Document:

Oil Feedstock Supply Agreement

 Exhibit 10.12 
 Oil Feedstock Supply Agreement 
 This Oil Feedstock Supply Agreement (this
“Agreement”) is made and entered into as of July 8, 2007 by and between Renewable Energy Group Inc., a Delaware corporation (“REG”), and West Central Cooperative, a cooperative association organized and
existing under the laws of the State of Iowa (“West Central”) (each of REG and West Central, a “Party” and collectively, the “Parties”). 
 REG owns a biodiesel plant (the “Facility”), located in Ralston, Iowa. REG desires to buy, and West Central desires to sell, 100% of all
soybean oil (“Oil”) feedstock generated by West Central to meet REG’s requirements for biodiesel production at the Facility. The Parties desire to purchase and sell Oil in accordance with the fees, payment, delivery, and other
terms set forth in this Agreement. 
 Therefore, the Parties agree: 
 1. Supply. In accordance with and subject to the terms of this Agreement, West Central will sell and REG will purchase one hundred percent (100%) of the Oil generated by West Central at its crush facility
connected by pipeline to REG’s Facility and located in Ralston, Iowa (the “West Central Facility”) for use by REG at the Facility, and at additional biodiesel plants owned or managed by REG or by REG’s customers
(collectively, the “Additional Facilities”); except for those quantities of Oil that West Central utilizes internally at the West Central Facility. (For purposes of clarification this Agreement does not include any soybean oil which
may result from West Central’s processing of organic or other specialty crops at West Central’s old processing plant attached to its feed mill.) 
 1.1 Quarterly and Annual Volume Forecasts. On or before the first day of the month preceding each calendar quarter during the Term, REG shall provide to West Central its best estimate, in a form reasonably
agreed to by the Parties, of all Oil REG will require at the Facility during the following quarter (the “Quarterly Forecast”). On or before the 1st day of December in each year during the Term, REG shall provide to West Central its
best estimate of all Oil REG will require at the Facility during the following calendar year (the “Annual Forecast”) in a form reasonably agreed to by the Parties. 
 1.2 Specific Orders. Prior to or during each quarter covered by a Quarterly Forecast, REG will deliver to West Central specific orders in a form
reasonably agreed to by the Parties (each, a “Specific Order”), which will contain REG’s confirmation to West Central of its need for specific quantities of Oil per month. West Central will review all Specific Orders and the
Parties will mutually agree upon a Total Price (utilizing the method set out in Section 4.1) applicable to Oil sold under a Specific Order. Subject to the other provisions of this Agreement, West Central will deliver to REG the quantity of Oil
required by Specific Orders. 
 1.3 Overage Amounts. 
 (a) REG’s Marketing of Oil. If for any reason, REG cannot utilize all of the Oil generated by West Central from the West
Central Facility at the Facility, REG will market this Oil to the “Additional Facilities”. The Parties will cooperate in good faith to manage the supply of Oil to the Facility and the Additional Facilities to insure adequate inventories
and supply levels are maintained. 

 (b) Storage Charge. West Central will make available tanks for storing the Oil
generated from the West Central Facility for delivery to REG’s Facility. So long as the inventory of Oil in such tanks (“Oil Inventory”) on the last business day of a calendar month is less than 3.75 million pounds, no storage
charge will be assessed to REG for West Central’s storage. Unless waived by West Central, in the event the Oil Inventory on the last business day of a calendar month exceeds 3.75 million pounds, then REG agrees to pay to West Central a
storage charge equal to one (1) month’s interest at an annual rate equal to the prime rate (as reported on the last business day of such month by the Wall Street Journal ) on the product of the Chicago Board of Trade
“(CBOT”) futures price for crude soy oil on such inventory date plus the then applicable Provision Fee, multiplied by the number of pounds of Oil Inventory in excess of 3.75 million. 
 (c) West Central’s Right to Sell Excess Inventory. If at any time during the term of this Agreement, the Oil Inventory being
stored by West Central for REG exceeds 4.25 million pounds, then West Central shall have the right (but not the obligation) to sell all Oil in such inventory in excess of 3.75 million pounds. In the event of any such sale of Oil by West
Central hereunder, West Central shall have the right to sell such Oil upon such terms and at such prices as West Central may determine. West Central shall receive all proceeds of the sale of such Oil, and REG shall have no responsibility to pay any
sums of money to West Central in the event the sales proceeds received by West Central are less than the Total Price for Oil that might otherwise have been determined under Section 1.4 herein. Prior to making any such sale, West Central shall
consult with REG, to see what sales REG may have arranged under Section 1.3(a) herein, and the impact of such sales upon the inventory level. 
 1.4 Price. The total price (“Total Price”) for a given quantity of Oil will be the total of (a) the Chicago Board of Trade (“CBOT”) futures price for crude soy oil (symbol “BO”) set by the Parties,
plus (b) the applicable Provision Fee (as defined in Schedule 4.1). 
 1.5 Alternate Index. If for any reason the
CBOT index for Oil should cease to be published, the Parties agree to promptly and in good faith negotiate a mutually acceptable Alternate Index or substitute methodology for calculating the price for Oil (the “Alternate Index.) If, on or
before thirty (30) days after the index used to determine the price ceases to be published, the Parties are unable to agree on an Alternate Index upon which to base the calculation of the price, the Parties shall submit such determination to
the dispute resolution procedures in accordance with the provisions of Section 13, which dispute resolution procedures will be used in determining the Alternate Index. From the date on which the index price used to determine the price for Oil
ceases to be available until the Alternate Index is determined, the price for such Oil shall be the monthly average of the prices in effect (or that would have been in effect) during the twelve (12) months preceding the month in which the index
upon which the price was based ceased to be available, which price shall be effective until the effective date of the Alternate Index determined as set forth in this Section 1.5. Upon the determination of an Alternate Index, the applicable
prices will be adjusted retroactively to the dates on which the indices upon which the prices previously were based ceased to be available, plus interest thereon at the interest rate described in Section 4.2(b). 
  

 2 

 2. Delivery. 
 2.1 Quantity. 
 (a) Monthly Estimates. At least 30 days before the beginning of each month during the
Term, REG will deliver to West Central a written estimate (each a “Monthly Estimate”) of its anticipated Oil requirements at the Facility for such month, which estimate will include (i) amounts under all then-existing Specific
Orders and (ii) any additional amounts requested by REG for such month. West Central will review all timely delivered Monthly Estimates and the Parties will mutually agree upon a Total Price (utilizing the method set out in Section 4.1)
applicable to any Oil contemplated by a Monthly Estimate that is not covered by a Specific Order, which Total Price may be agreed at any time subsequent to the delivery of the Monthly Estimate and prior to the first of the month for which delivery
of Oil is requested. In addition, REG will give West Central reasonable advance notice of any circumstances that would reasonably be expected to materially affect Oil requirements at the Facility. Subject to the other provisions of this Agreement,
West Central will deliver to REG the quantity of Oil required by such Monthly Estimate. 
 (b) Production Schedules.
Upon delivery of a Monthly Estimate to West Central, West Central will provide a quantity of Oil sufficient to permit REG to maintain its actual production schedule for the month as described in the Monthly Estimate. On Thursday of each week, REG
will provide West Central notice of REG’s best estimate of its production schedule for the following production week (Monday through Sunday). 
 2.2 Delivery Terms. 
 (a) Physical Delivery. West Central will deliver all Oil sold under this
Agreement to the Facility via pipeline. The delivery and sale of the Oil shall occur as the Oil passes the REG flow meter at the Facility (the “Delivery Point”). REG will direct the receiving of all Oil purchased hereunder in a good and
workmanlike manner in accordance with normal industry practice. All labor and equipment necessary to receive Oil after the Oil is delivered to the Delivery Point will be supplied by REG without charge to West Central. West Central will direct the
delivery of all Oil purchased hereunder in a good and workmanlike manner in accordance with normal industry practice. All labor and equipment necessary to deliver Oil before the Oil is delivered to the Delivery Point will be supplied by West Central
without charge to REG. REG will maintain (at its own expense) its receiving facilities in accordance with applicable laws and regulations and in safe operating condition in accordance with normal industry standards. West Central will maintain (at
its own expense) its delivery facilities in accordance with applicable laws and regulations and in safe operating condition in accordance with normal industry standards. 
  

 3 

 (b) Measurement; Records. REG will determine the volume of Oil delivered by West
Central to the Facility using a flow meter. REG will maintain (at its own expense) the accuracy of the flow meter and ensure that it is inspected and certified as required by applicable law. West Central may, at its sole expense, test the accuracy
of the flow meter. REG will maintain all flow meter records of Oil deliveries for at least one year after their creation and provide copies of such records to West Central upon request. Such inbound flow meter records will determine the volume of
Oil for which REG is obligated to pay pursuant to Section 4. REG will report to West Central the volume of any Oil delivery to the Facility at least once per day, or at such times as reasonably requested by West Central. 
 (c) Standards. West Central will deliver Oil under this Agreement which meets the “Quality Standards” set forth in
Schedule 2.2(c) and will provide, upon REG’s request, a Certificate of Analysis on a regular basis each day for that day’s deliveries. If West Central delivers Oil that does not meet the Quality Standards, REG may reject such Oil in
accordance with Schedule 2.2(c) and this Agreement. 
 (d) Testing. If REG knows or reasonably suspects that any Oil
delivered by West Central to the Facility does not meet the Quality Standards (or permissible deviations therefrom), then REG may obtain, at REG’s sole cost and expense, independent laboratory tests of the affected Oil at a mutually agreed upon
laboratory. REG shall immediately notify West Central of the testing of any Oil within 24 hours of its delivery to the Facility and REG shall promptly complete such testing. West Central shall have the right, upon reasonable advance notice and at
West Central’s sole cost and expense, to test Oil for which title has passed to REG pursuant to Section 2.3. 
 2.3 Title.
Title, risk of loss, and responsibility for the quality of Oil will pass to REG at the Delivery Point. If any Oil supplied under this Agreement fails to comply with the terms of this Agreement as a result of causes or conditions proven to have
existed prior to the time when title passed to REG, then REG may reject such non-compliant Oil (and provide West Central with written notice of such rejection) within 48 hours after the time of delivery (or have notified West Central of the testing
of such Oil under Section 2.2(d) and promptly complete such testing), in which case West Central will replace such non-compliant Oil with a like amount of compliant Oil. In addition, West Central shall only be obligated to replace such
non-compliant Oil to the extent that REG has not processed and has kept such non-compliant Oil segregated from other Oil at the Facility. REG will make such non-compliant Oil available to West Central for West Central to remove from the Facility at
West Central’s cost. West Central will not be responsible for any failure of Oil to comply with the terms of this Agreement that results from causes or conditions arising after the time title passes to REG. Any failure by REG to provide written
notice of rejection as set forth in this Section 2.3 will be deemed an absolute and unconditional waiver of its rejection right and any claims relating to such Oil. At West Central’s request, REG will promptly deliver to West Central a
representative sample of any rejected Oil. 
 2.4 REG Use of Oil. REG shall have the right to use the Oil that it purchases under this
Agreement at the Facility and the Additional Facilities and to sell the Oil to third parties. REG shall be responsible for the logistics and cost of transporting any Oil from the Facility to any Additional Facility or third party. 
  

 4 

 3. Scheduled Facility Shutdown. The Facility and West Central’s Facility are each subject to periodic
shut-down periods for the purpose of performing maintenance. Each Party agrees to provide reasonable notice to the other Party of any scheduled shut-down periods and to reasonably cooperate in coordinating a mutually agreeable shut-down period for
both Facilities. 
 4. Price and Payment. 
 4.1 Price. For all Oil delivered to the Facility, REG will pay West Central a price per pound (the “Total Price”) equal to the total of: (a) the CBOT futures price for crude soy oil (symbol “BO”) as set upon
mutual agreement of the Parties in the applicable Specific Order or Monthly Estimate for such Oil, as applicable, plus (b) the Provision Fee mutually determined by the Parties in accordance with Schedule 4.1 for such Oil.
Notwithstanding anything to the contrary in this Agreement, unless otherwise agreed by West Central, all CBOT futures pricing will be executed prior to the first notice day of the applicable futures month. 
 4.2 Payments. 
 (a)
West Central will deliver an invoice to REG on a daily basis Monday through Friday by 12:00 p.m. noon Central Time during the Term (or the next business day if the day falls on a national holiday) that bills REG for the price determined pursuant to
Section 4.1 for all Oil delivered to the Facility during the previous day ending at 12:00 a.m. midnight Central Time. REG will pay each such invoice by 12:00 p.m. Central Time on the 10th day after West Central delivers such invoice.

 (b) Interest will accrue on amounts past due at a rate per annum equal to the lesser of (a) eighteen percent
(18%), and (b) the highest rate permitted by law. All amounts due to West Central under this Agreement will be paid by ACH. 
 4.3
Taxes. For purposes of personal property taxation and/or assessment or other similar taxation, if any, any tax assessed on Oil received, handled, delivered, stored or loaded by West Central for the account and benefit of REG will be the
responsibility of REG, except to the extent such taxes are, by law, required to be paid directly by West Central, in which event, such taxes shall be paid by West Central and reimbursed by REG upon receipt of an invoice and supporting documentation
reasonably requested by REG. REG shall not be liable to West Central for any taxes that are statutorily imposed on West Central that are measured by or imposed upon net or gross income, including, but not limited to, income, capital, franchise,
business license and margin based taxes. In the event REG is entitled to any exemption for taxes, REG will furnish the requisite documentation to West Central. REG and West Central agree to cooperate with each other in defending the non-taxability
of the Oil or rate on the Oil pursuant to this Agreement in the event that either Party is audited by or on behalf of a taxing jurisdiction, including, but not limited to producing existing documentation, generating new reports from existing
electronic reporting systems and making employees available at no cost, other than reasonable out-of-pocket expenses, to the other Party. Both Parties further agree to retain all applicable records for a period of not less than the applicable
statute of limitations, including any waivers thereof executed by either Party, for any taxes collected by or reimbursed to West Central. 
  

 5 

 5. Term and Termination. 
 5.1 Term. The “Term” of this Agreement will begin upon execution of this Agreement by both Parties and,
unless earlier terminated in accordance with the terms hereof, will expire upon the third (3 rd ) anniversary of the Effective Date; provided that this Agreement shall thereafter automatically be extended for an additional one year period, after the expiration of each anniversary of the Effective Date,
unless either Party provides written notice to the other Party of its intention not to allow an extension of the Agreement, delivered no later than ninety (90) days prior to each anniversary of the Effective Date. 
 5.2 Termination Rights. 
 (a) Either Party may terminate this Agreement immediately upon notice to the other Party if such other Party has (i) materially breached any representation, warranty, or obligation under this Agreement, and (ii) failed to remedy
such breach within thirty (30) days after the terminating Party has given notice of such breach, or if such breach cannot reasonably be cured within such 30-day period, such other Party has failed to commence and diligently pursue remedy of the
breach and failed to remedy such breach not later than one hundred twenty (120) days after the terminating Party has given notice of such breach. 
 (b) West Central may terminate this Agreement immediately upon written notice to REG if REG fails to pay any amount due under this Agreement within ten (10) days after West Central gives REG written notice of
such nonpayment. 
 (c) REG may terminate this Agreement immediately upon written notice to West Central (i) if West
Central fails to deliver any Oil as required by this Agreement for a period of ten (10) consecutive days or (ii) if West Central fails to remedy any failure to deliver any Oil as required by this Agreement within three (3) days after
receipt of written notice of such failure from REG. 
 (d) Either Party may terminate this Agreement immediately upon notice
to the other Party if (i) such other Party files a petition for adjudication as a bankrupt, for reorganization or for an arrangement under any bankruptcy or insolvency law, (ii) an involuntary petition under such law is filed against such
other Party and is not dismissed, vacated or stayed within sixty (60) days thereafter, (iii) such other Party makes an assignment of all or substantially all of its assets for the benefit of creditors. 
 (e) Either Party may terminate this Agreement in accordance with Section 9.3 hereof. 
 (f) Either Party may terminate this Agreement immediately upon the dissolution of the other Party. 
 5.3 Survival. The provisions of this Agreement which expressly or by their nature survive expiration or termination of this Agreement, including,
but not limited to, Sections 4.2, 5.3, 7, 8, 9, 12 and 13, will remain in effect after the expiration or termination of this Agreement. 
  

 6 

 6. Warranties. 
 6.1 Disclaimer of Warranties. EXCEPT AS EXPRESSLY PROVIDED IN THIS SECTION AND THE AGREEMENT, WEST CENTRAL MAKES NO STATUTORY, WRITTEN, ORAL, EXPRESSED OR IMPLIED WARRANTIES, REPRESENTATIONS OR GUARANTEES OF
ANY KIND CONCERNING THE OIL SOLD UNDER THIS AGREEMENT, OR ITS QUALITY, SOURCE, OR CHARACTERISTICS, INCLUDING WITHOUT LIMITATION ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE. NOTWITHSTANDING, WEST CENTRAL WARRANTS THAT AT THE
TIME TITLE TO OIL PASSES TO REG: 
 (a) WEST CENTRAL HAS DEFENSIBLE TITLE TO SUCH OIL; 
 (b) WEST CENTRAL HAS THE RIGHT TO SELL SUCH OIL FREE OF LIENS, ENCUMBERANCES AND ADVERSE CLAIMS OF ANY KIND; AND 
 (c) THE OIL MEETS THE SPECIFICATIONS IN SCHEDULE 2.2(c). 
 6.2 Forward Contract. Each of the Parties hereto warrants to the other Party that it is a “forward contract merchant” within the meaning of United States Bankruptcy Code, § 101(26) (“Section
101(26)”) and this Agreement and all purchase and sale transactions hereunder constitute “forward contracts” within the meaning of Section 101(26). 
 7. Limitations of Liability. 
 7.1 In no event will either Party (or any of its officers,
directors, employees, agents or Affiliates) be liable to the other Party for any indirect, special, incidental, consequential, punitive or exemplary damages arising out of or related to this Agreement (including, but not limited to, damages for lost
profits or income). For purposes of this Agreement: (a) the term “Affiliate” means a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the
party specified, with “control” or “controlled” meaning 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 or voting interests, by contract or otherwise; and (b) the term “Person” shall mean any individual, general partnership, limited partnership, limited liability company, joint venture, trust, business trust,
cooperative, association or other entity of whatever nature. 
 8. Remedies. 
 8.1 REG’s Remedies. If West Central does not deliver to REG the quantities of Oil required of West Central under this Agreement, REG may
obtain substitute quantities of Oil from other sources. REG’S EXCLUSIVE REMEDY, WHETHER IN TORT, CONTRACT, OR OTHERWISE WITH RESPECT TO THE FAILURE BY WEST CENTRAL TO DELIVER OIL 

  

 7 

 
IN THE QUANTITIES REQUIRED BY THIS AGREEMENT WILL BE FOR WEST CENTRAL TO REIMBURSE REG FOR ITS REASONABLE COSTS TO COVER BY OBTAINING SUBSTITUTE QUANTITIES
OF OIL. EXCEPT AS EXPRESSLY PROVIDED IN THIS SECTION 8.1, WEST CENTRAL WILL NOT BE LIABLE FOR ANY DAMAGES OR COSTS ASSOCIATED WITH THE FAILURE OF REG TO OBTAIN SUCH REPLACEMENT OIL. 
 8.2 West Central’s Remedies. 
 (a) West Central may suspend its performance under this Agreement until REG has paid all amounts due under this Agreement if REG fails to pay any amount within 10 days after the date when such amount is due under this
Agreement. 
 (b) West Central may specifically enforce REG’s obligation to purchase from West Central all of the Oil
generated by the West Central Facility as provided in Section 1 of this Agreement. 
 (c) No right, power or remedy
conferred by this Agreement will be exclusive of any other right, power or remedy now or hereafter available to West Central at law, in equity, by statute or otherwise. 
 9. Force Majeure. 
 9.1 Definition of Force Majeure Event. Each Party is excused from
performing its obligations under this Agreement to the extent that such performance is prevented by an act or event (a “Force Majeure Event”) whether or not foreseen, that: (i) is beyond the reasonable control of, and is not
due to the fault or negligence of, such Party, and (ii) could not have been avoided by such Party’s exercise of due diligence, including, but not limited to, a labor controversy, strike, lockout, boycott, transportation stoppage, action of
a court or public authority, fire, flood, earthquake, storm, war, civil strife, terrorist action, epidemic, inability to obtain raw materials, supplies or equipment through its usual and regular sources, or act of God; provided that a Force
Majeure Event will not include economic hardship, changes in market conditions, or insufficiency of funds. Notwithstanding the foregoing sentence, a Force Majeure Event does not excuse any obligation to make any payment required by this Agreement
and will not affect West Central’s right to terminate this Agreement pursuant to Section 5.2(b). For the purpose of clarification and not for purposes of limitation, an act or event which occurs at the West Central Facility that prevents
West Central’s performance under this Agreement through the use of such processing facility shall be considered to be a Force Majeure Event under this Agreement. 
 9.2 Conditions Regarding Force Majeure Event. A Party claiming a Force Majeure Event must: (i) use commercially reasonable efforts to cure, mitigate, or remedy the effects of its nonperformance;
provided that neither Party will have any obligation hereunder to settle a strike or labor dispute; (ii) bear the burden of demonstrating its existence; and (iii) notify the other Party of the occurrence of the Force Majeure Event
as quickly as reasonably possible, but no later than five (5) business days after learning of the occurrence of the Force Majeure Event. Any Party that fails to notify the other Party of the occurrence of a Force Majeure Event as required by
this Section 9.2 will forfeit its right to excuse performance of its obligations due to such Force Majeure Event. 
  

 8 

 When a Party claiming a Force Majeure Event is able to resume performance of its obligations under this Agreement, it
will immediately give the other Party notice to that effect and resume performance. If a Force Majeure Event occurs that impedes West Central’s ability to provide quantities of Oil in accordance with this Agreement, West Central shall
reasonably cooperate with REG to assist REG in obtaining substitute quantities of Oil from other sources during the period West Central is excused from performance as a result of such event, but West Central’s obligation pursuant to this
Section 9.2 to cure, mitigate or remedy the effects of its nonperformance shall not include an obligation for West Central to identify, contract for or otherwise act on REG’s behalf in obtaining substitute quantities of Oil from other
sources and West Central shall not be obligated to pay any additional costs for procuring substitute Oil pursuant to Section 8.1 or otherwise; provided, however, that West Central may offer to REG and REG may purchase from West Central, in each
Party’s discretion, substitute Oil from other sources at a price which will include any additional delivery or other costs. 
 9.3
Third Parties; Termination. During any period that a Party claiming a Force Majeure Event is excused from performance under this Agreement, the other Party may accept performance from other parties as it may reasonably determine under the
circumstances. If a Party has not performed under this Agreement due to a Force Majeure Event for four (4) consecutive months or more, the other Party may terminate this Agreement immediately upon notice to the non-performing Party. 

10. Insurance. 
 10.1 Workers’
Compensation. Each Party warrants to the other that all of its employees that provide services under this Agreement will be covered as required by law by workers’ compensation and unemployment compensation insurance. 
 10.2 Other Required Coverage. 
 (a) Each Party will maintain automobile liability insurance against claims for bodily injury, death and property damage, with limits of not less than $1,000,000 per person and not less than $1,000,000 per accident or occurrence;
alternatively, combined single limits of not less than $1,000,000. Such insurance will name the other Party, its parents, subsidiaries and Affiliates as additional insureds thereunder, and will be primary and non-contributory to any other insurance
available to such other Party, its parents, subsidiaries and Affiliates as insureds or otherwise. 
 (b) Each Party will
maintain commercial general liability insurance (including, without limitation, coverage for Contractual Liability and Products/Completed Operations) against claims for bodily injury, death and property damage, with limits of not less than
$3,000,000 in one accident or occurrence; alternatively, combined single limits of not less than $3,000,000 each accident or occurrence, $3,000,000 Products/Completed Operations aggregate and $3,000,000 general aggregate. Such insurance will name
the other Party, its parents, subsidiaries and Affiliates as additional insureds thereunder, and will be primary and non-contributory to any other insurance available to such other Party, its parents, subsidiaries and Affiliates as insureds or
otherwise. 
  

 9 

 (c) The minimum limits of coverage required by this Agreement may be satisfied by a
combination of primary and excess or umbrella insurance policies; provided that any such excess or umbrella insurance policies follow the form of the primary insurances and contain a drop down provision in case of exhaustion of underlying limits
and/or aggregates. 
 (d) Each Party waives all rights against the other Party and its employees and agents for all losses and
damages caused by, arising out of or resulting from any of the perils or causes of loss covered by the policies contemplated by Sections 10.1 and 10.2 and any other property insurance applicable to the Facility. 
 10.3 Policy Requirements. All insurance policies required by this Agreement will (a) provide coverage on an “occurrence” basis;
(b) provide that no cancellation, non-renewal, reduction in limits or material change will be effected without giving the other Party at least thirty (30) days’ prior written notice; and (c) be valid and enforceable policies
issued by insurers of recognized responsibility, properly licensed in the State where the Facility is located, with an A.M. Best’s Rating of A- or better and Class VII or better. Such insurance policies will not contain a cross-liability
exclusion or an exclusion for punitive or exemplary damages where insurable under law. Prior to the Effective Date and, thereafter, within five (5) business days of renewal, certificates and endorsements of such insurance will be delivered to
the other Party, as appropriate, as evidence of the specified insurance coverage. From time to time, upon a Party’s request, the other Party will provide the requesting Party, within five (5) business days, a certificate of insurance
evidencing the required coverage to be maintained hereunder. 
 11. Relationship of Parties. This Agreement creates no relationship other than those
of seller and buyer between the Parties hereto. Specifically, there is no agency, partnership, joint venture or other joint or mutual enterprise or undertaking created hereby and neither Party, or any of such Party’s representatives, agents or
employees, will be deemed to be the representative, agent or employee of the other Party. Neither Party will have authority to act on behalf of or bind the other Party, except as otherwise specifically agreed. 
 12. Confidentiality. 
 12.1 Definition of
Confidential Information. The term “Confidential Information” means all material or information relating to a Party’s business operations and affairs (including trade secrets) that such Party treats as confidential. Without
limiting the generality of the foregoing, all information regarding quantities of Oil requested, supplied, or capable of being supplied and any pricing matter under this Agreement will be deemed to be Confidential Information of the appropriate
Party. 
 12.2 Use of Confidential Information. During the Term and for three (3) years thereafter, neither Party will
(a) use any Confidential Information of the other Party for any purpose other than in accordance with this Agreement or for its and its Affiliates’ internal business purposes, or (b) disclose Confidential Information to any person,
except to its personnel who are subject to nondisclosure obligations comparable in scope to this Section 12 and who have a need to know such Confidential Information in order to perform under this Agreement. 
  

 10 

 12.3 Disclosure of Confidential Information. Notwithstanding Section 12.2, either Party may
use for any purpose or disclose any material or information that it can demonstrate (i) is or becomes publicly known through no act or fault of such Party; (ii) is developed independently by such Party without reference to the other
Party’s Confidential Information; (iii) is known by such Party when disclosed by the other Party, and such Party does not then have a duty to maintain its confidentiality; or (iv) is rightfully obtained by such Party from a third
party not obligated to preserve its confidentiality who did not receive the material or information directly or indirectly from the other Party. A Party also may disclose the other Party’s Confidential Information to the extent required by a
court or other governmental authority, provided that the disclosing Party (a) gives the other Party advance written notice of the disclosure, (b) uses reasonable efforts to resist disclosing the Confidential Information,
(c) cooperates with the other Party on request to obtain a protective order or otherwise limit the disclosure, and (d) as soon as reasonably possible, provides a letter from its counsel confirming that such Confidential Information is, in
fact, required to be disclosed. 
 12.4 Injunctive Relief. Each Party acknowledges and agrees that its breach or threatened breach of
any provision of this Section 12 would cause the other Party irreparable injury for which it would not have an adequate remedy at law. In the event of a breach or threatened breach, the nonbreaching Party will be entitled to injunctive relief
in addition to all other remedies it may have at law or in equity. 
 13. Governing Law; Disputes. 
 13.1 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Iowa, excluding any applicable
conflicts-of-law rule or principle that might refer the construction or interpretation of this Agreement to the laws of another state. 
 13.2 Notice of Dispute. If any dispute shall arise under or in connection with this Agreement, the Parties hereto agree to follow the procedures set forth in this Section 13 in an effort to resolve the dispute prior to the
commencement of any formal proceedings; provided, however, that either Party may institute judicial proceedings seeking equitable relief or remedies without following the procedures set forth herein. The Parties shall attempt in good faith to
resolve any dispute arising out of or relating to this Agreement, the breach, termination, or validity hereof, or the transactions contemplated herein promptly by negotiation between representatives who have authority to settle the controversy. Any
Party may give the other Party written notice that a dispute exists (a “Notice of Dispute”) setting forth a statement of such Party’s position. Within twenty (20) business days of the delivery of the Notice of Dispute,
representatives of the Parties shall meet at a mutually acceptable time and place, and thereafter as long as they both reasonably deem necessary, to exchange relevant information and attempt to resolve the dispute. If the matter has not been
resolved within thirty (30) days of the disputing party’s delivering its Notice of Dispute, the dispute shall be referred to the respective presidents, general managers or comparable senior executives of REG and West Central who shall
within twenty (20) additional days meet to attempt in good faith to resolve the dispute. 
  

 11 

 13.3 Mediation. If the matter still has not been resolved within sixty (60) days of the
delivery of the Notice of Dispute, then any Party may seek to resolve the dispute through mediation administered by the Commercial Mediation Rules of the American Arbitration Association. If the Parties fail to resolve the dispute within twenty-one
(21) days after starting mediation, then either Party may initiate appropriate proceedings to obtain a judicial resolution of the dispute. 
 13.4 Negotiations; Jurisdictional Matters. If a representative of any Party intends to be accompanied at a meeting by an attorney, the other negotiator shall be given at least three (3) business days’ notice of such
intention and may also be accompanied by an attorney. All negotiations pursuant to this clause are confidential and shall be treated as compromise and settlement negotiations for purposes of the Federal Rules of Evidence and similar state rules of
evidence. Any proceeding initiated by either Party hereto shall be commenced and prosecuted in the United States District Courts in Iowa or the state courts of Iowa, and any courts to which an appeal may be taken, and each Party hereby consents to
and submits to the personal jurisdiction of each of such courts. 
 13.5 Waiver of Jury Trial. EACH PARTY IRREVOCABLY WAIVES ANY AND
ALL RIGHTS TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 14.
Notices. All notices required or permitted under this Agreement will be in writing and will be deemed given and made: (i) if by personal delivery, on the date of such delivery, (ii) if by facsimile, on the date sent (as evidenced by
confirmation of transmission by the transmitting equipment), (iii) if by nationally recognized overnight courier, on the next business day following deposit, and (iv) if by certified mail, return receipt requested, postage prepaid, on the
third business day following such mailing; in each case addressed to the address or facsimile number shown below for such Party, or such other address or facsimile number as such Party may give to the other Party by notice: 
  

			
	In the case of REG:	  	Renewable Energy Group, Inc.
		  	406 1st Street, P.O. Box 128
		  	Ralston, IA 51459
		  	Attn: CFO
		  	Facsimile: (712) 667-3599
		
	In the case of West Central:	  	West Central Cooperative
		  	406 1st Street, P.O. Box 68
		  	Ralston, IA 51459
		  	Attn: Executive VP Soy Processing & Nutrition
		  	Facsimile: (712) 667-3215

 15. Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement between
the Parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, both written and oral, between the Parties with respect to the subject matter hereof. This Agreement does not, and is not intended to,
confer any rights or remedies upon any person other than the Parties. 
  

 12 

 16. Amendments; Waiver. The Parties may amend this Agreement only by a written agreement of the Parties. In the
event of a conflict between the terms of this Agreement and the terms contained in a Blanket Order, Specific Order, Monthly Estimate or any other purchase order or sales invoice, the terms of this Agreement shall control. No provision of this
Agreement may be waived, except as expressly provided herein or pursuant to a writing signed by the Party against whom the waiver is sought to be enforced. No failure or delay in exercising any right or remedy or requiring the satisfaction of any
condition under this Agreement, and no “course of dealing” between the Parties, operates as a waiver or estoppel of any right, remedy or condition. A waiver made in writing on one occasion is effective only in that instance and only for
the purpose that it is given and is not to be construed as a waiver on any future occasion or against any other person. 
 17. Assignment. No Party
may assign this Agreement, or assign or delegate any of its rights, interests, or obligations under this Agreement, voluntarily or involuntarily, whether by merger, consolidation, dissolution, operation of law, or any other manner, without the prior
written consent of the other Party, which shall not be unreasonably withheld, and any purported assignment or delegation without such consent will be void. Notwithstanding the foregoing, each Party may assign this Agreement, or assign or delegate
any of its rights, interests, or obligations under this Agreement, to any of its Affiliates without the other Party’s prior written consent, said assignor nonetheless remaining liable hereunder unless expressly released by the other Party
hereto. Subject to the preceding sentences in this Section 17, this Agreement binds and benefits the Parties and their respective permitted successors and assigns. 
 18. Severability. If a court or arbitrator with proper jurisdiction determines that any provision of this Agreement is illegal, invalid, or unenforceable, the remaining provisions of this Agreement remain in
full force. The Parties will negotiate in good faith to replace such illegal, invalid, or unenforceable provision with a legal, valid, and enforceable provision that carries out the Parties’ intentions to the greatest lawful extent under this
Agreement. 
 19. Interpretation. Each Party has been represented by counsel during the negotiation of this Agreement and agrees that any ambiguity in
this Agreement will not be construed against one of the Parties. 
 20. Further Assurances. Each Party will execute and cause to be delivered to the
other Party such instruments and other documents, and will take such other actions, as the other Party may reasonably request for the purpose of carrying out or evidencing any of the transactions contemplated by this Agreement. 
 21. Counterparts. This Agreement may be executed by the Parties by facsimile and in separate counterparts, each of which when so executed will be deemed to be an
original and all of which together will constitute one and the same agreement. 
  

 13 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed the day and year first above
written. 
  

									
	WEST CENTRAL COOPERATIVE	 		 	RENEWABLE ENERGY GROUP, INC.
			
	/s/ MILAN KUCERAK	 		 	/s/ NILE RAMSBOTTOM
	Its:	 	Executive Vice-President	 		 	Its:	 	President
		 	Soy & Nutrition	 		 		 	

  

 14Indenture, dated as of October 1, 2009

 Exhibit 4.1 
  
  
  
 BLOCKBUSTER INC. 
 as Issuer 
 THE
SUBSIDIARY GUARANTORS PARTIES 
 HERETO 
 11.75% Senior Secured Notes due 2014 
  
  
 INDENTURE

 Dated as of October 1, 2009 
  
  
 U.S. BANK NATIONAL
ASSOCIATION 
 as Trustee 
  
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I
	  	
		
	 Definitions and Incorporation by Reference
	  	
			
	SECTION 1.1.	  	 Definitions
	  	1
	SECTION 1.2.	  	 Other Definitions
	  	31
	SECTION 1.3.	  	 Rules of Construction
	  	33
		
	 ARTICLE II
	  	
		
	 The Notes
	  	
			
	SECTION 2.1.	  	 Form, Dating and Terms
	  	33
	SECTION 2.2.	  	 Execution and Authentication
	  	39
	SECTION 2.3.	  	 Registrar and Paying Agent
	  	40
	SECTION 2.4.	  	 Paying Agent to Hold Money in Trust
	  	40
	SECTION 2.5.	  	 Holder Lists
	  	40
	SECTION 2.6.	  	 Transfer and Exchange
	  	41
	SECTION 2.7.	  	 Form of Certificate to Be Delivered in Connection with Transfers to Institutional Accredited Investors
	  	44
	SECTION 2.8.	  	 Form of Certificate to Be Delivered in Connection with Transfers Pursuant to Regulation S
	  	46
	SECTION 2.9.	  	 Mutilated, Destroyed, Lost or Stolen Notes
	  	47
	SECTION 2.10.	  	 Outstanding Notes
	  	47
	SECTION 2.11.	  	 Temporary Notes
	  	48
	SECTION 2.12.	  	 Cancellation
	  	48
	SECTION 2.13.	  	 Payment of Interest; Defaulted Interest
	  	48
	SECTION 2.14.	  	 Computation of Interest
	  	49
	SECTION 2.15.	  	 CUSIP Numbers
	  	50
		
	 ARTICLE III
	  	
		
	 Covenants
	  	
			
	SECTION 3.1.	  	 Payment of Notes
	  	50
	SECTION 3.2.	  	 SEC Reports
	  	50
	SECTION 3.3.	  	 Limitation on Indebtedness
	  	51
	SECTION 3.4.	  	 Limitation on Restricted Payments
	  	55
	SECTION 3.5.	  	 Limitation on Liens
	  	60
	SECTION 3.6.	  	 Limitation on Sale/Leaseback Transactions
	  	60
	SECTION 3.7.	  	 Limitation on Restrictions on Distributions from Restricted Subsidiaries
	  	61
	SECTION 3.8.	  	 Limitation on Sales of Assets and Subsidiary Stock
	  	63
	SECTION 3.9.	  	 Limitation on Affiliate Transactions
	  	65
	SECTION 3.10.	  	 Limitation on Capital Expenditures
	  	67
	SECTION 3.11.	  	 Change of Control
	  	68
	SECTION 3.12.	  	 Springing Maturity Offer
	  	69
	SECTION 3.13.	  	 Excess Cash Flow Offer
	  	71

  

 -i- 

					
	 	  	 	  	Page
	SECTION 3.14.	  	Future Subsidiary Guarantors	  	72
	SECTION 3.15.	  	Limitation on Lines of Business	  	73
	SECTION 3.16.	  	Effectiveness of Covenants	  	73
	SECTION 3.17.	  	Compliance Certificate	  	74
	SECTION 3.18.	  	Statement by Officers as to Default	  	74
	SECTION 3.19.	  	Payment for Consents	  	74
		
	 ARTICLE IV
	  	
		
	 Successor Company and Successor Guarantor
	  	
			
	SECTION 4.1.	  	When Company May Merge or Otherwise Dispose of Assets	  	74
	SECTION 4.2.	  	When a Subsidiary Guarantor May Merge or Otherwise Dispose of Assets	  	76
		
	 ARTICLE V
	  	
		
	 Redemption of Notes
	  	
			
	SECTION 5.1.	  	Optional Redemption	  	77
	SECTION 5.2.	  	Mandatory Redemption	  	78
	SECTION 5.3.	  	 Election to Redeem; Notice to Trustee of Optional and Mandatory Redemptions
	  	78
	SECTION 5.4.	  	Selection by Trustee of Notes to Be Redeemed	  	78
	SECTION 5.5.	  	Notice of Redemption	  	78
	SECTION 5.6.	  	Deposit of Redemption Price	  	79
	SECTION 5.7.	  	Notes Payable on Redemption Date	  	79
	SECTION 5.8.	  	Notes Redeemed in Part	  	80
		
	 ARTICLE VI
	  	
		
	 Defaults and Remedies
	  	
			
	SECTION 6.1.	  	Events of Default	  	80
	SECTION 6.2.	  	Acceleration	  	83
	SECTION 6.3.	  	Other Remedies	  	83
	SECTION 6.4.	  	Waiver of Past Defaults	  	83
	SECTION 6.5.	  	Control by Majority	  	84
	SECTION 6.6.	  	Limitation on Suits	  	84
	SECTION 6.7.	  	Rights of Holders to Receive Payment	  	84
	SECTION 6.8.	  	Collection Suit by Trustee	  	85
	SECTION 6.9.	  	Trustee May File Proofs of Claim	  	85
	SECTION 6.10.	  	Priorities	  	85
	SECTION 6.11.	  	Undertaking for Costs	  	85
		
	 ARTICLE VII
	  	
		
	 Trustee
	  	
			
	SECTION 7.1.	  	Duties of Trustee and Collateral Agent	  	86

  

 -ii- 

					
	 	  	 	  	Page
	SECTION 7.2.	  	 Rights of Trustee and Collateral Agent
	  	87
	SECTION 7.3.	  	 Individual Rights of Trustee and Collateral Agent
	  	89
	SECTION 7.4.	  	 Disclaimer
	  	89
	SECTION 7.5.	  	 Notice of Defaults
	  	89
	SECTION 7.6.	  	 Compensation and Indemnity
	  	89
	SECTION 7.7.	  	 Replacement of Trustee
	  	90
	SECTION 7.8.	  	 Successor Trustee by Merger
	  	91
	SECTION 7.9.	  	 Eligibility; Disqualification
	  	91
	SECTION 7.10.	  	 Limitation on Duty of Trustee and Collateral Agent in Respect of Collateral; Indemnification
	  	91
		
	 ARTICLE VIII
	  	
		
	 Discharge of Indenture; Defeasance
	  	
			
	SECTION 8.1.	  	 Discharge of Liability on Notes; Defeasance
	  	91
	SECTION 8.2.	  	 Conditions to Defeasance
	  	93
	SECTION 8.3.	  	 Application of Trust Money
	  	94
	SECTION 8.4.	  	 Repayment to Company
	  	94
	SECTION 8.5.	  	 Indemnity for U.S. Government Obligations
	  	94
	SECTION 8.6.	  	 Reinstatement
	  	94
		
	 ARTICLE IX
	  	
		
	 Amendments
	  	
			
	SECTION 9.1.	  	 Without Consent of Holders
	  	95
	SECTION 9.2.	  	 With Consent of Holders
	  	96
	SECTION 9.3.	  	 Effect of Consents and Waivers
	  	97
	SECTION 9.4.	  	 Notation on or Exchange of Notes
	  	97
	SECTION 9.5.	  	 Trustee To Sign Amendments
	  	97
		
	 ARTICLE X
	  	
		
	 Subsidiary Guarantee
	  	
			
	SECTION 10.1.	  	 Subsidiary Guarantee
	  	98
	SECTION 10.2.	  	 Limitation on Liability; Termination, Release and Discharge
	  	99
	SECTION 10.3.	  	 Right of Contribution
	  	100
	SECTION 10.4.	  	 No Subrogation
	  	100
		
	 ARTICLE XI
	  	
		
	 Collateral and Security
	  	
			
	SECTION 11.1.	  	 The Collateral
	  	101
	SECTION 11.2.	  	Further Assurances	  	101
	SECTION 11.3.	  	Release of Liens on the Collateral	  	102
	SECTION 11.4.	  	 Authorization of Actions to Be Taken by the Trustee or the Collateral Agent Under the Collateral Documents
	  	103
	SECTION 11.5.	  	 Recording, Registration and Opinions
	  	104

  

 -iii- 

					
	 	  	 	  	Page
	 ARTICLE XII
	  	
		
	 Miscellaneous
	  	
	SECTION 12.1.	  	Notices	  	104
	SECTION 12.2.	  	Certificate and Opinion as to Conditions Precedent	  	105
	SECTION 12.3.	  	Statements Required in Certificate or Opinion	  	105
	SECTION 12.4.	  	When Notes Disregarded	  	105
	SECTION 12.5.	  	Rules by Trustee, Paying Agent and Registrar	  	106
	SECTION 12.6.	  	Days Other than Business Days	  	106
	SECTION 12.7.	  	Governing Law	  	106
	SECTION 12.8.	  	Waiver of Jury Trial	  	106
	SECTION 12.9.	  	No Recourse Against Others	  	106
	SECTION 12.10.	  	Successors	  	106
	SECTION 12.11.	  	Multiple Originals	  	106
	SECTION 12.12.	  	Variable Provisions	  	106
	SECTION 12.13.	  	Table of Contents; Headings	  	106
	SECTION 12.14.	  	Direction by Holders to Enter into Collateral Documents	  	106
	SECTION 12.15.	  	Force Majeure	  	106
	SECTION 12.16.	  	USA Patriot Act	  	107
		
	 EXHIBITS
	  	
			
	EXHIBIT A	  	Form of Note	  	

  

 -iv- 

 INDENTURE, dated as of October 1, 2009 (this “Indenture”), among
BLOCKBUSTER INC., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), certain subsidiaries of the Company from time to time parties hereto (the “Subsidiary Guarantors”)
and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (in such capacity, the “Trustee”) and as collateral agent (in such capacity, the “Collateral Agent”). 
 Recitals of the Company 
 The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of (i) $675,000,000 aggregate principal amount of the Company’s 11.75% Senior Secured
Notes due 2014, issued on the date hereof (the “Initial Notes”), and (ii) if and when issued, up to $50,000,000 in aggregate principal amount of additional notes having identical terms and conditions as the Initial Notes other
than issue date, issue price and the first interest payment date (the “Additional Notes” and, together with the Initial Notes, the “Notes”). 
 Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Notes:

 ARTICLE I 
 Definitions and Incorporation by Reference 
 SECTION 1.1. Definitions. 
 “Acquired Indebtedness” means, with respect to any Person, Indebtedness (i) of a Person or any of its Subsidiaries
existing at the time such Person is merged with the Company or a Restricted Subsidiary or becomes a Restricted Subsidiary or (ii) assumed in connection with the acquisition of assets 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 acquisition, and Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. Acquired
Indebtedness shall be deemed to have been Incurred, with respect to clause (i) of the preceding sentence, on the date such Person is merged with the Company or a Restricted Subsidiary or becomes a Restricted Subsidiary and, with respect to
clause (ii) of the preceding sentence, on the date of consummation of such acquisition of assets. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition,
“control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the foregoing. 
 “Applicable Premium” means, with respect to a Note on any Redemption Date, 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 Redemption Date of (i) the principal amount of such Note on October 1, 2014, plus (ii) all required interest payments due on such Note through October 1, 2014 (excluding accrued but unpaid interest to the
Redemption Date), computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points, over (b) the then outstanding principal of such Note. 

 “Asset Disposition” means any direct or indirect sale, lease, transfer,
issuance or other disposition, or a series of related sales, leases, transfers, issuances or dispositions that are part of a common plan, of shares of Capital Stock of a Restricted Subsidiary (other than directors’ qualifying shares), property
or other assets (each referred to for the purposes of this definition as a “disposition”) by the Company or any of its Restricted Subsidiaries, including any disposition by means of a merger, consolidation or similar transaction.

 Notwithstanding the preceding, the following items shall not be deemed to be Asset Dispositions: 
 (1) a disposition of assets by a Restricted Subsidiary to the Company or by the Company or a Restricted Subsidiary to a
Restricted Subsidiary; 
 (2) the sale of Cash Equivalents in the ordinary course of business; 
 (3) a disposition of inventory in the ordinary course of business; 
 (4) a disposition of used, obsolete, worn out or surplus equipment or equipment that is no longer useful in the conduct of
the business of the Company and its Restricted Subsidiaries and that is disposed of in each case in the ordinary course of business including sales to Franchisees; 
 (5) the disposition of all or substantially all of the assets of the Company in a manner permitted pursuant to
Section 4.1 or any disposition that constitutes a Change of Control; 
 (6) an issuance of Capital
Stock by a Restricted Subsidiary to the Company or to a Restricted Subsidiary; 
 (7) for purposes of
Section 3.8 only, the making of a Permitted Investment or a disposition subject to Section 3.4; 
 (8) dispositions of Capital Stock of a Restricted Subsidiary or property or other assets in a single transaction or a series of related transactions (it being understood that any liquidation of assets used in any store of the Company or a
Restricted Subsidiary in connection with the closing of such store shall not be deemed to be “related” to the liquidation of assets used in any other store of the Company or a Restricted Subsidiary) with an aggregate fair market value of
less than $2.0 million; 
 (9) the creation of a Permitted Lien and dispositions in connection with Permitted
Liens; 
 (10) dispositions of receivables in connection with the compromise, settlement or collection thereof in
the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements; 
  

 -2- 

 (11) the licensing or sublicensing of intellectual property or other general
intangibles and licenses, leases or subleases of other property in the ordinary course of business which do not materially interfere with the business of the Company and its Restricted Subsidiaries; 
 (12) to the extent allowable under Section 1031 of the Code, any exchange of like property (excluding any boot thereon)
for use in a Related Business; 
 (13) foreclosure on assets; 
 (14) any sale of Capital Stock, Indebtedness or other securities of an Unrestricted Subsidiary (other than a Permitted Joint
Venture); 
 (15) a Sale/Leaseback Transaction that is made for cash consideration in an amount not less than the
cost of the underlying fixed or capital asset and is consummated within 90 days after the Company or any Restricted Subsidiary acquires or completes the acquisition of such fixed or capital asset; 
 (16) Permitted Store Swaps; 
 (17) the receipt by the Company or any Restricted Subsidiary of any cash insurance proceeds or condemnation award payable by reason of theft, loss, physical destruction or damage, taking or similar event
with respect to any of their respective property or assets; and 
 (18) operating leases in the ordinary course
of business. 
 “Attributable Indebtedness” in respect of a Sale/Leaseback Transaction means, as at the time of
determination, the present value (discounted at the interest rate implicit in the transaction) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale/Leaseback Transaction (including
any period for which such lease has been extended), determined in accordance with GAAP; provided, however, that if such Sale/Leaseback Transaction constitutes a Capitalized Lease Obligation, the amount of Indebtedness represented
thereby will be determined in accordance with the definition of “Capitalized Lease Obligations.” 
 “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. 
 “Board of Directors” means: 
 (1) with respect to a corporation, the Board of Directors of the corporation or (other than for purposes of determining Change of Control) any committee thereof duly authorized to act on behalf of the
Board of Directors with respect to the relevant matter; 
 (2) with respect to a partnership, the Board of
Directors of the general partner of the partnership; and 
 (3) with respect to any other Person, the board or
committee of such Person serving a similar function. 
  

 -3- 

 “Board Resolution” means a copy of a resolution certified by the Secretary
or an Assistant Secretary of a company to have been duly adopted by the Board of Directors of such company and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Business Day” means each day that is not a Saturday, Sunday or other day on which commercial banking institutions in New
York, New York are authorized or required by law to close. 
 “Capital Expenditures” means, for any period, the
sum, without duplication, of the additions to property, plant or equipment and other capital expenditures, including replacements, capitalized repairs and improvements during such period, of the Company and the Subsidiaries for such period,
determined in accordance with GAAP; provided that “Capital Expenditures” will be deemed to exclude assets received as a result of Permitted Store Swaps. 
 “Capital Stock” of any Person means (i) with respect to any Person that is a corporation, any and all shares, interests, rights to purchase, warrants, options, participations or
other equivalents of or interests in (however designated) equity of such Person, including any Common Stock or Preferred Stock, and (ii) with respect to any Person that is not a corporation, any and all partnership, limited liability company,
membership or other equity interests of such Person but in each case excluding any debt securities convertible into such equity. 
 “Capitalized Lease Obligation” means an obligation that is required to be classified and accounted for as a capitalized lease for financial reporting purposes in accordance with GAAP, and the amount of Indebtedness
represented by such obligation will be the capitalized amount of such obligation at the time any determination thereof is to be made as determined in accordance with GAAP, and the Stated Maturity thereof will be the date of the last payment of rent
or any other amount due under such lease prior to the first date such lease may be terminated without penalty. 
 “Cash
Equivalents” means: 
 (1) U.S. dollars, or in the case of any Foreign Subsidiary, such currencies held
by it from time to time in the ordinary course of business; 
 (2) securities issued or directly and fully
guaranteed or insured by the United States Government or any agency or instrumentality of the United States (provided that the full faith and credit of the United States is pledged in support thereof), having maturities of not more than one
year from the date of acquisition; 
 (3) marketable general obligations issued by any state of the United States
of America or any political subdivision of any such state 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 either
Standard & Poor’s Ratings Group, Inc. or Moody’s Investors Service, Inc.; 
 (4) certificates
of deposit, 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 Standard & Poor’s Ratings Group, Inc., or “A” or the equivalent thereof by Moody’s Investors Service, Inc., and having combined
capital and surplus in excess of $500 million; 
  

 -4- 

 (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) above, 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-1” or the equivalent thereof by
Standard & Poor’s Ratings Group, Inc. or “P-1” or the equivalent thereof by Moody’s Investors Service, Inc., or carrying an equivalent rating by a nationally recognized Rating Agency, if both of the two named Rating
Agencies cease publishing ratings of investments, and in any case maturing within one year after the date of acquisition thereof; 
 (7) instruments equivalent to those referred to in clauses (1) through (6) above denominated in euros or any foreign currency comparable in credit quality and tenor to those referred to in such
clauses and customarily used by corporations for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by any Restricted Subsidiary organized in such
jurisdiction; and 
 (8) interests in any investment company or money market fund that invests 95% or more of its
assets in instruments of the type specified in clauses (1) through (7) above. 
 “Change of Control”
means: 
 (1) any “person” or “group” of related persons (as such terms are used in Sections
13(d) and 14(d) of the Exchange Act) becomes the beneficial owner (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, of a majority of the total voting power of the Voting Stock of the Company or any of its direct or
indirect parent entities (or their successors by merger, consolidation or purchase of all or substantially all of their assets); 
 (2) the first day on which a majority of the members of the Board of Directors of the Company are not Continuing Directors; 
 (3) the sale, assignment, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in
one or a series of related transactions, of all or substantially all of the assets 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 

(4) the adoption by the stockholders of the Company of a plan or proposal for the liquidation or dissolution of the
Company. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Collateral” means all property and assets, whether now owned or hereafter acquired, in which Liens are, from time to time,
purported to be granted to secure the Notes and the Subsidiary Guarantees pursuant to the Collateral Documents. 
 “Collateral Agent” means U.S. Bank National Association, acting in its capacity as collateral agent under the Collateral Documents, or any successor thereto. 
  

 -5- 

 “Collateral Agreement” means the Collateral Agreement, dated as of
October 1, 2009, among the Company, the Subsidiary Guarantors and the Collateral Agent, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Collateral Documents” means the Collateral Agreement, Mortgages, pledge agreements, agency agreements and other
instruments and documents executed and delivered pursuant to this Indenture or any of the foregoing, as the same may be amended, supplemented or otherwise modified from time to time and pursuant to which Collateral is pledged, assigned or granted to
or on behalf of the Collateral Agent for the benefit of the Holders and the Trustee or notice of such pledge, assignment or grant is given. 
 “Commodity Agreement” means any commodity futures contract, commodity option, commodity swap agreement, commodity collar agreement, commodity cap agreement or other similar agreement or
arrangement entered into by the Company or any Restricted Subsidiary designed to protect the Company or any of its Restricted Subsidiaries against fluctuations in the price of commodities actually used in the ordinary course of business of the
Company and its Restricted Subsidiaries. 
 “Common Stock” means with respect to any Person, any and all
shares, 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 Blockbuster Inc. until a successor replaces it and,
thereafter, means such successor. 
 “Consolidated Coverage Ratio” means as of any date of determination, with
respect to any Person, the ratio of (x) the aggregate amount of Consolidated EBITDA of such Person for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which financial statements
prepared on a consolidated basis in accordance with GAAP are available to (y) Consolidated Interest Expense for such four consecutive fiscal quarters, provided, however, that: 
 (i) if the Company or any Restricted Subsidiary: 
 (a) has Incurred any Indebtedness since the beginning of such period that remains outstanding on such date of determination
or if the transaction giving rise to the need to calculate the Consolidated Coverage Ratio is or includes an Incurrence of Indebtedness, Consolidated EBITDA and Consolidated Interest Expense for such period will be calculated after giving effect on
a pro forma basis to such Indebtedness as if such Indebtedness had been Incurred on the first day of such period (except that in making such computation, the amount of Indebtedness under any revolving credit facility outstanding on the date
of such calculation shall be deemed to be (x) the average daily balance of such Indebtedness during such four fiscal quarters or such shorter period for which such facility was outstanding or (y) if such facility was created after the end
of such four fiscal quarters, the average daily balance of such Indebtedness during the period from the date of creation of such facility to the date of such calculation) and the discharge of any other Indebtedness repaid, repurchased, defeased or
otherwise discharged with the proceeds of such new Indebtedness as if such discharge had occurred on the first day of such period; or 
  

 -6- 

 (b) has repaid, repurchased, redeemed, retired, defeased or otherwise
discharged any Indebtedness since the beginning of the period that is no longer outstanding on such date of determination or if the transaction giving rise to the need to calculate the Consolidated Coverage Ratio includes a discharge of Indebtedness
(in each case, other than Indebtedness Incurred under any revolving credit facility unless such Indebtedness has been permanently repaid and the related commitment terminated), Consolidated EBITDA and Consolidated Interest Expense for such period
will be calculated after giving effect on a pro forma basis to such discharge of such Indebtedness, including with the proceeds of such new Indebtedness, as if such discharge had occurred on the first day of such period; 
 (ii) if since the beginning of such period the Company or any Restricted Subsidiary will have made any Asset Disposition
(without giving effect to the $2.0 million threshold in clause (8) of the definition thereof) or disposed of or discontinued (as defined under GAAP) any company, division, operating unit, segment, business, group of related assets or line of
business (including a Permitted Joint Venture) or if the transaction giving rise to the need to calculate the Consolidated Coverage Ratio includes such a transaction: 
 (a) the Consolidated EBITDA for such period will be reduced by an amount equal to the Consolidated EBITDA (if positive)
directly attributable to the assets that are the subject of such disposition or discontinuation for such period or increased by an amount equal to the Consolidated EBITDA (if negative) directly attributable thereto for such period; and 

(b) Consolidated Interest Expense for such period will be reduced by an amount equal to the Consolidated Interest Expense
directly attributable to any Indebtedness of the Company or any Restricted Subsidiary repaid, repurchased, redeemed, retired, defeased or otherwise discharged (to the extent the related commitment is permanently reduced) with respect to the Company
and its continuing Restricted Subsidiaries in connection with such transaction for such period (or, if the Capital Stock of any Restricted Subsidiary is sold, the Consolidated Interest Expense for such period directly attributable to the
Indebtedness of such Restricted Subsidiary to the extent the Company and its continuing Restricted Subsidiaries are no longer liable for such Indebtedness after such sale), 
 (iii) if since the beginning of such period the Company or any Restricted Subsidiary (by merger or otherwise) will have made
an Investment in any Restricted Subsidiary (or any Person that becomes a Restricted Subsidiary or is merged with or into the Company or a Restricted Subsidiary) or an acquisition of assets, including any acquisition of assets occurring in connection
with a transaction causing a calculation to be made hereunder, which constitutes all or substantially all of a company, division, operating unit, segment, business, group of related assets or line of business, Consolidated EBITDA and Consolidated
Interest Expense for such period will be calculated after giving pro forma effect thereto (including the Incurrence of any Indebtedness) as if such Investment or acquisition occurred on the first day of such period; 
 (iv) if since the beginning of such period any Person (that subsequently became a Restricted Subsidiary or was merged with or
into the Company or any Restricted Subsidiary since the beginning of such period) will have Incurred any Indebtedness or discharged any Indebtedness, made any disposition or any Investment or acquisition of assets that would have required an
adjustment pursuant to clause (i), (ii) or (iii) above if made by the Company or a Restricted Subsidiary during such period, Consolidated EBITDA and Consolidated Interest Expense for such period will be calculated after giving pro
forma effect thereto as if such transaction occurred on the first day of such period; and 
  

 -7- 

 (v) if since the beginning of such period the Company or any Restricted
Subsidiary has incurred income or loss attributable to discontinued operations (including, without limitation, operations disposed of during such period whether or not such operations were classified as discontinued), Consolidated EBITDA for such
period will be calculated after amounts attributable to such discontinued operations. 
 If any Indebtedness bears a floating
rate of interest and is being given pro forma effect, the interest expense on such Indebtedness will be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account
any Interest Rate Agreement applicable to such Indebtedness if such Interest Rate Agreement has a remaining term in excess of 12 months). If any Indebtedness that is being given pro forma effect bears an interest rate at the option of the
Company, the interest rate shall be calculated by applying such optional rate chosen by the Company. For purposes of this definition, whenever pro forma effect is to be given to any calculation under this definition, the pro forma
calculations shall be (x) made in good faith by a responsible financial or accounting officer of the Company (and may include, for the avoidance of doubt, cost savings and operating expense reductions resulting from such Investments,
acquisition, merger or consolidation which is being given pro forma effect that have been or are expected to be realized within twelve (12) months after the date of such Investment, acquisition, merger or consolidation as the result of
specified actions taken or to be taken within six (6) months after such date) and, except as otherwise provided herein or (y) determined in accordance with Regulation S-X. 
 “Consolidated EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person for such
period: 
 (1) increased (without duplication) by the following items to the extent deducted in calculating such
Consolidated Net Income: 
 (a) consolidated interest expense; plus 
 (b) Consolidated Income Taxes; plus 
 (c) consolidated depreciation expense; plus 
 (d) consolidated amortization expense or impairment charges recorded in connection with the application of Financial
Accounting Standard No. 142 “Goodwill and Other Intangibles” and Financial Accounting Standard No. 144 “Accounting for the Impairment or Disposal of Long Lived Assets”; plus 
 (e) other non-cash charges reducing Consolidated Net Income, including any write-offs or write-downs (excluding any such
non-cash charge to the extent it represents an accrual of or reserve for cash charges in any future period or amortization of a prepaid cash expense that was paid in a prior period not included in the calculation); plus 
 (f) any non-cash compensation expense realized for grants of restricted stock, performance shares, stock options or other
rights to officers, directors and employees of the Company or any Restricted Subsidiary; provided that such shares, options or other rights can be redeemed at the option of the holder only for Capital Stock of the Company (other than
Disqualified Stock); plus 
  

 -8- 

 (g) any fees, charges or other expenses made or Incurred in connection with
any actual or proposed Investment, asset sale, acquisition, recapitalization or issuance of Capital Stock or Incurrence of Indebtedness or any amendment or modification of Indebtedness; plus 
 (h) the amount of any restructuring charges (including lease termination, severance and relocation expenses), integration
costs or other business optimization expenses or reserves or other non-recurring charges or expenses deducted (and not added back) in such period in computing Consolidated Net Income; plus 
 (i) without duplication, for those fiscal periods completed prior to the Issue Date, all adjustments to EBITDA for such
period used to calculate Adjusted EBITDA for such period as disclosed in the “Summary—Summary historical consolidated financial and operating data” section of the Offering Memorandum; 
 (2) decreased (without duplication) by non-cash items increasing Consolidated Net Income of such Person for such period
(excluding any items which represent the reversal of any accrual of, or reserve for, anticipated cash charges that reduced EBITDA in any prior period); and 
 (3) increased or decreased (without duplication) to eliminate the following items reflected in Consolidated Net Income: 
 (a) any net gain or loss resulting in such period from Hedging Obligations and the application of Statement of Financial
Accounting Standards No. 133; 
 (b) all unrealized gains and losses relating to financial instruments to
which fair market value accounting is applied; 
 (c) any net gain or loss resulting in such period from currency
translation gains or losses related to currency remeasurements of Indebtedness (including any net loss or gain resulting from Hedging Obligations for currency exchange risk); and 
 (d) effects of adjustments (including the effects of such adjustments pushed down to the Company and its Restricted
Subsidiaries) in any line item in such Person’s consolidated financial statements pursuant to GAAP resulting from the application of purchase accounting in relation to any completed acquisition. 
 Notwithstanding the foregoing, clauses (1)(b) through (e) relating to amounts of a Restricted Subsidiary of a Person will be added to Consolidated
Net Income to compute Consolidated EBITDA of such Person only to the extent (and in the same proportion) that the net income (loss) of such Restricted Subsidiary (other than a Subsidiary Guarantor) was included in calculating the Consolidated Net
Income of such Person and, to the extent the amounts set forth in clauses (1)(b) through (e) are in excess of those necessary to offset a net loss of such Restricted Subsidiary or if such Restricted Subsidiary has net income for such
period included in Consolidated Net Income, only if a corresponding amount would be permitted at the date of determination to be dividended to the Company by such Restricted Subsidiary without prior approval (that has not been obtained), pursuant to
the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Restricted Subsidiary or its stockholders. 
  

 -9- 

 “Consolidated Income Taxes” means, with respect to any Person for any
period, taxes imposed upon such Person or other payments required to be made by such Person by any governmental authority which taxes or other payments are calculated by reference to the income or profits or capital of such Person or such Person and
its Restricted Subsidiaries (to the extent such income or profits were included in computing Consolidated Net Income for such period), including, without limitation, state, franchise and similar taxes and foreign withholding taxes regardless of
whether such taxes or payments are required to be remitted to any governmental authority. 
 “Consolidated Interest
Expense” means, for any period, the total interest expense of the Company and its consolidated Restricted Subsidiaries, whether paid or accrued, plus, to the extent not included in such interest expense: 
 (1) interest expense attributable to Capitalized Lease Obligations and the interest portion of rent expense associated with
Attributable Indebtedness in respect of the relevant lease giving rise thereto, determined as if such lease were a capitalized lease in accordance with GAAP and the interest component of any deferred payment obligations; 
 (2) amortization of debt discount (including the amortization of original issue discount resulting from the issuance of
Indebtedness at less than par); provided, however, that any amortization of bond premium will be credited to reduce Consolidated Interest Expense unless, pursuant to GAAP, such amortization of bond premium has otherwise reduced
Consolidated Interest Expense; 
 (3) non-cash interest expense; provided any (i) non-cash interest
expense or income attributable to the movement in the mark-to-market valuation of Hedging Obligations or other derivative instruments pursuant to GAAP and (ii) amortization or write-off of deferred financing fees, debt issuance costs,
commissions, fees and expenses shall be excluded from the calculation of Consolidated Interest Expense; 
 (4)
commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing; 
 (5) the interest expense on Indebtedness of another Person that is Guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted
Subsidiaries; provided, however, that such interest shall only be included in “Consolidated Interest Expense” if the Company or any Restricted Subsidiary has ever previously made a payment of interest or principal or other
Obligations in respect of such Indebtedness; 
 (6) costs associated with entering into Interest Rate Agreements
(including amortization of fees); 
 (7) the Consolidated Interest Expense of such Person and its Restricted
Subsidiaries that was capitalized during such period; 
 (8) the product of (a) all dividends paid or
payable, in cash, Cash Equivalents or Indebtedness or accrued during such period on any series of Disqualified Stock or Designated Preferred Stock of such Person or on Preferred Stock of its Restricted Subsidiaries that are not Subsidiary

  

 -10- 

 
Guarantors payable to a party other than the Company or a Wholly-Owned Subsidiary times (b) a fraction, the numerator of which is one and the denominator of which is one minus the then
current combined federal, state, provincial and local statutory tax rate of such Person, expressed as a decimal, in each case, on a consolidated basis and in accordance with GAAP; and 
 (9) the cash contributions to any employee stock ownership plan or similar trust to the extent such contributions are used by
such plan or trust to pay interest or fees to any Person (other than the Company and its Restricted Subsidiaries) in connection with Indebtedness Incurred by such plan or trust. 
 For purposes of the foregoing, total interest expense will be determined (i) after giving effect to any net payments made or received by the Company and its Subsidiaries with respect to Interest Rate
Agreements, (ii) exclusive of amounts classified as other comprehensive income in the balance sheet of the Company and (iii) shall not include of the amount of any redemption premium paid in connection with any mandatory redemption of the
Notes in accordance with Section 5.2. 
 “Consolidated Net Income” means, for any period, the net
income (loss) of the Company and its consolidated Restricted Subsidiaries determined on a consolidated basis in accordance with GAAP (before preferred stock dividends); provided, however, that, except for purposes of calculating Excess
Cash Flow for any period, there will not be included in such Consolidated Net Income: 
 (1) any net income
(loss) of any Person if such Person is not a Restricted Subsidiary or that is accounted for by the equity method of accounting, except that: 
 (a) subject to the limitations contained in clauses (3) through (6) below, the Company’s equity in the net income of any such Person for such period will be included in such Consolidated
Net Income up to the aggregate amount of cash actually distributed by such Person during such period to the Company or a Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend or other distribution to a
Restricted Subsidiary, to the limitations contained in clause (2) below (except that any distribution from a Permitted Joint Venture that is treated as Net Available Cash pursuant to clause (18) of the definition of “Permitted
Investments” shall not be included in Consolidated Net Income)); and 
 (b) the Company’s equity in a
net loss of any such Person for such period shall be included in determining such Consolidated Net Income to the extent such loss has been funded with cash from the Company or a Restricted Subsidiary during such period; 
 (2) solely for the purpose of determining the amount available for Restricted Payments under
Section 3.4(a)(3)(A), any net income (but not loss) of any Restricted Subsidiary (other than a Subsidiary Guarantor) if such Restricted Subsidiary is subject to prior government approval or other restrictions due to the operation of its
charter or any agreement, instrument, judgment, decree, order, statute, rule or government regulation (which have not been waived), directly or indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary,
directly or indirectly, to the Company, except that: 
 (a) subject to the limitations contained in clauses
(3) through (6) below, the Company’s equity in the net income of any such Restricted Subsidiary for such period will be included in such Consolidated Net Income up to the aggregate amount of cash

  

 -11- 

 
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 
 (b) the Company’s equity in a net
loss of any such Restricted Subsidiary for such period will be included in determining such Consolidated Net Income; 
 (3) any after-tax effect of gain or loss (less all fees and expenses relating thereto) realized upon sales or other dispositions of any assets of the Company or such Restricted Subsidiary, other than in the ordinary course of business;

 (4) any after-tax effect of income (loss) from the early extinguishment of Indebtedness or Hedging Obligations
or other derivative instruments; 
 (5) the after-tax effect of extraordinary gain or loss; 
 (6) the after-tax effect of the cumulative effect of a change in accounting principles; 
 (7) any after-tax effect of non-cash impairment charges recorded in connection with the application of Financial Accounting
Standard No. 142 “Goodwill and Other Intangibles” and Financial Accounting Standard No. 144 “Accounting for the Impairment or Disposal of Long Lived Assets”; and 
 (8) any non-cash compensation expense realized for grants of performance shares, stock options or other rights to officers,
directors and employees of the Company or any Restricted Subsidiary; provided that such shares, options or other rights can be redeemed at the option of the holder only for Capital Stock of the Company (other than Disqualified Stock or
Designated Preferred Stock). 
 “Continuing Directors” means, as of any date of determination, any member of
the Board of Directors of the Company who: (1) was a member of such Board of Directors on the Issue Date; or (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors
who were members of the Board of Directors at the time of such nomination or election. 
 “Corporate Trust
Office” means the designated office of the Trustee at which, at any particular time, its corporate trust business shall be administered, which office at the date hereof is located at 60 Livingston Avenue, EP-MN-WS3C, St. Paul, MN
55107-2292, or such other address as the Trustee may designate from time to time by notice to the Company or the principal corporate office of any successor trustee (or such other address as a successor trustee may designate from time to time by
notice to the Company). 
 “Credit Facility” means the credit agreement dated as of August 20, 2004, by
and among the Company, the lenders party thereto in their capacities as lenders thereunder and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, as amended and restated as of November 4, 2005, as further amended by the
first amendment dated as of April 10, 2007, the second amendment dated as of July 2, 2007, the amendment agreement dated as of April 2, 2009 and the amendment agreement dated as of October 1, 2009, including any guarantees,
collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements, refundings or refinancings thereof and any credit facilities that replace, refund
or refinance any part of the loans, notes, other credit facilities or commitments thereunder. 
  

 -12- 

 “Currency Agreement” means in respect of a Person any foreign exchange
contract, currency swap agreement, futures contract, option contract or other similar agreement as to which such Person is a party or a beneficiary. 
 “Default” means any event or condition that is, or after notice or passage of time or both would be, an Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 2.6 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.

 “Depositary” means The Depository Trust Company, its nominees and their respective successors and assigns,
or such other depository institution hereinafter appointed by the Company. 
 “Designated Preferred Stock”
means Preferred Stock of the Company (other than Disqualified Stock) that is issued for cash (other than to a Restricted Subsidiary) and is so designated as Designated Preferred Stock, pursuant to an Officers’ Certificate executed by the
principal financial officer of the Company on the issuance date thereof, the cash proceeds of which are excluded from the calculation set forth in Section 3.4(a)(3). 
 “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) or upon the happening of any event: (1) matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise, (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 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 that 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 shall be deemed to be Disqualified Stock; provided, further, that any Capital Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require the Company to
repurchase such Capital Stock upon the occurrence of a Change of Control or Asset Disposition (each defined in a substantially identical manner to the corresponding definitions in this Indenture) shall not constitute Disqualified Stock if the terms
of such Capital Stock (and all such securities into which it is convertible or for which it is ratable or exchangeable) provide that the Company may not repurchase or redeem any such Capital Stock (and all such securities into which it is
convertible or for which it is ratable or exchangeable) pursuant to such provision prior to compliance by the Company with Section 3.8 and Section 3.11 and such repurchase or redemption complies with Section 3.4.

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

 -13- 

 “Excess Cash Flow” means, for any fiscal year, the sum (without
duplication) of: 
 (1) Consolidated Net Income of the Company for such fiscal year, adjusted to exclude any
gains or losses attributable to Asset Dispositions; plus 
 (2) depreciation, amortization and other
non-cash charges or losses deducted in determining such Consolidated Net Income for such fiscal year (excluding depreciation and amortization related to the rental inventory of the Company and the Subsidiaries); plus 
 (3) the net amount for such fiscal year, if any, of any increase in the deferred tax liability of the Company and the
consolidated Subsidiaries or any decrease in the deferred tax asset of the Company and the consolidated Subsidiaries, excluding any change in deferred taxes that does not change or offset the taxes payable (or receivable, if applicable) account of
the Company and the consolidated Subsidiaries; minus 
 (4) the sum of (i) any non-cash gains
included in determining such Consolidated Net Income for such fiscal year plus (ii) the net amount for such fiscal year, if any, of any decrease in the deferred tax liability of the Company and the consolidated Subsidiaries or any
increase in the deferred tax assets of the Company and the consolidated Subsidiaries, excluding any change in deferred taxes that does not change or offset the taxes payable (or receivable if applicable) account of the Company and the consolidated
Subsidiaries; minus 
 (5) the sum, without duplication, of (i) cash Capital Expenditures for such
fiscal year (except to the extent attributable to the Incurrence of Capitalized Lease Obligations or otherwise financed by Incurring Indebtedness and except to the extent made in reliance on Section 3.10(b)) plus (ii) cash
consideration paid during such fiscal year to make acquisitions or other Investments (other than Cash Equivalents and except to the extent financed by Incurring Indebtedness); minus 
 (6) the aggregate principal amount of Notes repaid during such period pursuant to Section 5.2 and the aggregate
principal amount of long-term Indebtedness (other than the Notes) repaid or prepaid by the Company and the consolidated Subsidiaries during such fiscal year, excluding (i) Indebtedness in respect of revolving loans and letters of credit, except
to the extent that any repayment or prepayment of such Indebtedness is accompanied by a permanent reduction in related commitments (it being agreed that the net permanent reduction of the revolving commitments under the Credit Facility in April 2009
shall reduce the Excess Cash Flow for the fiscal year ending nearest to December 31, 2009), and (ii) repayments or prepayments of long-term Indebtedness (including any such Indebtedness referred to in the foregoing subclauses of this
clause (6)) financed by Incurring other long-term Indebtedness. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 
 “Existing Senior
Subordinated Notes” means the $300.0 million in aggregate principal amount of senior subordinated notes due 2012 issued by the Company. 
 “Fallaway Date” means, with respect to any Permitted Joint Venture, the date that the Company and its Restricted Subsidiaries have received aggregate cash and cash equivalents as the
result of all Investments from distributions or redemptions in respect of such Investments or sales of such Investments made by the Company and its Restricted Subsidiaries in such Permitted Joint Venture on or prior to such date in reliance on
clause (18) of the definition of “Permitted Investments” (other than cash

  

 -14- 

 
and cash equivalents received from the Company or a Restricted Subsidiary) in an amount equal to 75% of the fair market value of all such Investments (measured as of the date each such Investment
was made) as determined in Good Faith by the Company. 
 “Foreign Assets” means the aggregate assets of Foreign
Subsidiaries of the Company determined in accordance with GAAP as disclosed in the financial statements or in the footnotes to the financial statements of the Company most recently made available in accordance with this Indenture. 
 “Foreign Subsidiary” means any Restricted Subsidiary that is not organized under the laws of the United States of America
or any state thereof or the District of Columbia and any Subsidiary of such Restricted Subsidiary. 
 “Franchisees” means a franchisee or licensee of the Company or any Restricted Subsidiary operating a video rental store under the “Blockbuster” name or another trade name owned by the Company or any Subsidiary
pursuant to an area development agreement, a franchise agreement or a license agreement. 
 “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 shall 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. 
 “Good Faith by the
Company” means the decision in good faith by a responsible financial or accounting officer of the Company; provided that (a) if such decision involves a determination of fair market value in excess of $7.5 million, the decision
is made in good faith by the Senior Management of the Company and (b) if such decision involves a determination of fair market value in excess of $15.0 million, the decision is made in good faith by the Board of Directors of the Company.

 “Guarantee” means any obligation, contingent or otherwise, of any Person, directly or indirectly,
guaranteeing any Indebtedness or other nonfinancial obligations of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 
 (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, 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 or other obligation of the
payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided, however, that the term “Guarantee” 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. 
  

 -15- 

 “Hedging Obligations” of any Person means the obligations of such Person
pursuant to any Interest Rate Agreement, Currency Agreement or Commodity Agreement. 
 “Holder” means a Person
in whose name a Note is registered on the Registrar’s books. 
 “Immaterial Subsidiary” means, as of any
date, any Wholly-Owned Subsidiary (other than a Foreign Subsidiary) whose total assets, as of that date, are less than $10.0 million and whose total revenues for the most recent 12-month period do not exceed $10.0 million; provided that a
Wholly-Owned Subsidiary will not be considered to be an Immaterial Subsidiary if it, directly or indirectly, Guarantees or otherwise provides direct credit support for any indebtedness of the Company or any Restricted Subsidiary. 
 “Incur” means issue, create, assume, Guarantee, incur or otherwise become liable for; provided, however, that
any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) will be deemed to be Incurred by such Person at the time it becomes a
Restricted Subsidiary; and the terms “Incurred” and “Incurrence” have meanings correlative to the foregoing. Any Indebtedness issued at a discount (including Indebtedness on which interest is payable through the issuance of
additional Indebtedness) shall be deemed incurred at the time of original issuance of the Indebtedness at the initial accreted amount thereof. 
 “Indebtedness” means, with respect to any Person on any date of determination (without duplication): 
 (1) the principal of and premium (if any) in respect of indebtedness of such Person for borrowed money; 
 (2) the principal of and premium (if any) in respect of obligations of such Person evidenced by bonds, debentures, notes or
other similar instruments; 
 (3) the principal component of all obligations of such Person in respect of letters
of credit, bankers’ acceptances or other similar instruments (including reimbursement obligations with respect thereto except to the extent such reimbursement obligation relates to a Trade Payable or similar obligation to a trade creditor in
each case incurred in the ordinary course of business and such obligation is satisfied within 30 days of Incurrence) other than obligations with respect to letters of credit securing obligations (other than obligations described in clauses
(1) and (2) above and clause (5) below) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, to the extent drawn upon, such drawing is reimbursed no later than the
fifth Business Day following receipt by such Person of a demand for reimbursement following payment on the letter of credit; 
 (4) the principal component of all obligations of such Person to pay the deferred and unpaid purchase price of property (except Trade Payables), which purchase price is due more than six months after the
date of placing such property in service or taking delivery and title thereto, except (i) any such balance that constitutes a Trade Payable or similar obligation to a trade creditor, in each case accrued in the ordinary course of business and
(ii) any earn-out obligation until the amount of such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP; 
  

 -16- 

 (5) Capitalized Lease Obligations and all Attributable Indebtedness of such
Person (whether or not such items would appear on the balance sheet of the guarantor or obligor); 
 (6) the
principal component or liquidation preference of all obligations of such Person with respect to the redemption, repayment or other repurchase of any Disqualified Stock or, with respect to any Subsidiary that is not a Subsidiary Guarantor, any
Preferred Stock (but excluding, in each case, any accrued dividends); 
 (7) the principal component of all
Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person; provided, however, that the amount of such Indebtedness will be the lesser of (a) the fair
market value of such asset at such date of determination and (b) the amount of such Indebtedness of such other Persons; 
 (8) the principal component of Indebtedness of other Persons to the extent Guaranteed by such Person (whether or not such items would appear on the balance sheet of the guarantor or obligor); and

 (9) to the extent not otherwise included in this definition, net Hedging Obligations of such Person (the
amount of any such obligations to be equal at any time to the termination value of such agreement or arrangement giving rise to such Hedging Obligation that would be payable by such Person at such time). 
 The Indebtedness of any Person shall not include bona fide revenue sharing arrangements or royalty obligations that would not be
required to be reflected as long-term liabilities of such Person on the face of a balance sheet of such Person prepared in accordance with GAAP, including those relating to the production, distribution or acquisition of motion pictures, video games
or other programming, talent or publishing rights, so long as such arrangements or obligations are contingent on customary financial performance metrics such as revenues or profitability. 
 The amount of Indebtedness of any Person at any date will be the outstanding balance at such date of all unconditional obligations as
described above and the maximum liability, upon the occurrence of the contingency giving rise to the obligation, of any contingent obligations at such date; provided that contingent obligations arising in the ordinary course of business and
not with respect to borrowed money of such Person or other Persons shall not be deemed to constitute Indebtedness. Notwithstanding the foregoing, 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 shall not be deemed to be “Indebtedness,” provided that such money is held to secure the payment of such interest. 
 “Independent Financial Advisor” means an accounting, appraisal or investment banking firm or consultant to Persons engaged
in a Related Business of nationally recognized standing that is, in the good faith judgment of the Company, qualified to perform the task for which it has been engaged. 
 “Interest Payment Date” means January 1, April 1, July 1 and October 1 of each year to Stated Maturity of the Notes. 
  

 -17- 

 “Interest Rate Agreement” means with respect to any Person any interest
rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement or other similar agreement or
arrangement as to which such Person is party or a beneficiary. 
 “Investment” in any Person means any direct
or indirect advance, loan (other than advances or extensions of credit to customers in the ordinary course of business that are in conformity with GAAP recorded as accounts receivable on the balance sheet of the Company or its Restricted
Subsidiaries) or other extensions of credit (including by way of Guarantee or similar arrangement, but excluding any debt or extension of credit represented by a bank deposit other than a time deposit) or capital contribution to (by means of any
transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by such Person and all other
items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP; provided that none of the following will be deemed to be an Investment: 
 (1) Hedging Obligations entered into in the ordinary course of business and in compliance with this Indenture; 
 (2) endorsements of negotiable instruments and documents in the ordinary course of business; and 
 (3) an acquisition of assets, 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 3.4, (1) “Investment”
will include the portion (proportionate to the Company’s equity interest in a Restricted Subsidiary to be designated as an Unrestricted Subsidiary) of the fair market value of the net assets of such Restricted Subsidiary at the time that such
Restricted Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company shall 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 (as conclusively determined in good faith by the Board of Directors of the Company) of such Subsidiary at the time that such Subsidiary is so
re-designated a Restricted Subsidiary; and (2) any property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value at the time of such transfer, in each case as determined in good faith by the Board of
Directors of the Company. 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the
equivalent) by Moody’s Investors Service, Inc. and BBB- (or the equivalent) by Standard & Poor’s Ratings Group, Inc., in each case, with a stable or better outlook; provided that a change in outlook shall not by itself
cause the Company to lose its Investment Grade Rating. 
 “Issue Date” means October 1, 2009. 

“Lien” means, with respect to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, charge,
security interest, preference, priority or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in
the nature thereof, any option or other

  

 -18- 

 
agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction;
provided that in no event shall an operating lease be deemed to constitute a Lien. 
 “Mortgage” has the
meaning as defined under the Collateral Agreement. 
 “Net Available Cash” from an Asset Disposition means cash
payments received (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise and net proceeds from the sale or other disposition of any securities or other assets received
as consideration, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring Person of Indebtedness or other obligations relating to the properties or assets that are the subject of such
Asset Disposition or received in any other non-cash form) therefrom, in each case net of (i) all brokerage, legal, accounting, investment banking, title and recording tax expenses, commissions and other fees and expenses incurred, and all
Federal, state, provincial, foreign and local taxes required to be paid or accrued as a liability under GAAP (after taking into account any available tax credits or deductions and any tax sharing agreements), as a consequence of such Asset
Disposition, (ii) all payments made on any Indebtedness that is secured by any assets subject to such Asset Disposition, in accordance with the terms of any Lien upon such assets, or that must by its terms, or in order to obtain a necessary
consent to such Asset Disposition, or by applicable law be repaid out of the proceeds from such Asset Disposition, (iii) all distributions and other payments required to be made to minority interest holders in Subsidiaries or joint ventures as
a result of such Asset Disposition, (iv) the deduction of appropriate amounts to be provided by the seller as a reserve, in accordance with GAAP, against any liabilities associated with the property or other assets disposed of in such Asset
Disposition and retained by the Company or any Restricted Subsidiary after such Asset Disposition and (v) any portion of the purchase price from an Asset Disposition placed in escrow (whether as a reserve for adjustment of the purchase price,
or for satisfaction of indemnities in respect of such Asset Disposition); provided, however, that, in the cases of clauses (iv) and (v), upon reversal of any such reserve or the termination of any such escrow, Net Available Cash
shall be increased by the amount of such reversal or any portion of funds released from escrow to the Company or any Restricted Subsidiary. 
 “Net Cash Proceeds” means, with respect to any issuance or sale of Capital Stock of the Company or Indebtedness, the cash proceeds of such issuance or sale, net of attorneys’ fees,
accountants’ fees, underwriters’ or placement agents’ fees, listing fees, discounts or commissions and brokerage, consultant and other fees and charges actually Incurred in connection with such issuance or sale and net of taxes paid
or payable as a result of such issuance or sale (after taking into account any available tax credit or deductions and any tax sharing arrangements). 
 “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 the Company nor any Restricted Subsidiary (a) provides any Guarantee or credit support of any kind (including any undertaking, Guarantee, indemnity, agreement or instrument that would constitute Indebtedness) or
(b) is directly or indirectly liable (as a guarantor or otherwise); 
 (2) no default with respect to which
(including any rights that the holders thereof may have to take enforcement action against an Unrestricted Subsidiary) would permit (upon notice, lapse of time or both) any holder of any other Indebtedness of the Company or any Restricted Subsidiary
to declare a default under such other Indebtedness or cause the payment thereof to be accelerated or payable prior to its Stated Maturity; and 
  

 -19- 

 (3) the explicit terms of which provide there is no recourse against any of
the assets of the Company or its Restricted Subsidiaries. 
 “Notes Custodian” means the custodian with respect
to the Global Note (as appointed by the Depositary), or any successor Person thereto and shall initially be the Trustee. 
 “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 foregoing law), penalties, fees, indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters
of credit and bankers’ acceptances), damages and other liabilities, and guarantees of payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation
governing any Indebtedness. 
 “Offering Memorandum” means the offering memorandum, dated as of
September 17, 2009, relating to the offering of the Notes. 
 “Officer” means the Chairman of the Board,
the Chief Executive Officer, the President, the Chief Financial Officer, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of the Company or, in the event that a Person is a partnership or a
limited liability company that has no such officers, a person duly authorized under applicable law by the general partner, managers, members or a similar body to act on behalf of such Person. Officer of any Subsidiary Guarantor has a correlative
meaning. 
 “Officers’ Certificate” means a certificate signed by two Officers or by an Officer and either
an Assistant Treasurer or an Assistant Secretary of the Company. 
 “Opinion of Counsel” means a written
opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Company or a Subsidiary Guarantor. 
 “Permitted Investment” means an Investment by the Company or any Restricted Subsidiary in: 
 (1) the Company or a Restricted Subsidiary, including through the purchase of Capital Stock of a Restricted Subsidiary; 
 (2) any Investment by the Company or any of its Restricted Subsidiaries in a Person that is engaged in a Related Business if
as a result of such Investment: 
 (a) such Person becomes a Restricted Subsidiary; or 
 (b) such Person, in one transaction or a series of related transactions, is merged or consolidated with or into, or transfers
or conveys substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary; 
  

 -20- 

 and, in each case, any Investment held by such Person; provided that such Investment
was not acquired by such Person in contemplation of such acquisition, merger, consolidation or transfer; 
 (3)
cash and Cash Equivalents; 
 (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; provided, however, that such trade terms may include such concessionary trade terms as the Company or any such
Restricted Subsidiary deems reasonable under the circumstances; 
 (5) payroll, travel and similar advances to
cover matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; 
 (6) loans or advances to employees, officers or directors of the Company or any Restricted Subsidiary in the ordinary course
of business consistent with past practices in an aggregate amount outstanding at any time not in excess of $5.0 million with respect to all loans or advances made since the Issue Date (without giving effect to the forgiveness of any such loan);

 (7) 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 result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable; 
 (b) as a result of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default;
or 
 (c) in the form of notes payable, or stock or other securities issued by account debtors to the Company or
any Restricted Subsidiary pursuant to negotiated agreements with respect to the settlement of such account debtor’s accounts, and other Investments arising in connection with the compromise, settlement or collection of accounts receivable, in
each case in the ordinary course of business and consistent with past practices; 
 (8) Investments made as a
result of the receipt of non-cash consideration from an Asset Disposition that was made pursuant to and in compliance with Section 3.8 or any other disposition of assets not constituting an Asset Disposition; 
 (9) Investments in existence on the Issue Date, and any extension, modification or renewal of any such Investments existing
on the Issue Date, but only to the extent not involving additional advances, contributions or other Investments of cash or other assets or other increases thereof (other than as a result of the accrual or accretion of interest or original issue
discount or the issuance of pay-in-kind securities, in each case, pursuant to the terms of such Investment as in effect on the Issue Date); 
  

 -21- 

 (10) any Person to the extent such Investments consist of Currency
Agreements, Interest Rate Agreements, Commodity Agreements and related Hedging Obligations, which transactions or obligations are Incurred in compliance with Section 3.3; 
 (11) Guarantees of Indebtedness issued in accordance with Section 3.3; 
 (12) Investments made in connection with the funding of contributions under any non-qualified retirement plan or similar
employee compensation plan including, without limitation, split-dollar insurance policies, in an amount not to exceed the amount of compensation expense recognized by the Company and its Restricted Subsidiaries in connection with such plans;

 (13) stock, obligations or securities received in settlement of debts created in the ordinary course of
business and owing to the Company or any Restricted Subsidiary or in satisfaction of judgments or pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of a debtor; 
 (14) any Person to the extent such Investments consist of prepaid expenses, negotiable instruments held for collection and
lease, utility and workers’ compensation, performance and other similar deposits made in the ordinary course of business by the Company or any Restricted Subsidiary; 
 (15) prepayments and other credits to suppliers made in the ordinary course of business; 
 (16) endorsements of negotiable instruments and documents in the ordinary course of business; 
 (17) Investments by the Company or any of its Restricted Subsidiaries, together with all other Investments pursuant to this
clause (17), in an aggregate amount at the time of such Investment not to exceed $30.0 million outstanding at any one time (with the fair market value of such Investment being measured at the time made and without giving effect to subsequent changes
in value); and 
 (18) the transfer or sale of all or a portion of the assets and liabilities of the Company and
its Restricted Subsidiaries that are used exclusively in the operation of the “by-mail” business and/or “digital delivery” business of the Company and its Restricted Subsidiaries to a Person that is not a Subsidiary or that is an
Unrestricted Subsidiary that was formed for purposes of forming a bona fide joint venture with a Person that is not an Affiliate of the Company (such Person or Unrestricted Subsidiary, a “Permitted Joint Venture”), which
Permitted Joint Venture is intended to directly conduct one or both of such businesses; provided that: 
 (A) after giving effect to such transfer or any series of related transfers on a pro forma basis, the Consolidated Coverage Ratio of the Company would be equal to or greater than the Consolidated Coverage Ratio immediately prior to
giving effect to such transfer; 
 (B) all Capital Stock of such Permitted Joint Venture owned by the Company or
any Restricted Subsidiary shall at all times constitute Collateral for so long as such Capital Stock is owned by the Company or a Restricted Subsidiary; 
  

 -22- 

 (C) any contract (x) at any time in effect between the Permitted Joint
Venture and the Company or any Restricted Subsidiary (and any amendment or waiver thereof) is on terms at least as favorable to the Company or such Restricted Subsidiary as could be obtained in an arm’s length transaction with a Person that was
not an Affiliate as determined in Good Faith by the Company and (y) in effect at any time prior to the Fallaway Date, between the Permitted Joint Venture and any Person (other than the Company or a Restricted Subsidiary) that beneficially owns
Capital Stock of the Permitted Joint Venture (and any amendment or waiver thereof) is on terms at least as favorable to the Permitted Joint Venture as could be obtained in an arm’s length transaction with a Person that is not an Affiliate as
determined in Good Faith by the Company; 
 (D) the Permitted Joint Venture shall not at any time prior to the
Fallaway Date have any Indebtedness for money borrowed (other than Indebtedness incurred for working capital purposes in an amount not to exceed $20.0 million at any time outstanding and other de minimis Indebtedness incurred in the ordinary
course of its business operations); 
 (E) any upfront cash received by the Company or any Restricted Subsidiary
as consideration for their Investments in such Permitted Joint Venture or from the sale of Capital Stock of such Permitted Joint Venture and, prior to the Fallaway Date, any cash distribution received by the Company from such Permitted Joint Venture
shall, in each case, be deemed to be Net Available Cash from an Asset Disposition by the Company, and will be applied in accordance with this Indenture; and 
 (F) prior to the Fallaway Date, any distribution by such Permitted Joint Venture in respect of the Capital Stock of such
Permitted Joint Venture shall be on a pro rata basis (or a more favorable basis to the Company and its Restricted Subsidiaries). 
 “Permitted Joint Venture” has the meaning set forth in clause (18) of the definition of “Permitted Investments.” 
 “Permitted Liens” means, with respect to any Person: 
 (1) Liens securing the Notes (including Additional Notes) and the Subsidiary Guarantees; 
 (2) pledges or deposits by such Person under workers’ compensation laws, unemployment, general insurance and other
insurance laws and old-age pensions and other social security or retirement benefits or similar legislation, or good-faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such
Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or United States government bonds to secure surety or appeal bonds to which such Person is a party, or deposits 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; 
 (3) Liens imposed by law, including carriers’, warehousemen’s, mechanics’, materialmen’s and repairmen’s Liens, Incurred in the ordinary course of business; 
  

 -23- 

 (4) Liens for taxes, assessments or other governmental charges not yet
subject to penalties for non-payment or that are being contested in good faith by appropriate proceedings, provided appropriate reserves required pursuant to GAAP have been made in respect thereof; 
 (5) Liens in favor of issuers of surety or performance bonds or letters of credit or bankers’ acceptances or similar
obligations issued pursuant to the request of and for the account of such Person in the ordinary course of its business; provided, however, that such instruments do not secure the payment of Indebtedness; 
 (6) minor survey exceptions, encumbrances, ground leases, easements or reservations of, or rights of others for, licenses,
rights-of-way, sewers, electric lines, telegraph and telephone lines 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; 
 (7) Liens securing Hedging Obligations relating to
Indebtedness so long as the related Indebtedness is, and is permitted to be under this Indenture, secured by a Lien on the same property securing such Hedging Obligation; 
 (8) leases, licenses, subleases and sublicenses of assets (including, without limitation, real property and intellectual
property rights) that do not materially interfere with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries; provided that such leases, licenses, subleases and sublicenses do not secure Indebtedness;

 (9) judgment Liens not giving rise to an Event of Default so long as any appropriate legal proceedings that
may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such proceedings may be initiated has not expired; 
 (10) Liens for the purpose of securing (A) any Attributable Indebtedness in respect of a Sale/ Leaseback Transaction
Incurred pursuant to Section 3.3(b)(viii) or (B) the payment of all or a part of the purchase price of, or Capitalized Lease Obligations, mortgage financings, purchase money obligations or other payments Incurred to finance,
franchise development rights, assets or property (other than Capital Stock or other Investments) acquired, constructed, improved or leased in the ordinary course of business; provided that, in the case of this subclause (10)(B): 

(a) the aggregate principal amount of Indebtedness secured by such Liens is otherwise permitted to be Incurred under this
Indenture and does not exceed the cost of the franchise development rights, assets or property so acquired, constructed or improved; and 
 (b) such Liens are created within 180 days of construction, acquisition or improvement of such assets or property and do not encumber any other assets or property of the Company or any Restricted
Subsidiary other than such franchise development rights, assets or property and assets affixed or appurtenant thereto; 
  

 -24- 

 (11) Liens that constitute banker’s Liens, rights of set-off or similar
rights and remedies as to deposit accounts or other funds maintained with a depositary institution, whether arising by operation of law or pursuant to contract; 
 (12) Liens arising from Uniform Commercial Code financing statement filings regarding operating leases entered into by the
Company and its Restricted Subsidiaries in the ordinary course of business; 
 (13) Liens existing on the Issue
Date (other than Liens permitted under clause (1) above or clause (29) below); 
 (14) Liens on
property or shares of stock of a Person at the time such Person becomes a Restricted Subsidiary; provided, however, that such Liens are not created, Incurred or assumed in connection with, or in contemplation of, such other Person
becoming a Restricted Subsidiary; provided further, however, that any such Lien may not extend to any other property owned by the Company or any Restricted Subsidiary; 
 (15) Liens on property at the time the Company or a Restricted Subsidiary acquired the property, including any acquisition by
means of a merger or consolidation with or into the Company or any Restricted Subsidiary; provided, however, that such Liens are not created, Incurred or assumed in connection with, or in contemplation of, such acquisition; provided
further, however, that such Liens may not extend to any other property owned by the Company or any Restricted Subsidiary; 
 (16) Liens securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Company or another Restricted Subsidiary; 
 (17) Liens on assets of Foreign Subsidiaries securing Indebtedness Incurred by Foreign Subsidiaries under
Section 3.3; 
 (18) Liens securing Refinancing Indebtedness Incurred to refinance, refund, replace,
amend, extend or modify, as a whole or in part, Indebtedness that was previously so secured pursuant to clauses (10), (13), (14), (15) and (18) of this definition; provided that any such Lien is limited to all or part of the same
property or assets (plus improvements, accessions, 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 being refinanced or is
in respect of property that is the security for a Permitted Lien hereunder; 
 (19) any interest or title of a
lessor under any operating lease; 
 (20) Liens on specific items of inventory or other goods and proceeds of any
Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 
 (21) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in
connection with importation of goods; 
  

 -25- 

 (22) Liens arising out of conditional sale, title retention, consignment or
similar arrangements for the sale of goods entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business; 
 (23) Liens on funds of the Company or any Subsidiary held in deposit accounts with third party providers of payment services securing credit card charge-back reimbursement and similar cash management
obligations of the Company or the Subsidiaries; 
 (24) Liens of a collecting bank arising in the ordinary course
of business under Section 4-208 of the Uniform Commercial Code in effect in the relevant jurisdiction covering only the items being collected upon; 
 (25) Liens arising by operation of law or contract on insurance policies and the proceeds thereof to secure premiums thereunder; 
 (26) Liens on insurance policies and proceeds of insurance policies (including rebates of premiums) securing Indebtedness
incurred pursuant to Section 3.3(b)(xiii) to finance the payment of premiums on the insurance policies subject to such Liens; 
 (27) Liens created pursuant to the express terms of the Viacom Agreements as in effect on the Issue Date, or as subsequently amended or modified; provided, however, that no Lien permitted
under this clause (27) will extend to any Collateral; 
 (28) Liens securing other obligations in an amount
not to exceed $10.0 million at any time outstanding; and 
 (29) Liens on cash collateral securing letters of
credit outstanding pursuant to Section 3.3(b)(xv) in an aggregate amount not to exceed the amount of letters of credit that are cash collateralized on the Issue Date. 
 “Permitted Store Swap” means the exchange of (a) assets of the Company and the Subsidiaries all or substantially all
of which consist of Stores and related equipment and inventory for (b) assets of any other Person all or substantially all of which consist of Stores and related equipment and inventory; provided that the value of the assets received by
the Company and the Subsidiaries in any such exchange is reasonably equivalent to that of the assets transferred by the Company and the Subsidiaries in any such exchange; provided, further, that, to the extent the assets disposed of by
the Company or a Restricted Subsidiary constituted Collateral, the assets received by the Company or such Restricted Subsidiary also constitute Collateral. 
 “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. 
 “Preferred Stock” means, as applied to the
Capital Stock of any corporation, Capital Stock of any class or classes (however designated) that is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such
Person, over shares of Capital Stock of any other class of such Person. 
 “QIB” means any “qualified
institutional buyer” (as defined in Rule 144A under the Securities Act). 
  

 -26- 

 “Rating Agencies” means Standard & Poor’s Ratings Group, Inc.
and Moody’s Investors Service, Inc. or if Standard & Poor’s Ratings Group, Inc. or Moody’s Investors Service, Inc. or both shall not make a rating on the Notes publicly available, a nationally recognized statistical Rating
Agency or agencies, as the case may be, selected by the Company (as certified by a resolution of the Board of Directors of the Company), which shall be substituted for Standard & Poor’s Ratings Group, Inc. or Moody’s Investors
Service, Inc. or both, as the case may be. 
 “Record Date” for the interest and Defaulted Interest, if any,
payable on any applicable Interest Payment Date means March 15, June 15, September 15 or December 15 (whether or not a Business Day) next preceding such Interest Payment Date. 
 “Refinancing Indebtedness” means Indebtedness that is Incurred to refund, refinance, replace, exchange, renew, repay or
extend (including pursuant to any defeasance or discharge mechanism) (collectively, “refinance,” “refinances” and “refinanced” shall each have a correlative meaning) 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 and Indebtedness of any Restricted Subsidiary that refinances Indebtedness of another
Restricted Subsidiary (except that a Subsidiary Guarantor shall not refinance Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor)), including Indebtedness that refinances Refinancing Indebtedness; provided,
however, that: 
 (1) in the case of a refinancing of the Existing Senior Subordinated Notes or if the Stated
Maturity of the Indebtedness being refinanced is later than the Stated Maturity of the Notes, the entire principal amount of the Refinancing Indebtedness has a Stated Maturity at least 91 days later than the Stated Maturity of the notes; 

(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 at such time; 
 (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, premiums required by the instruments governing such existing Indebtedness or premiums
necessary to effectuate such refinancing and fees 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 at least as favorable to
the Holders as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; provided that, notwithstanding the foregoing, the Existing Senior Subordinated Notes may be
refinanced with unsecured Indebtedness that otherwise meets the requirements of the other clauses of this definition; and 
 (5) Refinancing Indebtedness shall not include Indebtedness of a Non-Guarantor Subsidiary that refinances Indebtedness of the Company or a Subsidiary Guarantor. 
 “Related Business” means any business that is the same as or related, ancillary or complementary to any of the businesses
of the Company and its Restricted Subsidiaries on the Issue Date. 
  

 -27- 

 “Restricted Investment” means any Investment other than a Permitted
Investment. 
 “Restricted Notes Legend” means the Private Placement Legend set forth in clause (A) of
Section 2.1(d) or the Regulation S Legend set forth in clause (B) of Section 2.1(d), as applicable. 
 “Restricted Period” means, in relation to the Initial Notes, the 40 consecutive days beginning on and including the later of (A) the day on which the Initial Notes are offered to persons other than distributors (as
defined in Regulation S under the Securities Act) and (B) the Issue Date and, in relation to any Additional Notes that are Restricted Notes, it means the comparable period of 40 consecutive days. 
 “Restricted Subsidiary” means any Subsidiary of the Company other than an Unrestricted Subsidiary. 
 “Sale/Leaseback Transaction” means any direct or indirect arrangement relating to property now owned or hereafter acquired
by the Company or a Restricted Subsidiary whereby the Company or such Restricted Subsidiary transfers such property to a Person (other than the Company or any of its Subsidiaries) and the Company or such Restricted Subsidiary leases it from such
Person. 
 “SEC” means the United States Securities and Exchange Commission. 
 “Secured Leverage Ratio” means, as of any date, the ratio of (i) the excess of (x) the amount of Indebtedness
that is secured by a Lien on the assets of the Company or any Restricted Subsidiary that would be required to be reflected on a consolidated balance sheet of the Company prepared in accordance with GAAP on such date over (y) the amount of
unrestricted cash and cash equivalents of the Company and its Restricted Subsidiaries that would be reflected on a consolidated balance sheet of the Company prepared in accordance with GAAP on such date to (ii) Consolidated EBITDA of the
Company for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which financial statements prepared in accordance with GAAP are available (with such pro forma adjustments to
Consolidated EBITDA as are consistent with the adjustments to pro forma Consolidated EBITDA contained in the definition of “Consolidated Coverage Ratio”). 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Senior Management” means the Chief Executive Officer, the Chief Financial Officer, any Vice
President, the Treasurer or the Secretary of the Company. 
 “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. 
 “Stated Maturity” means, with respect to any security, the date specified in the agreement governing or certificate relating to such security 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. 
 “Store” means a retail outlet owned or operated by a Person for the sale, rental or
trade of video products (including videocassettes, DVDs and any technological successors thereto) and/or game products, and associated or other retail inventory of such Person. 
  

 -28- 

 “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. 
 “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 by a Subsidiary Guarantor pursuant to the terms of this Indenture and any supplemental indenture thereto, and, collectively, all such Guarantees. Each such
Subsidiary Guarantee will be in the form prescribed by this Indenture. 
 “Subsidiary Guarantor” means each
Restricted Subsidiary in existence on the Issue Date that provides a Subsidiary Guarantee on the Issue Date (and any other 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. 
 “Trade Payables” means, with respect to any Person, any accounts payable to trade creditors created, assumed or Guaranteed
by such Person arising in the ordinary course of business in connection with the acquisition of goods or services. 
 “Treasury Rate” means 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
(519) that has become publicly available at least two Business Days prior to the Redemption Date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period
from the Redemption Date to October 1, 2014; provided, however, that if the period from the Redemption Date to October 1, 2014 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 October 1, 2014 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. 
 “Trustee” means the party named as such in this Indenture until a successor replaces it and, thereafter, means such
successor. 
 “Trust Officer” means, when used with respect to the Trustee, any officer within the corporate
trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the
Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the
administration of this Indenture. 
  

 -29- 

 “Uniform Commercial Code” means the New York Uniform Commercial Code, as in
effect from time to time. 
 “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 in the manner provided below and (2) any Subsidiary of an Unrestricted Subsidiary. 
 The Board of Directors of the Company may designate any Subsidiary of the Company (including any newly acquired or newly formed Subsidiary
or a Person becoming a Subsidiary through merger or consolidation or Investment therein) to be an Unrestricted Subsidiary only if: 
 (1) such Subsidiary or any of its Subsidiaries does not own any Capital Stock or Indebtedness of or have any Investment in, or own or hold any Lien on any property of, any other Subsidiary of the Company
that is not a Subsidiary of the Subsidiary to be so designated or otherwise an Unrestricted Subsidiary; 
 (2)
all the Indebtedness of such Subsidiary and its Subsidiaries shall, at the date of designation, and will at all times thereafter, consist of Non-Recourse Debt; 
 (3) such designation and the Investment of the Company in such Subsidiary complies with Section 3.4; 

(4) such Subsidiary, either alone or in the aggregate with all other Unrestricted Subsidiaries, does not operate, directly
or indirectly, all or substantially all of the business of the Company and its Subsidiaries; 
 (5) such
Subsidiary is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation: 
 (a) to subscribe for additional Capital Stock of such Person; or 
 (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and 
 (6) 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 than those that might have been obtained from Persons who are not Affiliates of the Company. 
 Any such designation by the Board of Directors of the Company shall be evidenced to the Trustee by filing with the Trustee a resolution of
the Board of Directors of the Company giving effect to such designation and an Officers’ 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. 
  

 -30- 

 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 Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof and the Company could
Incur at least $1.00 of additional Indebtedness pursuant to Section 3.3(a) on a pro forma basis taking into account such designation. 
 “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 which 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. 
 “Viacom
Agreements” means (a) the Amended and Restated Initial Public Offering and Split-Off Agreement, dated as of June 18, 2004, among Viacom, Viacom International and the Company, (b) the Amended and Restated Release and
Indemnification Agreement, dated as of June 18, 2004, between Viacom and the Company, (c) the Amended and Restated Transition Services Agreement, dated as of June 18, 2004, between Viacom and the Company, (d) the Amended and
Restated Registration Rights Agreement, dated as of June 18, 2004, between Viacom and the Company, (e) the Amended and Restated Tax Matters Agreement dated as of June 18, 2004, between Viacom and the Company, and (f) the Judgment
Sharing Agreement, dated as of June 18, 2004 among Paramount Pictures Corporation, Sumner M. Redstone, Viacom and the Company, as each may be amended from time to time. 
 “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) is owned by the Company or another Wholly-Owned Subsidiary. 
 SECTION 1.2. Other Definitions. 
  

			
	 Term
	  	Defined in
Section
	 “Additional Notes”
	  	Recitals
	 “Affiliate Transaction”
	  	3.9(a)
	 “Agent Members”
	  	2.1(e)(iii)
	 “Asset Disposition Offer”
	  	3.8(c)
	 “Asset Disposition Offer Amount”
	  	3.8(d)(i)
	 “Asset Disposition Offer Period”
	  	3.8(d)(i)
	 “Asset Disposition Purchase Date”
	  	3.8(d)(i)
	 “Authenticating Agent”
	  	2.2

  

 -31- 

			
	 Term
	  	Defined in
Section
	 “Bankruptcy Law”
	  	6.1
	 “Change of Control Offer”
	  	3.11(b)
	 “Change of Control Payment”
	  	3.11(b)(i)
	 “Change of Control Payment Date”
	  	3.11(b)(ii)
	 “Company Order”
	  	2.2
	 “covenant defeasance option”
	  	8.1(b)
	 “Custodian”
	  	6.1
	 “Defaulted Interest”
	  	2.13
	 “Definitive Note Legend”
	  	2.1(d)
	 “Event of Default”
	  	6.1
	 “Excess Cash Flow Offer”
	  	3.13(a)
	 “Excess Cash Flow Offer Amount”
	  	3.13(a)
	 “Excess Cash Flow Payment”
	  	3.13(b)(i)
	 “Excess Cash Flow Payment Date”
	  	3.13(b)(ii)
	 “Excess Proceeds”
	  	3.8(c))
	 “Global Notes”
	  	2.1(b)
	 “Guarantor Obligations”
	  	10.1
	 “IAIs”
	  	2.1(b)
	 “Initial Notes”
	  	Recitals
	 “Institutional Accredited Investor Global Note”
	  	2.1(b)
	 “Institutional Accredited Investor Notes”
	  	2.1(b)
	 “legal defeasance option”
	  	8.1(b)
	 “Note Register”
	  	2.3
	 “Notes”
	  	Recitals
	 “Notice of Default”
	  	6.1
	 “Paying Agent”
	  	2.3
	 “Private Placement Legend”
	  	2.1(d)
	 “Redemption Date”
	  	5.5
	 “Registrar”
	  	2.3
	 “Regulation S”
	  	2.1(b)
	 “Regulation S Global Note”
	  	2.1(b)
	 “Regulation S Legend”
	  	2.1(d)
	 “Regulation S Notes”
	  	2.1(b)
	 “Reinstatement Date”
	  	3.16(b)
	 “Resale Restriction Termination Date”
	  	2.6(a)
	 “Restricted Global Note”
	  	2.6(e)
	 “Restricted Payment”
	  	3.4(a)
	 “Rule 144A Global Note”
	  	2.1(b)
	 “Rule 144A Notes”
	  	2.1(b)
	 “Special Interest Payment Date”
	  	2.13(a)
	 “Special Record Date”
	  	2.13(a)
	 “Springing Maturity Offer”
	  	3.12(b)
	 “Springing Maturity Payment”
	  	3.12(b)(i)
	 “Springing Maturity Payment Date”
	  	3.12(b)(ii)
	 “Successor Company”
	  	4.1(a)(i)
	 “Successor Guarantor”
	  	4.2(a)(i)
	 “Suspended Covenants”
	  	3.16(a)

  

 -32- 

			
	 Term
	  	Defined in
Section
	 “Suspension Period”
	  	3.16(b)
	 “Unrestricted Global Note”
	  	2.6(e)
	 “Unutilized Excess Proceeds”
	  	3.8(c)

 SECTION 1.3. Rules of Construction. Unless the context otherwise requires:

  

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

  

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

  

	 	(c)	“or” is not exclusive; 

  

	 	(d)	“including” means including without limitation; 

  

	 	(e)	words in the singular include the plural and words in the plural include the singular; 

  

	 	(f)	unsecured Indebtedness shall not be deemed to be subordinate or junior to secured Indebtedness merely by virtue of its nature as unsecured Indebtedness;

  

	 	(g)	references to sections of, or rules under, the Securities Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from
time to time; 

  

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

  

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

 ARTICLE II 
 The Notes 
 SECTION 2.1. Form, Dating and Terms. 
 (a) The aggregate principal amount of Notes that may be authenticated and
delivered under this Indenture (other than the Notes issued pursuant to Section 2.6, 2.9, 2.11, 3.8, 3.11, 3.12, 3.13 and 5.8) is $725,000,000. The Initial Notes issued on the date hereof
shall be in an aggregate principal amount of $675,000,000. In addition, the Company may issue, from time to time in accordance with the provisions of this Indenture, Additional Notes in the form of Exhibit A hereto in an aggregate principal
amount not to exceed $50,000,000. In addition, Additional Notes may be authenticated and delivered, pursuant to Section 2.6, 2.9, 2.11, 3.8, 3.11, 3.12, 3.13 and 5.8. 
  

 -33- 

 The Initial Notes shall be known and designated as “11.75% Senior Secured Notes due
2014” of the Company. Additional Notes shall be known and designated as “11.75% Senior Secured Notes due 2014” of the Company. 
 With respect to any Additional Notes, the Company shall set forth in (a) a Board Resolution and (b) (i) an Officers’ Certificate or (ii) one or more indentures supplemental
hereto, the following information: 
 (i) the aggregate principal amount of such Additional Notes to be
authenticated and delivered pursuant to this Indenture; and 
 (ii) the issue price and the issue date of such
Additional Notes. 
 In authenticating and delivering Additional Notes, the Trustee shall be entitled to receive and shall be
fully protected in relying upon, in addition to the Opinion of Counsel and Officers’ Certificate required by Section 12.2, an Opinion of Counsel as to the due authorization, execution, delivery, validity and enforceability of such
Additional Notes. 
 The Initial Notes and the Additional Notes shall be considered collectively as a single class for all
purposes of this Indenture. Holders of the Initial Notes and the Additional Notes shall vote and consent together as one class on all matters to which such Holders are entitled to vote or consent, and none of the Holders of the Initial Notes or the
Additional Notes shall have the right to vote or consent as a separate class on any matter to which such Holders are entitled to vote or consent. 
 (b) The Initial Notes are being offered and sold by the Company pursuant to a Purchase Agreement, dated as of September 17, 2009, among the Company, the Subsidiary Guarantors and J.P. Morgan
Securities Inc. The Initial Notes and any Additional Notes shall be resold initially only to (A) QIBs and (B) Persons other than U.S. Persons (as defined in Regulation S under the Securities Act (“Regulation S”))
in reliance on Regulation S. Such Initial Notes and Additional Notes may thereafter be transferred to among others, QIBs, purchasers in reliance on Regulation S and institutional “accredited investors” (as defined in Rules
501(a)(1), (2), (3) and (7) under the Securities Act) who are not QIBs (“IAIs”) in accordance with Rule 501 of the Securities Act in accordance with the procedure described herein. Additional Notes offered after the date
hereof may be offered and sold by the Company from time to time pursuant to one or more purchase agreements in accordance with applicable law. 
 Initial Notes and Additional Notes offered and sold to QIBs in the United States of America in reliance on Rule 144A (the “Rule 144A Notes”) shall be issued in the form of a permanent
global Note substantially in the form of Exhibit A, which is hereby incorporated by reference and made a part of this Indenture, including appropriate legends as set forth in Section 2.1(d) (the “Rule 144A Global
Note”), deposited with the Trustee, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The Rule 144A Global Note may be represented by more than one certificate, if so
required by the Depositary’s rules regarding the maximum principal amount to be represented by a single certificate. The aggregate principal amount of the Rule 144A Global Note may from time to time be increased or decreased by adjustments made
on the records of the Trustee, as custodian for the Depositary or its nominee, as hereinafter provided. 
 Initial Notes and any
Additional Notes offered and sold outside the United States of America (the “Regulation S Notes”) in reliance on Regulation S shall initially be issued in the form of a permanent global Note substantially in the form of
Exhibit A including appropriate legends as set forth in Section 2.1(d) (the “Regulation S Global Note”). 
  

 -34- 

 The Regulation S Global Note may be represented by more than one certificate, if so
required by the Depositary’s rules regarding the maximum principal amount to be represented by a single certificate. The aggregate principal amount of the Regulation S Global Note may from time to time be increased or decreased by
adjustments made on the records of the Trustee, as custodian for the Depositary or its nominee, as hereinafter provided. 
 Initial Notes and any Additional Notes resold to IAIs (the “Institutional Accredited Investor Notes”) in the United States of America shall be issued in the form of a permanent global Note substantially in the form of
Exhibit A including appropriate legends as set forth in Section 2.1(d) (the “Institutional Accredited Investor Global Note”) deposited with the Trustee, as custodian for the Depositary, duly executed by the
Company and authenticated by the Trustee as hereinafter provided. The Institutional Accredited Investor Global Note may be represented by more than one certificate, if so required by the Depositary’s rules regarding the maximum principal amount
to be represented by a single certificate. The aggregate principal amount of the Institutional Accredited Investor Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for the
Depositary or its nominee, as hereinafter provided. 
 The Rule 144A Global Note, the Regulation S Global Note, and
the Institutional Accredited Investor Global Note are sometimes collectively herein referred to as the “Global Notes.” 
 The principal of (and premium, if any) and interest on the Notes shall be payable at the office or agency of the Company maintained for such purpose in The City of New York, or at such other office or
agency of the Company as may be maintained for such purpose pursuant to Section 2.3; provided, however, that, at the option of the Company, each installment of interest (other than with respect to Global Notes) may be paid
by check mailed to addresses of the Persons entitled thereto as such addresses shall appear on the Note Register. Payments in respect of Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by wire
transfer of immediately available funds to the accounts specified by the Depositary. 
 The Notes may have notations, legends or
endorsements required by law, stock exchange rule or usage, in addition to those set forth on Exhibit A and in Section 2.1(d). The Company and the Trustee shall approve the form of the Notes and any notation, endorsement or
legend on them. Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit A are part of the terms of this Indenture and, to the extent applicable, the Company, the Subsidiary Guarantors and the
Trustee, by their execution and delivery of this Indenture, expressly agree to be bound by such terms. 
 (c)
Denominations. The Notes shall be issuable only in fully registered form, without coupons, and only in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 
 (d) Restrictive Legends. (A) Each Rule 144A Global Note and the Institutional Accredited Investor Global Note shall bear the
following legend (the “Private Placement Legend”) on the face thereof: 
 “THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT
OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A

  

 -35- 

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

  

 -36- 

 
REQUESTS), OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE
SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. BY ITS ACQUISITION
HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON, AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.”

 (C) The Global Notes, whether or not an Initial Note, shall bear the following legend on the face thereof: 
 “UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE ISSUER 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 AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.” 
 (D) Each Note issued hereunder that has more
than a de minimis amount of original issue discount for U.S. federal income tax purposes shall bear a legend in substantially the following form: 
 “THIS SECURITY IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE. A HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE
DATE AND YIELD TO MATURITY FOR SUCH SECURITY BY SUBMITTING A WRITTEN REQUEST FOR SUCH INFORMATION TO: [CORPORATE SECRETARY], BLOCKBUSTER INC., 1201 ELM STREET, DALLAS, TEXAS 75270, TELEPHONE NUMBER (214) 854-3000.” 
 (E) Each Definitive Note shall bear the following legend (the “Definitive Note Legend”) on the face thereof: 
 “IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS
SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 
  

 -37- 

 (e) Book-Entry Provisions. 
 (i) This Section 2.1(e) shall apply only to Global Notes deposited with the Trustee, as custodian for the Depositary.

 (ii) Each Global Note initially shall (x) be registered in the name of the Depositary for such Global Note or the
nominee of such Depositary, (y) be delivered to the Trustee as custodian for such Depositary and (z) bear legends as set forth in Section 2.1(d). 
 (iii) Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary or
by the Trustee as the custodian of the Depositary or under such Global Note, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Note for all purposes
whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or
impair, as between the Depositary and its Agent Members, the operation of customary practices of the Depositary governing the exercise of the rights of a Holder of a beneficial interest in any Global Note. 
 (iv) The registered Holder of a Global Note may grant proxies and otherwise authorize any person, including Agent Members and persons that
may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 
 (v) In connection with any transfer of a portion of the beneficial interest in a Global Note pursuant to Section 2.1(f) to beneficial owners who are required to hold Definitive Notes, the Trustee shall reflect on its books and
records the date and a decrease in the principal amount of such Global Note in an amount equal to the principal amount of the beneficial interest in the Global Note to be transferred, and the Company shall execute, and the Trustee shall authenticate
and deliver, one or more Definitive Notes of like tenor and amount. 
 (vi) In connection with the transfer of an entire Global
Note to beneficial owners pursuant to subsection (f) of this Section, such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver, to each
beneficial owner identified by the Depositary in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. 
 (vii) Any Holder of a Global Note shall, by acceptance of such Global Note, agree that transfers of beneficial interests in such Global Note
may be effected only through a book-entry system maintained by (a) the Holder of such Global Note (or its agent) or (b) any Holder of a beneficial interest in such Global Note, and that ownership of a beneficial interest in such Global
Note shall be required to be reflected in a book entry. 
 (f) Definitive Notes. Except as provided below in
Section 2.6(i), owners of beneficial interests in Global Notes shall not be entitled to receive Definitive Notes. In addition, Definitive

  

 -38- 

 
Notes shall be transferred to all beneficial owners in exchange for their beneficial interests in a Global Note if (i) the Depositary notifies the Company that it is unwilling or unable to
continue as depositary for such Global Note or the Depositary ceases to be a clearing agency registered under the Exchange Act, at a time when the Depositary is required to be so registered in order to act as Depositary, and in each case a successor
depositary is not appointed by the Company within 90 days of such notice or (ii) an Event of Default has occurred and is continuing and the Registrar has received a request from the Depositary. 
 (g) Any Definitive Note delivered in exchange for an interest in a Global Note pursuant to Section 2.1(e)(v) or
(vi) shall, except as otherwise provided by paragraph (c) of Section 2.6, bear the applicable legend regarding transfer restrictions applicable to the Definitive Note set forth in Section 2.1(d). 

(h) In connection with the exchange of a portion of a Definitive Note for a beneficial interest in a Global Note, the Trustee shall
cancel such Definitive Note, and the Company shall execute, and the Trustee shall authenticate and deliver, to the transferring Holder a new Definitive Note representing the principal amount not so transferred. 
 SECTION 2.2. Execution and Authentication. Two Officers shall sign the Notes for the Company by manual or facsimile signature. If an
Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless. 
 A Note shall not be valid until an authorized signatory of the Trustee manually authenticates the Note. The signature of the Trustee on a Note shall be conclusive evidence that such Note has been duly and
validly authenticated and issued under this Indenture. A Note shall be dated the date of its authentication. 
 At any time and
from time to time after the execution and delivery of this Indenture, the Trustee shall authenticate and make available for delivery: (1) Initial Notes for original issue on the Issue Date in an aggregate principal amount of $675,000,000 and
(2) subject to the terms of this Indenture Additional Notes for original issue a principal amount not to exceed $50,000,000, in each case upon a written order of the Company signed by an Officer of the Company (the “Company
Order”). Such Company Order shall specify the amount of the Notes to be authenticated and the date on which the original issue of Notes is to be authenticated and whether the Notes are to be Initial Notes or Additional Notes. 
 The Trustee may appoint an agent (the “Authenticating Agent”) reasonably acceptable to the Company to authenticate the
Notes. 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 such agent.

 In case the Company or any Subsidiary Guarantor, pursuant to Article IV, shall be consolidated or merged with or into
any other Person or shall convey, transfer, lease or otherwise dispose of its properties and assets substantially as an entirety to any Person, and the successor Person resulting from such consolidation, or surviving such merger, or into which the
Company or such Subsidiary Guarantor shall have been merged, or the Person which shall have received a conveyance, transfer, lease or other disposition as aforesaid, shall have executed an indenture supplemental hereto with the Trustee pursuant to
Article IV, any of the Notes authenticated or delivered prior to such consolidation, merger, conveyance, transfer, lease 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
Company Order of the successor Person,

  

 -39- 

 
shall authenticate and deliver 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 2.2 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 2.3. Registrar and Paying Agent.
The Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (the “Registrar”) and an office or agency where Notes may be presented for payment (the “Paying
Agent”). The Company shall cause each of the Registrar and the Paying Agent to maintain an office or agency in the Borough of Manhattan, The City of New York. The Registrar shall keep a register of the Notes and of their transfer and
exchange (the “Note Register”). The Company may have one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any additional paying agent and the term “Registrar”
includes any co-registrar. 
 The Company shall enter into an appropriate agency agreement with any Registrar or Paying Agent
not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the Trustee of the name and address of each such agent. If the Company fails to maintain a Registrar or
Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.6. The Company or any of its Subsidiaries may act as Paying Agent, Registrar or transfer agent. 
 The Company initially appoints the Trustee as Registrar and Paying Agent for the Notes. The Company 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 Company 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 Registrar or Paying Agent may resign at any time upon written notice to the Company and the Trustee. 
 SECTION 2.4. Paying Agent to Hold Money in Trust. By no later than 10:00 a.m. (New York City time) on the date on which any principal
of, premium, if any, or interest on any Note is due and payable, the Company shall deposit with the Paying Agent a sum sufficient in immediately available funds to pay such principal, premium, if any, or interest when due. The Company shall require
each Paying Agent (other than the Trustee) to agree in writing that such Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by such Paying Agent for the payment of principal of, premium, if any, or interest on
the Notes and shall notify the Trustee in writing of any default by the Company or any Subsidiary Guarantor in making any such payment. If the Company or a Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and
hold it as a separate trust fund. The Company at any time may require a Paying Agent (other than the Trustee) to pay all money held by it to the Trustee and to account for any funds disbursed by such Paying Agent. Upon complying with this Section,
the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money delivered to the Trustee. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as
Paying Agent for the Notes. 
 SECTION 2.5. Holder Lists. The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and addresses of Holders. If the Trustee is not the Registrar, the Company, on its own behalf and on behalf of each of the Subsidiary Guarantors, shall furnish to the Trustee,
in writing at least five Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of
Holders. 
  

 -40- 

 SECTION 2.6. Transfer and Exchange. 
 (a) The following provisions shall apply with respect to any proposed transfer of a Rule 144A Note or an Institutional Accredited Investor
Note prior to the date which is one year after the later of the date of its original issue and the last date on which the Company or any Affiliate of the Company was the owner of such Notes (or any predecessor thereto) (the “Resale
Restriction Termination Date”): 
 (i) a transfer of a Rule 144A Note or an Institutional Accredited
Investor Note or a beneficial interest therein to a QIB shall be made upon the representation of the transferee in the form as set forth on the reverse of the Note that it is purchasing the Note for its own account or an account with respect to
which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as it has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing
representations in order to claim the exemption from registration provided by Rule 144A; 
 (ii) a transfer
of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest therein to an IAI shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth in Section 2.7 hereof
from the proposed transferee and, if requested by the Company or the Trustee, the delivery of an opinion of counsel, certification and/or other information satisfactory to each of them; and 
 (iii) a transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest therein to a
Non-U.S. Person shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth in Section 2.8 hereof from the proposed transferee and, if requested by the Company or the Trustee, the delivery
of an opinion of counsel, certification and/or other information satisfactory to each of them. 
 (b) The following provisions
shall apply with respect to any proposed transfer of a Regulation S Note prior to the expiration of the Restricted Period: 
 (i) a transfer of a Regulation S Note or a beneficial interest therein to a QIB shall be made upon the representation of the transferee, in the form of assignment on the reverse of the certificate,
that it is purchasing the Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, and
is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A; 
 (ii) a transfer of a Regulation S Note or a beneficial interest therein to an IAI shall be made upon receipt by the
Trustee or its agent of a certificate substantially in the form set forth in Section 2.7 hereof from the proposed transferee and, if requested by the Company or the Trustee, the delivery of an opinion of counsel, certification and/or
other information satisfactory to each of them; and 
  

 -41- 

 (iii) a transfer of a Regulation S Note or a beneficial interest
therein to a Non-U.S. Person shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth in Section 2.8 hereof from the proposed transferee and, if requested by the Company or the Trustee,
receipt by the Trustee or its agent of an opinion of counsel, certification and/or other information satisfactory to each of them. 
 After the expiration of the Restricted Period, interests in the Regulation S Note may be transferred in accordance with applicable law without requiring the certification set forth in Section 2.8 or any additional
certification. 
 (c) Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes not bearing a
Restricted Notes Legend, the Registrar shall deliver Notes that do not bear a Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes bearing a Restricted Notes Legend, the Registrar shall deliver only Notes that bear such
Restricted Notes Legend unless there is delivered to the Registrar an Opinion of Counsel to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the
Securities Act. Any Additional Notes sold in a registered offering shall not be required to bear the Restricted Notes Legend. 
 (d) The Registrar shall retain copies of all letters, notices and other written communications received pursuant to Section 2.1 or this Section 2.6. The Company shall have the right to inspect and make copies of all
such letters, notices or other written communications at any reasonable time upon the giving of reasonable written notice to the Registrar. 
 (e) Exchange from Global Note Bearing Restricted Notes Legend to Global Note Not Bearing Restricted Notes Legend. To the extent permitted by law after the one year anniversary of the Issue Date and
upon compliance with the following procedures, beneficial interests in a Global Note bearing the Restricted Notes Legend (a “Restricted Global Note”) may, at the Company’s sole discretion, be exchanged for beneficial interests
in a Global Note not bearing the Restricted Notes Legend (an “Unrestricted Global Note”). In order to effect such exchange, the Company shall provide written notice to the Trustee instructing the Trustee to (1) direct the
Depositary to transfer the specified amount of the outstanding beneficial interests in a particular Restricted Global Note to an Unrestricted Global Note and provide the Depositary with all such information as is necessary for the Depositary to
appropriately credit and debit the relevant Holder accounts and (2) provide prior written notice to all Holders of such exchange, which notice must include the date such exchange is proposed to occur, the CUSIP number of the relevant Restricted
Global Note and the CUSIP number of the Unrestricted Global Note into which such Holders’ beneficial interests shall be exchanged. As a condition to any such exchange pursuant to this Section 2.6(e), the Trustee shall be entitled to
receive from the Company, and rely upon conclusively without any liability, an Officers’ Certificate and an Opinion of Counsel to the Company, in form and in substance reasonably satisfactory to the Trustee, to the effect that such transfer of
beneficial interests to the Unrestricted Global Note shall be effected in compliance with the Securities Act. The Company may request from Holders such information it reasonably determines is required in order to be able to deliver such
Officers’ Certificate and Opinion of Counsel, including certification from Holders that they are not Affiliates of the Company and have not knowingly acquired their beneficial interests in the Restricted Global Note from any Affiliate of the
Company. Upon such exchange of beneficial interests pursuant to this Section 2.6(e), the Registrar shall reflect on its books and records the date of such transfer and a decrease and increase, respectively, in the principal amount of the
applicable Restricted Global Note and the Unrestricted Global Note, respectively, equal to the principal amount of beneficial interests transferred. Following any such transfer pursuant to this Section 2.6(e) of all of the beneficial
interests in a Restricted Global Note, such Restricted Global Note shall be cancelled. 
  

 -42- 

 (f) Retention of Written Communications. The Registrar shall retain copies of all
letters, notices and other written communications received pursuant to Section 2.1 or this Section 2.6. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications
at any reasonable time upon the giving of reasonable prior written notice to the Registrar. 
 (g) Obligations with Respect
to Transfers and Exchanges of Notes. 
 (i) To permit registrations of transfers and exchanges, the Company shall, subject to
the other terms and conditions of this Article II, execute and the Trustee shall authenticate Definitive Notes and Global Notes at the Registrar’s request. 
 (ii) No service charge shall be made to a Holder for any registration of transfer or exchange, but the Company may require the Holder to pay a sum sufficient to cover any transfer tax, assessments, or
similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charges payable upon exchange or transfer pursuant to Section 3.8, 3.11, 3.12, 3.13
or 5.8). 
 (iii) The Registrar shall not be required to register the transfer of or exchange of any Note for a period
beginning (1) 15 Business Days before the mailing of a notice of an offer to repurchase Notes and ending at the close of business on the day of such mailing, (2) 15 Business Days before an Interest Payment Date and ending on such Interest
Payment Date or (3) 15 Business Days before the day of any selection of Notes for redemption under Section 5.4 hereof. 
 (iv) Prior to the due presentation for registration of transfer of any Note, the Company, the Trustee, the Paying Agent or the Registrar may deem and treat the person in whose name a Note is registered as
the absolute owner of such Note for the purpose of receiving payment of principal of, premium, if any, and interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Company, the Trustee, the
Paying Agent or the Registrar shall be affected by notice to the contrary. 
 (v) All Notes issued upon any transfer or exchange
pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 
 (h) No Obligation of the Trustee. (i) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global
Note, a member of, or a participant in, the Depositary or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes, or with
respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to such Notes.
All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only to or upon the order of the registered Holders (which shall be the Depositary or its nominee in the
case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee may rely and shall be fully protected in relying
upon information furnished by the Depositary with respect to its members, participants and any beneficial owners. 
  

 -43- 

 (ii) The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants, members or beneficial
owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to
determine substantial compliance as to form with the express requirements hereof. 
 (i) Affiliate Holders. Any Note or
beneficial interest in a Global Notes transferred to an affiliate (such term as used in this clause (i) having the meaning given Rule 405 under the Securities Act) of the Company or evidencing a Note that has been acquired by an
affiliate in a transaction or chain of transactions not involving any public offering registered under the Securities Act shall, until one year after the last date on which either the Company or any affiliate of the Company was an owner of such
Note, be in the form of a Definitive Note and bear the Private Placement Legend. 
 SECTION 2.7. Form of Certificate to Be
Delivered in Connection with Transfers to Institutional Accredited Investors. 
 [Date] 
 Blockbuster Inc. 
 c/o U.S. Bank National
Association 
 60 Livingston Avenue 
 EP-MN-WS3C 
 St. Paul, MN 55107-2292 
 Attention: [Corporate Trust Department] 
 Dear Sirs: 
 This certificate is delivered to request a transfer of $         principal amount of the 11.75% Senior Secured Notes due 2014 (the “Notes”) of
Blockbuster Inc. (the “Company”). 
 Upon transfer, the Notes would be registered in the name of the new
beneficial owner as follows: 
 Name: ________________________________________ 
 Address: ______________________________________ 
 Taxpayer ID Number: ___________________________ 
 The undersigned
represents and warrants to you that: 
 1. We are an institutional “accredited investor” (as defined in
Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”)) purchasing for our own account or for the account of such an institutional “accredited investor” at least
$250,000 principal amount of the Notes, and we are acquiring the Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business
matters as to be capable of evaluating the merits

  

 -44- 

 
and risk of our investment in the Notes and we invest in or purchase securities similar to the Notes in the normal course of our business. We and any accounts for which we are acting are each
able to bear the economic risk of our or its investment. 
 2. We understand that the Notes have not been
registered under the Securities Act and, unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or
otherwise transfer such Notes prior to the date that is one year after the later of the date of original issue and the last date on which the Company or any affiliate of the Company was the owner of such Notes (or any predecessor thereto) (the
“Resale Restriction Termination Date”) only (a) to the Company, (b) pursuant to a registration statement which has been declared effective under the Securities Act (“Rule 144A”), (c) in a transaction
complying with the requirements of Rule 144A under the Securities Act, to a person we reasonably believe is a qualified institutional buyer under Rule 144A (a “QIB”) that purchases for its own account or for the account of a QIB and
to whom notice is given that the transfer is being made in reliance on Rule 144A, (d) pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act, (e) to an
institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is purchasing for its own account or for the account of such an institutional “accredited
investor,” in each case in a minimum principal amount of Notes of $250,000 or (f) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement
of law that the disposition of our property or the property of such investor account or accounts be at all times within our or their control and in compliance with any applicable state securities laws. The foregoing restrictions on resale shall not
apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made pursuant to clause (e) above prior to the Resale Restriction Termination Date, the transferor shall deliver a
letter from the transferee substantially in the form of this letter to the Company and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” (within the meaning of Rule
501(a)(1), (2), (3) or (7) under the Securities Act) and that it is acquiring such Notes for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee
reserve the right prior to any offer, sale or other transfer prior to the Resale Termination Date of the Notes pursuant to clauses (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications and/or other
information satisfactory to the Company and the Trustee. 
  

			
	TRANSFEREE:	 	  

  

			
	BY	 	  

  

 -45- 

 SECTION 2.8. Form of Certificate to Be Delivered in Connection with Transfers Pursuant to
Regulation S. 
 [Date] 
 Blockbuster Inc. 
 c/o U.S. Bank National Association 
 60 Livingston Avenue 
 EP-MN-WS3C 
 St. Paul, MN 55107-2292 
 Attention: [Corporate
Trust Department] 
  

	 	Re:	Blockbuster Inc.  

	 	  	11.75% Senior Secured Notes due 2014 (the “Notes”) 

 Ladies and Gentlemen: 
 In connection with our proposed sale of
$        aggregate principal amount of the Notes, we confirm that such sale has been effected pursuant to and in accordance with Regulation S under the United States Securities Act of 1933, as amended
(the “Securities Act”), and, accordingly, we represent that: 
 (a) the offer of the Notes was
not made to a person in the United States; 
 (b) either (i) at the time the buy order was originated, the
transferee was outside the United States or we and any person acting on our behalf reasonably believed that the transferee was outside the United States or (ii) the transaction was executed in, on or through the facilities of a designated
off-shore securities market and neither we nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 
 (c) no directed selling efforts have been made in the United States in contravention of the requirements of
Rule 903(a)(2) or Rule 904(a)(2) of Regulation S, as applicable; and 
 (d) the transaction is not
part of a plan or scheme to evade the registration requirements of the Securities Act. 
 In addition, if the sale is made
during a restricted period and the provisions of Rule 903(b)(2), Rule 903(b)(3) or Rule 904(b)(1) of Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of
Rule 903(b)(2), Rule 903(b)(3) or Rule 904(b)(1), as the case may be. 
 We also hereby certify that we [are][are
not] an affiliate (as defined in Rule 405 under the Securities Act) of the Company and, to our knowledge, the transferee of the Notes [is][is not] an affiliate (as defined in Rule 405 under the Securities Act) of the Company. 
 You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S. 
 Very truly yours, 
 [Name of Transferor]

  

			
	By:	 	  

		 	Authorized Signature

  

 -46- 

 SECTION 2.9. Mutilated, Destroyed, Lost or Stolen Notes. If a mutilated Note is
surrendered to the Registrar or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee, upon Company Order, shall authenticate a replacement Note if the requirements of
Section 8-405 of the Uniform Commercial Code are met such that the Holder (a) notifies the Company and the Trustee within a reasonable time after such Holder has notice of such loss, destruction or wrongful taking and the Registrar has not
registered a transfer prior to receiving such notification, (b) makes such request to the Company prior to the Company having notice that the Note has been acquired by a protected purchaser as defined in Section 8-303 of the Uniform
Commercial Code (a “protected purchaser”) and (c) satisfies any other reasonable requirements of the Company and the Trustee. If required by the Trustee or the Company, such Holder shall furnish an indemnity bond sufficient in
the judgment of the Company and the Trustee to protect the Company, the Trustee, the Paying Agent and the Registrar from any loss which any of them may suffer if a Note is replaced, then, in the absence of notice to the Company, any Subsidiary
Guarantor or the Trustee that such Note has been acquired by a protected purchaser, the Company shall execute and upon Company Order the Trustee shall authenticate and deliver, in exchange for any such mutilated Note or in lieu of any such
destroyed, lost or stolen Note, a new Note of like tenor and principal amount, bearing a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Note, pay such Note. 
 Upon the issuance of any new Note under this Section, the Company may require that such Holder pay a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) in connection therewith. 
 Every new Note issued pursuant to this Section in lieu of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Company, any Subsidiary
Guarantor and any other obligor upon the Notes, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all benefits of this Indenture equally and proportionately with any and
all other Notes duly issued hereunder. 
 The provisions of this Section are exclusive and shall preclude (to the extent lawful)
all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION 2.10. Outstanding Notes. Notes outstanding at any time are all Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation and those described in this Section as not outstanding.
A Note does not cease to be outstanding in the event the Company or an Affiliate of the Company holds the Note except that the Company or an Affiliate of the Company shall not obtain voting rights with respect to such Note. 
  

 -47- 

 If a Note is replaced pursuant to Section 2.9, it ceases to be outstanding
unless the Trustee and the Company receive proof satisfactory to them that the replaced Note is held by a bona fide purchaser. 
 If the Paying Agent segregates and holds in trust, in accordance with this Indenture, on a Redemption Date or maturity date money sufficient to pay all principal, premium, if any, and interest payable on that date with respect to the Notes
(or portions thereof) to be redeemed or maturing, as the case may be, and the Paying Agent is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture, then on and after that date such Notes (or
portions thereof) cease to be outstanding and interest on them ceases to accrue. 
 SECTION 2.11. Temporary Notes. In the
event that Definitive Notes are to be issued under the terms of this Indenture, until such Definitive Notes are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in
the form of Definitive Notes but may have variations that the Company considers appropriate for temporary Notes. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate Definitive Notes. After the preparation of
Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at any office or agency maintained by the Company for that purpose and such exchange shall be without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Notes, the Company shall execute, and the Trustee shall authenticate and make available for delivery in exchange therefor, one or more Definitive Notes representing an equal principal amount of
Notes. Until so exchanged, the Holder of temporary Notes shall in all respects be entitled to the same benefits under this Indenture as a Holder of Definitive Notes. 
 SECTION 2.12. Cancellation. The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them
for registration of transfer, exchange or payment. The Trustee and no one else shall cancel and return to the Company all Notes surrendered for registration of transfer, exchange, payment or cancellation and deliver a certificate of such
cancellation to the Company. The Company may not issue new Notes to replace Notes it has paid or delivered to the Trustee for cancellation. 
 At such time as all beneficial interests in a Global Note have either been exchanged for Definitive Notes, transferred, redeemed, repurchased or canceled, such Global Note shall be returned by the
Depositary to the Trustee for cancellation or retained and canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Definitive Notes, transferred in exchange for an interest in
another Global Note, redeemed, repurchased or canceled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the Global Note and on the books and records of the Trustee (if it is then the
Notes Custodian for such Global Note) with respect to such Global Note, by the Trustee or the Notes Custodian, to reflect such reduction. 
 SECTION 2.13. Payment of Interest; Defaulted Interest. Interest on any Note which is payable, and is punctually paid or duly provided for, on any interest payment date shall be paid to the Person
in whose name such Note (or one or more predecessor Notes) is registered at the close of business on the regular record date for such interest at the office or agency of the Company maintained for such purpose pursuant to Section 2.3.

 Any interest on any Note which is payable, but is not paid when the same becomes due and payable and such nonpayment
continues for a period of 30 days shall forthwith cease to be payable to the Holder on the regular record date by virtue of having been such Holder, and such defaulted interest

  

 -48- 

 
and (to the extent lawful) interest on such defaulted interest at the rate borne by the Notes (such defaulted interest and interest thereon herein collectively called “Defaulted
Interest”) shall be paid by the Company, at its election in each case, as provided in clause (a) or (b) below: 
 (a) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective predecessor Notes) are registered at the close of business on a Special
Record Date (as defined below) for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and the
date (not less than 30 days after such notice) of the proposed payment (the “Special Interest Payment Date”), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed
to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled
to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a record date (the “Special Record Date”) for the payment of such Defaulted Interest, which shall be not more than 15 days and not less than 10
days prior to the Special Interest Payment Date and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date, and in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date and Special Interest Payment Date therefor to be given in the manner provided for in Section 12.1, not less than 10
days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date and Special Interest Payment Date therefor having been so given, such Defaulted Interest shall be paid on the Special
Interest Payment Date to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (b).

 (b) The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause (b), such
manner of payment shall be deemed practicable by the Trustee. 
 Notwithstanding the foregoing, if any such interest payment
date (other than an interest payment date at maturity) would otherwise be a day that is not a Business Day, then the interest payment shall be postponed to the next succeeding Business Day (except if that Business Day falls in the next succeeding
calendar month, then interest shall be paid on the immediately preceding Business Day). If the maturity date of the Notes is a day that is not a Business Day, all payments to be made on such day shall be made on the next succeeding Business Day,
with the same force and effect as if made on the maturity date. In either of such cases, no additional interest shall be payable as a result of such delay in payment. 
 Subject to the foregoing provisions of this Section, each Note delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other Note. 
 SECTION 2.14. Computation of
Interest. Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 
  

 -49- 

 SECTION 2.15. CUSIP Numbers. The Company in issuing the Notes may use
“CUSIP” numbers (if then generally in use). The Trustee shall not be responsible for the use of CUSIP numbers, and the Trustee makes no representation as to their correctness as printed on any Note or notice to Holders. The Company shall
promptly notify the Trustee in writing of any change in the CUSIP numbers. 
 ARTICLE III 
 Covenants 
 SECTION 3.1. Payment of Notes. The Company shall promptly pay the principal of, premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes and in this Indenture. Principal, premium, if any, and
interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds in accordance with this Indenture money sufficient to pay all principal, premium, if any, and interest then due and the Trustee or the Paying
Agent, as the case may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture. 
 The Company shall pay interest on overdue principal at the rate specified therefor in the Notes. 
 Notwithstanding anything to the contrary contained in this Indenture, the Company may, to the extent it is required to do so by law, deduct or withhold income or other similar taxes imposed by the United
States of America from principal or interest payments hereunder. 
 SECTION 3.2. SEC Reports. Notwithstanding that the
Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, if not filed electronically with the SEC through EDGAR (or any successor system), the Company shall provide to the Trustee and the registered
Holders of the Notes, within 15 days of the time periods specified in the relevant forms: 
 (1) all quarterly
and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K if the Company were required to file such Forms (but without any requirement to provide separate financial statements of any
Subsidiary of the Company), including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by the
Company’s independent registered public accounting firm; and 
 (2) all current reports that would be
required to be filed with the SEC on Form 8-K if the Company were required to file such reports. 
 Additionally, the Company
shall cause such documents to be filed with the SEC unless the SEC shall not accept such documents. The requirement for the Company to provide information may be satisfied by posting such reports, documents and information on its website within the
time periods specified by this Section 3.2; provided, however, that the Company shall (upon request) provide one copy of the exhibits of the foregoing to the Trustee and shall (upon request) provide additional copies of
such exhibits to any Holder or prospective Holder. 
 If the Company has designated any of its Subsidiaries as Unrestricted
Subsidiaries and such Unrestricted Subsidiaries, either individually or collectively, would otherwise have been a Significant Subsidiary, then the quarterly and annual financial information required by the preceding paragraph

  

 -50- 

 
shall include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes to the financial statements and in Management’s Discussion and Analysis
of Results of Operations and Financial Condition, of the financial condition and results of operations of the Company and its Restricted Subsidiaries. 
 In addition, the Company and the Subsidiary Guarantors shall make available to the Holders and to prospective investors, upon the request of such Holders, 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. 
 The
Company shall also hold a quarterly conference call for the Holders of the Notes to discuss financial information for the previous quarter. The conference call shall be following the last day of each fiscal quarter of the Company and not later than
ten business days from the time that the Company distributes the financial information as set forth in clause (1) above. No fewer than three days prior to the conference call, the Company shall issue a press release announcing the time and date
of such conference call and providing instructions for holders of Notes, securities analysts and prospective investors to obtain access to such call. For the avoidance of doubt, the Company may satisfy the requirements of this paragraph by holding
the conference call required above within the time period required as part of any earnings call of the Company in accordance with past practice. 
 SECTION 3.3. 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 the Subsidiary Guarantors may Incur Indebtedness
(including Acquired Indebtedness) if on the date thereof and after giving effect thereto on a pro forma basis the Consolidated Coverage Ratio for the Company and its Restricted Subsidiaries is at least 2.00 to 1.00. 
 (b) The provisions of Section 3.3(a) shall not apply to the Incurrence of the following Indebtedness: 
 (i) Indebtedness of the Company evidenced by the Notes (including Additional Notes in a principal amount of up to $50.0
million issued following the Issue Date) and of Subsidiary Guarantors evidenced by the Subsidiary Guarantees relating to the Notes (and Refinancing Indebtedness in respect thereof); 
 (ii) [Reserved]; 
 (iii) Guarantees by (x) the Company or a Subsidiary Guarantor (including any Restricted Subsidiary the Company elects to cause to become a Subsidiary Guarantor in connection therewith) of
Indebtedness permitted to be Incurred by the Company or a Restricted Subsidiary in accordance with the provisions of this Indenture, provided that in the event such Indebtedness that is being Guaranteed is a Subordinated Obligation or a
Guarantor Subordinated Obligation, then the related Guarantee shall be subordinated in right of payment to the Notes or the Subsidiary Guarantee, as the case may be, and (y) Non-Guarantor Subsidiaries of Indebtedness Incurred by Non-Guarantor
Subsidiaries in accordance with the provisions of this Indenture; 
 (iv) Indebtedness of the Company owing to
and held by any Restricted Subsidiary or Indebtedness of a Restricted Subsidiary owing to and held by the Company or any other Restricted Subsidiary; provided, however, 
  

 -51- 

 (A) if the Company is the obligor on Indebtedness owing to a Non-Guarantor
Subsidiary, such Indebtedness is expressly subordinated to the prior payment in full in cash of all obligations with respect to the Notes; 
 (B) if a Subsidiary Guarantor is the obligor on such Indebtedness and a Non-Guarantor Subsidiary is the obligee, such Indebtedness is subordinated in right of payment to the Subsidiary Guarantees of such
Subsidiary Guarantor; and 
 (C) (1) any subsequent issuance or transfer of Capital Stock or any other event that
results in any such Indebtedness being beneficially held by a Person other than the Company or a Restricted Subsidiary of the Company; and (2) any subsequent sale or other transfer of any such Indebtedness to a Person other than the Company or
a Restricted Subsidiary of the Company, shall be deemed, in each case, to constitute an Incurrence of such Indebtedness by the Company or such Subsidiary, as the case may be; 
 (v) any Indebtedness (other than the Indebtedness described in clause (i)) outstanding on the Issue Date and any Refinancing
Indebtedness Incurred in respect of any Indebtedness described in this clause (v) or clause (vi) or Incurred pursuant to Section 3.3(a); 
 (vi) Indebtedness of Persons Incurred and outstanding on the date on which such Person became a Restricted Subsidiary or was
acquired by, or merged into, the Company or any Restricted Subsidiary (other than Indebtedness Incurred in connection with, or in contemplation of, such acquisition); provided, however, that at the time such Person is acquired by the
Company and after giving effect to the Incurrence of such Indebtedness pursuant to this clause (vi), either (x) the Company would have been able to Incur $1.00 of additional Indebtedness pursuant to Section 3.3(a) or (y) the
Consolidated Coverage Ratio for the Company and its Restricted Subsidiaries would be greater than such Consolidated Coverage Ratio immediately prior to such acquisition; 
 (vii) Indebtedness under Hedging Obligations; provided, however, that such Hedging Obligations are entered into
in the ordinary course of business (and not for speculative purposes); 
 (viii) (x) Indebtedness (including
Capitalized Lease Obligations) of the Company or a Restricted Subsidiary Incurred to finance the purchase, lease, construction or improvement of any franchise development rights or any property, plant or equipment used or to be used in the business
of the Company or such Restricted Subsidiary through the direct purchase of such franchise development rights, property, plant or equipment including any Indebtedness assumed in connection with the purchase of such franchise development rights,
property, plant or equipment or secured by a Lien on such property, plant or equipment prior to the purchase thereof in an aggregate principal amount not to exceed $40.0 million at any one time outstanding pursuant to this clause (viii)(x) and
(y) Attributable Indebtedness in respect of a Sale/Leaseback Transaction and any Refinancing Indebtedness in respect of the foregoing in an aggregate principal amount not to exceed $30.0 million at any one time outstanding pursuant to this
clause (viii)(y); 
 (ix) Indebtedness Incurred by the Company or its Restricted Subsidiaries in respect of
workers’ compensation claims, health, disability or other employee benefits or property, casualty or liability insurance, self-insurance obligations, performance, bid surety, appeal and similar bonds and completion Guarantees (not for borrowed
money) provided in the ordinary course of business; 
  

 -52- 

 (x) Indebtedness arising from agreements of the Company or a Restricted
Subsidiary providing for indemnification, adjustment of purchase price, earn-outs or similar obligations, in each case, Incurred or assumed in connection with the acquisition or disposition of any business or assets of the Company or any business,
assets or Capital Stock of a Subsidiary, other than Guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; provided that:

 (A) the maximum aggregate liability in respect of all such Indebtedness shall at no time exceed the gross
proceeds including non-cash proceeds (the fair market value of such non-cash proceeds being measured at the time received and without giving effect to subsequent changes in value) actually received by the Company and its Restricted Subsidiaries in
connection with such disposition; and 
 (B) such Indebtedness is not reflected on the balance sheet of the
Company or any of its Restricted Subsidiaries (contingent obligations referred to in a footnote to financial statements and not otherwise reflected on the balance sheet shall not be deemed to be reflected on such balance sheet for purposes of this
clause (x); 
 (xi) Indebtedness arising from the honoring by a bank or other financial institution of a check,
draft or similar instrument, including, but not limited to, electronic transfers, wire transfers and commercial card payments drawn against insufficient funds in the ordinary course of business (except in the form of committed or uncommitted lines
of credit); provided, however, that such Indebtedness is extinguished within five Business Days of Incurrence; 
 (xii) Indebtedness Incurred by Foreign Subsidiaries in an aggregate principal amount, together with all other Indebtedness Incurred pursuant to this clause (xii), not to exceed at any time outstanding the
greater of (x) $50.0 million and (y) 10.0% of Foreign Assets (measured as of the most recent fiscal quarter ended prior to the date of Incurrence for which financial statements are available); 
 (xiii) Indebtedness Incurred by the Company or any Restricted Subsidiary in connection with (x) insurance premium
financing arrangements not to exceed $10.0 million at any one time outstanding or (y) take-or-pay obligations in supply agreements incurred in the ordinary course of business; 
 (xiv) Indebtedness owed on a short-term basis of no longer than 30 days to banks and other financial institutions Incurred in
the ordinary course of business of the Company and its Restricted Subsidiaries with such banks or financial institutions that arises in connection with ordinary banking arrangements to manage cash balances of the Company and its Restricted
Subsidiaries; 
 (xv) Indebtedness of the Company or any of its Restricted Subsidiaries represented by letters of
credit (including letters of credit outstanding on the Issue Date) in an aggregate face amount not to exceed the face amount of letters of credit outstanding for the account of the Company and its Restricted Subsidiaries as of the Issue Date; and

 (xvi) in addition to the items referred to in clauses (i) through (xv) above, 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 (xvi) and then outstanding, shall not exceed
$75.0 million. 
  

 -53- 

 (c) For purposes of determining compliance with, and the outstanding principal amount of any
particular Indebtedness Incurred pursuant to and in compliance with, this Section 3.3: 
 (i) in the event that Indebtedness meets the criteria of more than one of the types of Indebtedness described in Section 3.3(b) or could be Incurred pursuant to Section 3.3(a), the Company, in its sole discretion,
shall classify such item of Indebtedness (or any portion thereof) on the date of Incurrence and may later reclassify such item of Indebtedness (or any portion thereof) in any manner that complies with this Section 3.3 and only be
required to include the amount and type of such Indebtedness once; provided that all letters of credit outstanding for the account of the Company and its Restricted Subsidiaries on the Issue Date shall be deemed to be outstanding in reliance
on Section 3.3(b)(xv) and may not later be reclassified; 
 (ii) Guarantees of, or obligations in
respect of letters of credit relating to, Indebtedness that is otherwise included in the determination of a particular amount of Indebtedness shall not be included; 
 (iii) the principal amount of any Disqualified Stock of the Company or a Restricted Subsidiary, or Preferred Stock of a
Restricted Subsidiary that is not a Subsidiary Guarantor, shall 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; 
 (iv) Indebtedness permitted by this Section 3.3 need not be permitted solely by reference
to one provision permitting such Indebtedness but may be permitted in part by one such provision and in part by one or more other provisions of this Section 3.3 permitting such Indebtedness; and 
 (v) the amount of Indebtedness issued at a price that is less than the principal amount thereof shall be equal to the amount
of the liability in respect thereof determined in accordance with GAAP. 
 Accrual of interest, accrual of dividends, the accretion of accreted
value or the amortization of debt discount, the payment of interest in the form of additional Indebtedness and the payment of dividends in the form of additional shares of Preferred Stock or Disqualified Stock shall not be deemed to be an Incurrence
of Indebtedness for purposes of this Section 3.3. 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, together with any interest thereon that is more than 30 days past due, in the case of
any other Indebtedness. 
 (d) In addition, the Company shall not permit any of its Unrestricted Subsidiaries to Incur any
Indebtedness or issue any shares of Disqualified Stock, other than Non-Recourse Debt. 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 3.3, the Company shall be in Default of this Section 3.3). 
 (e) For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S.
dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of term Indebtedness, or first
committed, in

  

 -54- 

 
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. Notwithstanding any other provision of this Section 3.3, the maximum amount of
Indebtedness that the Company may Incur pursuant to this Section 3.3 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness Incurred to refinance
other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Refinancing Indebtedness is denominated that is in
effect on the date of such refinancing. 
 SECTION 3.4. Limitation on Restricted Payments. 
 (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries, directly or indirectly, to: 
 (i) declare or pay any dividend or make any distribution (whether made in cash, securities or other property) on or in
respect of its Capital Stock (including any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) other than: 
 (A) dividends or distributions payable solely in Capital Stock of the Company (other than Disqualified Stock or Designated
Preferred Stock) or in options, warrants or other rights to purchase such Capital Stock of the Company; and 
 (B) dividends or distributions by a Restricted Subsidiary payable to the Company or another Restricted Subsidiary (and if such Restricted Subsidiary is not a Wholly-Owned Subsidiary, to its other holders of common Capital Stock on a pro
rata basis); 
 (ii) purchase, redeem, retire or otherwise acquire for value any Capital Stock 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 or Designated Preferred Stock)); 
 (iii) 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, Guarantor Subordinated Obligations or Refinancing Indebtedness Incurred in exchange for or to refinance the Existing Senior Subordinated
Notes in reliance on Section 3.4(b)(ii), 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 other Restricted
Subsidiary permitted under Section 3.3(b)(iv) or (y) in the case of the Existing Subordinated Notes, on or after June 1, 2012 so long as the Company has purchased all notes validly tendered in any required Springing Maturity
Offer; or 
 (iv) make any Restricted Investment 
  

 -55- 

 (all such payments and other actions referred to in clauses (i) through (iv) (other than any
exception thereto) shall be referred to as a “Restricted Payment”), unless, at the time of and after giving effect to such Restricted Payment: 
 (1) no Default shall have occurred and be continuing (or would result therefrom); 
 (2) immediately after giving effect to such transaction on a pro forma basis, the Company is able to Incur $1.00 of
additional Indebtedness under Section 3.3(a) hereof; and 
 (3) the aggregate amount of such
Restricted Payment and all other Restricted Payments declared or made subsequent to the Issue Date (excluding Restricted Payments made pursuant to clauses (i), (ii), (iii), (vi), (vii), (viii), (ix), (x), (xi) (xii), (xiii) and
(xiv) of Section 3.4(b)) would not exceed the sum of, without duplication: 
 (A) 50% of
Consolidated Net Income for the period (treated as one accounting period) from the first day of the Company’s first full fiscal quarter commencing after the Issue Date to the end of the most recent fiscal quarter ending prior to the date of
such Restricted Payment for which financial statements are available (or, in case such Consolidated Net Income is a deficit, minus 100% of such deficit); 
 (B) 100% of the aggregate Net Cash Proceeds and the fair market value, as determined in Good Faith by the Company, of marketable securities or other property received by the Company from the issue or sale
of its Capital Stock (other than Disqualified Stock) or other capital contributions subsequent to the Issue Date, other than: 
 (x) Net Cash Proceeds received from an issuance or sale of such Capital Stock to a Subsidiary of the Company or to an employee stock ownership plan, option 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); and 
 (y) Net Cash Proceeds received by the Company from the issue and sale of its Capital Stock or capital contributions to the
extent applied to redeem Notes in compliance with the provisions set forth under Section 5.1(b); 
 (C) the amount by which Indebtedness of the Company and its Restricted Subsidiaries is reduced on the Company’s consolidated balance sheet upon the conversion or exchange (other than (x) Indebtedness held by a Subsidiary of the
Company and (y) the Existing Subordinated Notes and Refinancing Indebtedness that was Incurred in exchange for or to refinance the Existing Subordinated Notes in reliance on Section 3.4(b)(ii)) subsequent to the Issue Date of any
Indebtedness of the Company or its Restricted Subsidiaries for Capital Stock (other than Disqualified Stock or Designated Preferred Stock) of the Company (less the amount of any cash, or the fair market value of any other property, distributed by
the Company upon such conversion or exchange); 
 (D) 100% of the Net Cash Proceeds and the fair market value of
property other than cash and marketable securities (such fair market value to be determined in Good Faith by the Company) from the sale or other disposition (other than to the Company or a Restricted Subsidiary) of Restricted Investments made after
the Issue Date and

  

 -56- 

 
redemptions and repurchases of such Restricted Investments from the Company or its Restricted Subsidiaries and repayment of Restricted Investments in the form of loans or advances from the
Company and its Restricted Subsidiaries and releases of Guarantees that constitute Restricted Investments by the Company and its Restricted Subsidiaries (other than in each case to the extent the Restricted Investment was made pursuant to
Section 3.4(b)(xiii)); 
 (E) 100% of the Net Cash Proceeds and the fair market value of property
other than cash and marketable securities (such fair market value to be determined in Good Faith by the Company) received by the Company or its Restricted Subsidiaries from the sale (other than to the Company or a Restricted Subsidiary) of the stock
of an Unrestricted Subsidiary (other than in each case to the extent the Investment in such Unrestricted Subsidiary was made by the Company or a Restricted Subsidiary pursuant to Section 3.4(b)(xiii) or to the extent such Investment
constituted a Permitted Investment); and 
 (F) to the extent that any Unrestricted Subsidiary of the Company
designated as such after the Issue Date is redesignated as a Restricted Subsidiary or any Unrestricted Subsidiary of the Company merges into or consolidates with the Company or any of its Restricted Subsidiaries, in each case after the Issue Date,
the fair market value of such Subsidiary as of the date of such redesignation or such merger or consolidation, or in the case of the transfer, dividend or distribution of assets of an Unrestricted Subsidiary to the Company or a Restricted
Subsidiary, the fair market value of such assets of the Unrestricted Subsidiary, as determined in Good Faith by the Company at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary or at the time of such merger,
consolidation or transfer of assets (other than an Unrestricted Subsidiary to the extent the Investment in such Unrestricted Subsidiary was made by a Restricted Subsidiary pursuant to Section 3.4(b)(xiii) or to the extent such Investment
constituted a Permitted Investment). 
 (b) The provisions of Section 3.4(a) hereof shall not prohibit 

(i) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Capital Stock, Disqualified
Stock or Subordinated Obligations of the Company (or Refinancing Indebtedness in respect of the Existing Subordinated Notes) or Guarantor Subordinated Obligations of any Subsidiary Guarantor or any Restricted Investment made by exchange for, or out
of the proceeds of the substantially concurrent sale of, Capital Stock of the Company (other than (x) Disqualified Stock, (y) 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 and (z) in
the case of a purchase, repurchase, redemption defeasance or other acquisition or retirement of Capital Stock that is not Disqualified Stock or Designated Preferred Stock, Designated Preferred Stock); provided, however, that the Net
Cash Proceeds from such sale of Capital Stock shall be excluded from Section 3.4(a)(3)(B); 
 (ii)
any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations (or Refinancing Indebtedness in respect of the Existing Subordinated Notes) or Guarantor Subordinated Obligations made by exchange for,
or out of the proceeds of the substantially concurrent Incurrence of Refinancing Indebtedness; 
  

 -57- 

 (iii) any purchase, repurchase, redemption, defeasance or other acquisition
or retirement of Disqualified Stock of the Company or a Restricted Subsidiary made by exchange for or out of the proceeds of the substantially concurrent sale of Disqualified Stock of the Company or such Restricted Subsidiary, as the case may be,
that, so long as such refinancing Disqualified Stock is permitted to be Incurred pursuant to Section 3.3 and constitutes Refinancing Indebtedness; 
 (iv) dividends paid within 60 days after the date of declaration if at such date of declaration such dividend would have
complied with this provision; 
 (v) the purchase, redemption or other acquisition, cancellation or retirement
for value of Capital Stock, or options, warrants, equity appreciation rights or other rights to purchase or acquire Capital Stock, of the Company or any direct or indirect parent of the Company held by any existing or former employees, management or
directors of the Company or any Subsidiary of the Company or their assigns, estates or heirs, in each case in connection with the repurchase provisions under employee stock option or stock purchase agreements or other compensatory agreements
approved by the Board of Directors; provided that such redemptions or repurchases pursuant to this clause shall not exceed $5.0 million in the aggregate during any calendar year, although such amount in any calendar year (with any unused
amounts in any year being available in the next succeeding year) may be increased by an amount not to exceed: 
 (A) the Net Cash Proceeds from the sale of Capital Stock (other than Disqualified Stock) of the Company and, to the extent contributed to the Company, Capital Stock of any of the Company’s direct or indirect parent companies, in each
case to existing or former employees or members of management of the Company, any of its Subsidiaries or any of its direct or indirect parent companies that occurs after the Issue Date, to the extent the cash proceeds from the sale of such Capital
Stock have not otherwise been applied to the payment of Restricted Payments (provided that the Net Cash Proceeds from such sales or contributions shall be excluded from Section 3.4(a)(3)(B)); plus 
 (B) the cash proceeds of key man life insurance policies received by the Company or its Restricted Subsidiaries after the
Issue Date; less 
 (C) the amount of any Restricted Payments previously made with the cash proceeds
described in the clauses (A) and (B) of this clause (v); 
 (vi) the declaration and payment of
dividends to holders of any class or series of Disqualified Stock of the Company issued in accordance with the terms of this Indenture to the extent such dividends are included in the definition of “Consolidated Interest Expense”;

 (vii) the declaration and payment of dividends to holders of any class or series of Designated Preferred Stock
issued by the Company after the Issue Date; provided, however, that for the most recently ended four fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated
Preferred Stock, after giving effect to such issuance on a pro forma basis, the Company would have a Consolidated Coverage Ratio of at least 2.00 to 1.00; 
 (viii) repurchases of Capital Stock deemed to occur (i) upon the exercise of stock options, warrants, other rights to
purchase Capital Stock or other convertible securities if such Capital Stock represents a portion of the exercise price thereof or conversion price thereof or (ii) in connection with withholdings or similar taxes payable by any future, present
or former employee, director or officer; 
  

 -58- 

 (ix) the purchase, repurchase, redemption, defeasance or other acquisition
or retirement for value of any Subordinated Obligation (or Refinancing Indebtedness in respect of the Existing Subordinated Notes) or Guarantor Subordinated Obligation at a purchase price not greater than 101% of the principal amount of such
Subordinated Obligation (or Refinancing Indebtedness in respect of the Existing Subordinated Notes) or Guarantor Subordinated Obligation in the event of a Change of Control in accordance with provisions similar to Section 3.11;
provided that, prior to or simultaneously with such purchase, repurchase, redemption, defeasance or other acquisition or retirement, the Company has made a Change of Control Offer and has completed the repurchase or redemption of all Notes
validly tendered for payment in connection with such Change of Control Offer; 
 (x) the purchase, repurchase,
redemption, defeasance or other acquisition or retirement for value of Existing Senior Subordinated Notes at a purchase price not greater than 100% of the principal amount thereof plus accrued interest thereon; provided that (i) the
aggregate consideration paid in reliance on this clause (x) for such purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of such Existing Senior Subordinated Notes shall not exceed $25.0 million and
(ii) after giving effect to such purchase, repurchase, redemption, defeasance or other acquisition or retirement for value pursuant to this clause (x) on a pro forma basis (A) there shall be no more than $25.0 million in
aggregate principal amount of Existing Senior Subordinated Notes outstanding and (B) on a pro forma basis, the Secured Leverage Ratio as of such date would be less than or equal to 1.00 to 1.00; 
 (xi) cash payments in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other
securities convertible into or exchangeable for Capital Stock of the Company or other exchanges of securities of the Company or a Restricted Subsidiary in exchange for Capital Stock of the Company; provided, however, that any such cash
payment shall not be for the purpose of evading the limitation of this Section 3.4 (as determined in good faith by the Board of Directors of the Company); 
 (xii) the repurchase, redemption, acquisition or retirement of Subordinated Obligations or Guarantor Subordinated Obligations
with Unutilized Excess Proceeds remaining after an Asset Disposition Offer pursuant to Section 3.8; or 
 (xiii) at any time after the end of the Company’s second fiscal quarter in 2010, if the Consolidated Coverage Ratio for the Company and its Restricted Subsidiaries is equal to or at least 2.00 to 1.00 on a pro forma basis, other
Restricted Payments in an aggregate amount, which, when taken together with all other Restricted Payments made pursuant to this clause (xiii) (as reduced by the amount of capital returned from any such Restricted Payments that constituted
Restricted Investments in the form of cash and Cash Equivalents (exclusive of amounts included in Section 3.4(a)(3)(A)) not to exceed $5.0 million; or 
 (xiv) at any time after the end of the Company’s second fiscal quarter in 2010, the declaration and payment of dividends
on the Company’s 7.50% Series A Cumulative Convertible Perpetual Preferred Stock in an aggregate amount not to exceed $6.0 million for all such dividends pursuant to this clause (xiv) so long as on a pro forma basis as of the date
of declaration of any such dividend, the Secured Leverage Ratio would be less than or equal to 1.50 to 1.00; 
  

 -59- 

 provided, however, that at the time of and after giving effect to any Restricted Payment
permitted under clauses (vi), (x), (xii), (xiii) or (xiv), no Default shall have occurred and be continuing or would occur as a consequence thereof. 
 (c) The amount of all Restricted Payments (other than cash) shall be the fair market value on the date of such Restricted Payment of the assets or securities proposed to be paid, transferred or issued by
the Company or such Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment. The fair market value of any cash Restricted Payment shall be its face amount and any non-cash Restricted Payment shall be determined conclusively in
Good Faith by the Company and any such determination shall be (x) delivered to the Trustee if such fair market value is estimated in Good Faith by the Company to exceed $7.5 million and (y) based upon an opinion or appraisal issued by an
accounting, appraisal or investment banking firm of national standing if such fair market value is estimated in Good Faith by the Company to exceed $20.0 million. 
 For purposes of determining compliance with this Section 3.4, in the event that a proposed Restricted Payment (or portion thereof) meets the criteria of more than one of the categories of
Restricted Payments described in clauses (i) through (xiv) of this Section 3.4(b), or is entitled to be made pursuant to Section 3.4(a), the Company shall be entitled to classify such Restricted Payment (or portion
thereof) on the date of its payment in any manner that complies with this Section 3.4. 
 (d) As of the Issue Date,
all of the Company’s Subsidiaries shall be Restricted Subsidiaries. The Company shall not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the last sentence of the defined term “Unrestricted
Subsidiary.” 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 shall be
deemed to be Restricted Payments in an amount determined as set forth in the definition of “Investment.” Such designation shall be permitted only if a Restricted Payment in such amount would be permitted at such time and if such Subsidiary
otherwise meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries shall not be subject to any of the restrictive covenants set forth in this Indenture. 
 SECTION 3.5. Limitation on Liens. The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly, create, incur or suffer to exist any Lien (other than Permitted Liens) that secures obligations under any Indebtedness on any asset or property of the Company or such Restricted Subsidiary, including any Guarantee of such Restricted
Subsidiary, or any income or profits therefrom, or assign or convey any right to receive income therefrom. 
 SECTION 3.6.
Limitation on Sale/Leaseback Transactions. The Company shall not, and shall not permit any of its Restricted Subsidiaries to, enter into any Sale/Leaseback Transaction unless: 
 (a) any such sale of any fixed or capital assets that is made for cash consideration in an amount not less than the cost of
such fixed or capital asset and is consummated within 90 days after the Company or such Restricted Subsidiary acquires or completes the construction of such fixed or capital asset; or 
 (b) (i) the Company or such Restricted Subsidiary, as the case may be, receives consideration at the time of such
Sale/Leaseback Transaction at least equal to the fair market value (as determined in Good Faith by the Company) of the property subject to such transaction; 
  

 -60- 

 (ii) the Company or such Restricted Subsidiary could have Incurred
Indebtedness in an amount equal to the Attributable Indebtedness in respect of such Sale/Leaseback Transaction pursuant to Section 3.3; 
 (iii) the Company or such Restricted Subsidiary would be permitted to create a Lien on the property subject to such Sale/Leaseback Transaction under Section 3.5; and 
 (iv) the Sale/Leaseback Transaction is treated as an Asset Disposition and all of the conditions of this Indenture described
in Section 3.8 (including the provisions concerning the application of Net Available Cash) are satisfied with respect to such Sale/Leaseback Transaction, treating all of the consideration received in such Sale/Leaseback Transaction as
Net Available Cash for purposes of Section 3.8. 
 SECTION 3.7. Limitation on Restrictions on Distributions from
Restricted Subsidiaries. 
 (a) The Company shall not, and shall not permit any Restricted Subsidiary 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 to: 
 (i) (A) pay dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted
Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits, or 
 (B)
pay any Indebtedness or other obligations 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); 
 (ii) 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 
 (iii) sell, lease or transfer any of its property or assets to the Company or any Restricted Subsidiary (it being understood that such transfers shall not include any type of transfer described in clause
(i) or (ii) of this Section 3.7(a)). 
 (b) The restrictions in Section 3.7(a) shall not
prohibit encumbrances or restrictions existing under or by reason of: 
 (i) any encumbrance or restriction
pursuant to an agreement in effect at or entered into on the Issue Date, including, without limitation, this Indenture, the Notes, the Subsidiary Guarantees, the Collateral Documents, the indenture governing the Existing Senior Subordinated Notes
and the Credit Facility (and related documentation) in effect on such date; 
 (ii) any encumbrance or
restriction with respect to a Person pursuant to an agreement relating to any Capital Stock or Indebtedness Incurred by such Person on or before the date on which such Person became a Restricted Subsidiary or was acquired by, merged into or
consolidated

  

 -61- 

 
with the Company or a Restricted Subsidiary (other than Capital Stock or Indebtedness Incurred as consideration in, or to provide all or any portion of the funds or credit support utilized to
consummate, the transaction or series of related transactions pursuant to which such Person became a Restricted Subsidiary or was acquired by, merged into or consolidated with the Company or in contemplation of the transaction) and outstanding on
such date; provided that any such encumbrance or restriction shall not extend to any Person or the assets or property of the Company or any other Restricted Subsidiary other than the Person and its Subsidiaries or the assets and property so
acquired and that, in the case of Indebtedness, was permitted to be Incurred pursuant to this Indenture; 
 (iii)
any encumbrance or restriction pursuant to an agreement effecting a refunding, replacement or refinancing of Indebtedness Incurred pursuant to an agreement referred to in clause (i) or (ii) of this Section 3.7(b) or this clause
(iii) or contained in any amendment, restatement, modification, renewal, supplement, refunding, replacement or refinancing of an agreement referred to in clause (i) or (ii) of this Section 3.7(b) or this clause (iii);
provided, however, that the encumbrances and restrictions with respect to such Restricted Subsidiary contained in any such agreement are no less favorable (as determined in Good Faith by the Company) in any material respect, taken as a
whole, to the Holders of the Notes than the encumbrances and restrictions contained in such agreements referred to in clause (i) or (ii) of this Section 3.7(b) on the Issue Date or the date such Restricted Subsidiary became a
Restricted Subsidiary or was merged into a Restricted Subsidiary, whichever is applicable; 
 (iv) in the case of
Section 3.7(a)(iii), Liens permitted to be Incurred under the provisions of Section 3.5 that apply only to the assets subject to such Liens; 
 (v) (a) purchase money obligations for property acquired in the ordinary course of business and (b) Capitalized Lease
Obligations permitted under this Indenture, in each case, that impose encumbrances or restrictions of the nature described in Section 3.7(a)(iii) on the property so acquired; 
 (vi) contracts for the sale of assets, including customary restrictions with respect to a Subsidiary of the Company pursuant
to an agreement that has been entered into for the sale of all or a portion of the Capital Stock or assets of such Subsidiary; 
 (vii) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; 
 (viii) any customary provisions in joint venture agreements relating to joint ventures and other similar agreements entered
into in the ordinary course of business, provided that if such joint venture is a Restricted Subsidiary, such provisions shall not materially affect the Company’s ability to make anticipated principal or interest payments on the Notes
(as determined in Good Faith by the Company); 
 (ix) any customary provisions in leases, subleases or licenses
and other agreements entered into by the Company or any Restricted Subsidiary in the ordinary course of business; 
 (x) encumbrances or restrictions arising or existing by reason of applicable law or any applicable rule, regulation or order; 
  

 -62- 

 (xi) encumbrances or restrictions contained in indentures or debt
instruments or other debt arrangements Incurred or Preferred Stock issued by Subsidiary Guarantors in accordance with Section 3.3 that are not more restrictive, taken as a whole, than those applicable to the Company in this Indenture and
the Credit Facility on the Issue Date (which results in encumbrances or restrictions comparable to those applicable to the Company at a Restricted Subsidiary level); and 
 (xii) encumbrances or restrictions contained in indentures or other debt instruments or debt arrangements Incurred or
Preferred Stock issued by Restricted Subsidiaries that are not Subsidiary Guarantors subsequent to the Issue Date pursuant to clauses (vi), (xii), (xiii) and (xvi) of Section 3.3(b) by Restricted Subsidiaries, provided
that such encumbrances and restrictions contained in any agreement or instrument shall not materially affect the Company’s ability to make anticipated principal or interest payments on the Notes (as determined in Good Faith by the Company).

 SECTION 3.8. Limitation on Sales of Assets and Subsidiary Stock. 
 (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, make any Asset Disposition following the Issue Date
unless: 
 (i) the Company or such Restricted Subsidiary, as the case may be, receives consideration at
least equal to the fair market value (such fair market value to be determined as of the date of contractually agreeing to such Asset Disposition), as determined in Good Faith by the Company (including as to the value of all non-cash consideration),
of the assets subject to such Asset Disposition; 
 (ii) at least 75% of the consideration from such Asset
Disposition received by the Company or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; and 
 (iii) in the case of an Asset Disposition of Collateral, the remaining consideration from such Asset Disposition that is not in the form of cash or Cash Equivalents is thereupon with its acquisition
pledged as Collateral to secure the Notes. 
 (b) Any Net Available Cash received by the Company or any Restricted Subsidiary
from any Asset Disposition: 
 (1) in the case of (A) the first $100.0 million of Net Available Cash
received by the Company or any Restricted Subsidiary following the Issue Date from all Asset Dispositions (other than any Sale/Leaseback Transaction) consummated after the Issue Date, (B) 75% of any Net Available Cash received by the Company or
any Restricted Subsidiary from any other Asset Disposition (other than any Sale/Leaseback Transaction) consummated after the Issue Date shall be applied (x) in the case of any Asset Disposition by a Non-Guarantor Subsidiary or consisting of
Capital Stock of a Non-Guarantor Subsidiary, to repay Indebtedness of a Non-Guarantor Subsidiary within 30 days of receipt of such Net Available Cash or (y) otherwise, to make an Asset Disposition Offer in accordance with the following
paragraph and (C) 50% of any Net Available Cash received by the Company or any Restricted Subsidiary from any Sale/Leaseback Transaction constituting an Asset Disposition consummated after the Issue Date shall be applied (x) in the case of
any Asset Disposition by a Non-Guarantor Subsidiary or consisting of Capital Stock of a Non-Guarantor Subsidiary, to repay Indebtedness of a Non-Guarantor Subsidiary within 30 days of receipt of such Net Available Cash or (y) otherwise, to make
an Asset Disposition Offer in accordance with Section 3.8(c); and 
  

 -63- 

 (2) in the case of any Net Available Cash received by the Company or any
Restricted Subsidiary that is not required to be applied as provided in clause (1) above, within 365 days to (x) reinvest in assets used or useful in a Related Business, provided that to the extent the assets subject to such Asset
Disposition were Collateral, such newly acquired assets shall also be Collateral or (y) in the case of an Asset Disposition by a Non-Guarantor Subsidiary or consisting of Capital Stock of a Non-Guarantor Subsidiary, to repay Indebtedness of a
Non-Guarantor Subsidiary. 
 (c) All Net Available Cash that is not applied or invested as provided in subclause
(1)(B)(x) or (1)(C)(x) or clause (2) of Section 3.8(b) within the time periods set forth therein will be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $10.0
million, the Company shall be required to make an offer (“Asset Disposition Offer”) to all Holders to apply such Excess Proceeds to purchase the maximum principal amount of the Notes (on a pro rata basis) that may be
purchased out of the Excess Proceeds, at an offer price in cash in an amount equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to the date of purchase (subject to the rights of Holders of record on any record date
to receive payments of interest on the related Interest Payment Date), in accordance with the procedures set forth in this Indenture in integral multiples of $1,000 (except that no Note will be purchased in part if the remaining principal amount
would be less than $2,000). To the extent that the aggregate amount of Notes so validly tendered and not properly withdrawn pursuant to an Asset Disposition Offer is less than such Excess Proceeds, the Company may use any remaining portion of such
Excess Proceeds that is not applied to purchase Notes (“Unutilized Excess Proceeds”) for general corporate purposes or as otherwise required pursuant to its other contractual requirements, subject to the other covenants contained in
this Indenture. If the aggregate principal amount of Notes surrendered by Holders exceeds the amount of such Excess Proceeds, the Notes to be purchased shall be selected on a pro rata basis on the basis of the aggregate principal amount of
tendered Notes. Upon completion of such Asset Disposition Offer, the amount of Excess Proceeds shall be reset at zero. 
 (d)
(i) The Asset Disposition Offer shall remain open for a period of 20 Business Days following its commencement, except to the extent that a longer period is required by applicable law (the “Asset Disposition Offer Period”). No later
than five Business Days after the termination of the Asset Disposition Offer Period (the “Asset Disposition Purchase Date”), the Company shall purchase the principal amount of Notes required to be purchased pursuant to this
Section 3.8 (the “Asset Disposition Offer Amount”) or, if less than the Asset Disposition Offer Amount has been so validly tendered, all Notes validly tendered in response to the Asset Disposition Offer. 
 (ii) If the Asset Disposition Purchase Date is on or after an interest record date and on or before the related interest payment date, any
accrued and unpaid interest shall be paid on such Asset Disposition Purchase Date to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest shall be payable to Holders who tender Notes
pursuant to the Asset Disposition Offer. 
 (iii) On or before the Asset Disposition Purchase Date, the Company shall, to the
extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Asset Disposition Offer Amount of Notes or portions of Notes validly tendered and not properly withdrawn pursuant to the Asset Disposition Offer, or if less
than the Asset Disposition Offer Amount has been validly tendered and not properly withdrawn, all Notes validly tendered and not properly withdrawn, in each case in denominations of $1,000 (except that no Note shall be purchased in part if the
remaining principal amount would be

  

 -64- 

 
less than $2,000). The Company or the Paying Agent, as the case may be, shall promptly (but in any case not later than five Business Days after termination of the Asset Disposition Offer Period)
mail or deliver to each tendering Holder of Notes an amount equal to the purchase price of the Notes validly tendered and not properly withdrawn by such holder and accepted by the Company for purchase, and the Company shall promptly issue a new
Note, and the Trustee, upon delivery of an Officers’ Certificate from the Company, shall authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered; provided
that each such new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company shall publicly
announce the results of the Asset Disposition Offer on the Asset Disposition Purchase Date. 
 (e) For the purposes of this
Section 3.8, the following are deemed to be cash: (x) except in the case of an Asset Disposition of Collateral, the assumption of Indebtedness of the Company (other than Disqualified Stock or Subordinated Obligations) or
Indebtedness of any Restricted Subsidiary (other than Guarantor Subordinated Indebtedness or Disqualified Stock of any Subsidiary Guarantor) and the release of the Company or such Restricted Subsidiary from all liability on such Indebtedness in
connection with such Asset Disposition and (y) securities, notes or similar obligations received by the Company or any Restricted Subsidiary from the transferee that are converted within 90 days by the Company or such Restricted Subsidiary into
cash. 
 (f) The Company shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act
and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 3.8. To the extent that the provisions of any securities laws or regulations conflict with provisions of this
Section 3.8, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Indenture. 
 SECTION 3.9. 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 the purchase, sale, lease or exchange of any
property or the rendering of any service) with any Affiliate of the Company (an “Affiliate Transaction”) unless: 
 (i) the terms of such Affiliate Transaction are not materially less favorable to the Company or such Restricted Subsidiary, as the case may be, than those that could be obtained in a comparable
transaction at the time of such transaction in arm’s-length dealings with a Person who is not such an Affiliate; 
 (ii) in the event such Affiliate Transaction involves an aggregate consideration in excess of $5.0 million, the terms of such transaction have been approved by a majority of the members of the Board of Directors of the Company and by a
majority of the members of such Board of Directors having no personal stake in such transaction, if any (and such majority or majorities, as the case may be, determine that such Affiliate Transaction satisfies the criteria in clause (i) above);
and 
 (iii) in the event such Affiliate Transaction involves an aggregate consideration in excess of $15.0
million, the Company has received a written opinion from an Independent Financial Advisor that such Affiliate Transaction is fair, from a financial point of view, to the Company and the Restricted Subsidiaries or not materially less favorable than
those that might reasonably have been obtained in a comparable transaction at such time on an arm’s-length basis from a Person that is not an Affiliate. 
  

 -65- 

 (b) The provisions of Section 3.9(a) shall not apply to: 
 (i) any (x) Restricted Payment permitted to be made pursuant to Section 3.4 and (y) Permitted
Investment in any Person that is an Affiliate of the Company solely as a result of ownership of Investments in such Person by the Company or any Restricted Subsidiary; 
 (ii) 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 pursuant to restricted stock plans, long-term incentive plans, stock appreciation rights plans, participation plans or similar
employee benefits plans, pension plans or similar plans or agreements or arrangements approved by the Board of Directors of the Company; 
 (iii) loans or advances to employees, officers or directors of the Company or any Restricted Subsidiary of the Company in the ordinary course of business consistent with past practices, in an aggregate
amount outstanding at any time not in excess of $5.0 million (without giving effect to the forgiveness of any such loan); 
 (iv) any transaction between or among the Company and any Restricted Subsidiary or between or among Restricted Subsidiaries, and any Guarantees issued by the Company or a Restricted Subsidiary for the
benefit of the Company or a Restricted Subsidiary, as the case may be, in accordance with Section 3.3; 
 (v) the payment of reasonable and customary fees and compensation to, and employee benefit arrangements, including, without limitation, split-dollar insurance policies, and indemnity provided on behalf of, directors, officers and employees
of the Company or any Restricted Subsidiary; 
 (vi) the existence of, and the performance of obligations of the
Company or any of its Restricted Subsidiaries under the terms of any agreement to which the Company or any of its Restricted Subsidiaries is a party as of or on the Issue Date, as these agreements may be amended, modified, supplemented, extended or
renewed from time to time; provided, however, that any future amendment, modification, supplement, extension or renewal entered into after the Issue Date shall be permitted to the extent that its terms are not more disadvantageous to
the Holders of the Notes in any material respect, as determined in Good Faith by the Company, than the terms of the agreements in effect on the Issue Date; 
 (vii) any agreement between any Person and an Affiliate of such Person existing at the time such Person is acquired by or merged into the Company or a Restricted Subsidiary; provided that such
agreement was not entered into in contemplation of such acquisition or merger, or any amendment thereto (so long as any such amendment is not disadvantageous in any material respect to the Holders, as determined in Good Faith by the Company, when
taken as a whole as compared to the applicable agreement as in effect on the date of such acquisition or merger); 
 (viii) transactions with customers, clients, suppliers, joint venture partners or purchasers or sellers of goods or services, in each case in the ordinary course of the business of the Company and its Restricted Subsidiaries;
provided that as determined in Good Faith by the Company,

  

 -66- 

 
such transactions are on terms that are not materially less favorable to the Company or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by
the Company or such Restricted Subsidiary with an unrelated Person; 
 (ix) any purchases by the Company’s
Affiliates of Indebtedness of the Company or any of its Restricted Subsidiaries the majority of which Indebtedness is placed with Persons who are not Affiliates; 
 (x) 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 in connection therewith or any contribution to the Capital Stock of the Company or any Restricted Subsidiary; and 
 (xi) the Viacom Agreements. 
 SECTION 3.10. Limitation on Capital
Expenditures. 
 (a) The Company shall not permit the aggregate amount of Capital Expenditures made by the Company and its
Restricted Subsidiaries in any fiscal year of the Company set forth below to exceed the amount set forth opposite such fiscal year below in the column “Maximum Amount”; provided that in the event the amount of Capital Expenditures
in any period below is less than the amount set forth opposite such fiscal year below under the heading “Maximum Amount,” the “Maximum Amount” set forth below for the next succeeding year (but not any other year) shall be deemed
to have been increased by the lesser of (x) the amount of such shortfall and (y) the amount set forth below opposite such year in the column “Maximum Carry-Forward Amount”: 
  

							
	 Period
	  	Maximum
Amount
(in millions)	  	Maximum
Carry-Forward
Amount
	 Fiscal Year 2009
	  	$	35.0 million	  	 	N/A
	 Fiscal Year 2010
	  	$	70.0 million	  	$	10.0 million
	 Fiscal Year 2011
	  	$	80.0 million	  	$	10.0 million
	 Fiscal Year 2012
	  	$	80.0 million	  	$	10.0 million
	 Fiscal Year 2013
	  	$	80.0 million	  	$	10.0 million
	 Fiscal Year 2014
	  	$	80.0 million	  	$	10.0 million

 (b) Notwithstanding the foregoing: (A) the Maximum Amount set forth above for
(i) the Company’s fiscal 2011 year shall be increased by $20.0 million if the Secured Leverage Ratio is less than or equal to 1.10 to 1.00 on the last day of the Company’s fiscal 2010 year and (ii) each fiscal year of the Company
after fiscal 2011 year shall be increased by $20.0 million if the Secured Leverage Ratio is less than or equal to 1.00 to 1.00 on the last day of the fiscal year of the Company immediately preceding such fiscal year; and (B) at the option of
the Company as set forth in an Officers’ Certificate delivered to the Trustee, the following Capital Expenditures shall be excluded in determining the aggregate amount of Capital Expenditures made by the Company or any of its Restricted
Subsidiaries in any period for purposes of this Section 3.10: 
 (1) Capital Expenditures made from
Net Available Cash received by the Company or any Restricted Subsidiary from any Asset Disposition; 
 (2)
Capital Expenditures made from insurance proceeds; 
  

 -67- 

 (3) Capital Expenditures that are required by law or necessary to maintain
compliance with federal, state and local laws, rules, regulations or orders applicable to the Company and its Restricted Subsidiaries; and 
 (4) Capital Expenditures (i) in amounts that the Company could otherwise use to make a Restricted Payment pursuant to Section 3.4(a) or Section 3.4(b)(xiii) or clause
(17) of the definition of “Permitted Investments” (and which shall be treated as either a Restricted Payment or Permitted Investment, as applicable, for all purposes of this Indenture) and (ii) made with the proceeds of sale of
Capital Stock of the Company (other than (x) Disqualified Stock, (y) 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 (z) Designated Preferred Stock); provided, however,
that the Net Cash Proceeds from such sale of Capital Stock shall be excluded from Sections 3.4(a)(3)(B) and 3.4(b)(i). 
 SECTION 3.11. Change of Control. 
 (a) If a Change of Control occurs, unless
the Company has exercised its right to redeem all of the Notes as described under Section 5.1, each Holder shall have the right to require the Company to repurchase all or any part (in integral multiples of $1,000 except that no Note may
be tendered in part if the remaining principal amount would be less than $2,000) of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount of the Notes plus accrued and unpaid interest, if any, to the date of
purchase (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date). 
 (b) Within 30 days following any Change of Control, the Company shall mail a notice (the “Change of Control Offer”) to each Holder at the address appearing in the Note Register, with a
copy to the Trustee, stating: 
 (i) that a Change of Control Offer is being made and that such Holder has the
right to require the Company to purchase such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount 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 record date to receive interest on the relevant interest payment date) (the “Change of Control Payment”); 
 (ii) the repurchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed) (the “Change of Control Payment Date”); and 
 (iii) the procedures determined by the Company, consistent with this Indenture, that a Holder must follow in order to have
its Notes repurchased. 
 (c) On the Change of Control Payment Date, the Company shall, to the extent lawful: 
 (i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; 

(ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of
Notes so tendered; and 
  

 -68- 

 (iii) deliver or cause to be delivered to the Trustee the Notes so accepted
together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 
 (d) The Paying Agent shall promptly mail to each Holder of Notes so tendered the Change of Control Payment for such Notes, and the Trustee shall promptly authenticate and mail (or cause to be transferred
by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each such new Note shall be in a principal amount of $2,000 or larger integral multiples of $1,000.

 (e) If the Change of Control Payment Date is on or after a Record Date and on or before the related Interest Payment Date,
any accrued and unpaid interest, if any, will 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 Record Date, and no additional interest shall be payable to Holders who
tender pursuant to the Change of Control Offer. 
 (f) The Change of Control provisions described above shall be applicable
whether or not any other provisions of this Indenture are applicable. The Company shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 
 (g) The Company shall not be required to make a Change of Control Offer upon a Change of Control if (i) a third party makes the Change
of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered and not withdrawn under
such Change of Control Offer or (ii) a notice of redemption for all of the outstanding Notes has been given pursuant to this Indenture unless and until there is a default in payment of the applicable redemption price, plus accrued and unpaid
interest to the proposed Redemption Date. 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, if a definitive agreement is in place for
the Change of Control at the time of making the Change of Control Offer. 
 (h) The Company shall comply, to the extent
applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws or regulations thereunder in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that the provisions of any
securities laws or regulations conflict with provisions of this Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue of
such conflict. 
 SECTION 3.12. Springing Maturity Offer. 
 (a) If Existing Senior Subordinated Notes in an aggregate principal amount of more than $25.0 million remain outstanding on May 31,
2012, each Holder shall have the right to require the Company to repurchase all or any part (in integral multiples of $1,000 except that no Note may be tendered in part if the remaining principal amount would be less than $2,000) of such
Holder’s Notes on such date at a purchase price in cash equal to 100% of the principal amount of the Notes plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on the relevant record date
to receive interest due on the relevant Interest Payment Date). 
  

 -69- 

 (b) In the event Existing Senior Subordinated Notes in an aggregate principal amount of more
than $25.0 million remain outstanding on April 27, 2012, the Company shall mail a notice (the “Springing Maturity Offer”) no earlier than April 1, 2012 and no later than April 27, 2012 to each Holder at the address
appearing in the Note Register, with a copy to the Trustee, stating: 
 (i) that a Springing Maturity Offer is
being made and that such Holder has the right to require the Company to purchase such Holder’s Notes on May 31, 2012 at a purchase price in cash equal to 100% 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 record date to receive interest on the relevant Interest Payment Date) (the “Springing Maturity Payment”); 
 (ii) the repurchase date (which shall be May 31, 2012) (the “Springing Maturity Payment Date”); and

 (iii) the procedures determined by the Company, consistent with this Indenture, that a Holder must follow in
order to have its Notes repurchased. 
 (c) On May 31, 2012, the Company shall, to the extent lawful: 
 (i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Springing Maturity Offer; 

(ii) deposit with the Paying Agent an amount equal to the Springing Maturity Payment in respect of all Notes or portions
of Notes so tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Notes so accepted together
with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 
 Notwithstanding anything herein to the contrary, to the extent that there are not Existing Senior Subordinated Notes in an aggregate principal amount of more than $25.0 million outstanding as of
May 31, 2012, the Company shall not be required to purchase Notes pursuant to the Springing Maturity Offer. 
 (d) The
Paying Agent shall promptly mail to each Holder of Notes so tendered the Springing Maturity Payment for such Notes, and the Trustee shall promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in
principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each such new Note shall be in a principal amount of $2,000 or larger integral multiples of $1,000. 
 (e) If the Springing Maturity Payment Date is on or after a 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 Record Date, and no additional interest will be payable to Holders who tender pursuant to
the Springing Maturity Offer. 
 (f) The Company shall publicly announce the results of the Springing Maturity Offer on or as
soon as practicable after the Springing Maturity Payment Date. 
  

 -70- 

 (g) The Company shall comply, to the extent applicable, with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws or regulations thereunder in connection with the repurchase of Notes pursuant to a Springing Maturity Offer. To the extent that the provisions of any securities laws or regulations conflict with
provisions of this Section 3.12, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Indenture by virtue of such conflict. 
 SECTION 3.13. Excess Cash Flow Offer. 
 (a) If for any fiscal year of the Company, commencing with the fiscal year ending nearest December 31, 2009, the Company has Excess Cash Flow, the Company shall be required within 120 days after the
end of such fiscal year to consummate an offer to repurchase Notes (in integral multiples of $1,000 except that no Note may be tendered in part if the remaining principal amount would be less than $2,000) from Holders (an “Excess Cash Flow
Offer”), which offer shall be in an aggregate amount equal to the excess of (i) 50% of Excess Cash Flow for such fiscal year minus (ii) the lesser of (x) the aggregate principal amount of Notes optionally redeemed or
optionally repurchased (in open market transactions, by tender offer or otherwise but excluding, for the avoidance of doubt, Notes redeemed pursuant to Section 5.2 or purchased pursuant to an Excess Cash Flow Offer pursuant to this
Section 3.13, Asset Disposition Offer pursuant to Section 3.8 or Springing Maturity Offer pursuant to Section 3.12) by the Company during such fiscal year and (y) the aggregate purchase or redemption price
paid by the Company for all such purchases referred to in subclause (x) above during such fiscal year (the “Excess Cash Flow Offer Amount”), on a pro rata basis according to principal amount but subject to such rounding
as may be determined by the Trustee to ensure Notes are purchased in the denominations provided above, at a purchase price in cash equal to 100.0% of the principal amount of the Notes, plus accrued and unpaid interest, if any, to the date of
purchase (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), in accordance with the procedures (including prorating in the event of oversubscription) set forth in
this Indenture. 
 (b) Within 90 days after the end of each fiscal year in which the Company has Excess Cash Flow, the Company
shall mail a notice setting forth the Excess Cash Flow Offer to each Holder at the address appearing in the Note Register, with a copy to the Trustee, stating: 
 (i) that an Excess Cash Flow Offer is being made, the maximum aggregate principal amount of Notes that the Company may be
required to purchase in such offer, and that such Holder has the right to require the Company to purchase such Holder’s Notes (subject to proration) at a purchase price in cash equal to 100% 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 Record Date to receive interest on the relevant Interest Payment Date) (the “Excess Cash Flow Payment”); 
 (ii) the repurchase date (which shall be no earlier than 20 business days after such notice is mailed and no later than 120
days after the end of the applicable fiscal year) (the “Excess Cash Flow Payment Date”); and 
 (iii) the procedures determined by the Company, consistent with this Indenture, that a Holder must follow in order to have its Notes repurchased. 
 (c) On the Excess Cash Flow Payment Date, the Company shall, to the extent lawful: 
 (i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Excess Cash Flow Offer (subject to proration in the event the aggregate Excess Cash Flow Payment for all Notes
validly tendered in such offer exceeds the Excess Cash Flow Offer Amount); 
  

 -71- 

 (ii) deposit with the Paying Agent an amount equal to the Excess Cash Flow
Payment in respect of all Notes or portions of Notes so accepted for payment; and 
 (iii) deliver or cause to be
delivered to the Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 
 (d) The Paying Agent shall promptly mail to each Holder of Notes so accepted the Excess Cash Flow Payment for such Notes, and the Trustee
shall promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each such new Note shall be in a
principal amount of $2,000 or larger integral multiples of $1,000. 
 (e) If an Excess Cash Flow Payment Date is on or after a
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 Record
Date, and no additional interest shall be payable to Holders who tender pursuant to the Excess Cash Flow Offer. 
 (f) The
Company shall comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws or regulations thereunder in connection with the repurchase of Notes pursuant to an Excess Cash Flow Offer. To
the extent that the provisions of any securities laws or regulations conflict with provisions of this Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations
under this Indenture by virtue of such conflict. 
 Notwithstanding the foregoing provisions of this Section 3.13,
the Company shall not be required (but may elect to do so) to make an Excess Cash Flow Offer in accordance with this Section 3.13 unless the Excess Cash Flow Offer Amount with respect to the applicable period in respect of which such
Excess Cash Flow Offer is to be made exceeds $5.0 million (with lesser amounts in excess of $1.0 million being carried forward for the purposes of determining whether the $5.0 million threshold has been met for any future period). 
 SECTION 3.14. Future Subsidiary Guarantors. 
 (a) The Company shall cause each Wholly-Owned Subsidiary (other than a Foreign Subsidiary) that is formed or acquired following the Issue Date to execute and deliver to the Trustee a supplemental
indenture pursuant to which such Restricted Subsidiary shall 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 the terms set forth in
Article X pursuant to a supplemental indenture hereto in form reasonably satisfactory to the Trustee; provided that any Wholly-Owned Subsidiary that constitutes an Immaterial Subsidiary need not become a Subsidiary Guarantor until such
time as it ceases to be an Immaterial Subsidiary. 
  

 -72- 

 (b) Each Restricted Subsidiary that becomes a Subsidiary Guarantor on or after the Issue
Date shall also become a party to the applicable Collateral Documents and shall as promptly as practicable execute and deliver such joinders, security instruments, financing statements, mortgages, deeds of trust (in substantially the same form as
those executed and delivered with respect to the Collateral) and certificates and opinions of counsel (to the extent, and substantially in the form, delivered on the Issue Date (but no greater scope)) as may be necessary to vest in the Collateral
Agent a perfected first-priority security interest (subject to Permitted Liens) in properties and assets that constitute Collateral as security for the Notes or the Subsidiary Guarantees and as may be necessary to have such property or asset added
to the applicable Collateral as required under this Indenture and the Collateral Documents, and thereupon all provisions of this Indenture relating to the Collateral shall be deemed to relate to such properties and assets to the same extent and with
the same force and effect. 
 SECTION 3.15. Limitation on Lines of Business. The Company shall not, and shall not permit
any Restricted Subsidiary to, engage in any business other than a Related Business. 
 SECTION 3.16. Effectiveness of
Covenants. 
 (a) If after the Issue Date (i) the Notes have an Investment Grade Rating from both of the Ratings
Agencies and (ii) no Default has occurred and is continuing under this Indenture, the Company and its Restricted Subsidiaries shall not be subject to Sections 3.3, 3.4, 3.7, 3.9, 3.10, 3.13, 3.14
and 4.1(a)(iv) (collectively, the “Suspended Covenants”). 
 (b) If at any time the Notes’ credit
rating is downgraded from an Investment Grade Rating by any Rating Agency or if a Default or Event of Default occurs and is continuing, then the Suspended Covenants shall thereafter be reinstated as if such covenants had never been suspended (the
“Reinstatement Date”) and be applicable pursuant to the terms of this Indenture (including in connection with performing any calculation or assessment to determine compliance with the terms of this Indenture), unless and until the
Notes subsequently attain an Investment Grade Rating and no Default or Event of Default is in existence (in which event the Suspended Covenants shall no longer be in effect for such time that the Notes maintain an Investment Grade Rating and no
Default or Event of Default is in existence); provided, however, that no Default, Event of Default or breach of any kind shall be deemed to exist or have occurred 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 (as defined below), 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 period of time
between the date of suspension of the covenants and the Reinstatement Date is referred to as the “Suspension Period.” 
 (c) On the Reinstatement Date, all Indebtedness Incurred during the Suspension Period shall be classified to have been Incurred pursuant to Section 3.3(a) or one of the clauses set forth in Section 3.3(b) (to the
extent such Indebtedness would be permitted to be Incurred thereunder as of the Reinstatement Date and after giving effect to Indebtedness Incurred prior to the Suspension Period and outstanding on the Reinstatement Date). To the extent such
Indebtedness would not be so permitted to be Incurred pursuant to Section 3.3(a) or 3.3(b), such Indebtedness shall be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under
Section 3.3(b)(v). Calculations made after the Reinstatement Date of the amount available to be made as Restricted Payments under Section 3.4 shall be made as though Section 3.4 had been in effect since the Issue
Date and throughout the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period shall reduce the amount available to be made as Restricted Payments under Section 3.4(a). 
  

 -73- 

 (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. 
 SECTION 3.17. Compliance Certificate. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company an Officers’ Certificate stating that in the course of the performance by the
signers of their duties as Officers of the Company they would normally have knowledge of any Default or Event of Default and whether or not the signers know of any Default or Event of Default that occurred during such period. If they do, the
certificate shall describe the Default or Event of Default, its status and what action the Company is taking or proposes to take with respect thereto. 
 SECTION 3.18. Statement by Officers as to Default. The Company shall deliver to the Trustee, within 30 days after the knowledge thereof, written notice in the form of an Officers’ Certificate
of any Event of Default or any event which, with notice or the lapse of time or both, would constitute an Event of Default under Section 6.1(a)(i), (ii), (iii), (iv), (v), (vi), (ix),
(x) or (xi), which shall include their status and what action the Company is taking or proposing to take in respect thereof. 
 SECTION 3.19. Payment for Consents. The Company shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit
of any Holder of any Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders of the Notes that
consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or amendment. 
 ARTICLE IV 
 Successor Company and Successor Guarantor 
 SECTION 4.1. When Company May Merge or Otherwise Dispose of Assets. 
 (a) The Company shall not 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, lease, convey or otherwise dispose of all or substantially all of its properties and assets, in one or more related transactions, to any Person unless: 
 (i) if other than the Company, the resulting, surviving or transferee Person (the “Successor Company”) shall
be a corporation organized and existing under the laws of the United States of America, any State of the United States, the District of Columbia or any territory thereof; 
 (ii) the Successor Company (if other than the Company) assumes pursuant to a supplemental indenture or other documentation
instruments, executed and delivered to the Trustee, in forms reasonably satisfactory to the Trustee, all of the obligations of the Company under the Notes, this Indenture and the Collateral Documents (as applicable) and shall cause such amendments,
supplements or other instruments to be executed, filed and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Lien on the Collateral owned by or transferred to the Successor Company, together with such
financing statements or comparable documents as may be required to perfect any security interests in such Collateral which may be perfected by the filing of a financing statement or a similar document under the Uniform Commercial Code or other
similar statute or regulation of the relevant states or jurisdictions; 
  

 -74- 

 (iii) immediately after giving effect to such transaction (and treating any
Indebtedness which becomes an obligation of the Successor Company or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Successor Company or such Restricted Subsidiary at the time of such transaction), no
Default or Event of Default shall have occurred and be continuing; 
 (iv) 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-quarter period; 
 (A) the Successor Company would be able to Incur at least $1.00 of additional Indebtedness pursuant to
Section 3.3(a); or 
 (B) the Consolidated Coverage Ratio for the Successor Company and its
Restricted Subsidiaries would be greater than such Consolidated Coverage Ratio prior to such transaction; 
 (v)
each Subsidiary Guarantor (unless it is the other party to the transactions above, in which case clause (i) shall apply) shall have by supplemental indenture confirmed that its Subsidiary Guarantee shall apply to such Person’s obligations
in respect of this Indenture and the Notes and its obligations under the Collateral Documents shall continue to be in effect and shall cause such amendments, supplements or other instruments to be executed, filed, and recorded in such jurisdictions
as may be required by applicable law to preserve and protect the Lien on the Collateral owned by such Subsidiary Guarantor, together with such financing statements or comparable documents as may be required to perfect any security interests in such
Collateral which may be perfected by the filing of a financing statement or a similar document under the Uniform Commercial Code or other similar statute or regulation of the relevant states or jurisdictions; and 
 (vi) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Section 4.1 and, if any supplement to any Collateral Document is required in connection with such transaction, such supplement shall
comply with the applicable provisions of this Indenture. 
 (b) Notwithstanding Sections 4.1(a)(iii) and (iv):

 (i) any Restricted Subsidiary may consolidate with, merge with or into or transfer all or part of its
properties and assets to the Company or a Subsidiary Guarantor so long as no Capital Stock of the Restricted Subsidiary is distributed to any Person other than the Company or a Subsidiary Guarantor, and 
 (ii) the Company may merge with an Affiliate of the Company solely for the purpose of reincorporating the Company in another
jurisdiction to realize tax or other benefits, so long as the amount of Indebtedness of the Company and its Restricted Subsidiaries is not increased thereby; provided that, in the case of a Restricted Subsidiary that merges into the Company,
the Company shall not be required to comply with the preceding clause (vi). 
  

 -75- 

 For purposes of this Section 4.1, the sale, lease, conveyance, assignment, transfer, or other
disposition of all or substantially all of the properties and assets of one or more Subsidiaries of the Company, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the
properties and assets of the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company. 
 (c) The Company shall be released from its obligations under this Indenture and the Successor Company shall succeed to, and be substituted for, and may exercise every right and power of, the Company under
this Indenture and the Collateral Documents (as applicable), but, in the case of a lease of all or substantially all its assets, the predecessor Company shall not be released from the obligation to pay the principal of and interest on the Notes.

 (d) The Successor Company shall succeed to, and be substituted for, and may exercise every right and power of, the Company
under this Indenture and the Collateral Documents (as applicable), but the predecessor Company in the case of a conveyance, transfer or lease of all or substantially all its assets shall not be released from the obligation to pay the principal of
and interest on the Notes. Solely for the purpose of computing amounts under Sections 3.4(a)(3)(A), (a)(3)(B), (a)(3)(C) and (a)(3)(D), the Successor Company shall only be deemed to have succeeded and be substituted for
the Company with respect to periods subsequent to the effective time of such merger, consolidation, combination or transfer of assets. 
 SECTION 4.2. When a Subsidiary Guarantor May Merge or Otherwise Dispose of Assets. 
 (a) The Company shall not
permit any Subsidiary Guarantor to 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, lease, convey or otherwise dispose of all or
substantially all of its properties and assets, in one or more related transactions, to any Person (other than to the Company or another Subsidiary Guarantor), unless: 
 (i) if such entity remains a Subsidiary Guarantor, (A) the resulting, surviving or transferee Person (the
“Successor Guarantor”) shall be a corporation, partnership, trust or limited liability company organized and existing under the laws of the United States of America, any State of the United States, the District of Columbia or any
other territory thereof; (B) the Successor Guarantor, if other than such Subsidiary Guarantor, expressly assumes in writing by supplemental indenture (and other applicable documents), executed and delivered to the Trustee, in form satisfactory
to the Trustee, all the obligations of such Subsidiary Guarantor under the Subsidiary Guarantee, this Indenture and the Collateral Documents (as applicable) and shall cause such amendments, supplements or other instruments to be executed, filed, and
recorded in such jurisdictions as may be required by applicable law to preserve and protect the Lien on the Collateral owned by or transferred to the Successor Guarantor, together with such financing statements or comparable documents as may be
required to perfect any security interests in such Collateral which may be perfected by the filing of a financing statement or a similar document under the Uniform Commercial Code or other similar statute or regulation of the relevant states or
jurisdictions; (C) immediately after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor Guarantor or any Restricted Subsidiary as a result of such transaction as having been Incurred by
the Successor Guarantor or such Restricted Subsidiary at the time of such transaction), no Default of Event of Default shall have occurred and be continuing; and (D) the Company shall have delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture; and 
  

 -76- 

 (ii) the transaction is made in compliance with Section 3.8 (it
being understood that only such portion of the Net Available Cash 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), to the extent
applicable. 
 (b) A Subsidiary Guarantor shall be released from its obligations under this Indenture and the Successor
Guarantor shall succeed to, and be substituted for, and may exercise every right and power of, a Subsidiary Guarantor under this Indenture and the Collateral Documents (as applicable), but, in the case of a lease of all or substantially all its
assets, a Subsidiary Guarantor shall not be released from its obligations under its Subsidiary Guarantee. 
 (c) Notwithstanding
the foregoing, any Subsidiary Guarantor may merge with or into or transfer all or part of its properties and assets to another Subsidiary Guarantor or the Company or merge with 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, as long as the amount of Indebtedness of such Subsidiary Guarantor and its Restricted Subsidiaries is not increased thereby. 
 ARTICLE V 
 Redemption of Notes 
 SECTION 5.1. Optional Redemption. 
 (a) The Company may on any one or more occasions prior to October 1, 2012, redeem up to 35% of the original principal amount of the
Notes (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 111.75% of the principal amount thereof, plus accrued and unpaid interest, if any, to the
applicable Redemption Date (subject to the right of Holders of Notes on the relevant Record Date to receive interest due on the relevant Interest Payment Date); provided that: 
 (i) at least 65% of the original principal amount of the Notes (calculated after giving effect to any issuance of Additional
Notes) remains outstanding after each such redemption; and 
 (ii) the redemption occurs within 90 days after the
closing of such Equity Offering. 
 Notice of any redemption pursuant to this Section 5.1(a) may be given prior to
the completion of such Equity Offering, and any such redemption or notice may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering. 
 (b) In addition, at any time prior to October 1, 2014, the Company may redeem the Notes, in whole or in part, at a redemption price
equal to 100% of the principal amount thereof plus the Applicable Premium, plus accrued and unpaid interest, if any, to the Redemption Date (subject to the right of Holders of record on the relevant Record Date to receive interest due on the
relevant Interest Payment Date). 
  

 -77- 

 SECTION 5.2. Mandatory Redemption. On each Interest Payment Date (or, if such day is
not a Business Day, the next succeeding Business Day) (each a “Mandatory Redemption Date”), commencing January 1, 2010, the Company shall be required to redeem 3.333% of the aggregate original principal amount of the Notes
(including any Additional Notes) originally issued under this Indenture (the “Scheduled Redemption Amount”) at a redemption price of 106% of the 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 Record Date to receive interest due on the relevant Interest Payment Date). Notwithstanding the foregoing, in the event and on any occasion that any Notes are redeemed (other
than pursuant to this Section 5.2) or purchased (including, without limitation, pursuant to Section 3.8, 3.12 or 3.13, or other tender offer or in open market transaction), the amount of each then remaining
Scheduled Redemption Amount shall be reduced by an amount equal to 3.333% of the principal amount of Notes so redeemed (other than pursuant to this Section 5.2) or purchased on such occasion. 
 SECTION 5.3. Election to Redeem; Notice to Trustee of Optional and Mandatory Redemptions. If the Company elects to redeem Notes
pursuant to Section 5.1 and in connection with each required redemption pursuant to Section 5.2, the Company shall furnish to the Trustee, at least 5 Business Days before notice of redemption is required to be mailed or
caused to be mailed to Holders pursuant to Section 5.5 but not more than 60 days before a Redemption Date, an Officers’ Certificate setting forth (a) the paragraph or subparagraph of such Note and/or Section of this Indenture
pursuant to which the redemption shall occur, (b) the Redemption Date, (c) the principal amount of the Notes to be redeemed and (d) the redemption price. The Company shall deliver to the Trustee such documentation and records as shall
enable the Trustee to select the Notes to be redeemed pursuant to Section 5.4. 
 SECTION 5.4. Selection by
Trustee of Notes to Be Redeemed. In the case of any partial redemption, selection of the Notes for redemption will be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which the
Notes are listed or, if the Notes are not listed, then on as nearly a pro rata basis as possible or by lot (subject to such rounding as the Trustee may determine so that Notes are redeemed in whole increments of $1,000 and no Note of $2,000
in principal amount or less shall be redeemed in part). If any Note is to be redeemed in part only, the notice of redemption relating to such note shall state the portion of the principal amount thereof to be redeemed. A new Note in principal amount
equal to the unredeemed portion thereof shall be issued in the name of the Holder thereof upon cancellation of the original Note in accordance with Section 5.8. 
 The Trustee shall promptly notify the Company in writing of the Notes selected for redemption and, in the case of any Notes selected for
partial redemption, the principal amount thereof to be redeemed. 
 For all purposes of this Indenture, unless the context
otherwise requires, all provisions relating to redemption of Notes shall relate, in the case of any Note redeemed or to be redeemed only in part, to the portion of the principal amount of such Note which has been or is to be redeemed. 
 SECTION 5.5. Notice of Redemption. The Company shall mail or cause to be mailed by first class mail, a notice of redemption to each
Holder whose Notes are to be redeemed at its registered address not less than 30 nor more than 60 days prior to a date fixed for redemption (a “Redemption Date”), to each Holder of Notes to be redeemed. The Trustee shall give notice
of redemption in the Company’s name and at the Company’s expense; provided, however, that the Company shall deliver to the Trustee, at least 5 Business Days before the notice of redemption is required to be mailed or caused
to be mailed to Holders (unless a shorter notice shall be agreed to by the Trustee), an Officers’ Certificate requesting that the Trustee give such notice at the Company’s expense and setting forth the information to be stated in such
notice as provided in the following items; provided, further, that redemption notices may be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with Article VIII. 
  

 -78- 

 All notices of redemption shall state: 
 (a) the Redemption Date, 
 (b) the redemption price and the amount of accrued interest to the Redemption Date payable as provided in Section 5.7, if any, 
 (c) if less than all outstanding Notes are to be redeemed, the identification of the particular Notes (or portion thereof) to
be redeemed, as well as the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption, 
 (d) in case any Note is to be redeemed in part only, the notice which relates to such Note shall state that on and after the
Redemption Date, upon surrender of such Note, the Holder shall receive, without charge, a new Note or Notes of authorized denominations for the principal amount thereof remaining unredeemed, 
 (e) that on the Redemption Date the redemption price (and accrued interest, if any, to the Redemption Date payable as
provided in Section 5.7) shall become due and payable upon each such Note, or the portion thereof, to be redeemed, and, unless the Company defaults in making the redemption payment, that interest on Notes called for redemption (or the
portion thereof) shall cease to accrue on and after said date, 
 (f) the place or places where such Notes are to
be surrendered for payment of the redemption price and accrued interest, if any, 
 (g) the name and address of
the Paying Agent, 
 (h) that Notes called for redemption must be surrendered to the Paying Agent to collect the
redemption price, 
 (i) the CUSIP number, and that no representation is made as to the accuracy or correctness
of the CUSIP number, if any, listed in such notice or printed on the Notes, and 
 (j) the Section of this
Indenture pursuant to which the Notes are to be redeemed. 
 SECTION 5.6. Deposit of Redemption Price. Prior to 10:00
a.m. New York City time, on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 2.4) an amount
of money sufficient to pay the redemption price of, and accrued interest on, all the Notes which are to be redeemed on that date. 
 SECTION 5.7. Notes Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Notes so to be redeemed shall, on the Redemption Date, become due and payable at the redemption price therein specified (together
with accrued interest, if any, to the Redemption Date) (except as provided for in the last paragraph of Section 5.1(a)), and from and after such date (unless the Company shall default in the payment of the redemption price and accrued
interest) such 
  

 -79- 

 
Notes shall cease to bear interest. Upon surrender of any such Note for redemption in accordance with said notice, such Note shall be paid by the Company at the redemption price, together with
accrued interest, if any, to the Redemption Date (subject to the rights of Holders of record on the relevant record date to receive interest due on the relevant interest payment date). 
 If any Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall,
until paid, bear interest from the Redemption Date at the rate borne by the Notes. 
 If a Redemption Date is on or after an
interest Record Date and on or before the related Interest Payment Date, the accrued and unpaid interest, if any, shall be paid to the Person in whose name the Note is registered at the close of business on such Record Date, and no additional
interest shall be payable to Holders whose Notes shall be subject to redemption by the Company. 
 SECTION 5.8. Notes
Redeemed in Part. Any Note which is to be redeemed only in part (pursuant to the provisions of this Article) shall be surrendered at the office or agency of the Company maintained for such purpose pursuant to Section 2.3 (with, if
the Company so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and the Company shall execute, and
the Trustee shall authenticate and make available for delivery to the Holder of such Note at the expense of the Company, a new Note or Notes, of any authorized denomination as requested by such Holder, in an aggregate principal amount equal to and
in exchange for the unredeemed portion of the principal of the Note so surrendered, provided that each such new Note shall be in a principal amount of $2,000 and 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 Officers’ Certificate is required for the Trustee to authenticate such new Note. 
 ARTICLE VI 
 Defaults and Remedies 
 SECTION 6.1. Events of Default. 
 (a) Each of the following is an event of default (an “Event of Default”): 
 (i) default in any payment of interest on any Note when the same becomes due, and such default continues for a period of 30
days; 
 (ii) default in the payment of the principal of or premium, if any, on any Note when the same becomes
due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration of acceleration or otherwise; 
 (iii) the Company or any Subsidiary Guarantor fails to comply with its obligations under Section 3.11, 3.12 or 3.13 or Article IV; 
 (iv) the Company fails to comply for 30 days after notice as provided below with any of its obligations under Sections
3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9, 3.10, 3.14, 3.15 and 3.19 (in each case, other than matters that would constitute an Event of Default under
Section 6.1(a)(iii)); 
  

 -80- 

 (v) the Company or any Subsidiary Guarantor fails to comply for 60 days
after notice as provided below with its other agreements (except as provided in clauses (a)(i) through (a)(iv) of this Section 6.1) contained in this Indenture or under the Notes and the Collateral Documents; 
 (vi) the Company or any of its Restricted Subsidiaries defaults under any mortgage, indenture or instrument under which there
is issued or by which there is secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), 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 to pay principal on such Indebtedness at its stated maturity or due date (after giving effect to
any applicable grace periods) (“payment default”); or 
 (B) results in the acceleration by the
holders of such Indebtedness prior to its stated final, maturity; 
 and, in each case, the principal amount of any such
Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a payment default or the maturity of which has been so accelerated, aggregates $35.0 million or more; 
 (vii) the Company or a Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest
audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law (as defined below): 
 (A) commences a voluntary case or proceeding with respect to itself; 
 (B) consents to the entry of an order for relief against it in an involuntary case or proceeding; 
 (C) consents to the appointment of a Custodian (as defined below) of it or for substantially all of its property; or

 (D) makes a general assignment for the benefit of its creditors; 
 or takes any comparable action under any foreign laws relating to insolvency; 
 (viii) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (A) is for relief against the Company or any Significant Subsidiary or a group of Restricted Subsidiaries that, taken
together (as of the latest audited financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary, in an involuntary case; 
 (B) appoints a Custodian of the Company, any Significant Subsidiary or a group of Restricted Subsidiaries that, taken
together (as of the latest audited financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary, for any substantial part of its property; or 
  

 -81- 

 (C) orders the winding up or liquidation of the Company, any Significant
Subsidiary or a group of Restricted Subsidiaries that, taken together (as of the latest audited financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary; 
 or any similar relief is granted under any foreign laws and the order, decree or relief remains unstayed and in effect for 60 days;

 (ix) failure by the Company or any Significant Subsidiary or group of Restricted Subsidiaries that, taken
together (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary to pay final and non-appealable judgments aggregating in excess of $35.0 million (net of
any amounts that are covered by insurance issued by a reputable and creditworthy insurance company (as determined in the Good Faith by the Company) that has not contested coverage), which judgments are not paid, discharged or stayed for a period of
60 days after such judgment becomes final; 
 (x) any (A) Subsidiary Guarantee or (B) Collateral
Document governing a security interest with respect to any Collateral having a fair market value in excess of $10.0 million, in each case, of a Significant Subsidiary or group of Restricted Subsidiaries that taken together as of the latest audited
consolidated financial statements for the Company and its Restricted Subsidiaries would constitute a Significant Subsidiary ceases to be in full force and effect (except as contemplated by the terms of this Indenture and the Subsidiary Guarantees)
or is declared null and void in a judicial proceeding or any Subsidiary Guarantor that is a Significant Subsidiary or group of Subsidiary Guarantors that taken together as of the latest audited consolidated financial statements of the Company and
its Restricted Subsidiaries would constitute a Significant Subsidiary denies or disaffirms its obligations under this Indenture, its Subsidiary Guarantee or any Collateral Document and the Company fails to cause such Restricted Subsidiary or
Restricted Subsidiaries, as the case may be, to rescind such denials or disaffirmations within 30 days; and 
 (xi) with respect to any Collateral having a fair market value in excess of $10.0 million, individually or in the aggregate, (A) the failure of the security interest with respect to such Collateral under the Collateral Documents, at
any time, to be in full force and effect for any reason other than in accordance with their terms and the terms of this Indenture and other than the satisfaction in full of all obligations under this Indenture and discharge of this Indenture if such
failure continues for 60 days or (B) the assertion by the Company or any Subsidiary Guarantor, in any pleading in any court of competent jurisdiction, that any such security interest is invalid or unenforceable, except in each case for the
failure or loss of perfection resulting from the failure of the Collateral Agent to make filings, renewals and continuations (or other equivalent filings) which are required to be made or the failure of the Collateral Agent to maintain possession of
certificates actually delivered to it representing securities pledged under the Collateral Documents. 
 The foregoing shall
constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation
of any administrative or governmental body. 
  

 -82- 

 Notwithstanding the foregoing, a default under clauses (iv), (v) or (xi)(A) or (xi)(B)
of this Section 6.1(a) shall not constitute an Event of Default until the Trustee or the Holders of 25% in principal amount of the outstanding Notes notify the Company of the default and the Company does not cure such default within the
time specified in clause (iv), (v) or (xi)(A) or (xi)(B) of this paragraph after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.”

 The term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state law for the
relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
 SECTION 6.2. Acceleration. If an Event of Default (other than an Event of Default specified in Section 6.1(a)(vii) or (viii) with respect to the Company) occurs and is
continuing, the Trustee by notice to the Company, or the Holders of at least 25% in principal amount of the outstanding Notes by notice to the Company and the Trustee, may, and the Trustee at the request of such Holders shall, declare the principal
of, premium, if any, and accrued and unpaid interest, if any, on all the Notes to be due and payable. Upon such a declaration, such principal, premium and accrued and unpaid interest shall, subject to Section 6.4, be immediately due and
payable. In the event of a declaration of acceleration of the Notes because an Event of Default set forth in Section 6.1(a)(vi) above has occurred and is continuing, such declaration of acceleration of the Notes shall be automatically
rescinded and annulled if the event of default or payment default triggering such Event of Default pursuant to Section 6.1(a)(vi) 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 or interest on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived. If an Event of Default specified in
Section 6.1(a)(vii) or (viii) with respect to the Company 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. 
 SECTION 6.3. Other Remedies. If an Event of
Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of or interest on the Notes or to enforce the performance of any provision of the Notes, this Indenture, the Subsidiary Guarantees or
the Collateral Documents. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event
of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative. 
 SECTION 6.4. Waiver of Past
Defaults. The Holders of a majority in principal amount outstanding (including without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, notes) Notes by notice to the Trustee may waive an
existing Default or Event of Default and its consequences (except a Default or Event of Default in the payment of the principal of, premium or interest on a Note) and rescind any such acceleration with respect to the Notes and its consequences if
(1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes that have
become due solely by such declaration of acceleration, have been cured or waived. When a Default or Event of Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any
consequent right. 
  

 -83- 

 SECTION 6.5. Control by Majority. The Holders of a majority in principal amount of
the then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or the Collateral Agent or of exercising any trust or power conferred on the Trustee or the Collateral
Agent. However, the Trustee or the Collateral Agent, as the case may be, may refuse to follow any direction that conflicts with law or this Indenture, the Notes, the Subsidiary Guarantees or the Collateral Documents, or, subject to Sections
7.1 and 7.2, that the Trustee determines is unduly prejudicial to the rights of other Holders or would involve the Trustee or the Collateral Agent in personal liability; provided, however, that the Trustee or the Collateral
Agent may take any other action deemed proper by the Trustee or the Collateral Agent that is not inconsistent with such direction. Prior to taking any action under this Indenture, the Trustee or the Collateral Agent shall be entitled to indemnity,
security or prefunding satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 
 SECTION 6.6. Limitation on Suits. 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: 
 (i) the Holder has previously given to the Trustee written notice stating that an Event
of Default is continuing; 
 (ii) the Holders of at least 25% in outstanding principal amount of the Notes have
made a written request to the Trustee to pursue the remedy; 
 (iii) such Holder or Holders have offered to the
Trustee security or indemnity reasonably satisfactory to it against any loss, liability or expense; 
 (iv) the
Trustee has not complied with the request within 60 days after receipt of the request and the offer of security or indemnity; and 
 (v) the Holders of a majority in principal amount of the outstanding Notes do not give the Trustee a direction that, in the opinion of the Trustee, is inconsistent with the request during such 60-day
period. 
 A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority
over another Holder. 
 Notwithstanding the foregoing, in no event may any Holder enforce any Lien of the Collateral Agent
pursuant to the Collateral Documents. 
 SECTION 6.7. Rights of Holders to Receive Payment. Notwithstanding any other
provision of this Indenture, the right of any Holder to receive payment of principal of, premium (if any) or interest on the Notes held by such Holder, on or after the respective due dates expressed in the Notes, or to bring suit for the enforcement
of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
  

 -84- 

 SECTION 6.8. Collection Suit by Trustee. If an Event of Default specified in
Section 6.1(a)(i) or (ii) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount then due and owing (together with interest on
any unpaid interest to the extent lawful) and the amounts provided for in Section 7.6. 
 SECTION 6.9. Trustee
May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the
Company, its Subsidiaries or their respective creditors or properties and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions,
and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any
amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.6. 
 SECTION 6.10. Priorities. The Trustee shall pay out any money or property received by it, whether pursuant to the foreclosure or
other remedial provisions contained in the Collateral Documents or otherwise, in the following order: 
 First:
to the Trustee for amounts due to it under Section 7.6 and to the Collateral Agent for fees and expenses incurred under the Collateral Documents; 
 Second: to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without
preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 
 Third: to the Company or, to the extent the Trustee receives any amount for any Subsidiary Guarantor, to such Subsidiary Guarantor. 
 The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section. At least 15 days before such record
date, the Company shall mail to each Holder and the Trustee a notice that states the record date, the payment date and amount to be paid. 
 SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee,
a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee, a suit by the Company, a suit by a Holder pursuant to
Section 6.7 or a suit by Holders of more than 10% in outstanding principal amount of the Notes. 
  

 -85- 

 ARTICLE VII 
 Trustee 
 SECTION 7.1. Duties of Trustee and Collateral Agent.

 (a) If an Event of Default has occurred and is continuing, the Trustee or the Collateral Agent shall exercise the rights and
powers vested in it by this Indenture and the Collateral Documents, as the case may be, 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 such
Person’s own affairs; provided that if an Event of Default occurs and is continuing, the Trustee and the Collateral Agent shall be under no obligation to exercise any of the rights or powers under this Indenture, the Notes, the
Subsidiary Guarantees and the Collateral Documents at the request or direction of any of the Holders unless such Holders have offered the Trustee or the Collateral Agent indemnity, security or prefunding satisfactory to the Trustee or the Collateral
Agent in its sole discretion, as applicable, against loss, liability or expense. 
 (b) Except during the continuance of an
Event of Default: 
 (i) the Trustee or the Collateral Agent undertake to perform such duties and only such
duties as are specifically set forth in this Indenture and the Collateral Documents and no implied covenants or obligations shall be read into this Indenture or any Collateral Document against the Trustee or the Collateral Agent; and 
 (ii) (x) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture, the Notes, the Subsidiary Guarantees or the Collateral Documents, as applicable and
(y) in the absence of gross negligence or willful misconduct on its part, the Collateral Agent 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 Collateral Agent and conforming to the requirements of this Indenture, the Notes, the Subsidiary Guarantees or the Collateral Documents, as applicable. However, in the case of any such certificates or opinions which by any
provisions hereof are specifically required to be furnished to the Trustee or the Collateral Agent, the Trustee or the Collateral Agent shall examine such certificates and opinions to determine whether or not they conform to the requirements of this
Indenture, the Notes, the Subsidiary Guarantees or the Collateral Documents, as the case may be (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 
 (c) The Trustee and the Collateral Agent may not be relieved from liability for its own negligent action, its own negligent failure to act
or its own willful misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph
(b) of this Section; 
 (ii) (x) the Trustee shall not be liable for any error of judgment made in good
faith by a Trust Officer or Trust Officers unless it is proved that the Trustee was negligent in ascertaining the pertinent facts and (y) the Collateral Agent shall not be liable for any error of judgment made in the absence of gross negligence
or willful misconduct by a Trust Officer or Trust Officers unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) (x) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.5 and
(y) the Collateral Agent shall not be liable with respect to any action it takes or omits to take in the absence of gross negligence or willful misconduct in accordance with a direction received by it pursuant to Section 6.5.

  

 -86- 

 (iv) The Collateral Agent shall not have any fiduciary or other implied
duties of any kind or nature to any person, regardless of whether an Event of Default has occurred and is continuing. 
 (d) The
Trustee and the Collateral Agent shall not be liable for interest on any money received by it except as the Trustee and the Collateral Agent may agree in writing with the Company. 
 (e) Money held in trust by the Trustee or the Collateral Agent need not be segregated from other funds except to the extent required by law.

 (f) No provision of this Indenture, the Notes, the Subsidiary Guarantees or the Collateral Documents shall require the
Trustee or the Collateral Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or thereunder or in the exercise of any of its rights or powers, if it shall have reasonable
grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
 (g) Every provision of this Indenture and the Collateral Documents relating to the conduct or affecting the liability of or affording protection to the Trustee and the Collateral Agent shall be subject to the provisions of this Section.

 (h) The Trustee and the Collateral Agent shall be under no obligation to exercise any of the rights or powers vested in it by
this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee or the Collateral Agent, as applicable, security, prefunding or indemnity reasonably satisfactory to it against the costs,
expenses (including reasonable attorneys’ fees and expenses) and liabilities that might be incurred by it in compliance with such request or direction. 
 SECTION 7.2. Rights of Trustee and Collateral Agent. 
 (a) Each of the
Trustee and the Collateral Agent may conclusively rely and shall be protected in acting upon any resolution, certificate, statement, instrument, opinion, notice, request, direction, consent, order, bond or any other paper or document believed by it
to be genuine and to have been signed or presented by the proper Person or Persons. The Trustee and the Collateral Agent need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee or the Collateral Agent acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of
Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officers’ Certificate or Opinion of Counsel. The Collateral Agent shall not be liable for any action it takes or omits to take in
the absence of gross negligence or willful misconduct in reliance on an Officers’ Certificate or Opinion of Counsel. 
 (c)
Each of the Trustee and the Collateral Agent may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 
 (d) Each of the Trustee and the Collateral Agent shall not be liable for any action it takes or omits to take in good faith (in the case of
the Trustee) which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s or the Collateral Agent’s conduct, respectively, does not constitute willful misconduct or negligence.

  

 -87- 

 (e) Each of the Trustee and the Collateral Agent may consult with counsel of its selection,
and the advice or opinion of counsel with respect to legal matters relating to this Indenture, the Notes, the Subsidiary Guarantees or the Collateral Documents shall be full and complete authorization and protection from liability in respect to any
action taken, omitted or suffered by it hereunder or under the Notes, the Subsidiary Guarantees or the Collateral Documents in good faith (in the case of the Trustee) or in the absence of gross negligence or willful misconduct (in the case of the
Collateral Agent) and in accordance with the advice or opinion of such counsel. 
 (f) The Trustee and the Collateral Agent
shall not be bound to make any investigation into any statement, warranty or representation, or the facts or matters stated in any resolution, certificate, statement, instrument, opinion, notice, request, direction, consent, order, bond or other
paper or document made or in connection with this Indenture or any other Collateral Document; moreover, the Trustee and the Collateral Agent shall not be bound to make any investigation into (i) the performance or observance of any of the
covenants, agreements or other terms or conditions set forth herein or in any other Collateral Document, (ii) the occurrence of any default, or the validity, enforceability, effectiveness or genuineness of this Indenture, any other Collateral
Document or any other agreement, instrument or document, (iii) the creation, perfection or priority of any Lien purported to be created by the Collateral Documents, (iv) the value or the sufficiency of any Collateral, or (v) the
satisfaction of any condition set forth in any Collateral Document, other than to confirm receipt of items expressly required to be delivered to the Collateral Agent, but each of the Trustee and the Collateral Agent, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee or the Collateral Agent shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises
of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. The Trustee and the Collateral Agent shall have no
liability with respect to any action or inaction taken by or with respect to any Sub-Collateral Agent (as defined in the Collateral Agreement). 
 (g) The Trustee shall not be deemed to have knowledge of any Default or Event of Default except (i) during any period it is serving as Registrar and Paying Agent for the Notes, any Event of Default
occurring pursuant to Sections 6.1(a)(i) and 6.1(a)(ii), or (ii) any Default or Event of Default of which a Trust Officer shall have (x) received written notification at the Corporate Trust Office of the Trustee and such
notice references the Notes and this Indenture or (y) obtained “actual knowledge.” “Actual knowledge” shall mean the actual fact or statement of knowing by a Trust Officer without independent investigation with
respect thereto. 
 (h) In no event shall the Trustee or the Collateral Agent be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee or the Collateral Agent has been advised of the likelihood of such loss or damage and regardless of the form of
action. 
 (i) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation,
its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, the Collateral Agent, and each agent, custodian and other Person employed to act hereunder 
 (j) The Trustee and the Collateral Agent may request that the Company deliver a certificate setting forth the names of individuals and/or
titles of officers authorized at such time to take specified actions pursuant to this Indenture. 
  

 -88- 

 SECTION 7.3. Individual Rights of Trustee and Collateral Agent. Each of the Trustee
and the Collateral Agent in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company, the Subsidiary Guarantors or their Affiliates with the same rights it would have if it were not
Trustee or Collateral Agent, respectively. Any Paying Agent, Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Trustee must comply with Section 7.9. In addition, the Trustee shall be permitted to
engage in transactions with the Company; provided, however, that if the Trustee acquires any conflicting interest the Trustee must (i) eliminate such conflict within 90 days of acquiring such conflicting interest, (ii) apply
to the SEC for permission to continue acting as Trustee or (iii) resign. 
 SECTION 7.4. Disclaimer. Each of the
Trustee and the Collateral Agent shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Notes, the Subsidiary Guarantees or the Collateral Documents or the Notes, it shall not be accountable
for the Company’s use of the Notes or the proceeds from the Notes, and it shall not be responsible for any statement of the Company in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than
the Trustee’s certificate of authentication or for the use or application of any funds received by any Paying Agent other than the Trustee. 
 SECTION 7.5. Notice of Defaults. If a Default occurs and is continuing and is known to the Trustee, the Trustee shall mail to each Holder, with a copy to the Collateral Agent, notice of the Default
within 90 days after it occurs. Except in the case of a Default in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a committee of Trust Officers of the Trustee in good faith
determines that withholding the notice is in the interests of Holders. 
 SECTION 7.6. Compensation and Indemnity. The
Company shall pay to each of the Trustee and the Collateral Agent from time to time such compensation for its services as the parties shall agree in writing from time to time. The Trustee’s compensation and the Collateral Agent’s
compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse each of the Trustee and the Collateral Agent upon request for all reasonable out-of-pocket expenses incurred or made by it,
including, but not limited to, costs of collection, costs of preparing and reviewing reports, certificates and other documents, costs of preparation and mailing of notices to Holders and reasonable costs of counsel retained by the Trustee in
connection with the delivery of an Opinion of Counsel or otherwise, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents,
counsel, accountants and experts. The Company shall indemnify the Collateral Agent, any predecessor Collateral Agent, the Trustee or any predecessor Trustee in each of its capacities hereunder (including Paying Agent, and Registrar), and each of
their officers, directors, employees, counsel and agents, against any and all loss, liability or expense (including, but not limited to, reasonable attorneys’ fees and expenses) incurred by it in connection with the administration of this trust
and the performance of its duties hereunder and under the Notes, the Subsidiary Guarantees and the Collateral Documents, including the costs and expenses of enforcing this Indenture (including this Section 7.6), the Notes, the Subsidiary
Guarantees and the Collateral Documents and of defending itself against any claims (whether asserted by any Holder, the Company or otherwise). The Collateral Agent and the Trustee shall notify the Company promptly of any claim for which it may seek
indemnity. Failure by the Collateral Agent and the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Collateral Agent and the Trustee may have separate counsel and
the Company shall pay the fees and expenses of such counsel. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Collateral Agent and the Trustee through their own willful misconduct or
negligence or bad faith. 
  

 -89- 

 To secure the Company’s payment obligations in this Section, the Collateral Agent and
the Trustee shall have a lien prior to the Notes on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Notes. The right of the Collateral Agent and the
Trustee to receive payment of any amounts due under this Section 7.6 shall not be subordinate to any other liability or indebtedness of the Company. 
 The Company’s payment obligations pursuant to this Section and any lien arising hereunder shall survive the discharge of this Indenture and the resignation or removal of the Trustee. When the Trustee
incurs expenses after the occurrence of a Default specified in Section 6.1(a)(vii) or (viii) with respect to the Company, the expenses are intended to constitute expenses of administration under any Bankruptcy Law.

 SECTION 7.7. Replacement of Trustee. The Trustee may resign at any time by so notifying the Company. The Holders of a
majority in principal amount of the Notes may remove the Trustee by so notifying the Company and the Trustee in writing and may appoint a successor Trustee. The Company shall remove the Trustee if: 
 (i) the Trustee fails to comply with Section 7.9; 
 (ii) the Trustee is adjudged bankrupt or insolvent; 
 (iii) a receiver or other public officer takes charge of the Trustee or its property; or 
 (iv) the Trustee otherwise becomes incapable of acting. 
 If the Trustee resigns or is removed by the Company or by the Holders of a majority in principal amount of the Notes and such Holders do not
reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee.

 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.
Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its
succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.6. 
 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee or the
Holders of at least 10% in principal amount of the Notes may petition, at the Company’s expense, any court of competent jurisdiction for the appointment of a successor Trustee. 
 If the Trustee fails to comply with Section 7.9, unless the Trustee’s duty to resign is stayed, any Holder may petition any
court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 Notwithstanding
the replacement of the Trustee pursuant to this Section 7.7, the Company’s obligations under Section 7.6 shall continue for the benefit of the retiring Trustee. 
  

 -90- 

 SECTION 7.8. Successor Trustee by Merger. If the Trustee consolidates with, merges or
converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee.

 In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the
trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated;
and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such
cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have. 
 SECTION 7.9. Eligibility; Disqualification. The Trustee shall have a combined capital and surplus of at least $50 million as set forth in its most recent filed annual report of condition.

 SECTION 7.10. Limitation on Duty of Trustee and Collateral Agent in Respect of Collateral; Indemnification.

 (a) Beyond the exercise of reasonable care in the custody thereof, neither the Trustee nor the Collateral Agent shall have any
duty as to any Collateral in their possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and neither the
Trustee nor the 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 security interest in the Collateral. The Trustee and the Collateral Agent shall be deemed to have exercised reasonable care in the custody of the Collateral in their possession if the Collateral is accorded treatment substantially equal to that
which they accord their own property and shall not be liable or responsible for any loss or diminution in the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the
Trustee or the Collateral Agent in good faith. 
 (b) Neither the Trustee nor the Collateral Agent shall have any duty to
ascertain or inquire as to the performance or observance of any of the terms of this Indenture, the Notes, the Subsidiary Guarantees or the Collateral Documents by the Company, the Subsidiary Guarantors or any other Person. 
 ARTICLE VIII 
 Discharge of Indenture; Defeasance 
 SECTION 8.1. Discharge of Liability on Notes; Defeasance.

 (a) When (i) (x) the Company delivers to the Trustee all outstanding Notes (other than Notes replaced pursuant to
Section 2.9) for cancellation or (y) all outstanding Notes not theretofore delivered for cancellation have become due and payable whether at maturity or upon redemption pursuant to Article V hereof, or will become due and
payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of a notice of redemption pursuant to Article V and the Company or any Subsidiary Guarantor irrevocably
deposits or causes to be

  

 -91- 

 
deposited with the Trustee as trust funds in trust solely for the benefit of the Holders money 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 such Notes not theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of
maturity or redemption; (ii) no Default or Event of Default shall have occurred and be continuing on the date of such deposit or shall occur as a result of such deposit (other than a default resulting from borrowing of funds to be applied to
such deposit and the grant of any Lien securing such borrowing) and such deposit shall not result in a breach or violation of, or constitute a default under, any material instrument (other than this Indenture) to which the Company or any Subsidiary
Guarantor is a party or by which the Company or any Subsidiary Guarantor is bound; (iii) the Company or any Subsidiary Guarantor has paid or caused to be paid all sums payable to the Trustee under this Indenture and the Notes; and (iv) the
Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of such Notes at maturity or the Redemption Date, as the case may be, then this Indenture shall, subject to
Section 8.1(c), cease to be of further effect. 
 (b) Subject to Sections 8.1(c) and 8.2, the Company
at its option and at any time may terminate (i) all the obligations of the Company and any Subsidiary Guarantor under the Notes, this Indenture and the Collateral Documents (“legal defeasance option”) or (ii) the
obligations of the Company and any Subsidiary Guarantor under Sections 3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9, 3.10, 3.11, 3.12, 3.13, 3.14, 3.15,
3.16, 3.19 and 4.1(a)(iii) and the Collateral Documents and 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 or provision, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or provision 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 with such covenants or provisions shall no longer constitute a Default or an Event of Default under Section 6.1(a)(iii) (only with respect to Section 4.1(a)(iii)), 6.1(a)(iv) (only with respect to
such covenants), 6.1(a)(v) (only with respect to such covenants), 6.1(a)(vi), 6.1(a)(vii) (only with respect to Significant Subsidiaries or a group of Restricted Subsidiaries that, taken together (as of the latest audited
financial statements of the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary), Section 6.1(a)(viii) (only with respect to Significant Subsidiaries or a group of Restricted Subsidiaries that, taken
together (as of the latest audited financial statements of the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary) and 6.1(a)(ix) (clause (ii) being referred to as the “covenant defeasance
option”), but except as specified above, the remainder of this Indenture and the Notes shall be unaffected thereby. The Company may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option.

 If the Company exercises its legal defeasance option, payment of the Notes may not be accelerated because of an Event of
Default. If the Company exercises its covenant defeasance option, payment of the Notes may not be accelerated because of an Event of Default specified in Section 6.1(a)(iii) (only with respect to Section 4.1(a)(iii)),
6.1(a)(iv) (only with respect to the covenants subject to such covenant defeasance), 6.1(a)(v) (only with respect to the covenants subject to such covenant defeasance), 6.1(a)(vi), 6.1(a)(vii) (only with respect to
Significant Subsidiaries or a group of Restricted Subsidiaries that, taken together (as of the latest audited financial statements of the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary), 6.1(a)(viii) (only
with respect to Significant Subsidiaries or a group of Restricted Subsidiaries that, taken together (as of the latest audited financial statements of the Company and its Restricted Subsidiaries), would constitute a Significant Subsidiary) or
6.1(a)(ix), 6.1(a)(x) or 6.1(a)(xi) or because of the failure of the Company to comply with Section 4.1(a)(iv). 
  

 -92- 

 Upon satisfaction of the conditions set forth herein and upon request of the Company, the
Trustee shall acknowledge in writing the discharge of those obligations that the Company terminates. 
 (c) Notwithstanding the
provisions of Sections 8.1(a) and (b), the Company’s obligations in Sections 2.2, 2.3, 2.4, 2.5, 2.6, 2.9, 2.10, 2.11, 2.12, 3.1, 6.7, 6.8,
7.1, 7.2, 7.6, 7.7, 8.1(b) (with respect to legal defeasance), 8.3, 8.4, 8.5 and 8.6 shall survive until the Notes have been paid in full. Thereafter, the Company’s obligations in
Sections 6.7, 7.6, 8.4 and 8.5 shall survive. 
 SECTION 8.2. Conditions to Defeasance. The
Company may exercise its legal defeasance option or its covenant defeasance option only if: 
 (i) the Company
shall irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, U.S. Government Obligations, or a combination of cash in U.S. dollars and U.S. Government Obligations, in such amounts as shall be
sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, or interest and premium, if any, on the outstanding Notes issued hereunder 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; 
 (ii) in the case of legal defeasance, the Company has delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions,
(a) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (b) since the Issue Date, there has been a change in the applicable federal income tax law, in either case to the effect that, and
based thereon such Opinion of Counsel shall confirm that, the Holders shall not recognize income, gain or loss for federal income tax purposes as a result of such legal defeasance and shall be subject to federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such legal defeasance had not occurred; 
 (iii) in the case of covenant defeasance, the Company has delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, the Holders of the respective
outstanding Notes shall not recognize income, gain or loss for federal income tax purposes as a result of such covenant defeasance and shall be subject to federal income tax on the same amounts, in the same manner and at the same times as would have
been the case if such covenant defeasance had not occurred; 
 (iv) such legal defeasance or covenant defeasance
shall not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which the Company or any of its Restricted Subsidiaries is a party or by which the Company or any of its
Restricted Subsidiaries is bound; 
 (v) 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); 
 (vi) the Company shall 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 Section 547 of Title 11 of the United States Code; 
  

 -93- 

 (vii) the Company shall deliver to the Trustee an Officers’ 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 
 (viii) the Company shall deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel (which Opinion of
Counsel may be subject to customary assumptions and exclusions), each stating that all conditions precedent relating to the legal defeasance or the covenant defeasance have been complied with. 
 SECTION 8.3. Application of Trust Money. The Trustee shall hold in trust money or U.S. Government Obligations deposited with it
pursuant to this Article VIII. It shall apply the deposited money and the money from U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Notes.

 SECTION 8.4. Repayment to Company. Anything herein to the contrary notwithstanding, the Trustee shall deliver or pay
to the Company from time to time upon Company Order any money or U.S. Government Obligations held by it as provided in this Article VIII which, in the opinion of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect legal defeasance or covenant defeasance, as applicable, provided that the Trustee shall not be
required to liquidate any U.S. Government Obligations in order to comply with the provisions of this paragraph. 
 Subject to
any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal of or interest on the Notes that remains unclaimed for two years, and,
thereafter, Holders entitled to the money must look to the Company for payment as general creditors. 
 SECTION 8.5.
Indemnity for U.S. Government Obligations. The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received
on such U.S. Government Obligations. 
 SECTION 8.6. Reinstatement. If the Trustee or Paying Agent is unable to apply any
money or U.S. Government Obligations in accordance with this Article VIII 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 obligations of the Company and each Subsidiary Guarantor under this Indenture, the Notes, the Subsidiary Guarantees and the Collateral Documents shall be revived and reinstated as though no deposit had occurred pursuant to this
Article VIII until such time as the Trustee or Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with this Article VIII; provided, however, that, if the Company or the
Subsidiary Guarantors have made any payment of interest on or principal of any Notes because of the reinstatement of its obligations, the Company or the Subsidiary Guarantors, as the case may be, 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. 
  

 -94- 

 ARTICLE IX 
 Amendments 
 SECTION 9.1. Without Consent of Holders. This
Indenture, the Notes, the Subsidiary Guarantees and the Collateral Documents may be amended or supplemented without notice to or consent of any Holder: 
 (i) to cure any ambiguity, omission, defect or inconsistency; 
 (ii) to comply with (a) Article IV in respect of the assumption by a Successor Company of an obligation of the Company under this Indenture, the Notes and the Collateral Documents and (b) Article IV and Article
X in respect of the assumption by a Person of the obligations of a Subsidiary Guarantor under its Subsidiary Guarantee, this Indenture and the Collateral Documents; 
 (iii) to provide for 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 or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Code; 
 (iv) to issue Additional Notes in accordance with this Indenture, to add Guarantees with respect to the Notes or to release a
Subsidiary Guarantor from its obligations under its Subsidiary Guarantee or this Indenture in accordance with the applicable provisions of this Indenture; 
 (v) add additional property or assets as Collateral to secure the Notes and the Subsidiary Guarantees or to appoint a Sub-Collateral Agent (as defined in the Collateral Agreement) for the purposes set
forth in the Collateral Agreement; 
 (vi) to release Liens in favor of the Collateral Agent in the Collateral as
provided in Section 11.3; 
 (vii) to add to the covenants of the Company for the benefit of the
Holders or to surrender any right or power herein conferred upon the Company; 
 (viii) to make any change that
does not adversely affect the rights of any Holder in any material respect; 
 (ix) comply with any requirement
of the SEC in connection with the qualification of this Indenture under the Trust Indenture Act of 1939, as amended; 
 (x) provide for the appointment of a successor trustee; provided that the successor trustee is otherwise qualified and eligible to act as such under the terms of this Indenture; or 
 (xi) conform the text of this Indenture, the Notes or the Subsidiary Guarantees to any provision of the “Description of
notes” section of the Offering Memorandum, to the extent that such provision in the “Description of notes” is intended to be a verbatim recitation of a provision of this Indenture, the Notes or the Subsidiary Guarantees. 

 

 -95- 

 After an amendment under this Section becomes effective, the Company shall mail to Holders a
notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section. A consent to any amendment, supplement or waiver under this
Indenture by any Holder given in connection with a tender of such Holder’s Note shall not be rendered invalid by such tender. 
 SECTION 9.2. With Consent of Holders. This Indenture, the Notes, the Subsidiary Guarantees and the Collateral Documents may be amended or supplemented with the consent of the Holders of a majority in principal amount of the Notes
then outstanding (including without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). Any past default or compliance with the provisions of this Indenture, the Notes, the Subsidiary
Guarantees or the Collateral Documents may be waived with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a purchase of, or
tender offer or exchange offer for, Notes). However, without the consent of each Holder of an outstanding Note affected, an amendment, supplement or waiver may not: 
 (i) reduce the principal amount of Notes whose Holders must consent to an amendment; 
 (ii) reduce the rate of or extend the time for payment of interest on any Note; 
 (iii) reduce the principal of or extend the Stated Maturity of any Note; 
 (iv) waive a Default or Event of Default in the payment of principal of, or interest or premium, if any, on the Notes issued
hereunder (except a rescission of acceleration of the Notes issued hereunder by the Holders of at least a majority in aggregate principal amount of the Notes issued hereunder with respect to a nonpayment default and a waiver of the payment default
that resulted from such acceleration); 
 (v) reduce the premium payable upon the redemption or repurchase of any
Note or change the time at which any Note may or shall be redeemed or repurchased in accordance with Section 3.11, 3.12, or 3.13 or Article V, whether through an amendment or waiver of provisions in the covenants or
otherwise; 
 (vi) make any Note payable in money other than that stated in the Note; 
 (vii) 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; 
 (viii) make any change in the amendment provisions in this Section 9.2; 
 (ix) modify the Subsidiary Guarantees of any Significant Subsidiary or group of Subsidiary Guarantors that, taken together (as of the latest audited consolidated financial statements for the Company and
its Restricted Subsidiaries) would constitute a Significant Subsidiary in any manner, taken as a whole, materially adverse to the Holders; or 
 (x) release any Subsidiary Guarantor that is a Significant Subsidiary or group of Subsidiary Guarantors that, taken together (as of the latest audited consolidated financial statements for the Company and
its Restricted Subsidiaries), would constitute a Significant Subsidiary from any of its obligations under its Subsidiary Guarantee or this Indenture, except in compliance with the terms thereof. 
  

 -96- 

 In addition, without the consent of the Holders of at least 75% in principal amount of Notes
then outstanding, no amendment, supplement or waiver may modify any Collateral Document or the provisions in this Indenture dealing with Collateral Documents or application of trust moneys in any manner, taken as a whole, materially adverse to the
Holders or otherwise release any Collateral from the Liens of the Collateral Documents other than in accordance with this Indenture and the Collateral Documents. 
 It shall not be necessary for the consent of the Holders under this Section to approve the particular form of any proposed amendment or supplement, 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 given in connection with a tender of such Holder’s Note shall not be rendered invalid by such tender. 
 After an amendment or supplement under this Indenture or the Collateral Documents becomes effective, the Company shall mail to the Holders a
notice briefly describing such amendment or supplement. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment or supplement under this Section. 
 SECTION 9.3. Effect of Consents and Waivers. A consent to an amendment, supplement or a waiver by a Holder of a Note shall bind the
Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on the Note. After an amendment or waiver becomes
effective, it shall bind every Holder unless it makes a change described in clauses (i) through (x) of Section 9.2, in which case the amendment, supplement or waiver or other action shall bind each Holder who has consented to
it and every subsequent Holder that evidences the same debt as the consenting Holder’s Notes. An amendment or waiver made pursuant to Section 9.2 shall become effective upon receipt by the Trustee of the requisite number of written
consents. 
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders
entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were
Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to take any such action, whether or not such Persons continue to be Holders after such record date. 
 SECTION 9.4. Notation on or Exchange of Notes. If an amendment changes the terms of a Note, the Trustee may require the Holder of the
Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Note
shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment. 
 SECTION 9.5. Trustee To Sign Amendments. The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this
Article IX if the amendment, supplement or waiver does not, in the sole determination of the Trustee, adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing
any amendment, supplement or waiver pursuant to this Article IX, the Trustee shall be entitled to receive, and (subject to 
  

 -97- 

 
Sections 7.1 and 7.2) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is
authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Company and any Subsidiary Guarantors, enforceable against them in accordance with its terms, subject to
customary exceptions, and complies with the provisions hereof (including Section 9.3). Notwithstanding the foregoing, no Opinion of Counsel will be required for the Trustee to execute any amendment or supplement adding a new Subsidiary
Guarantor under this Indenture. 
 ARTICLE X 
 Subsidiary Guarantee 
 SECTION 10.1. Subsidiary Guarantee. Subject
to the provisions of this Article X, each Subsidiary Guarantor hereby fully, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, jointly and severally with each other Subsidiary Guarantor, to each Holder
of the Notes, to the extent lawful, and the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the principal of, premium, if any, and interest on the Notes and all other obligations
of the Company under this Indenture and the Notes (including, without limitation, interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Company or
any Subsidiary Guarantor whether or not a claim for post-filing or post-petition interest is allowed in such proceeding and the obligations under Section 7.6) and the Collateral Documents (all the foregoing being hereinafter collectively
called the “Guarantor Obligations”). Each Subsidiary Guarantor agrees (to the extent lawful) that the Guarantor Obligations may be extended or renewed, in whole or in part, without notice or further assent from it, and that it shall
remain bound under this Article X notwithstanding any extension or renewal of any Guarantor Obligation. 
 Each
Subsidiary Guarantor waives (to the extent lawful) presentation to, demand of, payment from and protest to the Company of any of the Guarantor Obligations and also waives (to the extent lawful) notice of protest for nonpayment. Each Subsidiary
Guarantor waives (to the extent lawful) notice of any default under the Notes or the Guarantor Obligations. 
 Each Subsidiary
Guarantor further agrees that its Subsidiary Guarantee herein constitutes a Guarantee of payment when due (and not a Guarantee of collection) and waives any right to require that any resort be had by any Holder to any security held for payment of
the Guarantor Obligations. 
 Except as set forth in Section 4.2, Section 10.2 and Article VIII,
the obligations of each Subsidiary Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason (other than payment of the Guarantor Obligations in full), including any claim of waiver, release,
surrender, alteration or compromise, and shall not (to the extent lawful) be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guarantor
Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Subsidiary Guarantor herein shall not (to the extent lawful) be discharged or impaired or otherwise affected by (a) the failure of any Holder to
assert any claim or demand or to enforce any right or remedy against the Company or any other person under this Indenture, the Notes, the Collateral Documents or any other agreement or otherwise; (b) any extension or renewal of any thereof;
(c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes, the Collateral Documents or any other agreement; (d) the release of any security held by any Holder or the Collateral
Agent for the Guarantor Obligations or any of them; (e) the failure of any Holder to exercise any right or remedy against any other Subsidiary Guarantor; (f) any change in the

  

 -98- 

 
ownership of the Company; (g) any default, failure or delay, willful or otherwise, in the performance of the Guarantor Obligations; or (h) any other act or thing or omission or delay to
do any other act or thing which may or might in any manner or to any extent vary the risk of any Subsidiary Guarantor or would otherwise operate as a discharge of such Subsidiary Guarantor as a matter of law or equity. 
 Each Subsidiary Guarantor agrees that its Subsidiary Guarantee herein shall remain in full force and effect until payment in full of all the
Guarantor Obligations or such Subsidiary Guarantor is released from its Subsidiary Guarantee in compliance with Section 4.2, Section 10.2 and Article VIII. Each Subsidiary Guarantor further agrees that its Subsidiary
Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of, premium, if any, or interest on any of the Guarantor Obligations is rescinded or must otherwise be
restored by any Holder upon the bankruptcy or reorganization of the Company or otherwise. 
 In furtherance of the foregoing and
not in limitation of any other right which any Holder has at law or in equity against any Subsidiary Guarantor by virtue hereof, upon the failure of the Company to pay any of the Guarantor Obligations when and as the same shall become due, whether
at maturity, by acceleration, by redemption or otherwise, each Subsidiary Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Trustee or the Trustee on behalf of
the Holders an amount equal to the sum of (i) the unpaid amount of such Guarantor Obligations then due and owing and (ii) accrued and unpaid interest on such Guarantor Obligations then due and owing (but only to the extent not prohibited
by law) (including interest accruing after the filing of any petition in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the Company or any Subsidiary Guarantor whether or not a claim for post-filing
or post-petition interest is allowed in such proceeding). 
 Each Subsidiary Guarantor further agrees that, as between such
Subsidiary Guarantor, on the one hand, and the Holders, on the other hand, (x) the maturity of the Guarantor Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of its Subsidiary Guarantee herein,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guarantor Obligations guaranteed hereby and (y) in the event of any such declaration of acceleration of such Guarantor Obligations, such
Guarantor Obligations (whether or not due and payable) shall forthwith become due and payable by the Subsidiary Guarantor for the purposes of this Subsidiary Guarantee. 
 Each Subsidiary Guarantor also agrees to pay any and all reasonable costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or the Holders in enforcing any rights under this
Section. 
 Neither the Company nor the Subsidiary Guarantors shall be required to make a notation on the Notes to reflect any
Subsidiary Guarantee or any release, termination or discharge thereof and any such notation shall not be a condition to the validity of any Subsidiary Guarantee. 
 SECTION 10.2. Limitation on Liability; Termination, Release and Discharge. 
 (a) Any term or provision of this Indenture to the contrary notwithstanding, the obligations of each Subsidiary Guarantor hereunder shall be limited to the maximum amount as shall, after giving effect to all other contingent and fixed
liabilities of such Subsidiary Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under its Subsidiary
Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state
law and not otherwise being void or voidable under any similar laws affecting the rights of creditors generally. 
  

 -99- 

 (b) (i) A Subsidiary Guarantee by a Subsidiary Guarantor shall be
automatically and unconditionally released and discharged, and each Subsidiary Guarantor and its obligations under the Subsidiary Guarantee and this Indenture shall be released and discharged, upon any sale, exchange or transfer (by merger or
otherwise) of the Capital Stock of such Subsidiary Guarantor (including any sale, exchange or transfer after which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary or the sale of all the assets of such Subsidiary Guarantor,
which sale, exchange or transfer is made in compliance with this Indenture, including Section 3.8 and Article IV); 
 (ii) each Subsidiary Guarantor shall be deemed released from all its obligations under this Indenture and its Subsidiary Guarantee, and such Subsidiary Guarantee shall terminate, upon the legal defeasance
or covenant defeasance of the Notes or upon satisfaction and discharge of this Indenture, in each case pursuant to the provisions of Article VIII hereof; and 
 (iii) each Subsidiary Guarantor shall be released from its obligations under this Indenture and its Subsidiary Guarantee if
the Company designates such Subsidiary Guarantor as an Unrestricted Subsidiary and such designation complies with the other applicable provisions of this Indenture. 
 (c) In the case of Section 10.2(b)(i) only, such Subsidiary Guarantor shall deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for in this Indenture relating to such transaction have been complied with. 
 (d) The release of a
Subsidiary Guarantor from its Subsidiary Guarantee and its obligations under this Indenture in accordance with the provisions of this Section 10.2 shall not preclude the future applications of Section 3.14 to such Person.

 SECTION 10.3. Right of Contribution. Each Subsidiary Guarantor hereby agrees that to the extent that any Subsidiary
Guarantor shall have paid more than its proportionate share of any payment made on the obligations under the Subsidiary Guarantees, such Subsidiary Guarantor shall be entitled to seek and receive contribution from and against the Company or any
other Subsidiary Guarantor who has not paid its proportionate share of such payment. The provisions of this Section 10.3 shall in no respect limit the obligations and liabilities of each Subsidiary Guarantor to the Trustee and the
Holders and each Subsidiary Guarantor shall remain liable to the Trustee and the Holders for the full amount guaranteed by such Subsidiary Guarantor hereunder. 
 SECTION 10.4. No Subrogation. Notwithstanding any payment or payments made by each Subsidiary Guarantor hereunder, no Subsidiary Guarantor shall be entitled to be subrogated to any of the rights of
the Trustee or any Holder against the Company or any other Subsidiary Guarantor or any collateral security or guarantee or right of offset held by the Trustee or any Holder for the payment of the Guarantor Obligations, nor shall any Subsidiary
Guarantor seek or be entitled to seek any contribution or reimbursement from the Company or any other Subsidiary Guarantor in respect of payments made by such Subsidiary Guarantor hereunder, until all amounts owing to the Trustee and the Holders by
the Company on account of the Guarantor Obligations are paid in full. If any amount shall be paid to any Subsidiary Guarantor on account of such subrogation rights at any time when all of the Guarantor Obligations shall not have been paid in full,
such amount shall be held by such Subsidiary Guarantor in trust for the Trustee and the Holders, segregated from other funds of such Subsidiary Guarantor, and shall, forthwith

  

 -100- 

 
upon receipt by such Subsidiary Guarantor, be turned over to the Trustee in the exact form received by such Subsidiary Guarantor (duly indorsed by such Subsidiary Guarantor to the Trustee, if
required), to be applied against the Guarantor Obligations. 
 ARTICLE XI 
 Collateral and Security 
 SECTION 11.1. The Collateral. 
 (a) The due and punctual payment of the
principal of, premium, if any, and interest on the Notes and the Subsidiary Guarantees thereof when and as the same shall be due and payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise,
interest on the overdue principal of and interest (to the extent lawful), if any, on the Notes and the Subsidiary Guarantees thereof and performance of all other obligations under this Indenture, including, without limitation, the obligations of the
Company set forth in Section 7.6 and Section 8.6 herein, and the Notes and the Subsidiary Guarantees thereof and the Collateral Documents, shall be secured by Liens as provided in the Collateral Documents which the Company
and the Subsidiary Guarantors, as the case may be, have entered into simultaneously with the execution of this Indenture and shall be secured by all Collateral Documents hereafter delivered as required or permitted by this Indenture and the
Collateral Documents. 
 (b) The Company and the Subsidiary Guarantors hereby agree that the Collateral Agent shall hold the
Collateral in trust for the benefit of all of the Holders and the Trustee, in each case pursuant to the terms of the Collateral Documents and the Collateral Agent is hereby authorized to execute and deliver the Collateral Documents. 
 (c) Each Holder, by its acceptance of any Notes and the Subsidiary Guarantees thereof, consents and agrees to the terms of the Collateral
Documents (including, without limitation, the provisions providing for foreclosure) as the same may be in effect or as may be amended from time to time in accordance with their terms and authorizes and directs the Collateral Agent to perform its
obligations and exercise its rights under the Collateral Documents in accordance therewith. 
 (d) The Trustee and each Holder,
by accepting the Notes and the Subsidiary Guarantees thereof, acknowledges that, as more fully set forth in the Collateral Documents, the Collateral as now or hereafter constituted shall be held for the benefit of all the Holders and the Trustee,
and that the Lien of this Indenture and the Collateral Documents in respect of the Trustee and the Holders is subject to and qualified and limited in all respects by the Collateral Documents and actions that may be taken thereunder. 
 SECTION 11.2. Further Assurances. 
 The Company shall, and shall cause each Subsidiary Guarantor to, at their sole expense, do or cause to be done all acts which may be reasonably necessary, if requested by the Collateral Agent, to confirm
that the Collateral Agent holds, for the benefit of the Holders and the Trustee, duly created, enforceable and perfected first-priority Liens and security interests, as applicable, in the Collateral (subject to Permitted Liens) to the extent such
liens are required to be so perfected by this Indenture and the Collateral Documents. 
  

 -101- 

 SECTION 11.3. Release of Liens on the Collateral. 
 (a) The Liens on the Collateral shall automatically and without any need for any further action by any Person be released: 
 (i) in whole or in part, as applicable, as to all or any portion of property subject to such Liens which has been taken by
eminent domain, condemnation or other similar circumstances; 
 (ii) in whole upon: 
 (1) satisfaction and discharge of this Indenture as set forth in Section 8.1(a); or 
 (2) a legal defeasance or covenant defeasance of this Indenture as set forth in Section 8.1(b); 
 (iii) in part, as to any property that (x) is sold, transferred or otherwise disposed of by the Company or any
Subsidiary Guarantor (other than to the Company or another Subsidiary Guarantor) in a transaction not prohibited by this Indenture at the time of such sale, transfer or disposition or (y) is owned or at any time acquired by a Subsidiary
Guarantor that has been released from its Subsidiary Guarantee in accordance with this Indenture, concurrently with the release of such Subsidiary Guarantee; 
 (iv) pursuant to an amendment in accordance with Article IX; and 
 (v) in whole as to all Collateral that is owned by a Subsidiary Guarantor that is released from its Subsidiary Guarantee in
accordance with Section 10.2. 
 (b) In connection with any termination or release of any Liens in all or any
portion of the Collateral pursuant to this Indenture or any of the Collateral Documents, the Trustee shall, or shall cause the Collateral Agent to, promptly execute, deliver or acknowledge all documents, instruments and releases necessary to
release, reconvey to the Company and/or the Subsidiary Guarantors, as the case may be, such Collateral or otherwise give effect to, evidence or confirm such termination or release in accordance with the directions of the Company and/or the
Subsidiary Guarantor, as the case may be. 
 (c) The release of any Collateral from the terms of the Collateral Documents shall
not be deemed to impair the security under this Indenture in contravention of the provisions hereof if and to the extent such Collateral is released pursuant to this Indenture or upon termination of this Indenture. The Trustee and each of the
Holders each acknowledge and direct the Trustee and the Collateral Agent that a release of Collateral or a Lien in accordance with the terms of any Collateral Document and this Article XI will not be deemed for any purpose to be an impairment
of the Lien on the Collateral in contravention of the terms of this Indenture. 
 (d) Notwithstanding any provision to the
contrary herein, as and when requested by the Company or any Subsidiary Guarantor, the Trustee shall instruct the Collateral Agent to execute and deliver Uniform Commercial Code financing statement amendments or releases (which shall be prepared by
the Company or such Subsidiary Guarantor) solely to the extent necessary to delete property or assets not required to be subject to a Lien under the Collateral Documents from the description of assets in any previously filed financing statements. If
requested in writing by the Company or any Subsidiary Guarantor,

  

 -102- 

 
the Trustee shall instruct the Collateral Agent to execute and deliver such documents, instruments or statements (which shall be prepared by the Company or such Subsidiary Guarantor) and to take
such other action as the Company may request to evidence or confirm that such property or assets not required to be subject to a Lien under the Collateral Documents described in the immediately preceding sentence has been released from the Liens of
each of the Collateral Documents. The Collateral Agent shall execute and deliver such documents, instruments and statements and shall take all such actions promptly upon receipt of such instructions from the Company, any Subsidiary Guarantor or the
Trustee. 
 SECTION 11.4. Authorization of Actions to Be Taken by the Trustee or the Collateral Agent Under the Collateral
Documents. 
 (a) Subject to the provisions of the Collateral Documents and the other provisions of this Indenture, each of
the Trustee or the Collateral Agent may, in its sole discretion and without the consent of the Holders, on behalf of the Holders, take all actions it deems necessary or appropriate in order to (i) enforce any of its rights or any of the rights
of the Holders under the Collateral Documents and (ii) upon the occurrence and during the continuance of an Event of Default, collect and receive any and all amounts payable in respect of the Collateral in respect of the obligations of the
Company and the Subsidiary Guarantors hereunder and thereunder. Subject to the provisions of the Collateral Documents, the Trustee or the Collateral Agent shall have the power to institute and to maintain such suits and proceedings as it may deem
expedient to prevent any impairment of the Collateral by any acts that may be unlawful or in violation of the Collateral Documents or this Indenture, and such suits and proceedings as the Trustee or the Collateral Agent may deem expedient to
preserve or protect its interest and the interests of the Holders in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment,
rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of the Holders or the Trustee).

 (b) The Trustee or the Collateral Agent shall not be responsible for the existence, genuineness or value of any of the
Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such action
or omission constitutes negligence, bad faith or willful misconduct on the part of the Trustee or the Collateral Agent, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title
of the Company to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Trustee or the Collateral Agent shall have no
responsibility for recording, filing, re-recording or refiling any financing statement, continuation statement, document, instrument or other notice in any public office at any time or times or to otherwise take any action to perfect or maintain the
perfection of any security interest granted to it under the Collateral Documents or otherwise. 
 (c) Where any provision of the
Collateral Documents requires that additional property or assets be added to the Collateral, the Company shall, or shall cause the applicable Subsidiary Guarantors to, take any and all actions reasonably required to cause such additional property or
assets to be added to the Collateral and to create and maintain a valid and enforceable perfected first-priority security interest in such property or assets (subject to Permitted Liens) in favor of the Collateral Agent for the benefit of the
Holders in accordance with and to the extent required under the Collateral Documents. 
 (d) The Trustee or the Collateral
Agent, in giving any consent or approval under the Collateral Documents, shall be entitled to receive, as a condition to such consent or approval, an Officers’

  

 -103- 

 
Certificate to the effect that the action or omission for which consent or approval is to be given does not violate this Indenture or the Collateral Documents, and the Trustee or the Collateral
Agent shall be fully protected in giving such consent or approval on the basis of such Officers’ Certificate. 
 SECTION
11.5. Recording, Registration and Opinions. 
 The Company shall furnish to the Trustee and the Collateral Agent on or
within 120 days following the end of its fiscal year, commencing in 2010, an Opinion of Counsel either (A) stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling
of Liens under the Collateral Documents on Article 9 Collateral as is necessary to maintain the perfection of such Liens, and reciting the details of such action or (B) stating that, in the opinion of such counsel, no such action is necessary
to maintain the perfection of such Liens. For purposes of the foregoing, the term “Article 9 Collateral” shall mean Collateral with respect to which a Lien thereon may be perfected by the filing of a UCC-1 financing statement pursuant to
the Uniform Commercial Code as adopted in the jurisdiction of organization of the Company or the applicable Subsidiary Guarantor. 
 ARTICLE XII 
 Miscellaneous 
 SECTION 12.1. Notices. Notices given by publication shall be deemed given on the first date on which publication is made, and notices given by first-class mail, postage prepaid, shall be deemed
given five calendar days after mailing. Any notice or communication shall be in writing and delivered in person, by facsimile or mailed by first-class mail addressed as follows: 
 if to the Company or to any Subsidiary Guarantor: 
 Blockbuster Inc. 
 1201 Elm Street 
 Dallas, Texas 75270 
 Attention: General Counsel 
 Facsimile No.: (214) 854-3271 
 With a copy to: 
 Kirkland & Ellis LLP 
 300 North LaSalle 
 Chicago, IL 60654 
 Attention: Dennis M. Myers, P.C. 
 Facsimile No.: (312) 862-2200 
 if to the Trustee: 
 U.S. Bank National Association 
 60 Livingston Avenue 
 EP-MN-WS3C 
 Attn:
Blockbuster Inc. Administrator 
 Facsimile No.: (651) 495-8097 
  

 -104- 

 The Company or the Trustee by notice to the other may designate additional or different
addresses for subsequent notices or communications. 
 Any notice or communication mailed to a Holder shall be mailed to the
Holder at the Holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 
 Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided
above, it is duly given, whether or not the addressee receives it. 
 SECTION 12.2. Certificate and Opinion as to Conditions
Precedent. Upon any request or application by the Company to the Trustee to take or refrain from taking any action under this Indenture (except in connection with the original issuance of Notes on the date hereof), the Company shall furnish to
the Trustee: 
 (i) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee
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 
 (ii) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such
counsel, all such conditions precedent have been complied with. 
 SECTION 12.3. Statements Required in Certificate or
Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include: 
 (i) a statement that the individual making such certificate or opinion has read such covenant or condition; 
 (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (iii) a statement that, in the opinion of such individual, he has made such examination or investigation as is necessary to
enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (iv) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with. 
 In giving such Opinion of Counsel, counsel may rely as to factual matters on an Officers’ Certificate or on certificates of public officials. 
 SECTION 12.4. When Notes Disregarded. In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company,
any Subsidiary Guarantor or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company shall be disregarded and deemed not to be outstanding, except that, for the purpose of
determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which a Trust Officer of the Trustee knows are so owned shall be so disregarded. Also, subject to the foregoing, only Notes
outstanding at the time shall be considered in any such determination. 
  

 -105- 

 SECTION 12.5. Rules by Trustee, Paying Agent and Registrar. The Trustee may make
reasonable rules for action by, or a meeting of, Holders. The Registrar and the Paying Agent may make reasonable rules for their functions. 
 SECTION 12.6. Days Other than Business Days. If a payment date is not a Business Day, payment shall be made on the next succeeding day that is not a Business Day, and no interest shall accrue for
the intervening period. If a regular Record Date is not a Business Day, the Record Date shall not be affected. 
 SECTION 12.7.
Governing Law. This Indenture, the Notes and the Subsidiary Guarantees shall be governed by, and construed in accordance with, the laws of the State of New York. 
 SECTION 12.8. Waiver of Jury Trial. EACH OF THE COMPANY, THE SUBSIDIARY GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 SECTION 12.9. No Recourse Against Others. An incorporator, director, officer, employee, stockholder or controlling person, as such, of the Company or any Subsidiary Guarantor shall not have any liability for any obligations of the
Company or any Subsidiary Guarantor under the Notes, the Subsidiary Guarantees, the Collateral Documents or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder
shall waive and release all such liability. The waiver and release shall be part of the consideration for the issue of the Notes. 
 SECTION 12.10. Successors. All agreements of the Company and each Subsidiary Guarantor in this Indenture and the Notes shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successors.

 SECTION 12.11. Multiple 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. One signed copy is enough to prove this Indenture. 
 SECTION 12.12. Variable Provisions. The Company initially appoints the Trustee as Paying Agent and Registrar and custodian with respect to any Global Notes. 
 SECTION 12.13. Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 
 SECTION 12.14. Direction by Holders to Enter into Collateral Documents. By accepting a Note, each Holder is deemed to have authorized
and directed the Trustee and the Collateral Agent, as applicable, to enter into the Collateral Documents. 
 SECTION 12.15.
Force Majeure. In no event shall the Trustee or the Collateral Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out 
  

 -106- 

 
of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee and the Collateral Agent shall use reasonable
efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 SECTION 12.16. USA Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act the Trustee and the Trust Officers, like all financial institutions
and in order to help fight the funding of terrorism and money laundering, are required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account. The parties to this
agreement agree that they will provide the Trustee and the Trust Officers with such information as they may request in order to satisfy the requirements of the USA Patriot Act. 
  

 -107- 

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

			
	BLOCKBUSTER INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	BLOCKBUSTER CANADA INC.
	BLOCKBUSTER DIGITAL TECHNOLOGIES INC.
	BLOCKBUSTER DISTRIBUTION, INC.
	BLOCKBUSTER GIFT CARD, INC.
	BLOCKBUSTER GLOBAL SERVICES INC.
	BLOCKBUSTER INTERNATIONAL SPAIN INC. BLOCKBUSTER INVESTMENTS LLC
	BLOCKBUSTER VIDEO ITALY, INC.
	MOVIELINK, LLC
	 TRADING ZONE INC.,
 as Subsidiary Guarantors

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 BLOCKBUSTER PROCUREMENT LP,
 as Subsidiary Guarantor

	
	 By: BLOCKBUSTER DISTRIBUTION, INC.,
 its General Partner

		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Indenture] 

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as Collateral Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Indenture] 

 EXHIBIT A 
 [FORM OF FACE OF NOTE] 
 [Applicable Restricted Notes Legend] 
 [Depository Legend, if applicable] 

			
	No. [    ]	 	 Principal Amount $[        ],
 as revised by the Schedule of Increases
 or Decreases in the Global Note attached hereto

 CUSIP
NO.                      
 BLOCKBUSTER INC. 
 11.75% Senior Secured Note due 2014 
 Blockbuster Inc., a Delaware corporation, promises to pay to
[                            ], or registered assigns, the initial principal amount set forth on the
Schedule of Increases or Decreases in the Global Note attached hereto, as revised by the Schedule of Increases or Decreases in the Global Note attached hereto, on October 1, 2014. 
 Interest Payment Dates: January 1, April 1, July 1 and October 1. 
 Record Dates: March 15, June 15, September 15 and December 15. 

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

 

			
	BLOCKBUSTER INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	  
 By:
	 	  

	Name:	 	
	Title:	 	

  

	
	TRUSTEE’S CERTIFICATE OF
	AUTHENTICATION
	
	 U.S. BANK NATIONAL ASSOCIATION
  
 as Trustee, certifies that this is one of the

	Notes referred to in the Indenture.

  

									
					
	By:	 	  
	 		 		 	
		 	Authorized Signatory	 		 		 	                                        
Date:

 [FORM OF REVERSE SIDE OF NOTE] 
 11.75% Senior Secured Note due 2014 
 1. Interest 
 Blockbuster Inc., a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being
herein called the “Company”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. 
 The Company shall pay interest quarterly on January 1, April 1, July 1 and October 1 of each year, with the first interest payment to be made on January 1, 2010.
Interest on the Notes shall accrue from the most recent date to which interest has been paid on the Notes or, if no interest has been paid, from October 1, 2009. The Company shall pay interest on overdue principal or premium, if any (plus
interest on such interest to the extent lawful), at the rate borne by the Notes to the extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Company shall pay interest on overdue principal at the rate
borne by the Notes plus 2.0% per annum. 
 Interest shall accrue (in addition to the interest rate borne by the Notes) from
and including the date on which an Event of Default under Section 6.1(a)(vii) or 6.1(a)(viii) shall occur to but excluding the date on which such Event of Default shall have been cured, at a rate per annum equal to 2.0% of the
principal amount of the Notes. 
 2. Method of Payment 
 By no later than 10:00 a.m. (New York City time) on the date on which any principal of, premium, if any, or interest on any Note is due and payable, the Company shall irrevocably deposit with the Trustee
or the Paying Agent money sufficient to pay such principal, premium, if any, and/or interest. The Company shall pay interest (except Defaulted Interest) to the Persons who are registered Holders of Notes at the close of business on the
March 15, June 15, September 15 and December 15 next preceding the Interest Payment Date even if Notes are cancelled, repurchased or redeemed after the record date and on or before the Interest Payment Date. Holders
must surrender Notes to a Paying Agent to collect principal payments. The Company shall pay principal, premium, if any, and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts.
Payments in respect of Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by the transfer of immediately available funds to the accounts specified by the Depositary. The Company shall make all
payments in respect of a Definitive Note (including principal, premium, if any, and interest) by mailing a check to the registered address of each Holder thereof. 
 3. Paying Agent and Registrar 
 Initially, U.S. Bank National Association,
duly organized and existing under the laws of the United States of America and having a corporate trust office at 60 Livingston Avenue, EP-MN-WS3C, St. Paul, MN 55107-2292 (“Trustee”), shall act as Paying Agent and Registrar. The
Company may appoint and change any Paying Agent, Registrar or co-registrar without notice to any Holder. The Company or any of its domestically incorporated Wholly-Owned Subsidiaries may act as Paying Agent, Registrar or co-registrar. 

 4. Indenture 
 The Company issued the Notes under an Indenture dated as of October 1, 2009 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the
“Indenture”), among the Company, the Subsidiary Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture. Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the
Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Act for a statement of those terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions
of the Indenture shall govern and be controlling. 
 The Notes are senior secured obligations of the Company. The aggregate
principal amount of Notes which may be authenticated and delivered under the Indenture (except for replacement Notes and Notes issued upon transfer) is $725,000,000. This Note is one of the 11.75% Senior Secured Notes due 2014 referred to in the
Indenture. The Notes include (i) $675,000,000 aggregate principal amount of the Company’s 11.75% Senior Secured Notes due 2014 issued under the Indenture on October 1, 2009 (herein called “Initial Notes”) and
(ii) if and when issued, additional 11.75% Senior Secured Notes due 2014 of the Company that may be issued from time to time under the Indenture subsequent to October 1, 2009 in a principal amount not to exceed $50,000,000 (herein called
“Additional Notes”). The Indenture, among other things, imposes certain limitations on the Incurrence of Indebtedness by the Company and its Restricted Subsidiaries, the payment of dividends and other distributions on the Capital
Stock of the Company, the purchase or redemption of Capital Stock of the Company, certain purchases or redemptions of Subordinated Obligations or Guarantor Subordinated Obligations, the sale or transfer of assets and Capital Stock of Subsidiaries,
certain Sale/Leaseback Transactions involving the Company or any Restricted Subsidiary, the issuance or sale of Capital Stock of Restricted Subsidiaries, the incurrence of certain Liens, future Subsidiary Guarantors, the business activities and
investments of the Company and its Restricted Subsidiaries, capital expenditures and transactions with Affiliates, provided, however, certain of such limitations shall be suspended if the Notes receive a rating of “BBB-” (or
the equivalent) or higher from Standard & Poor’s Rating Services (or its successors) and “Baa3” (or the equivalent) or higher from Moody’s Investors Service, Inc. (or its successors), in each case, with a stable or
better outlook. In addition, the Indenture limits the ability of the Company and its Restricted Subsidiaries to enter into agreements that restrict distributions and dividends from Subsidiaries. The Indenture also imposes requirements with respect
to the provision of financial information. 
 5. Guarantee 
 To guarantee the due and punctual payment of the principal, premium, if any, and interest (including post-filing or post-petition interest) on the Notes and all other amounts payable by the Company under
the Indenture, the Notes and the Collateral Documents when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the Subsidiary Guarantors have
unconditionally guaranteed (and future guarantors, together with the Subsidiary Guarantors, shall unconditionally Guarantee), jointly and severally, such obligations on a senior, secured basis pursuant to the terms of the Indenture. 
 6. Security 
 The Initial
Notes and Additional Notes are treated as a single class of securities under the Indenture and shall be secured by first-priority Liens and security interests, subject to Permitted Liens, in the Collateral on the terms and conditions set forth in
the Indenture and the Collateral Documents. The Collateral Agent holds the Collateral in trust for the benefit of the Trustee and the Holders, in each case pursuant to the Collateral Documents. Each Holder, by accepting this Note, consents and
agrees to the terms of the Collateral Documents (including the provisions providing for the foreclosure and release of

 
Collateral) as the same may be in effect or may be amended from time to time in accordance with their terms and the Indenture and authorizes and directs the Collateral Agent to enter into the
Collateral Documents, and to perform its obligations and exercise its rights thereunder in accordance therewith. 
 7. Redemption

 (a) At any time prior to October 1, 2014, the Company may redeem the Notes, in whole or in part, at a redemption price
equal to 100% of the principal amount thereof plus the Applicable Premium plus accrued and unpaid interest, if any, to, the date of redemption (subject to the rights of Holders of record on the relevant Record Date to receive interest due on the
relevant Interest Payment Date). 
 “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 principal amount of such
Note on October 1, 2014, plus (ii) all required interest payments due on such Note through October 1, 2014 (excluding accrued but unpaid interest to the date of redemption), computed using a discount rate equal to the Treasury Rate as
of such Redemption Date plus 50 basis points, over (b) the then outstanding principal of such Note, in each case as calculated by the Company or on behalf of the Company by such Person as the Company shall designate. 
 “Treasury Rate” means 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 (519) that has become publicly available at least two Business Days prior to the Redemption Date (or, if such Statistical Release is no longer
published, any publicly available source of similar market data)) most nearly equal to the period from the Redemption Date to October 1, 2014; provided, however, that if the period from the Redemption Date to October 1, 2014
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 October 1, 2014 is less than one year, the weekly average yield on actually traded United States Treasury
securities adjusted to a constant maturity of one year shall be used. 
 (c) On or prior to October 1, 2012, the Company
may on any one or more occasions redeem up to 35% of the original principal amount of the Notes (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
111.75% of the principal amount thereof, plus accrued and unpaid interest, if any, to the applicable Redemption Date (subject to the right of Holders of Notes on the relevant Record Date to receive interest due on the relevant Interest Payment
Date); provided that 
 (i) at least 65% of the original principal amount of the Notes (calculated after
giving effect to any issuance of Additional Notes) remains outstanding after each such redemption; and 
 (ii)
the redemption occurs within 90 days after the closing of such Equity Offering. 

 Notice of any redemption pursuant to clause (c) may be given prior to the completion of
such Equity Offering, and any such redemption or notice may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering. 
 (d) Any redemption pursuant to this paragraph 7 shall be made pursuant to the provisions of Section 5.1, and Sections 5.3
through 5.8 of the Indenture. 
 8. Mandatory Redemption 
 (a) On each Interest Payment Date (or, if such day is not a Business Day, the next succeeding Business Day) (each a “Mandatory
Redemption Date”), commencing January 1, 2010, the Company shall be required to redeem 3.333% of the aggregate original principal amount of the Notes (including any Additional Notes) originally issued under the Indenture (the
“Scheduled Redemption Amount”) at a redemption price of 106% of the 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
Record Date to receive interest due on the relevant Interest Payment Date). Notwithstanding the foregoing, in the event and on any occasion that any Notes are redeemed (other than pursuant to this paragraph) or purchased (including, without
limitation, pursuant to Section 3.8, 3.12 or 3.13, or other tender offer or in an open market transaction), the amount of each then remaining Scheduled Redemption Amount shall be reduced by an amount equal to 3.333% of the
principal amount of Notes so redeemed (other than pursuant to this Section 8(a)) or purchased on such occasion. 
 (b) Any redemption pursuant to this Section 8 shall be made pursuant to the provisions of Sections 5.2 through 5.8 of the Indenture. 
 9. Put Provisions 
 (a) If a Change of Control occurs, unless the Company
has exercised its right to redeem all of the Notes under Section 5.1 of the Indenture, each Holder shall have the right to require the Company to repurchase all or any part (in integral multiples of $1,000 except that no Note may be
tendered in part if the remaining principal amount would be less than $2,000) of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount of the Notes plus accrued and unpaid interest, if any, to the date of
purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date) as provided in, and subject to the terms of, the Indenture. 
 (b) In the event of an Asset Disposition that requires the purchase of Notes pursuant to Section 3.8(c) of the Indenture, the
Company shall be required to make an offer to all Holders to purchase the maximum principal amount of Notes at an offer price in cash in an amount equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to the date of
purchase (subject to the rights of Holders of record on any record date to receive payments of interest on the related Interest Payment Date). Holders of Notes that are the subject of an offer to purchase will receive an Asset Disposition Offer from
the Company prior to any related purchase date and may elect to have such Note purchased pursuant to such offer by completing the form entitled “Option of Holder To Elect Purchase” attached hereto, or transferring its interest in such Note
by book-entry transfer, to the Company or a Paying Agent at the address specified in the notice at least three Business Days before the Asset Disposition Purchase Date. 
 (c) In the event a Springing Maturity Offer is required pursuant to Section 3.12 of the Indenture, each Holder shall have the right to require the Company to repurchase all or any part (in
integral multiples of $1,000 except that no Note may be tendered in part if the remaining principal amount

 
would be less than $2,000) of such Holder’s Notes on such date at a purchase price in cash equal to 100% of the principal amount of the Notes plus accrued and unpaid interest, if any, to the
date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date). 
 (d) Pursuant to Section 3.13 of the Indenture, the Company may be required to repurchase Notes (in integral multiples of $1,000 except that no Note may be tendered in part if the remaining
principal amount would be less than $2,000) from Holders in an aggregate amount equal to the excess of (i) 50% of Excess Cash Flow for such fiscal year minus (ii) the lesser of (x) the aggregate principal amount of Notes optionally
redeemed or optionally repurchased (in an open market transactions, by tender offer or otherwise but excluding, for the avoidance of doubt, Notes redeemed pursuant to Section 5.2 of the Indenture or purchased pursuant to an Excess Cash
Flow Offer pursuant to Section 3.13 of the Indenture, Asset Disposition Offer pursuant to Section 3.8 of the Indenture or Springing Maturity Offer pursuant to Section 3.12 of the Indenture) by the Company during
such fiscal year and (y) the aggregate purchase or redemption price paid by the Company for all such purchases referred to in subclause (x) above during such fiscal year, on a pro rata basis according to principal amount but subject
to such rounding as may be determined by the Trustee to ensure Notes are purchased in the denominations provided above, at a purchase price in cash equal to 100.0% of the principal amount of the Notes, plus accrued and unpaid interest, if any, to
the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date), in accordance with the procedures (including prorating in the event of oversubscription) set
forth in Section 3.13 of the Indenture. 
 10. Denominations; Transfer; Exchange 
 The Notes are in registered form without coupons in denominations of principal amount of $2,000 and whole multiples of $1,000 in excess
thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required by law or
permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes for a period beginning 15 Business Days before an Interest Payment Date and ending on such Interest Payment Date. 
 11. Persons Deemed Owners 
 The registered Holder of this Note may be treated as the owner of it for all purposes. 
 12. Unclaimed Money 
 If money for the payment of the principal of or premium, if any, or interest remains unclaimed for two years, the Trustee or Paying Agent
shall pay the money back to the Company at its request unless an abandoned property law designates another person. After any such payment, Holders entitled to the money must look only to the Company and not to the Trustee for payment. 
 13. Discharge and Defeasance 
 Subject to certain conditions set forth in the Indenture, the Company at any time may terminate some or all of its obligations under the Notes and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations
for the payment of principal and interest on the Notes to redemption or maturity, as the case may be. 

 14. Amendment, Waiver 
 Subject to certain exceptions set forth in the Indenture, (i) the Indenture, the Notes and the Collateral Documents may be amended with the written consent of the Holders of at least a majority in
principal amount of the Notes then outstanding (including without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for Notes) and (ii) any default (other than (x) with respect to nonpayment
or (y) in respect of a provision that cannot be amended without the written consent of each Holder affected) or noncompliance with any provision may be waived with the written consent of the Holders of a majority in principal amount of the
Notes then outstanding (including without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the
Company, the Subsidiary Guarantors and the Trustee may amend the Indenture, the Notes or the Collateral Documents to cure any ambiguity, omission, defect or inconsistency, or to comply with Article IV or Article X of the Indenture in
respect of the assumption by a Successor Company of an obligation of the Company under the Indenture or by a Successor Guarantor of obligations under a Subsidiary Guarantee, or to provide for uncertificated Notes in addition to or in place of
certificated Notes, or to add Guarantees with respect to the Notes or to secure the Notes, or to release a Subsidiary Guarantor upon its designation as an Unrestricted Subsidiary or otherwise in accordance with the Indenture, to release Liens in
favor of the Collateral Agent in the Collateral as provided under the collateral release provisions, or to add additional covenants or surrender rights and powers conferred on the Company, or to make any change that does not adversely affect the
rights of any Holder in any material respect or to conform the text of the Indenture, the Notes or the Subsidiary Guarantees to the “Description of notes” section of the Offering Memorandum dated September 17, 2009 in certain cases.

 15. Defaults and Remedies 
 Under the Indenture, Events of Default include, without limitation: (i) default for 30 days in payment of interest when due on the Notes; (ii) default in payment of the principal of or premium,
if any, on the Notes at Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise; (iii) failure by the Company or any Subsidiary Guarantor to comply with its obligations under Article IV of the
Indenture, (iv) failure by the Company or any Subsidiary Guarantor to comply with certain other provisions or agreements in the Indenture, the Notes and the Collateral Documents, in certain cases subject to notice and lapse of time;
(v) certain accelerations (including failure to pay within any grace period after final maturity) of other Indebtedness of the Company or any Restricted Subsidiary if the amount accelerated (or so unpaid) exceeds $35.0 million;
(vi) certain events of bankruptcy or insolvency with respect to the Company or any Significant Subsidiary; (vii) certain final judgments or decrees for the payment of money in excess of $35.0 million; (viii) the failure of any
(1) Subsidiary Guarantee or (2) Collateral Document governing a security interest with respect to any Collateral having a fair market value in excess of $10.0 million; and (ix) with respect to Collateral with a fair market value in
excess of $10.0 million, a declaration or assertion of invalidity or unenforceability or the failure to be in full force and effect (except as contemplated hereby), subject to any applicable grace periods as set forth in the Indenture. 

If an Event of Default occurs and is continuing, the Trustee or Holders of at least 25% in aggregate principal amount of the outstanding
Notes then outstanding may declare all the Notes to be due and payable immediately. Certain events of bankruptcy or insolvency are Events of Default which shall result in the Notes being due and payable immediately upon the occurrence of such Events
of Default. 
 Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee and the
Collateral Agent may refuse to enforce the Indenture or the Notes unless each receives

 
indemnity or security reasonably satisfactory to each of the Trustee and the Collateral Agent. Subject to certain limitations, Holders of a majority in principal amount of the Notes may direct
the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default in payment of principal or interest) if it determines that
withholding notice is in their interest. 
 17. Collateral 
 These Notes and any Guarantee by a Guarantor are secured by a security interest in the Collateral pursuant to certain Collateral Documents. 
 18. Trustee Dealings with the Company 
 Subject to certain limitations set
forth in the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may
otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 
 19. No Recourse Against
Others 
 A director, officer, employee, incorporator or stockholder of the Company or any Subsidiary Guarantor shall not
have any liability for any obligations of the Company or any Subsidiary Guarantor under the Notes, the Indenture, the Subsidiary Guarantees, the Collateral Documents or for any claim based on, in respect of, or by reason of, such obligations or
their creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release shall be part of the consideration for the issue of the Notes. 
 20. Authentication 
 This Note shall not be valid until an authorized
signatory of the Trustee (or an authenticating agent acting on its behalf) manually signs the certificate of authentication on the other side of this Note. 
 21. 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 entirety), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian) and U/G/M/A (=Uniform Gift to Minors Act).

 22. CUSIP Numbers 
 Pursuant to a recommendation promulgated by the Committee on Uniform Note Identification Procedures the Company has caused CUSIP numbers to be printed on the Notes. No representation is made as to the accuracy of such numbers as printed on
the Notes and reliance may be placed only on the other identification numbers placed thereon. 
 23. Successor Entity 
 When a successor entity assumes, in accordance with the Indenture, all the obligations of its predecessor under the Notes and the Indenture,
and immediately before and thereafter no Default or Event of Default exists and all other conditions of the Indenture are satisfied, the predecessor entity will be released from those obligations. 

 24. Governing Law 
 This Note shall be governed by, and construed in accordance with, the laws of the State of New York. 
 The Company shall furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Note in larger type. Requests may be made to:

 Blockbuster Inc. 
 1201 Elm Street 
 Dallas, Texas 75270 
 Attention: General Counsel 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 I or we assign and transfer this Note to

  
  
 (Print or type assignee’s name, address and zip code) 
  
  
 (Insert assignee’s soc. sec. or
tax I.D. No.) 
 and irrevocably appoint
                             agent to transfer this Note on the books of the Company. The agent may
substitute another to act for him. 
  

	 Date:                      
	 Your Signature:                                    
                          

  

			
	Signature Guarantee:	 	  

		 	(Signature must be guaranteed)

  
  
 Sign exactly as your name appears on the other side of this Note. 
 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to SEC Rule 17Ad-15. 
 The undersigned hereby certifies that it  ̈
is /  ̈ is not an Affiliate of the Company and that, to its knowledge, the proposed transferee  ̈ is /  ̈ is
not an Affiliate of the Company. 
 In connection with any transfer or exchange of any of the Notes evidenced by this certificate occurring
prior to the date that is one year after the later of the date of original issuance of such Notes and the last date, if any, on which such Notes were owned by the Company or any Affiliate of the Company, the undersigned confirms that such Notes are
being: 
 CHECK ONE BOX BELOW: 
  

					
	1	  	 ̈	  	acquired for the undersigned’s own account, without transfer; or
			
	2	  	 ̈	  	transferred to the Company or any Subsidiary thereof; or
			
	3	  	 ̈	  	transferred pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or
			
	4	  	 ̈	  	transferred pursuant to and in compliance with Regulation S under the Securities Act; or
			
	5	  	 ̈	  	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that has furnished to the Trustee a signed
letter containing certain representations and agreements (the form of which letter appears as Section 2.7 of the Indenture); or
			
	6	  	 ̈	  	transferred pursuant to another available exemption from the registration requirements of the Securities Act of 1933.

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this
certificate in the name of any person other than the registered Holder thereof; provided, however, that if box (4), (5) or (6) is checked, the Trustee or the Company may require, prior to registering any such transfer of the
Notes, in their sole discretion, such legal opinions, certifications and other information as the Trustee or the Company may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act of 1933, such as the exemption provided by Rule 144 under such Act. 
  

							
		 		 		 	  

		 		 		 	Signature
	Signature Guarantee:	 		 		 	
				
	  
	 		 		 	  

	(Signature must be guaranteed)	 		 		 	Signature

  
  
 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 
 TO BE COMPLETED BY PURCHASER IF
(1) OR (3) ABOVE IS CHECKED. 
 The undersigned represents and warrants that it is purchasing this Note for its own account or an
account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended, and is aware that the
sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is
aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

			
	Dated:	 	NOTICE: To be executed by an executive officer

 [TO BE ATTACHED TO GLOBAL NOTES] 
 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 
 The
initial principal amount of the Note shall be $ [        ]. The following increases or decreases in this Global Note have been made: 
  

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

		 		 		 		 	

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Company pursuant to Section 3.8, 3.11, 3.12 or 3.13
of the Indenture, check the box: 
  

											
		  	 ̈	    	 ̈	    	 ̈	    	 ̈	 	
		  	 3.8
	    	3.11	    	3.12	    	3.13	 	

 If you want to elect to have only part of this Note purchased by the Company pursuant
to Section 3.8, 3.11, 3.12 or 3.13 of the Indenture, state the amount in principal amount (must be in denominations of integral multiples of $1,000): $ 
  

							
	Date:                     	 		 	Your Signature:	 	  

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

  

							
	Signature Guarantee:	 	  
	 	
		 	(Signature must be guaranteed)	 		 	

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers,
savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to SEC Rule 17Ad-15. 

 SUBSIDIARY GUARANTEE 
 Pursuant to the Indenture (the “Indenture”) dated as of October 1, 2009 among Blockbuster Inc., the Subsidiary
Guarantors party thereto (each a “Subsidiary Guarantor” and collectively the “Subsidiary Guarantors”) and U.S. Bank National Association as trustee (the “Trustee”) and as collateral agent, each
Subsidiary Guarantor, subject to the provisions of Article X of the Indenture, hereby fully, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, jointly and severally with each other Subsidiary Guarantor,
to each Holder of the Notes, to the extent lawful, and the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the principal of, premium, if any, and interest on the Notes and all
other obligations of the Company under the Indenture and the Notes (including without limitation interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to
the Company or any Subsidiary Guarantor whether or not a claim for post-filing or post-petition interest is allowed in such proceeding and the obligations under Section 7.6 of the Indenture) and the Collateral Documents (all the
foregoing being hereinafter collectively called the “Guarantor Obligations”). Each Subsidiary Guarantor agrees (to the extent lawful) that the Guarantor Obligations may be extended or renewed, in whole or in part, without notice or
further assent from it, and that it shall remain bound under this Subsidiary Guarantee notwithstanding any extension or renewal of any Guarantor Obligation. 
 The Guarantor Obligations of the Guarantors to the Holders of the Notes pursuant to the Subsidiary Guarantee and the Indenture are expressly set forth in Article X of the Indenture and reference is
hereby made to the Indenture for the precise terms of the Subsidiary Guarantee. 
 Each Subsidiary Guarantor also agrees to pay
any and all reasonable costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or the Holders in enforcing any rights under this Subsidiary Guarantee. 

			
	BLOCKBUSTER CANADA INC.
	BLOCKBUSTER DIGITAL TECHNOLOGIES INC.
	BLOCKBUSTER DISTRIBUTION, INC.
	BLOCKBUSTER GIFT CARD, INC.
	BLOCKBUSTER GLOBAL SERVICES INC.
	BLOCKBUSTER INTERNATIONAL SPAIN INC. BLOCKBUSTER INVESTMENTS LLC
	BLOCKBUSTER VIDEO ITALY, INC.
	MOVIELINK, LLC
	 TRADING ZONE INC.,
 as Subsidiary Guarantors

		
	By:	 	 
	Name:	 	
	Title:	 	
	
	 BLOCKBUSTER PROCUREMENT LP,
 as Subsidiary Guarantor

	
	By: BLOCKBUSTER DISTRIBUTION, INC.,
	its General Partner
		
	By:	 	 
	Name:	 	
	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]