Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 FUNDING
AGREEMENT 
 BY AND BETWEEN 

KODIAK SCIENCES INC., KODIAK SCIENCES GMBH 

AND 
 BAKER BROS.
ADVISORS, LP 
 DATED AS OF DECEMBER 1, 2019 
  

 

 Table of Contents 

 

									
	 	 	 	  	 	  	Page	 
	 ARTICLE 1 PURCHASE, SALE AND ASSIGNMENT OF THE ACQUIRED INTANGIBLES
	  	 	1	 
				
		 	Section 1.1	  	Purchase, Sale and Assignment	  	 	1	 
				
		 	Section 1.2	  	 Purchase Price
	  	 	1	 
				
		 	Section 1.3	  	 No Assumed Obligations, Etc.
	  	 	1	 
				
		 	Section 1.4	  	 Buy-Back Option
	  	 	1	 
	  
 ARTICLE 2
CLOSING
	  	 	2	 
				
		 	Section 2.1	  	 Closing
	  	 	2	 
				
		 	Section 2.2	  	 Payment of Purchase Price
	  	 	2	 
	  
 ARTICLE 3
REPRESENTATIONS AND WARRANTIES
	  	 	2	 
				
		 	Section 3.1	  	 Sellers’ Representations and Warranties
	  	 	2	 
				
		 	Section 3.2	  	 Buyer’s Representations and Warranties
	  	 	5	 
				
		 	Section 3.3	  	 No Implied Representations and Warranties; Reservation of Rights
	  	 	6	 
	  
 ARTICLE 4
CONDITIONS TO CLOSING
	  	 	6	 
				
		 	Section 4.1	  	 Conditions to the Buyer’s Obligations
	  	 	6	 
				
		 	Section 4.2	  	 Conditions to the Sellers’ Obligations
	  	 	6	 
	  
 ARTICLE 5
COVENANTS
	  	 	7	 
				
		 	Section 5.1	  	 Reporting
	  	 	7	 
				
		 	Section 5.2	  	 Royalties; Royalty Reports
	  	 	7	 
				
		 	Section 5.3	  	 Disclosures; Public Announcement
	  	 	8	 
				
		 	Section 5.4	  	 Inspections and Audits of the Sellers
	  	 	8	 
				
		 	Section 5.5	  	 Intellectual Property Matters
	  	 	9	 
				
		 	Section 5.6	  	 Efforts to Complete Clinical Trials and Commercialize the Products
	  	 	9	 
				
		 	Section 5.7	  	 Efforts to Consummate Transactions
	  	 	10	 
				
		 	Section 5.8	  	 Further Assurances
	  	 	10	 
				
		 	Section 5.9	  	 In-Licenses
	  	 	10	 
				
		 	Section 5.10	  	 Out-Licenses.
	  	 	10	 
				
		 	Section 5.11	  	 Negative Pledge; Preservation of Assets
	  	 	11	 
				
		 	Section 5.12	  	 Use of Proceeds
	  	 	11	 
				
		 	Section 5.13	  	 True Sale
	  	 	11	 
	  
 ARTICLE 6
INDEMNIFICATION
	  	 	11	 
				
		 	Section 6.1	  	 General Indemnity
	  	 	11	 
				
		 	Section 6.2	  	 Notice of Claims
	  	 	12	 
				
		 	Section 6.3	  	 Limitations on Liability
	  	 	12	 
				
		 	Section 6.4	  	 Exclusive Remedy
	  	 	12	 
	  
 ARTICLE 7
CONFIDENTIALITY
	  	 	12	 

  
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 Table of Contents 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
				
		 	Section 7.1	  	 Confidentiality
	  	 	12	 
				
		 	Section 7.2	  	 Authorized Disclosure
	  	 	13	 
	  
 ARTICLE 8
TERMINATION
	  	 	14	 
				
		 	Section 8.1	  	 Mutual Termination
	  	 	14	 
				
		 	Section 8.2	  	 Automatic Termination
	  	 	14	 
				
		 	Section 8.3	  	 Termination Upon Buy-Back Option
	  	 	14	 
				
		 	Section 8.4	  	 Survival
	  	 	14	 
	  
 ARTICLE 9
MISCELLANEOUS
	  	 	14	 
				
		 	Section 9.1	  	 Definitions
	  	 	14	 
				
		 	Section 9.2	  	 Certain Interpretations
	  	 	23	 
				
		 	Section 9.3	  	 Headings
	  	 	24	 
				
		 	Section 9.4	  	 Notices
	  	 	24	 
				
		 	Section 9.5	  	 Expenses
	  	 	25	 
				
		 	Section 9.6	  	 Assignment
	  	 	25	 
				
		 	Section 9.7	  	 Amendment and Waiver
	  	 	25	 
				
		 	Section 9.8	  	 Entire Agreement
	  	 	25	 
				
		 	Section 9.9	  	 No Third Party Beneficiaries
	  	 	25	 
				
		 	Section 9.10	  	 Governing Law
	  	 	26	 
				
		 	Section 9.11	  	 Jurisdiction; Venue
	  	 	26	 
				
		 	Section 9.12	  	 Severability
	  	 	26	 
				
		 	Section 9.13	  	 Specific Performance
	  	 	26	 
				
		 	Section 9.14	  	 Counterparts
	  	 	26	 
				
		 	Section 9.15	  	 Guarantee
	  	 	27	 
				
		 	Section 9.16	  	 Relationship of the Parties
	  	 	27	 
				
		 	Section 9.17	  	 Withholding
	  	 	27	 
				
		 	Section 9.18	  	 Tax Treatment
	  	 	28	 

  
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 FUNDING AGREEMENT 

THIS FUNDING AGREEMENT, dated as of December 1st, 2019, (this “Agreement”), is made and entered into by and between BAKER BROS. ADVISORS,
LP, a Delaware limited partnership on behalf of an Affiliate Assignee as permitted hereunder (the “Buyer”), and KODIAK SCIENCES INC., a
Delaware corporation (“Kodiak Inc.”) together with its Subsidiary KODIAK SCIENCES GMBH, a Swiss corporation (“Kodiak GmbH”, and with Kodiak Inc., the
“Sellers”). 
 W I T N E S E T H: 

WHEREAS, the Buyer desires to acquire the Acquired Intangibles from the Sellers in exchange for payment
of the Purchase Price, and the Sellers desire to sell the Acquired Intangibles to the Buyer in exchange for the Buyer’s payment of the Purchase Price, in each case on the terms and conditions set forth in this Agreement; 

NOW THEREFORE, in consideration of the representations, warranties, covenants and
agreements set forth herein and for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Sellers and the Buyer hereby agree as follows: 

ARTICLE 1 

PURCHASE, SALE AND ASSIGNMENT OF THE ACQUIRED INTANGIBLES 

Section 1.1    Purchase, Sale and Assignment. At the
Closing and upon the terms and subject to the conditions of this Agreement, the Sellers shall sell, transfer, assign and convey to the Buyer, and the Buyer shall purchase, acquire and accept from the Sellers, the Acquired Intangibles free and clear
of all Liens. 
 Section 1.2    Purchase Price. Upon
the terms and subject to the conditions of this Agreement, the purchase price to be paid as consideration to the Sellers for the sale, transfer, assignment and conveyance of the Acquired Intangibles to the Buyer shall be an amount equal to an
aggregate of Two Hundred and Twenty Five Million Dollars ($225,000,000), which shall be inclusive of any Seller Related Charge and shall be payable as set forth in Section 2.2 (the “Purchase Price”). 

Section 1.3    No Assumed Obligations, Etc..
Notwithstanding any provision in this Agreement to the contrary, the Buyer is only agreeing, on the terms and conditions set forth in this Agreement, to purchase, acquire and accept the Acquired Intangibles and is not assuming any liability or
obligation of the Sellers of whatever nature, whether presently in existence or arising or asserted hereafter. 
 
Section 1.4    Buy-Back Option. Sellers shall have the option, exercisable at any point during the Term, (the
“Buy-Back Option”) to repurchase from the Buyer one hundred percent (100%) of the Acquired Intangibles that will become due (and, if applicable, is due) pursuant to Section 5.2(a)
for a purchase price equal to the then-current Buy-Back Price, which shall be exclusive of any Seller Related Charge (but inclusive of any Buyer Related Charge). Sellers may exercise the Buy-Back Option by delivering to the Buyer at least three (3) days’ prior written notice thereof (the “Buy-Back Notice”), which notice shall
be irrevocable. If Sellers exercises the Buy-Back Option, on the date specified in the Buy-Back Notice, Sellers shall, subject to any contingencies specified in the Buy-Back Notice, purchase from the Buyer all of Buyer’s rights, title and interest to the Acquired Intangibles for the Buy-Back Price. The payment of the Buy-Back Price shall be made by wire transfer of immediately available funds to one or more accounts specified by the Buyer or, if not timely designated by Buyer, to the account to which payments under the Royalties
were transmitted or are to be transmitted pursuant to Section 5.2(a). Upon Buyer’s receipt of the Buy-Back Price, (a) all rights of Buyer under Section 5.2 shall immediately terminate; and
(b) except as set forth in Section 8.4, this Agreement and all obligations of the parties hereunder shall automatically without any further action of the parties be deemed to be released and irrevocably terminated, as set forth in
Section 8.3. 

  
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 ARTICLE 2 

CLOSING 
 
Section 2.1    Closing. Subject to the satisfaction of the conditions set forth in ARTICLE 4, the Closing shall take place remotely via the exchange of documents and signatures on
January 10, 2020, or at such other place, time and date as the parties hereto may mutually agree. 

Section 2.2    Payment of Purchase Price. At the Closing,
the Buyer shall deliver (or cause to be delivered) payment of One Hundred Million Dollars ($100,000,000) of the Purchase Price to Kodiak GmbH by wire transfer of immediately available funds to one or more accounts specified by Kodiak GmbH (or such
designee). The remainder of the Purchase Price (i.e. One Hundred and Twenty Five Million Dollars ($125,000,000)) (such amount, the “Second Payment”) shall be payable to Kodiak GmbH (or any Subsidiary or Affiliate of Kodiak
GmbH designated by Kodiak GmbH in writing) upon the achievement of the Ongoing Development Criteria by wire transfer of immediately available funds to one or more accounts designated in writing by either Seller within ten (10) Business Days
following the delivery by such Seller to Buyer notice thereof (the “Second Payment Date”). 
 
ARTICLE 3 
 REPRESENTATIONS AND WARRANTIES 

Section 3.1    Sellers’ Representations
and Warranties. Except as set forth on the Disclosure Schedules attached hereto, the Sellers represent and warrant to the Buyer, as applicable, that, as of the date hereof: 

(a)    Existence; Good Standing. Each Seller is a corporation duly organized, validly existing and in good
standing under the laws of (i) in the case of Kodiak Inc., Delaware, and (ii) in the case of Kodiak GmbH, Switzerland. Each Seller is duly licensed or qualified to do business and is in corporate good standing in each jurisdiction in which
the nature of the business conducted by it or the character or location of the properties and assets owned, leased or operated by it makes such licensing or qualification necessary, except where the failure to be so licensed or qualified and in
corporate good standing has not and would not reasonably be expected to have, either individually or in the aggregate, a material adverse effect on the business of the Sellers and their Subsidiaries, taken as a whole. 

(b)    Authorization. Each Seller has all requisite corporate power and authority to execute, deliver and
perform its obligations under this Agreement. The execution, delivery and performance of this Agreement, and the consummation of the transactions contemplated hereby, have been duly authorized by all necessary corporate action on the part of the
Sellers. 
 (c)    Enforceability. This Agreement has been duly executed and delivered by an authorized
officer of each Seller and constitutes the valid and binding obligation of the Sellers, enforceable against each Seller in accordance with its terms, except as may be limited by applicable Bankruptcy Laws or by general principles of equity (whether
considered in a proceeding in equity or at law). 
 (d)    No Conflicts. The execution, delivery and
performance by the Sellers of this Agreement and the consummation of the transactions contemplated hereby and thereby do not and will not (i) contravene or conflict with the certificate of incorporation or bylaws of either Seller,
(ii) contravene or conflict with or constitute a material default under any law binding upon or applicable to the Sellers or (iii) contravene or conflict with or constitute a material default under any material agreement or Judgment
binding upon or applicable to the Sellers. 
 (e)    Consents. Except for the consents that have been
obtained on or prior to the Closing or filings required by the federal securities laws or stock exchange rules, no consent, approval, license, order, authorization, registration, declaration or filing with or of any Governmental Entity or other
Person is required to be done or obtained by the Sellers in connection with (i) the execution and delivery by the Sellers of this Agreement, (ii) the performance by the Sellers of their respective obligations under this Agreement or
(iii) the consummation by the Sellers of any of the transactions contemplated by this Agreement. 

  
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 (f)    No Litigation. None of the Sellers is a party to,
or has received any written notice of, any action, suit, investigation or proceeding pending before any Governmental Entity and, to the Knowledge of each Seller, no such action, suit, investigation or proceeding has been threatened against any of
the Sellers, that, individually or in the aggregate, would, if determined adversely, reasonably be expected to prevent or adversely affect (i) the ability of any of the Sellers to enter into and to perform its obligations under this Agreement,
(ii) any of the Sellers’ rights in or to a Product or the Intellectual Property Rights or (iii) after the Closing, the Buyer’s rights with respect to the Acquired Intangibles. 

(g)    Compliance. 

(i)    All applications, submissions, information and data related to the Product or any Related Product submitted
or utilized as the basis for any request to any Regulatory Authority by or on behalf of the Sellers were true and correct in all material respects as of the date of such submission or request, and any material updates, changes, corrections or
modification to such applications, submissions, information or data required under applicable laws or regulations have been submitted to the necessary Regulatory Authorities. 

(ii)    Neither Seller has committed any act, made any statement or failed to make any statement that would
reasonably be expected to provide a basis for the FDA to invoke its policy with respect to “Fraud, Untrue Statements of Material Facts, Bribery, and Illegal Gratuities”, or any other Regulatory Authority to invoke similar
policies, set forth in any applicable laws or regulations. 
 (h)    Licenses. 

(i)    In-Licenses; No Other
In-Licenses. There are no In-Licenses. 

(ii)    Out-Licenses. There are no
Out-Licenses. 
 (i)    Product Manufacturing. The Sellers have or
have plans to obtain sufficient quantities of clinical grade Product to complete all Clinical Trials and all activities required for Marketing Approval of the Product, in each case that are ongoing or planned as of the date hereof. 

(j)    No Liens; Title to Acquired Intangibles. As of the date hereof, none of the property or assets, in
each case, that specifically relate to the Products, nor any of the Intellectual Property Rights, of the Sellers or any of its Subsidiaries is subject to any Lien, except for a Permitted Lien. Upon the Closing, the Buyer will have acquired, subject
to the terms and conditions set forth in this Agreement, good and marketable title to the Acquired Intangibles, free and clear of all Liens, except for any Permitted Liens. 

(k)    Intellectual Property. 

(i)    Schedule 3.1(k)(i) of the Disclosure Schedule lists all of the currently existing Patents included within
the Patent Rights. Except as set forth on Schedule 3.1(k)(i), the Sellers, collectively, are the sole and exclusive registered owners of all of the applicable Patent Rights as of the date hereof. Schedule 3.1(k)(i) of the Disclosure Schedule
specifies as to each listed patent or patent application the jurisdictions by or in which each such patent has issued as a patent or such patent application has been filed, including the respective patent or application numbers and the owner of the
relevant Patent. 
 (ii)    Neither Seller is a party to any pending and, to the Knowledge of the Sellers, there
is no threatened, litigation, interference, reexamination, opposition or like procedure involving any of the Patent Rights or any of the Related Patent Rights. 

(iii)    All of the issued patents within the Patent Rights or the Related Patent Rights are in full
force and effect, and have not lapsed, expired or otherwise terminated, and, to the Knowledge of the Sellers, are not invalid nor unenforceable. Neither Seller has received, (A) any written notice relating to the lapse, expiration or other
termination of any of the issued patents within the Patent Rights or the Related Patent Rights, nor (B) any written notice alleging that an issued patent within any of the Patent Rights or any the Related Patent Rights is invalid or
unenforceable. 

  
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 (iv)    Neither Seller has received any written notice that
there is any, and, to the Knowledge of the Sellers, there is no, Person who is or claims to be an inventor under any of the Patent Rights or any of the Related Patent Rights who is not a named inventor thereof. 

(v)    Neither Seller has received any written notice of any claim by any Person challenging the inventorship or
ownership of, the rights of the Sellers in and to, or the patentability, validity or enforceability of, any of the Patent Right or any of the Related Patent Rights, or asserting that the development, manufacture, importation, sale, offer for sale or
use of the Product or any Related Product infringes, misappropriates or otherwise violates or will infringe, misappropriate or otherwise violate such Person’s Patents or other intellectual property rights. 

(vi)    To the Knowledge of the Sellers, (A) the discovery, development and manufacture, of the Product and
the Related Products have not infringed, misappropriated or otherwise violated any Patents or other intellectual property rights owned by any Third Party, and (B) except as disclosed in the Seller SEC Documents, the manufacture, importation,
sale, offer for sale and use of the Product and the Related Products, in each case in the form the Product or the Related Products, as applicable, exist as of the date hereof and as such activity is currently contemplated to be performed by the
Sellers as of the date hereof, will not infringe any valid issued Patents owned by any Third Party. 

(vii)    To the Knowledge of the Sellers, no Person has infringed, misappropriated or otherwise violated, or is
infringing, misappropriating or otherwise violating, any of the Intellectual Property Rights. 
 (viii)    To
the Knowledge of the Sellers, all maintenance fees, annuities and like payments required with respect to each of the Patent Rights and the Related Patent Rights have been paid. 

(l)    Indebtedness. Schedule 3.1(l) of the Disclosure Schedule sets forth a complete list of the
outstanding Indebtedness of each Seller and any of the Subsidiaries. 
 (m)    Lien Related Representation and
Warranties. Kodiak Inc.’s exact legal name is, “Kodiak Sciences Inc.” and Kodiak Inc. is incorporated under the laws of the Delaware. Kodiak GmbH’s exact legal name is, “Kodiak Sciences
GmbH” and Kodiak GmbH. is incorporated under the laws of Switzerland. 
 (n)    Brokers’
Fees. There is no investment banker, broker, finder, financial advisor or other intermediary who has been retained by or is authorized to act on behalf of the Sellers who might be entitled to any fee or commission in connection with the
transactions contemplated by this Agreement. 
 (o)    Public Company Reporting Obligations. Kodiak Inc.
has filed or furnished (as applicable) with or to the SEC all registration statements, forms, reports, certifications and other documents required to be filed or furnished by Kodiak Inc. with or to the SEC (all such registration statements, forms,
reports, certifications and other documents (including those that the Seller may file or furnish after the date hereof until the Closing) are referred to herein as the “Seller SEC Documents”). The Seller SEC Documents
(i) were filed or furnished on a timely basis, (ii) at the time filed or furnished, were prepared in compliance as to form in all material respects with the applicable requirements of the Securities Act of 1933, as amended, and the
Securities Exchange Act of 1934, as amended, as the case may be, and the rules and regulations of the SEC thereunder applicable to such Seller SEC Documents, and (iii) did not at the time they are filed or furnished contain any untrue statement
of a material fact or omit to state a material fact required to be stated in such Seller SEC Documents or necessary in order to make the statements in such Seller SEC Documents, in the light of the circumstances under which they were made, not
misleading. Kodiak Inc.’s financial statements included within the Seller SEC Documents have been prepared in accordance with accounting principles generally accepted in the United States and such financial statements fairly present in all
material respects the financial condition and operating results of Kodiak Inc. as of the dates, and for the periods, indicated therein, subject in the case of the unaudited financial statements to normal
year-end audit adjustments and the absence of footnotes. 

  
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Section 3.2    Buyer’s Representations and
Warranties. The Buyer represents and warrants to the Seller that as of the date hereof: 

(a)    Existence; Good Standing. The Buyer is a limited partnership duly organized, validly existing and in
good standing under the laws of its organization. 
 (b)    Authorization. The Buyer has the requisite
trust right, power and authority to execute, deliver and perform its obligations under this Agreement. The execution, delivery and performance of this Agreement, and the consummation of the transactions contemplated hereby, have been duly authorized
by all necessary action on the part of the Buyer. 
 (c)    Enforceability. This Agreement has been duly
executed and delivered by an authorized person of the owner trustee of the Buyer and constitutes the valid and binding obligation of the Buyer, enforceable against the Buyer in accordance with its terms, except as may be limited by applicable
Bankruptcy Laws or by general principles of equity (whether considered in a proceeding in equity or at law). 

(d)    No Conflicts. The execution, delivery and performance by the Buyer of this Agreement do not and will
not (i) contravene or conflict with the organizational documents of the Buyer, (ii) contravene or conflict with or constitute a default under any material provision of any law binding upon or applicable to the Buyer or
(iii) contravene or conflict with or constitute a default under any material contract or other material agreement or Judgment binding upon or applicable to the Buyer. 

(e)    Consents. No consent, approval, license, order, authorization, registration, declaration or filing
with or of any Governmental Entity or other Person is required to be done or obtained by the Buyer in connection with (i) the execution and delivery by the Buyer of this Agreement, (ii) the performance by the Buyer of its obligations under
this Agreement or (iii) the consummation by the Buyer of any of the transactions contemplated by this Agreement. 

(f)    No Litigation. There is no action, suit, investigation or proceeding pending or, to the knowledge of
the Buyer, threatened before any Governmental Entity to which the Buyer is a party that would, if determined adversely, reasonably be expected to prevent or materially and adversely affect the ability of the Buyer to perform its obligations under
this Agreement. 
 (g)    Financing. The Buyer has sufficient cash to pay the Purchase Price and to
otherwise satisfy its obligations under this Agreement. The Buyer acknowledges that its obligations under this Agreement are not contingent on obtaining financing. The funds for the Purchase Price originate from legal sources and the use of such
funds does not violate any applicable laws of any relevant jurisdiction. 
 (h)    Brokers’ Fees.
There is no investment banker, broker, finder, financial advisor or other intermediary who has been retained by or is authorized to act on behalf of the Buyer who might be entitled to any fee or commission in connection with the transactions
contemplated by this Agreement. 
 (i)    Access to Information. The Buyer acknowledges that it has
(a) reviewed Seller’s documents and information relating to the Product and (b) had the opportunity to ask such questions of, and to receive answers from, representatives of the Seller concerning the Products, in each case, as it
deemed necessary to make an informed decision to enter into this Agreement. The Buyer has such knowledge, sophistication and experience in financial and business matters that it is capable of evaluating the risks and merits of entering into the
transaction contemplated by this Agreement. 
 (j)    Investment. Buyer is making this acquisition
“solely for the purpose of investment,” as that term is defined under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules promulgated thereunder (including but not limited to 16 C.F.R. § 801.1(i)(1));
in particular, Buyer (including all of its subsidiaries and Affiliates) has no intention of participating in the formulation, determination, or direction of the basic business decisions of Seller. 

  
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Section 3.3    No Implied Representations and Warranties;
Reservation of Rights. The Buyer acknowledges and agrees that, other than the express representations and warranties of the Seller specifically contained in ARTICLE 3, (a) there are no representations or warranties of the Sellers either
expressed or implied with respect to the Patent Rights, the Royalties or otherwise and that the Buyer does not rely on, and shall have no remedies in respect of, any representation or warranty not specifically set forth in ARTICLE 3, and all other
representations and warranties are hereby expressly disclaimed, and (b) nothing contained herein guarantees that the Sellers or any of their Affiliates will receive Marketing Approval and/or any other approvals necessary for the sale or
Commercialization of any Product, that the Sellers will achieve any sales of the Products or that sales of the Products or the aggregate Royalties due to the Buyer will achieve any specific amount. Except for the Acquired Intangibles and
Buyer’s rights under Section 5.5(c), the Buyer further acknowledges and agrees that no licenses, assignments, or other rights under any assets (including the Patent Rights or any other intellectual property) of any Seller and their
Affiliates or rights related thereto are granted pursuant to this Agreement, including by implication, estoppel, exhaustion or otherwise. 

ARTICLE 4 

CONDITIONS TO CLOSING 
 
Section 4.1    Conditions to the Buyer’s Obligations. The obligations of the Buyer to consummate the transactions contemplated hereunder on the Closing Date are subject to
the satisfaction or waiver, at or prior to the Closing Date, of each of the following conditions precedent: 

(a)    The Sellers shall have performed and complied in all material respects with all agreements, covenants,
obligations and conditions required to be performed and complied with by it under this Agreement at or prior to the Closing Date, and the Buyer shall have received a certificate executed by a duly authorized officer of each Seller on the Closing
Date certifying on behalf of the Sellers to the effect of the foregoing. 
 (b)    The Buyer shall have received
(i) a valid, properly executed Internal Revenue Service Form W-9 from Kodiak Inc. certifying that Kodiak Inc. is exempt from U.S. “backup” withholding Tax and (ii) a valid, properly
executed Internal Revenue Service Form W-8BEN-E (or other applicable W-8, with any necessary accompanying attachments) certifying
that Kodiak GmbH is exempt from U.S. federal withholding Tax under a United States income Tax treaty with respect to royalties and other income. 

(c)    The Buyer shall have received a certificate of the Secretary or an Assistant Secretary of each Seller, dated
the Closing Date, certifying as to (i) the incumbency of each officer of each such Seller executing this Agreement and (ii) the attached thereto copies of (A) each Seller’s certificate of incorporation, (B) bylaws, and
(C) resolutions adopted by each Seller’s Board of Directors authorizing the execution and delivery and performance by the Sellers of this Agreement and the consummation by the Sellers of the transactions contemplated hereby and (D) a
written resolution adopted by Kodiak Sciences Financing Corporation in its capacity as the sole quotaholder of Kodiak GmbH approving the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
hereby, including any (joint and several) payment obligations of Kodiak GmbH hereunder. 
 (d)    There shall not
have been issued and be in effect any Judgment of any Governmental Entity enjoining, preventing or restricting the consummation of the transactions contemplated by this Agreement. 

(e)    There shall not have been instituted or be pending any action or proceeding by any Governmental Entity
(i) challenging or seeking to make illegal, to delay materially or otherwise directly or indirectly to restrain or prohibit the consummation of the transactions contemplated hereby, (ii) seeking to obtain material damages in connection
with the transactions contemplated hereby or (iii) seeking to restrain or prohibit the Buyer’s purchase of the Acquired Intangibles. 

Section 4.2    Conditions to the Sellers’
Obligations. The obligations of the Sellers to consummate the transactions contemplated hereunder on the Closing Date are subject to the satisfaction or waiver, at or prior to the Closing Date, of each of the following conditions precedent: 

  
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 (a)    The Buyer shall have performed and complied in all
material respects with all agreements, covenants, obligations and conditions required to be performed and complied with by it under this Agreement at or prior to the Closing Date, and the Sellers shall have received a certificate executed by a duly
authorized person of Buyer, on the Closing Date certifying on behalf of the Buyer to the effect of the foregoing. 

(b)    The Sellers shall have received, as applicable, either (i) a valid, properly executed Internal Revenue
Service Form W-9 certifying that the Buyer is exempt from U.S. “backup” withholding Tax or (ii) a valid, properly executed Internal Revenue Service Form W-8BEN-E (or other applicable W-8, with any necessary accompanying attachments) certifying that the Buyer is exempt from U.S. federal withholding Tax under a United
States income Tax treaty with respect to royalties and other income. 
 (c)    The Sellers shall have received a
certificate of an authorized person of the Buyer, dated the Closing Date, certifying as to the incumbency of the officers executing this Agreement on behalf of the Buyer. 

(d)    There shall not have been issued and be in effect any Judgment of any Governmental Entity enjoining,
preventing or restricting the consummation of the transactions contemplated by this Agreement. 
 (e)    There
shall not have been instituted or be pending any action or proceeding by any Governmental Entity (i) challenging or seeking to make illegal, to delay materially or otherwise directly or indirectly to restrain or prohibit the consummation of the
transactions contemplated hereby, (ii) seeking to obtain material damages in connection with the transactions contemplated hereby or (iii) seeking to restrain or prohibit the Buyer’s purchase of the Acquired Intangibles. 

ARTICLE 5 

COVENANTS 
 
Section 5.1    Reporting. Sellers shall, subject to this Section 5.1, provide the Buyer: promptly following the end of the each calendar quarter of each calendar year, but in any event,
in each case, no later than seventy (70) calendar days after the end of such calendar quarter, a reasonably detailed report (the “Quarterly Report”) setting forth, with respect to such calendar quarter,
(a) the Intellectual Property Updates, (b) the Regulatory Updates, (c) the Clinical Updates, and (d) the Commercial Updates. The Sellers shall also provide the Buyer with such additional information regarding the updates included
in each Quarterly Report as the Buyer may reasonably request from time to time. The Sellers shall prepare and maintain and shall cause their Affiliates and use commercially reasonably efforts to include in any
Out-License a provision requiring any counterparty to any Out-License of the Sellers or the Sellers’ Affiliates to (i) prepare and maintain reasonably complete
and accurate records of the information to be disclosed in each Quarterly Report and (ii) to disclose such information to Seller to enable the disclosures of such information in each Quarterly Report, as contemplated herein. In addition, the
Sellers shall provide the Buyer with a written or telephonic update within ten (10) calendar days following any material development with respect to any prior Clinical Update, Commercial Update, Intellectual Property Update or Regulatory
Update. All Quarterly Reports, and the Confidential Information contained therein, shall be the Confidential Information of Sellers and subject to the obligations of confidentiality set forth in Article 7. The parties understand and agree that if
Sellers are unable to obtain any of the foregoing information from any counterparty to any Out-License (despite using commercially reasonable efforts to include a provision in the relevant Out-License requiring the provision of the same), that Seller will not be obligated to provide such information unless and until Seller is in possession and control of such information, which would be required to be
included by Sellers in the next to occur Quarterly Report, or, in the case of a material development, as soon as reasonably practicable. In addition, Seller my redact from any Quarterly Report and information, the redaction of which is reasonably
required to comply with any obligations of confidentiality to any Third Party or to comply with applicable laws (including those related to patient information and privacy laws). 

Section 5.2    Royalties; Royalty Reports. 

(a)    From and after the First Commercial Sale of any Product or any Related Product and for the duration of the
Term, Kodiak GmbH shall pay to the Buyer the Royalty, exclusive of any Seller Related Charge (but inclusive of any Buyer Related Charge, unless such Buyer Related Charge is levied as a result of an assignment by a Seller pursuant to
Section 9.6, and would not have been levied but for such assignment, in which case the Royalty 

  
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shall also be exclusive of any Buyer Related Charge), for such calendar quarter promptly, but in any event no later than (i) seventy (70) calendar days after the end of each of the first
three calendar quarters in each calendar year and (ii) ninety (90) calendar days after the end of the last calendar quarter in each calendar year. A late fee of 4% over the Prime Rate will accrue on all unpaid amounts with respect to any
Royalty from the date such obligation was due. The imposition and payment of a late fee shall not constitute a waiver of the Buyer’s rights with respect to such payment default. 

(b)    Simultaneously with the payment of each Royalty, the Sellers shall deliver a written report setting forth in
reasonable detail, (i) the calculation of the Royalty payable to the Buyer for the prior calendar quarter identifying, on a country-by-country basis, the number of
units of the Product or Related Product sold by or on behalf of the Sellers and their Subsidiaries and each counterparty to any Out-License, foreign currency exchange rates used (which shall be rates of
exchange determined in a manner consistent with the Sellers’ method for calculating rates of exchange in the preparation of the Seller’s annual financial statements in accordance with accounting principles generally accepted in the United
States), and a break-down of all permitted deductions from gross sales used to determine Net Sales and the Royalty due to the Buyer and (ii) the cumulative
year-to-date aggregate Net Sales for the Product or Related Product through the end of the prior calendar quarter (the “Royalty Report”). The
Revenue Participation Report shall be in a form agreed by the parties and reasonable acceptable to Buyer and Sellers. 

(c)    On a country-by-country and Product-by-Product or Related-Product-by-Related Product basis, if (i) with respect to a
given Product, if all Patent Rights in such country have expired, lapsed or been rendered invalid or unenforceable, then the Net Sales of such Product in such country shall be reduced by 50% and the Royalty owed to the Buyer shall be calculated
based upon such reduced amount; and (ii) with respect to a given Related Product, if all Related Patent Rights in such country have expired, lapsed or been rendered invalid or unenforceable, then the Net Sales of such Related Product in such
country shall be reduced by 50% and the Royalty owed to the Buyer shall be calculated based upon such reduced amount. 
 
Section 5.3    Disclosures; Public Announcement. The parties will agree on the substance of the initial press release to be made by the Sellers following the execution of this Agreement. After
the issuance of such press release, neither party shall, and each party hereto shall cause its respective Representatives, Affiliates and Affiliates’ Representatives not to issue a press release or other public announcement or otherwise make
any public disclosure with respect to this Agreement or the subject matter hereof without the prior written consent of the other party hereto, except, (i) to make subsequent public disclosures reiterating such information in the press release
(or other information previously approved by the other party for such public release), so long as the information in such release or other public disclosure remains true, correct, and the most current information with respect to the subject matters
set forth therein, (ii) to factually identify the Buyer (or its assignee) as the owner of the Royalty, (iii) to respond to questions in respect of the Buyer (or its assignee) using only the factual information disclosed in the initial
press release (or other information previously approved by the other party for such purpose), and (iv) as may be required by applicable law or stock exchange rule (in which case the party hereto required to make the press release or other
public announcement or disclosure shall allow the other party hereto reasonable time to comment on, and, if applicable, reasonably direct the disclosing party to seek confidential treatment in respect of portions of, such press release or other
public announcement or disclosure in advance of such issuance); provided that, in any case of ((i)-(vi)), Sellers shall not use Buyer’s name primarily for promotional or marketing purposes without the prior written consent of the Buyer. For
clarity, no review or consent of a party shall be required with respect to disclosures by either party of the Agreement and the transaction in such party’s reports filed with the SEC or to the extent such disclosure is consistent with
disclosure otherwise previously approved or publicly filed or disclosed pursuant to this Section 5.3. 

Section 5.4    Inspections and Audits of the
Sellers. Following the receipt of any Marketing Approval for the Product, upon at least fourteen (14) Business Days written notice and during normal business hours, no more frequently than once per calendar year, the Buyer may cause
an inspection and/or audit by an independent public accounting firm reasonably acceptable to the Sellers to be made of the Sellers’ books of account for the three (3) calendar years prior to the audit for the purpose of determining the
correctness of Royalties made under this Agreement. Upon the Buyer’s reasonable request not more than once in any calendar year while any Out-License remains in effect, the Sellers shall use commercially
reasonable efforts to exercise any rights it may have under any Out-License relating to a Product to cause an inspection and/or audit by an independent public accounting firm to be made of the books of account
of any counterparty thereto for the purpose of determining the correctness of Royalties made under this Agreement. All of the expenses of any inspection or audit requested by the Buyer hereunder 

  
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(including the fees and expenses of such independent public accounting firm designated for such purpose) shall be borne by (i) the Buyer, if the independent public accounting firm determines
that Royalties previously paid were incorrect by an amount less than or equal to 5% of the Royalties actually paid or (ii) the Sellers, if the independent public accounting firm determines that Royalties previously paid were incorrect by an
amount greater than 5% of the Royalties actually paid. The terms on which any such independent public accounting firm is engaged shall provide that such independent public accounting firm may not disclose the confidential information of the Sellers
or any such counterparty to any Out-License relating to a Product to the Buyer, except to the extent such disclosure is either necessary to determine the correctness of Royalties or such confidential
information otherwise would be included in a Royalty Report. All information obtained by the Buyer as a result of any such inspection or audit shall be Confidential Information of Sellers subject to ARTICLE 7 and the independent public accounting
firm shall be considered a Representative of Buyer for purposes of ARTICLE 7. Absent manifest error, the audit of the independent public accounting firm will be final and non-appealable. Any payment owed by
one party to another as a result of the audit shall be made within ten (10) 
Business Days of receipt of the audit report. 
 Section 5.5   
 Intellectual Property Matters. 
 (a)    The Sellers shall provide to the Buyer a copy of any written
notice received by either of the Sellers from a Third Party alleging or claiming that the making, having made, using, importing, offering for sale or selling of a Product infringes or misappropriates any Patents or other intellectual property rights
of such Third Party, together with copies of material correspondence sent or received by the Sellers related thereto, as soon as practicable and in any event not more than ten (10) Business Days following such delivery or receipt. 

(b)    The Sellers shall promptly inform the Buyer in the event that any of the individuals named in the definition
of “Knowledge of the Seller” (or the successors of such Person at the Sellers) becomes aware of any actual infringement by a Third Party of any Patent Rights and shall provide to the Buyer copies of material correspondence
sent or received by either Seller related thereto, as soon as practicable and in any event not more than ten (10) Business Days following such delivery or receipt. 

(c)    If either Seller recovers monetary damages from a Third Party in an action brought for such Third
Party’s infringement of any Patent Rights in connection with the exploitation of any product, therapy or service that actually or prospectively competes with a Product or the market for such Product, where such damages (whether in the form of
judgment or settlement) are awarded for such infringement of such Patent Rights or loss of sales of such Product, (i) such damages will be allocated first to the reimbursement of any expenses incurred by the Sellers in bringing such action
(including reasonable attorney’s fees) not already reimbursed from other damages awarded under the same action, then (ii) any remaining amount of such damages will be reduced, if applicable, to comply with allocation of recovered damages
with licensors of such Patent Rights required under any In-Licenses or Permitted Licensees of such Patent Rights under any Out-Licenses, if any, and (iii) any
residual amount of such damages after application of (i) and (ii) will be treated as Net Sales of such Product for purposes of Royalties under this Agreement. 

Section 5.6    Efforts to Complete Clinical Trials and
Commercialize the Products. 
 (a)    The Sellers shall (directly or indirectly through an Affiliate or
Permitted Licensee) use commercially reasonable efforts to initiate, enroll patients in and complete Clinical Trials for the Product in the following indications: (a) wet age-related macular degeneration
(AMD), (b) diabetic macular edema (DME), and (c) retinal vein occlusion (including branch retinal vein occlusion (BRVO) and central retinal vein occlusion (CRVO)). The Sellers shall (directly or indirectly through an Affiliate or Permitted
Licensee) thereafter use commercially reasonable efforts to seek Marketing Approval in each of the Major Markets for the Product in at least one indication for which development is planned as of the date hereof. Following the issuance of any
Marketing Approval of the Product or of any Related Product in any Major Market, the Sellers (or its Affiliates or Permitted Licensees) shall use commercially reasonable efforts to Commercialize the Product or such Related Product in the
indication(s) for which such Product or Related Product has received Marketing Approval in each such Major Market where it has received such Marketing Approval. 

(b)    In the event either Seller undergoes a Change of Control, then for a period of at least 30 months following
the consummation of such Change of Control, the Sellers shall devote (directly or indirectly) at least the equivalent level of financial and personnel resources to Product development and Product Commercialization

  
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efforts and activities as the levels of financial and personnel resources that were being dedicated by or on behalf of Sellers to Product development and Product Commercialization efforts
immediately prior to the relevant Change of Control, as may be adjusted in light of the then-current stage of Product development, provided that this Section 5.6(b) shall cease to apply from and after the occurrence of a Product Failure. 

Section 5.7    Efforts to Consummate Transactions.
Subject to the terms and conditions of this Agreement, each Seller and the Buyer will use its commercially reasonable efforts prior to the Closing to take, or cause to be taken, all actions and to do, or cause to be done, all things reasonably
necessary under applicable law to consummate the Closing. Each of the Buyer and the Sellers agrees to execute and deliver such other documents, certificates, agreements and other writings and to take such other actions as may be reasonably necessary
in order to consummate or implement expeditiously the purchase and sale of the Acquired Intangibles. 

Section 5.8    Further Assurances. After the Closing,
the Sellers and the Buyer agree to execute and deliver such other documents, certificates, agreements and other writings and to take such other actions as may be reasonably necessary in order to give effect to the transactions contemplated by this
Agreement. 
 Section 5.9    In-Licenses. The Sellers shall promptly (and in any event within ten (10) Business Days) provide the Buyer with (i) executed copies of any In-License entered
into by the Sellers or any Subsidiary, and (ii) executed copies of each material amendment, supplement, modification or written waiver of any provision of any In-License entered into by the Sellers or any
Subsidiary. The Sellers shall comply in all material respects with their material obligations under any In-Licenses. Promptly, and in any event within seven (7) Business Days, after receipt of any written
notice from a counterparty to any Material In-License or its Affiliates of an alleged material breach by Sellers under any Material In-License that (if not cured) would
allow the termination of such Material In-License by the counterparty, the Sellers shall provide the Buyer notice and, if permitted under any applicable confidentiality obligations, a copy thereof. The Sellers
shall use commercially reasonable efforts to cure any breaches by it under any Material In-License that (if not cured) would allow the termination of such Material
In-License by the counterparty, and shall give written notice to the Buyer upon curing any such breach. The Sellers shall provide the Buyer with written notice following becoming aware of a counterparty’s
material breach of its obligations under any Material In-License. The Sellers shall not terminate any Material In-License without providing the Buyer prior written
notice. Promptly, and in any event within seven (7) Business Days following the Seller’s notice to a counterparty to any Material In-License of an alleged breach by such counterparty under any such In-License, the Sellers shall provide the Buyer written notice, and if permitted under any applicable confidentiality obligations, a copy thereof. 

Section 5.10    
Out-Licenses. 
 (a)    Subject to compliance with this
Section 5.10, the Sellers may grant, at its sole discretion, licenses, covenants not to sue, or other similar rights to any Affiliate or Third Party (each, a “Permitted Licensee”) with respect to all or a portion of the
Intellectual Property Rights or Related Patent Rights including to develop, manufacture, promote, market, use, sell, offer for sale or import any Product or Related Product in all or any portion of the world without the Buyer’s consent (any
agreement granting any of the foregoing rights, a “Permitted License”). 
 (b)    The
Sellers shall promptly (and in any event within seven (7) Business Days) provide the Buyer with (i) executed copies of each executed Out-License, and (ii) executed copies of each amendment,
supplement, modification or written waiver of any provision of an Out-License, which, in each case, may be redacted to remove any information not related to the Acquired Intangibles. 

(c)    The Sellers shall use commercially reasonable efforts to include in all
Out-Licenses provisions (i) permitting the Sellers to audit such counterparty on terms and conditions consistent in all material respects with the Buyer’s rights to audit the Sellers set forth in
Section 5.4 and (ii) requiring the counterparty to any Out-License to keep books and records in accordance with the requirements of the Sellers and its Affiliates set forth in Section 5.4, (iii)
requiring the counterparty to any Out-License to provide the Sellers with notice of any infringement of the Patent Rights to enable the Sellers to fulfill their respective requirements under Section 5.5,
(iv) requiring the counterparty to any Out-License to provide the requisite information regarding its Net Sales of any Product or Related Product to allow the calculation of such Net Sales in accordance with
the definition of Net Sales contained in this Agreement; and (v) requiring the counterparty to any Out-License to keep books and records and deliver reports of any Net Sales of any Product or Related
Product. 

  
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 (d)    The Sellers shall provide the Buyer prompt written notice
within seven (7) Business Days of any counterparty’s material breach of its obligations under any Out-License of which any of the individuals named in the definition of “Knowledge of the
Sellers” becomes aware, to the extent such material breach is directly related to the Buyer’s rights or Sellers’ obligations under this Agreement. 

(e)    The Sellers shall provide the Buyer with written notice following the termination of any Out-License. 

Section 5.11    Negative Pledge; Preservation of Assets.
The Sellers shall not, and shall not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Lien on any of the Product Assets, except for (a) the security interest granted to the Buyer under this Agreement,
(b) Permitted Licenses to Permitted Licensees or (c) Permitted Liens. In connection with the incurrence of any Permitted Secured Indebtedness, at the request of the Sellers, the Buyer shall consider in good faith intercreditor arrangements
as necessary or appropriate to facilitate the incurrence of such Indebtedness; provided that any such arrangements shall be satisfactory to the Buyer. For the avoidance of doubt, nothing herein shall restrict the Sellers or any of their Subsidiaries
from incurring unsecured Indebtedness. 

Section 5.12    Use of Proceeds. Substantially all of
the amounts received by Sellers under this Agreement shall be used by Sellers and their Permitted Licensees solely for the research, development and Commercialization of the Products and Related Products. 

Section 5.13    True Sale. It is the intent of the
parties hereto that the sale, transfer, assignment and conveyance as contemplated by this Agreement shall constitute a sale of the Acquired Interests and neither Sellers nor Buyer intend the transactions contemplated by this Agreement to be, or for
any purpose characterized as, a loan from Buyer to Sellers or a pledge, a security interest, a financing transaction or a borrowing and accordingly, neither Sellers nor Buyer intend the transaction contemplated by this Agreement to be a partnership
or joint venture among Buyer and Sellers nor among Buyer, for any purpose. Sellers will treat the sale, transfer, assignment and conveyance of the Acquired Intangibles as sales of “accounts” and “payment intangibles” in
accordance with the UCC and Sellers each do hereby authorize Buyer, from and after the Closing, to file such financing statements (and continuation statements with respect to such financing statements when applicable) naming the Sellers as the
sellers and Buyer as the buyer of the Acquired Intangibles as may be necessary to perfect such sale. For the purpose of providing additional assurance to the Buyer in the event that, despite the intent of the parties hereto, the sale, transfer,
assignment and conveyance contemplated hereby is hereafter held not to be a sale, this Agreement shall constitute a security agreement and, effective upon the Closing, Sellers each hereby grants a security interest in, to, and under, the Acquired
Intangibles, and Sellers each hereby authorize Buyer to file such financing statements (and continuation statements with respect to such financing statements when applicable) as may be necessary to perfect such security interests. Each Seller and
Buyer hereby waives, to the maximum extent permitted by applicable law, any right to contest or otherwise assert that this Agreement does not constitute a true, complete, absolute and irrevocable sale, transfer, assignment and conveyance by Sellers
to Buyer of all of Sellers’ rights, title and interests in and to the Acquired Intangibles under applicable law, which waiver shall, to the maximum extent permitted by applicable law, be enforceable against each Seller in any bankruptcy or
insolvency proceeding relating to such Seller. 
 ARTICLE 6 

INDEMNIFICATION 
 
Section 6.1    General Indemnity. From and after the Closing: 

(a)    the Sellers hereby agree jointly and severally to indemnify, defend and hold harmless the Buyer and its
Affiliates and its and their directors, managers, trustees, officers, agents and employees (the “Buyer Indemnified Parties”) from, against and in respect of all Losses suffered or incurred by the Buyer Indemnified Parties to
the extent arising out of or resulting from (i) any breach of any of the representations or warranties of the Sellers provided in this Agreement (in each case, when made), and (ii) any breach of any covenants or agreements of the Sellers
in this Agreement; and 

  
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 (b)    the Buyer hereby agrees to indemnify, defend and hold
harmless the Sellers and their Affiliates and their directors, officers, agents and employees (the “Seller Indemnified Parties”) from, against and in respect of all Losses suffered or incurred by the Seller Indemnified
Parties to the extent arising out of or resulting from (i) any breach of any of the representations or warranties of Buyer provided in this Agreement (in each case, when made), and (ii) of any breach of any covenants or agreements of the
Buyer in this Agreement. 
 Section 6.2    Notice of
Claims. If either a Buyer Indemnified Party, on the one hand, or a Seller Indemnified Party, on the other hand (such Buyer Indemnified Party on the one hand and such Seller Indemnified Party on the other hand being hereinafter referred to as an
“Indemnified Party”), has suffered or incurred any Losses for which indemnification may be sought under this ARTICLE 6, the Indemnified Party shall so notify the other party from whom indemnification is sought under this
ARTICLE 6 (the “Indemnifying Party”) promptly in writing describing such Loss, the amount or estimated amount thereof, if known or reasonably capable of estimation, and the method of computation of such Loss, all with
reasonable particularity and containing a reference to the provisions of this Agreement in respect of which such Loss shall have occurred. If any claim, action, suit or proceeding is asserted or instituted by or against a Third Party with respect to
which an Indemnified Party intends to claim any Loss under this ARTICLE 6, such Indemnified Party shall promptly notify the Indemnifying Party of such claim, action, suit or proceeding and tender to the Indemnifying Party the defense of such claim,
action, suit or proceeding. A failure by an Indemnified Party to give notice and to tender the defense of such claim, action, suit or proceeding in a timely manner pursuant to this Section 6.2 shall not limit the obligation of the Indemnifying
Party under this ARTICLE 6, except to the extent such Indemnifying Party is actually prejudiced thereby. 

Section 6.3    Limitations on Liability. Except for
claims arising from a breach of confidentiality obligations under ARTICLE 7 or for claims for common law fraud, no party hereto shall be liable for any consequential, punitive, special or incidental damages under this ARTICLE 6 (and no claim for
indemnification hereunder shall be asserted) as a result of any breach or violation of any covenant or agreement of such party (including under this ARTICLE 6) in or pursuant to this Agreement. 

Section 6.4    Exclusive Remedy. Except as set forth in
Section 9.13, from and after Closing, the rights of the parties hereto pursuant to (and subject to the conditions of) this ARTICLE 6 shall be the sole and exclusive remedy of the parties hereto and their respective Affiliates with respect to
any Losses (whether based in contract, tort or otherwise) resulting from or relating to any breach of the representations, warranties covenants and agreements made under this Agreement or any certificate, document or instrument delivered hereunder,
and each party hereto hereby waives, to the fullest extent permitted under applicable law, and agrees not to assert after Closing, any other claim or action in respect of any such breach. Notwithstanding the foregoing, claims for common law fraud
shall not be waived or limited in any way by this ARTICLE 6. 
 ARTICLE 7 

CONFIDENTIALITY 
 
Section 7.1    Confidentiality. Except as provided in this ARTICLE 7, Section 5.3, and Section 9.6 or otherwise agreed in writing by the parties, the parties hereto agree that,
during the term of this Agreement and for seven (7) years thereafter, each party (the “Receiving Party”) shall keep confidential and shall not publish or otherwise disclose and shall not use for any purpose other than as
provided for in this Agreement (which includes the exercise of any rights or the performance of any obligations hereunder) any information furnished to it by or on behalf of the other party (the “Disclosing Party”) pursuant
to this Agreement (such information, “Confidential Information” of the Disclosing Party), except for that portion of such information that: 

(a)    was already known to the Receiving Party, other than under an obligation of confidentiality, at the time of
disclosure by the Disclosing Party; 
 (b)    was generally available to the public or otherwise part of the
public domain at the time of its disclosure to the Receiving Party; 

  
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 (c)    became generally available to the public or otherwise part
of the public domain after its disclosure and other than through any act or omission of the Receiving Party in breach of this Agreement or any other agreement; 

(d)    is independently developed by the Receiving Party or any of its Affiliates, as evidenced by written records,
without the use of or reference of the Confidential Information; or 
 (e)    is subsequently disclosed to the
Receiving Party on a non-confidential basis by a Third Party without obligations of confidentiality with respect thereto. 

Section 7.2    Authorized Disclosure. 

(a)    Either party may disclose Confidential Information to the extent such disclosure is reasonably necessary in
the following situations: 
 (i)    prosecuting or defending litigation; 

(ii)    complying with applicable laws and regulations, including regulations promulgated by securities exchanges;

 (iii)    complying with a valid order of a court of competent jurisdiction or other Governmental Entity; 

(iv)    for regulatory, Tax or customs purposes; 

(v)    for audit purposes, provided that each recipient of Confidential Information must be bound by customary and
reasonable obligations of confidentiality and non-use prior to any such disclosure; 

(vi)    disclosure to its Affiliates and Representatives on a need-to-know basis, provided that each such recipient of Confidential Information must be bound by contractual, professional or other customary obligations of confidentiality and non-use at least as stringent as those imposed upon the parties pursuant to Section 7.1 prior to any such disclosure; 

(vii)    upon the prior written consent of the party owning such Confidential Information (but solely to the
extent of such consent); 
 (viii)    disclosure to its actual or potential investors and co-investors, and other sources of funding, including debt financing, or potential partners, collaborators or acquirers, and their respective accountants, financial advisors and other professional representatives,
provided, that such disclosure shall be made only to the extent customarily required to consummate such investment, financing transaction partnership, collaboration or acquisition and that each recipient of Confidential Information must be bound by
customary obligations of confidentiality and non-use prior to any such disclosure; or 

(ix)    in connection with an assignment permitted pursuant to Section 9.6. 

(b)    Notwithstanding the foregoing, in the event the Disclosing Party is required to make a disclosure of the
Receiving Party’s Confidential Information pursuant to Sections 7.2(a)(i), (ii), (iii) or (iv), it will, except where impracticable, give reasonable advance notice to the Receiving Party of such disclosure and use reasonable efforts to secure
confidential treatment of such information. In any event, the Buyer shall not file any patent application based upon or using the Confidential Information of Seller provided hereunder. 

(c)    Notwithstanding anything set forth in this Agreement, including Section 7.2, materials and
documentation relating to the Seller’s Intellectual Property Rights may be only disclosed to or accessed by Buyer and its attorneys and auditors, without further disclosure to any other Representative of Buyer. 

  
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 ARTICLE 8 

TERMINATION 
 
Section 8.1    Mutual Termination. This Agreement may be terminated by mutual written agreement of the Buyer and the Sellers. 

Section 8.2    Automatic Termination. Unless earlier
terminated pursuant to Section 8.1 or Section 8.3, this Agreement shall continue in full force and effect until sixty (60) days after such time as Kodiak GmbH is no longer obligated to pay any Royalties under this Agreement, at which
point this Agreement shall automatically terminate, except with respect to any rights that shall have accrued prior to such termination. 
 
Section 8.3    Termination Upon Buy-Back Option. Upon Buyer’s receipt of the Buy-Back Price
pursuant to Section 1.4, this Agreement shall automatically and without any further actions of the parties be deemed irrevocably terminated. 

Section 8.4    Survival. Notwithstanding anything to the
contrary in this ARTICLE 8, the following provisions shall survive termination of this Agreement: Section 5.3 (Disclosures), ARTICLE 6 (Indemnification), ARTICLE 7 (Confidentiality), Section 8.4 (Survival) and ARTICLE 9 (Miscellaneous).
Termination of the Agreement shall not relieve any party of liability in respect of breaches under this Agreement by any party on or prior to termination. Notwithstanding anything in this Agreement, Section 9.16 (Relationship of the Parties),
Section 9.17 (Withholding) and Section 9.18 (Tax Treatment) shall survive until thirty (30) days after the expiration of the applicable statute of limitations. 

ARTICLE 9 

MISCELLANEOUS 
 
Section 9.1    Definitions. The following terms, as used herein, shall have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person, directly or indirectly, controlling, controlled by, or
under common control with, such Person. For purposes of this definition, the term “control” (including the correlative terms “controlling,” “controlled by” and “under common control with”) means the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. For clarity, the Buyer shall not be
considered an Affiliate of either Seller for the purpose of this Agreement. 
 “Agreement” is defined in the
preamble. 
 “anti-VEGF” means a protein such as a monoclonal antibody that binds and inhibits the receptor binding
site of biologically active isoforms of VEGF-A, including VEGF110, but not other proteins such as VEGF-C/D. 

“Acquired Intangibles” means right to receive the Royalties for the term of this Agreement subject to the terms and
conditions set forth herein; provided, for the avoidance of doubt, that the Acquired Intangibles do not represent any right, title or interest in the Intellectual Property Rights. 

“Affiliate Assignee” is defined in Section 9.6. 

“Bankruptcy Laws” means, collectively, in any jurisdiction, bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance, fraudulent transfer or other similar laws affecting the enforcement of creditors’ rights generally. 

“Business Day” means any day other than (a) a Saturday or Sunday or (b) a day on which banking institutions
located in New York are permitted or required by applicable law or regulation to remain closed. 

  
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 “Buy-Back Notice” is defined
in Section 1.4. 
 “Buy-Back Option” is defined in Section 1.4.

 “Buy-Back Price” is the amount calculated in accordance with the
following formula, as of the date of such determination: 
 Buy-Back Price = A x B - C 

where:  
 A = the
total amount of the Purchase Price paid by Buyer. 
 B = 4.5; provided that if the Buyer fails to make the Second Payment in breach of
the terms of Section 2.2 then until the payment by Buyer of the Second Payment, B shall be 1.0. 
 C= the Total Net Payments paid
to Buyer at such time. 
 “Buyer” is defined in the preamble. 

“Buyer Indemnified Parties” is defined in Section 6.1(a). 

“Buyer Related Charge” means any sales, use, value-added, excise and other similar Taxes or duties (excluding
withholding and income Taxes) levied under the laws of the jurisdiction in which the Buyer is established. 
 “Cap
Amount” means, as of the date of such determination, an amount equal to four and one half times (4.5X) of the total amount of the Purchase Price paid by Buyer; provided that if the Buyer fails to make the Second Payment in breach of the
terms of Section 2.2 then until the payment by Buyer of the Second Payment, the Cap Amount shall mean the Purchase Price paid by Buyer. 

“Cap Date” means, the first date during the Term on which the Total Net Payments as of such date equals or exceeds the
Cap Amount. 
 “Change of Control” means, with respect to a Seller: (a) a transaction or series of related
transactions that results in the sale or other disposition of all or substantially all of such Seller’s assets (other than any such sale or other disposition to a Subsidiary of a Seller); or (b) a merger or consolidation as a result of
which the shareholders of such Seller immediately prior to the consummation of such merger or consolidation do not, immediately after consummation of such merger or consolidation, possess, directly or indirectly through one or more intermediaries, a
majority of the voting power of all of the surviving entity’s outstanding stock and other securities and the power to elect a majority of the members of such Seller’s board of directors; or (c) a transaction or series of related
transactions (which may include a tender offer for such Seller’s stock or the issuance, sale or exchange of stock of such Seller) if the shareholders of such Seller immediately prior to the initial such transaction do not, immediately after
consummation of such transaction or any of such related transactions, possess, directly or indirectly through one or more intermediaries, a majority of the voting power of all of such Seller’s or its successor’s outstanding stock and other
securities and the power to elect a majority of the members of such Seller’s or its successor’s board of directors. 

“Clinical Trial” means a human clinical trial intended to support the Marketing Approval or Commercialization of a
Product. 
 “Clinical Updates” means a summary of any material updates with respect to the Clinical Trials
including (a) the progress of each Clinical Trial for the Product or any Related Product (including the number of patients currently enrolled in each such Clinical Trial, the number of sites conducting each such Clinical Trial, and any material
modifications to each such Clinical Trial, and any serious adverse events), and (b) Sellers’ then-existing plans to start new Clinical Trials. Copies of internal presentations or reports of summaries of such material information or
developments, and copies of presentations or reports received by the Sellers from any Third Party, may constitute Clinical Updates. 

  
 -15- 

 “Closing” means the closing of the sale, transfer, assignment and
conveyance of the Acquired Intangibles hereunder. 
 “Closing Date” means the date on which the Closing occurs
pursuant to Section 2.1. 
 “Combination Product” is defined in the definition of Net Sales. 

“Commercial Updates” means a summary of material updates with respect to the Sellers’ and their Affiliates’
and any Permitted Licensee’s sales and marketing activities and commercial manufacturing matters with respect to the Product or any Related Product. Copies of internal presentations or reports of summaries of such material information or
developments, and copies of presentations or reports received by each Seller from any Third Party, may constitute Commercial Updates. 

“Commercialization” means any and all activities directed to the manufacture, distribution, marketing, detailing,
promotion, selling and securing of reimbursement of a Product (including the making, using, importing, selling and offering for sale of such Product), and shall include post-Marketing Approval studies, post-launch marketing, promoting, detailing,
marketing research, distributing, customer service, selling such Product, importing, exporting or transporting such Product for sale, and regulatory compliance with respect to the foregoing. When used as a verb,
“Commercialize” shall mean to engage in Commercialization. 
 “Confidential Information” is
defined in Section 7.1. 
 “Disclosing Party” is defined in Section 7.1. 

“Disclosure Schedule” means the Disclosure Schedule, dated as of the date hereof, delivered to the Buyer by the
Sellers concurrently with the execution of this Agreement. 
 “Distributor” means, with respect to a country, any
Third Party that is used by pharmaceutical manufacturers generally in such country on a non-exclusive basis, and without any intellectual property right or license grant from the Sellers or any Permitted
Licensees of the Sellers, to distribute (but not to market or promote) finished, packaged pharmaceutical products to pharmacies, managed care organizations, governmental agencies (e.g., federal, state and local), and other group purchasing
organizations (e.g., pharmaceutical benefits managers) and the like in such country. For clarity, a Distributor of a Product or a Related Product in a country shall not include any person or entity that has been granted a right, whether by license
or otherwise and whether express or implied (including by subcontract or agency), by a party or its Affiliates to research, develop or manufacture any such Product or Related Product or that otherwise assumes any regulatory or other responsibilities
with respect to obtaining or maintaining regulatory approvals for such Product or Related Product in such country. 

“EBITDA” means, as of any date of determination, for any applicable period determined on a consolidated basis in
accordance with GAAP, consolidated net income (or loss), plus, without duplication and to the extent deducted in determining consolidated net income or loss, (a) interest expense net of interest income, (b) provision for income taxes and
(c) depreciation, amortization and stock-based compensation and other similar non-cash expenses; provided that, to the extent included in EBITDA and without duplication, the following shall be excluded:
(i) extraordinary gains and losses and unusual or non-recurring income or charges, (ii) currency translation gains and losses related to currency remeasurements of Indebtedness and (iii) fair
value non-cash gains or losses of swaps, derivatives or similar arrangements. 

“EMA” means the European Medicines Agency, or any successor agency thereto. 

“Enrollment Achievement Threshold” means the first date upon which 50% of the patients (as determined in
reference to the then-current clinical protocol approved by the relevant IRB) have been enrolled in each of (i) the planned Phase 3 Clinical Trial for branch retinal vein occlusion (BRVO) and (ii) the planned Phase 3 Clinical Trial for
central retinal vein occlusion (CRVO). 
 “FDA” means the U.S. Food and Drug Administration, or any successor agency
thereto. 

  
 -16- 

 “First Commercial Sale” means, with respect to a Product or Related
Product, the first sale for use or consumption by the general public of such Product or Related Product, as applicable, in any country of the world after Marketing Approval of such Product has been granted, or such marketing and sale is otherwise
permitted, by the Regulatory Authority of such country. 
 “Governmental Entity” means any: (a) nation,
principality, republic, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of any nature; (b) federal, state, local, municipal, foreign or other government; (c) governmental or quasi-governmental
authority of any nature (including any governmental division, subdivision, department, agency, bureau, branch, office, commission, council, board, instrumentality, officer, official, representative, organization, unit, body or other entity and any
court, arbitrator or other tribunal); (d) multi-national organization or body; or (e) individual, body or other entity exercising, or entitled to exercise, any executive, legislative, judicial, administrative, regulatory, police, military or
taxing authority or power of any nature. 
 “Incremental Secured Indebtedness” is defined in the definition of
Permitted Secured Indebtedness. 
 “Incremental Secured Indebtedness Cap” means an amount equal Total Net Payments
received by Buyer as of any date of determination. 
 “Indebtedness” of any Person means any indebtedness for
borrowed money, obligation evidenced by a note, bond, debenture or similar instrument, or guarantee of any of the foregoing. 
 “In-License” means any license, settlement agreement or other agreement between a Seller or any of its Affiliates and any Third Party pursuant to which a Seller or any of its Affiliates obtains a
license, a covenant not to sue or similar grant of rights to any Patents or other intellectual property rights of such Third Party that is or was reasonably necessary for the manufacture, use or Commercialization of a Product. 

“Intellectual Property Rights” means any and all of the following as they exist throughout the world at any time and
as they are owned or controlled by the Sellers or any Subsidiary or under which the Sellers or any Subsidiary may become empowered to grant licenses: (a) the Patent Rights; (b) rights in registered and unregistered trademarks, service
marks, trade names, trade dress, logos, packaging design, slogans and Internet domain names, and registrations and applications for registration of any of the foregoing, in each case, used in the marketing and promotion of a Product;
(c) copyrights in both published and unpublished works, including all compilations, databases and computer programs, manuals and other documentation and all copyright registrations and applications, and all derivatives, translations,
adaptations and combinations of the above, in each case, as specifically related to a Product; (d) rights in research in progress, algorithms, data, databases, data collections, chemical and biological materials (including any compounds, DNA,
RNA, clones, vectors, cells and any expression product, progeny, derivatives or improvements thereto), and the results of experimentation and testing, including samples, in each case, as specifically related to a Product; and (e) rights in all Know-How related to a Product that is reasonably necessary for the manufacture, use or Commercialization of such Product; (f) any and all other intellectual property rights and/or proprietary rights, whether or
not patentable, specifically relating to any of the foregoing, as specifically related to a Product. 
 “Intellectual Property
Updates” means any new Patents issued or filed, amended or supplemented, relating to the Product in any country, or any abandonments or other termination of prosecution with respect to any of the Patent Rights, and any other material
information or developments with respect to the Intellectual Property Rights. 
 “IRB” means an institutional review
board as described in 45 CFR Part 46, or the equivalent entity (such as an independent ethics committee) in any jurisdiction. 

“Judgment” means any judgment, order, writ, injunction, citation, award or decree of any nature. 

“Know-How” means any and all proprietary or confidential information, know-how and trade secrets, including processes, formulae, models and techniques (but excluding rights in research in progress, algorithms, data, databases, data collections, chemical and biological materials and
the results of experimentation and testing). 
 “Knowledge of the Sellers” means the actual knowledge of John
Borgeson, or Victor Perlroth. 

  
 -17- 

 “Lien” means any mortgage, lien, pledge, participation interest,
charge, adverse claim, security interest, encumbrance or restriction of any kind, including any restriction on use, transfer or exercise of any other attribute of ownership of any kind. 

“Loss” means any and all Judgments, damages, losses, claims, costs, liabilities and expenses, including reasonable
fees and out-of-pocket expenses of counsel; provided, however, that “Loss” shall not include any lost profits or revenue or consequential,
punitive, special or incidental damages. 
 “Major EU Countries” means England, Spain, Germany, France and Italy.

 “Major Market” means each of the United States and each country within the Major EU Countries. 

“Marketing Approval” means any new drug application (NDA) or biologics license application (BLA) approved by the
FDA, and any corresponding non-U.S. application, registration or certification in a Major Market, that is reasonably necessary to market a Product or Related Product, approved by the corresponding non-U.S. Regulatory Authority in such Major Market, including any reimbursement or pricing approvals commercially necessary to market a given Product or Related Product in such Major Market. 

“Material In-License” means any
In-License, the termination of which would reasonably be expected to have a material adverse effect on the prospective Net Sales of the Products or Related Products. 

“Net Sales” means, with respect to any Product or any Related Product, the amount billed in arm’s-length transactions by Sellers, any Affiliate of the Sellers, or any Permitted Licensee (or such Permitted Licensee’s Affiliates) (each of the foregoing persons and entities, for purposes of this
definition, shall be considered a “Related Party”), for sales of such Product or Related Product to a Third Party, less the sum of the following (to the extent not reimbursed by any Third Party): 

(a)    reasonable and customary rebates, chargebacks, quantity, trade and similar discounts, credits and allowances
and other price reductions reasonably granted, allowed, incurred or paid in so far as they are applied to sales of the Product or Related Product; 

(b)    discounts (including cash discounts and quantity discounts), coupons, retroactive price reductions, charge
back payments and rebates granted to managed care organizations or to federal, state and local governments, or to their agencies (including, but not limited to, payments made under the new “Medicare Part D Coverage Gap Discount Program”
and the “Annual Fee for Branded Pharmaceutical Manufacturers” specific to the Product), in each case, as applied to sales of the Product or Related Product and actually given to customers; 

(c)    reasonable and customary credits and allowances taken upon rejection, return or recall of the Product or
Related Product; 
 (d)    reasonable and customary freight and insurance costs incurred with respect to the
shipment of the Product or Related Product to customers, in each case if charged separately and invoiced to the customer; 

(e)    customs duties, surcharges and other similar governmental charges incurred in connection with the
exportation or importation of the Product or Related Product to the extent included in the gross amount invoiced; 

(f)    Value Added Tax, and that portion of annual fees due under Section 9008 of the United States Patient
Protection and Affordable Care Act of 2010 (Pub. L. No. 111-48) and any other fee imposed by any equivalent applicable law, in each of the foregoing cases, that is allocable to sales of the Product or
Related Product in accordance with the Related Party’s standard policies and procedures consistently applied across its products, as adjusted for rebates and refunds, imposed in connection with the sales of the Product or Related Product to any
Third Party, to the extent such Taxes are not paid by the Third Party; and 

  
 -18- 

 (g)    actual uncollectible debt amounts with respect to sales of
the Product or Related Product, provided that if the debt is thereafter paid, the corresponding amount shall be added to the Net Sales of the period during which it is paid. 

Such amounts shall be determined consistent with a Related Party’s customary practices and in accordance with GAAP or IFRS. 

Sale or transfer of a Product between any of the Related Parties shall not result in any Net Sales, with Net Sales to be based only on any
subsequent sales or dispositions to a non-Related Party. For clarity, (i) Net Sales shall not include amounts or other consideration received by a Related Party from a
non-Related Party in consideration of the grant of a (sub)license or co-promotion or distribution right to such non-Related
Party, provided that such consideration is not in lieu of all or a portion of the transfer price of the Product, (ii) sales to a Third Party Distributor, wholesaler, group purchasing organization, pharmacy benefit manager, or retail chain
customer shall be considered sales to a non-Related Party and not to a Permitted Licensee, (iii) Net Sales by a Related Party to a non-Related Party consignee are
not recognized as Net Sales by such Related Party until the non-Related Party consignee sells the Product, (iv) if a Related Party receives in-kind consideration
for the sale of the Product, then Net Sales shall be calculated as the fair market value of all other consideration received by a Related Party in respect of such Product or Related Product, whether such consideration is in cash, payment in kind,
exchange or other form, as determined in good faith by the Sellers and (v) Net Sales shall exclude transfers or dispositions for charitable, promotional, pre-clinical, clinical, regulatory, or
governmental purposes. 
 With respect to sales of the Product invoiced in U.S. dollars, Net Sales shall be determined in U.S. dollars. With
respect to sales of the Product invoiced in a currency other than U.S. dollars, Net Sales shall be determined by converting the currencies at which the sales are made into U.S. dollars, at rates of exchange determined in a manner consistent with the
Sellers’ or a Permitted Licensee’s, as applicable, method for calculating rates of exchange in the preparation of the Sellers’ or such Permitted Licensee’s annual financial statements in accordance with generally accepted
accounting principles consistently applied. No amount for which deduction is permitted pursuant to this Section shall be deducted more than once. 

If any Product or Related Product is sold in the form of a combination product (whether co-formulated
or co-packaged) with another product or therapy that is not a Product or Related Product (each a “Combination Product”), then the Net Sales for any such Combination Product shall be
calculated on a country-by-country basis by multiplying actual Net Sales of such Combination Product by the fraction A/(A+B) where “A” is the weighted average
invoice price of the Product or Related Product, as applicable, that active contained in such Combination Product when sold separately in such country during the applicable accounting period in which the sales of the Combination Product were made,
and “B” is the combined weighted average invoice prices of all of the active ingredients other than price of the Product or Related Product contained in such Combination Product sold separately in such country during such same accounting
period. If the Product contained in such Combination Product is not sold separately in finished form in such country, the Sellers and the Buyer shall determine Net Sales for the Product by mutual agreement based on the relative contribution of the
Product and each such other active ingredient in such Combination Product in accordance with the above formula, and shall take into account in good faith any applicable allocations and calculations that may have been made for the same period in
other countries. 
 “Other Biology(ies)” is defined in the definition of Related Product. 

“Ongoing Development Criteria” means, at the relevant time: (a) that no Product Failure has occurred,
(b) there is no active or ongoing clinical hold placed by the FDA on any of (i) the planned Phase 3 Clinical Trial for the Product in branch retinal vein occlusion (BRVO) or (ii) the planned Phase 3 Clinical Trial for central retinal
vein occlusion (CRVO), (c) to the Knowledge of Sellers, there is no information that has been submitted to FDA or that Sellers are obligated to submit to FDA concerning such Clinical Trials that are reasonably likely to result in a clinical hold
being placed by FDA on such Clinical Trial(s), and (d) the Enrollment Achievement Threshold has been achieved. 
 “Out-License” means any license or other agreement between a Seller or any of its Affiliates and any Third Party (including any Permitted License with a Third Party) pursuant to which a Seller or any of
its Affiliates grants to such Third Party a license or sublicense of, covenant not to sue under, or other similar rights under any Intellectual Property Right that is reasonably necessary for the manufacture, use or Commercialization of a Product in
order for 

  
 -19- 

 
such Third Party to manufacture, use or Commercialize such Product; provided, however, that “Out-License” shall not include
(a) any research licenses; (b) licenses to Distributors; (c) agreements granting non-exclusive rights to Intellectual Property Rights entered into in the ordinary course of business, including
manufacturing agreements, material transfer agreements and consulting agreements, that, in all cases in this clause (c), do not grant any rights to market, distribute or sell a Product. 

“Patent Rights” means any and all Patents that are owned or controlled by the Sellers or any Subsidiary or under which
the Sellers or any Subsidiary are or may become empowered to grant licenses, the subject matter of which is necessary for the development, manufacture, use, marketing, promotion, sale or distribution of the Product. 

“Patents” means any and all patents and patent applications existing as of the date of this Agreement and all patent
applications filed hereafter, including any continuation, continuation-in-part, division, provisional or any substitute applications, any patent issued with respect to
any of the foregoing patent applications, any certificate, reissue, reexamination, renewal or patent term extension or adjustment (including any supplementary protection certificate) of any such patent or other governmental actions which extend any
of the subject matter of a patent, and any substitution patent, confirmation patent or registration patent or patent of addition based on any such patent, and all foreign counterparts of any of the foregoing. 

“Permitted License” is defined in Section 5.10(a). 

“Permitted Licensee” is defined in Section 5.10(a). 

“Permitted Liens” means (a) Liens for Taxes not yet delinquent or Liens for Taxes being contested in good faith
and by appropriate proceedings for which adequate reserves have been established; (b) statutory Liens such as claims or Liens in respect of property or assets imposed by law which were incurred in the ordinary course of business, such as
supplier’s, carriers’, warehousemen’s, distributors’, wholesaler’s, materialmen’s and mechanic’s Liens and other similar Liens arising in the ordinary course of business which are (i) not delinquent and remain
payable without penalty, (ii) subject to a right of set-off, or (iii) being contested in good faith and by appropriate proceedings; (c) Liens to secure Permitted Secured Indebtedness;
(d) Liens on property existing at the time of acquisition of such property provided that such liens were in existence prior to such acquisition and not incurred in contemplation thereof; and (e) any interest or title of a Permitted
Licensee under a Permitted License. 
 “Permitted Secured Indebtedness” means (a) any Indebtedness and
other obligations under one or more revolving credit facility, the availability thereunder is based on eligible accounts receivables, inventory and/or equipment of the Seller and/or any of their Subsidiaries, in an aggregate principal amount not to
exceed $200.0 million, (b) Indebtedness in a principal amount not to exceed $100.0 million and (c) any other Indebtedness not to exceed the Incremental Secured Indebtedness Cap (the “Incremental Secured
Indebtedness”); provided that, in the case of Incremental Secured Indebtedness (i) the Secured Net Leverage Ratio shall not exceed 1.50:1.00 on a pro forma basis after giving effect to the incurrence of such additional amounts,
(ii) the Buyer shall be equally and ratably secured upon such incurrence whereby the deemed principal amount of Buyer’s security shall be an amount equal to the Cap Amount less Total Net Payments received by the Buyer as of such date and
(iii) the Buyer shall enter into intercreditor arrangements in form and substance satisfactory to the Buyer in connection with the incurrence of the Incremental Secured Indebtedness. 

“Person” means any individual, firm, corporation, company, partnership, limited liability company, trust, joint
venture, association, estate, trust, Governmental Entity or other entity, enterprise, association or organization. 
 “Prime
Rate” means the prime rate published by The Wall Street Journal, from time to time, as the prime rate. 

“Product” means (a) Sellers’ biologic anti-VEGF therapy built with Sellers’ proprietary antibody
biopolymer conjugate platform, commonly known as KSI-301, which, as of the date hereof is being developed by Sellers in announced Clinical Trials for (i) wet
age-related macular degeneration (AMD), (ii) diabetic macular edema (DME), (iii) retinal vein occlusion (including branch retinal vein occlusion (BRVO) and central retinal vein occlusion (CRVO)) and
(iv) diabetic retinopathy (DR), and (b) any product or therapy not described in (a), the rights to which are owned or controlled by Sellers or any of its Subsidiaries that (i) is built with Sellers’ proprietary antibody
biopolymer conjugate platform, and (ii) contains an anti-VEGF as its sole molecular or chemical biology. 

  
 -20- 

 “Product Assets” means the Sellers’ and their
Subsidiaries’ rights, title and interests in the Product Rights owned, licensed or otherwise held by the Sellers or any of their Subsidiaries and any proceeds thereof, including all accounts receivable resulting from the sale, license or other
disposition of Products by the Sellers or their Permitted Licensees; provided, however, that, upon a Change of Control of a Seller or any Subsidiaries, no Product Rights owned, in-licensed or otherwise held by
the acquiring entity (or any of its Affiliates existing prior to such Change of Control or acquired after such Change of Control) as of immediately prior to the closing of such Change of Control (or in the case of an acquired Subsidiary, as of
immediately prior to the closing of such acquisition) or any Patents claiming priority to any Patents included therein or other Intellectual Property Rights derived from Intellectual Property Rights included therein will be deemed “owned,
licensed or otherwise held” for the purposes of this definition. Notwithstanding the foregoing, “Product Assets” shall not include cash or cash equivalents. 

“Product Failure” means, with respect to the Product in each of (a) wet
age-related macular degeneration (AMD), (b) diabetic macular edema (DME), and (c) retinal vein occlusion (including branch retinal vein occlusion (BRVO) and central retinal vein occlusion (CRVO)) that
(i) either (A) Sellers or (B) at Buyer’s option and request, an independent third-party reasonably agreed upon between the Parties to review the Clinical Trials data and results, have made a reasonable and good faith determination
that the Product presents a risk of death, a life-threatening condition, or such serious safety or health risks to patients such that, based on then-available data, Sellers cannot ethically and in good faith continue to administer the Product to
patients; or (ii) any material adverse development, occurrence or event with respect to the clinical development of the Product, as a result of which Sellers, in consultation with Buyer, may reasonably make a good faith determination to cease
continued development of the Product (for example, if one or more Products (A) fails as a result of the manufacturing thereof due to failure to achieve a purified yield required to commercialize the Product, or because a manufacturing process
cannot be established according to GMP manufacturing guidelines to produce sufficient material for Commercialization; or (B) is otherwise not reasonably suited for the continuation of Clinical Trials (in the case of preclinical or clinical
stage trials, toxicities that would trigger the stoppage of further development, e.g., as may be reported as adverse events, serious adverse events, or clinical laboratory abnormalities)), or (C) fails to meet its primary endpoint of any
Clinical Trial. 
 “Product Royalty Rate” means four and one half percent (4.5%). 

“Product Rights” means any and all of the following, as they exist throughout the world: (a) Intellectual
Property Rights, (b) regulatory filings, submissions and approvals with or from any Regulatory Authorities specifically related to the Products, (c) In-Licenses, and
(d) Out-Licenses. 
 “Purchase Price” is defined in Section 1.2.

 “Quarterly Report” is defined in Section 5.1. 

“Receiving Party” is defined in Section 7.1. 

“Regulatory Authority” means any national or supranational governmental authority, including, without limitation, the
FDA or EMA, or any successor agency thereto, that has responsibility in granting a Marketing Approval. 
 “Regulatory
Updates” means a summary of any and all material information and developments that materially impact the Product or any Related Product with respect to any regulatory filings or submissions made to the FDA and EMA (or, to the extent the
EMA is not applicable, the Regulatory Authority for any Major EU Country). 
 “Related Party” is defined in the
definition of Net Sales. 
 “Related Patent Rights” means any and all Patents that are owned or controlled by the
Sellers or any Subsidiary or under which the Seller or any Subsidiary is or may become empowered to grant licenses, the subject matter of which is necessary for the development, manufacture, use, marketing, promotion, sale or distribution of any
Related Product. 

  
 -21- 

 “Related Product” means any product or therapy the rights to which
are owned or controlled by Sellers or any of its Subsidiaries (a) where at least one component of the product or therapy is built with Sellers’ proprietary antibody biopolymer conjugate platform, (b) the product or therapy contains
(i) an anti-VEGF biology and (ii) at least one additional molecular or chemical biology(ies) (any such other biology, an “Other Biology(ies)”), and (c) is being progressed in an indication or patient population
in which Sellers have obligations to develop the Product pursuant to Section 5.6(a), or for which the Product has otherwise received Marketing Approval.    For clarity, (i) a molecule or protein that binds and inhibits
the receptor binding site of biologically active isoforms of VEGF-C/D would be considered an “Other Biology(ies)” in a given product or therapy, and not an anti-VEGF biology in such product or
therapy, and (ii) any two ligands in a given Related Product that share the same binding site shall (collectively) be considered a single “Other Biology(ies)” in such Related Product. 

“Related Product Royalty Rate” means with respect to a given Related Product, the percentage equal to (1 / (n+1)) x
4.5%, where “n” is equal to the number of Other Biology(ies) in such Related Product. 
 By way of example, if a Related Product
is comprised of a dual inhibitor biconjugate consisting of an anti-VEGF Trap and an anti-IL-6 Antibody Fusion (TAF), then the sole “Other
Biology(ies)” in such Related Product would be the anti-IL-6 Antibody Fusion (TAF), and the Related Product Royalty Rate for such Related Product would be
equal to 2.25%, based on the following calculation: (1 / (1+1)) x 4.5%. 
 “Representative” means, with respect to
any Person, (a) any direct or indirect member or partner of such Person and (b) any manager, director, trustee, officer, employee, agent, advisor or other representative (including attorneys, accountants, consultants, contractors, actual
and potential lenders, investors, co-investors and assignees, bankers and financial advisers) of such Person. 

“Royalty” means for each calendar quarter during the Term until Cap Date, an amount payable to the Buyer equal to the
sum of: 
 (a) the product of Net Sales of the Products during such calendar quarter in each country multiplied by the Product Royalty Rate;
and 
 (b) the product of Net Sales of the Related Products during such calendar quarter in each country multiplied by the Related Product
Royalty Rate; 
 provided that the aggregate Royalties pursuant to this Agreement shall not exceed the Cap Amount. For clarity, following the Cap Date the
Sellers are no longer obligated to pay any Royalties under this Agreement. 
 “Royalty Report” is defined in
Section 5.2(b). 
 “SEC” means the Securities and Exchange Commission. 

“Second Payment” is defined in Section 2.2. 

“Second Payment Date” is defined in Section 2.2. 

“Secured Net Leverage Ratio” means, as at any date of determination, the ratio of (i) Indebtedness secured by
Product Assets, net of cash and cash equivalents, to (ii) EBITDA for the most recently completed four consecutive fiscal quarters ending on or prior to such date for which financial statements are available. 

“Sellers” is defined in the preamble. 

“Seller Indemnified Parties” is defined in Section 6.1(b). 

  
 -22- 

 “Seller Related Charge” means any sales, use, value-added, excise
and other similar Taxes or duties (excluding withholding and income Taxes) levied other than under the laws of the jurisdiction in which the Buyer is established. 

“Seller SEC Documents” is defined in Section 3.1(o). 

“Subsidiary” means with respect to Kodiak Inc. any and all corporations, partnerships, limited liability companies,
joint ventures, associations and other entities controlled (by contract or otherwise) by the Kodiak Inc. directly or indirectly through one or more intermediaries. For purposes hereof, Kodiak Inc. shall be deemed to control a partnership, limited
liability company, association or other business entity if Kodiak Inc., directly or indirectly through one or more intermediaries, shall be allocated a majority of partnership, limited liability company, association or other business entity gains or
losses or shall be or control the managing director or general partner of such partnership, limited liability company, association or other business entity. 

“Tax” or “Taxes” means any present or future U.S. federal, state, local or non-U.S. income, gross receipts, license, payroll, employment, excise, severance, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise, profits, withholding, social
security, unemployment, disability, real property, personal property, abandoned property, value added, alternative or add-on minimum, estimated or other tax of any kind whatsoever, including any interest,
penalty or addition thereto, whether disputed or not. 
 “Term” means the period commencing on the date hereof, and
ending upon termination of this Agreement pursuant to Article 8. 
 “Third Party” means any Person that is not a
Seller or an Affiliate of a Seller. 
 “Total Net Payments” means as of any date of determination: 

(a) the aggregate amount of all payments remitted to, or otherwise received by, Buyer pursuant to this Agreement as of such date (including any
payments made pursuant to Section 5.5(c)), less 
 (b) all overpayments of Royalties or payments under Section 5.5(c) under
this Agreement required to be, and actually, reimbursed by the Buyer to the Seller pursuant to Section 5.4 but only to the extent that such overpayments have been included in the calculation of the under the immediately preceding clause (a).

 “Value Added Tax” means any sales, use, value-added, excise and other similar Taxes (excluding withholding and
income Taxes). 
 Section 9.2    Certain
Interpretations. Except where expressly stated otherwise in this Agreement, the following rules of interpretation apply to this Agreement: 

(a)    “either” and “or” are not exclusive and “include,” “includes” and
“including” are not limiting and shall be deemed to be followed by the words “without limitation”; 

(b)    “extent” in the phrase “to the extent” means the degree to which a subject or other
thing extends, and such phrase does not mean simply “if”; 
 (c)    “hereof,”
“hereto,” “herein” and “hereunder” and words of similar import when used in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement; 

(d)    references to a Person are also to its permitted successors and assigns; 

(e)    definitions are applicable to the singular as well as the plural forms of such terms; 

(f)    references to an “Article”, “Section” or
“Exhibit” refer to an Article or Section of, or an Exhibit to, this Agreement, and references to a “Schedule” refer to the corresponding part of the Disclosure Schedule; 

  
 -23- 

 (g)    references to “$” or otherwise to dollar amounts
refer to the lawful currency of the United States; and 
 (h)    references to a law include any amendment or
modification to such law and any rules and regulations issued thereunder, whether such amendment or modification is made, or issuance of such rules and regulations occurs, before or after the date of this Agreement. 

Section 9.3    Headings. The table of contents and the
descriptive headings of the several Articles and Sections of this Agreement and the Exhibits and Schedules are for convenience only, do not constitute a part of this Agreement and shall not control or affect, in any way, the meaning or
interpretation of this Agreement. 

Section 9.4    Notices. All notices and other
communications under this Agreement shall be in writing and shall be by email with PDF attachment, courier service or personal delivery to the following addresses, or to such other addresses as shall be designated from time to time by a party hereto
in accordance with this Section 9.4: 
 If to the Sellers, to: 

Kodiak Sciences Inc. 
 2631
Hanover Street 
 Palo Alto, California 94304 

Attn: John A. Borgeson 
 Email:
jborgeson@kodiak.com 
 with a copy to: 

Cooley LLP 
 3175 Hanover Street

 Palo Alto, California 94304-1130 

Attn: Marya Postner 
 Email:
mpostner@cooley.com 
 If to the Buyer, to it at: 

Baker Bros. Advisors, LP 
 860
Washington Street, 3rd Floor 
 New York, New York 10014 

Attn: President 
 Email:
Slessing@bbinvestments.com 
 with a copy to: 

Akin Gump Strauss Hauer & Feld LLP 

One Bryant Park 
 New York, NY
10036-6745 
 Attn: Douglas A. Rappaport 

Email: drappaport@akingump.com 

All notices and communications under this Agreement shall be deemed to have been duly given (i) when delivered by hand, if personally
delivered, (ii) when sent, if sent by facsimile, with an acknowledgement of sending being produced by the sending facsimile machine, (iii) when sent, if by email with PDF attachment, with an acknowledgement of receipt being produced by the
recipient’s email account, or (iv) one Business Day following sending within the United States by overnight delivery via commercial one-day overnight courier service. 

  
 -24- 

Section 9.5    Expenses. Except as otherwise provided
herein, all fees, costs and expenses (including any legal, accounting and banking fees) incurred in connection with the preparation, negotiation, execution and delivery of this Agreement and to consummate the transactions contemplated hereby shall
be paid by the party hereto incurring such fees, costs and expenses. 

Section 9.6    Assignment. Neither Seller may assign
this Agreement, any of its rights or obligations hereunder or any Product Rights, without the Buyer’s prior written consent, except to an Affiliate or Third Party (including without limitation a collaborator, licensee or joint venture partner)
in connection with the sale, license or transfer of all or substantially all of the Seller’s business or assets related to all Products (including this Agreement and the Product Rights), whether by merger, sale of assets, license,
reorganization or otherwise; provided that, in each case upon closing of any such transaction, the applicable Seller causes such Affiliate or Third Party, as applicable, to deliver a writing to the Buyer in which it assumes all of the obligations of
such Seller to the Buyer under this Agreement (including if applicable, Section 5.6(b)); provided that, for the avoidance of doubt, nothing in this Section 9.6 shall restrict the Sellers from licensing any Product Rights pursuant to a
Permitted License, from transferring the Marketing Approvals for any jurisdiction to a Licensee in connection with a Permitted License covering such jurisdiction or incurring any Liens permitted pursuant to Section 5.11. Buyer may assign all or
a portion of this Agreement or any rights to the Acquired Intangibles to any Person, including to any Third Party or to one or more of its Affiliates (each, an “Affiliate Assignee”), provided that (1) prior to the First
Commercial Sale, any such assignment, other than an assignment to an Affiliate Assignee, shall require the consent of the Sellers, not to be unreasonably withheld, conditioned or delayed, (2) no such assignment shall be permitted to a Person
that is primarily engaged in the development and Commercialization of pharmaceutical products or otherwise is not a financial investor, (3) such assignment shall not result in any material adverse Tax consequences to the Sellers that would not
have existed but for such assignment as determined by Sellers in good faith and evidenced by an opinion or written advice from nationally recognized tax counsel or a Big 4 accounting firm which shall be provided to Buyer upon request (provided,
however, that this clause (3) shall not prevent any assignment to an Affiliate Assignee (i) organized or formed in the United States, or (ii) tax resident in a jurisdiction with a comprehensive double tax treaty with the United States
in effect as of the date of the assignment that is eligible for the benefits of such double tax treaty), and, provided, further, that this clause (3) shall not prevent any assignment by Buyer (other than an assignment to an Affiliate Assignee
pursuant to the immediately preceding proviso) provided that Buyer or its assignee agrees to indemnify any incremental tax drag that arises for the Seller solely as a result of such assignment as evidenced by such opinion or written advice (and the
parties shall determine in good faith the creditworthiness of such indemnity, including, without limitation, the possibility of holding in escrow payments otherwise due to Buyer or its assignee, or escrowing a reasonable amount determined by the
parties in good faith), and (4) any such assignee agrees to assume all of the obligations of Buyer to the Sellers hereunder. This Agreement shall be binding upon, inure to the benefit of and be enforceable by, the parties hereto and their
respective permitted successors and assigns. Any purported assignment in violation of this Section 9.6 shall be null and void. The parties hereto acknowledge and agree that the Buyer intends to assign this Agreement to an Affiliate Assignee
prior to Closing. 
 Section 9.7    Amendment and
Waiver. 
 (a)    This Agreement may be amended, modified or supplemented only in a writing signed by each of
the parties hereto. Any provision of this Agreement may be waived only in a writing signed by the party hereto granting such waiver. 

(b)    No failure or delay on the part of any party hereto in exercising any right, power or remedy hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. No course of dealing between the parties
hereto shall be effective to amend, modify, supplement or waive any provision of this Agreement. 

Section 9.8    Entire Agreement. This Agreement, the
Exhibits annexed hereto and the Disclosure Schedule constitute the entire understanding between the parties hereto with respect to the subject matter hereof and supersede all other understandings and negotiations with respect thereto. 

Section 9.9    No Third Party Beneficiaries. This
Agreement is for the sole benefit of the Seller and the Buyer and their permitted successors and assigns and nothing herein expressed or implied shall give or be construed to give to any Person, other than the parties hereto and such successors and
assigns, any legal or equitable rights hereunder. 

  
 -25- 

Section 9.10    Governing Law. This Agreement shall be
governed by, and construed in accordance with, the laws of the State of New York without giving effect to any choice or conflict of law provision or rule that would cause the application of the laws of any other jurisdiction. 

Section 9.11    Jurisdiction; Venue. 

(a)    EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS RESPECTIVE
PROPERTY AND ASSETS, TO THE EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN NEW YORK COUNTY, NEW YORK, AND ANY APPELLATE COURT THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, AND THE BUYER AND THE SELLER HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREE THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND
DETERMINED IN ANY SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. THE BUYER AND THE SELLER HEREBY AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY APPLICABLE LAW. EACH OF THE BUYER AND THE SELLER HEREBY SUBMITS TO THE EXCLUSIVE PERSONAL JURISDICTION AND VENUE OF SUCH NEW YORK STATE AND FEDERAL COURTS.
THE BUYER AND THE SELLER AGREE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THAT PROCESS MAY BE SERVED ON THE BUYER OR THE SELLER IN THE SAME MANNER THAT NOTICES MAY BE GIVEN PURSUANT TO SECTION 9.4 HEREOF. 

(b)    EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY
LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY NEW YORK STATE OR FEDERAL COURT. EACH OF THE BUYER AND THE SELLER
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

Section 9.12    Severability. If any term or provision
of this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any situation in any jurisdiction, then, to the extent that the economic and legal substance of the transactions contemplated hereby is not affected in a
manner that is materially adverse to either party hereto, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect and the enforceability and validity of the offending term or provision shall not be
affected in any other situation or jurisdiction. 

Section 9.13    Specific Performance. Each of the
parties acknowledges and agrees that the other party would be damaged irreparably in the event any of the provisions of this Agreement are not performed in accordance with their specific terms or otherwise are breached or violated. Accordingly, each
of the parties agrees that, without posting bond or other undertaking, the other party will be entitled to seek an injunction or injunctions to prevent breaches or violations of the provisions of this Agreement and to seek to enforce specifically
this Agreement and the terms and provisions hereof in any action, suit or other proceeding instituted in any court of the United States or any state thereof having jurisdiction over the parties and the matter in addition to any other remedy to which
it may be entitled, at law or in equity. Each party further agrees that, in the event of any action for specific performance in respect of such breach or violation, it will not assert the defense that a remedy at law would be adequate. 

Section 9.14    Counterparts. This Agreement may be
executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Copies of
executed counterparts transmitted by telecopy, facsimile or other similar means of electronic transmission, including “PDF,” shall be considered original executed counterparts, provided receipt of such
counterparts is confirmed. 

  
 -26- 

Section 9.15    Guarantee. Kodiak Inc. irrevocably and
unconditionally guarantees, as primary obligor and not merely as surety, the complete and timely performance of, and compliance with, all of the terms, covenants, conditions and provisions that are to be performed and complied with by the Kodiak
GmbH under this Agreement. Kodiak Inc. hereby acknowledges and agrees that Buyer may proceed directly against Kodiak Inc. in the event of non-performance by Kodiak GmbH. Kodiak Inc. is jointly and severally
liable with Kodiak GmbH for the performance of, and compliance with, the terms, covenants, conditions and provisions to be performed and complied with by the Purchaser under this Agreement. Kodiak Inc. will pay and perform its liabilities and
obligations under this Section 9.15 as soon as reasonably possible after valid demand for any payment or performance is made in writing to it. Kodiak Inc. hereby unconditionally and irrevocably waives for the benefit of the Buyer any defenses
to enforcement it may have (now or in the future) by reason of any circumstance whatsoever which might, but for the provisions of this clause, constitute a legal or equitable discharge of its obligations under this Section 9.15 (except that
Kodiak Inc. may assert the defense of payment in full of the obligations guaranteed by it hereunder). 

Section 9.16    Relationship of the Parties. The
relationship between the Buyer and the Sellers is solely that of purchaser and seller, and neither the Buyer nor any of the Sellers has any fiduciary or other special relationship with the other party or any of its Affiliates. This Agreement is not
a partnership or similar agreement, and nothing contained herein shall be deemed to constitute the Buyer and the Sellers as a partnership, an association, a joint venture or any other kind of entity or legal form for any purposes, including any Tax
purposes. The Buyer and the Sellers agree that they shall not take any inconsistent position with respect to such treatment in a filing with any Governmental Entity. 

Section 9.17    Withholding. 

(a)    Notwithstanding anything herein to the contrary, payments made or to be made to the Buyer or its assignees
hereunder will be made free and clear of and without deduction for any and all Taxes, provided that the Sellers shall be entitled to deduct and withhold from the payments otherwise required pursuant to this Agreement any such Taxes as the Sellers
may be required to deduct and withhold with respect to any such payments under applicable law (it being understood that, solely with respect to U.S. federal withholding Tax, Sellers shall not make any such deduction or withholding if Sellers have
received, as applicable, either (i) a valid, properly executed Internal Revenue Service Form W-9 certifying that the Buyer or the relevant assignee, as applicable, is exempt from U.S. “backup”
withholding Tax or (ii) a valid, properly executed Internal Revenue Service Form W-8BEN-E (or other applicable W-8, with any
necessary accompanying attachments) certifying that the Buyer or the relevant assignee, as applicable, is exempt from U.S. federal withholding Tax under a United States income Tax treaty with respect to royalties and other income). If the Sellers
are required by applicable law to deduct and withhold any Taxes from any such payment, then the sum payable by the Sellers shall be increased as necessary so that after deduction or withholding has been made for any such Tax (other than any Tax that
is imposed on or measured by net income), the applicable recipient receive an amount equal to the sum it would have received had no such deduction or withholding been made (including such deduction or withholding applicable to such additional amount
payable), and the Sellers shall indemnify and hold harmless the applicable recipient against any such Taxes (or any Taxes imposed or asserted on, or attributable to, amounts payable hereunder, other than any such Tax that is imposed on or measured
by net income) and any reasonable expenses arising therefrom or with respect thereto. Notwithstanding the foregoing, the increase of the sum payable and the indemnification obligation described in the immediately preceding sentence shall not be
required: (i) with respect to any non-Swiss withholding Tax (except to the extent such non-Swiss withholding Tax (A) is imposed as a result of an assignment by
a Seller pursuant to Section 9.6, and would not have been imposed but for such assignment and (B) could not be avoided by the Buyer’s or an assignee of Buyer’s provision of applicable tax forms to Seller to the extent reasonably
necessary under applicable law) or (ii) with respect to payments to any permitted assignee of Buyer pursuant to Section 9.6, to the extent relating to Taxes imposed on such permitted assignee pursuant to a law in effect on the date such
permitted assignee acquired its interest in this Agreement, to the extent such Taxes exceed the Taxes that would have been imposed on Buyer pursuant to applicable law in effect on the date of such assignment (and, for the avoidance of doubt, the
increase of the sum payable and the indemnification obligation shall remain required to the extent such Taxes imposed on such permitted assignee do not exceed the Taxes that would have been imposed on Buyer). Notwithstanding anything in this
Section 9.17(a), an increase of the sum payable and the indemnification obligation shall also be required in case of any assignment by a Seller pursuant to Section 9.6 that gives rise to any tax that is imposed on a gross basis in lieu of
a withholding tax that would not have been imposed but for such assignment. 

  
 -27- 

 (b)    The Buyer hereby agrees to cooperate in good faith with
the Sellers to mitigate the amount of any of such Taxes which Sellers bear pursuant to this Section 9.17, provided, however, that the Buyer shall determine in its sole discretion whether, or the extent to which, its investors shall be involved
or be required to be involved in connection with the foregoing. 
 (c)    Notwithstanding anything herein to the
contrary, (i) the parties hereunder shall make all payments required to be made pursuant to this Agreement in U.S. dollars by wire transfer of immediately available funds to the bank account designated in writing from time to time by the other
party, and (ii) any such payments made by the Buyer shall be made (A) solely with respect to any non-Swiss Taxes that are not U.S. federal withholding taxes and except in case of any assignment by a
Seller pursuant to Section 9.6, without set-off, reduction or deduction, or withholding for or on account of such non-Swiss Taxes and (B) so long as the
Sellers have provided to the Buyer a valid, properly executed Internal Revenue Service Form W-9 and W-8BEN-E or other applicable
form described in Section 4.1(b), without set-off, reduction or deduction, or withholding for or on account of any U.S. federal withholding taxes. 

Section 9.18    Tax Treatment. The Buyer and
Sellers agree that, for U.S. federal and Swiss income tax purposes, (a) payments received by the Sellers under this Agreement are for the acquisition or license of an interest in Intellectual Property Rights and/or funding the research services
that will benefit both the Buyer and the Sellers, and (b) payments received by the Buyer under this Agreement are for the use of Intellectual Property Rights acquired and developed under this Agreement. To that end, the Buyer and Sellers
acknowledge that Sellers may allocate all or a portion of the payments received under this Agreement to prepaid royalties and/or prepaid services (but not to any securities of the Sellers or rights to subscribe therein that Buyer may obtain), and
the Buyer will allocate its payments received to the Intellectual Property Rights. The Buyer and Sellers agree that, if either determines in good faith that any provision hereunder is inconsistent with such treatment, the Buyer and Sellers shall
substitute, by mutual consent, provisions consistent with such intended tax treatment for such inconsistent provision, and such provisions shall be effective as of the Effective Date. 

[Signature Page Follows] 

  
 -28- 

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

			
	SELLER
	
	KODIAK SCIENCES INC.
		
	By:	 	 /s/ Victor Perlroth

		
	Name:	 	 Victor Perlroth

		
	Title:	 	 Chief Executive Officer

	
	SELLER
	
	KODIAK SCIENCES GMBH
		
	By:	 	 /s/ Victor Perlroth

		
	Name:	 	 Victor Perlroth

		
	Title:	 	 Chairman

	
	BUYER
	
	BAKER BROS. ADVISORS, LP
		
	By:	 	 /s/ Scott Lessing

		
	Name:	 	 Scott Lessing

		
	Title:	 	 President

 [SIGNATURE PAGE TO FUNDING
AGREEMENT]maxr_Ex4_1

		

			 

		

		
			Exhibit 4.1
		

		
			 
		

		
			EXECUTION VERSION
		

		
			 
		

		
			SSL ROBOTICS LLC
		

		
			as Issuer
		

		
			(with the rights and obligations to be assumed by MAXAR TECHNOLOGIES INC.)
		

		
			and
		

		
			WILMINGTON TRUST, NATIONAL ASSOCIATION
		

		
			as Trustee and Notes Collateral Agent
		

		

		
			 
		

		
			Indenture
		

		
			Dated as of December 2, 2019
		

		

		
			9.750% Senior Secured Notes due 2023
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

		

			 

		

		

		
			 
		

		
			TABLE OF CONTENTS
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 1

				
	
					
						DEFINITIONS AND INCORPORATION BY REFERENCE

				
	
					
						Section 1.01.

					
					
						Definitions

					
1
				
	
					
						Section 1.02.

					
					
						Rules of Construction

					
52
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 2

				
	
					
						THE NOTES

				
	
					
						Section 2.01.

					
					
						Form, Dating and Denominations; Legends

					
54
				
	
					
						Section 2.02.

					
					
						Execution and Authentication; Additional Notes

					
55
				
	
					
						Section 2.03.

					
					
						Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust

					
56
				
	
					
						Section 2.04.

					
					
						Replacement Notes

					
57
				
	
					
						Section 2.05.

					
					
						Outstanding Notes

					
57
				
	
					
						Section 2.06.

					
					
						Temporary Notes

					
58
				
	
					
						Section 2.07.

					
					
						Cancellation

					
58
				
	
					
						Section 2.08.

					
					
						CUSIP and ISIN Numbers

					
58
				
	
					
						Section 2.09.

					
					
						Registration, Transfer and Exchange

					
58
				
	
					
						Section 2.10.

					
					
						Restrictions on Transfer and Exchange

					
62
				
	
					
						Section 2.11.

					
					
						Offshore Global Notes

					
63
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 3

				
	
					
						REDEMPTION; OFFER TO PURCHASE

				
	
					
						Section 3.01.

					
					
						Optional Redemption

					
63
				
	
					
						Section 3.02.

					
					
						Mandatory Redemption

					
65
				
	
					
						Section 3.03.

					
					
						Method and Effect of Redemption

					
65
				
	
					
						Section 3.04.

					
					
						Offer to Purchase

					
66
				
	
					
						Section 3.05.

					
					
						Escrow of Proceeds; Special Mandatory Redemption. 

					
69
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 4

				
	
					
						COVENANTS

				
	
					
						Section 4.01.

					
					
						Payment of Notes

					
70
				
	
					
						Section 4.02.

					
					
						Maintenance of Office or Agency

					
70
				
	
					
						Section 4.03.

					
					
						Reports and Other Information

					
70
				
	
					
						Section 4.04.

					
					
						Compliance Certificate

					
72
				
	
					
						Section 4.05.

					
					
						Taxes

					
72
				
	
					
						Section 4.06.

					
					
						Stay, Extension and Usury Laws

					
72
				
	
					
						Section 4.07.

					
					
						Limitation on Restricted Payments

					
72
				
	
					
						Section 4.08.

					
					
						Limitation on Restrictions on Distributions from Restricted Subsidiaries

					
79
				
	
					
						Section 4.09.

					
					
						Limitation on Indebtedness

					
81
				
	
					
						Section 4.10.

					
					
						Limitation on Asset Sales

					
87
				
	
					
						Section 4.11.

					
					
						Limitation on Affiliate Transactions

					
91
				
	
					
						Section 4.12.

					
					
						Limitation on Liens

					
93
				

		
			
		

		

		 

		

			 

		

		

			 

		

	
					
						

					
						Section 4.13.

					
					
						Existence

					
94
				
	
					
						Section 4.14.

					
					
						Offer to Repurchase Upon a Change of Control

					
94
				
	
					
						Section 4.15.

					
					
						Future Subsidiary Guarantors

					
96
				
	
					
						Section 4.16.

					
					
						Maintenance of Insurance

					
97
				
	
					
						Section 4.17.

					
					
						Designation of Restricted and Unrestricted Subsidiaries

					
97
				
	
					
						Section 4.18.

					
					
						Financial Maintenance Covenant

					
98
				
	
					
						Section 4.19.

					
					
						Escrow Issuer Status Prior to Escrow Release. 

					
98
				
	
					
						Section 4.20.

					
					
						Application of Covenants.  

					
99
				
	
					
						Section 4.21.

					
					
						Suspension of Certain Covenants

					
99
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 5

				
	
					
						MERGER AND CONSOLIDATION

				
	
					
						Section 5.01.

					
					
						Merger and Consolidation

					
101
				
	
					
						Section 5.02.

					
					
						Successor Entity Substituted

					
103
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 6 DEFAULTS AND REMEDIES

				
	
					
						Section 6.01.

					
					
						Events of Default

					
104
				
	
					
						Section 6.02.

					
					
						Acceleration

					
106
				
	
					
						Section 6.03.

					
					
						Other Remedies

					
108
				
	
					
						Section 6.04.

					
					
						Waiver of Past Defaults

					
108
				
	
					
						Section 6.05.

					
					
						Control by Majority

					
108
				
	
					
						Section 6.06.

					
					
						Limitation on Suits

					
108
				
	
					
						Section 6.07.

					
					
						Rights of Holders to Receive Payment

					
109
				
	
					
						Section 6.08.

					
					
						Collection Suit by Trustee

					
109
				
	
					
						Section 6.09.

					
					
						Trustee May File Proofs of Claim

					
109
				
	
					
						Section 6.10.

					
					
						Priorities

					
110
				
	
					
						Section 6.11.

					
					
						Restoration of Rights and Remedies

					
110
				
	
					
						Section 6.12.

					
					
						Undertaking for Costs

					
110
				
	
					
						Section 6.13.

					
					
						Rights and Remedies Cumulative

					
110
				
	
					
						Section 6.14.

					
					
						Delay or Omission Not Waiver

					
110
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 7

				
	
					
						THE TRUSTEE

				
	
					
						Section 7.01.

					
					
						General

					
111
				
	
					
						Section 7.02.

					
					
						Certain Rights of Trustee

					
112
				
	
					
						Section 7.03.

					
					
						Individual Rights of Trustee

					
113
				
	
					
						Section 7.04.

					
					
						Trustee’s Disclaimer

					
114
				
	
					
						Section 7.05.

					
					
						Notice of Default

					
114
				
	
					
						Section 7.06.

					
					
						[Reserved] 

					
114
				
	
					
						Section 7.07.

					
					
						Compensation and Indemnity

					
114
				
	
					
						Section 7.08.

					
					
						Replacement of Trustee

					
115
				
	
					
						Section 7.09.

					
					
						Successor Trustee by Merger

					
116
				
	
					
						Section 7.10.

					
					
						Eligibility

					
116
				
	
					
						Section 7.11.

					
					
						Money Held in Trust

					
116
				
	
					
						Section 7.12.

					
					
						Security Documents; Intercreditor Agreements

					
116
				

		
			
		

		

		 

		

			3

		

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 8

				
	
					
						LEGAL DEFEASANCE AND COVENANT DISCHARGE

				
	
					
						Section 8.01.

					
					
						Option to Effect Legal Defeasance or Covenant Defeasance

					
116
				
	
					
						Section 8.02.

					
					
						Legal Defeasance and Discharge

					
116
				
	
					
						Section 8.03.

					
					
						Covenant Defeasance

					
117
				
	
					
						Section 8.04.

					
					
						Conditions to Legal or Covenant Defeasance

					
118
				
	
					
						Section 8.05.

					
					
						Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions

					
119
				
	
					
						Section 8.06.

					
					
						Repayment to the Company

					
120
				
	
					
						Section 8.07.

					
					
						Reinstatement

					
120
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 9

				
	
					
						AMENDMENT, SUPPLEMENT AND WAIVER

				
	
					
						Section 9.01.

					
					
						Amendments Without Consent of Holders

					
120
				
	
					
						Section 9.02.

					
					
						Amendments with Consent of Holders

					
124
				
	
					
						Section 9.03.

					
					
						Revocation and Effect of Consents

					
126
				
	
					
						Section 9.04.

					
					
						Trustee and Notes Collateral Agent to Sign Amendments, etc. 

					
126
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 10

				
	
					
						SUBSIDIARY GUARANTEES

				
	
					
						Section 10.01.

					
					
						Subsidiary Guarantee

					
126
				
	
					
						Section 10.02.

					
					
						Limitation on Subsidiary Guarantor Liability

					
128
				
	
					
						Section 10.03.

					
					
						Execution and Delivery

					
128
				
	
					
						Section 10.04.

					
					
						Subrogation

					
129
				
	
					
						Section 10.05.

					
					
						Benefits Acknowledged

					
129
				
	
					
						Section 10.06.

					
					
						Release of Subsidiary Guarantees

					
129
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 11

				
	
					
						COLLATERAL AND SECURITY

				
	
					
						Section 11.01.

					
					
						Security Documents

					
130
				
	
					
						Section 11.02.

					
					
						Notes Collateral Agent

					
131
				
	
					
						Section 11.03.

					
					
						Release of Collateral

					
131
				
	
					
						Section 11.04.

					
					
						[Reserved] 

					
132
				
	
					
						Section 11.05.

					
					
						Authorization of Actions to be Taken by the Notes Collateral Agent

					
132
				
	
					
						Section 11.06.

					
					
						Authorization of Receipt of Funds by the Trustee and the Notes Collateral Agent Under the Security Documents

					
132
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 12

				
	
					
						SATISFACTION AND DISCHARGE

				
	
					
						Section 12.01.

					
					
						Satisfaction and Discharge

					
133
				
	
					
						Section 12.02.

					
					
						Application of Trust Money

					
134
				
	
					
						 

					
					
						 

					
					
						 

				

		
			
		

		

		 

		

			4

		

		

			 

		

	
					
						

					
						ARTICLE 13

				
	
					
						MISCELLANEOUS

				
	
					
						Section 13.01.

					
					
						Holder Actions

					
134
				
	
					
						Section 13.02.

					
					
						Notices

					
135
				
	
					
						Section 13.03.

					
					
						Certificate and Opinion as to Conditions Precedent

					
136
				
	
					
						Section 13.04.

					
					
						Statements Required in Certificate or Opinion

					
136
				
	
					
						Section 13.05.

					
					
						Payment Date Other Than a Business Day

					
136
				
	
					
						Section 13.06.

					
					
						Governing Law; Waiver of Jury Trial

					
137
				
	
					
						Section 13.07.

					
					
						No Adverse Interpretation of Other Agreements

					
137
				
	
					
						Section 13.08.

					
					
						Successors

					
137
				
	
					
						Section 13.09.

					
					
						Duplicate Originals

					
137
				
	
					
						Section 13.10.

					
					
						Separability

					
137
				
	
					
						Section 13.11.

					
					
						Table of Contents and Headings

					
137
				
	
					
						Section 13.12.

					
					
						No Liability of Directors, Officers, Employees, Incorporators, Members and Stockholders

					
137
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						EXHIBITS

					
					
						 

					
					
						 

				
	
					
						EXHIBIT A

					
					
						Form of Note

					
					
						 

				
	
					
						EXHIBIT B

					
					
						Form of Supplemental Indenture

					
					
						 

				
	
					
						EXHIBIT C

					
					
						Restricted Legend

					
					
						 

				
	
					
						EXHIBIT D

					
					
						DTC Legend

					
					
						 

				
	
					
						EXHIBIT E

					
					
						Regulation S Legend

					
					
						 

				
	
					
						EXHIBIT F

					
					
						Regulation S Certificate

					
					
						 

				
	
					
						EXHIBIT G

					
					
						Rule 144A Certificate

					
					
						 

				
	
					
						EXHIBIT H

					
					
						Institutional Accredited Investor Certificate

					
					
						 

				
	
					
						EXHIBIT I

					
					
						OID Legend

					
					
						 

				
	
					
						EXHIBIT J

					
					
						Form of Second Lien Intercreditor Agreement

					
					
						 

				
	
					
						EXHIBIT K

					
					
						Form of Escrow Release Date Supplemental Indenture

					
					
						 

				

		
			 
		

		
			 
		

		
			

		 

		

			5

		

		

			 

		

		

		
			 
		

		
			INDENTURE, dated as of December 2, 2019, between SSL Robotics LLC (the “Escrow Issuer”), a Delaware limited liability company and a wholly-owned subsidiary of Maxar Technologies Inc., a Delaware corporation (the “Company”) and Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”) and as collateral agent (in such capacity, the “Notes Collateral Agent”).
		

		
			On the Escrow Release Date (as defined herein), the Company will assume all rights and obligations of the Escrow Issuer under the Notes and this Indenture (the “Assumption”). The provisions of the Trust Indenture Act will not apply to this Indenture.
		

		
			RECITALS
		

		
			The Escrow Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance of up to $1,000,000,000 aggregate principal amount of its 9.750% Senior Secured Notes due 2023, and, if and when issued, any Additional Notes as provided herein (the “Notes”).  All things necessary to make this Indenture a valid agreement of the Escrow Issuer, in accordance with its terms, have been done, and the Escrow Issuer has done all things necessary to make the Notes (in the case of the Additional Notes, when duly authorized), when executed by the Escrow Issuer and authenticated and delivered by the Trustee and duly issued by the Escrow Issuer, the valid obligations of the Escrow Issuer as hereinafter provided.
		

		
			THIS INDENTURE WITNESSETH
		

		
			For and in consideration of the premises and the purchase of the Notes by the Holders thereof, the parties hereto covenant and agree, for the equal and proportionate benefit of all Holders, as follows:
		

		
			ARTICLE 1
		

		
			DEFINITIONS AND INCORPORATION BY REFERENCE
		

		
			Section 1.01.   Definitions.
		

		
			“Acquired Indebtedness” means, with respect to any specified Person, (a) Indebtedness of any Person or any of its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary or is merged, amalgamated or consolidated with or into the Company or a Restricted Subsidiary, or assumed in connection with the acquisition of assets or property from such Person, in each case whether or not Incurred by such Person in connection with, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary or such merger, amalgamation, consolidation or acquisition, and (b) Indebtedness secured by a Lien encumbering any asset or property acquired by such specified Person. The term “Acquired Indebtedness” does not include Indebtedness of a Person that is redeemed, defeased, retired or otherwise repaid at the time of or immediately upon consummation of the transactions by which such Person becomes a Restricted Subsidiary or is merged, amalgamated or consolidated with or into the Company or a Restricted Subsidiary or such assets or property are acquired, which Indebtedness of such Person will not be deemed to be Indebtedness of the Company or any Restricted Subsidiary.
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			 
		

		
			“Additional Notes” means any notes issued under this Indenture (other than the Initial Notes) having the same terms in all respects as the Initial Notes (or in all respects except with respect to interest paid or payable on or prior to the first Interest Payment Date after the issuance of such Additional Notes).
		

		
			“Affiliate” of any specified Person means any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”) when used with respect to any Person means possession, directly or indirectly, of the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.
		

		
			“Affiliate Transaction” has the meaning assigned to such term in Section 4.11(a).
		

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

		
			“Agent Members” has the meaning assigned to such term in Section 2.09(b)(3).
		

		
			“Agreed Security Principles”  means the below principles, which qualify and limit any guarantee, security and perfection requirements under this Indenture, the Notes, the Security Documents and the Intercreditor Agreements:
		

		
			(1) no action will be required to grant or perfect a Lien on the Collateral located in any jurisdiction other than (A) the United States of America and Canada and (B) any other jurisdiction in which the value of all assets which are owned by the Company or a Subsidiary Guarantor and reasonably capable of becoming Collateral are at least $10.0 million (or the equivalent amount in any other currency);
		

		
			(2) no control agreements will be required over any deposit accounts or securities accounts except deposit accounts or securities accounts of the Company or a Subsidiary Guarantor located in the United States of America which are not Excluded Accounts;
		

		
			(3) no actions shall be required to perfect a security interest in letter of credit rights (except to the extent constituting a supporting obligation for other Collateral as to which perfection of the security interest in such other Collateral is accomplished solely by filing a UCC of PPSA financing statement);
		

		
			(4) no pledges will be required over uncertificated Equity Interests in Subsidiaries;
		

		
			(5) no Subsidiary other than a Subsidiary Guarantor will be required to provide additional security and Subsidiary Guarantees unless the Company otherwise elects or, in the case of a Tax Excluded Subsidiary, such additional security or Subsidiary Guarantee are required to ensure compliance with Section 10.1(17) of the Senior Credit Facilities;
		

		
			(6) no particular item of security will be required to be granted or perfected if, in the reasonable judgment of the Company the cost or other adverse consequences of providing or
		

		
			
		

		
			

		 

		

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			perfecting such item of security shall be materially and disproportionately greater than the benefits to be obtained by the Notes Secured Parties therefrom, to the extent and for so long as such security is not subject to a Lien securing any other Pari Passu Lien Obligations;
		

		
			(7) no Subsidiary Guarantors will be required to give a Subsidiary Guarantee or enter into any Security Documents if it is not within the legal capacity of such Person or if the same would conflict with the fiduciary duties of the directors of such Person or contravene any legal or regulatory prohibition or would result in (or in a risk of) personal or criminal liability on the part of any officer or director of such Person; provided that such Subsidiary Guarantor shall use all reasonable efforts to overcome any such obstacle;
		

		
			(8) no Subsidiary Guarantor will be required to give a Subsidiary Guarantee or enter into Security Documents if doing so would (a) be prohibited by any applicable law or any contractual obligation in effect on the Issue Date (or, with respect to any Subsidiary that is acquired after the Issue Date, any contractual obligation in effect on the date of such acquisition that is not entered into in contemplation thereof) or (II) require any consent, approval, license or authorization of any official body (including, to the extent applicable, any prohibition under any financial assistance, corporate benefit or thin capitalization rule; provided that if such prohibition can be overcome through conduct of a “whitewash” process, such a process shall be undertaken);
		

		
			(9) it is acknowledged that in certain jurisdictions it may be either impossible or impractical to create security over certain categories of assets in which event security will not be taken over such assets; and
		

		
			(10) general statutory limitations, regulatory requirements or restrictions, financial assistance, corporate benefit, fraudulent preference, “earnings stripping,” “controlled foreign corporation” rules, “thin capitalization” rules (or analogous restrictions), tax restrictions, retention of title claims, employee consultation or approval requirements, capital maintenance rules and similar principles may prevent or limit a Subsidiary from providing Subsidiary Guarantee or security or may require that such Subsidiary Guarantee or security be limited in amount or otherwise; in each case, to the extent and for so long as such Subsidiary Guarantee or security is not provided, or is similarly limited, with respect to any other Pari Passu Lien Obligations.
		

		
			“Applicable Premium” means, with respect to a Note on any date of redemption, the greater of:
		

		
			(1)        1.0% of the principal amount of such Note and
		

		
			(2)        the excess, if any, of (a) the present value as of such date of redemption of (i) the redemption price of such Note on December 15, 2021, (each such redemption price set forth in Section 3.01(d)) plus (ii) all required interest payments due on such Note through December 15, 2021 (excluding accrued but unpaid interest to the date of redemption), computed using a discount rate equal to the Treasury Rate as of such date of redemption plus 50 basis points, over (b) the then-outstanding principal of such Note, as such amount is calculated by the Company.
		

		
			
		

		
			

		 

		

			3

		

		

			 

		

		

		
			 
		

		
			“Approved Commercial Bank” means a commercial bank with a consolidated combined capital and surplus of at least $5,000,000,000.
		

		
			“Asset Sale” means, (a) the sale, lease (other than an operating lease entered into in the ordinary course of business), conveyance, transfer or other disposition (whether in a single transaction or a series of related transactions that are part of a common plan) of assets or property of the Company or any Restricted Subsidiary or (b) the issuance or sale of shares of Capital Stock of a Restricted Subsidiary (other than directors’ qualifying shares and shares issued to foreign nationals or other third parties to the extent required by applicable law), in each case by the Company or any of its Restricted Subsidiaries (each referred to for the purposes of this definition as a “disposition”).
		

		
			Notwithstanding the preceding, the following items shall not be deemed to be Asset Sales:
		

		
			(1)       an issuance or other disposition of Capital Stock, property or other assets by a Restricted Subsidiary to the Company or by the Company or a Restricted Subsidiary to a Restricted Subsidiary;
		

		
			(2)       the disposition of cash, Cash Equivalents and securities not otherwise contrary to this Indenture;
		

		
			(3)       a disposition of obsolete, surplus, damaged or worn out property, equipment or other assets, or of property, equipment or other assets that are no longer useful or economically practicable to maintain in the conduct of the business of the Company and its Restricted Subsidiaries;
		

		
			(4)       a disposition pursuant to a Sale/Leaseback Transaction;
		

		
			(5)       the disposition of all or substantially all of the assets and properties of the Company in a manner permitted pursuant to Section 5.01 or any disposition that constitutes a Change of Control;
		

		
			(6)       any Restricted Payment that is permitted to be made, and is made, under Section 4.07 or any Permitted Investment;
		

		
			(7)       any disposition of assets or property, or issuance or sale of Capital Stock of any Restricted Subsidiary, in a single transaction or series of related transactions with an aggregate Fair Market Value of less than or equal to $25.0 million;
		

		
			(8)       the creation or incurrence of a Permitted Lien and dispositions in connection therewith;
		

		
			(9)       dispositions of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of business or in bankruptcy or similar proceedings;
		

		
			
		

		
			

		 

		

			4

		

		

			 

		

		

		
			 
		

		
			(10)     the issuance and sale by a Restricted Subsidiary of Preferred Stock or Disqualified Stock that is permitted by Section 4.09;
		

		
			(11)     the lease, assignment, license, sublicense or sublease of any real or personal property (including, without limitation, of intellectual property or other general intangibles) in the ordinary course of business;
		

		
			(12)     a disposition of Receivables under and in accordance with an Asset Securitization, provided that the aggregate amount of such Receivables subject to such Asset Securitization shall not at any time exceed $400.0 million and such disposition shall be structured as a “true sale”;
		

		
			(13)     a surrender or waiver of obligations of trade creditors or customers or contract rights (including, without limitation, pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer) or a compromise, settlement, release or surrender of any contract, tort or other claim in the ordinary course of business;
		

		
			(14)     dispositions arising from any foreclosures, condemnations, eminent domain, seizure, nationalization or any similar actions on assets or property;
		

		
			(15)     a disposition in the ordinary course of business;
		

		
			(16)     dispositions of non-strategic assets purchased as part of a Permitted Investment; provided that the Fair Market Value of all such non-strategic assets which are disposed of by the Company or a Subsidiary Guarantor (excluding any non-strategic assets which such Person is required to dispose of by any government or other body with jurisdiction over such Person) does not exceed 25% of the total Fair Market Value of the assets purchased pursuant to such Permitted Investment (measured at the time of such Permitted Investment);
		

		
			(17)     dispositions of Investments in joint ventures, to the extent required by, or made pursuant to, buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements;
		

		
			(18)     the unwinding of any Hedging Agreement;
		

		
			(19)     without limiting the foregoing, the assignment, license, cross-license or sublicense of intellectual property related to any satellite and/or related ground infrastructure and equipment;
		

		
			(20)     dispositions of any satellite (or any portion thereof or any rights to acquire any satellite) for Fair Market Value:  (i) to any Person for whom such satellite was procured that is not an Affiliate of the Company or (ii) where the definitive agreement for such disposition is entered into prior to such satellite entering into commercial service;
		

		
			
		

		
			

		 

		

			5

		

		

			 

		

		

		
			 
		

		
			(21)     the settlement or early termination of any Permitted Bond Hedge Transaction and the settlement or early termination of any related Permitted Warrant Transaction; and
		

		
			(22)     a Specified Asset Sale.
		

		
			“Asset Sale Offer” has the meaning assigned to such term in Section 4.10(d).
		

		
			“Asset Securitization” means an Asset Sale by or on behalf of a Person at the election of such Person involving receivables and/or other assets in the course of an asset securitization transaction and regardless of the form of asset securitization, and for the purposes of this Indenture shall include any disposition of accounts receivable.
		

		
			“Assumption” means the assumption of all obligations of the Escrow Issuer under the Notes and this Indenture by the Company and entry into the Escrow Release Date Supplemental Indenture in the form of Exhibit K attached hereto by the Company and the Subsidiary Guarantors.
		

		
			“Attributable Debt” means, in respect of any lease (whether characterized as an operating lease under GAAP or not) entered into by a Person or a Subsidiary thereof as lessee in connection with a sale-lease back transaction, the present value (discounted at the rate of interest implicit in such transaction, determined in accordance with GAAP) of the lease payments of the lessee, including all rent and payments to be made by the lessee in connection with the return of the leased property, during the remaining term of the lease (including any period for which such lease has been extended or may, at the option of the lessor, be extended) but excluding for certainty, amounts required to be paid on account of insurance, taxes, assessments, utility, operating and labor costs and similar charges; provided that if such lease constitutes a Capitalized Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of “Capitalized Lease Obligations.”
		

		
			“Authorized Representative” means, at any time, (i) in the case of any Pari Passu Lien Credit Facility Obligations or the Pari Passu Lien Secured Parties, the Bank Collateral Agent, (ii) in the case of the Pari Passu Lien Notes Obligations or the Notes Secured Parties, the Trustee, and (iii) in the case of any other Series of Pari Passu Lien Debt or Pari Passu Lien Secured Parties that become subject to the First Lien Intercreditor Agreement after the Escrow Release Date, the trustee, administrative agent or similar representative for the holders of such series named in the applicable joinder agreement to the First Lien Intercreditor Agreement.
		

		
			“Authenticating Agent” refers to a Person engaged to authenticate the Notes in the stead of the Trustee, which Person shall be reasonably acceptable to the Company.
		

		
			“Authentication Order” has the meaning assigned to such term in Section 2.02(c).
		

		
			“Average Life” means, as of the date of determination, with respect to any Indebtedness or Preferred Stock, the quotient obtained by dividing (1) the sum of the products of the numbers of years from the date of determination to the dates of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Preferred Stock multiplied by the amount of such payment by (2) the sum of all such payments.
		

		
			
		

		
			

		 

		

			6

		

		

			 

		

		

		
			 
		

		
			“Bank Administrative Agent” has the meaning assigned to such term in the definition of “Senior Credit Facilities.”
		

		
			“Bank Collateral Agent” has the meaning assigned to such term in the definition of “Senior Credit Facilities.”
		

		
			“Bankruptcy Law” means (i) for purposes of the Company and the Subsidiary Guarantors, any bankruptcy, insolvency or other similar statute (including, without limitation, Title 11, U.S. Code or any similar federal or state law for the relief of debtors), regulation or provision of any jurisdiction in which the Subsidiary Guarantors are organized or conducting business and (ii) for purposes of the Trustee, any bankruptcy, insolvency or similar statute, regulation or provision of any jurisdiction in which the Trustee is organized.
		

		
			“Board of Directors” means as to any Person, the board of directors, board of managers, sole member or managing member or other governing body of such Person, or if such Person is owned or managed by a single entity or has a general partner, the board of directors, board of managers, sole member or managing member or other governing body of such entity or general partner, or in each case, any duly authorized committee thereof, and the term “directors” means members of the Board of Directors.
		

		
			“Business Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York or the place of payment are authorized or required by law to close. If a payment date at a place of payment is not on a Business Day, payment shall be made at that place on the next succeeding Business Day, and no interest shall accrue on such payment for the intervening period.
		

		
			“Business Disposition” means the disposition or series of dispositions related to the same transaction by the Company or any Restricted Subsidiary of the Company of a business or a line of business for an aggregate amount in excess of $500.0 million.
		

		
			 “Capital Lease” means a lease of (or other agreement conveying the right to use) real and/or personal property, which lease is required to be classified and accounted for as a capital lease on a balance sheet of the lessee under GAAP, provided, that leases under which the obligations would not constitute Capitalized Lease Obligations pursuant to the proviso in the definition thereof will not constitute a Capital Lease or Indebtedness hereunder.
		

		
			“Capital Stock” of any Person means any and all shares, interests, rights to purchase, participations (including rights to receive a share of profits or losses), equity appreciation rights or other equivalents (however designated) of or in equity of such Person, including any Preferred Stock or any limited liability company, membership or partnership interests (whether general or limited), together with any and all warrants, options or other rights to purchase or acquire any of the foregoing, but excluding any debt securities convertible into or exchangeable for any of the foregoing.
		

		
			“Capitalized Lease Obligations”  means, as to any Person, the obligations of such Person to pay rent or other amounts under a Capital Lease and, for purposes of this Indenture, the amount of such obligations shall be the capitalized amount thereof (that is, the amount in effect corresponding to the principal of such obligations), determined in accordance with GAAP;
		

		
			
		

		
			

		 

		

			7

		

		

			 

		

		

		
			 
		

		
			provided that all obligations of any Person that are or would have been treated as operating leases for purposes of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update (the “ASU”) shall continue to be accounted for as operating leases for purposes of all financial definitions and calculations for purpose of this Indenture (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 ASU (on a prospective or retroactive basis or otherwise) to be treated as Capitalized Lease Obligations in the financial statements to be delivered pursuant to Section 4.03. Notwithstanding the foregoing or anything else to the contrary in this Indenture, any real property lease resulting from a Sale/Leaseback Transaction shall be accounted for as a Capital Lease (regardless of its treatment under GAAP) for all purposes of calculating: (i) compliance with Section 4.18 and (ii) the amount of Indebtedness incurred pursuant to Section 4.09.
		

		
			“Captive Insurance Subsidiary” shall means any Subsidiary of the Company that is subject to regulation as an insurance company (or any Subsidiary of such Subsidiary).
		

		
			“Cash Equivalents” means:
		

		
			(1)       U.S. dollars, or in the case of any foreign Subsidiary, such local currencies held by it from time to time in the ordinary course of business;
		

		
			(2)       securities or investment property issued or directly and fully guaranteed or insured by the United States or Canadian government or any agency or instrumentality of the United States or Canada, as applicable (provided that the full faith and credit of the United States is pledged in support thereof);
		

		
			(3)       marketable general obligations issued by any state of the United States of America, or any province in Canada, or any political subdivision of any such state or province or any public instrumentality thereof maturing within one year from the date of acquisition and, at the time of acquisition, having a credit rating of “A” or better from S&P Global Ratings, “A-2” or better from Moody’s Investors Service, Inc., or “A” or better from Fitch Ratings, Inc., or carrying an equivalent rating by a nationally recognized Rating Agency, if all of the three named Rating Agencies cease publishing ratings of investments;
		

		
			(4)       certificates of deposit, demand deposits, time deposits, eurodollar time deposits, overnight bank deposits or bankers’ acceptances having maturities of not more than one year from the date of acquisition thereof issued by any commercial bank the long-term debt of which is rated at the time of acquisition thereof at least “A” or the equivalent thereof by S&P Global Ratings, “A-2” or the equivalent thereof by Moody’s Investors Service, Inc., or “A” or the equivalent thereof by Fitch Ratings, Inc., or carrying an equivalent rating by a nationally recognized Rating Agency, if all of the three named Rating Agencies cease publishing ratings of investments, and having combined capital and surplus in excess of $500.0 million;
		

		
			
		

		
			

		 

		

			8

		

		

			 

		

		

		
			 
		

		
			(5)       repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (2), (3) and (4) entered into with any bank meeting the qualifications specified in clause (4) above;
		

		
			(6)       commercial paper rated at the time of acquisition thereof at least “A-2” or the equivalent thereof by S&P Global Ratings, “P-2” or the equivalent thereof by Moody’s Investors Service, Inc., or “F2” or the equivalent thereof by Fitch Ratings, Inc., or carrying an equivalent rating by a nationally recognized Rating Agency, if all of the three named Rating Agencies cease publishing ratings of investments, and in any case maturing within one year after the date of acquisition thereof;
		

		
			(7)       interests in any investment company or money market fund which invests 95% or more of its assets in instruments of the type specified in clauses (1) through (6) above; and
		

		
			(8)       investments otherwise consistent with the Company’s “Short Term Investment Policy.”
		

		
			“Cash Management Services” means any of the following to the extent not constituting a line of credit (other than an overnight draft facility that is not in default): automated clearing house transactions, treasury and/ or cash management services, including, without limitation, cash aggregation, mirror or concentrator accounts, zero-balance accounts, treasury, depository, overdraft, credit, purchasing or debit card, non-card e-payables services, electronic funds transfer, treasury management services (including controlled disbursement services, overdraft automatic clearing house fund transfer services, return items and interstate depository network services), other demand deposit or operating account relationships, foreign exchange facilities and merchant services.
		

		
			“Certificated Note” means a certificated Note registered in the name of the Holder substantially in the form of Exhibit A, including appropriate legends as set forth in Section 2.01(b), but that does not bear the DTC Legend and does not have the “Schedule of Exchanges of Notes” attached thereto.
		

		
			“CFC” means a controlled foreign corporation within the meaning of Section 957 of the Code.
		

		
			  “Change of Control” means:
		

		
			(1)       the Company becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) of the acquisition by any “person” or “group” of related persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) of the beneficial ownership (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that such person or group shall be deemed to have “beneficial ownership” of all shares that any such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly,
		

		
			
		

		
			

		 

		

			9

		

		

			 

		

		

		
			 
		

		
			of more than 50% of the total voting power of the Voting Stock of the Company; or
		

		
			(2)       the sale, assignment, conveyance, transfer, lease or other disposition (other than by way of merger, amalgamation or consolidation), in one or a series of related transactions, of all or substantially all of the assets and properties of the Company and its Subsidiaries taken as a whole to any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act); or
		

		
			(3)       the adoption by the stockholders of the Company of a plan or proposal for the liquidation or dissolution of the Company.
		

		
			“Change of Control Offer” has the meaning assigned to such term in Section 4.14(b).
		

		
			“Change of Control Payment” has the meaning assigned to such term in Section 4.14(b)(1).
		

		
			“Change of Control Payment Date” has the meaning assigned to such term in Section 4.14(b)(2).
		

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

		
			“Collateral” means, collectively, all of the present and future assets and properties of the Company or any Subsidiary Guarantors subject (or to be subject) to Liens created by the Security Documents.
		

		
			“Common Stock” means with respect to any Person, any and all shares of, interest or other participations in, and other equivalents (however designated and whether voting or nonvoting) of such Person’s common stock whether or not outstanding on the Issue Date, and includes, without limitation, all series and classes of such common stock.
		

		
			“Company” means Maxar Technologies Inc. or any successor obligor under this Indenture and the Notes pursuant to Article 5.
		

		
			“Consolidated Coverage Ratio” means as of any date of determination, with respect to any Person, the ratio of (x) the aggregate amount of the Consolidated EBITDA of such Person for the most recently ended four consecutive fiscal quarters for which internal financial statements prepared on a consolidated basis are available, calculated on a Pro Forma Basis, to (y) Consolidated Interest Expense of such Person for such period, calculated on a Pro Forma Basis; provided that (other than for purposes of Section 4.09(b)(8)) no effect shall be given to (i) any Indebtedness (and associated Consolidated Interest Expense) Incurred pursuant to Section 4.09(b) on the date of determination and (ii) the discharge of any Indebtedness (and associated Consolidated Interest Expense) to the extent such discharge results from the application of the proceeds of any Indebtedness Incurred pursuant to the provisions set forth in Section 4.09(b) on the date of determination.
		

		
			“Consolidated Debt” means, as at any date of determination, the aggregate principal amount of all Indebtedness of the Company and its Restricted Subsidiaries determined on a
		

		
			
		

		
			

		 

		

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			consolidated basis (but excluding all Indebtedness of Non-Recourse Subsidiaries) in accordance with GAAP but specifically excluding:
		

		
			(a)        any Indebtedness which is not included in part (a), (b), (d) or (e) of the definition thereof;
		

		
			(b)        any Indebtedness (up to an aggregate maximum amount of $100.0 million) in connection with letters of credit Guaranteed or insured by EDC where such Indebtedness is not yet due or owing and such letters of credit have been issued as assurance of performance or obligations (except other Indebtedness) in the ordinary course of business;
		

		
			(c)        in the case of a Special Subsidiary, the entire portion of the Indebtedness of such Special Subsidiary in excess of the relevant Special Subsidiary Percentage of such Indebtedness;
		

		
			(d)        Convertible Debentures; and
		

		
			(e)        Indebtedness owed to a government that is a member of the OECD, or any agency of such government, where the obligations of the Company or its relevant Subsidiary can be satisfied, at the option of the Company or such Subsidiary, by delivering common shares of the Company in accordance with the agreement governing such Indebtedness (whether such common shares are received by the holder of such Indebtedness as payment or are sold under such agreement to provide cash for payment to the holder of such Indebtedness); provided that the aggregate principal amount of such Indebtedness shall not at any time exceed $100.0 million;
		

		
			provided that, for the purpose of calculating Consolidated Debt, Non-Recourse Debt shall be the lesser of (i) the Fair Market Value of all property subject to a Lien securing such Non-Recourse Debt (as demonstrated to the Notes Collateral Agent’s reasonable satisfaction), and (ii) the amount of the obligations comprising such Non-Recourse Debt.
		

		
			“Consolidated EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person and its Restricted Subsidiaries (excluding any Non-Recourse Subsidiaries) for such period:
		

		
			(1)        increased (without duplication) by the following items to the extent deducted in calculating such Consolidated Net Income:
		

		
			(i)         income tax expense;
		

		
			(ii)       Consolidated Interest Expense;
		

		
			(iii)      depreciation, amortization and all other non-cash items;
		

		
			(iv)      foreign exchange losses to the extent they relate to timing differences as a result of an effective economic hedging relationship not qualifying for hedge accounting under GAAP;
		

		
			
		

		
			

		 

		

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			(v)       all reserves, provisions or fair value losses established in such period to the extent that such reserves, provisions or fair value losses do not relate to:
		

		
			(A)       a payment made, or which becomes payable, during such period; or
		

		
			(B)       a payment which is payable within 365 days from the end of such period;
		

		
			(vi)      Restructuring Charges and related charges (which, for the avoidance of doubt, shall include facility closure, facility consolidations, retention, severance, systems establishment costs, contract termination costs and excess pension charges);
		

		
			(vii)     any fees and expenses related to the Transactions or fees and expenses incurred during such period, or any amortization thereof for such period, in connection with any acquisition, investment, asset disposition, issuance or repayment of debt, issuance of equity securities, refinancing transaction or amendment or other modification of any debt instrument (in each case, including any such transaction consummated prior to the Issue Date and any such transaction undertaken but not completed) and any charges or non-recurring merger or amalgamation costs incurred during such period as a result of any such transaction;
		

		
			(viii)    all deferred financing costs written off and premiums paid in connection with any early extinguishment of Indebtedness;
		

		
			(ix)      the amount of any loss attributed to non-controlling interests;
		

		
			(x)       charges, losses, or expenses incurred to the extent covered by indemnification or refunding provisions in any document, including those pertaining to any acquisition consummated prior to the Issue Date, or any insurance, in each case, to the extent so reimbursed to the Company or any Restricted Subsidiary (excluding any Non-Recourse Subsidiary);
		

		
			(xi)      solely for purposes of determining compliance with Section 4.18, so long as the Company maintains its accounts in accordance with GAAP, development, including technology, and other research costs and expenses;
		

		
			(xii)     solely for purposes of determining compliance with Section 4.18, so long as the Company maintains its accounts in accordance with GAAP, proceeds of investment tax credits received during the applicable period (to the extent not reflected as revenue or income in such period); and
		

		
			(xiii)    any fees, expenses or charges attributable to the implementation of any Run Rate Adjustment (as defined below),
		

		
			
		

		
			

		 

		

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			(2)       increased by pro forma “run rate” cost savings, operating expense reductions and synergies related to acquisitions, dispositions and other specified transactions, restructurings, cost savings initiatives and other initiatives and/or actions that are reasonably identifiable, factually supportable and projected by the Company in good faith to result from actions that have been taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of an Officer of the Company) within 18 months after such acquisition, disposition or other specified transaction, restructuring, cost savings initiative or other initiative and/or action (calculated on a pro forma basis as though such cost savings, operating expense reductions and synergies had been realized on the first day of the period for which Consolidated EBITDA is being determined and if such cost savings, operating expense reductions and synergies were realized during the entirety of such period), net of the amount of actual benefits realized during such period from such action (it is understood and agreed that “run rate” means the full recurring benefit for a period that is associated with any action taken or with respect to which substantial steps have been taken or are expected to be taken within the time frame described above) (any of the foregoing, a “Run Rate Adjustment”); provided that (a) the aggregate amount of Run Rate Adjustments added back pursuant to clause (2) shall not exceed 10% of Consolidated EBITDA for such period (determined prior to giving effect to such all such adjustments);
		

		
			(3)       increased (with respect to losses) or decreased (with respect to gains) by (without duplication) any net cash or realized gains and losses relating to (i) amounts denominated in foreign currencies resulting from the application of the Financial Accounting Standards Board’s Accounting Standards Codification 830 (including net realized cash or gains and losses from exchange rate fluctuations on intercompany balances and balance sheet items, net of realized gains or losses from related Hedging Obligations (entered into in the ordinary course of business or consistent with past practice)) or (ii) any other amounts denominated in or otherwise trued-up to provide similar accounting as if they were denominated in foreign currencies;
		

		
			(4)       increased (with respect to losses) or decreased (with respect to gains) by (without duplication) any gain or loss relating to Hedging Obligations (excluding Hedging Obligations entered into in the ordinary course of business or consistent with past practice);
		

		
			(5)       proceeds of business interruption insurance received during such period (to the extent not reflected as revenue or income in such period); less
		

		
			(6)       the following to the extent included in determining Consolidated Net Income:
		

		
			(i)         foreign exchange gains to the extent they relate to timing differences as a result of an effective economic hedging relationship not qualifying for hedge accounting under GAAP; and
		

		
			
		

		
			

		 

		

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			(ii)       the amount of any gains attributed to non-controlling interests,
		

		
			all as determined on a consolidated basis in conformity with GAAP.  For all purposes of this Indenture, Consolidated EBITDA will be calculated on a Pro Forma Basis.
		

		
			“Consolidated Interest Expense”  means, without duplication, with respect to any Person and its Restricted Subsidiaries (but excluding Non-Recourse Subsidiaries) for any period in accordance with GAAP, the sum of:
		

		
			(a)        interest incurred during such period on Indebtedness;
		

		
			(b)        the aggregate cost of obtaining short-term and long-term advances of credit, reported as interest expense on the consolidated income statement of such Person and its Restricted Subsidiaries for such period, including accrued and unpaid interest charges, standby fees, and discounts and fees payable in respect of bankers acceptances and letters of credit, but for greater certainty excluding arrangement and underwriting fees;
		

		
			(c)        payments made or required to be made during such period on account of the interest component (or portion thereof reasonably attributable to interest or other compensation for the extension of credit) of any payment under a Capitalized Lease Obligations;
		

		
			(d)        interest on uncertain tax positions;
		

		
			(e)        imputed interest;
		

		
			(f)        accretion interest on long term obligations;
		

		
			(g)        forward points on hedging instruments;
		

		
			(h)        net payments, if any, made pursuant to interest rate Hedging Obligations with respect to Indebtedness; and
		

		
			(i)         any discount on the securitization of Receivables, whether or not treated as interest expense under GAAP;
		

		
			less:
		

		
			(j)         any interest on Subordinated Obligations that is paid or satisfied by the issue of Capital Stock of the Company (other than Disqualified Stock) or from the proceeds of further Subordinated Obligations;
		

		
			(k)        any interest, costs or payments in connection with letters of credit Guaranteed or insured by EDC;
		

		
			(l)         in the case of a Special Subsidiary, the entire portion of Consolidated Interest Expense attributable to such Special Subsidiary in excess of the relevant Special Subsidiary Percentage of such Consolidated Interest Expense; and
		

		
			
		

		
			

		 

		

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			(m)       net payments, if any, received pursuant to interest rate Hedge Agreement with respect to Indebtedness.
		

		
			Notwithstanding the foregoing, (i) for purposes of calculating the denominator of the Consolidated Coverage Ratio, Consolidated Interest Expense shall be limited to total interest expense on Indebtedness payable in cash (including the interest component under Capitalized Lease Obligations payable in cash), but excluding to the extent included in interest expense, (A) fees and expenses associated with the consummation of the Transactions, (B) costs associated with obtaining Hedging Agreements and any interest expense attributable to the movement of the mark-to-market valuation of obligations under Hedging Agreements or other derivative instruments, and any one-time cash costs associated with breakage in respect of Hedging Agreements for interest rates, (C) fees and expenses associated with any issuance of Equity Interests, Investments or Indebtedness incurrence and (D) any interest component relating to accretion or accrual of discounted liabilities) and (ii) where applicable, such calculation shall be on a Pro Forma Basis.
		

		
			“Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the net income (loss) of such Person and its Restricted Subsidiaries for such period, calculated on a consolidated basis (excluding Non-Recourse Subsidiaries) in accordance with GAAP; provided, that the following shall be excluded (without duplication):
		

		
			(a)        any net income (loss) of any Restricted Subsidiary if such 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 Company or a Subsidiary Guarantor, except that:
		

		
			(i)     the Company’s equity in the net income of any such Restricted Subsidiary for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash that could have been distributed by such Restricted Subsidiary during such period to the Company or another Restricted Subsidiary as a dividend (subject, in the case of a dividend to another Restricted Subsidiary, to the limitation contained in this clause); and
		

		
			(ii)    the Company’s equity in a net loss of any such Restricted Subsidiary for such period shall be included in determining such Consolidated Net Income.
		

		
			(b)        all extraordinary, unusual or non-recurring items;
		

		
			(c)        gains or losses attributable to asset sales made out of the ordinary course of business or gains or losses realized upon the disposal, abandonment or discontinuation of the operations of any of the Company or its Restricted Subsidiaries (other than Non-Recourse Subsidiaries);
		

		
			(d)        any after-tax effect of income (loss) from the early extinguishment of Indebtedness or Hedging Obligations or other derivative instruments;
		

		
			
		

		
			

		 

		

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			(e)        any net income or loss included in the consolidated statement of operations with respect to noncontrolling interests due to the application of Accounting Standards Codification Topic 810, Consolidation; and
		

		
			(f)        the cumulative effect of a change in accounting principles.
		

		
			provided that cash dividends received from Non-Recourse Subsidiaries in any period shall be included in the calculation of Consolidated Net Income for such period.
		

		
			“Consolidated Total Debt Ratio,” means, with respect to any Person as of any date, the ratio of: (1) the aggregate outstanding Consolidated Debt of such Person and its Restricted Subsidiaries outstanding on such date, to (2) the Consolidated EBITDA of such Person for the most recently ended four consecutive fiscal quarters for which internal financial statements prepared on a consolidated basis are available, calculated on a Pro Forma Basis.
		

		
			“Convertible Debentures” means any convertible subordinated debentures or notes created, issued or assumed by the Company which have all of the following characteristics:
		

		
			(1)         an initial final maturity or due date in respect of repayment of principal extending at least 90 days beyond the maturity date of the Notes in effect at the time such debentures or notes are created, issued or assumed;
		

		
			(2)         no scheduled or mandatory payment or repurchase of principal thereunder (other than as a result of an acceleration following an event of default in regard thereto or payment which can be satisfied by the delivery of common shares of the Company as contemplated in paragraph (5) of this definition and other than on a change of control of the Company where a Change of Control also occurs) prior to the maturity date of the Notes in effect at the time such debentures or notes are created, issued or assumed;
		

		
			(3)         upon and during the continuance of an Event of Default or acceleration of any obligations under any Pari Passu Lien Document which has not been rescinded, (i) all amounts payable in respect of principal, premium (if any) or interest under such debentures or notes are subordinate and junior in right of payment to all such obligations under the Pari Passu Lien Documents and no payments shall be made under such debentures or notes, and (ii) no enforcement steps or enforcement proceedings may be commenced in respect of such debentures or notes;
		

		
			(4)         upon distribution of the assets of the Company on any dissolution, winding up, liquidation or reorganization of the Company (whether in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of such Person, or otherwise), all obligations under the Pari Passu Lien Documents shall first be paid in full, or provision made for such payment, before any payment is made on account of principal, premium (if any) or interest payable in regard to such debentures or notes;
		

		
			(5)         so long as no default has occurred in respect of such debentures or notes and provided the Company is in compliance with all applicable securities laws and such common shares are qualified for distribution as required and listed on the Toronto Stock
		

		
			
		

		
			

		 

		

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			Exchange or another national or international securities exchange, then any and all payments of interest and principal due and payable under such debentures or notes can be satisfied, at the option of the Company, by delivering common shares in accordance with this indenture or agreement governing such debentures or notes (whether such common shares are received by the holders of such debentures or notes as payment or are sold by a trustee or representative under such indenture or agreement to provide cash for payment to holders of such debentures or notes) and if not so payable by delivery of common shares, any interest payment made prior to the maturity date of the Notes will be payable in kind;
		

		
			(6)         the occurrence of a Default or Event of Default or the acceleration of any obligations under this Indenture or any Pari Passu Lien Documents, or the enforcement of the rights and remedies of the Pari Passu Lien Secured Parties under any Pari Passu Lien Document, shall not by reason of specific reference to this Indenture (i) cause a default or event of default (with the passage of time or otherwise) under such debentures or notes or any indenture governing same, or (ii) cause or permit the obligations under such debentures or notes to be due and payable prior to the stated maturity thereof (provided such debentures or notes may provide for a cross-acceleration where such cross-acceleration is by reference to a minimum principal amount of indebtedness in excess of $100.0 million); and
		

		
			(7)         the Company and any trustee under any indenture governing such debentures or notes shall enter into or have entered into an agreement (the “Reliance and Enforcement Agreement”) with the Pari Passu Lien Secured Parties (or authorized representatives thereof) to, inter alia, confirm the right of the Pari Passu Lien Secured Parties to rely upon and enforce such subordination, on terms and conditions satisfactory to the Pari Passu Lien Secured Parties, acting reasonably.
		

		
			“Convertible Indebtedness” means Indebtedness of Company (which may be Guaranteed by the Subsidiary Guarantors) permitted to be incurred under the terms of this Indenture that is either (a) convertible or exchangeable into common stock of the 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 (b) sold as units with call options, warrants or rights to purchase (or substantially equivalent derivative transactions) that are exercisable for common stock of the Company and/or cash (in an amount determined by reference to the price of such common stock).
		

		
			“Corporate Trust Office” means, with respect to the Trustee and the Notes Collateral Agent, the office of the Trustee and the Notes Collateral Agent at which at any time its corporate trust business relating to this Indenture shall be administered, which such office on the date hereof shall be the address of the Trustee and the Notes Collateral Agent specified in Section 13.02 hereof or such other address as to which the Trustee or the Notes Collateral Agent, as applicable, may give notice to the Holders and the Company, or the principle corporate trust office of any successor trustee or collateral agent (or such address as such successor trustee or collateral agent may designate by notice to the Holders and the Company).
		

		
			“Covenant Defeasance” has the meaning assigned to such term in Section 8.03.
		

		
			
		

		
			

		 

		

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			“Debt Facility” means one or more debt facilities (including, without limitation, the Senior Credit Facilities) or commercial paper facilities or indentures with banks or other institutional lenders or trustees providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit or issuances of debt securities evidenced by notes, debentures, bonds or similar instruments, in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time (and whether or not with the original administrative agent, lenders or trustee or another administrative agent or agents, other lenders or trustee and whether provided under the original Senior Credit Facilities, or any other credit or other agreement or indenture).
		

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

		
			“Depositary” means the depositary of each Global Note, which will initially be DTC.
		

		
			“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 Regulated Bank or a Screened Affiliate) is a party (whether or not requiring further performance by such Person), the value and/or cash flows of which (or any material portion thereof) are materially affected by the value and/or performance of the Notes and/or the creditworthiness of the Performance References.
		

		
			“Designated Noncash Consideration” means the Fair Market Value of noncash consideration received by the Company or one of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Noncash Consideration by the Company, less the amount of cash or Cash Equivalents received in connection with a subsequent sale or other disposition of or payment or collection on such Designated Noncash Consideration.
		

		
			“Directing Holder” has the meaning assigned to it in Section 6.02(d).
		

		
			“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person that by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), in each case at the option of the holder thereof or upon the happening of any event:
		

		
			(1)       matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise (other than as a result of a change of control or asset sale; provided that the relevant asset sale or change of control provisions, taken as a whole, are no more favorable in any material respect to holders of such Capital Stock than the asset sale and change of control provisions applicable to the Notes and any purchase requirement triggered thereby may not become operative until compliance with the asset sale and change of control provisions applicable to the Notes (including the purchase of any Notes tendered pursuant thereto));
		

		
			
		

		
			

		 

		

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			(2)       is convertible into or exchangeable for Indebtedness or Disqualified Stock (excluding Capital Stock which is convertible or exchangeable solely at the option of the Company or a Restricted Subsidiary (it being understood that upon such conversion or exchange it shall be an Incurrence of such Indebtedness or Disqualified Stock)); or
		

		
			(3)       is redeemable at the option of the holder of the Capital Stock in whole or in part,
		

		
			in each case on or prior to the date 91 days after the earlier of the final maturity date of the Notes or the date the Notes are no longer outstanding; provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date will be deemed to be Disqualified Stock; provided, further, that if such Capital Stock is issued to any employee or to any plan for the benefit of employees of the Company or its Subsidiaries or a direct or indirect parent of the Company or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because they may be required to be repurchased by the Company or its Subsidiaries or a direct or indirect parent of the Company in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability.
		

		
			“Dividing Person” has the meaning assigned to it in the definition of “Division.”
		

		
			“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.
		

		
			“DTC” means The Depository Trust Company, a New York corporation, and its successors.
		

		
			“DTC Legend” means the legend set forth in Exhibit D.
		

		
			“EDC” means Export Development Canada.
		

		
			“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equivalent equity or ownership interests in any Person, and any option, warrant or other right entitling the holder thereof to purchase or otherwise acquire any such equity interest, but excluding from all of the foregoing any debt securities convertible into Equity Interests or cash based on the value of such Equity Interests.
		

		
			
		

		
			

		 

		

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			“Equity Offering” means a public offering or private sale for cash by the Company or any direct or indirect parent of the Company of Capital Stock (other than Disqualified Stock), other than (x) public offerings with respect to the Company’s Capital Stock, registered on Form S-4 or S-8, (y) an issuance to any Subsidiary of the Company or (z) any offering of the Company’s Common Stock issued in connection with a transaction that constitutes a Change of Control.
		

		
			“Escrow Agent” means Wilmington Trust, National Association, as escrow agent under the Escrow Agreement (and any successor entity in such capacity).
		

		
			“Escrow Account” has the meaning set forth in the Escrow Agreement.
		

		
			“Escrow Agreement” means the Escrow Agreement, dated as of December 2, 2019, among the Escrow Issuer, the Trustee, the Escrow Agent and Wilmington Trust, National Association, as bank and securities intermediary, as such agreement may be amended, modified or supplemented from time to time.
		

		
			“Escrow Issuer” means SSL Robotics LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company.
		

		
			“Escrowed Property” has the meaning set forth in the Escrow Agreement.
		

		
			“Escrow Release” has the meaning set forth in the Escrow Agreement.
		

		
			“Escrow Release Date” has the meaning set forth in the Escrow Agreement.
		

		
			“Escrow Release Date Supplemental Indenture” means the supplemental indenture, substantially in the form of Exhibit K hereto, pursuant to which the Company will effect the Assumption and assume all obligations, rights, title and interest of the Escrow Issuer as Issuer under this Indenture and the Subsidiary Guarantors will provide the Guarantees.
		

		
			“Event of Default” has the meaning assigned to such term in Section 6.01.
		

		
			“Excess Proceeds” has the meaning assigned to such term in Section 4.10(d).
		

		
			“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.
		

		
			“Excluded Accounts” means  (i) segregated bank accounts constituting (and the balance of which consists solely of funds set aside in connection with) payroll accounts and accounts dedicated to the payment of accrued employee benefits, medical, dental and employee benefit claims to employees of the Company or any Restricted Subsidiary, (ii) segregated bank accounts used to cash collateralize letters of credit and (iii) bank accounts of the Company or any Restricted Subsidiary in the United States of America or Canada that do not have balances in excess of $10.0 million.
		

		
			
		

		
			

		 

		

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			“Excluded Assets” means
		

		
			(i)        motor vehicles in the United States of America, other assets which are subject to certificates of title and commercial tort claims;
		

		
			(ii)       pledges and security interests (including in respect of interests in partnerships, joint ventures and other non-wholly owned entities) to the extent prohibited by Law or prohibited by agreements containing anti-assignment clauses not overridden by the PPSA, UCC or other applicable Law;
		

		
			(iii)      any fee owned real property with a value of less than $10.0 million; provided that the foregoing shall not exclude any fee owned real property which may be (x) encumbered by a Security Document and (y) either is perfected by a PPSA or UCC filing (or equivalent) or does not require any filing in order to be enforceable against unsecured creditors;
		

		
			(iv)      any leasehold interest unless, by virtue of the nature of the leasehold premises and any assets affixed thereto, the failure of the Notes Collateral Agent to enjoy a Lien thereon would reasonably be expected to result in (A) a material impairment of the ability of the Pari Passu Lien Secured Parties, their respective agent(s) or a receiver to effectively manage any material business of the Company or any Restricted Subsidiary, or (B) a material reduction in the recovery from the Collateral on a realization of the Security; provided that the foregoing shall not exclude any leasehold interest which may be (x) encumbered by a Security Document and (y) either is perfected by a PPSA or UCC filing (or equivalent) or does not require any filing in order to be enforceable against unsecured creditors;
		

		
			(v)        intent to use trademark applications;
		

		
			(vi)       Equity Interests:
		

		
			(A)     constituting margin stock to the extent and for so long as such assets do not secure any other Pari Passu Lien Obligations;
		

		
			(B)     in any Immaterial Subsidiary;
		

		
			(C)     in any Subsidiary that is not a Wholly Owned Subsidiary if the granting of a security interest in such equity would be prohibited by Law or by organizational or governance documents of any Subsidiary or would trigger termination pursuant to any “change of control” or similar provision,
		

		
			provided that the foregoing shall not exclude any Equity Interests in Immaterial Subsidiaries that may be perfected by a PPSA or UCC filing; or
		

		
			(D)     at the option of the Company, in any Tax Excluded Subsidiary (other than 65% of the voting equity interests and 100% of the non-voting equity interests in any CFC or FSHCO that is directly owned by the Company or any Subsidiary Guarantor);
		

		
			
		

		
			

		 

		

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			(vii)     any lease, license or other agreement or any property subject to a Purchase Money Obligation, Capitalized Lease Obligations or similar arrangements, in each case, to the extent permitted under the Security Documents to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement, purchase money, capital lease or a similar arrangement or create a right of termination in favor of any other party thereto (other than the Company or any Restricted Subsidiary) after giving effect to the applicable anti-assignment provisions of the PPSA, UCC or other applicable Law, other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under applicable Law notwithstanding such prohibition;
		

		
			(viii)    any property and assets the pledge of which would require governmental consent, approval, license or authorization that has not been obtained;
		

		
			(ix)      those assets as to which the costs of obtaining such a security interest or perfection thereof are excessive in relation to the value to holders of the Notes of the security to be afforded thereby as reasonably determined by the Company; to the extent and for so long as such security is not subject to a Lien securing any other Pari Passu Lien Obligations;
		

		
			(x)       the Radarsat II ground station and ground control equipment;
		

		
			(xi)      U.S.-Owned Assets;
		

		
			(xii)     at the option of the Company, any assets owned by a Tax Excluded Subsidiary that is a Subsidiary Guarantor; provided that the exclusion of such assets shall require compliance with Section 10.1(17) of the Senior Credit Facilities; and
		

		
			(xiii)    any inventory that is “specifically identified to contracts-in-process” where the granting of a Lien over such inventory would result in the breach of a contract.
		

		
			“Excluded Subsidiary” shall mean any Restricted Subsidiary that (i) is an Immaterial Subsidiary, (ii) is not a Wholly-Owned Subsidiary on any date such Restricted Subsidiary would otherwise be required to become a Subsidiary Guarantor pursuant to the requirements of this Indenture (for so long as such Restricted Subsidiary remains a non-Wholly-Owned Subsidiary), (iii) is prohibited by any applicable contractual requirement permitted under this Indenture or applicable Law from guaranteeing or granting Liens to secure the Notes at the time such Subsidiary becomes a Restricted Subsidiary (and for so long as such restriction or any replacement or renewal thereof is in effect), (iv) with respect to which the consequence of providing a Subsidiary Guarantee would adversely affect the ability of the Company and the Restricted Subsidiaries to satisfy applicable Law as determined in the reasonable judgment of the Company, (v) with respect to which, in the reasonable judgment of the Company, the cost or other adverse consequences of providing a Subsidiary Guarantee shall be materially and disproportionately greater than the benefits to be obtained by the holders of the Notes therefrom, (vi) at the option of the Company, is a Tax Excluded Subsidiary (subject to compliance with Section 10.1(17) of the Senior Credit Facilities), (vii) is a Captive Insurance Subsidiary or (viii) is acquired pursuant to a Permitted Investment and financed with assumed secured Indebtedness, in each case to the extent that, and for so long as, the documentation relating to such secured
		

		
			
		

		
			

		 

		

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			Indebtedness to which such Restricted Subsidiary is a party prohibits such Restricted Subsidiary from guaranteeing the Notes and such prohibition was not created in contemplation of such Permitted Investment.  Notwithstanding the foregoing, no Restricted Subsidiary shall be an “Excluded Subsidiary” if it guarantees the obligations of the Company under the Senior Credit Facilities.
		

		
			“Fair Market Value” means, with respect to any asset or property, the price that could be negotiated in an arm’s-length, free market transaction, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction (as determined in good faith by the Company, whose determination will be conclusive for all purposes under this Indenture and the Notes).
		

		
			“First Lien Intercreditor Agreement” means the First Lien Pari Passu Intercreditor Agreement, to be dated as of the Escrow Release Date, among the Trustee, the Notes Collateral Agent, the Bank Administrative Agent, the Bank Collateral Agent and each additional representative in respect of a Series of Pari Passu Lien Debt from time to time party thereto and acknowledged and agreed to by the Company, as it may be amended, modified, renewed, restated or replaced, in whole or in part, from time to time.
		

		
			“FSHCO” means a U.S. Subsidiary of the Company that has no material assets other than equity interests in, or indebtedness of, one or more CFCs.
		

		
			“Funded Debt” means, with respect to any specified Person, any Indebtedness of such Person, whether or not contingent, in respect of borrowed money or advances or evidenced by indentures, bonds, notes, debentures, loan agreements or similar instruments.
		

		
			“GAAP” means generally accepted accounting principles in the United States of America as in effect as of the Issue Date, including those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as approved by a significant segment of the accounting profession. All ratios and computations based on GAAP contained in this Indenture will be computed in conformity with GAAP, except that in the event the Company is acquired in a transaction that is accounted for using purchase accounting, the effects of the application of purchase accounting shall be disregarded in the calculation of such ratios and other computations contained in this Indenture.
		

		
			“Global Note” means a Note in registered global form substantially in the form of Exhibit A hereto, including appropriate legends as set forth in Section 2.01(b).
		

		
			“Grantor” means each of the Company and any other entity pledging property or assets as Collateral.
		

		
			“Guarantee” means, as to any Person, any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing, any Indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person:
		

		
			
		

		
			

		 

		

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			(1)       to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, properties, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise); or
		

		
			(2)       entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided,  however, that the term “Guarantee” will not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning.
		

		
			“Guarantor Subordinated Obligation” means, with respect to a Subsidiary Guarantor, any Indebtedness of such Subsidiary Guarantor (whether outstanding on the Issue Date or thereafter Incurred) that is expressly subordinated in right of payment to the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee pursuant to a written agreement.
		

		
			“Hedge Agreement” means any agreement governing Hedging Obligations.
		

		
			“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, modification or mitigation of interest rate, currency, commodity risks or equity risks either generally or under specific contingencies.
		

		
			“Holder” means a Person in whose name a Note is registered on the Registrar’s books and Register.
		

		
			“IAI Global Note” means a Global Note resold to Institutional Accredited Investors bearing the Restricted Legend.
		

		
			“Immaterial Subsidiary” means any Restricted Subsidiary which (a) individually has assets which constitute less than 2% of Total Assets and generate less than 2% of Consolidated EBITDA of the Company for the most recently ended four consecutive fiscal quarters and (b) collectively with all other Immaterial Subsidiaries has assets which constitute less than 5% of Total Assets and generate less than 5% of Consolidated EBITDA of the Company for the most recently ended four consecutive fiscal quarters, in each case as determined by the Company with reference to the most recent financial statements provided to the Trustee.
		

		
			“Incur” means, with respect to any Indebtedness, Capital Stock or Lien, to issue, assume, Guarantee, incur or otherwise become liable for such Indebtedness, Capital Stock or Lien; provided, however, that any Indebtedness, Capital Stock or Lien of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise) will be deemed to be Incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary; and the terms “Incurred” and “Incurrence” have meanings correlative to the foregoing.
		

		
			
		

		
			

		 

		

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			“Indebtedness” means, with respect to any Person on any date of determination (without duplication):
		

		
			(a)       all indebtedness of such Person for borrowed money, including obligations with respect to bankers’ acceptances;
		

		
			(b)       all indebtedness of such Person for contingent reimbursement obligations with respect to letters of credit or letters of guarantee which provide credit support for obligations which would otherwise constitute Indebtedness of such Person within the meaning of this definition or for drawn reimbursement obligations with respect to letters of credit, letters of guarantee and surety bonds (except to the extent such reimbursement obligations relates to trade payables and such obligation is satisfied with 30 days of Incurrence); provided that Indebtedness shall not include cash-collateralized (but otherwise unsecured) letters of credit, letters of guarantee or surety bonds;
		

		
			(c)       all indebtedness of such Person for the deferred purchase price of property or services, which purchase price is due more than one year after the date of placing such property in service or taking delivery and title thereto, other than:
		

		
			(i)        trade indebtedness on commercially reasonable terms accounted for as accounts payable or deferred revenue; and
		

		
			(ii)       commercially reasonable payment terms intended to reflect the commercial interests of contracting parties as opposed to the granting of credit;
		

		
			each as incurred in the ordinary course of business, net of prepayments thereof;
		

		
			(d)       all Purchase Money Obligations (including indebtedness in respect of which the rights and remedies of the seller or lender thereunder in the event of default are limited to repossession or sale of the purchased property, in which case the amount attributed to Indebtedness shall be the lesser of such indebtedness and the Fair Market Value of the property to which recourse is limited);
		

		
			(e)        all Capitalized Lease Obligations and other Attributable Debt;
		

		
			(f)        the amount for which any Equity Interests in the capital of any such Person that is a corporation or other entity may be redeemed if the holders of such Equity Interests are entitled at such time to require such Person to redeem such Equity Interests, or if such Person is otherwise obligated at such time to redeem such Equity Interests, in each case whether on notice or otherwise (excluding any amounts so attributable to Equity Interests held by the Company or a Subsidiary of the Company and redemptions required as a result of a change of control or asset sale; provided that the relevant asset sale or change of control provisions, taken as a whole, are no more favorable in any material respect to holders of such Equity Interests than the asset sale and change of control provisions applicable to the Notes and any purchase requirement triggered thereby may not become operative until compliance with the asset sale and change of control provisions
		

		
			
		

		
			

		 

		

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			applicable to the Notes (including the purchase of any Notes tendered pursuant thereto));
		

		
			(g)       the amount of any earn-out obligation which is reflected as a liability on the balance sheet of such Person in accordance with GAAP; and
		

		
			(h)       the maximum amount which may be outstanding at any time of all Indebtedness of the kinds referred to in (a) through (g) which is directly or indirectly Guaranteed by such Person or which such Person has agreed (contingently or otherwise) to purchase or otherwise acquire (whether or not such Person has assumed or become liable for the payment of such Indebtedness);
		

		
			if and to the extent any of the preceding items (other than letters of credit, letters of guarantee and surety bonds) would appear as a liability upon a balance sheet (excluding the notes thereto) of the specified Person prepared in accordance with GAAP; provided that any obligation or liability in connection with an Asset Securitization that constitutes an Asset Sale under clause (12) of such definition shall not constitute Indebtedness.
		

		
			Notwithstanding the foregoing, in no event shall the following constitute Indebtedness: (1) money borrowed and set aside at the time of the Incurrence of any Indebtedness in order to pre-fund the payment of interest on such Indebtedness; provided that such money is held to secure the payment of such interest; (2) obligations to make payments to one or more insurers under satellite insurance policies in respect of premiums or the requirement to remit to such insurer(s) a portion of the future revenues generated by a satellite which has been declared a constructive total loss, in each case in accordance with the terms of the insurance policies relating thereto; (3) obligations to make progress or incentive payments (including any in-orbit incentive payments) or other deferred payments earned during the life of a satellite under any satellite manufacturing contract or to make payments under satellite launch contracts in respect of launch services provided thereunder; (4) obligations to be satisfied by delivery of products or services, including under satellite capacity or bandwidth arrangements (whether or not classified and accounted for as a capitalized lease or as indebtedness for financial reporting purposes in accordance with GAAP); (5) Cash Management Services; (6) liabilities arising from Receivables dispositions consistent with clause (12) of the definition of “Asset Sale”; and (7) obligations, to the extent such obligations would otherwise constitute Indebtedness, under any agreement that has been irrevocably defeased or irrevocably satisfied and discharged pursuant to the terms of such agreement.
		

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

		
			“Independent Financial Advisor” means an accounting, appraisal, investment banking firm or consultant, in each case of nationally recognized standing that is, in the good faith determination of the Company, qualified to perform the task for which it has been engaged.
		

		
			“Initial Lien” has the meaning assigned to it in Section 4.12.
		

		
			“Initial Notes” means the Notes issued on the Issue Date and any Notes issued in replacement thereof.
		

		
			
		

		
			

		 

		

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			“Initial Purchasers” means the initial purchasers party to a purchase agreement with the Company relating to the sale of the Notes or Additional Notes by the Company.
		

		
			“Institutional Accredited Investor” means an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act).
		

		
			“Institutional Accredited Investor Certificate” means a certificate substantially in the form of Exhibit H hereto.
		

		
			“Intercreditor Agreements” means, collectively, the First Lien Intercreditor Agreement and the Second Lien Intercreditor Agreement.
		

		
			“Interest Payment Date” means each January 15 and December 15 of each year, and with the final Interest Payment Date being December 31, 2023 instead of December 15, 2023.
		

		
			“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s Investors Service, Inc. or BBB- (or the equivalent) by S&P Global Ratings, or any equivalent rating by any other Rating Agency.
		

		
			“Investments” means, with respect to any Person (1) all investments by such Person in other Persons (including Affiliates) in the form of (a) loans (including Guarantees), (b) advances or capital contributions (excluding accounts receivable, trade credit and advances or other payments made to customers, dealers, suppliers and distributors and payroll, commission, travel and similar advances to officers, directors, managers, employees, consultants and independent contractors in the ordinary course of business) or (c) purchases or other acquisitions for consideration of Indebtedness, Capital Stock or other securities issued by any such other Person and (2) investments that are required by GAAP to be classified on the balance sheet of the Company in the same manner as the other investments included in clause (1) of this definition to the extent that such transactions involve the transfer of cash or other property; provided that Investments shall not include:
		

		
			(1)        intercompany receivables and payables (including with Unrestricted Subsidiaries) in the ordinary course of business in exchange for goods and services on an arm’s length basis;
		

		
			(2)       Hedging Obligations entered into in the ordinary course of business and in compliance with this Indenture;
		

		
			(3)       endorsements of negotiable instruments and documents in the ordinary course of business; and
		

		
			(4)       an acquisition of assets, property, Capital Stock or other securities by the Company or a Subsidiary for consideration to the extent such consideration consists of Common Stock of the Company.
		

		
			For purposes of Section 4.07:
		

		
			
		

		
			

		 

		

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			(1)       “Investment” will include the portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of a Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company will be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to (a) the Company’s aggregate “Investment” in such Subsidiary as of the time of such redesignation less (b) the portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time of such designation; and
		

		
			(2)       any assets or property transferred to or from an Unrestricted Subsidiary will be valued at its Fair Market Value at the time of such transfer.
		

		
			“Issue Date” means December 2, 2019.
		

		
			“Issuer” means, prior to the Escrow Release Date, the Escrow Issuer and, on and subsequent to the Escrow Release Date, the Company, in each case, together with all successors thereto.
		

		
			“Junior Lien” means a Lien granted, or purported to be granted, by a Security Document to the applicable Junior Lien Debt Representative, at any time, upon any property of the Company or any Subsidiary Guarantor to secure Junior Lien Obligations.
		

		
			“Junior Lien Debt” means any Funded Debt (including borrowings under any Junior Lien Documents) that is secured by a Junior Lien and that was permitted to be Incurred and permitted to be so secured under the applicable Junior Lien Documents; provided, that, (i) on or before such Funded Debt is Incurred by the Company or a Subsidiary Guarantor, such Funded Debt is designated by the Company as “Junior Lien Debt” for the purposes of the Junior Lien Documents in accordance with the Second Lien Intercreditor Agreement, and (ii) if such Funded Debt is the first series of Junior Lien Debt incurred after the Issue Date, the Junior Lien Debt Representative for such Funded Debt shall execute and deliver a Second Lien Intercreditor Agreement in accordance with the terms of this Indenture or, unless such Funded Debt is Incurred under an existing Junior Lien Document for any Series of Junior Lien Debt whose Junior Lien Debt Representative is already party to the Second Lien Intercreditor Agreement, the Junior Lien Debt Representative for such Funded Debt executes and delivers a joinder to the Second Lien Intercreditor Agreement in respect of and in accordance with the Second Lien Intercreditor Agreement.  For the avoidance of doubt, Hedging Obligations secured by a Junior Lien do not constitute Junior Lien Debt but may constitute Junior Lien Obligations.
		

		
			“Junior Lien Debt Representative” means, in the case of any Series of Junior Lien Debt, the duly authorized collateral agent, trustee, agent or representative of the holders of such Series of Junior Lien Debt who maintains the transfer register for such Series of Junior Lien Debt or is appointed as a representative for such Junior Lien Debt (for purposes related to the administration of the Security Documents) pursuant to the indenture, credit agreement or other agreement governing such Series of Junior Lien Debt, and who has executed the Second Lien
		

		
			
		

		
			

		 

		

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			Intercreditor Agreement or any joinder thereto, together with its successors and assigns in such capacity.
		

		
			“Junior Lien Documents” means any indenture, notes, credit agreement or other agreement or instrument pursuant to which any Junior Lien Debt is Incurred and the Junior Lien Security Documents.
		

		
			“Junior Lien Obligations” means any Junior Lien Debt and all other Obligations in respect of Junior Lien Debt, including any post-petition interest whether or not allowable, and all guarantees of any of the foregoing; provided such Lien is permitted to be incurred under this Indenture; provided,  further, that the holders of such Indebtedness or their Junior Lien Debt Representative shall become party to the Second Lien Intercreditor Agreement or any joinder thereto.
		

		
			“Junior Lien Secured Parties” means the holders of Junior Lien Obligations and each Junior Lien Debt Representative.
		

		
			“Junior Lien Security Documents” means all security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements, consent or direct arrangements, or other grants or transfers for security executed and delivered by the Company or any Subsidiary Guarantor creating or perfecting (or purporting to create or perfect) or governing rights of enforcement with respect to, a Lien upon Collateral in favor of the applicable Junior Lien Debt Representative, for the benefit of the holders of Junior Lien Secured Parties, including, without limitation, the Second Lien Intercreditor Agreement, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time.
		

		
			“Legal Defeasance” has the meaning assigned to such term in Section 8.02.
		

		
			“Lien” means, with respect to any asset or property, any mortgage, lien, pledge, hypothecation, charge, security interest, preference, priority or encumbrance of any kind in respect of such asset or property, 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 any asset or property and any filing of or agreement to give any financing statement under the UCC or PPSA(or equivalent statutes) of any jurisdiction); provided that in no event shall an operating lease or an agreement to sell be deemed to constitute a Lien.
		

		
			“Limited Condition Transaction” means (1) any acquisition or other Investment permitted under this Indenture by the Company or one or more of its Restricted Subsidiaries whose consummation is not conditioned on the availability of, or on obtaining, third party financing and (2) any repayment, repurchase or refinancing of Indebtedness, Disqualified Stock or Preferred Stock with respect to which a notice of repayment (or similar notice) has been issued.
		

		
			“Long Derivative Instrument” means a Derivative Instrument (i) the value of which generally increases, and/ or the payment or delivery obligations under which generally decrease, with positive changes to the Performance References and/or (ii) the value of which generally
		

		
			
		

		
			

		 

		

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			decreases, and/or the payment or delivery obligations under which generally increase, with negative changes to the Performance References.
		

		
			“Net Cash Proceeds” means the aggregate cash proceeds (using the Fair Market Value of any Cash Equivalents) received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received in respect of or upon the sale or other disposition of any Designated Noncash Consideration received in any Asset Sale and any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when received, but excluding the assumption by the acquiring Person of Indebtedness relating to the disposed assets or other consideration received in any other non-cash form), net of the direct cash costs relating to such Asset Sale and the sale or disposition of such Designated Noncash Consideration (including, without limitation, legal, accounting and investment banking fees, and brokerage and sales commissions), and any relocation expenses incurred as a result thereof, taxes paid or payable as a result thereof, amounts required to be applied to the repayment of principal of, premium, if any, and interest on Indebtedness required (other than pursuant to Section 4.10(b)) to be paid as a result of such transaction, any costs associated with unwinding any related Hedging Obligations in connection with such transaction and any deduction of appropriate amounts to be provided by the Company or any of its Restricted Subsidiaries as a reserve in accordance with GAAP against any liabilities associated with the asset or property disposed of in such transaction and retained by the Company or any of its Restricted Subsidiaries after such sale or other disposition thereof, including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction.
		

		
			“Net Short” means, with respect to a Holder or beneficial owner, as of a date of determination, either (i) the value of its Short Derivative Instruments exceeds the sum of (x) the value of its Notes plus (y) the value of its Long Derivative Instruments as of such date of determination or (ii) it is reasonably expected that such would have been the case were a Failure to Pay or Bankruptcy Credit Event (each as defined in the 2014 ISDA Credit Derivatives Definitions) to have occurred with respect to the Company or any Subsidiary Guarantor immediately prior to such date of determination.
		

		
			“Non-Guarantor Subsidiary” means any Restricted Subsidiary that is not a Subsidiary Guarantor.
		

		
			“Non-Recourse Debt” means Indebtedness of a Person:
		

		
			(1)        as to which neither Company nor any Subsidiary Guarantor (i) provides credit support or financial assistance of any nature whatsoever (including any undertaking, agreement or instrument which would constitute Indebtedness), or (ii) is liable (directly or indirectly, contingently or otherwise); and
		

		
			(2)        default with respect to which (including any rights which the holders thereof may have to take enforcement action) would not permit (upon notice, lapse of time or both) any holder of any other Indebtedness of the Company or any Subsidiary Guarantor to declare a
		

		
			
		

		
			

		 

		

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			default on such other Indebtedness or cause a payment thereof to be accelerated or payable prior to its stated maturity.
		

		
			“Non-Recourse Subsidiary” means a Subsidiary of the Company (excluding a Restricted Subsidiary) which has been designated as a Non-Recourse Subsidiary in accordance with this Indenture, and which Subsidiary does not have outstanding any Indebtedness other than Non-Recourse Debt and Permitted Debt owing to the Company or any Restricted Subsidiary as permitted under this Indenture.
		

		
			“Non-U.S. Person” means a Person that is not a “U.S. person,” as defined in Regulation S.
		

		
			“Noteholder Direction” has the meaning assigned to it in Section 6.02(d).
		

		
			“Notes” has the meaning assigned to such term in the Recitals. The Initial Notes and the Additional Notes shall be treated as a single class for all purposes under this Indenture; provided that if any Additional Notes subsequently issued are not fungible with any Notes previously issued for U.S. federal income tax purposes, such Additional Notes will have a separate CUSIP or ISIN number, as applicable. Unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes.
		

		
			“Notes Secured Parties” means the Trustee, the Notes Collateral Agent and the holders of the Notes from time to time.
		

		
			“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), premiums, penalties, fees, expenses, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, payable by the Company or Subsidiary Guarantors under the documentation governing any Indebtedness.
		

		
			“OECD” means the Organisation for Economic Co-operation and Development.
		

		
			“Offer to Purchase” has the meaning assigned to such term in Section 3.04.
		

		
			“Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, Chief Financial Officer, any Executive Vice President, Senior Vice President or Vice President, the Controller, the Treasurer or the Secretary (or any person serving the equivalent function of any of the foregoing) of such Person.
		

		
			“Officer’s Certificate” means a certificate signed by an Officer of the Company or a direct or indirect parent of the Company.
		

		
			“Offshore Global Note” means a Global Note representing Notes issued and sold pursuant to Regulation S.
		

		
			
		

		
			

		 

		

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			“OID Legend” means the legend set forth in Exhibit I.
		

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

		
			“Pari Passu Lien Credit Facility Obligations” has the meaning assigned to such term in the definition of “Pari Passu Lien Obligations.”
		

		
			“Pari Passu Indebtedness” means Indebtedness that ranks pari passu in right of payment to the Notes or, with respect to any Subsidiary Guarantor, such Subsidiary Guarantor’s Subsidiary Guarantee.
		

		
			“Pari Passu Lien” means a Lien granted, or purported to be granted, pursuant to a Pari Passu Lien Security Document to the applicable Authorized Representative, at any time, upon any property of the Company or any Subsidiary Guarantor to secure any Pari Passu Lien Obligations.
		

		
			“Pari Passu Lien Debt” means (1) the Notes issued on the Issue Date, (2) any Additional Notes, (3) the Indebtedness under the Senior Credit Facilities and (4) any other Funded Debt (including borrowings under any other Pari Passu Lien Documents) that is secured by a Pari Passu Lien and that was permitted to be Incurred and permitted to be so secured under the applicable Pari Passu Lien Documents; provided, that, in the case of this clause (4), (a) on or before such Funded Debt is Incurred such Funded Debt is designated by the Company as “Pari Passu Lien Debt” for the purposes of an officer’s certificate executed and delivered in accordance with the First Lien Intercreditor Agreement, and (b) unless such Funded Debt is Incurred under an existing Pari Passu Lien Document for any Series of Pari Passu Lien Debt whose Authorized Representative is already party to the First Lien Intercreditor Agreement, the Authorized Representative for such Funded Debt executes and delivers a joinder to the First Lien Intercreditor Agreement in respect of and in accordance with the First Lien Intercreditor Agreement.  For the avoidance of doubt, Hedging Obligations secured by a Pari Passu Lien do not constitute Pari Passu Lien Debt but may constitute Pari Passu Lien Obligations.
		

		
			“Pari Passu Lien Documents” means this Indenture, the Senior Credit Facilities and any other indenture, notes, credit agreement or other agreement or instrument pursuant to which any Pari Passu Lien Debt is Incurred and the Pari Passu Lien Security Documents.
		

		
			“Pari Passu Lien Notes Obligations” means Obligations in respect of the Notes, this Indenture, the Subsidiary Guarantees and the Security Documents.
		

		
			“Pari Passu Lien Obligations”  means, collectively, (1) the Pari Passu Lien Notes Obligations, (2) Secured Obligations (as defined in the Senior Credit Facilities) with respect to the Senior Credit Facilities (the “Pari Passu Lien Credit Facility Obligations”), and (3) and all other Obligations in respect of each Series of Pari Passu Lien Debt, including any post-petition interest whether or not allowable, and all guarantees of any of the foregoing.
		

		
			“Pari Passu Lien Secured Parties”  means (1) the Senior Credit Facility Secured Parties, (2) the Notes Secured Parties and (3) the holders of any other Pari Passu Lien Obligations and each Authorized Representative thereof.
		

		
			
		

		
			

		 

		

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			“Pari Passu Lien Security Documents”  means all security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements, consent or direct arrangements, or other grants or transfers for security executed and delivered by the Company or any Subsidiary Guarantor creating or perfecting (or purporting to create or perfect) or governing rights of enforcement with respect to, a Lien upon Collateral in favor of the respective Authorized Representative, for the benefit of any of the applicable Pari Passu Lien Secured Parties, including, without limitation the First Lien Intercreditor Agreement, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms.
		

		
			“Paying Agent” refers to a Person engaged by the Issuer to perform the obligations of the Trustee in respect of payments to be made or funds to be held hereunder in respect of the Notes.
		

		
			“Performance References” means the Company or any one or more of the Subsidiary Guarantors.
		

		
			“Permitted Bond Hedge Transaction” means any call or capped call option (or substantively equivalent derivative transaction) on the Company’s common stock purchased by the Company in connection with the issuance of any Convertible Indebtedness; provided that the purchase price for such Permitted Bond Hedge Transaction, less the proceeds received by the Company from the sale of any related Permitted Warrant Transaction, does not exceed the net proceeds received by the Company from the sale of such Convertible Indebtedness issued in connection with the Permitted Bond Hedge Transaction.
		

		
			“Permitted Debt” has the meaning assigned to such term in Section 4.09(b).
		

		
			“Permitted Investment” means an Investment by the Company or any Restricted Subsidiary in:
		

		
			(1)       the Company or a Restricted Subsidiary; provided that (i) the amount of Investments made by the Company and the Subsidiary Guarantors in Restricted Subsidiaries that are not Subsidiary Guarantors that are at that time outstanding, having an aggregate Fair Market Value (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value) at the time of such Investment, together with the amount of Investments in Persons that do not become Subsidiary Guarantors pursuant to clause (2) of this definition does not exceed the greater of (x) $200.0 million and (y) 3.25% of Total Assets and (ii) the amount of Investments made pursuant to this clause (1) and clause (2) below in Persons that do not become Subsidiary Guarantors, together with the amount of Investments made pursuant to clause (14) of this definition, shall not exceed $350.0 million in the aggregate;
		

		
			(2)       any Investment by the Company or any of its Restricted Subsidiaries in a Person that is engaged in a Similar Business if, as a result of such Investment:
		

		
			(a)        such Person becomes a Restricted Subsidiary; or
		

		
			
		

		
			

		 

		

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			(b)        such Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys all or substantially all of its assets to, or is liquidated into, the Company 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, amalgamation, consolidation, transfer, conveyance or liquidation; provided,  further, that (i) the amount of Investments made by the Company and the Restricted Subsidiaries in Persons that do not become Subsidiary Guarantors that are at that time outstanding, having an aggregate Fair Market Value (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value) at the time of such Investment, together with the amount of Investments in Restricted Subsidiaries that are not Subsidiary Guarantors pursuant to clause (1) of this definition does not exceed the greater of (x) $200.0 million and (y) 3.25% of Total Assets and (ii) the amount of Investments made pursuant to this clause (2) and clause (1) above in Persons that do not become Subsidiary Guarantors, together with the amount of Investments made pursuant to clause (14) of this definition, shall not exceed $350.0 million in the aggregate;
		

		
			(3)        cash and Cash Equivalents, and Investments that were Cash Equivalents when made;
		

		
			(4)        receivables owing to the Company or any Restricted Subsidiary created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms or such other concessionary trade terms as the Company or any such Restricted Subsidiary deems reasonable under the circumstances;
		

		
			(5)        commission, payroll and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business;
		

		
			(6)        loans or advances to officers, directors, employees, managers, consultants and independent contractors of the Company or any Restricted Subsidiary for business-related travel and entertainment expenses, moving and relocation expenses and similar expenses, in each case in the ordinary course of business;
		

		
			(7)        loans or advances to, or guarantees of Indebtedness of, officers, directors, employees, managers, consultants and independent contractors of the Company or any Restricted Subsidiary in an aggregate amount not in excess of $10.0 million at any one time outstanding;
		

		
			(8)        any Investment acquired by the Company or any of its Restricted Subsidiaries:
		

		
			(a)        in exchange for any other Investment or accounts receivable held by the Company or any such Restricted Subsidiary in connection with or as a
		

		
			
		

		
			

		 

		

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			result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable;
		

		
			(b)        in satisfaction of judgments or received in compromise, settlement or resolution of obligations of trade creditors, customers, dealers or distributors that were incurred in the ordinary course of business or of any litigation, arbitration or other dispute; or
		

		
			(c)        as a result of a foreclosure or other remedial action by the Company or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any Investment in default;
		

		
			(9)       Investments made as a result of (a) the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.10; provided that, to the extent that the assets sold in such Asset Sale were part of the Collateral and the assets received as non-cash consideration are required to be pledged as collateral pursuant to the Senior Credit Facilities, such assets will be pledged as Collateral pursuant to the Security Documents reasonably promptly after receipt by the Company or a Restricted Subsidiary thereof; or (b) any other disposition of assets or property not constituting an Asset Sale;
		

		
			(10)     any Investment (a) in existence on the Issue Date, (b) made pursuant to binding commitments in effect on the Issue Date, or (c) that replaces, refinances, refunds, renews or extends any Investment described under either of the immediately preceding clauses (b) or (c), provided that any such Investment is in an amount that does not exceed the amount replaced, refinanced, refunded, renewed or extended, except as contemplated pursuant to the terms of such Investment in existence on the Issue Date or as otherwise permitted under this definition or under Section 4.07;
		

		
			(11)     (A) Hedging Obligations, Cash Management Services and Guarantees permitted under Section 4.09; and (B) Permitted Bond Hedge Transactions that constitute Investments;
		

		
			(12)     intercompany current liabilities owed to Unrestricted Subsidiaries or Permitted Joint Ventures Incurred in the ordinary course of business in connection with the cash management operations of the Company and its Subsidiaries;
		

		
			(13)     Investments made in connection with the funding of contributions under any non-qualified retirement plan or similar employee compensation plan in an amount not to exceed the amount of compensation expense recognized by the Company and its Restricted Subsidiaries in connection with such plans;
		

		
			(14)     Investments by the Company or any of its Restricted Subsidiaries, when taken together with all other Investments made pursuant to this clause (14) that are at that time outstanding, having an aggregate Fair Market Value (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value) at the time of such Investment, not
		

		
			
		

		
			

		 

		

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			to exceed the greater of (x) $200.0 million and (y) 3.25% of Total Assets; provided that the amount of Investments made pursuant to this clause (14), together with the amount of Investments made in Persons that do not become Subsidiary Guarantors pursuant to clause (1) and (2) of this definition, shall not exceed $350.0 million in the aggregate;
		

		
			(15)     Investments to the extent made in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Company;
		

		
			(16)     Investments expressly required pursuant to Pari Passu Lien Documents;
		

		
			(17)     Guarantees permitted by Section 4.09;
		

		
			(18)     Guarantees of performance or other obligations (other than Indebtedness) arising in the ordinary course of the business of the Company and its Subsidiaries;
		

		
			(19)     Investments of a Restricted Subsidiary or the Company acquired after the Issue Date or of an entity merged into or consolidated with the Company or a Restricted Subsidiary after the Issue Date to the extent that such Investments were not made in contemplation of such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation;
		

		
			(20)     Investments in the Company or any Restricted Subsidiary in connection with any reorganization or activity undertaken as part of a bona fide tax planning transaction; provided that:
		

		
			(i)         all of the steps in such transaction are completed substantially concurrently (except for any continuing Investment permitted by part (iii) below);
		

		
			(ii)        after giving effect to such transaction, all of the entities involved in such transaction are solvent or have no material liabilities (other than intra-group liabilities); and
		

		
			(iii)       after giving effect to such transaction:  (A) any continuing Investment resulting from such transaction qualifies as a Permitted Investment under another paragraph of this definition, (B) the security interest in the Collateral in respect of the Pari Passu Lien Debt, taken as a whole, is not impaired in any material respect (as determined by the Company in good faith) and (C) no Default or Event of Default has occurred and is continuing;
		

		
			(21)      any repurchase of Indebtedness not constituting Subordinated Obligations; and
		

		
			(22)      Investments made with respect to any Permitted Joint Venture (or any Person which upon the making of such Investment becomes a Permitted Joint Venture), when taken together with all other Investments made pursuant to this clause (22) since the Issue Date that are at that time outstanding, having an aggregate Fair Market Value (with the Fair Market Value of each Investment being measured at the time made and without
		

		
			
		

		
			

		 

		

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			giving effect to subsequent changes in value) at the time of such Investment not to exceed the greater of (x) $250.0 million and (y) 5.0% of Total Assets.
		

		
			  “Permitted Joint Venture” means any other Person (other than a Restricted Subsidiary) in which the Company or any of its Restricted Subsidiaries has made a Permitted Investment or any Investment permitted to be made pursuant to Section 4.07 (or Subsidiary of such Person), which Person is engaged in a Similar Business and in respect of which the Company or any of its Restricted Subsidiaries beneficially owns at least 10.0% of the Capital Stock of such Person.
		

		
			“Permitted Liens” means, with respect to any Person:
		

		
			(1)        Liens on Collateral Incurred to secure Obligations in respect of Indebtedness permitted to be Incurred pursuant to clause (1) of Section 4.09(b) and obligations secured ratably thereunder; provided that, to the extent such Liens are (x) Pari Passu Lien Obligations, such Lien will be subject to the First Lien Intercreditor Agreement and the Second Lien Intercreditor Agreement (if any) and (y) Junior Lien Obligations, such Liens will be subject to the Second Lien Intercreditor Agreement;
		

		
			(2)        Liens Incurred to secure Obligations in respect of Indebtedness permitted to be Incurred pursuant to clause (4) of Section 4.09(b) and obligations secured ratably thereunder; provided, that such Liens extend only to the assets, property and/or Equity Interests, the acquisition, design, development, lease, construction, repair, replacement, maintenance, installation, improvement or insurance of which is financed thereby and any replacements, upgrades, additions, accessions and improvements thereto and any income or profits thereof and any contracts, licenses, consents, permits, authorizations, services or insurance policies relating thereto (and including, in each case, the proceeds thereof);
		

		
			(3)        Liens Incurred in connection with workers’ compensation laws, unemployment insurance laws or similar legislation, in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases, or Liens to secure public or statutory obligations of such Person or to secure surety, stay, customs or appeal bonds, or as security for contested taxes or import or customs duties or for the payment of rent, in each case Incurred in the ordinary course of business;
		

		
			(4)        Liens imposed by law, such as carriers’, warehousemen’s, mechanics’, suppliers’, vendors’, materialmen’s, repairmen’s, construction contractors’, mechanics’ or other like Liens, 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 (or which, if due and payable, are being contested in good faith by appropriate proceedings and for which adequate reserves are being maintained, to the extent required by GAAP) or with respect to which the failure to make payment could not reasonably be expected to have a material adverse effect as determined in good faith by management of the Company;
		

		
			
		

		
			

		 

		

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			(5)        Liens for taxes, assessments or other governmental charges or levies (i) which are not yet due and delinquent, (ii) which are being contested in good faith by proper legal proceedings or (iii) with respect to which the failure to make payment could not reasonably be expected to have a material adverse effect as determined in good faith by the Company;
		

		
			(6)        Liens to secure surety, stay, appeal, bid, indemnification, warranty, release, performance or similar bonds or with respect to regulatory requirements or letters of credit or bankers’ acceptances or similar obligations in the ordinary course of business, or Liens with respect to insurance premium financing;
		

		
			(7)        survey exceptions, encumbrances, ground leases, easements or reservations of, or rights of others for, licenses, rights of way, servitudes, sewers, electric lines, drains, telegraph and telephone and cable television lines, gas and oil pipelines and other similar purposes, or zoning, building codes or other restrictions (including, without limitation, minor defects or 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 that do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person;
		

		
			(8)        Liens securing Hedging Obligations, Cash Management Services and other bank products so long as any related Indebtedness is permitted to be Incurred under this Indenture;
		

		
			(9)        leases, licenses, subleases, sublicenses, occupancy agreements or assignments of assets or real or personal property (including, without limitation, real property and intellectual property rights);
		

		
			(10)      judgment and attachment Liens and Liens arising by reason of a court order or decree and notices of lis pendens and associated rights related to litigation being contested in good faith, in each case not giving rise to an Event of Default;
		

		
			(11)      Liens (A) on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances or letters of credit entered into in the ordinary course of business issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods, (B) arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into in the ordinary course of business, or (C) in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation and exportation of goods in the ordinary course of business;
		

		
			(12)      Liens arising solely by virtue of any statutory or common law provisions relating to banker’s Liens, rights of set-off, revocation, refund or chargeback or similar rights and remedies as to deposit or securities accounts or other funds or instruments maintained with a depositary institution; provided that:
		

		
			
		

		
			

		 

		

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			(a)        such deposit or securities account is not a dedicated cash collateral account and is not subject to restrictions against access by the Company in excess of those set forth by regulations promulgated by the Federal Reserve Board; and
		

		
			(b)        such deposit or securities account is not intended by the Company or any Restricted Subsidiary to provide collateral to the depository institution;
		

		
			(13)      Liens arising from UCC or PPSA financing statement (or equivalent) filings regarding operating leases or consignments entered into by the Company and its Restricted Subsidiaries in the ordinary course of business;
		

		
			(14)      Liens existing on the Issue Date (other than Liens permitted under clauses (1) (which clause (1) includes Liens Incurred to secure Indebtedness under the Senior Credit Facilities) and clause (18) (which clause (18) includes Liens Incurred to secure Indebtedness in respect of the Notes) of this definition);
		

		
			(15)      Liens on assets, property or Equity Interests of a Person at the time such Person becomes a Restricted Subsidiary or is merged, amalgamated or consolidated with or into the Company or a Restricted Subsidiary; provided, however, that such Liens were not Incurred in connection with, or in contemplation of, such event; provided further, however, that any such Lien may not extend to any other property owned by the Company or any other Restricted Subsidiary;
		

		
			(16)      Liens on assets or property (including Equity Interests) at the time the Company or a Restricted Subsidiary acquires the assets or property, including any acquisition by means of a merger, amalgamation or consolidation with or into the Company or any Restricted Subsidiary; provided, however, that such Liens were not Incurred in connection with, or in contemplation of, such acquisition; provided further, however, that such Liens do not extend to any other property owned by the Company or any other Restricted Subsidiary;
		

		
			(17)      Liens securing Indebtedness or other obligations of the Company owing to a Restricted Subsidiary, or of a Restricted Subsidiary owing to the Company or another Restricted Subsidiary;
		

		
			(18)      Liens securing Obligations in respect of the Notes and the Subsidiary Guarantees or any Refinancing Indebtedness in respect thereof (but excluding any Additional Notes and related guarantees);
		

		
			(19)      Liens securing Indebtedness Incurred to refinance, refund, replace, defease, amend, extend or modify, as a whole or in part, Indebtedness that was previously so secured pursuant to clauses (8), (14), (15), (16), (18) and (19) of this definition or securing Refinancing Indebtedness Incurred pursuant to clause (14) of Section 4.09(b); provided that any such Lien is limited to all or part of the same property or assets (plus any additions, improvements, accessions, replacements, proceeds or dividends or distributions in respect thereof) that secured (or, under the written arrangements under which the original Lien arose, could secure) the Indebtedness
		

		
			
		

		
			

		 

		

			39

		

		

			 

		

		

		
			 
		

		
			being refinanced or is in respect of assets or property that is the security for a Permitted Lien hereunder;
		

		
			(20)      any interest or title of a lessor under any Capitalized Lease Obligation or operating lease; and Liens or rights of distress reserved in or exercisable under leases for payment of rent or other compliance with the terms of such lease;
		

		
			(21)      Liens in favor of the Company or any Restricted Subsidiary;
		

		
			(22)      Liens securing Indebtedness or other obligations in an aggregate principal amount outstanding at any one time not to exceed the greater of (x) $100.0 million and (y) 2.5% of Total Assets;
		

		
			(23)      other Liens incurred in the ordinary course of business that do not materially interfere with the ordinary conduct of the business of the Company and its Restricted Subsidiaries;
		

		
			(24)      Liens that may be deemed to exist by virtue of contractual provisions that restrict the ability of the Company or any of its Restricted Subsidiaries from incurring or creating Liens on their assets or property;
		

		
			(25)      Liens on deposits made or other security provided in the ordinary course of business to secure liability to insurance carriers or under self-insurance arrangements and Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;
		

		
			(26)      Liens on satellite assets and other work-in-progress related to a sale contract with a customer securing the obligations of the Company or any Restricted Subsidiary under such sale contract and Liens encumbering property under construction arising from progress or partial payments made by a customer of such Person relating to such property;
		

		
			(27)      Liens on Receivables (including any deposit account in which any collections from such Receivables are deposited; provided that the only monies deposited to any such deposit account shall be collections from such Receivables); provided that such Receivables are the subject matter of a securitization that is an Asset Sale under clause (12) of such definition;
		

		
			(28)      the Liens granted to Her Majesty the Queen in Right of Canada, Canadian Space Agency, by the RADARSAT-2 Master Agreement, effective December 10, 1998, over tangible and intangible property relating to the RADARSAT-2 remote sensing space system, wherever located;
		

		
			(29)      the reservations, limitations, provisos and conditions, if any, expressed in any original grant from the Crown of any real property or any interest therein or in any comparable grant in jurisdictions other than Canada, provided they do not reduce the value of the assets of the Person or materially interfere with the use of such assets in the operation of the business of the Person;
		

		
			
		

		
			

		 

		

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			(30)      applicable municipal and other governmental restrictions, including municipal by-laws and regulations, affecting the use of land or the nature of any structures which may be erected thereon, provided such restrictions have been complied with and do not reduce the value of the assets of the Person or materially interfere with the use of such assets in the operation of the business of the Person;
		

		
			(31)      the right reserved to or vested in any governmental or regulatory authority by any statutory provision or by the terms of any lease, licence, franchise, grant or permit of the Person, to terminate any such lease, licence, franchise, grant or permit, or to require annual or other payments as a condition to the continuance thereof;
		

		
			(32)      the right reserved to or vested in any government or subdivision or agency thereof, by the terms of any permit, license, approval, consent, order, right, certificate, judgment, writ, injunction, award, determination, direction, decree, authorization, franchise, privilege, grant, waiver, exemption and other similar concession (a “Permit”) acquired by such Person or by any law, to terminate any such Permit or to require annual or other payments as a condition to the continuance thereof;
		

		
			(33)      the encumbrance resulting from the pledge or deposit of cash, letters of credit or securities:
		

		
			(i)      in connection with any of the Liens referred to in clause (4), (5) or (10) of this definition pending a final determination as to the existence or amount of any obligation referred to therein;
		

		
			(ii)    in connection with contracts, bids, tenders, leases or expropriation proceedings; or
		

		
			(iii)   to secure workers compensation, employment insurance or other social security benefits, pension or post-retirement benefits, liabilities to insurance carriers under insurance or self-insurance arrangements, surety or appeal bonds, performance bonds, costs of litigation when required by Law and public and statutory obligations;
		

		
			and any right or refund, set-off or charge-back available to any bank or other financial institution (including under any consolidated banking, mirrored account or similar arrangement);
		

		
			(34)      security given to a public utility or any other government or subdivision or agency thereof when required by such utility or other government or subdivision or agency thereof in connection with the operations of such Person in the ordinary course of its business and not securing Indebtedness;
		

		
			(35)      the reservations, limitations, provisos and conditions, if any, expressed in any grants from any public authority, and statutory exceptions to title;
		

		
			
		

		
			

		 

		

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			(36)      Liens granted in the ordinary course of business on commercially reasonable terms as part of Permits or arrangements under material contracts to secure the return of assets;
		

		
			(37)      Liens (i) of a collection bank arising under Section 4-210 of the UCC on items in the course of collection (or comparable non-U.S. liens), (ii) in favor of a banking institution arising as a matter of law encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry or (iii) incurred in connection with a cash management program established in the ordinary course of business on the cash subject to such program;
		

		
			(38)      undetermined or inchoate Liens incidental to current operations which have not at such time been filed;
		

		
			(39)      Liens in the nature of the right of setoff in favor of counterparties to contractual agreements with the Company or its Restricted Subsidiaries in the ordinary course of business; and
		

		
			(40)      Liens on the Capital Stock of Permitted Joint Ventures to secure Indebtedness of such Permitted Joint Ventures or arising under or pursuant to any joint venture agreement, stockholders agreement, partnership agreement, LLC agreement or similar agreement.
		

		
			For purposes of determining compliance with this definition, (x) a Lien need not be Incurred solely by reference to one category of Permitted Liens described in this definition but may be Incurred under any combination of such categories (including in part under one such category and in part under any other such category), (y) in the event that a Lien (or any portion thereof) meets the criteria of one or more of such categories of Permitted Liens, the Company may, in its sole discretion, classify or reclassify such Lien (or any portion thereof) in any manner that complies with this definition, and (z) in the event that a portion of the Indebtedness secured by a Lien could be classified as secured in part pursuant to clause (1) of this definition (giving effect to the Incurrence of such portion of such Indebtedness), the Company, in its sole discretion, may classify such portion of such Indebtedness (and any Obligations in respect thereof) as having been secured pursuant to clause (1) of this definition and thereafter the remainder of the Indebtedness as having been secured pursuant to one or more of the other clauses of this definition.
		

		
			“Permitted Warrant Transaction”  means any call option, warrant or right to purchase (or substantively equivalent derivative transaction) on the Company’s common stock sold by the Company substantially concurrently with any purchase by the Company of a related 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 hereof or any other entity.
		

		
			“Position Representation” has the meaning assigned to it in Section 6.02(d).
		

		
			
		

		
			

		 

		

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			“PPSA” means, as the context requires in respect of an asset or jurisdiction, the Personal Property Security Act (or equivalent statute) applicable to any security interest granted in such asset or otherwise applicable in such jurisdiction.
		

		
			“Preferred Stock,” as applied to the Capital Stock of any corporation, means Capital Stock of any class or classes (however designated) that is preferred as to the payment of dividends upon liquidation, dissolution or winding up.
		

		
			“Premises” means owned real properties required to be subject to a mortgage lien that form a portion of the Collateral (including all after-acquired real property that is not an Excluded Asset).
		

		
			“Pro Forma Basis” means, with respect to the calculation of any test, financial ratio, metric, basket or covenant under this Indenture, including the Consolidated Coverage Ratio and the Consolidated Total Debt Ratio, and the calculation of Consolidated EBITDA or Total Assets of any Person and its Restricted Subsidiaries as of any period or date, that pro forma effect will be given to any acquisition, merger, amalgamation, consolidation or Investment, any Incurrence, assumption, repayment or redemption of Indebtedness (including Indebtedness Incurred, assumed, repaid or redeemed as a result of, or to finance, any relevant transaction and for which any such test, financial ratio, metric, basket or covenant is being calculated), all sales, transfers and other dispositions or discontinuance of any Subsidiary, line of business, division, segment or operating unit, any operational change (including the entry into any material contract or arrangement) or any designation of a Restricted Subsidiary as an Unrestricted Subsidiary or of an Unrestricted Subsidiary as a Restricted Subsidiary, in each case that has occurred during the four consecutive fiscal quarter period of such Person being used to calculate such test, financial ratio, metric, basket or covenant (the “Reference Period”), or subsequent to the end of the Reference Period but prior to such date or prior to or substantially simultaneously with the event for which a determination under this definition is made (including any such event occurring at a Person who became a Restricted Subsidiary of the subject Person or was merged, amalgamated or consolidated with or into the subject Person or any other Restricted Subsidiary of the subject Person after the commencement of the Reference Period), as if each such event occurred on the first day of the Reference Period; provided that (x) pro forma effect will be given to reasonably identifiable and quantifiable pro forma cost savings or expense reductions related to operational efficiencies (including the entry into any material contract or arrangement), strategic initiatives or purchasing improvements and other cost savings, improvements or synergies, in each case, that have been realized, or are reasonably expected to be realized, by such Person and its Restricted Subsidiaries based upon actions to be taken within 18 months after the consummation of the action as if such cost savings, expense reductions, improvements and synergies occurred on the first day of the Reference Period; provided that the aggregate amount added back pursuant to clause (x) shall not exceed 10% of Consolidated EBITDA for such period (determined prior to giving effect to such all such adjustments) and (y) no amount shall be added back pursuant to this definition to the extent duplicative of amounts that are otherwise included in computing Consolidated EBITDA for such Reference Period.
		

		
			For purposes of making any computation referred to above:
		

		
			
		

		
			

		 

		

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			(1)       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 date for which a determination under this definition is made had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness if such Hedging Obligations have a remaining term in excess of 12 months and in the case of any Hedging Obligation applicable to such Indebtedness with a remaining term of less than 12 months, taking into account such Hedging Obligation to the extent of its remaining term);
		

		
			(2)       interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer, in his or her capacity as such and not in his or her personal capacity, of the Company or a direct or indirect parent of the Company to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP;
		

		
			(3)       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 as the Company may designate; and
		

		
			(4)       interest on any Indebtedness under a revolving credit facility or a receivables financing computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period (or, if lower, the greater of (i) maximum commitments under such revolving facility as of the date of determination and (ii) the aggregate principal amount of loans outstanding under such revolving facility on such date).
		

		
			Any pro forma calculation may include, without limitation, adjustments calculated in accordance with Regulation S-X under the Securities Act, and adjustments calculated to give effect to any Run Rate Adjustments.
		

		
			“Purchase Money Obligation” means any monetary obligation created or assumed as part of the purchase price of property or assets, whether or not secured, provided that any Lien incurred in respect of such obligation shall not extend to any property or assets other than the property or assets acquired in connection with which such obligation was created or assumed and fixed improvements, if any, erected or constructed thereon and the proceeds thereof.
		

		
			  “Rating Agency” means (1) each of S&P Global Ratings and Moody’s Investors Service, Inc. or (2) if any of S&P Global Ratings or Moody’s Investors Service, Inc. ceases to rate the Notes, a nationally recognized statistical rating agency selected by the Company as a replacement agency for S&P Global Ratings or Moody’s Investors Service, Inc., as the case may be.
		

		
			“Ratio Debt” has the meaning assigned to such term in Section 4.09(a).
		

		
			“Receivables” means (1) satellite orbital incentive payments payable to the Company or any Restricted Subsidiary under satellite purchase agreements and any other contingent
		

		
			
		

		
			

		 

		

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			payments related to satellite construction projects or (2) any accounts receivable owed to the Company or any Subsidiary of the Company (whether now existing or arising or acquired in the future) arising in the ordinary course of business from the sale of goods or services, all collateral securing such accounts receivable, all contracts and contract rights and all guarantees or other obligations in respect of such accounts receivable, all proceeds of such accounts receivable and other assets (including contract rights) which are of the type customarily transferred or in respect of which security interests are customarily granted in connection with securitizations of accounts receivable (as determined in good faith by the Company) and which, in each case, are sold, conveyed, assigned or otherwise transferred or in which a security interest is granted by the Company or a Subsidiary of the Company to a Person that is not a Subsidiary of the Company.
		

		
			“Refinancing Indebtedness” means Indebtedness that is Incurred to refund, refinance, replace, exchange, renew, redeem, retire, repay or extend (including pursuant to any defeasance or discharge mechanism) (or successive refundings, refinancings, replacements, exchanges, renewals, repayments or extensions) as a whole, or in part, of any Indebtedness existing on the Issue Date or Incurred in compliance with this Indenture (including Indebtedness of the Company that refinances Indebtedness of any Restricted Subsidiary, Indebtedness of any Restricted Subsidiary that refinances Indebtedness of another Restricted Subsidiary or Indebtedness of any Subsidiary Guarantor that refinances Indebtedness of the Company or any Subsidiary Guarantor) including Indebtedness that refinances Refinancing Indebtedness, provided, however, that:
		

		
			(1)       (a) the refinancing Indebtedness has a Stated Maturity no earlier than the Stated Maturity of the Indebtedness being refinanced;
		

		
			(2)       the refinancing Indebtedness has an Average Life at the time such refinancing Indebtedness is Incurred that is equal to or greater than the Average Life of the Indebtedness being refinanced;
		

		
			(3)       such refinancing Indebtedness is Incurred in an aggregate principal amount (or if issued with original issue discount, an aggregate issue price) that is equal to or less than the sum of the aggregate principal amount (or if issued with original issue discount, the aggregate accreted value) then outstanding of the Indebtedness being refinanced (plus, without duplication, any additional Indebtedness Incurred to pay interest, defeasance costs or premiums (including tender premiums) required by the instruments governing such existing Indebtedness and fees, underwriting discounts and other costs and expenses incurred in connection therewith);
		

		
			(4)       if the Indebtedness being refinanced is subordinated in right of payment to the Notes or the Subsidiary Guarantee, such refinancing Indebtedness is subordinated in right of payment to the Notes or the Subsidiary Guarantee on terms not materially less favorable, when taken as a whole, to the Holders as those contained in the documentation governing the Indebtedness being refinanced;
		

		
			
		

		
			

		 

		

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			(5)       refinancing Indebtedness shall not include Indebtedness of a Non-Guarantor Subsidiary that refinances Indebtedness of the Company or a Subsidiary Guarantor; and
		

		
			(6)       to the extent such refinancing Indebtedness is Secured Indebtedness, the Liens securing such refinancing Indebtedness have a Lien priority equal or junior to the Liens securing the Indebtedness being extended, replaced, refunded, refinanced, renewed or defeased.
		

		
			“Register” has the meaning assigned to such term in Section 2.09.
		

		
			“Registrar” means a Person engaged to maintain the Register.
		

		
			“Regular Record Date” for the interest payable on any Interest Payment Date means the June 1 or December 1 (whether or not a Business Day) next preceding such Interest Payment Date.
		

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

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

		
			“Regulation S Certificate” means a certificate substantially in the form of Exhibit F hereto.
		

		
			“Regulation S Legend” means the legend set forth in Exhibit E.
		

		
			“Reinstatement Date” has the meaning assigned to such term in Section 4.21(a).
		

		
			“Reliance and Enforcement Agreement” has the meaning assigned to such term in the definition of “Convertible Debentures.”
		

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

		
			“Restricted Legend” means the legend set forth in Exhibit C.
		

		
			“Restricted Payment” has the meaning assigned to such term in Section 4.07.
		

		
			“Restricted Period” means the relevant 40-day distribution compliance period as defined in Regulation S.
		

		
			
		

		
			

		 

		

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			“Restricted Subsidiary” means any Subsidiary of the Company other than an Unrestricted Subsidiary or any Non-Recourse Subsidiary.
		

		
			“Restructuring Charges” means all charges, accruals, reserves, costs and expenses caused by or attributable to (a) any restructuring, relocation, reconfiguration, conversion, consolidation, closure, start-up, integration, termination, cost saving initiative, business optimization or transition of any business, facility, function, product, equipment or other asset or property or in respect of any acquisition, disposition or other transaction, (b) any recruiting, signing, retention or completion bonus or severance, relocation, restructuring or curtailment costs in each case for any future, current or former officers, directors, employees, managers, consultants or independent consultants or (c) any modifications to pension and post-retirement benefit plans or arrangements.
		

		
			“Revolver Amendment” has the meaning assigned to such term in the definition of “Senior Credit Facilities.”
		

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

		
			“Rule 144A Certificate” means (i) a certificate substantially in the form of Exhibit G hereto or (ii) a written certification addressed to the Company and the Trustee to the effect that the Person making such certification (x) is acquiring such Note (or beneficial interest) for its own account or one or more accounts with respect to which it exercises sole investment discretion and that it and each such account is a qualified institutional buyer within the meaning of Rule 144A, (y) is aware that the transfer to it or exchange, as applicable, is being made in reliance upon the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A, and (z) acknowledges that it has received such information regarding the Company as it has requested pursuant to Rule 144A(d)(4) or has determined not to request such information.
		

		
			“Sale/Leaseback Transaction” means an arrangement relating to property now owned or hereafter acquired by the Company or a Restricted Subsidiary whereby the Company or a Restricted Subsidiary transfers such property to a Person (other than the Company or any of its Subsidiaries) and the Company or a Restricted Subsidiary leases it from such Person.
		

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

		
			“SEC” means the United States Securities and Exchange Commission.
		

		
			“Second Lien Intercreditor Agreement” means a second lien intercreditor agreement substantially in the form of Exhibit J hereto (with such changes to such form as may be
		

		
			
		

		
			

		 

		

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			reasonably acceptable to the Company, the Bank Collateral Agent, the Trustee and the Notes Collateral Agent), among the Trustee, the Notes Collateral Agent, the Bank Administrative Agent, the Bank Collateral Agent, the applicable Junior Lien Debt Representative and each additional representative in respect of any Junior Lien Debt and/or a Series of Pari Passu Lien Debt from time to time party thereto and acknowledged and agreed to by the Company, as it may be amended, modified, renewed, restated or replaced, in whole or in part, from time to time
		

		
			“Secured Indebtedness” means any Consolidated Debt of the Company or any of its Restricted Subsidiaries secured by a Lien on property or assets of the Company or any of its Restricted Subsidiaries (other than property or assets held in a defeasance or similar trust or arrangement for the benefit of the Indebtedness secured thereby).
		

		
			“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.
		

		
			“Security Documents” means each of the security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements, consent or direct arrangements, or other grants or transfers for security executed and delivered by the Company or any Subsidiary Guarantor creating or perfecting (or purporting to create or perfect) or governing rights of enforcement with respect to, a Lien upon Collateral in favor of the Notes Collateral Agent.
		

		
			“Senior Credit Facilities”  means the credit facilities comprised of (a) a revolving facility in the initial aggregate principal amount of $500.0 million (the “Revolving Facility”) and (b) a term B facility in an aggregate principal amount outstanding as of the Issue Date of $1,960 million (the “Term B Facility”) pursuant to the Restated Credit Agreement, dated as of October 5, 2017, by and among the Company, as the borrower, the lenders party thereto from time to time and Royal Bank of Canada, as Administrative Agent (in such capacity, the “Bank Administrative Agent”) and as Collateral Agent (in such capacity, the “Bank Collateral Agent”), as amended through the Escrow Release Date (including the Third Amending Agreement, dated as of November 4, 2019 (the “Revolver Amendment”)), as the same may be further amended, restated, supplemented, modified, renewed, extended, refunded, restructured; replaced or refinanced in whole or in part from time to time (including increasing the amount loaned thereunder; provided that such additional Indebtedness is Incurred in accordance with Section 4.09), and in each case including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith.
		

		
			“Senior Credit Facility Secured Parties” means “Secured Parties” as defined in the Senior Credit Facilities.
		

		
			“Series of Junior Lien Debt” means, severally, each issue or series of Junior Lien Debt for which a single transfer register is maintained.
		

		
			“Series of Pari Passu Lien Debt”  means, each of (i) the Pari Passu Lien Notes Obligations, (ii) the Pari Passu Lien Credit Facility Obligations, and (iii) all other Obligations in respect of Pari Passu Lien Debt incurred pursuant to any Pari Passu Lien Document, which pursuant to any joinder agreement to the First Lien Intercreditor Agreement, are to be
		

		
			
		

		
			

		 

		

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			represented hereunder by a common Authorized Representative (in its capacity as such for such Pari Passu Lien Debt).
		

		
			“Short Derivative Instrument” means a Derivative Instrument (i) the value of which generally decreases, and/or the payment or delivery obligations under which generally increase, with positive changes to the Performance References and/or (ii) the value of which generally increases, and/or the payment or delivery obligations under which generally decrease, with negative changes to the Performance References.
		

		
			“Significant Subsidiary” means any Restricted Subsidiary that would be a “Significant Subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC, as in effect on the Issue Date.
		

		
			“Similar Business” means any business conducted or proposed to be conducted by the Company and its Restricted Subsidiaries on the Issue Date or any business or other activities that are similar, reasonably related, incidental, complementary or ancillary thereto, or that constitute an extension, development or expansion thereof.
		

		
			“Special Mandatory Redemption Event” has the meaning set forth in the Escrow Agreement.
		

		
			“Special Subsidiary” means a Subsidiary of the Company that is neither a Non-Recourse Subsidiary nor a Wholly Owned Subsidiary.
		

		
			“Special Subsidiary Percentage” means, with respect to a specified Special Subsidiary, the percentage of the issued and outstanding Equity Interests of such Special Subsidiary held directly or indirectly by the Company.
		

		
			“Specified Asset Sale” mean a sale/leaseback transaction with respect to real estate consummated prior to December 31, 2019 yielding gross proceeds not less than $291.0 million.
		

		
			“Stated Maturity” means, with respect to any security, the date specified in the agreement governing or certificate relating to such Indebtedness as the fixed date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision, but shall not include any contingent obligations to repay, redeem or repurchase any such principal prior to the date originally scheduled for the payment thereof.
		

		
			“Subordinated Obligation” means any Indebtedness of the Company (whether outstanding on the Issue Date or thereafter Incurred) that is subordinated or junior in right of payment to the Notes pursuant to a written agreement on customary market terms (as determined by the Company in good faith); and, for greater certainty, such subordination agreement shall contain (A) a standstill period of at least 120 days which restricts the ability of the subordinated creditor to accelerate the subordinated obligations (except as may be necessary to preserve or prove claims in bankruptcy or insolvency proceedings) and to initiate bankruptcy or insolvency proceedings and (B) customary turnover provisions.
		

		
			
		

		
			

		 

		

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			“Subsidiary” of any Person means (a) any corporation, association or other business entity (other than a partnership, joint venture, limited liability company or similar entity) of which more than 50% of the total ordinary 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 (or Persons performing similar functions) or (b) any partnership, joint venture limited liability company or similar entity of which more than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, is, in the case of clauses (a) and (b), at the time owned or controlled, directly or indirectly, by (1) such Person, (2) such Person and one or more Subsidiaries of such Person or (3) one or more Subsidiaries of such Person. Unless otherwise specified herein, each reference to a Subsidiary will refer to a Subsidiary of the Company.
		

		
			“Subsidiary Guarantee” means, individually, any Guarantee of payment of the Notes, and, collectively, all such Guarantees. Each such Subsidiary Guarantee will be in the form prescribed by this Indenture.
		

		
			“Subsidiary Guarantor” means each Restricted Subsidiary that provides a Subsidiary Guarantee in accordance with this Indenture; provided that upon release or discharge of such Restricted Subsidiary from its Subsidiary Guarantee in accordance with this Indenture, such Restricted Subsidiary ceases to be a Subsidiary Guarantor.
		

		
			“Successor Company” has the meaning assigned to such term in Section 5.01(a)(1).
		

		
			“Successor Guarantor” has the meaning assigned to such term in Section 5.01(b)(1).
		

		
			“Suspended Covenants” has the meaning assigned to such term in Section 4.21(b).
		

		
			“Suspension Date” has the meaning assigned to such term in Section 4.21(a).
		

		
			“Suspension Period” has the meaning assigned to such term in Section 4.21(b).
		

		
			“Tax Excluded Subsidiary” means, (a) a Restricted Subsidiary that (i) is a CFC, (ii) is a direct or indirect Subsidiary of a CFC or (iii) is a FSHCO, (b) any other Restricted Subsidiary with respect to which providing a Subsidiary Guarantee would result in the operation of Section 956 of the Code or any similar law or regulation in any applicable jurisdiction (as reasonably determined by the Company) and (c) any other Restricted Subsidiary with respect to which providing a Subsidiary Guarantee would otherwise result in material adverse tax consequences (as reasonably determined by the Company).
		

		
			“Term B Facility” has the meaning assigned to such term in the definition of “Senior Credit Facilities.”
		

		
			“Total Assets” means, as of any date of determination, the total assets of the Company and its Restricted Subsidiaries on a consolidated basis determined in accordance with GAAP, as shown on the most recent internal consolidated balance sheet of the Company, determined on a Pro Forma Basis.
		

		
			“Transaction Election” has the meaning assigned to such term in Section 1.02(b).
		

		
			
		

		
			

		 

		

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			“Transaction Test Date” has the meaning assigned to such term in Section 1.02(b).
		

		
			“Transactions” means, collectively, the offering of the Notes and the use of proceeds therefrom, the entry into the Revolver Amendment and the payment of all fees and expenses incurred in connection with the foregoing.
		

		
			“Treasury Rate” means as of any date of redemption of Notes the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (or is obtainable from the Federal Reserve System’s Data Download Program as of the date of such H.15) 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 or similar market data)) most nearly equal to the period from the redemption date to December 15, 2021; provided, however, that if the period from the redemption date to December 15, 2021 is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the redemption date to December 15, 2021 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.
		

		
			“Trust Indenture Act” means the Trust Indenture Act of 1939.
		

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

		
			“Trustee” means the party named as such in the first paragraph of this Indenture or any successor trustee under this Indenture pursuant to Article 7.
		

		
			“UCC” means, as the context requires in respect of an asset or jurisdiction, the Uniform Commercial Code applicable to any security interest granted in such asset or otherwise applicable in such jurisdiction.
		

		
			“Unrestricted Subsidiary” means:
		

		
			(1)        any Subsidiary of the Company that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors of the Company or any direct or indirect parent of the Company in the manner provided below; and
		

		
			(2)        any Subsidiary of an Unrestricted Subsidiary.
		

		
			“U.S. Global Note” means a Global Note that bears the Restricted Legend representing Notes issued and sold pursuant to Rule 144A.
		

		
			
		

		
			

		 

		

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

		
			“U.S.-Owned Assets” means assets owned by the United States Department of Defense or any other agency of the United States government, and any assets that are qualified as classified assets by any applicable Laws of the United States of America.
		

		
			“U.S. Subsidiary” means any Restricted Subsidiary organized under the laws of the United States of America or any state thereof or the District of Columbia.
		

		
			“Verification Covenant” has the meaning assigned to it in Section 6.02(e).
		

		
			“Voting Stock” of a Person means all classes of Capital Stock of such Person then outstanding and normally entitled to vote in the election of directors, managers or trustees, as applicable, of such Person.
		

		
			“Wholly Owned Subsidiary” means a Restricted Subsidiary, all of the Capital Stock of which (other than directors’ qualifying shares or shares or interests required to be held by foreign nationals or other third parties to the extent required by applicable law) is owned by the Company or one or more Wholly Owned Subsidiaries.
		

		
			Section 1.02.   Rules of Construction.  (a) Unless the context otherwise requires or except as otherwise expressly provided,
		

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

		
			(2)    “herein,” “hereof,” “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section, clause or other subdivision;
		

		
			(3)    “or” is not exclusive;
		

		
			(4)    “including” is not limiting;
		

		
			
		

		
			

		 

		

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

		
			(6)    all references to Sections or Articles or Exhibits refer to Sections or Articles or Exhibits of or to this Indenture unless otherwise indicated;
		

		
			(7)    references to agreements or instruments, or to statutes or regulations, are to such agreements or instruments, or statutes or regulations, as amended from time to time (or to successor statutes and regulations); and
		

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

		
			(b)    Notwithstanding anything in this Indenture to the contrary, when (i) calculating any applicable ratio in connection with the Incurrence of Indebtedness, the creation of Liens, the making of any Asset Sale, the making of an Investment, the making of a Restricted Payment, the designation of a Subsidiary as restricted or unrestricted, the repayment of Indebtedness or for any other purpose, (ii) determining whether any Default or Event of Default has occurred, is continuing or would result from any action, or (iii) determining compliance with any representations and warranties and any other condition precedent to any action or transaction, in each case of clauses (i) through (iii) in connection with a Limited Condition Transaction, the date of determination of such ratio, whether any Default or Event of Default has occurred, is continuing or would result therefrom, or the satisfaction of any other condition precedent shall, at the option of the Company (the Company’s election to exercise such option in connection with any Limited Condition Transaction, a “Transaction Election”), be deemed to be the date of declaration of such Restricted Payment or the date that the definitive agreement for such Restricted Payment, Investment, acquisition, Asset Sale or Incurrence, repayment, repurchase or refinancing of Indebtedness, Disqualified Stock or Preferred Stock is entered into, the date a public announcement of an intention to make an offer in respect of the target of such acquisition or Investment or the date of such notice, which may be conditional, of such repayment, repurchase or refinancing of Indebtedness, Disqualified Stock or Preferred Stock is given to the holders of such Indebtedness, Disqualified Stock or Preferred Stock (any such date, the “Transaction Test Date”). If on a Pro Forma Basis after giving effect to such Limited Condition Transaction and the other transactions to be entered into in connection therewith (including any Incurrence of Indebtedness and the use of proceeds thereof), with such ratios, absence of defaults, satisfaction of conditions precedent and other provisions calculated as if such Limited Condition Transaction or other transactions had occurred at the beginning of the most recent period of four consecutive fiscal quarters of the Company ended on or prior to such time (taken as one accounting period) in respect of which internal financial statements for each quarter or fiscal year in such period are available, the Company could have taken such action on the relevant Transaction Test Date in compliance with the applicable ratios or other provisions, such provisions shall be deemed to have been complied with. For the avoidance of doubt, (i) if any of such ratios, absence of defaults, satisfaction of conditions precedent or other provisions are exceeded or breached as a result of fluctuations in such ratio (including due to fluctuations in Consolidated EBITDA), a change in facts and circumstances or other provisions at or prior to the consummation of the relevant Limited Condition Transaction, such ratios, absence of defaults,
		

		
			
		

		
			

		 

		

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			satisfaction of conditions precedent and other provisions will not be deemed to have been exceeded, breached, or otherwise failed to have been satisfied as a result of such fluctuations or changed circumstances solely for purposes of determining whether the Limited Condition Transaction and any related transactions is permitted hereunder and (ii) such ratios and compliance with such conditions shall not be tested at the time of consummation of such Limited Condition Transaction or related transactions. If the Company has made a Transaction Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio or basket availability with respect to any other Limited Condition Transaction or otherwise on or following the relevant Transaction Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction, any such ratio or basket shall be calculated on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any Incurrence of Indebtedness and the use of proceeds thereof) have been consummated. For purposes of any calculation pursuant to this paragraph of the Consolidated Coverage Ratio, Consolidated Interest Expense may be calculated using an assumed interest rate for the Indebtedness to be Incurred in connection with such Limited Condition Transaction based on the indicative interest margin contained in any financing commitment documentation with respect to such Indebtedness or, if no such indicative interest margin exists, as reasonably determined by the Company in good faith.
		

		
			ARTICLE 2
		

		
			THE NOTES
		

		
			Section 2.01.   Form, Dating and Denominations; Legends.  (a) The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited.  The Notes and the Trustee’s certificate of authentication will be substantially in the form attached as Exhibit A.  The terms and provisions contained in the form of the Notes annexed as Exhibit A constitute, and are hereby expressly made, a part of this Indenture.  The Notes may have notations, legends or endorsements required by law, stock exchange or usage.  The Initial Notes will be initially represented by Global Notes. Each Note will be dated the date of its authentication.  The Notes will be issuable in minimum denominations of $2,000 in principal amount and any multiple of $1,000 in excess thereof.  The Notes shall be known and designated as “9.750% Senior Secured Notes due 2023” of the Issuer.
		

		
			(b)         (1)    Except as otherwise provided in paragraph (c), Section 2.10(b)(3), Section 2.10(c) or Section 2.09(b)(4), each Initial Note or Additional Note will bear the Restricted Legend or Regulation S Legend, as the case may be.
		

		
			(2)    Each Global Note, whether or not an Initial Note or Additional Note, will bear a legend in substantially the form of the DTC Legend.
		

		
			(3)    Initial Notes and Additional Notes offered and sold in reliance on Regulation S will be issued as provided in Section 2.11(a).
		

		
			(4)    Initial Notes and Additional Notes offered and sold in reliance on any exception under the Securities Act other than Regulation S and Rule 144A will be issued,
		

		
			
		

		
			

		 

		

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			and upon the request of the Issuer to the Trustee, Initial Notes offered and sold in reliance on Rule 144A may be issued, in the form of Certificated Notes.
		

		
			(5)    Initial Notes resold to Institutional Accredited Investors will be in the form of an IAI Global Note.
		

		
			(6)    Notes issued with original issue discount shall bear a legend in substantially the form of the OID Legend.
		

		
			(c)    If the Issuer determines (upon the advice of counsel and such other certifications and evidence as the Issuer may reasonably require) that a Note is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) without the need for current public information and that the Restricted Legend or the Regulation S Legend, as the case may be, is no longer necessary or appropriate in order to ensure that subsequent transfers of the Note (or a beneficial interest therein) are effected in compliance with the Securities Act, the Issuer may instruct the Trustee to cancel the Note and issue to the Holder thereof (or to its transferee) a new Note of like tenor and amount, registered in the name of the Holder thereof (or its transferee), that does not bear the Restricted Legend or the Regulation S Legend, as the case may be, and the Trustee will comply with such instruction.
		

		
			(d)    By its acceptance of any Note bearing the Restricted Legend or the Regulation S Legend, as the case may be (or any beneficial interest in such a Note), each Holder thereof and each owner of a beneficial interest therein acknowledges the restrictions on transfer of such Note (and any such beneficial interest) set forth in this Indenture and in the Restricted Legend or in the Regulation S Legend, as the case may be, and agrees that it will transfer such Note (and any such beneficial interest) only in accordance with this Indenture and such legend.
		

		
			Section 2.02.   Execution and Authentication; Additional Notes.  (a) An Officer shall execute the Notes for the Issuer by facsimile or manual signature in the name and on behalf of the Issuer.  If an Officer whose signature is on a Note no longer holds that office at the time the Note is authenticated, the Note will still be valid.
		

		
			(b)    A Note will not be valid until the Trustee manually signs the certificate of authentication on the Note.  The signature of the Trustee on a Note will be conclusive evidence that the Note has been duly and validly authenticated under this Indenture.
		

		
			(c)    At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer to the Trustee for authentication.  The Trustee will authenticate and deliver:
		

		
			(1)    Notes for original issue on the Issue Date in the aggregate principal amount of $1,000,000,000, and
		

		
			(2)    Additional Notes from time to time for original issue after the Issue Date in aggregate principal amounts specified by the Issuer, subject to the terms of this Indenture,
		

		
			
		

		
			

		 

		

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			in each case upon a written order of the Issuer signed by an Officer of the Issuer (an “Authentication Order”).  The Authentication Order shall, in the case of any issuance of Additional Notes, specify the aggregate principal amount of Notes to be authenticated, the date on which the original issue of Notes is to be authenticated and whether the Notes will be in the form of Global Notes or Certificated Notes.
		

		
			(d)    In case the Issuer shall be consolidated or merged with or into or wound up into any other Person or shall sell, assign, convey, transfer or otherwise dispose of all or substantially all of the assets and properties of the Issuer and its Restricted Subsidiaries, taken as a whole, and the successor Person resulting from such consolidation, or surviving such merger, or into which the Issuer shall have been merged or wound up into, or the Person which shall have received a sale, assignment, conveyance, transfer or other disposition as aforesaid, shall have executed an indenture supplemental hereto with the Trustee pursuant to Article 5, any of the Notes authenticated or delivered prior to such consolidation, merger, sale, assignment, conveyance, transfer or other disposition may, from time to time, at the request of the successor Person, be exchanged for other Notes executed in the name of the successor Person with such changes in phraseology and form as may be appropriate, but otherwise in substance of like tenor as the Notes surrendered for such exchange and of like principal amount; and the Trustee, upon a written order of the successor Person signed by an Officer of the successor Person, shall authenticate and make available for delivery Notes as specified in such order for the purpose of such exchange.  If Notes shall at any time be authenticated and delivered in any new name of a successor Person pursuant to this Section 2.02(d) in exchange or substitution for or upon registration of transfer of any Notes, such successor Person, at the option of the Holders but without expense to them, shall provide for the exchange of all Notes at the time outstanding for Notes authenticated and delivered in such new name.
		

		
			Section 2.03.   Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust.  (a) The Issuer may appoint one or more Registrars and one or more Paying Agents, and the Trustee may appoint an Authenticating Agent, in which case each reference in this Indenture to the Trustee in respect of the obligations of the Trustee to be performed by that Agent will be deemed to be references to the Agent.  The Issuer may act as Registrar or (except for purposes of Article 8) Paying Agent.  In each case the Issuer and the Trustee will enter into an appropriate agreement with the Agent implementing the provisions of this Indenture relating to the obligations of the Trustee to be performed by the Agent and the related rights.  The Issuer initially appoints the Trustee as Registrar and Paying Agent for the Notes.  The Issuer may remove any Registrar or Paying Agent upon written notice to such Registrar or Paying Agent and to the Trustee; provided, however, that no such removal shall become effective until (i) acceptance of any appointment by a successor as evidenced by an appropriate agreement entered into by the Issuer and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with clause (i) above.  The appointment of an Authenticating Agent shall be evidenced by an instrument signed by a Trust Officer, a copy of which shall be furnished to the Issuer.  Unless limited by the terms of such appointment, any such Authenticating Agent may authenticate Notes whenever the Trustee may do so.  Each reference in this Indenture to authentication by the Trustee includes authentication by the Authenticating Agent.
		

		
			
		

		
			

		 

		

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			(b)    The Issuer will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal of, premium, if any, and interest on the Notes and will promptly notify the Trustee of any Default by the Issuer in making any such payment.  The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and the Trustee may at any time during the continuance of any Payment Default (as defined below), upon written request to a Paying Agent, require the Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed.  Upon doing so, the Paying Agent will have no further liability for the money so paid over to the Trustee.
		

		
			Section 2.04.   Replacement Notes.  If a mutilated Note is surrendered to the Trustee or the Issuer and the Trustee receive evidence to their satisfaction of the loss, destruction or theft of any Note, the Issuer will issue and the Trustee will, upon receipt of an Authentication Order, authenticate a replacement Note of like tenor and principal amount and bearing a number not contemporaneously outstanding.  Every replacement Note is an additional obligation of the Issuer and entitled to the benefits of this Indenture.  The Holder must furnish an indemnity or security that is sufficient in the judgment of the Trustee to protect the Trustee and in the judgment of the Issuer to protect the Issuer, the Trustee and any Agent from any loss they may suffer if a Note is replaced.  The Issuer and the Trustee may charge the Holder for their fees and expenses in replacing a Note, including any amounts to cover any tax or assessment.  In case the mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Issuer in its discretion may pay the Note instead of issuing a replacement Note.  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 is required for the Trustee to authenticate such replacement Note.
		

		
			Section 2.05.   Outstanding Notes.  (a)  Notes outstanding at any time are all Notes that have been authenticated by the Trustee except for:
		

		
			(1)    Notes cancelled by the Trustee or delivered to it for cancellation;
		

		
			(2)    any Note which has been replaced pursuant to Section 2.04 unless and until the Trustee and the Issuer receive proof satisfactory to them that the replaced Note is held by a protected purchaser; and
		

		
			(3)    on or after the maturity date or any redemption date or date for purchase of the Notes pursuant to an Offer to Purchase, those Notes payable or to be redeemed or purchased on that date for which the Trustee (or Paying Agent, other than the Issuer or an Affiliate of the Issuer) holds money sufficient to pay Notes payable on that date.
		

		
			(b)    A Note does not cease to be outstanding because the Issuer or one of its Affiliates holds the Note, provided that in determining whether the Holders of the requisite principal amount of the outstanding Notes have given or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder (other than in respect of any action pursuant to Section 9.02 that requires the consent of each Holder of an affected Note), Notes owned by the Issuer or any Affiliate of the Issuer will be disregarded and deemed not to be
		

		
			
		

		
			

		 

		

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			outstanding, (it being understood that in determining whether the Trustee is protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Notes which the Trustee knows to be so owned will be so disregarded).  Notes so owned which have been pledged in good faith shall not be so disregarded and shall be regarded as outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer or any Affiliate of the Issuer.
		

		
			Section 2.06.   Temporary Notes.  Until definitive Notes are ready for delivery, the Issuer may prepare and the Trustee will, upon receipt of an Authentication Order, authenticate temporary Notes.  Temporary Notes will be substantially in the form of definitive Notes but may have insertions, substitutions, omissions and other variations determined to be appropriate by the Officer executing the temporary Notes, as evidenced by the execution of the temporary Notes.  If temporary Notes are issued, the Issuer will cause definitive Notes to be prepared without unreasonable delay.  After the preparation of definitive Notes, the temporary Notes will be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer designated for the purpose pursuant to Section 4.02, without charge to the Holder.  Upon surrender for cancellation of any temporary Notes the Issuer will execute and the Trustee will, upon receipt of an Authentication Order, authenticate and deliver in exchange therefor a like principal amount of definitive Notes of authorized denominations.  Until so exchanged, the temporary Notes will be entitled to the same benefits under this Indenture as definitive Notes.
		

		
			Section 2.07.   Cancellation.  The Issuer at any time may deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and may deliver to the Trustee for cancellation any Notes previously authenticated hereunder which the Issuer has not issued and sold.  Any Registrar or the Paying Agent will forward to the Trustee any Notes surrendered to it for transfer, exchange or payment.  The Trustee will cancel all Notes surrendered for transfer, exchange, payment, replacement or cancellation and dispose of all canceled Notes in accordance with its normal procedures and upon receipt of a written direction from the Issuer directing it to cancel any such Notes.  Upon the written request of the Issuer, the Trustee shall deliver copies of such canceled Notes to the Issuer.  The Issuer may not issue new Notes to replace Notes it has paid in full or delivered to the Trustee for cancellation.
		

		
			Section 2.08.   CUSIP and ISIN Numbers.  The Issuer in issuing the Notes may use “CUSIP” and/or “ISIN” numbers, and the Trustee will use CUSIP numbers or ISIN numbers in notices of redemption or exchange or in Offers to Purchase as a convenience to Holders, the notice to state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of redemption or exchange or Offer to Purchase.  The Issuer will promptly notify the Trustee of any change in the CUSIP or ISIN numbers.
		

		
			Section 2.09.   Registration, Transfer and Exchange.  (a) The Notes will be issued in registered form only, without coupons.  The Trustee shall maintain a register (the “Register”) of the Notes, for registering the record ownership of the Notes by the Holders and transfers and exchanges of the Notes. Upon request from the Issuer, the Registrar shall provide the Issuer with a copy of such Register.
		

		
			
		

		
			

		 

		

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			(b)    (1) The Notes shall initially be issued in the form of one or more Global Notes.  Each Global Note will be registered in the name of the Depositary for such Global Note or its nominee and, so long as DTC is serving as the Depositary thereof, will bear the DTC Legend.
		

		
			(2)    Each Global Note will be delivered to the Trustee as custodian for the Depositary.  Transfers of a Global Note (but not a beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to the Depositary, its successors or their respective nominees, except (i) as set forth in Section 2.09(b)(4), (ii) if the Issuer in its sole discretion determines that any Global Note (in whole but not in part) should be exchanged for Certificated Notes and delivers a written notice to such effect to the Trustee, and (iii) transfers of portions thereof in the form of Certificated Notes may be made upon request of an Agent Member (for itself or on behalf of a beneficial owner) if required to do so pursuant to any applicable law or regulation, by written notice given to the Trustee by or on behalf of the Depositary in accordance with customary procedures of the Depositary and the Registrar and in compliance with this Section and Section 2.10.
		

		
			(3)    Members of, or participants in, the Depositary (“Agent Members”) will have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary, or the Trustee as its custodian, and the Depositary may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner and Holder of such Global Note for all purposes whatsoever, including but not limited to notices and payments.  Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note.  Notwithstanding anything to the contrary contained herein, any notice to be delivered to DTC (including, but not limited to, a notice of redemption) may be delivered electronically by the Trustee or the Issuer in accordance with applicable procedures of DTC.
		

		
			(4)    If (x) the Depositary notifies the Issuer that it is unwilling or unable to continue as Depositary for a Global Note and a successor depositary is not appointed by the Issuer within 120 days of the notice or (y) an Event of Default has occurred and is continuing and the Trustee has received a request from Holders of a majority of the aggregate principal amount of outstanding Notes, the Trustee will promptly exchange each beneficial interest in the Global Note for one or more Certificated Notes as provided by the Issuer in authorized denominations having an equal aggregate principal amount registered in the name of the owner of such beneficial interest, as identified to the Trustee by the Depositary, and upon completion of full exchange of the positions in the Global Notes, the Global Note will be canceled.  If such Global Note does not bear the Restricted Legend or the Regulation S Legend, as the case may be, then the Certificated Notes issued in exchange therefor will not bear the Restricted Legend or the Regulation S Legend, as the case may be.  If such Global Note bears the Restricted Legend or the Regulation S Legend, as the case may be, then the Certificated Notes issued in exchange therefor will bear the Restricted Legend or the Regulation S Legend, as the case may be.
		

		
			
		

		
			

		 

		

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			(c)    Each Certificated Note will be registered in the name of the Holder thereof or its nominee.
		

		
			(d)    A Holder may transfer a Note (or a beneficial interest therein) to another Person or exchange a Note (or a beneficial interest therein) for another Note or Notes of any authorized denomination by presenting to the Trustee a written request therefor stating the name of the proposed transferee or requesting such an exchange, accompanied by any certification, opinion or other document required by Section 2.10.  The Trustee will promptly register any transfer or exchange that meets the requirements of this Section by noting the same in the register maintained by the Trustee for the purpose; provided that:
		

		
			(x)        no such transfer or exchange will be effective until it is registered in such register; and
		

		
			(y)        neither the Trustee nor the Issuer will be required (i) to issue, register the transfer of or exchange any Note for a period beginning (1) 15 days before the mailing of a notice of redemption of Notes or an Offer to Purchase or (2) 15 days before a selection of Notes to be redeemed or purchased pursuant to an Offer to Purchase, (ii) to register the transfer of or exchange any Note so selected for redemption or purchase in whole or in part, except, in the case of a partial redemption or purchase, that portion of any Note not being redeemed or purchased, or (iii) if a redemption or a purchase pursuant to an Offer to Purchase is to occur after a Regular Record Date but on or before the corresponding Interest Payment Date, to register the transfer of or exchange any Note on or after the Regular Record Date and before the date of redemption or purchase.  Prior to the registration of any transfer, the Issuer, the Trustee and their agents may deem and treat the Person in whose name the Note is registered as the owner and Holder thereof for all purposes (whether or not the Note is overdue), including without limitation the transfer or exchange of such Note, and none of the Issuer, the Trustee or any Agent shall be affected by notice to the contrary.
		

		
			(e)    The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions hereof and the applicable procedures of the Depositary.  No written request with respect to any such transfer shall be required to be delivered to the Trustee pursuant to Section 2.09(d) to effect the transfer of a beneficial interest in a Global Note to a Person who takes delivery thereof in the form of a beneficial interest in the same Global Note.
		

		
			(f)     From time to time the Issuer will execute and the Trustee will, upon receipt of an Authentication Order, authenticate Global Notes and Certificated Notes as necessary in order to permit the registration of a transfer or exchange in accordance with this Section 2.09.
		

		
			(g)    No service charge will be imposed in connection with any registration of any transfer or exchange of any Note, 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 a transfer tax or other similar governmental charge payable upon exchange pursuant to subsection (b)(4)(y)).
		

		
			
		

		
			

		 

		

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			(h)    The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note 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.
		

		
			(i)     (1) Global Note to Global Note.  If a beneficial interest in a Global Note is transferred or exchanged for a beneficial interest in another Global Note, the Trustee will (x) record a decrease in the principal amount of the Global Note being transferred or exchanged equal to the principal amount of such transfer or exchange and (y) record a like increase in the principal amount of the other Global Note.  Any beneficial interest in one Global Note that is transferred to a Person who takes delivery in the form of an interest in another Global Note, or exchanged for an interest in another Global Note, will, upon transfer or exchange, cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer and exchange restrictions, if any, and other procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest.
		

		
			(2)  Global Note to Certificated Note.  If a beneficial interest in a Global Note is transferred or exchanged for a Certificated Note, the Trustee will (x) record a decrease in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (y) deliver one or more new Certificated Notes in authorized denominations having an equal aggregate principal amount to the transferee (in the case of a transfer) or the owner of such beneficial interest (in the case of an exchange), registered in the name of such transferee or owner, as applicable.
		

		
			(3)  Certificated Note to Global Note.  If a Certificated Note is transferred or exchanged for a beneficial interest in a Global Note, the Trustee will (x) cancel such Certificated Note, (y) record an increase in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (z) in the event that such transfer or exchange involves less than the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof one or more new Certificated Notes in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Note, registered in the name of the Holder thereof.
		

		
			(4)  Certificated Note to Certificated Note.  If a Certificated Note is transferred or exchanged for another Certificated Note, the Trustee will (x) cancel the Certificated Note being transferred or exchanged, (y) deliver one or more new Certificated Notes in authorized denominations having an aggregate principal amount equal to the principal amount of such transfer or exchange to the transferee (in the case of a transfer) or the Holder of the canceled Certificated Note (in the case of an exchange), registered in the name of such transferee or Holder, as applicable, and (z) if such transfer or exchange involves less than the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof one or more Certificated Notes in authorized denominations having an
		

		
			
		

		
			

		 

		

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			aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Note, registered in the name of the Holder thereof.
		

		
			Section 2.10.   Restrictions on Transfer and Exchange.  (a) The transfer or exchange of any Note (or a beneficial interest therein) may only be made in accordance with this Section, Section 2.09 and Section 2.11, and, in the case of a Global Note (or a beneficial interest therein), the applicable rules and procedures of the Depositary.  The Trustee shall refuse to register any requested transfer or exchange that does not comply with the preceding sentence.
		

		
			(b)    Subject to paragraph (c), the transfer or exchange of any Note (or a beneficial interest therein) of the type set forth in column A below for a Note (or a beneficial interest therein) of the type set forth opposite in column B below may only be made in compliance with the certification requirements (if any) described in the clause of this Section 2.10(b) set forth opposite in column C below.
		

			
					
						A

					
					
						B

					
					
						C

				
	
					
						U.S. Global Note

					
					
						U.S. Global Note

					
					
						(1)

				
	
					
						U.S. Global Note

					
					
						Offshore Global Note

					
					
						(2)

				
	
					
						U.S. Global Note

					
					
						Certificated Note

					
					
						(3)

				
	
					
						Offshore Global Note

					
					
						U.S. Global Note

					
					
						(4)

				
	
					
						Offshore Global Note

					
					
						Offshore Global Note

					
					
						(1)

				
	
					
						Offshore Global Note

					
					
						Certificated Note

					
					
						(3)

				
	
					
						Certificated Note

					
					
						U.S. Global Note

					
					
						(4)

				
	
					
						Certificated Note

					
					
						Offshore Global Note

					
					
						(2)

				
	
					
						Certificated Note

					
					
						Certificated Note

					
					
						(3)

				

		
			 
		

		
			(1)    No certification is required.
		

		
			(2)    The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee a duly completed Regulation S Certificate; provided that if the requested transfer or exchange is made by the Holder of a Certificated Note that does not bear the Restricted Legend, then no certification is required.
		

		
			(3)    The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee (x) a duly completed Rule 144A Certificate, (y) a duly completed Regulation S Certificate or (z) a duly completed Institutional Accredited Investor Certificate, and/or an Opinion of Counsel and such other certifications and evidence as the Trustee or the Issuer may reasonably require in order to determine that the proposed transfer or exchange is being made in compliance with the Securities Act and any applicable securities laws of any state of the United States; provided that if the requested transfer or exchange is made by the Holder of a Certificated Note that does not bear the Restricted Legend, then no certification is required.  In the event that (i) the requested transfer or exchange takes place after the Restricted Period and a duly completed Regulation S Certificate is delivered to the Trustee or (ii) a Certificated Note that does not bear the Restricted Legend is surrendered for transfer or exchange, upon transfer or exchange the Trustee will deliver a Certificated Note that does not bear the Restricted Legend.
		

		
			
		

		
			

		 

		

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			(4)    The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee a duly completed Rule 144A Certificate.
		

		
			(c)    No certification is required in connection with any transfer or exchange of any Note (or a beneficial interest therein) after such Note is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) without the need for current public information; provided that the Issuer has provided the Trustee with an Officer’s Certificate to that effect, and the Issuer may require from any Person requesting a transfer or exchange in reliance upon this clause (1) an opinion of counsel and any other reasonable certifications and evidence in order to support such certificate. Any Certificated Note delivered in reliance upon this Section 2.10(c) will not bear the Restricted Legend.
		

		
			(d)    The Trustee will retain copies of all certificates, opinions and other documents received in connection with the transfer or exchange of a Note (or a beneficial interest therein), and the Issuer will have the right to inspect and make copies thereof at any reasonable time upon written notice to the Trustee.
		

		
			Section 2.11.   Offshore Global Notes.  (a) Each Note originally sold by the Initial Purchasers in reliance upon Regulation S will be evidenced by one or more Offshore Global Notes that bear the Regulation S Legend.  During the Restricted Period, beneficial interests in the Offshore Global Note may only be transferred to or for the account or benefit of Non-U.S. Persons (other than an Initial Purchaser), unless permitted by applicable law.
		

		
			ARTICLE 3
		

		
			REDEMPTION; OFFER TO PURCHASE
		

		
			Section 3.01.   Optional Redemption.
		

		
			(a)    At any time prior to December 15, 2021, upon not less than ten nor more than 60 days’ prior notice delivered or mailed to each Holder or otherwise given in accordance with the procedures of the Depositary, the Company may redeem all or part of the Notes at a redemption price equal to 100.0% of the aggregate principal amount thereof plus the Applicable Premium calculated as of the date notice of such redemption is delivered, plus accrued and unpaid interest, if any, to, the applicable redemption date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on an Interest Payment Date falling on or prior to such redemption date).
		

		
			(b)    At any time prior to December 15, 2021, the Company may on any one or more occasions redeem up to 40% of the aggregate principal amount of Notes issued under this Indenture (calculated after giving effect to any issuance of Additional Notes) with the net cash proceeds of one or more Equity Offerings at a redemption price of 109.750% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the applicable redemption date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on an Interest Payment Date falling on or prior to such redemption date); provided that:
		

		
			
		

		
			

		 

		

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			(1)    at least 50% of the aggregate principal amount of Notes issued under this Indenture (calculated after giving effect to any issuance of Additional Notes) remains outstanding immediately after each such redemption unless all such Notes are redeemed concurrently; and
		

		
			(2)    such redemption occurs within 180 days after the closing of such Equity Offering.
		

		
			(c)    Except pursuant to clause (a) or (b) of this Section 3.01 or Section 4.14(e) and except with respect to the Special Mandatory Redemption, the Notes will not be redeemable at the Company’s option prior to December 15, 2021.
		

		
			(d)    On and after December 15, 2021, the Company may, at its option, redeem all or, from time to time, a part of the Notes upon not less than ten nor more than 60 days’ notice, at the following redemption prices (expressed as a percentage of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest on the Notes, if any, to the applicable redemption date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on an Interest Payment Date falling on or prior to such redemption date), if redeemed during the twelve-month period beginning on December 15 of the years indicated below:
		

			
					
						Year

					
					
						    

					
					
						Percentage

				
	
					
						2021

					
					
						 

					
					
						107.313%

				
	
					
						2022

					
					
						 

					
					
						103.656%

				
	
					
						2023 and thereafter

					
					
						 

					
					
						100.000%

				

		
			 
		

		
			(e)     Any redemption pursuant to this Section 3.01 shall be made pursuant to the provisions of Section 3.03 hereof.
		

		
			(f)     If the optional redemption date is on or after a Regular Record Date and on or before the related Interest Payment Date, the accrued and unpaid interest, if any, will be paid to the Person in whose name the Note is registered at the close of business, on such Regular Record Date.
		

		
			(g)    Any redemption notice may, at the Company’s discretion, be subject to one or more conditions precedent. The redemption date of any redemption that is subject to the satisfaction of one or more conditions precedent may, at the Company’s discretion, be delayed until such time as any or all such conditions shall be satisfied (or waived by the Company in its discretion), or such redemption may not occur and any notice with respect to such redemption may be modified or rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Company in its discretion) by the redemption date, or by the redemption date so delayed (which may exceed 60 days from the date of the redemption notice in such case). In addition, such notice of redemption may be extended, if such conditions shall not have been satisfied (or waived by the Company in its discretion) by providing notice to the Holders.
		

		
			
		

		
			

		 

		

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			Section 3.02.   Mandatory Redemption.  Other than as set forth in Section 3.05, the Company shall not be required to make any mandatory redemption or sinking fund payments with respect to the Notes.
		

		
			Section 3.03.   Method and Effect of Redemption.  (a) If the Company elects to redeem Notes pursuant to Section 3.01 or Section 4.14(e), it shall furnish to the Trustee, at least two Business Days (or such shorter period as the Trustee may agree) before the notice of redemption is required to be mailed or caused to be mailed to Holders pursuant to Section 3.01 or Section 4.14(e), notification 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.
		

		
			(b)    Notices of redemption must be delivered or mailed by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company, at least ten days but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at such Holder’s registered address or otherwise in accordance with the procedures of the Depositary, except that, notwithstanding Section 3.01 and Section 4.14(e), redemption notices may be delivered or mailed more than 60 days prior to a redemption date if the notice is issued in connection with Article 8 or Article 12 hereof.
		

		
			(c)    The notice of redemption will identify the Notes to be redeemed and will include or state the following:
		

		
			(1)    the redemption date;
		

		
			(2)    the redemption price;
		

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

		
			(4)    Notes called for redemption must be surrendered to the Paying Agent in order to collect the redemption price;
		

		
			(5)    on the redemption date the redemption price will become due and payable on Notes called for redemption, and interest on Notes called for redemption will cease to accrue on and after the redemption date;
		

		
			(6)    if any Note is redeemed in part only, on or after the redemption date, upon surrender of such Note for cancellation, a new Note equal in principal amount to the unredeemed portion of the original Note will be issued in the name of the Holder upon cancellation of the original Note; and
		

		
			(7)    if any Note contains a CUSIP or ISIN number, no representation is being made as to the correctness of the CUSIP or ISIN number either as printed on the Notes or as contained in the notice of redemption and that the Holder should rely only on the other identification numbers printed on the Notes.
		

		
			(d)    If fewer than all of the Notes are being redeemed, selection of the Notes for redemption will be made by the Trustee in compliance with the requirements of the principal
		

		
			
		

		
			

		 

		

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			national securities exchange, if any, on which the Notes are listed and in such manner as complies with applicable legal requirements and, in the case of Global Notes, the procedures of the Depositary; provided that the selection of Notes for redemption shall not result in a Holder with a principal amount of Notes less than the minimum denomination of $2,000.  The Trustee will notify the Company promptly of the Notes or portions of Notes selected for redemption, and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed.
		

		
			(e)    Once notice of redemption is delivered or mailed to the Holders in accordance with Section 3.03(b), Notes called for redemption become due and payable at the redemption price on the redemption date, and upon surrender of the Notes called for redemption, the Company shall redeem such Notes at the redemption price, subject in each case to the satisfaction or waiver of any conditions to such redemption set forth in the notice of redemption in the case of a conditional redemption pursuant to Section 3.01(g). Commencing on the redemption date, Notes redeemed will cease to accrue interest.  A notice of redemption, if delivered or 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 deliver or mail a notice of redemption 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.  Upon surrender of any Note redeemed in part to the Trustee for cancellation, the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to the Holder a new Note equal in principal amount to the unredeemed portion of the surrendered Note; provided that each such new Note shall be in a principal amount of $2,000 or integral multiples 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 is required for the Trustee to authenticate such new Note.
		

		
			Section 3.04.   Offer to Purchase.  (a) An “Offer to Purchase” means an offer by the Company to purchase Notes that is required by Section 4.10 or Section 4.14.  The Company will notify the Trustee at least two Business Days (or such shorter period as the Trustee may agree) prior to the commencement of an Offer to Purchase.
		

		
			(b)    The Company shall send or cause to be sent notices of an Offer to Purchase by first class mail, postage prepaid, or electronically, at least ten days but not more than 60 days before the purchase date to each Holder at such Holder’s registered address or otherwise in accordance with the procedures of the Depositary.  The Offer to Purchase shall be made to all Holders.  The notice of an Offer to Purchase, if delivered or 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 deliver or mail an Offer to Purchase or any defect in the notice to the Holder of any Note designated for purchase in whole or in part shall not affect the validity of the proceedings for the purchase of any other Note.
		

		
			(c)    The notice of an Offer to Purchase for an Asset Sale Offer must include or state the following:
		

		
			(1)  that an Asset Sale Offer is being made pursuant to this Indenture;
		

		
			
		

		
			

		 

		

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			(2)    the aggregate principal amount of the outstanding Notes and, if applicable, Pari Passu Indebtedness offered to be purchased by the Company pursuant to the Asset Sale Offer (the “Purchase Amount”);
		

		
			(3)    the purchase price;
		

		
			(4)    an expiration date for the Offer to Purchase (the “Expiration Date”) not less than ten days or more than 60 days after the commencement of the Asset Sale Offer, and a settlement date for purchase (the “Purchase Date”) not more than five Business Days after the Expiration Date;
		

		
			(5)    a Holder may tender all or any portion of its Notes, subject to the requirement that any portion of a Note tendered must be in minimum amounts of $2,000 and in integral multiples of $1,000 in excess thereof only;
		

		
			(6)    each Holder electing to tender a Note pursuant to the Asset Sale Offer will be required to surrender such Note, with the form entitled “Option of Holder to Elect Purchase” attached to the Note completed, or transfer by book-entry transfer, to the Company, the Depositary, if appointed by the Company, or a Paying Agent, as applicable, at the address specified in the notice, prior to the time specified in the notice on the Expiration Date in order to be accepted for purchase in the Offer to Purchase (any such Note being duly endorsed or accompanied by a duly executed written instrument of transfer);
		

		
			(7)    interest on any Note not tendered, or tendered but not accepted for purchase by the Company pursuant to the Offer to Purchase, will continue to accrue;
		

		
			(8)    on the Purchase Date the purchase price will become due and payable on each Note accepted for purchase, and interest on Notes purchased will cease to accrue on and after the Purchase Date;
		

		
			(9)    Holders are entitled to withdraw Notes tendered by giving notice, which must be received by the Company, the Depositary or the Paying Agent, as the case may be, not later than the time specified in the notice on the Expiration Date, setting forth the name of the Holder, the principal amount of the tendered Notes and a statement that the Holder is withdrawing its election to have such Notes purchased;
		

		
			(10)    (i) if Notes and, if applicable, Pari Passu Indebtedness in an aggregate principal amount less than or equal to the Purchase Amount are duly tendered or surrendered by the holders or lenders thereof and not duly withdrawn pursuant to the Offer to Purchase, the Company will purchase all such Notes, and (ii) if Notes and, if applicable, Pari Passu Indebtedness in an aggregate principal amount in excess of the Purchase Amount are duly tendered or surrendered by the holders or lenders thereof and not duly withdrawn pursuant to the Offer to Purchase, that the Trustee shall select the Notes to be purchased in the manner provided in this Indenture and, if applicable, the amount of Notes and Pari Passu Indebtedness accepted for purchase shall be determined on a pro rata basis based on the principal amount of Notes and Pari Passu Indebtedness accepted for purchase (with such adjustments as may be appropriate so that only Notes in
		

		
			
		

		
			

		 

		

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			minimum amounts of $2,000 or in integral multiples of $1,000 in excess thereof are purchased);
		

		
			(11)     if any Note is purchased in part only, on or after the Purchase Date, upon surrender of such Note for cancellation, a new Note or new Notes equal in principal amount to the unpurchased portion of the original Note will be issued in the name of the Holder upon cancellation of the original Note; and
		

		
			(12)     if any Note contains a CUSIP or ISIN number, no representation is being made as to the correctness of the CUSIP or ISIN number either as printed on the Notes or as contained in the notice of the Offer to Purchase and that the Holder should rely only on the other identification numbers printed on the Notes.
		

		
			(d)    If any Note is to be purchased in part only pursuant to an Offer to Purchase, any notice of purchase from any Holder that relates to such Note shall state the portion of the principal amount thereof that has been or is to be purchased.
		

		
			(e)    Prior to the purchase date, the Company shall accept validly tendered Notes for purchase as required by the Offer to Purchase and deliver or cause to be delivered to the Trustee all Notes so accepted together with an Officer’s Certificate specifying which Notes have been accepted for purchase and directing the Trustee to cancel such Notes.  On the purchase date, the purchase price will become due and payable on each Note accepted for purchase, and interest on Notes purchased will cease to accrue on and after the purchase date, subject in each case to the satisfaction or waiver of any conditions to such purchase set forth in the Offer to Purchase in the case of a conditional offer pursuant to Section 4.14(f).  Upon surrender of any Note purchased in part to the Trustee for cancellation, the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to the Holder a new Note equal in principal amount to the unpurchased portion of the surrendered Note; provided that each such new Note shall be in a principal amount of $2,000 or integral multiples 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 is required for the Trustee to authenticate such new Note.
		

		
			(f)     If fewer than all of the Notes are being purchased, selection of the Notes for purchase will be made by the Company in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed and in such manner as complies with applicable legal requirements and, in the case of Global Notes, the procedures of the Depositary; provided that the selection of Notes for purchase shall not result in a Holder with a principal amount of Notes less than the minimum denomination of $2,000.  The Company will notify the Trustee promptly of the Notes or portions of Notes selected for purchase, and, in the case of any Note selected for partial purchase, the principal amount thereof to be purchased.
		

		
			(g)    The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations, in each case to the extent such laws, rules or regulations are applicable in connection with the repurchase of Notes pursuant to the Offer to Purchase. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this covenant, the Company will comply with the applicable securities
		

		
			
		

		
			

		 

		

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			laws and regulations and will not be deemed to have breached its obligations under this Indenture by virtue thereof.
		

		
			Section 3.05.   Escrow of Proceeds; Special Mandatory Redemption.
		

		
			(a)    On the date hereof, the gross proceeds of the Initial Notes shall be deposited by the Initial Purchasers thereof into the Escrow Account held by the Escrow Agent pursuant to the Escrow Agreement.
		

		
			(b)    Upon the occurrence of a Special Mandatory Redemption Event, the Escrow Agent shall upon direction from the Issuer release the Escrowed Property (including investment earnings thereon and proceeds thereof) to the Trustee or Paying Agent for payment to the Holders no later than the third Business Day following the date of the release of the Escrowed Property to the Trustee (the “Special Mandatory Redemption Date”) or as otherwise required by the applicable procedures of DTC at a redemption price calculated by the Issuer (the “Special Mandatory Redemption Price”) equal to 100% of the issue price of the Notes, plus accrued and unpaid interest from the Issue Date to, but excluding, the Special Mandatory Redemption Date (a “Special Mandatory Redemption”).
		

		
			(c)    To effect the Special Mandatory Redemption, the Escrow Agent will deliver (by wire transfer of immediately available funds or via internal transfer) cash in an amount equal to the Special Mandatory Redemption Price to the Trustee, in accordance with the applicable provisions of the Escrow Agreement.  The Trustee shall apply, or cause a Paying Agent to apply, such funds to redeem all of the Notes at the Special Mandatory Redemption Price on the Special Mandatory Redemption Date. On the Special Mandatory Redemption Date, the Trustee will pay to the Escrow Issuer any Escrowed Property in excess of the amount necessary to effect the Special Mandatory Redemption.
		

		
			(d)    Upon release of the proceeds from the sale of the Initial Notes to or at the direction of the Issuer  on the Escrow Release in accordance with Section 5(b) of the Escrow Agreement, the Notes shall no longer be subject to redemption pursuant to this Section 3.05.
		

		
			(e)    Other than as specifically provided in this Section 3.05, any redemption pursuant to this Section 3.05 will be made pursuant to the provisions of Section 3.01 through 3.04 hereof.
		

		
			(f)     In connection with any redemption of the Notes pursuant to this Section 3.05, the Trustee, on behalf of the Issuer, will cause a notice of Special Mandatory Redemption in the form attached as Exhibit C to the Escrow Agreement to be sent electronically in accordance with the procedures of DTC or mailed as soon as practicable upon the occurrence of a Special Mandatory Redemption Event.
		

		
			(g)    By their acceptance of the Notes, Holders shall be deemed to have authorized and directed the Trustee to enter into and perform its obligations under the Escrow Agreement.
		

		
			
		

		
			

		 

		

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			ARTICLE 4
		

		
			COVENANTS
		

		
			Section 4.01.   Payment of Notes.  (a) The Issuer agrees to pay the principal of, premium, if any, on 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 or a Subsidiary, holds as of noon (New York City 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.
		

		
			(b)    The Issuer agrees to pay interest on overdue principal, and, to the extent lawful, overdue installments of interest at the rate per annum specified in the Notes.
		

		
			(c)    Payments in respect of the Notes represented by the Global Notes are to be made by wire transfer of immediately available funds to the accounts specified by the Holders of the Global Notes. With respect to Certificated Notes, the Issuer will make all payments by wire transfer of immediately available funds to the accounts specified by the Holders thereof or, if no such account is specified, by mailing a check to each Holder’s registered address.
		

		
			Section 4.02.   Maintenance of Office or Agency.  (a) The Issuer shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or the Registrar) where Notes may be surrendered for registration of transfer or exchange or for presentation for payment and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served; provided that legal service of process on the Issuer may not be served at any such office of the Trustee or an affiliate of the Trustee.  The Issuer hereby initially designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuer .  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 fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such presentations and surrenders may be made or served at the Corporate Trust Office of the Trustee.
		

		
			(b)    The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be surrendered or presented for any or all of such purposes and may from time to time rescind such designations.  The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.
		

		
			Section 4.03.   Reports and Other Information.  (a) Notwithstanding that the Company is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or otherwise reports on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the SEC, the Company shall (a) file with the SEC (unless the SEC will not accept such filing), and (b) deliver to the Trustee and, upon written request, the registered Holders of the Notes, without cost to any Holder, from and after the Issue Date:
		

		
			(1)    within the time periods specified by the Exchange Act (including all applicable extension periods), an annual report on Form 10-K (or any successor or
		

		
			
		

		
			

		 

		

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			comparable form) containing the information required to be contained therein in all material respects (or required in such successor or comparable form);
		

		
			(2)    within the time periods specified by the Exchange Act (including all applicable extension periods), a quarterly report on Form 10-Q (or any successor or comparable form); and
		

		
			(3)    all current reports that would be required to be filed with the SEC on Form 8-K (or any successor or comparable form).
		

		
			(b)    In the event that the Company is not permitted to file such reports with the SEC pursuant to the Exchange Act, the Company shall nevertheless deliver to the Trustee and make available such Exchange Act reports to the Holders of the Notes as if the Company were subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act within the time periods specified by the Exchange Act (including all applicable extension periods), which requirement may be satisfied by posting such information on its website, on Intralinks or any comparable password-protected online data system which will require a confidentiality acknowledgment (with a copy to the Trustee).  The Company will hold quarterly conference calls (for the avoidance of doubt, the Company’s quarterly earnings call shall satisfy such requirement) for the Holders and securities analysts to discuss such financial information for the previous reporting period no later than ten Business Days after distribution of such financial information.
		

		
			(c)    The Company shall deliver an Officer’s Certificate to the Trustee certifying compliance with the requirements of Section 4.18 (including setting forth what the Consolidated Total Debt Ratio was for the relevant period) on each date that it is required to deliver the reports required to be delivered by clauses (a) and (b) of this Section 4.03.
		

		
			(d)    In addition, to the extent not satisfied by the foregoing, the Company shall, for so long as any Notes are outstanding, make available to the Holders of the Notes and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as the Notes are not freely transferable under the Securities Act.
		

		
			(e)    Delivery of such reports and information to the Trustee is for informational purposes only and the Trustee’s receipt of them will not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).
		

		
			(f)     The Company will be deemed to have satisfied the information and reporting requirements of this Section 4.03 if the Company (or any direct or indirect parent of the Company) has filed reports or registration statements containing such information with the SEC via the SEC’s Electronic Data Gathering, Analysis and Retrieval system (or any successor system) within the time periods specified above and such reports are publicly available.
		

		
			(g)    Notwithstanding the foregoing, such reports and other information required to be provided pursuant to this Section 4.03 may be, rather than those of the Company, those of any direct or indirect parent of the Company.
		

		
			
		

		
			

		 

		

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			Section 4.04.   Compliance Certificate.  (a) The Company shall deliver to the Trustee within 120 days after the end of each fiscal year ending after the Issue Date a certificate from the principal executive, financial or accounting officer of the Company stating that the officer has conducted or supervised a review of the activities of the Company and its Restricted Subsidiaries and their performance under this Indenture under the preceding fiscal year and that, based upon such review, to the best of his or her knowledge, the Company has fulfilled its obligations hereunder or, if there has been a Default of which he or she has knowledge, specifying the Default and its nature and what action the Company is taking or proposes to take with respect thereto.
		

		
			(b)    If any Default has occurred and is continuing under this Indenture, the Company shall deliver to the Trustee, as soon as possible and in any event within 30 days after the Company becomes aware of the occurrence of a Default, an Officer’s Certificate specifying the Default, and what action the Company is taking or proposes to take with respect thereto.
		

		
			Section 4.05.   Taxes.  The Company shall pay or discharge, and cause each of its Restricted Subsidiaries to pay or discharge before the same become delinquent all material taxes, assessments and governmental charges levied or imposed upon the Company or any Restricted Subsidiary or its income or profits or property, other than any such tax, assessment or governmental charge that is being contested in good faith by appropriate legal proceedings or with respect to which the failure to make payment could not reasonably be expected to have a material adverse effect to the Holders of the Notes as determined in good faith by the Company.
		

		
			Section 4.06.   Stay, Extension and Usury Laws.  The Company and each Subsidiary Guarantor covenants, to the extent that it may lawfully do so, that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this Indenture.  The Company and each Subsidiary Guarantor hereby expressly waives, to the extent that it may lawfully do so, all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.
		

		
			Section 4.07.   Limitation on Restricted Payments.  (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries, directly or indirectly, to:
		

		
			(1)    declare or pay any dividend or make any distribution on account of the Company’s or any of its Restricted Subsidiaries’ Capital Stock (including any payment in connection with any merger, amalgamation or consolidation involving the Company or any of its Restricted Subsidiaries) other than:
		

		
			(x)     dividends or distributions payable solely in Capital Stock of the Company (other than Disqualified Stock); and
		

		
			(y)     dividends or distributions by a Restricted Subsidiary so long as, if such Restricted Subsidiary is not a Wholly Owned Subsidiary, the Company or a
		

		
			
		

		
			

		 

		

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			Restricted Subsidiary receives at least its pro rata share of such dividend or distribution;
		

		
			(2)    purchase, redeem, retire or otherwise acquire for value any Capital Stock of the Company or any direct or indirect parent of the Company held by Persons other than the Company or a Restricted Subsidiary (other than in exchange for Capital Stock of the Company (other than Disqualified Stock));
		

		
			(3)    make any principal payment on, or purchase, repurchase, redeem, defease or otherwise acquire or retire for value, prior to any scheduled maturity, scheduled repayment or scheduled sinking fund payment, any Subordinated Obligations or Guarantor Subordinated Obligations, other than:
		

		
			(x)     Indebtedness of the Company owing to and held by any Restricted Subsidiary or Indebtedness of a Subsidiary Guarantor owing to and held by the Company or any Restricted Subsidiary; or
		

		
			(y)     the purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations or Guarantor Subordinated Obligations in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such purchase, repurchase, redemption, defeasance or other acquisition or retirement; or
		

		
			(4)    make any Restricted Investment;
		

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

		
			(A)    no Default shall have occurred and be continuing (or would result therefrom);
		

		
			(B)    immediately after giving effect to such Restricted Payment on a Pro Forma Basis, the Company would be permitted to Incur $1.00 of additional Indebtedness as Ratio Debt; and
		

		
			(C)    such Restricted Payment, together with the aggregate amount of all other Restricted Payments declared or made subsequent to the Issue Date (including Restricted Payments permitted by clauses (5) and (12) of Section 4.07(b), but excluding all other Restricted Payments permitted by Section 4.07(b)) would not exceed the sum of (without duplication):
		

		
			(i)         50.0% of the Company’s Consolidated Net Income (or 100% of any loss if Consolidated Net Income is negative) for the period (taken as one accounting period) commencing on the first day of the fiscal quarter during which the Issue Date occurs to and including the 
		

		
			
		

		
			

		 

		

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			end of the Company’s most recently ended fiscal quarter for which    internal financial statements prepared on a consolidated basis are available; plus
		

		
			(ii)       100.0% of the aggregate net proceeds, including cash and the Fair Market Value of assets or property other than cash, received by the Company since the Issue Date from the issue or sale of its Capital Stock (other than Disqualified Stock), including Capital Stock issued upon exercise of warrants or options; plus
		

		
			(iii)      100.0% of the aggregate amount of contributions to the capital of the Company received in cash and the Fair Market Value of assets or property received other than cash (other than Disqualified Stock); plus
		

		
			(iv)       100.0% of any cash dividends or cash distributions received directly or indirectly by the Company or a Restricted Subsidiary after the Issue Date from an Unrestricted Subsidiary, to the extent that such dividends or distributions were not otherwise included in Consolidated Net Income; plus
		

		
			(v)        the amount by which Indebtedness of the Company or its Restricted Subsidiaries is reduced on the Company’s consolidated balance sheet upon the conversion or exchange subsequent to the Issue Date of any Indebtedness of the Company or its Restricted Subsidiaries (other than debt owing to and held by a Subsidiary of the Company) convertible or exchangeable for Capital Stock (other than Disqualified Stock) of the Company (less the amount of any cash, or the Fair Market Value of any other assets or property, distributed by the Company upon such conversion or exchange); plus
		

		
			(vi)       100.0% of the aggregate amount received by the Company or any Restricted Subsidiary in cash and the Fair Market Value of assets or property (other than cash) received by the Company or any Restricted Subsidiary from:
		

		
			(A)     (i) the sale or other disposition (other than to the Company or a Restricted Subsidiary) of Restricted Investments made by the Company and its Restricted Subsidiaries in any Person, (ii) repurchases and redemptions of such Restricted Investments from the Company or a Restricted Subsidiary by any Person (other than the Company or a Restricted Subsidiary), and (iii) prepayments or repayments of loans or advances or other transfers of assets or property (including by way of dividend or distribution) by such Person to the Company or any Restricted Subsidiary (other than for reimbursement of tax payments);
		

		
			
		

		
			

		 

		

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			(B)     the sale (other than to the Company or a Restricted Subsidiary) of the Capital Stock of an Unrestricted Subsidiary; or
		

		
			(C)     any distribution or dividend from an Unrestricted Subsidiary; plus
		

		
			(vii)     in the event any Unrestricted Subsidiary has been redesignated as a Restricted Subsidiary or has been merged, consolidated or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Company or a Restricted Subsidiary, in each case after the Issue Date, the Fair Market Value of the Investment of the Company and its Restricted Subsidiaries in such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable) (valued in each case as provided in the definition of “Investments”), other than to the extent constituting a Permitted Investment.
		

		
			(b)    Section 4.07(a) shall not prohibit:
		

		
			(1)    a Restricted Payment made by exchange for, or out of the proceeds of the issuance or sale of, Capital Stock of the Company (other than Disqualified Stock and other than Capital Stock issued or sold to a Subsidiary or an employee stock ownership plan or similar trust to the extent such sale to an employee stock ownership plan or similar trust is financed by loans from or Guaranteed by the Company or any Restricted Subsidiary unless such loans have been repaid with cash on or prior to the date of determination) or any cash capital contribution to the Company; provided, however, that the amount of net proceeds from such sale of Capital Stock that is utilized for such Restricted Payment will be excluded from clause (C)(ii) of Section 4.07(a);
		

		
			(2)    any payment, purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations of the Company or Guarantor Subordinated Obligations of any Subsidiary Guarantor made by exchange for, or out of the proceeds of, Refinancing Indebtedness;
		

		
			(3)    any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Capital Stock of the Company or any direct or indirect parent of the Company made by exchange for, or out of the proceeds of the issuance or sale of, Capital Stock of the Company or any direct or indirect parent of the Company or contributions to the equity capital of the Company (other than Disqualified Stock);
		

		
			(4)    any payment, purchase, repurchase, redemption, defeasance or other acquisition or retirement of any Subordinated Obligation, Disqualified Stock or Preferred Stock pursuant to provisions similar to those set forth in Section 4.10 and Section 4.14; provided that, prior to or simultaneously with such payment, purchase, repurchase, redemption, defeasance or other acquisition or retirement, the Company (or a third party, to the extent permitted by this Indenture) has made any Change of Control Offer or Asset
		

		
			
		

		
			

		 

		

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			Sale Offer, as the case may be, with respect to the Notes and has repurchased, redeemed, defeased or retired all Notes validly tendered and not validly withdrawn in connection with such Change of Control Offer or Asset Sale Offer, as the case may be;
		

		
			(5)    the payment of any dividend or distribution, or the consummation of any redemption, within 60 days after the date of declaration thereof or the giving of a redemption notice related thereto, as the case may be, if at such date of declaration or notice such dividend, distribution or redemption would have complied with this provision;
		

		
			(6)    the purchase, redemption or other acquisition, cancellation or retirement for value (or Restricted Payments to the Company or any direct or indirect parent of the Company to finance any such purchase, redemption or other acquisition, cancellation or retirement for value) of Capital Stock (including related stock appreciation rights or similar securities) of the Company or any direct or indirect parent of the Company held, directly or indirectly, by any future, present or former employee, officer, director, manager, consultant or independent contractor of the Company or any Subsidiary of the Company or their assigns, estates, heirs, family members, spouses or former spouses or permitted transferees (including for all purposes of this clause (6) Capital Stock held by any entity whose Capital Stock is held by any such future, present or former employee, officer, director, manager, consultant or independent contractor of the Company or any Subsidiary of the Company or their assigns, estates, heirs, family members, spouses or former spouses or permitted transferees) pursuant to any stock option plan or management equity plan or any other management or employee benefit plan or other agreement or arrangement or any stock subscription or shareholder or similar agreement; provided that the aggregate amounts paid under this clause (6) shall not exceed $25.0 million in the aggregate during any fiscal year; provided, further that such amount in any fiscal year may be increased by an amount not to exceed:
		

		
			(A)    the cash proceeds received from the Company from the issuance or sale of Capital Stock (other than Disqualified Stock) of the Company or any direct or indirect parent of the Company (to the extent contributed to the Company), in each case to any future, present or former employees, officers, directors, managers, consultants or independent directors of the Company, any Subsidiary of the Company or any direct or indirect parent of the Company that occurs on or after the Issue Date; provided that the amount of such cash proceeds utilized for any such purchase, redemption or other acquisition, cancellation or retirement for value or dividend pursuant to this clause (6) will not increase the amount available for Restricted Payments under clause (C)(ii) of Section 4.07(a); plus
		

		
			(B)    the cash proceeds of key man life insurance policies received by the Company or its Restricted Subsidiaries or any direct or indirect parent of the Company (to the extent contributed to the Company) after the Issue Date; plus
		

		
			(C)    the amount of any cash bonuses otherwise payable to employees, officers, directors, managers, consultants or independent contractors of the
		

		
			
		

		
			

		 

		

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			Company or its Restricted Subsidiaries or any direct or indirect parent of the Company that are forgone in return for the receipt of Capital Stock; less
		

		
			(D)    the amount of cash proceeds described in the subclauses (A), (B) or (C) of this clause (6) previously used to make Restricted Payments pursuant to this clause (6); provided that the Company may elect to apply all or any portion of the aggregate increase contemplated by subclause (A), (B) or (C) above in any fiscal year;
		

		
			provided, further, that cancellation of Indebtedness owing to the Company or any Restricted Subsidiary from any future, current or former officer, director, employee, manager, consultant or independent contractor (or any permitted transferees thereof) of the Company or any of its Restricted Subsidiaries or any direct or indirect parent of the Company, in connection with a repurchase of Capital Stock of the Company or any direct or indirect parent of the Company from such Persons will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provisions of this Indenture;
		

		
			(7)  the declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Company or any of its Restricted Subsidiaries Incurred in accordance with Section 4.09;
		

		
			(8)    the purchase, redemption or other acquisition, cancellation or retirement of Equity Interests of the Company: (a) deemed to occur upon the exercise or exchange of options, warrants, other rights to purchase or acquire Equity Interests of the Company or other securities convertible into or exchangeable for Equity Interests of the Company if such Equity Interests represent a portion of the exercise or exchange price thereof, or (b) made in lieu of or in connection with withholding or similar taxes payable or expected to be payable by any future, present or former director, officer, employee, manager, consultant or independent contractor of the Company or direct or indirect parent of the Company or any Subsidiary of the Company (or their respective Affiliates, estates, heirs or immediate family members) in connection with the exercise or exchange of options, warrants, other rights to purchase or acquire Equity Interests of the Company or other securities convertible into or exchangeable for Equity Interests of the Company or the grant, vesting or delivery of any of the foregoing;
		

		
			(9)    the distribution, by dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Company or a Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries the primary assets of which are cash and/or Cash Equivalents);
		

		
			(10)    payments in lieu of the issuance of fractional shares in connection with any merger, consolidation, amalgamation or other business combination, or in connection with any dividend, distribution or split of, or the exercise or exchange of options, warrants or other rights to purchase or acquire Equity Interests of the Company or other securities convertible into or exchangeable for, Equity Interests of the Company;
		

		
			
		

		
			

		 

		

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			(11)     the purchase, redemption, acquisition, cancellation or other retirement of any Capital Stock of the Company or a Restricted Subsidiary to the extent necessary, in the good faith judgment of the Company, to prevent the loss or secure the renewal or reinstatement of any license, permit or other authorization held by the Company or any of its Subsidiaries issued by any governmental or regulatory authority or to comply with government contracting regulations;
		

		
			(12)     dividends or distributions in connection with the making of ordinary dividend payments in respect of the Company’s Common Stock in an aggregate amount not to exceed $25.0 million in any fiscal year;
		

		
			(13)     other Restricted Payments in an aggregate amount, which, when taken together with all other Restricted Payments made pursuant to this clause (13) (as reduced by the amount of capital repaid or otherwise returned from any such Restricted Payments that constituted Restricted Investments in the form of cash and Cash Equivalents (exclusive of items reflected in Consolidated Net Income)) not to exceed the greater of (x) $50.0 million and (y) 1.0% of Total Assets; and
		

		
			(14)     (a) any payments in connection with a Permitted Bond Hedge Transaction and (b) the settlement of any related Permitted Warrant Transaction (i) by delivery of shares of the Company’s common stock upon settlement thereof or (ii) by (A) set-off against the related Permitted Bond Hedge Transaction or (B) payment of an early termination amount thereof in the Company’s common stock upon any early termination thereof,
		

		
			provided,  however, that at the time of and after giving effect to, any Restricted Payment permitted under clauses (12) and (13) of this Section 4.07(b), no Event of Default shall have occurred and be continuing or would occur as a consequence thereof.
		

		
			(c)    The amount of any Restricted Payment made in cash shall be its face amount.  The amount of any other Restricted Payment shall be the Fair Market Value (determined as of the date such Restricted Payment is made) of the assets, securities or other property proposed to be declared, paid, made, purchased, redeemed, retired, defeased or acquired pursuant to such Restricted Payment.
		

		
			(d)    For purposes of this Section 4.07, if any Investment or Restricted Payment (or a portion thereof) would be permitted pursuant to one or more provisions described above and/or one or more of the exceptions contained in the definition of “Permitted Investment,” the Company may divide and classify such Investment or Restricted Payment (or a portion thereof) in any manner that complies with this covenant and may later divide and reclassify any such Investment or Restricted Payment so long as the Investment or Restricted Payment (as so divided and/or reclassified) would be permitted to be made in reliance on the applicable exception as of the date of such reclassification.
		

		
			(e)    For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Company and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be Restricted Payments
		

		
			
		

		
			

		 

		

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			and/or Permitted Investments in an amount determined as set forth in the definition of “Investment.” Such designation shall be permitted only if a Restricted Payment and/or Permitted Investment in such amount would be permitted at such time and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.
		

		
			Section 4.08.   Limitation on Restrictions on Distributions from Restricted Subsidiaries.  (a) The Company shall not, and shall not permit any Restricted Subsidiary (other than a Subsidiary Guarantor) to, directly or indirectly, create or otherwise cause or permit to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary (other than a Subsidiary Guarantor) to:
		

		
			(1)    pay dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries, or pay any Indebtedness owed to the Company or any Restricted Subsidiary (it being understood that the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on Common Stock shall not be deemed a restriction on the ability to make distributions on Capital Stock);
		

		
			(2)    make any loans or advances to the Company or any Restricted Subsidiary (it being understood that the subordination of loans or advances made to the Company or any Restricted Subsidiary to other Indebtedness Incurred by the Company or any Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances); or
		

		
			(3)    sell, lease or transfer any of its assets or property to the Company or any Restricted Subsidiary (it being understood that such transfers shall not include any type of transfer described in clause (1) or (2) above).
		

		
			(b)    Section 4.08(a) shall not apply to any encumbrances or restrictions existing under or by reason of:
		

		
			(1)    contractual encumbrances or restrictions of the Company or any of its Restricted Subsidiaries in effect on the Issue Date, including, without limitation, pursuant to the Senior Credit Facilities, the Security Documents, the First Lien Intercreditor Agreement (and, if entered into, the Second Lien Intercreditor Agreement), related Hedging Obligations and Indebtedness permitted pursuant to clause (3) of Section 4.09(b);
		

		
			(2)    this Indenture, the Notes and the Subsidiary Guarantees;
		

		
			(3)    any agreement or other instrument of a Person acquired by or merged, amalgamated or consolidated with or into the Company or any Restricted Subsidiary or of an Unrestricted Subsidiary that is designated a Restricted Subsidiary, in each case that was in existence at the time of such acquisition (or at the time it merges, amalgamates or consolidates with or into the Company or any Restricted Subsidiary or is assumed in connection with the acquisition of assets or property from such Person) or designation, but, in each case, not created in contemplation thereof, which encumbrance or restriction is not applicable to any Person, or the assets or property of any Person, other than the
		

		
			
		

		
			

		 

		

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			Person and its Subsidiaries, or the assets or property of the Person and its Subsidiaries, so acquired or designated (including after-acquired assets and property);
		

		
			(4)    in the case of clause (3) of Section 4.08(a), Permitted Liens that limit the right of the debtor to dispose of assets or property subject to such Liens;
		

		
			(5)    Purchase Money Obligations, mortgage financings, Capitalized Lease Obligations and similar obligations or agreements permitted under this Indenture, in each case, that impose encumbrances or restrictions of the nature described in clause (3) of Section 4.08(a) with respect to the assets or property purchased, acquired, financed, designed, developed, leased, constructed, repaired, replaced, maintained, installed, improved or insured in connection therewith or thereby (including any proceeds thereof, accessions thereto and any upgrades or improvements thereto);
		

		
			(6)    encumbrances or restrictions contained in agreements for the sale, transfer or other disposition of assets or property, including without limitation customary restrictions with respect to a Subsidiary of the Company pursuant to an agreement that has been entered into for the sale, transfer or other disposition of all or a portion of the Capital Stock, assets or property of such Subsidiary;
		

		
			(7)    restrictions on cash, Cash Equivalents or other deposits or net worth imposed by customers, suppliers or landlords under contracts entered into in the ordinary course of business or as required by insurance surety or bonding companies;
		

		
			(8)    any provisions in joint venture agreements, stockholders agreements, partnership agreements, LLC agreements and other similar agreements, which (x) are customary or entered into in the ordinary course of business or (y) do not adversely affect the Company’s ability to make payments of principal or interest payments on the Notes when due (as determined by the Company in good faith);
		

		
			(9)    any provisions in leases, subleases, licenses, sublicenses, asset sale agreements, sale/leaseback agreements or stock sale agreements and other agreements entered into by the Company or any Restricted Subsidiary that (x) are customary and entered into in the ordinary course of business or (y) do not adversely affect the Company’s ability to make payments of principal or interest payments on the Notes when due (as determined by the Company in good faith);
		

		
			(10)    applicable law or any applicable rule, regulation or order, or any license, permit or other authorization issued by any governmental or regulatory authority;
		

		
			(11)    encumbrances or restrictions arising or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not, individually or in the aggregate, (x) detract from the value of the assets or property of the Company or any Restricted Subsidiary in any manner material to the Company or any Restricted Subsidiary (as determined by the Company in good faith), or (y) materially affect the Company’s ability to make payments of principal or interest payments on the Notes when due (as determined by the Company in good faith);
		

		
			
		

		
			

		 

		

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			(12)    contractual encumbrances or restrictions contained in any Debt Facilities or other Indebtedness Incurred by the Company in accordance with Section 4.09 that (x) are not materially more restrictive, when taken as a whole, than those applicable in either this Indenture or the Senior Credit Facilities on the Issue Date (as determined by the Company in good faith), or (y) do not adversely affect the Company’s ability to make payments of principal or interest payments on the Notes when due (as determined by the Company in good faith); or
		

		
			(13)    any encumbrances or restrictions imposed by any amendment, restatement, modification, renewal, increase, supplement, extension, refunding, replacement or refinancing of any of the contracts, agreements or other instruments referred to in the immediately preceding clauses (1) through (12) of this Section 4.08(b); provided, however, that the encumbrances or restrictions contained in such amendment, restatement, modification, renewal, increase, supplement, extension, refunding, replacement or refinancing are, in the good faith judgment of the Company, not materially more restrictive, when taken as a whole, than the encumbrances and restrictions prior to such amendment, restatement, modification, renewal, increase, supplement, extension, refunding, replacement or refinancing.
		

		
			Section 4.09.   Limitation on Indebtedness.  (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness (including Acquired Indebtedness); provided, however, that the Company and any Restricted Subsidiary may Incur Indebtedness (including Acquired Indebtedness) if the Consolidated Coverage Ratio for the Company, calculated as of the date on which such additional Indebtedness is Incurred, would have been at least 2.00 to 1.00 (“Ratio Debt”); provided that the aggregate principal amount of Indebtedness (including Acquired Indebtedness) outstanding at any one time that may be Incurred pursuant to the foregoing by Non-Guarantor Subsidiaries (together with any Indebtedness that is Incurred or assumed by Non-Guarantor Subsidiaries under Section 4.09(b)(8)) shall not exceed the greater of (x) $150.0 million and (y) 2.5% of Total Assets.
		

		
			(b)    Section 4.09(a) shall not apply to the following Indebtedness (collectively, “Permitted Debt”):
		

		
			(1)    Indebtedness of the Company or any Restricted Subsidiary Incurred under a Debt Facility, the Guarantees thereof 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), including any Additional Notes (and any Subsidiary Guarantee thereof), in an aggregate principal amount outstanding at any one time not to exceed (A) in the case of any Debt Facility that is not a revolving credit facility (including the Term B Facility), $2,470.0 million; and (B) in the case of any Debt Facility that is a revolving credit facility (including the Revolving Facility), $750.0 million; provided, that the maximum amount permitted to be outstanding under this clause (1) shall not be deemed to limit additional Indebtedness under Debt Facilities to the extent that the Incurrence of such additional Indebtedness is permitted pursuant to Section 4.09(a) or any of the other provisions of this Section 4.09;
		

		
			
		

		
			

		 

		

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			(2)    Indebtedness represented by the Notes (other than any Additional Notes), including any Subsidiary Guarantee thereof;
		

		
			(3)    Indebtedness of the Company and its Restricted Subsidiaries in existence on the Issue Date (other than Indebtedness described in clauses (1), (2), (4), (5) or (6) of this Section 4.09(b) that is Incurred or existing on the Issue Date);
		

		
			(4)    Capitalized Lease Obligations, mortgage financings and Purchase Money Obligations and (b) any Indebtedness Incurred by the Company or any of its Restricted Subsidiaries to finance all or any part of the purchase, acquisition, design, development, lease, construction, replacement, maintenance, installation, improvement or insurance of any property (real or personal), plant or equipment or other fixed or capital assets (whether through the direct purchase of assets or property or the Capital Stock of any Person owning any such assets or property) or any satellite launch or in-orbit insurance premiums or launch services, and any Indebtedness arising from the conversion of the obligations of the Company or any Restricted Subsidiary under or pursuant to any “synthetic lease” transactions to on-balance sheet Indebtedness, including all Indebtedness Incurred to refund, refinance, replace, redeem, repurchase, retire, defease, discharge, exchange, renew, repay, prepay or extend any Indebtedness Incurred pursuant to this clause (4), in an aggregate principal amount outstanding at any one time not to exceed the greater of (x) $150.0 million and (y) 2.5% of Total Assets, plus, in the case of any refinancing or replacement of Indebtedness permitted under this clause (4) or any portion thereof, the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, original issue discount, premiums (including tender premiums), defeasance costs and other costs and expenses incurred in connection therewith;
		

		
			(5)    any Guarantee by the Company or a Restricted Subsidiary of Indebtedness or any other obligation of the Company or any Restricted Subsidiary so long as the Incurrence of such Indebtedness or other obligation by the Company or such Restricted Subsidiary is permitted under the terms of this Indenture;
		

		
			(6)    Indebtedness of the Company owing to a Restricted Subsidiary or Indebtedness of a Restricted Subsidiary owing to the Company or another Restricted Subsidiary; provided, however,
		

		
			(A)    if the Company or a Subsidiary Guarantor Incurs such Indebtedness owing to a Non-Guarantor Subsidiary, such Indebtedness is subordinated in right of payment to the Company’s Obligations with respect to this Indenture or the Subsidiary Guarantee of such Subsidiary Guarantor, as applicable; and
		

		
			(B)    (i) any subsequent issuance or transfer of Capital Stock or other event which results in any such Indebtedness being beneficially held by a Person other than the Company or a Restricted Subsidiary of the Company; and
		

		
			(ii)    any sale or other transfer of any such Indebtedness to a Person other than the Company or a Restricted Subsidiary of the Company,
		

		
			
		

		
			

		 

		

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			will be deemed, in each case, to constitute an Incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be.
		

		
			(7)    shares of Preferred Stock of a Restricted Subsidiary issued to the Company or to another Restricted Subsidiary; provided, that any subsequent issuance or transfer of Capital Stock or other event which results in any Restricted Subsidiary that holds such Preferred Stock ceasing to be a Restricted Subsidiary or any subsequent transfer of any such shares of Preferred Stock (except to the Company or another Restricted Subsidiary) shall be deemed, in each case, to constitute an issuance of Preferred Stock;
		

		
			(8)    Indebtedness (x) (i) of the Company or a Restricted Subsidiary Incurred or assumed in connection with the acquisition of any assets or property (including Capital Stock), business or Person or (ii) of any Person that is acquired by the Company or a Restricted Subsidiary or merged into or consolidated or amalgamated with the Company or a Restricted Subsidiary in accordance with the terms of this Indenture and (y) Incurred or assumed in anticipation of, or in connection with, an acquisition of any assets or property (including Capital Stock), business or Person; provided,  however, that after giving effect to such acquisition, merger, consolidation or amalgamation and the Incurrence of such Indebtedness, either:
		

		
			(A)     the Company would be permitted to Incur at least $1.00 of additional Indebtedness as Ratio Debt; or
		

		
			(B)     the Consolidated Coverage Ratio of the Company is equal to or greater than such ratio immediately prior to such acquisition, merger, consolidation or amalgamation;
		

		
			provided that the aggregate principal amount of Indebtedness outstanding at any one time that may be Incurred pursuant to this clause (8) by Non-Guarantor Subsidiaries (together with any Indebtedness that is Incurred or assumed by Non-Guarantor Subsidiaries under Section 4.09(a)) shall not exceed the greater of (x) $150.0 million and (y) 2.5% of Total Assets;
		

		
			(9)    Hedging Obligations or Cash Management Services not Incurred for speculative purposes;
		

		
			(10)    obligations (including, without limitation, reimbursement obligations with respect to letters of credit or bank guarantees or similar instruments) in respect of customs, self-insurance, performance, bid, appeal, surety and similar bonds and completion or performance guarantees and similar obligations provided by the Company or any Restricted Subsidiary;
		

		
			(11)    Indebtedness Incurred by the Company or any of its Restricted Subsidiaries in respect of workers’ compensation claims, health, disability or other employee benefits (whether current or former), environmental remediation and other environmental matters or property, casualty or liability insurance or self-insurance, self-insurance, or other Indebtedness with respect to reimbursement-type obligations
		

		
			
		

		
			

		 

		

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			regarding workers’ compensation claims, health, disability or other employee benefits (whether current or former) or property, casualty or liability insurance, and any guaranties, letters of credit or performance, bid, indemnity, warranty, refund, statutory, appeal or surety bonds or similar obligations functioning as or supporting any of the foregoing;
		

		
			(12)    the Incurrence of Indebtedness of the Company or a Restricted Subsidiary providing for indemnification, earn-outs, adjustments of purchase or acquisition price or similar obligations, in each case Incurred or assumed in connection with the acquisition or disposition of any business, assets or property of the Company or any business, assets, property or Capital Stock of a Subsidiary, other than Guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets, property or a Subsidiary for the purpose of financing such acquisition;
		

		
			(13)    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 or (B) owed or issued on a short-term basis to banks and other financial institutions in the ordinary course of business that arises in connection with ordinary banking arrangements, including cash management, cash pooling arrangements and related activities to manage cash balances of the Company and its Subsidiaries, including treasury, depository, overdraft, credit, purchasing or debit card, electronic funds transfer and other cash management arrangements and Indebtedness in respect of netting services, overdraft protection, credit card programs, automatic clearinghouse arrangements and similar arrangements;
		

		
			(14)    the Incurrence by the Company or any Restricted Subsidiary of Refinancing Indebtedness in respect of any Indebtedness Incurred as Ratio Debt or permitted under clauses (2), (3), (8), and this clause (14) of this Section 4.09(b);
		

		
			(15)    (A) customer deposits and advance payments received in the ordinary course of business from customers for equipment, goods or services purchased or leased in the ordinary course of business, (B) Guarantees in the ordinary course of business in respect of obligations to suppliers, customers, franchisees, lessors, licensees, sub-licensees and distribution partners, (C) Indebtedness consisting of the financing of insurance premiums or take-or-pay obligations contained in supply arrangements, in each case in the ordinary course of business, (D) Indebtedness representing deferred compensation to employees of the Company or any Restricted Subsidiary incurred in the ordinary course of business, and (E) Indebtedness arising from the endorsement of instruments in the ordinary course of business;
		

		
			(16)    Indebtedness Incurred by the Company or its Restricted Subsidiaries in connection with bankers’ acceptances, discounted bills of exchange, warehouse receipts or similar facilities, in each case Incurred or undertaken in the ordinary course of business;
		

		
			(17)    Indebtedness owed to a government that is a member of the OECD, or any agency of such government, where the obligations of the relevant Restricted Subsidiary
		

		
			
		

		
			

		 

		

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			can be satisfied, at the option of the Company or such Restricted Subsidiary, by delivering common shares of the Company in accordance with the agreement governing such Indebtedness (whether such common shares are received by the holder of such Indebtedness as payment or are sold under such agreement to provide cash for payment to the holder of such Indebtedness); provided that the aggregate principal amount of such Indebtedness referred to in this clause (17) shall not at any time exceed $100.0 million;
		

		
			(18)     Indebtedness incurred in connection with letters of credit Guaranteed or insured by EDC where such Indebtedness is not yet due or owing and such letters of credit have been issued as assurance of performance or obligations (except other Indebtedness) in the ordinary course of business;
		

		
			(19)     Indebtedness of the Company or any Restricted Subsidiary in an aggregate principal amount up to 100% of the net cash proceeds received by the Company after the Issue Date from the issue or sale of Capital Stock of the Company or cash contributed to the capital of the Company (in each case, other than proceeds of Disqualified Stock or sales of Capital Stock to the Company or any of its Subsidiaries); provided,  however, that (i) any such net cash proceeds that are so received or contributed shall not increase the amount available for making Restricted Payments pursuant to Section 4.07(a)(C)(ii) or (C)(iii) or Section 4.07(b)(1), (3) or (6) to the extent the Company and the Restricted Subsidiaries Incur Indebtedness in reliance thereon and (ii) any net cash proceeds that are so received or contributed shall be excluded for purposes of Incurring Indebtedness pursuant to this clause to the extent such net cash proceeds or cash have been applied to make Restricted Payments pursuant to Section 4.07(a)(C)(ii) or (C)(iii) or Section 4.07(b)(1), (3) or (6);
		

		
			(20)     Indebtedness incurred in connection with any reorganization or activity undertaken as part of a bona fide tax planning transaction or any Permitted Investment; provided that:
		

		
			(a)        all of the steps in such transaction are completed substantially concurrently (except for any continuing Indebtedness permitted by part (c) below);
		

		
			(b)        after giving effect to such transaction:  all of the entities involved in such transaction are solvent at the time of such transaction or have no material liabilities (other than intra-group liabilities); and
		

		
			(c)        after giving effect to such transaction:  (x) any continuing Indebtedness resulting from such transaction would be permitted to be incurred pursuant to another portion of this covenant, (y) the security interest in the Collateral in respect of the Pari Passu Lien Debt, taken as a whole, is not impaired in any material respect (as determined by the Company in good faith) and (z) no Default or Event of Default has occurred and is continuing; and
		

		
			
		

		
			

		 

		

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			(21)     in addition to the items referred to in clauses (1) through (20) of this Section 4.09(b), Indebtedness of the Company and its Restricted Subsidiaries in an aggregate outstanding principal amount which, when taken together with the principal amount of all other Indebtedness Incurred pursuant to this clause (21) and then outstanding, will not exceed the greater of (x) $150.0 million and (y) 2.5% of Total Assets.
		

		
			The Company shall not Incur any Indebtedness under Section 4.09(b) if the proceeds thereof are used, directly or indirectly, to refinance any Subordinated Obligations of the Company unless such Indebtedness will be subordinated to the Notes to at least the same extent as such Subordinated Obligations. No Subsidiary Guarantor will Incur any Indebtedness under Section 4.09(b) if the proceeds thereof are used, directly or indirectly, to refinance any Guarantor Subordinated Obligations of such Subsidiary Guarantor unless such Indebtedness shall be subordinated to the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee to at least the same extent as such Guarantor Subordinated Obligations. No Non-Guarantor Subsidiary may Incur any Indebtedness if the proceeds are used to refinance Indebtedness of the Company or a Subsidiary Guarantor.
		

		
			(c)    For purposes of determining compliance with this Section 4.09:
		

		
			(1)     in the event that an item of Indebtedness (or any portion thereof) meets the criteria of more than one of the categories of Permitted Debt or is entitled to be Incurred or issued as Ratio Debt, the Company, in its sole discretion, will divide, classify or reclassify such item of Indebtedness (or any portion thereof) on the date of Incurrence, and may at any later time and from time to time divide, classify or reclassify such item of Indebtedness (or any portion thereof) in any manner that complies with this Section 4.09; provided that all Indebtedness outstanding on the Issue Date under the Senior Credit Facilities shall be deemed Incurred on the Issue Date under clause (1) of Section 4.09(b) and not as Ratio Debt or under clause (3) of Section 4.09(b) and may not later be reclassified;
		

		
			(2)     Guarantees of, or obligations in respect of letters of credit relating to, Indebtedness that are 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 covenant;
		

		
			(3)     the principal amount of any Disqualified Stock of the Company or a Restricted Subsidiary, or Preferred Stock of a Non-Guarantor Subsidiary, will be deemed to be equal to the greater of the maximum mandatory redemption or repurchase price (not including, in either case, any redemption or repurchase premium) or the liquidation preference thereof, exclusive of any accrued dividends;
		

		
			(4)     the amount of Indebtedness issued at a price that is less than the principal amount thereof will be equal to the amount of the liability in respect thereof determined in accordance with GAAP;
		

		
			
		

		
			

		 

		

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			(5)     accrual of interest, accrual of dividends, the accretion of accreted value, the accretion or amortization of original issue discount, the payment of interest in the form of additional Indebtedness, the payment of dividends in the form of additional shares of Preferred Stock or Disqualified Stock of the same class, the accretion of liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies will not be deemed to be an Incurrence of Indebtedness for purposes of this covenant;
		

		
			(6)     the amount of any Indebtedness outstanding as of any date shall be (i) the accreted value thereof in the case of any Indebtedness issued with original issue discount or the aggregate principal amount outstanding in the case of Indebtedness issued with interest payable in kind and (ii) the principal amount or liquidation preference thereof in the case of any other Indebtedness; and
		

		
			(7)     the principal amount of any Indebtedness Incurred to refinance or replace other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced or replaced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Refinancing Indebtedness is denominated that is in effect on the date of such refinancing.
		

		
			Unsecured Indebtedness shall not be treated as subordinated or junior to secured Indebtedness merely because it is unsecured and Indebtedness shall not be treated as subordinated or junior to any other Indebtedness merely because it has a junior priority with respect to the same collateral.
		

		
			If at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary, any Indebtedness of such Subsidiary shall be deemed to be Incurred by a Restricted Subsidiary as of such date (and, if such Indebtedness is not permitted to be Incurred as of such date under this Section 4.09, the Company shall be in Default of this Section 4.09).
		

		
			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 Indebtedness, or first committed or first Incurred (whichever yields the lower U.S. dollar-equivalent), in the case of revolving credit Indebtedness; provided that if such Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-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 the principal amount of such Indebtedness being refinanced (plus accrued and unpaid interest and the aggregate amount of premiums (including tender premiums), underwriting discounts, defeasance costs and fees, discounts and expenses in connection therewith).
		

		
			Section 4.10.   Limitation on Asset Sales.  (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, consummate any Asset Sale unless:
		

		
			
		

		
			

		 

		

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			(1)     the Company or any of its Restricted Subsidiaries, as the case may be, receives consideration at least equal to the Fair Market Value (as determined at the time of contractually agreeing to such Asset Sale) of the Capital Stock, assets or property sold or otherwise disposed of pursuant to such Asset Sale; and
		

		
			(2)     at least 75.0% of the consideration from such Asset Sale received by the Company or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; provided,  however, to the extent that the assets sold in such Asset Sale were part of the Collateral, the assets received as non-cash consideration shall not be Excluded Assets and are required to be pledged as Collateral pursuant to the Security Documents reasonably promptly after receipt by the Company or a Restricted Subsidiary thereof. For purposes of this clause (2) the amount of:
		

		
			(A)    any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet or in the notes thereto for which internal financial statements are available immediately preceding such date or, if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Company’s or such Restricted Subsidiary’s balance sheet or in the notes thereto if such incurrence or accrual had taken place on or prior to the date of such balance sheet in the good faith determination of the Company) of the Company or any 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 of any such assets, property or Capital Stock, in each case, pursuant to an agreement that releases or indemnifies the Company or such Restricted Subsidiary, as the case may be, from further liability therefor;
		

		
			(B)    any securities, notes or other obligations or other assets or property received by the Company or any Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into cash or Cash Equivalents, or by their terms are required to be satisfied for cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received), in each case within 180 days following the receipt thereof; and
		

		
			(C)    any Designated Noncash Consideration received by the Company or any of its Restricted Subsidiaries in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Noncash Consideration received pursuant to this subclause (C) that is at that time outstanding, not to exceed 2.0% of Total Assets, calculated at the time of the receipt of such Designated Noncash Consideration (with the Fair Market Value of each item of Designated Noncash Consideration being measured at the time received without giving effect to subsequent changes in value);
		

		
			shall each be deemed to be Cash Equivalents.
		

		
			(b)     Within 365 days after the Company’s or any Restricted Subsidiary’s receipt of the Net Cash Proceeds of any Asset Sale, the Company or a Restricted Subsidiary, at its option, may
		

		
			
		

		
			

		 

		

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			apply an amount equal to the Net Cash Proceeds from such Asset Sale (or any portion thereof) as follows:
		

		
			(1)     if such Net Cash Proceeds are from an Asset Sale that is not a disposition of Collateral, to repay, prepay, defease, redeem, reduce, purchase or otherwise retire (and to correspondingly reduce commitments with respect thereto in the case of revolving borrowings): (x) Indebtedness of the Company (other than any Disqualified Stock or Subordinated Obligations) that is secured by a Lien on assets that do not constitute a part of the Collateral (other than Indebtedness owed to an Affiliate of the Company) or (y) Indebtedness of a Restricted Subsidiary (other than any Disqualified Stock or Guarantor Subordinated Obligations) that is secured by a Lien on assets that do not constitute a part of the Collateral (other than Indebtedness owed to the Company or an Affiliate of the Company);
		

		
			(2)     if such Net Cash Proceeds are from an Asset Sale that is not a disposition of Collateral, in the case of an Asset Sale by a Restricted Subsidiary that is a Non-Guarantor Subsidiary, to repay, prepay, defease, redeem, reduce, purchase or otherwise retire (and to correspondingly reduce commitments with respect thereto in the case of revolving borrowings) Indebtedness of such Restricted Subsidiary or any other Restricted Subsidiary that is a Non-Guarantor Subsidiary;
		

		
			(3)     to repay, prepay, defease, redeem, reduce, purchase or otherwise retire (and to correspondingly reduce commitments with respect thereto in the case of revolving borrowings other than commitments under the Revolving Facility), first, to repay outstanding borrowings under the Revolving Facility (without reducing commitments) and, thereafter on a pro rata basis: (x) Indebtedness or other Obligations under the Senior Credit Facilities and any Pari Passu Lien Obligations (other than Indebtedness owed to the Company or an Affiliate of the Company and the Notes) and (y) the Notes by, at its option (i) redeeming Notes as provided under Section 3.01, (ii) purchasing Notes through open market purchases (to the extent such purchases are at or above 100.0% of the principal amount thereof), or (iii) making an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all Holders to purchase their Notes at 100.0% of the principal amount thereof, plus the amount of accrued but unpaid interest, if any, on the amount of Notes that would otherwise be prepaid;
		

		
			(4)     to make an investment in, purchase or otherwise acquire any one or more businesses, assets (other than working capital assets), properties or capital expenditures, in each case used or useful in a Similar Business or to make payments (including without limitation prepayments and progress payments) in connection with such investment, purchase or other acquisition; provided, that if such investment, purchase or acquisition is in the form of the acquisition of Capital Stock of a Person, such investment, purchase or acquisition results in such Person becoming a Restricted Subsidiary; provided,  further, that the assets acquired with the Net Cash Proceeds of a disposition shall not be Excluded Assets and are required to be pledged as Collateral pursuant to the Security Documents reasonably promptly after receipt by the Company or a Restricted Subsidiary thereof;
		

		
			
		

		
			

		 

		

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			(5)     to make an investment in, purchase or otherwise acquire any one or more businesses, assets (other than working capital assets) or properties that replace the businesses, assets and/or properties that are the subject to such Asset Sale; provided, that the assets acquired with the Net Cash Proceeds of a disposition shall not be Excluded Assets and are required to be pledged as Collateral pursuant to the Security Documents reasonably promptly after receipt by the Company or a Restricted Subsidiary thereof; or
		

		
			(6)     any combination of the foregoing,
		

		
			provided, that the Company and its Restricted Subsidiaries will be deemed to have complied with the provisions described in clause (4) or (5) of this Section 4.10(b) if and to the extent that, within 365 days after the Company’s or any Restricted Subsidiary’s receipt of such Net Cash Proceeds, the Company or a Restricted Subsidiary, as applicable, has entered into and not abandoned or rejected a binding agreement to make an investment, purchase or other acquisition in compliance with the provision described in clause (4) or (5) of this Section 4.10(b), and that investment, purchase or other acquisition is thereafter completed within 180 days after the end of such 365-day period.
		

		
			(c)     Notwithstanding the foregoing, to the extent that repatriation to the United States of any or all of the Net Cash Proceeds of any Asset Sales by a foreign Subsidiary (x) is prohibited or delayed by applicable local law or (y) would have a material adverse tax consequence (taking into account any foreign tax credit or other net benefit actually realized in connection with such repatriation that would not otherwise be realized), as determined by the Company in its sole discretion, the portion of such Net Cash Proceeds so affected will not be required to be applied in compliance with this covenant; provided that clause (x) of this paragraph shall apply to such amounts so long, but only so long, as the applicable local law will not permit repatriation to the United States (the Company hereby agreeing to use commercially reasonable efforts to cause the applicable foreign Subsidiary to take all actions reasonably required by the applicable local law, applicable organizational impediments or other impediment to permit such repatriation), and if such repatriation of any of such affected Net Cash Proceeds is permitted under the applicable local law and is not subject to clause (y) of this paragraph, then, an amount equal to such Net Cash Proceeds will be promptly applied (net of additional taxes that would be payable or reserved against as a result of repatriating such amounts) in compliance with this covenant. The time periods set forth in this covenant shall not start until such time as the Net Cash Proceeds may be repatriated (whether or not such repatriation actually occurs).
		

		
			(d)     Pending the final application of any such Net Cash Proceeds, the Company and its Restricted Subsidiaries may temporarily reduce Indebtedness (including under a revolving Debt Facility) or otherwise invest or utilize such Net Cash Proceeds in any manner not prohibited by this Indenture. Any amount of Net Cash Proceeds from any Asset Sale that is not applied or invested as provided and within the time period set forth in Section 4.10(b) will be deemed to constitute “Excess Proceeds”; provided, that any amount of proceeds offered to Holders pursuant to clause (3) of Section 4.10(b) or pursuant to an Asset Sale Offer made at any time after the Asset Sale shall be deemed to have been applied as required and shall not be deemed to be Excess Proceeds without regard to the extent to which such offer is accepted by the Holders. When the aggregate amount of Excess Proceeds exceeds $50.0 million, the Company will be required to make an offer (“Asset Sale Offer”) to all Holders of Notes and, to the extent required
		

		
			
		

		
			

		 

		

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			by the terms of other Pari Passu Indebtedness, to all holders of other Pari Passu Indebtedness outstanding with similar provisions requiring the Company (or the Subsidiary Guarantor, as applicable) to make an offer to purchase such Pari Passu Indebtedness with the proceeds from any Asset Sale, to purchase the maximum principal amount of Notes and any such Pari Passu Indebtedness to which the Asset Sale Offer applies that may be purchased out of the Excess Proceeds, at an offer price in cash in an amount equal to 100.0% of the principal amount of the Notes and Pari Passu Indebtedness plus accrued and unpaid interest to (but not including) the date of purchase (or such lesser price with respect to the Pari Passu Indebtedness, if any, as may be provided by the terms of such Indebtedness), in accordance with the procedures set forth in this Indenture or the agreements governing the Pari Passu Indebtedness, as applicable.
		

		
			(e)     To the extent that the aggregate amount of Notes and Pari Passu Indebtedness so properly tendered and not withdrawn pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company may use any remaining Excess Proceeds for any purpose not prohibited by this Indenture. If the aggregate principal amount of Notes surrendered by Holders thereof and other Pari Passu Indebtedness surrendered by Holders or lenders, collectively, exceeds the amount of Excess Proceeds, selection of Notes for purchase will be made by the Company in accordance with Section 3.04(f).  Upon completion of such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.
		

		
			Section 4.11.      Limitation on Affiliate Transactions.  (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or conduct any transaction (including for the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate of the Company involving aggregate consideration in excess of $30.0 million (an “Affiliate Transaction”) unless:
		

		
			(1)     the terms of such Affiliate Transaction are not materially less favorable to the Company or such Restricted Subsidiary, as the case may be, when taken as a whole, than those that would have been obtained by the Company or such Restricted Subsidiary in a comparable transaction at the time of such transaction on an arm’s-length basis with a Person who is not an Affiliate (as determined in good faith by the Company); and
		

		
			(2)     in the event such Affiliate Transaction involves an aggregate consideration in excess of $75.0 million, the terms of such transaction have been approved by a majority of the disinterested members of the Board of Directors of the Company and the Board of Directors of the Company shall have determined in good faith that such Affiliate Transaction satisfies the criteria in clause (1) above.
		

		
			(b)    Section 4.11(a) shall not apply to:
		

		
			(1)     (i) any transaction between or among the Company and/or any of its Restricted Subsidiaries (or an entity that becomes a Restricted Subsidiary as a result of such transaction); (ii) guarantees issued by the Company or a Restricted Subsidiary for the benefit of the Company or a Restricted Subsidiary in compliance with Section 4.09, as applicable; or (iii) the Security Documents, the Intercreditor Agreements or any documents effecting a joinder, accession, amendment or supplement thereto;
		

		
			
		

		
			

		 

		

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			(2)     any Restricted Payments permitted by this Indenture or any Permitted Investments;
		

		
			(3)     any employment, consulting, service or termination agreement, or indemnification arrangement, entered into by the Company or a Restricted Subsidiary with a future, current or former director, officer, employee, manager, consultant or independent contractor of the Company or a Restricted Subsidiary (or any direct or indirect parent of the Company to the extent such agreements or arrangements are in respect of services performed for the Company or any of its Restricted Subsidiaries); the payment of compensation or expense reimbursement to any future, current or former director, officer, employee, manager, consultant or independent contractor of the Company or a Restricted Subsidiary (including amounts paid pursuant to any benefit plan or arrangement, any health, disability or similar insurance plan or any stock option, employee stock purchase or similar plans); or any issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment agreements and other compensation arrangements, options to purchase Capital Stock of the Company, subscription agreements, restricted stock plans, restricted stock unit plans, long-term incentive plans, stock appreciation rights plans, participation plans or similar employee benefits plans and/or indemnity provided on behalf of future, current or former directors, officers, employees, managers, consultants or independent contractors of the Company or a Restricted Subsidiary, in each case in the ordinary course of business or as otherwise approved by the Board of Directors of the Company or any direct or indirect parent of the Company;
		

		
			(4)     payments, loans, advances or guarantees (or cancellation of loans, advances or guarantees) to employees, officers, directors, managers, consultants or independent contractors for bona fide business purposes or in the ordinary course of business, in an aggregate amount not in excess of $10.0 million outstanding at any time;
		

		
			(5)     any agreement or arrangement as in effect as of the Issue Date (as such agreement or arrangement may be amended, modified, supplemented, extended, renewed or replaced from time to time, so long as any such amendment, modification, supplement, extension, renewal or replacement, when taken as a whole, is not materially more disadvantageous to the Holders (as determined in good faith by the Company) than the terms of the original agreement or arrangement in effect on the Issue Date) or any transaction contemplated thereby;
		

		
			(6)     any agreement between any Person and an Affiliate of such Person existing at the time such Person is acquired by or merged, amalgamated or consolidated with or into the Company or a Restricted Subsidiary, as such agreement may be amended, modified, supplemented, extended or renewed from time to time; provided that such agreement was not entered into contemplation of such acquisition, merger, amalgamation or consolidation, and so long as any such amendment, modification, supplement, extension or renewal, when taken as a whole, is not materially more disadvantageous to the Holders than the applicable agreement as in effect on the date of such acquisition, merger, amalgamation or consolidation (as determined in good faith by the Company);
		

		
			
		

		
			

		 

		

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			(7)     transactions with customers, clients, suppliers, joint venture partners or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture, in each case which are fair to the Company and its Restricted Subsidiaries or are on terms that are not materially less favorable, when taken as a whole, to the Company or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unaffiliated party (as determined in good faith by the Company);
		

		
			(8)     any transaction with a Person (other than an Unrestricted Subsidiary) that would constitute an Affiliate Transaction solely because the Company or a Restricted Subsidiary owns Capital Stock of or otherwise controls such Person; provided that no Affiliate of the Company or any of its Subsidiaries (other than the Company or a Restricted Subsidiary) shall have a beneficial interest or otherwise participate in such Person;
		

		
			(9)     transactions between the Company or any of its Restricted Subsidiaries and any Person that would constitute an Affiliate Transaction solely because such Person is a director, or such Person has a director who is also a director, of the Company or any direct or indirect parent of the Company; provided,  however, that such director abstains from voting as a director of the Company or such direct or indirect parent of the Company, as the case may be, on any matter involving such other Person;
		

		
			(10)     any issuance or sale of Capital Stock (other than Disqualified Stock) to Affiliates of the Company and the granting of registration and other customary rights with respect thereto;
		

		
			(11)     transactions in which the Company or any Restricted Subsidiary delivers to the Trustee a letter or opinion from an Independent Financial Advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of view or stating that the terms are not materially less favorable, when taken as a whole, than those that might reasonably have been obtained by the Company or such Restricted Subsidiary in a comparable transaction at such time on an arms-length basis from a Person that is not an Affiliate; and
		

		
			(12)     intercompany transactions undertaken in good faith for the purpose of improving the consolidated tax efficiency of the Company and the Restricted Subsidiaries or as part of a bona fide tax planning transaction and not for the purpose of circumventing any covenant set forth in this Indenture.
		

		
			Section 4.12.   Limitation on Liens.  (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or permit to exist any Lien (except Permitted Liens) that secures Obligations under any Indebtedness or any related guarantee of Indebtedness of any kind (any such lien, the “Initial Lien”), on any asset or property of the Company or any of its Restricted Subsidiaries now owned or hereafter acquired, except in the case of any assets or property that do not constitute Collateral, any Initial Lien if
		

		
			
		

		
			

		 

		

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			the Notes and the Subsidiary Guarantees are secured equally and ratably with (or prior to) the obligations secured by such Initial Lien (subject to Permitted Liens).
		

		
			(b)    Any Lien created for the benefit of the holders of the Notes pursuant to Section 4.12(a) shall provide by its terms that such Lien shall be deemed automatically and unconditionally released and discharged upon the release and discharge of each of the Initial Liens.
		

		
			(c)    If the Company or any of its Restricted Subsidiaries creates any Lien upon any asset or property that is not at such time Collateral in order to secure any Pari Passu Lien Debt, it must concurrently grant a first-priority Lien upon such property or assets as security for the Notes and the Subsidiary Guarantees, such that the asset or property subject to such Lien will constitute Collateral under this Indenture and the Security Documents, subject to Permitted Liens.
		

		
			For purposes of determining compliance with this Section 4.12, (x) a Lien securing an item of Indebtedness need not be permitted solely by reference to one category (or portion thereof) of Permitted Liens described in the definition thereof or by reference to Section 4.12(a), but may be permitted in part under any combination thereof and (y) in the event that a Lien securing an item of Indebtedness (or any portion thereof) meets the criteria of one or more of the categories of Permitted Liens described in the definition thereof or is permitted by Section 4.12(a), the Company shall, in its sole discretion, be entitled to divide, classify or reclassify, or later divide, classify, or reclassify, in whole or in part, any such Lien (or any portion thereof) in any manner.
		

		
			The expansion of Liens by virtue of accretion or amortization of original issue discount, the payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class accretion of original issue discount or liquidation preference, 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, will not be deemed to be an incurrence of Liens for purposes of this Section 4.12.
		

		
			Section 4.13.   Existence.  The Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its existence and the existence of each of its Restricted Subsidiaries in accordance with their respective organizational documents (as the same may be amended from time to time), and the material rights (charter and statutory), licenses and franchises of the Company and its Restricted Subsidiaries, provided that the Company is not required to preserve any such right, license or franchise, or the existence of any Restricted Subsidiary, in each case if the Company in good faith shall determine that the maintenance or preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries taken as a whole; and provided further that this Section does not prohibit any transaction otherwise permitted by Section 4.07 or Article 5.
		

		
			Section 4.14.   Offer to Repurchase Upon a Change of Control.
		

		
			(a)     Upon the occurrence of a Change of Control, unless the Company has previously or concurrently exercised its right to redeem all of the Notes pursuant to Section 3.01, each Holder shall have the right to require the Company to repurchase all or any part of such Holder’s Notes
		

		
			
		

		
			

		 

		

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			at a purchase price in cash equal to 101.0% of the aggregate principal amount of the Notes repurchased plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on an Interest Payment Date falling on or prior to the date of purchase).
		

		
			(b)     Prior to or within 30 days following any Change of Control, unless the Company has previously or concurrently exercised its right to redeem all of the Notes pursuant to Section 3.01, the Company shall deliver a notice (the “Change of Control Offer”) to each Holder or otherwise give notice in accordance with the applicable procedures of the Depositary, with a copy to the Trustee, stating:
		

		
			(1)     that a Change of Control has occurred or, if the Change of Control Offer is being made in advance of a Change of Control, that a Change of Control is expected to occur, and that such Holder has, or upon such occurrence will have, the right to require the Company to purchase such Holder’s Notes at a purchase price in cash equal to 101.0% of the principal amount of such Notes plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on a Regular Record Date to receive interest on the relevant Interest Payment Date) (the “Change of Control Payment”);
		

		
			(2)     the repurchase date (which shall be no earlier than ten days nor later than 60 days from the date such notice is delivered) (the “Change of Control Payment Date”);
		

		
			(3)     if such notice is delivered prior to the occurrence of a Change of Control, that the Change of Control Offer is conditional on the occurrence of a Change of Control; and
		

		
			(4)     the procedures determined by the Company, consistent with this Indenture, that a Holder must follow in order to have its Notes repurchased.
		

		
			On the Change of Control Payment Date, the Company shall, to the extent lawful:
		

		
			(1)     accept for payment all Notes or portions of Notes properly tendered and not withdrawn pursuant to the Change of Control Offer;
		

		
			(2)     deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered and not withdrawn; and
		

		
			(3)     deliver or cause to be delivered to the Trustee for cancellation the Notes so accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company in accordance with the terms of this covenant.
		

		
			The Paying Agent shall promptly deliver to each Holder of Notes properly tendered and not withdrawn the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal
		

		
			
		

		
			

		 

		

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			in principal amount to any unpurchased portion of the Notes surrendered, if any, in accordance with Section 3.04(e).
		

		
			(c)     If the Change of Control Payment Date is on or after a Regular Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest, if any, shall be paid on the relevant Interest Payment Date to the Person in whose name a Note is registered at the close of business on such Regular Record Date.
		

		
			(d)    (i) The Company shall not be required to make a Change of Control Offer upon a Change of Control if 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 Company and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer; and (ii) the Company will not be required to make a Change of Control Offer if the Company has previously or concurrently exercised its right to redeem all of the Notes pursuant to Section 3.01 pursuant to a notice of redemption that is or has become unconditional.
		

		
			(e)    The Company or a third party may, at its option, redeem the Notes upon not less than ten nor more than 60 days’ notice, given not more than 30 days following the consummation of the Change of Control Offer, at a redemption price of 101.0% of the aggregate principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to the applicable redemption date (subject to the right of holders of record on the relevant record date to receive interest due on an interest payment date falling on or prior to such redemption date), in connection with the consummation of a Change of Control if at least 90.0% of the Notes outstanding prior to the Change of Control Payment Date are purchased pursuant to a Change of Control Offer with respect to such Change of Control.
		

		
			(f)     Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control.
		

		
			Section 4.15.   Future Subsidiary Guarantors.
		

		
			(a)     From the Escrow Release Date, the Company shall cause each Restricted Subsidiary (x) that borrows under or Guarantees the Senior Credit Facilities, and (y) that Guarantees any other Indebtedness of the Company or a Subsidiary Guarantor (other than Indebtedness owing to the Company or any of its Restricted Subsidiaries) in an aggregate principal amount greater than or equal to $50.0 million, to execute and deliver to the Trustee a supplemental indenture to this Indenture pursuant to which such Restricted Subsidiary will irrevocably and unconditionally Guarantee, on a joint and several basis, the full and prompt payment of the principal of, premium, if any, and interest in respect of the Notes on a senior basis and all other obligations under this Indenture.  To the extent that the assets of any such future Subsidiary Guarantor are required to pledged as collateral pursuant to the Senior Credit Facilities or any such other Indebtedness, such assets will be pledged as Collateral pursuant to the Security Documents reasonably promptly after such Restricted Subsidiary issues its Guarantee of the Notes.
		

		
			
		

		
			

		 

		

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			(b)     Notwithstanding the foregoing, in the event (i) a Subsidiary Guarantor is released and discharged in full from all of its obligations under its Guarantees of any other Indebtedness that gave rise (or would give rise) to its obligation to provide such Subsidiary Guarantee and (ii) such Subsidiary Guarantor has not Incurred any Indebtedness in reliance on its status as a Subsidiary Guarantor under Section 4.09 or such Subsidiary Guarantor’s obligations under such Indebtedness are satisfied in full and discharged or are otherwise permitted to be Incurred by a Restricted Subsidiary (other than a Subsidiary Guarantor) under Section 4.09, then the Subsidiary Guarantee of such Subsidiary Guarantor shall be automatically and unconditionally released or discharged.
		

		
			Section 4.16.   Maintenance of Insurance.  The Company will maintain or cause to be maintained, with financially sound and reputable insurers, insurance with respect to the business and assets of the Company or any Restricted Subsidiary, in such amounts and against such liabilities, casualties, risks and contingencies existing from time to time as is customary for prudent owners and operators of similar businesses and similar property.  Without limiting the generality of the foregoing, if a mortgage is required pursuant to provisions set forth in the First Lien Intercreditor Agreement with respect to any Premises, and such Premises is designated as, or to be in, a “flood hazard area,” the Company will maintain or cause to be maintained, with financially sound and reputable insurers, flood insurance on such Premises in such total amount as required under applicable law and otherwise in compliance with the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973.
		

		
			Section 4.17.   Designation of Restricted and Unrestricted Subsidiaries(a)  .  (a) The Board of Directors of the Company or any direct or indirect parent of the Company may designate any Subsidiary of the Company (including any existing Subsidiary and any newly acquired or newly formed Subsidiary or a Person becoming a Subsidiary through merger, amalgamation or consolidation or Investment therein) to be an Unrestricted Subsidiary only if:
		

		
			(1)     such Subsidiary or any of its Subsidiaries has not Guaranteed any Capital Stock or Indebtedness of and does not own any Capital Stock in, the Company or any Restricted Subsidiary and does not hold any Liens on any property or assets of the Company or any Restricted Subsidiary (other than a Subsidiary of the Subsidiary to be so designated);
		

		
			(2)     all the Indebtedness of such Subsidiary and its Subsidiaries shall, at the date of designation, and will for so long as it is an Unrestricted Subsidiary, consist of Non-Recourse Debt;
		

		
			(3)     the aggregate Fair Market Value of all outstanding Investments of the Company and its Restricted Subsidiaries in such Subsidiary complies with Section 4.07 or constitutes a Permitted Investment; and
		

		
			(4)     except as permitted under Section 4.11, on the date such Subsidiary is designated an Unrestricted Subsidiary, such Subsidiary is not a party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary with terms substantially less favorable to the Company or such Restricted Subsidiary,
		

		
			
		

		
			

		 

		

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			when taken as a whole, than those that would have been obtained from Persons who are not Affiliates of the Company.
		

		
			Any such designation by the Board of Directors of the Company or any direct or indirect parent of the Company after the Issue Date shall be evidenced to the Trustee by filing with the Trustee a resolution of the Board of Directors of the Company or any direct or indirect parent of the Company giving effect to such designation and an Officer’s Certificate certifying that such designation complies with the foregoing conditions. If, at any time, any Unrestricted Subsidiary would fail to meet the foregoing requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary shall be deemed to be Incurred as of such date.
		

		
			(b)    The Board of Directors of the Company may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that immediately after giving effect to such designation, no Event of Default shall have occurred and be continuing or would occur as a consequence thereof and either (i) the Company would be permitted to Incur at least $1.00 of additional Indebtedness as Ratio Debt after giving effect to such designation or (ii) the Consolidated Coverage Ratio of the Company after giving effect to such designation would be equal to or greater than such ratio immediately prior to such designation.
		

		
			Section 4.18.   Financial Maintenance Covenant.  The Company shall not permit its Consolidated Total Debt Ratio to exceed:
		

		
			(i)     7.25:1.00 as at December 31, 2019,
		

		
			(ii)    7.50:1.00 as at March 31, 2020,
		

		
			(iii)   7.75:1.00 as at the end of each of the fiscal quarter ending on or after June 30, 2020 and up to and including September 30, 2021,
		

		
			(iv)   7.50:1.00 as at the end of each fiscal quarter ending on or after December 31, 2021 and up to and including September 30, 2022,
		

		
			(v)    6.50:1.00 as at the end of the fiscal quarters ending on December 31, 2022 and March 31, 2023, and
		

		
			(vi)    5.75:1.00 as at the end of the fiscal quarters ending on June 30, 2023 and September 30, 2023;
		

		
			provided that commencing with the fiscal quarter immediately following the closing of the first Business Disposition which exceeds the threshold set forth in the definition thereof, each such ratio for all subsequent fiscal quarters shall be automatically reduced by 0.25:1.00.
		

		
			Section 4.19.   Escrow Issuer Status Prior to Escrow Release.
		

		
			Prior to Escrow Release, the Escrow Issuer shall not:
		

		
			
		

		
			

		 

		

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			(a)    conduct, transact or otherwise engage in, or commit to conduct, transact or otherwise engage in, any business or operations other than those incidental to its existence or incidental to its issuance of the Notes and the performance of its obligations under the Notes, the purchase agreement in respect of the Notes, this Indenture or the Escrow Agreement;
		

		
			(b)    establish any Subsidiaries;
		

		
			(c)    Incur, create, assume or suffer to exist any Indebtedness or other liabilities or financial obligations (other than liabilities relating to the Notes issued on the Issue Date, this Indenture or the Escrow Agreement or incidental to the Escrow Issuer’s existence); or
		

		
			(d)    own, lease, manage or otherwise operate any properties or assets (including cash and cash equivalents) other than the Escrowed Property,
		

		
			 other than, in each case, such business or operations as are consistent with the Escrow Issuer’s ordinary course of conduct prior to this offering.
		

		
			For the avoidance of doubt, this Section 4.19 shall no longer apply once the Escrow Release is consummated. Notwithstanding anything to the contrary set forth in this Indenture, any actions by the Escrow Issuer that are consistent with the Escrow Issuer’s ordinary course of conduct prior to this offering shall not be deemed to violate any other covenant set forth in this Indenture.
		

		
			Section 4.20.   Application of Covenants.
		

		
			On and following the Escrow Release Date, Sections 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.15, 4.16, 4.17, 4.18 and 5.01 shall be deemed to have been applicable to the Company and its Restricted Subsidiaries beginning on the Issue Date. The entry into and performance of its obligations pursuant to the Escrow Agreement by the Escrow Issuer (including the Escrow Release and any Special Mandatory Redemption and any activities reasonably related thereto) and any investment by the Company to facilitate the foregoing shall not constitute a breach of any of the covenants under this Indenture.
		

		
			Section 4.21.   Suspension of Certain Covenants.  (a) Following the first day (the “Suspension Date”) that:
		

		
			(1)     the Notes have an Investment Grade Rating from both of the Rating Agencies; and
		

		
			(2)     no Default has occurred and is continuing hereunder,
		

		
			the Subsidiary Guarantees will be automatically and unconditionally released and discharged and the Company and its Restricted Subsidiaries shall not be subject to the covenants in Sections Section 4.07, 4.08, 4.09, 4.10, 4.11, 4.15, 4.16, 4.18 and clause (4) of Section 5.01(a) (collectively, the “Suspended Covenants”). If at any time following a Suspension Date the Notes’ credit rating is downgraded from an Investment Grade Rating by any Rating Agency such
		

		
			
		

		
			

		 

		

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			that the Notes do not have an Investment Grade Rating by any two Rating Agencies, then the Suspended Covenants will thereafter be reinstated (such date, the “Reinstatement Date”) and be applicable pursuant to the terms of this Indenture with respect to future events, unless and until a subsequent Suspension Date occurs (in which event the Suspended Covenants shall no longer be in effect until a subsequent Reinstatement Date occurs). The period of time between Suspension Date and the Reinstatement Date is referred to as the “Suspension Period.”
		

		
			(b)    Notwithstanding the reinstatement of the Suspended Covenants upon a Reinstatement Date, no Default, Event of Default or breach of any kind shall be deemed to have occurred or exist under this Indenture, the Notes or the Subsidiary Guarantees with respect to the Suspended Covenants based on, and none of the Company or any of its Subsidiaries shall bear any liability for, any actions taken or events occurring during the Suspension Period, or any actions taken at any time pursuant to any contractual obligation arising prior to the Reinstatement Date, regardless of whether such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such period. The Company and its Subsidiaries shall be permitted, without causing a Default or Event of Default or breach of any of the Suspended Covenants (notwithstanding the reinstatement thereof) under this Indenture, to honor, comply with or otherwise perform any contractual commitments or obligations entered into during a Suspension Period following a Reinstatement Date and to consummate the transactions contemplated thereby; provided that, to the extent any such commitment or obligation results in the making of a Restricted Payment, such Restricted Payment shall be made under clause (C) of Section 4.07(a) or under Section 4.07(b) and, if not permitted by any of such provisions, such Restricted Payment shall be deemed permitted under clause (C) of Section 4.07(a) and shall be deducted for purposes of calculating the amount pursuant to such clause (C) (so that the amount available under such clause (C) immediately following such Restricted Payment shall be negative).
		

		
			(c)    On each Reinstatement Date, all Indebtedness Incurred during the applicable Suspension Period will be classified to have been Incurred pursuant to clause (3) of Section 4.09(b). Calculations made after each Reinstatement Date of the amount available to be made as Restricted Payments under Section 4.07 will be made as though Section 4.07 had been in effect prior to, but not during, the Suspension Period. Upon the Suspension Date, the amount of Excess Proceeds from Asset Sales shall be reset at zero. In addition, for purposes of Section 4.11, all transactions entered into by the Company or any Restricted Subsidiary with an Affiliate of the Company during the Suspension Period shall be deemed to have been entered into pursuant to clause (5) of Section 4.11(b), and for purposes of Section 4.08, all agreements and instruments entered into during the Suspension Period that contain any of the restrictions contemplated by such covenant shall be deemed to have been entered into pursuant to clause (1) of Section 4.08(b).
		

		
			(d)    During any period when the Suspended Covenants are suspended, the Board of Directors of the Company may not designate any of the Company’s Subsidiaries as Unrestricted Subsidiaries pursuant to this Indenture.
		

		
			(e)    The Company shall provide written notice to the Trustee of the occurrence of any Suspension Date or Reinstatement Date. The Trustee shall have no obligation to (i) independently determine or verify if such events have occurred, (ii) make any determination
		

		
			
		

		
			

		 

		

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			regarding the impact of actions taken during the Suspension Period on future compliance by the Company and the Restricted Subsidiaries with their covenants or (iii) notify the holders of the occurrence of any action that results in a Suspension Date or Reinstatement Date.
		

		
			ARTICLE 5
		

		
			MERGER AND CONSOLIDATION
		

		
			Section 5.01.   Merger and Consolidation.  (a) The Company shall not consummate a Division as a Dividing Person, consolidate with or merge with or into or wind up into (whether or not the Company is the surviving corporation), or sell, assign, convey, transfer or otherwise dispose of all or substantially all of the assets and properties of the Company and its Restricted Subsidiaries, taken as a whole, in one or more related transactions, to any Person unless:
		

		
			(1)     the resulting, surviving or transferee Person (the “Successor Company”) or the Division Successor surviving any Division is the Company or will be a corporation, limited liability company, partnership, limited partnership or trust organized and existing under the laws of the United States of America, any State of the United States or the District of Columbia; provided that if such Person is not a corporation, such Person will immediately cause a Subsidiary that is organized and existing under the laws of the United States of America, any State of the United States or the District of Columbia and that is a corporation to be added as a co-issuer of the Notes under this Indenture;
		

		
			(2)     (x) the Successor Company (if other than the Company) assumes all of the obligations of the Company under the Notes, this Indenture, the Intercreditor Agreements and the Security Documents pursuant to a supplemental indenture, amendments or other customary documents or instruments, or (y) in the case of a Division, where the Company is the Dividing Person, the Division Successor shall remain or become a co-issuer of the Notes;
		

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

		
			(4)     immediately after giving pro forma effect to such transaction and any related financing transactions, as if such transactions had occurred at the beginning of the applicable four-fiscal­quarter period, either:
		

		
			(A)    the Successor Company or the Division Successor to the Company, as applicable, would be able to Incur at least $1.00 of additional Indebtedness as Ratio Debt, or
		

		
			(B)    the Consolidated Coverage Ratio for the Successor Company or the Division Successor to the Company, as applicable, would be equal to or greater than such ratio for the Company immediately prior to such transaction;
		

		
			(5)     each Subsidiary Guarantor (unless it is the other party to the transactions above, in which case clause (1) shall apply) shall have confirmed in writing to the Trustee that its Subsidiary Guarantee shall apply to such Person’s obligations in respect
		

		
			
		

		
			

		 

		

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			of this Indenture and the Notes and its obligations under the Security Documents and Intercreditor Agreements (as applicable) shall continue to be in effect; and
		

		
			(6)     Collateral owned by or transferred to the Successor Company or the Division Successor to the Company, as applicable, shall (i) continue to constitute Collateral under this Indenture and the Security Documents, (ii) be subject to the Lien in favor of the Notes Collateral Agent for the benefit of the Notes Secured Parties and (iii) not be subject to any Lien other than Permitted Liens.
		

		
			Notwithstanding the preceding clauses (3) and (4),
		

		
			(1)     any Restricted Subsidiary may consolidate with, merge with or into or sell, assign, convey, transfer or otherwise dispose of all or part of its assets and properties to the Company so long as no Capital Stock of the Restricted Subsidiary is distributed to any Person other than the Company, and
		

		
			(2)     the Company may merge with an Affiliate of the Company solely for the purpose of reincorporating the Company in another jurisdiction.
		

		
			(b)       Subject to the provisions in this Indenture governing release of a Subsidiary Guarantee upon the sale or disposition of a Restricted Subsidiary that is a Subsidiary Guarantor, the Company shall not permit any Subsidiary Guarantor to consummate a Division as the Dividing Person (whether or not the Company or such Subsidiary Guarantor is the surviving Person), consolidate with or merge with or into or wind up into (whether or not the Subsidiary Guarantor is the surviving corporation), or sell, assign, convey, transfer or otherwise dispose of all or substantially all of its assets and properties to, any Person (other than to the Company or another Subsidiary Guarantor) unless:
		

		
			(1)     if such entity remains a Subsidiary Guarantor, (a) the resulting, surviving or transferee Person (the “Successor Guarantor”) or the Division Successor, as applicable, will be such Subsidiary Guarantor or a corporation, limited liability company, partnership, limited partnership or trust organized and existing under the laws of the United States of America, any State of the United States or the District of Columbia (or, in the case of a Canadian Subsidiary Guarantor, under the laws of Canada or any province thereof); (b) the Successor Guarantor or the Division Successor, as applicable, if other than such Subsidiary Guarantor or another Subsidiary Guarantor, expressly assumes all of the obligations of such Subsidiary Guarantor under the Notes, this Indenture, the Security Documents and the Intercreditor Agreements (as applicable) pursuant to a supplemental indenture, amendments or other customary documents or instruments; (c) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; (d) if the Successor Guarantor is other than such Subsidiary Guarantor or another Subsidiary Guarantor, the Company will have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such Division, consolidation, merger, amalgamation or transfer and such supplemental indenture comply with this Indenture; and (e) if the Successor Guarantor is other than such Subsidiary Guarantor or another Subsidiary Guarantor, Collateral owned by or transferred to the Successor Guarantor shall (i) continue to constitute Collateral under
		

		
			
		

		
			

		 

		

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			this Indenture and the Security Documents, (ii) be subject to the Lien in favor of the Notes Collateral Agent for the benefit of the Notes Secured Parties and (iii) not be subject to any Lien other than Permitted Liens; and
		

		
			(2)     the transaction is made in compliance with Section 4.10 to the extent applicable (it being understood that only such portion of the Net Cash Proceeds as is required to be applied on the date of such transaction in accordance with the terms of this Indenture needs to be applied in accordance therewith at such time) and this Section 5.01.
		

		
			(c)    In addition, the Company shall not, directly or indirectly, lease, or permit any Restricted Subsidiary to lease, all or substantially all of the properties of it and its Restricted Subsidiaries, taken as a whole, in one or more related transactions, to any other Person.
		

		
			(d)    Notwithstanding the foregoing, any Subsidiary Guarantor may (x) consolidate or merge with or into or sell, assign, convey, transfer, lease or otherwise dispose of all or part of its assets and properties to another Subsidiary Guarantor or the Company, or (y) consolidate or merge with or into or sell, assign, convey, transfer, lease or otherwise dispose of all or part of its assets and properties to a Restricted Subsidiary of the Company solely for the purpose of reincorporating the Subsidiary Guarantor in a State of the United States or the District of Columbia (or, in the case of a Canadian Subsidiary Guarantor, under the laws of Canada or any province thereof), as long as the amount of Indebtedness of such Subsidiary Guarantor and its Restricted Subsidiaries is not increased thereby, and the resulting entity remains or becomes a Subsidiary Guarantor.
		

		
			(e)    For purposes of this Section 5.01, the sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all of the assets and properties of one or more Subsidiaries of the Company, which assets and properties, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the assets and properties of the Company on a consolidated basis, shall be deemed to be the disposition of all or substantially all of the assets and properties of the Company.
		

		
			Section 5.02.   Successor Entity Substituted.
		

		
			Upon any consolidation or merger, or any sale, assignment, transfer, conveyance or other disposition of all or substantially all of the assets and properties of the Company or a Subsidiary Guarantor in accordance with Section 5.01 hereof, the Company or such Subsidiary Guarantor, as the case may be, shall be released from its obligations under this Indenture or such Subsidiary Guarantee, as the case may be, and the Successor Company, the Successor Guarantor or Division Successor, as the case may be, shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, conveyance or other disposition, the provisions of this Indenture referring to the Company or such Subsidiary Guarantor, as the case may be, shall refer instead to the Successor Company, the Successor Guarantor or Division Successor, as the case may be, and not to the Company or such Subsidiary Guarantor), and may exercise every right and power of, the Company or such Subsidiary Guarantor under this Indenture, the Notes or such Subsidiary Guarantee.
		

		
			 
		

		
			
		

		
			

		 

		

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			ARTICLE 6
		

		
			DEFAULTS AND REMEDIES
		

		
			Section 6.01.   Events of Default.
		

		
			(a)    An “Event of Default” means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary):
		

		
			(1)     default in any payment of interest on any Note when due, continued for 30 days;
		

		
			(2)     default in the payment of principal of or premium, if any, on any Note when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon acceleration or otherwise;
		

		
			(3)     failure by the Company to comply with its obligations under Section 4.18 or Section 5.01 (other than its obligations under clause (5) of Section 5.01(a)) or the failure by any Subsidiary Guarantor to comply with its obligations under clauses (1)(b), (1)(c), (1)(d) and (2) of Section 5.01(b);
		

		
			(4)     failure by the Company or any Restricted Subsidiary to comply for 30 days after receipt of written notice as provided below with any of its obligations, covenants and agreements contained in this Indenture (other than a Default referred to in clause (1), (2) or (3) above); provided, that in the case of a failure to comply with Section 4.03 such period of continuance of such default or breach shall be 60 days after receipt of written notice as provided below;
		

		
			(5)     default by the Company or any Restricted Subsidiary under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is Guaranteed by the Company or any of its Restricted Subsidiaries), other than Indebtedness owed to the Company or a Restricted Subsidiary, whether such Indebtedness or Guarantee now exists or is created after the Issue Date, which default:
		

		
			(A)    is caused by a failure, after the expiration of the grace period provided in such Indebtedness, to pay principal of, or interest or premium, if any, on such Indebtedness (“Payment Default”); or
		

		
			(B)    results in the acceleration of such Indebtedness prior to its maturity;
		

		
			and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, exceeds $100.0 million;
		

		
			(6)     an involuntary case or other proceeding is commenced against the Company or any Significant Subsidiary with respect to it or its debts under any
		

		
			
		

		
			

		 

		

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			bankruptcy, insolvency or other similar law now or hereafter in effect seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official over it or substantially all of its property, and such involuntary case or other proceeding remains undismissed and unstayed for a period of 60 consecutive days; or an order for relief is entered against the Company or any Significant Subsidiary under the applicable bankruptcy laws as now or hereafter in effect that remains undismissed and unstayed for a period of 60 consecutive days;
		

		
			(7)     the Company or any of its Significant Subsidiaries (i) commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect with respect to itself, or consents to the entry of an order for relief against it in an involuntary case under any such law, (ii) consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company or any of its Significant Subsidiaries or for all or substantially all of the property and assets of the Company or any of its Significant Subsidiaries or (iii) effects any general assignment for the benefit of creditors;
		

		
			(8)     failure by the Company or any Significant Subsidiary to pay final and non-appealable judgments aggregating in excess of $100.0 million (net of any amounts that are covered by insurance provided by a reputable and creditworthy insurance company), which judgments are not paid, discharged, waived or stayed for a period of 60 consecutive days after such judgments become final;
		

		
			(9)     any Subsidiary Guarantee of a Significant Subsidiary ceases to be in full force and effect in any material respect (except as contemplated by the terms of this Indenture) or is declared null and void in a judicial proceeding or any Subsidiary Guarantor that is a Significant Subsidiary denies or disaffirms its obligations under this Indenture or its Subsidiary Guarantee;
		

		
			(10)     with respect to any Collateral having a fair market value in excess of $100.0 million, individually or in the aggregate, (i) the failure of the security interest with respect to such Collateral under the Pari Passu Lien Security Documents, at any time, to be perfected or in full force and effect for any reason other than in accordance with their terms or the terms of this Indenture, the Security Documents or the Intercreditor Agreements, which failure continues for a period of 30 consecutive days after any Officer of the Company or any Subsidiary Guarantor becomes aware of such failure and has not been cured during such time period or (ii) the assertion by the Company or a Subsidiary Guarantor, in any pleading in any court of competent jurisdiction, that any such security interest is invalid or unenforceable;
		

		
			(11)     failure by the Escrow Issuer to consummate the Special Mandatory Redemption pursuant to Section 3.05; and
		

		
			(12)     failure by the Escrow Issuer to comply with Section 4.19;
		

		
			(b)    However, a Default under clause (4) of Section 6.01(a) will not constitute an Event of Default until (1) the Trustee provides written notice to the Company of the Default or
		

		
			
		

		
			

		 

		

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			the Holders of 25% in aggregate principal amount of the then-outstanding Notes provide written notice to the Company of the Default, with a copy to the Trustee, and (2) the Company does not cure such Default within the applicable time specified in clause (4) of Section 6.01(a) after receipt of such notice.
		

		
			Section 6.02.   Acceleration.  (a) If an Event of Default (other than an Event of Default described in clauses (6) or (7) of Section 6.01(a)) occurs and is continuing, up to two years following the first public notice or notice to the Trustee of such event, the Trustee by notice in writing specifying the Event of Default and that it is a “notice” to the Company, or the Holders of at least 25% in aggregate principal amount of the then-outstanding Notes by notice to the Company and the Trustee, may declare the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Notes to be due and payable; provided that a notice of Default may not be given with respect to any action taken, and reported publicly or to Holders, more than two years prior to such notice of Default. Upon the effectiveness of such a declaration, such principal, premium, if any, and accrued and unpaid interest, if any, shall be due and payable immediately.
		

		
			(b)    In the event of a declaration of acceleration of the Notes because an Event of Default described in clause (5) of Section 6.01(a) has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically annulled if the Default triggering such Event of Default pursuant to clause (5) of Section 6.01(a) shall be remedied or cured by the Company or a Restricted Subsidiary or waived by the holders of the relevant Indebtedness within 20 days after the declaration of acceleration with respect thereto and if (1) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default, except nonpayment of principal, premium, if any, or interest on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived.
		

		
			(c)    If an Event of Default described in clauses (6) or (7) of Section 6.01(a) occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest on all the Notes shall become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders.
		

		
			(d)    Any notice of Default, notice of acceleration or instruction to the Trustee to provide a notice of Default, notice of acceleration or take any other action (a “Noteholder Direction”) provided by any one or more Holders (other than a Regulated Bank) (each a “Directing Holder”) must be accompanied by a written representation from each such Holder delivered to the Company and the Trustee that such Holder is not (or, in the case such Holder is DTC or its nominee, that such Holder is being instructed solely by beneficial owners that 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 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 Company with such other information as the Company 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 Holder is DTC or its nominee, any Position
		

		
			
		

		
			

		 

		

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			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.
		

		
			(e)    If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Company 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 Officer’s Certificate stating that the Company 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 non-appealable determination of a court of competent jurisdiction on such matter. If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Company provides to the Trustee an Officer’s Certificate stating that a Directing Holder failed to satisfy its Verification Covenant, the cure period with respect to 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 Holder’s participation in such Noteholder Direction being disregarded; and, if, without the participation of such Holder, the percentage of Notes held by the remaining Holders that provided such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab initio, with the effect that such Event of Default shall be deemed never to have occurred, 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.
		

		
			(f)     Notwithstanding anything in the preceding clauses (d) and (e) of this Section 6.02 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.  In addition, for the avoidance of doubt, the foregoing paragraphs shall not apply to any Holder that is a Regulated Bank.
		

		
			(g)    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 Officer’s Certificate delivered to it, or otherwise make calculations, investigations or determinations with respect to Derivative Instruments, Net Shorts, Long Derivative Instruments, Short Derivative Instruments or otherwise. The Trustee shall have no liability to the Issuer, any Holder or any other Person in acting in good faith on a Noteholder Direction.
		

		
			(h)    The Trustee shall not be deemed to have knowledge of an Event of Default under and until it obtains actual written notification of such Event of Default describing the circumstances of such and identifying the circumstances constituting such Event of Default. In
		

		
			
		

		
			

		 

		

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			order to be effective, such written notice must be actually received by a Trust Officer at the Corporate Trust Office; and the notice must state “Notice of Default.”
		

		
			Section 6.03.   Other Remedies.  If an Event of Default occurs and is continuing, the Trustee may pursue, in its own name or as trustee of an express trust, any available remedy by proceeding at law or in equity to collect the payment of principal of 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.
		

		
			Section 6.04.   Waiver of Past Defaults.  The Holders of a majority in aggregate principal amount of the then-outstanding Notes may, by written notice to the Trustee and on behalf of the Holders of all of the Notes, waive, rescind or cancel any declaration of an existing or past Default or Event of Default and its consequences under this Indenture if such waiver, rescission or cancellation would not conflict with any judgment or decree of a court of competent jurisdiction, except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes (other than such nonpayment of principal or interest that has become due as a result of such acceleration).  Upon any such waiver, rescission or cancellation, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.
		

		
			Section 6.05.   Control by Majority.  Subject to Section 7.02(7), the Holders of a majority in aggregate principal amount of the then-outstanding Notes may direct the time, method and place of conducting any proceeding for 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 in good faith is unduly prejudicial to the rights of any other Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders) or that would involve the Trustee in personal liability; provided, however that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action under this Indenture, the Trustee shall be entitled to indemnification from the Holders satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action.
		

		
			Section 6.06.   Limitation on Suits.  If an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee an indemnity or security satisfactory to the Trustee against any loss, liability or expense. Except to enforce the right to receive payment of principal, premium, if any, or interest when due, no Holder may pursue any remedy with respect to this Indenture or the Notes unless:
		

		
			(1)     such Holder has previously given the Trustee written notice that an Event of Default is continuing;
		

		
			(2)     Holders of at least 25% in aggregate principal amount of the then-outstanding Notes have requested the Trustee, by notice in writing, to pursue the remedy;
		

		
			
		

		
			

		 

		

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			(3)     such Holders have offered the Trustee security or indemnity satisfactory to it against any loss, liability or expense;
		

		
			(4)     the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity; and
		

		
			(5)     the Holders of a majority in aggregate principal amount of the then-outstanding Notes have not given the Trustee a direction that, in the opinion of the Trustee, is inconsistent with such request within such 60-day period.
		

		
			Section 6.07.   Rights of Holders to Receive Payment.  Notwithstanding anything to the contrary, the right of a Holder of a Note to receive payment of principal of or interest on its Note on or after the Stated Maturity thereof, or to bring suit for the enforcement of any such payment on or after such respective dates, may not be impaired or affected without the consent of that Holder.  For the avoidance of doubt, no amendment to or deletion of any of the covenants set forth in Article 4 (other than Section 4.01) shall be deemed to impair or affect any rights of holders to receive payment of principal of, premium, if any, and interest on such Holder’s Notes.
		

		
			Section 6.08.   Collection Suit by Trustee.  If an Event of Default in payment of principal or interest specified in clause (1) or (2) of Section 6.01(a) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust for the whole amount of principal and accrued interest remaining unpaid, together with interest on overdue principal and, to the extent lawful, overdue installments of interest, in each case at the rate specified in the Notes, and such further amount as is sufficient to cover the costs and expenses of collection, including the compensation of the Trustee and reasonable expenses, disbursements and advances of the Trustee, its agents and counsel.
		

		
			Section 6.09.   Trustee May File Proofs of Claim.  The Trustee may file proofs of claim and other pleadings, papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the compensation of the Trustee or for reasonable expenses, fees, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relating to the Company or any Subsidiary Guarantor or their respective creditors or property (including any bankruptcy or insolvency cases or proceedings), and is entitled and empowered to collect, receive and distribute any money, securities or other property payable or deliverable upon conversion or exchange of the Notes or upon any such claims.  Any debtor-in-possession, custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, if the Trustee consents 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, fees, disbursements and advances of the Trustee, its agent and counsel, and any other amounts due the Trustee hereunder.  Nothing in this Indenture will be deemed to empower the Trustee to authorize or consent to, or cast a vote with respect to or otherwise 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 thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.
		

		
			
		

		
			

		 

		

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			Section 6.10.   Priorities.  If the Trustee collects any money pursuant to this Article (including upon exercise of remedies with respect to the Collateral), it shall pay out the money in the following order:
		

		
			First:  to the Trustee, the Notes Collateral Agent and the Agent, in each case for all amounts due to it hereunder;
		

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

		
			Third:  to the Company or as a court of competent jurisdiction may direct.
		

		
			The Trustee, upon written notice to the Company, may fix a record date and payment date for any payment to Holders pursuant to this Section.
		

		
			Section 6.11.   Restoration of Rights and Remedies.  If the Trustee or any Holder has instituted a proceeding to enforce any right or remedy under this Indenture and the proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to the Holder, then, subject to any determination in the proceeding, the Company, any Subsidiary Guarantors, the Trustee and the Holders will be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Company, any Subsidiary Guarantors, the Trustee and the Holders will continue as though no such proceeding had been instituted.
		

		
			Section 6.12.   Undertaking for Costs.  In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court may require any party litigant in such suit (other than the Trustee) to file an undertaking to pay the costs of the suit, and the court may assess reasonable costs, including reasonable attorneys fees, against any party litigant (other than the Trustee) in the suit having due regard to the merits and good faith of the claims or defenses made by the party litigant.  This Section 6.12 does not apply to a suit by a Holder to enforce payment of principal of or interest on any Note on the respective due dates, or a suit by Holders of more than 10% in aggregate principal amount of the then-outstanding Notes.
		

		
			Section 6.13.   Rights and Remedies Cumulative.  No right or remedy conferred or reserved to the Trustee or to the Holders under this Indenture is intended to be exclusive of any other right or remedy, and all such rights and remedies are, to the extent permitted by law, cumulative and in addition to every other right and remedy hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or exercise of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or exercise of any other right or remedy.
		

		
			Section 6.14.   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 will impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.  Every right and remedy given by this Article or by law to the Trustee or to the Holders
		

		
			
		

		
			

		 

		

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			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.
		

		
			ARTICLE 7
		

		
			THE TRUSTEE
		

		
			Section 7.01.   General.  (a) The duties and responsibilities of the Trustee are as provided by the Trust Indenture Act and as set forth herein.  Whether or not expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee is subject to this Article.
		

		
			(b)    Except during the continuance of an Event of Default, the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee.  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; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).
		

		
			(c)    In case an Event of Default has occurred and is continuing, the Trustee shall exercise those rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs.
		

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

		
			(1)     this Subsection shall not be construed to limit the effect of Section 7.01(b);
		

		
			(2)     neither the Trustee nor the Notes Collateral Agent shall be liable for any error of judgement made in good faith by a Trust Officer, unless it shall be proved that the Trustee or the Notes Collateral Agent, as applicable, was negligent in ascertaining the pertinent facts;
		

		
			(3)     neither the Trustee nor the Notes Collateral Agent shall be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Notes of any series; and
		

		
			(4)     no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers.
		

		
			
		

		
			

		 

		

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			Section 7.02.   Certain Rights of Trustee.  Subject to Trust Indenture Act Sections 315(a) through (d):
		

		
			(1)     In the absence of bad faith on its part, the Trustee may rely, and will be protected in acting or refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper Person.  The Trustee, in its discretion, may make further inquiry or investigation into such facts or matters as it sees fit.
		

		
			(2)     Before the Trustee acts or refrains from acting (except (x) as provided in Sections 2.04, 3.03(e) and 3.04(e) and (y) with respect to an Opinion of Counsel, in connection with the original issuance of any Notes or the execution of any amendment or supplement entered into in connection with adding any Subsidiary Guarantor under this Indenture), it may require an Officer’s Certificate or an Opinion of Counsel conforming to Section 13.03 and the Trustee will not be liable for any action it takes or omits to take in good faith in reliance on the certificate or opinion.
		

		
			(3)     The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed with due care.
		

		
			(4)     The Trustee and the Notes Collateral Agent will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders, unless such Holders have offered to the Trustee or the Notes Collateral Agent, as applicable, security or indemnity satisfactory to the Trustee or the Notes Collateral Agent, as applicable, against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction.
		

		
			(5)     The Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within its rights or powers or for any action it takes or omits to take in accordance with the direction of the Holders in accordance with Section 6.05 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture.
		

		
			(6)     The Trustee may consult with counsel, and the advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.
		

		
			(7)     The Trustee shall not be bound to make any investigation into the facts or matters stated in any document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or
		

		
			
		

		
			

		 

		

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			attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.
		

		
			(8)     In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.
		

		
			(9)     The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture.
		

		
			(10)     The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and by the Notes Collateral Agent, and each Agent employed to act hereunder.
		

		
			(11)     The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.
		

		
			(12)     Neither the Trustee nor the Notes Collateral Agent shall be responsible for, and make no representation as to the existence, genuineness, value or protection of, any Collateral, for the legality, effectiveness or sufficiency of any Security Document or for the creation, perfection, continuation, priority, maintenance, sufficiency or protection of any Liens securing the Notes.  Neither the Trustee nor the Notes Collateral Agent shall be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any Lien or security interest in the Collateral.
		

		
			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 Company or its Affiliates with the same rights it would have if it were not the Trustee.  Any Agent may do the same with like rights.  However, the Trustee is subject to Trust Indenture Act Sections 310(b) and 311.  For purposes of Trust Indenture Act Section 311(b)(4) and (6):
		

		
			(a)    “cash transaction” means any transaction in which full payment for goods or securities sold is made within seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable upon demand; and
		

		
			(b)    “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation which is made, drawn, negotiated or incurred for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon, the goods,
		

		
			 
		

		
			
		

		
			

		 

		

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			wares or merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously constituting the security, provided the security is received by the Trustee simultaneously with the creation of the creditor relationship arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation.
		

		
			Section 7.04.   Trustee’s Disclaimer.  The Trustee (i) makes no representation as to the validity or adequacy of this Indenture, the Notes, the Intercreditor Agreements or the Security Documents, (ii) is not accountable for the Company’s use or application of the proceeds from the Notes and (iii) is not responsible for any statement in the Notes other than its certificate of authentication.
		

		
			Section 7.05.   Notice of Default.  If any Default occurs and is continuing and is actually known to the Trustee, the Trustee shall deliver to each Holder notice of the Default within 90 days after it occurs or within 30 days after the Trustee has actual knowledge of the Default, whichever is later. Except in the case of a Default in the payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold notice if and so long as the Trustee in good faith determines that withholding notice is in the interests of the Holders.
		

		
			Section 7.06.   [Reserved]
		

		
			Section 7.07.   Compensation and Indemnity.  (a) The Company will pay the Trustee (acting in any capacity hereunder) compensation as agreed upon with the Trustee in writing between the Company and the Trustee for its services.  The compensation of the Trustee is not limited by any law on compensation of a Trustee of an express trust.  The Company will reimburse the Trustee (acting in any capacity hereunder) upon request for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Trustee, including the reasonable compensation and expenses of the Trustee’s agents and counsel.
		

		
			(b)    The Company shall indemnify the Trustee (acting in any capacity hereunder) for, and hold it harmless against, any loss or liability or expense incurred by it without willful misconduct, negligence or bad faith on its part arising out of or in connection with the acceptance or administration of this Indenture and the performance of its duties under this Indenture and the Notes, including the reasonable costs and expenses enforcing this Indenture (including this Section 7.07), of defending itself against any claim whether asserted by any Holder or the Company, or liability and of complying with any process served upon it or any of its officers in connection with the acceptance, exercise or performance of any of its powers or duties under this Indenture and the Notes.  The Trustee shall notify the Company promptly of any claim for which it may seek indemnity.  Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder.  The Company shall defend any such claim and the Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel.  Notwithstanding the foregoing, the Company shall not be required to indemnify the Trustee with respect to any settlement made without the consent of the Company, which consent will not be unreasonably withheld.
		

		
			(c)    To secure the Company’s payment obligations in this Section, the Trustee (acting in any capacity hereunder) will have a lien prior to the Notes on all money or property held or
		

		
			
		

		
			

		 

		

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			collected by the Trustee, in its capacity as Trustee, except money or property held in trust to pay principal of, and interest on particular Notes.
		

		
			(d)    When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 6.01(a)(6) or Section 6.01(a)(7), the expenses (including the reasonable charges and expenses of its counsel) are intended to constitute expenses of administration under any applicable Federal or state bankruptcy, insolvency or other similar law (including, without limitation under Section 507 of the United States Bankruptcy Code).
		

		
			(e)    The provisions of this Article shall survive the termination of this Indenture
		

		
			Section 7.08.      Replacement of Trustee.  (a) (1) The Trustee may resign at any time by written notice to the Company.
		

		
			(2)     The Holders of a majority in principal amount of the outstanding Notes may remove the Trustee by written notice to the Trustee.
		

		
			(3)     If the Trustee is no longer eligible under Section 7.10 or in the circumstances described in Trust Indenture Act Section 310(b), any Holder that satisfies the requirements of Trust Indenture Act Section 310(b) may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.
		

		
			(4)     The Company may remove the Trustee if: (i) the Trustee is no longer eligible under Section 7.10; (ii) the Trustee is adjudged a bankrupt or an insolvent; (iii) a receiver or other public officer takes charge of the Trustee or its property; or (iv) the Trustee becomes incapable of acting.
		

		
			(5)     A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section.
		

		
			(b)    If the Trustee has been removed by the Holders, Holders of a majority in principal amount of the Notes may appoint a successor Trustee with the consent of the Company.  Otherwise, if the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a successor Trustee.  If the successor Trustee does not deliver its written acceptance within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of a majority in principal amount of the outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee at the Company’s expense.
		

		
			(c)    Upon delivery by the successor Trustee of a written acceptance of its appointment to the retiring Trustee and to the Company, (i) the retiring Trustee will transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, (ii) the resignation or removal of the retiring Trustee will become effective, and (iii) the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture.  Upon request of any successor Trustee, the Company will execute any and all instruments for fully and vesting in and confirming to the successor Trustee all such rights, powers and trusts.  The
		

		
			
		

		
			

		 

		

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			Company will give notice of any resignation and any removal of the Trustee and each appointment of a successor Trustee to all Holders, and include in the notice the name of the successor Trustee and the address of its Corporate Trust Office.
		

		
			(d)    Notwithstanding replacement of the Trustee pursuant to this Section, the Company’s obligations and the rights protections and indemnities afforded the Trustee under Article 7 will continue for the benefit of any retiring or removed Trustee and the maturity of the Notes and/or termination or discharge of this Indenture.
		

		
			(e)    The Trustee agrees to give the notices provided for in, and otherwise comply with, Trust Indenture Act Section 310(b).
		

		
			Section 7.09.   Successor Trustee by Merger.  If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation or national banking association, the resulting, surviving or transferee corporation or national banking association without any further act will be the successor Trustee with the same effect as if the successor Trustee had been named as the Trustee in this Indenture.
		

		
			Section 7.10.   Eligibility.  This Indenture must always have a Trustee that satisfies the requirements of Trust Indenture Act Section 310(a) and has a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition.
		

		
			Section 7.11.   Money Held in Trust.  The Trustee will not be liable for interest on any money received by it except as it may agree with the Company.  Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law and except for money held in trust under Article 8.
		

		
			Section 7.12.   Security Documents; Intercreditor Agreements.  By their acceptance of the Notes, the Holders hereby agree to be bound by, and authorize and direct the Trustee and the Notes Collateral Agent, as the case may be, to execute and deliver, the Intercreditor Agreements and any Security Documents in which the Trustee or the Notes Collateral Agent, as applicable, is named as a party, including the Security Agreement and any Security Document executed on or after the Issue Date.
		

		
			ARTICLE 8
		

		
			LEGAL DEFEASANCE AND COVENANT DISCHARGE
		

		
			Section 8.01.   Option to Effect Legal Defeasance or Covenant Defeasance.
		

		
			(a)    The Company may, at its option and at any time, elect to have either Section 8.02 or 8.03 hereof applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.
		

		
			Section 8.02.   Legal Defeasance and Discharge.
		

		
			Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company and the Subsidiary Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their
		

		
			
		

		
			

		 

		

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			obligations with respect to all outstanding Notes and Subsidiary Guarantees on the date the conditions set forth below are satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding 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) below, to have satisfied all of its other obligations under such Notes, the Subsidiary Guarantees and this Indenture including that of the Subsidiary Guarantors (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments 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 of outstanding Notes to receive payments in respect of the principal of, or interest or premium, if any, on such Notes when such payments are due from the trust referred to in Section 8.04 hereof;
		

		
			(b)    the Company’s obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust;
		

		
			(c)    the rights, powers, trusts, duties and immunities of the Trustee hereunder, and the Company’s obligations in connection therewith; and
		

		
			(d)    this Section 8.02.
		

		
			If the Company exercises the Legal Defeasance option, (a) the Subsidiary Guarantees in effect at such time shall terminate and each Subsidiary Guarantor shall be automatically and unconditionally released and discharged from all of its obligations with respect thereto and (b) the Collateral will be released from the Liens securing the Notes in accordance with the provisions described above.
		

		
			Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof. If the Company exercises its Legal Defeasance option, payment of the Notes may not be accelerated because of an Event of Default with respect to the Notes.
		

		
			Section 8.03.   Covenant Defeasance.
		

		
			Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and the Subsidiary Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, terminate and be released from their obligations under the covenants contained in Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.14, 4.15, 4.16, 4.17 and 4.18 hereof and clause (3) and (4) of Section 5.01(a) and, clause (1)(b), (1)(c), (1)(d) and (2) of Section 5.01(b) 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
		

		
			
		

		
			

		 

		

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			purposes hereunder. For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company and the Subsidiary 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 above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, Sections 6.01(a)(4), 6.01(a)(5), 6.01(a)(6) (with respect to Significant Subsidiaries only), 6.01(a)(7) (with respect to Significant Subsidiaries only), 6.01(a)(8), 6.01(a)(9) and 6.01(a)(10) shall not constitute Events of Default.
		

		
			If the Company exercises the Covenant Defeasance option, (a) the Subsidiary Guarantees in effect at such time will terminate and each Subsidiary Guarantor shall be automatically and unconditionally released and discharged from all of its obligations with respect thereto and (b) the Collateral will be released from the Liens securing the Notes in accordance with the provisions described above.
		

		
			Section 8.04.   Conditions to Legal or Covenant Defeasance.
		

		
			The following shall be the 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 Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S. dollars, non-callable U.S. Government Obligations, or a combination of cash in U.S. dollars and non-callable U.S. Government Obligations, in amounts as shall be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, or interest and premium, if any, on the outstanding Notes on the Stated Maturity or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes are being defeased to maturity or to a particular redemption date;
		

		
			(2)     in the case of Legal Defeasance, the Company has delivered to the Trustee an Opinion of Counsel confirming that (a) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (b) since the Issue Date, there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the beneficial owners of the respective outstanding Notes shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and shall be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;
		

		
			
		

		
			

		 

		

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			(3)     in the case of Covenant Defeasance, the Company has delivered to the Trustee an Opinion of Counsel confirming that, subject to customary assumptions and exclusions, the beneficial owners of the respective outstanding Notes shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and shall 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 Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowings) or insofar as Events of Default resulting from the borrowing of funds or insolvency events are concerned, at any time in the period ending on the 91st day after the date of deposit;
		

		
			(5)     the Company must deliver to the Trustee an Opinion of Counsel to the effect that, assuming, among other things, no intervening bankruptcy of the Company between the date of deposit and the 91st day following the deposit and assuming that no Holder is an “insider” of the Company under applicable bankruptcy law, after the 91st day following the deposit, the trust funds shall not be subject to the effect of any applicable bankruptcy, insolvency, reorganization of similar laws affecting creditors’ rights generally;
		

		
			(6)     the Company must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding creditors of the Company or others; and
		

		
			(7)     the Company must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions), each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with.
		

		
			Section 8.05.   Deposited Money and U.S. Government Obligations 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 (or other qualifying trustee, collectively for purposes of this Section 8.05, 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 Company or a Subsidiary 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 Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations deposited pursuant to
		

		
			
		

		
			

		 

		

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			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.
		

		
			Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the request of the Company 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 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 the Company.
		

		
			Subject to applicable unclaimed property law, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium or interest on any Note and remaining unclaimed for two years after such principal, and premium or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease.
		

		
			Section 8.07.   Reinstatement.
		

		
			If the Trustee or Paying Agent is unable to apply any U.S. dollars or U.S. Government Obligations in accordance with Section 8.02 or 8.03 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 Company’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided that, if the Company makes any payment of principal of, premium or interest on any Note following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent.
		

		
			ARTICLE 9
		

		
			AMENDMENT, SUPPLEMENT AND WAIVER
		

		
			Section 9.01.   Amendments Without Consent of Holders.  Notwithstanding Section 9.02 hereof, without the consent of any Holder, the Company, any Subsidiary Guarantor (with respect to its Subsidiary Guarantor or this Indenture) and the Trustee and the Notes Collateral Agent:
		

		
			(x)        may amend or supplement this Indenture, the Escrow Agreement, the Notes, the Subsidiary Guarantees, the Security Documents and the Intercreditor Agreements to:
		

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

		
			
		

		
			

		 

		

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			(2)     comply with Article 5;
		

		
			(3)     provide for the assumption by a successor entity (or co-issuer) of the obligations of the Company or any Subsidiary Guarantor under this Indenture, the Notes, any Subsidiary Guarantee, any Security Document, or the Intercreditor Agreements (whether through Division, merger, amalgamation consolidation, sale of all or substantially all of assets and properties or otherwise) and the Assumption;
		

		
			(4)     provide for or facilitate the issuance of uncertificated Notes in addition to or in place of certificated Notes (provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code);
		

		
			(5)     comply with the rules of any applicable depositary;
		

		
			(6)     add Guarantees with respect to the Notes or release a Subsidiary Guarantor from its obligations under its Subsidiary Guarantee, this Indenture or the Security Documents in accordance with the applicable provisions of this Indenture or the Security Documents;
		

		
			(7)     make, complete or confirm any grant of Collateral permitted or required by this Indenture or any of the Security Documents or any release, termination or discharge of Collateral that becomes effective as set forth in this Indenture or any of the Security Documents;
		

		
			(8)     grant any Lien for the benefit of the holders of Pari Passu Lien Debt or Junior Lien Debt in accordance with and as permitted by the terms of this Indenture and the Intercreditor Agreements;
		

		
			(9)     add additional secured parties to any Security Document or any Intercreditor Agreement to the extent Liens securing obligations held by such parties are permitted under this Indenture;
		

		
			(10)     mortgage, pledge, hypothecate or grant a security interest in favor of the Notes Collateral Agent for the benefit of the Notes Secured Parties as additional security for the payment and performance of the Company’s and any Subsidiary Guarantor’s obligations under this Indenture, in any property, or assets, including any of which are required to be mortgaged, pledged or hypothecated, or in which a security interest is required to be granted to the Notes Collateral Agent or the Trustee in accordance with the terms of this Indenture or otherwise;
		

		
			(11)     provide for the succession of any parties to any of the Security Documents (and other amendments that are administrative or ministerial in nature) and any of the Intercreditor Agreements in connection with an amendment, renewal, extension, substitution, refinancing, restructuring, replacement, supplementing or other modification from time to time of any agreement in accordance with the terms of this Indenture, the relevant Security Document and the Intercreditor Agreements;
		

		
			
		

		
			

		 

		

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			(12)     add to the covenants of the Company and its Restricted Subsidiaries or Events of Default for the benefit of the Holders or to make changes that would provide additional rights to Holders or to surrender any right or power conferred upon the Company or any Subsidiary Guarantor;
		

		
			(13)     make any change that does not materially adversely affect the rights of any Holder under this Indenture;
		

		
			(14)     evidence or provide for the appointment under this Indenture of a successor trustee or under the Security Documents of a successor collateral agent; provided that the successor trustee or successor collateral agent is otherwise qualified and eligible to act as such under the terms of this Indenture and of the Security Documents, as applicable;
		

		
			(15)     provide for the issuance of Additional Notes under this Indenture;
		

		
			(16)     comply with the provisions set forth in Article 10 or Section 4.15;
		

		
			(17)     conform the text of this Indenture (including any supplemental indenture or other instrument pursuant to which Additional Notes are issued), the Notes, the Subsidiary Guarantees, the Security Documents or the Intercreditor Agreements to any provision of the “Description of Notes” section of the Company’s Offering Memorandum dated November 15, 2019 to the extent that such provision in such “Description of Notes” section was intended to be a verbatim recitation of a provision of this Indenture, the Notes, the Subsidiary Guarantees, the Security Documents or the Intercreditor Agreements as confirmed to the Trustee by an Officer’s Certificate, or, with respect to any Additional Notes or any supplemental indenture or other instrument pursuant to which Additional Notes are issued, to any provision of the “Description of Notes” relating to the issuance of the Additional Notes solely to the extent that the “Description of Notes” provides for terms of such Additional Notes that differ from the terms of the Initial Notes; or
		

		
			(18)     make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture, including, without limitation to facilitate the issuance and administration of the Notes; provided,  however, that (A) 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 (B) such amendment does not materially and adversely affect the rights of Holders to transfer Notes; and
		

		
			(y)        shall promptly amend or supplement this Indenture and the Notes to modify the maturity date of the Notes to conform to any shortening of the maturity date of the Revolving Facility or the Term B Facility that results in either of the Revolving Facility or the Term B Facility maturing prior to December 31, 2023; provided that the Company shall be solely responsible for notifying the Trustee in writing of any such contemplated change to the Senior Credit Facilities that requires an amendment pursuant to Section 9.01(y) prior to making such change under the Senior Credit Facilities and the Company and the Trustee shall enter into the
		

		
			
		

		
			

		 

		

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			required amendments or supplements substantially concurrently with the corresponding amendment, supplement or modification to the terms of the Senior Credit Facilities; provided,  further, that any failure to do so for 30 days after receipt of written notice as provided in Section 6.01(b) shall be treated as an Event of Default of the Company pursuant to Section 6.01(a)(4):
		

		
			No provisions of the Escrow Agreement (including, without limitation, those relating to the release of the Escrowed Property) may be waived or modified in any manner, when taken as a whole, materially adverse to the Holders without the written consent of the Holders of a majority of the outstanding Notes. No provision of this Indenture or the Notes relating to the Issuer’s obligation to redeem the Notes in a Special Mandatory Redemption pursuant to Section 3.05 may be waived or modified in any manner materially adverse to the Holders of the Notes without the written consent of all such Holders.
		

		
			The Holders of the Notes will be deemed to have consented (x) to the entry into the Second Lien Intercreditor Agreement by the Trustee and the Notes Collateral Agent with the holders of any Junior Lien Obligations (or any authorized agent or trustee therefor) that are incurred in compliance with this Indenture to establish that the Liens on any Collateral securing such Junior Lien Obligations shall be junior to the Liens securing the Pari Passu Lien Obligations (including the obligations under this Indenture, the Notes and the Subsidiary Guarantees) without any further consent and (y) for purposes of the Security Documents and the Intercreditor Agreements to any of the following amendments, waivers and other modifications to the Security Documents and the Intercreditor Agreements:
		

		
			(1)     (A) to add other parties (or any authorized agent thereof or trustee therefor) holding Pari Passu Lien Obligations that are Incurred in compliance with this Indenture and (B) to establish that the Liens on any Collateral securing such Pari Passu Lien Obligations shall rank equally with the Liens on such Collateral securing the obligations under this Indenture and the Notes and the Subsidiary Guarantees, all on the terms provided for in each of the Security Documents and the First Lien Intercreditor Agreement in effect immediately prior to such amendment; and
		

		
			(2)     (A) to add other parties (or any authorized agent thereof or trustee therefor) holding Junior Lien Obligations that are Incurred in compliance with this Indenture and (B) to establish that the Liens on any Collateral securing such Junior Lien Obligations shall be junior to the Liens securing the Pari Passu Lien Obligations (including the obligations under this Indenture, the Notes and the Subsidiary Guarantees), all on the terms provided for in each of the Security Documents and the Second Lien Intercreditor Agreement in effect immediately prior to such amendment.
		

		
			After an amendment or supplement under this Indenture becomes effective, the Company is required to deliver or mail to the Holders a notice briefly describing such amendment, supplement or waiver. However, the failure to deliver or mail such notice to all the Holders, or any defect in the notice, shall not impair or affect the validity of the amendment, supplement or waiver.
		

		
			Upon the request of the Company and upon receipt by the Trustee of the documents described in Section 9.04 and Section 13.03 hereof, as applicable, the Trustee shall join with the
		

		
			
		

		
			

		 

		

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			Company and the Subsidiary Guarantors in the execution of any amended or supplemental indenture or other document 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 not be obligated to enter into such amended or supplemental indenture or other document that affects its own rights, duties or immunities under this Indenture or otherwise.
		

		
			Section 9.02.   Amendments with Consent of Holders(a)       .  (a) Except as provided in this Section 9.02, the Company, the Subsidiary Guarantors (as applicable) and the Trustee may amend or supplement this Indenture, the Escrow Agreement, the Notes, the Subsidiary Guarantees, the Security Documents and the Intercreditor Agreements with the consent of the Holders of a majority in aggregate principal amount of the then-outstanding Notes (including Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), and, subject to Sections 6.04 and 6.06 hereof, any existing or past 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, except a Payment Default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Escrow Agreement, the Notes, the Subsidiary Guarantees, the Security Documents or the Intercreditor Agreements may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including Additional Notes, if any) voting as a single class (including consents obtained in connection with the purchase of, or tender offer or exchange offer for, Notes). Section 2.05 hereof shall determine which Notes are considered to be “outstanding” for the purposes of this Section 9.02.
		

		
			(b)    Upon the request of the Company and upon the filing with the Trustee of evidence of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 9.04 and Section 13.03 hereof, as applicable, the Trustee shall join with the Company in the execution of such amended or supplemental indenture or other document unless such amended or supplemental indenture or other document directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amended or supplemental indenture. Notwithstanding the foregoing, the Escrow Issuer, the Company and the Subsidiary Guarantors shall be entitled to consummate the Assumption without the consent of any Holder of a Note and, upon receipt of an Officer’s Certificate and Opinion of Counsel, the Trustee shall join with the Issuer, the Company and the Subsidiary Guarantors in the execution of the Escrow Release Date Supplemental Indenture.
		

		
			(c)    It shall not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. A consent to any amendment, supplement or waiver under this Indenture by any Holder of Notes given in connection with a tender of such Holder’s Notes shall not be rendered invalid by such tender.
		

		
			(d)    After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall deliver or mail to the Holders a notice briefly describing such amendment, supplement or waiver; provided that the failure to deliver or mail such notice to all
		

		
			
		

		
			

		 

		

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			the Holders, or any defect in the notice will not impair or affect the validity of the amendment, supplement or waiver.
		

		
			(e)    Without the consent of each affected Holder of Notes, an amendment, supplement or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder):
		

		
			(1)     reduce the percentage of the aggregate principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;
		

		
			(2)     reduce the stated rate of interest or extend the stated time for payment of interest on any Note;
		

		
			(3)     reduce the principal of or extend the Stated Maturity of any Note;
		

		
			(4)     waive a Default or Event of Default in the payment of principal of, or interest or premium, if any, on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then-outstanding Notes with respect to a Payment Default and a waiver of the Payment Default that resulted from such acceleration);
		

		
			(5)     reduce the premium payable upon the redemption or repurchase of any Note or change the time at which any Note may be redeemed or repurchased under Section 3.01, Section 4.10 and Section 4.14 whether through an amendment or waiver of provisions in the covenants, definitions or otherwise (except amendments to the definition of “Change of Control”) (other than any change to the notice periods with respect to such redemption and provided that, for the avoidance of doubt, the provisions of Section 4.14 relating to the Company’s obligation to make an offer to repurchase the Notes as a result of a Change of Control may be waived or modified with the written consent of the Holders of a majority in principal amount of the Notes then outstanding);
		

		
			(6)     make any Note payable in money other than that stated in the Note;
		

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

		
			(8)     make any change in the amendment provisions which require each Holder’s consent or in the provisions of this Indenture relating to waivers of Defaults or Events of Default; or
		

		
			(9)     modify the Subsidiary Guarantees in any manner materially adverse to the Holders of the Notes.
		

		
			In addition, the consent of the Holders representing at least two-thirds of the aggregate principal amount of outstanding Notes will be required to release the Liens for the benefit of the Notes
		

		
			
		

		
			

		 

		

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			Secured Parties on all or substantially all of the Collateral, other than in accordance with this Indenture.
		

		
			Section 9.03.   Revocation and Effect of Consents.
		

		
			Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, except as may be provided by the terms of any request for consent, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.
		

		
			Section 9.04.   Trustee and Notes Collateral Agent to Sign Amendments, etc.
		

		
			The Trustee and Notes Collateral Agent (if applicable) shall sign any amendment, supplement or waiver authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee and the Notes Collateral Agent, as applicable. In executing any amendment, supplement or waiver, the Trustee and the Notes Collateral Agent (if applicable) shall be entitled to receive and (subject to Section 7.01 and Section 7.02 hereof) shall be fully protected in relying upon the documents required by Section 13.03 hereof; provided that, in connection with the Assumption, the Trustee shall also receive an opinion as to the enforceability of the Escrow Release Date Supplemental Indenture.
		

		
			Notwithstanding anything to the contrary herein, no Opinion of Counsel with respect to conditions precedent or as to whether the supplement is authorized or permitted will be required for the Trustee or the Notes Collateral Agent to execute any amendment or supplement entered into solely in connection with adding Subsidiary Guarantors in the form of Exhibit B hereof.
		

		
			ARTICLE 10
		

		
			SUBSIDIARY GUARANTEES
		

		
			Section 10.01. Subsidiary Guarantee.
		

		
			(a)    On the Escrow Release Date, subject to this Article 10, each of the Subsidiary Guarantors shall, jointly and severally, irrevocably and unconditionally guarantee to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: (a) the principal of, premium, if any, or interest 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 Company to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or performed, 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 or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity,
		

		
			
		

		
			

		 

		

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			by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Subsidiary Guarantors shall be jointly and severally obligated to pay the same immediately. Each Subsidiary Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.
		

		
			(b)    The Subsidiary 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 of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Subsidiary Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenants that this Subsidiary Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and this Indenture.
		

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

		
			(d)    Each Subsidiary 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 Subsidiary Guarantor further agrees that, as between the Subsidiary 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 6 hereof for the purposes of this Subsidiary 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 6 hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by the Subsidiary Guarantors for the purpose of this Subsidiary Guarantee. The Subsidiary Guarantors shall have the right to seek contribution from any non-paying Subsidiary Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Subsidiary Guarantees.
		

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

		
			
		

		
			

		 

		

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			fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.
		

		
			(f)     In case any provision of any Subsidiary 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.
		

		
			(g)    Each payment to be made by a Subsidiary Guarantor in respect of its Subsidiary Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind or nature.
		

		
			(h)    All provisions set forth herein with respect to the Subsidiary Guarantees are subject to the Agreed Security Principles.
		

		
			Section 10.02. Limitation on Subsidiary Guarantor Liability.
		

		
			(a)    Each Subsidiary Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Subsidiary Guarantee of such Subsidiary 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 Subsidiary Guarantee.
		

		
			(b)    To effectuate the foregoing intention, the Trustee, the Holders and the Subsidiary Guarantors hereby irrevocably agree that the obligations of each Subsidiary Guarantor under its Subsidiary Guarantee will be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Subsidiary Guarantor (including, without limitation, any Guarantees under the Senior Credit Facilities) 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 Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under this Article 10, result in the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable law. Any Subsidiary Guarantor that makes a payment under its Subsidiary Guarantee will be entitled upon payment in full of all Guaranteed Obligations under this Indenture to a contribution from each other Subsidiary Guarantor in an amount equal to such other Subsidiary Guarantor’s pro rata portion of such payment based on the respective net assets of all the Subsidiary Guarantors at the time of such payment determined in accordance with GAAP.
		

		
			Section 10.03. Execution and Delivery.
		

		
			To evidence its Subsidiary Guarantee set forth in Section 10.01 hereof, each Subsidiary Guarantor hereby agrees that this Indenture shall be executed on behalf of such Subsidiary Guarantor by an Officer of such Subsidiary Guarantor.
		

		
			Each Subsidiary Guarantor hereby agrees that its Subsidiary 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 Subsidiary Guarantee on the Notes.
		

		
			
		

		
			

		 

		

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			If an Officer whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates the Note, the Subsidiary Guarantee shall be valid nevertheless.
		

		
			The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Subsidiary Guarantee set forth in this Indenture on behalf of the Subsidiary Guarantors.
		

		
			To the extent required by Section 4.15 hereof, the Company shall cause any newly created or acquired Restricted Subsidiary to comply with the provisions of Section 4.15 hereof and this Article 10, to the extent applicable.
		

		
			Section 10.04. Subrogation.
		

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

		
			Section 10.05. Benefits Acknowledged.
		

		
			Each Subsidiary 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 Subsidiary Guarantee are knowingly made in contemplation of such benefits.
		

		
			Section 10.06. Release of Subsidiary Guarantees.
		

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

		
			(1)
		

		
			(A)     the occurrence of any sale, exchange, transfer or other disposition (by merger, amalgamation, consolidation or otherwise) of all of the Capital Stock of such Subsidiary Guarantor (including any sale, exchange, transfer or other disposition after which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary) or of all or substantially all of the assets and property of such Subsidiary Guarantor, which sale, exchange, transfer or other disposition is made in compliance with the applicable provisions of this Indenture (to the extent such provisions are required to be satisfied as of the date of the transaction); provided that such Subsidiary Guarantor is also released from all of its obligations in respect of the Senior Credit Facilities;
		

		
			
		

		
			

		 

		

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			(B) the release or discharge of such Subsidiary Guarantor from its Guarantee of Indebtedness of the Company and the Subsidiary Guarantors under any other Indebtedness that gave rise (or would give rise) to its obligation to provide such Subsidiary Guarantee, except (i) a discharge or release by or as a result of payment under such Guarantee (it being understood that a release subject to a contingent reinstatement is still a release, and that if any such Guarantee is so reinstated, such Subsidiary Guarantee shall also be reinstated to the extent that such Subsidiary Guarantor would then be required to Guarantee the Notes pursuant to this Indenture) and (ii) a discharge or release by or as a result of an amendment, modification or waiver of the provision in respect of minimum guarantor coverage set forth in Section 10.1(17) of the Senior Credit Facilities as in effect on the Escrow Release  (or defaults arising thereunder) requiring consent of the lenders under the Senior Credit Facilities;
		

		
			(C)     the designation of any Restricted Subsidiary that is a Subsidiary Guarantor as an Unrestricted Subsidiary in compliance with Section 4.17;
		

		
			(D)     upon such Person becoming an Excluded Subsidiary or Non-Recourse Subsidiary, in each case as a result of a transaction or designation permitted by this Indenture;
		

		
			(E)     the Company exercising its Legal Defeasance option or Covenant Defeasance option as set forth in Article 8 or the Company’s obligations under this Indenture being discharged in accordance with the terms of this Indenture;
		

		
			(F)     upon the full and final payment of all Pari Passu Lien Notes Obligations of the Company and such Subsidiary Guarantor; or
		

		
			(G)     as described in Section 4.15(b).
		

		
			(2)     such Subsidiary Guarantor delivering to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to such transaction and/or release have been complied with.
		

		
			The Company will notify the Trustee in writing in respect of any release of a Subsidiary Guarantee; provided that such notification will not be a condition to the effectiveness of such release.
		

		
			ARTICLE 11
		

		
			COLLATERAL AND SECURITY
		

		
			Section 11.01. Security Documents.   The due and punctual payment of the Pari Passu Lien Notes Obligations, including payment of the principal of, premium, if any, and interest on the Notes when the same shall be due and payable, whether on an Interest Payment Date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of, premium, if any, and interest on the Notes and performance of all other Obligations of the Company and the Subsidiary Guarantors to the Holders, the Trustee or the Notes
		

		
			
		

		
			

		 

		

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			Collateral Agent under this Indenture, the Notes, the Subsidiary Guarantees and the Security Documents, according to the terms hereunder or thereunder, shall be secured as provided in the Security Documents, which define the terms of the Liens that secure Pari Passu Lien Notes Obligations, subject to the terms of the Intercreditor Agreements. The Trustee and the Company hereby acknowledge and agree that the Notes Collateral Agent holds the Collateral in trust for the benefit of the Holders, the Trustee and the Notes Collateral Agent and pursuant to the terms of the Security Documents and the Intercreditor Agreements. The Company and the Guarantors shall make all filings (including filings of continuation statements and amendments to UCC financing statements that may be necessary to continue the effectiveness of such UCC financing statements) as are required by the Security Documents to maintain (at the sole cost and expense of the Issuer and the Guarantors) the security interests created by the Security Documents in the Collateral (subject to the terms of the Intercreditor Agreements and the Security Documents) as a perfected security interest to the extent perfection is required by the Security Documents and within the time frames set forth therein, subject only to Permitted Liens, and with the priority required by the Intercreditor Agreements, and the other Security Documents.
		

		
			Section 11.02. Notes Collateral Agent.  (a)  The holders of the Notes have, and by accepting a Note, each holder will be deemed to have, appointed the Notes Collateral Agent to act as its agent under the Security Documents and Intercreditor Agreements. The holders of the Notes have, and by accepting a Note, each holder will be deemed to have, authorized the Notes Collateral Agent to (i) perform the duties and exercise the rights, powers and discretions that are specifically given to it under the Security Documents and Intercreditor Agreements, together with any other incidental rights, power and discretions; and (ii) execute each Security Document and Intercreditor Agreement, waiver, modification, amendment, renewal or replacement expressed to be executed by the Notes Collateral Agent on its behalf.
		

		
			(b)    The rights, duties and obligations of the Notes Collateral Agent will be subject to the Intercreditor Agreements.
		

		
			Section 11.03. Release of Collateral.  The security interests in the Collateral in respect of the Notes and the Subsidiary Guarantees will be automatically and unconditionally released and discharged under any one or more of the following circumstances:
		

		
			(1)     to enable the Company and the Subsidiary Guarantors to consummate the sale, transfer or other disposition of such property or assets or any Subsidiary holding such property or assets (other than any such sale, transfer or other disposition to the Company or a Subsidiary Guarantor) to the extent permitted under Section 4.10; provided that such Collateral is also released in respect of the Senior Credit Facilities and all other Pari Passu Lien Obligations and Junior Lien Obligations and the security documents related thereto;
		

		
			(2)     in respect of the property and assets of a Subsidiary Guarantor, upon the designation of such Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance with Section 4.07 and the definition of “Unrestricted Subsidiary”;
		

		
			(3)     as permitted under any Intercreditor Agreement;
		

		
			
		

		
			

		 

		

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			(4)     as permitted under Article 9;
		

		
			(5)     the Company exercising the Legal Defeasance option or Covenant Defeasance option pursuant to Article 8 or the Company’s obligations herein being discharged in accordance with Article 12;
		

		
			(6)     upon the full and final payment of all Pari Passu Lien Notes Obligations of the Company and the Subsidiary Guarantors;
		

		
			(7)     as permitted under Section 4.12(b);
		

		
			(8)     if the property subject to such security interest is owned by a Subsidiary Guarantor, upon release of such Subsidiary from its obligations under its Note Guarantee in accordance with this Indenture; or
		

		
			(9)     to the extent (and only for so long as) the property subject to such security interest constitutes Excluded Assets.
		

		
			In addition, any security interest created by the Escrow Agreement will be automatically terminated and discharged on Escrow Release.
		

		
			Section 11.04. [Reserved].
		

		
			Section 11.05. Authorization of Actions to be Taken by the Notes Collateral Agent .  The Company, the Subsidiary Guarantors and each Holder of Notes, by their acceptance of any Notes and the Guarantees thereof, (a) hereby appoints Wilmington Trust, National Association, as Notes Collateral Agent, and Wilmington Trust, National Association accepts such appointment and (b) agrees that the Notes Collateral Agent shall be entitled to the rights, privileges, protections, immunities, indemnities and benefits provided to the Trustee under Article 7 hereof, including the compensation, reimbursement, and indemnification provisions set forth in Section 7.07 hereof and the resignation and removal provisions of Section 7.08 hereof (with the references to the Trustee therein being deemed to refer to the Notes Collateral Agent).  Furthermore, each Holder of a Note, by accepting such Note, consents to and approves the terms of and authorizes and directs the Notes Collateral Agent to (i) enter into and perform the duties provided for in the Intercreditor Agreements and each other Security Document in each of its capacities thereunder and (ii) bind the Holders to the terms of the Intercreditor Agreements. The parties hereto (and the Holders by their acceptance of any Notes and the Guarantees thereof) further acknowledge and agree that the Notes Collateral Agent shall only act (or refrain from acting) upon the direction of Trustee, acting in accordance with the terms hereof.
		

		
			Section 11.06. Authorization of Receipt of Funds by the Trustee and the Notes Collateral Agent Under the Security Documents.  The Trustee and the Notes Collateral Agent are authorized to receive any funds for the benefit of Holders distributed under the Security Documents to the Trustee or the Notes Collateral Agent, to apply such funds as provided in this Indenture and to make further distributions of such funds in accordance with the applicable provisions of Section 6.10 hereof.
		

		
			 
		

		
			
		

		
			

		 

		

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			ARTICLE 12
		

		
			SATISFACTION AND DISCHARGE
		

		
			Section 12.01. Satisfaction and Discharge.
		

		
			This Indenture shall be discharged and shall cease to be of further effect (and any Collateral then securing the Notes or any Subsidiary Guarantees shall be released) as to all Notes, when:
		

		
			(1)     either:
		

		
			(A)     all Notes that have been authenticated and delivered, except lost, stolen or destroyed Notes that have been replaced pursuant to Section 2.04 or paid and Notes for whose payment money has been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from trust, have been delivered to the Trustee for cancellation; or
		

		
			(B)     all Notes not theretofore delivered to the Trustee for cancellation (i) have become due and payable by reason of the making of a notice of redemption or otherwise, (ii) will become due and payable within one year or (iii) have been called for redemption 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 Subsidiary Guarantor has irrevocably deposited or caused to be deposited with the Trustee, as trust funds in trust solely for the benefit of the Holders of the Notes, cash in U.S. dollars, U.S. Government Obligations, or a combination thereof, in such amounts as shall 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;
		

		
			(2)     the Issuer or any Subsidiary Guarantor has paid or caused to be paid all sums then due and payable under this Indenture; and
		

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

		
			then the Trustee shall acknowledge satisfaction and discharge of this Indenture with respect to the Notes on demand of the Issuer (accompanied by an Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent specified herein relating to the satisfaction and discharge of this Indenture have been complied with) and at the cost and expense of the Issuer.
		

		
			Notwithstanding the satisfaction and discharge of this Indenture, if money shall have been deposited with the Trustee pursuant to clause (1)(B) of this Section 12.01, the provisions of Section 12.02 and Section 8.06 shall survive.
		

		
			
		

		
			

		 

		

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			Section 12.02. Application of Trust Money.
		

		
			Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 12.01 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) 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 12.01 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 Subsidiary Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 12.01 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 13
		

		
			MISCELLANEOUS
		

		
			Section 13.01. Holder Actions.  (a) [Reserved].
		

		
			(b)    (1) Any request, demand, authorization, direction, notice, consent to amendment, supplement or waiver or other action provided by this Indenture to be given or taken by a Holder (for purposes of this Section 13.01, an “act”) may be evidenced by an instrument signed by the Holder delivered to the Trustee.  The fact and date of the execution of the instrument, or the authority of the person executing it, may be proved in any manner that the Trustee deems sufficient.
		

		
			(2)    The Trustee may make reasonable rules for action by or at a meeting of Holders, which will be binding on all the Holders.
		

		
			(c)    Any act by the Holder of any Note binds that Holder and every subsequent Holder of a Note that evidences the same debt as the Note of the acting Holder, even if no notation thereof appears on the Note.  Subject to paragraph (d), a Holder may revoke an act as to its Notes, but only if the Trustee receives the notice of revocation before the date the amendment or waiver or other consequence of the act becomes effective.
		

		
			(d)    The Issuer may, but is not obligated to, fix a record date (which need not be within the time limits otherwise prescribed by Trust Indenture Act Section 316(c)) for the purpose of determining the Holders entitled to act with respect to any amendment or waiver or in any other regard, except that during the continuance of an Event of Default, only the Trustee may set a record date as to notices of Default, any declaration or acceleration or any other remedies or
		

		
			
		

		
			

		 

		

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			other consequences of the Event of Default.  If a record date is fixed, those Persons that were Holders at such record date and only those Persons will be entitled to act, or to revoke any previous act, whether or not those Persons continue to be Holders after the record date.  No act will be valid or effective for more than 90 days after the record date.
		

		
			Section 13.02. Notices.  (a) Any notice or communication to the Escrow Issuer, Company, the Trustee or the Notes Collateral Agent will be deemed given if in writing (i) when delivered in person or (ii) three days after mailing when mailed by first class mail, (iii) when sent by facsimile transmission, with transmission confirmed or (iv) the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery.  Notices or communications to a Subsidiary Guarantor will be deemed given if given to the Company.  In each case the notice or communication should be addressed as follows:
		

		
			if to the Escrow Issuer:
		

		
			SSL Robotics LLC
		

		
			1209 Orange Street
		

		
			Wilmington, Delaware 19801
		

		
			Attention: [General Counsel]
		

		
			 
		

		
			with a copy to the Company
		

		
			 
		

		
			 
		

		
			if to the Trustee or the Notes Collateral Agent:
		

		
			Wilmington Trust, National Association
		

		
			Global Capital Markets
15950 North Dallas Parkway, Suite 550 Dallas, Texas 75248
		

		
			Fax No.: 888-316-6238
		

		
			Attention: Maxar Technologies Inc. Administrator
		

		
			 
		

		
			Each of the Escrow Issuer, the Company, the Trustee or the Notes Collateral Agent by notice to the others may designate additional or different addresses for subsequent notices or communications.
		

		
			(b)    Except as otherwise expressly provided with respect to published notices, any notice or communication to a Holder will be deemed given when mailed to the Holder at its address as it appears on the Register by first class mail or by other electronic means or such other delivery system as the Trustee agrees to accept.  Notwithstanding the foregoing, as to any Global Note registered in the name of a Depositary or its nominee, any notice or communication shall be sufficiently given if given to the Depositary according to the applicable procedures of the Depositary (or as otherwise as agreed by the Company, the Trustee and the Depositary).  Copies of any notice or communication to a Holder, if given by the Issuer, will be mailed to the Trustee at the same time.  Defect in mailing a notice or communication to any particular Holder will not affect its sufficiency with respect to other Holders.
		

		
			
		

		
			

		 

		

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			(c)    Where this Indenture provides for notice, the notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and the waiver will be the equivalent of the notice.  Waivers of notice by Holders must be filed with the Trustee, but such filing is not a condition precedent to the validity of any action taken in reliance upon such waivers.
		

		
			(d)    If a notice or communication is delivered or mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.
		

		
			Section 13.03. Certificate and Opinion as to Conditions Precedent.  Upon any request or application by the Company to the Trustee or Notes Collateral Agent to take any action under this Indenture (except (x) as provided in Sections 2.04, 3.03(e) and 3.04(e) and (y) with respect to an Opinion of Counsel, in connection with the original issuance of any Notes or the execution of any amendment or supplement entered into in connection with adding any Subsidiary Guarantor under this Indenture and no other matters otherwise requiring an Opinion of Counsel), the Issuer shall furnish to the Trustee or Notes Collateral Agent, as applicable:
		

		
			(1)     an Officer’s Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and
		

		
			(2)     an Opinion of Counsel stating that all such conditions precedent have been complied with.
		

		
			Section 13.04. 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:
		

		
			(1)     a statement that each person signing the certificate or opinion has read such covenant or condition;
		

		
			(2)     a brief statement as to the nature and scope of the examination or investigation upon which the statement or opinion contained in the certificate or opinion is based;
		

		
			(3)     a statement that, in the opinion of each such person, that person has made such examination or investigation as is necessary to enable the person to express an informed opinion as to whether or not such covenant or condition has been complied with; and
		

		
			(4)     a statement as to whether or not, in the opinion of each such person, such condition or covenant has been complied with,
		

		
			provided that an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials with respect to matters of fact.
		

		
			Section 13.05. Payment Date Other Than a Business Day.  If any payment with respect to a payment of any principal of, premium, if any, or interest on any Note (including any payment
		

		
			
		

		
			

		 

		

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			to be made on any date fixed for redemption or purchase of any Note) is due on a day which is not a Business Day, then the payment need not be made on such date, but may be made on the next Business Day with the same force and effect as if made on such date, and no interest will accrue for the intervening period.
		

		
			Section 13.06. Governing Law; Waiver of Jury Trial.  This Indenture, including any Subsidiary Guarantees, and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York. The Escrow Issuer, Company, the Subsidiary Guarantors, the Trustee and the Notes Collateral Agent, and each Holder of a Note by its acceptance thereof, irrevocably waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in any legal proceeding arising out of or relating to this Indenture, the Notes, any Subsidiary Guarantee, the Security Documents, the Intercreditor Agreements or any transaction contemplated thereby.
		

		
			Section 13.07. No Adverse Interpretation of Other Agreements.  This Indenture may not be used to interpret another indenture or loan or debt agreement of the Escrow Issuer, the Company or any of their respective Subsidiaries, and no such indenture or loan or debt agreement may be used to interpret this Indenture.
		

		
			Section 13.08. Successors.  All agreements of the Issuer or any Subsidiary Guarantor in this Indenture and the Notes will bind its successors.  All agreements of the Trustee or Notes Collateral Agent in this Indenture will bind its successors.
		

		
			Section 13.09. Duplicate Originals.  The parties may sign any number of copies of this Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.
		

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

		
			Section 13.11. Table of Contents and Headings.  The Table of Contents and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and in no way modify or restrict any of the terms and provisions of this Indenture.
		

		
			Section 13.12. No Liability of Directors, Officers, Employees, Incorporators, Members and Stockholders.  No director, officer, employee, incorporator, member or stockholder of the Issuer or any Subsidiary Guarantor, as such, will have any liability for any obligations of the Issuer or such Subsidiary Guarantor under the Notes, any Subsidiary Guarantee or this Indenture or for any claim based on, in respect of, or by reason of, such obligations.  Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.
		

		
			[Signature page follows]
		

		
			 
		

		
			 
		

		
			

		 

		

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			SIGNATURES
		

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

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						SSL ROBOTICS LLC as Escrow Issuer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Randall H. Lynch

				
	
					
						 

					
					
						 

					
					
						Name: Randall H. Lynch

				
	
					
						 

					
					
						 

					
					
						Title: President and Treasurer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						WILMINGTON TRUST, NATIONAL ASSOCIATION as Trustee

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Shawn Goffinet

				
	
					
						 

					
					
						 

					
					
						Name: Shawn Goffinet

				
	
					
						 

					
					
						 

					
					
						Title: Assistant Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						WILMINGTON TRUST, NATIONAL ASSOCIATION as Notes Collateral Agent

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name: Shawn Goffinet

				
	
					
						 

					
					
						 

					
					
						Title: Assistant Vice President

				

		
			 
		

		
			 
		

		
			

		 

		

			[Signature Page to Indenture]

		

		

			 

		

		

		
			 
		

		
			EXHIBIT A
		

		
			[FACE OF NOTE]
		

		
			SSL ROBOTICS LLC
		

		
			9.750% Senior Secured Note due 2023
		

		
			CUSIP [144A: 78472G AA7 / Reg S: U8300G AA9]  / ISIN [144A: USU78472GAA76 /  Reg S: USU8300GAA95]
		

		
			 
		

			
					
						No.

					
					
						$_______________

				

		
			 
		

		
			SSL Robotics LLC, a Delaware limited liability company (the “Company,” which term includes any successor under the Indenture hereinafter referred to), for value received, promises to pay to ____________________, or its registered assigns, the principal sum of ____________ DOLLARS ($______) on December 31, 2023.
		

		
			Interest Rate: 9.750% per annum.
		

		
			Interest Payment Dates:  June 15 and December 15, commencing ________ with the final Interest Payment Date being December 31, 2023 rather than December 15, 2023.
		

		
			Regular Record Dates:  June 1 and December 1.
		

		
			Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which will for all purposes have the same effect as if set forth at this place.
		

		
			 
		

		
			
		

		
			

		 

		

			A-1

		

		

			 

		

		

		
			 
		

		
			IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its duly authorized officers.
		

			
					
						Date:

					
					
						SSL ROBOTICS LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				
	
					
						 

					
					
						 

					
					
						 

				

		
			
		

		
			

		 

		

			A-2

		

		

			 

		

		

		
			 
		

		
			(Form of Trustee’s Certificate of Authentication)
		

		
			This is one of the 9.750% Senior Secured Notes due 2023 described in the Indenture referred to in this Note.
		

			
					
						 

					
					
						WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Authorized Signatory

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Dated:

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			A-3

		

		

			 

		

		

		
			 
		

		
			[REVERSE SIDE OF NOTE]
		

		
			SSL ROBOTICS LLC
		

		
			9.750% Senior Secured Note due 2023
		

		
			1.         Principal and Interest.
		

		
			The Company promises to pay the principal of this Note on December 31, 2023.
		

		
			The Company promises to pay interest on the principal amount of this Note on each interest payment date, as set forth on the face of this Note, at the rate of 9.750% per annum.
		

		
			Interest will be payable semiannually (to the Holders of record of the Notes at the close of business on the June 1 or December 1 immediately preceding the interest payment date) on each interest payment date, commencing  .
		

		
			Interest on this Note will accrue from the most recent date to which interest has been paid on this Note (or, if there is no existing Default in the payment of interest and if this Note is authenticated between a regular record date and the next interest payment date, from such interest payment date) or, if no interest has been paid, from the Issue Date.  Interest will be computed in the basis of a 360-day year of twelve 30-day months.
		

		
			The Company will pay interest on overdue principal, premium, if any, and, to the extent lawful, interest at the interest rate on the Notes.
		

		
			2.         Indentures; Note Guaranty.
		

		
			This is one of the Notes issued under an Indenture dated as of December 2, 2019 (as amended or supplemented from time to time, the “Indenture”), between the Company and Wilmington Trust, National Association, as Trustee.  Capitalized terms used herein are used as defined in the Indenture unless otherwise indicated.  The terms of the Notes include those stated in the Indenture.  The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of all such terms.  To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture will control.
		

		
			The Notes are general senior obligations of the Company, pari passu in right of payment with any existing and future unsubordinated Indebtedness of the Company.  The Indenture limits the original aggregate principal amount of the Notes to $1,000,000,000, but Additional Notes may be issued pursuant to the Indenture, and the originally issued Notes and all such Additional Notes vote together for all purposes as a single class.  This Note may be guaranteed as set forth in the Indenture.
		

		
			3.         Redemption and Repurchase; Discharge Prior to Redemption or Maturity.
		

		
			This Note is subject to optional redemption, and may be the subject of an Offer to Purchase, as further described in the Indenture.  There is no sinking fund applicable to this Note
		

		
			
		

		
			

		 

		

			A-4

		

		

			 

		

		

		
			 
		

		
			and, other than as set forth in Section 3.05 of the Indenture, there is no mandatory redemption applicable to this Note.
		

		
			If the Company deposits with the Trustee money or U.S. Government Obligations sufficient to pay the then outstanding principal of, premium, if any, and accrued interest on the Notes to redemption or maturity, the Company may in certain circumstances be discharged from the Indenture and the Notes or may be discharged from certain of its obligations under certain provisions of the Indenture.
		

		
			4.         Registered Form; Denominations; Transfer; Exchange.
		

		
			The Notes are in registered form without coupons in minimum denominations of $2,000 principal amount and any multiple of $1,000 in excess thereof.  A Holder may register the transfer or exchange of Notes in accordance with the Indenture.  The Trustee may require a Holder to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture.  Pursuant to the Indenture, there are certain periods during which the Trustee will not be required to issue, register the transfer of or exchange any Note or certain portions of a Note.
		

		
			5.         Defaults and Remedies.
		

		
			If an Event of Default (other than an Event of Default arising from certain events of bankruptcy or insolvency), occurs and is continuing, up to two years following the first public notice or notice to the Trustee of such event, the Trustee by notice in writing specifying the Event of Default and that it is a “notice” to the Company, or the Holders of at least 25% in aggregate principal amount of the then-outstanding Notes by notice to the Company and the Trustee, may declare the principal of, premium, if any, and accrued and unpaid interest, if any, on all the Notes to be due and payable; provided that a notice of Default may not be given with respect to any action taken, and reported publicly or to Holders, more than two years prior to such notice of Default. Upon the effectiveness of such a declaration, such principal, premium, if any, and accrued and unpaid interest, if any, shall be due and payable immediately.  If certain events of bankruptcy or insolvency with respect to the Company occur and is continuing, the principal of, premium, if any, and accrued and unpaid interest, if any, on all of the Notes automatically become due and payable.
		

		
			6.         Amendment and Waiver.
		

		
			The Indenture, the Subsidiary Guarantees or the Notes may be amended or supplemented as provided in the Indenture.
		

		
			7.         Authentication.
		

		
			This Note is not valid until the Trustee (or Authenticating Agent) signs the certificate of authentication on the other side of this Note.
		

		
			8.         Governing Law; Waiver of Jury Trial.
		

		
			
		

		
			

		 

		

			A-5

		

		

			 

		

		

		
			 
		

		
			This Note shall be governed by, and construed in accordance with, the laws of the State of New York. The Company and the Trustee each irrevocably waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in any legal proceeding arising out of or relating to the Indenture or this Note, or any transaction contemplated thereby.
		

		
			9.         Abbreviations.
		

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

		
			10.       Collateral.
		

		
			The Notes are expected to be secured on or about the Escrow Release Date by the Collateral on the terms of and subject to the conditions set forth in the Indenture, the Security Documents and the Intercreditor Agreements, subject to release or termination as provided in the Indenture, the Security Documents and the Intercreditor Agreements.
		

		
			The Company will furnish a copy of the Indenture to any Holder upon written request and without charge.
		

		
			
		

		
			

		 

		

			A-6

		

		

			 

		

		

		
			 
		

		
			[FORM OF TRANSFER NOTICE]
		

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

			
					
						Insert Taxpayer Identification No.

				
	
					
						 

				
	
					
						 

				
	
					
						Please print or typewrite name and address including zip code of assignee

				
	
					
						 

				
	
					
						the within Note and all rights thereunder, hereby irrevocably constituting and appointing

				
	
					
						 

				

		
			 
		

		
			attorney to transfer said Note on the books of the Company with full power of substitution in the premises.
		

		
			
		

		
			

		 

		

			A-7

		

		

			 

		

		

		
			 
		

		
			[THE FOLLOWING PROVISION TO BE INCLUDED ON ALL CERTIFICATES BEARING A RESTRICTED LEGEND]
		

		
			In connection with any transfer of this Note, the undersigned confirms that such transfer is made without utilizing any general solicitation or general advertising and further as follows:
		

		
			Check One
		

		
			☐         (1) This Note is being transferred to a “qualified institutional buyer” in compliance with Rule 144A under the Securities Act of 1933, as amended and certification in the form of Exhibit G to the Indenture is being furnished herewith.
		

		
			☐         (2) This Note is being transferred to a Non-U.S. Person in compliance with the exemption from registration under the Securities Act of 1933, as amended, provided by Regulation S thereunder, and certification in the form of Exhibit F to the Indenture is being furnished herewith.
		

		
			or
		

		
			☐         (3) This Note is being transferred other than in accordance with (1) or (2) above and documents are being furnished which comply with the conditions of transfer set forth in this Note and the Indenture.
		

		
			If none of the foregoing boxes is checked, the Trustee will refuse to register this Note in the name of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in the Indenture have been satisfied.
		

			
					
						Date:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Seller

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By

					
					
						 

					
					
						 

				

		
			 
		

		
			NOTICE:  The signature to this assignment must correspond with the name as written upon the face of the within‐mentioned instrument in every particular, without alteration or any change whatsoever.
		

		
			
		

		
			

		 

		

			A-8

		

		

			 

		

		

		
			 
		

			
					
						

					
					
						 

					
					
						 

				
	
					
						Signature Guarantee:2

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

			
					
						By

					
					
						 

					
					
						 

				
	
					
						To be executed by an executive officer

					
					
						 

				

		
			 
		

		
			 
		

		

		
			2         Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Securities Transfer Association Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.
		

		
			
		

		
			

		 

		

			A-9

		

		

			 

		

		

		
			 
		

		
			OPTION OF HOLDER TO ELECT PURCHASE
		

		
			If you wish to have all of this Note purchased by the Company pursuant to Section 4.10 or Section 4.14 of the Indenture, check the box:
		

		
			[   ] Section 4.10                      [   ] Section 4.14
		

		
			If you wish to have a portion of this Note purchased by the Company pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount (in original principal amount) below:
		

		
			$_____________________.
		

		
			Date:____________
		

		
			Your Signature:__________________________
		

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

		
			Signature Guarantee:3_____________________________
		

		
			 
		

		

		
			3         Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Trustee, which requirements include membership or participation in the Securities Transfer Association Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Trustee in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.
		

		
			
		

		
			

		 

		

			A-10

		

		

			 

		

		

		
			 
		

		
			SCHEDULE OF EXCHANGES OF NOTES
		

		
			The following exchanges of a part of this Global Note for one or more Certificated Notes or a part of another Global Note, or exchanges of a part of another Global Note or Certificated 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

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			

		 

		

			A-11

		

		

			 

		

		

		
			 
		

		
			 
		

		
			EXHIBIT B
		

		
			 
		

		
			SUPPLEMENTAL INDENTURE
		

		
			 
		

		
			dated as of __________, ____
		

		
			 
		

		
			among
		

		
			 
		

		
			MAXAR TECHNOLOGIES INC.,
		

		
			 
		

		
			[NAME OF SUBSIDIARY GUARANTOR]
		

		
			and
		

		
			 
		

		
			WILMINGTON TRUST, NATIONAL ASSOCIATION,
		

		
			 as Trustee
		

		
			 
		

		

		
			 
		

		
			9.750%% Senior Secured Notes due 2023
		

		
			 
		

		
			
		

		
			

		 

		

			B-1

		

		

			 

		

		

		
			 
		

		
			THIS SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into as of [  ], [  ], among Maxar Technologies Inc., a Delaware corporation (the “Company”), [insert each Subsidiary Guarantor executing this Supplemental Indenture and its jurisdiction of incorporation] (each an “Undersigned”) and Wilmington Trust, National Association, as trustee (the “Trustee”).
		

		
			RECITALS
		

		
			WHEREAS, the Company and the Trustee entered into the Indenture, dated as of December 2, 2019 (as amended or supplemented from time to time, the “Indenture”), relating to the Company’s 9.750% Senior Secured Notes due 2023 (the “Notes”); and
		

		
			WHEREAS, the Company is permitted to add further Subsidiary Guarantors without consent of the Holders pursuant to Section 9.01(x)(6) and is required to add further Subsidiary Guarantors under certain circumstances as set forth in Section 4.15.
		

		
			AGREEMENT
		

		
			NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to this Supplemental Indenture hereby agree as follows:
		

		
			Section 1.  Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture.
		

		
			Section 2.  Each Undersigned, by its execution of this Supplemental Indenture, agrees to be a Subsidiary Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Subsidiary Guarantors, including, but not limited to, Article 10 thereof.  Notwithstanding the foregoing, the Subsidiary Guarantee of the Undersigned shall be automatically and unconditionally released and discharged as set forth in the Indenture, including, but not limited to, under the circumstances described in Section 4.15(b), Section 4.21, Article 8, Section 10.06 and Article 12 thereof, and no further action by the Subsidiary Guarantor, the Company or the Trustee is required for the release of the Undersigned’s Subsidiary Guarantee as contemplated therein.
		

		
			Section 3.  This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York.
		

		
			Section 4.  This Supplemental Indenture may be signed in various counterparts which together will constitute one and the same instrument.
		

		
			Section 5.  This Supplemental Indenture is an amendment supplemental to the Indenture and the Indenture and this Supplemental Indenture will henceforth be read together.
		

		
			 
		

		
			
		

		
			

		 

		

			B-2

		

		

			 

		

		

		
			 
		

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

			
					
						 

					
					
						MAXAR TECHNOLOGIES INC., as Issuer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						[SUBSIDIARY GUARANTOR]

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				

		
			 
		

		
			 
		

		
			

		 

		

			B-3

		

		

			 

		

		

		
			 
		

		
			EXHIBIT C
		

		
			RESTRICTED LEGEND
		

		
			THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:
		

		
			(1)        REPRESENTS THAT IT, AND ANY ACCOUNT FOR WHICH IT IS ACTING, (A) IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) OR (B) IS NOT A “U.S. PERSON” (WITHIN THE MEANING OF RULE 902 OF REGULATION S UNDER THE SECURITIES ACT) AND IS PURCHASING THE NOTES IN AN OFFSHORE TRANSACTION, AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND
		

		
			(2)        AGREES FOR THE BENEFIT OF THE ISSUER THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE RESALE RESTRICTION TERMINATION DATE (AS DEFINED IN THE NEXT PARAGRAPH), EXCEPT:
		

		
			(A)       TO THE ISSUER OR ANY SUBSIDIARY THEREOF; OR
		

		
			(B)       PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT; OR
		

		
			(C)       TO A PERSON REASONABLY BELIEVED TO BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT; OR
		

		
			(D)       IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT; OR
		

		
			(E)       PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
		

		
			THE RESALE RESTRICTION TERMINATION DATE WILL BE THE DATE (1) THAT IS AT LEAST SIX MONTHS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WERE THE OWNERS OF THIS NOTE AND (2) ON WHICH THE ISSUER INSTRUCTS THE TRUSTEE
		

		
			
		

		
			

		 

		

			C-1

		

		

			 

		

		

		
			 
		

		
			THAT THIS LEGEND SHALL BE DEEMED REMOVED FROM THIS SECURITY, IN ACCORDANCE WITH THE PROCEDURES DESCRIBED IN THE INDENTURE RELATING TO THIS SECURITY.
		

		
			PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(E) ABOVE, THE ISSUER AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
		

		
			UNLESS PERMITTED UNDER APPLICABLE CANADIAN SECURITIES LEGISLATION, THE HOLDER OF THE SECURITY EVIDENCED HEREBY MUST NOT TRADE THE SECURITY IN, OR TO A PERSON IN ANY PROVINCE OR TERRITORY OF, CANADA BEFORE THE DATE THAT IS FOUR MONTHS AND ONE DAY AFTER THE DATE OF THE ISSUANCE OF THIS SECURITY.
		

		
			 
		

		
			 
		

		
			

		 

		

			C-2

		

		

			 

		

		

		
			 
		

		
			EXHIBIT D
		

		
			DTC LEGEND
		

		
			UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN.
		

		
			THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE.  TRANSFERS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE.
		

		
			 
		

		
			 
		

		
			

		 

		

			D-1

		

		

			 

		

		

		
			 
		

		
			EXHIBIT E
		

		
			 
		

		
			REGULATION S LEGEND
		

		
			THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:
		

		
			(1)        REPRESENTS THAT IT, AND ANY ACCOUNT FOR WHICH IT IS ACTING, (A) IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) OR (B) IS NOT A “U.S. PERSON” (WITHIN THE MEANING OF RULE 902 OF REGULATION S UNDER THE SECURITIES ACT) AND IS PURCHASING THE NOTES IN AN OFFSHORE TRANSACTION, AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND
		

		
			(2)        AGREES FOR THE BENEFIT OF THE ISSUER THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE RESALE RESTRICTION TERMINATION DATE (AS DEFINED IN THE NEXT PARAGRAPH), EXCEPT:
		

		
			(A)       TO THE ISSUER OR ANY SUBSIDIARY THEREOF; OR
		

		
			(B)       PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT; OR
		

		
			(C)       TO A PERSON REASONABLY BELIEVED TO BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT; OR
		

		
			(D)       IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT; OR
		

		
			(E)       PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
		

		
			THE RESALE RESTRICTION TERMINATION DATE WILL BE THE DATE (1) THAT IS 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WERE THE OWNERS OF THIS NOTE AND
		

		
			
		

		
			

		 

		

			E-1

		

		

			 

		

		

		
			 
		

		
			(2) ON WHICH THE ISSUER INSTRUCTS THE TRUSTEE THAT THIS LEGEND SHALL BE DEEMED REMOVED FROM THIS SECURITY, IN ACCORDANCE WITH THE PROCEDURES DESCRIBED IN THE INDENTURE RELATING TO THIS SECURITY.
		

		
			PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(E) ABOVE, THE ISSUER AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
		

		
			UNLESS PERMITTED UNDER APPLICABLE CANADIAN SECURITIES LEGISLATION, THE HOLDER OF THE SECURITY EVIDENCED HEREBY MUST NOT TRADE THE SECURITY IN, OR TO A PERSON IN ANY PROVINCE OR TERRITORY OF, CANADA BEFORE THE DATE THAT IS FOUR MONTHS AND ONE DAY AFTER THE DATE OF THE ISSUANCE OF THIS SECURITY.
		

		
			 
		

		
			 
		

		
			

		 

		

			E-2

		

		

			 

		

		

		
			 
		

		
			EXHIBIT F
		

		
			Regulation S Certificate
		

		
			_________, ____
		

		
			 
		

		
			Wilmington Trust, National Association
Global Capital Markets
		

		
			15950 North Dallas Parkway, Suite 550
		

		
			Dallas, Texas 75248 
Attention: Maxar Technologies Inc. Administrator
		

		
			 
		

		
			 
		

			
					
						Re:

					
					
						Maxar Technologies Inc.
9.750% Senior Secured Notes due 2023 (the “Notes”)
Issued under the Indenture (the “Indenture”) dated
as of December 2, 2019 relating to the Notes

				

		
			 
		

		
			 
		

		
			Ladies and Gentlemen:
		

		
			Terms are used in this Certificate as used in Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”), except as otherwise stated herein.
		

		
			[CHECK A OR B AS APPLICABLE.]
		

		
			☐         A.        This Certificate relates to our proposed transfer of $____ aggregate principal amount of Notes issued under the Indenture.  We hereby certify, represent and warrant as follows:
		

		
			1.         The offer and sale of the Notes was not and will not be made to a person in the United States (unless such person is excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or the account held by it for which it is acting is excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described in Rule 902(h)(3)) and such offer and sale was not and will not be specifically targeted at an identifiable group of U.S. citizens abroad.
		

		
			2.         Unless the circumstances described in the parenthetical in paragraph 1 above are applicable, either (a) at the time the buy order was originated, the buyer was outside the United States or we and any person acting on our behalf reasonably believed that the buyer was outside the United States or (b) the transaction was executed in, on or through the facilities of a designated offshore securities market, and neither we nor any person acting on our behalf knows that the transaction was pre-arranged with a buyer in the United States.
		

		
			
		

		
			

		 

		

			F-1

		

		

			 

		

		

		
			 
		

		
			3.         Neither we, any of our affiliates, nor any person acting on our or their behalf has made any directed selling efforts in the United States with respect to the Notes.
		

		
			4.         The proposed transfer of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act.
		

		
			5.         If we are a dealer or a person receiving a selling concession, fee or other remuneration in respect of the Notes, and the proposed transfer takes place during the Restricted Period (as defined in the Indenture), or we are an officer or director of the Company or an Initial Purchaser (as defined in the Indenture), we certify that the proposed transfer is being made in accordance with the provisions of Rule 904(b) of Regulation S.
		

		
			☐         B.        This Certificate relates to our proposed exchange of $____ aggregate principal amount of Notes issued under the Indenture for an equal principal amount of Notes to be held by us.  We hereby certify, represent and warrant as follows:
		

		
			1.         At the time the offer and sale of the Notes was made to us, either (i) we were not in the United States or (ii) we were excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or the account held by us for which we were acting was excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described in Rule 902(h)(3); and we were not a member of an identifiable group of U.S. citizens abroad.
		

		
			2.         Unless the circumstances described in paragraph 1(ii) above are applicable, either (a) at the time our buy order was originated, we were outside the United States or (b) the transaction was executed in, on or through the facilities of a designated offshore securities market and we did not pre-arrange the transaction in the United States.
		

		
			3.         The proposed exchange of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act.
		

		
			 
		

		
			
		

		
			

		 

		

			F-2

		

		

			 

		

		

		
			 
		

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

		
			 
		

			
					
						 

					
					
						Very truly yours, 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						    

					
					
						 

				
	
					
						 

					
					
						[NAME OF SELLER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				
	
					
						 

					
					
						 

					
					
						Address:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Date:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			F-3

		

		

			 

		

		

		
			EXHIBIT G
		

		
			Rule 144A Certificate
		

		
			_________, ____
		

		
			 
		

		
			Wilmington Trust, National Association
Global Capital Markets
15950 North Dallas Parkway, Suite 550
		

		
			Dallas, Texas 75248
Attention: Maxar Technologies Inc. Administrator
		

		
			 
		

			
					
						Re:

					
					
						Maxar Technologies Inc.
9.750% Senior Secured Notes due 2023 (the “Notes”)
Issued under the Indenture (the “Indenture”) dated
as of December 2, 2019 relating to the Notes

				

		
			 
		

		
			Ladies and Gentlemen:
		

		
			This Certificate relates to:
		

		
			[CHECK A OR B AS APPLICABLE.]
		

		
			☐  A.   Our proposed purchase of $____ aggregate principal amount of Notes issued under the Indenture.
		

		
			☐  B.   Our proposed exchange of $____ aggregate principal amount of Notes issued under the Indenture for an equal principal amount of Notes to be held by us.
		

		
			We hereby confirm, represent and warrant that:
		

		
			1.         We and, if applicable, each account for which we are acting in the aggregate owned and invested more than $100,000,000 in securities of issuers that are not affiliated with us (or such accounts, if applicable), as of _________, 20__, which is a date on or since close of our most recent fiscal year.
		

		
			2.         We and, if applicable, each account for which we are acting, are a qualified institutional buyer within the meaning of Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities Act”).
		

		
			3.         If we are acting on behalf of an account, we exercise sole investment discretion with respect to such account.
		

		
			4.         We are aware that the transfer of Notes to us, or such exchange, as applicable, is being made in reliance upon the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A.  Prior to the date of this Certificate we have received such information regarding the Company as we have requested pursuant to Rule 144A(d)(4) or have determined not to request such information.
		

		
			
		

		
			

		 

		

			G-1

		

		

			 

		

		

		
			 
		

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

			
					
						 

					
					
						Very truly yours, 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						    

					
					
						 

				
	
					
						 

					
					
						[NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				
	
					
						 

					
					
						 

					
					
						Address:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Date:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			

		 

		

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			EXHIBIT H
		

		
			Institutional Accredited Investor Certificate
		

		
			Wilmington Trust, National Association
Global Capital Markets
15950 North Dallas Parkway, Suite 550
		

		
			Dallas, Texas 75248
		

		
			Attention: Maxar Technologies Inc. Administrator
		

		
			 
		

			
					
						Re:

					
					
						Maxar Technologies Inc.
9.750% Senior Secured Notes due 2023 (the “Notes”)
Issued under the Indenture (the “Indenture”) dated
as of December 2, 2019 relating to the Notes

				

		
			 
		

		
			Ladies and Gentlemen:
		

		
			This Certificate relates to:
		

		
			[CHECK A OR B AS APPLICABLE.]
		

		
			☐  A.   Our proposed purchase of $____ aggregate principal amount of Notes issued under the Indenture.
		

		
			☐  B.   Our proposed exchange of $____ aggregate principal amount of Notes issued under the Indenture for an equal principal amount of Notes to be held by us.
		

		
			We hereby confirm, represent and warrant that:
		

		
			1.         We are an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”) (an “Institutional Accredited Investor”).
		

		
			2.         Any acquisition of Notes by us will be for our own account or for the account of one or more other Institutional Accredited Investors as to which we exercise sole investment discretion.
		

		
			3.         We have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of an investment in the Notes and we and any accounts for which we are acting are able to bear the economic risks of and an entire loss of our or their investment in the Notes.
		

		
			4.         We are not acquiring the Notes with a view to, or for offer or sale in connection with, any distribution thereof in a transaction that would violate the Securities Act or the securities laws of any State of the United States or any other applicable jurisdiction; provided that the disposition of our property and the property of any accounts for which we are acting as fiduciary will remain at all times within our and their control.
		

		
			
		

		
			

		 

		

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			5.         We understand and acknowledge that the offer and sale of the Notes have not been registered under the Securities Act and that the Notes and any interest therein may not be offered or sold within the United States or to or for the benefit of U.S. persons except as set forth below.
		

		
			6.         The principal amount of Notes to which this Certificate relates is at least equal to $250,000.
		

		
			We agree for the benefit of the Company, on our own behalf and on behalf of each account for which we are acting, that such Notes may be offered, sold, pledged or otherwise transferred only in accordance with the Securities Act and any applicable securities laws of any State of the United States and only (a) to the Company, (b) pursuant to a registration statement which has become effective under the Securities Act, (c) to a qualified institutional buyer in compliance with Rule 144A under the Securities Act, (d) in an offshore transaction in compliance with Rule 904 of Regulation S under the Securities Act, (e) in a principal amount of not less than $250,000, to an Institutional Accredited Investor that, prior to such transfer, delivers to the Trustee a duly completed and signed certificate (the form of which may be obtained from the Trustee) relating to the restrictions on transfer of the Notes or (f) pursuant to an exemption from registration provided by Rule 144 under the Securities Act or any other available exemption from the registration requirements of the Securities Act. We further agree to provide any Person purchasing any of the Notes from us in a transaction meeting the requirements of clauses (a) through (f) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein.  We understand that, on any proposed resale of the Notes or beneficial interest therein, we shall be required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions.
		

		
			Prior to the registration of any transfer in accordance with (c) or (d) above, we acknowledge that a duly completed and signed certificate (the form of which may be obtained from the Trustee) must be delivered to the Trustee.  Prior to the registration of any transfer in accordance with (e) or (f) above, we acknowledge that the Company reserves the right to require the delivery of such legal opinions, certifications or other evidence as may reasonably be required in order to determine that the proposed transfer is being made in compliance with the Securities Act and applicable state securities laws.  We acknowledge that no representation is made as to the availability of any Rule 144 exemption from the registration requirements of the Securities Act.
		

		
			We understand that the Trustee will not be required to accept for registration of transfer any Notes acquired by us, except upon presentation of evidence satisfactory to the Company and the Trustee that the foregoing restrictions on transfer have been complied with.  We further understand that the Notes acquired by us will be in the form of definitive physical certificates and that such certificates will bear a legend reflecting the substance of the preceding paragraph.  We further agree to provide to any person acquiring any of the Notes from us a notice advising such person that resales of the Notes are restricted as stated herein and that certificates representing the Notes will bear a legend to that effect.
		

		
			
		

		
			

		 

		

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			We agree to notify you promptly in writing if any of our acknowledgments, representations or agreements herein ceases to be accurate and complete.
		

		
			We represent to you that we have full power to make the foregoing acknowledgments, representations and agreements on our own behalf and on behalf of any account for which we are acting.
		

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

			
					
						 

					
					
						Very truly yours, 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						    

					
					
						 

				
	
					
						 

					
					
						[NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				
	
					
						 

					
					
						 

					
					
						Address:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Date:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			
		

		
			

		 

		

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			Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows:
		

		
			By:  _________________________________
		

		
			Date:  ________________________________
		

		
			Taxpayer ID number:  ___________________
		

		
			 
		

		
			 
		

		
			

		 

		

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			EXHIBIT I
		

		
			OID LEGEND
		

		
			THE FOLLOWING INFORMATION IS SUPPLIED SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES.  THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED), AND THIS LEGEND IS REQUIRED BY SECTION 1275(C) OF THE CODE.  HOLDERS MAY OBTAIN INFORMATION REGARDING THE AMOUNT OF OID, THE ISSUE PRICE, THE ISSUE DATE AND THE YIELD TO MATURITY RELATING TO THE NOTES BY CONTACTING MAXAR TECHNOLOGIES, INC., 1300 W. 120TH AVENUE, WESTMINSTER, COLORADO 80234,  ATTENTION:  TREASURER AND GENERAL COUNSEL.
		

		
			 
		

		
			 
		

		
			

		 

		

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			EXHIBIT J
		

		
			Form of Second Lien Intercreditor Agreement
		

		
			 
		

		
			 
		

		
			

		 

		

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			EXHIBIT K
		

		
			Form of Escrow Release Date Supplemental Indenture
		

		
			SUPPLEMENTAL INDENTURE
		

		
			SUPPLEMENTAL INDENTURE No. ____ (this “Supplemental Indenture”), dated as of December [], 2019 among SSL Robotics LLC, a Delaware limited liability company (the “Escrow Issuer”), Maxar Technologies Inc., a Delaware corporation (the “Company”), each of the guarantor parties hereto (each, a “Subsidiary Guarantor”), and Wilmington Trust, National Association, as trustee (the “Trustee”).
		

		
			W I T N E S S E T H
		

		
			WHEREAS, the Escrow Issuer and the Trustee, among others, have heretofore executed and delivered an indenture (the “Indenture”), dated as of December 2, 2019 providing for the issuance of the Escrow Issuer’s 9.750% Senior Secured Notes due 2023 (the “Notes”);
		

		
			WHEREAS, pursuant to the purchase agreement in respect of the Notes dated as of November 15, 2019 (the “Purchase Agreement”), the Company agreed to assume all rights and obligations of the Escrow Issuer under the Notes and the Indenture (the “Assumption”) by executing this Supplemental Indenture ;
		

		
			WHEREAS, pursuant to the Purchase Agreement, the Company and the Escrow Issuer agreed to cause certain subsidiaries of the Company to provide an unconditional guarantee of the obligations of the Issuer under the Notes and the Indenture (each a “Subsidiary Guarantee”) by executing this Supplemental Indenture; and
		

		
			WHEREAS, pursuant to Section 9.01 of the Indenture, the Escrow Issuer and the Company are authorized to consummate the Assumption, the Subsidiary Guarantors are authorized to provide the Subsidiary Guarantees and the Escrow Issuer, the Company, the Subsidiary Guarantors and the Trustee are authorized to execute and deliver this Supplemental Indenture.
		

		
			NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Escrow Issuer, the Company, each Subsidiary Guarantor and the Trustee 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.         ASSUMPTION.  The Escrow Issuer hereby irrevocably assigns, grants, conveys and transfers to the Company all of the Escrow Issuer’s obligations, right, title and interest as Issuer of the Notes and under the Indenture and the Company hereby unconditionally accepts such assignment and assumes all rights, duties, liabilities and obligations of whatever kind or nature of the Escrow Issuer under the Notes and the Indenture with the same effect as if the Company had issued the Notes and executed and delivered the Indenture on the date thereof.  From the date of this Supplemental Indenture, all references to the Issuer in the Indenture shall refer to the Company
		

		
			
		

		
			

		 

		

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			and not to the Escrow Issuer.  For purposes of Section 13.02 of the Indenture, a notice or communication to the Company should be addressed as follows:
		

		
			Maxar Technologies Inc. 
1300 W. 120th Avenue 
Westminster, Colorado 
80234 
Fax No.: (303) 684-1688 
Attention: Treasurer and General Counsel
		

		
			3.         AGREEMENT TO SUBSIDIARY GUARANTEE.  Each Subsidiary Guarantor hereby agrees to provide an unconditional Subsidiary Guarantee on the terms and subject to the conditions set forth in the Indenture, including, but not limited to, Article 10 thereof.
		

		
			4.         NO RECOURSE AGAINST OTHERS.  No past, present or future director, officer, employee, incorporator or stockholder of the Escrow Issuer, the Company or any Subsidiary Guarantor, as such, shall have any liability for any obligations of the Escrow Issuer, the Company or any Subsidiary Guarantor under the Notes, the Indenture, the Subsidiary Guarantees 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 a Note waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Notes.
		

		
			5.         THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.
		

		
			6.         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.  Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.
		

		
			7.         EFFECT OF HEADINGS.  The Section headings herein are for convenience only and shall not affect the construction hereof.
		

		
			8.         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 Escrow Issuer, the Company and the Subsidiary Guarantors.
		

		
			 
		

		
			[Signature Pages Follow]
		

		
			
		

		
			

		 

		

			K-2

		

		

			 

		

		

		
			 
		

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

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						SSL ROBOTICS LLC as Escrow Issuer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						MAXAR TECHNOLOGIES INC. as Company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						[Name of Subsidiary Guarantor].

				
	
					
						 

					
					
						 

					
					
						as Subsidiary Guarantor

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						WILMINGTON TRUST, NATIONAL ASSOCIATION

				
	
					
						 

					
					
						as Trustee

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

				
	
					
						 

					
					
						 

					
					
						Title:

				

		
			 
		

		
			[Signature Page to Supplemental Indenture]
		

		 

		

			K-3

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