apply any United States dollars or
U.S. Government Obligations in accordance with Section 8.05 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the
Issuer’s and the Guarantors’ obligations under this Indenture and the Notes and Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.04 hereof until such time as the Trustee or Paying
Agent is permitted to apply all such money in accordance with Section 8.05 hereof; provided that, if the Issuer makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its obligations,
the Issuer shall be subrogated to the rights of the Holders of the Notes to receive such payment from the money held by the Trustee or Paying Agent. 

ARTICLE IX 
 AMENDMENT, SUPPLEMENT
AND WAIVER 
 Section 9.01    Without Consent of Holders. Notwithstanding Sections 9.02 and 12.04 hereof,
the Issuer, the Guarantors and the Trustee may amend or supplement this Indenture, any Guarantee and the Notes without the consent of any Holder: 

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

(2)    to provide for uncertificated Notes in addition to or in place of certificated Notes (provided,
however, that such uncertificated notes are in “registered” form within the meaning of section 163 of the Internal Revenue Code of 1986, as amended (the “Code”), and Treasury regulations thereunder); 

  
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 (3)    to comply with Section 5.01 hereof; 

(4)    to provide for the assumption of the Issuer’s or any Guarantor’s obligations to the
Holders; 
 (5)    to make any change that would provide any additional rights or benefits to the Holders
or that does not adversely affect the legal rights under this Indenture of any such Holder in any material respect; 

(6)    to add covenants for the benefit of the Holders or to surrender any right or power conferred upon
the Issuer or any Guarantor; 
 (7)    to provide for the issuance of Additional Notes in accordance with
the terms of this Indenture; 
 (8)    to evidence and provide for the acceptance and appointment under
this Indenture of a successor Trustee or a successor Paying Agent hereunder pursuant to the requirements hereof; 

(9)    to provide for the issuance of exchange notes or private exchange notes, which are identical to
exchange notes except that they are not freely transferable; 
 (10)    to add a Guarantor or co-obligor under this Indenture or to release a Guarantor in accordance with the terms of this Indenture; 

(11)    to conform the text of this Indenture, the Guarantees or the Notes to any provision of the
“Description of the Notes” section of the Offering Memorandum; 
 (12)    to amend the
provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture, including to facilitate the issuance and administration of the Notes; provided that (i) compliance with this Indenture as so
amended would not result in Notes being transferred in violation of the Securities Act or any applicable securities law and (ii) such amendment does not materially and adversely affect the rights of Holders to transfer Notes; 

(13)    to mortgage, pledge, hypothecate or grant any other Lien in favor of the Trustee for the benefit of
Holders, as security for the payment and performance of all or any portion of the Notes, in any property or assets; 

(14)    to provide for the succession of any parties to this Indenture (and other amendments that are
administrative or ministerial in nature); or 
 (15)    to comply with the rules of any applicable
securities depositary. 
 Upon the request of the Issuer, and upon receipt by the Trustee of the documents described in Section 9.05
hereof (subject to the last sentence of Section 9.05 hereof), the Trustee shall join with the Issuer and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make
any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall have the right, but 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 D hereto. 

  
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 Section 9.02    With Consent of Holders. Except as provided
below in this Section 9.02, the Issuer, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes and the Guarantees with the consent of the Holders of at least a majority in principal amount of the Notes (including
Additional Notes, if any) then outstanding (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default
(other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on the Notes) or compliance with any provision of this Indenture, the Guarantees or the Notes may be waived with the consent of the Holders of
a majority in principal amount of the then-outstanding Notes (including Additional Notes, if any) (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Section 2.08 hereof and
Section 2.09 hereof shall determine which Notes are considered to be “outstanding” for the purposes of this Section 9.02. 

Upon the request of the Issuer, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders as
aforesaid, the Trustee shall join with the Issuer and the Guarantors in the execution of such amended or supplemental indenture unless such amended or supplemental indenture 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. 

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, waiver, or consent, but it shall be sufficient if such consent approves the substance thereof. For the avoidance of doubt, no amendment to, or deletion of, any of the covenants described under Article IV or Section 5.01 hereof shall
be deemed to impair or affect any rights of Holders to receive payment of principal of, or premium, if any, or interest on, the Notes. 

After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer shall send to the Holders affected thereby
a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental indenture or
waiver. 
 Notwithstanding the foregoing, without the consent of each affected Holder, an amendment or waiver may not, with respect to any
Notes held by a non-consenting Holder: 
 (1)    reduce the
principal amount of such Notes whose Holders must consent to an amendment, supplement or waiver; 

(2)    reduce the principal of or change the fixed final maturity of any such Note or alter or waive the
provisions with respect to the redemption of such Notes (other than provisions relating to (i) notice periods (to the extent consistent with applicable requirements of clearing and settlement systems) for redemption and conditions to redemption
and (ii) Section 4.10 and Section 4.14 hereof); 
 (3)    reduce the rate of or change the
time for payment of interest on any Note; 
 (4)    waive a Default or Event of Default in the payment of
principal of or premium, if any, or interest on the Notes, except a rescission of acceleration of the Notes by the Holders of a majority in aggregate principal amount of the Notes then outstanding and a waiver of the payment default that resulted
from such acceleration, or in respect of a covenant or provision contained in this Indenture or any Guarantee which cannot be amended or modified without the consent of all Holders; 

(5)    make any Note payable in money other than that stated therein; 

  
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 (6)    make any change in the provisions of this
Indenture relating to waivers of past Defaults or the rights of Holders to receive payments of principal of or premium, if any, or interest on the Notes; 

(7)    make any change in these amendment and waiver provisions; 

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

(9)    contractually subordinate the Notes to any other Indebtedness of the Issuer or any Guarantor; or

 (10)    except as expressly permitted by this Indenture, modify the Guarantees of any Significant
Subsidiary in any manner adverse to the Holders. 
 Section 9.03    Revocation and Effect of Consents. Until
an amendment, supplement or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note,
even if notation of the consent is not made on any Note. However, any such Holder or subsequent Holder may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver
becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 

The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any
amendment, supplement, or waiver. If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only such Persons, shall be entitled to consent to
such amendment, supplement, or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date
unless the consent of the requisite number of Holders has been obtained. 
 Section 9.04    Notation on or
Exchange of Notes. The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the Trustee or its Authenticating Agent shall,
upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 
 Failure to make the
appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 

Section 9.05    Trustee to Sign Amendments, etc. The Trustee shall sign any amendment, supplement or waiver
authorized pursuant to this Article IX if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of such party. In executing any amendment, supplement or waiver, the Trustee shall be entitled to
receive and (subject to Section 7.01 hereof) shall be fully protected in conclusively relying upon, in addition to the documents required by Section 12.03 hereof, an Officer’s Certificate and an Opinion of Counsel stating that the
execution of such amendment or supplement is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the valid and binding obligation of the Issuer and any Guarantors party thereto, enforceable against them in
accordance with its terms, subject to customary exceptions, and complies with the provisions hereof. Notwithstanding the foregoing, no Opinion of Counsel will be required for the Trustee to execute any amendment or supplement in the form of Exhibit
D hereto adding a new Guarantor under this Indenture. 
 Section 9.06    Additional Voting Terms; Calculation of
Principal Amount. All Notes issued under this Indenture shall vote and consent together on all matters (as to which any Notes may vote) as one class. Determinations as to whether Holders of the requisite aggregate principal amount of Notes have
concurred in any direction, waiver or consent shall be made in accordance with this Article IX. 

  
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 ARTICLE X 

GUARANTEES 

Section 10.01    Guarantee. The Issuer shall cause each Restricted Subsidiary of the Issuer that guarantees
the Senior Credit Facilities to execute and deliver a supplemental indenture to this Indenture substantially in the form of Exhibit D hereto pursuant to which each such Restricted Subsidiary shall become a Guarantor. Subject to this Article
X, each of the Guarantors hereby, jointly and severally, irrevocably and unconditionally guarantees, on a senior unsecured basis, to each Holder of a Note authenticated and delivered by the Trustee or its Authenticating Agent and to the Trustee, the
Agents and their successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes, the Guarantees, or the obligations of the Issuer hereunder or thereunder, that: (a) the principal of and interest and
premium, if any, on the Notes shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of
the Issuer to the Holders or the Trustee, or any Agent hereunder or thereunder shall be promptly paid in full, all in accordance with the terms hereof and thereof; and (b) 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 in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed
for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same promptly. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

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 Issuer, any action to
enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor (other than payment in full of all of the obligations of the Issuer under this Indenture or under the Notes). Each
Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands
whatsoever and covenants that this Guarantee shall not be discharged except by full payment of the obligations contained in the Notes and this Indenture or by release in accordance with the provisions of this Indenture. 

Each Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee, any
Agent, or any Holder in enforcing any rights under this Section 10.01. 
 If any Holder, any Agent, or the Trustee is required by any
court or otherwise to return to the Issuer, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Guarantors, then any amount paid either to the Trustee, such Agent, or such
Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 
 Each Guarantor agrees that it
shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors,
on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI hereof for the purposes of this Guarantee, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article VI hereof, such obligations
(whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this 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 Guarantees. 

  
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 Until released in accordance with Section 10.06 hereof, each Guarantee shall remain in
full force and effect and continue to be effective should any petition be filed by or against the Issuer for liquidation, reorganization, should the Issuer 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 Issuer’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 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 Guarantees, whether as a “voidable preference,” “fraudulent transfer” or otherwise, all as though such
payment 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. 
 In case any provision of any 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. 
 The Guarantee
issued by any Guarantor shall be a general unsecured senior obligation of such Guarantor and shall be pari passu in right of payment with all existing and future senior Indebtedness of such Guarantor. 

Each payment to be made by a Guarantor in respect of its 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 Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of
Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any 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 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 X, resulting in the
obligations of such Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable law. Each Guarantor that makes a payment under its Guarantee shall 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. To evidence its Guarantee
set forth in Section 10.01 hereof, each Guarantor hereby agrees that this Indenture (or a supplemental indenture in the form of Exhibit D hereto) shall be executed on behalf of such Guarantor by one of its authorized officers or other
representatives. 
 Each Guarantor hereby agrees that its Guarantee set forth in Section 10.01 hereof shall remain in full force and
effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. 

  
 121 

 If an officer whose signature is on this Indenture (or a supplemental indenture in the form
of Exhibit D hereto) no longer holds that office at the time the Trustee or its Authenticating Agent authenticates the Note, the Guarantee shall be valid nevertheless. 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth
in this Indenture on behalf of the Guarantors. 
 If required by Section 4.15 hereof, the Issuer shall cause any Restricted Subsidiary
to comply with the provisions of Section 4.15 hereof and this Article X, to the extent applicable. 

Section 10.04    Subrogation. Each Guarantor shall be subrogated to all rights of Holders of Notes against the
Issuer in respect of any amounts paid by any Guarantor pursuant to the provisions of Section 10.01 hereof; 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 Issuer 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 Guarantee are knowingly made in contemplation of such benefits. 

Section 10.06    Release of Guarantees. A Guarantee by a Guarantor shall be automatically and unconditionally
released and discharged, and shall thereupon terminate and be of no further force and effect, and no further action by such Guarantor, the Issuer or the Trustee is required for the release of such Guarantor’s Guarantee, upon: 

(1)    any sale, exchange, disposition, or transfer (by merger, consolidation, dividend, distribution, or
otherwise) of (a) the Capital Stock of such Guarantor, after which the applicable Guarantor is no longer a Restricted Subsidiary, or (b) all or substantially all the assets of such Guarantor, in each case, made not in contravention of
Section 4.10 hereof; 
 (2)    the release or discharge of the guarantee by such Guarantor of
Indebtedness under the Senior Credit Facilities, except a discharge or release by, or as a result of, payment under such guarantee; 

(3)    the designation of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in
compliance with Section 4.07 hereof and the definition of “Unrestricted Subsidiary”; 

(4)    upon the merger or consolidation of any Guarantor with and into the Issuer or another Guarantor that
is the surviving Person in such merger or consolidation, or upon the liquidation of such Guarantor following the transfer of all or substantially all of its assets to the Issuer or another Guarantor; or 

(5)    the exercise by the Issuer of the Legal Defeasance option or Covenant Defeasance option in
accordance with Article VIII hereof or the discharge of the Issuer’s obligations under this Indenture in accordance with the terms of this Indenture. 

The Issuer shall notify the Trustee in writing of the release, discharge or termination of a Guarantee in accordance with this
Section 10.06; provided that no such notification shall be a condition for the release, discharge or termination of a Guarantee to be effective; provided further that the Trustee shall be under no obligation to inform
Holders of the occurrence of the release, discharge or termination of a Guarantee. Upon any event or circumstance giving rise to a release of a Guarantee as specified above, the Trustee shall, at the sole cost and written request of the Issuer and
upon receipt of the documents required by Section 12.03, without recourse, representation or warranty, execute any documents reasonably requested by the Issuer in order to evidence or effect such release. 

  
 122 

 ARTICLE XI 

SATISFACTION AND DISCHARGE 

Section 11.01    Satisfaction and Discharge. This Indenture shall be discharged and shall cease to be of
further effect as to the Notes (except for certain surviving rights of the Trustee and the Issuer’s obligations with respect thereto) when either: 

(1)    all Notes theretofore authenticated and delivered, except lost, stolen or destroyed Notes which have
been replaced or paid and Notes for whose payment money has heretofore been deposited in trust, have been delivered to the Trustee for cancellation; or 

(2)    (A) all Notes not theretofore delivered to the Trustee for cancellation have become due and
payable by reason of the making of a notice of redemption or otherwise, 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 Issuer, and the Issuer or any Guarantor have irrevocably deposited or caused to be deposited with the Trustee or an agent of the Trustee as trust funds in trust solely for the benefit
of the Holders, cash in United States dollars, U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest to pay and discharge the entire Indebtedness on the
Notes not theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; provided that, upon any redemption that requires the payment of the Applicable
Premium, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee or an agent of the Trustee equal to the Applicable Premium calculated as of the date of the notice of
redemption, with any Applicable Premium Deficit only required to be deposited with the Trustee or an agent of the Trustee on or prior to the redemption date; provided further that any Applicable Premium Deficit shall be set forth in an
Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption; 

(B)    no Event of Default (other than that resulting from any borrowing of funds to be applied to make
such deposit or any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith) with respect to this Indenture or the Notes shall have occurred and be continuing on the date of
such deposit or shall occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under the Senior Credit Facilities or any other material agreement or instrument (other than this
Indenture) to which the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound (other than resulting from any borrowing of funds to be applied to make such deposit and any similar and simultaneous deposit relating to
other Indebtedness and, in each case, the granting of Liens in connection therewith); 
 (C)    the
Issuer has paid or caused to be paid all sums payable by it under this Indenture; and 
 (D)    the
Issuer has delivered irrevocable instructions to the Trustee or an agent of the Trustee to apply the deposited money toward the payment of the Notes at or prior to maturity or the Redemption Date, as the case may be. 

In addition, the Issuer must deliver an Officer’s Certificate and an Opinion of Counsel (which may be subject to customary assumptions
and exclusions) to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied, and the Trustee shall execute proper instruments acknowledging the same; provided that any such counsel may rely on an
officer’s certificate as to matters of fact (including as to compliance with the foregoing subclauses (A), (B), (C) and (D) of clause (2) of this Section 11.01). 

  
 123 

 Notwithstanding the satisfaction and discharge of this Indenture, the provisions of
Section 7.07 hereof shall survive and if money shall have been deposited with the Trustee pursuant to subclause (A) of clause (2) of this Section 11.01, the provisions of Sections 8.06 and 11.02 hereof shall survive. 

The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government
Obligations deposited pursuant to Section 11.01 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of outstanding Notes. 

Section 11.02    Application of Trust Money. Subject to the provisions of Section 8.06 hereof, all money
deposited with the Trustee pursuant to Section 11.01 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the
Issuer acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be
segregated from other funds except to the extent required by law. 
 If the Trustee or Paying Agent is unable to apply any money or U.S.
Government Obligations in accordance with Section 11.01 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the
Issuer’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof; provided that, if the Issuer has made any payment
of principal of, premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government
Obligations held by the Trustee or Paying Agent. 
 ARTICLE XII 

MISCELLANEOUS 

Section 12.01    Notices. Any notice or communication by the Issuer, any Guarantor or the Trustee to the
others is duly given if in writing in the English language and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), electronic mail in PDF format, or overnight air courier guaranteeing next day
delivery, to the others’ address: 
 If to the Issuer and/or any Guarantor: 

Cano Health, LLC 
 9725 NW
117th Avenue, Suite 200 
 Miami, Florida 33178 

Attention: Brian Koppy, Chief Financial Officer 

If to the Trustee and the Agents: 

U.S. Bank National Association 

West Side Flats 
 60 Livingston
Ave. 
 EP-MN-WS3C 

Saint Paul, MN 55107 
 United
States of America 
 Attn: Global Corporate Trust Services 

  
 124 

 The Issuer, any Guarantor or the Trustee or any Agent, by notice to the others, may
designate additional or different addresses for subsequent notices or communications. 
 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; five calendar days after being deposited in the mail, postage prepaid, if mailed by first-class mail; on the first date on which
publication or electronic delivery is made, if given by publication or electronic delivery; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery; provided that any
notice or communication delivered to the Trustee or any Agent shall be deemed effective upon actual receipt thereof by the Trustee or such Agent. 

Any notice or communication to a Holder shall be electronically delivered, 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 kept by the Registrar. Failure to deliver a notice or communication to a Holder or any defect in it shall not affect its sufficiency with
respect to other Holders. 
 If a notice or communication is mailed or otherwise delivered in the manner provided above within the time
prescribed, such notice or communication shall be deemed duly given, whether or not the addressee receives it. 
 If the Issuer delivers a
notice or communication to Holders, it shall deliver a copy to the Trustee and each Agent at the same time. 
 Notwithstanding any other
provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event or any other communication (including any notice of redemption or repurchase) to a holder of a Global Note (whether by mail or otherwise),
such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices at the Depositary.

 The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured email, facsimile
transmission or other similar unsecured electronic methods; provided, however, that (a) the party providing such written instructions, subsequent to such transmission of written instructions, shall provide the originally executed instructions
or directions to the Trustee in a timely manner, and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party providing such instructions or directions and such party shall provide to
the Trustee an incumbency certificate listing such authorized representative, which incumbency certificate shall be amended whenever a person is to be added or deleted from the listing. If the party elects to give the Trustee email or facsimile
instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. 

The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and
compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees; (i) to assume all risks arising out of the use of such
electronic methods to submit instructions and directions to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties; (ii) that it is fully
informed of the protections and risks associated with the various methods of transmitting instructions to the Trustee and that there may be more secure methods of transmitting instructions than the method(s) selected by the Trustee; and
(iii) that the security procedures (if any) to be followed in connection with its transmission of instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances. 

  
 125 

 Section 12.02    Communication by Holders with Other
Holders. Holders may communicate with other Holders with respect to their rights under this Indenture or the Notes. 

Section 12.03    Certificate and Opinion as to Conditions Precedent. Upon any request or application by the
Issuer or any of the Guarantors to the Trustee to take any action under this Indenture, the Issuer or such Guarantor, as the case may be, shall furnish to the Trustee: 

(A)    An Officer’s Certificate in form reasonably satisfactory to the Trustee (which shall include
the statements set forth in Section 12.04 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

(B)    An Opinion of Counsel (which may be subject to customary assumptions and exclusions) in form
reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.04 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied; 

provided that no such Officer’s Certificate or Opinion of Counsel shall be required to be furnished to the Trustee in connection with the
authentication and delivery of the Initial Notes on the Issue Date and no such Opinion of Counsel shall be required to be furnished to the Trustee in connection with the addition of a Guarantor pursuant to a supplemental indenture in the form of
Exhibit D hereto. 
 Section 12.04    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 4.04 hereof) shall include: 

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

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

(D)    a statement as to whether or not, in the opinion of such Person, such condition or covenant has
been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials. 

Section 12.05    Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or at a
meeting of Holders. The Agents may make reasonable rules and set reasonable requirements for its functions. 

Section 12.06    No Personal Liability of Directors, Officers, Employees, Members and Stockholders. No
director, officer, employee, member, incorporator or stockholder of the Issuer, any Guarantor, or any of their direct or indirect Parent Companies shall have any liability for any obligation of the Issuer or the Guarantors under the Notes, the
Guarantees, or this Indenture or for any claim based on, in respect of, or by reason of any such obligation or its creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Notes. 

  
 126 

 Section 12.07    Governing Law. THIS INDENTURE, THE NOTES,
AND THE GUARANTEES, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

Section 12.08    Waiver of Jury Trial. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 12.09    Jurisdiction. The parties hereby (i) irrevocably submit to the exclusive jurisdiction of
any federal or state court sitting in the Borough of Manhattan, the city of New York in any suit, action or proceeding based on or arising out of or relating to this Indenture or any Notes and irrevocably agrees that all claims in respect of such
suit or proceeding may be determined in any such court, (ii) waive any objection to laying of venue in any such action or proceeding in such courts, and (iii) waive any objection that such courts are an inconvenient forum or do not have
jurisdiction over any party. The Issuer agrees that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon the Issuer, and may be enforced in any courts to the jurisdiction of which the
Issuer is subject by a suit upon such judgment, provided, that service of process is effected upon the Issuer in the manner specified herein or as otherwise permitted by law. To the extent the Issuer has or hereafter may acquire any immunity from
jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, executor or otherwise) with respect to itself or its property, the Issuer hereby irrevocably waives
such immunity in respect of its obligations under this Indenture to the extent permitted by law. 

Section 12.10    Force Majeure. The Trustee shall not be liable for delays or failures in performance
resulting from acts beyond its control. Such acts shall include but not be limited to acts of God, strikes, work stoppages, lockouts, riots, acts of war or terrorism, civil or military disturbances, epidemics, pandemics, recognized public
emergencies, quarantine restrictions, nuclear catastrophes, governmental regulations superimposed after the fact, fire, interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, hacking,
cyber-attacks or other use or infiltration of the Trustee’s technological infrastructure exceeding authorized access, the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility, communication line
failures, computer viruses, power failures, earthquakes or other disasters. The Trustee shall not be liable for any indirect, special, punitive, incidental or consequential damages (included but not limited to lost profits) whatsoever, even if it
has been informed of the likelihood thereof and regardless of the form of action. 
 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 Issuer or the 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 Issuer in this
Indenture and the Notes shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successors. All agreements of each Guarantor in this Indenture shall bind its successors, except as otherwise provided in
Section 10.06 hereof. 

  
 127 

 Section 12.13    Severability. In case any provision, or
portion thereof, in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions, or portions thereof, 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. The exchange of copies of this Indenture and of signature pages by facsimile or 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 and signature pages for all purposes. The words “execution,” “signed,” “signature,” and words of like import in this Indenture or in
any amendment or other modification hereof (including supplements, waivers and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National
Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that neither the Trustee nor any Agent is under any obligation to agree to accept
electronic signatures in any form or in any format unless expressly agreed to by the Trustee or such Agent pursuant to reasonable procedures approved by the Trustee and such Agent, as applicable. The Trustee and any Agent may, in their discretion,
require that such documents and signatures executed electronically or delivered by electronic transmission be confirmed by a manually-signed original thereof; provided that the failure to request or deliver the same shall not limit the effectiveness
of any document or signature executed electronically or delivered by electronic means. The Issuer agrees to assume all risks arising out of the use of digital signatures and electronic methods to submit communications to the Trustee or any Agent,
including without limitation the risk of the Trustee or any such Agent acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

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    USA Patriot Act. In order to comply with the laws, rules, regulations and executive orders in
effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA PATRIOT Act of the United States (“Applicable AML
Law”), the Trustee and Agents are required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship or opens an account with the Trustee and Agents. Accordingly,
each of the parties agree to provide to the Trustee and Agents, upon their request from time to time, such identifying information and documentation as may be available for such party in order to enable the Trustee and Agents to comply with
Applicable AML Law. 
 Section 12.17    Entire Agreement. The Indenture and the exhibits hereto set forth
the entire agreement and understanding of the parties related to this transaction and supersede all prior agreements and understandings, oral or written. 

[Signatures on following pages] 

  
 128 

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

					
	Very truly yours,
	
	ISSUER:
	
	CANO HEALTH, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	GUARANTORS:
	
	PRIMARY CARE (ITC) INTERMEDIATE HOLDINGS, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	CANO PHARMACY, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	COMFORT PHARMACY 2, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	CANO HEALTH OF FLORIDA, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	DGM MSO, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	CH DENTAL ADMINISTRATIVE SERVICES LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer

  
 [Signature Page to
Indenture] 

 
					
	PHYSICIANS PARTNERS GROUP MERGER, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	PHYSICIANS PARTNERS GROUP OF FL, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	COMPLETE MEDICAL BILLING AND CODING SERVICES, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	CANO BELEN, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	BELEN PHARMACY GROUP, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	CANO PCP, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	CANO PCP WOUND CARE, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	CANO PCP MSO, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer

  
 [Signature Page to
Indenture] 

 
					
	IFB PHARMACY, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	CANO OCCUPATIONAL HEALTH, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	PHYSICIANS PARTNERS GROUP PUERTO RICO, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	PHYSICIANS PARTNERS GROUP PUERTO RICO, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	PPG PUERTO RICO BLOCKER, INC.
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	CANO HP MSO, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	AMERICAN CHOICE HEALTHCARE, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	CANO MEDICAL CENTER OF WEST FLORIDA, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer

  
 [Signature Page to
Indenture] 

 
					
	CANO HEALTH NEW MEXICO LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	UNIVERSITY HEALTH CARE PHARMACY, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	CANO RESEARCH LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	CANO BEHAVIOR HEALTH LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	CANO PERSONAL BEHAVIOR LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	ORANGE CARE MANAGEMENT SERVICES ORGANIZATION LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	ORANGE ACCOUNTABLE CARE ORGANIZATION OF SOUTH FLORIDA, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	ORANGE ACCOUNTABLE CARE ORGANIZATION, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer

  
 [Signature Page to
Indenture] 

 
					
	ORANGE HEALTHCARE ADMINISTRATION, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	ORANGE CARE GROUP SOUTH FLORIDA MANAGEMENT SERVICES ORGANIZATION, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	ORANGE CARE IPA, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	TOTAL CARE ACO, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	ORANGE CARE IPA OF NEW JERSEY, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer
	
	ORANGE CARE IPA OF NEW YORK, LLC
		
	By:	 	 /s/ Brian Koppy

		 	Name:	 	Brian D. Koppy
		 	Title:	 	Chief Financial Officer

  
 [Signature Page to
Indenture] 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	 /s/ Joshua Hahn

	Name:	 	Joshua Hahn
	Title:	 	Vice President

  
 [Signature Page to
Indenture] 

 EXHIBIT A 

[Face of Note] 
 [Insert the Global Note Legend,
if applicable pursuant to the provisions of the Indenture] 
 [Insert the Private Placement Legend, if applicable pursuant to the provisions of the
Indenture] 
 [Insert the Regulation S Temporary Global Note Legend, if applicable pursuant to the provisions of the Indenture] 

  
 A-1 

 CUSIP [144A: 13782C AA8 

Reg S: U1466C AA3] 
 [RULE
144A][REGULATION S] [GLOBAL] NOTE 
 CANO HEALTH, LLC 

6.250% Senior Note due 2028 
  

			
	No.            	  	[$        ]

 Cano Health, LLC, a Florida limited liability company, promises to pay to [    ] or registered assigns the
principal sum [set forth on the Schedule of Exchanges of Interests in the Global Note attached hereto]1 [of      dollars]2 on October 1, 2028. 
 Interest Payment Dates: April 1 and October 1, commencing
April 1, 2022 
 Record Dates: March 15 and September 15 

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

 

	1	 Insert in Global Notes only. 

	2	 Insert in Definitive Notes only. 

  
 A-2 

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

 

			
	CANO HEALTH, LLC
		
	By:	 	
                     
                    

		 	Name:
		 	Title:

  
 A-3 

 Dated:
[                    ] 
 CERTIFICATE OF AUTHENTICATION

 U.S. BANK NATIONAL ASSOCIATION, as Trustee, certifies that is one of the Notes referred to in the Indenture. 

 

			
	By:  	 	
                     
                    

		 	Authorized Signatory

  
 A-4 

 [BACK OF NOTE] 

6.250% Senior Note due 2028 

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

1.    Interest. Cano Health, LLC, a Florida limited liability company, promises to pay interest on the principal
amount of this Note at a rate per annum set forth below from September 30, 2021 until maturity. The Issuer will pay interest on this Note semi-annually in arrears on April 1 and October 1 of each year, commencing on April 1, 2022
(each, an “Interest Payment Date”), or if any such day is not a Business Day, on the next succeeding Business Day. The Issuer will make each interest payment to the Holder of record of this Note on the immediately preceding
March 15 and September 15 (each, a “Record Date”). Interest on this Note will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including September 30, 2021.
The Issuer will 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 rate then applicable to this Note; 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 rate then applicable to this Note. Interest will be
computed on the basis of a 360-day year comprised of twelve 30-day months. 

Interest on this Note will accrue at the rate of 6.250% per annum and be payable in cash. If a payment date is not a Business Day, payment
shall be made on the next succeeding day that is a Business Day, and no interest shall accrue on such payment for the intervening period. If a regular record date is not a Business Day, the record date shall not be affected. 

2.    Method of Payment. The Issuer will pay interest on this Note to the Person who is the registered Holder of
this Note at the close of business on the Record Date (whether or not a Business Day) next preceding the Interest Payment Date, even if this Note is cancelled after such record date and on or before such Interest Payment Date, except as provided in
Section 2.12 of the Indenture with respect to defaulted interest. Payment of interest will be made at the office or agency of the Issuer maintained for such purpose or, at the option of the Issuer, payments of interest may be made by check
mailed to the Holders at their addresses set forth in the Note Register of Holders; provided that all payments of principal, premium, if any, and interest with respect to Notes represented by Global Notes registered in the name of or held by
the Depositary (or its nominee) will be made through the Paying Agent by wire transfer of immediately available funds to the accounts specified by the registered Holder or Holders thereof. Such payment shall be in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts. 
 3.    Paying
Agent, Transfer Agent and Registrar. Initially, U.S. Bank National Association will act as Paying Agent, Transfer Agent and Registrar. The Issuer may change any Paying Agent, Transfer Agent or Registrar without notice to the Holders. The Issuer
or any of their Subsidiaries may act as Paying Agent, Transfer Agent or Registrar. 
 4.    Indenture. The Notes
were issued under an Indenture, dated as of September 30, 2021 (the “Indenture”), among Cano Health, LLC, as Issuer, the Guarantors party thereto, and the Trustee. This Note is one of a duly authorized issue of notes of the
Issuer designated as 6.250% Senior Notes due 2028. The Issuer shall be entitled to issue Additional Notes pursuant to Sections 2.01 and 4.09 of the Indenture. The Initial Notes and any Additional Notes issued under the Indenture (collectively
referred to herein as the “Notes”) shall be treated as a single class of securities under the Indenture. The Notes are subject to all terms and provisions in the Indenture, and Holders are referred to the Indenture for a statement
of such terms and provisions. 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. 

  
 A-5 

 5.    Optional Redemption. 

(a)    At any time prior to October 1, 2024, the Issuer may on one or more occasions redeem the Notes, in whole or in
part, upon notice in accordance with Section 3.03 of the Indenture, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus the Applicable Premium, plus accrued and unpaid interest, if any, to,
but excluding, the date of redemption (each date on which a redemption occurs, a “Redemption Date”), subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment
Date. 
 (b)    On and after October 1 2024, the Issuer may on one or more occasions redeem the Notes, in whole or
in part, upon notice in accordance with Section 3.03 of the Indenture, at the applicable redemption price (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest, if
any, to, but excluding, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date, if redeemed during the twelve-month period beginning on
October 1, 2024 of each of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2024
	  	 	103.125	% 
	 2025
	  	 	101.563	% 
	 2026 and thereafter
	  	 	100.000	% 

 (c)    In addition, prior to October 1, 2024, the Issuer may, at its option, and on
one or more occasions, redeem up to 40% of the aggregate principal amount of Notes issued under the Indenture (including any Additional Notes issued under the Indenture after the Issue Date) at a redemption price equal to 106.250% of the aggregate
principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the
relevant Interest Payment Date, with funds in an aggregate amount equal to the net cash proceeds of one or more Equity Offerings of the Issuer or any direct or indirect Parent Company of the Issuer after the Issue Date, to the extent such net cash
proceeds are contributed to the Issuer; provided that (1) at least 50% of the total of (A) the aggregate principal amount of Notes originally issued under the Indenture on the Issue Date and (B) the aggregate principal amount
of any Additional Notes issued under the Indenture after the Issue Date remains outstanding immediately after the occurrence of each such redemption (unless all notes are redeemed substantially concurrently); and (2) each such redemption occurs
within 180 days of the date of closing of each such Equity Offering. 
 (d)    In connection with any tender offer for
the Notes (including any Change of Control Offer or Asset Sale Offer), if Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Issuer, or any
third party making such tender offer in lieu of the Issuer, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuer or such third party will have the right upon not less than 10 nor more than 60 days’ prior
notice (provided that such notice is not given more than 30 days following such purchase date) to redeem all Notes that remain outstanding following such purchase at a price equal to the price offered to each other Holder in such tender offer
plus, to the extent not included in the tender offer payment, accrued and unpaid interest, if any, thereon, to, but excluding, the applicable Redemption Date, subject to the right of the Holders on the relevant Record Date to receive interest
due on the relevant Interest Payment Date. 
 (e)    Any redemption pursuant to this paragraph 6 shall be made pursuant
to the provisions of Sections 3.01 through 3.06 of the Indenture. Notice of any redemption or purchase, whether in connection with an Equity Offering, other transaction or otherwise, may be given prior to the completion thereof, and any such notice
may, unless otherwise provided in the Indenture, at the Issuer’s discretion, be subject to one or more conditions precedent. If a redemption or purchase is subject to satisfaction of one or more

  
 A-6 

 
conditions precedent, such notice shall describe each such condition and, if applicable, shall state that, in the Issuer’s discretion, the Redemption Date or purchase date may be delayed
until such time (including more than 60 days after the date the notice was sent) as any or all such conditions shall be satisfied (or waived by the Issuer in their sole discretion) or such redemption or purchase may not occur and such notice may be
rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption Date or purchase date, or by the Redemption Date or purchase date as so delayed. In addition, the Issuer may provide in such notice that payment
of the redemption price or purchase price and performance of the Issuer’s obligations with respect to such redemption or purchase may be performed by another Person. 

6.    Mandatory Redemption. The Issuer shall not be required to make any mandatory redemption or sinking fund
payment with respect to the Notes. 
 7.    Notice of Redemption. Subject to Sections 3.03 and 3.09 of the
Indenture, notice of redemption will be delivered electronically or mailed by first-class mail at least 10 days but not more than 60 days before the Redemption Date to each Holder whose Notes are to be redeemed at such Holder’s registered
address or otherwise in accordance with the Applicable Procedures, except that redemption notices may be delivered more than 60 days prior to a redemption date if the notice is issued in connection with a conditional redemption or Article VIII or
Article XI of the Indenture. Notes and portions of Notes selected for redemption shall be in amounts of $2,000 and any integral multiple of $1,000 in excess thereof; no Note of less than $2,000 can be redeemed in part, except that, if all of the
Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a principal amount of at least $2,000, shall be redeemed. On and after the Redemption Date, interest ceases to accrue on this Note or
portions thereof called for redemption. 
 8.    Offers to Repurchase. Upon the occurrence of a Change of
Control, the Issuer shall make a Change of Control Offer in accordance with Section 4.14 of the Indenture. In connection with certain Asset Sales, the Issuer shall make an Asset Sale Offer as and when provided in accordance with
Section 4.10 of the Indenture. 
 9.    Denominations, Transfer, Exchange. The Notes are in registered form
without coupons in minimum denominations of $2,000 and any integral multiple 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 will require a
Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer will require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. 

10.    Persons Deemed Owners. The registered Holder of this Note shall be treated as its owner for all purposes.

 11.    Amendment, Supplement and Waiver. The Indenture, the Guarantees or the Notes may be amended or
supplemented as provided in the Indenture. 
 12.    Defaults and Remedies. The Events of Default relating to the
Notes are defined in Section 6.01 of the Indenture. The remedies with respect thereto are as provided under Article VI of the Indenture and the other applicable provisions of the Indenture. 

13.    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 (or an authenticating agent). 

14.    Governing Law. THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE
STATE OF NEW YORK. 

  
 A-7 

 15.    CUSIPs and ISINs. The Issuer has caused CUSIPs and ISINs
to be printed on the Notes and the Trustee may use CUSIPs and ISINs 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 Issuer will furnish to any Holder upon
written request and without charge a copy of the Indenture. Requests may be made to the Issuer at the following address: 
 Cano Health, LLC

 9725 NW 117th Avenue, Suite 200 

Miami, Florida 33178 
 Attention:
Brian Koppy, Chief Financial Officer 

  
 A-8 

 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 Issuer. 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-9 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.10 or 4.14 of the Indenture, check the appropriate
box below: 
 “Section 4.10    “Section 4.14 

If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.10 or Section 4.14 of the
Indenture, state the amount (in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof): 

$                       
  
  

					
	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-10 

 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 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,
Custodian or
Registrar	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  

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

  
 A-11 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 Cano Health,
LLC 
 9725 NW 117th Avenue, Suite 200 
 Miami, Florida 33178

 Attention: Brian Koppy, Chief Financial Officer 
 U.S. Bank
National Association, as Trustee 
 West Side Flats 
 60
Livingston Ave. 
 EP-MN-WS3C 

Saint Paul, MN 55107 
 United States of America 

Attn: Global Corporate Trust Services 
 Re:
6.250% Senior Notes due 2028 
 Reference is hereby made to the Indenture, dated as of September 30, 2021 (the
“Indenture”), among Cano Health, LLC, as Issuer, the guarantors party thereto, and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

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

1.    “CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE 144A GLOBAL NOTE OR A DEFINITIVE NOTE
PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further
certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect
to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer
is in compliance with any applicable blue sky securities laws of any state of the United States. 
 2.    “CHECK IF
TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT REGULATION S UNDER THE SECURITIES ACT GLOBAL NOTE OR RELEVANT DEFINITIVE NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903
or Rule 904 of Regulation S and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the
United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated
offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in 

 

  
 B-1 

 
contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the
Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser).
Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Indenture and the Securities Act. 

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

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

(b)    “such Transfer is being effected to the Issuer or a subsidiary thereof; or 

(c)    “such Transfer is being effected pursuant to an effective registration statement under the Securities Act and
in compliance with the prospectus delivery requirements of the Securities Act. 
 4.    “CHECK IF TRANSFEREE WILL
TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE. 

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

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

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

  
 B-2 

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

			
	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

Dated:                         
         

  
 B-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

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

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

	(a)	 “a beneficial interest in the: 

 

	 	(i)	 “144A Global Note ([CUSIP: 13782C AA8] [ISIN: US13782CAA80]), or 

 

	 	(ii)	 “Regulation S Global Note ([CUSIP: U1466C AA3] [ISIN: USU1466CAA37), or 

 

	(b)	 “a Restricted Definitive Note. 

 

	2.	 After the Transfer the Transferee will hold: 

[CHECK ONE] 
  

	(a)	 “a beneficial interest in the: 

 

	 	(i)	 “144A Global Note ([CUSIP: 13782C AA8] [ISIN: US13782CAA80]), or 

 

	 	(ii)	 “Regulation S Global Note ([CUSIP: U1466C AA3] [ISIN: USU1466CAA37), or 

 

	 	(iii)	 “Unrestricted Global Note ([        ]); or 

 

	(b)	 “a Restricted Definitive Note; or 

 

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

 

  
 B-4 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 Cano Health,
LLC 
 9725 NW 117th Avenue, Suite 200 
 Miami, Florida 33178

 Attention: Brian Koppy, Chief Financial Officer 
 U.S. Bank
National Association, as Trustee 
 West Side Flats 
 60
Livingston Ave. 
 EP-MN-WS3C 

Saint Paul, MN 55107 
 United States of America 

Attn: Global Corporate Trust Services 
 Re:
6.250% Senior Notes due 2028 
 Reference is hereby made to the Indenture, dated as of September 30, 2021 (the
“Indenture”), among Cano Health, LLC, as Issuer, the guarantors party thereto, and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                     (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $         in such Note[s] or interests (the
“Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 1.    EXCHANGE OF
RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE 

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

(b)    “CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED
DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s
own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the

  
 C-1 

 
Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and
(iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

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

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

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

  
 C-2 

 This certificate and the statements contained herein are made for your benefit and the
benefit of the Issuer and are dated                                  

 

			
	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

Dated:                         
         
  

  
 C-3 

 EXHIBIT D 

[FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

[                    ] Supplemental
Indenture (this “Supplemental Indenture”), dated as of                     , among
                     (the “Guaranteeing Subsidiary”), a subsidiary of Cano Health, LLC, a Florida limited liability company (the
“Issuer”), the Issuer and U.S. Bank National Association, as trustee (the “Trustee”) to that certain Indenture (the “Indenture”), dated as of September 30, 2021, providing for the issuance of
6.250% Senior Notes due 2028 (the “Notes”). 
 W I T N E S E T H 

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 Issuer’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the
“Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture without the consent of Holders of the Notes. 
 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.    Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees, jointly and
severally with all existing Guarantors (if any), to unconditionally guarantee the Issuer’s Obligations under the Notes and the Indenture on the terms and subject to the conditions and limitations set forth in Article X of the Indenture and to
be bound by all other applicable provisions of the Indenture and the Notes and to perform all of the obligations and agreements of a Guarantor under the Indenture. 

3.    No Recourse Against Others. No director, officer, employee, incorporator, member or stockholder of the
Guaranteeing Subsidiary shall have any liability for any obligations of the Issuer or the Guarantors (including the Guaranteeing Subsidiary) under the Notes, any Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

4.    Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF TO THE EXTENT THE LAW OF ANOTHER JURISDICTION WOULD BE APPLIED 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 words “execution,” “signed,” “signature,” and words of like import in this Supplemental Indenture or in any amendment or other
modification hereof (including supplements, waivers and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a
manually executed signature or the use of a paper-based 

  
 D-1 

 
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York
State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

6.    Effect of Headings. The Section headings herein are for convenience only and shall not affect the
construction hereof. 
 7.    The Trustee. The Trustee shall not be responsible in any manner whatsoever for or
in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary. 

8.    Incorporation into the Indenture. All provisions of this Supplemental Indenture shall be deemed to be
incorporated in, and made a part of, the Indenture; and the Indenture, as supplemented by this Supplemental Indenture, shall be read, taken and construed as one and the same instrument. Any and all notices, requests, certificates and other
instruments executed and delivered after the execution and delivery of this Supplemental Indenture may refer to the Indenture without making specific reference to this Supplemental Indenture, but nevertheless all such references shall include this
Supplemental Indenture unless the context requires otherwise. 

  
 D-2 

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

			
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	  

		 	Name:
		 	Title:
	
	CANO HEALTH, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 D-3 

 EXHIBIT E 

[FORM OF NET SHORT REPRESENTATION] 
 Cano Health,
LLC 
 9725 NW 117th Avenue, Suite 200 
 Miami, Florida 33178

 Attention: Brian Koppy, Chief Financial Officer 
 U.S. Bank
National Association, as Trustee 
 West Side Flats 
 60
Livingston Ave. 
 EP-MN-WS3C 

Saint Paul, MN 55107 
 United States of America 

Attn: Global Corporate Trust Services 
 Cano Health, LLC (the
“Company”), the guarantors party thereto, and U.S. Bank National Association, as trustee (the “Trustee”) have heretofore executed an indenture, dated as of September 30, 2021 (as amended, supplemented or
otherwise modified, the “Indenture”), providing for the issuance of the Company’s 6.250% Senior Notes due 2028 (the “Notes”). All terms used herein and not otherwise defined shall have the meaning ascribed to
such term under the Indenture. 
 This letter constitutes a Position Representation in connection with a Noteholder Direction delivered pursuant to
Sections 6.05 and 6.06 of the Indenture, whereby the undersigned, as Directing Holder, represents to each of the Company and the Trustee that [it is] [its beneficial owners are] not Net Short. 

 

					
	By:	 	  

		 	Name:	 	[Holder]
		 	Title:	 	

  
 E-1

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